global m&a review h1 2019 - bureau van dijk · h2 2016 52,793 2,719,619 h1 2016 60,473...

Global M&A Review H1 2019

Zephyr Quarterly M&A ReportGlobal, Q3 2015

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

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Global M&A Review H1 2019Global

Page 1 © Bureau van Dijk

The following report details mergers and acquisitions activity in H1 2019 using data from the Zephyr database.

It focuses on deal activity by target company.

Click here to access the raw data in an Excel spreadsheet.

Section 1: Global Deals Page 1

Section 2: Western Europe Page 19

Section 3: North America Page 30

Section 4: Asia/Asia Pacific Page 40

Section 5: MENA Page 51

Section 6: Russia/CEE Page 64

Global M&A volume and value down in H1

The volume and value of global mergers and acquisitions (M&A) declined in the first half of 2019. In all, there were 51,449 deals worth a combined USD 2,569,594 million announced worldwide over the course of the six months. In terms of volume, this represents a 17 per cent decline on the 62,057 deals announced in H2 2018, although the decline was less steep in a year-on-year comparison (H1 2018: 54,811).

In terms of value, the result represents the second consecutive six-monthly decline (H1 2018: USD 3,055,041 million; H2 2018: USD 2,605,292 million).

The disappointing result comes despite a number of sizeable deals being announced over the six months; all of the top 20 were worth over USD 10,000 million and the largest of all broke the USD 70,000 million-barrier.

Global deals by volume and value

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

H1 2019 51,449 2,569,594

H2 2018 62,057 2,605,292

H1 2018 54,811 3,055,041

H2 2017 54,189 2,459,217

H1 2017 52,837 2,355,032

H2 2016 52,793 2,719,619

H1 2016 60,473 2,228,905

H2 2015 64,083 3,159,305

H1 2015 54,291 2,872,480


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We capture and treat private company and M&A information for better decision making and increased efficiency.

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Global deals by volume and value

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US company targeted in H1 2019’s largest deal

The most valuable deal to have been announced during the first half of 2019 was worth USD 74,000 million and involved Bristol-Myers Squibb picking up biopharmaceuticals maker Celgene. This was followed by a Saudi Arabian deal as Saudi Arabian Oil agreed to acquire a 70 per cent stake in Saudi Basic Industries for USD 69,100 million.

One other deal was worth over EUR 60,000 million in the period under review as AbbVie, via its Venice Subsidiary unit, signed on the dotted line to purchase Irish pharmaceuticals player Allergan for USD 63,533 million.

In terms of the top countries by volume in H1 2019, the US led the way with 15,501 deals, followed by China with 6,907 and the UK with 3,344. The same three countries topped the rankings by value, with USD 1,609,325 million, USD 288,114 million and USD 128,350 million, respectively.

PE value up in H1 2019, despite volume declining

The aggregate value of private equity and venture capital (PE and VC) dealmaking announced worldwide increased in the first half of 2019 when compared to H2 2018, although volume declined over the same timeframe. In all, there were 12,385 deals worth a combined USD 443,115 million announced over the six months, compared to the USD 405,924 million invested across 12,691 deals in H2 2018.

However, the result was less impressive in a year-on-year comparison as both volume and value declined when compared to the 13,640 deals worth USD 472,780 million announced in the opening six months of 2018. This comes despite H1 2019’s value being boosted by five PE and VC deals worth over USD 10,000 million.

US deal tops PE and VC rankings

The most valuable PE and VC deal to have been announced worldwide in the first half of 2018 was worth USD 18,700 million and involved Blackstone acquiring the US urban, infill logistics assets of GLP. This was followed by Dreamvision Overseas picking up India-headquartered conceptual unmanned hypersonic research aircraft developer Tzar Aerospace Research Labs for USD 15,000 million.

Five of the PE and VC deals announced over the six months were worth over USD 10,000 million and others targeted in these deals included Zayo Group Holdings, Ultimate Software Group and Buckeye Partners. These five deals together accounted for 16 per cent of total PE and VC value during the period under review.

North American targets featured in many of the period’s top 20 deals, but companies based in the likes of Brazil, Germany, Spain and Australia were also targeted.

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Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1. 74,000 Acquisition 100% Celgene Corporation US Bristol-Myers Squibb Company US 03/01/2019

2. 69,100 Acquisition 70% Saudi Basic Industries Corporation SJSC SA Saudi Arabian Oil Company SA 27/03/2019

3. 63,533 Acquisition 100% Allergan plc IE AbbVie Inc., via acquisition vehicle, Venice Subsidiary LLC US 25/06/2019

4. 57,000 Acquisition 100% Anadarko Petroleum Corporation US Occidental Petroleum Corporation US 09/05/2019

5. 54,031 Acquisition 100% Raytheon Company US United Technologies Corporation US 09/06/2019

6. 43,000 Acquisition 100% Worldpay Inc. US Fidelity National Information Services Inc. US 18/03/2019

7. 39,000 Acquisition 100% First Data Corporation US Fiserv Inc. US 16/01/2019

8. 28,085 Acquisition 100% SunTrust Banks Inc. US BB&T Corporation US 07/02/2019

9. 21,500 Acquisition 100% Total System Services Inc. US Global Payments Inc. US 28/05/2019

10. 21,400 Acquisition 100% General Electric Company's BioPharma business US Danaher Corporation US 25/02/2019

11. 18,700 IBO 100% GLP Pte Ltd's US urban, infill logistics assets US The Blackstone Group LP US 02/06/2019

12. 17,300 Acquisition 100% WellCare Health Plans Inc. US Centene Corporation, via acquisition vehicle Wellington Merger Sub II Inc. US 27/03/2019

13. 17,300 Acquisition 100% Caesars Entertainment Corporation US Eldorado Resorts Inc. US 24/06/2019

14. 15,700 Acquisition 100% Tableau Software Inc. US Salesforce.com Inc. US 10/06/2019

15. 15,000 Minority stake 37% Tzar Aerospace Research Labs Pvt Ltd IN Dreamvision Overseas Pte Ltd SG 14/05/2019

16. 14,300 IBO 100% Zayo Group Holdings Inc. US Front Range TopCo Inc. US 08/05/2019

17. 14,000 Acquisition 100% Andeavor Logistics LP US MPLX LP US 08/05/2019

18. 11,400 Acquisition 100% Array BioPharma Inc. US Pfizer Inc. US 17/06/2019

19. 11,091 Minority stake 3% Alibaba Group Holding Ltd KY 03/06/2019

20. 11,000 IBO 100% Ultimate Software Group Inc. US Unite Parent Corporation US 04/02/2019

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Target country by volume - global deals

Target country H1 2018 H2 2018 H1 2019

US 10,641 17,518 15,501

China 8,688 8,995 6,907

UK 3,256 3,328 3,344

Japan 2,076 2,092 2,124

France 2,066 2,064 1,981

Germany 3,193 3,336 1,928

Australia 2,055 2,393 1,826

India 1,212 1,223 1,330

Canada 1,748 1,579 1,236

South Korea 1,388 1,423 1,221

Sweden 1,376 1,250 1,160

Spain 1,348 1,530 1,059

Netherlands 1,291 1,286 1,043

Vietnam 673 922 873

Russia 953 905 796

Poland 1,578 1,020 775

Italy 847 951 744

Singapore 519 594 528

Taiwan 393 509 513

Cayman Islands 515 608 465

Target country by value - global deals

Target country H1 2018 (mil USD)

H2 2018 (mil USD)

H1 2019 (mil USD)

US 1,009,939 861,615 1,069,325

China 410,416 397,877 288,114

UK 222,741 177,739 128,350

France 73,296 66,147 80,253

Ireland 4,635 25,736 77,915

Germany 219,943 103,130 75,899

India 66,003 54,041 75,855

Saudi Arabia 2,719 8,312 70,875

Canada 83,078 55,973 49,975

Cayman Islands 69,070 39,671 45,633

Netherlands 93,795 42,381 45,520

Russia 27,821 58,424 43,732

South Korea 48,154 51,201 41,962

Japan 43,119 58,336 41,531

Australia 52,523 78,889 38,533

Spain 100,828 66,250 33,132

Switzerland 31,634 30,886 30,877

Brazil 18,867 26,288 27,802

Sweden 29,435 24,111 24,887

Singapore 32,708 16,975 23,874

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Top five global target countries by deal volume in H1 2019 Top five global target countries by deal value in H1 2019

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Top five global target countries by deal volume in H1 2019 Deal volume between H1 2015 and H1 2019

Top five global target countries by deal value in H1 2019 Deal value between H1 2015 and H1 2019

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Target sector by volume - global deals

Target sector H1 2018 H2 2018 H1 2019

Other services 20,585 22,234 19,207

Machinery, equipment, furniture, recycling 6,202 8,007 6,180

Wholesale & retail trade 3,432 4,091 3,295

Chemicals, rubber, plastics 2,816 3,968 2,866

Publishing, printing 2,724 2,624 2,255

Metals & metal products 2,487 2,434 1,945

Construction 2,229 2,121 1,684

Primary sector 1,402 1,763 1,220

Gas, water, electricity 1,054 1,390 1,138

Banks 956 1,317 1,087

Food, beverages, tobacco 1,151 1,409 1,075

Transport 915 1,215 960

Insurance companies 707 1,151 844

Education, health 1,056 966 842

Post and telecommunications 577 801 712

Hotels & restaurants 687 899 701

Textiles, wearing apparel, leather 513 643 497

Wood, cork, paper 380 473 315

Public administration and defence 39 36 38

Target sector by value - global deals

Target sector H1 2018 (mil USD)

H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 976,467 834,224 893,657



Primary sector 95,613 169,040 139,357

Banks 160,003 157,825 121,063


Construction 105,620 97,571 85,481



Transport 105,742 99,855 76,502


Post and telecommunications 159,934 43,656 69,395

Hotels & restaurants 40,756 38,071 44,733


Insurance companies 154,658 72,956 39,573

Education, health 50,837 34,094 37,771

Textiles, wearing apparel, leather 17,145 13,471 9,502

Wood, cork, paper 28,637 15,258 8,986

Public administration and defence 2,108 781 403

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Global private equity deals by volume and value


H1 2019 12,385 443,115

H2 2018 12,691 405,924

H1 2018 13,640 472,780

H2 2017 12,418 426,235

H1 2017 12,775 382,406

H2 2016 12,573 320,217

H1 2016 12,465 280,640

H2 2015 13,851 430,412

H1 2015 13,373 334,149

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Global private equity deals by volume and value

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Top 20 global private equity deals by value


country Fund Manager/General Partner Announced date

1. 18,700 IBO 100% GLP Pte Ltd's US urban, infill logistics assets US The Blackstone Group LP 02/06/2019

2. 15,000 Minority stake 37% Tzar Aerospace Research Labs Pvt Ltd IN Dreamvision Overseas Pte Ltd 14/05/2019

3. 14,300 IBO 100% Zayo Group Holdings Inc. US Devonshire Investors LLC; EQT AB; Digital Colony Management LLC 08/05/2019

4. 11,000 IBO 100% Ultimate Software Group Inc. US Hellman & Friedman LLC; The Blackstone Group LP; JMI Management Inc.; Canada Pension Plan Investment Board

04/02/2019

5. 10,300 IBO 100% Buckeye Partners LP US IFM Investors Pty Ltd 10/05/2019

6. 8,662 Acquisition 90% Transportadora Associada de Gas SA BR La Caisse de depot et placement du Quebec 05/04/2019

7. 7,704 IBO 100% Axel Springer SE DE KKR & Co Inc. 12/06/2019

8. 5,268 Acquisition 30% to 100% Merlin Entertainments plc GB The Blackstone Group Inc.; Canada Pension Plan Investment Board; KIRKBI A/S 28/06/2019

9. 4,796 Minority stake 40% Compania Espanola de Petroleos SA ES Carlyle Group LP 08/04/2019

10. 4,300 IBO 100% El Paso Electric Company Inc. US JP Morgan Investment Management Inc. 01/06/2019

11. 3,723 IBO 100% WestJet Airlines Ltd CA Onex Corporation 13/05/2019

12. 3,700 IBO 100% Ellie Mae Inc. US Thoma Bravo LLC 12/02/2019

13. 3,600 IBO 100% Oryx Southern Delaware Holdings LLC's assets; Oryx Delaware Holdings LLC's assets

US; US Stonepeak Partners LP 02/04/2019

14. 3,413 IBO 100% Evonik Industries AG's methacrylates business DE Advent International Corporation 04/03/2019

15. 3,400 IBO 100% Inmarsat plc GB Warburg Pincus LLC; Ontario Teachers' Pension Plan Board; Canada Pension Plan Investment Board; Apax Partners LLP

25/03/2019

16. 3,273 IBO 44% and 100% Tallgrass Energy LP; Tallgrass Energy GP LLC US; US The Blackstone Group LP 31/01/2019

17. 3,050 IBO 100% Healthscope Ltd AU Brookfield Capital Partners Ltd 01/02/2019

18. 3,000 IBO majority stake Cox Enterprises Inc.'s 14 regional television stations US Apollo Global Management LLC 15/02/2019

19. 2,927 Acquisition 100% STOXX AG; Axioma Inc.; Deutsche Borse AG’s index business DAX CH; US General Atlantic LLC 09/04/2019

20. 2,800 IBO 100% Gategroup Holding AG CH RRJ Management Ltd 29/03/2019

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Target country by volume - global private equity deals


US 7,685 7,066 7,472

China 1,762 1,460 1,084

UK 564 525 574

Japan 357 394 413

Canada 361 390 303

France 451 306 292

India 292 301 267

South Korea 127 246 252

Germany 257 278 161

Spain 169 150 131

Israel 130 128 122

Italy 113 117 121


Australia 88 125 102

Netherlands 90 100 98

Sweden 111 92 82

Hungary 69 52 47

Belgium 41 55 40

Indonesia 14 29 38

Ireland 31 33 37

Target country by value - global private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

US 179,502 158,139 211,824

China 70,973 47,986 32,731

UK 21,246 22,920 29,523

India 4,816 12,638 24,263

Germany 14,252 11,290 18,412

Spain 12,410 17,388 14,875

France 17,085 11,700 13,058

South Korea 7,481 9,463 10,371

Canada 34,661 6,358 10,231

Brazil 666 5,220 10,132

Netherlands 22,594 5,770 9,642

Australia 8,191 14,924 8,838

Switzerland 473 3,323 7,171

Sweden 2,632 5,213 6,652

Japan 1,613 1,421 6,190

Norway 2,488 956 5,544

Italy 10,939 10,534 5,247

Israel 1,475 2,776 3,363

New Zealand 43 2,446 3,352

Bermuda 501 8,535 2,427

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Target sectors by volume - global private equity deals


Other services 6,402 5,653 5,490

Publishing, printing 1,005 871 766

Machinery, equipment, furniture, recycling 907 809 741

Chemicals, rubber, plastics 271 290 267

Wholesale & retail trade 277 306 258

Education, health 267 214 194

Food, beverages, tobacco 144 143 151

Gas, water, electricity 140 139 130


Metals & metal products 128 98 72

Transport 63 74 63

Primary sector 93 84 58

Construction 100 76 57


Insurance companies 64 56 49


Banks 54 47 40



Target sectors by value - global private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 199,276 177,437 196,367

Transport 16,145 19,044 32,068







Construction 7,237 7,056 12,063




Primary sector 15,511 7,536 5,529


Wood, cork, paper 3,123 963 2,942


Banks 3,532 12,292 1,503

Textiles, wearing apparel, leather 1,248 1,012 539


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Global M&A Review H1 2019Global League Tables


Top 20 financial advisors global deals by value

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1. JP Morgan 142 124 560,646 4,521

2. Goldman Sachs Group Inc. 87 70 464,631 6,638

3. Morgan Stanley 94 81 385,883 4,764

4. Citigroup Inc. 83 76 358,903 4,722

5. Bank of America Corporation 56 44 282,681 6,425

6. Evercore Inc. 42 29 202,833 6,994

7. Credit Suisse 58 50 138,305 2,766

8. Barclays plc 81 53 115,599 2,181

9. RBC Capital Markets Corporation 35 23 102,513 4,457

10. HSBC Holdings plc 30 26 99,384 3,822

11. Centerview Partners LLC 16 15 75,614 5,041

12. Dyal Company LLC 1 1 74,000 74,000

13. Evercore Partners Ltd 4 4 58,992 14,748

14. Lazard 66 46 58,719 1,276

15. Deutsche Bank AG 39 27 55,214 2,045

16. Rothschild & Co. 88 71 50,381 710

17. UBS 32 23 34,261 1,490

18. Greenhill & Company LLC 18 15 31,370 2,091

19. SunTrust Banks Inc. 5 3 30,237 10,079

20. Jefferies LLC 28 15 29,663 1,978

These advisor rankings have been introduced to the Global report based on the most current data available at the time of writing. If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at [email protected]

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Top 20 financial advisors global deals by volume

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1. JP Morgan 142 124 560,648 4,521

2. PricewaterhouseCoopers - Corporate Finance 100 63 18,058 287

3. KPMG Corporate Finance 100 34 10,223 301

4. Morgan Stanley 94 81 385,885 4,764

5. Rothschild & Co. 88 71 50,382 710

6. Goldman Sachs Group Inc. 87 70 464,631 6,638

7. Citigroup Inc. 83 76 358,905 4,722

8. Barclays plc 81 53 115,599 2,181

9. Ernst & Young 72 39 22,911 587

10. Lazard 66 46 58,719 1,276

11. Credit Suisse 58 50 138,305 2,766

12. Bank of America Corporation 56 44 282,681 6,425

13. Deloitte 53 27 3,412 126

14. Grant Thornton - Corporate Finance 51 35 1,236 35

15. Finncap Ltd 51 47 781 17

16. Houlihan Lokey 46 22 7,574 344

17. Numis Securities Ltd 46 43 2,980 69

18. Evercore Inc. 42 29 202,833 6,994

19. Deutsche Bank AG 39 27 55,214 2,045

20. Moelis & Company 38 24 19,581 816


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Top 20 legal advisors global deals by value

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1. Wachtell Lipton Rosen & Katz LLP 24 22 353,300 16,059

2. Kirkland & Ellis 192 78 191,771 2,459

3. Latham & Watkins LLP 141 98 165,619 1,690

4. Skadden Arps Slate Meagher & Flom 77 60 138,751 2,313

5. Jones Day 111 63 128,020 2,032

6. Simpson Thacher & Bartlett LLP 56 41 123,170 3,004

7. Clifford Chance LLP 42 29 115,445 3,981

8. Weil Gotshal & Manges LLP 71 42 108,424 2,582

9. Cravath Swaine & Moore LLP 17 14 106,859 7,633

10. Slaughter and May 21 19 103,075 5,425

11 Sullivan & Cromwell 33 25 91,074 3,643

12. Shearman & Sterling LLP 30 16 72,117 4,507

13. Arthur Cox 2 2 63,696 31,848

14. Willkie Farr & Gallagher LLP 39 24 56,567 2,357

15. Paul Weiss Rifkind Wharton & Garrison LLP 43 25 53,305 2,132

16. Allen & Overy 61 43 32,552 757

17. Sidley Austin LLP 19 15 28,974 1,932

18. Rigrodsky & Long PA 1 1 28,085 28,085

19. Freshfields Bruckhaus Deringer 28 18 25,051 1,392

20. King & Spalding 6 4 23,993 5,998


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Top 20 legal advisors global deals by volume

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1. Kirkland & Ellis 192 78 191,772 2,459

2. Latham & Watkins LLP 141 98 165,619 1,690

3. Jones Day 111 63 128,020 2,032

4. DLA Piper 89 57 13,082 230

5. Skadden Arps Slate Meagher & Flom 77 60 138,753 2,313

6. Weil Gotshal & Manges LLP 71 42 108,424 2,582

7. Allen & Overy 61 43 32,553 757

8. Simpson Thacher & Bartlett LLP 56 41 123,170 3,004

9. Hogan Lovells 51 35 20,661 590

10. ALLBright Law Offices 51 49 6,085 124

11 Dentons 50 34 3,181 94

12. Morgan Lewis & Bockius LLP 46 23 6,412 279

13. Gibson Dunn & Crutcher 45 26 21,215 816

14. Grandall Law Firm 44 44 2,561 58

15. Paul Weiss Rifkind Wharton & Garrison LLP 43 25 53,305 2,132

16. Clifford Chance LLP 42 29 115,445 3,981

17. Goodwin Procter 41 31 16,100 519

18. Wilson Sonsini Goodrich & Rosati 40 28 15,247 545

19. Willkie Farr & Gallagher LLP 39 24 56,567 2,357

20. King & Wood Mallesons 38 29 20,836 718


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Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1. Appaloosa Management LP 1 1 63,533 63,533

2. KKR & Co Inc. 33 22 53,701 2,441

3. The Blackstone Group LP 27 19 41,598 2,189

4. Canada Pension Plan Investment Board 8 8 27,146 3,393

5. Dreamvision Overseas Pte Ltd 1 1 15,000 15,000

6. Digital Colony Management LLC 4 2 14,837 7,419

7. EQT AB 1 1 14,300 14,300

8. Devonshire Investors LLC 1 1 14,300 14,300

9. Apax Partners LLP 9 6 13,656 2,276

10. Carlyle Group LP 33 24 13,100 546

11. La Caisse de depot et placement du Quebec 8 7 12,702 1,815

12. IFM Investors Pty Ltd 2 2 12,000 6,000

13. JMI Management Inc. 9 6 11,757 1,959

14. Hellman & Friedman LLC 3 2 11,680 5,840

15. Apollo Global Management LLC 8 7 11,372 1,625

16. Public Sector Pension Investment Board 6 5 10,469 2,094

17. Onex Corporation 4 3 9,264 3,088

18. EQT Partners AB 25 14 9,068 648

19. Aisling Capital LLC 5 5 8,811 1,762

20. Wellington Management Company LLP 6 6 7,551 1,259


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Global M&A Review H1 2019Western Europe


Western European value at lowest level recorded in three years

The volume and value of M&A deals targeting companies based in Western Europe declined in H1 2019 to 12,946 deals worth an aggregate USD 555,677 million, representing the lowest-recorded result by value since H1 2016 (USD 506,282 million) and H2 2014 by volume (11,459).

In terms of value, dealmaking in Western Europe accounted for 22 per cent of total global M&A value in H1 2019 (USD 2,569,594 million), while the result represented a 16 per cent decline from USD 658,568 million in H2 2018 and a 40 per cent decrease from USD 930,935 million in H1 2018.

Volume, which accounts for a quarter of global M&A volume (51,449 deals), ended three consecutive increases over the six months and was down 21 per cent from 16,439 deals in H2 2018 and 20 per cent from 16,134 deals in H1 2018.

The overall decline in Western European M&A is surprising given seven of the top 20 deals by value were worth more than USD 5,000 million and the largest deal topped USD 60,000 million and was the third-largest deal globally in H1 2019.

Western Europe deals by volume and value


H1 2019 12,946 555,677

H2 2018 16,439 658,568

H1 2018 16,134 930,935

H2 2017 14,456 614,130

H1 2017 13,902 703,991

H2 2016 15,080 659,097

H1 2016 14,255 506,282

H2 2015 14,346 705,044

H1 2015 13,251 725,123

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Western Europe deals by volume and value

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AbbVie’s acquisition of Allergan is Western Europe’s largest deal by far

The largest deal by value to target Western Europe was also the third-largest deal signed off globally in H1 2019 as AbbVie, via Venice Subsidiary, agreed to acquire Ireland-based pharmaceuticals manufacturer Allergan for USD 63,533 million. This deal accounted for 11 per cent of total M&A value in the region and was worth significantly more than the second-largest M&A deal in Western Europe, namely KKR, via Traviata, taking over German online news, magazines and advertising publisher Axel Springer for USD 7,704 million.

Interestingly, another Irish target featured in the third-largest deal of H1 2019 as Weatherford International, an oil and natural gas well drilling service provider, agreed to convert USD 7,400 million-worth of notes into a 99 per cent equity stake to senior noteholders. The fourth- and fifth-largest deals exceeded USD 6,000 million as Sunrise Communications agreed to buy Switzerland’s UPC Schweiz for USD 6,300 million, while Capgemini Service is picking up France’s Altran Technologies for USD 6,142 million. The UK was targeted in the sixth-largest deal; however, the country still featured in a total of six of the top 20 deals by value in H1 2019.

Germany was targeted in five of these deals, Switzerland featured four times, Ireland twice and the Netherlands, France and Spain in one deal each.

The UK once gain dominates top countries list

Despite not featuring in any of the top five M&A deals by value in Western Europe, companies based in the UK were still the most popular targets by value in the region and accounted for 23 per cent of total M&A value in Western Europe during H1 2019 (USD 555,677 million). In total, there were 3,344 deals worth USD 128,348 million targeting the UK during the six months under review. However, value for the country was down from USD 177,739 million in H2 2018 and USD 222,741 million in H1 2018.

France was second on both fronts with 1,981 deals worth USD 80,252 million, while Ireland (USD 77,915 million), Germany (USD 75,898 million) and the Netherlands (USD 45,520 million), followed by value.

In terms of volume, Germany placed third with 1,928 deals, followed by Sweden (1,160), Spain (1,059) and the Netherlands (1,043).

Western Europe PE and VC investment declines for the second-consecutive six-month period

PE and VC investment in Western Europe declined over the six months under review to 1,683 deals worth USD 114,070 million in H1 2019, representing 14 per cent of global PE and VC volume (12,385 deals) and 26 per cent of value (USD 443,115 million). Volume fell to the lowest-recorded result since H1 2013 (1,483 deals), while value declined 3 per cent from USD 117,571 million in H2 2018 and 12 per cent from USD 130,211 million in H1 2018.

All of the top 20 PE and VC deals in Western Europe were worth more than USD 1,000 million, twelve of which exceeded USD 2,000 million. The largest of these is the aforementioned acquisition of German publisher Axel Springer by KKR & Co for USD 7,704 million. A consortium of the Blackstone Group, Canada Pension Plan Investment Board and KIRKBI, via Berkeley Bidco, is buying UK-based theme park operator Merlin Entertainment for USD 5,268 million in the second-largest deal.

Other targets included Spain’s Compania Espanola de Petroleos, Germany’s Evonik Industries’ methacrylates business, UK-based Inmarsat and Gategroup Holding of Switzerland. Investors comprised Carlyle Group, Advent International, Warburg Pincus, General Atlantic, Triton Advisors and PAI Partners, to name a few.

The UK was once again the most popular target of PE and VC investment in Western Europe, with 574 deals worth USD 29,522 million. France was second by volume with 292 deals, while Germany was the runner up by value with USD 18,411 million.

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Top 20 Western Europe deals by value



Announced date

1. 63,533 Acquisition 100% Allergan plc IE The Blackstone Group Inc.; Canada Pension Plan Investment Board; KIRKBI A/S via Venice Subsidiary LLC

US 25/06/2019

2. 7,704 IBO 100% Axel Springer SE DE KKR & Co Inc. via Traviata II Sarl LU 12/06/2019

3. 7,400 Acquisition 99% Weatherford International plc IE Senior Noteholders 10/05/2019

4. 6,300 Acquisition 100% UPC Schweiz GmbH CH Sunrise Communications Group AG CH 27/02/2019

5. 6,142 Acquisition 100% Altran Technologies SA FR Capgemini service SAS FR 24/06/2019

6. 5,300 Acquisition 100% Xiidra assets GB Novartis AG CH 08/05/2019

7. 5,268 Acquisition 30% to 100% Merlin Entertainments plc GB Berkeley Bidco Ltd GB 28/06/2019

8. 4,796 Minority stake 40% Compania Espanola de Petroleos SA ES Carlyle Group LP; Carlyle Partners VII LP; Carlyle International Energy Partners I; Carlyle International Energy Partners II SCS; Carlyle Europe Partners V SCSP

US; US; LU; LU

08/04/2019

9. 4,622 Acquisition 100% Panalpina Welttransport (Holding) AG CH DSV A/S DK 01/04/2019

10. 4,535 Capital Increase Vodafone Group plc GB 05/03/2019

11. 4,241 Acquisition 100% RPC Group plc GB Berry Global International Holdings Ltd GB 08/03/2019

12. 4,200 Acquisition 100% Camelot Holdings (Jersey) Ltd GB Clarivate Analytics plc GB 14/01/2019

13. 3,413 IBO 100% Evonik Industries AG's methacrylates business DE Advent International Corporation US 04/03/2019

14. 3,400 IBO 100% Inmarsat plc GB Warburg Pincus LLC; Ontario Teachers’ Pension Plan Board; Canada Pension Plan Investment Board; Apax Partners LLP via Connect Bidco Ltd

GB 25/03/2019

15. 3,247 Minority stake 5% Daimler AG DE Morgan Stanley; Investors US 04/01/2019

16. 3,016 Minority stake 3% Allianz SE DE Norges Bank NO 17/05/2019

17. 2,995 Acquisition 60% HELLA GmbH & Co KGaA DE Mr John Jakob Peter Sotje DE 12/03/2019

18. 2,927 Acquisition 100% STOXX AG; Deutsche Borse AG’s index business DAX; among other international assets

CH; NA Deutsche Borse Index and Portfolio Risk Analytics Business 09/04/2019

19. 2,857 Minority stake 10% Koninklijke Ahold Delhaize NV NL 10/05/2019

20. 2,800 IBO 100% Gategroup Holding AG CH RRJ Management Ltd KY 29/03/2019

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Target country by volume - Western Europe deals


UK 3,256 3,328 3,344

France 2,066 2,064 1,981

Germany 3,193 3,336 1,928

Sweden 1,376 1,250 1,160

Spain 1,348 1,530 1,059

Netherlands 1,290 1,286 1,043

Italy 847 951 744

Switzerland 711 764 305

Finland 411 323 251

Ireland 132 289 212

Belgium 315 265 179

Denmark 225 192 175

Norway 235 249 146

Luxembourg 122 122 131

Turkey 247 211 129

Portugal 119 90 74

Austria 155 134 51

Iceland 13 27 27

Cyprus 55 22 26

Malta 24 32 19

Target country by value - Western Europe deals


H2 2018 (mil USD)

H1 2019 (mil USD)

UK 222,741 177,739 128,348

France 73,296 66,147 80,252

Ireland 4,635 25,736 77,915

Germany 219,943 103,130 75,898

Netherlands 93,795 42,381 45,520

Spain 100,828 66,250 33,131

Switzerland 31,634 30,886 30,877

Sweden 29,435 24,110 24,887

Italy 38,878 53,529 19,825

Belgium 12,627 9,502 12,492

Norway 6,453 11,999 10,062

Luxembourg 23,443 9,187 7,123

Finland 10,678 14,668 6,474

Denmark 9,285 9,290 5,242

Cyprus 4,114 3,228 1,592

Portugal 8,471 6,411 1,423

Turkey 33,849 5,759 1,392

Greece 4,969 2,879 985

Iceland 359 637 384

Austria 11,845 2,849 368

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Target sector by volume - Western Europe deals






Publishing, printing 776 631 650





Banks 425 403 268

Transport 386 373 265









Target sector by value - Western Europe deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 246,365 188,485 170,639





Primary sector 14,212 18,268 23,662

Transport 60,516 33,075 20,039

Banks 68,315 31,575 16,097







Construction 21,745 21,040 8,584



Wood, cork, paper 7,008 2,827 2,097


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Western Europe private equity deals by volume and value


H1 2019 1,683 114,070

H2 2018 1,871 117,571

H1 2018 2,067 130,211

H2 2017 1,924 104,459

H1 2017 1,898 82,256

H2 2016 2,001 89,830

H1 2016 1,948 73,294

H2 2015 2,120 66,515

H1 2015 1,954 68,267

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Western Europe private equity deals by volume and value

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Top 20 Western Europe private equity deals by value



1. 7,704 IBO 100% Axel Springer SE DE KKR & Co Inc. 12/06/2019

2. 5,268 Acquisition 30% to 100% Merlin Entertainments plc GB The Blackstone Group Inc.; Canada Pension Plan Investment Board; KIRKBI A/S 28/06/2019

3. 4,796 Minority stake 40% Compania Espanola de Petroleos SA ES Carlyle Group LP 08/04/2019

4. 3,413 IBO 100% Evonik Industries AG's methacrylates business DE Advent International Corporation 04/03/2019

5. 3,400 IBO 100% Inmarsat plc GB Warburg Pincus LLC; Ontario Teachers' Pension Plan Board; Canada Pension Plan Investment Board; Apax Partners LLP

25/03/2019

6. 2,927 Acquisition 100% STOXX AG; Deutsche Borse AG’s index business DAX; among other international assets

CH; US General Atlantic LLC 09/04/2019

7. 2,800 IBO 100% Gategroup Holding AG CH RRJ Management Ltd 29/03/2019

8. 2,735 IBO 90% Norddeutsche Landesbank Girozentrale's non-performing shipping loans DE Cerberus Capital Management LP 02/02/2019

9. 2,510 IBO 100% IFCO Systems BV NL Triton Advisers Ltd 25/02/2019

10. 2,418 IBO 100% BCA Marketplace plc GB TDR Capital LLP 26/06/2019

11. 2,233 IBO 100% B&B Hotels SNC FR Goldman Sachs Group Inc. 20/05/2019

12. 2,073 IBO 100% IP-Only AB SE EQT Partners AB 11/06/2019

13. 1,841 IBO 100% Autostore AS NO Thomas H Lee Partners LP 20/06/2019

14. 1,800 IBO 100% Howden Group Ltd GB KPS Capital Partners LP 16/05/2019

15. 1,753 IBO 100% Areas SA ES PAI Partners SAS 24/04/2019

16. 1,704 IBO 100% Eiger MidCo BV NL KKR & Co Inc. 26/02/2019

17. 1,691 IBO 50% Indigo Infra SA FR Natixis Investment Managers SA 27/03/2019

18. 1,393 IBO 100% Solveig Gas Holdco AS NO HitecVision AS 01/04/2019

19. 1,351 IBO 100% CapeOmega AS NO Partners Group Holding AG 23/04/2019

20. 1,300 IBO 100% Efront Holding SAS FR BlackRock Inc. 22/03/2019

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Target country by volume - Western Europe private equity deals


UK 564 525 574

France 451 306 292

Germany 257 278 161

Spain 169 150 131

Italy 113 117 121

Netherlands 90 100 98

Sweden 111 92 82

Belgium 41 55 40

Ireland 31 33 37

Switzerland 50 69 35

Denmark 29 26 27

Finland 52 35 26

Portugal 21 16 22

Norway 24 19 20

Austria 22 20 11

Luxembourg 20 11 11

Iceland 3 4 4

Malta 1 6 3

Turkey 8 5 2

Target country by value - Western Europe private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

UK 21,246 22,920 29,522

Germany 14,252 11,290 18,411

Spain 12,410 17,388 14,875

France 17,085 11,700 13,058

Netherlands 22,594 5,770 9,642

Switzerland 473 3,323 7,171

Sweden 2,632 5,213 6,652

Norway 2,488 956 5,544

Italy 10,939 10,534 5,247

Ireland 969 14,891 2,338

Belgium 449 1,529 1,988

Luxembourg 10,853 1,816 1,311

Denmark 6,930 540 938

Portugal 2,352 1,684 865

Finland 2,713 6,222 410

Malta 7 34 196

Austria 1,071 930 142

Turkey 362 0 17

Iceland 111 47 11

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Target sectors by volume - Western Europe private equity deals


Other services 1,048 975 895









Transport 26 28 22








Banks 10 6 4


Target sectors by value - Western Europe private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 30,679 31,748 47,330




Hotels & restaurants 6,693 796 8,732


Food, beverages, tobacco 5,193 272 4,350

Transport 10,692 5,879 3,998




Primary sector 4,388 160 1,905


Construction 364 3,837 820


Banks 2,075 10,758 381

Insurance companies 2,077 4,912 368



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Global M&A Review H1 2019North America


North American value in H1 highest since H2 2015, volume one of the highest in three years

M&A targeting companies based in North America totalled 16,742 deals worth an aggregate USD 1,119,100 million in H1 2019, which accounted for 33 per cent of H1’s global volume (51,449) and 44 per cent of value (USD 2,569,594 million).

The volume of deals targeting North American companies in H1 may be down from 19,105 deals in H2 2018, but it still represented the second-highest volume recorded since H1 2016, when 21,287 deals were announced.

The fact volume was higher than all the preceding half-year periods, bar H2 2018, back to H2 2016 suggests prolific dealmaking provided a boost to H1 value. However, it should be noted that 19 of the top 20 deals by value were each worth USD 10,000 million or more and were the main drivers of growth in H1. Together, these deals accounted for 42 per cent of the region’s total value in H1, which represented the highest recorded since H2 2015 (USD 1,185,017 million).

Considering all of the 19 deals worth USD 10,000 million or more in H1 targeted companies based in the US, it is not surprising the country’s 15,499 deals totalling USD 1,069,322 million accounted for 93 per cent of North American’s total volume in H1 and 96 per cent of the region’s overall value. This contrasts starkly with Canada, which was targeted in just 1,236 deals worth USD 49,972 million, down from 1,579 deals aggregating at USD 55,972 million in H2 2018.

North America deals by volume and value


H1 2019 16,742 1,119,100

H2 2018 19,105 913,793

H1 2018 12,383 1,091,244

H2 2017 12,044 757,571

H1 2017 13,643 783,025

H2 2016 12,706 1,076,663

H1 2016 21,287 892,549

H2 2015 22,188 1,185,017

H1 2015 15,001 986,672

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US deals by volume and value


H1 2019 15,499 1,069,322

H2 2018 17,518 861,615

H1 2018 10,641 1,009,939

H2 2017 10,263 712,715

H1 2017 11,312 697,237

H2 2016 10,475 1,008,808

H1 2016 18,866 831,453

H2 2015 20,047 1,139,605

H1 2015 12,728 883,004

Canada deals by volume and value


H1 2019 1,236 49,972

H2 2018 1,579 55,972

H1 2018 1,748 83,078

H2 2017 1,787 49,036

H1 2017 2,335 85,345

H2 2016 2,233 67,208

H1 2016 2,426 61,906

H2 2015 2,143 46,565

H1 2015 2,274 103,781

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North America deals by volume and value

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Myers Squibb’s proposed acquisition of Celgene is largest deal of H1

The first six months of 2019 have seen some game-changing deals in North America, not least Bristol-Myers Squibb’s proposal to take Celgene private in a USD 74,000 million acquisition.

Occidental Petroleum’s decision to derail an earlier USD 50,000 million bid by Chevron for Anadarko by tabling its own rival offer worth USD 57,000 million to create one of the world’s largest independent exploration and production companies represents the second-largest North American deal of H1. Incidentally, Berkshire Hathaway’s commitment of USD 10,000 million to help Occidental finance its offer is ranked 19th in the region’s top 20.

Other game-changers include Raytheon and United Technologies announcing a so-called a merger of equals, which would pave the way for a USD 121,000 million leading systems provider with advanced technologies within the aerospace and defence industry.

North America’s digital payment industry has also received significant interest in H1 as Fidelity National Information Services is acquiring Worldpay for USD 43,000 million, Fiserv is taking over First Data for USD 39,000 million, and Global Payments has made a USD 21,500 million play for Total System Services. By contrast, the largest traditional banking deal in H1 is the region’s sixth-largest deal overall and the only banking deal to feature in the top 20 as BB&T announced plans to buy SunTrust Banks for USD 28,085 million.

When compared to H2 2018, value was stripped away from dealmaking targeting companies operating in sectors such as machinery, equipment, furniture, recycling and wood, cork and paper, among others. The decline came against an increase recorded for banks and post and telecommunications, for example.

While chemicals, rubber and plastics led by value, the machinery, equipment, furniture and recycling sector led by volume, with the 1,682 deals recorded outpacing wholesale and retail trade (732). A decline in the volume of deals targeting companies operating in these two sectors from H2 2018 came alongside an uptick - albeit small - in dealmaking targeting gas, water and electricity, public administration and defence, and construction.

North American PE and VC value the highest since H2 2015, Canadian value one of the highest in eight years

There were 7,784 PE and VC deals targeting North American companies worth USD 222,066 million in H1, up from 7,466 deals totalling USD 160,929 million in H2 2018. In fact, like M&A value, PE and VC value was the highest recorded since H2 2015, when USD 263,409 million-worth of deals were announced.

While US-based companies attracted the most investment, namely USD 211,822 million, Canadian companies were targeted in USD 10,230 million-worth of PE and VC deals, which, after H1 2018 (USD 34,661 million), represents the second-highest value since H1 2011 (USD 10,534 million). The half-yearly increase from USD 6,358 million to one of the largest values in eight years was partly due to Onex announcing plans to acquire WestJet Airlines for USD 3,723 million and a USD 1,287 million buyout of Alberta PowerLine by a consortium that included Greystone Managed Investments and IST3 Investmentstiftung. Together, these two deals accounted for almost half of the country’s total value for H1 2019.

Blackstone accounted for the largest PE and VC deal target North America after launching an institutional buyout that values GLP’s US urban, infill logistics assets at USD 18,700 million.

Celgene deal propels chemicals, rubber and plastics sector to top position

Bristol-Myers Squibb’s proposal to take Celgene private for USD 74,000 million made chemicals, rubber and plastics one of the top sectors by value in H1, with USD 118,984 million-worth of deals, compared to USD 60,999 million in H2 2018 and USD 83,012 million in H1 2018, though volume was down over the six months at 686 deals, from 1,133 in H2 2018.

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Top 20 North America deals by value



Announced date

1. 74,000 Acquisition 100% Celgene Corporation US Bristol-Myers Squibb Company US 03/01/2019

2. 57,000 Acquisition 100% Anadarko Petroleum Corporation US Occidental Petroleum Corporation US 09/05/2019

3. 54,031 Acquisition 100% Raytheon Company US United Technologies Corporation US 09/06/2019

4. 43,000 Acquisition 100% Worldpay Inc. US Fidelity National Information Services Inc. US 18/03/2019

5. 39,000 Acquisition 100% First Data Corporation US Fiserv Inc. US 16/01/2019

6. 28,085 Acquisition 100% SunTrust Banks Inc. US BB&T Corporation US 07/02/2019

7. 21,500 Acquisition 100% Total System Services Inc. US Global Payments Inc. US 28/05/2019

8. 21,400 Acquisition 100% General Electric Company's BioPharma business US Danaher Corporation US 25/02/2019

9. 18,700 IBO 100% GLP Pte Ltd's US urban, infill logistics assets US The Blackstone Group LP US 02/06/2019

10. 17,300 Acquisition 100% WellCare Health Plans Inc. US Centene Corporation, via acquisition vehicle Wellington Merger Sub II Inc. US 27/03/2019

11. 17,300 Acquisition 100% Caesars Entertainment Corporation US Eldorado Resorts Inc. US 24/06/2019

12. 15,700 Acquisition 100% Tableau Software Inc. US Salesforce.com Inc. US 10/06/2019

13. 14,300 IBO 100% Zayo Group Holdings Inc. US Front Range TopCo Inc. US 08/05/2019

14. 14,000 Acquisition 100% Andeavor Logistics LP US MPLX LP US 08/05/2019

15. 11,400 Acquisition 100% Array BioPharma Inc. US Pfizer Inc. US 17/06/2019

16. 11,000 IBO 100% Ultimate Software Group Inc. US Unite Parent Corporation US 04/02/2019

17. 10,300 IBO 100% Buckeye Partners LP US Hercules Intermediate Holdings LLC US 10/05/2019

18. 10,084 Acquisition 100% Cypress Semiconductor Corporation US Infineon Technologies AG DE 02/06/2019

19. 10,000 Capital Increase Occidental Petroleum Corporation US Berkshire Hathaway Inc. US 30/04/2019

20. 9,600 Acquisition 100% Fox Sports Net LLC US Sinclair Broadcast Group Inc. via acquisition vehicle Diamond Sports Group LLC US 03/05/2019

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Target sector by volume - North America deals



Machinery, equipment, furniture, recycling 663 2,066 1,682


Chemicals, rubber, plastics 344 1,133 686





Banks 103 385 326











Target sector by value - North America deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 406,953 364,475 485,028


Primary sector 51,584 78,347 95,655




Banks 15,819 16,021 42,770

Transport 23,282 39,388 31,838









Wood, cork, paper 8,712 8,283 3,244



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North America private equity deals by volume and value


H1 2019 7,784 222,066

H2 2018 7,466 160,929

H1 2018 8,045 212,426

H2 2017 7,165 172,913

H1 2017 7,822 188,239

H2 2016 7,250 148,048

H1 2016 7,419 130,805

H2 2015 8,282 263,409

H1 2015 8,389 196,917

Canada private equity deals by volume and value


H1 2019 303 10,230

H2 2018 390 6,358

H1 2018 361 34,661

H2 2017 297 6,106

H1 2017 318 6,195

H2 2016 318 4,218

H1 2016 288 4,694

H2 2015 305 2,903

H1 2015 366 8,587

US private equity deals by volume and value


H1 2019 7,470 211,822

H2 2018 7,066 158,139

H1 2018 7,685 179,502

H2 2017 6,868 166,807

H1 2017 7,501 182,017

H2 2016 6,929 143,749

H1 2016 7,129 126,102

H2 2015 7,976 260,506

H1 2015 8,020 188,254

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North America private equity deals by volume and value

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Page 38 © Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Top 20 North America private equity deals by value



1. 18,700 IBO 100% GLP Pte Ltd's US urban, infill logistics assets US The Blackstone Group LP 02/06/2019

2. 14,300 IBO 100% Zayo Group Holdings Inc. US Devonshire Investors LLC; EQT AB; Digital Colony Management LLC 08/05/2019

3. 11,000 IBO 100% Ultimate Software Group Inc. US Hellman & Friedman LLC; The Blackstone Group LP; JMI Management Inc.; Canada Pension Plan Investment Board

04/02/2019

4. 10,300 IBO 100% Buckeye Partners LP US IFM Investors Pty Ltd 10/05/2019

5. 4,300 IBO100% El Paso Electric Company Inc. US JP Morgan Investment Management Inc. 01/06/2019

6. 3,723 IBO 100% WestJet Airlines Ltd CA Onex Corporation 13/05/2019

7. 3,700 IBO 100% Ellie Mae Inc. US Thoma Bravo LLC 12/02/2019

8. 3,600 IBO 100% Oryx Southern Delaware Holdings LLC's assets; Oryx Delaware Holdings LLC's assets

US; US Stonepeak Partners LP 02/04/2019

9. 3,273 IBO 44% and 100% Tallgrass Energy LP; Tallgrass Energy GP LLC US; US The Blackstone Group LP 31/01/2019

10. 3,000 IBO Cox Enterprises Inc.'s 14 regional television stations US Apollo Global Management LLC 15/02/2019

11. 2,927 Acquisition 100% Axioma Inc.; among other international assets US General Atlantic LLC 09/04/2019

12. 2,700 IBO 100% Shutterfly Inc. US Apollo Global Management LLC 10/06/2019

13. 2,700 IBO 100% Capital Vision Services LP US Goldman Sachs & Co LLC 03/06/2019

14. 2,500 IBO 100% Multi-Color Corporation US Platinum Equity LLC 24/02/2019

15. 2,500 IBO 80% Direct ChassisLink Inc.; Blume Global Inc. US; US Apollo Global Management LLC 07/03/2019

16. 2,000 IBO 75% Advisor Group Inc. US Reverence Capital Partners LLC 09/05/2019

17. 1,800 IBO majority stake Millennium Trust Company LLC US Abry Partners LLC 04/01/2019

18. 1,780 IBO 100% LBCT LLC US Macquarie Infrastructure Partners Inc. 30/04/2019

19. 1,700 IBO 100% Electronics For Imaging Inc. US Siris Capital Group LLC 15/04/2019

20. 1,600 Minority stake 45% Targa Badlands LLC US GSO Capital Partners LP; Blackstone Tactical Opportunities Advisors LLC 19/02/2019

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Target sectors by volume - North America private equity deals











Banks 35 36 31


Transport 25 23 28








Target sectors by value - North America private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 101,105 74,038 95,699

Transport 5,108 9,074 24,251


Post and telecommunications 1,799 656 15,883





Primary sector 7,858 5,928 3,226

Wood, cork, paper 2,562 498 2,540



Insurance companies 2,629 1,225 690

Education, health 17,737 2,413 668

Banks 398 370 539



Construction 856 1,256 88

Metals & metal products 1,255 540 48

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Global M&A Review H1 2019Asia-Pacific


Asia Pacific volume and value down in H1 2019

The volume and value of M&A targeting companies based in Asia Pacific declined in H1 2019 to 17,151 deals worth USD 583,179 million. M&A in Asia Pacific represents 33 per cent of total global volume (51,449 deals) and 23 per cent of total global M&A value (USD 2,569,594 million).

Volume declined 16 per cent from 20,523 deals in H2 2018 and 10 per cent from 19,139 million in H1 2018, while value fell 23 per cent from USD 760,402 million in the previous six-month period and 21 per cent from USD 741,426 million in the same timeframe last year.

One deal exceeded USD 10,000 million in H1 2019 and accounted for 3 per cent of total M&A value in Asia Pacific, while the remaining top 20 deals by value all exceeded USD 2,000 million.

Asia and Asia Pacific deals by volume and value


H1 2019 17,151 583,179

H2 2018 20,523 760,402

H1 2018 19,139 741,426

H2 2017 20,329 834,046

H1 2017 17,900 673,296

H2 2016 18,205 701,783

H1 2016 17,176 665,338

H2 2015 19,949 964,201

H1 2015 18,302 905,157

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Asia and Asia Pacific deals by volume and value

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Indian targets feature in five of the top 20, including the largest deal in H1

While eight of the top 20 Asia Pacific deals by value targeted Chinese companies, it was India that stood out, having featured in five of the 12-largest deals. This includes the biggest deal in H1 2019 as Dreamvision Overseas agreed to acquire a 37 per cent stake in conceptual unmanned hypersonic research aircraft developer Tzar Aerospace Research Labs for USD 15,000 million.

This deal was worth significantly more than the second-largest as CapitaLand agreed to pick up Ascendas and Singbridge, both of Singapore, for USD 8,062 million. Bank of Beijing issued preference shares to raise USD 5,971 million in cash in the third-biggest deal.

Henan Luohe Shuanghui Industrial Group and Beijing EasyHome New Retail Chain Group placed fourth and fifth by value, respectively, while Yahoo Japan raised USD 4,237 million after issuing new shares to Softbank in the sixth-largest deal.

China dominates country rankings, while value in India increases in H1 2019

China led the way by both volume and value in H1 2019 as 6,906 deals worth an aggregate USD 288,095 million were signed off in the six months under review. M&A in the country accounted for 40 per cent of the volume recorded for the entire Asia Pacific region (17,151), with value representing 49 per cent of the total USD 583,179 million announced in H1 2019.

Having heavily featured in the top deals by value, companies based in India placed second in terms of value with USD 75,855 million, up 40 per cent from USD 54,041 million in H2 2018 and 15 per cent from USD 66,003 million in H1 2018. It is worth noting that the region’s largest M&A deal accounts for 20 per cent of total value in India.

South Korea (USD 41,962 million) and Japan (USD 41,530 million) placed third and fourth by value, respectively, with the latter also being the second most popular target in Asia Pacific, with 2,124 deals recorded during the six-month period.

Asia Pacific PE and VC investment also down in H1

The volume and value of PE and VC investment in companies based in Asia-Pacific declined across the board to 2,382 deals worth USD 85,401 million in H1 2019. Activity in the region accounts for 19 per cent of both global PE and VC volume and value of 12,385 deals worth USD 443,115 million.

In terms of volume, H1 2019 decreased 16 per cent from 2,824 deals in H2 2018 and 2,840 deals in H1 2018. While value did not exceed USD 100,000 million for the first time since H1 2017 (USD 81,977 million) and fell 15 per cent in a year-on-year comparison.

Value was supported by the largest PE and VC deal signed off in the Asia-Pacific region as Dreamvision Overseas agreed to acquire a 37 per cent stake in India’s Tzar Aerospace Research Labs for USD 15,000 million. This was also the region’s largest M&A deal and accounts for 18 per cent of total PE and VC value for the region.

Brookfield Capital Partners agreed to acquire Australia’s Healthscope for USD 3,050 million in the second-biggest of these, while China Development Bank Capital took part in an investment in China gas technology developer Shanxi Gas Group worth USD 2,384 million.

Other investors included SSG Capital Management, Partners Group Holding, IMM Private Equity and the Blackstone Group.

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Top 20 Asia and Asia Pacific deals by value



Announced date

1. 15,000 Minority stake 37% Tzar Aerospace Research Labs Pvt Ltd IN Dreamvision Overseas Pte Ltd SG 14/05/2019

2. 8,062 Acquisition 100% Ascendas Pte Ltd; Singbridge Pte Ltd SG; SG CapitaLand Ltd SG 14/01/2019

3. 5,971 Capital Increase Bank of Beijing Co., Ltd CN Investors 22/03/2019

4. 5,793 Acquisition 100% Henan Luohe Shuanghui Industrial Group Co., Ltd CN Henan Shuanghui Investment and Development Co. Ltd CN 26/01/2019

5. 5,249 Acquisition 100% Beijing EasyHome New Retail Chain Group Co., Ltd CN Zhongnan Commercial (Group) Co., Ltd CN 24/01/2019

6. 4,237 Capital increase 23%, to hold 32% Yahoo Japan Corporation JP Softbank Corporation JP 08/05/2019

7. 4,192 Minority stake 11% China State Construction Engineering Corporation Ltd CN Anbang Life Insurance Co., Ltd CN 11/02/2019

8. 3,615 Capital Increase 70% Vodafone Idea Ltd IN 23/01/2019

9. 3,579 Capital Increase 22% Bharti Airtel Ltd IN Shareholders; GIC Pte Ltd N/A; SG 28/02/2019

10. 3,421 Capital Increase Tata Steel BSL Ltd IN Tata Steel Ltd IN 09/01/2019

11. 3,370 Acquisition 87% Jiangyin Xingcheng Special Steel Works Co., Ltd CN Daye Special Steel Co., Ltd CN 02/01/2019

12. 3,165 Acquisition 100% GRUH Finance Ltd IN Bandhan Bank Ltd IN 07/01/2019

13. 3,050 IBO 100% Healthscope Ltd AU BCP VIG Holdings LP; ANZ Hospitals Pty Ltd KY; AU 01/02/2019

14. 3,007 Acquisition 100% DuluxGroup Ltd AU Nippon Paint Holdings Co., Ltd JP 17/04/2019

15. 2,900 Minority stake 23% Japan Post Insurance Co., Ltd JP Investors 04/04/2019

16. 2,764 Capital Increase Toshiba Memory Holdings Corporation JP Development Bank of Japan Inc. JP 31/05/2019

17. 2,709 Acquisition 37% to 100% Hopewell Holdings Ltd HK Petrus HK Co Ltd HK 24/02/2019

18. 2,607 Capital increase 34%, to hold 46% Shengjing Bank Co., Ltd CN Future Capital Group Ltd; Evergrande Group (Nanchang) Co., Ltd; Zhengbo Holdings Ltd

VG; CN; VG 20/06/2019

19. 2,607 Acquisition 100% Beijing Ziguang Liansheng Technology Co., Ltd CN Unigroup Guoxin Microelectronics Co., Ltd CN 03/06/2019

20. 2,536 Acquisition 100% Xinjiang Production Construction Corps Eighth Division Tianshan Aluminum Industry Co., Ltd

CN Shimge Pump Industry Group Co., Ltd CN 27/03/2019

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Target country by volume - Asia and Asia Pacific deals


China 8,688 8,995 6,906

Japan 2,076 2,092 2,124

Australia 2,055 2,394 1,812

India 1,212 1,223 1,330

South Korea 1,388 1,423 1,221

Vietnam 673 922 868


Taiwan 393 509 512

Malaysia 414 467 418

Indonesia 323 420 389

Hong Kong 361 394 269

Thailand 248 293 259

New Zealand 250 324 176

Kazakhstan 197 163 100

Sri Lanka 66 30 56

Philippines 44 59 50

Pakistan 79 65 42

Myanmar/Burma 9 20 31

Bangladesh 34 45 29

Samoa 28 28 16

Target country by value - Asia and Asia Pacific deals


H2 2018 (mil USD)

H1 2019 (mil USD)

China 410,415 397,877 288,095

India 66,003 54,041 75,855

South Korea 48,154 51,201 41,962

Japan 43,119 58,336 41,530

Australia 52,523 78,889 38,389

Singapore 32,708 16,980 23,820

Taiwan 17,811 15,135 16,628

Hong Kong 21,812 25,210 14,236

Indonesia 8,362 14,981 11,767

Vietnam 8,217 9,729 9,491

Thailand 11,498 4,856 9,450

Malaysia 8,721 8,790 6,585

New Zealand 6,503 10,338 5,781

Kazakhstan 1,175 3,520 4,466

Philippines 3,729 2,569 1,057

Pakistan 1,008 3,180 320

Sri Lanka 821 225 269

Bangladesh 300 6,269 230

Myanmar/Burma 44 309 197

Samoa 486 305 186

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Target sector by volume - Asia and Asia Pacific deals






Publishing, printing 1,149 1,076 884

Construction 1,079 1,149 846

Metals & metal products 955 1,006 819








Banks 192 226 171





Target sector by value - Asia and Asia Pacific deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 235,737 208,665 177,167


Construction 57,162 65,262 50,588


Banks 60,056 78,333 41,455




Transport 20,353 19,587 16,897






Primary sector 15,592 19,392 7,619



Wood, cork, paper 3,010 2,982 3,122


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Asia and Asia Pacific private equity deals by volume and value


H1 2019 2,382 85,401

H2 2018 2,824 106,567

H1 2018 2,840 100,074

H2 2017 2,661 124,751

H1 2017 2,431 81,977

H2 2016 2,674 56,264

H1 2016 2,449 60,316

H2 2015 2,788 57,920

H1 2015 2,296 52,839

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Top 20 Asia and Asia Pacific private equity deals by value



1. 15,000 Minority stake 37% Tzar Aerospace Research Labs Pvt Ltd IN Dreamvision Overseas Pte Ltd 14/05/2019

2. 3,050 IBO 100% Healthscope Ltd AU Brookfield Capital Partners Ltd 01/02/2019

3. 2,384 Capital Increase Shanxi Gas Group Co., Ltd CN China Development Bank Capital Corporation Ltd 20/02/2019

4. 2,299 Acquisition 100% Vodafone New Zealand Ltd NZ Brookfield Asset Management Inc. 14/04/2019

5. 1,806 Minority stake 45% GMR Airports Ltd IN SSG Capital Management Ltd 27/03/2019

6. 1,645 Acquisition 100% Navitas Ltd AU BGH Capital Pty Ltd 21/03/2019

7. 1,500 Minority stake and 17% Guazi.com Inc.; Gold Maodou Technology Development (Beijing) Co., Ltd CN; CN 28/02/2019

8. 1,476 Capital increase 78%, to hold 100% Hefei Zhongwen Jintai Semiconductor Investment Co., Ltd CN Shanghai Pengxin Asset Management Co., Ltd; Wuxi Guolian Industrial Investment Co., Ltd

14/02/2019

9. 1,340 IBO majority stake Dinghao Plaza CN Partners Group Holding AG 28/03/2019

10. 1,200 IBO 100% Linde Korea Co., Ltd KR IMM Private Equity Inc. 07/03/2019

11. 1,161 IBO 80% Lotte Card Co., Ltd KR MBK Partners HK Ltd 24/05/2019

12. 1,062 IBO 100% Sydney CBD Office Towers AU The Blackstone Group LP 27/06/2019

13. 1,000 IBO 100% AYUMI Pharmaceutical Corporation JP The Blackstone Group LP 15/03/2019

14. 1,000 IBO 100% Godiva Chocolatier Inc.'s retail and distribution business in Japan, New Zealand, South Korea and Australia; among other international assets

JP; NZ; KR; AU

MBK Partners HK Ltd 20/02/2019

15. 949 MBO 24% to 93% Geo-Young Corporation KR The Blackstone Group LP 29/04/2019

16. 868 IBO 100% Seoul Square KR ARA Korea Ltd 28/02/2019

17. 754 IBO 100% Aoyama Building JP Gaw Capital Advisors Ltd 04/04/2019

18. 750 Minority stake Megvii Technology Ltd CN Bank of China Group Investment Ltd; Macquarie Group Ltd; ICBC Asset Management (Global) Co., Ltd

08/05/2019

19. 744 Acquisition 25% to 100% DP World Australia (Holding) Pty Ltd AU Corsair Infrastructure Partners LP 22/01/2019

20. 678 Minority stake 9% SBI Life Insurance Co., Ltd IN Carlyle Group LP 01/03/2019

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


China 1,762 1,460 1,084

Japan 357 394 413

India 292 301 267

South Korea 127 246 252


Australia 88 125 102

Indonesia 14 29 38

Malaysia 23 21 28

Hong Kong 28 44 21

Vietnam 19 25 20

New Zealand 11 24 17

Taiwan 12 14 9

Thailand 4 12 9

Philippines 4 1 6

Myanmar/Burma 2 8 5

Cambodia 0 2 3

Kazakhstan 2 2 2

Pakistan 0 1 2

Azerbaijan 0 0 1

Sri Lanka 0 1 1

Bangladesh 1 0 1

Brunei Darussalam 0 0 1

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


H2 2018 (mil USD)

H1 2019 (mil USD)

China 70,973 47,986 32,731

India 4,816 12,638 24,263

South Korea 7,481 9,463 10,371

Australia 8,191 14,924 8,838

Japan 1,613 1,421 6,190

New Zealand 43 2,446 3,352

Singapore 1,557 8,604 2,032

Hong Kong 1,836 4,952 766

Indonesia 1,545 172 423

Malaysia 609 228 386

Taiwan 432 3,043 302

Vietnam 1,047 575 125

Philippines 67 215 37

Thailand 241 26 18

Myanmar/Burma 5 6 8

Pakistan 0 1 6

Cambodia 0 2 5

Sri Lanka 0 12 4

Bangladesh 30 0 4

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















Transport 9 18 8





Banks 4 0 0

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


H2 2018 (mil USD)

H1 2019 (mil USD)

Other services 51,724 58,711 48,549






Post and telecommunications 135 31 2,636


Transport 304 3,780 1,322

Insurance companies 129 1,083 1,217


Metals & metal products 437 1,366 754


Primary sector 2,977 577 238


Gas, water, electricity 270 4,105 98



Banks 744 0 0

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Global M&A Review H1 2019MENA


Value hits record high for MENA in H1 2019

The value of M&A targeting companies based in the Middle East and North Africa (MENA) surged in H1 2019 to the highest on record due to the announcement of the region’s largest-ever deal, which, at USD 69,100 million, was also the second-biggest globally in H1 2019.

In all, 220 MENA deals worth USD 97,627 million were announced over the six months, compared to 294 deals totalling USD 19,959 million in H2 2018. This underscores the fact that value was driven by individual deals with high values, rather than by prolific dealmaking, especially considering volume was at the lowest level recorded since H2 2004 (95 deals) and represents the sixth consecutive half-yearly decline.

MENA deals by volume and value


H1 2019 220 97,627

H2 2018 294 19,959

H1 2018 307 19,388

H2 2017 315 19,567

H1 2017 324 18,638

H2 2016 352 34,006

H1 2016 375 25,000

H2 2015 364 13,016

H1 2015 339 11,262

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Saudi Arabian deal drives value for MENA

Out of the top 20 recorded deals in H1 2019, only one deal surpassed USD 50,000 million. This deal involved Saudi Arabia’s Saudi Arabian Oil agreeing to buy a 70 per cent stake in fertilisers and organic basic chemicals manufacturer Saudi Basic Industries for USD 69,100 million. The deal accounted for 71 per cent of total MENA value in H1 2019 and was also the second-largest deal signed off gloablly in the opening six months of 2019.

Although no other M&A deal came close to matching the largest of H1, the remaining five of the top six deals exceeded USD 1,000 million. The second-largest saw Kuwait Finance House agree to purchase Bahrain-based Ahli United Bank for USD 6,724 million.

International investors featured in the top deals for MENA in H1 2019, as Italy’s Eni and Austria-based OMV agreed to acquire a 35 per cent stake in Abu Dhabi Oil Refining for USD 5,800 million, in the third-largest deal to have been announced during the six months under review.

Oil and gas companies featured prominently in H1 2019, as other targets included Brooge Petroleum and Gas Investment and Saudi Aramco Shell Refinery Company.

Egypt and Saudi Arabia top volume and value in H1 2019

Egypt led the way by volume for MENA target countries in H1 2019 with 55 deals, a decline from 80 deals in H2 2018 and 72 in H1 2018. Similarly, the volume of deals targeting the UAE was also down over the half-yearly period, as 66 deals were recorded in H2 2018, compared to 51 in H1 2019. Other countries included Saudi Arabia (34), Kuwait (28) and Jordan (17).

Predictably, given the Saudi Basic Industries deal, Saudi Arabia topped the list for MENA target countries in terms of value with USD 70,875 million, which represented the third consecutive half-yearly increase (H1 2018: USD 2,719 million; H2 2018: USD 8,312 million). The next target country was the UAE with USD 16,441 million-worth of deals, up from USD 5,470 million in H2 2018 and USD 9,985 million in H1 2018.

MENA PE value and volume increases in H1 2019

The volume of PE and VC investment in MENA increased in H1 2019 to 41 deals, from 36 deals in H2 2018. However, volume was slightly down year-on-year (H1 2018: 48 deals).

PE and VC value also increased in H1 2019 to USD 1,156 million, from USD 1,277 million in H2 2018 and reresents the highest value recorded since H2 2017 (USD 2,885 million).

Value was largely driven by two deals worth over USD 300 million in H1 2019. The largest of these involved Ripplewood Holdings, via Olayan Saudi Investment and RAM Holdings, agreeing to buy a 5 per cent stake in Saudi Arabia’s Banque Saudi Fransi for USD 496 million.

The second-largest deal of H1 saw Shuaa Capital agreeing to take over Abu Dhabi Financial in a reverse merger aimed at creating a regional financial services powerhouse with some USD 12,800 million in assets under management.

The top 20 deals featured investments in a variety of different industries, including digital technology, which saw companies such as Sary and Alifca targeted, to name but a few.

Construction leads sector rankings by volume

Construction topped the sector rankings in terms of volume for H1 2019, with 18 deals, a slight decline from the 19 deals recorded in H2 2018. Chemicals, rubber and plastics headed the list in terms of value with USD 75,869 million, a significant increase on H2 2018 (USD 2,197 million).

The banking sector placed second by value as the USD 13,423 million recorded over the six months was supported by deals for Union National Bank, Banque Saudi Fransi, Gulf Bank, Boubyan Bank, Ithmaar Holding and Al Hilal Bank.

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Top 20 MENA deals by value



Announced date

1. 69,100 Acquisition 70% Saudi Basic Industries Corporation SJSC SA Saudi Arabian Oil Company SA 27/03/2019

2. 6,724 Acquisition 100% Ahli United Bank BSC BH Kuwait Finance House KSC KW 24/01/2019

3. 5,800 Minority stake 35% Abu Dhabi Oil Refining Company AE Eni SpA; OMV AG IT; AT 27/01/2019

4. 3,987 Acquisition 100% Union National Bank AE Abu Dhabi Commercial Bank AE 29/01/2019

5. 3,100 Acquisition 100% Careem Networks FZ LLC AE Uber Technologies Inc. US 26/03/2019

6. 1,006 Acquisition 100% Brooge Petroleum and Gas Investment Company FZC AE Twelve Seas Investment Company GB 15/04/2019

7. 635 Minority stake 10% Emirates Integrated Telecommunications Company PJSC AE Emirates Investment Authority AE 13/06/2019

8. 631 Acquisition 50% to 100% Saudi Aramco Shell Refinery Company SA Saudi Arabian Oil Company SA 21/04/2019

9. 496 Minority stake 5% Banque Saudi Fransi SA Olayan Saudi Investment Company; RAM Holdings I Ltd SA; AE 15/03/2019

10. 467 Minority stake 17% to 33% Gulf Bank KSC KW Alghanim Trading Co SPC KW 31/01/2019

11. 433 Capital Increase 13% Boubyan Bank KSC KW 20/02/2019

12. 400 Capital Increase Utico FZC AE Majis Industrial Services SAOC OM 15/01/2019

13. 380 Acquisition 100% Abu Dhabi Financial Group LLC AE Shuaa Capital PSC AE 26/06/2019

14. 313 Capital Increase 23% Kuwait Projects Company Holding KSCP KW 31/01/2019

15. 300 Capital Increase 35% Ithmaar Holding BSC BH Undisclosed shareholder 17/03/2019

16. 300 Minority stake 3% ADNOC Oil Pipelines – Sole Proprietorship LLC AE Abu Dhabi Retirement Pensions and Benefits Fund AE 14/04/2019

17. 286 Acquisition 100% Al Hilal Bank PJSC AE Abu Dhabi Commercial Bank AE 29/01/2019

18. 262 Minority stake 7% to 17% Gulf Bank KSC KW Alghanim Trading Co SPC KW 31/01/2019

19. 188 Minority stake 6% Gulf Bank KSC KW Mr Omar Qutaiba Yusuf Ahmed El Ghanim 10/03/2019

20. 177 Minority stake 30% to 36% Qatar Gas Transport Company Ltd QA Qatar Shipping Company QSC QA 04/02/2019

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Target country by volume - MENA deals


Egypt 72 80 55

UAE 87 66 51

Saudi Arabia 27 25 34

Kuwait 12 35 28

Jordan 33 33 17

Oman 23 22 16

Bahrain 4 5 7

Morocco 20 8 6

Iran 7 5 3

Qatar 3 3 2

Tunisia 10 5 1

Lebanon 6 3 1

Palestine 0 0 0

Syria 1 0 0

Yemen 0 0 0

Algeria 2 3 0

Iraq 0 1 0

Libya 1 0 0

Target country by value - MENA deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Saudi Arabia 2,719 8,312 70,875

UAE 9,985 5,470 16,441

Bahrain 164 123 7,064

Kuwait 814 1,562 2,067

Egypt 1,889 2,210 507

Qatar 424 59 298

Morocco 1,450 190 161

Jordan 259 651 129

Oman 714 616 60

Iran 592 564 15

Tunisia 35 198 10

Palestine 0 0 0

Libya 450 0 0

Syria 0 0 0

Yemen 0 0 0

Algeria 0 0 0

Iraq 0 0 0

Lebanon 215 4 0

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Target sector by volume - MENA deals


Other services 92 99 75


Banks 12 22 17






Transport 13 6 10











Target sector by value - MENA deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Chemicals, rubber, plastics 577 2,197 75,869

Banks 7,074 8,285 13,423


Wholesale & retail trade 131 573 1,231




Primary sector 2,673 1,410 247


Insurance companies 1,245 197 129

Food, beverages, tobacco 1,121 487 129


Transport 630 47 82






Public administration and defence 1,000 0 0

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MENA private equity deals by volume and value


H1 2019 41 1,156

H2 2018 36 1,277

H1 2018 48 612

H2 2017 44 2,885

H1 2017 32 209

H2 2016 44 914

H1 2016 55 779

H2 2015 53 2,101

H1 2015 32 1,241

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Top 20 MENA private equity deals by value



1. 496 Minority stake 5% Banque Saudi Fransi SA Ripplewood Holdings LLC 15/03/2019

2. 380 Acquisition 100% Abu Dhabi Financial Group LLC AE 26/06/2019

3. 136 Minority stake Al-Muhaidib Dental Group SA 20/03/2019

4. 65 Minority stake Yellow Door Energy AE The International Finance Corporation; Arab Petroleum Investments Corporation; Adenium Energy Capital Ltd 28/01/2019

5. 30 Minority stake Alifca DMCC AE Endeavor Global Inc.; StonePine ACE Partners Ltd 08/04/2019

6. 10 Minority stake Jamalon Co Ltd JO 500 Startups Management Company LLC; Wamda Capital Partners Ltd; Endeavor Global Inc.; Anova Investments Co Ltd

19/03/2019

7. 8 Minority stake yallacompare FZ LLC AE Iris Capital Management SAS; Wamda Capital Partners Ltd 06/01/2019

8. 6 Minority stake Tenderd AE Dynamo VC Administradora de Recursos Ltda; Y Combinator Management LLC; BECO Capital Investments LLC; Global Founders Capital Management GmbH; Soma Capital LLC; Venture Souq

11/06/2019

9. 5 Minority stake Tarjama FZ LLC AE Anova Investments 18/03/2019

10. 3 Minority stake Cofe District KW The Arab Investment Company SAA; KISP Ventures; Cedar Mundi Ventures; Towell International Holding; Dividend Gate Capital BSC

13/02/2019

11. 3 Minority stake Sary SA 28/04/2019

12. 2 Minority stake Searchie and Searchie DMCC AE 29/04/2019

13. 2 Minority stake Nalbes Ltd KW 22/02/2019

14. 2 Minority stake InternsME DMCC AE Aloshban and Alnamlah Family Groups 07/04/2019

15. 2 Minority stake Red Sea Farms SA King Abdullah University of Science and Technology; RPD Innovations 15/05/2019

16. 2 Minority stake Interactive Gyms Company for Information Technology SA Saudi Aramco Entrepreneurship Center Company Ltd 12/02/2019

17. 1 Minority stake Zbooni DMCC AE Michel Chalhoub Trading Co. LLC; B&Y Venture Partners 19/06/2019

18. 1 Minority stake PointCheckout Holding Company Ltd AE 500 Startups Management Company LLC; Dubai Angel Investors Ltd; Hala Ventures 10/04/2019

19. 1 Minority stake Trella Ltd EG Global Venture Capital Inc.; Algebra Ventures 24/02/2019

20. 1 Minority stake Wimo FZCO AE Dubai Angel Investors Ltd 20/01/2019

21. 1 Minority stake Orcas Solutions Ltd EG Algebra Ventures; NFX Guild 20/01/2019

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Target country by volume - MENA private equity deals


UAE 22 20 18

Saudi Arabia 5 2 10

Egypt 9 6 7

Bahrain 0 0 3

Kuwait 0 2 2

Morocco 4 3 1

Jordan 4 2 1

Oman 0 0 0

Qatar 0 0 0

Palestine 0 0 0

Libya 0 0 0

Tunisia 2 0 0

Yemen 0 0 0

Algeria 0 0 0

Iran 0 0 0

Iraq 0 0 0

Lebanon 2 1 0

Syria 0 0 0

Target country by value - MENA private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Saudi Arabia 296 167 638

UAE 62 916 501

Jordan 3 25 10

Kuwait 0 2 5

Egypt 98 33 2

Palestine 0 0 0

Oman 0 0 0

Qatar 0 0 0

Libya 0 0 0

Morocco 93 130 0

Tunisia 0 0 0

Yemen 0 0 0

Algeria 0 0 0

Bahrain 0 0 0

Iraq 0 0 0

Lebanon 61 4 0

Iran 0 0 0

Syria 0 0 0

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Target sectors by volume - MENA private equity deals









Banks 1 0 1





Construction 3 1 0






Transport 0 0 0

Target sectors by value - MENA private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Banks 60 0 496






Transport 0 0 0













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Global M&A Review H1 2019CEE/Russia


CEE volume and value decline in H1 2019

The volume and value of M&A deals targeting companies based in Central and Eastern Europe (CEE) declined in the first half of 2019 as 2,273 deals worth a combined USD 57,730 million were announced during the six months. The result represents a drop from the 3,177 deals worth USD 78,483 million signed off during H2 2018, while it is also down from H1 2018’s 4,655 deals worth USD 68,505 million.

In terms of value, the result represents the lowest showing since H1 2017’s USD 45,140 million, while the last time volume plumbed such depths was in H1 2005 (2,210).

The disappointing result can be partially attributed to a dearth of high value deals in the region as no single deal exceeded USD 10,000 million during the six months under review. The largest of all was worth USD 9,085 million and it was one of only two worth in excess of USD 5,000 million.

Russia/CEE deals by volume and value


H1 2019 2,273 57,730

H2 2018 3,177 78,483

H1 2018 4,655 68,505

H2 2017 4,649 62,831

H1 2017 4,793 45,140

H2 2016 4,326 91,285

H1 2016 5,249 44,708

H2 2015 4,512 87,120

H1 2015 4,853 56,926

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Russian company targeted in top deal

The largest deal to have been announced in the CEE region in the first half of 2019 was worth USD 9,085 million and involved Aktivium Holding picking up a 28 per cent stake in Gorno-Metallurgicheskaya Kompaniya Norilskii Nikel.

This was followed by a USD 7,604 million private placing of stock by Russia-based Atomnyi Energopromyshlennyi Kompleks to Gosudarstvennaya Korporatsiya po Atomnoi Energii Rosatom. No other deal surpassed USD 5,000 million during the six months, although 11 were worth in excess of USD 1,000 million.

The largest deal with a non-Russian target placed fifth overall as Allianz Capital Partners and Macquarie Infrastructure and Real Assets Europe agreed to increase their combined stake in Czech Republic-based Innogy Grid Holding from 50 per cent to 100 per cent for USD 2,007 million.

Russia tops country rankings by volume and value

Given that Russian companies were targeted in 15 of the top 20 deals announced in H1 2019, including all of the top four, it is unsurprising to see the country lead the way by both volume and value in the first half of the year. In all, Russian companies were targeted in 796 deals worth an aggregate USD 43,732 million.

In terms of volume, this placed it ahead of second-placed Poland (775 deals), while Romania was some way behind in third with 283.

The distance between first and second was much greater by value as second-placed Poland was targeted in deals worth a combined USD 3,567 million. Czech Republic and Bulgaria came next, with USD 2,902 million and USD 2,704 million, respectively. Only one other country broke the USD 1,000 million-barrier as Hungary attracted value of USD 1,082 million.

CEE PE and VC value climbs in H1, despite volume declining

There were 122 PE and VC deals worth a combined USD 4,558 million targeting CEE companies announced in H1 2019. In terms of volume, this represents a decline on the 197 deals announced in H2 2018. Despite this, value actually increased over the same timeframe, climbing 58 per cent from USD 2,878 million.

The result was boosted considerably by a single deal – the aforementioned USD 2,007 million buyout in which Allianz and Macquarie upped their combined holding in Innogy Grid Holding from 50 per cent to 100 per cent. This deal alone accounted for 44 per cent of total PE and VC value during the period under review.

One other PE and VC deal announced in H1 was worth over USD 1,000 million as multiple investors, including IFM Investors and Polski Fundusz Rozwoju, paid USD 1,700 million to acquire Polish container terminal operator DCT Gdansk.

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Top 20 Russia/CEE deals by value



Announced date

1. 9,085 Minority stake 28% Gorno-Metallurgicheskaya Kompaniya Norilskii Nikel PAO RU Aktivium Holding BV NL 31/01/2019

2. 7,604 Capital Increase Atomnyi Energopromyshlennyi Kompleks AO RU Gosudarstvennaya Korporatsiya po Atomnoi Energii Rosatom RU 12/02/2019

3. 4,187 Minority stake 3% Novolipetskii Metallurgicheskii Kombinat PAO RU Goldman Sachs International GB 27/06/2019

4. 2,550 Minority stake 10% Arktik SPG 2 OOO RU Total SA FR 05/03/2019

5. 2,007 IBO 50% to 100% Innogy Grid Holding AS CZ Allianz Capital Partners GmbH; Macquarie Infrastructure and Real Assets (Europe) Ltd DE; GB 29/04/2019

6. 1,882 Minority stake Petroleo Brasileiro SA BG 10/06/2019

7. 1,700 Acquisition 100% DCT Gdansk SA PL PSA International Pte Ltd; IFM Global Infrastructure Fund; Polski Fundusz Rozwoju SA SG; GB; PL 19/03/2019

8. 1,288 Acquisition 84% Raspadskaya PAO RU Evraz plc GB 22/04/2019

9. 1,168 Minority stake 19% MegaFon PAO RU 05/03/2019

10. 1,160 Acquisition 71% to 99% KEKh eKommerts OOO RU OLX BV NL 25/01/2019

11. 1,005 Acquisition 50% Novorossiiskii Morskoi Torgovyi Port PAO RU 21/01/2019

12. 706 Acquisition 86% to 97% Tomskaya Energosbytovaya Kompaniya PAO RU Inter RAO EES PAO RU 20/02/2019

13. 704 Acquisition 75% to 100% Sazka Group AS CZ KKCG AS CZ 14/03/2019

14. 612 Acquisition to 100% Bank Dom.Rf AO RU Dom.RF AO RU 04/06/2019

15. 574 Acquisition 100% Abanka dd SI Nova Kreditna Banka Maribor dd SI 20/06/2019

16. 556 Acquisition to 100% Renova OOO RU Mr Viktor Vekselberg RU 20/03/2019

17. 551 Minority stake 2% Gorno-Metallurgicheskaya Kompaniya Norilskii Nikel PAO RU Investors US 13/03/2019

18. 530 Acquisition 87% to 100% Uralkalii PAO RU Rinsoco Trading Co Ltd CY 02/04/2019

19. 528 Capital Increase 2% Rossiiskie Zheleznye Dorogi OAO RU 31/01/2019

20. 512 Acquisition 100% Nitrokhimprom OOO RU Sibirskaya Ugolnaya Energeticheskaya Kompaniya AO RU 05/04/2019

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Target country by volume - Russia/CEE deals


Russia 953 905 796

Poland 1,578 1,020 775

Romania 268 303 283

Estonia 138 102 83

Czech Republic 569 191 58

Ukraine 485 202 57

Hungary 118 85 53

Bosnia 49 48 45

Serbia 60 49 45

Bulgaria 64 80 27

Latvia 129 30 9

Croatia 56 33 8

Belarus 79 25 8

Macedonia 11 6 7

Slovenia 30 34 6

Slovakia 23 13 5

Moldova 30 29 5

Lithuania 21 19 3

Montenegro 7 4 2

Albania 5 8 2

Kosovo 2 1 0

Target country by value - Russia/CEE deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Russia 27,821 58,424 43,732

Poland 5,939 8,818 3,567

Czech Republic 24,750 295 2,902

Bulgaria 3,767 3,867 2,704

Hungary 24,602 1,048 1,082

Romania 22,297 1,938 901

Slovenia 624 554 835

Latvia 273 382 541

Estonia 1,101 48 487

Serbia 3,491 846 338

Ukraine 3,191 450 209

Moldova 19 29 107

Bosnia 85 24 103

Belarus 44 137 82

Macedonia 47 3 67

Montenegro 3,323 242 50

Croatia 659 177 17

Slovakia 870 178 5

Lithuania 342 1,221 0

Kosovo 18 0 0

Albania 34 185 0

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Target sector by volume - Russia/CEE deals


Other services 1,394 1,019 629

Banks 190 193 241











Transport 109 72 57







Target sector by value - Russia/CEE deals


H2 2018 (mil USD)

H1 2019 (mil USD)



Primary sector 1,162 43,112 7,068

Other services 27,707 9,436 6,069

Banks 5,797 6,151 4,139

Transport 1,064 941 3,617



Chemicals, rubber, plastics 4,169 715 1,771



Food, beverages, tobacco 4,493 1,354 751

Construction 1,274 805 249







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Russia/CEE private equity deals by volume and value


H1 2019 122 4,558

H2 2018 197 2,878

H1 2018 242 6,952

H2 2017 256 2,945

H1 2017 229 7,039

H2 2016 262 4,293

H1 2016 233 2,286

H2 2015 240 8,552

H1 2015 288 1,618

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Russia/CEE private equity deals by volume and value

0

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100

150

200

250

300

350

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1,000

2,000

3,000

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H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019

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Top 20 Russia/CEE private equity deals by value



1. 2,007 IBO 50% to 100% Innogy Grid Holding AS CZ Allianz Capital Partners GmbH; Macquarie Infrastructure and Real Assets (Europe) Ltd 29/04/2019

2. 1,700 Acquisition 100% DCT Gdansk SA PL IFM Investors Pty Ltd; Polski Fundusz Rozwoju SA 19/03/2019

3. 490 IBO 100% Protokon Manufacturing Developing and Trading LLC, among other international assets

HU KPS Capital Partners LP 06/05/2019

4. 126 IBO 51% Kiwi.com SRO CZ General Atlantic Service Company LP 03/06/2019

5. 50 Minority stake 10% Upravlyayushchaya Kompaniya Intergeo OOO RU RCIF Asset Management Ltd 14/03/2019

6. 40 IBO 63% to 91% ABC Data SA PL MCI Capital Towarzystwo Funduszy Inwestycyjnych SA 05/03/2019

7. 20 Minority stake Bitrise Inc. HU 12/06/2019

8. 16 Minority stake Twisto Payments AS CZ Velocity Capital BV; Finch Capital Partners BV 09/05/2019

9. 15 Minority stake Vili OOO RU Concentric Team LLP; ADRU 26/04/2019

10. 10 Minority stake Karrensi Kom Bel OOO BY VP Capital; Larnabel Ventures OOO 15/01/2019

11. 10 Minority stake Packhelp Sp zoo PL White Star Capital LP; PROfounders Capital Partners LLP; Market One Capital; SpeedInvest GmbH 18/03/2019

12. 8 Minority stake Instamart OOO RU 01/04/2019

13. 6 Minority stake Codecool Kft HU PortfoLion Kockazati Tokealap-kezelo Zrt; Lead Ventures Alapkezelo Zrt 21/02/2019

14. 6 Minority stake SDA Sp zoo PL ARIA Fund SA 06/03/2019

15. 5 Minority stake 13% Nauchno-Proizvodstvennyi Innovatsionnyi Vnedrencheskii Tsentr OOO

RU Rossiiskaya Venchurnaya Kompaniya AO 11/02/2019

16. 4 Minority stake Roistat RU iTech Capital; Skolkovo-Venchurnye Investitsii OOO 04/02/2019

17. 4 Minority stake Custom Sp zoo PL TDJ-Pitango Ventures Advisory Sp zoo 23/01/2019

18. 4 Minority stake Infermedica Sp zoo PL DreamIt Ventures LLC; Inovo Sp zoo; Karma Ventures OU 05/06/2019

19. 3 Minority stake 30% Sidorin Lab OOO RU 07/03/2019

20. 3 Minority stake Brend Kvad OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov

01/03/2019

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Target country by volume - Russia/CEE private equity deals


Hungary 69 52 47

Russian Federation 108 69 34

Poland 27 32 24

Czech Republic 8 9 5

Romania 5 4 3

Belarus 1 3 2

Estonia 6 9 2

Croatia 2 1 2

Serbia 4 0 1

Slovakia 1 0 1

Ukraine 3 3 1

Macedonia 0 0 0

Lithuania 5 3 0

Montenegro 2 0 0

Moldova 0 1 0

Slovenia 0 1 0

Albania 1 0 0

Bosnia and Herzegovina 0 0 0

Bulgaria 2 9 0

Latvia 2 1 0

Kosovo 0 0 0

Target country by value - Russia/CEE private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Czech Republic 2,200 3 2,149

Poland 520 1,017 1,769

Hungary 3,345 23 524

Russia 142 123 101

Belarus 2 12 10

Romania 37 494 3

Slovakia 0 0 2

Estonia 484 38 0

Ukraine 0 0 0

Serbia 3,286 0 0

Lithuania 3 1,137 0

Macedonia 0 0 0

Montenegro 3,286 0 0

Moldova 0 27 0

Slovenia 0 0 0

Croatia 0 0 0

Albania 0 0 0

Bosnia 0 0 0

Bulgaria 3,502 4 0

Latvia 2 0 0

Kosovo 0 0 0

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Target sectors by volume - Russia/CEE private equity deals












Transport 1 1 1





Construction 1 1 0


Banks 1 4 0


Target sectors by value - Russia/CEE private equity deals


H2 2018 (mil USD)

H1 2019 (mil USD)

Gas, water, electricity 270 0 2,007

Transport 35 1 1,700


Other services 671 1,254 262






Chemicals, rubber, plastics 2,200 20 0







Banks 0 1,164 0

Post and telecommunications 3,429 28 0


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Zephyr Half Year M&A Report

Notes to editors

Activity is based on the activity of the target company.

Deal status is announced within the time period.

The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr.

The date range for H1 2019 is deals announced between 01/01/2019 - 30/06/2019 inclusive.

The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the UK.

The Asia and Asia Pacific region covers target companies based in the Far East, Southeast Asia, Central Asia and Oceania.

The MENA region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel.

The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.

Advisor league tables are based on advisors advising any party in the deal i.e. acquiror, target or vendor.

Where deals have multiple targets the sector and region of each target is represented in the data.

All deal types are included except joint ventures, IPOs, planned IPOs and share buybacks.

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than 1.9 million deals.

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Zephyr Half Year M&A Report

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