quarterly m&a activity report - bureau van dijk · 2. 66,000 acquisition 100% monsanto company...
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Quarterly MampA Activity ReportGlobal Q3 2016
Zephyr Quarterly MampA ReportGlobal Q3 2015
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 1 copy Bureau van Dijk
The following report details mergers and acquisitions activity in Q3 2016 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
Section 1 Global Deals Page 1
Section 2 Western Europe Page 17
Section 3 North America Page 28
Section 4 AsiaAsia Pacific Page 38
Section 5 RussiaCEE Page 50
Global MampA value climbs against decline in volume in Q3 2016
The value of global mergers and acquisitions (MampA) increased in the third quarter of 2016 compared to Q2 marking the second consecutive quarterly improvement In all there were 19416 transactions worth an aggregate USD 1194007 million announced during the three months
Despite the increased value volume declined in Q3 slipping 19 per cent from 23957 in Q2 representing the fifth consecutive quarterly drop
Activity was down in terms of both volume and value year-on-year in Q3 2015 some USD 1543479 million was invested across 27030 transactions This means volume dropped 28 per cent while value fell 23 per cent year-on-year
Global deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 19416 1194007
Q2 2016 23957 1101156
Q1 2016 25218 1038743
Q4 2015 26707 1573820
Q3 2015 27030 1543479
Q2 2015 28104 1583626
Q1 2015 24760 1327278
Q4 2014 26507 1263104
Q3 2014 25961 1250985
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 2 copy Bureau van Dijk
Global deals by volume and value
0
5000
10000
15000
20000
25000
30000
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
1800000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 3 copy Bureau van Dijk
SABMiller deal leads value rankings in Q3
The largest transaction signed off in the third quarter of 2016 was worth USD 131918 million and took the form of a takeover of UK beer manufacturer SABMiller by AB InBev via a Newco This alone accounted for 11 per cent of total global dealmaking over the three months
The deal was some way ahead of its nearest rival by value as Bayer agreed to pick up US pesticides manufacturer Monsanto for USD 66000 million
In all there were 11 deals worth more than USD 10000 million in Q3 many of which had US targets but other countries to feature include the UAE Canada and China
Global PE investment declines by volume and value
Both the volume and value of private equity and venture capital (PE and VC) activity declined in the third quarter of 2016 with volume hitting its lowest ebb since Q4 2011 when 4574 deals were announced In all there were 4713 deals worth USD 139141 million in Q3 2016
This represents a weakening of 10 per cent in volume and 9 per cent by value from 5252 deals worth USD 153316 million in Q2 2016 while the decline was even steeper when compared to the same quarter in 2015 (Q3 2015 6577 deals worth USD 186614 million)
Australian port targeted in top PE deal
The most valuable PE and VC deal signed off during Q3 featured an Australian target as Future Fund QIC GIP and OMERS were selected to acquire the Port of Melbourne from the government of Victoria in a transaction which has been valued at over USD 7268 million
This was followed by a USD 5190 million purchase of a 90 per cent shareholding in Brazilian natural gas distributor Nova Transportadora by a group of investors led by Brookfield Infrastructure Partners and also including CIC Capital GIC Pte and British Columbia Investment Management Corporation
Other high value PE targets include Rackspace Hosting Gas Natural SDG and Ultimate Fighting Championship
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom
Top 20 global deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016
7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CA US AU
19092016
15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 5 copy Bureau van Dijk
Target country by volume - global deals
Target country Q3 2015 Q2 2016 Q3 2016
US 6748 5030 4321
China 3041 2580 2399
UK 1883 1590 1542
Canada 964 1305 885
Germany 873 1089 847
Australia 1075 929 732
France 751 751 663
Spain 820 863 606
Poland 499 661 578
Japan 973 646 529
South Korea 977 661 524
Italy 311 494 460
Netherlands 536 531 450
India 941 551 437
Sweden 342 483 370
Switzerland 240 315 318
Russia 482 495 312
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Target country by value - global deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 595681 348931 415886
UK 71353 70656 209812
China 242873 214598 171559
Canada 17826 29073 38339
India 20308 13762 30336
France 32684 46225 25188
Australia 30315 36191 22189
Netherlands 28001 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
UAE 109 1920 16134
Germany 32223 38887 16047
Japan 30262 26822 15854
Switzerland 10909 10878 15290
Brazil 17420 9862 13945
South Korea 28460 19159 13685
Israel 3052 2503 12497
Singapore 5614 4009 11297
Cayman Islands 25733 19054 11285
Hong Kong 6384 9242 8980
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 6 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016
US
China
UK
Canada
Germany
US
UK
China
Canada
India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 1 copy Bureau van Dijk
The following report details mergers and acquisitions activity in Q3 2016 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
Section 1 Global Deals Page 1
Section 2 Western Europe Page 17
Section 3 North America Page 28
Section 4 AsiaAsia Pacific Page 38
Section 5 RussiaCEE Page 50
Global MampA value climbs against decline in volume in Q3 2016
The value of global mergers and acquisitions (MampA) increased in the third quarter of 2016 compared to Q2 marking the second consecutive quarterly improvement In all there were 19416 transactions worth an aggregate USD 1194007 million announced during the three months
Despite the increased value volume declined in Q3 slipping 19 per cent from 23957 in Q2 representing the fifth consecutive quarterly drop
Activity was down in terms of both volume and value year-on-year in Q3 2015 some USD 1543479 million was invested across 27030 transactions This means volume dropped 28 per cent while value fell 23 per cent year-on-year
Global deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 19416 1194007
Q2 2016 23957 1101156
Q1 2016 25218 1038743
Q4 2015 26707 1573820
Q3 2015 27030 1543479
Q2 2015 28104 1583626
Q1 2015 24760 1327278
Q4 2014 26507 1263104
Q3 2014 25961 1250985
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 2 copy Bureau van Dijk
Global deals by volume and value
0
5000
10000
15000
20000
25000
30000
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
1800000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 3 copy Bureau van Dijk
SABMiller deal leads value rankings in Q3
The largest transaction signed off in the third quarter of 2016 was worth USD 131918 million and took the form of a takeover of UK beer manufacturer SABMiller by AB InBev via a Newco This alone accounted for 11 per cent of total global dealmaking over the three months
The deal was some way ahead of its nearest rival by value as Bayer agreed to pick up US pesticides manufacturer Monsanto for USD 66000 million
In all there were 11 deals worth more than USD 10000 million in Q3 many of which had US targets but other countries to feature include the UAE Canada and China
Global PE investment declines by volume and value
Both the volume and value of private equity and venture capital (PE and VC) activity declined in the third quarter of 2016 with volume hitting its lowest ebb since Q4 2011 when 4574 deals were announced In all there were 4713 deals worth USD 139141 million in Q3 2016
This represents a weakening of 10 per cent in volume and 9 per cent by value from 5252 deals worth USD 153316 million in Q2 2016 while the decline was even steeper when compared to the same quarter in 2015 (Q3 2015 6577 deals worth USD 186614 million)
Australian port targeted in top PE deal
The most valuable PE and VC deal signed off during Q3 featured an Australian target as Future Fund QIC GIP and OMERS were selected to acquire the Port of Melbourne from the government of Victoria in a transaction which has been valued at over USD 7268 million
This was followed by a USD 5190 million purchase of a 90 per cent shareholding in Brazilian natural gas distributor Nova Transportadora by a group of investors led by Brookfield Infrastructure Partners and also including CIC Capital GIC Pte and British Columbia Investment Management Corporation
Other high value PE targets include Rackspace Hosting Gas Natural SDG and Ultimate Fighting Championship
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom
Top 20 global deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016
7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CA US AU
19092016
15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 5 copy Bureau van Dijk
Target country by volume - global deals
Target country Q3 2015 Q2 2016 Q3 2016
US 6748 5030 4321
China 3041 2580 2399
UK 1883 1590 1542
Canada 964 1305 885
Germany 873 1089 847
Australia 1075 929 732
France 751 751 663
Spain 820 863 606
Poland 499 661 578
Japan 973 646 529
South Korea 977 661 524
Italy 311 494 460
Netherlands 536 531 450
India 941 551 437
Sweden 342 483 370
Switzerland 240 315 318
Russia 482 495 312
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Target country by value - global deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 595681 348931 415886
UK 71353 70656 209812
China 242873 214598 171559
Canada 17826 29073 38339
India 20308 13762 30336
France 32684 46225 25188
Australia 30315 36191 22189
Netherlands 28001 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
UAE 109 1920 16134
Germany 32223 38887 16047
Japan 30262 26822 15854
Switzerland 10909 10878 15290
Brazil 17420 9862 13945
South Korea 28460 19159 13685
Israel 3052 2503 12497
Singapore 5614 4009 11297
Cayman Islands 25733 19054 11285
Hong Kong 6384 9242 8980
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 6 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016
US
China
UK
Canada
Germany
US
UK
China
Canada
India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 2 copy Bureau van Dijk
Global deals by volume and value
0
5000
10000
15000
20000
25000
30000
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
1800000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 3 copy Bureau van Dijk
SABMiller deal leads value rankings in Q3
The largest transaction signed off in the third quarter of 2016 was worth USD 131918 million and took the form of a takeover of UK beer manufacturer SABMiller by AB InBev via a Newco This alone accounted for 11 per cent of total global dealmaking over the three months
The deal was some way ahead of its nearest rival by value as Bayer agreed to pick up US pesticides manufacturer Monsanto for USD 66000 million
In all there were 11 deals worth more than USD 10000 million in Q3 many of which had US targets but other countries to feature include the UAE Canada and China
Global PE investment declines by volume and value
Both the volume and value of private equity and venture capital (PE and VC) activity declined in the third quarter of 2016 with volume hitting its lowest ebb since Q4 2011 when 4574 deals were announced In all there were 4713 deals worth USD 139141 million in Q3 2016
This represents a weakening of 10 per cent in volume and 9 per cent by value from 5252 deals worth USD 153316 million in Q2 2016 while the decline was even steeper when compared to the same quarter in 2015 (Q3 2015 6577 deals worth USD 186614 million)
Australian port targeted in top PE deal
The most valuable PE and VC deal signed off during Q3 featured an Australian target as Future Fund QIC GIP and OMERS were selected to acquire the Port of Melbourne from the government of Victoria in a transaction which has been valued at over USD 7268 million
This was followed by a USD 5190 million purchase of a 90 per cent shareholding in Brazilian natural gas distributor Nova Transportadora by a group of investors led by Brookfield Infrastructure Partners and also including CIC Capital GIC Pte and British Columbia Investment Management Corporation
Other high value PE targets include Rackspace Hosting Gas Natural SDG and Ultimate Fighting Championship
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom
Top 20 global deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016
7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CA US AU
19092016
15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 5 copy Bureau van Dijk
Target country by volume - global deals
Target country Q3 2015 Q2 2016 Q3 2016
US 6748 5030 4321
China 3041 2580 2399
UK 1883 1590 1542
Canada 964 1305 885
Germany 873 1089 847
Australia 1075 929 732
France 751 751 663
Spain 820 863 606
Poland 499 661 578
Japan 973 646 529
South Korea 977 661 524
Italy 311 494 460
Netherlands 536 531 450
India 941 551 437
Sweden 342 483 370
Switzerland 240 315 318
Russia 482 495 312
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Target country by value - global deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 595681 348931 415886
UK 71353 70656 209812
China 242873 214598 171559
Canada 17826 29073 38339
India 20308 13762 30336
France 32684 46225 25188
Australia 30315 36191 22189
Netherlands 28001 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
UAE 109 1920 16134
Germany 32223 38887 16047
Japan 30262 26822 15854
Switzerland 10909 10878 15290
Brazil 17420 9862 13945
South Korea 28460 19159 13685
Israel 3052 2503 12497
Singapore 5614 4009 11297
Cayman Islands 25733 19054 11285
Hong Kong 6384 9242 8980
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 6 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016
US
China
UK
Canada
Germany
US
UK
China
Canada
India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 3 copy Bureau van Dijk
SABMiller deal leads value rankings in Q3
The largest transaction signed off in the third quarter of 2016 was worth USD 131918 million and took the form of a takeover of UK beer manufacturer SABMiller by AB InBev via a Newco This alone accounted for 11 per cent of total global dealmaking over the three months
The deal was some way ahead of its nearest rival by value as Bayer agreed to pick up US pesticides manufacturer Monsanto for USD 66000 million
In all there were 11 deals worth more than USD 10000 million in Q3 many of which had US targets but other countries to feature include the UAE Canada and China
Global PE investment declines by volume and value
Both the volume and value of private equity and venture capital (PE and VC) activity declined in the third quarter of 2016 with volume hitting its lowest ebb since Q4 2011 when 4574 deals were announced In all there were 4713 deals worth USD 139141 million in Q3 2016
This represents a weakening of 10 per cent in volume and 9 per cent by value from 5252 deals worth USD 153316 million in Q2 2016 while the decline was even steeper when compared to the same quarter in 2015 (Q3 2015 6577 deals worth USD 186614 million)
Australian port targeted in top PE deal
The most valuable PE and VC deal signed off during Q3 featured an Australian target as Future Fund QIC GIP and OMERS were selected to acquire the Port of Melbourne from the government of Victoria in a transaction which has been valued at over USD 7268 million
This was followed by a USD 5190 million purchase of a 90 per cent shareholding in Brazilian natural gas distributor Nova Transportadora by a group of investors led by Brookfield Infrastructure Partners and also including CIC Capital GIC Pte and British Columbia Investment Management Corporation
Other high value PE targets include Rackspace Hosting Gas Natural SDG and Ultimate Fighting Championship
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom
Top 20 global deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016
7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CA US AU
19092016
15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 5 copy Bureau van Dijk
Target country by volume - global deals
Target country Q3 2015 Q2 2016 Q3 2016
US 6748 5030 4321
China 3041 2580 2399
UK 1883 1590 1542
Canada 964 1305 885
Germany 873 1089 847
Australia 1075 929 732
France 751 751 663
Spain 820 863 606
Poland 499 661 578
Japan 973 646 529
South Korea 977 661 524
Italy 311 494 460
Netherlands 536 531 450
India 941 551 437
Sweden 342 483 370
Switzerland 240 315 318
Russia 482 495 312
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Target country by value - global deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 595681 348931 415886
UK 71353 70656 209812
China 242873 214598 171559
Canada 17826 29073 38339
India 20308 13762 30336
France 32684 46225 25188
Australia 30315 36191 22189
Netherlands 28001 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
UAE 109 1920 16134
Germany 32223 38887 16047
Japan 30262 26822 15854
Switzerland 10909 10878 15290
Brazil 17420 9862 13945
South Korea 28460 19159 13685
Israel 3052 2503 12497
Singapore 5614 4009 11297
Cayman Islands 25733 19054 11285
Hong Kong 6384 9242 8980
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 6 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016
US
China
UK
Canada
Germany
US
UK
China
Canada
India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom
Top 20 global deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016
7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CA US AU
19092016
15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 5 copy Bureau van Dijk
Target country by volume - global deals
Target country Q3 2015 Q2 2016 Q3 2016
US 6748 5030 4321
China 3041 2580 2399
UK 1883 1590 1542
Canada 964 1305 885
Germany 873 1089 847
Australia 1075 929 732
France 751 751 663
Spain 820 863 606
Poland 499 661 578
Japan 973 646 529
South Korea 977 661 524
Italy 311 494 460
Netherlands 536 531 450
India 941 551 437
Sweden 342 483 370
Switzerland 240 315 318
Russia 482 495 312
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Target country by value - global deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 595681 348931 415886
UK 71353 70656 209812
China 242873 214598 171559
Canada 17826 29073 38339
India 20308 13762 30336
France 32684 46225 25188
Australia 30315 36191 22189
Netherlands 28001 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
UAE 109 1920 16134
Germany 32223 38887 16047
Japan 30262 26822 15854
Switzerland 10909 10878 15290
Brazil 17420 9862 13945
South Korea 28460 19159 13685
Israel 3052 2503 12497
Singapore 5614 4009 11297
Cayman Islands 25733 19054 11285
Hong Kong 6384 9242 8980
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 6 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016
US
China
UK
Canada
Germany
US
UK
China
Canada
India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 5 copy Bureau van Dijk
Target country by volume - global deals
Target country Q3 2015 Q2 2016 Q3 2016
US 6748 5030 4321
China 3041 2580 2399
UK 1883 1590 1542
Canada 964 1305 885
Germany 873 1089 847
Australia 1075 929 732
France 751 751 663
Spain 820 863 606
Poland 499 661 578
Japan 973 646 529
South Korea 977 661 524
Italy 311 494 460
Netherlands 536 531 450
India 941 551 437
Sweden 342 483 370
Switzerland 240 315 318
Russia 482 495 312
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Target country by value - global deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 595681 348931 415886
UK 71353 70656 209812
China 242873 214598 171559
Canada 17826 29073 38339
India 20308 13762 30336
France 32684 46225 25188
Australia 30315 36191 22189
Netherlands 28001 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
UAE 109 1920 16134
Germany 32223 38887 16047
Japan 30262 26822 15854
Switzerland 10909 10878 15290
Brazil 17420 9862 13945
South Korea 28460 19159 13685
Israel 3052 2503 12497
Singapore 5614 4009 11297
Cayman Islands 25733 19054 11285
Hong Kong 6384 9242 8980
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 6 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016
US
China
UK
Canada
Germany
US
UK
China
Canada
India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 6 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016
US
China
UK
Canada
Germany
US
UK
China
Canada
India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 7 copy Bureau van Dijk
Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016
Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Nu
mb
er o
f d
ea
ls
US China UK Canada Germany
0
100000
200000
300000
400000
500000
600000
700000
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
De
al
va
lue
(m
il U
SD
)
US UK China Canada India
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 8 copy Bureau van Dijk
Target sector by volume - global deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 9744 8575 7080
Machinery equipment furniture recycling 3242 2711 2024
Wholesale amp retail trade 1783 1427 1187
Chemicals rubber plastics 1639 1318 1097
Publishing printing 1601 1332 1081
Metals amp metal products 1384 1511 1073
Construction 1051 844 637
Primary sector 782 758 591
Banks 537 544 421
Transport 588 472 411
Food beverages tobacco 733 519 408
Education health 463 380 351
Gas water electricity 566 397 345
Hotels amp restaurants 388 318 251
Insurance companies 389 291 249
Textiles wearing apparel leather 276 209 209
Post and telecommunications 320 259 197
Wood cork paper 188 152 96
Public administration and defence 16 14 11
Target sector by value - global deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 311649 387106 269882
Food beverages tobacco 39713 19074 166610
Machinery equipment furniture recycling 182000 160273 160730
Chemicals rubber plastics 157972 77662 149887
Gas water electricity 82459 51740 77212
Wholesale amp retail trade 81005 44249 58549
Banks 78634 55730 50896
Publishing printing 51035 40251 44679
Primary sector 68856 65263 42992
Transport 51601 38975 40521
Construction 63618 37760 40079
Metals amp metal products 35355 42871 28535
Post and telecommunications 130563 19445 21447
Insurance companies 166181 11615 13772
Education health 18310 7556 13732
Hotels amp restaurants 9745 11771 10327
Textiles wearing apparel leather 8441 6491 5916
Wood cork paper 2845 6564 2044
Public administration and defence 672 42 285
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 9 copy Bureau van Dijk
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4713 139141
Q2 2016 5252 153316
Q1 2016 5674 103897
Q4 2015 6147 252074
Q3 2015 6577 186614
Q2 2015 6515 167610
Q1 2015 6302 154862
Q4 2014 6491 163370
Q3 2014 6548 132317
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 10 copy Bureau van Dijk
Global private equity deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
0
50000
100000
150000
200000
250000
300000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 11 copy Bureau van Dijk
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016
2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016
3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit
Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016
9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
17 2000 Minority stake Worldwide Structured Finance LLC US 02092016
18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016
20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 12 copy Bureau van Dijk
Target country by volume - global private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
US 4021 3198 2991
China 644 311 264
India 278 239 192
UK 270 221 189
Canada 150 156 130
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Japan 49 38 52
Israel 46 44 45
Italy 58 56 39
South Korea 39 35 39
Netherlands 62 57 38
Australia 25 15 34
Russia 25 60 25
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Brazil 21 15 19
Target country by value - global private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
US 108899 67978 77425
Australia 372 9310 9399
China 13192 16862 8710
Spain 6622 3117 6335
Brazil 3359 103 5595
France 5660 5475 3114
India 5449 2103 2559
Germany 6851 8156 2439
UK 8787 5578 2293
Israel 681 888 2180
Italy 559 6787 2092
Netherlands 6026 7493 1713
Canada 1451 1841 1612
South Korea 8995 1340 1435
Cayman Islands 7101 330 1163
Indonesia 4 34 760
Portugal 437 556 736
Austria 285 409 686
Japan 212 451 667
Luxembourg 167 352 655
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Quarterly MampA Activity ReportGlobal Q3 2016
Page 13 copy Bureau van Dijk
Target sectors by volume - global private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3024 2408 2069
Publishing printing 756 469 409
Machinery equipment furniture recycling 490 328 311
Wholesale amp retail trade 163 130 94
Chemicals rubber plastics 155 96 88
Education health 88 86 78
Gas water electricity 65 41 57
Food beverages tobacco 81 69 42
Metals amp metal products 54 45 35
Post and telecommunications 35 31 33
Hotels amp restaurants 48 38 33
Textiles wearing apparel leather 28 25 26
Construction 47 32 26
Transport 44 24 24
Primary sector 34 30 17
Banks 25 22 15
Insurance companies 23 16 13
Wood cork paper 18 15 11
Public administration and defence 3 4 1
Target sectors by value - global private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 67935 62263 51391
Machinery equipment furniture recycling 9397 14883 18685
Publishing printing 32337 8634 17013
Transport 2940 12668 10164
Gas water electricity 3773 11359 9588
Primary sector 2757 11015 5454
Hotels amp restaurants 1222 2566 4005
Wholesale amp retail trade 19299 2630 3468
Chemicals rubber plastics 6869 4579 2729
Post and telecommunications 18644 883 2538
Education health 2097 4184 2176
Construction 4489 5058 1013
Textiles wearing apparel leather 105 2177 935
Metals amp metal products 907 4097 636
Food beverages tobacco 1689 969 478
Banks 188 1036 213
Wood cork paper 80 659 82
Insurance companies 2602 563 64
Public administration and defence 2 0 1
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 14 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Credit Suisse 41 37 304164 8221
2 Morgan Stanley 42 35 292111 8346
3 Bank of America Corporation 40 34 263138 7739
4 JP Morgan 69 61 231123 3789
5 Goldman Sachs Group Inc 38 37 229878 6213
6 Barclays plc 32 27 215054 7965
7 Lazard 21 17 192304 11312
8 Robey Warshaw LLP 2 2 164282 82141
9 Deutsche Bank AG 23 19 155336 8176
10 BNP Paribas SA 14 12 139996 11666
11 Perella Weinberg Partners LP 7 7 139073 19868
12 Rothschild amp Co 55 40 87441 2186
13 Citigroup Inc 51 47 85698 1823
14 UBS 24 19 69913 3680
15 Ducera Partners LLC 1 1 66000 66000
16 RBC Capital Markets Corporation 18 15 53261 3551
17 Evercore Partners Inc 26 16 44190 2762
18 The Raine Group LLC 4 3 40764 13588
19 Mizuho Securities Co Ltd 4 4 36308 9077
20 BMO Capital Markets Corporation 4 4 30824 7706
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 15 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Sullivan amp Cromwell 16 12 238427 19869
2 Freshfields Bruckhaus Deringer 14 12 192836 16070
3 Latham amp Watkins LLP 67 48 180215 3754
4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073
5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644
6 Macfarlanes LLP 5 4 140076 35019
7 Linklaters 12 10 138697 13870
8 AZB amp Partners 26 16 138672 8667
9 Cravath Swaine amp Moore LLP 8 7 138213 19745
10 Hogan Lovells 22 17 135990 7999
11 Clifford Chance LLP 23 16 135303 8456
12 Allen amp Overy 25 18 99217 5512
13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615
14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228
15 Davis Polk amp Wardwell LLP 23 19 52189 2747
16 Kirkland amp Ellis LLP 60 22 46546 2116
17 Jones Day 63 34 44983 1323
18 Morrison amp Foerster LLP 19 14 41820 2987
19 Weil Gotshal amp Manges LLP 31 23 39837 1732
20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
Page 16 copy Bureau van Dijk
Quarterly MampA Activity ReportGlobal League Tables Q3 2016
Top 20 private equity firms global deals
Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 CVC Capital Partners Ltd 7 7 15038 2148
2 TPG Capital Advisors LLC 14 11 12271 1116
3 Global Infrastructure Management LLC 2 2 11509 5755
4 KKR amp Co LP 11 11 10889 990
5 The Blackstone Group LP 9 9 9623 1069
6 Permira Advisers LLP 4 4 9374 2343
7 NVP Associates LLC 15 14 8897 636
8 Apollo Global Management LLC 5 3 8200 2733
9 Carlyle Group LP 9 4 6917 1729
10 Goldman Sachs amp Co 11 10 6668 667
11 Silver Lake Technology Management LLC 3 3 6650 2217
12 Sequoia Capital Operations LLC 28 24 6409 267
13 Apax Partners LLP 8 5 5127 1025
14 New Enterprise Associates Inc 21 20 4666 233
15 Accel Management Company LLC 21 17 4566 269
16 Yunfeng Capital Ltd 2 2 4500 2250
17 Hony Capital Co Ltd 3 2 4463 2231
18 Searchlight Capital Partners LP 1 1 4300 4300
19 General Catalyst Group Management LLC 10 8 4167 521
20 Platinum Equity LLC 3 2 4111 2056
These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe MampA value improves in Q3
The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015
In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016
A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015
One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5878 357618
Q2 2016 6888 278269
Q1 2016 6483 221194
Q4 2015 7036 290844
Q3 2015 6764 346230
Q2 2015 6910 390423
Q1 2015 6204 337022
Q4 2014 5989 279844
Q3 2014 5328 237498
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
AB InBevSABMiller deal largest by value
Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe
Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016
There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million
While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec
UK one of the regionrsquos most important targets
Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)
In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)
By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively
PE bucks trend and declines in Q3
PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016
On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)
Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016
2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016
3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016
4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016
5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016
6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016
7 3690 Capital Increase 11 Air Liquide SA FR 13092016
8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016
9 3203 Minority stake 1 Nestle SA CH 18072016
10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016
11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016
12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016
13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016
14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016
15 2100 Capital Increase 90 Melrose Industries plc GB 06072016
16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation
CA CH CN 05072016
17 2000 Capital Increase Standard Chartered plc GB 12082016
18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016
19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016
20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 1883 1590 1542
Germany 873 1089 847
France 751 751 663
Spain 820 863 606
Italy 311 494 460
Netherlands 534 530 449
Sweden 342 483 370
Switzerland 240 315 318
Finland 254 156 122
Belgium 147 131 112
Austria 65 85 74
Norway 113 70 72
Denmark 76 74 62
Ireland 85 62 57
Turkey 111 78 39
Portugal 58 39 37
Luxembourg 66 70 33
Cyprus 24 22 16
Greece 11 9 13
Malta 14 7 7
Target country by value - Western Europe deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
UK 71353 70656 209812
France 32684 46225 25188
Netherlands 27995 28910 21690
Spain 24387 28023 19680
Italy 49351 28175 16220
Germany 32223 38887 16047
Switzerland 10909 10878 15290
Sweden 1966 10469 7498
Austria 1478 5503 6165
Portugal 3417 2045 4944
Luxembourg 70973 10145 3430
Ireland 4991 1247 3291
Denmark 1408 2340 3268
Norway 2444 3312 2611
Greece 1588 201 2536
Belgium 4094 2397 1692
Finland 1909 10289 748
Cyprus 573 457 407
Turkey 8068 1908 360
Malta 881 1445 242
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Western Europe deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2671 2557 2186
Machinery equipment furniture recycling 830 863 689
Wholesale amp retail trade 515 538 465
Chemicals rubber plastics 355 371 362
Publishing printing 397 374 337
Banks 117 254 226
Metals amp metal products 294 271 211
Transport 217 214 207
Construction 271 270 199
Primary sector 151 186 172
Food beverages tobacco 222 183 154
Post and telecommunications 124 132 115
Insurance companies 117 106 114
Hotels amp restaurants 129 129 107
Gas water electricity 153 135 102
Education health 114 98 78
Textiles wearing apparel leather 71 85 76
Wood cork paper 65 56 33
Public administration and defence 5 2 5
Target sector by value - Western Europe deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Food beverages tobacco 9538 8051 138671
Other services 67735 88951 56378
Machinery equipment furniture recycling 25998 35386 56146
Chemicals rubber plastics 25873 20570 16199
Banks 22214 18660 13567
Publishing printing 4485 14186 9586
Wholesale amp retail trade 20438 17602 9283
Primary sector 6324 12362 8190
Metals amp metal products 7397 9383 7207
Gas water electricity 21318 12572 7196
Education health 2409 266 7084
Insurance companies 11724 6951 6530
Post and telecommunications 99805 6300 6497
Transport 13270 7297 6374
Construction 7800 5854 5358
Hotels amp restaurants 3369 4027 1926
Textiles wearing apparel leather 457 3556 973
Wood cork paper 450 1604 325
Public administration and defence 24 0 2
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 774 21637
Q2 2016 928 45077
Q1 2016 810 18924
Q4 2015 919 46417
Q3 2015 1052 34585
Q2 2015 889 33026
Q1 2015 1004 32500
Q4 2014 1026 54594
Q3 2014 896 31272
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Western Europe private equity deals by volume and value
0
200
400
600
800
1000
1200
0
10000
20000
30000
40000
50000
60000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016
2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016
3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016
4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016
5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016
6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA
PT PT PT ES PT PT PT PT PT
Ardian France 03082016
7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP
08082016
8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016
9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016
10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016
11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016
12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016
13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016
14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016
15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016
16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016
17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC
05082016
18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016
19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016
20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Western Europe private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
UK 270 221 189
France 225 186 128
Germany 132 122 109
Sweden 44 72 71
Spain 100 63 66
Italy 58 56 39
Netherlands 61 57 38
Finland 46 31 24
Denmark 19 17 22
Switzerland 21 26 19
Belgium 25 19 17
Ireland 14 12 17
Norway 7 7 14
Austria 8 14 12
Portugal 11 10 6
Luxembourg 5 5 4
Iceland 0 2 2
Turkey 5 6 1
Target country by value - Western Europe private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Spain 6622 3117 6335
France 5660 5475 3114
Germany 6851 8156 2439
UK 8787 5578 2293
Italy 559 6787 2092
Netherlands 6022 7493 1713
Portugal 437 556 736
Austria 285 409 686
Luxembourg 167 352 655
Norway 262 180 613
Sweden 346 1634 554
Belgium 343 481 488
Finland 73 61 390
Switzerland 375 1231 152
Ireland 82 645 117
Denmark 669 1404 19
Iceland 0 2 1
Turkey 191 454 1
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportWestern Europe Q3 2016
Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Western Europe private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 506 469 376
Publishing printing 142 111 114
Machinery equipment furniture recycling 112 111 99
Wholesale amp retail trade 69 57 39
Chemicals rubber plastics 46 27 29
Education health 11 18 14
Post and telecommunications 6 11 13
Food beverages tobacco 28 24 13
Metals amp metal products 12 14 13
Construction 19 11 12
Textiles wearing apparel leather 12 8 10
Gas water electricity 20 8 10
Hotels amp restaurants 19 15 9
Transport 18 12 8
Insurance companies 9 7 4
Wood cork paper 9 10 4
Primary sector 10 4 2
Banks 1 6 0
Public administration and defence 0 1 0
Target sectors by value - Western Europe private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 12794 18772 7835
Primary sector 1212 3952 4241
Publishing printing 1134 3225 2745
Chemicals rubber plastics 3539 2501 1085
Transport 1050 2075 1074
Gas water electricity 2364 4728 1011
Machinery equipment furniture recycling 831 5516 930
Wholesale amp retail trade 6072 1393 919
Hotels amp restaurants 748 323 491
Textiles wearing apparel leather 31 1785 288
Post and telecommunications 742 546 268
Education health 814 65 201
Food beverages tobacco 1245 720 47
Metals amp metal products 26 1209 40
Construction 1837 451 28
Wood cork paper 57 618 1
Banks 0 521 0
Public administration and defence 0 0 0
Insurance companies 2 395 0
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America MampA value rises
The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines
In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015
Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015
MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5202 453922
Q2 2016 6330 377164
Q1 2016 7719 401023
Q4 2015 7239 550639
Q3 2015 7709 612682
Q2 2015 7586 520128
Q1 2015 7279 467556
Q4 2014 7587 461745
Q3 2014 8140 565787
Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 4321 415886
Q2 2016 5027 348930
Q1 2016 6715 370224
Q4 2015 6187 526703
Q3 2015 6748 595681
Q2 2015 6398 465038
Q1 2015 6200 418112
Q4 2014 6378 425193
Q3 2014 6947 504517
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 885 38339
Q2 2016 1305 29073
Q1 2016 1002 30779
Q4 2015 1052 24265
Q3 2015 964 17826
Q2 2015 1186 54854
Q1 2015 1080 49447
Q4 2014 1207 36856
Q3 2014 1195 63166
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America deals by volume and value
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Seven deals exceed USD 10000 million
Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter
North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies
While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million
North American PE and VC value advances
The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months
A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2
PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3
The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital
Chemicals rubber and plastics companies lead the way in terms of value
Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million
Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period
Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016
2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016
3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016
4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016
5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016
6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016
7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016
8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016
9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016
10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016
11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016
12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016
13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016
14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016
15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016
16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016
17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016
18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016
19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016
20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - North America deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 3039 2352 1940
Metals amp metal products 412 626 390
Publishing printing 539 448 336
Machinery equipment furniture recycling 626 387 324
Chemicals rubber plastics 305 188 164
Primary sector 196 241 142
Wholesale amp retail trade 254 165 124
Education health 165 119 88
Gas water electricity 113 53 68
Insurance companies 122 91 64
Food beverages tobacco 121 67 52
Banks 126 62 46
Transport 90 39 35
Hotels amp restaurants 60 29 27
Textiles wearing apparel leather 34 19 24
Post and telecommunications 53 34 24
Construction 56 53 23
Wood cork paper 21 17 7
Public administration and defence 5 5 4
Target sector by value - North America deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 126731 157225 97694
Chemicals rubber plastics 44002 24620 94835
Machinery equipment furniture recycling 92551 59872 57706
Gas water electricity 34605 23473 51362
Wholesale amp retail trade 19645 5234 32151
Publishing printing 33470 14604 26294
Primary sector 37826 32384 25515
Food beverages tobacco 11976 2431 16056
Transport 12461 7732 14461
Metals amp metal products 7093 11756 6830
Banks 7187 8258 6653
Hotels amp restaurants 1769 5479 5276
Construction 2398 1426 4475
Insurance companies 132988 790 3887
Textiles wearing apparel leather 3110 371 2806
Post and telecommunications 22878 5682 2548
Education health 11789 4935 636
Wood cork paper 652 2596 525
Public administration and defence 622 35 283
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 3121 79038
Q2 2016 3355 69820
Q1 2016 3778 56609
Q4 2015 3943 155055
Q3 2015 4171 110350
Q2 2015 4169 87851
Q1 2015 4162 98196
Q4 2014 4394 81424
Q3 2014 4719 61946
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 2991 77425
Q2 2016 3198 67978
Q1 2016 3655 54715
Q4 2015 3795 153616
Q3 2015 4021 108899
Q2 2015 3987 81468
Q1 2015 3977 95864
Q4 2014 4192 79031
Q3 2014 4496 59743
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 130 1612
Q2 2016 156 1841
Q1 2016 121 1886
Q4 2015 147 1439
Q3 2015 150 1451
Q2 2015 181 6383
Q1 2015 183 2256
Q4 2014 200 2392
Q3 2014 219 2203
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
North America private equity deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016
2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016
3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016
4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016
5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016
6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016
7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016
8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016
9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016
10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station
US US US US
The Blackstone Group LP ArcLight Capital Holdings LLC 14092016
11 2000 Minority stake Worldwide Structured Finance LLC US 02092016
12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016
13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016
14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016
15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016
16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016
17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016
18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016
19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016
20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportNorth America Q3 2016
Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target sectors by volume - North America private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 1765 1360 1209
Publishing printing 359 216 184
Machinery equipment furniture recycling 270 155 150
Gas water electricity 32 28 40
Chemicals rubber plastics 78 41 40
Education health 54 44 40
Wholesale amp retail trade 51 42 24
Food beverages tobacco 37 29 21
Post and telecommunications 21 14 16
Metals amp metal products 25 21 14
Banks 22 12 14
Textiles wearing apparel leather 11 9 12
Primary sector 17 19 11
Hotels amp restaurants 12 10 11
Transport 17 4 8
Construction 10 13 7
Insurance companies 11 6 7
Wood cork paper 7 3 3
Public administration and defence 3 2 1
Target sectors by value - North America private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 38488 31472 32806
Machinery equipment furniture recycling 6322 5926 12704
Publishing printing 24436 4854 12006
Gas water electricity 706 5941 3056
Hotels amp restaurants 196 2111 2601
Post and telecommunications 17788 71 2269
Wholesale amp retail trade 5923 350 1714
Transport 1142 1265 895
Chemicals rubber plastics 1233 702 797
Primary sector 1409 3268 709
Education health 483 3952 568
Construction 1484 82 563
Textiles wearing apparel leather 12 73 442
Food beverages tobacco 306 91 166
Banks 174 93 113
Insurance companies 1214 34 50
Metals amp metal products 223 2763 36
Wood cork paper 0 9 1
Public administration and defence 2 0 1
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia Pacific MampA slips
MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million
Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months
The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 5845 286999
Q2 2016 7392 371937
Q1 2016 7429 339533
Q4 2015 8827 577876
Q3 2015 9099 402845
Q2 2015 9692 542731
Q1 2015 7611 389364
Q4 2014 8349 355586
Q3 2014 8100 318338
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific deals by volume and value
0
2000
4000
6000
8000
10000
12000
0
100000
200000
300000
400000
500000
600000
700000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Chinese companies are the most prolific targets in Q3
Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016
While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million
An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines
Australian PE and VC-backed deal leads the top 20
Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million
China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter
PE and VC value supported by Australian deal
PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value
Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016
2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians
AU CAUS AU
19092016
3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016
4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016
5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016
6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd
CN CN CN CN CN CN
30072016
7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd
CN CN CN CN CN CN
Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016
8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016
9 2862 Acquisition increased to 100
Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd
CN CN CN 16082016
10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd
CN CN CN CN CN CN CN CN
06092016
11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016
12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd
CN CN 14092016
13 2670 Acquisition increased to 100
Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016
14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
15 2098 Acquisition increased to 100
Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd
CN CN CN
25082016
16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd
CN Sunac Real Estate Group Co Ltd CN 16092016
17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016
18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016
19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016
20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Target country by volume - Asia and Asia Pacific deals
Target country Q3 2015 Q2 2016 Q3 2016
China 3041 2580 2399
Australia 1075 929 732
Japan 973 646 529
South Korea 977 661 524
India 941 551 437
Malaysia 315 299 206
Vietnam 291 268 180
Singapore 200 215 177
Taiwan 552 574 136
Hong Kong 123 138 125
Indonesia 105 116 97
Thailand 150 94 95
New Zealand 127 90 55
Kazakhstan 51 64 35
Sri Lanka 25 18 27
Philippines 52 42 26
Uzbekistan 40 59 22
Kyrgyzstan 13 12 13
Samoa 10 6 10
Pakistan 11 5 8
Target country by value - Asia and Asia Pacific deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
China 242873 214598 171559
India 20308 13762 30336
Australia 30315 36191 22189
Japan 30262 26822 15854
South Korea 28460 19159 13685
Singapore 5614 4009 11297
Hong Kong 6384 9242 8980
Taiwan 19545 18765 3661
Malaysia 3623 4322 3067
Indonesia 3218 4456 2877
Thailand 1677 5198 2697
Vietnam 829 2622 1373
New Zealand 3176 6340 1039
Philippines 3524 4222 784
Marshall Islands 278 618 662
Sri Lanka 138 52 489
Uzbekistan 384 343 244
Cambodia 6 143 221
Samoa 512 185 208
Georgia 30 8 157
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - Asia and Asia Pacific deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 2856 2548 2113
Machinery equipment furniture recycling 1543 1223 864
Chemicals rubber plastics 792 609 425
Metals amp metal products 564 533 398
Wholesale amp retail trade 641 466 394
Publishing printing 551 427 343
Construction 523 362 294
Primary sector 274 206 192
Education health 120 108 124
Food beverages tobacco 248 155 117
Transport 177 140 108
Gas water electricity 191 136 105
Textiles wearing apparel leather 136 80 75
Hotels amp restaurants 111 91 61
Banks 124 88 59
Wood cork paper 66 48 42
Post and telecommunications 104 58 31
Insurance companies 70 54 31
Public administration and defence 5 5 1
Target sector by value - Asia and Asia Pacific deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 93144 117701 95903
Machinery equipment furniture recycling 56623 61513 44446
Construction 47781 28553 25277
Chemicals rubber plastics 40117 29104 23843
Transport 11969 22082 15790
Wholesale amp retail trade 29010 16348 13836
Banks 33353 24222 13325
Metals amp metal products 16457 20680 13167
Gas water electricity 22188 11436 9631
Post and telecommunications 4168 6452 9554
Publishing printing 7348 6558 9270
Food beverages tobacco 15254 7018 8443
Primary sector 10178 7279 4536
Education health 3372 1466 4015
Insurance companies 8873 3572 2123
Textiles wearing apparel leather 4112 2433 1851
Hotels amp restaurants 2148 1978 1673
Wood cork paper 1624 1373 888
Public administration and defence 27 7 0
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 634 23961
Q2 2016 696 30737
Q1 2016 820 21406
Q4 2015 967 20674
Q3 2015 1096 29536
Q2 2015 1120 35943
Q1 2015 814 19353
Q4 2014 729 21415
Q3 2014 600 33711
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Asia and Asia Pacific private equity deals by volume and value
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mi l USD) Number of deals
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company
AU Global Infrastructure Management LLC 19092016
2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016
3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016
4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016
5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd
07092016
6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures
04082016
7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016
8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd
07072016
9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016
10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016
11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd
03082016
12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd
20092016
13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016
14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016
15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016
16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016
17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd
15082016
18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016
19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016
20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
China 644 311 264
India 278 239 192
Japan 49 38 52
South Korea 39 35 39
Australia 25 15 34
Singapore 21 12 13
Indonesia 11 5 12
Malaysia 7 11 7
Hong Kong 6 1 6
Vietnam 2 9 6
Thailand 1 2 4
Georgia 4 0 4
Taiwan 1 5 3
Pakistan 2 0 2
Philippines 1 8 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Australia 372 9310 9399
China 13192 16862 8710
India 5449 2103 2559
South Korea 8995 1340 1435
Indonesia 4 34 760
Japan 212 451 667
Singapore 765 293 235
Thailand 0 0 200
Hong Kong 73 5 142
Vietnam 0 55 58
Taiwan 12 54 36
Malaysia 7 86 33
Georgia 30 0 22
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016
Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 624 429 386
Publishing printing 218 115 91
Machinery equipment furniture recycling 86 48 47
Wholesale amp retail trade 39 20 19
Education health 13 18 19
Chemicals rubber plastics 27 13 16
Hotels amp restaurants 15 10 11
Metals amp metal products 13 4 8
Food beverages tobacco 7 12 7
Transport 8 4 6
Construction 12 6 5
Primary sector 4 0 2
Textiles wearing apparel leather 5 5 2
Wood cork paper 1 2 2
Gas water electricity 8 3 2
Insurance companies 1 2 1
Post and telecommunications 5 1 1
Banks 0 1 0
Public administration and defence 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Transport 743 9328 8153
Other services 11796 10997 6486
Publishing printing 2843 493 2174
Machinery equipment furniture recycling 2016 2728 2115
Education health 652 167 1408
Chemicals rubber plastics 1993 831 829
Wholesale amp retail trade 7304 870 679
Metals amp metal products 157 77 560
Hotels amp restaurants 246 43 532
Construction 1164 4505 382
Food beverages tobacco 114 158 265
Gas water electricity 169 80 175
Textiles wearing apparel leather 62 256 142
Wood cork paper 23 32 61
Primary sector 137 0 40
Public administration and defence 0 0 0
Banks 0 0 0
Insurance companies 8 134 0
Post and telecommunications 63 22 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
CEE falls to two-year low
The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015
Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review
Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value
RussiaCEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 1521 12144
Q2 2016 2284 23055
Q1 2016 2470 20572
Q4 2015 2276 39577
Q3 2015 2093 48235
Q2 2015 2447 41038
Q1 2015 2320 18949
Q4 2014 3044 63300
Q3 2014 2963 54734
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE deals by volume and value
0
500
1000
1500
2000
2500
3000
3500
0
10000
20000
30000
40000
50000
60000
70000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Russia dominates top deals in Q3
Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions
The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million
These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million
While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured
Russia top by value Poland leads by volume
Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3
In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)
By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals
Sharp fall in PE targeting Russia
There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)
A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015
The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million
While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Top 20 RussiaCEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016
2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016
3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016
4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016
5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016
6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer
AmRest Holdings SE PL Cullinan Sarl LU 08092016
7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016
8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016
9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016
10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016
11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016
12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016
13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016
14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016
15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016
16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016
17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016
18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016
19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016
20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE deals
Target country Q3 2015 Q2 2016 Q3 2016
Poland 499 661 578
Russia 482 495 312
Ukraine 160 210 106
Czech Republic 86 399 98
Romania 266 97 79
Latvia 87 58 74
Estonia 94 66 51
Bulgaria 75 49 31
Belarus 35 43 30
Lithuania 15 15 30
Bosnia and Herzegovina 61 25 29
Croatia 42 27 26
Moldova 31 41 25
Hungary 49 28 18
Serbia 72 27 13
Slovenia 31 23 13
Slovakia 10 14 9
Montenegro 8 4 2
Macedonia 1 3 1
Albania 0 1 1
Kosovo 0 0 0
Target country by value - RussiaCEE deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Russia 27058 12687 7671
Poland 4831 5647 2453
Ukraine 12109 429 929
Hungary 299 433 294
Romania 516 336 244
Czech Republic 297 400 125
Bosnia and Herzegovina 530 31 100
Croatia 429 1324 93
Slovenia 254 104 89
Estonia 38 288 86
Bulgaria 1344 195 47
Latvia 152 148 19
Lithuania 0 3 7
Serbia 341 90 4
Montenegro 256 912 2
Belarus 160 24 1
Moldova 1 9 0
Macedonia 0 1 0
Slovakia 123 2 0
Albania 0 0 0
Kosovo 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sector by volume - RussiaCEE deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 696 685 452
Wholesale amp retail trade 260 184 136
Machinery equipment furniture recycling 117 150 83
Banks 147 121 81
Construction 126 97 72
Chemicals rubber plastics 104 90 62
Food beverages tobacco 81 73 54
Gas water electricity 84 53 50
Primary sector 75 76 41
Transport 74 57 39
Hotels amp restaurants 61 48 36
Education health 30 33 36
Metals amp metal products 60 46 35
Publishing printing 67 46 27
Insurance companies 44 23 25
Post and telecommunications 18 23 18
Textiles wearing apparel leather 20 15 16
Wood cork paper 25 17 10
Public administration and defence 1 1 1
Target sector by value - RussiaCEE deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Construction 1221 199 2962
Banks 8815 2442 2054
Chemicals rubber plastics 6131 1242 1827
Primary sector 9729 7025 1398
Transport 10807 1600 1068
Hotels amp restaurants 486 50 707
Food beverages tobacco 211 73 504
Other services 3971 2274 439
Gas water electricity 2364 1812 431
Wholesale amp retail trade 526 143 231
Machinery equipment furniture recycling 3458 1401 227
Metals amp metal products 353 4331 122
Wood cork paper 39 156 57
Publishing printing 171 49 45
Education health 9 129 12
Insurance companies 465 1 8
Textiles wearing apparel leather 13 23 7
Post and telecommunications 74 463 7
Public administration and defence 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q3 2016 57 218
Q2 2016 111 2648
Q1 2016 102 675
Q4 2015 122 9559
Q3 2015 103 883
Q2 2015 136 1408
Q1 2015 132 170
Q4 2014 127 940
Q3 2014 145 652
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
RussiaCEE private equity deals by volume and value
0
20
40
60
80
100
120
140
160
0
2000
4000
6000
8000
10000
12000
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Dea
l val
ue (m
il U
SD
)
Total deal value (mil USD) Number of deals
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo
Top 20 RussiaCEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Fund ManagerGeneral Partner Announced date
1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016
2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016
3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016
4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016
5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016
6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016
7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016
8 5 Minority stake MyCash UA 06072016
9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016
10 1 Minority stake Karfiks OOO RU 06072016
11 1 Minority stake Synerise SA PL 17082016
12 1 Minority stake Bigfud OOO RU Target Global 18072016
13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016
14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016
15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016
16 0 Minority stake Neoventa OOO RU 18072016
17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016
18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016
19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016
20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target country by volume - RussiaCEE private equity deals
Target country Q3 2015 Q2 2016 Q3 2016
Russia 25 60 25
Poland 23 25 8
Czech Republic 5 5 6
Ukraine 9 0 4
Latvia 4 3 4
Estonia 8 4 4
Slovenia 3 0 3
Lithuania 2 2 1
Belarus 0 0 1
Bulgaria 5 0 1
Slovakia 3 2 1
Romania 3 5 0
Macedonia 0 0 0
Serbia 1 1 0
Croatia 1 1 0
Bosnia and Herzegovina 0 0 0
Hungary 11 3 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Target country by value - RussiaCEE private equity deals
Target country Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Poland 565 66 92
Slovenia 12 0 77
Estonia 6 239 32
Russia 60 745 10
Ukraine 2 0 5
Latvia 12 0 0
Belarus 0 0 0
Bulgaria 1 0 0
Romania 9 2 0
Lithuania 0 1 0
Macedonia 0 0 0
Serbia 6 0 0
Slovakia 123 0 0
Croatia 0 1185 0
Czech Republic 67 0 0
Bosnia and Herzegovina 0 0 0
Hungary 20 409 0
Albania 0 0 0
Kosovo 0 0 0
Moldova 0 0 0
Montenegro 0 0 0
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Quarterly MampA Activity ReportRussiaCEE Q3 2016
Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom
You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo
+44 161 838 9554 bvdbvdinfocom
copy Bureau van Dijk
Target sectors by volume - RussiaCEE private equity deals
Target sector Q3 2015 Q2 2016 Q3 2016
Other services 59 72 35
Publishing printing 18 13 6
Machinery equipment furniture recycling 7 4 4
Wholesale amp retail trade 2 3 4
Post and telecommunications 0 3 2
Transport 0 2 1
Education health 2 2 1
Wood cork paper 0 0 1
Construction 2 1 1
Chemicals rubber plastics 1 1 1
Textiles wearing apparel leather 0 1 1
Insurance companies 0 0 0
Primary sector 0 2 0
Banks 1 2 0
Hotels amp restaurants 0 1 0
Gas water electricity 2 0 0
Food beverages tobacco 3 1 0
Metals amp metal products 3 1 0
Public administration and defence 0 0 0
Target sectors by value - RussiaCEE private equity deals
Target sector Q3 2015 (mil USD)
Q2 2016 (mil USD)
Q3 2016 (mil USD)
Other services 119 1260 65
Transport 0 0 42
Wholesale amp retail trade 6 0 39
Machinery equipment furniture recycling 8 600 30
Wood cork paper 0 0 20
Chemicals rubber plastics 0 0 19
Publishing printing 86 2 3
Textiles wearing apparel leather 0 0 0
Post and telecommunications 0 239 0
Education health 0 0 0
Insurance companies 0 0 0
Banks 9 409 0
Metals amp metal products 2 0 0
Food beverages tobacco 1 0 0
Primary sector 0 137 0
Hotels amp restaurants 0 0 0
Construction 0 0 0
Gas water electricity 529 0 0
Public administration and defence 0 0 0
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Zephyr Half Year MampA Report
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 targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr
The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive
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 UK
The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania
The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine
Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor
Where deals have multiple targets the sector and region of each target is represented in the data
All deal types are included except joint ventures IPOs planned IPOs and share buybacks
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst
Zephyr Half Year MampA Report
About Bureau van Dijk
Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from
regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs
and applications Its Orbis database provides information on almost 200 million companies across the globe
In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-
boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance
About Zephyr
Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner
of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by
Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information
on over 14 million deals wwwzephyrdealdatacom
About MampA Research Catalyst
Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They
combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value
companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates
news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst