private equity q3_2010
DESCRIPTION
VCCEdge puts the Indian dealscape in context by bringing to you a set of statistics analyzing Indian M&A, private equity and venture capital activity during the second quarter of 2010.TRANSCRIPT
Q3,2010QUARTERLY DEAL UPDATE
Statistics and analysis of Private Equity, Venture Capitaland Mergers & Acquisitions in India
A RESEARCH PUBLICATION | October 2010
ContentsPage Number
I. Executive Summary 1
II. Private Equity Deal Flow - Introduction 2 - Deal Breakdown 3 - Sectoral Breakdown 5 - Regional Outlook 9 - Top 5 Private Equity Deals 10 - 2010 YTD 13 III. Private Equity Exits 14
IV. M&A Round Up - Introduction 15 - Deal Breakdown 16 - Sectoral Breakdown 18 - Regional Outlook 22 - Top 5 M&A deals 23 - 2010 YTD 26
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1
QUARTERLY REPORTEXECUTIVE SUMMARY
VCCEdge puts the Indian dealscape in context by bringing to you a set of statistics analyzing Indian M&A, private equity and venture capital activity during the second quarter of 2010.
Private Equity… Total private equity investment in India went up by more than 130% from $0.99 billion in Q2 2009 to $2.3 billion in Q2 2010. The median deal amount and the average value of private equity deals in Q2 2010 increased to $11 million and $29 million respectively from $8 million and $19 million in 2009. Financials, Energy & Utilities were the most targeted sectors for investment with deals worth $510 million, $320 million and $306 million respectively. There were 30 exits worth $1.46 billion in Q2 2010 as compared to 29 exits worth $0.82 billion in Q2 2009.
Mergers & Acquisitions… The deal value touched $24.8 billion in Q2 2010 taking the total M&A value in the first half of 2010 to $48.1 billion, up from $16.3 billion clocked in the whole of 2009. The number of domestic deals increased from 50 worth $1.7 billion in Q2 2009 to 91 deals worth $14.0 billion in Q2 2010.
In terms of volume, the number of outbound deals tripled from 22 in Q2 2009 to 66 in Q2 2010, while in terms of value the increase was more than 13X.
The number of inbound deals decreased to 23 in Q2 2010 from 24 deals in Q2 2009 but at a higher value.
Telecommunication Services, Healthcare and Financials were the most targeted sectors with deals worth $12 billion, $3.8 billion and $3.4 billion respectively in the latest quarter.
PRIVATE EQUITYINTRODUCTION
Private equity investments in India continued to display steady signs of recovery in the second quarter of 2010. Deal value continued to increase for the sixth consecutive quarter and is nearly 3.5x the value seen in Q1 2009.
The first two quarters of 2010 have already witnessed $4.29 billion in deal value as compared to $4.32 billion in entire 2009.
Exhibit 1: Private Equity Deal Flow in India ($ billion)
Dea
l Val
ue ($
Mn)
Deal Volum
e
For the quarter ended June 2010, total announced deal value was $2.3 billion, a jump of more than 130% from $0.99 billion in Q2 2009. Total deal count in Q2 2010 also increased by 45% to 90 deals, up from 62 in Q2 2009.
On a quarter-on-quarter basis, deal count remained nearly the same at 90 as compared to 92 in Q1 2010 but deal value increased 17% from $1.97 billion to $2.3 billion.
2
PRIVATE EQUITYDEAL BREAKDOWN
Total number of venture capital investments announced in Q2 2010 stands at 24 with an announced value of $114 million as against 15 deals at an announced value of $70 million in Q2 2009 and 26 deals amounting to $160 million in Q2 2008.
Exhibit 2: Private Equity Breakdown
Exhibit 3:Median Deal Amount ($million)
Exhibit 4: Average Deal Size ($million)
The median deal amount and the average value in Q2 ’10 increased to $11 million and $29 million respectively as the volume of larger deals (particularly deals > $100million) increased. 3
PRIVATE EQUITY
Exhibit 5: Number of transactions by Deal Size
DEAL BREAKDOWN
Exhibit 6: Total investment by Deal Size
Private equity deals under $50 million accounted for 88% of total deal volume in Q2 2010.
Larger deals ($50 million and above ) accounted for 63% of total capital invested in Q2 2010 as against 40% in Q2 2009.
4
Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010
Under $5m 22 37 43 52 45 42
$5 - $25 m 210 387 435 525 400 415
$25 - $50 m 239 299 527 407 116 401$50 - $100
m 232 368 427 736 152 489
$100+ 100 100 4181 1723 484 1430
Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010
Undisclosed 6 18 25 36 11 8
Under $5m 11 20 23 27 24 12
$5 - $25 m 17 31 32 42 34 34
$25 - $50 m 7 8 16 13 3 12$50 - $100
m 4 6 7 11 2 8
$100+ 1 1 10 9 3 8
Other sectors, which have significantly contributed to private equity deal value in Q2 2010, are Consumer Discretionary and Healthcare accounting for 24% of total deal value.
SECTORAL BREAKDOWN – Q3 2010
Exhibit 7: Top 5 Sectors by Deal Value in Q3 2010 ($mm)
Exhibit 9: Top 5 Sectors by Deal Volume in Q3 2010Exhibit 8: Sector Summary
PRIVATE EQUITY
Sector VolumeValue ($mn)
Avg. Deal Size ($mm)
Consumer Discretionary 20 365 21 Consumer Staples 5 117 29 Energy 1 27 27 Financials 26 922 37 Health Care 7 73 15 Industrials 21 452 27 Information technology 17 92 7 Materials 4 39 10 Telecommunication Services 1 304 304 Utilities 7 503 84
Financials, Energy & Utilities were the most targeted sectors for investment with deals worth $510 million, $320 million and $306 million respectively in Q2 2010. Together, they accounted for 49% of total private equity deal value during the quarter.
5
The most active sectors in terms of deal volume was Financials with 22 deals in the quarter, followed by Consumer Discretionary and Information Technology with 17 and 14 deals respectively. Other sectors contributing to the deal volume were Industrials & Healthcare accounting for 11 deals each.
PRIVATE EQUITYSECTORAL BREAKDOWNENERGY
Energy accounted for 2.2% of deal volume but 13.8% of deal value in Q2 2010.
MATERIALS
INDUSTRIALS
Industrials accounted for 12.2% of deal volume in Q2 2010.
Materials saw 4 deals at a value of $244 million in Q2 2010.
CONSUMER DISCRETIONARY
Consumer Discretionary accounted for 18.9% of deal volume in Q2, 2010.
6
PRIVATE EQUITYSECTORAL BREAKDOWNCONSUMER STAPLES
Consumer Staples accounted for 4.4% of deals in Q2 2010.
HEALTH CARE
Healthcare accounted for 12.2% of deals in Q2 2010.
FINANCIALS
Financials accounted for 24.4% of deals in Q2 2010.
INFORMATION TECHNOLOGY
Information technology accounted for 15.6% of deals in Q2 2010.
7
PRIVATE EQUITYSECTORAL BREAKDOWN
TELECOMMUNICATION SERVICES UTLITIES
Telecommunication Services saw only one deal at an announced value of $1 million.
Utilities saw 4 deals at an announced value of $306 million in Q2 2010. The sector accounted for 13.2% of deal value in Q2 2010.
As seen in Q1 2010, Q2 also saw a large number of deals in Financials and Consumer Discretionary.
8
Date Target BuyerDeal Value ($
mn) Sector
11/8/2010 Viom Networks Ltd.Macquarie-SBI Infrastructure
Fund 304Telecommunication
Services
18/08/2010 Moser Baer Projects Pvt. Ltd.Blackstone Advisors India Pvt.
Ltd. 290 Utilities
6/8/2010 GMR Airports Holding Pvt. Ltd.Macquarie-SBI Infrastructure
Fund 200 Industrials
7/7/2010Infrastructure Development
Finance Co. Ltd.Khazanah Nasional Berhad,
Actis LLP 179 Financials
13/09/2010 Brahma City Brahma Investments 140 Financials
8/7/2010Panchshil Realty Pvt. Ltd.,
Hospitality Division Xander Advisors India 110Consumer
Discretionary
17/08/2010Lodha Group, 117 Storey
Residential Tower in Mumbai
GIC Special Investments Pte Ltd. , Temasek Holdings Pte. Ltd., HDFC Venture Capital
Ltd. , Abu Dhabi Investment Council 107 Financials
17/08/2010 Shriram Properties Ltd. TPG Capital Inc. 100 Financials
19/08/2010Sadbhav Infrastructure Project
Ltd.Norwest Venture Partners,
Xander Advisors India 85.89 Industrials
22/07/2010 REI Agro Ltd.
Blackstone Advisors India Pvt. Ltd., Wellington Management
Company LLP 63.6 Industrials
Exhibit 10: Top 10 Private Equity deals in Q3 2010
Jaipur
Dehradun
Indore
Ahmedabad
HyderabadPuneVizag
Bhopal
Coimbatore
Cochin
Mangalore
Mysore
Surat
Baroda
Ludhiana
LucknowKanpur
Amritsar
Jalandhar
Tier II
Mumbai
Bangalore ChennaiTier I
An analysis of private equity investment in 2010 year to date by region, reveals that Maharashtra stands on top with 86 private equity deals with a total deal value of $1.67 billion.
This is followed by Karnataka with 38 deals valued at $1.09 billion and Tamil Nadu with 34 deals valued at $801 million.
REGIONAL OUTLOOK 2010 YTDPRIVATE EQUITY
Top 5 States State Volume Value ($mm)
Maharashtra 86 1,673
Karnataka 38 1096
Tamil Nadu 34 801
Delhi 30 890
Andhra Pradesh 19 540
Top 5 Cities City Volume Value ($mm)
Mumbai 69 1,390
Bangalore 35 776
Chennai 30 743
Delhi 30 890
Hyderabad 16 520
Delhi
9
PRIVATE EQUITYTOP 5 DEALS IN Q3 2010
Macquarie SBI Infrastructure Fund (MSIF) has picked up nearly 11 per cent stake in Viom Networks for $304 million.
Viom is a leading independent telecom infrastructure company with over 37,000 towers and more than 80,000 tenants.
AZB Partners acted as the legal adviser for Quippo Telecom Infrastructure Ltd. and Amarchand & Mangaldas advised Macquire SBI Infrastructure Fund on the deal.
10
Top 5 deals accounted for nearly 40% of total private equity deal value in Q3, 2010.
Exhibit 10: Top 5 Private Equity deals in Q3 2010
S No. Target Investor Value ($mm)
1 Viom Networks Ltd. Macquarie-SBI Infrastructure Fund 304
2 Moser Baer Projects Pvt. Ltd. Blackstone Advisors India Pvt. Ltd. 290
3 GMR Airports Holding Pvt. Ltd. Macquarie-SBI Infrastructure Fund 200
4 Infrastructure Development Finance Co. Ltd. Khazanah Nasional Berhad, Actis LLP 1795 Brahma City Brahma Investments 140
Macquarie SBI Fund buys 11% in Viom Networks for $304 mm.
PRIVATE EQUITY
After raising money for its power division from a clutch of PE investors like Temasek, IDFC PE, UTI Ventures and Arganaut, GMR Infrastructure is looking at raising funds for its airports division.
Macquarie-SBI was in advanced negotiations with GMR Infra to invest $200 million.
The company will use the proceeds to buy out the holdings of its parent GMR Infrastructure in airports business, including the equity stake in Delhi International Airport and GMR Hyderabad International Airports.
TOP 5 DEALS IN Q3 2010
11
Blackstone Group has agreed to invest $290 million in unlisted energy firm Moser Baer Projects Pvt. Ltd.
The company is engaged in the development of power assets using conventional and non conventional sources of energy.
Moser Baer Projects Pvt. Ltd. is currently developing 4,000 MW of thermal, 500 MW of solar and 500 MW of hydro capacity power plants.
Blackstone Invested $290 mm In Moser Baer Projects.
Macquarie-SBI Infrastructure Fund agreed to invest $200 mm in GMR Airports Holding Pvt. Ltd.
PRIVATE EQUITY
Brahma has struck $140 Mn deal for aggregating a 152-acre land parcel in Gurgaon.
The project, Brahma City, will come up in Gurgaon’s Sector 62 and 63 just off the Golf Course Extension Road.
Brahma City Project will be 74% owned by Brahma Management.
TOP 5 DEALS IN Q3 2010
12
IDFC raised $179 million from IDFC raises $179 Mn from Khazanah Nasional and Actis.
The investment was made in the form of compulsorily convertible cumulative preference shares.
Amarchand Mangaldas advised IDFC and AZB & Partners advised Khazanah on the deal.
IDFC raises $179 mm from Khazanah and Actis.
Brahma Investments strikes $140 mm land deal.
2010 YTDPRIVATE EQUITY
Exhibit 13: Private Equity Sectoral Breakdown 2010 YTD
Exhibit 11: Private Equity Deal Value 2010 YTD ($bn) Exhibit 12: Private Equity Deal Volume 2010 YTD ($bn)
13
Private equity investment in 2010 YTD has already reached $7.18 billion as compared to $4.37 billion in 2009.
Deal value in 2009 was $4.37 billion, a sharp drop from the $13.1 billion seen in 2008. The number of deals in H1 2010 was 182 as compared to 311 in 2009, which points to a higher average deal value.
Financials, Utilities and Consumer Discretionary have seen the highest deal value year till date.
PRIVATE EQUITY EXITSPRIVATE EQUITY EXITS – Q3 2010
Exhibit 15: Private Equity Exit Type in Q3’ 1014
*Exit Value: Value of the private equity portion of the deal.
There were 42 exits worth $979 million in Q3, 2010. In comparison there were 31 exits worth only $555million in Q3, 2009.
PRIVATE EQUITY EXITS
Exhibit 5: Number of transactions by Deal Size
DEAL BREAKDOWN
Exhibit 6: Total investment by Deal Size
4
PRIVATE EQUITY EXITS
4
SECTORAL BREAKDOWN
PRIVATE EQUITY EXITS
4
Date Target Seller Exit TypeDeal Value ($
mn) Sector
29/9/2010L&T Infrastructure Development
Projects Ltd. India Development Fund Buyback 165 Industrials
28/07/2010 SKS Microfinance Ltd.
Sequoia Capital India Growth Fund I, Kismet Capital LLC, Unitus Equity
Fund IPO 154.74 Financials
27/08/2010 Venture Infotek Global Pvt. Ltd.
Kubera Cross–Border Fund Ltd., Walden International, Global
Internet Ventures LLC M&A 100Information Technology
22/09/2010 VA Tech Wabag Ltd.
India Advantage Fund Series I, GLG Partners Inc., Passport India Investments (Mauritius) Ltd. IPO 76.38 Industrials
3/8/2010 Emaar MGF Land Ltd. Citi Venture Capital International Buyback 60 Financials
21/09/2010Mahindra & Mahindra Financial
Services Ltd. ChrysCapital Investment Advisors Open Market 42.84 Financials
7/7/2010Vijay Associates (Wadhwa)
Constructions Pvt. Ltd. WDC Ventures Ltd. Buyback 39.58 Financials
40368 Asianet Communications Ltd. Americorp Ventures Ltd.Secondary
Sales 38.7Consumer
Discretionary
24/08/2010 Dr. Lal PathLabs Pvt. Ltd. Sequoia Capital IndiaSecondary
Sales 35 Health Care
14/09/2010Mahindra & Mahindra Financial
Services Ltd. Standard Chartered Pvt. Equity Ltd. Open Market 31.6 Financials
Exhibit 14: Top Private Equity Exits in Q3’ 10
2010 YTDPRIVATE EQUITY
Exhibit 13: Private Equity Sectoral Breakdown 2010 YTD
Exhibit 11: Private Equity Exit Value 2010 YTD ($bn) Exhibit 12: Private Equity Exits Volume 2010 YTD
13
MERGERS & ACQUISITIONINTRODUCTION
Exhibit 16:M&A Deal Flow in India
Both Q1 and Q2 2010 saw some big tickets deals which sent the total M&A deal value soaring. This signaled the return of investor confidence and liquidity to the market.
15
Dea
l Val
ue ($
bn)
Deal Volum
e
M&A activity in India has surged over the last few quarters. Total announced deal value in Q2 2010 was $24.8 billion, a 790% increase over the $2.8 billion witnessed in Q2 2009 and a 370% increase over Q4 2009. The total deal count also increased by 85% to 182 in Q2 2010 up from 98 in Q2 2009.
DEAL BREAKDOWN
Exhibit 18: M & A Type Volume
Exhibit 17:Median Deal Amount ($ million) Exhibit 19: Average Deal Size ($ million)
The median deal amount in Q2 2010 decreased to $19 million as compared to $24 million in Q1 2010, but was higher than that seen in 2009.
MERGERS & ACQUISITION
16
The number of domestic deals increased from 72 and 50 in Q2 2008 & Q2 2009 respectively to 91 in Q2 2010. The value of domestic deals was $14 billion in Q2 2010 compared to $1.7 billion in Q2 2009.
In terms of volume, the number of outbound deals tripled from 22 in Q2 2009 to 66 in Q2 2010, while in terms of value the increase was more than 13X from $0.45 billion to $6.05 billion.
The number of inbound deals was nearly same at 23 in Q2 2010 as compared to 24 deals in Q2 2009, but at a much higher value.
DEAL BREAKDOWNMERGERS & ACQUISITION
Exhibit 20: Number of transactions by Deal Size Exhibit 21: Total investment by Deal Size
M&A deals under $100 million accounted for 90% of total deal flow in Q2 2010.
Larger deals ($100 million and above) accounted for 96% of total capital invested in Q2 2010 as against 74% in Q2 2009.
17
Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010
Undisclosed 43 55 78 61 59 81
Under $5m 13 11 27 26 12 18
$5 - $25 m 13 15 27 16 24 36
$25 - $50 m 6 8 6 7 8 10
$50 - $100 m 3 5 10 7 6 8
$100+ 5 8 12 7 7 17
Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010
Under $5m 30 18 63 58 32 32
$5 - $25 m 154 216 331 163 295 500
$25 - $50 m 199 283 193 219 292 396
$50 - $100 m 202 351 714 468 356 572
$100+ 2649 3283 3972 4362 2051 10201
SECTORAL BREAKDOWN – Q3 2010
Exhibit 22: Top 5 Sectors by Deal Value ($mn) in Q3 2010
Exhibit 24: Top 5 Sectors by Deal Volume in Q3 2010
Exhibit 23: Sector Summary
MERGERS & ACQUISITION
18
Sector VolumeValue ($mm) Avg. Deal Size ($mm)
Consumer Discretionary 33 440 31 Consumer Staples 7 106 15 Energy 6 4676 935 Financials 27 176 22 Health Care 17 1809 181 Industrials 28 1752 103 Information technology 26 294 27 Materials 20 1685 130 Telecommunication Services 5 729 182 Utilities 1 36 36
The most active sectors in terms of deal volume was Information Technology with 38 deals in the quarter, followed by Consumer Discretionary and Industrials with 30 and 23 deals respectively. Other sectors contributing to the deal volume were Materials & Financials with 20 deals each.
MERGERS & ACQUISITIONSECTORAL BREAKDOWNENERGY
MATERIALS
INDUSTRIALS
CONSUMER DISCRETIONARY
Energy accounted for 2.8% of deal volume in Q2 2010. Industrials accounted for 12.7% of deal volume in Q2 2010.
Materials witnessed 25% increase in deal volume and 450% increase in deal value.
Consumer Discretionary accounted for 16.5% of deal volume in Q2 2010.
19
MERGERS & ACQUISITIONSECTORAL BREAKDOWNCONSUMER STAPLES
HEALTH CARE
FINANCIALS
INFORMATION TECHNOLOGY
Invested capital increased by 76.6% in Q2 2010. Consumer Staples accounted for 8.8% of deals in Q2 2010.
Deal volume increased by 70%. Invested capital increased by 245% in Q2 2010.
Financials accounted for 11% of deal volume in Q2 2010.
Invested capital increased by 123% in Q2 2010.20
MERGERS & ACQUISITIONSECTORAL BREAKDOWN
TELECOMMUNICATION SERVICES UTLITIES
Telecommunication Services accounted for 48% of deal value in Q2 2010.
Deal volume increased by 40%. Invested capital sharply dropped in Q2 2010.
21
Jaipur
Dehradun
Indore
Ahmedabad
HyderabadPuneVizag
Bhopal
Coimbatore
Cochin
Mangalore
Mysore
Surat
Baroda
Ludhiana
LucknowKanpur
Amritsar
Jalandhar
Tier II
Mumbai
Bangalore Chennai
Tier I
REGIONAL BREAKDOWN 2010 YTD
Top 5 states according to deal value
MERGERS & ACQUISITION
State Volume Value ($mm)
Maharashtra 141 7430
Karnartaka 46 1619
Andhra Pradesh 35 553
Tamil Nadu 34 2370
Delhi 30 1846
There were 245 M&A deals with a domestic target in the first half of 2010. Of these Maharashtra had 84 deals with a deal value of $14.7 billion followed by West Bengal, Himachal Pradesh, Tamil Nadu and Delhi.
22
TOP 5 DEALS IN Q3 2010
GTL Infra, Reliance Infratel Agree To A Rs 50,000Cr Deal
GTL Infrastructure Ltd. entered into an agreement to acquire tower assets of Reliance Infratel Ltd. for a price of $10.86 billion (INR 500 billion). The combined entity will be the world’s largest independent telecom infrastructure company with 80,000 towers and over 1,25,000 tenancies. The deal does not include the optic fibre network of over 200,000 km and related assets owned by Reliance Infratel. Standard Chartered Bank acted as financial advisor to GTL Infra on the transaction.
MERGERS & ACQUISITION
23
S. No. Target Buyer Type Price ($million)1 Reliance Infratel Ltd., Tower Assets GTL Infrastructure Ltd. Domestic 10,869
2 Piramal's Healthcare Solutions Business Abbott Laboratories Inbound 3,720
3 KBL European Private Bankers SA Hinduja Group India Ltd. Outbound 1,673
4 Anglo American Zinc Hindustan Zinc Ltd. Outbound 1,338
5 Infotel Broadband Services Pvt. Ltd. Reliance Industries Ltd. Domestic 1,023
The top 5 deals accounted for more than 75% of the total M&A deals in Q2 2010.
Exhibit 25: Top M&A deals in Q2 2010
KBC Sells KBL Bank To Hinduja For $1.7B
Hinduja Group India Ltd. acquired Luxembourg based KBL European Private Bankers SA for a price of $1.67 billion (INR 78.16 billion) from KBC Bank NV. KBL European Private Bankers SA provides wealth management solutions to clients globally. Deutsche Bank and Spencer House Partners LLP acted as financial advisors to Hinduja Group on the deal. Allen & Overy advised KBC Bank NV and Loyens & Loeff advised Hinduja Group India Ltd. on the deal.
24
Abbott To Acquire Piramal Healthcare Unit For $3.72B
Abbott Laboratories entered into a definite agreement to acquire the healthcare solutions business of Piramal Healthcare Ltd. for a price of $3.72 billion (INR 174 billion). The buyer will make an upfront payment of $2.12 billion and will pay $400 million annually over four years. The assets to be transferred includes the company's manufacturing facilities at Baddi, Himachal Pradesh and rights to approximately 350 brands and trademarks.Luthra & Luthra and Baker & McKenzie advised Abbott Laboratories and Crawford Bayley and Stephenson Harwood advised Piramal Healthcare on the deal
MERGERS & ACQUISITIONTOP 5 DEALS IN 2010
Reliance Industries acquires 95% in Infotel Broadband Services for $1B
TOP 5 DEALS IN 2010MERGERS & ACQUISITION
25
Vedanta acquired Anglo American Zinc for a price of $1.33 billion
Vedanta Resources entered into an agreement to acquire Anglo American's entire zinc business in Ireland and Africa for $1.33 billion (INR 60.67 billion). The deal will be done through Vedanta's group company, Hindustan Zinc and includes the 100% owned Skorpion mine in Namibia, Lisheen mine in Ireland and the 74% owned Black Mountain Mining.A&L Goodbody, Lazard & Co., Dewey & LeBoeuf and Corpus Legal Practitioners advised Hindustan Zinc and Linklaters advised Anglo American on the deal.
Reliance Industries Ltd. entered into a definite agreement to acquire 95% stake in Mohali based Infotel Broadband Services Pvt. Ltd. for a price of $1 billion (INR 48 billion).
The company provides internet broadband services to customers using WI-MAX as access technology.
Infotel Broadband Services won pan India broadband wireless access spectrum license for 22 circles for around $2.73 billion (INR 128 billion).
MERGERS & ACQUISITION
26
Date Target Buyer M&ATypeDeal Value ($
mm) Sector
31/03/2010Zain Africa BV, African
Operations Bharti Airtel Ltd. Outbound 10700Telecommunication
Services
21/05/2010
Piramal's Healthcare Solutions Business (Domestic
Formulations) Abbott Laboratories Inbound 3720 Health Care
3/8/2010 Galilee Coal Tenement Adani Enterprises Ltd. Outbound 2700 Energy
14/01/2010 Aircel Ltd., Tower Assets GTL Infrastructure Ltd. Domestic 1722Telecommunication
Services
21/05/2010 KBL European Private Bankers SA Hinduja Group India Ltd. Outbound 1673 Financials
40305 Reliance Natural Resources Ltd. Reliance Power Ltd. Domestic 1560 Energy
10/5/2010 Anglo American Zinc Hindustan Zinc Ltd. Outbound 1338 Materials
24/06/2010 Eagle Ford Shale Gas Field Reliance Industries Ltd. Outbound 1315 Energy
27/07/2010 Parkway Holdings Ltd. Khazanah Nasional Berhad M&A 1116 Health Care
27/07/2010 JSW Steel Ltd. JFE Steel Corp. Inbound 1028 Materials
Exhibit 25: Top M&A deals in Q2 2010
2010 YTDMERGERS & ACQUISITION
Exhibit 28: M&A Sectoral Breakdown First Half 2010
Exhibit 26: M&A Deal Value 2010 YTD Exhibit 27: M&A Deal Volume 2010 YTD
26
M&A’s in the first half of 2010, have reached $48.1 billion as compared to $16.25 billion in 2009 and $27.9 billion in 2008. Some big tickets deals including the acquisition of the tower assets of Reliance Infratel by GTL and Bharti’s buyout of the African operations of Zain helped the deal value touch an all time high.
Deal volume in the first half of 2010 was 367 as compared to 453 in the whole of 2009.
Telecom, Healthcare and Financials have seen the highest deal value this year.
6,000 DealsVenture Capital, Private Equity, M&A and Exits
3,000 Private Company FinancialsPrivate equity funded, M&A targets and many more
10,000 CompaniesProfile, Transaction, Financials, Relationships
Public Company Comparables EV/EBITDA, EV/EBIT, EV/PAT, EV/Revenue
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Enhanced Industry Classification 10 Sectors, 24 Industry Groups, 68 Industries and 154 Sub-Industries.
Powerful Screener Screen deals or companies on any data point including financials.
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6,000 DealsVenture Capital, Private Equity, M&A and Exits
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10,000 CompaniesProfile, Transaction, Financials, Relationships
Public Company Comparables EV/EBITDA, EV/EBIT, EV/PAT, EV/Revenue
Public Company Financials Key financial highlights of all Indian listed companies.
Enhanced Industry Classification 10 Sectors, 24 Industry Groups, 68 Industries and 154 Sub-Industries.
Powerful Screener Screen deals or companies on any data point including financials.
IntelligenceKeep a close tab on deals in the market.
Proprietary DataSee deals and data not available anywhere else.
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