global m&a review q3 2019 - bureau van dijk€¦ · signed off in q2 2019, while value slipped...

Global M&A Review Q3 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 Q3 2019Global

Page 1 © Bureau van Dijk

The following report details mergers and acquisitions activity in Q3 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 0

Section 3: North America Page 31

Section 4: Asia/Asia Pacific Page 41

Section 5: Russia/CEE Page 53

Global M&A volume and value both decline in Q3 2019

Both the volume and aggregate value of mergers and acquisitions (M&A) announced worldwide declined during the third quarter of 2019. In all, 21,215 deals worth a combined USD 925,019 million were announced during the three months under review. In terms of volume, this represents a 30 per cent decline on the 30,150 deals signed off in Q2 2019, while value slipped 37 per cent from USD 1,476,021 million over the same timeframe.

The same pattern was evident in a year-on-year comparison, albeit to a lesser extent; in Q3 2018, there were 26,001 deals worth a combined USD 1,215,153 million announced worldwide.

In terms of both volume and value, Q3 2019’s result is the lowest since Q1 2013, when 20,931 deals worth a combined USD 741,114 million were announced.

Global deals by volume and value

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

Q3 2019 21,215 925,019

Q2 2019 30,150 1,476,021

Q1 2019 31,171 1,341,753

Q4 2018 37,003 1,395,649

Q3 2018 26,001 1,215,153

Q2 2018 28,202 1,547,864

Q1 2018 27,426 1,532,577

Q4 2017 28,818 1,329,227

Q3 2017 26,067 1,123,787


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Combining deal and company dataWelcome to the business of certainty.

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

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http://www.bvdinfo.com/BvD/media/reports/GlobalQ32019.xls

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Global deals by volume and value

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PE and VC activity follows same pattern as M&A

In keeping with the trends detected across M&A activity during the third quarter of 2019, both the volume and value of global private equity and venture capital (PE and VC) activity declined during the period under review as 6,239 such deals worth USD 179,281 million were announced. This represents a drop from Q2 2019’s 6,471 at USD 270,336 million and the USD 198,461 million invested across 6,472 deals in Q3 2018.

The decline comes despite all of the quarter’s top 20 deals breaking the USD 1,000 million-barrier and the largest of all being worth in excess of USD 8,000 million. That deal took the form of an institutional buyout as Brookfield Infrastructure Partners, through its DJP XX vehicle, agreed to pick up US short line railroad holding company Genesee & Wyoming for USD 8,400 million.

This was worth considerably more than the second-placed transaction – a USD 4,994 million acquisition of UK-based aerospace communication systems manufacturer Cobham by AI Convoy Bidco, a vehicle formed by Advent International, GSO Capital Partners and Blackstone.

European targets feature in quarter’s two largest deals

The most valuable transaction to have been announced during the third quarter of 2019 was worth USD 27,000 million and featured a UK target as the London Stock Exchange Group agreed to acquire Refinitiv in early August. This was followed by another deal with a Western European target as Pfizer, via newly created company Upjohn, unveiled a planned purchase of Dutch pharmaceuticals maker Mylan for USD 22,500 million.

In all, six deals announced during Q3 were worth in excess of USD 10,000 million, while the top 20 all broke the USD 4,500 million-barrier.

The most valuable deal outside Western Europe placed third overall and took the form of an asset sale as US biopharmaceuticals maker Celgene agreed to divest its OTEZLA assets to Amgen for USD 13,400 million.

Other deals worth over USD 10,000 million featured targets based in the US and Australia, such as Viacom, CUB and the enterprise business of Symantec.

US tops country rankings

The US once again topped the country rankings by both volume and value during Q3, having been targeted in 4,579 deals with a combined value of USD 216,931 million.

In terms of value, it was followed by China, with USD 132,933 million, while the UK came next with USD 92,736 million. The same two countries placed second and third by volume, with 3,802 and 1,543 deals, respectively.

The US featured in five of the quarter’s top 20 deals by value, while China was targeted in two and the UK in four, meaning it is perhaps unsurprising to see the three at the top of the country rankings for Q3.

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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. 27,000 Acquisition 100% Refinitiv Ltd GB London Stock Exchange Group plc GB 01/08/2019

2. 22,500 Acquisition 100% Mylan NV NL Upjohn Inc. US 29/07/2019

3. 13,400 Acquisition 100% Celgene Corporation's OTEZLA assets Amgen Inc. US 26/08/2019

4. 11,570 Acquisition 100% Viacom Inc. US CBS Corporation US 13/08/2019

5. 11,291 Acquisition 100% CUB Pty Ltd AU Asahi Group Holdings Ltd JP 19/07/2019

6. 10,700 Acquisition 100% Symantec Corporation’s enterprise business US Broadcom Inc. US 08/08/2019

7. 9,531 Minority stake 3% Industrial and Commercial Bank of China Ltd CN National Council of Social Security Fund CN 25/09/2019

8. 8,400 IBO 100% Genesee & Wyoming Inc. US Brookfield Infrastructure Partners LP,; GIC Pte Ltd via acquisition vehicle DJP XX LLC

US 01/07/2019

9. 7,600 Acquisition 100% Bayer AG's animal health business DE Elanco Animal Health Inc. US 20/08/2019

10. 6,692 Minority stake 4% Agricultural Bank of China Ltd CN National Council of Social Security Fund CN 25/09/2019

11. 6,224 Acquisition 55% Almacenes Exito SA CO Sendas Distribuidora SA BR 12/09/2019

12. 6,108 Acquisition 100% Just Eat plc GB Takeaway.com NV NL 05/08/2019

13. 6,095 Acquisition 77% GrandVision NV NL EssilorLuxottica SA FR 31/07/2019

14. 5,600 Acquisition BP Exploration (Alaska) Inc.; Alyeska Pipeline Service Company; Point Thomson Export Pipeline; Milne Point Pipeline LLC; Prince William Sound Oil Spill Response Corporation

US; US; US; US; US

Hilcorp Alaska LLC US 27/08/2019

15. 5,592 Acquisition 100% Greene King plc GB CK Noble (UK) Ltd GB 19/08/2019

16. 5,100 Acquisition 100% SemGroup Corporation US Energy Transfer LP US 16/09/2019

17. 4,994 IBO 100% Cobham plc GB Advent International Corporation, GSO Capital Partners LP, Blackstone Tactical Opportunities Advisors LLC and The Blackstone Group Inc, via acquisition vehicle AI Convoy Bidco Ltd

GB 25/07/2019

18. 4,927 Acquisition 100% Bid 2- Increased bid

Osram Licht AG DE ams AG, via acquisition vehicle Opal BidCo GmbH DE 27/09/2019

19. 4,671 Acquisition 100% Tesco Personal Finance plc's mortgages portfolio HBOS plc GB 03/09/2019

20. 4,666 IBO 100% Dream Global Real Estate Investment Trust CA The Blackstone Group Inc. US 15/09/2019

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Target country by volume - global deals

Target country Q3 2018 Q2 2019 Q3 2019

US 4,634 10,559 4,579

China 4,470 4,301 3,802

UK 1,574 1,903 1,543

Australia 1,269 1,151 1,084

Japan 997 1,081 1,030

France 979 1,010 723

South Korea 631 668 653

Germany 1,619 908 636

India 669 723 591

Canada 803 652 574

Spain 720 654 571

Netherlands 634 612 451

Italy 485 368 427

Vietnam 413 538 394

Singapore 288 271 287

Russia 436 371 259

Sweden 541 422 255

Indonesia 180 241 227

Taiwan 221 296 215

Malaysia 208 241 210

Target country by value - global deals

Target country Q3 2018 (mil USD)

Q2 2019 (mil USD)

Q3 2019 (mil USD)

US 352,959 670,186 216,931

China 185,963 168,608 132,933

UK 124,440 63,041 92,736

Germany 55,008 46,944 52,559

Netherlands 22,945 23,326 43,511

France 33,559 52,413 41,621

Australia 43,499 21,779 37,864

India 23,312 38,972 29,831

Japan 28,376 24,499 27,668

Canada 38,109 27,811 25,829

Thailand 2,056 3,520 15,178

Brazil 10,575 21,587 13,500

Cayman Islands 20,145 25,947 12,205

South Korea 14,660 20,762 11,998

Taiwan 6,803 9,008 9,666

Italy 20,593 11,898 8,879

Singapore 5,706 6,342 8,480

Denmark 3,130 2,887 8,427

Hong Kong 9,979 5,547 8,094

Russia 47,424 15,903 8,047

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Top five global target countries by deal volume in Q3 2019 Top five global target countries by deal value in Q3 2019

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Top five global target countries by deal volume in Q3 2019 Deal volume between Q3 2017 and Q3 2019

Top five global target countries by deal value in Q3 2019 Deal value between Q3 2017 and Q3 2019

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Target sector by volume - global deals

Target sector Q3 2018 Q2 2019 Q3 2019

Other services 9,701 11,275 8,166

Machinery, equipment, furniture, recycling 3,054 3,958 2,249

Chemicals, rubber, plastics 1,467 1,791 1,175

Wholesale & retail trade 1,682 1,866 1,170

Metals & metal products 1,147 1,143 971

Publishing, printing 1,174 1,313 966

Construction 976 954 842

Primary sector 719 688 527

Food, beverages, tobacco 556 661 452

Gas, water, electricity 514 703 418

Transport 462 619 377

Banks 458 607 365

Education, health 473 492 317

Insurance companies 342 535 287

Hotels & restaurants 340 400 235

Textiles, wearing apparel, leather 269 295 218

Post and telecommunications 291 359 197

Wood, cork, paper 206 172 140

Public administration and defence 16 14 4

Target sector by value - global deals

Target sector Q3 2018 (mil USD)

Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 462,357 531,987 324,838



Banks 66,007 42,455 63,958

Transport 33,743 49,404 47,474


Gas, water, electricity 41,085 45,273 40,927

Primary sector 107,602 116,257 37,221

Construction 50,279 41,503 36,885

Publishing, printing 27,532 43,540 28,516

Food, beverages, tobacco 17,786 21,043 26,356

Hotels & restaurants 18,052 31,905 17,350

Insurance companies 39,805 32,356 17,016

Metals & metal products 43,513 41,769 14,979

Education, health 19,579 9,880 9,376

Post and telecommunications 23,191 38,376 7,202

Textiles, wearing apparel, leather 6,838 6,261 3,913

Wood, cork, paper 8,297 4,925 3,297


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Global private equity deals by volume and value


Q3 2019 6,239 179,281

Q2 2019 6,471 270,336

Q1 2019 6,425 187,419

Q4 2018 6,395 212,514

Q3 2018 6,472 198,461

Q2 2018 6,906 261,263

Q1 2018 6,893 231,962

Q4 2017 6,403 209,749

Q3 2017 6,165 218,087

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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. 8,400 IBO 100% Genesee & Wyoming Inc. US Brookfield Infrastructure Partners LP 01/07/2019

2. 4,994 IBO 100% Cobham plc GB Advent International Corporation; GSO Capital Partners LP; Blackstone Tactical Opportunities Advisors LLC; The Blackstone Group Inc.

25/07/2019

3. 4,666 IBO 100% Dream Global Real Estate Investment Trust CA The Blackstone Group Inc. 15/09/2019

4. 4,516 IBO 100% Osram Licht AG DE Carlyle Group LP; Bain Capital LP 03/07/2019

5. 4,360 Minority stake China Southern Air Holding Co., Ltd CN Guangdong Hengjian Investment Holding Co., Ltd; Shenzhen Kunpeng Zhanyi Equity Investment Management Co., Ltd

22/07/2019

6. 3,928 IBO 100% Currenta Geschaftsfuhrungs-GmbH DE Macquarie Infrastructure and Real Assets (Europe) Ltd 06/08/2019

7. 2,700 IBO majority stake ZirMed Inc. US Canada Pension Plan Investment Board; EQT Partners AB 29/07/2019

8. 2,441 IBO 40% to 50% 407 International Inc. CA Canada Pension Plan Investment Board 07/08/2019

9. 2,406 IBO 50% Advanced Computer Software Group Ltd GB BC Partners LLP 12/08/2019

10. 2,400 IBO 60% Kantar UK Ltd GB Bain Capital LP 12/07/2019

11. 2,400 IBO 100% Cambrex Corporation US Permira Advisers LLP 07/08/2019

12. 2,200 IBO 100% Arnott's Biscuits Holdings Pty Ltd; Campbell Soup Southeast Asia Sdn Bhd; Campbell Soup Company's manufacturing business in Indonesia; Campbell Soup Asia Ltd; Campbell Japan Inc.; Garden Fresh Salsa Co Inc.; Campbell Soup Company's regrigerated soup business

AU; MY; ID; HK; JP; US

KKR & Co Inc. 24/07/2019

13. 2,100 IBO 100% Presidio Inc. US BC Partners LLP 14/08/2019

14. 2,000 IBO majority stake Morphe Holdings LLC US General Atlantic Corporation 19/08/2019

15. 1,903 IBO 100% CRH plc's European distribution business NL The Blackstone Group Inc. 16/07/2019

16. 1,900 Acquisition 100% Wesco Aircraft Holdings Inc. US Platinum Equity LLC 09/08/2019

17. 1,900 IBO 100% JD Power US Thoma Bravo LLC 30/07/2019

18. 1,657 IBO Primonial Holding SAS FR Bridgepoint Advisers Ltd; Latour Capital Management SAS 10/09/2019

19. 1,435 IBO 100% Finance Tower in Brussels, Belgium BE Meritz Securities Co., Ltd; AIP Asset Management Co., Ltd; The Valesco Group Ltd 05/09/2019

20. 1,365 IBO 100% Ontic Engineering and Manufacturing Inc. US CVC Capital Partners Ltd 30/07/2019

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Target country by volume - global private equity deals


US 3,498 3,789 3,619

China 875 591 624

UK 272 351 317

Japan 184 224 237

Canada 198 153 224

India 167 159 160


Australia 63 54 74

France 152 135 67

Germany 140 67 65

Italy 60 73 64

Spain 75 73 63

Singapore 58 57 56


Israel 55 59 53

Indonesia 13 21 22

Brazil 14 18 21

Ireland 17 20 21

Vietnam 15 9 20

Belgium 25 27 18

South Africa 10 17 18

Target country by value - global private equity deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

US 75,788 129,309 73,310

China 23,434 15,652 17,539

UK 16,266 18,761 17,053

Germany 8,166 10,826 15,939

Canada 4,843 7,849 9,139

France 4,658 6,571 6,079

Japan 685 2,420 4,988

India 8,230 18,896 4,608

Australia 8,866 1,867 4,452

Spain 12,930 13,399 4,151

Hong Kong 3,028 663 3,242

Netherlands 4,235 3,492 2,963

Indonesia 64 106 2,386

Malaysia 212 315 2,285

South Korea 1,503 5,439 2,267

Italy 6,292 3,672 2,094

Brazil 4,220 9,836 1,839

Belgium 529 728 1,550

Bermuda 2,857 1,664 1,459

Sweden 1,657 4,113 1,435

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Target sectors by volume - global private equity deals


Other services 2,984 3,011 2,870

Publishing, printing 446 407 366

Machinery, equipment, furniture, recycling 416 395 353

Chemicals, rubber, plastics 149 130 154

Wholesale & retail trade 157 146 115




Metals & metal products 52 33 61







Transport 32 34 21

Banks 21 21 21



Target sectors by value - global private equity deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 92,336 123,227 82,064


Transport 8,599 23,326 18,600








Construction 4,023 10,168 2,211

Primary sector 5,064 1,904 2,156

Post and telecommunications 967 20,473 1,952


Banks 11,896 481 634

Insurance companies 8,314 2,533 613




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Global M&A Review Q3 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 Goldman Sachs Group Inc. 47 36 125,740 3,493

2 Morgan Stanley 43 34 97,132 2,857

3 JP Morgan 55 49 78,297 1,598

4 Citigroup Inc. 39 30 71,192 2,373

5 Barclays plc 24 19 52,836 2,781

6 Bank of America Corporation 22 18 48,938 2,719

7 Centerview Partners LLC 11 10 47,787 4,779

8 Rothschild & Co. 56 38 45,962 1,210

9 Lazard 37 29 44,566 1,537

10 Jefferies Group Inc. 5 4 33,711 8,428

11 Credit Suisse 18 16 30,266 1,892

12 Canson Capital Partners 2 2 29,400 14,700

13 Robey Warshaw LLP 1 1 27,000 27,000

14 Evercore Partners Ltd 1 1 27,000 27,000

15 PJT Partners Inc. 6 6 25,170 4,195

16 Guggenheim Securities 4 2 22,800 11,400

17 Deutsche Bank AG 12 11 19,944 1,813

18 HSBC Holdings plc 10 8 18,567 2,321

19 Moelis & Company 14 11 17,583 1,598

20 RBC Capital Markets Corporation 18 14 16,129 1,152

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 Rothschild & Co. 56 38 45,962 1,210

2 JP Morgan 55 49 78,297 1,598

3 Goldman Sachs Group Inc. 47 36 125,740 3,493

4 Morgan Stanley 43 34 97,132 2,857

5 Citigroup Inc. 39 30 71,192 2,373

6 Lazard 37 29 44,566 1,537

7 Ernst & Young 36 13 6,374 490

8 KPMG Corporate Finance 36 18 5,330 296

9 PricewaterhouseCoopers - Corporate Finance 35 13 2,251 173

10 Deloitte 29 11 5,427 493

11 Houlihan Lokey 26 11 3,482 317

12 Barclays plc 24 19 52,836 2,781

13 Bank of America Corporation 22 18 48,938 2,719

14 Cenkos Securities plc 21 21 134 6

15 Lincoln International 20 7 1,151 164

16 Finncap Ltd 20 20 229 11

17 RSM International 19 1 38 38

18 Credit Suisse 18 16 30,266 1,892

19 RBC Capital Markets Corporation 18 14 16,129 1,152

20 Allenby Capital Ltd 18 16 54 3

21 Kaiyuan Securities Co., Ltd 18 18 43 2


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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 Simpson Thacher & Bartlett LLP 23 18 53,962 2,998

2 Cravath Swaine & Moore LLP 10 10 52,640 5,264

3 Allen & Overy 30 16 47,522 2,970

4 Sullivan & Cromwell 20 18 43,394 2,411

5 De Brauw Blackstone Westbroek NV 11 6 37,269 6,211

6 Kirkland & Ellis 69 28 34,331 1,226

7 Davis Polk & Wardwell LLP 12 10 32,229 3,223

8 NautaDutilh 3 2 28,608 14,304

9 Linklaters 13 10 26,505 2,651

10 Latham & Watkins LLP 42 22 25,177 1,144

11 Paul Weiss Rifkind Wharton & Garrison LLP 16 9 24,220 2,691

12 Wilson Sonsini Goodrich & Rosati 10 5 23,827 4,765

13 Hengeler Mueller 9 7 23,586 3,369

14 Shearman & Sterling LLP 12 9 21,239 2,360

15 Jones Day 38 21 18,013 858

16 Stikeman Elliott LLP 6 5 16,457 3,291

17 Sidley Austin LLP 9 5 15,754 3,151

18 Wachtell Lipton Rosen & Katz LLP 12 7 15,520 2,217

19 White & Case 10 6 14,950 2,492

20 Clifford Chance LLP 22 12 14,900 1,242


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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 69 28 34,331 1,226

2 Latham & Watkins LLP 42 22 25,177 1,144

3 Jones Day 38 21 18,013 858

4 Allen & Overy 30 16 47,522 2,970

5 DLA Piper 28 11 2,388 217

6 Squire Patton Boggs LLP 24 9 2,693 299

7 Simpson Thacher & Bartlett LLP 23 18 53,962 2,998

8 Clifford Chance LLP 22 12 14,900 1,242

9 Weil Gotshal & Manges LLP 21 14 14,305 1,022

10 Sullivan & Cromwell 20 18 43,394 2,411

11 Skadden Arps Slate Meagher & Flom 19 14 12,488 892

12 Willkie Farr & Gallagher LLP 17 9 3,721 413

13 Paul Weiss Rifkind Wharton & Garrison LLP 16 9 24,220 2,691

14 Goodwin Procter 16 11 4,473 407

15 ALLBright Law Offices 16 16 3,938 246

16 Dentons 16 13 1,116 86

17 Nishimura & Asahi 15 11 7,147 650

18 Khaitan & Co. 15 14 2,016 144

19 Gibson Dunn & Crutcher 14 9 6,155 684

20 Linklaters 13 10 26,505 2,651


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Top private equity firms global deals by value

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

1 The Blackstone Group Inc. 15 12 39,406 3,284

2 KKR & Co Inc. 16 13 10,181 783

3 Brookfield Infrastructure Partners LP 1 1 8,400 8,400

4 Canada Pension Plan Investment Board 6 6 7,479 1,247

5 Carlyle Group LP 8 4 7,195 1,799

6 Bain Capital LP 4 4 7,033 1,758

7 Eminence Capital LP 13 13 6,185 476

8 Hal Holding NV 2 1 6,095 6,095

9 Macquarie Infrastructure and Real Assets (Europe) Ltd 3 3 5,811 1,937

10 Advent International Corporation 3 3 5,788 1,929

11 GSO Capital Partners LP 1 1 4,994 4,994

12 Blackstone Tactical Opportunities Advisors LLC 1 1 4,994 4,994

13 BC Partners LLP 4 3 4,510 1,503

14 Shenzhen Kunpeng Zhanyi Equity Investment Management Co., Ltd 1 1 4,360 4,360

15 Guangdong Hengjian Investment Holding Co., Ltd 1 1 4,360 4,360

16 ICBC Financial Asset Investment Co., Ltd 8 7 4,359 623

17 Aero Engine Fund Management Co., Ltd 5 4 4,259 1,065

18 EQT Partners AB 12 8 4,185 523

19 Thoma Bravo LLC 3 3 3,896 1,299

20 Matrix Management Corporation 16 13 3,840 295


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Top private equity firms global deals by volume

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

1 Marshall Wace LLP 219 218 1,447 7

2 AQR Capital Management LLC 113 113 876 8

3 Citadel Europe LLP 86 86 501 6

4 Sequoia Capital Operations LLC 48 39 3,166 81

5 Y Combinator Management LLC 39 36 910 25

6 500 Startups Management Company LLC 33 25 110 4

7 Accel Management Company LLC 27 24 912 38

8 Lightspeed Management Company LLC 22 17 1,251 74

9 Capital Fund Management SA 22 22 117 5

10 AKO Capital LLP 21 21 137 7

11 AHL Partners LLP 21 21 66 3

12 Citadel Advisors LLC 19 19 119 6

13 Korea Investment Partners Co., Ltd 18 17 404 24

14 Mitsubishi UFJ Capital Co., Ltd 18 13 95 7

15 Insight Venture Management LLC 17 15 1,008 67

16 KKR & Co Inc. 16 13 10,181 783

17 Matrix Management Corporation 16 13 3,840 295

18 Tiger Global Management LLC 16 15 1,860 124

19 SBI Investment Co., Ltd 16 15 266 18

20 The Blackstone Group Inc. 15 12 39,406 3,284

21 AH Capital Management LLC 15 15 1,008 67

22 WorldQuant LLC 15 15 71 5


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Global M&A Review Q3 2019Western Europe


Western Europe M&A value higher than Q1 2019

The value of M&A targeting companies based in Western Europe was higher than Q1 2019, despite declining quarter-on-quarter and year-on-year in the traditionally slower holiday period of Q3 2019. There were 5,298 deals worth an aggregate USD 293,101 million announced in the three months under review, representing a quarter of total global volume (21,215 deals) and 32 per cent of total global value (USD 925,019 million).

In terms of value, M&A dealmaking in Western Europe declined 15 per cent from USD 343,575 million in Q2 2019 and represented a 16 per cent decrease from USD 347,180 million in Q3 2018.

Volume in Q3 2019 also declined across the board, falling 21 per cent quarter-on-quarter (6,739 deals) and 31 per cent year-on-year (7,731 deals) to the lowest-recorded volume since Q1 2013 (5,079 deals).

Western Europe deals by volume and value


Q3 2019 5,298 293,101

Q2 2019 6,739 343,575

Q1 2019 7,600 237,348

Q4 2018 8,796 312,605

Q3 2018 7,731 347,180

Q2 2018 8,208 473,521

Q1 2018 7,996 482,551

Q4 2017 7,889 319,726

Q3 2017 6,639 294,817

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Western Europe deals by volume and value

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Two deals top USD 20,000 million in Q3

All of the top 20 deals by value exceeded USD 2,000 million in Q3 2019, with two of these topping USD 20,000 million. The largest M&A deal in Western Europe during the three-month period involves the London Stock Exchange Group agreeing to buy UK-headquartered financial analytics software provider Refinitiv for USD 27,000 million. The deal is still awaiting regulatory approvals and is likely to face some hurdles given the Hong Kong Stock Exchange’s planned acquisition of the UK bourse for a reported USD 38,803 million, based on current exchange rates. This possible takeover is still in the preliminary stages and no definitive agreement has been reached at this time.

Pfizer, via newly created off-patient business Upjohn, is acquiring Mylan for USD 22,500 million in the second-largest deal in the region during Q3 2019. These two deals are also the two largest to be signed off globally in the three months under review and together account for 17 per cent of total M&A value in Western Europe.

Other large deals in the region include Elanco Animal Health buying Bayer’s animal health business for USD 7,600 million; Takeaway.com picking up UK-based Just Eat for USD 6,108 million; and EssilorLuxottica acquiring a 77 per cent interest in GrandVision for USD 6,095 million.

PE, VC volume at lowest recorded in the last two years

Both the volume and value of PE and VC investment in Western Europe declined to 730 deals worth an aggregate USD 53,820 million in Q3 2019, representing one of the lowest recorded quarters in the last two years (Q4 2017: USD 53,739 million). Volume declined 20 per cent from 909 deals in Q2 2019, while value decreased 23 per cent from USD 70,049 million in the same timeframe.

Year-on-year, volume fell at a steeper rate of 24 per cent, while the decline by value was a slower 15 per cent from 960 deals worth USD 63,121 million in Q3 2018. PE and VC activity in Western Europe accounted for 12 per cent of total global PE and VC volume (6,239 deals) and 30 per cent of total global PE and VC value (USD 179,282 million).

In total, 11 of the top 20 deals by value were worth more than USD 1,000 million in the three months under review, two of which exceeded USD 4,000 million and together accounted for 18 per cent of total PE and VC value in the region. The largest of these deals involves Advent International, GSO Capital Partners, Blackstone Tactical Opportunities Advisors and the Blackstone Group buying UK-based aerospace communication systems manufacturer Cobham for USD 4,994 million.

This was followed by Carlyle Group and Bain Capital offering USD 4,516 million to take over German lamp equipment manufacturer Osram Licht. This is alongside a concurrent offer from ams AG, via Opal Bidco, with its latest proposal in the bidding war reaching USD 4,927 million. A number of investors have featured more than once in the top deals by value in Q3, including Macquarie Infrastructure and Real Assets, Advent, Bain, Blackstone and Ardian France.

UK dominates by volume and value once again

Companies based in the UK were once again the main targets of M&A in Western Europe, having been targeted in 1,543 deals worth a combined USD 92,736 million in Q3 2019. The country accounts for 29 per cent of total volume and 32 per cent of total value in the region.

Germany was the UK’s nearest competitor by value, with USD 52,559 million recorded in the three months under review, while the Netherlands (USD 43,511 million) and France (USD 41,621 million) were third and fourth.

In terms of volume, France placed second - despite only featuring in one of the top 20 deals by value – with 723 deals; however, this was still less than half the volume recorded for the UK. Germany was third with 636 deals, followed by Spain (571), the Netherlands (451) and Italy (427).

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Top 20 Western Europe deals by value



Announced date

1. 27,000 Acquisition 100% Refinitiv Ltd GB London Stock Exchange Group plc GB 01/08/2019

2. 22,500 Acquisition 100% Mylan NV NL Pfizer, via Upjohn Inc. US 29/07/2019

3. 7,600 Acquisition 100% Bayer AG's animal health business DE Elanco Animal Health Inc. US 20/08/2019

4. 6,108 Acquisition 100% Just Eat plc GB Takeaway.com NV NL 05/08/2019

5. 6,095 Acquisition 77% GrandVision NV NL EssilorLuxottica SA FR 31/07/2019

6. 5,592 Acquisition 100% Greene King plc GB CK Noble (UK) Ltd GB 19/08/2019

7. 4,994 IBO 100% Cobham plc GB Advent International Corporation, GSO Capital Partners LP, Blackstone Tactical Opportunities Advisors LLC and The Blackstone Group Inc, via acquisition vehicle AI Convoy Bidco Ltd

GB 25/07/2019

8. 4,927 Acquisition 100% Bid 2 Osram Licht AG DE ams AG, via acquisition vehicle Opal BidCo GmbH DE 27/09/2019

9. 4,516 IBO 100% Osram Licht AG DE Bain Capital LP; Carlyle Group LP, via acquisition vehicle Luz (C-BC) Bidco GmbH

DE 03/07/2019

10. 4,500 Acquisition 100% ExxonMobil Corporation's Norwegian offshore oil and gas field assets

NO Var Energi AS NO 05/09/2019

11. 3,928 IBO 100% Currenta Geschaftsfuhrungs-GmbH DE Macquarie Infrastructure and Real Assets (Europe) Ltd GB 06/08/2019

12. 3,343 Acquisition 100% Metso Oyj's Metso Minerals business FI Outotec Oyj FI 04/07/2019

13. 3,272 Acquisition 100% EI Group plc GB Stonegate Pub Company Bidco Ltd GB 18/07/2019

14. 3,199 Acquisition 100% Nets A/S' Account-to-Account Payment Business DK MasterCard Inc. US 06/08/2019

15. 3,158 Acquisition 100% Radius Elnet A/S DK SEAS-NVE Amba DK 18/09/2019

16. 2,802 Minority stake 5% Daimler AG DE Investment Global Co., Ltd CN 23/07/2019

17. 2,692 Acquisition majority stake Webhelp SAS FR Groupe Bruxelles Lambert SA/NV BE 09/07/2019

18. 2,664 Minority stake 3% Unilever NV NL Norges Bank NO 12/08/2019

19. 2,500 Acquisition 100% Ardagh Group SA's Food & Specialty Metal Packaging business LU Trivium Packaging NL 15/07/2019

20. 2,458 Acquisition 50% Electricity North West Ltd GB The Kansai Electric Power Co., Inc.; Mitsubishi UFJ Lease & Finance Co., Ltd; Equitix Ltd; KPIC Netherlands BV; Daiwa Energy & Infrastructure Co Ltd

JP; JP; GB; NL; JP

29/07/2019

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Target country by volume - Western Europe deals


UK 1,574 1,903 1,543

France 979 1,010 723

Germany 1,619 908 636

Spain 720 654 571


Italy 485 368 427

Sweden 541 422 255

Denmark 85 115 140

Belgium 142 109 93

Finland 126 127 93

Turkey 107 82 74

Switzerland 346 85 62

Ireland 63 153 62

Luxembourg 57 66 57

Norway 117 57 40

Portugal 49 33 29

Austria 67 10 20

Greece 16 6 16

Malta 16 6 12

Iceland 13 21 11

Target country by value - Western Europe deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

UK 124,440 63,041 92,736

Germany 55,008 46,944 52,559

Netherlands 22,945 23,326 43,511

France 33,559 52,413 41,621

Italy 20,593 11,898 8,879

Denmark 3,130 2,887 8,427

Spain 33,011 22,526 7,453

Norway 8,968 7,879 6,406

Sweden 9,236 10,737 6,170

Finland 3,025 4,169 4,930

Luxembourg 5,654 2,345 4,562

Greece 424 818 4,365

Belgium 6,557 6,505 3,659

Switzerland 9,553 14,563 2,930

Ireland 6,740 75,584 2,910

Austria 1,540 50 1,775

Portugal 2,427 374 1,127

Iceland 392 415 480

Turkey 2,501 1,140 216

Malta 452 208 75

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Target sector by volume - Western Europe deals



Machinery, equipment, furniture, recycling 1,134 899 679







Banks 197 118 128











Target sector by value - Western Europe deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 120,318 105,935 114,103






Primary sector 11,378 16,849 10,847

Construction 8,018 5,644 9,163

Post and telecommunications 10,432 12,279 5,793

Banks 18,331 6,855 4,065




Transport 8,721 11,107 3,190


Textiles, wearing apparel, leather 3,744 2,063 2,421

Education, health 4,012 963 1,370

Wood, cork, paper 1,306 1,570 1,123


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Western Europe private equity deals by volume and value


Q3 2019 730 53,820

Q2 2019 909 70,049

Q1 2019 969 48,482

Q4 2018 944 57,681

Q3 2018 960 63,121

Q2 2018 1,092 68,651

Q1 2018 1,005 80,595

Q4 2017 1,028 53,739

Q3 2017 923 51,550

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Top 20 Western Europe private equity deals by value



1. 4,994 IBO 100% Cobham plc GB Advent International Corporation; GSO Capital Partners LP; Blackstone Tactical Opportunities Advisors LLC; The Blackstone Group Inc.

25/07/2019

2. 4,516 IBO 100% Osram Licht AG DE Carlyle Group LP; Bain Capital LP 03/07/2019

3. 3,928 IBO 100% Currenta Geschaftsfuhrungs-GmbH DE Macquarie Infrastructure and Real Assets (Europe) Ltd 06/08/2019

4. 2,406 IBO 50% Advanced Computer Software Group Ltd GB BC Partners LLP 12/08/2019

5. 2,400 IBO 60% Kantar UK Ltd GB Bain Capital LP 12/07/2019

6. 1,903 IBO 100% CRH plc's European distribution business NL The Blackstone Group Inc. 16/07/2019

7. 1,657 IBO Primonial Holding SAS FR Bridgepoint Advisers Ltd; Latour Capital Management SAS 10/09/2019

8. 1,435 IBO 100% Finance Tower in Brussels, Belgium BE Meritz Securities Co., Ltd; AIP Asset Management Co., Ltd; The Valesco Group Ltd 05/09/2019

9. 1,298 IBO 65% Domidep SAS FR I Squared Capital Advisors LLC 05/07/2019

10. 1,120 IBO 100% Ocean Breeze Energy GmbH & Co. KG DE Macquarie Infrastructure and Real Assets (Europe) Ltd 07/08/2019

11. 1,094 IBO majority stake inexio Beteiligungs GmbH & Co. KGaA DE EQT Partners AB 28/09/2019

12. 957 IBO 100% Robert Bosch Packaging Technology GmbH DE CVC Capital Partners Ltd 12/07/2019

13. 888 IBO majority stake ADCO Umweltdienste Holding GmbH DE Apax Partners LLP 05/08/2019

14. 762 IBO 100% - Bid 4 - increased bid KCOM Group plc GB Macquarie Infrastructure and Real Assets (Europe) Ltd 12/07/2019

15. 746 IBO majority stake Quotient Sciences Ltd GB Permira Advisers LLP 18/07/2019

16. 675 IBO 84% ICE SpA IT Advent International Corporation 12/07/2019

17. 669 IBO majority stake Emera SAS FR Naxicap Partners SA; Ardian France SA 26/07/2019

18. 667 IBO majority stake DRAPA Holdings Germany GmbH DE KKR & Co Inc. 04/08/2019

19. 661 IBO 75% Staci SAS FR Ardian France SA 24/09/2019

20. 635 IBO 100% Total SA's UK non-core assets GB HitecVision AS 10/07/2019

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Target country by volume - Western Europe private equity deals


UK 272 351 317

France 152 135 67

Germany 140 67 65

Italy 60 73 64

Spain 75 73 63


Ireland 17 20 21

Belgium 25 27 18

Switzerland 37 13 12

Sweden 52 30 10

Portugal 9 9 9

Finland 17 20 8

Austria 10 4 8

Denmark 12 15 7

Greece 4 0 6

Luxembourg 8 5 5

Turkey 3 0 3

Norway 13 15 3

Malta 2 3 2

Target country by value - Western Europe private equity deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

UK 16,266 18,761 17,053

Germany 8,166 10,826 15,939

France 4,658 6,571 6,079

Spain 12,930 13,399 4,151

Netherlands 4,235 3,492 2,963

Italy 6,292 3,672 2,094

Belgium 529 728 1,550

Sweden 1,657 4,113 1,435

Finland 928 205 621

Switzerland 3,000 3,526 515

Greece 122 0 481

Austria 896 12 377

Ireland 440 1,852 341

Denmark 439 872 274

Norway 946 5,485 246

Malta 15 196 16

Portugal 29 289 13

Turkey 0 0 2

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Target sectors by volume - Western Europe private equity deals


Other services 508 496 406















Transport 14 13 6


Banks 4 3 4


Target sectors by value - Western Europe private equity deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 18,479 33,512 23,278



Gas, water, electricity 9,432 456 3,698

Post and telecommunications 596 2,090 1,876

Transport 4,610 3,033 1,232

Publishing, printing 3,842 1,563 947

Primary sector 155 1,351 669


Wholesale & retail trade 1,209 3,717 559


Construction 2,862 450 413

Hotels & restaurants 577 4,687 344

Banks 10,697 3 309

Food, beverages, tobacco 153 2,281 277

Insurance companies 3,961 179 39




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Global M&A Review Q3 2019North America


North America Q3 volume and value at new low

The volume and value of M&A deals targeting companies based in North America in Q3 2019 accounted for 24 per cent of global volume (21,215 deals) and 26 per cent of global value (USD 925,019 million).

In all, 5,156 deals worth USD 243,259 million were announced in Q3, compared to 11,213 deals totalling USD 698,002 million in Q2 2019, as acquirors put the brakes on dealmaking during the traditionally quieter quarter that incorporates the holiday months of July and August.

However, regional volume and value fell to the lowest recorded since Q4 2009 (4,117) and Q2 2012 (USD 232,531 million), respectively. Dealmaking targeting the US in Q3 drove the regional quarter-on-quarter decline: activity slumped to 4,578 deals valued at USD 216,931 million, from 10,559 deals aggregating at USD 670,186 million in Q2.

Conversely, Canadian dealmaking remained relatively robust as the USD 25,829 million recorded in Q3 remained higher than that of Q1 2019 and Q4 2018, mainly due to three deals each worth more than USD 2,000 million.

North America deals by volume and value


Q3 2019 5,156 243,259

Q2 2019 11,213 698,002

Q1 2019 11,508 578,654

Q4 2018 13,734 527,193

Q3 2018 5,439 387,463

Q2 2018 6,154 580,418

Q1 2018 6,270 510,897

Q4 2017 5,992 425,518

Q3 2017 6,077 329,729

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US deals by volume and value


Q3 2019 4,578 216,931

Q2 2019 10,559 670,186

Q1 2019 10,776 555,805

Q4 2018 12,942 509,988

Q3 2018 4,634 352,959

Q2 2018 5,262 544,610

Q1 2018 5,417 465,396

Q4 2017 5,048 400,311

Q3 2017 5,241 310,289

Canada deals by volume and value


Q3 2019 574 25,829

Q2 2019 652 27,811

Q1 2019 730 23,064

Q4 2018 785 17,394

Q3 2018 803 38,109

Q2 2018 897 37,582

Q1 2018 854 45,500

Q4 2017 948 25,337

Q3 2017 839 23,641

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Two North American deals top USD 10bn, three Canadian targets featured in the top 20 by value

The largest North American deal announced during Q3 was also the fourth-biggest globally as the US entertainment powerhouses CBS and Viacom are reuniting via an all-scrip merger worth USD 11,570 million that will result in a USD 28,200 million-revenue cable-to-movie studio giant with the largest market share of the US television audience.

It was one of only two regional deals worth more than USD 10,000 million in Q3: Broadcom is in the process of acquiring the enterprise security business of Symantec for USD 10,700 million in cash in a move that adds the USD 161,000 million enterprise security sector to the group’s addressable market.

The region’s third-largest deal is also the quarter’s biggest private equity-backed transaction announced globally, as Brookfield Infrastructure Partners and GIC, through an acquisition vehicle, are acquiring US-based railroad holding company Genesee & Wyoming for USD 8,400 million, including debt.

Q3’s top 20 include three Canadian deals: Blackstone is taking over Dream Global Real Estate Investment Trust for USD 4,666 million; Hasbro is acquiring Entertainment One for USD 4,003 million and Canada Pension Plan Investment Board is increasing its 40 per cent stake in 407 International, the world’s first all-electronic, barrier-free toll highway located in the Greater Toronto Area, to 50 per cent for USD 2,441 million.

Canadian PE and VC dealmaking was a bright spot in North American PE and VC investment in Q3

PE and VC investment in companies based in North America in Q3 remained relatively robust as volume of 3,847 deals was merely a marginal decline on 3,947 deals in Q2 2019 and an increase on 3,698 deals announced in Q3 2018, while value of USD 82,949 million returned to levels recorded in Q1 2019, Q4 2018 and Q3 2018, before dealmaking broke the mould in Q2 2019 and soared to USD 137,164 million.

Canada represented a bright spot as the volume and value of PE and VC investment in the country rose for the second and third consecutive quarter, respectively, to 224 deals totalling USD 9,139 million. Volume was the highest recorded since Q4 2013 (254), while value was the third-largest on record, due to Blackstone’s buyout of Dream Global Real Estate Investment Trust for USD 4,666 million and Canada Pension Plan Investment Board increasing its stake in 407 International for USD 2,441 million.

However, the region’s largest PE and VC deal was also the quarter’s biggest PE and VC-backed transaction announced globally, as Brookfield Infrastructure Partners and GIC, through an acquisition vehicle, are acquiring US-based railroad holding company Genesee & Wyoming for USD 8,400 million, including debt.

Transport sector boosted by two deals worth more than USD 5bn

Companies operating in the transport sector attracted 30 deals totalling USD 27,556 million in Q3, which represented an increase in value quarter-on-quarter (Q2 2019: USD 25,482 million) and on the year-ago quarter (Q3 2018: USD 13,188 million). The improvement was driven by six deals each valued at more than USD 1,000 million and which included Hilcorp Energy’s Hilcorp Alaska acquiring BP’s Alaska operations for USD 5,600 million and Energy Transfer announcing plans to take SemGroup private for USD 5,100 million.

An increase in the value of deals targeting the transport sector came at the expense of industries such as machinery, equipment, furniture and recycling, where value of USD 19,831 million represented a decline on Q2 2019 (USD 68,781 million) and on Q3 2018 (USD 22,313 million).

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Top 20 North America deals by value



Announced date

1. 11,570 Acquisition 100% Viacom Inc. US CBS Corporation US 13/08/2019

2. 10,700 Acquisition 100% Symantec Corporation’s enterprise business US Broadcom Inc. US 08/08/2019

3. 8,400 IBO 100% Genesee & Wyoming Inc. US Brookfield Infrastructure Partners LP, via acquisition vehicle DJP XX LLC US 01/07/2019

4. 5,600 Acquisition BP Exploration (Alaska) Inc.; Alyeska Pipeline Service Company; Point Thomson Export Pipeline; Milne Point Pipeline LLC; Prince William Sound Oil Spill Response Corporation

US; US; US; US

Hilcorp Alaska LLC US 27/08/2019

5. 5,100 Acquisition 100% SemGroup Corporation US Energy Transfer LP US 16/09/2019

6. 4,666 IBO 100% Dream Global Real Estate Investment Trust CA The Blackstone Group Inc. US 15/09/2019

7. 4,003 Acquisition 100% Entertainment One Ltd CA Hasbro Inc. US 22/08/2019

8. 3,990 Acquisition 100% Industrial Property Trust Inc. US Prologis LP US 15/07/2019

9. 3,500 Acquisition 100% Assurance IQ Inc. US Prudential Financial Inc. US 05/09/2019

10. 3,470 Acquisition 20% to 100% Yankees Entertainment & Sports Network LLC US Amazon.com Inc.; Sinclair Broadcast Group Inc.; Yankee Global Enterprises LLC US; US; US 29/08/2019

11. 3,200 Acquisition 100% Carrizo Oil & Gas Inc. US Callon Petroleum Company US 15/07/2019

12. 3,189 Minority stake 25% Baker Hughes a GE Company LLC US 10/09/2019

13. 3,000 Acquisition 25% to 100% Aviation Capital Group LLC US TC Skyward Aviation US Inc. US 09/09/2019

14. 2,900 Acquisition 100% APi Group Inc. US J2 Acquisition Ltd VG 03/09/2019

15. 2,800 Acquisition 100% Genomic Health Inc. US Exact Sciences Corporation US 29/07/2019

16. 2,700 IBO majority stake ZirMed Inc. US Canada Pension Plan Investment Board CA 29/07/2019

17. 2,600 Acquisition 100% Acacia Communications Inc. US Cisco Systems Inc. US 09/07/2019

18. 2,600 Minority stake Argo AI LLC US Volkswagen AG DE 12/07/2019

19. 2,441 IBO 40% to 50% 407 International Inc. CA Canada Pension Plan Investment Board CA 07/08/2019

20. 2,400 IBO 100% Cambrex Corporation US Catalog Intermediate Inc. US 07/08/2019

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Target sector by volume - North America deals




Machinery, equipment, furniture, recycling 297 1,371 220









Banks 36 266 39


Transport 33 209 30






Target sector by value - North America deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 197,031 287,102 107,389

Transport 13,188 25,482 27,556



Primary sector 41,848 87,787 15,490




Banks 7,533 12,407 5,541

Construction 1,503 3,481 3,595






Wood, cork, paper 5,236 683 500

Post and telecommunications 429 18,058 354

Textiles, wearing apparel, leather 1,608 1,862 197


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North America private equity deals by volume and value


Q3 2019 3,847 82,949

Q2 2019 3,947 137,164

Q1 2019 3,963 87,657

Q4 2018 3,804 87,033

Q3 2018 3,698 77,054

Q2 2018 3,962 121,655

Q1 2018 4,110 90,817

Q4 2017 3,564 86,524

Q3 2017 3,620 86,792

US private equity deals by volume and value


Q3 2019 3,619 73,310

Q2 2019 3,789 129,309

Q1 2019 3,806 85,297

Q4 2018 3,603 85,497

Q3 2018 3,498 75,788

Q2 2018 3,776 111,734

Q1 2018 3,934 67,811

Q4 2017 3,426 81,729

Q3 2017 3,461 85,481

Canada private equity deals by volume and value


Q3 2019 224 9,139

Q2 2019 153 7,849

Q1 2019 152 2,351

Q4 2018 193 1,527

Q3 2018 198 4,843

Q2 2018 187 11,657

Q1 2018 176 23,007

Q4 2017 138 4,795

Q3 2017 159 1,311

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Page 39 © 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. 8,400 IBO 100% Genesee & Wyoming Inc. US Brookfield Infrastructure Partners LP 01/07/2019

2. 4,666 IBO 100% Dream Global Real Estate Investment Trust CA 15/09/2019

3. 2,700 IBO majority stake ZirMed Inc. US Canada Pension Plan Investment Board; EQT Partners AB 29/07/2019

4. 2,441 IBO 40% to 50% 407 International Inc. CA Canada Pension Plan Investment Board 07/08/2019

5. 2,400 IBO 100% Cambrex Corporation US Permira Advisers LLP 07/08/2019

6. 2,200 IBO 100% Garden Fresh Salsa Co Inc.; among other international assets US KKR & Co Inc. 24/07/2019

7. 2,100 IBO 100% Presidio Inc. US BC Partners LLP 14/08/2019

8. 2,000 IBO majority stake Morphe Holdings LLC US General Atlantic Corporation 19/08/2019

9. 1,900 Acquisition 100% Wesco Aircraft Holdings Inc. US Platinum Equity LLC 09/08/2019

10. 1,900 IBO 100% JD Power US Thoma Bravo LLC 30/07/2019

11. 1,365 IBO 100% Ontic Engineering and Manufacturing Inc. US CVC Capital Partners Ltd 30/07/2019

12. 1,000 Minority stake Christopher Don Trust US 05/09/2019

13. 1,000 Minority stake 25% Nikola Corporation US 03/09/2019

14. 1,000 IBO majority stake Acquia Inc. US Vista Equity Partners Management LLC 24/09/2019

15. 925 IBO 100% Concho Resources Inc.'s New Mexico Shelf assets US Spur Energy Partners LLC 03/09/2019

16. 835 IBO 100% Jack's Family Restaurants LP US AEA Investors LP 18/07/2019

17. 825 IBO 100% Monotype Imaging Holdings Inc. US HGGC LLC 26/07/2019

18. 785 Minority stake Juul Labs Inc. US 16/08/2019

19. 775 IBO 100% PolyOne Corporation's Performance Products and Solutions business US SK Capital Partners LP 19/08/2019

20. 700 Minority stake Radiology Partners Inc. US Starr Investment Holdings LLC 19/07/2019

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Target sectors by volume - North America private equity deals













Banks 14 16 13




Construction 11 8 8

Transport 8 16 7



Target sectors by value - North America private equity deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 39,124 56,308 34,955

Transport 1,682 19,440 10,990


Wholesale & retail trade 479 6,759 4,400



Food, beverages, tobacco 917 1,327 2,375

Education, health 668 270 1,484

Primary sector 4,031 225 1,278

Hotels & restaurants 491 800 1,225


Banks 60 288 212




Gas, water, electricity 1,803 8,736 96




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Global M&A Review Q3 2019Asia-Pacific


Asia Pacific boosted by three deals worth more than USD 6,000 million, despite quarterly decline

The volume and value of M&A deals targeting companies based in Asia Pacific declined in Q3 2019 to 9,005 deals worth USD 293,876 million, from 10,020 deals worth USD 317,558 million in Q2 2019.

Despite the 10 per cent decline by volume quarter-on-quarter, volume remained higher than Q1 2019 (8,986 deals) and accounted for 42 per cent of the total global volume of 21,215 deals in Q3 2019. Interestingly, the number of deals targeting Asia Pacific-based companies was higher than both North America (5,156 deals) and Western Europe (5,298 deals).

Value was boosted by three deals each worth over USD 6,000 million in Q3 2019, with the largest of these topping USD 10,000 million. All in all, Asia Pacific M&A value accounted for 32 per cent of total global value (USD 925,019 million) for the three months under review.

Asia and Asia Pacific deals by volume and value


Q3 2019 9,005 293,876

Q2 2019 10,020 317,558

Q1 2019 8,986 307,084

Q4 2018 10,951 419,820

Q3 2018 10,035 348,538

Q2 2018 10,247 374,684

Q1 2018 9,511 371,021

Q4 2017 11,061 440,642

Q3 2017 9,811 394,633

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Australian deal breaks USD 10,000 million-barrier

M&A value targeting companies based in Asia Pacfic in Q3 2019 was bolstered by three deals worth more than USD 6,000 million, including one that surpassed USD 10,000 million. In fact, all of the top 20 recorded deals for the region exceeded USD 1,000 million in Q3.

Asahi Group Holdings, in the biggest of these, agreed to acquire Australia-based beer manufacturer CUB for USD 11,291 million. This deal accounted for 4 per cent of the total value for the Asia Pacific region in Q3 2019 and was also the fifth largest deal announced gloablly in the three months under review.

The second-biggest Asia Pacific deal of Q3 involved the Ministry of Finance of the People’s Republic of China completing the transfer of equity representing a 3 per cent stake in Industrial and Commercial Bank of China to the National Council of Social Security Fund (NSSF) as part of a 2017 plan to reallocate state-owned capital to plug a pension gap. The stock was worth USD 9,531 million, based on the last unaffected closing price prior to the announcement.

The third-largest deal of the quarter also involved the Ministry of Finance of the People’s Republic of China, as it is transferring equity in Agricultural Bank of China to NSSF. It is handing over 10 per cent of its 39 per cent stake – representing a 4 per cent interest – and stressed the deal should not change the de facto controllers of the financial institution. The stock was worth USD 6,692 million, based on the last unaffected closing price prior to the announcement.

The top deals were mainly dominated by China, Japan and Malyasia, which made up 12 of the 20 largest deals for Q3 2019. Dealmaking was mainly kept intra-regional, but US-based KKR & Co and Applied Materials and Micron Technology of the Netherlands featured as acquirors.

China is top country by volume and value in Q3

China was the top target country by volume and value in Q3, with 3,802 deals worth USD 132,933 million. In terms of volume, Australia placed second with 1,084 deals, followed by Japan with 1,030 deals.

The value of dealmaking targeting companies based in China accounted for 45 per cent of the region’s total value in Q3. Australia was second with USD 37,864 million, followed by India (USD 29,831 million).

PE and VC volume rises in Q3 2019

The volume of PE and VC investment in Asia Pacific increased in Q3 2019 to 1,400 deals, up 6 per cent from 1,317 deals in Q2 2019 and representing the highest recorded result since Q3 2018 (1,560 deals).

Conversely, value declined to USD 34,256 million for the three months under review from deals worth USD 47,984 million in Q2 2019. Three deals each worth more than USD 1,000 million supported PE and VC value in Q3 2019.

The largest deal of Q3 involved provincial and local government entities, including Guangdong Hengjian Investment and Guangzhou City Construction Investment, buying a minority stake in China-based passenger and cargo air transportation services holding company China Southern Air for USD 4,360 million. This deal accounted for 13 per cent of the region’s total PE and VC value for the quarter. In the second-biggest deal, KKR agreed to a buy a slew of assets from Campbell Soup for USD 2,200 million. The only other deal worth more than USD 1,000 million, involved Sapporo buying Japan’s dormitory and corporate housing leasing services company Unizo Holdings for USD 1,290 million.

China was the top target country by both PE and VC volume and value, with 624 deals worth USD 17,539 million. In terms of value, China accounted for 51 per cent of the region’s total PE and VC value in Q3 2019.

Japan was the second-biggest country by both volume and value (237 deals worth USD 4,988 million), followed by India with 160 deals worth USD 4,608 million.

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Top 20 Asia and Asia Pacific deals by value



Announced date

1. 11,291 Acquisition 100% CUB Pty Ltd AU Asahi Group Holdings Ltd JP 19/07/2019

2. 9,531 Minority stake 3% Industrial and Commercial Bank of China Ltd CN National Council of Social Security Fund CN 25/09/2019

3. 6,692 Minority stake 4% Agricultural Bank of China Ltd CN National Council of Social Security Fund CN 25/09/2019

4. 4,360 Minority stake China Southern Air Holding Co., Ltd CN Guangdong Hengjian Investment Holding Co., Ltd; Guangzhou City Construction Investment Group Co., Ltd; Shenzhen Kunpeng Zhanyi Equity Investment Management Co., Ltd

CN; CN; CN

22/07/2019

5. 4,176 Acquisition 100% Thanachart Bank PCL TH TMB Bank PCL TH 09/08/2019

6. 3,717 Acquisition 50% ZOZO Inc. JP Yahoo Japan Corporation JP 12/09/2019

7. 3,325 Minority stake 7% Recruit Holdings Co., Ltd JP 28/08/2019

8. 3,314 Acquisition 100% Jiangnan Shipyard (Group) Co., Ltd CN China CSSC Holdings Ltd CN 15/08/2019

9. 3,030 Acquisition 100% SCB Life Assurance PCL TH FWD Group Financial Services Pte Ltd SG 01/07/2019

10. 2,947 Acquisition 51%, 60%, 70% and 100%

Integrax Bhd; Jimah East Power Sdn Bhd; Southern Power Generation Sdn Bhd; Kapar Energy Ventures Sdn Bhd; TNB Pasir Gudang Energy Sdn Bhd; TNB Connaught Bridge Sdn Bhd; TNB Manjung Five Sdn Bhd; TNB Janamanjung Sdn Bhd; TNB Prai Sdn Bhd; TNB Sepang Solar Sdn Bhd; TNB Renewables Sdn Bhd; TNB Repair and Maintenance Sdn Bhd

MY; MY; MY; MY; MY; MY; MY; MY; MY; MY; MY; MY

TNB Power Generation Sdn Bhd MY 29/07/2019

11. 2,618 Capital Increase 9% Axis Bank Ltd IN Investors 20/07/2019

12. 2,499 Capital Increase 39% Punjab National Bank IN Government of India IN 05/09/2019

13. 2,391 Capital Increase 47% Global Power Synergy PCL TH 26/07/2019

14. 2,250 Capital Increase Westpac Banking Corporation AU 24/07/2019

15. 2,200 IBO 100% Arnott's Biscuits Holdings Pty Ltd; Campbell Soup Southeast Asia Sdn Bhd; Campbell Soup Company's manufacturing business in Indonesia; Campbell Soup Asia Ltd; Campbell Japan Inc.; among other international assets

AU; MY; ID; HK; JP

KKR & Co Inc. US 24/07/2019

16. 2,200 Acquisition 100% Kokusai Electric Corporation JP Applied Materials Inc. US 01/07/2019

17. 2,105 Capital Increase Micron Semiconductor Taiwan Co., Ltd TW Micron Technology BV NL 28/08/2019

18. 2,043 Acquisition 100% Xiangcai Securities Co., Ltd CN Harbin High-tech (Group) Co., Ltd CN 02/07/2019

19. 2,000 Acquisition 100% Hangzhou Youmai Technology Co., Ltd CN Alibaba Group Holding Ltd KY 06/09/2019

20. 1,753 Acquisition 100% Allahabad Bank IN Indian Bank IN 16/09/2019

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Target country by volume - Asia and Asia Pacific deals


China 4,470 4,301 3,802

Australia 1,269 1,151 1,084

Japan 997 1,081 1,030


India 669 723 591

Vietnam 413 538 394

Singapore 288 271 287

Indonesia 180 241 227

Taiwan 221 296 215

Malaysia 208 241 210

Hong Kong 169 136 137

Thailand 134 114 134

New Zealand 167 111 101

Kazakhstan 71 33 51

Sri Lanka 14 33 20

Pakistan 22 28 18

Myanmar/Burma 13 13 15

Philippines 25 23 12

Samoa 9 5 11

Bangladesh 19 15 10

Georgia 3 2 6

Cambodia 4 3 5

Papua New Guinea 4 3 5

Target country by value - Asia and Asia Pacific deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

China 185,963 168,608 132,933

Australia 43,499 21,779 37,864

India 23,312 38,972 29,831

Japan 28,376 24,499 27,668

Thailand 2,056 3,520 15,178

South Korea 14,660 20,762 11,998

Taiwan 6,803 9,008 9,666

Singapore 5,706 6,342 8,480

Hong Kong 9,979 5,547 8,094

Malaysia 3,333 3,214 7,257

Indonesia 9,373 6,337 6,237

Vietnam 3,558 5,489 5,374

New Zealand 5,235 3,920 1,270

Kazakhstan 185 185 828

Philippines 1,027 2,559 347

Papua New Guinea 171 24 202


Lao 39 0 174

Sri Lanka 98 105 158

Georgia 43 2 94

Fiji 0 0 91

Samoa 179 30 81

Pakistan 2,736 270 64

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Target sector by volume - Asia and Asia Pacific deals
















Banks 94 88 97





Target sector by value - Asia and Asia Pacific deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 107,760 103,352 80,707

Banks 31,952 19,419 49,240


Construction 36,745 19,747 20,290



Transport 10,748 10,297 13,432





Primary sector 10,650 5,864 6,200




Wood, cork, paper 849 2,472 922

Post and telecommunications 10,633 5,961 846

Textiles, wearing apparel, leather 1,263 2,136 827


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Asia and Asia Pacific private equity deals by volume and value


Q3 2019 1,400 34,256

Q2 2019 1,317 47,984

Q1 2019 1,209 43,616

Q4 2018 1,358 62,843

Q3 2018 1,560 49,082

Q2 2018 1,510 54,604

Q1 2018 1,414 44,676

Q4 2017 1,435 59,044

Q3 2017 1,303 66,157

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Top 20 Asia and Asia Pacific private equity deals by value



1. 4,360 Minority stake China Southern Air Holding Co., Ltd CN Guangdong Hengjian Investment Holding Co., Ltd; Shenzhen Kunpeng Zhanyi Equity Investment Management Co., Ltd

22/07/2019

2. 2,200 IBO 100% Arnott's Biscuits Holdings Pty Ltd; Campbell Soup Southeast Asia Sdn Bhd; Campbell Soup Company's manufacturing business in Indonesia; Campbell Soup Asia Ltd; Campbell Japan Inc.; among other international assets

AU; MY; ID; HK; JP

KKR & Co Inc. 24/07/2019

3. 1,290 IBO 100% Unizo Holdings Company JP Fortress Investment Group LLC 16/08/2019

4. 970 Minority stake Guangzhou Yixian Electronic Commerce Co., Ltd CN Sequoia Capital Operations LLC; Hillhouse Capital Management Ltd; China Media Capital Co., Ltd

11/09/2019

5. 800 IBO 80% CitiusTech IT Solutions Pvt Ltd IN Baring Private Equity Asia Ltd 12/07/2019

6. 787 IBO 100% Huizhou NVC Lighting Technology Corporation; Blue Light (HK) Trading Co., Ltd; Zhuhai Yaohui Technology Co., Ltd

CN; HK; CN

KKR & Co Inc. 11/08/2019

7. 624 Acquisition 49% to 100% Genesee & Wyoming Australia Pty Ltd AU Macquarie Infrastructure and Real Assets Pty Ltd 05/09/2019

8. 621 IBO Indiabulls Properties Pvt Ltd; Indiabulls Real Estate Company Pvt Ltd; Yashita Buildcon Pvt Ltd; Ashkit Properties Pvt Ltd; Indiabulls Real Estate Ltd's commercial assets and development at Worli Mumbai; Indiabulls Real Estate Ltd's K G Marg in sector 104 and 106 in Gurugam; Indiabulls Real Estate Ltd's K G Marg in New Delhi

IN; IN; IN; IN; IN; IN; IN

The Blackstone Group Inc 14/08/2019

9. 584 Acquisition 51% Shijiazhuang Junlebao Dairy Co., Ltd CN Hebei Jiantou Chuangfa Fund Management Co., Ltd 01/07/2019

10. 509 Minority stake 25% AECC Shenyang Liming Aero Engine Co., Ltd CN China Orient Asset Management Corporation; BOCOM Financial Asset Investment Co., Ltd; National Military-Civil Integration Industry Investment Fund Co., Ltd; Aero Engine Fund Management Co., Ltd; Shenzhen Xinmaisui Investment Management Co., Ltd

20/07/2019

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



11. 500 Minority stake Hiveloop Technology Pvt Ltd IN Lightspeed Management Company LLC; GGV Management LLC; DST Global Advisors Ltd; Altimeter Capital Management LLC; Hillhouse Capital Management Ltd; Footpath Ventures Group Inc.

30/08/2019

12. 500 Capital Increase minority stake

VCM Services and Trading Development Joint Stock Company VN GIC Pte Ltd 09/09/2019

13. 470 IBO 100% Sanden Retail System Corporation JP Integral Corporation 07/08/2019

14. 466 Acquisition 60% Sichuan Baguangyu Highway Development Co., Ltd CN ICBC Financial Asset Investment Co., Ltd 25/07/2019

15. 437 Minority stake Hubei Color Root Technology Co., Ltd CN Changjiang Securities Co., Ltd; China Venture Capital Co., Ltd; Hubei Provincial High Technology Industry Investment Co., Ltd

11/07/2019

16. 349 IBO 100% Quick Service Restaurants Holdings Pty Ltd AU PAG Holdings Ltd 12/07/2019

17. 321 IBO 100% Bid 2 - Increased Offer

Pacific Energy Ltd AU QIC Private Capital Pty Ltd 16/09/2019

18. 300 Minority stake Chengjia Hotel Management Co., Ltd CN CCB International Asset Management Ltd; Yunfeng Capital Ltd; Boyu Capital Management Ltd 09/09/2019

19. 291 Minority stake 22% AECC Guizhou Liyang Aero-Engine Co., Ltd CN China Orient Asset Management Corporation; BOCOM Financial Asset Investment Co., Ltd; National Military-Civil Integration Industry Investment Fund Co., Ltd; Aero Engine Fund Management Co., Ltd; Shenzhen Xinmaisui Investment Management Co., Ltd; ICBC Financial Asset Investment Co., Ltd

20/07/2019

20. 288 IBO 100% Gongcha Korea Co., Ltd KR TA Associates Management LP 26/08/2019

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


China 875 591 624

Japan 184 224 237

India 167 159 160


Australia 63 54 74

Singapore 58 57 56

Indonesia 13 21 22

Vietnam 15 9 20

Malaysia 15 15 13

New Zealand 10 9 11

Hong Kong 19 12 10

Thailand 7 3 8

Taiwan 7 8 5

Myanmar/Burma 5 3 5

Georgia 1 0 4

Pakistan 0 3 4

Cambodia 1 0 1

Philippines 0 2 1

Kazakhstan 0 1 1

Bangladesh 0 1 1

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


Q2 2019 (mil USD)

Q3 2019 (mil USD)

China 23,434 15,652 17,539

Japan 685 2,420 4,988

India 8,230 18,896 4,608

Australia 8,866 1,867 4,452

Hong Kong 3,028 663 3,242

Indonesia 64 106 2,386

Malaysia 212 315 2,285

South Korea 1,503 5,439 2,267

Singapore 733 1,035 855

Vietnam 506 10 746

Thailand 15 3 230

New Zealand 323 2,265 143

Georgia 3 0 94

Taiwan 1,682 243 71


Pakistan 0 6 10

Cambodia 0 0 1

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















Transport 8 2 6


Banks 0 0 3




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


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Other services 30,283 31,197 14,636

Transport 2,051 156 4,999



Food, beverages, tobacco 268 428 2,894

Publishing, printing 2,335 990 1,985

Construction 1,107 849 1,483



Gas, water, electricity 1,353 128 574


Education, health 1,573 251 289


Banks 0 0 111






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Global M&A Review Q3 2019CEE/Russia


CEE M&A reaches lowest results in over a decade

Both the volume and value of M&A dealmaking targeting companies based in Central and Eastern Europe (CEE) declined to 782 deals worth USD 9,469 million in Q3 2019. The decrease can be partly attributed to the lack of individual deals with high values, as only two surpassed USD 1,000 million during the three-month period.

Volume declined 19 per cent from 970 deals in Q2 2019 and 95 per cent from 1,700 deals in Q3 2018 to the lowest recorded figure since Q4 2003 (749 deals). In terms of value, Q3 was 61 per cent lower quarter-on-quarter (USD 23,973 million) and represents an 82 per cent decline on USD 53,743 million year-on-year, again reaching the lowest recorded result since Q1 2004 (USD 8,446 million).

Globally, no CEE deal made the top 20 in terms of value and the region accounted for only 4 per cent of total global volume (21,215 deals) and 1 per cent of total global value (USD 925,019 million).

Russia/CEE deals by volume and value


Q3 2019 782 9,469

Q2 2019 970 23,973

Q1 2019 1,662 38,692

Q4 2018 1,772 17,771

Q3 2018 1,700 53,743

Q2 2018 2,279 42,570

Q1 2018 2,438 25,839

Q4 2017 2,460 40,196

Q3 2017 2,236 22,525

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Russian targets feature in 15 of the top 20 CEE deals in Q3

Two CEE M&A deals significantly supported value in Q3 2019 and were the only transactions to exceed USD 1,000 million. The largest of these accounts for a quarter of total value and involves Gazprom Gerosgaz Holdings and Rosingaz selling a 3 per cent interest in Gazprom, a Russian gas extraction and exploration services provider, for USD 2,386 million.

This was followed Rossiiskie Zheleznye Dorogi issuing 40 million preferred shares and over 44 million ordinary stocks to sole shareholder the Government of Russia for USD 1,259 million. These two deals were among 15 of the top 20 to target Russia, including all of the ten largest deals signed off in the three months under review.

Poland, Hungary and Croatia were the only exceptions, with the former featuring in two deals as Strategic Value Partners, via Volantis Bidco, picked up a 30 per cent stake in wood products maker Pfleiderer Group for USD 102 million, before increasing its holding to 53 per cent in a separate deal worth USD 101 million.

Delta Systems and Est Media Vagyonkezelo of Hungary and Croatia-based Liburnia Riviera Hoteli also featured, while buyers ranged from domestic and international companies from countries such as Canada and the Netherlands.

PE and VC investment in Poland propped up overall value

PE and VC investment in companies based in CEE in the traditionally quieter Q3 fell to 47 deals totalling USD 373 million, from 60 deals aggregating at USD 2,720 million, as the momentum of investment targeting the region slowed during the holiday months. Value was the second-lowest of the nine quarters under review (Q3 2017: USD 104 million), while volume slipped for the third consecutive quarter to a nine-year-low (Q3 2010: 42 deals).

Overall value in Q3 was propped up by two deals, each of which were worth more than USD 100 million and targeted Pfleiderer Group as Strategic Value Partners acquired an initial 30 per cent stake in the Polish manufacturer of wood-based products for furniture, interior design and construction industries for USD 101 million and increased its stake to 53 per cent for USD 102 million before launching a squeeze-out.

These deals helped make Poland the top target country by volume and value in Q3, with 13 deals worth a total USD 279 million, which accounted for 28 per cent of the CEE’s total PE and VC volume in Q3 and 75 per cent of aggregate value.

The Czech Republic was ranked second by value due to online cloud-based hotel booking platform Mews Systems SRO raising USD 33 million in a series B round of funding featuring participation by Battery Management.

Russia and Poland attracted the most dealmaking, though volume and value were down quarter-on-quarter and on Q3 2018

Russia was the top target country by volume and value in Q3 and its 258 deals totalling USD 7,968 million accounted for one-third of the CEE’s aggregate M&A volume (782 deals) and 84 per cent of the region’s total value (USD 9,469 million).

Poland placed second, with 176 deals valued at USD 579 million, though as with Russia, the result represented a decline on Q2 2019 and Q3 2018. While the value of dealmaking targeting most of the countries based in the CEE was stripped away quarter-on-quarter, an increase was recorded for three: Ukraine (Q2 2019: 0 million; Q3 2019: USD 49 million), Macedonia (Q2 2019: 0 million; Q3 2019: USD 2 million) and Kosovo (Q2 2019: 0 million; Q3 2019: USD 1 million).

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Top Russia/CEE deals by value



Announced date

1. 2,386 Minority stake 3% Gazprom PAO RU 24/07/2019

2. 1,259 Acquisition increased to 100% Rossiiskie Zheleznye Dorogi OAO RU Government of Russia RU 29/08/2019

3. 912 Capital Increase 13% Obyedinennaya Aviastroitelnaya Korporatsiya PAO RU Federalnoe Agentstvo po Upravleniyu Gosudarstvennym Imushchestvom; Gosudarstvennaya Korporatsiya po Sodeistviyu Razrabotke, Proizvodstvu i Eksportu Vysokotekhnologichnoi Promyshlennoi Produktsii Rostekh

RU; RU 21/08/2019

4. 352 Capital Increase 27% Tupolev PAO RU Obyedinennaya Aviastroitelnaya Korporatsiya PAO RU 15/08/2019

5. 303 Acquisition increased to 100% Dom.RF AO RU Federalnoe Agentstvo po Upravleniyu Gosudarstvennym Imushchestvom

RU 16/08/2019

6. 283 Acquisition 100% N-Mining Ltd’s Chulbatkan project RU Kinross Gold Corporation CA 31/07/2019

7. 219 Acquisition 51% to 100% Lider-Invest AO RU Etalon Group plc CY 30/07/2019

8. 166 Capital Increase 32% Amurskii Sudostroitelnyi Zavod PAO RU Obyedinennaya Sudostroitelnaya Korporatsiya AO RU 19/08/2019

9. 149 Minority stake 19% Nauchno-Proizvodstvennaya Korporatsiya Obyedinennaya Vagonnaya Kompaniya PAO

RU 01/07/2019

10. 144 Minority stake 6% to 26% Nauchno-Proizvodstvennaya Korporatsiya Obyedinennaya Vagonnaya Kompaniya PAO

RU Natsionalnyi Bank Trast PAO RU 02/08/2019


RU 02/08/2019


RU 30/07/2019

13. 102 IBO 30% to 53% Bid 2 Pfleiderer Group SA PL Strategic Value Partners LLC, via acquisition vehicle Volantis Bidco BV NL 09/08/2019

14. 101 Minority stake 30% Pfleiderer Group SA PL Strategic Value Partners LLC, via acquisition vehicle Volantis Bidco BV NL 11/07/2019

15. 97 Acquisition 100% Delta Systems Kft HU Est Media Vagyonkezelo Nyrt HU 30/07/2019

16. 96 Minority stake 20% Obyedinennye Kreditnye Sistemy PAO RU Region Esset Menedzhment AO RU 19/08/2019

17. 94 Acquisition 54% Liburnia Riviera Hoteli dd HR Gitone Adriatic doo HR 11/07/2019

18. 94 Minority stake Neftyanaya Kompaniya Rosneft PAO; among other international assets RU 03/09/2019

19. 89 Capital Increase majority stake Est Media Vagyonkezelo Nyrt HU Deltagroup Holding Zrt HU 30/07/2019

20. 81 Minority stake 20% to 27% M Video PAO RU Safmar Riteil OOO RU 03/09/2019

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Target country by volume - Russia/CEE deals


Russia 436 371 258

Poland 545 243 176

Romania 146 148 129

Estonia 51 40 62

Ukraine 121 13 48

Serbia 24 26 18

Hungary 60 35 18

Bulgaria 30 22 16

Czech Republic 138 21 15

Bosnia and Herzegovina 17 20 14

Croatia 22 7 8

Slovenia 20 6 7

Montenegro 1 3 5

Slovakia 9 6 3

Macedonia 3 1 2

Lithuania 15 0 2

Moldova 25 3 2

Kosovo 1 0 1

Latvia 20 5 1

Belarus 17 0 1

Albania 5 2 0

Target country by value - Russia/CEE deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Russia 47,424 15,903 7,968

Poland 2,114 613 579

Romania 1,002 898 355

Hungary 633 1,023 223

Croatia 75 255 128

Czech Republic 287 2,818 61

Ukraine 243 0 49

Serbia 409 218 37

Bulgaria 59 559 29


Montenegro 21 294 8

Moldova 2 12 6

Estonia 32 486 6

Slovakia 178 33 5

Slovenia 64 810 4

Macedonia 1 0 2

Kosovo 0 0 1

Lithuania 1,188 0 0

Albania 82 0 0

Belarus 98 0 0

Latvia 3 28 0

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Target sector by volume - Russia/CEE deals



Banks 90 105 71









Transport 30 21 25









Target sector by value - Russia/CEE deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Primary sector 38,682 2,098 2,574


Transport 60 734 1,370


Chemicals, rubber, plastics 120 1,651 326



Banks 3,149 3,033 233


Wholesale & retail trade 2,251 875 222

Gas, water, electricity 417 3,060 169









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Russia/CEE private equity deals by volume and value


Q3 2019 47 373

Q2 2019 60 2,720

Q1 2019 84 1,862

Q4 2018 105 464

Q3 2018 103 2,422

Q2 2018 109 2,652

Q1 2018 139 4,301

Q4 2017 155 2,848

Q3 2017 118 104

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Top Russia/CEE private equity deals by value



1. 102 IBO 30% to 53% Bid 2 – Increased offer Pfleiderer Group SA PL Strategic Value Partners LLC 09/08/2019

2. 101 Minority stake 30% Pfleiderer Group SA PL Strategic Value Partners LLC 11/07/2019

3. 34 IBO 92% to 100% acting in concert Pfleiderer Group SA PL Strategic Value Partners LLC 16/09/2019

4. 33 Minority stake Mews Systems SRO CZ Battery Management Corporation 29/08/2019

5. 30 Minority stake Brainly Sp zoo PL Runa Capital Management; Manta Ray VC 25/07/2019

6. 19 IBO 100% Low & Bonar SA/NV; Low & Bonar Kft BE; HU Nimbus Control BV 25/07/2019

7. 15 Minority stake Portal OOO RU AddVenture; Vostok New Ventures Ltd; Flashpoint 13/08/2019

8. 11 Minority stake Commsignia Kft HU Partech Partners SAS; Inventure Oy; Credo Ventures AS; Day One Capital Kockazati Tokealap-Kezelo Zrt; Karma Ventures OU; Samsung Electronics Co., Ltd

15/08/2019

9. 8 Minority stake Bioavlee SA PL 31/07/2019

10. 4 Minority stake Eligma razvoj tehnologij umetne inteligence doo SI Pangea Blockchain Fund 30/08/2019

11. 3 Minority stake 1 Bezpechne Ahenstvo Neobkhidnykh Kredytiv TOV UA Grupa TAS TOV 24/07/2019

12. 2 Minority stake Davinci Travel System SRO CZ Seedcamp Ltd; J&T Private Equity Group Ltd; Reflex Capital SE 12/09/2019

13. 1 Minority stake Ramp Network Sp zoo PL Seedcamp Ltd; Maker Ecosystem Growth Holdings Inc.; Fabric Ventures LLP 11/07/2019

14. 1 Minority stake Trigonom Shpk KV Ionic Investments 08/08/2019

15. 1 Minority stake 13% Ekvio OOO RU Oks Grup OOO 30/07/2019

16. 1 Minority stake SiDLY Sp zoo PL INventures Sp zoo 19/07/2019

17. 1 Minority stake Medijobs Platform SRL RO Techstars Central LLC; GapMinder Venture Partners BV 07/08/2019

18. 1 Minority stake NowTechnologies Zrt HU Hiventures Zrt 27/08/2019

19. 1 IBO 90% to 100% Baltika AS EE KJK Management SA 03/09/2019

20. 1 Minority stake CodersRank Zrt HU Hiventures Zrt 04/09/2019

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Target country by volume - Russia/CEE private equity deals


Poland 13 11 13

Hungary 37 27 11

Romania 1 4 9

Russia 38 6 4

Estonia 3 1 4

Czech Republic 3 7 3

Slovenia 0 0 1

Lithuania 3 0 1

Kosovo 0 0 1

Latvia 0 0 1

Ukraine 2 0 1

Macedonia 0 0 0

Montenegro 0 0 0

Moldova 0 0 0

Slovakia 0 0 0

Serbia 0 1 0

Croatia 0 2 0

Bulgaria 1 1 0

Belarus 2 0 0

Albania 0 0 0


Target country by value - Russia/CEE private equity deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)

Poland 652 10 279

Czech Republic 2 2,167 35

Hungary 19 517 32

Russia 76 24 16

Slovenia 0 0 4

Ukraine 0 0 3

Romania 491 2 1

Kosovo 0 0 1

Estonia 32 0 1

Moldova 0 0 0

Lithuania 1,138 0 0

Macedonia 0 0 0

Montenegro 0 0 0

Serbia 0 0 0

Slovakia 0 0 0

Croatia 0 0 0

Bulgaria 0 1 0

Albania 0 0 0

Belarus 12 0 0

Latvia 0 0 0


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Target sectors by volume - Russia/CEE private equity deals









Construction 0 0 1


Banks 2 0 0







Transport 0 0 0



Target sectors by value - Russia/CEE private equity deals


Q2 2019 (mil USD)

Q3 2019 (mil USD)


Other services 1,199 175 100






Banks 1,138 0 0




Transport 0 0 0





Construction 0 0 0

Gas, water, electricity 0 2,019 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 Q3 2019 is deals announced between 01/07/2019 - 30/09/2019 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 Pacific region covers target companies based in the Far East, Southeast Asia, Central Asia and Oceania.

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

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.

Bureau van Dijk – A Moody’s Analytics Company

Bureau van Dijk is a leading provider of company information and delivers the richest, most reliable private company, corporate ownership and deal

information in the market via its Orbis database. Orbis currently covers more than 300 million companies across the globe. Bureau van Dijk also

researches M&A deals and publishes the M&A research solutions Zephyr and M&A Research Catalyst.

Bureau van Dijk’s product range combines data from regulatory and other sources, including 160 information partners, with flexible software to allow

users to manipulate data for a range of research needs and applications.

Bureau van Dijk became a Moody’s Analytics company in August 2017.

Zephyr – the most comprehensive deal database

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

is the recipient of numerous recent M&A industry awards, including Best Global M&A Database 2016 at the Acquisition International M&A Awards. The

deals on Zephyr are linked to the company financials and peer reports on Bureau van Dijk’s company databases. Zephyr contains information on more

than 1.9 million deals.

Orbis – powering the business of certainty

The world’s most powerful comparable data resource on private companies, Bureau van Dijk’s Orbis database provides information on more than

300 million companies across the globe, over 99% of them private. Orbis combines information from regulatory and other sources, and delivers

company information with added value. Its users can: research individual companies or groups of companies; search for companies by profile; analyse

and evaluate companies; and make better-informed decisions.

M&A Research Catalyst – combining deal and company data

Drawing data from Bureau van Dijk’s extensive company database, Orbis, and its M&A database, Zephyr, M&A Research Catalyst delivers clear and

easy-to-interpret reports specifically created for M&A research. These combine information on companies, comparable deals and valuations alongside

an interface to help you identify targets, or acquirers, and value companies. M&A Research Catalyst provides M&A-tailored information in an easy-to-

interpret report, including: financials; earnings estimates; news and deals; comparable companies and deals; DCF valuation; and valuation multiples.

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global m&a review q3 2019 - bureau van dijk€¦ · signed off in q2 2019, while value slipped...

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