Global M&A Review Q1 2019 - bvdinfo.com · Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018...

Global M&A Review Q1 2019

Zephyr Quarterly M&A ReportGlobal, Q3 2015

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”

bvdinfo.com +44 161 838 9554 [email protected]

Global M&A Review Q1 2019Global

Page 1 © Bureau van Dijk

The following report details mergers and acquisitions activity in Q1 2019 using data from the Zephyr database.

It focuses on deal activity by target company.

Click here to access the raw data in an Excel spreadsheet.

Section 1: Global Deals Page 1

Section 2: Western Europe Page 17

Section 3: North America 8

Section 4: Asia/Asia Pacific Page 38

Section 5: Russia/CEE Page 49

Global M&A volume and value decline in Q1

Both the volume and aggregate value of mergers and acquisitions (M&A) deals announced worldwide declined in Q1 when compared to Q4 2018. In all, there were 21,462 deals worth a combined USD 1,129,000 million announced in the three months under review, while in Q4 2018 there were 25,852 worth USD 1,142,412 million.

The decline was even steeper in a year-on-year comparison as both volume and value declined from 26,755 and USD 1,513,566 million, respectively, in the first quarter of 2018.

In terms of value, Q1 is one of the quieter quarters of recent years, but it did at least surpass Q3 2017, as well as both Q1 and Q2 of 2016, among others. A number of sizeable deals kept value afloat over the three months; in all, eight deals broke the USD 10,000 million-barrier.

Global deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q1 2019 21,462 1,129,000

Q4 2018 25,852 1,142,412

Q3 2018 24,872 1,208,813

Q2 2018 27,261 1,514,085

Q1 2018 26,755 1,513,566

Q4 2017 27,942 1,357,901

Q3 2017 25,560 1,127,833

Q2 2017 26,363 1,182,736

Q1 2017 26,053 1,168,622


The most comprehensive deal database

The world’s most powerful comparable data resource on private companies

Combining deal and company dataWelcome to the business of certainty.

We capture and treat private company and M&A information for better decision making and increased efficiency.

Bureau van Dijk is a Moody’s Analytics company

mailto:?subject=

http://www.bvdinfo.com/BvD/media/reports/GlobalQ12019.xls

http://www.bvdinfo.com/BvD/media/reports/GlobalQ12019.xls





Global deals by volume and value

0

5,000

10,000

15,000

20,000

25,000

30,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

mailto:?subject=





Global PE and VC volume and value down in Q1

The volume and value of global private equity and venture capital deals declined in Q1 in both a quarter-on-quarter and year-on-year comparison. In all, there were 6,014 deals worth a combined USD 190,371 million announced over the course of the three months, compared to the USD 195,809 million across 6,187 deals in Q4 2018.

The decline was even steeper in a year-on-year comparison; in Q1 2018, there were 6,779 deals worth USD 212,987 million.

The disappointing showing comes despite a number of high value deals being announced during the quarter under review. The largest of all was a USD 11,000 million acquisition of Ultimate Software Group by a consortium led by Hellman & Friedman and also including the Blackstone Group, JMI Management and Canada Pension Plan Investment Board.

Second place was taken by a USD 6,413 million takeover of German online marketplace operator Scout24 by Hellman & Friedman and Blackstone, through the Pulver BidCo acquisition vehicle.

North American targets dominate top 10

Of the ten most valuable deals announced during Q1 2019, all but one featured a target based in North America, while only two were not worth in excess of USD 10,000 million. The largest of all involved Bristol-Myers Squibb agreeing to pick up biopharmaceuticals maker Celgene for USD 74,000 million. This deal alone accounted for more than 6 per cent of total global value in the quarter under review (USD 1,129,000 million) and almost 17 per cent of North American value for the period (USD 444,044 million).

The second-placed deal was the only one in the top ten which did not target a North American company as Saudi Arabian Oil Company agreed to acquire a 70 per cent holding in Riyadh-headquartered fertilisers maker Saudi Basic Industries Corporation for USD 69,100 million.

Third place saw Fidelity National Information Services agreeing to pay USD 43,000 million for US payment processing company and technology provider Worldpay, while BB&T reached an agreement to take over Atlanta-based lender SunTrust Banks for USD 28,085 million in the fourth-placed deal.

The rest of the top ten was made up of US targets, with the exception of the ninth-placed deal – a USD 9,426 million acquisition of Canadian gold miner Goldcorp by Newmont Mining.

US leads way in country rankings

Given the prevalence of US targets in the quarter’s top deals, it is unsurprising to see the country lead the way by both volume and value for the three months. In all, companies based in the US were targeted in 4,916 deals worth a combined USD 421,237 million. This places it ahead of its nearest rival on both fronts – China, which was targeted in 2,695 deals with an aggregate value of USD 126,605 million, including three of the quarter’s top 25.

The UK was third on both fronts, with 1,557 deals at USD 70,857 million. In terms of volume, it was followed by Germany, Japan and France, with 1,154, 1,018 and 949 deals, respectively.

Saudi Arabia was fourth by value, with USD 69,871 million, although it is worth noting that this is almost entirely due to the aforementioned USD 69,100 million takeover of Saudi Basic Industries by Saudi Arabian Oil Company.

mailto:?subject=





Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1. 74,000 Acquisition 100% Celgene Corporation US Bristol-Myers Squibb Company US 03/01/2019

2. 69,100 Acquisition 70% Saudi Basic Industries Corporation SJSC SA Saudi Arabian Oil Company SA 27/03/2019

3. 43,000 Acquisition 100% Worldpay Inc. US Fidelity National Information Services Inc. US 18/03/2019

4. 28,085 Acquisition 100% SunTrust Banks Inc. US BB&T Corporation US 07/02/2019

5. 22,000 Acquisition 100% First Data Corporation US Fiserv Inc. US 16/01/2019

6. 21,400 Acquisition 100% General Electric Company's BioPharma business US Danaher Corporation US 25/02/2019

7. 17,300 Acquisition 100% WellCare Health Plans Inc. US Centene Corporation, via Wellington Merger Sub II Inc. US 27/03/2019

8. 11,000 IBO 100% Ultimate Software Group Inc. US Hellman & Friedman LLC, The Blackstone Group LP, Canada Pension Plan Investment Fund, JMI Management Inc. and GIC Pte Ltd, via acquisition vehicle Unite Parent Corporation

US 04/02/2019

9. 9,426 Acquisition 100% Goldcorp Inc. CA Newmont Mining Corporation US 14/01/2019

10. 8,000 Acquisition 100% Loxo Oncology Inc. US Eli Lilly and Company US 05/01/2019

11. 7,604 Capital Increase Atomnyi Energopromyshlennyi Kompleks AO RU Gosudarstvennaya Korporatsiya po Atomnoi Energii Rosatom RU 12/02/2019

12. 7,000 Acquisition 100% WABCO Holdings Inc. US ZF Friedrichshafen AG DE 28/03/2019

13. 6,900 Acquisition 100% Mellanox Technologies Ltd IL NVIDIA Corporation US 11/03/2019

14. 6,724 Acquisition 100% Ahli United Bank BSC BH Kuwait Finance House KSC KW 24/01/2019

15. 6,413 IBO 100% Scout24 AG DE Hellman & Friedman LLC, The Blackstone Group LP, via acquisition vehicle Pulver BidCo GmbH

DE 28/03/2019

16. 6,300 Acquisition 100% UPC Schweiz GmbH CH Sunrise Communications Group AG CH 27/02/2019

17. 5,971 Capital Increase Bank of Beijing Co., Ltd CN Investors 22/03/2019

18. 5,952 Acquisition 100% Henan Luohe Shuanghui Industrial Group Co., Ltd CN Henan Shuanghui Investment and Development Co. Ltd CN 26/01/2019

19. 5,900 Acquisition 100% Versum Materials Inc. US Merck KGaA DE 26/03/2019

20 5,800 Minority stake 35% Abu Dhabi Oil Refining Company AE Eni SpA; OMV AG IT; AT 27/01/2019

mailto:?subject=





Target country by volume - global deals

Target country Q1 2018 Q4 2018 Q1 2019

US 5,388 4,512 4,916

China 3,978 4,256 2,695

UK 1,543 1,654 1,557

Germany 1,558 1,700 1,154

Japan 1,135 1,062 1,018

France 1,130 1,051 949

Australia 974 1,029 755

Sweden 604 661 589

India 684 536 580

Canada 853 688 559

South Korea 657 747 555

Poland 755 337 501

Netherlands 669 595 450

Russia 497 456 447

Spain 638 809 444

Italy 382 463 421

Vietnam 275 500 361

Singapore 249 304 261

Taiwan 204 257 197

Switzerland 368 370 193

Target country by value - global deals

Target country Q1 2018 (mil USD)

Q4 2018 (mil USD)

Q1 2019 (mil USD)

US 464,780 316,060 421,237

China 195,055 214,862 126,605

UK 75,117 51,777 70,857

Saudi Arabia 1,937 7,945 69,871

Germany 124,959 47,951 41,299

India 37,371 27,035 38,573

Netherlands 54,827 18,269 23,138

Canada 45,464 17,186 23,005

France 39,816 32,441 21,092

Russia 14,936 10,966 20,250

South Korea 24,521 25,357 19,608

Switzerland 14,068 20,681 16,933

Australia 32,738 33,955 16,340

Japan 25,556 29,244 16,179

Cayman Islands 44,287 11,971 14,288

Singapore 9,224 9,449 14,127

UAE 6,580 3,776 13,993

Spain 67,471 33,046 12,841

Sweden 14,327 14,912 12,625

Israel 7,007 2,830 10,943

mailto:?subject=





Top five global target countries by deal volume in Q1 2019 Top five global target countries by deal value in Q1 2019

36%

11%6%

6%4%

37% US

China

UK

Saudi Arabia

Germany

All other countries

23%

13%

7%

5%5%

47%

US

China

UK

Germany

Japan

All other countries

mailto:?subject=





Top five global target countries by deal volume in Q1 2019 Deal volume between Q1 2017 and Q1 2019

Top five global target countries by deal value in Q1 2019 Deal value between Q1 2017 and Q1 2019

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Nu

mb

er

of

de

als

US China UK Germany Japan

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

De

al

va

lue

(m

il U

SD

)

US China UK Saudi Arabia Germany

mailto:?subject=





Target sector by volume - global deals

Target sector Q1 2018 Q4 2018 Q1 2019

Other services 9,886 9,445 8,104

Machinery, equipment, furniture, recycling 2,995 3,161 2,251

Wholesale & retail trade 1,670 1,629 1,345

Chemicals, rubber, plastics 1,365 1,470 1,069

Publishing, printing 1,278 1,077 948

Metals & metal products 1,222 1,103 845

Construction 1,065 1,057 730

Primary sector 694 707 510

Banks 477 506 449

Gas, water, electricity 522 581 436

Food, beverages, tobacco 589 536 423

Transport 435 468 355

Education, health 516 408 344

Post and telecommunications 289 277 332

Hotels & restaurants 343 361 307

Insurance companies 366 335 293

Textiles, wearing apparel, leather 250 273 213

Wood, cork, paper 172 198 142

Public administration and defence 17 17 24

Target sector by value - global deals

Target sector Q1 2018 (mil USD)

Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 412,445 295,787 348,596



Banks 71,329 85,023 85,703


Construction 52,150 49,163 39,932

Publishing, printing 38,645 73,830 36,728

Metals & metal products 25,689 34,463 36,166

Gas, water, electricity 103,907 42,343 34,853

Post and telecommunications 59,569 15,077 31,036

Education, health 13,231 12,104 29,609

Transport 70,888 49,053 26,382

Primary sector 50,795 48,941 20,874

Food, beverages, tobacco 55,258 27,172 20,419

Hotels & restaurants 21,452 16,549 13,910

Insurance companies 123,436 24,887 11,376

Textiles, wearing apparel, leather 9,549 4,874 4,174

Wood, cork, paper 19,869 6,133 4,119


mailto:?subject=





Global private equity deals by volume and value


Q1 2019 6,014 190,371

Q4 2018 6,187 195,809

Q3 2018 6,324 191,288

Q2 2018 6,734 259,327

Q1 2018 6,779 212,987

Q4 2017 6,251 208,909

Q3 2017 6,052 216,763

Q2 2017 6,227 225,755

Q1 2017 6,474 154,984

mailto:?subject=





Global private equity deals by volume and value

5,600

5,800

6,000

6,200

6,400

6,600

6,800

7,000

0

50,000

100,000

150,000

200,000

250,000

300,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





Top 20 global private equity deals by value


country Fund Manager/General Partner Announced date

1. 11,000 IBO 100% Ultimate Software Group Inc. US Hellman & Friedman LLC; The Blackstone Group LP; JMI Management Inc.; Canada Pension Plan Investment Board

04/02/2019

2. 6,413 IBO 100% Scout24 AG DE Hellman & Friedman LLC; The Blackstone Group LP 28/03/2019

3. 4,306 IBO 100% RPC Group plc GB Apollo Global Management LLC 23/01/2019

4. 3,700 IBO 100% Ellie Mae Inc. US Thoma Bravo LLC 12/02/2019

5. 3,413 IBO 100% Evonik Industries AG's methacrylates business DE Advent International Corporation 04/03/2019

6. 3,400 IBO 100% Inmarsat plc GB Warburg Pincus LLC; Ontario Teachers' Pension Plan Board; Canada Pension Plan Investment Board; Apax Partners LLP

25/03/2019

7. 3,273 IBO 44% and 100% Tallgrass Energy LP; Tallgrass Energy GP LLC US; US The Blackstone Group LP 31/01/2019

8. 3,182 IBO 100% Healthscope Ltd AU Brookfield Capital Partners Ltd 01/02/2019

9. 3,007 Minority stake Nine Club Holdings LLC US 26/03/2019

10. 3,007 Minority stake Infinity Green Inc. US 26/03/2019

11. 3,000 IBO majority stake Cox Enterprises Inc.'s 14 regional television stations US Apollo Global Management LLC 15/02/2019



14. 2,800 IBO 100% Gategroup Holding AG CH RRJ Management Ltd 29/03/2019

15. 2,784 IBO 90% Norddeutsche Landesbank Girozentrale's non-performing shipping loans DE Cerberus Capital Management LP 02/02/2019

16. 2,510 IBO 100% IFCO Systems BV NL Triton Advisers Ltd 25/02/2019

17. 2,500 IBO 100% Multi-Color Corporation US Platinum Equity LLC 24/02/2019

18. 2,500 IBO 80% Direct ChassisLink Inc.; Blume Global Inc. US; US Apollo Global Management LLC 07/03/2019

19. 1,806 Minority stake 45% GMR Airports Ltd IN SSG Capital Management Ltd 27/03/2019

20. 1,800 IBO majority stake Millennium Trust Company LLC US Abry Partners LLC 04/01/2019

mailto:?subject=





Target country by volume - global private equity deals


US 3,930 3,576 3,736

China 850 586 505

UK 255 253 259

Japan 175 204 189

France 235 151 174

Canada 193 198 161

India 154 134 106


Germany 123 134 91

Spain 86 76 64

Israel 56 72 61

Italy 56 58 54

Australia 34 63 49

Singapore 42 50 48


Sweden 41 35 38

Russia 67 30 27


Ireland 19 15 19

Brazil 30 14 17

Target country by value - global private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

US 67,863 77,467 90,643

China 33,395 22,305 14,577

UK 8,217 6,640 14,466

Germany 5,085 3,122 13,987

Australia 4,253 5,763 7,072

France 3,495 8,060 6,677

Netherlands 16,765 1,581 6,108

India 1,581 4,393 5,965

South Korea 2,924 7,822 4,633

Spain 5,434 4,318 4,561

Japan 1,190 728 3,930

Switzerland 256 323 3,645

Sweden 2,247 3,582 2,425

Italy 3,444 4,324 1,807

Poland 350 35 1,793

Canada 23,012 1,530 1,532

Israel 664 1,092 1,258

New Zealand 14 2,196 929

Singapore 544 5,749 917

Bermuda 501 4,678 895

mailto:?subject=





Target sectors by volume - global private equity deals



Publishing, printing 467 415 364

Machinery, equipment, furniture, recycling 429 385 342

Chemicals, rubber, plastics 109 131 138

Wholesale & retail trade 139 145 118




Metals & metal products 60 46 46



Construction 47 34 33


Transport 30 40 29


Banks 31 27 24




Target sectors by value - global private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 77,409 80,789 78,513







Transport 7,083 8,466 7,540



Primary sector 8,360 2,489 3,494

Construction 4,248 2,703 2,586

Wood, cork, paper 3,085 123 2,544



Banks 3,025 402 1,063

Metals & metal products 494 1,399 904

Textiles, wearing apparel, leather 1,028 512 281


mailto:?subject=



Global M&A Review Q1 2019Global League Tables


Top 20 financial advisors global deals by value

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 JP Morgan 60 51 248,821 4,879

2 Goldman Sachs Group Inc. 37 27 223,387 8,274

3 Citigroup Inc. 41 39 193,091 4,951

4 Morgan Stanley 36 31 189,986 6,129

5 Bank of America Corporation 26 20 120,646 6,032

6 Evercore Inc. 16 10 106,799 10,680

7 Dyal Company LLC 1 1 74,000 74,000

8 Centerview Partners LLC 6 5 50,737 10,147

9 Barclays plc 32 21 50,098 2,386

10 Credit Suisse 24 20 45,427 2,271

11 Credit Suisse Group AG 6 4 44,412 11,103

12 RBC Capital Markets Corporation 17 12 36,816 3,068

13 SunTrust Banks Inc. 3 2 28,237 14,119

14 Deutsche Bank AG 17 11 28,055 2,550

15 Rothschild & Co. 44 34 27,168 799

16 HSBC Holdings plc 17 12 23,058 1,921

17 Lazard 25 18 22,482 1,249

18 UBS 17 11 18,329 1,666

19 Huatai United Securities Co., Ltd 14 13 16,274 1,252

20 Jefferies LLC 14 10 14,750 1,475

These advisor rankings have been introduced to the Global report based on the most current data available at the time of writing. If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at [email protected]

mailto:?subject=





Top 20 financial advisors global deals by volume

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 JP Morgan 60 51 248,821 4,879

2 Rothschild & Co. 44 34 27,168 799

3 Citigroup Inc. 41 39 193,091 4,951

4 Goldman Sachs Group Inc. 37 27 223,387 8,274

5 Morgan Stanley 36 31 189,986 6,129

6 KPMG Corporate Finance 36 13 2,050 158

7 Barclays plc 32 21 50,098 2,386

8 Finncap Ltd 31 28 509 18

9 PricewaterhouseCoopers - Corporate Finance 27 14 2,995 214

10 Bank of America Corporation 26 20 120,646 6,032

11 Lazard 25 18 22,482 1,249

12 Credit Suisse 24 20 45,427 2,271

13 Numis Securities Ltd 24 22 2,014 92

14 Frostrow Capital LLP 24 24 198 8

15 Grant Thornton - Corporate Finance 22 15 665 44

16 Ernst & Young 21 7 7,454 1,065

17 Deloitte 19 11 2,021 184

18 Houlihan Lokey 19 7 1,732 247

19 Robert W Baird & Company Inc. 18 5 687 137

20 RBC Capital Markets Corporation 17 12 36,816 3,068

21 Deutsche Bank AG 17 11 28,055 2,550

22 HSBC Holdings plc 17 12 23,058 1,921

23 UBS 17 11 18,329 1,666

24 Stifel Nicolaus & Company Inc. 17 12 1,742 145


mailto:?subject=





Top 20 legal advisors global deals by value

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Kirkland & Ellis 70 26 129,377 4,976

2 Wachtell Lipton Rosen & Katz LLP 8 8 123,168 15,396

3 Jones Day 64 34 91,291 2,685

4 Skadden Arps Slate Meagher & Flom 35 23 66,179 2,877

5 Sullivan & Cromwell 13 11 65,919 5,993

6 Latham & Watkins LLP 42 29 58,793 2,027

7 Simpson Thacher & Bartlett LLP 21 13 46,588 3,584

8 Willkie Farr & Gallagher LLP 17 9 46,536 5,171

9 Paul Weiss Rifkind Wharton & Garrison LLP 19 8 38,271 4,784

10 Slaughter and May 6 6 20,043 3,341

11 Weil Gotshal & Manges LLP 30 17 19,872 1,169

12 Allen & Overy 21 16 14,429 902

13 White & Case 12 8 13,032 1,629

14 Clifford Chance LLP 15 12 12,991 1,083

15 Stroock & Stroock & Lavan LLP 1 1 11,000 11,000

16 Osler Hoskin & Harcourt LLP 4 3 10,452 3,484

17 Goodwin Procter 18 14 10,294 735

18 Freshfields Bruckhaus Deringer 14 8 10,118 1,265

19 Cassels Brock & Blackwell LLP 8 6 9,500 1,583

20 Neal Gerber & Eisenberg LLP 1 1 9,426 9,426


mailto:?subject=





Top 20 legal advisors global deals by volume

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Kirkland & Ellis 70 26 129,377 4,976

2 Jones Day 64 34 91,291 2,685

3 Latham & Watkins LLP 42 29 58,793 2,027

4 Skadden Arps Slate Meagher & Flom 35 23 66,179 2,877

5 Weil Gotshal & Manges LLP 30 17 19,872 1,169

6 Morgan Lewis & Bockius LLP 23 11 2,211 201

7 DLA Piper 22 15 2,746 183

8 Hogan Lovells 22 13 2,498 192

9 Simpson Thacher & Bartlett LLP 21 13 46,588 3,584

10 Allen & Overy 21 16 14,429 902

11 Dentons 20 15 870 58

12 Paul Weiss Rifkind Wharton & Garrison LLP 19 8 38,271 4,784

13 Grandall Law Firm 19 19 2,139 113

14 Goodwin Procter 18 14 10,294 735

15 Baker McKenzie 18 12 2,928 244

16 Willkie Farr & Gallagher LLP 17 9 46,536 5,171

17 O'Melveny & Myers LLP 16 9 5,529 614

18 Zhong Lun Law Firm 16 15 1,127 75

19 Clifford Chance LLP 15 12 12,991 1,083

20 Wilson Sonsini Goodrich & Rosati 15 9 1,851 206


mailto:?subject=





Top private equity firms global deals by value

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 KKR & Co Inc. 18 10 25,751 2,575

2 The Blackstone Group LP 15 10 23,373 2,337

3 Canada Pension Plan Investment Board 4 4 18,082 4,520

4 Hellman & Friedman LLC 2 2 17,413 8,706

5 JMI Management Inc. 7 5 11,187 2,237

6 Apollo Global Management LLC 4 3 9,806 3,269

7 Aisling Capital LLC 3 3 8,584 2,861

8 Ontario Teachers' Pension Plan Board 3 3 7,582 2,527

9 Viking Global Investors LP 3 3 6,139 2,046

10 D1 Capital Partners LP 19 19 6,114 322

11 Lux Capital Management LLC 4 3 5,912 1,971

12 Partner Fund Management LP 2 2 5,818 2,909

13 Wellington Management Company LLP 2 2 5,757 2,879

14 Mithril Capital Management LLC 1 1 5,750 5,750

15 Senator Investment Group LP 1 1 5,750 5,750

16 JD Capital Co., Ltd 2 2 5,642 2,821

17 Gopher Asset Management Co., Ltd 2 2 5,641 2,821

18 Huanggang Joseph Investment Management Co., Ltd 1 1 5,639 5,639

19 Sequoia China Investment Management LLP 1 1 5,639 5,639

20 Wuyuan (Ningxia) Investment Managewment Co., Ltd 1 1 5,639 5,639

21 Shenzhen Yuese Equity Investment Management Co., Ltd 1 1 5,639 5,639

22 China Capital Management Co., Ltd 1 1 5,639 5,639

23 Shenzhen Jinsheng Capital Management Co., Ltd 1 1 5,639 5,639

24 Shanghai Yunfeng Xinchuang Investment Management Co., Ltd 1 1 5,639 5,639

25 Hangzhou Haoyun Investment Advisory Partnership (LP) 1 1 5,639 5,639


mailto:?subject=





Top private equity firms global deals by volume

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Marshall Wace LLP 253 252 1,982 8

2 AQR Capital Management LLC 137 137 1,185 9

3 Citadel Europe LLP 82 82 873 11

4 Sequoia Capital Operations LLC 48 41 3,207 78

5 WorldQuant LLC 33 33 124 4

6 Capital Fund Management SA 28 28 144 5

7 BPIFrance SA 27 22 783 36

8 AHL Partners LLP 25 25 69 3

9 New Enterprise Associates Inc. 22 21 3,679 175

10 Accel Management Company LLC 20 18 1,605 89

11 IDG Ventures Management Company LLC 20 8 568 71

12 Engadine Partners LLP 20 20 105 5

13 D1 Capital Partners LP 19 19 6,114 322

14 Investitsionnaya Kompaniya Starta Kepital AO 19 19 2 0

15 KKR & Co Inc. 18 10 25,751 2,575

16 Carlyle Group LP 17 11 4,818 438

17 Y Combinator Management LLC 17 16 147 9

18 High-Tech Grunderfonds Management GmbH 17 6 19 3

19 Blackstone Group LP, The 15 10 23,373 2,337

20 Bain Capital Ventures LP 15 14 2,068 148

21 Insight Venture Management LLC 15 10 1,569 157

22 Bessemer Venture Partners LLC 15 14 1,047 75

23 Battery Management Corporation 15 14 878 63

24 Matrix Management Corporation 15 11 351 32

25 BGF 15 8 92 11


mailto:?subject=



Global M&A Review Q1 2019Western Europe


Western Europe M&A value lowest since Q1 2016

The volume and value of M&A targeting companies based in Western Europe declined in Q1 2019 to 6,357 deals worth an aggregate USD 225,566 million, representing 30 per cent of total global volume (21,462 deals) and 20 per cent of global value (USD 1,129,000 million).

In terms of value, Q1 represents the lowest recorded result since he opening three months of 2016 (USD 210,803 million), while it is down by a fifth from USD 299,834 million in Q4 2018 and represents a 51 per cent decrease on USD 465,013 million in Q1 2018.

Volume also declined in Q1 2019, falling 26 per cent quarter-on-quarter (Q4 2018: 8,549 deals) and 20 per cent year-on-year (Q1 2018: 7,900 deals) to the lowest recorded volume since Q1 2015 (6,270 deals).

Western Europe deals by volume and value


Q1 2019 6,357 225,566

Q4 2018 8,549 299,843

Q3 2018 7,614 343,381

Q2 2018 8,100 465,577

Q1 2018 7,900 465,013

Q4 2017 7,807 318,692

Q3 2017 6,550 294,175

Q2 2017 6,724 373,672

Q1 2017 7,069 328,253

mailto:?subject=





Western Europe deals by volume and value

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





PE-backed deal top by value in Q1

The largest M&A deal by value in Western Europe in the opening three months of 2019 was also the largest PE and VC deal in the region; Hellman & Friedman teamed up with Blackstone to acquire German online marketplace Scout24 for USD 6,413 million, via acquisition vehicle Pulver Bidco. This deal was the 16th-largest globally as value in North America significantly dwarfed investment in Western Europe.

The buyout was closely followed by Switzerland-based Sunrise Communications agreeing to pick up cable television network UPC Schweiz for USD 6,300 million, while UK-based mobile telecommunications giant Vodafone Group raised USD 4,535 million through a placement of convertible bonds in the region’s third-largest M&A deal.

This deal was one of six to exceed USD 4,000 million in the three months under review and was followed by UK plastic packaging company RPC Group, which is reviewing separate offers from both Apollo Global Management and Berry Group Global of the US and is expected to make a decision next month. All of the top 20 deals by value exceeded USD 1,000 million in Q1 2019.

PE, VC value bucks trend and increases quarter-on-quarter

The value of PE and VC investment in Western Europe increased slightly to USD 55,684 million in Q1 2019, from USD 55,244 million in Q4 2018; however, it was down 10 per cent on a 12-month comparison (USD 61,803 million). In terms of volume, Q1 declined both quarter-on-quarter and year-on-year to 825 deals, from 900 deals and 973 deals, respectively, in Q4 2018 and Q1 2018.

The largest PE and VC deal in Western Europe was also the region’s largest M&A deal and involved Hellman & Friedman and Blackstone agreeing to acquire Scout24 for USD 6,413 million. This deal was the 16th-largest M&A deal globally by value and was the second-largest PE and VC deal announced worldwide in Q1 2019.

In total, 11 of the top 20 PE and VC deals by value exceeded USD 1,000 million, with the second-largest worth USD 4,306 million and involving Apollo Global Management offering to acquire UK-based plastic packaging firm RPC Group; which is also considering an alternative bid from Berry Group Global.

The UK and Germany led the PE and VC country rankings by value in Q1 2019, having featured in deals worth USD 14,466 million and USD 13,987 million, respectively. France was third by value with USD 6,677 million, followed by the Netherlands (USD 6,108 million) and Spain (USD 4,561 million). By volume, the UK was top with 259 deals, followed by France with 174 million.

UK tops country rankings by volume and value in Q1

Companies based in the UK were targeted in eight of the top 20 deals by value in Western Europe in Q1 2019, resulting in the country topping the country rankings by both volume and value, with a total of 1,557 deals worth an aggregate USD 70,857 million. Globally, the UK was third by value, behind the US (USD 421,237 million) and China (USD 126,605 million).

Six deals targeting the UK all featured in Western Europe’s top ten and, together, represented 34 per cent of total value for the country, which was up 34 per cent from USD 53,007 million in Q4 2018, despite declining slightly from USD 75,117 million in Q1 2018.

Germany was second in terms of both volume and value, with 1,154 deals worth USD 41,299 million. The Netherlands placed third by value with USD 23,129 million, followed by France (USD 21,092 million) and Switzerland (USD 16,933 million).

mailto:?subject=





Top 20 Western Europe deals by value



Announced date

1. 6,413 IBO 100% Scout24 AG DE Hellman & Friedman LLC, The Blackstone Group LP via acquisition vehicle Pulver BidCo GmbH

DE 28/03/2019

2. 6,300 Acquisition 100% UPC Schweiz GmbH CH Sunrise Communications Group AG CH 27/02/2019

3. 4,535 Capital Increase Vodafone Group plc GB 05/03/2019

4. 4,369 Acquisition 100% RPC Group plc GB Berry Group Global Inc., via acquisition vehicle Berry Global International Holdings Ltd GB 08/03/2019

5. 4,306 IBO 100% RPC Group plc GB Apollo Global Management LLC, via acquisition vehicle Rome UK Bido Ltd GB 23/01/2019

6. 4,200 Acquisition 100% Camelot Holdings (Jersey) Ltd GB Churchill Capital Corporation, via acquisition vehicle Clarivate Analytics plc GB 14/01/2019

7. 3,500 Capital Increase 3% AstraZeneca plc GB Investors; Institutional Investors 29/03/2019

8. 3,413 IBO 100% Evonik Industries AG's methacrylates business DE Advent International Corporation US 04/03/2019

9. 3,400 IBO 100% Inmarsat plc GB Apax Partners LLP, Canada Pension Plan Investment Board, Warburg Pincus International LLC and Ontario Teachers’ Pension Plan Board, via acquisition vehicle Triton Bidco (Guernsey) Ltd

GB 25/03/2019

10. 3,247 Minority stake 5% Daimler AG DE Morgan Stanley; Investors US 04/01/2019

11. 2,995 Acquisition 60% HELLA GmbH & Co KGaA DE Mr John Jakob Peter Sotje DE 12/03/2019

12. 2,800 IBO 100% Gategroup Holding AG CH RRJ Management Ltd KY 29/03/2019

13. 2,784 IBO 90% Norddeutsche Landesbank Girozentrale's non-performing shipping loans

DE Cerberus Capital Management LP US 02/02/2019

14. 2,552 Acquisition 100% ParexGroup SA FR Sika AG CH 08/01/2019

15. 2,510 IBO 100% IFCO Systems BV NL Triton Advisers Ltd; Luxinva SA GB; LU 25/02/2019

16. 2,487 Minority stake 36% Brussels Airport Company SA/NV BE QIC Ltd; Swiss Life Holding AG; APG Asset Management NV AU; CH; NL 15/03/2019

17. 2,400 Acquisition 100% Bid 2 - Decreased Rowan Companies plc GB Ensco plc GB 29/01/2019

18. 1,704 IBO 100% Eiger MidCo BV NL KKR & Co Inc. US 26/02/2019

19. 1,701 Minority stake 9% Adyen NV NL Institutional Investors 11/03/2019

20. 1,695 Acquisition 100% Provident Financial plc GB Non-Standard Finance plc GB 22/02/2019

mailto:?subject=





Target country by volume - Western Europe deals


UK 1,543 1,749 1,557

Germany 1,558 1,702 1,154

France 1,130 1,055 949

Sweden 604 662 589


Spain 638 810 444

Italy 382 463 421


Finland 198 193 113

Denmark 107 107 90

Belgium 161 121 86

Norway 100 129 75

Ireland 69 228 63

Luxembourg 60 63 61

Portugal 71 39 42

Austria 81 65 36

Turkey 122 75 25

Cyprus 25 10 16

Greece 19 18 11

Iceland 2 4 7

Target country by value - Western Europe deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

UK 75,117 53,007 70,857

Germany 124,959 48,181 41,299

Netherlands 54,827 19,154 23,129

France 39,816 32,453 21,092

Switzerland 14,068 21,332 16,933

Spain 67,471 33,050 12,841

Sweden 14,327 14,923 12,625

Italy 17,534 22,538 8,088

Belgium 9,030 2,945 4,820

Luxembourg 17,272 3,495 4,638

Norway 2,659 3,008 2,737

Denmark 7,152 6,157 2,667

Finland 3,653 11,636 2,326

Ireland 2,539 18,945 1,928

Portugal 2,035 3,086 1,040

Cyprus 2,752 1,098 724

Turkey 2,984 3,128 359

Austria 7,442 1,306 238

Greece 2,889 2,455 157

Malta 110 182 27

mailto:?subject=





Target sector by volume - Western Europe deals



Machinery, equipment, furniture, recycling 1,130 1,398 830









Banks 209 206 140









Target sector by value - Western Europe deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 112,446 67,885 76,017





Transport 45,430 24,338 9,915

Banks 18,807 13,289 8,316








Construction 11,246 12,314 3,282



Wood, cork, paper 1,101 1,516 460


mailto:?subject=





Western Europe private equity deals by volume and value


Q1 2019 825 55,684

Q4 2018 900 55,244

Q3 2018 937 60,756

Q2 2018 1,054 67,877

Q1 2018 973 61,803

Q4 2017 1,006 53,439

Q3 2017 892 50,779

Q2 2017 901 51,160

Q1 2017 974 30,425

mailto:?subject=





Western Europe private equity deals by volume and value

0

200

400

600

800

1,000

1,200

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





Top 20 Western Europe private equity deals by value



1. 6,413 IBO 100% Scout24 AG DE Hellman & Friedman LLC; The Blackstone Group LP 28/03/2019

2. 4,306 IBO 100% RPC Group plc GB Apollo Global Management LLC 23/01/2019

3. 3,413 IBO 100% Evonik Industries AG's methacrylates business DE Advent International Corporation 04/03/2019

4. 3,400 IBO 100% Inmarsat plc GB Warburg Pincus LLC; Ontario Teachers' Pension Plan Board; Canada Pension Plan Investment Board; Apax Partners LLP

25/03/2019

5. 2,800 IBO 100% Gategroup Holding AG CH RRJ Management Ltd 29/03/2019

6. 2,784 IBO 90% Norddeutsche Landesbank Girozentrale's non-performing shipping loans DE Cerberus Capital Management LP 02/02/2019

7. 2,510 IBO 100% IFCO Systems BV NL Triton Advisers Ltd 25/02/2019

8. 1,704 IBO 100% Eiger MidCo BV NL KKR & Co Inc. 26/02/2019

9. 1,691 IBO 50% Indigo Infra SA FR Natixis Investment Managers SA 27/03/2019

10. 1,300 IBO 100% E-Front SASU FR BlackRock Inc. 22/03/2019

11. 1,131 Minority stake 40% Dorna Sports SL ES Bridgepoint Advisers Ltd 19/02/2019

12. 910 IBO 100% INSEEC Executive Education SASU FR Cinven Ltd 04/03/2019

13. 849 Minority stake CitizenM Holding BV NL KRC Capital BV 26/03/2019

14. 836 Minority stake 50% Stronelairg Wind Farm Ltd; Dunmaglass Wind Farm Ltd GB; GB Greencoat Capital LLP 01/02/2019

15. 801 MBO 20% to 100% Grupo Konectanet SL ES Intermediate Capital Group plc 05/02/2019

16. 694 IBO 100% Bid 2 – Increased Karo Pharma AB SE EQT Partners AB 02/01/2019

17. 679 IBO 100% Iberica de Congelados SA ES Platinum Equity LLC 07/03/2019

18. 653 IBO majority stake EDU UK Topco Ltd GB Ardian France SA 21/02/2019

19. 585 IBO 100% DS Smith Plastics Ltd GB Olympus Partners LP 06/03/2019

20. 567 Minority stake Planbelas Sociedade Imobiliaria SA PT Oaktree Capital Management LP 14/03/2019

mailto:?subject=





Target country by volume - Western Europe private equity deals


UK 255 253 259

France 235 151 174

Germany 123 134 91

Spain 86 76 64

Italy 56 58 54


Sweden 41 35 38


Ireland 19 15 19

Belgium 17 29 15

Portugal 12 6 13

Denmark 15 14 13

Finland 24 18 8

Austria 8 10 6

Norway 13 6 6

Luxembourg 8 3 5

Iceland 0 1 2

Cyprus 3 3 1

Turkey 2 2 1

Gibraltar 0 0 1

Target country by value - Western Europe private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

UK 8,217 6,640 14,466

Germany 5,085 3,122 13,987

France 3,495 8,060 6,677

Netherlands 16,765 1,581 6,108

Spain 5,434 4,318 4,561

Switzerland 256 323 3,645

Sweden 2,247 3,582 2,425

Italy 3,444 4,324 1,807

Portugal 223 747 576

Ireland 220 14,228 404

Luxembourg 8,371 1,355 317

Belgium 225 1,000 269

Finland 161 5,293 211

Austria 15 33 128

Denmark 6,549 101 63

Norway 1,093 11 43

Iceland 0 35 7

Turkey 1 0 2

mailto:?subject=





Target sectors by volume - Western Europe private equity deals


Other services 480 468 428














Transport 11 14 10


Banks 8 2 2



Target sectors by value - Western Europe private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 9,457 13,222 22,542



Hotels & restaurants 5,749 265 4,259


Education, health 49 1,254 2,573

Gas, water, electricity 490 2,808 1,862



Food, beverages, tobacco 4,090 185 1,358

Primary sector 1,011 5 560


Banks 2,067 61 377


Transport 5,140 1,261 212





mailto:?subject=



Global M&A Review Q1 2019North America


North American M&A volume and value improve in Q1

The volume and value of M&A deals targeting North American companies increased in the opening three months of 2019: volume climbed 5 per cent from Q4’s 5,207 deals to 5,479, while value was up 33 per cent from USD 333,060 million to USD 444,044 million over the same timeframe. By contrast, the result represents a decline on the comparable quarter of 2018; in Q1 2018, there were 6,240 deals worth a combined USD 510,244 million.

The positive result, at least when compared to Q4, is unsurprising for the region given that it was targeted so frequently in the period’s top deals on a global scale. In all, North American companies were targeted in nine of the quarter’s top ten and 13 of the top 25, including the largest deal of all to have been announced during the three months under review.

As always, most of the region’s dealmaking is attributable to US targets in Q1; in all, US companies were targeted in 4,916 deals worth USD 421,237 million, compared to Canada’s 559 worth USD 23,005 million.

North America deals by volume and value


Q1 2019 5,479 444,044

Q4 2018 5,207 333,060

Q3 2018 5,355 400,649

Q2 2018 6,113 548,166

Q1 2018 6,240 510,244

Q4 2017 5,977 426,231

Q3 2017 6,061 331,899

Q2 2017 6,633 383,936

Q1 2017 7,007 398,664

mailto:?subject=





US deals by volume and value


Q1 2019 4,916 421,237

Q4 2018 4,512 316,060

Q3 2018 4,563 367,010

Q2 2018 5,226 512,282

Q1 2018 5,388 464,780

Q4 2017 5,035 401,026

Q3 2017 5,227 312,402

Q2 2017 5,494 355,269

Q1 2017 5,812 341,508

Canada deals by volume and value


Q1 2019 559 23,005

Q4 2018 688 17,186

Q3 2018 789 37,263

Q2 2018 893 37,644

Q1 2018 853 45,464

Q4 2017 946 25,334

Q3 2017 837 23,698

Q2 2017 1,143 28,250

Q1 2017 1,195 57,130

mailto:?subject=





North America deals by volume and value

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





Celgene targeted in North America’s largest deal of Q1

The most valuable deal with a North American target to have been announced during the first quarter of 2019 was also the largest deal globally over the three months as Bristol-Myers Squibb agreed to pick up Celgene for USD 74,000 million. This was worth almost USD 30,000 million more than the second-biggest North American deal of the quarter – a USD 43,000 million takeover of Worldpay by Fidelity National Information Services.

In all, seven deals targeting North American companies were worth more than USD 10,000 million during the three months under review and all of these featured US targets. The largest Canadian deal of Q1 was eighth overall as Newmont Mining is acquiring Vancouver-headquartered gold miner Goldcorp for USD 9,426 million. This was also the only Canadian deal to appear in the top 25 by value. All of the top 25 were worth in excess of USD 2,500 million.

PE and VC value up both quarter-on-quarter and year-on-year

The volume and value of North American PE and VC activity increased quarter-on-quarter in Q1 2019 as 3,903 deals worth a combined USD 92,185 million were announced over the three months, compared to the USD 79,007 million across 3,783 deals in Q4 2018.

Value was also up year-on-year, from USD 90,875 million in Q1 2018. By contrast, volume actually dropped over the same timeframe (Q1 2018: 4,123 deals). Nevertheless, Q1 2019’s results represent the second consecutive increase in the volume and value of North American PE and VC deals.

The most valuable deal of the quarter was worth USD 11,000 million and took the form of an acquisition of Ultimate Software Group by a consortium led by Hellman & Friedman and also including Blackstone, GIC, Canada Pension Plan Investment Board and JMI Equity. This was also the largest PE and VC deal to have been announced worldwide during the three months.

Second place was taken by Thoma Bravo’s planned acquisition of Ellie Mae for USD 3,700 million.

Chemicals, rubber and plastics sector attracts most value in Q1

In terms of the sectors being targeted in North America in the opening three months of 2019, the chemicals, rubber and plastics industry led the way by value, having featured in deals worth a combined USD 92,866 million. This was boosted significantly by the aforementioned USD 74,000 million Celgene acquisition, which accounted for the bulk of this amount and pushed the sector ahead of banking (USD 34,881 million). This amount was also affected by a single deal, namely, a USD 28,085 million takeover of SunTrust Banks by BB&T, which was the region’s third-largest deal by value in Q1.

Machinery, equipment, furniture and recycling placed third, with USD 24,646 million, but actually topped the sector rankings by volume, having been targeted in 270 deals. Second place was taken by publishing and printing (224), while metals and metal products came third (211).

In keeping with the overall pattern detected across North American M&A in Q1 2019, many sectors improved on Q4 in terms of volume, with machinery, equipment, furniture and recycling, as well as publishing and printing, among those sectors targeted more quarter-on-quarter.

mailto:?subject=





Top 20 North America deals by value



Announced date

1. 74,000 Acquisition 100% Celgene Corporation US Bristol-Myers Squibb Company US 03/01/2019

2. 43,000 Acquisition 100% Worldpay Inc. US Fidelity National Information Services Inc. US 18/03/2019

3. 28,085 Acquisition 100% SunTrust Banks Inc. US BB&T Corporation US 07/02/2019

4. 22,000 Acquisition 100% First Data Corporation US Fiserv Inc. US 16/01/2019

5. 21,400 Acquisition 100% General Electric Company's BioPharma business US Danaher Corporation US 25/02/2019

6. 17,300 Acquisition 100% WellCare Health Plans Inc. US Centene Corporation, via acquisition vehicle Wellington Merger Sub II Inc. US 27/03/2019

7. 11,000 IBO 100% Ultimate Software Group Inc. US Hellman & Friedman LLC, Blackstone Group LP, GIC Pte Ltd, Canada Pension Plan Investment Board and NMI Management Inc , via acquisition vehicle Unite Parent Corporation

US 04/02/2019

8. 9,426 Acquisition 100% Goldcorp Inc. CA Newmont Mining Corporation US 14/01/2019

9. 8,000 Acquisition 100% Loxo Oncology Inc. US Eli Lilly and Company US 05/01/2019

10. 7,000 Acquisition 100% WABCO Holdings Inc. US ZF Friedrichshafen AG DE 28/03/2019

11. 5,900 Acquisition 100% Versum Materials Inc. US Merck KGaA DE 26/03/2019

12. 5,750 Acquisition 100% Auris Health Inc. US Ethicon Inc. US 13/02/2019

13. 5,200 Acquisition 100% Sears Holdings Corporation's assets US ESL Investments Inc, via acquisition vehicle Transform Holdco LLC US 11/02/2019

14. 4,800 Acquisition 100% Spark Therapeutics Inc. US Roche Holding AG, via acquisition vehicle 022019 Merger Subsidiary Inc. US 25/02/2019

15. 4,800 Acquisition 62% Oaktree Capital Group LLC US Brookfield Asset Management Inc. CA 13/03/2019

16. 3,827 Acquisition 100% Versum Materials Inc. US Entegris Inc. US 28/01/2019

17. 3,700 IBO 100% Ellie Mae Inc. US Thoma Bravo LLC, via acquisition vehicle EM Eagle Purchaser LLC US 12/02/2019

18. 3,630 Minority stake NVIDIA Corporation US 31/01/2019

19. 3,500 Acquisition 100% TCF Financial Corporation US Chemical Financial Corporation US 28/01/2019

20. 3,273 IBO 44% and 100% Tallgrass Energy LP; Tallgrass Energy GP LLC US; US Enagas SA; GIC Pte Ltd; Prairie GP Acquiror LLC; Prairie ECI Acquiror LP; Prairie VCOC Acquiror LP; Prairie Non-ECI Acquiror LP

ES; SG; US; US; US; US

31/01/2019

mailto:?subject=





Target sector by volume - North America deals















Banks 53 53 38

Transport 48 35 27





Target sector by value - North America deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 150,461 103,819 184,225


Banks 4,787 4,406 34,881







Primary sector 25,121 24,682 6,616

Transport 16,891 10,478 5,662

Construction 2,694 2,571 2,947

Wood, cork, paper 7,620 2,355 2,652



Post and telecommunications 31,210 887 695

Food, beverages, tobacco 30,562 6,950 602



mailto:?subject=





North America private equity deals by volume and value


Q1 2019 3,903 92,185

Q4 2018 3,783 79,007

Q3 2018 3,688 72,126

Q2 2018 3,951 121,887

Q1 2018 4,123 90,875

Q4 2017 3,583 86,677

Q3 2017 3,615 86,605

Q2 2017 3,777 116,202

Q1 2017 4,056 72,120

US private equity deals by volume and value


Q1 2019 3,736 90,643

Q4 2018 3,576 77,467

Q3 2018 3,477 70,864

Q2 2018 3,765 112,662

Q1 2018 3,930 67,863

Q4 2017 3,435 81,879

Q3 2017 3,452 85,286

Q2 2017 3,619 115,172

Q1 2017 3,882 66,908

Canada private equity deals by volume and value


Q1 2019 161 1,532

Q4 2018 198 1,530

Q3 2018 208 4,860

Q2 2018 187 10,948

Q1 2018 193 23,012

Q4 2017 148 4,797

Q3 2017 163 1,319

Q2 2017 158 1,030

Q1 2017 171 5,185

mailto:?subject=





North America private equity deals by volume and value

3,300

3,400

3,500

3,600

3,700

3,800

3,900

4,000

4,100

4,200

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=




Page 39 © Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Top 20 North America private equity deals by value



1. 11,000 IBO 100% Ultimate Software Group Inc. US Hellman & Friedman LLC; The Blackstone Group LP; JMI Management Inc.; Canada Pension Plan Investment Board

04/02/2019

2. 3,700 IBO 100% Ellie Mae Inc. US Thoma Bravo LLC 12/02/2019

3. 3,273 IBO 44% and 100% Tallgrass Energy LP US The Blackstone Group LP 31/01/2019



6. 3,000 IBO majority stake Cox Enterprises Inc.'s 14 regional television stations US Apollo Global Management LLC 15/02/2019



9. 2,500 IBO 100% Multi-Color Corporation US Platinum Equity LLC 24/02/2019

10. 2,500 IBO 80% Direct ChassisLink Inc.; Blume Global Inc. US; US Apollo Global Management LLC 07/03/2019

11. 1,800 IBO majority stake Millennium Trust Company LLC US Abry Partners LLC 04/01/2019

12. 1,600 Minority stake 45% Targa Badlands LLC US GSO Capital Partners LP; Blackstone Tactical Opportunities Advisors LLC 19/02/2019

13. 1,500 Minority stake Infor Inc. US Golden Gate Private Equity Inc.; Koch Equity Development LLC 16/01/2019

14. 1,500 IBO 100% ConnectWise Inc. US Thoma Bravo LLC 18/01/2019

15. 1,000 Minority stake Flexport Inc. US DST Global Advisors Ltd; Susa Ventures Management LLC; SF Express Co., Lt; Xinyuan Capital Venture Capital Investment Co., Ltd

21/02/2019

16. 1,000 Minority stake Discovery Midstream Holdings II LLC US Stonepeak Partners LP 07/01/2019

17. 1,000 Minority stake Verily Life Sciences LLC US Silver Lake Technology Management LLC; Ontario Teachers' Pension Plan Board 03/01/2019

18. 1,000 IBO 100% Tank Holdings Corporation US Olympus Partners LP 26/03/2019

19. 940 Minority stake Nuro Inc. US 11/02/2019

20. 930 IBO majority stake Goodnight Midstream LLC US TPG Capital Advisors LLC 11/03/2019

mailto:?subject=





Target sectors by volume - North America private equity deals













Banks 18 23 18

Transport 14 13 11



Construction 15 8 8




Target sectors by value - North America private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 46,996 34,718 40,351



Transport 1,795 5,420 4,361




Wood, cork, paper 2,527 100 2,532

Wholesale & retail trade 305 1,317 1,670

Hotels & restaurants 2,911 1,196 712

Education, health 1,743 1,886 380

Banks 154 314 322




Construction 624 1,202 72




mailto:?subject=



Global M&A Review Q1 2019Asia-Pacific


Asia Pacific M&A activity falls to lowest recorded in almost five years

M&A targeting companies based in Asia Pacific failed to get out of the starting blocks in Q1 2019 as volume and value fell back to the lowest recorded in five years: 7,282 deals worth a combined USD 269,927 million were announced, compared to Q4 2018, when 10,014 deals totalling USD 394,829 million were announced over the three months to make the quarter the busiest of 2018.

All in all, Asia Pacific M&A volume and value in Q1 were the lowest recorded since Q2 2014 (7,223) and Q1 2014 (USD 205,595 million), respectively. However, Asia Pacific dealmaking accounted for more than a third of total global volume in Q1 (21,462 deals)and for almost a fifth of total value (USD 1,129,000 million). M&A activity targeting companies based in the region in Q1 was higher than that of Western Europe (6,357 deals worth an aggregate USD 225,566 million) and, in terms of volume, surpassed the 5,479 deals recorded for North American targets in Q1.

While there was no lack of deals worth more than USD 1,000 million announced during Q1, growth was held back regardless as no single deal exceeded USD 10,000 million and volume failed to act as a growth driver for value due to the significant quarter-on-quarter and year-on-year slump.

Asia and Asia Pacific deals by volume and value


Q1 2019 7,282 269,927

Q4 2018 10,014 394,829

Q3 2018 9,376 331,308

Q2 2018 9,580 376,210

Q1 2018 9,067 370,074

Q4 2017 10,381 466,614

Q3 2017 9,456 397,272

Q2 2017 9,284 326,579

Q1 2017 8,355 345,285

mailto:?subject=





Asia and Asia Pacific deals by volume and value

0

2,000

4,000

6,000

8,000

10,000

12,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





Three deals break USD 5,000 million-barrier

The 32 per cent slump in the value of M&A deals targeting companies based in Asia-Pacific in Q1 2019, when compared to Q4 2018, would have been worse if not for three deals each with a value of more than USD 5,000 million being announced over the quarter, all of which targeted Chinese companies.

Bank of Beijing accounts for the largest deal announced in Q1 as the lender is shoring up capital via a preference share issue worth USD 5,971 million, while pursuing a banking joint venture with ING Bank of the Netherlands. The proposed fundraiser is one of the top 25 capital increases by value targeting a Chinese lender on record.

The second-biggest Asia Pacific deal of Q1 features Shuanghui Investment and Development agreeing to absorb Henan Luohe Shuanghui Industrial in an all-scrip acquisition valued at USD 5,952 million. Upon completion, Henan Luohe Shuanghui Industrial will be dissolved. The restructuring will see Rotary Vortex exchanging its 73 per cent indirectly- and directly-owned stake in Henan Shuanghui Investment and Development to a direct 73 per cent equity interest.

The only other deal valued at more than USD 5,000 million involves Beijing EasyHome New Retail Chain carrying out a backdoor listing: listed Wuhan Zhongnan Commercial will acquire the one-stop home improvement shop for as much as USD 5,639 million.

In spite of China dominating the top 20, there were notable deals targeting companies based in India, Australia, Singapore, Thailand, Hong Kong, Kazakhstan and South Korea and they were all valued at more than USD 1,000 million. The top 20 featured mostly intra-regional dealmaking, with Brookfield Capital Partners, via Cayman Islands-incorporated BCP VIG Holdings, featuring as the only overseas acquiror.

Chinese dealmaking contributes to Asia Pacific’s overall decline

A quarter-on-quarter improvement in the volume of deals targeting companies based in Q1’s top countries by value, including India, Thailand, Myanmar, Sri Lanka and Cambodia, failed to stem the region’s overall decline in volume due to drops in China, Japan and Australia, among others.

In spite of growth being stripped away over the three months, China topped the country rankings, with 2,693 deals totalling USD 126,515 million, which represented 37 per cent and 47 per cent of the region’s total volume and value, respectively, in Q1.

With regards to a quarter-on-quarter increase in the value of deals targeting the top countries, the Maldives improved the most by percentage (Q4 2018: no value recorded; Q1 2019: USD 76 million).

PE and VC investment targets China, though Australia accounts for two of the quarter’s top three deals

PE and VC investment in Asia Pacific slumped in Q1 as the 1,068 deals totalling USD 35,510 million announced over the three months was the lowest recorded since Q1 2015 by volume (990) and Q4 2016 by value (USD 25,503 million).

Considering only seven PE and VC deals announced in Q1 were worth USD 1,000 million or more, it can be said this lack of deals with high valuations contributed to the overall decline. The largest of the quarter was worth less than USD 5,000 million and involved Brookfield Capital Partners trumping an earlier proposal for Healthscope by tabling a USD 3,182 million offer for the Australian private hospital operator. An Australian target also featured in the third-biggest deal of the quarter as a sweetened USD 1,645 million takeover offer for Navitas by a founder-private equity consortium comprising BGH Capital, AustralianSuper and Rodney Jones curried favour with the board of the Australian education company.

In spite of accounting for two of the quarter’s top three PE and VC deals, Australia placed second on the country rankings by value with USD 7,072 million, compared to China’s USD 14,577 million, which accounted for 41 per cent of the region’s total PE and VC value for the quarter.

mailto:?subject=





Top 20 Asia and Asia Pacific deals by value



Announced date

1. 5,971 Capital Increase Bank of Beijing Co., Ltd CN Investors 22/03/2019

2. 5,952 Acquisition 100% Henan Luohe Shuanghui Industrial Group Co., Ltd CN Henan Shuanghui Investment and Development Co. Ltd CN 26/01/2019

3. 5,639 Acquisition 100% Beijing EasyHome New Retail Chain Group Co., Ltd CN Zhongnan Commercial (Group) Co., Ltd CN 24/01/2019

4. 4,461 Acquisition 100% Ascendas Pte Ltd; Singbridge Pte Ltd SG; SG CapitaLand Ltd SG 14/01/2019

5. 4,192 Minority stake 11% China State Construction Engineering Corporation Ltd CN Anbang Life Insurance Co., Ltd CN 11/02/2019

6. 3,507 Capital Increase 70% Vodafone Idea Ltd IN 23/01/2019

7. 3,494 Capital Increase 22% Bharti Airtel Ltd IN Shareholders; GIC Pte Ltd NA; SG 28/02/2019

8. 3,421 Capital Increase Tata Steel BSL Ltd IN Tata Steel Ltd IN 09/01/2019

9. 3,370 Acquisition 87% Jiangyin Xingcheng Special Steel Works Co., Ltd CN Daye Special Steel Co., Ltd CN 02/01/2019

10. 3,182 IBO 100% Healthscope Ltd AU Brookfield Capital Partners Ltd, via BCP VIG Holdings LP; ANZ Hospitals Pty Ltd

KY; AU 01/02/2019

11. 3,165 Acquisition 100% GRUH Finance Ltd IN Bandhan Bank Ltd IN 07/01/2019

12. 2,707 Acquisition 37% to 100% acting in concert Hopewell Holdings Ltd HK Petrus HK Co Ltd HK 24/02/2019

13. 2,531 Acquisition 100% Xinjiang Production Construction Corps Eighth Division Tianshan Aluminum Industry Co., Ltd

CN Shimge Pump Industry Group Co., Ltd CN 27/03/2019

14. 2,242 Acquisition 21% to 100% Delta Electronics (Thailand) PCL TH Delta Electronics Int'l (Singapore) Pte Ltd SG 22/02/2019

15. 2,231 Capital Increase 23% China Merchants Securities Co., Ltd CN 12/03/2019

16. 2,226 Acquisition 100% Oceanwide Construction Holdings Co., Ltd CN Sunac Real Estate Group Co., Ltd CN 21/01/2019

17. 2,122 Capital increase to 100% Qazaqstannyng Ornyqtylyq Qory AQ KZ 22/01/2019

18. 1,964 Acquisition 100% Guangzhou Securities Co., Ltd CN CITIC Securities Co., Ltd CN 09/01/2019

19. 1,918 Capital Increase 14% CSC Financial Co., Ltd CN Investors 21/01/2019

20. 1,838 Acquisition 56% Daewoo Shipbuilding&Marine Engineering Co., Ltd KR Hyundai Heavy Industries Co., Ltd (old) KR 08/03/2019

mailto:?subject=





Target country by volume - Asia and Asia Pacific deals


China 3,978 4,259 2,693

Japan 1,135 1,067 1,017

Australia 974 1,033 755

India 684 568 580


Vietnam 275 500 358

Singapore 249 308 261

Taiwan 204 270 197

Malaysia 195 262 187

Indonesia 123 254 161

Thailand 111 144 150

Hong Kong 186 223 133

Kazakhstan 86 98 66

New Zealand 82 154 65

Philippines 21 34 31

Myanmar/Burma 3 7 18

Sri Lanka 21 6 16

Bangladesh 17 25 11

Samoa 14 15 9

Cambodia 4 6 8

Target country by value - Asia and Asia Pacific deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

China 195,055 214,908 126,515

India 37,371 28,492 38,573

South Korea 24,521 25,451 19,608

Australia 32,738 33,966 16,340

Japan 25,556 29,286 16,177

Singapore 9,224 9,465 14,127

Hong Kong 11,422 14,616 8,713

Thailand 4,193 2,422 7,190

Taiwan 11,410 6,954 7,096

Indonesia 3,512 5,622 5,214

Kazakhstan 313 3,335 4,242

Vietnam 3,534 5,993 4,161

Malaysia 6,116 5,439 1,971

New Zealand 1,372 5,149 1,727

Philippines 3,301 1,445 700

Bangladesh 218 1,830 181

Sri Lanka 363 32 118

Samoa 241 120 84

Myanmar/Burma 19 87 77

Maldives 19 0 76

mailto:?subject=





Target sector by volume - Asia and Asia Pacific deals















Banks 102 126 83






Target sector by value - Asia and Asia Pacific deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 103,542 98,987 66,891


Construction 24,114 31,721 29,320

Banks 40,075 45,895 24,102








Transport 7,581 7,983 5,811






Wood, cork, paper 1,423 1,999 715


mailto:?subject=





Asia and Asia Pacific private equity deals by volume and value


Q1 2019 1,068 35,510

Q4 2018 1,251 51,760

Q3 2018 1,468 47,366

Q2 2018 1,426 54,004

Q1 2018 1,349 47,954

Q4 2017 1,332 58,327

Q3 2017 1,244 65,794

Q2 2017 1,250 39,676

Q1 2017 1,131 41,165

mailto:?subject=





Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1,000

1,200

1,400

1,600

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





Top 20 Asia and Asia Pacific private equity deals by value



1. 3,182 IBO 100% Healthscope Ltd AU Brookfield Capital Partners Ltd 01/02/2019

2. 1,806 Minority stake 45% GMR Airports Ltd IN SSG Capital Management Ltd 27/03/2019

3. 1,645 Acquisition 100% Navitas Ltd AU BGH Capital Pty Ltd 21/03/2019

4. 1,500 Minority stake Guazi.com Inc.; Gold Maodou Technology Development (Beijing) Co., Ltd

CN; CN SoftBank Vision Fund 28/02/2019

5. 1,340 IBO majority stake Dinghao Plaza CN Partners Group Holding AG 28/03/2019

6. 1,152 IBO 100% Linde Korea Co., Ltd KR IMM Private Equity Inc. 07/03/2019

7. 1,000 IBO 100% AYUMI Pharmaceutical Corporation JP The Blackstone Group LP 15/03/2019

8. 904 IBO 100% Godiva Chocolatier Inc.'s retail and distribution business in Japan, New Zealand, South Korea and Australia

JP; NZ; KR; AU

MBK Partners HK Ltd 20/02/2019

9. 868 IBO 100% Seoul Square KR ARA Korea Ltd 28/02/2019

10. 756 Minority stake 9% SBI Life Insurance Co., Ltd IN Carlyle Group LP 01/03/2019

11. 745 Acquisition 25% to 100% DP World Australia (Holding) Pty Ltd AU Corsair Infrastructure Partners LP 22/01/2019

12. 600 Minority stake 25% Horizon Robotics Inc. CN SK Telecom (China) Ventures; Morningside Venture Capital Ltd; Hillhouse Capital Management Ltd; Shanghai Linear Investment Management Co., Ltd; Fanhai Energy Holdings Co., Ltd; Oceanpine Capital; Shenzhen Qianhai Yunhui Capital Management Co., Ltd; Xinyin Zhenhua (Beijing) Investment Fund Management Co., Ltd

27/02/2019

13. 538 IBO 60% SERVEONE Co., Ltd KR Affinity Equity Partners (HK) Ltd 26/02/2019

14. 517 IBO 100% DA Toll Road Pvt Ltd IN I Squared Capital Advisors LLC 14/03/2019

15. 500 Minority stake 25% Ziwutong (Beijing) Asset Management Co., Ltd CN Tiger Global Management LLC; Primavera Capital Management Ltd; Joy Capital Management Ltd; China Media Capital Co., Ltd; Beijing Gaorong Capital Management Consulting Co., Ltd

01/03/2019

16. 480 IBO 50% Taubman Asia Ltd's Starfield Hanam shopping centre, CityOn Xi’an shopping centre, CityOn Zhengzhou shopping centre

KR; CN; CN

The Blackstone Group LP 14/02/2019

17. 451 IBO 100% Hitowa Holdings Co., Ltd JP Polaris Capital Group Co., Ltd 05/02/2019

18. 447 Minority stake 8% WM Motor Technology Co., Ltd CN Shanghai Linear Investment Management Co., Ltd; Shanxi Taihang Industrial Investment Fund Management Co., Ltd

08/03/2019

19. 434 IBO 9% to 93% Orion Breweries, Ltd JP Carlyle Group LP; Nomura Capital Partners Inc. 23/01/2019

20. 413 Minority stake Delhivery Pvt Ltd IN Fosun International Ltd; Carlyle Group LP 06/03/2019

mailto:?subject=





Target country by volume - Asia and Asia Pacific private equity deals


China 850 586 505

Japan 175 204 189

India 154 134 106


Australia 34 63 49

Singapore 42 50 48

Indonesia 5 17 16

Malaysia 7 6 13

Vietnam 12 9 11

New Zealand 4 14 9

Hong Kong 10 24 8

Thailand 1 5 7

Cambodia 0 1 3

Philippines 0 1 2

Taiwan 7 5 2

Myanmar/Burma 1 3 2

Azerbaijan 0 0 1

Target country by value - Asia and Asia Pacific private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

China 33,395 22,305 14,577

Australia 4,253 5,763 7,072

India 1,581 4,393 5,965

South Korea 2,924 7,822 4,633

Japan 1,190 728 3,930

New Zealand 14 2,196 929

Singapore 544 5,749 917

Indonesia 1,509 73 308

Vietnam 1,037 62 116

Hong Kong 977 1,924 106

Taiwan 348 428 61

Malaysia 240 17 59

Thailand 0 11 17

Myanmar/Burma 0 6 7

Cambodia 0 2 5

Philippines 0 215 1

mailto:?subject=





Target sectors by volume - Asia and Asia Pacific private equity deals










Construction 9 9 10




Transport 4 10 6





Banks 4 0 0


Target sectors by value - Asia and Asia Pacific private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Other services 18,364 25,510 13,742



Chemicals, rubber, plastics, 1,463 1,247 3,251


Wholesale & retail trade 1,006 785 1,747

Transport 141 1,729 1,167


Construction 1,408 412 848



Primary sector 2,270 63 158

Metals & metal products 68 1,231 151


Gas, water, electricity 186 2,530 35




Banks 744 0 0

mailto:?subject=



Global M&A Review Q1 2019CEE/Russia


CEE M&A volume and value up in Q1

An uptick was recorded in both the volume and value of M&A dealmaking targeting companies based in Central and Eastern Europe (CEE) in Q1 2019 as 1,303 deals totalling USD 25,763 million were recorded, up from 1,272 deals worth USD 24,360 million in Q4 2018. That result made Q4 the lowest of 2018 in terms of both volume and value.

The increase in volume over the three months managed comes after four consecutive quarterly declines. Nevertheless, other than Q4 2018, Q1’s volume was the lowest recorded for more than a decade (Q2 2006: 1,240). On the other hand, prolific dealmaking was a partial growth driver of value as Q1 was only just shy of the USD 25,859 million-worth of deals recorded in Q1 2018.

In a global context, CEE volume and value accounted for 6 per cent and 2 per cent, respectively, of Q1’s 21,462 deals worth an aggregate USD 1,129,000 million, while one deal targeting the CEE featured in the global top 20.

Russia/CEE deals by volume and value


Q1 2019 1,303 25,763

Q4 2018 1,272 24,360

Q3 2018 1,482 53,762

Q2 2018 2,193 46,443

Q1 2018 2,371 25,859

Q4 2017 2,390 40,195

Q3 2017 2,210 22,643

Q2 2017 2,446 17,920

Q1 2017 2,320 27,551

mailto:?subject=





Russia/CEE deals by volume and value

0

500

1,000

1,500

2,000

2,500

3,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





International acquirors feature prominently in CEE top 20

CEE M&A value was propped up by six deals each worth more than USD 1,000 million in Q1, one of which was also among the top 20 global M&A deals by value. Together, these six deals, which primarily featured Russian targets, accounted for more than half of the region’s quarterly value.

A USD 7,604 million capital increase by Atomnyi Energopromyshlennyi Kompleks was the largest deal of the quarter and represented 30 per cent of the region’s total value.

The only non-Russian deal of the six was also the region’s second-biggest announced M&A deal of Q1 and involved the acquisition of Poland-based DCT Gdansk for USD 1,700 million by a consortium comprising Poland’s Polski Fundusz Rozwoju, Australian institutional investment manager IFM Investors and PSA International of Singapore.

The top 20 featured several international acquirors: Naspers of South Africa, via Netherlands-incorporated OLX, increased its 71 per cent stake in KEKh eKommerts to 99 per cent for USD 1,160 million; Accor of France bought an additional equity interest in Poland’s Orbis for USD 386 million; Schwenk Zement acquired Cemex SAB de CV’s assets in Latvia, among other international assets, for USD 381 million; FCapital Dutch announced plans to buy 11 per cent of AmRest Holdings from Gosha Holdings for USD 349 million; and Switzerland’s Coca-Cola HBC intends to fully acquire Koncern Bambi for USD 294 million.

One deal supports PE, VC value in Q1 2019

The value of PE and VC investment in companies based in CEE increased significantly against a 43 per cent decline by volume in Q1 2019, suggesting investors favoured single deals with higher valuations over prolific dealmaking. There were 45 PE and VC deals worth an aggregate USD 1,887 million announced in the opening three months of 2019, compared to 79 deals worth USD 125 million in Q4 2018.

On a 12 month comparison, volume declined 63 per cent, while value fell 56 per cent from 122 deals worth USD 4,300 million in Q1 2018. However, it is worth noting that this was the most valuable quarter of 2018. Both the volume and value of PE and VC investment in the CEE region accounted for less than 1 per cent of total global PE and VC activity as 6,014 PE and VC deals worth a combined USD 190,371 million were announced globally in Q1 2019.

One deal accounted for the lion’s share of PE and VC value for CEE in the three-month period and was also the second-largest M&A deal in the region: IFM Investors, Polski Fundusz Rozwoju and PSA International agreed to acquire Poland’s DCT Gdansk from Macquarie, among other investors, for USD 1,700 million. This deal accounts for 90 per cent of total PE and VC value in CEE over the three months.

The second-largest deal was significantly smaller as Pollen Street Capital acquired Poland-based Prime Car Management for USD 72 million. Companies based in Poland featured in five of the top 20 deals by value, Russia was targeted in 12, while Belarus, Hungary and Slovakia also featured.

Poland top by volume, Russia leads the way by value

Interestingly, having only featured in three of the top 20 deals by value, Poland was the most prolific CEE target in Q1 2019 as it was targeted in 501 deals over the three months, representing an increase of 49 per cent from 337 deals in Q4 2018, against a 34 per cent decline from 755 deals in Q1 2018. Russia, which featured in 15 of the top 20 deals by value, was a close second by volume with 447 deals, while Romania was third with 140.

In terms of value, it comes as no surprise that Russia was top with USD 20,250 million, having been targeted in the majority of the top 20 CEE deals by value. The country accounted for 79 per cent of total M&A dealmaking in the CEE region during Q1 2019.

Poland placed second by value with USD 3,226 million, followed by Latvia (USD 513 million), Romania (USD 445 million) and Serbia (USD 322 million).

mailto:?subject=





Top Russia/CEE deals by value



Announced date

1. 7,604 Capital Increase Atomnyi Energopromyshlennyi Kompleks AO RU Gosudarstvennaya Korporatsiya po Atomnoi Energii Rosatom RU 12/02/2019

2. 1,700 Acquisition 100% DCT Gdansk SA PL PSA International Pte Ltd; IFM Global Infrastructure Fund; Polski Fundusz Rozwoju SA

SG; GB; PL

19/03/2019

3. 1,168 Minority stake 19% MegaFon PAO RU 05/03/2019

4. 1,160 Acquisition 71% to 99% KEKh eKommerts OOO RU Naspers Ltd, via acquisition vehicle OLX BV NL 25/01/2019

5. 1,145 Capital Increase 73% Publichnoe Aktsionernoe Obshchestvo Energetiki i Elektrifikatsii Kubani RU 14/03/2019

6. 1,005 Acquisition 50% Novorossiiskii Morskoi Torgovyi Port PAO RU 21/01/2019

7. 706 Acquisition 86% to 97% Inter RAO EES PAO RU Tomskaya Energosbytovaya Kompaniya PAO RU 20/02/2019

8. 551 Minority stake 2% Gorno-Metallurgicheskaya Kompaniya Norilskii Nikel PAO RU Investors US 13/03/2019

9. 533 Capital Increase 2% Rossiiskie Zheleznye Dorogi OAO RU 31/01/2019

10. 491 Minority stake 8% Magnit PAO RU 05/02/2019

11. 491 Minority stake 8% Magnit PAO RU VTB Kapital AO RU 05/02/2019

12. 439 Minority stake 8% to 15% Bank VTB PAO RU Bank Finansovaya Korporatsiya Otkrytie PAO RU 03/01/2019

13. 386 Acquisition 53% to 86% Bid 2 Orbis SA PL Accor SA FR 10/01/2019

14. 381 Acquisition 100% Cemex SAB de CV's assets in Latvia; among other international assets LV Schwenk Zement KG DE 20/02/2019

15. 374 Acquisition 49% Chelyabinskii Truboprokatnyi Zavod PAO RU Mr Andrei Ilyich Komarov RU 10/01/2019

16. 349 Minority stake 11% AmRest Holdings SE PL FCapital Dutch BV NL 27/03/2019

17. 313 Minority stake 30% to 37% GAZ-Servis OAO RU Gazprom Gazoraspredelenie AO RU 10/01/2019

18. 300 Acquisition 100% Peter-Servis AO RU Kholding Intellektualnye Kompyuternye Sistemy OOO RU 08/01/2019

19. 294 Acquisition 100% Koncern Bambi AD RS Coca-Cola HBC AG CH 18/02/2019

20. 231 Capital increase to 100% Rossiiskii Selskokhozyaistvennyi Bank AO RU Federalnoe Agentstvo po Upravleniyu Gosudarstvennym Imushchestvom

RU 18/03/2019

mailto:?subject=





Target country by volume - Russia/CEE deals


Poland 755 337 501

Russia 497 461 447

Romania 149 154 140

Czech Republic 329 50 47

Estonia 74 50 42

Ukraine 258 50 32

Bosnia and Herzegovina 26 31 26

Serbia 33 21 23

Bulgaria 34 48 9

Latvia 69 10 8

Belarus 16 8 7

Macedonia 4 2 6

Hungary 48 14 4

Moldova 21 4 3

Lithuania 12 4 3

Slovakia 14 4 2

Slovenia 11 12 2

Croatia 24 9 2

Montenegro 4 3 2

Uzbekistan 0 0 0

Albania 3 3 0

Kosovo 2 0 0

Target country by value - Russia/CEE deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Russia 14,936 10,984 20,250

Poland 3,698 6,664 3,226

Latvia 26 379 513

Romania 803 963 445

Serbia 3,483 364 322

Bulgaria 3,584 3,811 319

Ukraine 2,561 208 209

Moldova 12 27 99

Belarus 0 39 81


Hungary 3,365 414 72

Macedonia 33 3 66

Montenegro 3,286 221 50

Slovenia 42 209 25

Croatia 446 101 8

Slovakia 135 0 2

Estonia 355 16 0

Lithuania 25 34 0

Uzbekistan 0 0 0

Czech Republic 1,239 8 0

Albania 34 103 0

Kosovo 18 0 0

mailto:?subject=





Target sector by volume - Russia/CEE deals



Banks 95 101 143











Transport 51 33 32







Target sector by value - Russia/CEE deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Gas, water, electricity 696 4,377 9,783

Transport 702 881 3,446


Banks 1,234 3,199 2,299


Wholesale & retail trade 3,950 290 1,218


Food, beverages, tobacco 4,270 170 895

Machinery, equipment, furniture, recycling 2,326 1,045 781


Chemicals, rubber, plastics 1,817 623 516

Primary sector 446 4,410 478








mailto:?subject=





Russia/CEE private equity deals by volume and value


Q1 2019 45 1,887

Q4 2018 79 125

Q3 2018 92 2,446

Q2 2018 85 2,649

Q1 2018 122 4,300

Q4 2017 121 2,834

Q3 2017 108 104

Q2 2017 102 1,156

Q1 2017 124 5,882

mailto:?subject=





Russia/CEE private equity deals by volume and value

0

20

40

60

80

100

120

140

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Dea

l val

ue (m

il U

SD

)


mailto:?subject=





Top Russia/CEE private equity deals by value



1. 1,700 Acquisition 100% DCT Gdansk SA PL IFM Investors Pty Ltd; Polski Fundusz Rozwoju SA 19/03/2019

2. 72 IBO 100% Bid 2 Prime Car Management SA PL Pollen Street Capital Ltd 25/02/2019

3. 50 Minority stake 10% Upravlyayushchaya Kompaniya Intergeo OOO RU RCIF Asset Management Ltd 14/03/2019

4. 10 Minority stake Karrensi Kom Bel OOO BY VP Capital; Larnabel Ventures OOO 15/01/2019

5. 10 Minority stake Packhelp Sp zoo PL White Star Capital LP; PROfounders Capital Partners LLP; Market One Capital; SpeedInvest GmbH

18/03/2019

6. 6 Minority stake Codecool Kft HU PortfoLion Kockazati Tokealap-kezelo Zrt; Lead Ventures Alapkezelo Zrt 21/02/2019

7. 6 Minority stake SDA Sp zoo PL ARIA Fund SA 06/03/2019

8. 5 Minority stake 13% Nauchno-Proizvodstvennyi Innovatsionnyi Vnedrencheskii Tsentr OOO RU Rossiiskaya Venchurnaya Kompaniya AO 11/02/2019

9. 4 Minority stake Roistat RU iTech Capital; Skolkovo-Venchurnye Investitsii OOO 04/02/2019

10. 4 Minority stake Custom Sp zoo PL TDJ-Pitango Ventures Advisory Sp zoo 23/01/2019

11. 3 Minority stake 30% Sidorin Lab OOO RU 07/03/2019

12. 3 Minority stake Brend Kvad OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov

01/03/2019

13. 2 Minority stake Keiteri OOO RU Indigo Partners LLC 04/02/2019

14. 2 Minority stake Eyerim SRO SK 3TS Capital Partners Oy; Inovo Sp zoo 13/02/2019

15. 2 Minority stake Impuls OOO RU 28/02/2019

16. 2 Acquisition 50% Kvanttelekom OOO RU Srednevolzhskaya Mezhregionalynaya Assotsiatsiya Radiotelekommunikatsionnykh Sistem AO 07/03/2019

17. 2 Minority stake Vendi OOO RU 23/01/2019

18. 1 Minority stake Gorodskie Teplitsy OOO RU Gagarin Capital Partners 12/02/2019

19. 1 Minority stake Meditsinskie Informatsionnye Resheniya OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov; Atlas Ventures Pte Ltd

05/02/2019

20. 1 Minority stake Interaktivnaya Platforma OOO RU 14/02/2019

mailto:?subject=





Target country by volume - Russia/CEE private equity deals


Russia 67 30 27

Poland 13 19 13

Belarus 0 1 2

Estonia 3 5 1

Hungary 21 4 1

Slovakia 1 0 1

Moldova 0 1 0

Macedonia 0 0 0

Lithuania 5 0 0

Montenegro 2 0 0

Romania 3 2 0

Ukraine 1 1 0

Serbia 3 0 0

Slovenia 0 1 0


Croatia 1 1 0

Bulgaria 2 8 0

Albania 1 0 0


Latvia 1 1 0

Kosovo 0 0 0

Target country by value - Russia/CEE private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Poland 350 35 1,793

Russia 90 47 76

Belarus 0 0 10

Hungary 3,326 3 6

Slovakia 0 0 2

Estonia 301 6 0

Moldova 0 27 0

Macedonia 0 0 0

Lithuania 3 0 0

Montenegro 3,286 0 0

Romania 13 2 0

Ukraine 0 0 0

Serbia 3,286 0 0

Slovenia 0 0 0


Croatia 0 0 0

Bulgaria 3,502 4 0

Albania 0 0 0


Latvia 0 0 0

Kosovo 0 0 0

mailto:?subject=





Target sectors by volume - Russia/CEE private equity deals







Transport 0 1 1






Banks 0 2 0






Construction 1 0 0


Target sectors by value - Russia/CEE private equity deals


Q4 2018 (mil USD)

Q1 2019 (mil USD)

Transport 0 1 1,700









Banks 0 27 0



Post and telecommunications 3,286 0 0





Construction 0 0 0


mailto:?subject=

Zephyr Half Year M&A Report

Notes to editors

Activity is based on the activity of the target company.

Deal status is announced within the time period.

The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr.

The date range for Q1 2019 is deals announced between 01/01/2019 - 31/03/2019 inclusive.

The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the UK.

The Asia Pacific region covers target companies based in the Far East, Southeast Asia, Central Asia and Oceania.

The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.

Advisor league tables are based on advisors advising any party in the deal i.e. acquiror, target or vendor.

Where deals have multiple targets the sector and region of each target is represented in the data.

All deal types are included except joint ventures, IPOs, planned IPOs and share buybacks.

Bureau van Dijk – A Moody’s Analytics Company

Bureau van Dijk is a leading provider of company information and delivers the richest, most reliable private company, corporate ownership and deal

information in the market via its Orbis database. Orbis currently covers more than 300 million companies across the globe. Bureau van Dijk also

researches M&A deals and publishes the M&A research solutions Zephyr and M&A Research Catalyst.

Bureau van Dijk’s product range combines data from regulatory and other sources, including 160 information partners, with flexible software to allow

users to manipulate data for a range of research needs and applications.

Bureau van Dijk became a Moody’s Analytics company in August 2017.

Zephyr – the most comprehensive deal database

Zephyr is an information solution containing M&A, IPO and venture capital deals and rumours with links to detailed financial company information. Zephyr

is the recipient of numerous recent M&A industry awards, including Best Global M&A Database 2016 at the Acquisition International M&A Awards. The

deals on Zephyr are linked to the company financials and peer reports on Bureau van Dijk’s company databases. Zephyr contains information on almost

1.9 million deals.

Orbis – powering the business of certainty

The world’s most powerful comparable data resource on private companies, Bureau van Dijk’s Orbis database provides information on more than

300 million companies across the globe, over 99% of them private. Orbis combines information from regulatory and other sources, and delivers

company information with added value. Its users can: research individual companies or groups of companies; search for companies by profile; analyse

and evaluate companies; and make better-informed decisions.

M&A Research Catalyst – combining deal and company data

Drawing data from Bureau van Dijk’s extensive company database, Orbis, and its M&A database, Zephyr, M&A Research Catalyst delivers clear and

easy-to-interpret reports specifically created for M&A research. These combine information on companies, comparable deals and valuations alongside

an interface to help you identify targets, or acquirers, and value companies. M&A Research Catalyst provides M&A-tailored information in an easy-to-

interpret report, including: financials; earnings estimates; news and deals; comparable companies and deals; DCF valuation; and valuation multiples.

Register for a free trial of our products

https://www.bvdinfo.com/en-gb/contact-us/free-trial

© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates including the Bureau van Dijk entities (collectively, “MOODY’S”). All rights reserved.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF

ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Global M&A Review Q1 2019 - bvdinfo.com · Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018...

Documents

Transcript of Global M&A Review Q1 2019 - bvdinfo.com · Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018...