XBMA 2015 Q2 Quarterly Review

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

XBMA Quarterly Review Q2 2015

Raaj Narayan & Francis Stapleton, Editors

XBMA 1

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

541 557 767

502 496 603 852

486 596

709

659 532

985

1,398

493

719

581

580 686

851 668

752 573

872 664

904

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009 2010 2011 2012 2013 2014 2015

US$

bil

lion

s

Deal Volume by Quarter

Quarter 1 Quarter 2 Quarter 3 Quarter 4

2,623

3,343

2,630 2,613 2,378

2,188 2,250

Global M&A Volume: Q2 Snapshot

Global M&A volume in Q2 was almost US$1.4 trillion, significantly higher than the average quarterly volumes in recent years and the most active quarter since the financial crisis. Year to date M&A volume was ~US$2.25 trillion. These USD figures were recorded despite the strength of the dollar when measuring values for deals stuck in other currencies.

Europe had its best quarter in years, accounting for 33% of global M&A activity in Q2 (compared to an average of 26% from 2010-2014). Chinese M&A also continued to experience strong volumes, accounting for 17% of global M&A activity.

At its current pace, cross-border M&A activity will account for 34% of global deal volume in 2015, consistent with recent levels.

Private equity also had a strong H1 2015, accounting for over 18% of global M&A, the highest percentage since 2007. Aggregate dollar volume in H1 2015 ($413 billion) was significantly above H1 2014 (US$277 billion) and H1 2013 (US$163).

Source: Thomson

XBMA

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

US

$ tr

illi

ons

Global M&A Volume

2

Global M&A Volume: 19982015

If deal activity continues at its current pace, global M&A activity in 2015 may approach US$4.5 trillion, on par with volumes last seen prior to the financial crisis.

The surge in M&A activity over the last several quarters is being driven by large corporate cash balances (carried at virtually zero return) and high stock prices that together provide strong acquisition currency, attractive financing for most corporate borrowers, a strong U.S. and strengthening global economy, and continued industry consolidation.

Strategic acquisitions are driving recent volume, with companies looking to consolidate market position and boost returns through external growth. The Chinese M&A market has also contributed significantly to global M&A activity.

As always, hope is mixed with fear as market participants look to the remainder of the year and the longer future, with the ultimate impact of disruption in the Chinese stock market, the continuing Greek crisis, broader Eurozone infirmities, Brazilian stagnation, and larger geopolitical trends all possible of erupting into truly disruptive events. In the meantime, CEO and boardroom confidence is high, and market participants expect that the M&A pipeline will support the present pace for the rest of the year.

Source: Thomson

All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized.

XBMA 3

Cross-Border M&A Volume: 20082015

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

Cross-border deal activity in Q2 reached US$380 billion, a 42% increase over Q1 and on pace for the highest dollar volume in the last 8 years. Cross-border deal activity as a percentage of overall deal volume, however, remained consistent with recent levels.

In addition to the strengthening U.S. dollar, the growth of cross-border M&A in Q2 was likely fueled by the resurgence of European M&A. Cross-border deals involving a European participant accounted for three of the top 10 deals in Q2, including the largest deal of the quarter, Royal Dutch Shells acquisition of BG Group.

Source: Thomson

1.21

0.59 0.99 0.93 0.92 0.72

1.25 1.52

1.94

1.60

1.64 1.70 1.69 1.66

2.09

2.98

3.15

2.19

2.63 2.63 2.61 2.38

3.34

4.50

0.0

1.0

2.0

3.0

4.0

5.0

2008 2009 2010 2011 2012 2013 2014 2015

US

$ tr

illi

ons

Deal Volume

Domestic M&ACross-Border M&A

XBMA 4

Medium and Large M&A Deals: 20072015

2015 data is annualized.

The number of large deals in excess of US$500 million is on track to reach its highest level since 2007. Cross-border transactions are on pace to account for 36% of these larger deals, consistent with the overall share of cross-border M&A as a percentage of global M&A volume.

The 10 largest deals in Q2 accounted for US$300 billion in deal volume, US$75 billion more than the 10 largest deals in Q1. Each of the top five deals in Q2 exceeded US$15 billion in value.

U.S. domestic activity accounted for six of the top 10 deals of the quarter, while European deals claimed three of the top 10 spots (compared to only one top 10 deal involving a European participant in Q1).

Source: Thomson

646

376

197

364 367 362 314 438 414

759

493

386

538 515 513 547

637 730

1405

869

583

902 882 875 861

1075 1144

250

500

750

1000

1250

1500

2007 2008 2009 2010 2011 2012 2013 2014 2015

Number of Deals > US$500 million

Domestic M&A

Cross-Border M&A

XBMA 5

M&A Volume by Target Region

U.S. deal activity accounted for 21% of deal volume in Q2, down from 50% in Q1 and significantly below its recent historical average of 40%.

European and Chinese M&A activity was particularly strong in Q2, with both regions accounting for a significantly higher share of global M&A compared to their historical averages.

Mexico, India, and South America each accounted for less than 50% of their historical shares of global M&A activity in Q2.

The aggregate volumes of the United States, Europe, and China accounted for 71% of total global volume in Q2, realigning with historical averages after a Q1 share of more than 90%.

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

Source: Thomson

Q2 2015

United States, 21%

Europe, 33% China, 17%

Central Asia, 7.5%

Australia/NZ 2.8% Japan, 4.8%

Central America, 0.07% Mexico, 0.47%

South America, 1.7%

India, 0.51% Africa/Middle East, 4.5%

Canada, 3.2%

2010 - 2014

United States, 39.61%

Europe, 26.4%

China, 9.39%

Central Asia, 5.04%

Australia/NZ, 3.63%

Japan, 3.26%

Central America, 0.13% Mexico, 1.10%

South America, 4.19%

India, 1.05% Africa/Middle East, 2.20%

Canada, 4.02%

XBMA 6

GDP and M&A Volume by Targets Region: Q2 2015

Source: Thomson, IMF

Region 2015 GDP (US$ trillions) 2015 Per Capita

GDP (US$)

Europe 19.8 26,921

United States 18.1 56,421

China 11.2 11,212

Japan 4.2 33,223

India 2.3 1,808

World 74.6 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

Gov

ern

men

t Deb

t as

% o

f GD

P

For the first time in years, the United States accounted for a smaller percentage of global M&A than world GDP or government debt as a percentage of GDP. Only China and Europe claimed a greater relative share of global M&A activity than government debt as a percentage of GDP.

In addition to Europe and China, Central Asia, Canada, and Australia/NZ each contributed a greater share of global M&A activity than world GDP.

Chinese government debt as a percentage of GDP almost tripled from Q1, yet China continued to account for a similar percentage of world GDP and global M&A activity.

% o

f 20

15 W

orld

GD

P

%

of 2

015

Glo

bal M

&A

XBMA 7

Trends in M&A Volume by Target Region: 20112015

Global deal activity in Q2 skyrocketed to US$1.4 trillion, a 64% increase over Q1. North American deal volume (US$657 billion) easily cleared its recent high of $460

billion from Q3 2014.

Despite events in Greece during Q2, European M&A volume (US$338 billion) rebounded to almost double its Q1 volume, falling just short of M&A volume in the Asia-Pacific (ex-Japan) region (US$351 billion).

Japanese M&A activity accounted or just 1% of overall global M&A activity.

Source: Thomson

All figures are inflation-adjusted to 2015 dollars.

0

200

400

600

800

1,000

1,200

1,400

1,600

2011 2012 2013 2014 2015

US

$ b

illi

ons

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

XBMA

M&A in BRIC Countries: 20112015

0

50

100

150

200

250

2011 2012 2013 2014 2015

US

$ b

illi

ons

2011 2015 Domestic M&A in BRIC Countries

Brazil

Russia

India

China

China continued a steep decline in inbound M&A, while domestic activity soared to almost US$200 billion in Q2. During the same period, the rest of the BRIC countries combined to contribute approximately US$6 billion on total domestic volume.

Inbound deal activity into India totaled US$4.7 billion in Q2, its highest level since Q1 2013.

Following strong Q1 performances, inbound activity into both Brazil and Russia declined in Q2, with Brazilian inbound activity down 45% and Russian inbound activity down 30%.

0

5

10

15

20

25

2011 2012 2013 2014 2015

US

$ b

illi

ons

2011 2015 Inbound M&A to BRIC Countries

Brazil

Russia

India

China

Source: Thomson


8

XBMA 9

Distressed Deals: 19882014

Distressed deal activity in 2015 is on track for an annualized volume of approximately US$26 billion. If distressed deal activity continues at its current pace, it would represent an 18% increase over 2014 levels, but would still account for the second lowest annual distressed deal volume since 2008.

Source: Thomson

All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized. 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 for existing 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 Moodys 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

US

$ bi

llio

ns

Volume of Distressed Deals

XBMA 10

Global M&A by Sector: Last 12 Months

Source: Thomson

0

100

200

300

400

500

600

700

800

US$

bil

lion

s

M&A Volume by Sector

Global M&A*

Cross-Border M&A

*Includes both domestic and cross-border transactions.

The Energy & Power sector produced US$747 billion of global M&A volume over the past four quarters, including US$204 billion in cross-border deal activity, despite the collapse of the price of oil.

The Healthcare sector followed with US$518 billion of global M&A volume, followed by the Real Estate sector (US$434 billion) and High Technology sector (US$394 billion).

Over the past 12 months, the Energy & Power, Healthcare, Real Estate, Materials, and Financials sectors each produced more than US$140 billion in cross-border deal volume. Cross-border transactions accounted for 49% of deal volume in the Materials sector and over 40% of deal volume in each of the Financials and Industrials sectors.

XBMA 11

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

Source: Thomson

0

40

80

120

160

200

240

280

320

US$

bil

lion

s

Domestic and Cross-Border M&A

Q3 2014 Q4 2014 Q1 2015 Q2 2015

0102030405060708090

100

US

$ b

illi

ons

Cross-Border M&A

Q3 2014 Q4 2014 Q1 2015 Q2 2015

The Energy & Power, Healthcare, and High Technology sectors turned in the strongest M&A performance in Q2, each producing more than US$160 billion in total deal volume. M&A activity in the Media & Entertainment sector also turned in a strong performance relative to prior quarters.

The Energy & Power and Healthcare sectors outperformed with respect to cross-border M&A activity, with cross-border activity in both sectors exceeding US$90 billion.

Cross-border M&A reached highs in Q2 (relative to the trailing three quarters) in a majority of sectors.

XBMA 12

Top 10 Global Deals Announced in Q2 2015

Source: Thomson

Acquirer* Target* Target Industry

Value of Deal

(US$mil)

Date Announced

Royal Dutch Shell PLC (Netherlands)

BG Group PLC (United Kingdom)

Oil and Gas; Petroleum Refining

81,009 8 Apr 2015

Charter Communications Inc (United States)

Time Warner Cable Inc (United States)

Radio and Television

Broadcasting Stations

78,377 26 May 2015

Avago Technologies Ltd (United States)

Broadcom Corp (United States)

Electronic and Electrical

Equipment 36,491 28 May 2015

SK C&C Co Ltd (South Korea)

SK Holdings Co Ltd (South Korea)


24,066 20 Apr 2015

Intel Corp (United States)

Altera Corp (United States)


Equipment 15,331 1 Jun 2015

The Williams Cos Inc (United States)

Williams Partners LP (United States)

Electric, Gas, and Water

Distribution 13,800 13 May 2015

Nokia Oyj (Finland)

Alcatel Lucent SA (France)

Communications Equipment 13,784 14 Apr 2015

Danaher Corp (United States)

Pall Corp (United States)

Machinery 13,780 13 May 2015

CVS Health Corp (United States)

Omnicare Inc (United States)

Social Services 12,555 21 May 2015

Koninklijke Ahold NV (Netherlands)

Delhaize Group SA (Belgium)

Retail Trade-Food Stores 11,657 12 May 2015

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

XBMA

Acquirer** Target** Target Industry Value of Deal

(US$mil) Date

Announced Owens-Illinois Inc (United States)

Partner in Pet Food Kft (Mexico)

Stone, Clay, Glass, and Concrete Products

2,150 2 Apr 2015

SunEdison Inc (United States)

Undisclosed RE Development Co (Costa Rica)


Distribution

839 22 Apr 2015

British American Tobacco PLC (United States)

Shanghai Shangtou Holding Co Ltd (Croatia)

Tobacco Products

601 29 Apr 2015

Delivery Hero Holding GmbH (Germany)

Arteris SA (Turkey)

Food and Kindred Products

589 30 Apr 2015

Delivery Hero Holding GmbH (Germany)

Yemek Sepeti Elektronik (Turkey)

Business Services

589 5 May 2015


Jiangsu Future Land Co Ltd (Brazil)


Distribution

533 9 May 2015

Wai Chun Investment Fund (Hong Kong)

Shriram City Union Finance Ltd (United Arab Emirates)

Rubber and Miscellaneous

Plastic Products

510 12 May 2015

Pamplona Capital Management (United Kingdom)

Qunar Cayman Islands Ltd (Hungary)

Transportation and Shipping (except air)

343 14 May 2015

Mapletree Greater China (Singapore)

Glamour II Ltd (China)

Real Estate; Mortgage

Bankers and Brokers

304 15 Jun 2015

Goldcrest Resources plc (United Kingdom)

Akoko Gold Project (Ghana)

Mining

283 28 May 2015

13

Top 10 Deals from Developed into Emerging Economies* Announced in Q2 2015

*Developed/Emerging economies are 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.

Source: Thomson

Aggregate Value of Deals from Developed into Emerging Economies


050

100150200250300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns Quarter 4

Quarter 3

Quarter 2

Quarter 1

XBMA

Top 10 Deals from Emerging into Developed Economies* Announced in Q2 2015

Source: Thomson

Acquirer** Target** Target Industry Value of Deal

(US$mil) Date

Announced

China Investment Corp (China)

NXP Semiconductors RF Business (Netherlands)


Plastic Products

1,800 28 May 2015

JBS SA (Brazil)

Moy Park Holdings (Europe) Ltd (United Kingdom)

Investment & Commodity

Firms, Dealers

1,512 22 Jun 2015

Kingdom of Saudi Arabia (Saudi Arabia)

Posco Engineering (South Korea)


Firms, Dealers

1,110 2 Jun 2015

Qingdao Haier Co Ltd (China)

Haier Singapore Invest Holding (Singapore)

Machinery 786 26 May 2015

Tower Property Fund Ltd (South Africa)

HTP Group Pty Ltd (Australia)


Bankers and Brokers

617 14 Apr 2015

Fosun International Holdings Ltd (China)

Phoenix Holdings Ltd (Israel)


Firms, Dealers

489 21 Jun 2015

Dubai World (United Arab Emirates)

Maher Terminals of Canada Corp (Canada)

Transportation and Shipping

462 2 Apr 2015

Oceana Group Ltd (South Africa)

Daybrook Fisheries Inc (United States)

Agriculture, Forestry, and

Fishing

382 19 May 2015

Dalian Wanda Group Corp Ltd (China)

HG Holdco Pty Ltd (Australia)

Amusement and Recreation

Services

366 25 June 2015

YTL Corp Bhd (Singapore)

Myer Centre Adelaide (Australia)


Bankers and Brokers

Malaysia 20 Apr 2015

*Developed/Emerging economies are 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.

14

Aggregate Value of Deals from Emerging into Developed Economies


0

50

100

150

200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1

XBMA

Acquirer* Target* Target Industry Value of Deal

(US$mil) Date

Announced

Charter Communications Inc (United States)

Time Warner Cable Inc (United States)

Radio and Television

Broadcasting Stations

78,377 26 May 2015

Avago Technologies Ltd (United States)

Broadcom Corp (United States)


Equipment

36,491 28 May 2015

Intel Corp (United States)

Altera Corp (United States)


Equipment

15,331 1 Jun 2015

The Williams Cos Inc (United States)

Williams Partners LP (United States)


Distribution

13,800 13 May 2015

Danaher Corp (United States)

Pall Corp (United States)

Machinery 13,780 13 May 2015

CVS Health Corp (United States)

Omnicare Inc (United States)

Social Services 12,555 21 May 2015

Canada Pension Plan Investment (Canada)

GE Antares Capital (United States)

Credit Institutions

12,000 9 Jun 2015

Endo International PLC (United States)

Par Pharmaceutical Holdings (United States)

Drugs 8,036 18 May 2015

Willis Group Holdings PLC (United Kingdom)

Towers Watson & Co (United States)

Business Services

7,773 30 Jun 2015

Alexion Pharmaceuticals Inc (United States)

Synageva BioPharma Corp (United States)

Drugs 7,684 6 May 2015

15

Top 10 North American Deals Announced in Q2 2015

Source: Thomson

Aggregate Value of North American Deals


0

500

1000

1500

2000

2500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1

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

XBMA


(US$mil) Date

Announced

SK C&C Co Ltd (South Korea)

SK Holdings Co Ltd (South Korea)


24,066 20 Apr 2015

Cheil Industries Inc (South Korea)

Samsung C&T Corp (South Korea)

Business Services

11,239 26 May 2015

Investor Group (China)

Qihoo 360 Technology Co Ltd (China)

Business Services

10,306 17 Jun 2015

Jiangsu Hongda New Material Co (China)

Focus Media Tech Shanghai Co (China)

Prepackaged Software

8,779 3 Jun 2015

Xi'an Minsheng Group Co Ltd (China)

Hainan Gongxiao Daji Holding Co (China)

Retail Trade-Food Stores

5,208 30 Jun 2015


Zhongrun Resources Investment Corp (China)


Bankers and Brokers

4,577 3 Jun 2015

China Resources National Corp (China)

China Resources Enterprise Ltd Investment Company Assets (Hong Kong)


Firms, Dealers, Exchanges

3,870 21 Apr 2015

Zhejiang Transfar Co Ltd (China)

Zhejiang Transfar Road Port (China)


3,336 12 Jun 2015


Unisplendour Corp Ltd (China)

Computer and Office

Equipment

3,158 26 May 2015


WuXi PharmaTech (Cayman) Inc (China)

Drugs 3,086 30 Apr 2015

16

Top 10 Asian-Pacific Deals Announced in Q2 2015

Source: Thomson

Aggregate Value of Asian-Pacific Deals


0

200

400

600

800

1000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1


XBMA 17

Top 10 European Deals Announced in Q2 2015

Source: Thomson


(US$mil) Date

Announced

Royal Dutch Shell PLC (Netherlands)

BG Group PLC (United Kingdom)


81,009 8 Apr 2015

Nokia Oyj (Finland)

Alcatel Lucent SA (France)

CommunicationEquipment

13,784 14 Apr 2015

Koninklijke Ahold NV (Netherlands)

Delhaize Group SA (Belgium)

Retail Trade-Food Stores

11,657 12 May 2015

Altice SA (Luxembourg)

Bouygues Telecom SA (France)

Telecom 11,202 22 Jun 2015

Investor Group (Canada)

Hutchison 3G UK Holding (CI) Ltd (United Kingdom)

Telecom 4,787 8 May 2015

FEDEX Corp (United States)

TNT Express NV (Netherlands)


4,439 7 Apr 2015

Equinix Inc (United States)

Telecity Group PLC (United Kingdom)

Business Services

4,031 7 May 2015

XPO Logistics Inc (United States)

Groupe Norbert Dentressangle (France)


3,894 28 Apr 2015

Hudson's Bay Co (Canada)

GALERIA Kaufhof GmbH (Germany)

Retail Trade-General

Merchandise and Apparel

3,186 15 Jun 2015

CVC Capital Partners Ltd (United Kingdom)

Douglas Holding AG (Germany)



3,134 1 Jun 2015

Aggregate Value of European Deals


0

500

1000

1500

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1


XBMA 18

Top 10 Inbound Chinese Deals Announced in Q2 2015


(US$mil) Date

Announced

Qatar Investment Authority (Qatar)

HK Electric Investments Ltd (Hong Kong)


Distribution

991 9 Jun 2015

Investor Group (United States)

Qunar Cayman Islands Ltd (China)


500 2 Jun 2015

Mapletree Greater China (Singapore)

Glamour II Ltd (China)


Bankers and Brokers

304 15 Jun 2015

Singapore (Singapore)

Sandhill Plaza (China)

Commercial Banks, Bank

Holding Companies

299 16 Jun 2015

Loyz Energy Ltd (Singapore)

Primeline Energy Holdings Inc (China)


192 9 Jun 2015


Honiton Energy Wind Power Assets (China)


Distribution

105 7 May 2015

Konica Minolta Inc (Japan)

Zhuhai Qinfa Port Co Ltd (China)


56 26 Jun 2015

Rakuten Inc (Japan)

FXCM Asia Ltd (Hong Kong)

Commercial Banks, Bank

Holding Companies

36 28 May 2015

Talent Crown Investment Ltd (British Virgin Islands)

Zhengzhou Jiacong Property Services Co Ltd (China)


Bankers and Brokers

35 26 Jun 2015

General Wireless Inc (United States)

Radioshack Global Sourcing (Hong Kong) Ltd (Hong Kong)

Retail Trade-Home

Furnishings

26 15 May 2015


Source: Thomson

Aggregate Value of Inbound Chinese Deals


0

10

20

30

40

50

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1

XBMA


(US$mil) Date

Announced Iron Mining International Ltd (China)

O2 PLC (Mongolia)

Mining 1,935 12 May 2015

Fosun International Holdings Ltd (China)

Ironshore Inc (Bermuda)

Insurance 1,840 3 May 2015

China Investment Corp (China)

NXP Semiconductors RF Business (Netherlands)


Equipment

1,800 28 May 2015

Qingdao Haier Co Ltd (China)

Haier Singapore Invest Holding (Singapore)


Equipment

786 26 May 2015


Undisclosed RE Development Co (United Arab Emirates)


Bankers and Brokers

510 22 Apr 2015

Affinity Equity Partners (HK) (Hong Kong)

Nine Ent Co Holding Ltd Nine Live (Australia)


Services

491 16 Apr 2015

Fosun International Holding Ltd (China)

Phoenix Holdings Ltd (Israel)

Insurance 489 21 Jun 2015

Dalian Wanda Group Corp Ltd (China)

HG Holdco Pty Ltd (Australia)


Services

366 25 Jun 2015

Zijin Mining Group Co Ltd (China)

Barrick (Niugini) Ltd (Papua New Guinea)

Mining 298 26 May 2015


Undisclosed RE Invest Co (United Arab Emirates)



400 22 Apr 2015

19

Top 10 Outbound Chinese Deals Announced in Q2 2015


Source: Thomson

Aggregate Value of Outbound Chinese Deals


0

20

40

60

80

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1

XBMA 20

Top 10 Inbound Indian Deals Announced in Q2 2015

Source: Thomson


(US$mil) Date

Announced

JPMorgan Chase & Co (United States)

Canaan Partners Domestic (India)



200 28 Apr 2015

Blackstone Group LP (United States)

IL&FS Milestone Fund 247 Pk (India)


Bankers and Brokers

156 28 May 2015

Undisclosed Acquiror (Unknown)

Simran Wind Wind Power Assets (India)


Distribution

34 14 May 2015


Fersa Energias Renovables SA (India)


Distribution

33 5 May 2015

Frutarom Industries Ltd (Israel)

Sonarome Pvt Ltd (India)

Soaps, Cosmetics, and Personal-Care

Products

17 14 May 2015

Eurazeo SA (France)

Stericat Gutstrings Pvt Ltd (India)

Drugs 12 23 Jun 2015

Astro Holdings Sdn Bhd (Malaysia)

Accelity Bestatlowest Online (India)



10 18 May 2015

Hinduja Group (United Kingdom)

MphasiS Ltd Business Process Management Services (India)

Business Services

3 29 Apr 2015

Everstone Capital Asia Pte Ltd (Singapore)

Payfront Technologies Pte Ltd (India)

Business Services

N/A 1 Apr 2015

Bain Capital LLC (United States)

Kushalchand Sons (India)

Wholesale Trade-

Nondurable Goods

N/A 2 Apr 2015


Aggregate Value of Inbound Indian Deals


0

10

20

30

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1

XBMA 21

Top 10 Outbound Indian Deals Announced in Q2 2015


Source: Thomson


(US$mil) Date

Announced

Strides Arcolab Ltd (India)

Aspen Asia Pac Generic Pharmaceuticals (Australia)

Drugs 208 21 May 2015

Infosys Ltd (India)

Kallidus Inc (United States)

Prepackaged Software

120 24 Apr 2015

Titagarh Wagons Ltd (India)

Undisclosed Railway Wagons (France)

Transportation Equipment

47 26 Jun 2015

Mahindra & Mahindra Ltd (India)

Holiday Club Resorts Oy (Finland)

Hotels and Casinos

32 9 Jun 2015

Cipla Ltd (India)

Quality Chemicals Ltd (Uganda)

Chemicals and Allied Products

30 21 May 2015

Sarovar Hotels & Resorts (India)

Zehneria Nairobi (Kenya)

Hotels and Casinos

11 16 Apr 2015

Simplilearn Solutions Pvt Ltd (India)

Market Motive (United States)

Business Services

10 24 Jun 2015

R Systems International Ltd (India)

IBIZCS Group Pte Ltd (Singapore)

Mining 6 1 May 2015

Kanoria Chemicals & Industries Ltd (India)

CoSyst Control Systems GmbH (Germany)

Business Services

1 1 Apr 2015

Cipla Ltd (India)

Duomed Produtos Farmaceuticos (Brazil)


Plastic Products

0.4 9 Apr 2015

Aggregate Value of Outbound Indian Deals


0

10

20

30

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ bi

llio

ns

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Slide Number 1Global M&A Volume: Q2 SnapshotGlobal M&A Volume: 19982015 Cross-Border M&A Volume: 20082015Medium and Large M&A Deals: 20072015M&A Volume by Target RegionGDP and M&A Volume by Targets Region: Q2 2015Trends in M&A Volume by Target Region: 20112015Slide Number 9Distressed Deals: 19882014Global M&A by Sector: Last 12 MonthsTrends in Global M&A by Sector: Last Four QuartersTop 10 Global Deals Announced in Q2 2015Top 10 Deals from Developed into Emerging Economies* Announced in Q2 2015Top 10 Deals from Emerging into Developed Economies* Announced in Q2 2015Top 10 North American Deals Announced in Q2 2015Top 10 Asian-PacificDeals Announced in Q2 2015Top 10 European Deals Announced in Q2 2015Top 10 Inbound Chinese Deals Announced in Q2 2015Top 10 Outbound Chinese Deals Announced in Q2 2015Top 10 Inbound Indian Deals Announced in Q2 2015Top 10 Outbound Indian Deals Announced in Q2 2015

Documents

XBMA 2015 Q2 Quarterly Review