healthcare, logistics, tmt in europe and in cee in 2016 h1 · heal partners newsletter healthcare...
TRANSCRIPT
2016 H1
Heal Partners Newsletter
Healthcare
Healthcare, Logistics, TMT in Europe and in CEE in 2016 H1
in association with
Logistics & DistributionTelecom, Media, Technology
Healthcare
2
Sector M&A highlights – 2016 H1Europe – Transaction activity
Analysis performed by:
2016 H1 Volume growth
HEALTHCARE, 2016 H1: Pharma took the lead this timePrevious years’ accelerated M&A activity somewhat cooled down in Europe in 2016 H1; deal volume dropped by one-fourthcompared to 2015 H1. Some large deals, however, appeared in the European Healthcare and Pharmaceutical space, thePharmaceuticals sub-segment being the most active this time. UK giant Astra Zeneca invested in oncology by acquiringmajority stake (55%) in privately-owned biopharmaceuticals company, Acerta Pharma. After Mylan, the US-based generic drugmaker failed to close the acquisition of its smaller rival Perrigo (see in our last report), it is going for Swedish OTC and genericdrug maker, Meda AB for the third attempt (the deal is expected to close in Q3). Healthcare equipment segment is the otherhot topic in the continent. Early this year, Bayer AG divested its diabetes care business to Panasonic Healthcare, the saleincludes the leading Contour™ portfolio of blood glucose monitoring meters and strips, as well as other products.
In CEE, 2016 H1 was strong again with a 32% increase in deal volumes. Turkey’s Acibadem, in line with its strategy of focusingon key CEE and Balkan markets, becomes leading healthcare provider in Bulgaria (owning 4 hospitals, 4 medical centres andtotal of 750 beds) after acquiring Bulgaria’s largest private hospital owner, Tokuda Group, as well as signing a mergeragreement with City Clinic Group (total investment of app. EUR 125mn).
When it comes to this sector’s overall deal activity, private equity firms are still very active in the region. Mid Europa Partnersbought out the founding family and increased its stake to 100% in Walmark, the region’s leading consumer healthcare player;Riverside exited Hungary-based diagnostics device producer Diatron and some of the private equity-backed providers inHungary, Romania and Slovenia continued local consolidation. Financial investors activity is supported by healthy medianvaluation multiples of 0.9 – 1.4x Sales and 6 – 11x EBITDA, with some sub-sectors and growth companies attracting valuationlevels beyond 2x Sales and 15x EBITDA.
-25%
+27
CEE – Transaction activity
Bertalan JászkutiHealthcare Lead
[email protected]+36 20 444 0998
Note: Due to lack of available data June 2016 Biotechnology EV/EBITDA multiple in CEE is missing
Europe – Valuation
CEE – Valuation
+32%
Jun 2015 Jan 2016 Jun 2016
EV/Sales EV/EBITDA
2016 H1 Volume growth
Jun 2015 Jan 2016 Jun 2016
Jun 2015 Jan 2016 Jun 2016
EV/Sales EV/EBITDA
Jun 2015 Jan 2016 Jun 2016
2012
2012
2013
2013
2014
2014
2015 H1
2015 H1
2015
2015
2016 H1
2016 H1
0
20
40
60
80
100
120
140
2230
102 104
123
26
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Europe: 26
Healthcare Equipment & Supplies 4
Pharmaceuticals 18Healthcare Providers & services 4
billions
Biotechnology Healthcare equipment
Healthcareproviders
PharmaceuticalsHealthcare Total
3
European M&A trends & market analysisThe following data are compiled specifically for the Healthcare sector, with Deal Volume over time in the first chartbased on annual transactional data; Deal Value for those transactions where value was disclosed in the secondchart; sub-sector comparisons in the third chart based on listed companies data as at 20 June, 2016.
Comment Context
European Healthcare Listed Companies TEV/EBITDA Multiple
is highest in Biotechnology at 16.9.
European Healthcare Listed Companies TEV/Sales Multiple
is highest in Biotechnology segment at 11.7 and the lowest in Healthcare providers & services of 1.3
Data supplied by:
Availability of deal valuedata was only 34% of thetotal deal count in 2016H1,which limit our analysis.
In 2016 H1 deal valuedisclosed totalled EUR26bn, significantly lowerthan in 2015 H1 and in2014 H1.
Global listed companies TEV/Sales multiples:
Biotechnology 14.1Healthcare Equipment 3.0Healthcare Providers 2.1Pharmaceuticals 3.5Total Healthcare 3.9
Global listed companies TEV/EBITDA multiples:
Biotechnology 21.7Healthcare Equipment 15.4Healthcare Providers 12.6Pharmaceuticals 17.9Total Healthcare: 15.8
3,435 deals wereannounced in totalbetween 2012 – 2016 H1in Europe.
Healthcare providers &services segments hasserved as primary dealdriver (41% of total) in2012-2016 H1.
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All European Transaction Volumes (#)by segment in 2016 H1:
Europe: 385
Healthcare Equipment & Supplies 84
Pharmaceuticals 117
Healthcare Providers & services 159
Biotechnology 25
Analysis performed by:
European Healthcare Deal Value (EURbn)by segment in 2016 H1:
Healthcare
Note: Due to the methodology as this Report is prepared, some overlap may occure between certain years. This means that one transaction can potentially appear in two years' statistics, first when it is announced and then when it is completed (if these two happen in different years). For this reason, in the 2016 H1 Report the overlap in the aggregate concerns 34 (2013: 4, 2014: 1, 2015: 45) European deals in the value of EUR 7.1bn (2015: 7.1bn)
649 626
804
501
971
385
Global listed companies TEV/Sales multiples:
Biotechnology 14.1Healthcare Equipment 3.0Healthcare Providers 2.1Pharmaceuticals 3.5Total Healthcare 3.9
Global listed companies TEV/EBITDA multiples:
Biotechnology 21.7Healthcare Equipment 15.4Healthcare Providers 12.6Pharmaceuticals 17.9Total Healthcare: 15.8
2012
2012
2013
2013
2014
2014
2015 H1
2015 H1
2015
2015
2016 H1
2016 H1
8,1x
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CEE Transaction Volumes (#)by segment in 2016 H1:
Central-Eastern Europe: 29
Healthcare Equipment & Supplies 5
Pharmaceuticals 8
Healthcare Providers & services 16
4
CEE M&A trends & market analysis
Comment Context
CEE Healthcare Listed Companies TEV/EBITDA Multiple
is highest in Healthcare Equipment& Supplies at 19.1, the lowest in Pharmaceuticals of 6.1.
CEE Healthcare Listed Companies TEV/Sales Multiple
is highest in Biotechnology at 8.1, and the lowest in Healthcare Providers of 0.9.
CEE Healthcare– Deal Volume by country (#), 2016 H1:
CEE: 29
Other CEE: 5
Baltics: 2
Czech Republic 6
Romania 5
Poland: 11
Data supplied by:
Poland is the hot spot with23 target companiesacquired per annum onaverage, 11 in 2016 H1.Czech Republic was No. 2with 5+ deals per year(2012-2015), CzechRepublic had 6 in 2016 H1as well.
210 deals were announcedin total between 2012 –2016 H1.
Healthcare Providers &Services segment hasserved as primary dealdrivers (46%) in CEE &Baltics.
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The following data are compiled specifically for the Healthcare sector, with Deal Volume over time in the first chartbased on annual transactional data; county comparisons in the second chart, sub-sector comparisons in the thirdchart based on listed companies data as at 20 June, 2016.
Analysis performed by:
N/A
Healthcare
Biotechnology Healthcare equipment
Healthcareproviders
PharmaceuticalsHealthcare Total
Note: Due to the methodology as this Report is prepared, some overlap may occure between certain years. This means that one transaction can potentially appear in two years' statistics, first when it is announced and then when it is completed (if these two happen in different years). For this reason, in the 2016 H1 Report the overlap in the aggregate concerns 5 (2013: 3, 2015: 2) CEE deals in the value of EUR 11.6mn (2013: 9.5mn , 2015: 2.1mn)
3835
44
22
64
29
3835
44
22
64
29
[email protected]+36 20 383 8236
Péter KarliTMT Lead
Analysis performed by:
TMT
TMT, 2015: Software is taking over share of TMT deal activity as telcoand media mega deals were missingWhile there was no significant change in TMT deal volumes in 2016 H1 compared to 2015 H1, total deal value has decreasedin Europe. All TMT segments except Software reported decreasing deal value. The most significant decrease was observed inthe Media and Publishing segment where 7 deals passed the 1bn limit in 2015 H1, while in 2016 H1 only 1 reached thatthreshold. Telecom sector also suffered with number of mega deals decreasing from 10 to 7. The recent wave of consolidationdecreased the number of mobile players in many countries and banks seem to show increasing cautiousness to finance megadeals in the telecom sector. In the meantime, the software segment seems to be filling some of the above deal volume gap; 4software deals made it to the 2016 H1 top 10 deal list, with a total value of 15bn EUR. In light of some additional factors ofmacro uncertainties such as Brexit, we do not expect mega deals to come back to the market as a trend. As resistant sectors tomacro uncertainties, the Software and Technology segments shall stay on the spotlight as major drivers of deal activity inEurope.
In CEE, a particular interesting trend is Poland’s decreasing share in the M&A market due partially to the increased politicaland macroeconomic uncertainty. Despite of the lower activity in Poland, CEE as a region is still an attractive location forinternational investors, many countries reached significant volume growth (e.g. Croatia from 1 to 7 deals or Slovakia from 1 to5 deals). Software and IT segment showed exceptional growth from 56 deals in 2015 H1 to 75 in 2016 H1. CEE’s competitiveadvantage in terms of good quality workforce at a reasonable cost level attracts more international investors, hence segmentslike IT security, fintech or online-media seems to benefit from this trend. CEE seems to follow the European trend, recordingmany smaller consolidations but lacking the large cross border deals. Central European investors can expect median valuationlevels of 0.3-1.2x Sales and 6.0-7.4x EBITDA.
Sector M&A highlights – 2016 H1Europe – Transaction activity
2016 H1 Volume growth
+27
CEE – Transaction activity
Europe – Valuation
CEE – Valuation
+3%
Jun 2015 Jan 2016 Jun 2016
EV/Sales EV/EBITDA
2016 H1 Volume growth
Jun 2015 Jan 2016 Jun 2016
Jun 2015 Jan 2016 Jun 2016
EV/Sales EV/EBITDA
Jun 2015 Jan 2016 Jun 2016
2016 H1 Volume growth
-1%
2012
2012
2013
2013
2014
2014
2015
2015
2015 H1
2015 H1
2016 H1
2016 H1
0
500
1 000
1 500
2 000
2 500
3 000
3 500
billions
Technology Media Software Telecoms Total TMT
6
European M&A trends & market analysisThe following data are compiled specifically for the TMT sector, with Deal Volume over time in the first chart basedon annual transactional data; Deal Value in the second chart for those transactions where value was disclosed; sub-sector comparisons in the third chart based on listed companies data as at 20 June, 2016.
Comment Context
European TMT Listed Companies TEV/EBITDA Multiple
is highest in Software at 10.6 40% higher than Telecom with 7.5 multiple.
European TMT Listed Companies TEV/Sales Multiple
is highest in Telecom at 1.7and the lowest in Media sub-segment of 1.0.
Data supplied by:
Availability of deal value data was only 27.6% of the total deal count in 2016 H1 (21.6% on 2012-2016 H1 average), which limit our analysis.
In 2016 H1 deal value disclosed totalled EUR 79.3bn, lower than in 2015 H1.
Global listed companies TEV/Sales multiples:Technology: 1.0Media: 1.5Software: 1.9Telecoms: 1.9Total TMT: 1.4
Global listed companies TEV/EBITDA multiples:Technology: 9.4Media: 9.1Software: 12.4Telecoms: 7.7Total TMT: 10.0
11,296 deals wereannounced in totalbetween 2012 – 2016 H1 inEurope, of which 80%(8,986) was closed.
Software segments hasserved as primary dealdriver (53% of total) in2012-2016 H1.
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Analysis performed by:
European TMT – Deal Value (EURbn) by segment in 2016 H1 were:
All European Transaction Volumes (#)by segment in 2016 H1 were:
Europe: 1 353
Telecoms 115
Technology 121
Software 799
Media 318
Europe: 79
Telecoms: 46
Technology 3
Software 24
Media 6
0
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40
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100
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140
160
180
200
1,2x 1,0x1,4x 1,7x 1,3x
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TMT
Note: Due to the methodology as this Report is prepared, some overlap may occure between certain years. This means that one transaction can potentially appear in two years' statistics, first when it is announced and then when it is completed (if these two happen in different years). For this reason, in the 2016 H1 Report the overlap in the aggregate concerns 91 (2013:2, 2014:4, 2015:81) European deals in the value of EUR 52bn (2014:15.1bn , 2015: 36.9bn)
23072117
26382881
1370 1353
6376
161
187
100
79
CEE Transaction Volumes (#)by segment in 2016 H1 were:
CEE: 136
Telecoms 21
Technology 4
Software 75
Media 36
2012
2012
2013
2013
2014
2014
2015
2015
2015 H1
2015 H1
2016 H1
2016 H1
7
CEE M&A trends & market analysis
Comment Context
CEE TMT Listed Companies TEV/EBITDA Multiple
is highest in Technology segment at 7.4 and the lowest in Telecom sub-sector of 6.0.
CEE TMT Listed Companies TEV/Sales Multiple
is highest in Telecom at 1.2, 3.6 times as high as in the lowest in Technology segment of 0.3.
Data supplied by:
Poland is the hot spot with85 target companiesacquired per annum onaverage, 55 in 2016 H1.Czech Republic was No. 2with on average 27 dealsper annum (2012-2015),while in 2016 H1 with 24transactions it clearlystrengthened its position inthe CEE region.
879 deals were announcedin total between 2012 –2016 H1, of which 73%(641) was completed.
Software segment hasserved as primary dealdrivers (47%) in CEE &Baltics in the period of2012 – 2016 H1.
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The following data are compiled specifically for the TMT sector, with Deal Volume over time in the first chart basedon annual transactional data; county comparisons in the second chart, sub-sector comparisons in the third chartbased on listed companies data as at 20 June, 2016.
Analysis performed by:
Technology Media Software Telecoms Total TMT
Global listed companies TEV/Sales multiples:Technology: 1.0Media: 1.5Software: 1.9Telecoms: 1.9Total TMT: 1.4
Global listed companies TEV/EBITDA multiples:Technology: 9.4Media: 9.1Software: 12.4Telecoms: 7.7Total TMT: 10.0
0
50
100
150
200
250
300
CEE Deal volume by country in 2016 H1 (#)
CEE: 136
Other CEE 30
Hungary 5
Baltics 22
Czech Republic 24
Poland 55
0
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100
150
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300
0,3x0,9x 0,9x 1,2x 1,0x
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TMT
Note: Due to the methodology as this Report is prepared, some overlap may occure between certain years. This means that one transaction can potentially appear in two years' statistics, first when it is announced and then when it is completed (if these two happen in different years). For this reason, in the 2016 H1 Report the overlap in the aggregate concerns 11 (2013:1, 2014:2, 2015:8) CEE deals in the value of EUR 313 mn.
137157
195
254
132 136
137157
195
254
132 136
Logistics
[email protected]+36 20 383 8236
Péter KarliTransport Lead
Analysis performed by:
LOGISTICS, 2016 H1: Marine services segment appeared on the M&AmapWhile transaction volume did not change significantly in 2016 H1 (compared to 2015 H1), neither in Europe, nor in the CEEregion, a new segment showed unusual activity. Marine services segment volume increased far at the quickest pace (+44%compared to 2015 H1). Cross-border transactions warmed up the European market, Turkey’s Yildrim Holding acquiredPortuguese Mota-Engil Group’s port management and logistics companies (the transaction is expected to be completed bythe end of the year); and Hong Kong-based COSCO Group, the wholly-owned subsidiary of Chinese giant, China OceanShipping Group was very acquisitive in Europe in 2016 H1. It took part as buyer in the privatisation of the Greek Piraeus Port inApril with the intent to turn Piraeus a logistics hub for Chinese exports to Europe. In May COSCO acquired 35% stake inEuromax Terminal in Rotterdam (NED), which is an automatic container terminal with 3.2 million TEU* handling capacity.
In CEE, the Marine services segment was also a hot spot in 2016 H1. In the region, however, domestic deals were more typical,Poland’s OT Logistics is to acquire Gdynia-based logistics and forwarding company, Sealand Logistics (subject to competitionoffice approval) and Luka Rijeka, one of the largest ports in Croatia, is also for sale.In the logistics sector, Poland’s leading position in transaction activity is undisputable in CEE. Trans Polonia Group, the Polishtransportation and logistics company acquired PKN’s transportation specialist company, Orlen Transport, which furtherstrengthens last years’ trend of local regional champions’ rise. This trend is also supported by healthy median valuation levelsof 0.8-1.6x Sales and 7.5-8.9x EBITDA.
Sector M&A highlights – 2016 H1Europe – Transaction activity
2016 H1 Volume growth
+3%
+27
CEE – Transaction activity
Europe – Valuation
CEE – Valuation
-6%
Jun 2015 Jan 2016 Jun 2016
EV/Sales EV/EBITDA
2016 H1 Volume growth
Jun 2015 Jan 2016 Jun 2016
Jun 2015 Jan 2016 Jun 2016
EV/Sales EV/EBITDA
Jun 2015 Jan 2016 Jun 2016
Note: Due to lack of available data June 2015 Air freight and Courier services EV/EBITDA multiple in CEE is missing
*Standard unit for describing a ship's cargo carrying capacity, or a shipping terminal's cargo handling capacity.
2012
2012
2013
2013
2014
2014
2015
2015
2015 H1
2015 H1
2016 H1
2016 H1
0
5
10
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25
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billions
Air Freight & courier
Marine Services Ground transp. Logistics Total
9
European M&A trends & market analysisThe following data are compiled specifically for the Logistics sector, with Deal Volume over time in the first chartbased on annual transactional data; Deal Value for those transactions where value was disclosed in the secondchart; sub-sector comparisons in the third chart based on listed companies data as at 20 June, 2016.
Comment Context
European Logistics & Distribution Listed Companies TEV/EBITDA Multiple
is highest in Ground Transportation at 8.7.
European Logistics & Distribution Listed Companies TEV/Sales Multiple
is highest in Marine Services segment at 2.0 and the lowest in Air freight & courier of 0.6
Data supplied by:
Availability of deal valuedata was only 22% of thetotal deal count in 2016 H1(24% on 2012-2016 H1average), which limit ouranalysis.
In 2016 H1 deal valuedisclosed totalled EUR10.5bn, something lowerthan in 2015 H1 butsignificantly higher than in2014 H1.
Global listed companies TEV/Sales multiples:
Air Freight: 0.7Marine services 2.2Ground transp. 0.9Total Logistics: 1.4
Global listed companies TEV/EBITDA multiples:
Air Freight: 7.7Marine services 8.2Ground transp. 7.9Total Logistics: 7.9
2,367 deals wereannounced in totalbetween 2012 – 2016 H1 inEurope, of which 74%(1,762) was closed.
Ground transportationsegments has served asprimary deal driver (60% oftotal) in 2012-2016 H1.
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All European Transaction Volumes (#)by segment in 2016 H1 were:
Europe: 222
Ground transp. 123
Marine services: 56
Air freight & courier 43
Analysis performed by:
Note: Due to the methodology as this Report is prepared, some overlap may occure between certain years. This means that one transaction can potentially appear in two years' statistics, first when it is announced and then when it is completed (if these two happen in different years). For this reason, in the 2016 H1 Report the overlap in the aggregate concerns 17 (2012:1, 2015:16) European deals in the value of EUR 5.1bn.
0,6x
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8,7x
7,7x
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Europe: 10.5
Ground transp. 1.5
Marine services: 1.3
Air freight & Courier 7.7
European Logistics & Distribution – Deal Value (EURbn)by segment in 2016 H1 were:
Logistics
589
519 503 534
216 222
20.6
9.3
7.1
21.9
15.1
10.5
2012
2012
2013
2013
2014
2014
2015
2015
2015 H1
2015 H1
2016 H1
2016 H1
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CEE Transaction Volumes (#)by segment in 2016 H1 were:
Europe: 15
Ground transp. 9
Marine services: 5
Air freight & courier 1
10
CEE M&A trends & market analysis
Comment Context
CEE Logistics & Distribution Listed Companies TEV/EBITDA Multiple
is highest in Air freight and Courier at 8.9, the lowest in Marine Services of 7.5.
CEE Logistics & Distribution Listed Companies TEV/Sales Multiple
is highest in Marine Services at 1.6, and the lowest in Ground transportation of 0.8.
CEE Logistics & Distribution – Deal Volume by country (#), 2016 H1
CEE: 15
Other CEE: 5
Baltics: 2
Poland: 8
Data supplied by:
Poland is the hot spot with15 target companiesacquired per annum onaverage between 2012-15,8 in 2016 H1. CzechRepublic and Romania wasNo. 2 with 4+ deals peryear (2012-2015), CzechRepublic had 3 in 2016 H1as well..
186 deals were announcedin total between 2012 –2016 H1, of which 66%(122) was completed.
Ground transportationsegment has served asprimary deal drivers (58%)in CEE & Baltics.
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The following data are compiled specifically for the Logistics sector, with Deal Volume over time in the first chartbased on annual transactional data; county comparisons in the second chart, sub-sector comparisons in the thirdchart based on listed companies data as at 20 June, 2016.
Analysis performed by:
Air Freight & courier
Marine Services Ground transp. Logistics Total
0,9x1,6x
0,8x1,2x
8,9x
7,5x
8,8x 8,8x
0,0x
1,0x
2,0x
3,0x
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6,0x
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9,0x
10,0xGlobal listed companies TEV/Sales multiples:
Air Freight: 0.7Marine services 2.2Ground transp. 0.9Total Logistics: 1.4
Global listed companies TEV/EBITDA multiples:
Air Freight: 7.7Marine services 8.2Ground transp. 7.9Total Logistics: 7.9
Note: Due to the methodology as this Report is prepared, some overlap may occure between certain years. This means that one transaction can potentially appear in two years' statistics, first when it is announced and then when it is completed (if these two happen in different years). For this reason, in the 2016 H1 Report the overlap in the aggregate concerns 2 (2015:2) CEE deals in the value of EUR 20mn.
Logistics
53
42
32
44
16 15
53
42
32
44
16 15
TOP 10 European transactions in 2016 H1
TargetValue
(EURm)Date
Percent
soughtTarget country Buyer Segment
Meda AB 8 080.0 2016.02.10 N/A Sweden Mylan NV Pharmaceuticals
Acerta Pharma BV 4 392.7 2015.12.14 55 Netherlands AstraZeneca PLC Pharmaceuticals
Priory Group Ltd 2 404.9 2016.01.04 100 United Kingdom Acadia Healthcare Co Inc Healthcare Providers & Services
Bio Products Laboratory Ltd 1 341.8 2016.05.19 N/A United Kingdom Creat Group Corp Pharmaceuticals
Bayer AG-Diabetes Care Business 1 307.8 2015.06.10 100 GermanyPanasonic Healthcare Holdings Healthcare Equipment & Supplies
AudioNova International BV 1 096.8 2016.05.04 N/A Netherlands Sonova Holding AG Healthcare Equipment & Supplies
Creganna-Tactx Medical 976.2 2016.02.02 N/ARepublic of Ireland TE Connectivity Ltd Healthcare Equipment & Supplies
SkyePharma PLC 675.4 2016.03.16 100 United Kingdom Vectura Group Plc Pharmaceuticals
Galapagos NV 461.1 2015.12.17 15 Belgium Gilead Sciences Inc Pharmaceuticals
Poli Group Holding Srl 448.2 2015.11.30 100 Italy Almirall SA Pharmaceuticals
Total (TOP deals) 21 185.0
Healthcare
11
Analysis performed by:
Note: Top deals table contains both completed and pending deals where value has been disclosedSource: Thomson Reuters Eikon
TargetValue
(EURm)Date
Percent
soughtTarget country Buyer Segment
EE Ltd 15 105.3 2014.12.15 100 United Kingdom BT Group PLC Telecommunications Services
Alcatel Lucent SA 12 999.6 2015.04.14 85 France Nokia Oyj Telecommunications Services
Vodafone International Holdings BV-Dutch Mobile Operations
5 875.6 2016.02.02 N/A Netherlands Liberty Global-Ziggo'sNetwork
Telecommunications Services
King Digital Entertainment PLC 5 289.0 2015.11.02 100 Republic of Ireland
ABS Partners CV Software & IT Services
Markit Ltd 4 876.1 2016.03.21 N/A United Kingdom IHS Inc Software & IT Services
Cable & Wireless Communications PLC 4 810.3 2015.10.22 100 United Kingdom Liberty Global PLC Telecommunications Services
Telecity Group PLC 3 333.3 2015.05.07 100 United Kingdom Equinix Inc Software & IT Services
Pace PLC 1 904.7 2015.04.22 100 United Kingdom ARRIS Group Inc Media & Publishing
O3b Networks Ltd 1 675.1 2016.04.29 N/A Jersey SES SA Telecommunications Services
Bwin Party Digital Entertainment PLC 1 424.0 2015.05.15 100 Gibraltar GVC Holdings PLC Software & IT Services
Total (TOP deals) 57 292.9
TMT
Logistics
TargetValue
(EURm)Date
Percent
soughtTarget country Buyer Segment
TNT Express NV 4 356.1 2015.04.07 100 Netherlands Fedex Acquisition BV Air Freight & Courier Services
Poste Italiane SpA 2 928.3 2016.05.25 N/A Italy Cassa Depositi e Prestiti SpA Air Freight & Courier Services
Mota-Engil Ambiente e Servicos SA-Port & Logistic Business
332.0 2015.09.29 100 Portugal Yildirim Holding AS Marine Services
Parcours SAS 300.0 2016.02.17 100 France ALD Automotive Ltd Transportation, Ground
Piraeus Port Authority SA 281.0 2016.01.21 N/A Greece China Ocean Shipping (Group)
Marine Services
CitySprint UK Ltd 250.1 2016.02.18 100 United Kingdom Investor Group Air Freight & Courier Services
Palletways Group Ltd 211.5 2016.06.01 N/A United Kingdom Imperial Mobility Intl BV Transportation, Ground
GLL Real Estate Partners GmbH-Corridor Logistics Portfolio
200.1 2016.01.19 100 France Logistics SPPICAV Transportation, Ground
Scorpio Tankers Inc-MRS ships(5) 151.0 2016.02.25 N/A Monaco National Chemical Carriers Co
Marine Services
Novorossiiskii mazutnyi terminal OOO 144.9 2015.12.28 50 Russian Federation
Chernomortransneft' Air Freight & Courier Services
Total (TOP deals) 9 154.9
TOP 10 CEE transactions in 2016 H1
TargetValue
(EURm)Date
Percent
soughtTarget country Buyer Segment
Tokushukai-Sofia EOOD 83.0 2016.04.21 100 Bulgaria Acibadem City Clinic BV Healthcare Providers & Services
City Hospitals & Clinics AD 43.9 2016.04.21 100 Bulgaria Acibadem City Clinic BV Healthcare Providers & Services
Medika AD Sofia 6.7 2016.01.15 31 Bulgaria Sopharma AD Pharmaceuticals
Swissmed Vascular Sp zoo 6.9 2013.08.29 20 Poland American Heart of Poland SA Healthcare Providers & Services
Green Lab Hungary Engineering Ltd 4.1 2016.01.25 N/A Hungary BATM Advanced Commun Ltd Healthcare Equipment & Supplies
Zdrowie Sp zoo 2.6 2013.05.31 71 Poland EMC Instytut Medyczny SA Healthcare Providers & Services
Pani Teresa Medica SA 2.1 2015.09.10 19 Poland Sigvaris Holding AG Healthcare Equipment & Supplies
PANAX Pharma sro 0.9 2016.04.27 N/A Czech Republic MGC Pharmaceuticals Ltd Pharmaceuticals
Medica Pro Familia SA 0.4 2016.03.24 8 Poland Neuca Med Sp zoo Healthcare Providers & Services
Total (TOP deals) 150,5
Healthcare
12
Analysis performed by:
TMT
TargetValue
(EURm)Date
Percent
soughtTarget country Buyer Segment
Omnitel UAB 213.2 2015.10.06 100 Lithuania TEO LT AB Telecommunications ServicesCeska Telekomunikacni Infrastruktura as 99.0 2015.11.03 5 Czech Republic PPF A4 BV Telecommunications ServicesStarman AS 86.1 2016.03.14 N/A Estonia Providence Equity Partners LLCSoftware & IT Services
Provus Services Provider SA 32.1 2016.02.29 100 Romania Wirecard AG Software & IT ServicesCentrum Technologii Mobilnych Mobiltek SA 27.1 2015.12.30 100 Poland MCI EuroVentures 1 0 FIZ Software & IT ServicesSMT Software Services Sp zoo SKA 25.2 2015.09.17 100 Poland Creston Investments Sp zoo Software & IT ServicesCentrum Rozliczen Elektronicznych PolskieePlatnosci SA
16.8 2015.08.06 50 Poland Investor Group Software & IT Services
Agora SA 15.4 2016.06.06 11 Poland MDIF Media Holdings I, LLC Media & PublishingNortal AS 15.0 2016.06.20 50 Estonia Nortal Group Holding AS Software & IT ServicesPetit Press as 15.0 2014.10.15 45 Slovak Republic Penta Investments sro Media & Publishing
Total (TOP deals) 544.9
Logistics
Note: Top deals table contains both completed and pending deals where value has been disclosedSource: Thomson Reuters Eikon
TargetValue
(EURm)Date
Percent
soughtTarget country Buyer Segment
ORLEN Transport SA 20.0 2015.11.16 100 Poland Tp Sp zoo Air Freight & Courier Services
Sealand Logistics Sp zoo 11.6 2016.05.06 N/A Poland C Hartwig Gdynia SA Marine Services
Trans Polonia SA 4.2 2016.01.22 47 Poland Investor Group Transportation, Ground
Balticon SA 1.9 2016.05.10 26 Poland Buyout Co Sp zoo Marine Services
Balticon SA 1.1 2016.05.10 N/A Poland Buyout Co Sp zoo Marine Services
Total (TOP deals) 38.9
13
Definitions and notes
Definitions
TEV - “Total Enterprise Value”TEV is an economic measure reflecting the market value of a whole business independent of a business’ capital structure. Theanalysis in this document calculates TEV as follows:• For transaction data, by reference to the target company of each transaction, from the transaction consideration, share of
equity acquired, and other disclosed details such as the target’s net debt, as at the transaction date,• For listed company data, from the listed share price of each company, together with known details of its capital structure
including issued shares and net debt, as at the stated date.
EBITDA - “Earnings Before Interest, Tax, Depreciation and Amortisation”EBITDA is a business’ net income with interest, taxes, depreciation and amortisation added back which is often taken as a proxyfor the cash generation rate of a business. The analysis in this document calculates EBITDA as follows:• For transaction data, by reference to the target company of each transaction, from the most recent known historic 12
months’ reported value as at the transaction date,• For listed company data, from the most recent known historic 12 months’ reported value as at the stated date.
TEV/Sales - “TEV/Sales Multiple”The TEV/Sales Multiple is calculated for each listed company where the required data is disclosed.In the report the median of company multiples was applied.
TEV/EBITDA - “TEV/EBITDAMultiple”The TEV/EBITDA Multiple is calculated for each listed company where the required data is disclosed.In the report the median of company multiples was applied.
SectorsThe sector classifications used in this document are Globalscope and Heal Partners defined aggregations of similar businessactivities based on sub-sectors defined by reference to the primary Capital IQ industry classification as follows:• For transaction data, the target company of each transaction,• For listed company data, each listed company.
RegionsThe regional classifications used in this document are defined by reference to the Capital IQ regional classification as follows:• For transaction data, the target company of each transaction,• For listed company data, each listed company.
CEE RegionCEE Region includes Bulgaria (BG), Croatia (HR), the Czech Republic (CZ), Hungary (HUN), Poland (PL), Romania (RO), Serbia (SRB),Slovakia (SK), Slovenia (SLO), Estonia (EST), Latvia (LV) and Lithuania (LT)
Data supplied by: Analysis performed by: