M&A 2014 in review What about 2015? - acg.org Final presentation.pdf · GlobalCollect Ingenico S.A., a technology provider for secure electronic transactions, acquires payment service

M&A 2014 in reviewWhat about 2015?

By Onno Sloterdijk

2© 2015 KPMG Advisory N.V., a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International.

WK Voetbal

Olympische Winterspelen in Sotsji, Rusland

De Nederlandse economie verbetert langzaam maar zeker en komt in 2015 op stoom

Media Highlights 2014

Ebola uitbraak in West- Afrika

ISIS roept een kalifaat, de Islamitische Staat, uit

Malaysia Airlines vlucht MH 17 stort neer in Oekraïne. Alle 298 inzittenden komen om het leven

Pro-Russische activisten roepen de stad Donetsk in Oekraïne uit tot een 'soevereine republiek'

Koningsdag

Boko Haram: Bring back our girls

Huizenmarkt krabbelt voorzichtig op

240 miljoen euro schade in 2014 door Russische boycot


2014: The year that Facebook acquired WhatsApp for USD 19 bn


Largest global M&A deals of 2014

Acquirer

Transaction value:EUR 47.8bn

EBITDA multiple:8.2x




EBITDA Multiple:8.7x

Transaction value: EUR 50.5bn


Source: Mergermarket, KPMG analysis.

Allergan■ Pharmaceutical company

Actavis plc acquires Allergan, Inc., producer of i.a. Botox

■ The combination will be a top 10 global growth pharmaceutical company

■ Annual synergies are expected to surpass USD1.8bn plus USD475m in annual savings

Time Warner Cable■ Mass media company

Comcast Corporation acquires cable telecommunications company Time Warner Cable Inc.

■ Combined total number of subscribers will be 30 million; 30% of the US MVPD subscribers

Direct TV■ Mobile service provider

AT&T acquires The DirecTV Group, Inc., which is a direct broadcast satellite service provider

■ The acquisition enables AT&T to expand its reach with 15 million customer locations and diversify its revenue mix

Covidien■ Medtronic, Inc., acquires

Covidien Plc. Both companies develop and manufacture medical equipment

■ Covidien will divest its drug coated balloon business as per prerequisite for the European commission clearance

Baker Hughes■ Halliburton Company

acquires Baker Hughes Incorporated. Both are active in the oilfield service industry




Large European M&A deals in 2014

Acquirer


EBITDA multiple:n/a







SFR■ Multinational cable and

telecommunications company Altice S.A. acquires telecommunication company SFR S.A.

■ In line with a global trend, this acquisition enables the convergence of fixed and mobile networks


EBITDA Multiple:n/a

Glaxo Smith Kline■ One of the largest

pharmaceutical companies, Novartis AG, acquires the Oncology business division of Glaxo Smith Kline Plc

■ The transaction strengthens its vaccines and consumer healthcare business

Lafarge■ Cement and aggregates

manufacturer Holcim Ltd merges with Lafarge S.A., which manufactures cement, concrete and aggregates

■ The combination has a presence in 90 countries worldwide with EUR 32bn sales from both developed and high growth markets

Alstom ■ General Electric

Company, a conglomerate active in multiple sectors, acquires the thermal power, renewable power and grid business of Alstom S.A.

■ The acquisition is part of GE’s portfolio transition towards industrial businesses

Portugal Telecom■ Brazil’s largest phone

company Oi S.A. merges with Portugal Telecom SGPS S.A.

■ The companies will merge into one, thereby strengthening the Brazilian firm and simplifying ownership structure



Large Dutch M&A deals in 2014

Acquirer


EBITDA multiple:n/a

Transaction value:EUR 820.0m






Ziggo■ Telecommunications and

television company Liberty Global Plc acquires the remaining 71.5% equity stakes of cable operator Ziggo BV, which will become an indirect subsidiary of Liberty

■ Synergetic benefits are estimated at EUR 160m annually by 2018

Nutreco■ Trading company SHV

Holdings N.V. acquires animal food processor Nutreco NV

■ With this acquisition, SHV diversifies into food related markets

Cório■ French real estate

investment company Klepierre S.A. acquires Dutch real estate investment company Cório N.V.

■ This develops Klepierres base into the Netherlands, Germany and Turkey and strengthens its position in France, Italy and Iberia

GlobalCollect■ Ingenico S.A., a

technology provider for secure electronic transactions, acquires payment service provider GlobalCollect

■ The acquisition complements Ingenico’s payment services and strengthens its global position

Nidera■ Chinese food processor,

manufacturer and trader COFCO Corporation acquires a 51% stake in trading and shipping company Nidera B.V.

■ The transaction enables access to Asian markets for Nidera, and expansion of European presence for COFCO





Mid-market Dutch M&A deals in 2014

Acquirer

Seafox

■ Millenium Offshore Services acquires SeafoxGroup. Both companies are active in the rental of offshore jack-up accommodation service vessels

■ Combined, they have the largest offshore jack-up ASV fleet

Transaction value:n/a

EBITDA Multiple:n/a

Flamco

■ Industrial services and flow control company Aalberts Industries B.V. acquires Flamco Holding B.V. , which develops and produces HVAC components

■ Through this acquisition, Aalberts Industries can expand into climate control


EBITDA Multiple:n/a

DORC

■ Montagu Private Equity LLP acquires Dutch Ophthalmic Research Center International B.V.

■ The acquisition will enable DORC to expand geographically, to invest in new product development and M&A

Transaction value:c. EUR 225m


ATAG Heating

■ Boiler manufacturer Ariston Thermo Group SpA acquired ATAG Verwarming Nederland B.V., which manufactures and supplies boilers

■ With the acquisition, Artiston gets ATAG’s condensing technology platform and well-renowned brand

Transaction value:EUR 80m


Iddink Services

■ Private Equity party NPM Capital N.V. acquires a 70% stake in Iddink Services B.V, a supplier of schoolbooks and digital teaching material

■ The stake is sold by Nordian Capital Partners. The remaining 30% is owned by management


EBITDA Multiple:n/a



EV-Box (majority stake) | Fa-med | ISFI Spices | Pack2pack Halsteren

Bakkerij JM Smithuis

A selection of PE acquisitions & divestments in 2014

Apeldoorn Flexible Packaging | BVA Auctions (70%) | CNG Net

AXA Stenman | Desso | Koninklijke Sanders | SK Firesafety | SPG Prints

Ballast Phoenix | Nottingham Rehab (majority stake) | Oerlemans Foods

Assembleon | JET | Reparco USA | Workx

AXA Stenman | Comcave | Riri

Betafence Corporate Services (45%)

< Izico | JET | Koninklijke Sanders

Herkel | Nijhuis Industries | Tanatex Chemicals

Dagelijks Leven and Gastenhuis | Iddink(70%)

Prins Autogassystemen | Seafox

Barge Master

BN International | Hobré Instruments |Nedschroef | Uniekaas

Chrysal | Kipp & Zonen

ATAG | DORC | Iddink | Maître André | Orffa | Oskomera

Bitlibre | Chipcard Solutions | Elysee Dental | Magna Carta

Well Services

Simpel.nl

Excent Tandtechniek | Tentoo

Brouwerij Bosteels (50%)

Fa-med | Lemmens (90%)

Acquired DivestedSource: Mergermarket, Company websites, KPMG analysis.

http://www.bencis.nl/web/site/default.aspx

http://www.bencis.nl/web/site/default.aspx

http://www.gilde.com/

http://www.gilde.com/


Selection of our recent Dutch M&A transactions

Source: Thomson Reuters SDC, January 2014.Note: (1) completed deals <US$500m.

EMA 1

2013 No. of deals

1 KPMG 2622 PwC 2543 BDO 1774 Ernst & Young 1624 Rothschild 1626 IMAP 1277 Grant Thornton 1228 Deloitte 91

8 Lazard 9110 M&A International 78

Netherlands1

2013 No. of deals

1 Rabobank NV 282 KPMG 233 PricewaterhouseCoopers 204 M&A International 195 BDO 176 ING 167 BlueMind Corporate Finance 148 IMAP 10

8* ABN AMRO Bank 1010 Clairfield International 9

KPMG Corporate Finance

acted as exclusive financial advisor to De Combi Groep on the sale of the company to De

Hooge Raedt Groep

July 2013


acted as deal manager and financial advisor to the

shareholders of Virtual Affairs on the sale of a minority stake to

Holland Venture

October 2013


acted as financial advisor to the shareholders of A&O Services

on the sale to PGGM

November 2013


acted as exclusive financial advisor to Alphatron Marine on

the sale to Japan Radio Co.

December 2013


acted as exclusive financial advisor to the shareholders of

ATAG on the sale of the company to Ariston Thermo

September 2014


acted as financial advisor to Bencis Capital Partners on the

acquisition of Apeldoorn Flexible Packaging (AFP) from Ghlin and

Euro-M

May 2014


acted as the exclusive financial advisor to the shareholders of Elysee Dental on the sale of

Elysee Dental Holding B.V. to Modern Dental Group

April 2014


acted as the exclusive financial advisor to the shareholders of

Livera on the sale of the Company to Chantelle

June 2014


has acted as exclusive financial advisor to the Koole family on the acquisition of a minority

stake in Nova Terminals

June 2014


acted as exclusive financial advisor to the shareholders of TechAccess on the sale of a

minority share of the Company to Van Lanschot Participaties

July 2014


acted as exclusive financial advisor to H2 Equity Partners on

the sale of Workx to Loxam

July 2014


acted as exclusive financial advisor to Bencis Capital

Partners and Scheybeek on the sale of SK FireSafety Group to

Apax Partners

July 2014


acted as the exclusive financial advisor to Argeweb Amsio

Holding on the sale of Argeweb to KPN

August 2014


acted as the exclusive financial advisor to the shareholders of PeopleXS Holding BV on the

sale to TalentSoft SA

February 2014


acted as financial advisor to the shareholders of NC Trust B.V. in

its sale to Vistra

April 2014


acted as the exclusive financial advisor to Saphin B.V. on the sale of its portfolio company

Alpha International B.V. to ALSO Holding AG

January 2014


acted as the exclusive financial advisor to the shareholders of

Wassenburg on the sale of Wassenburg & Co. B.V. to Hoya

Corporation from Japan

November 2013


acted as exclusive financial advisor to the shareholders of DGN retail on the sale of the company to Euretco Holding

October 2014


acted as financial advisor to one of the shareholders of DIS

International on the sale of its share to the remaining

shareholders

August 2014


acted as financial advisor to the shareholders of Seafox Group on

the sale of the company to Millennium Offshore Services

November 2014


acted as exclusive financial advisor to RadioAccess on the

sale to Koning & Hartman

December 2014


acted as financial advisor to the shareholders of Royal Sanders on the sale of the company to

Egeria

January 2015


14%

13%

10%

10%9%

8%

8%

7%

4%

4%

4%3%

2%2%2%

Source: MergerMarket, KPMG Analysis.

Global M&A volume by type of buyer Global deal activity per sector (past 12 months)

Global, European and Dutch M&A activity

Business services

Industrials

Technology

Chemicals & Pharma

Energy & Utilities

Consumer: Non-food

Media

Financial services

Consumer: Food&Bev

Leisure

TransportAutomotive

TelecomOther

Construction

EU-27 M&A volume by type of buyer Dutch M&A volume by type of buyer

713 754 649 694 585 655 576 366 293 307 361 375 432 491 534 571 537 614 550 524 534 551 495 543 476 498 569 612 609 611 569 598

3,113 3,233

3,073 3,159 2,948 2,975

2,422

1,967 1,770

1,970 2,010 2,350 2,291

2,478 2,481 2,703 2,613

2,894 2,667 2,656 2,751 2,810 2,759

3,279

2,818 2,991

3,074

3,434 3,290

3,502 3,211

3,033

-

1,000

2,000

3,000

4,000

5,000

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f dea

ls

Financial buyer Strategic buyer

341 354

295 325

285 332

255 180

131 138

161 166

203 230

243

231

224

287

262

238

221

221 189

206 177

204

227

229

246

248 229 258

1,135 1,121 1,093 1,069 1,075

1,085

840

719 641 658 596

743 764

819 820 891 886

992 923 899 947 935

908

1,035 976

1,045 1,025 1,117 1,057 1,088

994 921

-

500

1,000

1,500

2,000

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f dea

ls


28 29 31 31 18 24

15 15 11 18 13 10 17 12 28

17 17 22 22 17 9 16 12 17 15 7 20 22 21 22 23 21

82

81 60 80

70 71

53 43 49

60

47 49 60 59

54

55 74

79 59 71 71 70 82 67 64

71

73 77 81

54

81 70

-

30

60

90

120

150

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f dea

ls



-

1,000

2,000

3,000

4,000

5,000

-

10

20

30

40

50

Dec

-06

May

-07

Oct

-07

Mar

-08

Aug-

08Ja

n-09

Jun-

09N

ov-0

9Ap

r-10

Sep-

10Fe

b-11

Jul-1

1D

ec-1

1M

ay-1

2O

ct-1

2M

ar-1

3Au

g-13

Jan-

14Ju

n-14

Nov

-14

Value (US$bn)

Num

ber d

eals

('00

0)

Volume ('000) Value (US$bn)

Global completed deals EMA completed deals

Dec

06

–D

ec 1

4Ja

n 14

–D

ec 1

4

Source: Thomson Reuters SDC

Global and EMA M&A activity according to Thomson Reuters

1,900

2,000

2,100

2,200

2,300

2,400

2,500

28

28

29

29

30

30

31

Jan-

14

Feb-

14

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Value (US$bn)

Num

ber d

eals

('00

0)


-

500

1,000

1,500

2,000

-

5

10

15

20

Dec

-06

May

-07

Oct

-07

Mar

-08

Aug-

08Ja

n-09

Jun-

09N

ov-0

9Ap

r-10

Sep-

10Fe

b-11

Jul-1

1D

ec-1

1M

ay-1

2O

ct-1

2M

ar-1

3Au

g-13

Jan-

14Ju

n-14

Nov

-14

Value (US$bn)

Num

ber d

eals

('00

0)


600

650

700

750

800

12.0

12.5

13.0

13.5

14.0

Jan-

14

Feb-

14

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Value (US$bn)

Num

ber d

eals

('00

0)



400

450

500

550

600

7.0

7.2

7.4

7.6

7.8

8.0

Jan-

14

Feb-

14

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Value (US$bn)

Num

ber d

eals

('00

0)


-

200

400

600

800

-

3

6

9

12

Dec

-06

May

-07

Oct

-07

Mar

-08

Aug-

08Ja

n-09

Jun-

09N

ov-0

9Ap

r-10

Sep-

10Fe

b-11

Jul-1

1D

ec-1

1M

ay-1

2O

ct-1

2M

ar-1

3Au

g-13

Jan-

14Ju

n-14

Nov

-14

Value (US$bn)

Num

ber d

eals

('00

0)


1,000

1,200

1,400

1,600

11.0

11.5

12.0

12.5

Jan-

14

Feb-

14

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Value (US$bn)

Num

ber d

eals

('00

0)


-

500

1,000

1,500

2,000

2,500

3,000

-

5

10

15

20

Dec

-06

May

-07

Oct

-07

Mar

-08

Aug-

08Ja

n-09

Jun-

09N

ov-0

9Ap

r-10

Sep-

10Fe

b-11

Jul-1

1D

ec-1

1M

ay-1

2O

ct-1

2M

ar-1

3Au

g-13

Jan-

14Ju

n-14

Nov

-14

Value (US$bn)

Num

ber d

eals

('00

0)


Americas completed deals AsPac completed deals

Dec

06

–D

ec 1

4Ja

n 14

–D

ec 1

4Americas and AsPac M&A activity according to Thomson Reuters

Source: Thomson Reuters SDC


Loan Pricing in Western EuropeLeveraged Loans in Western Europe

Leveraged Multiples in Western Europe

Source: Loan ConnectorSource: Loan Connector

Source: Loan Connector

Leveraged loans in Western Europe

All Other9%

M&A20%

Refinancings71%

Loan volume in Western Europe by purpose

Source: Loan Connector

0

20

40

60

80

100

120

140

0

20

40

60

80

100

120

140

160

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2007 2008 2009 2010 2011 2012 2013 2014

Num

ber of deals

Dea

l vol

ume

(USD

bn)

Vol. ($Bils.) No. of Deals

050

100150200250300350400450500

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2007 2008 2009 2010 2011 2012 2013 2014

Spre

ad (b

ps)

Market Avg. Lev. I-Grade

-

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2007 2008 2009 2010 2011 2012 2013 2014

Mul

tiple

Tot. Debt:EBITDA Sr. Debt:EBITDA


-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

2012 2013 2014

EUR

billi

on

Volume new business by loan size

New business <= EUR 1 million New business > EUR 1 million

Corporate Lending Netherlands – Volume & Pricing for new contracts

Source: De Nederlandsche Bank, KPMG analysis

Source: De Nederlandsche Bank, KPMG analysis

Volume new business by loan size

Interest rates for new business by loan size

Source: De Nederlandsche Bank, KPMG analysis Source: De Nederlandsche Bank, KPMG analysis

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

2012 2013 2014

Interest rates for new business by loan size


-

50

100

150

200

250

300

350

Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep

Oct

Nov

2012 2013 2014

Basi

s po

ints

Spread for new business by loan size


Spread for new business by loan sizeInterest rates for new business by loan size


Prices paid in the mid-market from 2011 to 2014

Strategic buyers

PE buyers

Source: Mergermarket, KPMG analysis., figures based on announced deal characteristics, deals with deal value of 100m-500m are included

2011 2012 2013

201320122011 2014

2014

70 48

125

212

-

50

100

150

200

250

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples

79 62

136

191

-

50

100

150

200

250

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples

49 46

98

152

-20406080

100120140160

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples

51 65 56

171

-20406080

100120140160180

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples

17 12

33

46

-

10

20

30

40

50

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples

8 11

22

34

-

10

20

30

40

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples

7

20

28

41

-

10

20

30

40

50

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples

5

14 18

49

-

10

20

30

40

50

60

<6 6-8 8-10 >10

Num

ber o

f tra

nsac

tions

EBITDA Multiples


Highest deal activity increase expected from sectors in transformationAccording to the KPMG 2015 M&A Outlook Survey, “Respondents predict that the most active industry will be healthcare related (84 percent). Other industries that were expected to dominate deal making include technology/media/telecom (62 percent), energy, oil & gas (36 percent), and consumer markets (34 percent).” This is followed by Financial Services (30 percent) and Industrial Manufacturing (24%).

KPMG 2015 M&A Outlook Survey

Cash will drive deals“Several macro-economic factors should facilitate M&A activity in the coming year. The largest percentage of respondents (40 percent) cited large cash reserves and/or commitments. Deal activity should also be driven by opportunities in emerging markets (19 percent), the availability of credit on favourable terms (16 percent), improved consumer confidence and improving equity markets (both 8 percent).” according to the 2015 M&A Outlook Survey

Strategic opportunities motivate buyers

“What is motivating this activity? The largest percentage of respondents (21%) said their acquisitions were opportunistic and they planned to act because the right target became available. Other reasons include expanding their geographic reach (19%), expanding their customer base (16%), and entering new lines of business (15%).” according to the 2015 M&A Outlook Survey.


What’s hot in the Software M&A market?

■ Enabling applications to enrich business relationships, customer intimacy, loyalty and brand recognition

Social Company

Local

■ Provision of tailored information based on location and situation

Mobile

■ Mobile devices function as a primary on-ramp to the cloud

E-commerce

■ The cloud will enable the connection, validation and certification of the mobile payments

Security

■ Enabling applications to enrich business relationships, customer intimacy, loyalty and brand recognition

Big Data

■ Storing, managing and analysing the data provided by the above key trends


Introducing our next speaker: Eric Derksen

Eric Derksen

Technisch Adviseur

Watson Ambassador

Cognitive computing

19© 2015 KPMG Advisory N.V., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved. The name KPMG, logo and 'cutting through complexity' are registered trademarks of KPMG International..

Important notice

This presentation has been prepared exclusively for the benefit and internal use of the client of KPMG Corporate Finance, part of KPMG Advisory N.V. ("KPMG Corporate Finance") to whom it is directly addressed and delivered (the "Company") in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or valuation of non-transaction opportunities and does not carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is for discussion purposes only and is incomplete without reference to and should be viewed solely in conjunction with the oral briefing provided by KPMG Corporate Finance. Neither this presentation nor any of its content may be disclosed or used for any other purpose without prior written consent of KPMG Corporate Finance.

The information in this presentation is based upon publicly available information and information provided to us by the Company or other third parties and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of any information available from public sources, third parties or information provided to us by or on behalf of the Company or which was otherwise reviewed by us. We do not accept responsibility for such information and, as far as it relates to information provided by the Company, such information remains the responsibility of the management of the Company.

Our analyses are not and do not purport to be appraisals of the assets, stock, or business of the Company or any other entity. KPMG Corporate Finance makes no representations as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction.

No one should act upon the information included in this presentation without appropriate professional advice after a thorough examination of the particular situation. KPMG Corporate Finance accepts no responsibility or liability to any party in connection with the information or views in this presentation.

© 2015 KPMG Advisory N.V., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved. Printed in the Netherlands. The KPMG name, logo and ‘cutting through complexity’ are registered trademarks of KPMG International.

Onno SloterdijkPartner +31 20 656 [email protected]

Documents

M&A 2014 in review What about 2015? - acg.org Final presentation.pdf · GlobalCollect Ingenico S.A., a technology provider for secure electronic transactions, acquires payment service