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The comprehensive review of mergers and acquisitions in the EMEA region

2017 Half-year edition

Deal DriversEMEA

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Contents

3Deal Drivers EMEA Contents

Foreword 04

EMEA Heat Chart 05

All Sectors 06

Financial Services 17

Industrials & Chemicals 23

Energy, Mining & Utilities 29

Consumer 35

Telecoms, Media & Technology 41

Transportation 47

Pharma, Medical & Biotech 53

Construction 59

The Middle East & North Africa 65

About Merrill Corporation 72

Merrill Corporation Contacts 72

Mergermarket.com

Welcome to the half-year 2017 edition of Deal Drivers EMEA, published by Mergermarket in association with Merrill Corporation. This report provides an extensive review of M&A activity across Europe, the Middle East and North Africa. It offers detailed analyses of specific regions and sectors. It also identifies key trends that are set to develop over the course of the next six months.

Dealmakers looking to do deals in Europe have had to contend with heated Brexit negotiations, divisive regional elections and a fractious political climate in 2017, and they have risen to the challenge. Despite a destabilised economic climate, the motivation for deals – particularly at the top end of the market – remains ever present as M&A practitioners learn to adjust to a ‘new normal’ in European M&A.

Backed by a slew of high-profile mega-deals, the region maintained the momentum gathered in 2016 to reach its highest half-year value since 2007. Highlighting the region’s growing prominence on the global M&A scene, four out of the top five global deals in H1 2017 targeted European firms.

Fighting off the Brexit blues European assets are continuing to attract attention from international dealmakers seemingly undeterred by the wave of uncertainty sweeping across the continent. Against a backdrop of divisive Brexit

negotiations and an uncertain economic future, the UK and Ireland still managed to attract the majority of deals within the continent, accounting for 22.6% of total deal count. The falling pound offered a further incentive for deals.

Transatlantic spending spree Despite uncertainty surrounding President Trump’s ability to impose his proposed pro-business reforms, transatlantic M&A reached new heights. The strength of the dollar against both the pound and euro has powered deal activity regardless of political uncertainty. If President Trump’s plans to loosen regulation on high-profile deals come into fruition, M&A activity targeting Europe may be given a further boost.

Exit stage left Ready availability of cheap financing has pushed European exit activity to a ten-year high. A selection of megadeals such as Blackstone’s €12.3bn sale of UK-based logistics company Logicor to sovereign wealth fund China Investment Corporation and Dubai Aerospace Enterprise’s €6.9bn acquisition of aircraft leasing company AWAS from Terra Firma and Canada Pension Plan Investment Board have served to bump up deal value. However, with inflation starting to bite and a potential rise in interest rates on the horizon, many are wondering how long this benign private equity (PE) environment will last.

Despite ongoing political volatility, it is clear that Europe has retained its status as a fertile ground for prize M&A assets. International and domestic investors as well as PE firms will continue to do battle to secure the best deals in the second half of the year.

Deal Drivers provide readers with an in-depth review of EMEA-based M&A during H1 2017 using sector-specific and geographical data – all filtered through the expert lens of Mergermarket journalists. We hope that this half-year edition is useful to you and we welcome your feedback.

Sincerely,

Doug Cullen Senior Vice President

Foreword

Doug CullenSenior Vice President, Global Head of Solution Sales, Merrill Corporation

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Deal Drivers EMEA Foreword

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5Mergermarket

Looking ahead to the next six months of European dealmaking, the TMT, industrials & chemicals, and consumer sectors are expected to generate the highest number of deals across a number of markets, according to Mergermarket’s Heat Chart, which tracks ‘companies for sale’ stories.

German-speaking countries are anticipated to attract the most attention, with a healthy pipeline of deals expected to be announced throughout the second half of the year. Interest from Asian and US buyers continues to drive deal activity in a sellers’ market with plenty of liquidity.

The UK and Ireland are also expected to generate considerable deal activity over the next six months, particularly in the TMT and consumer space. A clear driver behind UK deal activity will be fluctuations in the currency markets attracting opportunistic purchases.

Meanwhile, a recovering economy has caused a healthier Italian M&A market, with consumer deals leading the way. The government’s ‘Made in Italy’ initiative, which aims to promote home-grown Italian products abroad, is drawing in foreign buyers pursuing deals in the Italian food and fashion industries.

Dealmaking within the SEE region is gathering traction, with investor sentiment improving in countries such as Turkey, Greece and Cyprus. A string of upcoming privatizations over the coming year will likely further create M&A opportunities within the region.

EMEA Heat Chart

Sector German speaking

UK & Ireland Italy Russia France SEE Iberia Middle East & North Africa

Benelux CEE (excluding Russia)

Nordic Total

TMT 152 83 29 42 46 42 19 21 21 4 14 473

Industrials & Chemicals 122 30 54 48 40 19 16 13 13 11 7 373

Consumer 107 70 85 32 38 10 20 5 5 19 1 392

Financial Services 72 52 19 13 12 6 12 5 5 13 2 211

Energy, Mining & Utilities 55 42 17 21 3 17 8 16 16 13 4 212

Business Services 76 54 17 11 20 6 18 2 2 2 3 211

Pharma, Medical & Biotech 41 17 11 17 18 15 7 14 14 1 10 165

Leisure 35 26 10 9 6 10 4 4 4 3 4 115

Construction 30 10 3 4 8 7 9 2 2 3 4 82

Transportation 12 2 14 8 5 2 5 1 1 4 5 59

Real Estate 9 6 3 6 1 3 3 2 2 0 0 35

Agriculture 2 2 0 13 1 3 0 3 3 3 0 30

Defence 1 1 0 0 0 0 0 0 0 0 0 2

Total 714 395 262 224 198 140 121 88 88 76 54 2360

Heat Chart based on potential companies for sale

Hot Warm Cold

Note: The Intelligence Heat Charts are based on ‘companies for sale’ tracked by Mergermarket in the respective regions between 01/01/2017 and 30/06/2017. Opportunities are captured according to the dominant geography and sector of the potential target company.

150 50

100

60

40

30

20

10

1

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Deal Drivers EMEA Heat Chart

All Sectors

Part of the Acuris Reporton Global M&A Activity

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All SectorsDeal Drivers EMEA

Further informationGet in touch

Katharine Dennys

Dealmakers have continued to seize M&A opportunities within the European continent in the first half of 2017. Activity has been driven be an increased appetite for larger deals, with a total value of €449.7bn marking the highest half-year figure since 2007. If current activity maintains this momentum, 2017 deal value looks set to top the post-crisis high of €814.1bn, achieved in 2015.

Yet, reflecting dealmakers’ ambitions to secure bigger deals, deal count has slid from 3,732 to 3,232 year on year. It seems that in politically unpredictable times dealmakers have become more select in the deals they choose to conduct, resulting in a shift in activity to the top end of the market. There were 14 mega-deals (>€5bn) announced in H1, a steady increase from the 10 deals announced in both H1 and H2 2016, and the highest number of deals within this price bracket since 2008.

Transatlantic wave While Chinese dealmakers have been inhibited by stricter legislation imposed on outbound deals, the US stepped up to the dealmaking plate. North American M&A targeting the continent has scaled new heights, with €112.6bn spent across 302 deals reaching the highest half-year deal value on Mergermarket record (since 2001).

Despite an impending September federal election, Germany attracted the highest-valued deal of H1 – US Praxair’s €40.5bn purchase of

industrial gas firm Linde. The trend for fewer but larger deals seems to have spread to North American dealmakers, with deal count decreasing from 350 in H1 2016 to 302 in H1 2017.

Industrials powers ahead The industrials & chemicals sector has retained its dominance in European M&A, with a total deal value of €76.7bn – jumping 60.3% compared to the previous six months. Industrials & chemicals dealmaking took the largest share of deal value in Europe, with 17.3% of the region’s total, and the largest share of deal count, with 20.8%.

Despite the positive headlines, the sector has felt the effects of a slowdown in Chinese outbound M&A particularly acutely. While last year saw a slew of deals originating from Chinese bidders–such as ChemChina’s €42bn acquisition of Swiss agrochemicals business Syngenta–the first half of 2017 saw just one Chinese-backed deal within the top 15 European deals.

However, the Chinese government’s ‘Made in China 2025’ initiative, intending to upgrade the country’s manufacturing technologies, will continue to push Chinese investors in search for innovative assets abroad. A particular focus will be seen within the automation, robotics and artificial intelligence space.

In search of luxury Although industrials & chemicals retained its dominance in the European M&A market, it

was the consumer sector which saw the most impressive growth in H1, on the back of a flurry of megadeals. There were three deals valued over €10bn announced in the first half of the year, marking a huge rebound from H1 2016 where the highest announced deal was valued at €2.6bn.

Niche markets such as luxury are attracting dealmaker attention due to a competitive mass market and a customer base with a significant disposal income. This resulted in a string of high-profile luxury deals including the €24bn tie-up between Italian Luxottica Group and French Essilor International, The Arnault Family Group’s €12.1bn purchase of its remaining 25.9% stake in Christian Dior, and CVC Partners €800m takeover of Swiss watchmaker Breitling.

All sectors

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Deal Drivers EMEA All Sectors

mailto:katharine.dennys%40acuris.com?subject=Deal%20Drivers%20EMEA%20HY%202017%20Inquiry

8Mergermarket

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Top deals

C= Completed; P= Pending; L= Lapsed

AnnouncedDate

Status Bidder Company Target Company Sector Vendor Company Deal Value(€m)

1-Jun-17 P Praxair Inc Linde AG Industrials & Chemicals 40,535

15-May-17 P Atlantia SpA Abertis Infraestructuras SA Construction 30,295

26-Jan-17 C Johnson & Johnson Actelion Pharmaceuticals Ltd Pharma, Medical & Biotech 27,591

16-Jan-17 P Essilor International SA Luxottica Group SpA Consumer 23,965

23-Feb-17 C Svenska Cellulosa Aktiebolaget SCA (Shareholders) Essity Aktiebolag (publ) Consumer Svenska Cellulosa Aktiebolaget SCA 18,283

2-Jun-17 P China Investment Corporation LogiCor Europe Limited Transportation Blackstone Group LP 12,250

25-Apr-17 C Bernard Arnault (Private Investor) Christian Dior SA (25.9% stake) Consumer 12,111

19-Jan-17 P Safran SA Zodiac Aerospace SA Defence 8,316

21-Mar-17 C Government of France AREVA SA (Fuel Cycle Business) (50% stake) Energy, Mining & Utilities 6,939

24-Apr-17 P Dubai Aerospace Enterprise AWAS Aviation Capital Limited Financial Services Terra Firma Capital Partners Limited; and Canada Pension Plan Investment Board

6,908

23-May-17 C LVMH Moet Hennessy Louis-Vuitton SE Christian Dior SA Consumer Christian Dior SA 6,500

15-May-17 P Thermo Fisher Scientific Inc Patheon NV Pharma, Medical & Biotech Royal DSM NV; and JLL Partners 6,481

21-Jun-17 P Gecina SA Eurosic SA Real Estate Batipart SAS; Predica Prevoyance Dialogue du Credit Agricole SA; Covea Mutual Insurance Group Company; Assurances du Credit Mutuel Vie SA; Debiopharm Group; and Latricogne

5,797

10-Apr-17 L Cinven-Bain consortium STADA Arzneimittel AG Pharma, Medical & Biotech 5,183

29-Jun-17 P HgCapital; Cinven Partners LLP; Montagu Private Equity LLP; Intermediate Capital Group Plc; and GIC Private Limited

Visma AS TMT Cinven Partners LLP; and Kohlberg Kravis Roberts & Co LP

4,700

11-May-17 P Neptune Oil & Gas Limited ENGIE E&P International SA (70% stake) Energy, Mining & Utilities ENGIE SA 4,700

1-Jun-17 P Deere & Company WIRTGEN GROUP Holding GmbH Industrials & Chemicals Wirtgen family 4,600

6-Mar-17 P Standard Life Plc Aberdeen Asset Management PLC Financial Services 4,381

27-Jan-17 P Tesco Plc Booker Group Plc Consumer 4,175

24-Jan-17 C Raiffeisen Bank International AG Raiffeisen Zentralbank Oesterreich AG Financial Services Raiffeisen-Landesbanken-Holding GmbH 4,129

Top 20 Announced Deals for Year Ending 30 June 2017 (any European involvement)

Mergermarket Deal Drivers EMEA All Sectors

Num

ber

of d

eals

0

100

200

300

400

500

600

700

Agr

icul

ture

Def

ence

Real

Est

ate

Con

stru

ctio

n

Pha

rma,

Med

ical

& B

iote

ch

Tran

spor

tatio

n

Leis

ure

TMT

Ener

gy, M

inin

g &

Util

ities

Con

sum

er

Bus

ines

s S

ervi

ces

Fina

ncia

l Ser

vice

s

Indu

stria

ls &

Che

mic

als

179

410

163121

229

157

586 41

181

672

497518

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Valu

e (€

bn)

0

10

20

30

40

50

60

70

80

90

€37

€24.9

€49.5

€34.5

€0.9

€9

€29.1

€47.3

€32.9

€18

€8.3

€76.7

€81.8

Agr

icul

ture

Def

ence

Real

Est

ate

Con

stru

ctio

n

Pha

rma,

Med

ical

& B

iote

ch

Tran

spor

tatio

n

Leis

ure

TMT

Ener

gy, M

inin

g &

Util

ities

Con

sum

er

Bus

ines

s S

ervi

ces

Fina

ncia

l Ser

vice

s

Indu

stria

ls &

Che

mic

als

Mix of deals by industry sectorValue

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe. Industry sector is based on the dominant industry of the target.

Mix of deals by industry sectorDeal Count

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe. Industry sector is based on the dominant industry of the target.

Mergermarket 10

Value

Value

Value

Value

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

H1 2017201620152014201320122011

Num

ber

of d

eals

189

xx

186

2,088

171184

2,085

198182

2,248

170139

1,914

3,615

1,803

154161

3,325

174172

2,031

3,188

2,133

13

12

2019

20

3634

35

4241

36

92

12

14

880

25

90

4,279

4,805

3,980

Value not disclosed

€501-€2000m

€5m-€250m

€2001m-€5000m

€251-500m

>€5001m

0

100

200

300

400

500

600

700

800

900

H1 2017201620152014201320122011

Valu

e (€

bn)

€127.2

€181.2

€66.3

€102.9

€110.8

€159

€66.2

€31.5€

106.1

€119.4

€178.5

€70.9

€108.6

€106.7

€97.5

€136.8

€60.8

€91.4

€161.8

€104.9

€148.9

€53.2

€93

€88.9

€112.9

€160.6

€61.3

€100.1 €

46.4

€84.2

€81.6

€336.5

€286.2

€213.1

€206.0

€5m-€250m

€2001m-€5000m

€251m-€500m

>€5001m

€501m-€2000m


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European M&A split by deal sizeValue

European M&A split by deal size Deal Count

Num

ber

of d

eals

0

250

500

750

1,000

1,250

1,500

1,750

2,000

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q12011 2012 2013 2014 2015 2016 2017

Valu

e (€

m)

0

50,000

100,000

150,000

200,000

250,000

300,000


European quarterly M&A activityValue

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

European quarterly M&A activityDeal Count

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

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Moving average trend lineDeal Value Moving average trend lineDeal Count

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Deal Drivers EMEADeal Drivers EMEA All Sectors

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

Valu

e (€

m)

Num

ber of d

eals

0

50

100

150

200

250

300

2011 2012 2013 2014 2015 2016 2017

0

10,000

20,000

30,000

40,000

50,000

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

Valu

e (€

m)

Num

ber of d

eals0

50

100

150

200

250

300

350

400

2011 2012 2013 2014 2015 2016 2017

Deal count Deal countValue Value

European buyouts

Based on announced buyouts, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

European Exits

Based on announced exits, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

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Valu

e (€

m)

US$xxx

US$xxx

US$xxx

US$xxx

US$xxx

US$xxx US$

xxx

0

30,000

60,000

90,000

120,000

150,000


Num

ber

of d

eals

US$xxx

US$xxx

US$xxx

US$xxx

US$xxx

US$xxx US$

xxx

50

100

150

200

250

300

350


European bidder acquiring a North American target

North American bidder acquiring a European target

Total European/North American deals

Transatlantic dealsDeal Count

Based on dominant location of target and bidder and excludes all buyouts.

Transatlantic dealsValue

Based on dominant location of target and bidder and excludes all buyouts.

European bidder acquiring a North American target

North American bidder acquiring a European target

Total European/North American deals

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Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

1.8%

21.0%

23.4%

15.4%

8.5%

11.7%

5.0%

10.3%

2.9%8%

2%

22.6%

16.4%

12.2%7.6%

6.7%

8%

16.5%

UK & Ireland UK & Ireland

Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia

Central & Eastern Europe Central & Eastern Europe

France France

Benelux Benelux

Other Other

Mix of deals by geographic regionDeal Count

Based on announced deals, excluding those that lapsed or were withdrawn. Geographic region is determined with reference to the dominant location of the target.

Mix of deals by geographic regionValue


Mergermarket 14All Sectors Deal Drivers EMEA

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15Mergermarket

The legal adviser league tables by value and volume have been run from 01/01/2017 to the 30/06/2017 and include lapsed and withdrawn deals. The tables are pan-European and cover all sectors.

Legal advisors by value Legal advisors by deal count

The financial adviser league tables by value and volume have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals. The tables are pan-European and cover all sectors.

League tables

H1 2017 H1 2016 Company Name Value (m) EUR

Number of Deals

1 1 Goldman Sachs & Co 264,772 66

2 7 Bank of America Merrill Lynch 191,308 42

3 3 Citi 162,549 47

4 2 Morgan Stanley 147,500 59

5 8 Lazard 141,690 73

6 6 JPMorgan 139,499 72

7 4 Credit Suisse 131,153 42

8 11 UBS Investment Bank 114,856 37

9 5 Deutsche Bank 110,069 31

10 9 Rothschild 86,910 113


Number of Deals

1 4 Cravath, Swaine & Moore 179,011 10

2 3 Davis Polk & Wardwell 161,834 15

3 2 Freshfields Bruckhaus Deringer 141,266 66

4 16 Kirkland & Ellis 109,526 42

5 7 Linklaters 103,859 92

6 5 Cleary Gottlieb Steen & Hamilton 102,016 30

7 23 Jones Day 98,377 59

8 22 Skadden Arps Slate Meagher & Flom 93,723 31

9 8 Simpson Thacher & Bartlett 83,397 22

10 82 Blake, Cassels & Graydon 81,196 14


Number of Deals

1 2 PwC 5,879 118

2 4 Rothschild 86,910 113

3 1 KPMG 4,914 99

4 3 Deloitte 5,332 93

5 5 EY 3,721 93

6 6 Lazard 141,690 73

7 16 JPMorgan 139,499 72



10 13 Citi 162,549 47


Number of Deals

1 1 DLA Piper 43,404 141

2 2 CMS 32,785 104

3 4 Clifford Chance 68,501 94


5 3 White & Case 49,171 86

6 6 Baker & McKenzie 13,332 85

7 7 Allen & Overy 36,859 84

8 11 Latham & Watkins 79,479 82


10 17 Orrick Herrington & Sutcliffe 14,637 66

Financial advisors by deal countFinancial advisors by value

Mergermarket All SectorsDeal Drivers EMEA

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16Mergermarket

The PR adviser league tables by value and volume have been run from 01/01/2017 to the 30/06/2017 and exclude lapsed and withdrawn deals.The tables are pan-European and cover all sectors.

PR advisors by deal count–mid-market (€5m<deals<€250m)PR advisors by value–mid-market (€5m<deals<€250m)

The PR adviser league tables by value and volume have been run from 01/01/2017 to the 30/06/2017 and exclude lapsed and withdrawn deals.The tables are pan-European and cover all sectors.


Number of Deals

1 2 FTI Consulting 2,292 31

2 3 Greenbrook Communications 1,449 10

3 1 Brunswick Group 1,256 13

4 7 Citigate 1,088 13

5 - Sard Verbinnen & Co 1,055 8

6 5 Maitland (AMO) 876 10

7 13 Kekst (Publicis/MSLGROUP) 641 5

8 - Joele Frank Wilkinson Brimmer Katcher 546 3

9 4 Finsbury 541 7

10 16 Community Group 497 7


Number of Deals



3 12 Citigate 1,088 13


5 4 Maitland (AMO) 876 10

6 - Sard Verbinnen & Co 1,055 8

7 11 Buchanan Communications 201 8

8 9 Finsbury 541 7

9 6 Community Group 497 7

10 5 Tulchan Communications 462 7


Number of Deals



3 7 Citigate 10,360 40

4 4 Maitland (AMO) 31,058 36

5 5 Finsbury 70,713 31


7 18 Kekst (Publicis/MSLGROUP) 73,641 24

8 19 Sard Verbinnen & Co 81,066 22

9 11 CNC/JKL (Publicis/MSLGROUP) 47,806 21

10 29 Powerscourt 9,974 21


Number of Deals



3 6 Sard Verbinnen & Co 81,066 22

4 5 Kekst (Publicis/MSLGROUP) 73,641 24

5 11 Finsbury 70,713 31

6 48 Ashton Consulting 56,822 1

7 12 Joele Frank Wilkinson Brimmer Katcher 51,685 13

8 7 Hering Schuppener (Finsbury) 50,792 15

9 3 CNC/JKL (Publicis/MSLGROUP) 47,806 21

10 16 Estudio de Comunicacion 34,030 9

PR advisors by deal countPR advisors by value

League tables

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Part of the Acuris Report on Global M&A Activity

Mergermarket Deal Drivers EMEA 17

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Financial Services

Financial Services


Aaran Fronda

Despite what seemed a near never-ending conveyor belt of political upheaval likely to scupper M&A activity in Europe, the financial services sector has remained remarkably resilient. This year, despite a decline in the number of deals taking place across the sector, financial services still saw €37bn change hands across just 179 transactions. In the corresponding period last year, €38bn was spent across 243 deals, marginally topping this year’s value.

Ongoing Brexit negotiations played a part in deals struck this year and is expected to have a bearing on future deals as the sector grapples to navigate its way around numerous obstacles likely to emerge in the wake of an eventual split from the EU.

One standout deal that arrived in March was the all-UK merger between Standard Life and Aberdeen Asset Management in a tie-up valued at more than €4.4bn. This became the second largest deal within the sector during H1. The merger will create the second largest European fund manager with more than £660bn AuM and a team of around 9,000 staff.

Those behind the Aberdeen-Standard Life tie-up have already started making integration plans based on a post-Brexit environment and this will be at the forefront of dealmakers’ minds when considering takeovers of other UK-based companies.

The two UK-based asset management firms were narrowly beaten from securing the sector’s largest deal during the year’s opening six months, an accolade that instead belongs to Terra Firma and Canadian Pension Plan Investment Board. The two PE houses sold aircraft leasing company, AWAS, to Dubai Aerospace Enterprise (DAE) for €6.9bn. The deal will propel DAE into the top 10 aircraft-leasing platforms, with the combined business owning and managing 394 aircraft with a total value of more than €12.2bn.

Regulation has long-been a driver of financial services M&A and such directives as Solvency II has forced European insurers to reassess capital and compliance costs, while still looking for growth opportunities in a highly concentrated market.

While insurance has traditionally been a mainstay of European financial services dealmaking, companies have begun looking more closely towards investments outside of the continent, leading to a distinct lack of large takeovers.

This absence of sizeable inorganic growth options in Europe led to only one deal of note making it into the year’s largest transactions. UnipoSai Assicurazioni €715m acquisition of Unisalute from Unipol Gruppo Finanziario was ranked as the 15th largest deal to take place in H1.

As insurance activity dipped, banking became the most active financial services sub-sector taking the lion’s share of large-scale deals. The largest of which was Raiffeisen Bank International’s takeover of Raiffeisen Zentralbank Oesterreich from Raiffeisen-Landesbanken-Holding in a deal valued at €4.1bn.

Spain-based Santander and Italy’s Intesa Sanpaolo’s decision to sell their joint 75% stake in mutual fund platform Allfunds Bank, to GIC and Hellman & Friedman for €1.8bn was also among the largest banking deals to take place in the early part of the year. Intesa Sanpaolo said it would book a net capital gain from the sale of some €800m, which could be deployed later this year on further acquisitions.

Overall, the European financial services sector has remained robust in the face of a plethora of macroeconomic headwinds. While it is often that dealmakers tend to shy away from uncertainty, it appears that the European M&A market has grown accustomed to this more perilous landscape.

Financial servicesOverview

Mergermarket 18

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Deal Drivers EMEA Financial Services

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Top deals


AnnouncedDate

Status Bidder Company Target Company Vendor Company Deal Value(€m)

24-Apr-17 P Dubai Aerospace Enterprise AWAS Aviation Capital Limited Terra Firma Capital Partners Limited; and Canada Pension Plan Investment Board

6,908

6-Mar-17 P Standard Life Plc Aberdeen Asset Management PLC 4,381

24-Jan-17 C Raiffeisen Bank International AG Raiffeisen Zentralbank Oesterreich AG Raiffeisen-Landesbanken-Holding GmbH 4,129

20-Apr-17 P Macquarie Group Limited; and Universities Superannuation Scheme Limited UK Green Investment Bank plc HM Treasury 2,744

7-Mar-17 P Hellman & Friedman LLC; and GIC Private Limited Allfunds Bank SA Intesa Sanpaolo SpA; and Santander Asset Management SA SGIIC 1,800

31-Mar-17 P Lone Star Funds Novo Banco SA (75% stake) Banco de Portugal 1,000

6-Mar-17 P BNP Paribas Personal Finance SA; and Banque PSA Finance SA Adam Opel AG and Vauxhall Motors Limited (European Captive Financing Operations)

General Motors Company 927

30-Jun-17 P VTG AG Nacco SAS CIT Group Inc 900

30-Jan-17 P Bridgepoint Advisers Limited Zenith Group Holdings Limited HgCapital 879

21-Feb-17 C Banco Bilbao Vizcaya Argentaria SA Turkiye Garanti Bankasi AS (9.95% stake) Dogus Holding AS; and Dogus Arastirma Gelistirme ve Müsavirlik Hizmetleri AS

868

24-Jun-17 P Bankia SA Banco Mare Nostrum SA 825

28-Jun-17 L The Co-operative Bank Plc (Noteholders) The Co-operative Bank Plc 792

6-Jun-17 C JCDecaux SA Eurazeo SA (15.42% stake) Credit Agricole SA 791

29-Jun-17 P EXIN Financial Services Holding BV Ethniki Hellenic General Insurance SA (75% stake) National Bank of Greece SA 718

30-Jun-17 P UnipolSai Assicurazioni SpA Unisalute SpA (98.53% stake) Unipol Gruppo Finanziario SpA 715

Top 15 Announced Deals for Half-Year Ending 30 June 2017–European Targets Financial Services Sector

Mergermarket Deal Drivers EMEA Financial Services

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

10.6%

8.9%

3.4%

30.1%

14%

12.3%

6.7%

9.5%

4.5%

0.8%2%

1.5%5%

51.2%

15.5%

6.4%

4.3%

13.3%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other

Mix of deals by geographic regionDeal count




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50

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100

125

150


Valu

e (€

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0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


Quarterly M&A activityValue

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.Industry sector is based on the dominant industry of the target.

Quarterly M&A activityDeal Count



Deal Drivers EMEAMergermarket Deal Drivers Financial Services 21

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22Mergermarket

The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, and include lapsed and withdrawn deals.The tables are pan-European and cover the Financial Services sector.


The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Financial Services.

League tables


Number of Deals



3 6 JPMorgan 8,654 11

4 3 Citi 6,921 5




8 23 Fenchurch Advisory Partners 4,497 7




Number of Deals


2 17 Slaughter and May 7,740 6


4 203 Milbank Tweed Hadley & McCloy 7,072 2

5 - Maclay Murray & Spens 4,408 2

6 10 Allen & Overy 4,137 8

7 15 Schoenherr Rechtsanwaelte 4,129 1


9 37 Weil Gotshal & Manges 2,816 5

10 4 Herbert Smith Freehills 2,744 1


Number of Deals


2 3 JPMorgan 8,654 11

3 2 KPMG 609 10



6 13 Fenchurch Advisory Partners 4,497 7

7 18 Evercore Partners 1,963 7



10 12 BNP Paribas 2,080 6


Number of Deals


2 23 Hogan Lovells International 1,796 12



5 2 Allen & Overy 4,137 8

6 4 White & Case 2,533 8

7 9 Slaughter and May 7,740 6

8 19 Uria Menendez 2,312 6




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Industrials & Chemicals



Joao Grando

The European industrials & chemicals sector improved its deal performance in the first six months of the year following a subdued second half of 2016. A scarcity of megadeals, however, stopped it from getting closer to H1 2016’s record value.

Deal value reached €76.7bn, up 60% compared to the previous six months but down 22.2% from record H1 2016. The sector was responsible for the largest share of deal value in Europe, accounting for 17.3% of the region’s total. It also captured the largest share of number of deals, 20.8%, despite deal count dropping 9.3% to 672 year on year.

The German-speaking countries, usually top of the class for industrials & chemicals dealmaking, expanded their dominance further, making up 67.5% of deal value and 22.3% of deal count. In a period of significant political turmoil for UK politics, the UK and Ireland lost its second place in the deal charts. The region dropped to fourth in terms of deal value, capturing 5.7% of the region’s total, and third in number of deals, with 15.8%.

A smaller number of large transactions was an important dealmaking characteristic throughout the first half of 2017. Only two industrials & chemicals deals made it to Europe’s top 20, while the sector counted five in the equivalent period last year.

The outliers were the €40.5bn tie-up between Praxair and Linde–which will create the world’s

largest industrial gases supplier and ranked as the largest transaction in Europe across all sectors–and US farm equipment maker Deere’s takeover of Wirtgen Group, a Germany-based road-construction equipment manufacturer, for €4.6bn. The sector also saw fewer transactions valued at €1bn or more–down to eight from 10 in H1 2016.

Outside of Europe, president Donald Trump’s rhetoric over a more protectionist agenda for US manufacturing businesses did not help encourage transatlantic deals.

More strikingly, the sector felt the downturn of Chinese outbound M&A. While last year saw a host of megadeals from Chinese bidders targeting Europe, including ChemChina’s €42bn acquisition of Switzerland-headquartered agrochemicals business Syngenta, H1 saw only one Chinese-backed deal make it to the sector’s top 15 chart–Aeolus Tyre’s €789m takeover of Italy’s Prometeon. The slowdown has been attributed to the Chinese government tightening capital outflow as well as to a more protectionist approach by European administrations to avoid the sale of strategic assets.

Industrials & chemicals also experienced a healthy participation of buyout firms, which fought in competitive auction processes and cut several secondary deals. In June, Advent saw off competition from a handful of financial investors to take over EQT-owned Faerch

Plast, a Danish packaging maker, for €874m. In the same month, Spain-based aerostructures maker, Aernnova, was acquired by a consortium made up of TowerBrook Capital, Torreal and Peninsula Capital for €900m from Springwater Capital. Meanwhile Bridgestone-backed Element Materials, a UK-based testing company, acquired UK-listed peer Exova Group in a bolt-on deal valued at €914m.

Political uncertainty is unlikely to disappear over the coming months, but dealmakers have reasons to be bullish about H2. In an environment of low yields, cash-rich companies will feel pressure to deploy dry powder, while investors are likely to keep on channelling money to PE funds.

Adding to the bullish view, M&A investment from China could return. Industrials & chemicals assets are on the Chinese government’s wish list of acquisitions, as per its ‘Made in China 2025’ plan, which intends to upgrade the country’s manufacturing technologies.

When the dust settles and the rules over capital outflow become clearer, the government may give the green light again for larger acquisitions of European businesses in areas such as automation, robotics and artificial intelligence.

Industrials & ChemicalsOverview


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Top deals


AnnouncedDate


1-Jun-17 P Praxair Inc Linde AG 40,535

1-Jun-17 P Deere & Company WIRTGEN GROUP Holding GmbH Wirtgen family 4,600

3-Feb-17 C Government of France AREVA SA (61.48% stake) 2,290

7-Feb-17 C Stone Canyon Industries LLC Mauser Group NV Clayton, Dubilier & Rice LLC 2,150

16-Jun-17 P ArcelorMittal SA; and Marcegaglia SpA ILVA SpA 1,800

23-Mar-17 P Toyota Industries Corporation Vanderlande Industries BV NPM Capital NV 1,168

3-Apr-17 P Porsche Family; and Piech Family Porsche Automobil Holding SE (14.71% stake) Prof. Dr. Ferdinand K. Piech (Private Investor) 1,152

6-Mar-17 P PSA Peugeot-Citroen SA Adam Opel AG; and Vauxhall Motors Limited General Motors Company 1,140

19-Apr-17 C Element Materials Technology Holding Netherlands BV Exova Group plc 914

16-Jun-17 P TowerBrook Capital Partners LP; Torreal SCR SA; and Peninsula Capital Partners LLC

Aernnova Aerospace SAU (Undisclosed majority stake) Springwater Capital LLC 900

2-Jun-17 P Advent International Corporation Faerch Plast A/S EQT Partners AB 874

18-May-17 P Apax Partners LLP Safetykleen UK Limited Warburg Pincus LLC 816

13-Apr-17 P Aeolus Tyre Co Ltd Prometeon Tyre Group Srl (90% stake); Guilin Beili Tyre Co Ltd; and Qingdao Yellowsea Rubber Group Co Ltd (Industrial Tyre related land and property)

Qingdao Yellowsea Rubber Group Co Ltd; China National Tire & Rubber Group Co Ltd; TP Industrial Holding SpA; and High Grade (HK) Investment Management

789

23-Mar-17 C Superior Industries International Inc Uniwheels AG 738

19-Jan-17 C Motherson Sumi Systems Limited PKC Group Oyi 687

Top 15 Announced Deals for Half Year-Ending 30 June 2017–European Targets Industrials and Chemicals Sector

Mergermarket Deal Drivers EMEA Industrials & Chemicals

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

1.3%

15.8%

22.3%

12.5%13.7%

5.1%

7%

16.5%

5.8%4.7%

1.4% 0.7%

5.7%

67.4%

4.8%

7%

2.2%

6.1%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





Mergermarket 26Industrials & ChemicalsDeal Drivers EMEA

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ber

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eals

0

50

100

150

200

250

300

350

400


Valu

e (€

m)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000







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The legal adviser league tables by value and count have been run from 01/01/2017 to 30/06/2017 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – electronics, automation and products and services; and Manufacturing – other.


The financial adviser league tables by value and count have been run from 01/01/2017 to 30/06/2017, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – electronics; automation and products and services; and Manufacturing – other.

League tables


Number of Deals





5 44 Macquarie Group 40,773 5

6 36 Perella Weinberg Partners 40,535 1

7 12 Citi 24,167 13


9 26 Moelis & Company 9,236 1



Number of Deals




4 39 Hengeler Mueller 42,930 8


6 17 Sullivan & Cromwell 42,503 4

7 8 Gleiss Lutz 41,841 8

8 - William Fry 40,791 3

9 129 Willkie Farr & Gallagher 40,735 4

10 121 Alston & Bird 40,670 2


Number of Deals

1 3 Deloitte 1,493 30

2 2 PwC 780 24


4 7 Lazard 6,203 17

5 5 EY 731 16

6 1 KPMG 1,641 15

7 6 Lincoln International 280 15


9 15 Citi 24,167 13

10 14 Oaklins 627 12


Number of Deals

1 4 DLA Piper 1,146 24

2 1 CMS 468 21


4 3 Jones Day 3,937 19


6 71 Simmons & Simmons 612 16


8 2 White & Case 18,493 15


10 15 Allen & Overy 5,278 14


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Energy, Mining & Utilities



Patrick Harris

Deal activity across the energy, mining & utilities (EMU) sector coasted through the first half of 2017 as a flood of long-awaited transactions had already broken just before the New Year. The catalyst for these previous deals–a relatively stable oil price–continued well into the first and second quarters of this year and this provided a consistent deal flow.

The value of deals in H1 2017 was slightly more than 50% higher than the first half of 2016, with around €49.5bn worth of transactions compared to €29.6bn. Despite the comparative year-on-year climb, there was a 20% reduction in deal value versus H2 2016.

The largest transaction in the EMU space to make it into the top 20 European deals was the French government’s acquisition of Areva’s fuel cycle business, in a deal valued at €6.9bn. Though closed to third-party interests, this was a clear example of the continual evolution of Europe’s utility sector as it grapples with integration, a shifting energy mix and increased private sector interest, mainly from PE and infrastructure funds.

In the same evolutionary tract, the second biggest deal in H1 2017, and another that made it into the top 20 global deals, was ENGIE’s sale of its exploration and production interests in ENGIE E&P to Carlyle and CVC-backed Neptune Oil & Gas for €4.7bn. This deal had to accommodate ENGIE E&P’s 30% shareholder CIC’s reluctance to exit the business at the

bottom of a commodity price cycle, resulting in CIC taking a larger interest in the underlying assets through participation in Neptune.

A series of similar North Sea-focused deals came to fruition during the first half of this year. Chrysaor, backed by EIG Capital, acquired a €2.8bn portfolio of Shell assets, and INEOS acquired Dong Energy’s exploration and production business for slightly more than €1bn.

All three of these deals involved private money taking a punt on its ability to consolidate, rationalise and make more-efficient assets at the bottom of a cycle.

It was a game of shareholder musical chairs across the power and utilities sector, which saw a series of deals driven by strong interest from long-term and infrastructure investors. The leftfield sale by Portugal’s EDP of its Spanish distribution business Naturgas to ADIA, JPMorgan Asset Management. Swiss Life and Covalis for €2.6bn tops the list of utilities deals, and took some of the wind out of the parallel Redexis process, which had been hotly anticipated but fell at the last hurdle.

EDP used the cash from Naturgas to make an offer for the 22.5% stake it does not own in its listed renewable energy subsidiary EDP Renovaveis.

In the UK, the utility game continued with two knockout water sector deals. Veolia, Infracapital

Partners, and Morgan Stanley Infrastructure sold their interests in Affinity Water to a consortium of Allianz Capital Partners, HICL, and DIF for €1.9bn. Meanwhile, Macquarie Infrastructure and Real Assets sold 26.3% of Thames Water to Borealis Infrastructure and Wren House for €1.5bn.

These deals were agreed upon despite the apparent upheaval of Brexit and elections. A clear nod to the long-term attractiveness of UK utilities.

Although there were fewer large M&A deals than this time last year, as the year progresses we can expect to see further rationalisation across the EMU sector. In oil and gas, it will be intriguing to note how Neptune, Chrysoar and INEOS treat their newly acquired assets, while there could still be a number of IPOs on the horizon.

Energy, Mining & UtilitiesOverview


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Top deals


AnnouncedDate


21-Mar-17 C Government of France AREVA SA (Fuel Cycle Business) (50% stake) 6,939

11-May-17 P Neptune Oil & Gas Limited ENGIE E&P International SA (70% stake) ENGIE SA 4,700

31-Jan-17 P Chrysaor Holdings Limited Shell UK Limited (North Sea assets) Shell UK Limited 2,818

24-Apr-17 C Abu Dhabi Investment Council; JPMorgan Asset Management; Swiss Life Asset Management AG; and Covalis Capital LLP

Naturgas Energia Distribucion SA Energias de Portugal SA 2,591

13-Apr-17 C Volcan Holdings Plc Anglo American Plc (11.44% stake) 2,216

2-May-17 C Allianz Capital Partners GmbH; HICL Infrastructure Company Limited; and DIF

Affinity Water Limited Veolia Water UK Limited; Infracapital Partners LP; and Morgan Stanley Infrastructure Inc

1,902

5-Mar-17 P OMV AG Yuzhno-Russkoye field (24.99% stake) Uniper SE 1,756

14-Mar-17 P Borealis Infrastructure Management Inc; and Wren House Infrastructure Management Limited

Thames Water Utilities Limited (26.3% stake) Macquarie Infrastructure and Real Assets 1,544

3-Mar-17 C Vitol Investment Partnership OMV Petrol Ofisi AS OMV AG 1,368

24-May-17 P INEOS Group AG DONG Energy A/S (upstream oil and gas business) DONG Energy A/S 1,073

19-May-17 P PGE Polska Grupa Energetyczna SA EDF Polska SA Electricite de France SA 1,072

17-May-17 P Macquarie Infrastructure and Real Assets Compania Logistica de Hidrocarburos CLH SA (20% stake) Oman Oil Company SAOC; AMP Capital Investors Limited 1,000

3-Apr-17 C CVC Capital Partners Limited Compania Logistica de Hidrocarburos CLH SA (25% stake) Ardian; Alberta Investment Management Corporation; Kutxabank SA; and Abanca Corporacion Bancaria SA

1,000

6-Feb-17 C Delek Group Ltd Ithaca Energy Inc (80.3% stake) 998

26-Apr-17 C City of Oslo Hafslund SA (46.27% stake) Fortum Oyj AB 969

Top 15 Announced Deals for Half-Year Ending 30 June 2017–European Targets Energy, Mining & Utilities Sector

Mergermarket Deal Drivers EMEA Energy, Mining & Utilities

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

9.4%

3.9%

14.9%

12.2%

25.9%

10.5%

7.2%

8.3%

7.7%

12.1%

3.6%

28.3%

0.4%

26.2%

0.5%

17.9%

1.9%

9.1%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





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ber

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eals

0

20

40

60

80

100

120

140


Valu

e (€

m)

0

10,000

20,000

30,000

40,000

50,000

60,000

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80,000

90,000







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The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Energy, Mining and Utilities.


The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Energy, Mining and Utilities.

League tables


Number of Deals

1 8 Lazard 20,175 11

2 44 JPMorgan 16,222 12

3 9 Citi 14,698 7


5 25 Scotiabank 11,600 5




9 31 BNP Paribas 6,567 5

10 - Zaoui & Co 4,700 1


Number of Deals

1 44 Allen & Overy 14,209 13

2 123 Bredin Prat 11,639 2

3 5 White & Case 10,926 10

4 81 McCarthy Tetrault 10,420 2


6 28 BA-HR 7,714 6


8 7 Darrois Villey Maillot Brochier 6,939 1

9 - Michelet & Co 5,567 2



Number of Deals

1 36 JPMorgan 16,222 12

2 4 Lazard 20,175 11



5 6 Citi 14,698 7


7 40 Danske Bank Corporate Finance 2,156 7


9 38 BMO Capital Markets 3,866 6

10 5 EY 196 6


Number of Deals



3 5 Orrick Herrington & Sutcliffe 62 15

4 15 Allen & Overy 14,209 13

5 6 White & Case 10,926 10

6 4 CMS 2,292 10

7 8 Watson, Farley & Williams 1,406 9

8 9 DLA Piper 1,335 9

9 2 Norton Rose Fulbright 1,658 8



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Consumer

Consumer


Virginia Garcia Martinez

While uncertain political and economic fundamentals persist, it would seem to have had little effect on M&A activity in the European consumer space.

The first half of the year registered €81.8bn worth of deals, a significant jump from the €22.2bn recorded in H2 2016 and even more so versus the €19.7bn in H1 2016. The first quarter of this year was particularly strong, with €51.8bn worth of deals taking place. Reflecting the influx of megadeals targeting the sector, deal count took a dip over the first six months of 2017, falling to 410 compared to 517 deals in H1 2016.

The return of mega-deals, something that few would have predicted towards the end of 2016, has been instrumental in boosting this year’s M&A value. There were four deals valued at more than €5bn announced in the first half of the year, whereas there were no deals within this price bracket announced during H1 2016. The largest European consumer deal of the period was the €24bn tie-up between Italian Luxottica Group and French Essilor International, which also marked the fourth biggest transaction across all sectors in Europe during H1. The merger will create a global leader in the fast-growing eyewear industry, with the perfect combination of technological expertise and retail dominance.

On the buy-side, European sector players have played a prominent role in H1 consumer mega-deals outside of the continent. British

American Tobacco agreed to buy the majority stake in Reynolds American that it did not already own for €56.8bn. Meantime, consumer goods group Reckitt Benckiser paid €16.8bn to buy baby formula maker Mead Johnson & Co, in a bid to extend its presence across North America.

Despite the political and economic upheaval caused by Brexit and the fact that UK consumer spending continues to weaken while inflation keeps mounting, M&A in the country is booming. n fact, UK and Ireland registered the highest deal share by deal count in the consumer sector in H1, accounting for 19% of all activity.

A weaker pound has led foreign companies and financial investors alike to take advantage of cheaper pickings as they look to expand their reach into new markets and product categories. Chinese buyers have been particularly active. UK baby and household product manufacturer Mayborn Group was acquired by Shanghai Jahwa United Co for €211m. Branded clothes and trench coats group Aquascutum was taken over by Chinese investment holding Jining Ruyi Investment Co. for €111m.

European M&A activity in the food space saw €4.2bn worth of deals take place, an increase on H2 2016’s performance, which registered €3.4bn. The largest food deal this year was the €1.7bn disposal of UK-based cereal products

firm Weetabix by China-based Bright Food Group to Post Holdings. The pipeline of food deals for H2, however, looks promising, with the disposal of Unilever’s spreads unit kicking off in September with a €6.8bn price tag placed upon it. Private equity firms including Advent, Apollo, Bain, Blackstone, CD&R, CVC and KKR are all circling the asset.

While the numbers already read favourably, had Kraft-Heinz’s €145bn takeover approach of Unilever materialised, it would have been among the largest in history and shaped the year’s numbers and narrative very differently.

Some believe Unilever itself could also be in Kraft-Heinz’s sights again once the six-month waiting period from the first approach has passed. A higher bid could reach a colossal €175.3bn price tag.

ConsumerOverview


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Top deals


AnnouncedDate


16-Jan-17 P Essilor International SA Luxottica Group SpA 23,965

23-Feb-17 C Svenska Cellulosa Aktiebolaget SCA (Shareholders) Essity Aktiebolag (publ) Svenska Cellulosa Aktiebolaget SCA 18,283

25-Apr-17 C Bernard Arnault (Private Investor) Christian Dior SA (25.9% stake) 12,111

23-May-17 C LVMH Moet Hennessy Louis-Vuitton SE Christian Dior Couture SA Christian Dior SA 6,500

27-Jan-17 P Tesco Plc Booker Group Plc 4,175

26-Jun-17 P L1 Retail Holland & Barrett Retail Limited The Carlyle Group 2,014

18-Apr-17 C Post Holdings Inc Weetabix Limited Bright Food (Group) Co Ltd; and Baring Private Equity Asia 1,660

26-Apr-17 P HNA Group Co Ltd Dufry Group (16.79% stake) Temasek Holdings Pte Ltd; and GIC Private Limited 1,328

21-Feb-17 C CVC Capital Partners Limited Zabka Polska sp z oo Mid Europa Partners LLP 1,296

26-Jun-17 P Natura (Brasil) International BV The Body Shop International plc L’Oreal SA 1,000

28-Apr-17 P CVC Capital Partners Limited Breitling SA 800

3-May-17 P Anadolu Endustri Holding AS Migros Turk Ticaret AS (9.75% stake) Moonlight Capital SA 607

9-Jun-17 P The Carlyle Group Irca SpA (80% stake) Ardian; and Nobili family 520

31-May-17 P Selecta Management AG Pelican Rouge Group BV Angelo, Gordon & Co 499

9-Jan-17 C BRF SA; and Qatar Investment Authority Banvit Bandirma Vitaminli Yem Sanayii Aabar Investments PJSC; and Gorener and Kocman Families 446

Top 15 Announced Deals for Half-Year Ending 30 June 2017–European Targets Consumer Sector

Mergermarket Deal Drivers EMEA Consumer

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

10%

13.7%

2%

18.9%

14.1%

13.7%

12%

6.8%

8.8%

2.2%

23.6%

0.5%

14.0%

2.9%

23.3%

30.8%

1.3%

1.4%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





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300


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The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Consumer–retail, food and other.


The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Consumer–retail, food and other.

League tables


Number of Deals



3 14 JPMorgan 69,346 5

4 4 Lazard 65,990 10


6 - Centerview Partners 57,707 3



9 15 Citi 28,140 2



Number of Deals



3 82 Jones Day 82,801 5




7 12 Simpson Thacher & Bartlett 56,916 2


9 - Moore & Van Allen 56,822 1



Number of Deals

1 3 PwC 2,745 27

2 1 KPMG 1,131 18

3 2 Deloitte 47 16


5 6 Lazard 65,990 10

6 5 EY 328 8

7 37 Grant Thornton 70 8



10 36 Houlihan Lokey 2,200 7


Number of Deals



3 7 White & Case 4,403 13

4 2 DLA Piper 2,743 13

5 1 Allen & Overy 1,329 10

6 9 CMS 25,301 9



9 5 Eversheds Sutherland 447 8

10 33 Simmons & Simmons 50 8


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Telecoms, Media & Technology



Yining Su

Amy-Jo Crowley

TMT M&A activity started the year on a similar track to the last, with a lack of megadeals within traditionally active sub-sectors pushing down value. However, 2016 saw a steep rise in activity during the second half of the year, and dealmakers are pinning their hopes on a similar upward trajectory in 2017.

While overall M&A value in Europe during the first half of 2017 jumped by a third versus a year ago, TMT suffered a 6% slip to register €34.5bn worth of activity compared to €36.5bn in the same period last year. This decline was not due to fewer deals, but fewer large deals. The total number of TMT transactions remained almost identical with 518 in the first half of 2017, compared to 520 just 12 months ago.

The drop-off in activity is especially significant when considering that the level of activity in H1 2016 represented a 48% fall from €70.5bn in the comparable period in 2015.

Much of the decline can be attributed to two traditionally active sub-sectors–semiconductors and telecoms carriers. Semiconductor M&A deal value in Europe plummeted 77.7% to €664m from €3bn in the first half of 2016. Meanwhile, telecom carriers saw a 43% drop in deal value in Europe, sliding to €6.9bn from €12.1bn. Given the usual size of deals in the semiconductor and telco sectors, its decline had a major impact on overall European TMT M&A.

In the semiconductor space, an unprecedented wave of consolidation over the past two years is tapering off. Starting in 2015, consolidation, driven by slowing growth and the need for diversification, swept global semiconductor companies at a level never before seen.

Total media M&A in Europe saw a 108.7% jump in terms of value, to 93 deals worth €9.6bn from 114 deals worth €4.6bn in H1 2016. This hike in deal value was powered by French media deals, with €4.2bn worth of announced deals up from only €79m during the same period last year–a staggering 53x increase in value. This was largely due to Vivendi’s decision to buy Groupe Bolloré’s 59% stake in Havas in May for €3.7bn–which represented a 11.2% premium over Havas’ share price on the pre-announcement date. Vivendi said it would next launch a simplified tender offer on the remaining Havas shares.

Holding steady this year, business data and subscription services businesses continue to catch the eye, as demand for high-quality specialised audiences drives robust multiples. Credit ratings agency Moody’s €3bn takeover bid for Bureau van Dijk (BVD), a Dutch provider of financial information and private company datasets, from PE firm EQT, is a prime example.

This time last year the market was assessing a 48% fall in TMT M&A value, but after a stellar second half, the year finished 21% higher than

2015 with €154bn changing hands versus €127.3bn.

The market will now be asking whether the second half of 2017 will similarly jump. High valuation multiples for attractive assets in technology and business data could make buyers pause.

Meanwhile, in the telecoms sector, long-discussed deals such as Telefonica’s sale of UK operator O2 and French construction firm Bouygues’s sale of its telco operator, Bouygues Telecom, could continue to be held up by macro concerns and fears of a European Commission with renewed bite in matters of merger control.

Still, TMT M&A, particularly in the UK, is seen as resilient in spite of uncertainty coming from Brexit and the unsettled political landscape. Cinema chain Vue Entertainment, CPA, Cinven’s IP technology company, and semiconductor IP firm Imagination Technology Group are among a number of ongoing or soon-to-launch UK sale processes which could bring up M&A figures at year end.

Telecoms, Media & TechnologyOverview


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Top deals


AnnouncedDate


29-Jun-17 P HgCapital; Cinven Partners LLP; Montagu Private Equity LLP; Intermediate Capital Group Plc; and GIC Private Limited

Visma AS Cinven Partners LLP; and Kohlberg Kravis Roberts & Co LP 4,700

7-Jun-17 P Vivendi SA Havas SA Bollore SA 3,733

15-May-17 P Moody's Corporation Bureau Van Dijk Electronic Publishing EQT Partners AB 3,000

31-May-17 C Advent International Corporation; and Bpifrance SA OT-Morpho Safran SA 2,425

12-May-17 C United Internet AG Drillisch AG (79.92% stake) 2,239

28-Feb-17 L SoftBank Group Corp Intelsat SA (Undisclosed stake) 1,691

20-Jan-17 C Consortium led by Ou Yaping Outfit7 Investments Limited 937

20-Feb-17 C Kohlberg Kravis Roberts & Co LP Telxius Telecom SA (24.8% stake) Telefonica SA 791

13-Mar-17 C Telefonica SA Telefonica Deutschland Holding AG (6% stake) Koninklijke KPN NV 745

16-May-17 C Euskaltel SA Telecable de Asturias SAU Zegona Communications PLC 686

7-Feb-17 C Priceline.com Inc Momondo Group Limited Great Hill Partners LLC 514

1-Feb-17 P Cellnex Telecom SA Bouygues Telecom SA (1,800 telecom towers) Bouygues Telecom SA 500

11-May-17 C SoftBank Group Corp; Andreessen Horowitz LLC; and Horizons Ventures Limited

Improbable Worlds Limited (Undisclosed Minority stake) 462

24-May-17 P Cellnex Telecom SA; Swiss Life Asset Management AG; and Deutsche Telekom Capital Partners GmbH

Swiss Towers AG Sunrise Communications AG 430

27-Apr-17 C Kinnevik AB Com Hem AB (18.61% stake) BC Partners Limited 390

Top 15 Announced Deals for Half-Year Ending 30 June 2017–European Targets Telecoms, Media & Technology Sector

Mergermarket Deal Drivers EMEA Telecoms, Media & Technology

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

7.5%2.1%

17.8%

25.1%

17.4%

4.2%

13.1%3.1%

9.7%

19.1%

2.6%4.3%

14.2%

16%

25%1.9%

6.5%

10.4%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





Mergermarket 44Telecoms, Media & Technology

Deal Drivers EMEA

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30,000

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80,000

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Deal Drivers EMEAMergermarket Deal Drivers Telecoms, Media & Technology

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The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – Hardware and Carriers; Internet/e-Commerce and Media.


The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – Hardware and Carriers; Internet/e-Commerce and Media.

League tables


Number of Deals






6 - Kotak Investment Banking 11,886 2

7= - Axis Capital 11,804 1

7= 8 Robey Warshaw 11,804 1

9 26 JPMorgan 10,833 11

10 18 Lazard 6,482 12


Number of Deals

1= 68 AZB & Partners 11,804 2

1= - S&R Associates 11,804 2

1= 420 Trilegal 11,804 2

4= - Bharucha & Partners 11,804 1

4= 219 Shardul Amarchand Mangaldas & Co 11,804 1

4= 1 Slaughter and May 11,804 1

4= - Vaish Associates 11,804 1



10 2 White & Case 6,646 17


Number of Deals

1 2 EY 916 24


3 5 Deloitte 2,650 13

4 16 Lazard 6,482 12

5 21 JPMorgan 10,833 11

6 46 GCA Corporation 72 11

7 1 PwC - 11



10 4 KPMG 127 8


Number of Deals

1 1 DLA Piper 3,464 34

2 5 CMS 2,868 22

3 10 Orrick Herrington & Sutcliffe 1,493 18


5 2 White & Case 6,646 17

6 4 Jones Day 539 16

7 34 Goodwin Procter 245 16


9 6 Allen & Overy 3,964 12

10 7 Hogan Lovells International 2,446 12


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Transportation

Transportation


Elaine Green

Europe’s transportation sector has rebounded on the back of renewed PE spending, sector consolidation and an oversupply of assets. While the number of transactions remained steady, the value of deals was significantly higher than that seen a year ago.

At €29.1bn, the value of European transportation deals in H1 2017 has already exceeded that seen throughout the whole of 2016 when €19.1bn changed hands, and almost equalled that of 2015, which saw €28.8bn worth of deals take place. This total was achieved across 121 deals, remaining level with H1 2016 when 120 deals took place.

The number of megadeals targeting the sector proved that the impact of the launch of talks surrounding the UK’s breakaway from the EU failed to dampen deal appetite. On the contrary, it spurred M&A opportunities as players lined up their consolidation strategies.

UK logistics facility owner and operator, LogiCor Europe, was sold by Blackstone to sovereign wealth fund China Investment, which paid €12.2bn for the business. The sale was among one of the largest PE exits globally this year and the biggest deal in the European transportation sector.

The shipping sector has undergone a degree of consolidation after several years of overhang in excessive vessel supply. This was particularly apparent in March when one of the ‘old school’ German shipping lines,

Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (Hamburg Süd), was sold to Europe’s largest shipper, Denmark’s Maersk, for €3.7bn.

March’s €1.6bn merger between Norwegian duo Farstad and Solstad Offshore formed a combined fleet of 154 ships, making it the biggest large vessel owner in the supply, anchor handling and offshore vessel construction market globally. It was the sector’s fourth largest deal of the year.

Asian bidders continued to play a significant role in boosting the year’s figures with China’s Silk Road Fund being a part of the consortium that paid €1.8bn for a 11.94% stake in Italian toll road operator Atlantia’s motorway operation. German insurer’s infrastructure investment vehicle, Allianz Capital Partners, French energy giant EDF Invest, DIF Infrastructure completed the consortium.

Railways also enjoyed their moment in the sun when JPMorgan Asset Management bought Beacon Rail Leasing from Pamplona Capital Management for €1bn in May, making it the sixth largest European transportation deal in H1.

Further Asian inbound activity is predicted to continue as China is expected to loosen its restrictive capital controls, which could fuel more buying across Europe. Moreover, following Compagnie Maritime d’Affrètement-Compagnie Générale Maritime (CMA CGM)’s failed attempt to buy Asian shipping giant

OOCL, which was eventually acquired by China’s Cosco Shipping, the French company could begin a new search for takeover targets in order to better compete amid continued industry consolidation.

Nordic activity is likely to come more into focus during the second half of the year with Cube Infrastructure’s sale of bus, ferry and trams company Boreal. Luxembourg-based Cube Infrastructure has mandated Morgan Stanley to oversee the process. Infrastructure funds and private financial investors are expected to make up the list of potential buyers for the fourth largest public transport operator in Norway.

The privatization of airports and ports will continue to be a theme in European transportation M&A. In France, nascent French President Emmanuel Macron looks set to kick off the privatization of airport operator Aéroports de Paris (ADP). In Serbia, the sale of a 25-year concession to control Nikola Tesla airport is already well underway. The government expects to receive binding offers of as much as €350m by 4 September. The sale of more Greek airports, ports and marinas will also proceed in the autumn.

TransportationOverview


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Transportation

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Top deals


AnnouncedDate


2-Jun-17 P China Investment Corporation LogiCor Europe Limited Blackstone Group LP 12,250

14-Mar-17 P A.P. Moller - Maersk A/S Hamburg Suedamerikanische Dampfschifffahrts-Gesellschaft KG

Dr. August Oetker KG 3,700

5-May-17 C Allianz Capital Partners GmbH; DIF; EDF Invest; and Silk Road Fund Co Ltd

Autostrade per l’Italia (11.94% stake) Atlantia SpA 1,766

24-Mar-17 C Solstad Offshore ASA Farstad Shipping ASA 1,559

6-Feb-17 C Farstad Shipping ASA (Senior lenders, bondholders); and F-Shiplease AS

Farstad Shipping ASA (98.7% stake) 1,365

7-Feb-17 L Trinfico Property Management UVZ-Logistic LLC UBT Uralvagonzavod CJSC 1,270

7-Apr-17 C JPMorgan Asset Management Beacon Rail Leasing Limited Pamplona Capital Management LLP 1,000

2-Apr-17 P Finint Corporate Advisors; Deutsche Asset Management (DeAM); and InfraVia Capital Partners

Save SpA (59.8% stake) Morgan Stanley Infrastructure Inc; and Andrea de Vido (Private investor)

925

29-Mar-17 P Abertis Infraestructuras SA Sanef SA (17% stake) Predica Prevoyance Dialogue du Credit Agricole SA 797

31-Mar-17 P HNA Group Co Ltd Glencore Plc (Petroleum products storage and logistics business) (51% stake)

Glencore Plc 726

23-Jan-17 C AXA SA; Predica Prevoyance Dialogue du Credit Agricole SA; and Abertis Infraestructuras SA

Sanef SA (15% stake) Caisse des Depots et Consignations 700

24-Mar-17 C Solstad Offshore ASA Deep Sea Supply Plc 590

23-May-17 C UBS International Infrastructure Fund II Autovia del Camino SA Deutsche Asset & Wealth Management RREEF Real Estate 450

1-Mar-17 C Abertis Infraestructuras SA Sanef SA (9.65% stake) AXA SA 450

14-Mar-17 C Golden Ocean Group Limited Quintana Shipping Ltd 340

Top 15 Announced Deals for Half-Year Ending 30 June 2017–European Targets Transportation Sector

Mergermarket Deal Drivers EMEA Transportation

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

6.6%13.2%

14%

15%

9.9%9.1%

7.4%

15.7%

9.1%

2.9%

1.3%

46.2%

12.1%

8.7%

2.8%

15.9%

10%

0.1%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





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The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017 and include lapsed and withdrawn deals. The tables are pan-European and cover the Transportation sector.


The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals. The tables are pan-European and cover the Transportation sector.

League tables


Number of Deals


2 2 Citi 14,226 5


4 23 PJT Partners 13,230 2



7 - Wells Fargo Securities 12,250 1


9 - DNB Markets 3,306 4

10 - ABG Sundal Collier Holding 2,924 2


Number of Deals


2 46 Deloitte Legal 12,700 3

3= 40 Loyens & Loeff 12,250 1

3= - Simpson Thacher & Bartlett 12,250 1


6 - BA-HR 3,896 8

7 37 Hengeler Mueller 3,700 1

8 52 Wikborg Rein & Co 3,514 3

9 - BonelliErede 2,888 5

10 - Darrois Villey Maillot Brochier 2,214 5


Number of Deals

1 7 PwC 245 6


3 18 Citi 14,226 5

4 - DNB Markets 3,306 4

5 - JPMorgan 2,174 4

6 - Santander Global Corporate Banking 639 4


8 - Arctic Securities 2,155 3


10 - Mediobanca 856 3


Number of Deals


2 - BA-HR 3,896 8

3 - BonelliErede 2,888 5

4 - Darrois Villey Maillot Brochier 2,214 5

5 7 Baker & McKenzie 215 5

6 4 CMS 60 5


8 3 Linklaters 726 4

9 40 Cuatrecasas 487 4

10 5 DLA Piper 47 4


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Pharma, Medical & Biotech



Mintoi Chessa-Florea

The pharma, medical and biotech (PMB) sector kicked off the year with a healthy increase in deal value compared to previous quarters, registering the largest half-year figure since H1 2014. A total of €47.3bn worth of deals were transacted across 229 deals, up a healthy 138.1% from the €19.9bn-worth of deals announced in the H2 2016.

Johnson & Johnson’s (J&J) €27.6bn takeover of Switzerland-based Actelion was instrumental in securing the step up in value compared to the last two years, marking the third largest deal across all sectors this year. Further significant transactions included Thermo Fisher Scientific’s €6.5bn takeover of Patheon, and the takeover of German generic drugmaker Stada whose management has now recommended shareholders accept the renewed offer from Bain and Cinven following a failed €5.2bn attempt.

Pharma companies often sit among the largest deals of the year, with 2017 so far following this trend. J&J is a heavyweight player in a number of therapeutic areas, but also generates substantial income from its consumer healthcare division, a factor that enables it to make pricey acquisitions as it did with Actelion’s near €30bn price tag.

By validating its R&D efforts through a number of drug approvals and commercialisations in Europe and the US, Actelion not only pushed its price tag up, but also ensured that its

earlier-stage pipeline–which is expected to be spun off as Idorsia, would continue to be financed under the control of a powerhouse such as J&J.

Deal value for the PMB sector in Europe accounted for a healthy 10.5% share of total deal value across all sectors, just tailing behind the industrials & chemicals, consumer and energy, mining & utilities sectors. Deal count compared to other sectors, on the other hand, was only 7.1%, suggesting the continued trend of limited supply and increasing demand seen in recent years continues to tilt value figures upwards.

Largely due to a shrinking list of available targets in Western Europe, appetite for inbound M&A in the European PMB sector has somewhat reduced. A fall in the number of pharma deals compared to previous years demonstrates that higher prices are being paid for the few robust targets left in Europe.

The surge in deal value counteracted by a decrease in deal count suggests that the balance of power might just tip the other way in coming quarters. Inbound bidders will look to acquire smaller, specialised targets that can bring a variety of technologies that enable larger companies to remain competitive from an operational standpoint rather than from a drug development one.

Unsurprisingly, the DACH region was the most valuable in Europe taking a 68.3% share

of deal value, while the highest number of transactions took place in the UK with 21.8%, tailed by DACH at 20.5%.

Recently, there has been a trend for multibillion dollar bidders from the US or Asia looking to snatch a European target that would facilitate a global footprint in specific therapeutic areas. However, sentiment is now leaning towards inbound European M&A focusing away from drug development pipelines, looking instead at young companies with software technologies and diagnostic tools that align across the spectrum of the drug development process.

Such technological advances include high-volume sales products such as blood-glucose measuring tools for patients, or software that facilitates back office work in pharmaceutical development segments, including clinical trial management and patient compliance.

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Top deals


AnnouncedDate


26-Jan-17 C Johnson & Johnson Actelion Pharmaceuticals Ltd 27,591

15-May-17 P Thermo Fisher Scientific Inc Patheon NV Royal DSM NV; and JLL Partners 6,481

10-Apr-17 L Cinven-Bain consortium STADA Arzneimittel AG 5,183

22-Jan-17 C Partners Group Holding AG; and Public Sector Pension Investment Board

Cerba HealthCare SAS PAI Partners SAS 1,800

7-Apr-17 P Creat Group Corporation Biotest AG Ogel GmbH 1,203

19-Jun-17 P PerkinElmer Inc EUROIMMUN Medical Laboratory Diagnostics AG 1,200

28-Mar-17 P Novo A/S ConvaTec Group PLC (19.95% stake) Nordic Capital; and Avista Capital Partners LP 1,170

5-Apr-17 C Actelion Pharmaceuticals Ltd (Shareholders) Idorsia Ltd Actelion Pharmaceuticals Ltd 1,003

27-Apr-17 C IK Investment Partners Limited; and Teycheney Family Colisee Patrimoine Group SAS Eurazeo PME 650

3-Apr-17 C Astellas Pharma Inc Ogeda SA BNP Paribas Private Equity; Capricorn Venture Partners; Societe Regionale d'Investissement de Wallonie SA; Vesalius Biocapital Partners Sarl; and Fund+

500

30-Mar-17 C Boston Scientific Corporation Symetis SA 405

22-May-17 C BC Partners Limited DentalPro (85% stake) Summit Partners LLP; and VAM Investments Group spa 400

9-Feb-17 C Unilabs SA Alpha medical s r o Mid Europa Partners LLP 370

11-May-17 C PAI Partners SAS The Elitech Group IDIA Capital Investissement; BNP Paribas Private Equity; Synergie Finance SA; Ergon Capital Partners SA; and Naxicap Partners

350

6-Mar-17 C CVC Capital Partners Limited Vitalia Plus SA (80% stake) Portobello Capital Gestion SGECR SA 258

Top 15 Announced Deals for Half-Year Ending 30 June 2017–European Targets Pharma, Medical & Biotech Sector

Mergermarket Deal Drivers EMEA Pharma, Medical & Biotech

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

7.9% 0.9%

21.8%

20.5%

9.2%7.4%

8.3%

8.7%

15.3%

0.2%

4%

1.9%

1.8%

0.8%

68.3%

6.1%

1.7%

15.2%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





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The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Biotechnology; Medical; and Pharmaceuticals.


The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Biotechnology; Medical; and Pharmaceuticals.

League tables


Number of Deals



3 8 Lazard 28,832 6

4 25 ALANTRA 28,461 4

5 2 Citi 27,591 2



8 14 JPMorgan 9,778 11

9 115 Moelis & Company 6,529 2

10 22 Perella Weinberg Partners 4,408 1


Number of Deals



3 - Wachtell, Lipton, Rosen & Katz 34,072 2

4 - Niederer Kraft & Frey 29,233 4

5 49 Gibson Dunn & Crutcher 27,657 3

6 37 Homburger 27,591 2

7= - Sexton Riley 27,591 1

7= 9 Slaughter and May 27,591 1




Number of Deals


2 8 JPMorgan 9,778 11


4 2 PwC 848 10

5 3 KPMG 247 9

6 1 EY 559 8


8 6 Lazard 28,832 6


10 7 Jefferies 1,304 5


Number of Deals

1 7 CMS 604 13


3 1 DLA Piper 741 10



6 37 Goodwin Procter 7,600 8


8 19 Jones Day 1,732 7

9 11 Hengeler Mueller 236 7



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Deal Drivers EMEA Construction

Construction


Nick Cheek

The European construction sector recorded its strongest first half M&A performance by value since the same period in 2014 with the total hitting €32.9bn. The result was heavily skewed by the €30.3bn mega-deal involving the planned takeover of Abertis, the Spanish toll roads operator by Italian rival Atlantia.

The Iberian deal should come as no surprise: the Spanish market is showing signs of life after years on life support. And the move is in line with some industry forecasts that flagged a build-up of acquisitions of infrastructure operating companies, as firms look to secure steady income streams via the acquisition of assets such as airports, toll roads and parking operators. The combination of Atlantia and Abertis would create the largest operator of toll roads in the world with more than 14,000 kilometres of highways in Europe and South America.

Still, sector activity count was down in the first half–157 transactions against 192 at the same time last year.

If Atlantia/Albertis are excluded from the data, activity was weak against the stronger M&A performance in 2015 and early 2016. The first quarter of 2017 was well down on the same period a year ago. Apart from the Iberian deal, no other transaction in the first half exceeded €1bn compared with three during the first six months of 2016.0

However, themes from the first half were encouraging from a European perspective and

may herald better things to come. Outbound and inbound deals were largely concentrated in-country or confined to cross-border within the EU, rather than cross-continent, a trend prevalent in previous years. Sentiment has been lifted by positive economic indicators flashing on a continent where valuations remain relatively weak. No surprise, then, that PE has been active with three of the top 10 construction deals in the first half linked to venture capitalists.

As in the first six months of 2016, Nordic consolidation put the region in top place by deal count with 25.5% of the European total. The merger of YIT Corporation and Lemminkainen in a deal worth €771m was the second largest deal in the first half. Scandinavian construction firms have restructured and boosted efficiency since the crash and have been prominent in looking at expansion opportunities. Significantly, at the time of the merger announcement in June, YIT said both firms were well positioned to benefit from “improving market sentiment”, and their tie-up would create a wider portfolio in areas such as housing, business premises and infrastructure. Lemminkainen and YIT have interests in Finland, as well as Russia and Eastern Europe.

Unsurprisingly, the proposed tie-up between Atlantia and Albertis meant Iberia accounted for 92.5% of H1 construction deal value, but the Nordics were the next most active at 2.7%.

In terms of deal count, the UK & Ireland was just behind the Nordic countries, racking up a 21% market share. Doubtless, sterling weakness encouraged foreign buyers.

ENGIE of France bought the urban regeneration arm of British company Keepmoat for €385m. The subsidiary has long-term relationships with more than 170 local councils in the UK and many of the largest housing associations.

London-listed John Laing is selling its 30% stake in Gdansk Transport Company SA (owner and operator of the A1 motorway project in Poland) to NDI Autostrada for €137m. The latter exercised pre-emption rights following an earlier announcement in November 2016 that Laing planned to sell the holding to FS Amber Holdings BV.

Private equity activity saw Edmond de Rothschild Investment Partners sell S.A.S. European Homes to a PE consortium that included Societe General Capital Partners, IDInvest and Lyon-based Groupe Siparex.

Naturally, signs of a eurozone recovery are welcomed by executives, but the market remains fragile–look no further than the UK where construction output fell 0.9% in the first half. That said, there is cautious optimism that Europe as a whole is on the turn.

ConstructionOverview

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Top deals


AnnouncedDate


15-May-17 P Atlantia SpA Abertis Infraestructuras SA 30,295

19-Jun-17 P YIT Corporation Lemminkainen Oyj 771

02-Mar-17 C ENGIE SA Keepmoat Limited (Regeneration division) Keepmoat Limited 385

12-Apr-17 C LBO France HMY Group Sagard Private Equity Partners 300

11-Jan-17 C NDI Autostrada Sp z oo Gdansk Transport Company SA (29.69% stake) John Laing Group plc 137

09-Jan-17 C Riviera OOO Moscow City Center for Real Estate Sales Mosinzhproyekt GUP 118

16-Jun-17 C Buzzi Unicem SpA Cementi Zillo SpA Alvise Gino Zillo (Private Investor) 116

20-Apr-17 C Groupe Siparex; IDInvest Partners; Capzanine; Alliance Entreprendre SAS; and Societe Generale Capital Partenaires SAS

S.A.S. European Homes Edmond de Rothschild Investment Partners SAS 110

03-Mar-17 C Bain Capital LLC MKM Building Supplies Limited (45% stake) LDC (Managers) Limited; and 3i Group Plc 105

30-May-17 P Etex Group SA Pladur Gypsum SA (35% stake) Coemac Building Materials SL 67

06-Mar-17 C PORR Deutschland GmbH Heijmans Oevermann GmbH Heijmans NV 60

19-Jun-17 C Mestergruppen AS Saltdalsbygg AS Per Aronsen (Private Investor); and Ole Monsen (Private Investor)

48

08-Feb-17 C Besix Group SA Van den Berg; Heijmans Bouw NV; and Heijmans Infra NV Heijmans NV 40

20-Jan-17 P Jozef Wojciechowski (Private Investor) J.W. Construction Holding SA (34.04% stake) 36

26-Jun-17 C Michelmersh Brick Holdings Plc Carlton Main Brickworks Limited Stephenson family 35

Top 15 Announced Deals for Half-Year Ending 30 June 2017–European Targets Construction Sector

Mergermarket Deal Drivers EMEA Construction

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

25.5%

11.5%

2.5%

21%

12.1%

13.4%

2.5%5.1%6.4%

1.1%

2.7%

1.6%0.2%

1.3%

0.2%

92.5%

0.4%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





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The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017 and include lapsed and withdrawn deals.The tables are pan-European and cover on the following sector: Construction.

The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Construction.


League tables


Number of Deals

1 - Goldman Sachs & Co 31,261 2

2 12 Citi 30,436 2


4= - AZ Capital 30,295 1

4= 7 Mediobanca 30,295 1

6 - Deutsche Bank 6,741 1


8= - Nordea 771 1

8= - Summa Capital 771 1

10 - Haiji Securities Co 452 1


Number of Deals

1 17 DLA Piper 30,595 8

2 - Legance Avvocati Associati 30,295 2

3= 7 Cleary Gottlieb Steen & Hamilton 30,295 1

3= - Davis Polk & Wardwell 30,295 1

3= 123 Gianni, Origoni, Grippo, Cappelli & Partners 30,295 1

3= 60 Uria Menendez 30,295 1

7 5 BonelliErede 9,164 1

8= - Latham & Watkins 966 1

8= 169 Simpson Thacher & Bartlett 966 1

10 - Hannes Snellman 771 3


Number of Deals

1 7 Livingstone Partners 67 6


3 3 PwC 105 4

4 70 EY 8 4

5 13 Global M&A Partners - 4

6 25 Lazard 340 3

7 1 KPMG 27 3

8 2 Deloitte - 3

9 - Goldman Sachs & Co 31,261 2

10 28 Citi 30,436 2


Number of Deals

1 4 DLA Piper 30,595 6

2 6 CMS 137 4

3 26 White & Case 110 4

4 37 Schjodt 65 4

5 - Hannes Snellman 771 4

6 85 Aabo-Evensen & Co 24 3

7 - Legance Avvocati Associati 30,295 3

8 5 Allen & Overy 425 3

9= 139 Kirkland & Ellis 385 2

9= - Stephenson Harwood 385 2


Mergermarket ConstructionDeal Drivers EMEA

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The Middle East & North Africa


MENA


Ruth McKee AlGhamdi

Hopes of improving economic conditions and higher oil prices in MENA (Middle East and North Africa, excl. Israel) have remained unfulfilled, causing M&A activity to slow down and investors to wait for more visibility in the first half of 2017.

Economic growth in the Middle East & North Africa region including GCC, Afghanistan and Pakistan is projected to slow considerably in 2017, reflecting primarily a slowdown in activity among oil exporters, before recovering in 2018, according to the World Economic Outlook (WEO) update of the International Monetary Fund (IMF).

Deal count and values were down significantly in the first half of the year compared to last year. A total of 46 deals were struck in H1 2017 worth a combined €8bn. This compares to 68 deals valued at €11.6bn conducted during the equivalent period last year.

While not traditionally a sector that has gained much traction across the region, investors are slowly edging towards greater levels of technology M&A as and when strong businesses can be found domestically.

Technological disruption has spurred M&A across a number of sectors with deals such as Amazon’s €602m takeover of UAE-based Souq.com playing a significant part in the combined €737m that changed hands across five deals in the TMT sector. Elsewhere, after missing out on buying Souq.com, Dubai’s brick-and-mortar retailer, Emaar Malls Group,

instead picked up a 51% stake in Dubai-based online fashion retailer Namshi from Global Fashion Group, a portfolio company of Germany’s Rocket Internet Group, for €135m.

The industrials & chemicals sector was the region’s most targeted sector by value, accounting for 44.8% of total M&A activity in H1 2017 with five deals worth a combined €3.6bn. US-based Tronox’s €2.1bn takeover of Saudi’s National Titanium Dioxide Company was the largest deal to be conducted in the region while SABIC’s 50% acquisition of Saudi Arabia Petrochemical from Royal Dutch Shell for €769m also registered highly.

The financial services sector recorded nine transactions and was the second most targeted sector by value with deals worth a collective €2.6bn, including the second largest deal in the region to date–the €1bn acquisition of a 19.83% stake in Arab Bank Group (Jordan) from Saudi Oger, by a group of investors led by Sabih El-Masry.

The insurance sub-sector is ripe for consolidation with an abundance of players operating in the region, particularly insurance brokers. Many players are family-owned and some are being targeted by international players to secure a foothold in the market. This was highlighted in the largest insurance sector deal which saw Bupa Investments Limited increase its stake in Bupa Arabia by 8% to 34.25% in a deal worth €225m.

The same reasons, which have caused a dip in M&A activity in the first half, could boost deal flow in the second half as companies are forced to reduce costs, increase revenues and efficiency from greater market shares. Deals in the financial services, healthcare, education, technology, and consumer sectors are anticipated to increase and dealmakers are reporting a healthy pipeline of transactions coming from the UAE and Saudi Arabia.

In a bid to encourage investment from regional and international brands and create jobs, Saudi Arabia approved total foreign ownership of companies in the trading sector in June last year. This decision, in line with the country’s Vision 2030, has allowed investors to buy out their joint venture (JV) partners and is also encouraging international investors into the Kingdom who were not previously keen to work with a local JV partner.

Despite the slight recovery in oil prices, governments have been considering part privatizations of state-owned companies to raise capital to fill budget deficits. The hotly anticipated Saudi Aramco IPO and Abu Dhabi National Oil Company (ADNOC)’s plans to list part of its services business are likely to dominate the headlines in the coming months.

The Middle East & North AfricaOverview


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Top deals


AnnouncedDate

Status Bidder Company Target Company Sector Vendor Company Deal Value(€m)

21-Feb-17 P Tronox Limited The National Titanium Dioxide Company Ltd (Titanium dioxide business)

Industrials & Chemicals The National Titanium Dioxide Company Ltd 2,096

08-Feb-17 C Group of Jordanian and Arab investors led by Sabih El-Masry

Arab Bank Group (19.83% stake) Financial Services Saudi Oger Limited 1,049

22-Jan-17 P Saudi Basic Industries Corporation Saudi Arabia Petrochemical Co (50% stake) Industrials & Chemicals Royal Dutch Shell Plc 769

19-Jun-17 P ENGIE SA Tabreed (40% Stake) Industrials & Chemicals Mubadala Development Company PJSC 693

22-Mar-17 P Amazon.com Inc Souq.com TMT Baillie Gifford; International Finance Corporation; Standard Chartered Private Equity Limited; Tiger Global Management LLC; and Naspers Limited

602

12-Jun-17 C Ala Al Khawaja (Private Investor) Bankmed sal (42.24% stake) Financial Services Ayman Hariri (Private Investor) 477

29-Jun-17 P Khaleefa Bin Butti (Private Investor); and H.E. Saeed Bin Butti (Private Investor)

NMC Health Plc (4.89% stake) Pharma, Medical & Biotech Dr B.R. Shetty (Private Investor) 264

26-Apr-17 P Al Qudra Holding PJSC Al Rayan Investment Company Financial Services 250

11-May-17 C Bupa Investments Limited Bupa Arabia for Cooperative Insurance Company (8% stake)

Financial Services Nazer Group Ltd 225

01-May-17 P Shelf Drilling Holdings Ltd Shelf Drilling Tenacious; Seadrill Ltd (West Mischief); and Shelf Drilling Resourceful

Energy, Mining & Utilities Seadrill Ltd 206

09-May-17 C Mitsui & Co Ltd Pangea (Emirates) Limited Financial Services Vale SA 202

31-Mar-17 C M1 Group Ltd Areeba sal Financial Services Bank Audi Group 173

01-Jan-17 C ASMA Capital Partners BSC(c) Utico FZC (Undisclosed Minority stake) Energy, Mining & Utilities 140

24-May-17 P Emaar Malls Group PJSC Namshi (51% stake) TMT Global Fashion Group SA 135

04-Jan-17 C Bank al Etihad; and Etihad Islamic Investment Company

Jordan Dubai Islamic Bank (52% stake) Financial Services MESC Investments PSC 134

Top 15 Announced Deals for Half-Year Ending 30 June 2017–Middle East & North Africa All Sectors (Based On Target, Excludes Israel)

Mergermarket Deal Drivers EMEA The Middle East & North Africa

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4

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00

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Deal Drivers EMEA The Middle East & North Africa

Valu

e (€

bn)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

€0.5

€0.7

€0

€0.01

€0.05 €

0€0

€0.1

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0.3

€0.1

€3.6

€2.6

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Mix of deals by industry sectorValue

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Middle East (excl. Israel) or North Africa. Industry sector is based on the dominant industry of the target.

Mix of deals by industry sectorDeal Count

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Middle East (excl. Israel) or North Africa. Industry sector is based on the dominant industry of the target.

Num

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0

5

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15

20

25

30

35

40


Valu

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m)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000



Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Middle East (excl. Israel) or North Africa.


Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is the Middle East (excl. Israel) or North Africa.

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The legal adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, and include lapsed and withdrawn deals. The tables are based on dominant target, bidder or seller company geography being Middle East North Africa excluding Israel, and cover all sectors.


The financial adviser league tables by value and count have been run from 01/01/2017 to the 30/06/2017, excluding lapsed and withdrawn deals. The tables are based on dominant target, bidder or seller company geography being Middle East or North Africa excluding Israel, and cover all sectors.

League tables


Number of Deals



3 4 JPMorgan 10,017 5

4 - Centerview Partners 8,295 1

5 2 Citi 4,228 2

6 50 HSBC 2,349 2


8 1 Lazard 1,608 2

9 - Scotiabank 1,119 2

10 - QInvest 1,049 1


Number of Deals


2 3 White & Case 11,218 4

3 - Simpson Thacher & Bartlett 8,295 1

4 7 Shearman & Sterling 7,073 6


6 - Milbank Tweed Hadley & McCloy 6,908 1

7 - Baker Botts 3,679 1


9 2 Allen & Overy 2,176 7



Number of Deals

1 19 JPMorgan 10,017 5

2 36 PwC 714 5



5 8 Citi 4,228 2

6 50 HSBC 2,349 2

7 2 Lazard 1,608 2

8 - Scotiabank 1,119 2

9 3 Rothschild 913 2

10 58 William Blair & Company 706 2


Number of Deals

1 14 Allen & Overy 2,176 7

2 7 Shearman & Sterling 7,073 6


4 6 White & Case 11,218 4




8 76 Herbert Smith Freehills 827 3

9 19 Jeantet Associes 27 3

10 73 Eversheds Sutherland - 3


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ConsumerVirginia Garcia Martinez

Telecoms, Media & TechnologyYining Su & Amy-Jo Crawley

TransportationElaine Green

Pharma, Medical & BiotechMintoi Chessa-Florea

ConstructionRichard Wachman

The Middle East & North AfricaRuth McKee AlGhamdi

Head of Research Giovanni Amodeo

AmericasLana Vilner

Asia-PacificGerry Tee

EMEAKathleen Van Aerden

All SectorsKatharine Dennys

Financial ServicesAaron Fronda

Industrials & ChemicalsJoao Grando

Energy, Mining & UtilitiesPatrick Harris

Criteria Contacts

The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m. Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or seller geography of either is that of the geography in focus.

Mid-market is defined as US$10m – US$250m. All data included is correct as of 10 July 2017.

League Tables correct as of 24 July 2017.

Top deals correct as of 7 August 2017. For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to www.mergermarket.com/pdf/deal_criteria.pdf

Advertising Opportunities Erik [email protected]+ (1) 212 686 3329

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