Grant Thornton Dealtracker November 2012

8/10/2019 Grant Thornton Dealtracker November 2012

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Grant Thornton India LLP. All rights reserved.

DealtrackerProviding M&A and PE market insights

November 2012Volume 8.11


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DealtrackerNovember 2012


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Highlights the total M&A, and PE deals in the month of November 2012

were valued at US$10.11 billion (91 deals) as compared toUS$1.95 billion (109 Deals) and US$4.33 billion (61 Deals) in

the corresponding month of 2011 and 2010 respectively the total value of domestic in November 2012 was US$0.70

billion (16 deals) as compared to US$0.13 billion (26 deals) andUS$0.45 billion (8 deals) during the corresponding month in2011 and 2010 respectively

the total value of inbound deals (foreign companies or theirsubsidiaries acquiring Indian businesses) in November 2012was US$2.14 billion (12 deals) as compared to US$ 0.62 billion(18 deals) and US$1.51 billion (12 deals) during thecorresponding month in 2011 and 2010 respectively

the total value of outbound deals (Indian companies acquiringbusinesses outside India) in November 2012 was US$ 6.74billion (15 deals) as compared to US$0.73 billion (10 deals) andUS$1.94 billion (16 deals) during the corresponding month in2011 and 2010 respectively

PE deal values amounted to US0.39 billion (35 deals) inNovember 2012 as compared to US$0.48 billion (38 deals) andUS$0.43 billion (18 deals) during the corresponding month in2011 and 2010 respectively

there was 1 IPO listed in the month of November 2012, whichraised a sum of US$1.56 million from the public. The totalamount raised through IPO during the period Jan-Dec 2011 wasUS$ 1.20 billion from 30 IPOs.

Deal of the Month:

UK-based Diageo Plc acquired 53.4% stake in Vijay Mallya-ledUnited Spirits for US$2 billion. This is the biggest inbound M&Adeal so far this year.

Deal Round Up November 2012

November Deal Summary

Year to Date Deal Summary

6

2

15

33

4

12 3 2

3

1086

9395

110

97

6782

74 81

48

90 91

0

20

40

60

80

100

120

140

-

2

4

6

8

10

12

14

16

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

NumberofDeals

Value(US$bn)

Value Volume

Total Deal Value

Volume 12 Month Trend

Deal Summary

Year to Date 2010 2011 2012 2010 2011 2012

Domestic 202 197 216 6,760 4,837 5,816

Cross Border 255 247 238 29,059 34,123 20,904

Mergers & Internal

Restructuring 142 145 96 11,006 531 14,774

Total M&A 599 589 550 46,825 39,491 41,493

PE 227 343 378 5,400 8,131 7,047

Grand Total 826 932 928 52,225 47,622 48,540

Cross Border in cludes

Inbound 82 124 127 8,206 24,147 8,094

Outbound 173 123 111 20,853 9,976 12,810

Volume Value (US$ mn)

Deal Summary

November 2010 2011 2012 2010 2011 2012

Domestic 8 26 16 448 133 699

Cross Border 28 28 27 3,452 1,344 8,879

Mergers & Internal

Restructuring 7 17 13 - - 140

Total M&A 43 71 56 3,900 1,478 9,718

PE 18 38 35 428 476 388

Grand Total 61 109 91 4,328 1,954 10,106

Cross Border in cludes

Inbound 12 18 12 1,507 617 2,136

Outbound 16 10 15 1,945 727 6,743

Volume Value (US$ mn)


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9

25

1

0 20 40

Value not disclosed


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I. Domestic Deals

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Acquirer Target Sector

Acquisitionprice

(US$ mn) Deal Type % Stake

Balrampur Chini Mills Ltd Khalilabad Sugar Mills (P) Ltd Agriculture & Agro Products N.A. Merger N.A.

Magma Fincorp Ltd

GE Money Housing Finance,

GE Money Financial Services

Pvt. Ltd - home equity loan

portfolio Banking & Financial Services 290.91 Acquisition

IDBI Bank

Stock Holding Corporation of

India Banking & Financial Services N.A. Merger N.A.

MT Educare Ltd

Lakshya Forum for

Competitions Pvt Ltd Education N.A. Majority Stake 51.00%

TTK Group TTK-LIG Ltd FMCG, Food & Beverages 27.27 Strategic Stake 49.80%

Reckitt India SSL-TTK FMCG, Food & Beverages 2.18 Strategic Stake 49.00%

Myntra Designs Pvt Ltd Exclusively.in Inc IT & ITeS N.A. Acquisition

Taksheel Solutions Ltd

Genex Technologies, Inc-GRC

Business IT & ITeS N.A. Acquisition

Times Internet Ltd MensXP.com IT & ITeS N.A. Acquisition

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I. Domestic Deals

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Acquisitionprice


Paper Products Ltd Webtech Labels Pvt Ltd Manufacturing 6.85 Majority Stake 51.00%

BOC India Lltd Uttam Air Products Manufacturing N.A. Acquisition

BOC India Lltd Uttam Special Gases Pvt Ltd Manufacturing N.A. Acquisition

PVR Ltd Cinemax India Ltd

Media, Entertainment &

Publishing 71.82 Majority Stake 69.27%

Colors Channel

Anil Kapoor Films - Rights for

Indian version of TV show 24


Publishing 27.27 Acquisition

Sulabh Engineers and Services

Ltd Rodic Coffee Estate Pvt ltd Others N.A. Majority Stake 51.00%

Piramal Enterprises Ltd PHL Holdings Pvt Ltd Others N.A. Merger N.A.

Kailash Auto Finance Ltd Panchshul Marketing Ltd Others N.A. Merger N.A.

Kailash Auto Finance Ltd Careful Projects Advisory Ltd Others N.A. Merger N.A.

Skanray Healthcare Pvt Ltd

Larsen Toubro Medical

Equipment & Systems Ltd

Pharma, Healthcare &

Biotech N.A. Acquisition

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I. Domestic Deals

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Acquisitionprice


Agile Real Estate

Bayer CropScience Ltd-

property at Thane Real Estate 227.27 Acquisition

BGR Energy Systems Ltd Sravanaa Properties Ltd Real Estate N.A. Acquisition

Oswal Leasing Ltd Vanaik Spinning Mills Ltd Textile & Apparels N.A. Merger N.A.

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II. Inbound Deals


Acquisitionprice


Commercial Vehicle Group Inc Vijayjyot Seats Pvt Ltd Automotive 13.70 Acquisition

Yazaki Corporation Tata Yazaki Autocomp Automotive N.A. Strategic Stake 50.00%

Network International TimesofMoney Banking & Financial Services N.A. Acquisition

Diageo Plc United Spirits Ltd Breweries & Distilleries 2,004.00 Majority Stake 53.40%

Carlsberg Unnamed brewery in Haryana Breweries & Distilleries N.A. Acquisition

Fab.com True Sparrow Systems IT & ITeS N.A. Acquisition

KION Groups Linde Material

Handling Asia Pacific

Voltas Material Handling Pvt

Ltd Manufacturing 10.55 Strategic Stake 34.00%

Formica Laminates (India)

Private Limited, subsidiary of

Fletcher Building Ltd

Well Pack Papers & Containers

Ltd., Decorative Laminate

Manufacturing Division Manufacturing 6.68 Acquisition

Gruner + Jahr subsidiary

Networkplay Seventynine


Publishing 7.00 Acquisition

Adways Inc

VC Internet Media Private

Limited


Publishing 2.50 Majority Stake 66.00%

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II. Inbound Deals


Acquisitionprice


SunCoke Energy Inc VISA Steel Ltd Metals & Ores 67.01 Strategic Stake 49.00%

INPEX Corporation

Oil and Natural Gas Corp - KG

Basin Oil & Gas N.A. Strategic Stake 26.00%

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III. Outbound Deals


Acquisitionprice


LG Balakrishnan & Bros Ltd GFM Inc Automotive 5.50 Acquisition

Jagatjit Industries Ltd

George Sinclair & Sons -

brands Breweries & Distilleries N.A. Acquisition

VLCC Healthcare Ltd Wyann International (S) Pte Ltd FMCG, Food & Beverages N.A. Acquisition

MakeMyTrip India Pvt Ltd Hotel Travel Group Hospitality 25.00 Acquisition

Mahindra Holidays and Resorts

India Ltd

Mac Boutique Suites-Infinity

Hospitalities Group Company

Ltd Hospitality N.A. Strategic Stake 49.00%

MakeMyTrip India Pvt Ltd

ITC Group-International Tour

Center Co Ltd, ITC Bangkok

Co Ltd, ITC South Co Ltd Hospitality 3.20 Acquisition

Rolta India Ltd AdvizeX Technologies IT & ITeS 32.00 Acquisition

Indsur Group Nevron Eurotherm Insulation Manufacturing N.A. Acquisition

Tata Power Company PT Baramulti Sukses Sarana Mining 136.36* Strategic Stake 26.00%

Oil and Natural Gas Corp Kashagan Field Oil & Gas 5,000.00 Minority Stake 8.40%

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* The deal values have been estimated based on the market capitalization of the target prior to deal announcement, multiplied by the stake acquired.


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III. Outbound Deals


Acquisitionprice


Sun Pharmaceutical Industries

Ltd DUSA Pharmaceuticals Inc


Biotech 230.00 Acquisition

Cipla Ltd Cipla Medpro South Africa Ltd


Biotech 220.00 Majority Stake 51.00%

Trivitron Healthcare Pvt Ltd Ani Labsystems Ltd



Indegene Lifesystems Pvt Ltd

Aptilon Holdings Inc-multi-channel, video and e-detailing,

and physician marketing

services business



Gulf Oil Corporation Ltd Houghton International Plastic & Chemicals 1,045.00 Acquisition

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Acquisitionprice


OCL India Ltd OCL Global Ltd Manufacturing N.A.

Internal

Restructuring 50.00%

Binani Cement Ltd Binani Energy Pvt Ltd Mining N.A.

Internal

Restructuring N.A.

Shriram Retail Holdings Pvt

Ltd

Shriram Enterprise Holdings

Pvt Ltd Others N.A.

Internal

Restructuring N.A.

Pfizer Animal PharmaPfizer Ltd - Animal HealthDivision

Pharma, Healthcare &Biotech 80.00

InternalRestructuring N.A.

GMR Infrastructure Ltd

GMR Hyderabad Airport

Power Distribution Ltd Power & Energy N.A.

Internal

Restructuring N.A.

GMR Infrastructure Ltd Lantana Properties Pvt Ltd Real Estate N.A.

Internal

Restructuring N.A.

Shriram City Union Finance

Ltd

Shriram Retail Holdings Pvt

Ltd Retail N.A.

Internal

Restructuring N.A.

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IV. Internal Restructuring Deals


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Investor Investee Sector % Stake

InvestmentValue inUS$ mn

Everstone Capital Sohan Lal Commodity Management Agriculture & Agro Products 25.55% 18.49

ICICI Sohan Lal Commodity Management Agriculture & Agro Products 6.93% 5.01

Elevar Equity Advisors, Helion

Advisors, ACCION, Saama Capital

Shubham Housing Development

Finance Company Pvt Ltd Banking & Financial Services N.A. 7.80

Wolfensohn Capital Development Credit Bank Banking & Financial Services 2.23% 4.44

WFA Global Arthayantra Pvt Ltd Banking & Financial Services N.A. N.A.

Tano Mauritius Development Credit Bank Banking & Financial Services 1.49% 2.93

Housing Development Finance

Corporation Suryoday Microfinance Pvt Ltd Banking & Financial Services N.A. 1.29

Warburg Pincus Future Capital Holdings Ltd Banking & Financial Services 24.43% 49.22

Rabo Equity Prabhat Dairy Pvt Ltd FMCG, Food & Beverages N.A. N.A.

Peepul Capital Vishal Personal Care Pvt Ltd FMCG, Food & Beverages N.A. N.A.

Crystalon Finanz AG Tara Jewels Ltd Gems & Jewellery 9.00% 7.40

Van Dyck an affiliate ChrysCapital KPIT Cummins Infosystems Ltd IT & ITeS 4.08% 17.67

V. Private Equity

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CX Partners KPIT Cummins Infosystems Ltd IT & ITeS 2.70% 11.78

Social+Capital Partnership Ezetap Mobile Solutions Pvt Ltd IT & ITeS N.A. 3.50

AngelPrime SmartOwner Services India Pvt Ltd IT & ITeS N.A. N.A.

One97 Mobility Fund,SAIF Partners MobiSwipe Technologies Pvt Ltd IT & ITeS N.A. N.A.

FinAKS Affine Analytics IT & ITeS N.A. N.A.

Intertrust Technologies Corporation Kiora IT & ITeS N.A. N.A.

Info Edge India Happily Unmarried Marketing Pvt Ltd IT & ITeS 25.00% 0.91

Canaan Partners, Sequoia Capital AdNear


Publishing N.A. 6.36

Reliance Media & Entertainment Fund Cinemax India Ltd



Multiples Alternate Asset Management PVR Ltd



L Capital PVR Ltd



V. Private Equity

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IDFC Private Equity

Manipal Servicecorp Facility

Management Pvt Ltd Others N.A. 18.00

Silicon Valley Bank Loylty Rewardz Management Pvt Ltd Others N.A. 1.10

Fidelity Growth Partners India Trivitron Healthcare Pvt Ltd Pharma, Healthcare & Biotech N.A. 75.00

Sequoia Capital Suburban Diagnostics India Pvt Ltd Pharma, Healthcare & Biotech 30.00% 7.50

Matrix Partners India Mewar Orthopaedic Hospital Pharma, Healthcare & Biotech 20.00% 5.45

IncuCapital Navigene Genetic Science Pvt Ltd Pharma, Healthcare & Biotech N.A. N.A.

Portman Holdings

Tata Housing Development Company

- Bangalore project Real Estate 26.00% 12.00

IIFL Domestic Series 1

Spire World project-Millennium Spire

Ltd Real Estate N.A. 14.55

Sun-Apollo Sobha Developers Real Estate N.A. 9.20

IIFL Domestic Series 1 Chembur project- Ruparel Realty Real Estate N.A. 6.36

Peepul Capital Brandis Manufacturing and Marketing Textile & Apparels N.A. 12.73

Indian Angel Network Alma Mater Store Pvt Ltd Textile & Apparels N.A. N.A.

V. Private Equity

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VI. IPO

Company

Issue Price

(INR) Equity Offered Sector

CapitalRaised

(INR mn)

CapitalRaised

(USD mn)

Bronze Infra-Tech Ltd 15 5,704,000 Engineering 85.56 1.56

This document captures the list of deals announced based on information available in the public domain and based on public

announcements. Grant Thornton India LLP does not take any responsibility for the information, any errors or any decision by the reader

based on this information. This document should not be relied upon as a substitute for detailed advise and hence, we do not accept

responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal values are based on

publicly available information and based on appropriate assumptions (wherever necessary). Hence, if different assumptions were to be

applied, the outcomes and results would be different.

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Dealtracker Editorial team:Ankita Arora, Sowmya Ravikumar &Karthik Vishwanathan

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Grant Thornton Dealtracker November 2012