xbma 2015 annual review

7/21/2019 XBMA 2015 Annual Review

http://slidepdf.com/reader/full/xbma-2015-annual-review 1/22

The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of XBMA’s founders, academic partners, advisory board members, or others.

XBMA Annual Review2015

A New High Water Mark

Raaj Narayan & Francis Stapleton, Editors


http://slidepdf.com/reader/full/xbma-2015-annual-review 2/22 – XBMA –

Global M&A Volume: 1997 – 2015

Source: Thoms

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

U S $ t r i l l i o n s

Global M&A Volume

Global M&A reached an all-time high in 2015, with record volume of almost US$5 trillion, beating2007’s prior (inflation adjusted) record of US$4.7 trillion.

2015 accounted for the highest cross-border deal volume (US$1.6 trillion) since the financial crisis, with cross-border deals announced in 2015 accounting for four out of the 10 largest deals of the year(Pfizer’s acquisition of Allergan, AB InBev’s acquisition of SABMiller, Royal Dutch Shell’s acquisitionof BG Group, and Teva Pharmaceutical’s acquisition of Allergan’s generic drug business).

“Megadeals” dominated the deal landscape in 2015, with six deals over US$50 billion and 152 dealsover US$5 billion.

Drivers of the robust activity included a number of financial factors, such as strong corporateearnings, large corporate cash balances in search of yield, continued availability of attractive debtfinancing to well-capitalized borrowers, and still relatively high stock prices, as well as business factoincluding industry consolidation in a number of sectors and a thirst for technology and brands in

growing economies.

All figures are inflation-adjusted to 2015 dollars. Data in this report do not include spin-offs announced in 2015 that have not beencompleted.

1



738

544 559

771

505 501 603

865

987

489 591

71 3

661536

982

1,247

875

496

721

585

583690

854

1,056

542

670

756 577

877651

904

1,580

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2008 2009 2010 2011 2012 2013 2014 2015

U S $ b

i l l i o n s

Deal Volume by Quarter

Quarter 1 Quarter 2 Quarter 3 Quarter 4

3,141

2,377

2,189

2,646

3,342

4,748

2,6262,627

Global M&A Volume: Q4 Snapshot

Source: Thoms

All figures are inflation-adjusted to 2015 dollars.

Q4 2015 was the most active quarter ever, with more than US$1.5 trillion in deals announced,including the two largest deals of 2015 – Pfizer’s acquisition of Allergan and AB InBev’s acquisition SABMiller.

Global M&A volume was consistently robust in each quarter of 2015, including three consecutivequarters with announced deals in excess of US$1 trillion.

2



Cross-Border M&A Volume: 2007 – 2015

Cross-border M&A transactions are defined as those in which the parties are headquartered or based in different countries. All figures are inflation-adjusted to 2015 dollars.

Source: Thoms

2.12

1.21

0.59

0.990.93 0.93

0.71

1.241.57

2.60

1.95

1.61

1.64 1.71 1.70

1.67

2.10

3.18

4.71

3.17

2.20

2.63 2.65 2.632.38

3.34

4.75

0

1

2

3

4

5

2007 2008 2009 2010 2011 2012 2013 2014 2015

U S $ t r i l l i o n s

Deal Volume

Cross-Border M&A Domestic M&A

Cross-border M&A volume in 2015 increased for the second consecutive year, with total cross-bordedeal volume more than doubling 2013 volumes. Overall, cross-border M&A accounted for more thaone-third of global M&A in 2015.

Cross-border deals involving an emerging economy acquirer and a developed economy target grew40%, while deals involving a developed economy acquirer and an emerging economy target grew 3%

Cross-border M&A volume involving a Chinese acquirer grew by 45% in 2015, as China continued to build its role as a significant global M&A player. Chinese inbound activity remained relatively stablecompared to 2014.

3



Medium and Large M&A Deals: 2006 – 2015

Source: Thoms

425

647

376

195

364 368 360314

434 431

673

756

493

387

536 514 513547

639

790

1098

1403

869

582

900 882 873 861

1073

1221

250

500

750

1000

1250

1500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

N u m b e r o f D e a l s

Number of Deals > US$ 500 million

Domestic M&A Cross-Border M&A

2015 saw the highest number of blockbuster deals since the financial crisis, including Pfizer’sacquisition of Allergan, the second largest deal on record. Medium and large deal volume grew 14%relative to 2014.

The growth in medium and large domestic M&A deals was most pronounced, up 24% relative to 201 while the number of medium and large cross-border M&A deals declined slightly.

Of the 10 largest deals of 2015, four were cross-border transactions.

4



M&A Volume by Target’s Region

5

U.S. targets accounted for half of global M&A volume in 2015, 11% higher than its recent historicalpercentage, with U.S. participation in all but two of the 10 largest deals of 2015.

European M&A volume grew in 2015, although European M&A volume as a percentage of global M&

volume fell from 25% in 2014 to 19%, due in large part to the growth in U.S. and Chinese deal activitduring the same period.

China’s share of global M&A volume continued to grow to 17% in 2015, up 34% from 2014 andapproximately 85% above its recent historical percentage.

Represents share of global M&A volume based on target’s headquarters. All figures are inflation-adjusted to 2015 dollars.

Source: Thoms

2015

Japan

2.25%

Canada

1.90%

South America

1.15%

Africa/

Middle

East

1.70%

India

0.57%Mexico

0.37%

China

17.42%

Europe

18.79%

Au stralia/NZ

2.51%

Central Asia

3.02% United States

50.28%

Central

Am eric a

0.05%

2010 - 2014

Central

Am erica

0.13%

Mexico

1.13%

India

1.06%

China

9.42%

Central Asia

5.09%

Australia/NZ

3.70%

Japan

3.24%

South A merica

4.26%

United States

38.98%

Africa/

Middle East

2.22%Canada

4.07%

Europe

26.70%



GDP and M&A Volume by Target’s Region: 2015

6 Source: Thomson

Region2015 GDP

(US$ trillions)

2015 Per Capita

GDP (US$) Western Europe 19.6 29,251

United States 17.9 55,904

China 11.3 14,111

Japan 4.1 32,480

India 2.1 1,688

World 73.5 13,823

2015 GDP figures are IMF estimates.

0%

50%

100%

150%

200%

250%

0%

10%

20%

30%

40%

50%

60%

GDP, M&A, and Debt by Region

G o v e r n m e n t D e b t a s % o f G D P

The U.S. contributed more than 50% of global M&A volume in 2015, more than double its percentaof world GDP.

Driven primarily by the remarkable growth of its domestic M&A market, China’s relative share of

global M&A volume exceeded its relative share of world GDP for the first time.

Japan’s share of global M&A volume increased by 21% compared to 2014.

% o f 2 0 1 5 W o r l d G D P

% o f 2 0 1 5 G l o b a l M & A



0

50

100

150

200

250

2011 2012 2013 2014 2015

U S $ b i l l i o n s

2011 – 2015 Domestic M&A in BRIC Countries

Brazi

Russi

India

China

Chinese domestic M&A expanded to historic levels in 2015, while Russia, Brazil and Indiacontinued to see lower relative levels of domestic deal activity.

Notably, inbound M&A into Russia made a strong recovery in 2015 after experiencing record

lows following the economic and political uncertainty of 2014. The growth in inboundinvestment continued to focus on oil and gas assets.

Brazil also experienced a sharp increase in inbound M&A in 2015, with major inboundacquisitions across a variety of industries, including telecommunications, consumer goods,healthcare, and transportation and shipping.

0

5

10

15

20

25

2011 2012 2013 2014 2015


2011 – 2015 Inbound M&A to BRIC Countries

Brazil

Russi

India

China

Source: Thoms


M&A in BRIC Countries: 2015

7



Trends in M&A Volume byTarget’s Region: 2011 – 2015

8 Source: Thoms


Global M&A volume peaked in Q4 2015, totaling more than US$1.5 trillion in deal-making for thequarter on the back of a robust M&A environment in the North American region and upward trendsacross the world. Annual global M&A volume was almost US$5 trillion.

Although Japanese deal volumes continue to lag significantly behind other regions, Japanese deal-making experienced its best quarter in recent history, with quarterly M&A volume at US$53 billion,up almost 250% from Q3.

Bolstered by the growth of Chinese deal-making, the Asian-Pacific (ex-Japan) region continued itsrecent trend of outpacing European deal volumes, ending 2015 with US$401 billion in quarterly M& volume, compared to US$292 billion for Europe.

0

200

400

600

800

1,000

1,200

1,400

1,600

2011 2012 2013 2014 2015

U S $ b i l l i

o n s

Asia-Pacific (ex-Japan) Europe North America Global Japan



Distressed Deals: 1989 – 2015

Source: Thoms

All figures are inflation-adjusted to 2015 dollars. Distressed transactions include those in which the target entity is undergoing

restructuring or has reduced the debt on its balance sheet through a bankruptcy sale, a tender offer or an exchange offer forexisting debt securities, or a loan modification. An entity is considered to be undergoing restructuring if it has publicly confirmed

retention of a restructuring advisor, plans to restructure its debt, has filed for bankruptcy or has defaulted on its debt, has

received an S&P or Moody’s rating of CCC+/Caa1 or below before or in reaction to the announcement of a transaction, or its

credit facility or debt securities carry a yield of 1,000 bps above that of U.S. Treasuries.

0

25

50

75

100

125

150

175


Volume of Distressed Deals

Distressed deal volume totaled US$37.3 billion in 2015, up 71% over 2014, reversing a downwardtrend from the last two years.

9



Global M&A by Sector: Last 12 Months

10 Source: Thoms

M&A Volume by Sector

0

100

200

300

400

500

600

700

E n e r g y

& P o

w e r

M a t e r i a l s

F i n a

n c i a l s

I n d u

s t r i a l s

H e a l t h c

a r e

R e a l E s

t a t e

H i g h

T e c h n

o l o g y

C

o n s u m

e r S t a p l e

s

M e d i a

/ E n t

e r t a i n

m e n t

T e l e c o m m u n

i c a t i o

n s

C o n s

u m e r

P r o d u

c t s a n d

S e r v i

c e s

R e t a i l

US$billions

Global M&A* Cross-Border M&A

*Includes both domestic and cross-border transactions.

The Healthcare sector led overall M&A volume in 2015, in large part due to megadeals such as Pfizeracquisition of Allergan and Teva’s acquisition of Allergan’s generic drug business. The Energy &Power and High Technology sectors also experienced high overall global M&A volumes.

The Energy & Power, Financials, Industrials, Healthcare, and Consumer Staples sectors all had stroncross-border volumes in 2015.

The Consumer Staples sector approximately doubled its deal volume compared to 2014, with morethan half of its overall M&A volume coming from cross-border activity.



0

40

80

120

160

200

U

S $ b i l l i o n s

Cross-Border M&A

Q1 2015 Q2 2015 Q3 2015 Q4 2015

Trends in Global M&A by Sector:Last Four Quarters

11 Source: Thoms

0

40

80

120

160

200

240

280


Domestic and Cross-Border M&A

Q1 2015 Q2 2015 Q3 2015 Q4 2015

The Healthcare, High Technology, Industrials, and Consumer Staples sectors led global Q4 2015 deal volume, while deal volumes in all sectors other than Media/Entertainment increased over Q3.

The Consumer Staples sector dominated Q4 2015 cross-border activity, experiencing a quarter-over-

quarter increase of more than 460%.

Cross-border activity increased in Q4 relative to Q3 in all sectors other than Materials, Financials,Healthcare, Real Estate, and Media/Entertainment.



Top 10 Global Deals Announced in 2015 and Q4

12 Source: Thoms

Acquirer* Target*Target

Industry Value of

Deal(US$mil)

Pfizer Inc.(United States)

Allergan PLC(Ireland)

Drugs 191,522

AB Inbev (Belgium)

SABMiller PLC(United Kingdom)

Food andKindredProducts

120,785

The Dow ChemicalCo(United States)

DuPont(United States)

Chemical and Allied Products

68,422

Dell Inc(United States)

EMC Corp(United States)

Computer andOffice

Equipment65,801

Visa Inc(United States)

Visa Europe Ltd(United Kingdom)

Other Financial 23,964

Genesis IntlHolding NV (Netherlands)

SteinhoffInternational(South Africa)

Wood Products,Furniture and

Fixtures22,671

NewellRubbermaid Inc(United States)

Jarden Corp(United States)

WholesaleTrade-

Nondurable

Goods

20,043

China MobileCommunicationsCorp(China)

China TelecomTower Assets(China)

Telecom 18,349

Western DigitalCorp(United States)

SanDisk Corp(United States)

Computer andOffice

Equipment18,224

Kansai Airports(France)

New KansaiInternational–OperatingConcession(Japan)

AirTransportation

and Shipping17,911

*Company nationality determined by location of headquarters or by location of target assets.

Top Q4 Deals


Industry Valu

De(US$

Pfizer Inc(United States)


Drugs 191

AB Inbev (Belgium)



120

Royal Dutch ShellPLC(Netherlands)

BG Group PLC(United Kingdom)

Oil and Gas;PetroleumRefining

81,

CharterCommunicationsInc(United States)

Time WarnerCable Inc(United States)

Radio andTelevision

BroadcastingStations

78,



Computer andOffice

Equipment65,

H.J. HeinzHolding Corp(United States)

Kraft FoodsGroup Inc(United States)


54

Cheung Kong(Holdings) Ltd(Hong Kong)

Hutchison Whampoa Ltd(Hong Kong)

Telecom 45

TevaPharmaceuticalIndustries(Israel)

Allergan PLC –Generic DrugBusiness(United States)

Drugs 40,

Energy TransferEquity LP(United States)

The Williams CosInc(United States)

Electric, Gas,and Water

Distribution37,

BerkshireHathaway Inc(United States)

PrecisionCastparts Corp(United States)

Metal and MetalProducts

35,

Top 2015 Deals

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http://en.wikipedia.org/wiki/File:Flag_of_the_People's_Republic_of_China.svg






Acquirer** Target**Target

Industry

Value ofDeal

(US$mil)




Fixtures22,671

Gaetano HoldingsLtd(United Kingdom)

Komi Oil OOO(Russian Fed)


5,000

Letterone InvestHldg SARL(Luxembourg)

Oi SA (Brazil)

Telecom 4,000


RimsaLaboratorios(Mexico)

Drugs 2,294

American TowerCorp(United States)

Viom NetworksLtd(India)

Telecom1,169

Donata HoldingSE(Austria)

Hypermarcas SA –Beauty Business(Brazil)

Soaps,Cosmetics, andPersonal-Care

Products

985

AP Moller-Maersk A/S(Denmark)

Africa Oil Corp –Blocks 4(Kenya)


845

L'Arche Green NV (Netherlands)

Desnoes & GeddesLtd

(Jamaica)

Food andKindred

Products

780

GIC Pte Ltd(Singapore)

Rede D'Or SaoLuiz SA (Brazil)

Health Services617

Mitsui & Co Ltd(Japan)

Petrobras Gas SA (Brazil)


Distribution494

Top 10 Deals from Developed intoEmerging Economies* Announced in 2015 and Q4

13

*Developed/Emerging economies are generally defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.**Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.

Source: Thoms

0

50

100

150

200

250

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Deals from Developed into Emerging Economies


Industry

ValuDe

(US$




Fixtures22,

Gaetano HoldingsLtd(United Kingdom)



5,0

Letterone InvestHldg SARL(Luxembourg)

Oi SA (Brazil)

Telecom 4,0

GUOXINInternational(Hong Kong)

RimsaLaboratorios(Mexico)

Drugs 2,2

Owens-Illinois Inc(United States)

Partner in PetFood Kft(Mexico)


2,1

AT&T Inc(United States)

Nextel Mexico(Mexico)

Telecom 1,8

Schlumberger Ltd(United States)

Eurasia DrillingCo Ltd(Turkey)

CommercialBanks, Bank

HoldingCompanies

1,6

Scripps NetworksInteractive(United States)

TVN SA (Poland)

Radio andTelevision

Broadcasting

Stations

1,5

Sempra EnergyInc(United States)

Gasoductos deChihuahua(Mexico)


Distribution1,4

Goldman SachsGroup Inc(United States)

Socar TurkeyEnerji AS(Turkey)


1,3


Top Q4 Deals Top 2015 Deals

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http://en.wikipedia.org/wiki/File:Flag_of_Hong_Kong.svg






Industry

Value ofDeal

(US$mil)

Henley Holding Co(UAE)

Exeter PropertyGroup LLC –Industrial(United States)

Real Estate;Mortgage

Bankers andBrokers

3,150

Anbang InsuranceGroup Co Ltd(China)

Fidelity &Guaranty Life(United States)

Insurance 1,577

Axiata Group Bhd(Malaysia)

Reynolds HoldingsLtd(Norway)

Telecom 1,365

Gruppa Oneksim(Russian Fed)

Brooklyn NetsBasketball Team /Barclays Center

(United States)

Amusement andRecreation

Services875/825

COFCO Corp(China)

Noble Group Ltd – Agriculture(Singapore)

WholesaleTrade-

NondurableGoods

748

Luye MedicalGroup Co Ltd(China)

Healthe Care Australia Pty (Australia)

Health Services 688

CITIC SecuritiesCo Ltd(China)

BiosensorsInternationalGroup(Singapore)

Measuring,Medical, Photo

Equipment;Clocks

548

Investor Group

(Azerbaijan)

Kirarito Ginza, 1-8-19, Ginza(Japan)

WholesaleTrade-

NondurableGoods

436

SIPCO Ltd(Bahrain)

ResidentialProperty Assets(United States)


Bankers andBrokers

400

Investor Group(China)

City FootballGroup Ltd(United Kingdom)

Amusement andRecreation

Services400

Top 10 Deals from Emerging into DevelopedEconomies* Announced in 2015 and Q4

14 Source: Thoms

*Developed/Emerging economies are generally defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.**Company nationality determined by location of headquarters or by location of target assets.

0

50

100

150

200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Deals from Emerging into Developed Economies


Industry

ValuDe

(US$

UnisplendourCorp Ltd(China)


Computer andOffice

Equipment3,7

Henley Holding Co(UAE)

Exeter PropertyGroup LLC –Industrial(United States)


Bankers andBrokers

3,1

ARAMCO(Saudi Arabia)

Lanxess AG –Synthetic RubberBusiness(Germany)

Chemicals and Allied Products

3,0


Philips – LEDComponentsBusiness

(Netherlands)

Electronic andElectrical

Equipment2,9

Hainan AirlinesCo Ltd Labor(China)

SwissportInternational AG(Switzerland)

AirTransportation

and Shipping2,8

Bohai Leasing CoLtd(China)

Avolon HoldingsLtd(Ireland)

BusinessServices 2,5

China NationalChemical Corp(China)

Pirelli & C SpA (Italy)

Rubber andMiscellaneous

Plastic Products2,0

China InvestmentCorp(China)

NXPSemiconductors–

RF Business(Netherlands)

Rubber andMiscellaneous

Plastic Products1,8

Anbang InsuranceGroup Co Ltd(China)

Fidelity &Guaranty Life(United States)

Insurance 1,5

JBS SA (Brazil)

Moy ParkHoldings (Europe)Ltd(United Kingdom)

Investment &Commodity

Firms, Dealers1,5



















Industry Value of Deal

(US$mil)


The DowChemical Co.(United States)

Chemicals and Allied

Products68,422



Computer andOffice

Equipment65,802

NewellRubbermaid Inc(United States)

Jarden Corp(United States)

WholesaleTrade –

NonduraableGoods

20,044


SanDiskCorp(United States)

Computer andOffice

Equipment18,225

Walgreens Boots Alliance Inc(United States)

Rite Aid Corp(United States)

MiscellaneousRetail Trade

16,996

Investor Group(Netherlands)

Keurig GreenMountain Inc(United States)


14,239

Air Liquide SA (France)

Airgas Inc(United States)

WholesaleTrade-Durable

Goods13,400

Marriott

International,Inc.(United States)

Starwood Hotels

& Resorts(United States)

Hotels andCasinos 13,020

Molson CoorsBrewing Co(United States)

MillerCoors LLC(United States)


12,000

Lam ResearchCorp(United States)

KLA-Tencor Corp(United States)

Industrials 11,644

Top 10 North American*Deals Announced in 2015 and Q4

15 Source: Thoms

*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.


0

500

1000

1500

2000

2500

3000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of North American Deals


Industry Value of D

(US$mi

CharterCommunicationsInc.(United States)

Time WarnerCable Inc.(United States)

Radio andTelevision

BroadcastingStations

78,377


The DowChemical Co.(United States)

Chemicals and Allied

Products68,422



Computer andOffice

Equipment65,802

H.J. HeinzHolding Corp(United States)

Kraft FoodGroups Inc(United States)


54,717


Allergan PLC –Generic DrugBusiness(United States)

Drugs 40,500

Energy TransferEquity LP(United States)

The Williams CosInc(United States)

Electric, Gasand Water

Distribution37,700

AvagoTechnologiesLtd.(United States)

Broadcom Corp(United States)


Equipment36,491

Berkshire

Hathaway Inc(United States)

Precision

Castparts Corp(United States)

Metal andMetal Product 35,824

Aetna Inc(United States)

Humana Inc(United States)

Insurance 34,580

ACE Ltd(Switzerland)

Chubb Corp(United States) Insurance

28,534






(US$mil)

China MobileCommunicationsCorp / ChinaUnited NetworkCommunicationsCorp Ltd / ChinaTelecom Corp Ltd(China)


Telecom 33,712



AirTransportatio

n andShipping

17,911


Tongfang GuoxinElectronics CoLtd(China)


Equipment12,039

China Cinda

AssetManagement CoLtd(China)

NanyangCommercialBank Ltd(Hong Kong)

CommercialBanks, BankHolding

Companies

8,772

Investor Group(Canada)

TransGrid Ltd –99-Year Lease(Australia)


Distribution7,379


Postal SavingsBank of China(China)


HoldingCompanies

7,029

Hainan IslandConstruction CoLtd

(China)

HNAInfrastructureIndustrial Grp(China)


Bankers andBrokers

6,043

CMA CGM SA (France)

Neptune OrientLines Ltd(Singapore)

Transportation and

Shipping(except air)

5,092

Sunitomo MitsuiFinancial GroupInc(Japan)

General ElectricCo – CommercialLending(Japan)

CreditInstitutions

4.759

Alibaba GroupHolding Ltd(China)

Youku Tudou Inc(China)

BusinessServices

4,373

Top 10 Asian-Pacific*Deals Announced in 2015 and Q4

Source: Thoms



0

200

400

600

800

1000

1200

1400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Asian-Pacific Deals


Industry Value of

(US$m

Cheung Kong(Holdings) Ltd(Hong Kong)

Hutchinson Whampoa(Hong Kong)

Telecom 45,41

China MobileCommunicationsCorp / ChinaUnited NetworkCommunicationsCorp Ltd / ChinaTelecom Corp Ltd(China)


Telecom 33,71

SK C&C Co Ltd(South Korea)

SK Holdings CoLtd(South Korea)


24,06



AirTransportation

and Shipping17,91


TongfangGuoxinElectronics CoLtd(China)


Equipment12,03

Cheil IndustriesInc(South Korea)

Samsung C&TCorp(South Korea)

BusinessServices

11,239

Itochu Corp(Japan)

CITIC Ltd(Hong Kong)

Investment andCommodity

Firms, Dealers,Exchanges

10,35


Qihoo 360Technology CoLtd(China)

BusinessServices

10,30

HEDY Holding CoLtdChina)

Focus MediaTech ShanghaiCo(China)

PrepackagedSoftware

9,093

Jiangus HongdaNew Material Co(China)

Focus MediaTech ShanghaiCo(China)

PrepackagedSoftware

8.779

16














































Top 10 European*Deals Announced in 2015 and Q4


Source: Thoms



(US$mil)



Drugs 191,522

AB Inbev (Belgium)



120,785



OtherFinancial

23,964

Liberty GlobalPLC

(United Kingdom)

Cable & WirelessCommunicationsPLC

(United Kingdom)

Telecom 8,269

ActivisionBlizzard Inc(United States)

King DigitalEntertainmentPLC(Ireland)

PrepackagedSoftware

5,054

GateanoHoldings Ltd(United Kingdom)



5,000

AstraZeneca PLC(United Kingdom)

Acerta PharmaBV (Netherlands)

Drugs 4,000

Enel SpA (Italy)

Enel GreenPower SpA (Italy)


Distribution3,454

Investor Group(United States)

Verallia SA (France)

Stone, Clay,Glass, andConcreteProducts

3,220

QNB(Qatar)

Finansbank AS(Turkey)


HoldingCompanies

2,940


0

500

1000

1500

2000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of European Deals


Industry Value of

(US$m



Drugs 191,52

AB Inbev (Belgium)



120,78

Royal DutchShell PLC(Netherlands)

BC Group PLC(United Kingdom)


81,00



OtherFinancial

23,96

Hutchinson Whampoa Ltd(Hong Kong)

O2 PLC(United Kingdom)

Telecom 15,38

Nokia Ovi(Finland)

Alcatel Lucent SA (France)

Communication Equipment

13,784

Koninklijke Ahold NV (Netherlands)

Delhaize GroupSA (Belgium)

Retail Trade-Food Stores

11,657

Altice SA (Luxembourg)

BouyguesTelecom SA (France)

Telecom 11,202

Coca-ColaEuropeanPartners PLC(United Kingdom)

Coca-ColaIberian PartnersSA (Spain)Coca-ColaErfischungs(Germany)


9,267

Deutsche Wohnen AG(Germany)

LEG Immobilien AG(Germany)


Bankers andBrokers

8,651

17




Top 10 Inbound Chinese Deals*Deals Announced in 2015 and Q4

18



(US$mil)

Seb SA (France)

Zhejiang SuporCo Ltd(China)

Metal andMetal Products

224

MidasHoldings Ltd(Singapore)

HuiCheng CapitalLtd(Hong Kong)


Firms,Dealers,

Exchanges

187

SvenskaCellulosa ABSCA (Sweden)

JiangmenDynasty Fortune(China)

Paper and Allied

Products122

Eisai Co Ltd(Japan)

Liaoning TianyiBiological

(China)

Drugs 78

Alphabet Inc(United States)

Mobvoi Inc(China)

PrepackagedSoftware

76

Sound GlobalLtd(Singapore)

Wuji Changye Water Co Ltd(China)

SanitaryServices

76

QuestInvestmentsLtd(Australia)

Gold LordInvestments Inc(China)

Mining 29

KasikornbankPCL

(Thailand)

StarbrightFinance Co Ltd(China)

Investment &

CommodityFirms,Dealers,

Exchanges

22

FrutaromIndustries Ltd(Israel)

InventiveTechnology &ProwinInternational(Hong Kong)


17

AstroResources NL(Australia)

Gymeny Pty Ltd(Hong Kong)

PrepackagedSoftware

14

Source: Thoms

0

10

20

30

40

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Inbound Chinese Deals


Industry Value of D

(US$mi

Itochu Corp(Japan)


Investment andCommodity


10,357

Sun CapitalPartners Inc(United States)




1,547

QatarInvestment Authority (Qatar)

HK ElectricInvestments Ltd(Hong Kong)


Distribution991

Fluor Ltd(United

Kingdom)

Offshore OilEngineering(Zhuhai) Co Ltd –

Assets(China)

Machinery 510

InvestorGroup(United States)

Qunar CaymanIslands Ltd(Hong Kong)

Transportationand Shipping(except air)

500

Delta AirLines Inc(United States)

China Eastern Airlines Corp Ltd(Hong Kong)

AirTransportation

and Shipping450

CJ KoreaExpress Corp(South Korea)

Shanghai RokinLogistics Co(China)

Transportationand Shipping(except air)

382

Mapletree

GreaterChina(Singapore)

Glamour II Ltd(China)

Real Estate;

MortgageBankers and

Brokers

304

Singapore(Singapore)

Sandhill Plaza(China)


HoldingCompanies

299

Seb SA (France)

Zhejiang Supor CoLtd(China)

Metal and MetalProducts

224


















































Top 10 Outbound Chinese*Deals Announced in 2015 and Q4

19 Source: Thoms



(US$mil)

China ThreeGorges Corp(China)

ANNEL-HydropowerConcession(2)(Brazil)


Distribution3,732

China GeneralNuclear Power

(China)

Edra GlobalEnergy Bhd-Power(Malaysia)


Distribution2,295

AnbangInsuranceGroup Co Ltd

(China)

Fidelity &Guaranty Life

(United States)

Insurance 1,578

Cheung Kong(Holdings) Ltd

(Hong Kong)

IberwindDesenvolvimentoe

(Portugal)


Distribution

1,104

COFCO Corp

(China)

Noble Group Ltd- Agriculture

(Singapore)

WholesaleTrade-

NondurableGoods

748

Luye MedicalGroup Co Ltd

(China)

Healthe Care Australia Pty (Australia)

HealthServices

688

CITICSecurities CoLtd

(China)

BiosensorsInternationalGroup

(Singapore)

Measuring,Medical, Photo

Equipment;Clocks

548

Hainan

Airlines Co LtdLabor

(China)

Azul Linhas

AereasBrasileiras

(Brazil)

AirTransportationand Shipping

450

Investor Group

(China)

City FootballGroup Ltd

(United Kingdom)

Amusementand Recreation

Services400

SunwardIntelligentEquip Co

(China)

Avmax AviationServices Inc

(Canada)

AirTransportation

and Shipping312

0

20

40

60

80

100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Outbound Chinese Deals


Industry Value of Dea

(US$mil)

Hutchison Whampoa Ltd(Hong Kong)

O2 PLC(United Kingdom)

Telecom 15,381

UnisplendourCorp Ltd

(China)

Western DigitalCorp

(United States)

Computer andOffice

Equipment3,775

China ThreeGorges Corp

(China)

ANNEL-HydropowerConcession(2)(Brazil)


Distribution3,731


Philips-LEDComponentsBusiness

(Netherlands)


Equipment

2,900

Hainan Airlines Co LtdLabor

(China)

SwissportInternational AG

(Switzerland)

AirTransportatio

n and Shipping2,820

China GeneralNuclear Power

(Hong Kong)

Edra GlobalEnergy Bhd-Power

(Netherlands)


Distribution2,295

ChinaMinshengInvest Co Ltd

(China)

SiriusInternationalInsurance

(United Kingdom)

Insurance 2,235

China NationalChemical Corp

(China)

Pirelli & C SpA (Italy)

Rubber and

MiscellaneousPlastic

Products

2,031

ZhongrunResourcesInvest Corp(China)

Iron MiningInternationalMngl(Mongolia)

Mining 1,935

FosunInternationalHoldings Ltd

(China)

Ironshore Inc

(United States)Insurance 1,840














































Top 10 Inbound Indian Deals*Deals Announced in 2015 and Q4

Source: Thoms



(US$mil)

AmericanTower Group(United States)


Telecom 1,169

Wirecard AG(Germany)

Great Indian(GI) – Payments(India)

BusinessServices

376

Kuwait(Kuwait)

GMRInfrastructureLtd(India)

ConstructionFirms

300

InvestorGroup

(United States)

ReNew Power Ventures Pvt Ltd

(India)


Distribution

265

InvestorGroup(Mauritius)

MankindPharma Ltd(India)

Drugs 180

Virtusa Corp(United States)

PolarisConsulting &Services(India)

PrepackagedSoftware

179

General Atlantic LLC(United States)

IIFL WealthManagementLtd(India)


Firms,Dealers,

Exchanges

173

BlackstoneGroup LP(United States)

IBS SoftwareServices (P) Ltd(India)

BusinessServices

169

IntelligentEnergyHoldings PLC(UnitedKingdom)

GTL Ltd –EnergyManagementBusiness(India)

BusinessServices

130

IntelligentEnergyHoldings PLC(UnitedKingdom)

GTL Ltd – OMEBusiness(India)


Distribution130

0

5

10

15

20

25

30

35

40

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Inbound Indian Deals



(US$mil)

AmericanTower Group(United States)


Telecom 1,169

Mylan Inc(United States)

Famy Care Ltd –FemaleHealthcareBusiness(India)

WholesaleTrade-

NondurableGoods

800


AtriaConvergenceTechnologies(India)

BusinessServices

500

InvestorGroup

(China)

Snapdeal.Com(India)

MiscellaneousRetail Trade

500

BlackstoneGroup LP(United States)

Serco GlobalServices Pvt Ltd(India)

BusinessServices

383

Wirecard AG(German7)

Great Indian(GI) –Payments(India)

BusinessServices

376

Kuwait(Kuwait)

GMRInfrastructureLtd(India)

ConstructionFirms

300

WarburgPincus LLC(United States)

Piramal RealtyPvt Ltd(India)

Real Estate;

MortgageBankers and

Brokers

284


ReNew Power Ventures Pvt Ltd(India)


Distribution265

GIC Pte Ltd(Singapore)

GreenkoMauritius Ltd(India)


Firms,Dealers,

Exchanges

254



20













































http://slidepdf.com/reader/full/xbma-2015-annual-review 22/22

Top 10 Outbound Indian Deals*Deals Announced in 2015 and Q4



(US$mil)

HCLTechnologiesLtd(India)

Volvo AB – ITBusiness(Sweden)

PrepackagedSoftware

138

Wipro Ltd(India)

Viteos FundServices LLC(United States)

OtherFinancial

130

IndiabullsHousingFinance Ltd(India)

Oaknorth BankLtd(United Kingdom)


HoldingCompanies

100

Wipro Ltd(India)

Cellent AG(Germany)

BusinessServices

78

Investor Group(India)

Pininfarina SpA (Italy)

Transportation Equipment

75

Infosys Ltd(India)

Noah ConsultingLLC(United States)

BusinessServices

70

Apollo Tyres Ltd(India)

reifencomGmbH(Germany)

WholesaleTrade-Durable

Goods49

Paharpur

Cooling TowersLtd(India)

SPX Corp –

Dry CoolingBusiness(Belgium)

Machinery 48

HCLTechnologiesLtd(India)

PowerObjects(United States)

BusinessServices

46

TV SundramIyengar & SonsLtd(India)

TranstarInternationalFreight(Australia)

Transportation and

Shipping(except air)

30

0

5

10

15

20

25

30

35

40

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Outbound Indian Deals



(US$mil)

Oil & NaturalGas Corp Ltd(India)

Vankorneft AO(Russian Fed)


1,250

Lupin Ltd(India)

GAVIS PharmsLLC, Novel Labs(United States)

Drugs 880

Cipla Ltd(India)

InvaGenPharmaceuticalsInc

(United States)

Drugs 500

Rajesh ExportsLtd

(India)

European GoldRefineriesHolding

(Switzerland)

Metal andMetal

Products

400

JK Tyres &Industries Ltd(India)

CavendishIndustries Ltd(United Kingdom)

Metal andMetal

Products331

Strides ArcolabLtd(India)

Aspen Asia PacificPty, GenericPharmaceuticals

(Australia)

Drugs 208

Infosys Ltd(India)

Panaya Inc(United States)

PrepackagedSoftware

200

HCL

TechnologiesLtd(India)

Volvo AB – ITBusiness(Sweden)

PrepackagedSoftware

138

Wipro Ltd(India)

Viteos FundServices LLC(United States)

OtherFinancial

130

Infosys Ltd(India)

Kallidus Inc(United States)

PrepackagedSoftware

120











































xbma 2015 annual review

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