ifr_tmt_m_a_databook_2013_low_res
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TMT Mergers and AcquisitionsTRANSCRIPT
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TMT M&A DATABOOK
In association with:
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TMT M&A Databook 2013 1
TMT M&A DATABOOK
Worldwide06 Worldwide announced TMTM&A volumes
TMT M&A – sector breakdown
TMT M&A aggregate deal value
06 Quarterly series
Technology
Media and Entertainment
Telecoms
07 Worldwide Technology M&A by Sub Sector
07 Worldwide Media & Entertainment M&A by Sub Sector
07 Worldwide Telecoms M&A by Sub Sector
08 Tech M&A quarterly deal series
08 Telecoms M&A quarterly deal series
08 Media & Entertainment M&A quarterly deal series
08 Worldwide Completed M&A Fees by Sector (US$m)
08 Worldwide Completed M&A Fees by Sector (US$m)
09 Worldwide Announced TMT Comparative M&A Financial Advisor Rankings
TMT 1/1/2013 - 31/8/2013
TMT Full Year 2012
High Technology 1/1/2013 - 31/8/2013
High Technology Full Year 2012
Media & Entertainment 1/1/2013 - 31/8/2013
Media & Entertainment Full Year 2012
10 Telecommunications 1/1/2013 - 31/8/2013
Telecommunications Full Year 2012
10 Worldwide Announced Top TMT M&A Deals by Sub-Sector YTD* Technology
11 Worldwide Announced Top TMT M&A Deals by Sub-Sector YTD* Media & Entertainment
11 Worldwide Announced Top TMT M&A Deals by Sub-Sector YTD* Telecommunications
12 Worldwide Announced Private Equity-Backed
TMT M&A Volumes, TMT
High Technology
Media & Entertainment
Telecommunications
13 Worldwide Completed M&A Fees - Top Banks by Fees
TMT, YTD 2013
TMT, Full Year 2012
Technology, YTD 2013
Technology, Full Year 2012
14 Media & Entertainment, YTD 2013
Media & Entertainment, Full Year 2012
Telecoms, YTD 2013
Telecoms, Full Year 2012
EMEA16 EMEA Involvement Announced TMT M&A Volumes
TMT
High Technology
Media & Entertainment
Telecommunications
17 EMEA Technology M&A by Sub Sector
17 EMEA Media & Entertainment M&A by Sub Sector
17 EMEA Telecoms M&A by Sub Sector
18 EMEA Involvement Announced TMT Top Deals, YTD*Technology
18 EMEA Involvement Announced TMT Top Deals, YTD*Media & Entertainment
19 EMEA Involvement Announced TMT Top Deals, YTD*Telecommunications
19 EMEA completedM&A fees – top banks by fees
All Sectors, YTD 2013
All Sectors, full year 2012
20 TMT, YTD 2013
TMT, full year 2012
High Technology, YTD 2013
High Technology, full year 2012
21 Media & Entertainment, YTD 2013
Media & Entertainment, full year 2012
Telecoms, YTD 2013
High Technology, full year 2012
22 EMEA Involvement Announced TMT M&A Financial Advisor Rankings, TMT full year 2012
22 EMEA Involvement Announced TMT M&A Financial Advisor Rankings, high technology full year 2012
22 EMEA Involvement Announced TMT M&A Financial Advisor Rankings, Media & Entertainment 1/1/2013 -31/8/2013
22 EMEA Involvement Announced TMT M&A Financial Advisor Rankings, TMT 1/1/2013 - 31/8/2013
22 EMEA Involvement Announced TMT M&A Financial Advisor Rankings, high technology 1/1/2013 - 31/8/2013
22 EMEA Involvement Announced TMT M&A Financial Advisor Rankings, Media & Entertainment full year 2012
Table of data
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TMT M&A Databook 20132
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There had been more than US$240bn of tech and telecomdeals as the third quarter neared its end, led by VerizonCommunications’ US$130bn buyout of Vodafone Group’sstake in their wireless venture. That puts the three-monthperiod on pace to be the busiest since 2000, when AOLand Time Warner announced their merger, then valued atas much as US$186bn.
Tech and telecom deals have already helped push totalmergers and acquisitions volume in the quarter past theprevious one, with more than US$520bn in transactionsworldwide. The activity underscores how more companiesare finally making strategic moves to counter technologicaldisruption, said Jennifer Nason, managing director, globalhead of technology, media & telecom (TMT), InvestmentBanking at JPMorgan.
The fast pace of innovation, increasing competitivedynamics and the potential for increasing capital costshave created the perfect storm for strategic moves whichhad been contemplated for a while, said Nason, whoadvised Verizon on the wireless venture buyout and workedon Nokia’s proposed sale of its mobile-phone business toMicrosoft.
Vodafone’s sale of the stake in Verizon Wireless gives it awar-chest to make its own acquisitions whilesimultaneously making the UK wireless operator apotential target. The transaction also puts pressure oncompetitors such as AT&T Inc. to accelerate strategicchanges. Randall Stephenson, chief executive of AT&T, second in US mobile-phone customers to VerizonWireless, has said that Europe may offer attractive options for expansion and that his company would buy
wireless assets in Europe if they were available at the rightprice.
Verizon and Vodafone had discussed a buyout of thewireless stake on and off for a decade. For the UScompany, the case for full ownership became morecompelling with growth in mobile-data use by high-spending customers, allowing it to increase its offer to alevel acceptable to Vodafone.
The expectation that interest rates will rise has alsospurred some companies to act. Verizon took advantage ofthe favourable interest rate environment to borrow aboutUS$60bn to fund the wireless venture buyout.
Among handset makers, BlackBerry said last month itwas weighing a sale and has entered into a letter of intentagreement to sell to a consortium led by investor FairfaxFinancial. The US$4.7bn deal to take BlackBerry privatehas set a benchmark - or a floor - for any competing offersfor the beleaguered smartphone manufacturer over thenext six weeks.
Various potential trade and financial buyers - includingMicrosoft, China's Lenovo Group, Amazon, and TPGCapital - have been mentioned as possibilities over thecourse of the past month, however, industry analysts aresceptical that any rival bids will emerge.
BlackBerry has until November 4 to seek superior offers,which the Fairfax consortium has the right to match. Thegroup is looking to arrange finance for the acquisition withBank of America Merrill Lynch and BMO Capital Marketsand must complete its due diligence by the same date.
Meanwhile BlackBerry, which has lost out massively toApple and Samsung in the consumer market for
TMT M&A busiest since 2000
Christian Lesueur, ManagingDirector, Head of TMT InvestmentBanking, EMEA, UBS InvestmentBank
“The European telecom sector hasbeen and remains under pressurethrough a combination of macro,regulatory, competitive andtechnological factors. Operators havespent years rightly streamlining theiroperations and their portfolios. Butwith the continued deflationary top-line environment, operators areincreasingly looking to M&A as partof the solution. Firstly, to in-marketconsolidation to drive cash flowgrowth through synergies. Secondly,to convergence deals to securemulti-play capabilities as wetransition to unified communications.And, thirdly, to disposals to reduceleverage and continue to furtherfocus strategy and management.
Deals UBS has led this year such asVodafone/VZW, Vodafone KDG andTelefonica Deutschland epitomisesome of these themes.
Importantly, public marketinvestors have been generallysupportive of M&A in the sectorrecognising that consolidation is nownecessary. The highly attractive
financing market conditions haveenabled companies to pursueneeded inorganic moves; it is great tosee that all management teams haveremained disciplined and on pointwith regards to their strategiesreflecting the maturity of the sector.
Regulators will have to decidewhether to ease up on Europeanoperators and facilitate thisconsolidation as well theinvestments it enables in the service quality and breadth we allneed, or whether to continue to focus more on pricing. I hope theywill as Europe is falling behind inboth mobile and fixed broadband,which was not the case 10 years ago,is frustrating as a consumer, andsub-optimal for our economies. It interesting to note that 10 yearsago, Europe accounted for 5 of thetop 10 operators, today that numberis 2.”
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TMT M&A Databook 2013 3
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smartphones, said at the end of last week that from nowon it was going to focus on what it terms enterprisecustomers - businesses, governments, legal firms andsecurity forces.
Lenovo Group, the world’s largest maker of personalcomputers, said this month that it is looking foracquisitions in PCs and smartphones.
Innovations from smartphones to social media are creating new opportunities for some companies and ruining the business models of others, drivingdealmaking in both cases. Verizon’s deal with Vodafone crowns a summer that saw Publicis Groupe SAand Omnicom Group Inc agree to combine to create aUS$35bn advertising powerhouse, as well as Microsoft’sUS$7.2bn bid for the Nokia mobile phone business andpatents.
Nokia’s future, meanwhile, has been a subject ofspeculation almost from the moment Apple launched the iPhone in 2007. Once the world’s leading mobile-phone manufacturer, Nokia has fallen badly behind Appleand Samsung, and the Windows Phone operating systemits devices run accounts for less than 5% of newsmartphones.
In North America, the bidding war for Sprint andClearwire raged throughout the first half of the year, finallyconcluding at the end of June when Dish abandoned itsUS$25.5bn bid for Sprint and withdrew its US$6.6bntender offer for Clearwire. Sprint purchased the shares ofClearwire it did not already own on July 10, and thefollowing day, Softbank bought 72% of Sprint forUS$21.6bn.
Still, much of the US wireless sector is in play, astelecoms vie for scale and spectrum. AT&T, which wasbarred from buying T-Mobile two years ago, is still workingon improving its spectrum holdings and bought LeapWireless for US$1.2bn at an 88% premium.
In the first half of 2013, Dish proved how much it wantsan operating wireless business. Since Sprint and Clearwirefailed, a bid for T-Mobile is thought to be feasible, althoughT-Mobile with greater firepower might buy Dish. T-Mobileis a fitting target for the newly strengthened Sprint, onceits merger with Softbank has settled.
4G auctions in Latin America will continue to take placein all the region’s countries and generate money for thenational governments. The major players, such as theMexico-based America Movil, Spain-based Telefonica,Italy-based TIM and the US-based NII Holdings will bid forthe remaining spectrum auctions to expand their networksand footprint. Satellite TV players like Sky, a joint ventureof Brazil-based Organizacoes Globo and the El Segundo,California-based DirecTV Group, will also bid for 4Gspectrum to improve its mobile services.
In Brazil 4G auctions will be launched by the year-end bythe local regulator Anatel and will offer the remaining 96spectrum lots that had not been sold in the 2012 auction.In Mexico, Eutelsat Communications purchased Satmex forUS$1.1bn on July 31.
In Europe, telecom companies such as Spain’s Telefonicaare looking to consolidate as growing data use demandsmore expensive networks and regulators restrict fees forservices like roaming. Long-expected deals are finallytaking place, with Telefonica and KPN of the Netherlands
Luc Dezert, Managing Director,Head for Telecom Europe at BNPParibas Corporate Finance
“A tsunami of M&A transactions is tobe expected in the Europeantelecom sector over the next fiveyears. After a period of low mergeractivity since 2005, four key factorssupport an acceleration of telecomdeals in Europe:
1. Convergence: pure play mobileoperators are squeezed in anincreasingly data centric andconvergent industry. Mobileoperators are relying on fixednetwork infrastructure to transfer asurging data traffic and need to facecompetition from quadruple-playoperators offering bundled packagesat discounted prices. In reaction,mobile operators are looking atcable or fibre operators acquisitionopportunities
2. Cost savings: the overall telecommarket size is expected to continue todecrease over the next years (2010-16CAGR of -2.2%) whereas competitionis further intensifying and investment
needs are increasing (fibre, LTE). Inreaction, operators look at in-countryconsolidations in order to maximisecost synergies
3. Financial flexibility: Europeanoperators are refocusing from aglobal to a regional footprintstrategy. Divestments of non-coreassets result in a greater financingflexibility and enable them toreinvest in core markets andcompete more effectively
4. Low valuations in a fragmentedmarket: Non-European operatorstake a mid-term view on theforthcoming harmonisation of theEuropean regulatory environmentwhich is expected to facilitate cross-border consolidations in afragmented market (more than 100mobile operators), to result inbenefits of scale and, ultimately, toclose the gap with superior telecomvaluation metrics in North Americaand in Asia
Out of a number of telecom M&Atransactions announced in 2013, thefour major ones are an illustrationeach of these factors: Vodafone –
KDG in Germany (Convergence),Telefonica Deutschland – EPlus inGermany (Cost savings), Vodafone –Verizon Wireless in the US (Strategicrefocus), America Movil – KPN in theNetherlands (Low valuations/European consolidation).
In an industry exposed totransforming evolutions (technology, business model,regulation), each European operatorhas become an actor, prey orpredator, of the marketconsolidation.”
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TMT M&A Databook 20134
TMT M&A DATABOOK
merging their German businesses O2 Deutschland and E-Plus, respectively, a transaction that has been anticipatedfor the last decade. Telefonica, which has been seeking toreduce its €48.6bn in debt, has also agreed to sell its Irishbusiness to Hutchison Whampoa of Hong Kong and to list40% of its Central American business.
Vivendi of France is making headway in its efforts to selloff telecom assets as a means to reduce debt and becomea media company, having selected the UAE’s Etisalat asthe buyer for its 53% stake in Maroc Telecom, selling forsome €4.2bn. With Maroc Telecom finally nearing aconclusion, Vivendi is set to focus on French cellularcompany SFR.
M&A in the Indian telecom sector is subdued by highspectrum and infrastructure costs. However, the Indiangovernment's latest move to hike foreign directinvestment's limit to 100% will allow existing foreignplayers to buy out the entire stake in the Indian entity andmay encourage new players to completely own the Indianarm.
Existing foreign players who own majority stakes or asignificant minority stake might want to increase theirholdings. Vodafone may want to buy out some of its
partners in Vodafone India. Vodafone owns 74% withPiramal Group chairman Ajay Piramal, Max Groupchairman Analjit Singh and IDFC as shareholders.
In April , South Korean telco giant KT dropped its bid tobuy a 53% stake in Maroc Telecom from Vivendi, after vyingwith bidders such as Ooredoo and Etisalat. After droppingits bid to buy a 53% stake in Maroc Telecom, South KoreanKT has now turned its attention to acquiring South AfricanTelcom’s iWayAfrica unit, an Internet service provider fully-owned by Telcom, although talks between iWayAfrica andKT have stalled.
Another common theme among some telecom firms islisting infrastructure assets in the form of trusts. Singaporehas been the stock exchange of choice for trust listings, butrecently, Malaysia and Thailand have also made it possibleto list business trusts. This has attracted a lot of interestamong telecoms looking to monetize their fixed assetssuch as their tower businesses. Thai telco True Corp isplanning a US$2.3bn listing of its towers and fibre opticsbusinesses and in Malaysia, telcos Axiata and Digi.Com areexploring trust listings. Singapore’s SingTel could also bemoving towards a business trust listing for its fibrebroadband network assets.
Daniel Domberger, Director,Livingstone Partners LLP
“The maturity of two key trends, at aparticular point in the economiccycle, is driving the current wave ofM&A activity in the TMT sector.
Maturity of enterprise/cloud andconsumer/mobile trendsBoth enterprise/cloud andconsumer/mobile technologymarkets have matured, and neitheroffers the organic growth prospectsit has done over the past five toseven years.
Meanwhile, established playershave large, defensible positions, andbarriers to entry are formidable.Organic growth is therefore difficult,and new markets largely blocked.
Defensive, opportunistic,consolidationIn this context, defensiveconsolidation (e.g., Microsoft/Nokia),stepping out of the public eye torespond to changes in the
marketplace (Dell) and consolidationof ownership (Verizon/Vodafone)have taken over as the key drivers oflarge-scale M&A activity. BlackBerry,a victim of changes in both theenterprise and consumer markets, isunlikely to remain independent forlong, and will be an opportunisticbolt-on for an established player.
What’s next? The next shift will be away fromdefensive moves, towards M&A
as a driver of growth. We expect this to become visible quite quickly,and certainly over the next 12-18months.
The deals themselves will besmaller, but more numerous, asactivity picks up in the mid-market –the traditional engine of growth anddevelopment.
The major corporate acquirers in the mid-market have beenthrough a period of intensivestrategic review over the past coupleof years.
They now have greater strategicclarity and an increased willingnessto consider growth by acquisition –be it of technology, talent, or marketentry. And they have the cash on thebalance sheet and the financingavailable to make these dealshappen.
This combination of growthambitions, strategic rationale, and available capital will driveincreasing M&A activity in the TMTsector and especially in the mid-market.”
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TMT M&A Databook 2013
TMT M&A DATABOOK
Global Data
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TMT M&A Databook 20136
TMT M&A DATABOOK
Note: *January 1 to August 31
Source: Thomson Reuters
200,000
150,000
100,000
50,000
02011 2013 YTD*2012 2013 YTD
annualisedTechnology Media & entertaiment Telecoms
TMT M&A – SECTOR BREAKDOWN
US$m
Note: *January 1 to August 31
Source: Thomson Reuters
500,000
400,000
300,000
200,000
100,000
0
Technology
MediaTelecoms
2011 2012 2013 YTD
TMT M&A AGGREGATE DEAL VALUE (2011 TO 2013 YTD)
US$m
Note: *January 1 to August 31
Source: Thomson Reuters
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
1,500
1,200
900
600
TECHNOLOGY
US$m
Note: *January 1 to August 31
Source: Thomson Reuters
50,000
40,000
30,000
20,000
10,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
800
700
600
500
400
MEDIA AND ENTERTAINMENT
US$m
Note: *January 1 to August 31
Source: Thomson Reuters
60,000
50,000
40,000
30,000
20,000
10,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
250
200
150
100
50
TELECOMS
US$m
Worldwide announced TMT M&A volumes
Quarterly series
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TMT M&A Databook 2013 7
TMT M&A DATABOOK
Note: *To August 31
Source: Thomson Reuters
Computers & peripherals E-commerce/B2B Electronics Internet software & services IT consulting & Services Semiconductors
2011 2012
33,16515,675
4,471
26,535
42,17730,130
18,807
8,884
23,194
37,148
10,118
22,198
YTD 2013*
28,278
2,97811,499
10,786
12,580
7,603
WORLDWIDE TECHNOLOGY M&A BY SUB SECTOR
DEAL VALUE US$m
Note: *To August 31
Source: Thomson Reuters
Advertising & marketing Broadcasting Cablexxxxxxxxxx Other (including hotels and lodging, gaming and casinos)
2011 2012
33,0546,991
15,589
21,696
14,953
14,320
20,159
12,28914,662
34,145
YTD 2013*
22,502
26,76822,289
8,584
18,767
WORLDWIDE MEDIA & ENTERTAINMENT M&A BY SUB SECTOR
DEAL VALUE US$m
Note: * To August 31
Source: Thomson Reuters
Space and satellites Telecoms equipment Telecoms servicesWireless Other telecom
2011 2012
4,034 9,829
18,949
46,531
23,539
2,240 10,697
44,840
56,032
6,427
YTD 2013*
2,335
63,281
27,265
542 1,143
WORLDWIDE TELECOMS M&A BY SUB SECTOR
DEAL VALUE US$m
Sub-sector breakdowns
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TMT M&A Databook 20138
TMT M&A DATABOOK
Note: *To August 31
Source: Thomson Reuters
50,000
40,000
30,000
20,000
10,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
Computers & peripherals E-commerce/B2B Electronics
Internet software & services IT consulting & services Semiconductors
TECH M&A QUARTERLY DEAL SERIES
US$m
Note: **Hotels and lodging; casinos and gaming, *To August 31
Source: Thomson Reuters
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
Advertising & marketing Broadcasting Cable
Motion pictures / Audio visual Other*
MEDIA & ENTERTAINMENT M&A QUARTERLY DEAL SERIES
US$m
Note: * *To August 31
Source: Thomson Reuters
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
Space and satellites Telecoms equipment Telecoms services
Wireless Other telecom
0
10,000
20,000
30,000
40,000
50,000
60,000
TELECOMS M&A QUARTERLY DEAL SERIES
US$m
WORLDWIDE COMPLETED M&A FEES BY SECTOR (US$M)Macro sector YTD 2013* % of total
Financials 3,153 27.91
TMT combined 1,859 16.45
Energy and power 1,409 12.47
Materials 1,016 8.99
Industrials 985 8.72
Consumer staples 788 6.98
Technology 751 6.64
Healthcare 723 6.40
Real estate 569 5.04
Telecommunications 568 5.02
Media and entertainment 541 4.79
Consumer products and services 448 3.97
Retail 236 2.09
Government and agencies 112 0.99
Total 11,299
Source: Thomson Reuters/Freeman Consulting
WORLDWIDE COMPLETED M&A FEES BY SECTOR (US$M)Macro sector Full Year 2012 % of total
Financials 6,239 29.03
TMT combined 3,195 14.87
Energy and power 2,955 13.75
Industrials 2,067 9.62
Healthcare 1,810 8.42
Technology 1,739 8.09
Materials 1,728 8.04
Consumer staples 1,021 4.75
Consumer products and services 921 4.29
Telecommunications 760 3.54
Real estate 715 3.33
Media and entertainment 696 3.24
Retail 651 3.03
Government and agencies 188 0.87
Total 21,490
Source: Thomson Reuters/Freeman Consulting
M&A fee data
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TMT M&A Databook 2013
TMT M&A DATABOOK
TECHNOLOGY, FULL YEAR 2012Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 42 53,531 33.3
2 JP Morgan 32 37,072 23.1
3 Morgan Stanley 44 31,200 19.4
4 Credit Suisse 29 20,962 13.1
5 Deutsche Bank 22 18,488 11.5
6 Bank of America Merrill Lynch 16 16,872 10.5
7 Rothschild 14 16,288 10.1
8 Citigroup 11 12,769 8.0
9 UBS 14 11,628 7.2
10 Barclays 18 11,231 7.0
Total 4,904 160,566
Source: Thomson Reuters
MEDIA & ENTERTAINMENT, FULL YEAR 2012Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 25 28,681 24.8
2 JP Morgan 15 20,806 18.0
3 Credit Suisse 9 18,125 15.7
4 Citigroup 12 11,404 9.9
5 Morgan Stanley 18 11,369 9.8
6 Moelis 20 10,802 9.3
7 Deutsche Bank 14 10,334 8.9
8 UBS 14 9,901 8.6
9 Lazard 16 8,622 7.5
10 LionTree Advisors 3 7,164 6.2
Total 2,668 115,676
Source: Thomson Reuters
TECHNOLOGY, 1/1/2013 – 31/8/2013 Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 JP Morgan 19 39,892 38.2
2 Bank of America Merrill Lynch 12 36,824 35.3
3 Barclays 8 35,127 33.6
4 Deutsche Bank 16 34,569 33.1
5 Goldman Sachs 18 34,350 32.9
6 Credit Suisse 15 30,318 29.0
7 RBC Capital Markets 7 27,059 25.9
8 Evercore Partners 9 21,742 20.8
9 UBS 11 21,324 20.4
10 Citigroup 13 19,964 19.1
Total 2,894 104,468
Source: Thomson Reuters
MEDIA & ENTERTAINMENT, 1/1/2013 – 31/8/2013 Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 17 49,993 44.9
2 Bank of America Merrill Lynch 11 40,405 36.3
3 Morgan Stanley 11 33,173 29.8
4 Citigroup 18 31,971 28.7
5 JP Morgan 12 26,071 23.4
6 Deutsche Bank 7 24,208 21.8
7 Moelis 15 23,887 21.5
8 Centerview Partners 2 22,950 20.6
9 Rothschild 12 21,043 18.9
10 BNP Paribas 1 19,331 17.4
Total 1,672 111,300
Source: Thomson Reuters
Worldwide announced TMT comparative M&Afinancial advisor rankings
TMT, 1/1/2013 – 31/8/2013 Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 46 149,866 48
2 JP Morgan 38 108,817 35
3 Bank of America Merrill Lynch 27 90,260 29
4 Deutsche Bank 28 82,720 27
5 Citigroup 37 65,945 21
6 Credit Suisse 21 63,881 21
7 Morgan Stanley 37 62,919 20
8 UBS 20 51,443 17
9 LionTree Advisors 4 48,249 16
10 Barclays 16 40,193 13
Total 4,983 310,333
Source: Thomson Reuters
TMT, FULL YEAR 2012
Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 83 122,950 31.0
2 JP Morgan 62 96,385 24.3
3 Credit Suisse 50 78,258 19.7
4 UBS 43 76,241 19.2
5 Deutsche Bank 53 73,844 18.6
6 Morgan Stanley 82 71,261 18.0
7 Bank of America Merrill Lynch 38 55,876 14.1
8 Citigroup 44 55,679 14.0
9 Rothschild 42 49,938 12.6
10 Mizuho Financial Group 34 31,256 7.9
Total 8,297 396,479
Source: Thomson Reuters
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TMT M&A Databook 201310
TMT M&A DATABOOK
TECHNOLOGYValue Target Target Acquirer Acquirer Acquirer Seller
(US$m) Date name mid industry name mid industry ultimate parent Investor immediate parent
19,278.832 5/2/13 Dell Inc (US) Computers & Investor Group Other financials Investor Group (US) Silver Lake Partners –
peripherals
6,530.197 6/5/13 BMC Software Software BMC Software Other financials BMC Software Bain Capital /Golden Gate Capital/GIC Elliott
Inc (US) SPV (US) Special Invest Pte Ltd/Insight Venture Management
Partners Corp
5,834.400 26/7/13 Activision Software Activision Software Vivendi (FR) – Vivendi SA
Blizzard Inc (US) Blizzard
4,046.997 18/4/13 ista International Electronics CVC Capital Alternative financial CVC Capital – –
GmbH (GM) Partners investments Partners Ltd (UK)
2,545.464 4/6/13 ExactTarget Software Salesforce.com Software Salesforce.com – –
Inc (US) (US)
2,395.417 23/7/13 Sourcefire Computers & Cisco Systems Computers & Cisco Systems – –
Inc (US) peripherals Inc peripherals (US)
2,338.765 25/7/13 Activision Software ASAC II Other financials ASAC II (US) – Vivendi SA
Blizzard Inc (US)
1,850.000 16/7/13 91 Wireless Software Baidu (Hong Other financials Baidu (CH) – –
Websoft Ltd (CH) Kong)
1,661.933 4/2/13 Acme Packet Computers & Oracle Corp Software Oracle Corp (US) – –
Inc (US) peripherals
1,650.543 22/3/13 Dell Inc (US) Computers & Icahn Asset management Icahn Enterprises – –
peripherals Enterprises (US)
Source: Thomson Reuters
TELECOMMUNICATIONS , FULL YEAR 2012Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 UBS 15 54,712 45.5
2 Deutsche Bank 17 45,022 37.4
3 Goldman Sachs & Co 16 40,739 33.9
4 Credit Suisse 12 39,172 32.6
5 JP Morgan 15 38,507 32.0
6 Bank of America Merrill Lynch 15 34,946 29.1
7 Citigroup 21 31,505 26.2
8 Morgan Stanley 20 28,692 23.9
9 Rothschild 7 27,489 22.9
10 Mizuho Financial Group 3 22,318 18.6
Total 725 120,236
Source: Thomson Reuters
TELECOMMUNICATIONS, 1/1/2013 – 31/8/2013 Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 11 65,523 69.3
2 JP Morgan 7 42,855 45.3
3 RBS 2 34,157 36.1
4 Credit Suisse 3 26,786 28.3
5 LionTree Advisors 1 25,531 27.0
6 Deutsche Bank 5 23,943 25.3
7 Morgan Stanley 7 17,711 18.7
8 Citigroup 6 14,010 14.8
9 Bank of America Merrill Lynch 4 13,031 13.8
10 UBS 2 11,455 12.1
Total 417 94,566
Source: Thomson Reuters
Top 10 deals by sub-sector
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TMT M&A Databook 2013 11
TMT M&A DATABOOK
TELECOMMUNICATIONSValue Target Target Acquirer Acquirer Acquirer Seller
(US$m) Date name Mid industry name mid industry ultimate parent Investor immediate parent
25,531.002 5/2/13 Virgin Media Inc (US) Telecommunications Liberty Global Cable Liberty Global Inc (US) – –
services Inc
22,722.263 9/8/13 Koninklijke KPN NV (NT) Telecommunications America Movil Wireless America Movil SAB – –
services SAB de CV de CV (MX)
11,435.069 23/7/13 E-Plus Mobilfunk Wireless Telefonica Telecommunications Telefonica SA (SP) – –
GmbH & Co KG (GM) Deutschland services
Holding
4,064.224 12/7/13 Leap Wireless Intl Inc (US) Wireless AT&T Inc Wireless AT&T Inc (US) – –
3,550.000 27/3/13 Tele2 Russia Holding Telecommunications VTB Group Banks VTB Group (RS) – –
AB (RS) services
2,221.351 1/7/13 Nokia Siemens Wireless Nokia Oyj Telecommunications Nokia Oyj (FN) – –
Networks Oy (FN) equipment
2,200.000 23/7/13 LightSquared Inc (US) Wireless DISH Network Cable DISH Network Corp (US) – –
Corp
1,565.000 9/7/13 Turkcell Iletisim Wireless Cukurova Machinery Cukurova Holding AS (TK) – Alfa Group Consortium
Hizmetleri (TK) Holding AS
1,562.732 21/1/13 Optimus SGPS SA (PO) Telecommunications Zon Multimedia Cable Zon Multimedia (PO) – –
services
1,390.000 11/8/13 ARINC Inc (US) Telecommunications Rockwell Collins Professional Rockwell Collins Inc (US) – –
services Inc services
Source: Thomson Reuters
MEDIA & ENTERTAINMENTValue Target Target Acquirer Acquirer Acquirer Seller
(US$m) Date name Mid industry name mid industry ultimate parent Investor immediate parent
19,331.138 28/7/13 Omnicom Advertising Publicis Advertising & Publicis Groupe – –
Group Inc (US) & marketing Groupe SA marketing SA (FR)
16,700.000 12/2/13 NBCUniversal Broadcasting Comcast Corp Cable Comcast Corp (US) – –
Media LLC (US)
13,512.584 24/6/13 Kabel DeutschlandCable Vodafone Vierte Wireless Vodafone Group – –
Holding AG (GM) PLC (UK)
6,250.147 19/6/13 News Corp- Publishing Shareholders Other financials Shareholders (US) – –
Publishing
Business (US)
4,385.964 19/6/13 Springer Science+ Motion Investor Group Other financials Investor BC European Capital IX Government of Singapore
Business (GM) pictures/ Group (UK) Invest
audio visual
2,725.000 1/7/13 Local TV-Television Broadcasting Tribune Co Publishing Tribune Co (US) – –
Stn(19) (US)
2,674.000 19/3/13 Charter Cable Liberty Media Cable Liberty Media – Apollo Global Management
Communications Corp Corp (US) LLC/Oaktree Capital Group
Inc (US) LLC/Crestview Partners LP
2,141.786 13/6/13 Belo Corp (US) Broadcasting Gannett Co Inc Publishing Gannett Co Inc (US) – –
1,625.000 7/2/13 Optimum Cable Charter Cable Charter – –
West (US) Communications Communications
Inc Inc (US)
1,502.034 22/2/13 Grand Wailea Hotels and GIC Alternative financial GIC (SG) – –
Resort Hotel & (US) lodging investments
Source: Thomson Reuters
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TMT M&A Databook 201312
TMT M&A DATABOOK
Note: Buy-side Financial Sponsor Backing, ** 1/7/2013 - 31/8/2013
Source: Thomson Reuters
25,000
20,000
15,000
10,000
5,000
0Q
1 201
1
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
**
� Deal value ---- Number of deals
250
200
150
100
TECHNOLOGY
US$m
Note: Buy-side Financial Sponsor Backing, ** 1/7/2013 - 31/8/2013
Source: Thomson Reuters
15,0000
12,000
9,000
6,000
3,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value -- Number of deals
100
80
60
40
MEDIA & ENTERTAINMENT
US$m
Note: Buy-side Financial Sponsor Backing, ** 1/7/2013 - 31/8/2013
Source: Thomson Reuters
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value -- Number of deals
35
30
25
20
15
10
TELECOMMUNICATIONS
US$m
Note: Buy-side Financial Sponsor Backing, ** 1/7/2013 - 31/8/2013
Source: Thomson Reuters
30,000
25,000
20,000
15,000
10,000
5,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
250
200
150
100
50
TMT
US$m
Worldwide Announced Private Equity-BackedTMT M&A Volumes
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TMT M&A Databook 2013 13
TMT M&A DATABOOK
Worldwide completed M&A feesTop banks by fees
TMT, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
Goldman Sachs 1 14.08 262
JP Morgan 2 10.54 196
Morgan Stanley 3 6.20 115
Citigroup 4 4.69 87
Bank of America Merrill Lynch 5 4.13 77
Qatalyst Partners 6 3.19 59
Evercore Partners 7 3.12 58
Credit Suisse 8 2.92 54
RBC Capital Markets 9 2.84 53
Lazard 10 2.77 52
UBS 11 2.69 50
Barclays 12 2.66 49
Deutsche Bank 13 2.32 43
Jefferies 14 2.03 38
LionTree Advisors 15 1.81 34
Centerview Partners 16 1.75 33
Rothschild 17 1.38 26
Houlihan Lokey 18 1.11 21
CIBC World Markets Inc 19 1.08 20
Raymond James Financial Inc 20 1.05 20
Source: Thomson Reutersx
TMT, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
Morgan Stanley 1 7.26 232
Goldman Sachs 2 7.22 231
JP Morgan 3 6.60 211
Qatalyst Partners 4 5.17 165
Lazard 5 4.66 149
UBS 6 4.32 138
Deutsche Bank 7 3.59 115
Bank of America Merrill Lynch 8 3.44 110
Barclays 9 3.33 107
Citigroup 10 2.65 85
Rothschild 11 2.62 84
Credit Suisse 12 2.38 76
Moelis 13 2.17 69
Macquarie Group 14 2.03 65
Blackstone Group 15 1.76 56
Jefferies 16 1.74 56
Houlihan Lokey 17 1.48 47
Evercore Partners 18 1.40 45
RBC Capital Markets 19 1.21 39
Centerview Partners 20 1.17 37
Source: Thomson Reutersx
TECHNOLOGY, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
Goldman Sachs 1 12.87 97
JP Morgan 2 10.31 77
Qatalyst Partners 3 7.90 59
Morgan Stanley 4 4.41 33
Barclays 5 3.48 26
UBS 6 3.10 23
RBC Capital Markets 7 3.03 23
Evercore Partners 8 2.90 22
Jefferies 9 2.89 22
Lazard 10 2.89 22
Raymond James Financial 11 2.54 19
Bank of America Merrill Lynch 12 2.50 19
Deutsche Bank 13 2.43 18
Credit Suisse 14 2.32 17
Houlihan Lokey 15 1.74 13
Citigroup 16 1.73 13
Blackstone Group 17 1.48 11
Nomura 18 1.47 11
Wells Fargo 19 1.38 10
IMAP 20 1.34 10
Source: Thomson Reutersx
TECHNOLOGY, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
Morgan Stanley 1 10.78 187
Goldman Sachs 2 8.68 151
JP Morgan 3 7.64 133
Qatalyst Partners 4 6.47 112
Lazard 5 5.60 97
Bank of America Merrill Lynch 6 3.66 64
Barclays 7 3.24 56
Jefferies 8 2.33 40
Credit Suisse 9 2.29 40
Rothschild 10 2.24 39
UBS 11 2.24 39
Deutsche Bank 12 2.12 37
Blackstone Group 13 1.66 29
GCA Savvian Group Corp 14 1.64 28
Stifel/KBW 15 1.59 28
RBC Capital Markets 16 1.59 28
Evercore Partners 17 1.45 25
Centerview Partners 18 1.39 24
Houlihan Lokey 19 1.36 24
Raymond James Financial 20 1.36 24
Source: Thomson Reutersx
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TMT M&A Databook 201314
TMT M&A DATABOOK
MEDIA & ENTERTAINMENT, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
Goldman Sachs 1 11.77 64
Morgan Stanley 2 10.35 56
JP Morgan 3 8.13 44
Bank of America Merrill Lynch 4 6.62 36
LionTree Advisors 5 6.22 34
Citigroup 6 5.58 30
RBC Capital Markets 7 4.38 24
Centerview Partners 8 3.75 20
Lazard 9 3.16 17
Evercore Partners 10 2.94 16
Credit Suisse 11 2.92 16
Moelis 12 2.01 11
Greenhill & Co 13 1.98 11
Deutsche Bank 14 1.96 11
UBS 15 1.71 9
Peter J. Solomon 16 1.71 9
National Bank of Canada Fin 17 1.39 7
Alvarez & Marsal 18 1.33 7
Rothschild 19 1.23 7
Perella Weinberg Partners 20 1.16 6
Source: Thomson Reutersx
MEDIA & ENTERTAINMENT, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
Moelis 1 6.19 43
Citigroup 2 5.93 41
Lazard 3 5.20 36
Rothschild 4 4.31 30
Macquarie Group 5 3.87 27
JP Morgan 6 3.82 27
Goldman Sachs 7 3.72 26
UBS 8 3.21 22
Morgan Stanley 9 3.17 22
Blackstone Group 10 3.04 21
Deutsche Bank 11 2.95 21
Houlihan Lokey 12 2.51 17
Barclays 13 2.46 17
Bank of America Merrill Lynch 14 2.35 16
Greenhill & Co 15 2.02 14
Canaccord Genuity 16 1.72 12
Credit Suisse 17 1.66 12
Gleacher & Co 18 1.59 11
BNP Paribas 19 1.57 11
Evercore Partners 20 1.54 11
Source: Thomson Reutersx
TELECOMS, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
Goldman Sachs 1 17.88 101
JP Morgan 2 13.13 75
Citigroup 3 7.75 44
Morgan Stanley 4 4.62 26
Barclays 5 3.92 22
Bank of America Merrill Lynch 6 3.90 22
Credit Suisse 7 3.72 21
Evercore Partners 8 3.60 20
UBS 9 3.08 17
Rothschild 10 3.00 17
Mizuho Financial Group 11 2.65 15
Deutsche Bank 12 2.52 14
BMO Capital Markets 13 2.44 14
Lazard 14 2.25 13
The Raine Group 15 2.09 12
Jefferies 16 1.80 10
Centerview Partners 17 1.78 10
CIBC World Markets 18 1.71 10
Plutus Consulting Co 19 1.42 8
Falkenberg Capital Corp 20 1.15 7
Source: Thomson Reutersx
TELECOMS, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
UBS 1 10.10 77
Deutsche Bank 2 7.53 57
Goldman Sachs 3 7.10 54
Qatalyst Partners 4 6.96 53
JP Morgan 5 6.77 52
Barclays 6 4.34 33
Bank of America Merrill Lynch 7 3.92 30
Credit Suisse 8 3.24 25
Citigroup 9 3.00 23
Morgan Stanley 10 2.96 23
Macquarie Group 11 2.83 22
LionTree Advisors 12 2.14 16
Wells Fargo 13 2.13 16
Lazard 14 2.02 15
Moelis 15 1.99 15
Rothschild 16 1.93 15
Centerview Partners 17 1.71 13
Jefferies 18 1.60 12
TD Securities 19 1.47 11
HSBC Holdings 20 1.42 11
Source: Thomson Reutersx
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TMT M&A Databook 2013
TMT M&A DATABOOK
EMEA Data
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TMT M&A Databook 201316
TMT M&A DATABOOK
Note: *To Aug 31 2013
Source: Thomson Reuters
30,000
25,000
20,000
15,000
10,000
5,000
0Q
1 201
1
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
500
400
300
200
TECHNOLOGY
US$m
Note: *To Aug 31 2013
Source: Thomson Reuters
25,000
20,000
15,000
10,000
5,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
500
400
300
200
100
MEDIA & ENTERTAINMENT
US$m
Note: *To Aug 31 2013
Source: Thomson Reuters
50,000
40,000
30,000
20,000
10,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
120
100
80
60
40
TELECOMMUNICATIONS
US$m
Note: *To Aug 31 2013
Source: Thomson Reuters
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Q1 2
011
Q2
2011
Q3
2011
Q4
2011
Q1 2
012
Q2
2012
Q3
2012
Q4
2012
Q1 2
013
Q2
2013
Q3
2013
*
� Deal value ---- Number of deals
1,000
800
600
400
TMT
US$m
EMEA Involvement Announced TMT M&A volumes
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TMT M&A Databook 2013 17
TMT M&A DATABOOK
Note: *To August 31
Source: Thomson Reuters
Space and satellites Telecoms equipment Telecoms servicesWireless Other telecom
2011 2012
560.9 5,639.7
2,530.8
24,660.5
11,350.02,087.1
1,065.7
19,701.5
29,445.7
82.2
YTD 2013*
4,748.1
79,396.9
59,954.3
700.0 7,847.5
EMEA TELECOMS M&A BY SUB SECTOR
DEAL VALUE US$m
Note: *To August 31
Source: Thomson Reuters
Computers & peripherals E-commerce/B2B Electronics
Internet software and services IT consulting and services Semiconductors
Software Other technology
2011 2012
5,303.0
4,402.42,108.8
8,685.0
21,653.77,622.9
1,655.31,402.7
11,436.0
13,082.93,188.8
12,817.4
YTD 2013*6,766.2
4,803.3
26,512.1
38,317.2
14,696.4
8,091.5
102.8
17,383.4
1,898.2
284.7
42,423.5
284.7
EMEA TECHNOLOGY M&A BY SUB SECTOR
DEAL VALUE US$m
Note: *To August 31 **including hotels and lodging; casinos and gaming
Source: Thomson Reuters
Advertising and marketing Broadcasting CableMotion pictures/audio visual Publishing Recreation and leisure Other**
2011 2012
4,443.4
2,829.9
5,447.8
10,843.0
8,346.1
8,356.4
4,793.1
1,573.73,875.8
11,588.9
YTD 2013*
11,817.1
155.83,134.4
743.5
10,521.5
3,111.6
9,068.6
952.7
4,540.8 1,795.16,125.4
EMEA MEDIA & ENTERTAINMENT M&A BY SUB SECTOR
DEAL VALUE US$m
Sub-sector breakdowns
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TMT M&A Databook 201318
TMT M&A DATABOOK
TECHNOLOGYValue Target Target Acquirer Acquirer Acquirer Seller
(US$m) Date name mid industry name mid industry ultimate parent Investor immediate parent
5,834.400 25/7/13 Activision Blizzard Software Activision Blizzard Software Vivendi (FR) Vivendi SA –
Inc (US)
4,046.997 18/4/13 ista International GmbH Electronics CVC Capital Alternative financial CVC Capital Partners (UK) – –
(GM) Partners investments
2,338.765 25/7/13 Activision Blizzard Software ASAC II Other financials ASAC II (US) – Vivendi
Inc (US)
1,490.175 2/1/13 Cerved Group SpA (IT) Internet software CVC Capital Alternative financial CVC Capital Partners (UK) – Clessidra SGR
& services Partners investments –
821.466 22/4/13 Power-One Inc (US) Electronics ABB Other energy & power ABB (SZ) – –
668.519 19/7/13 Host Europe Group Ltd IT consulting Cinven Partners Alternative financial Cinven – –
(UK) & services investments
650.000 29/4/13 Eastman Kodak Electronics Kodak Pension Plan Insurance Kodak Pension Plan (UK) – –
Co-Personalized (US)
605.826 8/5/13 Civica PLC (UK) IT consulting OMERS Private Alternative financial OMERS (CA) – –
& services Equity investments
600.000 06/27/13 Neolane SA (FR) Software Adobe Systems Software Adobe Systems (US) – –
485.568 01/29/13 Ogone BVBA/SPRL (BL) E-commerce/ Ingenico Computers & Ingenico (FR) – –
peripherals
Note: * YTD = 01 Jan - 31 August 2013
Source: Thomson Reuters
MEDIA & ENTERTAINMENTValue Target Target Acquirer Acquirer Acquirer Seller
(US$m) Date name mid industry name mid industry ultimate parent Investor immediate parent
19,331.138 28/7/13 Omnicom Group Inc (US) Advertising & Publicis Groupe Advertising & Publicis Groupe (FR) – –
marketing marketing
13,512.584 24/6/13 Kabel Deutschland Cable Vodafone Vierte Wireless Vodafone Group (UK) – –
Holding AG (GM)
4,385.964 06/19/13 Springer Science+ Motion pictures/ Investor Group Other Financials Investor Group (UK) BC European Government of
Business (GM) audio visual Capital IX Singapore Invest
1,455.982 10/6/13 Vue Entertainment Motion pictures/ Investor Group Other Financials Investor Group (CA) Alberta Investment OMERS Private
Ltd (UK) audio visual Mgmt Corp Equity
1,221.617 25/7/13 Axel Springer-Regional Publishing Funke Publishing Funke Mediengruppe – –
Newspap (GM) Mediengruppe GmbH (GM)
GmbH
855.419 1/5/13 Greek Organisation Of Casinos & gaming Emma Delta Other Financials Emma Delta Management – Greece
Football (GR) Ltd (CY)
810.585 28/3/13 Ziggo NV (NT) Cable Liberty Global Cable Liberty Global (US) – Barclays Bank PLC
765.174 02/07/13 Parlophone Label Motion pictures/ Warner Music Group Motion picture/ Access Industries (US) – –
Group (UK) audio visual Corp audio visual
733.931 05/27/13 Club Mediterranee SA (FR) Hotels and lodging Gaillon Invest Other Financials AXA (FR) – –
637.272 03/01/13 William Hill Online (GI) Casinos & gaming William Hill Recreation & leisure William Hill (UK) – –
Note: * YTD = 01 Jan - 31 August 2013
Source: Thomson Reuters
Top 10 deals by sub-sector
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TMT M&A Databook 2013 19
TMT M&A DATABOOK
EMEA INVOLVEMENT ANNOUNCED TMT TOP DEALS, YTD*
TELECOMMUNICATIONSValue Target Target Acquirer Acquirer Acquirer Seller
(US$m) Date name mid industry name mid industry ultimate parent Investor immediate parent
22,658.587 9/8/13 Koninklijke KPN (NT) Telecomms America Movil Wireless America Movil SAB de CV – –
services SAB de CV (MX)
11,435.069 23/7/13 E-Plus Mobilfunk Wireless Telefonica Telecomms Telefonica (SP) – –
GmbH & Co (GM) Deutschland Holding services
3,550.000 27/3/13 Tele2 Russia Telecomms VTB Group Banks VTB Group (RS) – –
Holding (RS) services
2,221.351 1/7/13 Nokia Siemens Wireless Nokia Oyj Telecomms Nokia Oyj (FN) – –
Networks Oy (FN) equipment
2,100.000 22/7/13 UNE EPM Telecomms Millicom Intl Telecomms Millicom Intl Cellular (LX) – –
Telecomunicaciones services Cellular services
(CO)
1,565.000 9/7/13 Turkcell Iletisim Wireless Cukurova Holding Machinery Cukurova Holding (TK) – Alfa Group
Hizmetleri (TK) AS Consortium
1,562.732 21/1/13 Optimus SGPS (PO) Telecomms Zon Multimedia Cable Zon Multimedia (PO) – –
services
1,263.094 3/5/13 Bharti Airtel (IN) Wireless Qatar Foundation QSC Other financials Qatar Foundation QSC (QA) – –
1,142.000 31/7/13 SATMEX (MX) Space and Eutelsat Space and Eutelsat Communications – –
satellites Communications satellites (FR)
1,115.778 24/6/13 Telefonica Ireland Ltd (IR) Wireless Hutchison 3G Telecomms Hutchison Whampoa – –
Ireland services (HK)
Note: * YTD = 01 Jan - 31 August 2013
Source: Thomson Reuters
ALL SECTORS, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
Rothschild 1 7.10 253.54
Goldman Sachs 2 6.77 241.78
JP Morgan 3 5.93 211.73
Morgan Stanley 4 5.85 208.71
Lazard 5 4.10 146.52
Credit Suisse 6 4.10 146.46
Citigroup 7 3.82 136.22
Deutsche Bank 8 3.24 115.63
Barclays 9 3.17 113.14
BNP Paribas 10 3.01 107.39
UBS 11 2.75 98.23
Bank of America Merrill Lynch 12 2.67 95.46
Societe Generale 13 1.87 66.72
Jefferies 14 1.59 56.71
Evercore Partners 15 1.56 55.55
IMAP 16 1.29 45.96
Mediobanca 17 1.14 40.68
Greenhill & Co 18 1.02 36.59
Nomura 19 0.99 35.46
Credit Agricole CIB 20 0.96 34.10
Source: Thomson Reutersx
ALL SECTORS, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
Rothschild 1 6.63 406.00
Goldman Sachs 2 6.28 384.74
JP Morgan 3 5.21 319.13
Morgan Stanley 4 4.59 280.89
Deutsche Bank 5 4.39 268.87
Lazard 6 4.15 254.28
UBS 7 3.58 219.24
Barclays 8 3.30 202.17
Bank of America Merrill Lynch 9 3.07 188.23
Credit Suisse 10 2.74 167.64
Citigroup 11 2.63 161.34
BNP Paribas 12 2.37 145.02
IMAP 13 1.97 120.54
Societe Generale 14 1.63 100.06
Nomura 15 1.34 81.85
HSBC Holdings 16 1.29 79.11
RBC Capital Markets 17 1.23 75.36
Moelis 18 1.01 61.82
VTB Capital 19 0.98 60.29
Leonardo 20 0.95 58.25
Source: Thomson Reutersx
EMEA completed M&A fees – top banks by fees
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TMT M&A Databook 201320
TMT M&A DATABOOK
TMT, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
JP Morgan 1 10.45 46.61
Goldman Sachs 2 9.55 42.59
Lazard 3 6.06 27.03
Citigroup 4 5.49 24.50
UBS 5 5.30 23.65
Jefferies 6 3.50 15.61
Deutsche Bank 7 3.36 14.97
Barclays 8 3.08 13.73
Credit Suisse 9 3.02 13.49
Morgan Stanley 10 2.96 13.19
Bank of America Merrill Lynch 11 2.94 13.10
Rothschild 12 2.63 11.73
Greenhill & Co 13 2.40 10.72
IMAP 14 2.24 10.00
Canaccord Genuity 15 2.01 8.97
Evercore Partners 16 1.73 7.74
Investec 17 1.53 6.82
BNP Paribas 18 1.41 6.31
Societe Generale 19 1.37 6.10
Duff and Phelps 20 1.12 5.00
Source: Thomson Reutersx
TMT, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
JP Morgan 1 11.63 86.54
Goldman Sachs 2 5.73 42.63
Deutsche Bank 3 5.48 40.79
Rothschild 4 5.27 39.23
Barclays 5 4.68 34.85
UBS 6 3.49 25.94
Lazard 7 3.39 25.21
Morgan Stanley 8 3.02 22.47
Bank of America Merrill Lynch 9 2.97 22.10
Citigroup 10 2.66 19.80
Moelis 11 2.48 18.43
Qatalyst Partners 12 1.73 12.90
Jefferies 13 1.64 12.20
HSBC Holdings 14 1.55 11.53
IMAP 15 1.43 10.64
Societe Generale 16 1.39 10.32
Evercore Partners 17 1.35 10.02
BNP Paribas 18 1.33 9.86
Credit Suisse 19 1.31 9.75
BDO 20 1.18 8.75
Source: Thomson Reutersx
TECHNOLOGY, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
Lazard 1 10.13 14.98
UBS 2 8.38 12.38
Deutsche Bank 3 6.42 9.50
IMAP 4 6.09 9.00
Jefferies 5 5.53 8.17
Credit Suisse 6 4.95 7.32
Goldman Sachs 7 4.67 6.90
JP Morgan 8 4.23 6.26
Citigroup 9 3.68 5.45
RBC Capital Markets 10 2.28 3.37
Blackstone Group 11 2.15 3.17
Duff and Phelps 12 2.03 3.00
Evercore Partners 13 1.94 2.87
Bryan Garnier 14 1.74 2.57
Investec 15 1.73 2.55
Canaccord Genuity 16 1.39 2.06
Rothschild 17 1.35 2.00
BlueMind Corporate Finance 17 1.35 2.00
BNP Paribas 17 1.35 2.00
BDO 17 1.35 2.00
Source: Thomson Reutersx
TECHNOLOGY, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
JP Morgan 1 21.07 62.13
Deutsche Bank 2 5.77 17.01
Goldman Sachs 3 4.61 13.60
Barclays 4 3.67 10.81
Jefferies 5 3.12 9.20
Rothschild 6 2.94 8.65
Moelis 7 2.79 8.22
IMAP 8 2.78 8.19
FIH Partners 9 2.38 7.02
Bank of America Merrill Lynch 10 1.88 5.53
Morgan Stanley 11 1.76 5.17
Lazard 12 1.73 5.10
Arma Partners 13 1.54 4.53
Investec 14 1.48 4.37
Bryan Garnier 15 1.45 4.27
Citigroup 16 1.36 4.02
Globalscope 17 1.35 3.99
Commerzbank 18 1.17 3.46
Mooreland Partners 19 1.09 3.22
BDO 20 0.85 2.50
Source: Thomson Reutersx
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TMT M&A Databook 2013 21
TMT M&A DATABOOK
MEDIA & ENTERTAINMENT, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
Goldman Sachs 1 8.45 11.34
JP Morgan 2 7.98 10.72
Greenhill & Co 2 7.98 10.72
Rothschild 4 7.24 9.72
Citigroup 5 6.18 8.31
Bank of America Merrill Lynch 6 6.08 8.17
UBS 7 5.25 7.06
Canaccord Genuity 8 5.14 6.91
Jefferies 9 3.90 5.24
Credit Suisse 10 3.10 4.17
Green Square Partners 11 2.50 3.36
Lazard 12 2.44 3.28
Deutsche Bank 13 2.43 3.26
Evercore Partners 14 2.13 2.86
Investec 15 1.63 2.19
OTKRITIE Financial Corp 16 1.36 1.83
Clairfield International 17 1.33 1.78
Credit Agricole CIB 18 1.31 1.76
Jadwa Investment Co 19 1.20 1.62
Banca IMI (Intesa Sanpaolo) 20 0.95 1.27
Source: Thomson Reutersx
MEDIA & ENTERTAINMENT, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
Rothschild 1 9.56 21.33
JP Morgan 2 7.40 16.50
Goldman Sachs 3 5.43 12.10
Bank of America Merrill Lynch 4 4.65 10.36
Moelis 5 4.58 10.21
Societe Generale 6 4.21 9.38
Barclays 7 3.73 8.32
BNP Paribas 8 3.53 7.86
Citigroup 9 3.29 7.33
Allen & Co 10 3.24 7.22
UBS 11 2.99 6.66
Lazard 12 2.69 6.00
BDO 13 2.24 5.00
Nomura 14 1.92 4.29
Morgan Stanley 15 1.92 4.27
UniCredit 16 1.81 4.04
Greenhill & Co 17 1.79 4.00
Altium Capital Limited 18 1.67 3.72
Mediobanca 19 1.58 3.52
Clairfield International 20 1.55 3.46
Source: Thomson Reutersx
TELECOMS, YTD 2013Wallet Fees
Bank Rank share (%) (US$m)
JP Morgan 1 18.08 29.63
Goldman Sachs 2 14.86 24.35
Barclays 3 8.38 13.73
Morgan Stanley 4 7.48 12.25
Citigroup 5 6.56 10.75
Lazard 6 5.36 8.78
Societe Generale 7 3.72 6.10
Bank of America Merrill Lynch 8 3.01 4.93
BNP Paribas 9 2.63 4.31
Houlihan Lokey 9 2.63 4.31
UBS 11 2.57 4.21
goetzpartners Corp Finance 12 1.77 2.90
Akira Partners 13 1.62 2.66
Commerzbank 14 1.35 2.21
Deutsche Bank 14 1.35 2.21
Berenberg Bank 14 1.35 2.21
Jefferies 17 1.34 2.20
Investec 18 1.27 2.08
Credit Suisse 19 1.22 2.00
Evercore Partners 19 1.22 2.00
Source: Thomson Reutersx
TECHNOLOGY, FULL YEAR 2012Wallet Fees
Bank Rank share (%) (US$m)
Deutsche Bank 1 9.01 20.39
UBS 2 7.64 17.28
Goldman Sachs 3 7.48 16.93
Barclays 4 6.94 15.71
Lazard 5 6.23 14.11
Morgan Stanley 6 5.76 13.03
Qatalyst Partners 7 5.70 12.90
HSBC Holdings 8 4.17 9.43
Rothschild 9 4.09 9.25
Citigroup 10 3.73 8.45
Evercore Partners 11 3.54 8.02
JP Morgan 12 3.50 7.91
Credit Suisse 13 3.49 7.90
RBS 14 2.83 6.40
Bank of America Merrill Lynch 15 2.74 6.21
SEB 16 2.34 5.30
National Bank of Kuwait 17 2.22 5.01
Carnegie 18 1.76 3.99
Mediobanca 19 1.61 3.65
Jefferies 20 1.33 3.00
Source: Thomson Reutersx
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TMT M&A Databook 201322
TMT M&A DATABOOK
EMEA INVOLVEMENT ANNOUNCED TMT M&A FINANCIAL
ADVISOR RANKINGS, TMT
FULL YEAR 2012Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 33 38,193.7 28.5
2 JP Morgan 30 37,321.1 27.9
3 Morgan Stanley 28 36,431.1 27.2
4 Deutsche Bank 27 34,118.9 25.5
5 Credit Suisse 18 18,207.8 13.6
6 Rothschild 33 15,954.2 11.9
7 Bank of America Merrill Lynch 14 14,803.8 11.1
8 UBS 18 12,473.4 9.3
9 Lazard 30 11,907.9 8.9
10 Barclays 15 9,911.4 7.4
Total 3,488 133,829.8
Source: Thomson Reuters
EMEA INVOLVEMENT ANNOUNCED TMT M&A FINANCIAL
ADVISOR RANKINGS, TECHNOLOGY
FULL YEAR 2012Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 JP Morgan 17 19,064.8 41.7
2 Goldman Sachs 15 17,552.5 38.4
3 Morgan Stanley 13 11,407.0 24.9
4 Deutsche Bank 10 11,191.2 24.5
5 Bank of America Merrill Lynch 5 8,987.4 19.6
6 Rothschild 11 6,904.6 15.1
7 Centerview Partners 2 5,060.0 11.1
8 Barclays 6 4,121.6 9.0
9 PricewaterhouseCoopers 27 3,925.5 8.6
10 Houlihan Lokey 5 3,411.3 7.5
Total 1,781 45,766.1
Source: Thomson Reuters
EMEA INVOLVEMENT ANNOUNCED TMT M&A FINANCIAL
ADVISOR RANKINGS, MEDIA & ENTERTAINMENT
1/1/2013 – 31/8/2013 Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 JP Morgan 5 8,562.4 24.0
2 Rothschild 19 6,136.9 17.2
3 Greenhill 3 4,962.4 13.9
=3 Morgan Stanley 4 4,962.4 13.9
5 Citigroup 5 4,420.4 12.4
6 Moelis 6 3,814.4 10.7
7 Goldman Sachs 7 3,743.6 10.5
8 Deutsche Bank 4 3,091.9 8.7
9 Credit Suisse 3 2,946.6 8.3
10 Macquarie Group 3 2,922.5 8.2
Total 1,351 35,681.4
Source: Thomson Reuters
EMEA INVOLVEMENT ANNOUNCED TMT M&A FINANCIAL
ADVISOR RANKINGS, TMT
1/1/2013 – 31/8/2013 Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Goldman Sachs 19 73,455.7 53.9
2 Deutsche Bank 15 51,989.3 38.1
3 Bank of America Merrill Lynch 11 38,286.6 28.1
4 Morgan Stanley 16 37,836.4 27.8
5 RBS 3 34,093.7 25.0
6 Citigroup 13 33,442.0 24.5
7 JP Morgan 17 33,313.0 24.4
8 UBS 14 31,761.5 23.3
9 Rothschild 19 22,096.4 16.2
10 BNP Paribas 5 21,075.1 15.5
Total 1,975 136,332.2
Source: Thomson Reuters
EMEA INVOLVEMENT ANNOUNCED TMT M&A FINANCIAL
ADVISOR RANKINGS, TECHNOLOGY
1/1/2013 – 31/8/2013 Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Deutsche Bank 10 14,498.0 50.1
2 Goldman Sachs 7 13,722.3 47.4
3 JP Morgan 6 12,302.2 42.5
4 Barclays 4 8,518.2 29.4
5 Centerview Partners 2 8,173.2 28.2
6 Bank of America Merrill Lynch 2 4,047.0 14.0
7 Allen & Co Inc 1 2,338.8 8.1
8 Morgan Stanley 5 2,176.7 7.5
9 Lazard 4 2,140.2 7.4
10 Credit Suisse 6 2,026.9 7.0
Total 1,026 28,969.4
Source: Thomson Reuters
EMEA INVOLVEMENT ANNOUNCED TMT M&A FINANCIAL
ADVISOR RANKINGS, MEDIA & ENTERTAINMENT
FULL YEAR 2012Ranking value
Number inc. net debt Market
Financial adviser of deals of target (US$m) share
1 Bank of America Merrill Lynch 6 21,371.6 41.2
2 Citigroup 9 21,072.4 40.7
3 Rothschild 12 21,042.9 40.6
4 Goldman Sachs 7 21,013.3 40.5
5 Moelis 3 19,476.8 37.6
6 BNP Paribas 1 19,331.1 37.3
7 UBS 7 18,663.7 36.0
8 Morgan Stanley 4 15,849.2 30.6
9 Deutsche Bank 3 14,832.7 28.6
10 Perella Weinberg Partners 1 13,512.6 26.1
Total
Source: Thomson Reuters
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