zephyr quarterly m&a report - bvdinfo.com q1 2014.pdf · for more information visit . ... from...
TRANSCRIPT
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 1 © Zephyr
The following report details mergers and acquisitions activity in Asia Pacific and Central Asia in Q1 2014 using data from the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel spreadsheet.
After steady growth in 2013, M&A activity weakens in Q1 2014
Mergers and acquisitions (M&A) targeting companies based in Asia Pacific and Central Asia fell back in Q1 2014, reversing three consecutive quarters of growth.
Transactions worth a collective USD 163,835 million were announced during the three months under review, down by a third on USD 241,993 million in Q4 2013, which had been the culmination of a steady increase in value through the year (Q2 2013: USD 178,712 million; Q3 2013: USD 227,986 million).
Interestingly, the same trend was evident a year ago: in Q1 2013, deals worth an aggregate USD 162,216 million were signed off which halted two quarters of growth (Q2 2012: USD 180,341 million; Q3 2012: 189,624 million; Q4 2012: USD 228,397 million).
Likewise, volume dipped to 4,483 in Q1 2014 after three quarterly increases in a row (Q2 2013: 5,901; Q3 2013: 6,012; Q4 2013: 6,542) and was the lowest result of the last two years under review.
Deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2014 4,483 163,835
Q4 2013 6,542 241,993
Q3 2013 6,012 227,986
Q2 2013 5,901 178,712
Q1 2013 5,469 162,216
Q4 2012 6,268 228,397
Q3 2012 6,024 189,624
Q2 2012 5,848 180,341
Q1 2012 6,061 212,869
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 2 © Zephyr
Deals by volume and value
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
50,000
100,000
150,000
200,000
250,000
300,000
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Dea
l val
ue (m
il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 3 © Zephyr
Activity down in most sectors
In keeping with the overall results, M&A value and volume declined across almost all sectors in Asia Pacific and Central Asia during Q1 2014, with just a handful of exceptions.
One of the biggest gains was in the food, beverages and tobacco sector, where value doubled quarter-on-quarter from USD 4,472 million to USD 9,745 million, despite a decrease in volume.
Wholesale and retail, education and health and hotels and restaurants also advanced on the preceding quarter, and in the case of education and health, hit a two-year high.
In terms of volume, there were increases in just two industries, namely post and telecommunications and public administration and defence, rising from 1 deal to 3 and 0 deals to 1, respectively.
China once again top by volume and value
China maintained its number one ranking in the tables by both volume and value in Q1 2014, although both decreased quarter-on-quarter.
A total of 951 transactions worth a combined USD 54,323 million targeted companies in the country, compared to 1,313 worth an aggregate USD 84,098 million in Q4. Conversely, both results were higher in a year-over-year comparison (Q1 2013: 889 deals worth USD 39,824 million).
As expected, M&A volume and value declined across most countries in the region from the preceding quarter. Notable exceptions include Thailand, where deal volume increased from 71 to 80, while in Hong Kong M&A value rose from USD 7,096 million to USD 13,079 million.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 4 © Zephyr
Top 20 deals by value in Q1 2014
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 10,605 Acquisition 100% Greenland Holding Group Co., Ltd CN Shanghai Jinfeng Investment Co., Ltd CN 18/03/2014
2. 5,800 Acquisition 100% Oriental Brewery Co., Ltd KR Anheuser-Busch InBev NV BE 20/01/2014
3. 5,667 Minority stake 25% AS Watson & Company Ltd HK Mayon Investments Pte Ltd 21/03/2014
4. 3,070 Minority stake 33% Bangkok Dusit Medical Services PCL TH 13/03/2014
5. 2,613 Acquisition 100% Royal Dutch Shell Plc's refining and retail business in Australia AU Vitol SA; Abu Dhabi Investment Council CH; AE 21/02/2014
6. 2,606 Minority stake Mitsubishi Motors Corporation JP 07/01/2014
7. 2,267 Acquisition 15% to 100% Commonwealth Property Office Fund AU Canada Pension Plan Investment Board; Dexus Property Group CA; AU 06/01/2014
8. 2,182 Acquisition 100% China Minzu Securities Co., Ltd CN Founder Securities Co., Ltd CN 11/01/2014
9. 2,104 Minority stake 30% Iowa China Offshore Holdings (Hong Kong) Ltd HK CLH Ltd; Khangai Co., Ltd KY; KY 18/02/2014
10. 1,930 IBO 100% Tyco Fire & Security Services Korea Co., Ltd KR Carlyle Group LP US 03/03/2014
11. 1,802 Minority stake 25% New World Development Co., Ltd HK 14/03/2014
12. 1,761 Acquisition 94% STX Offshore & Shipbuilding Co., Ltd KR Korea Exchange Bank; The Korea Development Bank; Woori Bank; The Korea Export-Import Bank; Shinhan Bank; Korea Finance Corporation; Nonghyup Bank
KR 26/02/2014
13. 1,735 Acquisition 87% Nanjing Huadong Electronics Information & Technology Co., Ltd
CN Investors; Nanjing Machinery & Electronics Industrial (Group) Co., Ltd; Nanjing China Electronics Panda Information Industry Group Co., Ltd; Nanjing Xingong Investment Group Co., Ltd
CN; CN; CN
22/01/2014
14. 1,389 Acquisition 100% Macquarie Generation AU AGL Energy Ltd AU 12/02/2014
15. 1,372 Acquisition 45% to 100% Kokusai Kogyo Co., Ltd JP Family founders US 07/02/2014
16. 1,348 Acquisition 100% Hyundai Amco Co., Ltd KR Hyundai Engineering Co., Ltd KR 16/01/2014
17. 1,316 Acquisition 33% to 100% Envestra Ltd AU APA Group AU 04/03/2014
18. 1,272 Minority stake 5% Korea Expressway Corporation KR 02/01/2014
19. 1,135 Minority stake Wheatstone liquefied natural gas project; Wheatstone-Iago joint venture
AU; AU Kuwait Foreign Petroleum Exploration Company KW 20/01/2014
20. 1,130 Acquisition to 100% China Life Property & Casualty Insurance Co., Ltd CN China Life Insurance Co., Ltd; China Life Insurance (Group) Company CN; CN 25/03/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 5 © Zephyr
Top 20 private equity deals by value in Q1 2014
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 5,667 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014
2. 2,267 Acquisition increased 15% to 100% Commonwealth Property Office Fund AU Canada Pension Plan Investment Board 06/01/2014
3. 2,104 Minority stake 30% Iowa China Offshore Holdings (Hong Kong) Ltd HK CLH Ltd; Hopu Investment Management Co., Ltd 18/02/2014
4. 1,930 IBO 100% Tyco Fire & Security Services Korea Co., Ltd KR Carlyle Group LP 03/03/2014
5. 794 Acquisition 100% Transpacific Industries Group Ltd's New Zealand waste management business
NZ Carlyle Group LP 03/03/2014
6. 685 IBO 78% NEC BIGLOBE Ltd JP Japan Industrial Partners, Inc. 30/01/2014
7. 407 IBO 70% Sensis Pty Ltd AU Platinum Equity LLC 13/01/2014
8. 351 IBO 100% Kreuz Holdings Ltd SG Headland Capital Partners Ltd 13/01/2014
9. 301 Minority stake 10% Shanghai Chengtou Holding Co., Ltd CN Hony Capital Co., Ltd 22/01/2014
10. 300 IBO 69% Beijing South Beauty Restaurants Co., Ltd CN CVC Capital Partners Ltd 11/01/2014
11. 260 IBO 100% Aditya Birla Minacs Worldwide Ltd IN CX Advisors LLP; Capital Square Partners 30/01/2014
12. 256 Minority stake Nippon Renewable Energy KK JP Partners Group AG; Equis Funds Group Pte Ltd 27/01/2014
13. 150 IBO 47% Satellite Television Asian Region Ltd HK China Media Capital Co., Ltd 02/01/2014
14. 134 Minority stake Jasper Infotech Pvt Ltd IN Bessemer Venture Partners; Intel Capital Corporation; eBay Inc.; Nexus Venture Partners; Saama Capital India Advisors LLP; Kalaari Capital Advisors Pvt Ltd
26/02/2014
15. 120 Minority stake Wandoujia.com CN Softbank Corporation; Doll Capital Management Inc.; Innovation Works 13/01/2014
16. 110 Minority stake Shanghai Ule Trading Co., Ltd CN 28/02/2014
17. 101 Minority stake 30% CitiusTech IT Solutions Pvt Ltd IN General Atlantic LLC 20/03/2014
18. 100 Minority stake Maiqi Shuwei Co., Ltd CN Temasek Capital (Pte) Ltd; Qiming Weichang Venture Capital Management (Shanghai) Co., Ltd; Alibaba Group Holding Ltd; Shanghai Fusi Venture Capital Management Co., Ltd
17/02/2014
19. 100 Minority stake Wuxi Maimaibao Information Technology Co., Ltd CN Sequoia Capital; MediaTek Inc.; Tencent Holdings Ltd 14/03/2014
20. 100 Minority stake Vancl.com CN Temasek Holdings Pte Ltd; SAIF Partner; IDG Capital Partners; Ceyuan Ventures 10/02/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 6 © Zephyr
PE value more than doubles
In a complete reversal of overall M&A, private equity (PE) investment value leapt in Q1 2014 from USD 7,796 million to USD 18,092 million, the highest in the last two years under review, in spite of a quarter-on-quarter decline in volume from 321 to 254 transactions.
Value was boosted by four sizeable deals each worth in excess of USD 1,000 million. The highest of these was Singapore state-owned investment company Temasek, through an entity called Mayon Investments, purchasing a quarter of Hong Kong-based health and beauty chain AS Watson from a unit of Hutchison Whampoa for USD 5,667 million.
The four deals collectively accounted for two-thirds of overall PE investment for the three months.
Private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2014 254 18,092
Q4 2013 321 7,796
Q3 2013 271 9,216
Q2 2013 197 2,476
Q1 2013 194 5,842
Q4 2012 240 4,892
Q3 2012 260 8,390
Q2 2012 244 8,981
Q1 2012 234 9,111
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 7 © Zephyr
Private equity deals by volume and value
0
50
100
150
200
250
300
350
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Dea
l val
ue (m
il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 8 © Zephyr
Deal types by volume
Deal type Q1 2013 Q4 2013 Q1 2014
Minority stake 3,678 4,314 2,739
Acquisition 1,755 2,194 1,722
IBO 21 24 16
Demerger 10 6 7
Merger 3 3 4
MBO 9 10 3
Deal types by value in Q1 2014
Deal types by volume in Q1 2014
Deal types by value
Deal type Q1 2013 (mil USD)
Q4 2013 (mil USD)
Q1 2014 (mil USD)
Minority stake 91,626 135,627 83,300
Acquisition 67,467 109,510 77,265
IBO 3,333 1,505 4,147
Demerger 0 60 6
Minority stake
Acquisition
IBO
Demerger
Merger
MBO
Minority stake
Acquisition
IBO
Demerger
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 9 © Zephyr
Target sectors by value
Target sector Q1 2013 (mil USD)
Q4 2013 (mil USD)
Q1 2014 (mil USD)
Other services 33,313 39,630 30,356
Machinery, equipment, furniture, recycling 24,621 27,046 24,833
Construction 9,399 26,136 22,820
Banks 23,732 53,976 17,687
Chemicals, rubber, plastics 15,898 19,383 13,017
Wholesale & retail trade 11,077 10,989 12,808
Food, beverages, tobacco 13,178 4,472 9,745
Gas, water, electricity 4,362 10,444 5,393
Metals & metal products 7,122 18,465 4,470
Transport 7,729 10,486 4,359
Primary sector 7,708 8,716 4,007
Education, health 1,089 2,353 3,899
Publishing, printing 1,547 5,369 3,317
Insurance companies 3,679 6,145 2,373
Hotels & restaurants 1,829 1,648 1,911
Wood, cork, paper 468 1,461 1,338
Textiles, wearing apparel, leather 1,365 1,841 1,284
Post and telecommunications 56 13 8
Public administration and defence 0 0 0
Target sectors by volume
Target sector Q1 2013 Q4 2013 Q1 2014
Other services 1,533 1,718 1,210
Machinery, equipment, furniture, recycling 943 1,141 749
Chemicals, rubber, plastics 457 538 396
Wholesale & retail trade 442 479 344
Banks 414 530 329
Construction 311 421 271
Publishing, printing 181 280 228
Metals & metal products 286 295 187
Food, beverages, tobacco 164 171 135
Transport 179 203 134
Gas, water, electricity 61 126 87
Primary sector 148 129 85
Hotels & restaurants 80 105 77
Textiles, wearing apparel, leather 80 114 75
Education, health 89 128 66
Wood, cork, paper 37 49 37
Insurance companies 35 46 30
Post and telecommunications 8 1 3
Public administration and defence 1 0 1
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 10 © Zephyr
Target countries by volume
Target country Q1 2013 Q4 2013 Q1 2014
China 889 1,313 951
Japan 761 822 655
Australia 1,218 1,142 604
India 390 621 489
South Korea 617 768 476
Taiwan 494 529 289
Malaysia 265 379 273
Vietnam 183 234 175
Singapore 202 167 140
New Zealand 71 98 81
Thailand 50 71 80
Hong Kong 81 89 72
Indonesia 99 109 63
Philippines 45 55 51
Sri Lanka 21 25 18
Kyrgyzstan 6 25 18
Marshall Islands 9 12 15
Kazakhstan 15 24 13
Azerbaijan 14 10 11
Samoa 3 9 8
Target countries by value
Target country Q1 2013 (mil USD)
Q4 2013 (mil USD)
Q1 2014 (mil USD)
China 39,824 84,098 54,323
South Korea 16,509 25,763 21,684
Australia 21,506 40,206 20,199
Japan 26,653 24,800 17,012
Hong Kong 3,756 7,096 13,079
Taiwan 10,898 11,177 8,933
India 7,292 13,480 6,990
Malaysia 3,737 6,306 5,088
Thailand 1,403 6,523 4,247
Singapore 17,543 2,886 4,105
Indonesia 4,039 7,416 3,334
New Zealand 2,039 3,545 2,101
Philippines 3,076 3,144 1,411
Marshall Islands 394 1,615 1,304
Papua New Guinea 4 225 1,099
Vietnam 926 1,043 1,009
Kazakhstan 3,207 4,304 389
Armenia 0 0 340
Mongolia 2 0 71
Sri Lanka 48 217 57
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Quarterly M&A ReportAsia Pacific and Central Asia, Q1 2014
Page 11 © Zephyr
Notes to editors
Activity is based on the activity of the target company
Target companies are based in the Far East, Central Asia, Oceania and Asean
Deal status is announced within the time period
The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr
The date range is 01/01/2014 - 26/03/2014 inclusive