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XBMA 2015 Annual Review
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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
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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
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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
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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
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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
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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%
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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
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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
U S $ b i l l i o n s
2011 – 2015 Inbound M&A to BRIC Countries
Brazil
Russi
India
China
Source: Thoms
All figures are inflation-adjusted to 2015 dollars.
M&A in BRIC Countries: 2015
7
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Trends in M&A Volume byTarget’s Region: 2011 – 2015
8 Source: Thoms
All figures are inflation-adjusted to 2015 dollars.
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
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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
U S $ b i l l i o n s
Volume of Distressed Deals
Distressed deal volume totaled US$37.3 billion in 2015, up 71% over 2014, reversing a downwardtrend from the last two years.
9
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Global M&A by Sector: Last 12 Months
10 Source: Thoms
M&A Volume by Sector
0
100
200
300
400
500
600
700
E n e r g y
& P o
w e r
M a t e r i a l s
F i n a
n c i a l s
I n d u
s t r i a l s
H e a l t h c
a r e
R e a l E s
t a t e
H i g h
T e c h n
o l o g y
C
o n s u m
e r S t a p l e
s
M e d i a
/ E n t
e r t a i n
m e n t
T e l e c o m m u n
i c a t i o
n s
C o n s
u m e r
P r o d u
c t s a n d
S e r v i
c e s
R e t a i l
US$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.
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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
U S $ b i l l i o n s
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.
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Top 10 Global Deals Announced in 2015 and Q4
12 Source: Thoms
Acquirer* Target*Target
Industry Value of
Deal(US$mil)
Pfizer Inc.(United States)
Allergan PLC(Ireland)
Drugs 191,522
AB Inbev (Belgium)
SABMiller PLC(United Kingdom)
Food andKindredProducts
120,785
The Dow ChemicalCo(United States)
DuPont(United States)
Chemical and Allied Products
68,422
Dell Inc(United States)
EMC Corp(United States)
Computer andOffice
Equipment65,801
Visa Inc(United States)
Visa Europe Ltd(United Kingdom)
Other Financial 23,964
Genesis IntlHolding NV (Netherlands)
SteinhoffInternational(South Africa)
Wood Products,Furniture and
Fixtures22,671
NewellRubbermaid Inc(United States)
Jarden Corp(United States)
WholesaleTrade-
Nondurable
Goods
20,043
China MobileCommunicationsCorp(China)
China TelecomTower Assets(China)
Telecom 18,349
Western DigitalCorp(United States)
SanDisk Corp(United States)
Computer andOffice
Equipment18,224
Kansai Airports(France)
New KansaiInternational–OperatingConcession(Japan)
AirTransportation
and Shipping17,911
*Company nationality determined by location of headquarters or by location of target assets.
Top Q4 Deals
Acquirer* Target*Target
Industry Valu
De(US$
Pfizer Inc(United States)
Allergan PLC(Ireland)
Drugs 191
AB Inbev (Belgium)
SABMiller PLC(United Kingdom)
Food andKindredProducts
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,
Dell Inc(United States)
EMC Corp(United States)
Computer andOffice
Equipment65,
H.J. HeinzHolding Corp(United States)
Kraft FoodsGroup Inc(United States)
Food andKindredProducts
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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Acquirer** Target**Target
Industry
Value ofDeal
(US$mil)
Genesis IntlHolding NV (Netherlands)
SteinhoffInternational(South Africa)
Wood Products,Furniture and
Fixtures22,671
Gaetano HoldingsLtd(United Kingdom)
Komi Oil OOO(Russian Fed)
Oil and Gas;PetroleumRefining
5,000
Letterone InvestHldg SARL(Luxembourg)
Oi SA (Brazil)
Telecom 4,000
TevaPharmaceuticalIndustries(Israel)
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)
Oil and Gas;PetroleumRefining
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)
Electric, Gas,and Water
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
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of Deals from Developed into Emerging Economies
Acquirer** Target**Target
Industry
ValuDe
(US$
Genesis IntlHolding NV (Netherlands)
SteinhoffInternational(South Africa)
Wood Products,Furniture and
Fixtures22,
Gaetano HoldingsLtd(United Kingdom)
Komi Oil OOO(Russian Fed)
Oil and Gas;PetroleumRefining
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)
Food andKindredProducts
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)
Electric, Gas,and Water
Distribution1,4
Goldman SachsGroup Inc(United States)
Socar TurkeyEnerji AS(Turkey)
Oil and Gas;PetroleumRefining
1,3
All figures are inflation-adjusted to 2015 dollars.
Top Q4 Deals Top 2015 Deals
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Acquirer** Target**Target
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)
Real Estate;Mortgage
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
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of Deals from Emerging into Developed Economies
Acquirer** Target**Target
Industry
ValuDe
(US$
UnisplendourCorp Ltd(China)
Western DigitalCorp(United States)
Computer andOffice
Equipment3,7
Henley Holding Co(UAE)
Exeter PropertyGroup LLC –Industrial(United States)
Real Estate;Mortgage
Bankers andBrokers
3,1
ARAMCO(Saudi Arabia)
Lanxess AG –Synthetic RubberBusiness(Germany)
Chemicals and Allied Products
3,0
Investor Group(China)
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
All figures are inflation-adjusted to 2015 dollars.
Top Q4 Deals Top 2015 Deals
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Acquirer* Target*Target
Industry Value of Deal
(US$mil)
DuPont(United States)
The DowChemical Co.(United States)
Chemicals and Allied
Products68,422
Dell Inc(United States)
EMC Corp(United States)
Computer andOffice
Equipment65,802
NewellRubbermaid Inc(United States)
Jarden Corp(United States)
WholesaleTrade –
NonduraableGoods
20,044
Western DigitalCorp(United States)
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)
Food andKindredProducts
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)
Food andKindredProducts
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.
All figures are inflation-adjusted to 2015 dollars.
0
500
1000
1500
2000
2500
3000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of North American Deals
Acquirer* Target*Target
Industry Value of D
(US$mi
CharterCommunicationsInc.(United States)
Time WarnerCable Inc.(United States)
Radio andTelevision
BroadcastingStations
78,377
DuPont(United States)
The DowChemical Co.(United States)
Chemicals and Allied
Products68,422
Dell Inc(United States)
EMC Corp(United States)
Computer andOffice
Equipment65,802
H.J. HeinzHolding Corp(United States)
Kraft FoodGroups Inc(United States)
Food andKindredProducts
54,717
TevaPharmaceuticalIndustries(Israel)
Allergan PLC –Generic DrugBusiness(United States)
Drugs 40,500
Energy TransferEquity LP(United States)
The Williams CosInc(United States)
Electric, Gasand Water
Distribution37,700
AvagoTechnologiesLtd.(United States)
Broadcom Corp(United States)
Electronic andElectrical
Equipment36,491
Berkshire
Hathaway Inc(United States)
Precision
Castparts Corp(United States)
Metal andMetal Product 35,824
Aetna Inc(United States)
Humana Inc(United States)
Insurance 34,580
ACE Ltd(Switzerland)
Chubb Corp(United States) Insurance
28,534
Top Q4 Deals Top 2015 Deals
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Acquirer* Target*Target
Industry Value of Deal
(US$mil)
China MobileCommunicationsCorp / ChinaUnited NetworkCommunicationsCorp Ltd / ChinaTelecom Corp Ltd(China)
China TelecomTower Assets(China)
Telecom 33,712
Kansai Airports(France)
New KansaiInternational–OperatingConcession(Japan)
AirTransportatio
n andShipping
17,911
Investor Group(China)
Tongfang GuoxinElectronics CoLtd(China)
Electronic andElectrical
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)
Electric, Gas,and Water
Distribution7,379
Investor Group(China)
Postal SavingsBank of China(China)
CommercialBanks, Bank
HoldingCompanies
7,029
Hainan IslandConstruction CoLtd
(China)
HNAInfrastructureIndustrial Grp(China)
Real Estate;Mortgage
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
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
All figures are inflation-adjusted to 2015 dollars.
0
200
400
600
800
1000
1200
1400
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of Asian-Pacific Deals
Acquirer* Target*Target
Industry Value of
(US$m
Cheung Kong(Holdings) Ltd(Hong Kong)
Hutchinson Whampoa(Hong Kong)
Telecom 45,41
China MobileCommunicationsCorp / ChinaUnited NetworkCommunicationsCorp Ltd / ChinaTelecom Corp Ltd(China)
China TelecomTower Assets(China)
Telecom 33,71
SK C&C Co Ltd(South Korea)
SK Holdings CoLtd(South Korea)
Oil and Gas;PetroleumRefining
24,06
Kansai Airports(France)
New KansaiInternational–OperatingConcession(Japan)
AirTransportation
and Shipping17,91
Investor Group(China)
TongfangGuoxinElectronics CoLtd(China)
Electronic andElectrical
Equipment12,03
Cheil IndustriesInc(South Korea)
Samsung C&TCorp(South Korea)
BusinessServices
11,239
Itochu Corp(Japan)
CITIC Ltd(Hong Kong)
Investment andCommodity
Firms, Dealers,Exchanges
10,35
Investor Group(China)
Qihoo 360Technology CoLtd(China)
BusinessServices
10,30
HEDY Holding CoLtdChina)
Focus MediaTech ShanghaiCo(China)
PrepackagedSoftware
9,093
Jiangus HongdaNew Material Co(China)
Focus MediaTech ShanghaiCo(China)
PrepackagedSoftware
8.779
16
Top Q4 Deals Top 2015 Deals
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Top 10 European*Deals Announced in 2015 and Q4
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
Source: Thoms
Acquirer* Target*Target
Industry Value of Deal
(US$mil)
Pfizer Inc.(United States)
Allergan PLC(Ireland)
Drugs 191,522
AB Inbev (Belgium)
SABMiller PLC(United Kingdom)
Food andKindredProducts
120,785
Visa Inc(United States)
Visa Europe Ltd(United Kingdom)
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)
Komi Oil OOO(Russian Fed)
Oil and Gas;PetroleumRefining
5,000
AstraZeneca PLC(United Kingdom)
Acerta PharmaBV (Netherlands)
Drugs 4,000
Enel SpA (Italy)
Enel GreenPower SpA (Italy)
Electric, Gas,and Water
Distribution3,454
Investor Group(United States)
Verallia SA (France)
Stone, Clay,Glass, andConcreteProducts
3,220
QNB(Qatar)
Finansbank AS(Turkey)
CommercialBanks, Bank
HoldingCompanies
2,940
All figures are inflation-adjusted to 2015 dollars.
0
500
1000
1500
2000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of European Deals
Acquirer* Target*Target
Industry Value of
(US$m
Pfizer Inc.(United States)
Allergan PLC(Ireland)
Drugs 191,52
AB Inbev (Belgium)
SABMiller PLC(United Kingdom)
Food andKindredProducts
120,78
Royal DutchShell PLC(Netherlands)
BC Group PLC(United Kingdom)
Oil and Gas;PetroleumRefining
81,00
Visa Inc(United States)
Visa Europe Ltd(United Kingdom)
OtherFinancial
23,96
Hutchinson Whampoa Ltd(Hong Kong)
O2 PLC(United Kingdom)
Telecom 15,38
Nokia Ovi(Finland)
Alcatel Lucent SA (France)
Communication Equipment
13,784
Koninklijke Ahold NV (Netherlands)
Delhaize GroupSA (Belgium)
Retail Trade-Food Stores
11,657
Altice SA (Luxembourg)
BouyguesTelecom SA (France)
Telecom 11,202
Coca-ColaEuropeanPartners PLC(United Kingdom)
Coca-ColaIberian PartnersSA (Spain)Coca-ColaErfischungs(Germany)
Food andKindredProducts
9,267
Deutsche Wohnen AG(Germany)
LEG Immobilien AG(Germany)
Real Estate;Mortgage
Bankers andBrokers
8,651
17
Top Q4 Deals Top 2015 Deals
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Top 10 Inbound Chinese Deals*Deals Announced in 2015 and Q4
18
Acquirer* Target*Target
Industry Value of Deal
(US$mil)
Seb SA (France)
Zhejiang SuporCo Ltd(China)
Metal andMetal Products
224
MidasHoldings Ltd(Singapore)
HuiCheng CapitalLtd(Hong Kong)
Investment &Commodity
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)
Food andKindredProducts
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
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of Inbound Chinese Deals
Acquirer* Target*Target
Industry Value of D
(US$mi
Itochu Corp(Japan)
CITIC Ltd(Hong Kong)
Investment andCommodity
Firms, Dealers,Exchanges
10,357
Sun CapitalPartners Inc(United States)
CITIC Ltd(Hong Kong)
Investment &Commodity
Firms, Dealers,Exchanges
1,547
QatarInvestment Authority (Qatar)
HK ElectricInvestments Ltd(Hong Kong)
Electric, Gas,and Water
Distribution991
Fluor Ltd(United
Kingdom)
Offshore OilEngineering(Zhuhai) Co Ltd –
Assets(China)
Machinery 510
InvestorGroup(United States)
Qunar CaymanIslands Ltd(Hong Kong)
Transportationand Shipping(except air)
500
Delta AirLines Inc(United States)
China Eastern Airlines Corp Ltd(Hong Kong)
AirTransportation
and Shipping450
CJ KoreaExpress Corp(South Korea)
Shanghai RokinLogistics Co(China)
Transportationand Shipping(except air)
382
Mapletree
GreaterChina(Singapore)
Glamour II Ltd(China)
Real Estate;
MortgageBankers and
Brokers
304
Singapore(Singapore)
Sandhill Plaza(China)
CommercialBanks, Bank
HoldingCompanies
299
Seb SA (France)
Zhejiang Supor CoLtd(China)
Metal and MetalProducts
224
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
All figures are inflation-adjusted to 2015 dollars.
Top Q4 Deals Top 2015 Deals
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Top 10 Outbound Chinese*Deals Announced in 2015 and Q4
19 Source: Thoms
Acquirer* Target*Target
Industry Value of Deal
(US$mil)
China ThreeGorges Corp(China)
ANNEL-HydropowerConcession(2)(Brazil)
Electric, Gas,and Water
Distribution3,732
China GeneralNuclear Power
(China)
Edra GlobalEnergy Bhd-Power(Malaysia)
Electric, Gas,and Water
Distribution2,295
AnbangInsuranceGroup Co Ltd
(China)
Fidelity &Guaranty Life
(United States)
Insurance 1,578
Cheung Kong(Holdings) Ltd
(Hong Kong)
IberwindDesenvolvimentoe
(Portugal)
Electric, Gas,and Water
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
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of Outbound Chinese Deals
Acquirer* Target*Target
Industry Value of Dea
(US$mil)
Hutchison Whampoa Ltd(Hong Kong)
O2 PLC(United Kingdom)
Telecom 15,381
UnisplendourCorp Ltd
(China)
Western DigitalCorp
(United States)
Computer andOffice
Equipment3,775
China ThreeGorges Corp
(China)
ANNEL-HydropowerConcession(2)(Brazil)
Electric, Gas,and Water
Distribution3,731
Investor Group(China)
Philips-LEDComponentsBusiness
(Netherlands)
Electronic andElectrical
Equipment
2,900
Hainan Airlines Co LtdLabor
(China)
SwissportInternational AG
(Switzerland)
AirTransportatio
n and Shipping2,820
China GeneralNuclear Power
(Hong Kong)
Edra GlobalEnergy Bhd-Power
(Netherlands)
Electric, Gas,and Water
Distribution2,295
ChinaMinshengInvest Co Ltd
(China)
SiriusInternationalInsurance
(United Kingdom)
Insurance 2,235
China NationalChemical Corp
(China)
Pirelli & C SpA (Italy)
Rubber and
MiscellaneousPlastic
Products
2,031
ZhongrunResourcesInvest Corp(China)
Iron MiningInternationalMngl(Mongolia)
Mining 1,935
FosunInternationalHoldings Ltd
(China)
Ironshore Inc
(United States)Insurance 1,840
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
All figures are inflation-adjusted to 2015 dollars.
Top Q4 Deals Top 2015 Deals
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Top 10 Inbound Indian Deals*Deals Announced in 2015 and Q4
Source: Thoms
Acquirer* Target*Target
Industry Value of Deal
(US$mil)
AmericanTower Group(United States)
Viom NetworksLtd(India)
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)
Electric, Gas,and Water
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)
Investment &Commodity
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)
Electric, Gas,and Water
Distribution130
0
5
10
15
20
25
30
35
40
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of Inbound Indian Deals
Acquirer* Target*Target
Industry Value of Deal
(US$mil)
AmericanTower Group(United States)
Viom NetworksLtd(India)
Telecom 1,169
Mylan Inc(United States)
Famy Care Ltd –FemaleHealthcareBusiness(India)
WholesaleTrade-
NondurableGoods
800
InvestorGroup(United States)
AtriaConvergenceTechnologies(India)
BusinessServices
500
InvestorGroup
(China)
Snapdeal.Com(India)
MiscellaneousRetail Trade
500
BlackstoneGroup LP(United States)
Serco GlobalServices Pvt Ltd(India)
BusinessServices
383
Wirecard AG(German7)
Great Indian(GI) –Payments(India)
BusinessServices
376
Kuwait(Kuwait)
GMRInfrastructureLtd(India)
ConstructionFirms
300
WarburgPincus LLC(United States)
Piramal RealtyPvt Ltd(India)
Real Estate;
MortgageBankers and
Brokers
284
InvestorGroup(United States)
ReNew Power Ventures Pvt Ltd(India)
Electric, Gas,and Water
Distribution265
GIC Pte Ltd(Singapore)
GreenkoMauritius Ltd(India)
Investment &Commodity
Firms,Dealers,
Exchanges
254
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
All figures are inflation-adjusted to 2015 dollars.
20
Top Q4 Deals Top 2015 Deals
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http://slidepdf.com/reader/full/xbma-2015-annual-review 22/22
Top 10 Outbound Indian Deals*Deals Announced in 2015 and Q4
Acquirer* Target*Target
Industry Value of Deal
(US$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)
CommercialBanks, Bank
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
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Aggregate Value of Outbound Indian Deals
Acquirer* Target*Target
Industry Value of Deal
(US$mil)
Oil & NaturalGas Corp Ltd(India)
Vankorneft AO(Russian Fed)
Oil and Gas;PetroleumRefining
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
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
Top Q4 Deals Top 2015 Deals