Yearbook 2018 – Chile M&A prospects and trends...25.1 USD bn 15.6 USD bn 7.4 USD bn 6.4 USD bn 5.8...

Yearbook 2018 – Chile M&A prospects and trends

Deloitte Yearbook 2018 | M&A prospects and trends

2| M&A prospects and trends

M&A YearbookSummary

M&A prospects and trends | Deloitte Yearbook 2018

M&A prospects and trends | 3

“Last year, the prospects for 2018 were very optimistic. Although the the macroeconomic situation of Chile is still very good, there is perception that 100% of market expectations have not been fulfilledor at least not with the speed that was expected.

As a country, we were not oblivious to the volatility of the environment surrounding us, marked by the trade war between the US and China, protectionist policies, populists, instability in the Eurozone, and without going much further, everything that is happening within our neighboring region, in Mexico, Brazil, Argentina, etc.

Nevertheless, Chile is one of the strongest countries in the region, and without a doubt one of the most reliable and most attractive for foreign investment. In 2018 it rose to second place in the region, behind Brazil and surpassing Mexico, in terms of investment received. Undoubtedly an achievement worth celebrating, the challenge for 2019 will be to maintain this position.

The Energy and Natural resources sectors, as well as the financial industry should be highlighted as the main conduits of the investment received, which increased threefold in comparison with the previous year.Additionally, it is worth mentioning

the entry of new countries among the main investors, highlighting China among the new entrants, which undoubtedly opens the debate on the country’s strategic assets.

Expectations for 2019 are cautious however remain optimistic, marked by global economic uncertainty yet with the certainty of important investments that have already been announced.”

Pedro Castelló IglesiasLead Partner, M&A

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



25.1 USD bn15.6 USD bn

7.4 USD bn

6.4 USD bn

5.8 USD bn

4.7 USD bn

12.1 USD bn

9.7 USD bn

9.1 USD bn

1.8 USD bn

Energy and resources

FSI

TMT

Consumer industry

Real Estate

Top industries Top investorsSummary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



M&A in Chile Chile tripled its investment value received in 2018, with China and the USA being the main drivers (>60% of the total)

Completed transactions

# Transactions Total investment (USD bn)

2017 20172018 2018

48 announced transactions (not completed) in 2018

Total investment(USD bn)

13.44.4

2017 2018

# transactions

90102

2017 2018

# transactions

48262017 2018

Total investment(USD bn)

4.41.22017 2018

17

18

9

4 C onsumption

ER&I

FSI

O thers

Per industry

19

13

6

2

8C hile

Unknown

C anada

Japan

O thers

Per investor

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



7.1 USD bn

5.0 USD bn

1.0 USD bn

0.2 USD bn

0.1 USD bn

Energy and resources

FSI

Consumer industry

Real Estate

Others

Top industries

5.4 USD bn

2.8 USD bn

2.6 USD bn

1.8 USD bn

0.4 USD bn

Top investorsSummary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



Top 10 transactions completed in 2018

Target Buyer

# Date Name Industry Country Vendor Name Country USD Millions

1 Jan - 18 Cablevisión S.A TMT Grupo Clarín Telecom Argentina SA 5,874

2 Dec - 18 24% of Sociedad Química Minera

de Chile

Energy andresources Nutrien Tianqi Lithium

Corporation 4,066

3 Jan - 18 96.8% of Banmédica S.A FSI

Grupo Penta y Grupo

Fernández León

Bordeaux Holdings spa

(United Health Group)

2,699

4 Jun - 18 25 % Petrobras - Roncador

Energy andresources Petrobras Statoil ASA 2,550

5 Sept- 18 68.19% of BBVA Chile FSI

Banco Bilbao Vizcaya

Argentaria

The Bank of Nova Scotia 2,200

6 Aug - 18 49.9% XP Holding Investimentos SA FSI Guilherme

BenchimolItau Unibanco

SA 1,989

7 Jan - 18 Inkia Energy Ltd Carribean

Energy andresources

Kenon Holdings

I Squared Capital

Advisors LLC1,952

8 Jul - 18 Eletropaulo Elect| |ricidade

Energy andresources

Grupo Eletropaulo

Enel Brasil Investimentos 1,861

9 Dec - 18 Ascenty DataCenters FSI Great Hill

Partners

Stellar Participacoes

LTDA1,827

10 Feb - 18 Nidera SementesLtda Consumer

COFCO International

LtdSyngenta AG 1,400

Total 26,417

Top deals Region 3 Chilean transactions are included in the Region top-10 during 2018

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



Target Buyer

# Date Name Industry Vendor Name Country USD Millions

1 Dec - 1824 % of Sociedad Química y Minera

de Chile

Energy andresources Nutrien Tianqi Lithium

Corporation 4,066

2 Jan - 18 96.8% of Banmédica S.A FSI

Grupo Penta y Grupo

FernándezLeón

Bordeaux Holdings SPA

(United Health Group)

2,699

3 Sept- 18 68,19% of BBVA Chile FSI

Banco Bilbao Vizcaya

Argentaria

The Bank of Nova Scotia 2,200

4 Mar - 18 27.8% of Transelec

Energy andresources

Brookfield Infraestructure

Partners

Southern Power Grid

International1,300

5 Mar - 18 Japan Collahuasi Resources BV

Energy andresources

JX Nippon Mining & Metals

Mitsui & CO Ltd 421

6 Sept - 1840% of

Inversiones Neltume

Infraestructure Grupo Ultramar ATCO 344

7 May - 18Sociedad

Eléctrica Santiago (ESSA)

Energy andresources AES Gener S.A

Generadora Metropolitana

SPA307

8 Aug - 18

Servicios de Acuicultura Acuimag y

Pesquera Edén

Consumption

Inversiones El Convenio, Los

Castaños, Access, Costanera, Inasa y Administradora GP

Empresa AquaChile S.A 259

9 Dec - 18Compañia

Transmisora del Norte Grande

Energy andresources

Sociedad Eléctrica Angamos

(AES Gener)

Chilquinta Energia S.A 226

10 Jul - 18Proyecto

Hidroeléctrico Duqueco

Energy andresources

COFCO International Ltd

Innergex Renewable

Energy y Energía Llaima

210

Top deals ChileAsian countries were the leading foreign investors in Chile in 2018

Top 10 transactions completed in 2018

Total 12,032

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



M&A ProspectsOur expert team’s opinion of the future…

The perspectives of international investors continue to position Chile as one of the main destinations for their capital in Latin America in 2019. According to our M&A survey, based on answers from the main local executives, infrastructure and energy will be the industries with higher investment expected this year.

By nature, the markets are changing and companies are adapting to these changes; they have already adapted to the new requirements of free competition laws, however it is now imperative that M&A processes take into account and take measures in relation to risks created by the new regulations, so as not to inherit undetected contingencies in the acquiring companies.

Gabriela RomeroPartner M&A Transaction Services

Ignacio ConchaPartner M&A Legal

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



M&A ProspectsOur expert team’s opinion of the future…

In a global world characterized by high volatility, companies have had to adapt to a changing economic environment, where it is ever more important that an acquisition process is prioritized by strategic considerations and the creation of effective value. Measurable synergies, access to new markets, among others, are factors of much greater relevance than just growth.

Greater activity is seen in the real estate world, as a result of the AFP being authorized to invest in alternative assets. The vendor due diligence is already becoming a common practice in our market. The limitation of tax goodwill and tax reforms did not limit the M&A activity, although it could have reduced the potential prizes.

Jaime RetamalPartner Corporate Finance

Paula OsorioPartner M&A Tax

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



M&A Yearbook



M&A Yearbook Completed transactions in Chile in 2018 - Energy and Resources

Target Buyer

# Date Name Name Country Value (USDm)

1 25-01-2018 Sunpower Corp - El Pelicano Actis LLP -

2 26-01-2018 Marquesa Glp Spa Empresa Lipigas SA -

3 06-02-2018 Sinea SA Nexus Group SA 80

4 11-03-2018 Eco-Logica SA Grupo Prisma de Chile SPA -

5 15-03-2018 ETC Transmision Holding (Transelec) China Southern Power Grid International (HK) 1,300

6 19-03-2018 Cominor SA-La Coipa Mining Cia Minera Mantos de Oro -

7 25-03-2018 Enel Green Power-Renewble Asts Enel Chile SA -

8 31-03-2018 Japan Collahuasi Resources BV Mitsui & Co Ltd 421

9 27-04-2018 Aguas Chanar Sa Investor Group -

10 1-05-2018 Impulso Solar Las Lloysas Sas Disa Renovables SL -

11 9-05-2018 Lithium Chile Inc-Chilean Cppr Shareholders -

12 09-05-2018 SCM Berta SA Minera Coro Chile Ltda 1

13 10-05-2018 Sociedad Eleca Santiago SPA Generadora Metropolitana SPA 307

14 18-05-2018 Undlsd Copper Mining Assets,Ch KPOC Mining Chile Inc -

15 1-06-2018 Cuprum Resources Chile Ltda Santiago Metals Invest Hldg 24

16 04-07-2018 Comercial Pac Ltda-Lubricants Fuchs Petrolub SE -

17 5-07-2018 Energia Ibener SA-Rio Duqueco Investor Group 210

18 12-07-2018 Centinela Transmision SA Red Electrica Chile SPA 117

19 20-07-2018 BC Bearing Chile SA Kupfer Hermanos SA 16

20 24-07-2018 Gas Valpo Investor Group -

21 07-08-2018 Inversiones Aguas Undisclosed Acquiror Unknown 100

22 21-08-2018 Pattern Energy Grp Inc-Chile Arroyo Energy Invest Partners 67

23 21-08-2018 El Arrayan Wind Farm Project Arroyo Energy Invest Partners 28

24 29-08-2018 GR Laurel SpA IEH Solar Chile SPA -

25 29-08-2018 GR Litre SPA IEH Solar Chile SPA -

26 30-08-2018 Minera Salar Blanco SA Lithium Power Intl Ltd 2

27 12-09-2018 Minera Cerro-Plant Minera Del Norte 13

28 07-11-2018 Sociedad Constructora Busel NMC International SARL -

29 19-11-2018 Red Megacentro SA Inversiones Siemel SA 123

30 29-11-2018 Undisclosed Photovoltaic Disa Energia Electrica SL -

31 05-12-2018 Undisclosed Solar Power Grupo Disa -

32 05-12-2018 Sociedad Quimica Y Minera De Chile Inversiones TLC SpA 4,066

33 06-12-2018 CAM Chile SpA Engie SA 26

34 05-12-2018 Undisclosed Solar Power Chilquinta Energia Sa 226

Total 7,127

Source: Thompson One and Landmark

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



Completed transactions in Chile in 2018 - Consumption

Completed transactions in Chile in 2018 - Real Estate

Target Buyer


35 04-01-2018 Viña San Pedro Tarapaca SA Jiangsu Yanghe Distillery Co 66

36 16-01-2018 Forestal Tierra Chilena Ltda HTRG -

37 26-01-2018 Viña San Pedro Tarapaca SA CCU Inversiones SA 80

38 16-02-2018 Tamaya Gourmet SA Empresas Iansa SA -

39 07-03-2018 Andes Airport Svcs SA Acciona Airport Services 39

40 27-03-2018 Inversiones O Dos SA Smartfit Escola De Ginastica -

41 10-04-2018 Genova Servicios Auzo-Lagun S Coop -

42 11-04-2018 Living La Dehesa Fondo de Inversión Inmobiliaria Cimenta Expansión 19

43 17-04-2018 Sociedad Concesionaria Tunel Conpax Energia Y Concesiones -

44 22-04-2018 SL Group OUTSOURCING Inc -

45 26-04-2018 Fruticola Olmue SA Empresas Sutil SA -

46 27-04-2018 Santabrasa Sociedad Civitano Lanacional -

47 08-06-2018 Aquachile Benchmark Holdings PLC 16

48 21-06-2018 La Ermita Pubill Bros -

49 06-07-2018 Bicicletas Públicas de Santiago SPA Tembici -

50 18-07-2018 Fruticola San Pablo SA-Ranch Limoneira Co 13

51 19-07-2018 Blanco y Negro SA Inversiones III Ltda 2

52 02-08-2018 Servicios De Acuicultura Empresas AquaChile SA 259

53 12-09-2018 Inversiones Neltume Ltda ATCO Ltd 344

54 03-10-2018 Comercializadora Novaverde SA Investor Group 80

55 04-10-2018 Pesquera Bahia Caldera Sa Blumar SA 5

56 09-10-2018 Alef Biotech SpA Tilray Inc 4

57 15-11-2018 Maco SA-Light Vehicle Division Empresas Tattersall SA -

58 29-11-2018 AD Retail SA Inversiones Baracaldo Ltda -

59 26-12-2018 San Luis de Quillota SADP Cristian Le Bihan -

60 27-12-2018 Orizon SA Investor Group 20

61 27-06-2018 Compañía Chilena de Valores Loomis 29

Target Buyer


62 28-06-2018 Empresas Juan Yarur-Shopping Btg Pactual Rentas 16

63 31-08-2018 Inversiones Confuturo- Shop Inmobiliaria Centros 89

64 10-09-2018 Mini Storage De Chile SA Aki KB Minibodegas SPA -

65 13-11-2018 Open Plaza El Bosque Arauco Centros Comerciales 73

66 18-12-2018 IBF Rentas Uno SpA-Properties Mutual de Seguros de Chile 6

Subtotal 976


Subtotal 184


Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



Completed transactions in Chile in 2018 - FSI

Completed transactions in Chile in 2018 - Others

Target Buyer


67 25-01-2018 Banmedica SA Bordeaux Hldg Spa 2,699

68 12-03-2018 Econsult Asesoría de Inversiones SA Investor Group -

69 03-04-2018 Creditos Org-credit port Fondo De Inversion Privado 82

70 04-04-2018 Inversiones Mineras SA Teck Resources Ltd 53

71 10-04-2018 Lazo Y Cia Prodora De Seguros Arthur J Gallagher & Co -

72 21-06-2018 Pluskapital Corredores de Bolsa SPA Investor Group -

73 28-06-2018 Inversiones Las Fuentes SA Investor Group -

74 05-07-2018 Eurocapital SA Inversiones Montesclaros Ltda -

75 13-07-2018 Finmas Corredores Asesorías e Inversiones del Corralero SpA -

76 01-09-2018 Banco Bilbao Vizcaya Nova Scotia Inversiones Ltda 2,200

77 04-10-2018 FGR Group Investor Group -

78 19-11-2018 Latam Factors SA Investor Group 5

Target Buyer


79 13-06-2018 Laboratorio De Diagnostico Gam Labs & Technological Svcs AGQ -

80 09-08-2018 Spectrum Cannabis Chile Spa Canopy Growth Corp -

81 13-11-2018 Seniority Chile SA Geriavi SA -

82 26-06-2018 Empresas Masvida S.A. Valmar y Madesal 24

83 04-01-2018 Falabella Ret SA-Data Ctr Grupo GTD SA -

84 08-01-2018 Ipsum Investor Group 1

85 31-07-2018 Canal Comite Olmpico De Chile Miguel Nasur -

86 20-08-2018 Camel Technologies Manutara Ventures SA 1

87 03-09-2018 Coasin Chile SA Logicalis Group Ltd 20

88 15-10-2018 Jooycar SPA HCS Capital Partners LLC 3

89 19-10-2018 Aude Systems SPA Manutara Ventures SA 0

90 23-10-2018 The Bonding SpA Grupo DNA -

Subtotal 5,039


Subtotal 49

Total 13,374


Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



Announced transactions in Chile 2018Announced transactions in Chile in 2018 - Energy and Resources

Completed transactions in Chile in 2018 - FSI

Target Buyer


1 31-01-2018 Buccaneer Hldg Ltd-Mejillones Handa Copper Corp 4

2 05-03-2018 Metminco Ltd-Non Core Asts Seeking Buyer Unknown -

3 28-03-2018 Hormigones Independencia SA Unicon 22

4 05-04-2018 Rentas Bgs SA Orpea SA -

5 03-05-2018 Kingsgate Cnsld Ltd-Nueva Seeking Buyer Unknown -

6 22-05-2018 Minera Altos De Punitaqui Xiana Mining Inc 25

7 01-06-2018 Mantos Copper SA Seeking Buyer Unknow -

8 19-06-2018 Sociedad Gnl Mejillones SA Seeking Buyer Unknow -

9 19-06-2018 BHP Billiton Ltd-Cerro Colorado EMR Capital Advisors Pty Ltd 320

10 22-06-2018 Sembcorp Utilities (Chile) SA Seeking Buyer Unknown -

11 25-06-2018 Minera Cachinal SA Aftermath Silver Ltd 1

12 16-07-2018 Aislantes Nacionales SA Henkel AG & Co KGaA -

13 31-07-2018 Parque Eolico Los Cururos Seeking Buyer Unknown -

14 31-07-2018 Aguas de Antofagasta SA Seeking Buyer Unknown -

15 01-08-2018 Minera Mandalay Challacollo Aftermath Silver Ltd 9

16 08-08-2018 Chilean Lithium Salars SPA MGX Minerals Inc 2

17 25-09-2018 Chilean Cobalt Opportunity Cameo Cobalt Corp 2

18 04-12-2018 Minera Teck Quebrada Blanca Sumitomo 1,250

Target Buyer


19 10-01-2018 Sociedad de Recaudación y Pagos de Servicios Ltda Banco Santander Chile SA -

20 07-02-2018 Forum Servicios Financieros SA Seeking Buyer Unknown -

21 07-03-2018 Neg. de Rent. Vit. de Seg. de Vida Sura S.A. BICE Corp S.A. 232

22 12-03-2018 Travel Ace Chile Sa Zurich Insurance Group AG -

23 15-03-2018 Euroamerica Administradora Chilena Consolidada Seguros 155

24 30-04-2018 Tanner Servicios Financieros Inversiones Bancarias SA -

25 29-06-2018 Gabriela Mistal Los Heroes - Caja de Compensacion de -

26 27-11-2018 Baninter Factoring SA Inversiones La Construccion SA -

27 27-11-2018 Banco Internacional SA Inversiones La Construccion SA 49

Subtotal 1,635


Subtotal 436


Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



Announced transactions in Chile 2018Announced transactions in Chile in 2018 - Consumption

Completed transactions in Chile in 2018 - Others

Target Buyer


28 24-01-2018 Empresas La Polar SA Rentas Vc Limitada 18

29 15-03-2018 Inversiones Mitta Spa Mitsui & Co Ltd -

30 07-05-2018 Terminal Puerto De Arica SA Seeking Buyer Unknown -

31 14-05-2018 Atton Hoteles SA Investor Group 365

32 01-06-2018 Salmones Friosur Sa Exportadora Los Fiordos Ltda 235

33 08-06-2018 Salmones Chaicas SA Benchmark Genetics Chile Spa 27

34 17-07-2018 Degasa Holding Spa Undisclosed Acquiror Unknow -

35 06-07-2018 Empresas AquaChile SA Agrosuper SA 570

36 20-08-2018 Sacyr Concesiones Chile SA Seeking Buyer Unknown -

37 21-08-2018 Casino de Juegos del Pacifico Enjoy Gestion Ltda -

38 21-08-2018 Casino Gran Los Angeles SA Enjoy Gestion Ltda -

39 03-09-2018 Empresas Iansa SA-Curico Plant Seeking Buyer Unknown -

40 31-10-2018 Pizza Hut Inc-Pizza Rest Telepizza Chile SA -

41 06-11-2018 Surmar SA Invertec Pesquera Mar -

42 07-11-2018 Intl Credit Rating Cia Moodys Corp -

43 18-11-2018 Australis Seafoods SA Joyvio Group Co Ltd 888

44 18-12-2018 Empresas JY SA-Vina Morande Watt’s SA -

Target Buyer


45 15-11-2018 Capital Advisors Inc-Office Toesca y Metlife 250

46 27-04-2018 White Label MKT SPA Dentsu Aegis Network Ltd -

47 22-09-2018 Adexus SA Seeking Buyer Unknown -

48 26-11-2018 Fidelitas Entertainment SpA Investor Group -

Subtotal 2,103 Source: Thompson One and Landmark

Subtotal 250 Total 4,424 Source: Thompson One and Landmark

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte



M&A Deloitte Deloitte is the global leader in M&A services in volume of transactions closed in 2018

Survey conclusions Deloitte M&A 2018 Seminar on economic and financial prospects in Chile

The National Economic Prosecutor, Sir Mario Ybar, assisted

- Good M&A prospects, moderate optimism for the following years. - Energy and resources, Real estate and infrastructure are Hot industries for 2019.

- Current situation and government and favorable for investments in Chile.

Deloitte’s annual seminar of prospects and trends in M&A

#2

Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte #2Fuente: Deloitte



Main transactions advised by Deloitte Chile in 2018Summary 2018

M&A in the region

M&A in Chile

Top deals

M&A Prospects

M&A Yearbook

M&A Deloitte

acquires

acquires

acquires

acquires

SL GROUP

MASVIDA

ANDES AIRPORT SERVICES

acquires

acquires

acquires

acquires

Transaction value

Transaction value

Transaction value

Transaction value

Transaction value

Transaction value

Transaction value

Transaction value

232 USDm

Unknown

24 USDm

39 USDm

3,099 USDm

344 USDm

26 USDm

Unknown

Buy-side

Buy-side

Buy-side

Buy-side

SCOTIABANK

ATCO

ENGIE

ENJOY

Sell-side

Sell-side

Sell-side

Sell-side

- Announced -

- Completed -

- Completed -

- Completed -

- Completed -

- Completed -

- Completed -

- Completed -

SURA

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Central office

Rosario Norte 407Las Condes, SantiagoChileFono: +56 227 297 000Fax: +56 223 749 [email protected]

Regions

Av. Grecia 860Piso 3AntofagastaChileFono: +56 552 449 660Fax: +56 552 449 [email protected]

Alvares 646Oficina 906Viña del MarChileFono: +56 322 882 026Fax: +56 322 975 [email protected]

Chacabuco 485Piso 7ConcepciónChileFono: +56 412 914 055Fax: +56 412 914 [email protected]

Quillota 175Oficina 1107Puerto MonttChileFono: +56 652 268 600Fax: +56 652 288 [email protected]

Pedro Castelló IglesiasLeading Partner M&A+(562) 2729 [email protected]

Jaime RetamalPartner Corporate Finance+(562) 2729 [email protected]

Gabriela RomeroPartner M&A Transaction Services+(562) 2729 [email protected]

Ignacio Concha VialPartner M&A Legal+(562) 2729 [email protected]

Paula OsorioPartner M&A Tax+(562) 2729 [email protected]

Marcela CorderoPartner M&A Post Merger Integration+(562) 2729 [email protected]

Contacts

Yearbook 2018 – Chile M&A prospects and trends...25.1 USD bn 15.6 USD bn 7.4 USD bn 6.4 USD bn 5.8...

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Transcript of Yearbook 2018 – Chile M&A prospects and trends...25.1 USD bn 15.6 USD bn 7.4 USD bn 6.4 USD bn 5.8...