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Zephyr Quarterly M&A ReportGlobal, Q1 2015

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Contact +44 161 838 9554 Zephyr Editorial: [email protected]


Page 1 © Zephyr

The following report details mergers and acquisitions activity in Q1 2015 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 15

Section 3: North America 7

Section 4: Asia/Asia Pacific Page 37

Section 5: Russia/CEE Page 50

Global M&A growth stalls in Q1 2015

Growth in the value of global mergers and acquisitions (M&A) slowed in the first three months of 2015 compared to the previous quarter, impacted by weaker private equity investment.

A total of 15,647 deals worth a combined USD 895,388 million were announced between January and March, compared to 21,917 transactions worth an aggregate USD 1,278 billion in Q4 2014. This represents a 30 per cent decrease in monetary terms, while by volume the result was 29 per cent lower and marked the second successive quarterly decline (Q3 2014: 22,164 transactions).

In a year-on-year comparison, value was 9 per cent weaker in the three months under review while volume was down by a quarter (Q1 2014: 21,150 deals worth an aggregate USD 986,299 million).

Global deals by volume and value

Announced date No of dealsTotal deal value (mil USD)

Q1 2015 15,647 895,388

Q4 2014 21,917 1,277,507

Q3 2014 22,164 1,216,205

Q2 2014 21,249 1,378,356

Q1 2014 21,150 986,299

Q4 2013 22,558 966,934

Q3 2013 20,225 1,049,040

Q2 2013 19,535 925,231

Q1 2013 17,931 732,233

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Page 2 © Zephyr

Global deals by volume and value

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Pharmaceuticals deal biggest of Q1

US drugmaker AbbVie agreed to buy Californian oncological treatments specialist Pharmacyclics in a cash and stock transaction worth USD 21,000 million, making it the largest global M&A deal of Q1. The takeover is the latest in a wave of consolidation sweeping the international pharmaceutical industry and will give AbbVie access to Pharmacyclics’ breakthrough cancer drug Imbruvica.

This transaction was one of ten to break the USD 10,000 million-barrier during the three months, of which seven targeted a US-based company. However, the number two deal by value saw Holcim making a revised bid worth USD 20,017 million for French building materials giant Lafarge.

Holcim and Lafarge were also involved in another of the top global M&A deals in Q1. In order to secure regulatory approval for their proposed merger, the two companies agreed to sell a number of their global assets to Irish group CRH in a deal valued at USD 7,353 million.

Sharp drop in global PE investment

Private equity and venture capital (PE and VC) activity also weakened in the first three months of 2015, with investment value at its lowest for three years.

Investment value halved quarter-on-quarter from USD 154,548 million in Q4 2014 to USD 77,511 million, the lowest result since USD 77,174 million was recorded in Q2 2012.

Transaction volume slipped 23 per cent from 3,076 deals last quarter to 2,369.

In a 12-month comparison, value was down 39 per cent on the USD 127,803 million recorded in the corresponding three months of 2014 while volume was 12 per cent weaker than the 2,705 deals announced in Q1 2014.

Sweden targeted in top PE deal

Swedish energy group Fortum announced the sale of its electricity distribution business Fortum Distribution to a consortium of local pension funds, comprising Första, Tredje, Folksam, together with Canada’s Borealis Infrastructure, for EUR 6,600 million (USD 7,489 million) in the largest PE deal of Q1.

This was followed by General Electric’s disposal of its consumer lending business in Australia and New Zealand to a consortium of investors including Kohlberg Kravis Roberts and Deutsche Bank in a transaction with an enterprise value of USD 6,263 million.









Page 4 © Zephyr

Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1. 21,000 Acquisition 100% Pharmacyclics Inc. US AbbVie Inc. US 04/03/2015

2. 20,017 Acquisition 100%- Bid 2 decreased offer

Lafarge SA FR Holcim Ltd CH 20/03/2015

3. 18,977 Acquisition 100% EE Ltd GB BT Group plc GB 05/02/2015

4. 18,000 Acquisition 100% Regency Energy Partners LP US Energy Transfer Partners LP US 26/01/2015

5. 17,000 Acquisition 100% Hospira Inc. US Pfizer Inc. US 05/02/2015

6. 16,700 Acquisition 100% Freescale Semiconductor Inc. US NXP Semiconductors NV NL 02/03/2015

7. 14,500 Acquisition 100% Salix Pharmaceuticals Ltd US Valeant Pharmaceuticals International Inc. CA 22/02/2015

8. 13,889 Acquisition 100% MeadWestvaco Corporation US Newco 26/01/2015

9. 13,700 Acquisition 100% Petroleo Brasileiro SA's certain assets BR Investors; Sovereign Wealth Funds 02/03/2015

10. 10,540 Acquisition 100% Verizon Communications Inc.'s wireline operations

US Frontier Communications Corporation US 05/02/2015









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Top 20 global deals by value (cont’d)

Deal value (mil USD)

Deal type Target Target country Acquiror Acquiror

countryAnnounced date

11. 8,872 Capital Increase 9% Banco Santander SA ES 08/01/2015

12. 8,820 Acquisition 100% Rock-Tenn Company US Newco 26/01/2015

13. 7,489 IBO 100% Fortum Distribution AB SE Folksam Omsesidig Sakforsakring; Forsta AP-Fonden; Borealis Infrastructure Management Inc.; Tredje AP-fonden

SE; SE; CA; SE

17/02/2015

14. 7,353 Acquisition Holcim Ltd's Canadian assets; Lafarge SA's French assets; Lafarge SA's Brazillian assets; Lafarge SA's Mexican assets; Holcim Ltd's Brazillian assets; Holcim Ltd's Indian assets; Holcim Ltd's Mexican assets; Holcim Ltd's French assets; Holcim Ltd's German assets; Lafarge SA's Canadian assets; Lafarge SA's Indian assets; Lafarge SA's German assets; Holcim Ltd's British assets; Holcim Ltd's Slovak assets; Holcim Ltd's Philippine assets; Lafarge SA's Philippine assets; Lafarge SA's British assets

CA; FR; BR; MX; BR; IN; MX; FR; DE; CA; IN; DE; GB; SK; PH; PH; GB

CRH plc IE 02/02/2015

15. 7,092 Acquisition Cheung Kong (Holdings) Ltd's property businesses; Hutchison Whampoa Ltd's property businesses

Cheung Kong Property Holdings Ltd KY 09/01/2015

16. 6,931 Acquisition 100% Rexam plc GB Ball UK Acquisition Ltd GB 19/02/2015

17. 6,300 Acquisition 100% Office Depot Inc. US Staples Inc. US 04/02/2015

18. 6,263 IBO General Electric Capital Corporation's Australian consumer lending business; General Electric Capital Corporation's New Zealand consumer lending business

AU; NZ Deutsche Bank AG; Kohlberg Kravis Roberts & Company LP; Varde Partners Inc.

DE; US; US

15/03/2015

19. 5,924 Capital increase acquired 12%, to hold 21%

CITIC Ltd HK Chia Tai Bright Investment Co., Ltd VG 20/01/2015

20. 5,895 Acquisition 100% Springer Science+Business Media GmbH DE Verlagsgruppe Georg von Holtzbrinck GmbH DE 15/01/2015









Page 6 © Zephyr

Target country by volume - global deals

Target country Q1 2014 Q4 2014 Q1 2015

US 3,586 3,395 2,670

China 1,237 2,092 1,540

UK 1,586 1,738 1,514

Canada 898 1,067 827

Australia 942 1,052 623

Japan 1,050 755 531

France 524 591 508

Germany 494 503 496

Taiwan 508 619 463

India 787 751 439

Spain 522 817 427

South Korea 790 844 382

Russia 738 724 332

Netherlands 395 319 309

Poland 364 514 302

Finland 381 232 257

Malaysia 323 338 253

Italy 349 320 247

South Africa 219 252 229

Sweden 369 293 209

Target country by value - global deals

Target country Q1 2014 (mil USD)

Q4 2014 (mil USD)

Q1 2015 (mil USD)

US 364,302 447,466 303,393

China 61,009 174,942 92,532

UK 58,353 85,056 91,324

France 13,622 30,575 46,323

Germany 29,985 14,108 35,013

Canada 32,085 37,060 31,646

Netherlands 16,712 31,717 26,541

Brazil 24,301 19,520 23,746

India 12,873 18,032 22,725

Spain 22,331 20,132 21,926

Italy 30,777 14,366 18,082

Australia 24,898 32,449 17,809

Switzerland 13,151 12,561 16,583

Bermuda 9,710 15,628 13,164

Sweden 15,889 5,841 12,713

Mexico 2,771 6,448 12,290

Ireland 8,051 7,137 11,896

South Korea 30,990 32,726 11,827

Taiwan 13,652 14,950 11,721

Hong Kong 13,968 6,231 11,574









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Top five global target countries by deal volume in Q1 2015 Top five global target countries by deal value in Q1 2015

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Top five global target countries by deal volume in Q1 2015 Deal volume between Q1 2013 and Q1 2015

Top five global target countries by deal value in Q1 2015 Deal value between Q1 2013 and Q1 2015

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Target sector by volume - global deals

Target sector Q1 2014 Q4 2014 Q1 2015

Other services 7,911 7,769 5,844

Machinery, equipment, furniture, recycling 2,598 2,761 2,000

Wholesale & retail trade 1,763 1,724 1,108

Banks 1,588 1,529 1,073

Publishing, printing 750 1,212 1,010

Chemicals, rubber, plastics 1,315 1,409 904

Construction 941 1,032 682

Metals & metal products 613 715 457

Food, beverages, tobacco 626 590 451

Transport 590 556 394

Education, health 422 462 371

Primary sector 543 579 347

Gas, water, electricity 393 503 266

Hotels & restaurants 395 324 250

Textiles, wearing apparel, leather 258 281 161

Insurance companies 231 212 129

Wood, cork, paper 160 163 114

Post and telecommunications 29 40 36

Public administration and defence 6 5 6

Target sector by value - global deals

Target sector Q1 2014 (mil USD)

Q4 2014 (mil USD)

Q1 2015 (mil USD)

Other services 333,936 307,112 229,041

Chemicals, rubber, plastics 89,638 163,408 146,344


Banks 117,539 148,202 91,409

Primary sector 39,252 46,611 57,029

Construction 45,535 59,897 37,947


Gas, water, electricity 28,866 78,969 32,140

Transport 24,077 78,040 28,843

Wood, cork, paper 5,183 10,817 25,917

Publishing, printing 18,769 29,331 25,023

Metals & metal products 23,129 38,657 22,265

Insurance companies 22,999 29,885 21,753

Food, beverages, tobacco 40,122 25,950 19,132

Hotels & restaurants 10,651 16,164 8,142

Education, health 13,656 13,766 6,705

Textiles, wearing apparel, leather 5,712 6,970 5,545

Public administration and defence 46 0 5,272

Post and telecommunications 597 1,178 522









Page 10 © Zephyr

Global private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q1 2015 2,369 77,511

Q4 2014 3,076 154,548

Q3 2014 3,392 111,950

Q2 2014 3,019 115,402

Q1 2014 2,705 127,803

Q4 2013 2,835 108,649

Q3 2013 2,568 107,123

Q2 2013 2,456 94,933

Q1 2013 2,310 91,715









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Global private equity deals by volume and value

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Top 20 global private equity deals by value


country Equity provider Announced date

1. 7,489 IBO 100% Fortum Distribution AB SE Borealis Infrastructure Management Inc. 17/02/2015


AU; NZ Kohlberg Kravis Roberts & Company LP; Varde Partners Inc. 15/03/2015

3. 4,000 IBO 100% Life Time Fitness Inc. US Leonard Green & Partners LP; LNK Partners; TPG Capital Management LP 16/03/2015

4. 2,400 IBO 100% TI Automotive Ltd GB Bain Capital LLC 27/01/2015

5. 2,400 IBO 100% Blue Coat Systems Inc. US Bain Capital LLC 10/03/2015

6. 2,000 IBO 100% Air Medical Group Holdings Inc. US Kohlberg Kravis Roberts & Company LP 11/03/2015

7. 1,993 IBO 100% Towergate Underwriting Group Ltd GB JP Morgan; Kohlberg Kravis Roberts & Company LP; Highbridge Capital Management LLC; Sankaty Advisors LLC

06/02/2015

8. 1,731 Minority stake 10% International Consolidated Airlines Group SA ES HSBC Private Bank (UK) Ltd 30/01/2015

9. 1,678 IBO Liberty Living Management Two Ltd; Brandeaux Student Accommodation Fund's UK student accommodation portfolio operating under the Liberty Living brand

GB; GB Canada Pension Plan Investment Board 06/03/2015

10. 1,500 IBO 100% Presidio Holdings Inc. US Apollo Global Management LLC 12/01/2015

11. 1,500 IBO majority stake Walgreens Infusion Services Inc. US Madison Dearborn Partners LLC 20/01/2015

12. 1,390 Acquisition 100% United Envirotech Ltd SG Kohlberg Kravis Roberts & Company LP 05/03/2015

13. 1,220 IBO 100% Senvion SE DE Centerbridge Capital Partners LP 22/01/2015

14. 1,003 IBO 100% Jurys Inn Group Ltd IE Lone Star Funds 26/01/2015

15. 833 Minority stake 5% Nielsen NV NL GIC Special Investments Pte Ltd 30/01/2015

16. 814 IBO 100% DSM NV's composite resins and polymer divisions

NL CVC Capital Partners Ltd 16/03/2015

17. 773 IBO 100% Big Bus Tours Ltd GB Exponent Private Equity LLP 24/02/2015

18. 757 IBO 100% Trainline.com Ltd GB Kohlberg Kravis Roberts & Company LP 22/01/2015

19. 750 Minority stake Moda Midstream LLC US EnCap Flatrock Midstream 17/03/2015

20. 750 IBO 100% Globeleq Africa Norfund; CDC Group plc 03/02/2015









Page 13 © Zephyr

Target country by volume - global private equity deals


US 1,202 1,305 907

China 136 268 218

UK 226 261 207

India 98 137 159

France 112 152 144

Germany 96 122 94

Canada 64 84 71

Spain 66 78 67

Finland 35 49 48


Japan 38 39 39

Italy 40 54 34

Israel 36 31 33

Sweden 40 39 27

Russia 79 46 25

Poland 13 12 20

Belgium 14 14 18

Brazil 25 27 18

Australia 16 25 17

Singapore 16 11 15

Target country by value - global private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

US 61,506 70,016 27,159

UK 11,778 20,511 13,024

Sweden 268 1,835 7,693

Australia 5,566 1,448 6,552

New Zealand 854 590 6,264

China 2,242 7,337 3,120

Germany 2,081 5,808 2,442

Spain 1,973 5,366 2,373

Canada 1,291 2,254 1,995

Netherlands 112 1,732 1,886

India 1,181 3,412 1,874

Singapore 403 611 1,584

Japan 1,018 2,770 1,098

Ireland 3,352 23 1,014

Brazil 1,387 791 793

Belgium 99 803 733

Italy 2,200 853 637

France 4,429 6,665 631

Luxembourg 0 300 372

Saudi Arabia 0 18 320









Page 14 © Zephyr

Target sectors by volume - global private equity deals



Publishing, printing 199 475 356

Machinery, equipment, furniture, recycling 286 351 219

Wholesale & retail trade 142 160 132

Chemicals, rubber, plastics 88 107 78


Banks 44 61 40

Transport 28 34 36






Construction 26 41 17






Target sectors by value - global private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Other services 44,865 54,178 31,129


Banks 10,332 7,736 8,199



Transport 2,215 5,867 5,016





Primary sector 3,110 561 662

Metals & metal products 3,448 3,453 645

Food, beverages, tobacco 1,929 618 392

Textiles, wearing apparel, leather 2,845 405 366

Construction 1,197 5,427 251

Wood, cork, paper 48 7,183 47

Insurance companies 4,598 559 14










Zephyr Quarterly M&A ReportWestern Europe, Q1 2015

Page 15 © Zephyr

Western Europe M&A value advances in Q1, despite lower volume

M&A targeting Western European companies in the first three months of 2015 rose to USD 292,320 million, representing growth of 25 per cent over two successive quarters (Q4 2014: USD 276,459 million; Q3 2014: USD 232,993 million).

Value was also up 13 per cent on the corresponding period of 2014, when deals worth a collective USD 258,017 million were announced.

Growth in M&A value came in spite of a quarter-on-quarter decline in volume from 5,648 to 4,634 transactions and an 18 per cent decrease year-on-year (Q1 2014: 5,654).

Regional value was boosted by significant increases in M&A value targeting UK, French and German companies.

Western Europe deals by volume and value


Q1 2015 4,634 292,320

Q4 2014 5,648 276,459

Q3 2014 5,158 232,993

Q2 2014 5,581 382,428

Q1 2014 5,654 258,017

Q4 2013 6,429 214,686

Q3 2013 5,904 260,583

Q2 2013 5,709 305,917

Q1 2013 4,982 167,354









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Western Europe deals by volume and value

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France targeted in top deal by value

Holcim’s takeover offer for French rival Lafarge was the region’s biggest deal by value in the quarter under review, and, at USD 20,017 million, also accounted for the second-largest transaction globally.

Western Europe’s number two deal by value was BT buying fellow UK telecommunications company EE for USD 18,977 million in cash and stock in a deal that will create one of the country’s biggest players in fixed-line, broadband, mobile and television.

While the majority of deal-making was intra-regional, there were some significant transactions involving buyers from outside Western Europe. Among these was US-based CommScope acquiring Swiss group TE Connectivity’s network solutions business for USD 3,000 million and Japan’s Canon making a takeover offer worth USD 2,824 million for Swedish security equipment maker Axis.

Majority of M&A activity targets UK companies

UK companies were targeted in deals worth a collective USD 91,318 million in Q1, putting the country top in the rankings by value and marking the second consecutive increase (Q3 2014: USD 59,066 million; Q4 2014: USD 85,056 million).

A similar pattern was seen for M&A targeting French companies, where value rose from USD 18,795 million in Q3 2014 to USD 46,309 million in Q1 2015, while in Germany value more than doubled from USD 14,108 million last quarter to USD 35,013 million.

UK companies were also the most frequently targeted, at 1,515 transactions, although this was down from 1,738 in Q4 2014. Again, France and Germany followed at second and third with 508 transactions and 496 transactions, respectively, while the volume of deals targeting fourth-placed Spain halved from 817 to 427.

PE value almost unchanged year-over-year

PE investment value weakened by 45 per cent in in Q1 from USD 56,711 million last quarter to USD 31,160 million, with an 18 per cent decrease by volume.

Interestingly, value was steady compared to the USD 31,616 million-worth of investment recorded in Q1 2014, while volume was just 5 per cent lower in the three months under review (Q1 2014: 783 deals).

The region’s largest PE deal between January and March was the disposal by Swedish energy company Fortum of its electricity distribution unit to a consortium of local pension funds and Borealis Infrastructure Management for USD 7,489 million, which also ranked as the top global PE deal of the quarter.









Page 18 © Zephyr

Top 20 Western Europe deals by value




1. 20,017 Acquisition 100%- Bid 2 decreased offer

Lafarge SA FR Holcim Ltd CH 20/03/2015

2. 18,977 Acquisition 100% EE Ltd GB BT Group plc GB 05/02/2015

3. 8,872 Capital Increase 9% Banco Santander SA ES 08/01/2015

4. 7,489 IBO 100% Fortum Distribution AB SE Folksam Omsesidig Sakforsakring; Forsta AP-Fonden; Borealis Infrastructure Management Inc.; Tredje AP-fonden

SE; SE; CA; SE

17/02/2015



CRH plc IE 02/02/2015

6. 6,931 Acquisition 100% Rexam plc GB Ball UK Acquisition Ltd GB 19/02/2015

7. 5,895 Acquisition 100% Springer Science+Business Media GmbH DE Verlagsgruppe Georg von Holtzbrinck GmbH DE 15/01/2015

8. 5,703 Acquisition 100% RWE Dea AG DE LetterOne Holdings SA LU 16/01/2015

9. 5,225 Minority stake 20% Danske Bank A/S DK Shareholders; AP Moller Holding A/S DK 25/02/2015

10. 4,600 Capital Increase Actavis plc IE 19/02/2015









Page 19 © Zephyr

Top 20 Western Europe deals by value




11. 3,800 Capital Increase Actavis plc IE 19/02/2015

12. 3,666 Acquisition 100% Eversholt Rail Group GB CK Investments Sarl LU 20/01/2015

13. 3,600 Acquisition 100% - Bid 3 - Increased Offer Nutreco NV NL SHV Holdings NV NL 30/01/2015

14. 3,363 Acquisition 51% Sports Direct International plc GB MASH Beta Ltd GB 20/01/2015

15. 3,000 Acquisition 100% TE Connectivity Ltd's network solutions business CH CommScope Holding Company Inc. US 28/01/2015

16. 2,824 Acquisition 100% Axis AB SE Canon Inc. JP 10/02/2015

17. 2,800 Minority stake Turkcell Holding AS TR Alfa Telecom Turkey Ltd TR 17/03/2015

18. 2,797 Acquisition 100% Wood Mackenzie Ltd GB Verisk Analytics Inc. US 10/03/2015

19. 2,509 Acquisition 100% TSB Banking Group plc GB Banco de Sabadell SA ES 20/03/2015

20. 2,485 Minority stake 6% Enel SpA IT Institutional Investors; Investors 25/02/2015









Page 20 © Zephyr

Target country by volume - Western Europe deals


UK 1,586 1,738 1,515

France 524 591 508

Germany 494 503 496

Spain 522 817 427


Finland 381 232 257

Italy 349 320 247

Sweden 369 293 209

Switzerland 112 105 166

Turkey 193 110 97

Denmark 193 105 88

Belgium 143 104 88

Norway 148 166 77

Ireland 88 69 60

Portugal 59 62 46

Austria 46 56 28

Luxembourg 35 25 19

Cyprus 22 19 8

Greece 17 12 7

Malta 8 6 6

Target country by value - Western Europe deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

UK 58,353 85,056 91,318

France 13,622 30,575 46,309

Germany 29,985 14,108 35,013

Netherlands 16,712 31,717 26,541

Spain 22,331 20,132 21,926

Italy 30,777 14,366 18,082

Switzerland 13,151 12,561 16,583

Sweden 15,889 5,841 12,713

Ireland 8,051 7,137 11,895

Denmark 11,751 2,692 7,522

Turkey 1,916 5,156 5,016

Belgium 1,911 8,620 4,613

Luxembourg 3,351 7,532 2,803

Portugal 7,356 12,877 2,452

Finland 6,566 3,885 1,994

Austria 5,224 6,815 1,603

Norway 6,657 6,808 560

Malta 667 323 198

Cyprus 1,144 114 28

Greece 4,667 1,070 20









Page 21 © Zephyr

Target sector by volume - Western Europe deals





Banks 427 437 339
















Target sector by value - Western Europe deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Other services 80,650 88,414 80,147


Banks 58,076 42,504 32,993



Transport 4,117 6,507 11,948





Construction 8,022 17,856 6,795

Primary sector 11,483 2,429 6,512




Wood, cork, paper 890 7,457 1,686

Education, health 3,655 2,954 950











Page 22 © Zephyr

Western Europe private equity deals by volume and value


Q1 2015 741 31,160

Q4 2014 900 56,711

Q3 2014 822 31,616

Q2 2014 882 41,470

Q1 2014 783 31,616

Q4 2013 795 34,576

Q3 2013 746 23,240

Q2 2013 737 48,577

Q1 2013 621 18,167









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Western Europe private equity deals by volume and value

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Top 20 Western Europe private equity deals by value



1. 7,489 IBO 100% Fortum Distribution AB SE Borealis Infrastructure Management Inc. 17/02/2015

2. 2,400 IBO 100% TI Automotive Ltd GB Bain Capital LLC 27/01/2015

3. 1,993 IBO 100% Towergate Underwriting Group Ltd GB JP Morgan;Kohlberg Kravis Roberts & Company LP; Highbridge Capital Management LLC; Sankaty Advisors LLC

06/02/2015

4. 1,731 Minority stake 10% International Consolidated Airlines Group SA ES HSBC Private Bank (UK) Ltd 30/01/2015

5. 1,678 IBO Liberty Living Management Two Ltd; Brandeaux Student Accommodation Fund's UK student accommodation portfolio operating under the Liberty Living brand

GB; GB Canada Pension Plan Investment Board 06/03/2015

6. 1,220 IBO 100% Senvion SE DE Centerbridge Capital Partners LP 22/01/2015

7. 1,003 IBO 100% Jurys Inn Group Ltd IE Lone Star Funds 26/01/2015

8. 833 Minority stake 5% Nielsen NV NL GIC Special Investments Pte Ltd 30/01/2015

9. 814 IBO 100% DSM NV's composite resins and polymer divisions NL CVC Capital Partners Ltd 16/03/2015

10. 773 IBO 100% Big Bus Tours Ltd GB Exponent Private Equity LLP 24/02/2015

11. 757 IBO 100% Trainline.com Ltd GB Kohlberg Kravis Roberts & Company LP 22/01/2015

12. 701 IBO 100% Premium Credit Ltd GB Cinven Ltd 13/01/2015

13. 672 IBO 100% Survitec Group Ltd GB Onex Corporation 12/01/2015

14. 574 Minority stake 49% F2i Aeroporti SpA IT Ardian France 06/02/2015

15. 569 Minority stake 30% Delivery Hero Holding GmbH DE Rocket Internet AG 06/02/2015

16. 503 Capital Increase Goldcar Spain SL ES Bi-Invest Holdings SA 03/03/2015

17. 466 IBO 100% The NEC Group GB LDC (Managers) Ltd 16/01/2015

18. 459 Acquisition 100% AS Adventure NV BE PAI Partners SAS 04/02/2015

19. 355 IBO 100% FP-EFR Sarl LU Bridgepoint Advisers Ltd 13/01/2015

20. 308 IBO 100% SSP Holdings plc GB Lloyds Development Capital (Holdings) Ltd 13/03/2015









Page 25 © Zephyr

Target country by volume - Western Europe private equity deals


UK 227 262 210

France 112 152 144

Germany 96 122 94

Spain 66 78 67

Finland 35 49 48


Italy 40 54 34

Sweden 40 39 27

Belgium 14 14 18

Switzerland 20 20 14

Ireland 21 15 12

Denmark 29 11 11

Austria 7 7 7

Turkey 4 4 6

Luxembourg 2 2 5

Portugal 12 14 5

Norway 17 12 4

Cyprus 1 1 1

Poland 0 0 1

Target country by value - Western Europe private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

UK 11,790 20,542 13,032

Sweden 268 1,835 7,693

Germany 2,081 5,808 2,442

Spain 1,973 5,384 2,373

Netherlands 112 1,732 1,886

Ireland 3,352 23 1,014

Belgium 99 803 733

Italy 2,200 853 637

France 4,429 6,665 631

Luxembourg 0 300 372

Denmark 3,795 191 214

Turkey 201 159 105

Switzerland 152 7,130 80

Finland 35 1,033 41

Norway 447 2,731 27

Austria 116 3,059 6

Cyprus 10 1 6

Portugal 5 3,126 3









Page 26 © Zephyr

Target sectors by volume - Western Europe private equity deals


Other services 405 401 363





Transport 11 11 20




Banks 15 17 9










Target sectors by value - Western Europe private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Other services 13,261 16,780 9,974



Transport 755 2,343 3,256




Publishing, printing 1,263 376 909

Banks 6,589 5,766 767



Metals & metal products 98 1,592 38


Education, health 298 1,407 21




Wood, cork, paper 48 6,971 0









Zephyr Quarterly M&A ReportNorth America, Q1 2015

Page 27 © Zephyr

North American M&A activity falters

M&A targeting North American companies weakened in Q1 2015 for the second successive quarter, impacted by a sharp drop in PE investment in the region.

Deals worth a collective USD 334,961 million were announced between January and March, the lowest since USD 328,049 million in Q4 2013, while volume decreased by 22 per cent to 3,494 transactions from 4,463 in Q4 2014.

In a 12-month comparison, volume also fell by 22 per cent while value was 15 per cent lower in the period under review (Q1 2014: 4,479 transactions worth USD 395,559 million).

The downturn in M&A activity was true of both the US and Canada. In the former, a total of 2,670 deals worth a combined USD 303,393 million were announced, down from 3,395 worth a collective USD 447,466 million, while in the latter, value declined from USD 37,060 million to USD 31,646 million against a 22 per cent decrease in volume from 1,067 to 827 deals.

North America deals by volume and value


Q1 2015 3,494 334,961

Q4 2014 4,463 484,220

Q3 2014 5,157 557,413

Q2 2014 4,698 508,288

Q1 2014 4,479 395,559

Q4 2013 4,188 328,049

Q3 2013 3,914 430,884

Q2 2013 3,911 295,342

Q1 2013 4,023 267,901









Page 28 © Zephyr

US deals by volume and value


Q1 2015 2,670 303,393

Q4 2014 3,395 447,466

Q3 2014 4,125 499,949

Q2 2014 3,718 465,025

Q1 2014 3,583 364,288

Q4 2013 3,105 294,495

Q3 2013 2,994 399,595

Q2 2013 3,003 267,888

Q1 2013 3,103 239,333

Canada deals by volume and value


Q1 2015 827 31,646

Q4 2014 1,067 37,060

Q3 2014 1,037 59,360

Q2 2014 986 46,179

Q1 2014 898 32,085

Q4 2013 1,083 33,624

Q3 2013 918 31,281

Q2 2013 908 27,436

Q1 2013 923 28,204









Page 29 © Zephyr

North America deals by volume and value

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Page 30 © Zephyr

Seven deals top USD 10,000 million

While there was a noticeable drop in M&A value targeting North American companies in Q1, there were still some sizeable deals over the three months.

AbbVie’s USD 21,000 million acquisition of cancer drug maker Pharmacyclics was the top transaction by value and accounted for 6 per cent of the region’s total for the three months.

This was followed by Energy Transfer Partners offering to buy publicly-quoted natural gas company Regency Energy Partners in a cash and stock bid worth USD 18,000 million.

Not far behind was another deal in the pharmaceuticals sector: Pfizer agreed to buy injectable drugs and infusion technologies developer Hospira for USD 17,000 million.

Indeed, there was significant M&A targeting the region’s pharma industry, with Valeant offering to acquire Salix Pharmaceuticals for USD 14,500 million and Shire acquiring NPS Pharmaceuticals for USD 5,200 million.

Sharp uptick in M&A value targeting wood, cork and paper sector

While M&A value across many of the region’s sectors weakened quarter-on-quarter, there were some notable exceptions to this.

The biggest rise was in the value of deals targeting companies operating in the wood, cork and paper industry, which leapt from USD 1,606 million to USD 22,831 million, the sector’s highest result of the last two years under review. There were also increases in food, beverages and tobacco, up from USD 4,979 million in Q4 2014 to USD 7,926 million, and public administration and defence, which soared to a two-year high of USD 4,750 million.

Volume fell across the board, with the exceptions of public administration and defence, which advanced from 1 deal last quarter to 2 deals, and hotels and restaurants, which remained unchanged at 33 transactions.

Steep drop in PE investment

The growth in PE investment targeting North American companies last quarter was short-lived, as value and volume both fell in Q1 2015.

There were 978 transactions worth a combined USD 29,154 million between January and March, compared to 1,390 deals worth a collective USD 72,270 million in Q4 2014, which by volume marked the second decrease in a row and the lowest result of the last two years under review.

At the same time last year, a total of 1,267 transactions worth an aggregate USD 62,797 million were announced.

Once again, the trend was replicated in the US and Canada, although the decrease was more marked in the former.

A total of USD 27,159 million was invested across 907 transactions in the US in Q1, down from USD 70,016 million over 1,305 deals last quarter, while in Canada there were 71 deals worth a collective USD 1,995 million compared to 84 worth USD 2,254 million in Q4 2014.

The top PE investment targeting a North American company over the three months was Leonard Green & Partners, TPG Capital Management and LNK Partners acquiring sports and fitness centre chain Life Time Fitness in a take-private worth USD 4,000 million, representing 14 per cent of the region’s total PE value.









Page 31 © Zephyr

Top 20 North America deals by value



Announced date

1. 21,000 Acquisition 100% Pharmacyclics Inc. US AbbVie Inc. US 04/03/2015

2. 18,000 Acquisition 100% Regency Energy Partners LP US Energy Transfer Partners LP US 26/01/2015

3. 17,000 Acquisition 100% Hospira Inc. US Pfizer Inc. US 05/02/2015

4. 16,700 Acquisition 100% Freescale Semiconductor Inc. US NXP Semiconductors NV NL 02/03/2015

5. 14,500 Acquisition 100% Salix Pharmaceuticals Ltd US Valeant Pharmaceuticals International Inc.

CA 22/02/2015

6. 13,889 Acquisition 100% MeadWestvaco Corporation US Newco 26/01/2015

7. 10,540 Acquisition 100% Verizon Communications Inc.'s wireline operations US Frontier Communications Corporation US 05/02/2015

8. 8,820 Acquisition 100% Rock-Tenn Company US Newco 26/01/2015


CA; FR; BR; MX; BR; IN; MX; DE; IN; GB; SK; PH; PH

CRH plc IE 02/02/2015

10. 6,300 Acquisition 100% Office Depot Inc. US Staples Inc. US 04/02/2015

11. 5,800 Acquisition 100% Big Heart Pet Brands US The JM Smucker Company US 03/02/2015

12. 5,400 Acquisition 100% City National Corporation US Royal Bank of Canada CA 22/01/2015

13. 5,200 Acquisition 100% NPS Pharmaceuticals Inc. US Shire Pharmaceutical Holdings Ireland IE 11/01/2015

14. 4,750 Acquisition 100% Exelis Inc. US Harris Corporation US 06/02/2015

15. 4,250 Acquisition 100% OneMain Financial Holdings Inc. US Springleaf Holdings Inc. US 03/03/2015

16. 4,000 IBO 100% Life Time Fitness Inc. US LTF Holdings Inc. US 16/03/2015

17. 3,300 Minority stake 5% Valeant Pharmaceuticals International Inc. CA Pershing Square Capital Management LP US 09/03/2015

18. 3,000 Acquisition 100% Hiland Partners LP US Kinder Morgan Inc. US 22/01/2015

19. 3,000 Acquisition 100% Aruba Networks Inc. US Hewlett-Packard Company US 02/03/2015

20. 2,983 Acquisition 100% UIL Holdings Corporation US Iberdrola USA Inc. US 25/02/2015









Page 32 © Zephyr

Target sector by volume - North America deals





Banks 236 226 163





Transport 72 80 59











Target sector by value - North America deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Other services 175,454 108,766 82,671



Banks 22,636 28,356 27,056

Primary sector 13,382 26,621 26,990

Wood, cork, paper 2,639 1,606 22,831




Transport 9,096 47,042 7,861


Public administration and defence 46 0 4,750




Construction 5,975 2,658 1,705












Page 33 © Zephyr

North America private equity deals by volume and value


Q1 2015 978 29,154

Q4 2014 1,390 72,270

Q3 2014 1,813 43,085

Q2 2014 1,511 55,037

Q1 2014 1,267 62,797

Q4 2013 1,287 46,470

Q3 2013 1,265 66,756

Q2 2013 1,287 37,305

Q1 2013 1,261 54,457

US private equity deals by volume and value


Q1 2015 907 27,159

Q4 2014 1,305 70,016

Q3 2014 1,724 41,766

Q2 2014 1,441 53,987

Q1 2014 1,202 61,506

Q4 2013 1,186 42,596

Q3 2013 1,183 61,987

Q2 2013 1,211 35,963

Q1 2013 1,179 52,434

Canada private equity deals by volume and value


Q1 2015 71 1,995

Q4 2014 84 2,254

Q3 2014 88 1,318

Q2 2014 70 1,050

Q1 2014 64 1,291

Q4 2013 99 3,864

Q3 2013 82 4,769

Q2 2013 76 1,342

Q1 2013 81 2,024









Page 34 © Zephyr

North America private equity deals by volume and value

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Page 35 © Zephyr

Top 20 North America private equity deals by value



1. 4,000 IBO 100% Life Time Fitness Inc. US Leonard Green & Partners LP; LNK Partners; TPG Capital Management LP 16/03/2015

2. 2,400 IBO 100% Blue Coat Systems Inc. US Bain Capital LLC 10/03/2015

3. 2,000 IBO 100% Air Medical Group Holdings Inc. US Kohlberg Kravis Roberts & Company LP 11/03/2015

4. 1,500 IBO 100% Presidio Holdings Inc. US Apollo Global Management LLC 12/01/2015

5. 1,500 IBO majority stake Walgreens Infusion Services Inc. US Madison Dearborn Partners LLC 20/01/2015

6. 750 Minority stake Moda Midstream LLC US EnCap Flatrock Midstream 17/03/2015

7. 640 IBO 100% Integrated Silicon Solution Inc. US Hua Capital Management Ltd; Summitview Capital 12/03/2015

8. 601 Acquisition 100% Billy Bishop Toronto City Airport's passenger terminal CA Partners Group AG 27/01/2015

9. 530 Minority stake 21% Lyft Inc. US Fortress Investment Group LLC; Rakuten Inc. 11/03/2015

10. 440 IBO majority stake PetVet Care Centers Inc. US Ontario Teachers' Pension Plan 06/01/2015

11. 384 Minority stake CanEra Inc. CA NGP Energy Capital Management LLC; Riverstone Holdings LLC; Riverstone Energy Ltd

21/01/2015

12. 380 IBO 100% Anixter International Inc.'s Fasteners business US American Industrial Partners LP 12/02/2015

13. 367 Minority stake 3% Pinterest Inc. US 27/02/2015

14. 337 IBO 100% Saba Software Inc. US Vector Capital Corporation 10/02/2015

15. 322 Minority stake Prairie Storm Energy Corporation CA NGP Energy Capital Management LLC 04/02/2015

16. 280 Acquisition The Rockport Company LLC; Drydock Footwear LLC US; US Berkshire Partners LLC 23/01/2015

17. 275 IBO 100% The Standard Register Company's assets US Silver Point Capital Management LLC 12/03/2015

18. 273 IBO 100% E2open Inc. US Insight Venture Partners 05/02/2015

19. 250 Minority stake Red Ventures LLC US Silver Lake Partners LP 07/01/2015

20. 220 IBO 51% Canaccede Financial Group Ltd CA Varde Partners Inc. 04/03/2015









Page 36 © Zephyr

Target sectors by volume - North America private equity deals








Banks 11 20 18





Transport 6 14 7




Construction 6 14 2




Target sectors by value - North America private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Other services 24,434 28,272 15,691

Publishing, printing 277 9,522 3,443

Education, health 1,075 800 2,579


Transport 35 3,196 1,353


Banks 743 1,462 773

Primary sector 3,023 360 491




Gas, water, electricity 704 6,185 269


Hotels & restaurants 1,574 19 74

Food, beverages, tobacco 1,280 194 44




Insurance companies 1,654 165 0








Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015

Page 37 © Zephyr

Asia Pacific M&A volume and value down in Q1

The volume and value of M&A targeting companies based in the Asia Pacific region both dropped in the first quarter of 2015 after value increased in the last three months of last year. In total there were 4,944 deals worth a combined USD 204,352 million signed off in the quarter, which also marks a decline on the 6,604 transactions worth USD 212,597 million in Q1 2014.

In terms of volume and value Asia Pacific accounted for 32 per cent and 23 per cent, respectively, of total global investment in the first quarter. This is in spite of the significant declines in volume and value recorded over the three months.

However, despite the disappointing showing, there were some significant transactions announced in the first quarter of 2015. The region’s most valuable deal in the year to date actually had targets in a number of different regions. Irish concrete manufacturer CRH agreed to pay USD 7,353 million for various assets of Holcim and Lafarge. The activities being purchased include operations in the Philippines.

Others targeted in high value deals include the Australian and New Zealand consumer lending businesses of General Electric Capital Corporation, as well as Hong Kong-based bank Citic.

Asia and Asia Pacific deals by volume and value


Q1 2015 4,944 204,352

Q4 2014 7,605 346,249

Q3 2014 7,725 295,812

Q2 2014 6,768 354,704

Q1 2014 6,604 212,597

Q4 2013 7,115 249,777

Q3 2013 6,400 245,382

Q2 2013 6,254 184,951

Q1 2013 5,744 179,004









Page 38 © Zephyr

Asia and Asia Pacific deals by volume and value

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Page 39 © Zephyr

China is most targeted country once again

Although the very biggest deals of the quarter proved to be exceptions, a large number of the period’s top transactions featured Chinese targets. In all the country was targeted in 1,550 deals worth a combined USD 94,832 million while some 12 of the quarter’s top 20 transactions had Chinese targets.

The largest Chinese deal of Q1 was ranked sixth overall and was worth USD 2,406 million as Fuzhou-headquartered securities broker and underwriter Industrial Securities announced a rights issue to generate working capital and expand its current operations. Other Chinese targets include China Galaxy Securities, China Railway Group and Oceanwide Holdings.

China was well ahead of its nearest rivals in terms of both volume and value. Australia was the second most frequently targeted country with 623, followed by Japan and Taiwan with 533 and 494, respectively. India came second by value with investment of USD 22,749 million, followed by Australia with USD 17,810 million.

PE volume and value also decline

Unfortunately, private equity investment into the region did not fare much better than M&A as a drop in both volume and value was also recorded here. In all there were 479 deals worth USD 14,447 million in Q1 2015, compared to 548 worth USD 20,847 million in Q4 2014. Value was also down year on year (Q1 2014: USD 21,556 million) but volume actually increased over the 12 months; in the first quarter of 2014 the Asia Pacific region was targeted in just 336 deals.

Although value is undoubtedly disappointing, some comfort can be taken from the fact that it still surpassed the second quarter of last year, when deals worth USD 10,965 million were signed off.

One deal accounts for just under half of all PE investment in Asia Pacific

The disappointing investment levels in the first quarter of 2015 mean that the largest deal takes up a considerable portion of the aggregate deal value recorded over the three months. 43 per cent of the total investment of USD 14,447 million was attributable to Varde Partners, KKR and Deutsche Bank’s USD 6,263 million purchase of the Australian and New Zealand consumer lending businesses of GE Capital.

The second-placed transaction was some way off that pace as CITIC and KKR China agreed to acquire United Envirotech though their CKM (Cayman) subsidiary for USD 1,390 million. Others targeted in high value deals in Q1 include Oedo-Onsen Holdings, Shanghai Lazhasi Information Technology and CMS Info Systems.









Page 40 © Zephyr

Top 20 Asia and Asia Pacific deals by value



Announced date



CRH plc IE 02/02/2015


AU; NZ Deutsche Bank AG; Kohlberg Kravis Roberts & Company LP; Varde Partners Inc.

DE; US; US

15/03/2015

3. 5,924 Capital increase acquired 12%, to hold 21%

CITIC Ltd HK Chia Tai Bright Investment Co., Ltd VG 20/01/2015

4. 4,433 Minority stake 10% CITIC Ltd HK Chia Tai Bright Investment Co., Ltd VG 20/01/2015

5. 3,651 Minority stake 10% Coal India Ltd IN Investors 30/01/2015

6. 2,406 Capital Increase 23% Industrial Securities Co., Ltd CN 24/01/2015

7. 2,369 Acquisition increased from 55% to 100%

Keppel Land Ltd SG Keppel Corporation Ltd SG 12/02/2015

8. 2,154 Capital Increase 21%

China Galaxy Securities Co., Ltd CN Investors; Institutional Investors 20/01/2015

9. 1,923 Capital Increase 7% China Railway Group Ltd CN Investors; China Railway Engineering Corporation CN 11/02/2015


Oceanwide Holdings Co., Ltd CN Investors; China Oceanwide Holdings Group Co., Ltd CN 04/02/2015









Page 41 © Zephyr

Top 20 Asia and Asia Pacific deals by value (cont’d)



Announced date

11. 1,888 Minority stake 3% CITIC Securities Co., Ltd CN 13/01/2015

12. 1,695 Minority stake 5% China CITIC Bank Corporation Ltd CN Summit Idea Ltd VG 23/01/2015


Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd

CN Guangzhou Pharmaceutical Holdings Ltd; China Universal Asset Management Co., Ltd; Guangzhou State-owned Assets Development Holding Co., Ltd; Guangzhou Guoshou City Development Industry Investment Enterprise (LP); Shanghai Yunfeng Xinchuang Investment Management Co., Ltd

CN; CN; CN; CN; CN

13/01/2015

14. 1,596 Capital Increase 10% Poly Real Estate Group Co., Ltd CN Investors; China Poly Group Corporation CN 17/03/2015

15. 1,390 Acquisition 100% United Envirotech Ltd SG CKM (Cayman) Co., Ltd KY 05/03/2015

16. 1,368 Acquisition 100% Xiangcai Securities Co., Ltd CN Shanghai Great Wisdom Caihui Data Technology Co., Ltd; Shanghai Great Wisdom Co., Ltd

CN; CN 23/01/2015

17. 1,288 Capital Increase 14% Shenzhen Overseas Chinese Town Co., Ltd CN Overseas Chinese Town Enterprise Corporation; Foresea Life Insurance Co., Ltd; Shenzhen Jushenghua Co., Ltd

CN; CN; CN

21/03/2015


Dongxu Optoelectronic Technology Co., Ltd CN Investors; Changjiang Securities Co., Ltd; Kunshan Development District Guotou Holdings Co., Ltd; Dongxu Group Co., Ltd; Beijing Yingfei Hailin Chuangye Investment Management Co., Ltd

CN; CN; CN; CN; CN

28/01/2015

19. 1,246 Acquisition 100% Jiangsu High Hope International Group Co., Ltd CN Jiangsu High Hope Corporation CN 23/01/2015

20. 1,217 Acquisition 100% APL Logistics Ltd SG Kintetsu World Express Inc. JP 17/02/2015









Page 42 © Zephyr

Target country by volume - Asia and Asia Pacific deals


China 1,237 2,092 1,550

Australia 942 1,052 623

Japan 1,050 755 533

Taiwan 508 619 494

India 787 751 443

South Korea 790 844 382

Malaysia 323 338 253

Vietnam 243 293 153

Thailand 102 153 115

Singapore 161 160 97

Indonesia 73 145 64

Hong Kong 117 111 63

New Zealand 112 106 51

Philippines 53 44 41

Kyrgyzstan 19 14 17

Sri Lanka 23 39 17

Samoa 13 10 10

Kazakhstan 14 52 10

Azerbaijan 12 10 8

Myanmar 3 3 6

Target country by value - Asia and Asia Pacific deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

China 61,009 174,942 94,832

India 12,873 18,032 22,749

Australia 24,898 32,449 17,810

Taiwan 13,652 14,950 12,470

South Korea 30,990 32,726 11,827

Hong Kong 13,968 6,231 11,574

Japan 28,542 31,091 10,940

Philippines 1,492 3,162 9,823

New Zealand 2,480 1,319 7,026

Singapore 5,714 8,804 6,750

Thailand 4,353 5,892 3,786

Malaysia 6,767 6,367 3,614

Indonesia 3,828 4,088 2,089

Vietnam 1,422 1,987 930

Kazakhstan 392 3,346 560

Cambodia 23 13 320

Marshall Islands 1,586 612 310

Samoa 104 83 167

Laos 0 0 161









Page 43 © Zephyr

Target sector by volume - Asia and Asia Pacific deals



Machinery, equipment, furniture, recycling 1,168 1,407 975




Banks 459 451 282














Target sector by value - Asia and Asia Pacific deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Other services 41,772 62,086 54,051



Banks 23,086 59,415 23,879

Construction 25,262 30,088 18,866

Transport 5,873 17,310 7,538




Primary sector 4,422 9,836 5,646





Wood, cork, paper 1,631 1,390 1,213


Hotels & restaurants 2,610 2,393 963











Page 44 © Zephyr

Asia and Asia Pacific private equity deals by volume and value


Q1 2015 479 14,447

Q4 2014 548 20,847

Q3 2014 504 32,008

Q2 2014 350 10,965

Q1 2014 336 21,556

Q4 2013 373 8,240

Q3 2013 314 11,500

Q2 2013 236 3,269

Q1 2013 225 9,388









Page 45 © Zephyr

Asia and Asia Pacific private equity deals by volume and value

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Page 46 © Zephyr

Top 20 Asia and Asia Pacific private equity deals by value




AU; NZ Kohlberg Kravis Roberts & Company LP; Varde Partners Inc. 15/03/2015

2. 1,390 Acquisition 100% United Envirotech Ltd SG Kohlberg Kravis Roberts & Company LP 05/03/2015

3. 420 IBO 100% Oedo-Onsen Holdings KK JP Bain Capital LLC 13/02/2015

4. 350 Minority stake Shanghai Lazhasi Information Technology Co., Ltd CN Tencent Holdings Ltd; Shanghai Hantao Information Consultation Co., Ltd; JD.com Inc.; Sequoia Capital China Advisors Ltd; CITIC Private Equity Funds Management Co., Ltd

23/01/2015

5. 250 IBO 57% CMS Info Systems Pvt Ltd IN Baring Private Equity Partners Asia 09/03/2015

6. 249 IBO 100% Hitachi Metals Techno, Ltd JP Carlyle Group LP 03/02/2015

7. 200 Minority stake Shenzhen Binxun Technology Co., Ltd CN Sequoia Capital; Matrix Partners China; 58.com Inc. 12/03/2015

8. 196 IBO 100% Destimoney Enterprises Pvt Ltd IN Carlyle Group LP 29/01/2015

9. 193 IBO 100% Kerry Pinnacle Pty Ltd AU Pacific Equity Partners Pty Ltd 08/03/2015

10. 170 Minority stake Uxin (Beijing) Information Technology Co., Ltd CN Kohlberg Kravis Roberts & Company LP; Coatue Management LLC; Baidu Inc.

18/03/2015









Page 47 © Zephyr

Top 20 Asia and Asia Pacific private equity deals by value (cont’d)



11. 169 IBO majority stake Primo Japan Inc. JP The Longreach Group Inc. 30/01/2015

12. 160 Minority stake Shanghai Qeeka Information Technology Co., Ltd CN 28/02/2015

13. 146 Minority stake 25% Manipal Health Enterprises Pvt Ltd IN TPG Capital Management LP 23/01/2015

14. 113 Minority stake 18% Global Health Pvt Ltd IN Temasek Holdings Pte Ltd 19/01/2015

15. 110 Minority stake Cheyipai (Beijing) Automotive Technology Service Co., Ltd

CN Morningside Technology Investments Ltd; CITIC Capital Holdings Ltd; Sequoia Capital China Advisors Ltd; Matrix Partners China; Renren Inc.

06/02/2015

16. 100 Minority stake Innovent Biologics, Inc. CN Temasek Holdings Pte Ltd; Legend Capital Co., Ltd; Fidelity Biosciences; Lilly Asian Ventures; Fidelity Growth Partners Asia; Frontline BioVentures Ltd

22/01/2015

17. 100 Minority stake Langkoo Inc. CN Temasek Holdings Pte Ltd; Digital Sky Technologies; Beijing Shunwei Venture Capital Co., Ltd; H Capital

17/02/2015

18. 100 Minority stake Shenzhen Qianhai Juzi Information Technology Co., Ltd

CN Matrix Partners China; Bertelsmann Asia Investments; Mail.ru Group Ltd; China Renaissance K2 Ventures

02/02/2015

19. 100 Minority stake Zhongshang Huimin (Beijing) E-Commerce Co., Ltd

CN Shenzhen Fortune Venture Capital Co., Ltd; GP Capital Co., Ltd; Zhejiang Zheshang Venture Capital Management Group Co., Ltd

24/01/2015

20. 100 Minority stake Shenzhen Wangzhi Technology Development Co., Ltd

CN Morningside Technology Investments Ltd; Matrix Partners China; Greenwoods Asset Management Ltd; Vipshop Holdings Ltd

05/03/2015









Page 48 © Zephyr

Target country by volume - Asia and Asia Pacific private equity deals


China 136 269 218

India 98 137 161

Japan 38 39 39

Australia 16 25 17

Singapore 16 11 15

South Korea 6 27 6

Malaysia 1 5 6

Indonesia 5 10 5

New Zealand 5 5 3

Hong Kong 6 11 3

Thailand 2 2 2

Pakistan 0 1 1

Kazakhstan 0 0 1

Taiwan 2 2 1

Philippines 1 2 1

Myanmar 0 0 1

Target country by value - Asia and Asia Pacific private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Australia 5,566 1,448 6,552

New Zealand 854 590 6,264

China 2,242 7,437 3,120

India 1,181 3,412 1,875

Singapore 403 611 1,584

Japan 1,018 2,770 1,098

South Korea 1,982 4,494 115

Malaysia 35 550 67

Pakistan 0 4 15

Hong Kong 8,239 29 15

Philippines 0 2 2

Indonesia 0 125 2

Taiwan 26 3 1

Thailand 1 0 1

Myanmar 0 0 1









Page 49 © Zephyr

Target sectors by volume - Asia and Asia Pacific private equity deals











Transport 4 2 5

Banks 8 14 5



Construction 1 9 3





Target sectors by value - Asia and Asia Pacific private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Banks 2,426 395 6,556


Publishing, printing 1,041 2,701 606





Machinery, equipment, furniture, recycling 263 5,319 272

Wholesale & retail trade 5,969 1,664 248


Transport 66 5 107















Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015

Page 50 © Zephyr

CEE reaches two-year low

Mergers and acquisitions (M&A) targeting companies in Central and Eastern Europe (CEE) declined in Q1 2015 to 1,638 deals worth a combined USD 18,192 million, the lowest recorded quarter by volume in the last two years under review.

Volume in the first three months of 2015 decreased 42 per cent from Q4 2014 when 2,802 deals were recorded, while value dropped by almost three-quarters (Q4 2014: USD 64,154 million).

Year-over-year, both volume and value declined from 3,148 deals worth USD 31,972 million in Q1 2014.

In Russia there were 332 transactions worth a combined USD 4,426 million, compared to 724 deals worth USD 48,966 million in Q4 2014.

In a 12-month comparison, value was also significantly down on the USD 19,403 million recorded in Q1 2014.

Russia/CEE deals by volume and value


Q1 2015 1,638 18,192

Q4 2014 2,802 64,154

Q3 2014 2,791 56,274

Q2 2014 3,022 41,890

Q1 2014 3,148 31,972

Q4 2013 3,430 79,822

Q3 2013 2,786 45,737

Q2 2013 2,421 63,814

Q1 2013 2,082 52,875









Page 51 © Zephyr

Russia/CEE deals by volume and value

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Page 52 © Zephyr

Three non-Russian deals pass the USD 1,000 million-mark

In spite of the decline in value, three of the top 20 deals surpassed the USD 1,000 million-barrier and represented 57 per cent of the quarter’s total (USD 18,192 million).

The highest valued transaction in the first three months of 2015 involved CRH announcing the USD 7,353 million acquisition of various assets in a number of world regions from Holcim and Lafarge. Among the activities being jettisoned are Holcim’s Slovak assets. The deal is pending regulatory approvals and expected to complete in June 2015.

In the second largest deal by value O2 Czech Republic agreed to demerge its wired and wireless assets into Ceska Telekomunikacni Infrastruktura for USD 1,908 million in February.

Despite the disappointing results in Russia, and the lack of high-value deals, the country was still targeted in 11 of the top 20 transactions.

Various sectors attracted investment in the first quarter of 2015, including oil and gas exploration, banking, beer production and hotels.

Although Russia lost its number one spot by value it remained top by volume, with 332 deals worth USD 4,426 million targeting the country.

M&A value in the Czech Republic almost doubled in Q1 2015 with 29 deals totalling USD 2,151 million from 60 deals worth USD 1,094 million in Q4 2014. Other countries where value increased include Croatia and Serbia, while Ukraine and Hungary lost ground.

PE value crashes to new low

There were 73 private equity investment deals worth a combined USD 81 million targeting companies based in the CEE in Q1 2015, the lowest recorded in the last two years.

While volume declined 30 per cent from 105 deals in Q4 2014, value plummeted 89 per cent from USD 731 million. On a monetary basis, both volume and value decreased from 163 transactions worth USD 538 million at the same time a year ago.

The decrease in value was a result of the lack of large transactions in Q1 2015, with not one exceeding USD 20 million.

Russia retained its leading position by volume; however, it was overtaken by Poland by value with deals worth a collective USD 29 million targeting the country compared to USD 26 million for Russia.

Hungary was the only country where value increased quarter-on-quarter, with 3 transactions totalling USD 9 million (Q4 2014: 5 deals worth USD 2 million).

Large deal ranks Slovakia top by value

M&A value was highest in Slovakia during Q1 2015, as the country topped the rankings thanks to the USD 7,353 million Holcim and Lafarge deal, although a number of other countries in other regions were also targeted in this deal. In all, Slovakian companies were targeted in 7 transactions worth a combined USD 7,363 million.

As a result of its one large transaction, this was the country’s highest result over the last three years (Q1 2014: USD 258 million; Q3 2014: USD 407 million; Q2 2014: USD 328 million).









Page 53 © Zephyr

Top 20 Russia/CEE deals by value



Announced date



CRH plc IE 02/02/2015

2. 1,908 Demerger 100% Ceska Telekomunikacni Infrastruktura AS CZ Shareholders 27/02/2015

3. 1,113 Minority stake 21% OMV Petrom SA RO Ministerul Energiei, Intreprinderilor Mici si Mijlocii si Mediului Afacerilor

RO 22/01/2015

4. 765 Acquisition increased to 100% Uralkalii-Tekhnologiya ZAO RU Uralkalii PAO RU 13/02/2015

5. 600 Capital Increase 40% Moskovskii Kreditnyi Bank OAO RU 17/02/2015

6. 486 Minority stake 28% Gruppa Kompanii PIK OAO RU Tsentralnyi Bank Rossiiskoi Federatsii; Undisclosed acquiror

RU 03/02/2015

7. 374 Acquisition 98% Karlsberg Ukrayina PAT UA Baltic Beverages Invest AB SE 17/03/2015

8. 363 Acquisition increased from 46% to 96%

Nizhnekamskneftekhim PAO RU Telekom-Menedzment OOO RU 02/03/2015

9. 308 Capital Increase 93% Aptechnaya Set 36.6 PAO RU 14/01/2015

10. 230 Acquisition increased to 100% Nizhne-Bureiskaya GES OAO RU Federalnaya Gidrogeneriruyushchaya Kompaniya - Rusgidro OAO

RU 12/01/2015









Page 54 © Zephyr

Top 20 Russia/CEE deals by value (cont’d)



Announced date

11. 191 Capital increase acquired 82%, to hold 92%

Belje dd HR Agrokor dd HR 29/01/2015

12. 169 Acquisition Accor-Pannonia Hotels Szallodauzemelteto Zrt; Katerinska Hotel SRO; Accor Hotels Romania SRL; Hotel Muranowska Sp zoo; Hotek Polska Sp zoo

HU; CZ; RO; PL; PL

Orbis SA PL 07/01/2015

13. 167 Minority stake increased from 5% to 9%

Cyfrowy Polsat SA PL Embud Sp zoo PL 16/03/2015

14. 153 Capital Increase 39% Tupolev OAO RU Obyedinennaya Aviastroitelnaya Korporatsiya OAO RU 11/02/2015

15. 144 Minority stake 1% Magnit PAO RU Institutional Investors 04/02/2015

16. 125 Capital Increase 39% VTB Bank PAT UA Shareholders; Bank VTB OAO RU 27/02/2015

17. 107 Acquisition increased to 100% Aktsionernyi Kommercheskii Bank Rossiiskii Kapital OAO

RU Gosudarstvennaya Korporatsiya Agentstvo po Strakhovaniyu Vkladov

RU 16/03/2015

18. 106 Minority stake 40% BaltTransServis OOO RU Vardanyan Broitman i Partnery OOO RU 04/02/2015

19. 100 Minority stake 29% Telekanal Inter PrAT UA Vacea Ventures Ltd CY 03/02/2015

20. 99 Acquisition 100% Malpka SA PL Copernicus Capital Towarzystwo Funduszy Inwestycyjnych SA

PL 18/02/2015









Page 55 © Zephyr

Target country by volume - Russia/CEE deals


Russia 738 724 332

Poland 364 514 302

Romania 185 140 155

Ukraine 342 219 148

Bulgaria 292 128 102

Estonia 97 107 63

Moldova 48 54 51

Latvia 57 65 41

Hungary 51 54 39

Serbia 32 42 32

Czech Republic 55 60 29

Croatia 11 21 26

Slovenia 7 25 21

Belarus 64 56 19

Bosnia And Herzegovina 24 24 13

Lithuania 33 22 11

Slovakia 15 22 7

Macedonia 8 8 3

Montenegro 1 3 1

Target country by value - Russia/CEE deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Slovakia 0 258 7,363

Russia 19,403 48,966 4,426

Czech Republic 2,067 1,094 2,151

Romania 1,833 1,482 1,470

Poland 1,793 5,497 1,170

Ukraine 4,352 2,337 702

Hungary 767 1,185 322

Croatia 182 139 303

Bulgaria 882 920 223

Serbia 111 199 206

Slovenia 7 1,255 199

Lithuania 206 107 67

Estonia 110 240 61

Bosnia And Herzegovina 18 64 20

Moldova 66 21 14

Latvia 92 271 7

Montenegro 4 1 3

Belarus 104 2,256 1

Macedonia 9 97 0









Page 56 © Zephyr

Target sector by volume - Russia/CEE deals


Other services 1,040 802 510


Banks 303 272 171

















Target sector by value - Russia/CEE deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)


Other services 9,390 10,012 2,578

Banks 3,084 6,872 1,772

Primary sector 3,904 5,007 1,538


Construction 1,863 1,342 796

Wholesale & retail trade 1,094 2,332 690



Transport 346 3,523 193

Gas, water, electricity 2,825 18,640 106

















Page 57 © Zephyr

Russia/CEE private equity deals by volume and value


Q1 2015 73 81

Q4 2014 105 731

Q3 2014 118 652

Q2 2014 145 293

Q1 2014 163 538

Q4 2013 198 10,141

Q3 2013 101 386

Q2 2013 72 2,002

Q1 2013 89 3,108









Page 58 © Zephyr

Russia/CEE private equity deals by volume and value

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Page 59 © Zephyr

Top 20 Russia/CEE private equity deals by value



1. 15 Minority stake 45% Mamsi OOO RU Baring Vostok Capital Partners Ltd; ru-Net Ltd 31/01/2015

2. 13 IBO 82% FPM SA PL TDJ SA 23/02/2015

3. 6 Minority stake 16% Graboplast Padlogyarto Zrt HU PortfoLion Kockazati Tokealap-kezelo Zrt 05/01/2015

4. 6 Minority stake Interactive Travel Holdings Sp zoo PL 3TS Capital Partners Oy 27/02/2015

5. 6 IBO 91% Everest Towarzystwo Funduszy Inwestycyjnych SA PL WDM Capital SA 20/01/2015

6. 5 Minority stake IsePankur AS EE Valinor Management LLC 27/02/2015

7. 4 IBO 25% Ecoservice UAB LT BaltCap AS 12/02/2015

8. 3 Minority stake Dabl OOO RU LETA Capital; Simile Venture Partners 04/03/2015

9. 3 Capital Increase 17% Airway Medix SA PL Adiuvo Investment SA; Orenore Sp zoo 18/02/2015

10. 3 Minority stake RoboSiVi OOO RU Columbus Nova Technology Partners; Almaz Capital Partners; VTB Kapital Upravlenie Aktivami ZAO; LETA Capital; I2BF LLC

17/02/2015

11. 3 Minority stake Pannon Tyre Recycling Zrt HU Alliance Jura-Hongrie Kockazati Tokealap-Kezelo Zrt 22/01/2015

12. 2 Minority stake Tsentr Onlain-Obucheniya Netologiya-Grupp OOO RU InVenture Partners; Buran Venture Capital 03/02/2015

13. 2 Minority stake Helico Aerospace Industries Ltd LV IT-Farm Corporation; Seraph Group; Imprimatur Capital Fund Management SIA; Base Ventures; Flycap SIA

19/03/2015

14. 1 Minority stake Clusterpoint SIA LV Imprimatur Capital Ltd; BaltCap AS 20/02/2015

15. 1 IBO 100% Wykop Sp zoo PL Garvest BV 03/02/2015

16. 1 Minority stake Stenders SIA LV BaltCap AS 12/03/2015

17. 1 Minority stake 10% Skypicker.com SRO CZ 05/02/2015

18. 1 Minority stake Khelpmed OOO RU 16/03/2015

19. 1 Minority stake UT Automotive Kft HU Szechenyi Tokealap-Kezelo Zrt 13/01/2015

20. 1 Minority stake Plumbr OU EE 18/02/2015









Page 60 © Zephyr

Target country by volume - Russia/CEE private equity deals


Russia 79 46 25

Poland 13 12 20

Ukraine 13 6 5

Latvia 5 9 4

Estonia 3 5 4


Hungary 9 5 3

Romania 5 5 3

Lithuania 7 3 2

Slovenia 1 2 1

Croatia 1 1 1

Macedonia 0 0 1

Target country by value - Russia/CEE private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)

Poland 12 29 29

Russia 311 586 26

Hungary 7 2 9

Estonia 5 28 6

Latvia 17 16 5

Lithuania 23 14 4










Page 61 © Zephyr

Target sectors by volume - Russia/CEE private equity deals







Banks 3 5 2




Transport 1 3 1







Construction 3 1 0


Target sectors by value - Russia/CEE private equity deals


Q4 2014 (mil USD)

Q1 2015 (mil USD)








Banks 95 36 0


Transport 0 4 0







Construction 19 0 0






Zephyr Half Year M&A 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 targets’ activities as defined to be ‘Major Sectors’ by Zephyr.

The date range for Q1 2015 is deals announced between 01/01/2015 - 22/03/2014 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, Central Asia and Oceania.

The Russia/CEE 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.

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 M&A Report

About Bureau van Dijk

Bureau van Dijk (BvD) is one of the world’s leading publishers of electronic business and company information. The company

has 33 offices worldwide. BvD is best known for its range of international company information products that combines multiple

high-quality data sources with flexible software to allow users to manipulate data for research, marketing intelligence and analysis.

Products include Fame, Orbis, Amadeus, Bankscope, Isis and Osiris. BvD also publishes the global M&A database, Zephyr.

www.bvdinfo.com

About Zephyr

Zephyr is an information solution containing M&A, IPO and venture capital deals and rumours with links to detailed financial

company information. Zephyr covers various deal types including M&A activity, IPOs, joint ventures and private equity deals. It’s

published by Bureau van Dijk (BvD). The deals on Zephyr are linked to the company financials and peer reports on BvD’s product

range, which includes Orbis, Amadeus and Fame, for company valuation and benchmarking.

Zephyr contains information on over 1 million deals. Approximately 75,000 deals are added each year depending on levels of deal

activity. Zephyr has no minimum deal value. All deal information is translated into English. Zephyr’s UK-based researchers speak

35 languages and use native language and English sources in their deal enquiries. www.zephyrdealdata.com

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