Monthly MA Insider May 2013 Final

A mergermarket report on global M&a activity
MONTHLY M&A INSIDER

May 2013
INSIDE:
GLOBAL OVERVIEW
LATIN AMERICA
NORTH AMERICA
ASIA-PACIFIC
EUROPE
MIDDLE EAST & AFRICA
ABOUT MERRILL DATASITE & MERRILL CORPORATION
Monthly M&A Insider | May
global overview
In April 2013, dealmaking figures continued to disappoint. Deal volume dropped 33% YoY to 721
deals, while collective value decreased by 30% to US$135.7bn. Across several sectors, the upper
end of the market was busy enough to sustain deal value as activity in the middle and lower end
of the market faltered.
Innovation in Pharmaceuticals, Medical
& Biotech
The Pharmaceuticals, Medical & Biotech sector saw a fall in
deal volume of 29% YoY to 53 deals, while value rose 28% YoY
to US$28.9bn in April. The sector as a whole seems primed for
activity, with sizeable pharmaceutical companies looking to tap
into the ingenuity and specialisation of smaller biotech firms.
One blockbuster deal was behind this jump, Thermo Fisher
Scientifics announced US$15bn takeover of Life Technologies
Corp, both based in Delaware. The deal will give Thermo Fisher
Scientific a foothold in genetic sequencing, a segment that has
become particularly important as the genetic factors underlying
illnesses are being identified more frequently than ever before.
Expansion drives Consumer sector growth
In a more controversial move, Anglo-Dutch personal care giant

Unilever has announced a US$5.4bn purchase of a 22.5% stake in
Hindustan Unilever, increasing its already majority share to 75%.
The deal has attracted criticism from several angles, as many of
Unilevers shareholders believe the offer egregiously overvalues
the Mumbai-headquartered company, while Hindustan Unilevers
minority stakeholders believe that the current price undervalues
the company based on its projected future earnings. But the
deal seems to be more about control than earnings. Indias
Companies Bill, passed through the lower house of the Indian
parliament in late 2012, strengthens the hand of minority
shareholders. Unilever may be trying to avoid future squabbles
by increasing its share of Hindustan Unilever now.
Private equity interest in Technology businesses
Consumer deals similarly witnessed a spike in value up

26% YoY to US$34.4bn in the month while volume dropped
31% to 99 deals over the same period. The biggest deals
were generated by trade players looking to consolidate their
market positions for the long-term. Joh. A. Benckiser, the
Dutch holding company focusing on consumer goods, made
public its plans to acquire a majority stake in Netherlandsbased coffee and tea company DE Master Blenders for
US$8.6bn. For Joh. A. Benckiser, this deal follows the
acquisitions of US-based Peets Coffee and Tea and the
Caribou Coffee Company, as it attempts to become a major
player on the global coffee scene.
Technology M&A activity has been hit harder than the

Pharmaceuticals, Medical & Biotech or Consumer sectors.
While value increased by a negligible 0.2% YoY to US$9.3bn,
volume nearly halved, plummeting to 65 deals in April. Values
ability to stay level (although uninspiring in itself) is thanks to
a handful of large-cap transactions. This past month, private
equity firms were particularly interested in launching largecap technology buyouts. For instance, a consortium comprised
of Bain Capital, Golden Gate Capital, GIC Special Investments
and Insight Venture Partners announced plans to take data
management company BMC Software private for US$6.7bn.
The deal will help BMC enter a period of re-invention and
development, particularly regarding its cloud capabilities,
without being beholden to shareholder pressures.
Head of Research: Elias Latsis
Global overview: Kristina Thompson and Fabio Lopes
Editor: Laura Resetar
Latin America: Ashley Klepach and Daniel Bratkowski
For advertising opportunities contact:

Erik Wickman
Tel: + (1) 212 686 3329
erik.wickman@mergermarket.com
North America: Urna Chakraborty and Dan Kim

Asia-Pacic: Samuel Wong and Brandon Taylor
Europe: Alan Nasrat, Lucia Costa and Alicia Molina
Middle East & Africa: Silvia Paparello and Vinjeru Mkandawire
Monthly M&A Insider | May | 01
TREND GRAPHS
GLOBAL M&A QUARTERLY TREND
GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND
1,400
1,200
4,500
400
900
4,000
350
800
3,500
2,000
600
Value (US$bn)
Value (US$bn)
2,500
1,500
400
Total value
Mid-market value
Total volume
200
100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Buyout value
Exit value
Buyout volume
Exit volume
GLOBAL M&A ANNUAL PRIVATE EQUITY TREND
4,000
18,000
900
3,500
16,000
800
14,000
700
12,000
600
3,000
3,500
3,000
500
2,000
400
1,500
6,000
300
4,000
200
2,000
100
Number of deals
8,000
1,500
Number of deals
10,000
2,000
Value (US$bn)
2,500
2,500
1,000
1,000
500
0
300
Mid-market volume
GLOBAL M&A ANNUAL TREND
Value (US$bn)
400
150
50
500
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
500
200
100
1,000
200
600
250
Number of deals
800
Number of deals
3,000
700
300
1,000
2007
2008
Total value
2009
2010
Mid-market value
GLOBAL OVERVIEW
2011
Total volume
2012
YTD 2013*
Mid-market volume
500
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
GLOBAL M&A GEOGRAPHIC BREAKDOWN YTD 2013

VALUE
VOLUME
1.5%
4.0%
2.3%
Asia-Pacific
24.3%
4.3%
Asia-Pacific
26.8%
Europe
Europe
North America
Middle East & Africa
North America
Middle East & Africa
26.7%
Central & South America
31.0%
Central & South America
39.3%
39.9%
GLOBAL M&A SECTOR BREAKDOWN YTD 2013

VALUE
VOLUME
1.2%
0.7% 3.3%
1.6% 0.3%
4.7%
0.4%
7.9%
2.8%
2.8%
Industrials & Chemicals
25.3%
Business Services
Financial Services
4.2%
Technology
Technology
Energy, Mining & Utilities
21.3%
Pharma, Medical & Biotech
7.3%

13.7%
Leisure
Transportation
10.0%
6.9%
10.3%
Telecommunications
Agriculture
Defence
GLOBAL OVERVIEW
8.3%
Transportation
Media
Media
Real Estate
Leisure
Construction
Construction
4.6%
Consumer
3.7%
Business Services
Financial Services
20.8%
3.3%
Consumer
1.6%
1.7% 1.2%
0.4%
9.0%
11.2%
9.6%
Real Estate
Telecommunications
Agriculture
Defence
TREND GRAPHS
GLOBAL M&A DEAL SIZE BREAKDOWN YTD 2013

VALUE
VOLUME
100
100
90
98
80
27.4%
39.6%
42.0%
40.5%
30.0%
29.4%
27.5%
96
50
20
10
0
19.1%
19.7%
21.8%
17.0%
15.3%
16.5%
23.0%
19.3%
20.5%
8.9%
7.9%
9.7%
10.1%
9.6%
9.3%
12.5%
14.5%
14.6%
15.0%
14.6%
13.7%
14.3%
2007
2008
2009
2010
2011
2012
YTD 2013*
40
30
0.6%
0.5%
0.4%
0.5%
0.4%
0.3%
1.3%
0.9%
1.0%
1.1%
1.1%
1.1%
1.1%
3.8%
3.7%
4.7%
4.8%
4.8%
4.5%
4.8%
4.7%
89.3%
88.8%
89.0%
2010
2011
2012
5.5%
94
20.4%
60
27.5%
7.9%
GLOBAL OVERVIEW
26.2%
27.5%
27.0%
Percentage
Percentage
70
0.7%
4.6%
92
90
3.9%
4.5%
4.1%
5.1%
88
86
84
90.1%
90.9%
2008
2009
87.4%
90.0%
82
80
2007
YTD 2013*
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
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a mergermarket M&A report on
Latin america
Latin America had 30 deals in the month of April with an overall value of US$5.4bn. The surprise
for this month was Peru, which was the second most active country by deal value. This is due
in large part to one of the biggest deals of the month, Cermaq ASAs 82.12% stake acquisition
of Peru-based Copeinca ASA worth US$784m. This deal fell in the Consumer sector, which had
the highest deal volume with seven deals totalling US$938m. The Automotive and Financial
Services sectors were tied second by volume with three deals each, coming in at US$103m and
US$174m, respectively.
The Communications sector had the third largest deal in
April: Guatemalas Corporacion Multi Inversiones US$500m
acquisition of Telefonica SAs operations in the country. All in all,
the month represents a significant slowdown for M&A activity
with 30 deals totalling US$5.4bn, which is less than half of the
65 deals that closed out the month of April in the previous year.
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012, which saw 196 deals. Private Equity has
seen a slowdown, with six buyouts and seven exits. Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits.
Not surprisingly, Brazil was the most productive country of
the month, with 18 deals totalling US$3bn and averaging
US$171m per deal. The country was also host to the largest
deal in the Business Services sector, Kroton Educacionals
US$2.6bn acquisition of Anhanguera Educacional Participaes.
The deal represented a two year plan by the company for the
consolidation of educational services. educational services
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector.
Brazil will continue to be a focal point for M&A activity in 2013.

With the 2014 World Cup and the 2016 Olympic Games coming
up ahead, Brazils construction sector is expecting continued
growth towards the end of the year. One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country, the Maracana. The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistas
IMX. A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process, suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid. As a result, investors continue to
grow weary of these and other historical interventions by the
government with regards to M&A activity.
TOP DEALS
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company
Target company
Target dominant
sector
Seller company
Exit multiples (x)

Revenue EBITDA
P/E
Bid premia
Deal
1-day
value
before
(US$m)
22-Apr-13
Kroton Educacional SA
Anhanguera Educacional
Participacoes SA
Business Services
2.1
19.3
33.3
0.1%
2,636
05-Apr-13
Cermaq ASA
Copeinca ASA
(82.12% stake)
Consumer
2.9
8.8
11.2
-0.6%
784
23-Apr-13
The Bank of Nova

BBVA Horizonte AFP
Scotia; and SURA Asset
Management Espana
Financial Services
n/a
n/a
4.9
-2.1%
516
30-Apr-13
Corporacion Multi
Inversiones
Telefonica SA (Operating
assets in Guatemala,
El Salvador, Nicaragua
and Panama) (40% stake)
Telecommunications Telefonica SA
500
04-Apr-13
Empresa Nacional de
Telecomunicaciones
Nextel Del Peru SA
Telecommunications NII Holdings Inc
400
29-Apr-13
Randon SA
Suspensys Sistemas
Automotivos Ltda
(50% stake)
Industrials &
Chemicals
Meritor Inc
195
17-Apr-13
Carsales.com Limited
WebMotors SA (30% stake)
Industrials &
Chemicals
Banco Santander
(Brasil) SA
91
22-Apr-13
GAM Participacoes e
Empreendimentos
Floralco Acucar e
Alcool Ltda
Consumer
75
12-Apr-13
Grupo Sutton
Plaza Hotel
Leisure
55
15-Apr-13
RP Administracao e
Participacao
Frinal S/A Frigorifico e

Integracao Avicola
Consumer
0.6
41
n/a=not applicable
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
LATIN AMERICA
Banco Bilbao Vizcaya

Argentaria SA
Source: mergermarket
TREND GRAPHS
LATIN AMERICAN M&A QUARTERLY TREND
70
LATIN AMERICAN M&A QUARTERLY

PRIVATE EQUITY TREND
250
60
200
4,500
18
4,000
16
3,500
14
3,000
12
2,500
10
2,000
1,500
1,000
500
30
100
Value (US$m)
40
Number of deals
150
Number of deals
Value (US$bn)
50
20
50
10
0
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
Mid-market volume
Buyout value
LATIN AMERICAN M&A ANNUAL TREND
160
700
8,000
600
7,000
140
300
60
200
40
100
20
Total value
LATIN AMERICA
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
Value (US$m)
Value (US$bn)
80
2009
Exit volume
60
50
40
5,000
4,000
30
3,000
Number of deals
400
Number of deals
100
2008
Buyout volume
6,000
500
120
2007
Exit value
LATIN AMERICAN M&A ANNUAL

180
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
20
2,000
10
1,000
0
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2013

VALUE
VOLUME
1.0%
3.3%
Brazil
10.0%
Brazil
Costa Rica
31.5%
Chile
3.3%
Ecuador
El Salvador
Mexico
Peru
Argentina
Costa Rica
Ecuador
3.3%
El Salvador
3.3%
Mexico
Peru
6.7%
Argentina
57.1%
60.0%
0.4%
10.0%
9.3%
0.3%
0.4%
LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2013

VALUE
VOLUME
1.0%
6.0%
16.7%
3.3%
3.3%
Consumer
17.4%
Business Services
Financial Services
3.3% 3.3%

26.7%
3.3%
Leisure
Business Services
Financial Services
3.3%
Telecommunications
9.7%
Consumer
Telecommunications
6.7%
Leisure
Transportation
Construction
10.0%
Real Estate
Agriculture
23.3%
49.1%
LATIN AMERICA
13.3%
TREND GRAPHS
LATIN AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2013

VALUE
VOLUME
0.2%
100
80
9.2%
16.1%
29.0%
30.5%
12.9%
29.3%
Percentage
34.4%
27.9%
2007
10.0%
10.1%
14.7%
14.9%
2008
2009
9.6%
13.3%
7.5%
LATIN AMERICA
9.4%
2010
15.1%
15.6%
2011
2012
6.7%
7.7%
0.6%
1.2%
4.7%
5.3%
0.3%
1.8%
6.8%
5.3%
1.2%
2.0%
8.1%
0.8%
1.1%
0.3%
0.9% 2.1%
6.1%
6.2%
4.9%
5.0%
6.8%
7.0%
87.0%
85.8%
86.0%
2011
2012
YTD 2013*
6.7%
70
60
50
24.8%
15.8%
20.8%
30.5%
33.5%
24.5%
20
19.0%
36.5%
40
10
18.4%
20.3%
0.9%
80
16.1%
60
30
90
34.4%
39.3%
70
50
21.5%
Percentage
90
100
16.8%
18.3%
YTD 2013*
84.5%
88.2%
85.8%
82.0%
40
30
20
2007
2008
2009
2010
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
north america
The second quarter of the year started off with 186 deals worth US$42bn, a 46.4% decrease
by volume and a 51.3% decrease by value when compared to April 2012 (347 deals worth
US$86.2bn). Private Equity activity also slowed significantly from last year, with 26 buyouts
worth US$3.8bn and 29 exits worth US$4bn compared to last years 72 buyouts and 59 exits
valued at US$9.9bn and US$12.5bn respectively.
The top deal for the month was Thermo Fisher Scientifics
US$15bn acquisition of Life Technologies Corp in the
Pharma, Medical & Biotech sector, a huge boost to the
sectors total value, bringing it to US$18.9bn in April
alone. This represents a 52% increase in value from April
2012, which saw US$12.4bn in deals. The sector also saw
the most high value transactions, with three top deals
collectively worth US$17.1bn, taking 45.1% of total market
share by value.
The Industrials & Chemicals sector saw a 126% increase
in deal value from April 2012, the highest out of all
sectors, due to two top deals totaling US$4.7bn which
includes the US$3.2bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacifics US$1.5bn
acquisition of Buckeye Technologies. Overall, all sectors
saw a decrease in volume from the comparable period last
year, except for the Telecommunications sector which saw
no change.
We have been seeing activity in the Consumer sector,

specifically through big businesses selling non-core assets
such as Best Buys sale of its European operations to
The Carphone Warehouse Group, Raisio Groups sale of its
US plant to Avoca Inc., and CB Marts sale of 46 stores in
South Carolina to 7-Eleven Inc., all occurring in April alone.
Perhaps if US-based vacuum cleaner maker Oreck Corp.
had started this process earlier, it would not have filed for
bankruptcy this month, citing increased competition as one
of the key reasons for its financial hardship. The companys
founder, David Oreck, has plans to sell off operations to repay
debts, which would be reflected in the Consumer sector.
Looking forward, the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$11.2bn, one of the biggest PE fund-raising rounds
since the end of the financial crisis. It raised US$15bn in its
last round five years ago in 2008. Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy, financial services, technology, and media.
TOP DEALS
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Target company
Target dominant
sector
Seller company
Exit multiples (x)

Revenue
EBITDA
P/E
Bid premia
Deal
1-day
value
before
(US$m)
15-Apr-13 Thermo Fisher Scientific Inc
Life Technologies Corp
Pharma, Medical
& Biotech
4.0
13.6
31.7
11.8%
15,008
08-Apr-13 General Electric Company
Lufkin Industries Inc
Industrials &
Chemicals
2.5
17.6
36.1
38.4%
3,237
25-Apr-13 DTLA Holdings
MPG Office Trust Inc
Real Estate
8.4
28.6
45.6
21.2%
1,938
24-Apr-13 Georgia-Pacific LLC
Buckeye Technologies Inc
Industrials &
Chemicals
25.3%
1,472
29-Apr-13 Bayer HealthCare LLC
Conceptus Inc
Pharma, Medical
& Biotech
7.8
50.0
193.8
19.7%
1,100
08-Apr-13 Thomas H Lee Partners LP
CompuCom Systems Inc
Business Services
Court Square
Capital Partners
0.5
1,100
10-Apr-13 Protective Life Corporation
MONY Life Insurance

Company
Financial Services
AXA SA
1,060
14-Apr-13 Madison Dearborn Partners LLC National Financial

Partners Corp
Financial Services
35.7
8.3%
1,011
17-Apr-13 Roper Industries Inc
Managed Health Care

Associates Inc
Pharma, Medical
& Biotech
1,000
16-Apr-13 Atlas Pipeline Partners LP
TEAK Midstream LLC
Energy, Mining
& Utilities
1,000

Based on dominant geography of target company being North American (US + Canada)
NORTH AMERICA
TREND GRAPHS
NORTH AMERICAN M&A QUARTERLY TREND
NORTH AMERICAN M&A QUARTERLY

1,600
600
250
350
1,400
500
300
200
1,200
600
200
Value (US$bn)
Value (US$bn)
800
300
150
200
150
100
100
400
50
100
50
200
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
1,800
Buyout value
Exit value
Buyout volume
Exit volume
NORTH AMERICAN M&A ANNUAL

6,000
1,200
500
450
1,600
5,000
3,000
800
600
2,000
400
1,000
200
Value (US$bn)
1,000
350
800
300
600
250
200
Number of deals
4,000
Number of deals
1,200
1,000
400
1,400
Value (US$bn)
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Mid-market volume
NORTH AMERICAN M&A ANNUAL TREND
Number of deals
1,000
250
Number of deals
400
400
150
100
200
50
2007
2008
Total value
NORTH AMERICA
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2013

VALUE
VOLUME
0.7%
0.1%
0.2%
4.6%
1.7%
1.9%
1.6% 1.6%
2.2%
15.7%
0.5%
2.7%
2.7%
6.5%
1.1%
20.4%
4.8%
Technology
Technology
5.1%
13.4%
Business Services
Financial Services
Business Services
10.2%
Financial Services
Consumer
Consumer
14.5%
Media
5.0%
Media
Leisure
Leisure
Transportation
Transportation
11.3%
Telecommunications
Telecommunications
Construction
Real Estate
45.1%
14.0%
12.4%
Real Estate
Defence
NORTH AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2013

VALUE
VOLUME
1.1%
100
100
1.8%
90
32.0%
43.5%
Percentage
21.5%
19.4%
27.4%
26.8%
21.2%
18.8%
14.0%
13.3%
21.5%
6.5%
27.7%
17.3%
13.2%
20
95
7.3%
20.6%
0.6%
0.7%
0.6%
0.4%
1.0%
1.1%
1.4%
1.5%
1.1%
3.7%
3.4%
5.6%
4.9%
6.1%
5.2%
5.4%
87.5%
87.6%
86.8%
2010
2011
2012
6.2%
8.9%
8.2%
8.1%
5.5%
12.3%
9.3%
12.6%
11.7%
10.6%
10.6%
2007
2008
2009
2010
2011
2012
YTD 2013*
5.7%
3.8%
90
5.3%
4.6%
5.0%
85
90.5%
80
9.7%
9.6%
NORTH AMERICA
0.7%
0.9%
4.2%
18.0%
40
10
35.1%
58.7%
60
30
32.3%
49.1%
70
50
37.6%
Percentage
80
0.7%
91.1%
85.6%
75
2007
2008
2009
88.2%
YTD 2013*
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
A MERGERMARKET M&A REPORT ON
ASIA-PACIFIC
M&A activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 deals
worth US$33.5bn in 2012 to 194 worth US$32.9bn in 2013, a 15% decrease in volume and a 2%
decrease in value. Volume remained on par with March figures, which saw 195 deals come to
market, while value increased 19% from US$26.6bn that month.
Consumer sector shines
Private equity slowdown
Aside from the traditionally deal heavy Industrials & Chemicals

sector (46 deals worth US$1.5bn), the Consumer sector stood
out with 29 deals worth close to US$20bn. Three deals accounted
for approximately 80% of consumer sector deal value.
Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$2.3bn) to 11 deals worth US$1.2bn.
China based Midea Group announced it would merge with GD

Midea Electric Appliances, its 41.17% owned listed subsidiary,
for US$4.49bn. GD Midea is a listed consumer electronics
manufacturer in China, a consumer market that has seen growth
in recent years on the heels of expanding demand. Similarly,
Chinese government incentive programs have encouraged
residents in the countrys vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts.
Unilever NV, the Netherland and UK dual listed consumer
products manufacturer, made a partial tender offer to acquire
a 22.52% stake in Hindustan Unilever Ltd, the Indian listed
subsidiary. The deal is valued at US$5.4bn.
In Japan, Tomizawa made a management buyout for Megane

TOP Co Ltd, the Japan listed optical retailer, for US$451m. Other
activity in Japan included Polaris Capital Groups acquisition
of a majority stake in Socie World, the Japan based operator of
beauty parlors and hair salons, from Citigroup Capital Partners
Japan for a consideration US$32m.
In China, Hony Capital, the China based private equity firm,
has agreed to acquire a 10% stake in Shanghai Chengtou
Holding, the listed China based company engaged in providing
real estate, environmental and venture capital services, from
Shanghai Chengtou Corporation, the China based company
engaged in the construction and operation of infrastructure
facilities, for a consideration of US$280m.
CP All Plc, the Thailand-listed convenience store operator, has

agreed to acquire a stake in Siam Makro, the Thailand-listed
discount store chain retailer, resulting in a mandatory offer
for all remaining outstanding shares. That deal was worth
US$6.4bn. Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend.
top deals
TOP 10 asia-pacific ANNOUNCED DEALS OF the month (APR-13)
Target company
Target dominant Seller company

sector
Exit multiples (x)

Revenue
EBITDA
P/E
Bid premia
Deal
1-day
value
before
(US$m)
23-Apr-13 CP ALL Plc
Siam Makro Public Co Ltd
Consumer
1.72
33.26
56.65
16.7%
6,466
30-Apr-13 Unilever NV
Hindustan Unilever Limited

(22.52% stake)
Consumer
4.42
27.64
30.85
9.8%
5,406
01-Apr-13 Midea Group Co Ltd
GD Midea Holding Co Ltd

(58.83% stake)
Consumer
0.78
7.99
15.50
4,923
26-Apr-13 Nippon Steel Trading

Co Ltd
Sumikin Bussan Corporation

(61.8% stake)
Consumer
0.18
8.22
5.23
1.8%
1,432
10-Apr-13 Guangxi Beisheng

Pharmaceutical Co Ltd
Deqin Group Co Ltd
Transportation
2.32
12.14
20.06
859
03-Apr-13 Wintime Energy Co Ltd
Shanxi Lingshi Huaying Tianxing Energy, Mining

Jiguang Coal Co Ltd (49% stake); & Utilities
Shanxi Lingshi Huaying Tianxing
Baigou Coal Co Ltd (49% stake);
Shanxi Lingshi Yinyuan Xinanfa
Coal Co Ltd (49% stake); Shanxi
Lingshi Yinyuan Huaqiang Coal
Co Ltd (49% stake); Shanxi
Lingshi Yinyuan Xingqing Coal
Co Ltd (44% stake); and Shanxi
Qinyuan Kang Wei Sen Da Yuan
Coal Co Ltd (49% stake)
799
02-Apr-13 Industrial and

Commercial Bank of
China Limited
SinoPac Financial Holdings

Company (20% stake)
Financial
Services
n/a
n/a
10.16
-10.6%
788
26-Apr-13 Marubeni Corporation
NEC Mobiling Ltd
Technology
0.50
6.48
13.60
1.8%
709
24-Apr-13 AXA SA
Tianping Auto Insurance Co Ltd

(50% stake)
Financial
Services
n/a
n/a
53.67
631
29-Apr-13 Alibaba Group
Weibo Corporation (18% stake)
Technology
586
n/a=not applicable
Based on dominant geography of target company being Asia-Pacific
asia-pacific
Deqin Group Co Ltd

(31 shareholders)
SINA Corporation
TREND GRAPHS
900
160
800
140
700
120
600
100
500
80
400
60
300
40
200
20
100
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
25
100
20
80
15
60
10
40
20
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Mid-market volume
Buyout value
ASIA-PACIFIC M&A ANNUAL TREND
Exit value
Buyout volume
Exit volume
ASIA-PACIFIC M&A ANNUAL

3,000
500
2,500
400
1,500
200
70
350
60
300
50
250
40
200
30
150
20
100
10
50
Number of deals
300
Number of deals
2,000
Value (US$bn)
120
Value (US$bn)
30
Number of deals
180
Value (US$bn)
ASIA-PACIFIC M&A QUARTERLY

Number of deals
Value (US$bn)
ASIA-PACIFIC M&A QUARTERLY TREND
1,000
100
500
2007
2008
Total value
ASIA-PACIFIC
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2013

VALUE
VOLUME
1.6%
8.3%
3.2%
China
2.0%
3.9%
Japan
India
36.9%
5.0%
Australia
Thailand
7.9%
China
2.9%
Japan
27.3%
India
4.2%
Australia
2.3%
Thailand
South Korea
South Korea
6.5%
Singapore
9.2%
Singapore
Hong Kong
Hong Kong
Indonesia
7.1%
Malaysia
Indonesia
1.4%
Malaysia
Other
12.3%
8.7%
Other
19.1%
13.0%
7.8%
9.5%
ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2013

VALUE
VOLUME
1.7%
1.7%
1.3%
0.7%
2.6%
1.6%
0.5%
16.2%
3.4%
4.5%
Financial Services
3.9%
0.3%
2.9%
23.6%
3.9%
Consumer
2.8%
1.4%
Consumer
Financial Services
3.9%
Business Services
Technology
Business Services
4.8%
Technology


6.2%
Real Estate
20.1%
26.6%
Real Estate
12.3%
Transport
Construction
Leisure
Leisure
Media
5.7%
3.4%
8.2%
Agriculture
Telecommunications
Defence
ASIA-PACIFIC
Transport
Construction
7.8%
9.4%
9.2%
9.4%
Media
Agriculture
Telecommunications
Defence
TREND GRAPHS
ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN YTD 2013

VALUE
VOLUME
100
80
19.9%
17.0%
Percentage
27.2%
13.6%
22.2%
12.6%
12.0%
30.4%
11.2%
26.3%
11.1%
29.7%
28.0%
0.4%
0.3%
0.4%
0.4%
0.9%
1.0%
1.5%
0.8%
0.9%
5.1%
4.5%
5.4%
4.4%
5.3%
4.7%
5.7%
5.4%
5.8%
5.4%
4.9%
88.3%
88.4%
87.4%
88.5%
88.6%
2007
2008
2011
2012
YTD 2013*
90
12.0%
11.4%
20.5%
21.5%
21.9%
20.2%
20.8%
2008
2009
2010
2011
2012
2007
ASIA-PACIFIC
5.1%
6.0%
0.5%
85
80
24.4%
5.3%
0.3%
13.2%
20
10
0.4%
0.9%
18.2%
38.0%
30.5%
0.3%
95
15.7%
40
30
21.6%
12.3%
17.0%
60
50
24.5%
29.5%
70
11.3%
13.5%
Percentage
90
15.5%
100
87.9%
88.7%
25.2%
YTD 2013*
75
2009
2010
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
A MERGERMARKET M&A REPORT ON
EUROPE
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since the
beginning of the year. Value of deals registered in April 2013 (US$53.3bn) represents a fall of
10.6% compared to April 2012 (US$59.6bn). Deal activity followed the same decreasing pattern
accounting for a drop of 30.1% (123 deals) compared to the same period last year. This marks a
worsening of general trend in 2013 so far, in which continuing concerns over the sovereign debt
crisis have slowed M&A activity.
TMT gained top position by deal value accounting for 25.8%

of total M&A activity in 2013. The 193 deals of this sector
were valued at US$44.7bn, much due to the Virgin and Liberty
deal inflating the Media sector. In second place with two
top deals this month, Energy, Mining & Utilities recorded
99 deals valued at US$28.9bn; although strong in 2013, the
sector has seen a significant fall from the same period last
year with a decrease of 64.5% in deal value. Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry. Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams.
Much in line with an anticipated trend in early 2013 for
Private Equity, buyout activity is seen to move against the
decreasing trend in the overall market, with US$10bn worth
of deals, the industry recorded an increase of 135% (US$6bn)
compared to April 2012. With cheap money, driven by low
interest rates, private equity firms are operating in a market
where debt financing is inexpensive, which in turn could
further drive investments.
Aprils top deal saw Joh. A. Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market, with the US$8.6bn acquisition of DE Master
Blenders. Conditioned by a 95% acceptance trench with
no significant undertakings by major shareholders could
result in Joh. A. Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction.
Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis, with large deficits in their finances, as a result of
changes in government policies toward municipal bondholders
in Greece. Thus, there has been a sequence of deals involving
Bank of Cyprus, Marfin Popular Bank and Hellenic Bank,
Cypruss largest banks.
A banking crisis, in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country, forced a restructuring of its banking sector.
Although, the main contributor to the banking crisis in Cyprus.
Greece took decisions to prevent any contamination from their
neighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus, Marfin
Popular Bank and Hellenic Bank. A transaction backed by the
privately run Hellenic Financial Stability Fund.
The merger of National Bank of Greece with Eurobank,
encouraged by the ECB last year, was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is too big to fail.
The transaction would have created an asset consolidation of
US$180bn, just US$10bn less than Greeces GDP. Instead, these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF). Of which, the nationalisation of Eurobank
is valued at US$7.6bn, making up Aprils second largest deal.
The result of Greece and Cyprus rescue plans has dramatically
inflated M&A activity with Greece reporting 8 deals valued at
US$9.7bn, a substantial increase of over 6,000% from 2 deals
valued at US$152m the same period in 2012.
TOP DEALS
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Target company
Target dominant
sector
Seller company
Exit multiples (x)

Revenue
EBITDA
P/E
Bid premia
Deal
1-day
value
before
(US$m)
12-Apr-13
Joh. A. Benckiser SE
DE Master Blenders 1753 Consumer

BV (84.95% stake)
2.8
35.7
56.8
2.2%
8,623
30-Apr-13
Hellenic Financial
Stability Fund
EFG Eurobank Ergasias

SA
Financial Services
n/a
n/a
-32.8%
7,633
18-Apr-13
Royalty Pharma
Elan Corporation Plc
Pharma, Medical
& Biotech
9.6
16.8
-5.3%
6,905
18-Apr-13
CVC Capital Partners

Limited
ista International GmbH
Technology
Charterhouse Capital
Partners LLP
4.4
10.3
4,055
08-Apr-13
A consortium led by
GBWAG Bayerische
PATRIZIA Immobilien AG Wohnungs
Aktiengesellschaft
(91.92% stake)
Real Estate
Bayerische Landesbank
12.3
17.4
11.0
-27.7%
3,191
05-Apr-13
Electricite de France
SA; Snam SpA;
and Government of
Singapore Investment
Corporation Pte Ltd
Total Infrastructures Gaz

France SA
Energy, Mining
& Utilities
Total SA
3,119
01-Apr-13
Lukoil OAO
ZAO Samara Nafta
Energy, Mining
& Utilities
Hess Corporation
2,050
01-Apr-13
Global Infrastructure
Partners
Terminal Investment
Limited SA (35% stake)
Transportation
MSC Mediterranean
Shipping Company SA
1,929
29-Apr-13
PAI Partners
R&R Ice Cream Plc
Consumer
Oaktree Capital Group

LLC
1.4
1,106
26-Apr-13
Telenor ASA
Cosmo Bulgaria Mobile

EAD
Telecommunications Hellenic
Telecommunications
Organisation SA
1.9
5.3
934
n/a=not applicable
Based on dominant geography of target company being European
EUROPE
TREND GRAPHS
EUROPEAN M&A QUARTERLY TREND
EUROPEAN M&A QUARTERLY

700
2,000
1,800
600
450
140
400
120
1,600
350
100
1,400
1,000
300
800
Value (US$bn)
400
300
250
60
200
150
600
200
80
40
100
400
100
0
20
200
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Buyout value
Exit value
Buyout volume
Exit volume
EUROPEAN M&A ANNUAL

1,600
8,000
350
1,600
1,400
7,000
300
1,400
1,200
6,000
1,000
5,000
600
3,000
400
2,000
200
1,000
2007
2008
Total value
EUROPE
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
Value (US$bn)
4,000
1,000
200
800
150
600
100
400
50
0
Number of deals
800
1,200
250
Number of deals
Value (US$bn)
50
Mid-market volume
EUROPEAN M&A ANNUAL TREND
Number of deals
1,200
Number of deals
Value (US$bn)
500
200
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2013

VALUE
VOLUME
8.5%
13.2%
5.5%
13.5%
13.9%
Germany
5.3%
Germany
Italy
Italy
5.0%
France
4.9%
Republic of Ireland
13.1%
Republic of Ireland
Benelux
13.3%
CEE
17.0%
Benelux
CEE
Northern Europe
Northern Europe
Other
Other
25.8%
France
UK
UK
11.1%
12.0%
7.7%
21.3%
1.2%
7.5%
EUROPEAN M&A SECTOR BREAKDOWN YTD 2013

VALUE
VOLUME
0.6% 2.4% 0.2%
2.3%
4.6%
6.3%
1.7% 1.2%
11.6%
4.2%
Consumer
2.8%
Business Services
0.3%
Consumer
TMT
Business Services
5.0%
Financial Services
25.8%
16.7%
Financial Services
7.1%
Leisure
Leisure
Transportation
Construction
16.0%
7.8%
Agriculture
14.8%
3.8%
Defence
Transportation
Construction
Agriculture
Real Estate
EUROPE
22.6%
4.4%
TMT
8.3%
4.0%
Real Estate
12.1%
13.9%
Defence
TREND GRAPHS
EUROPEAN M&A DEAL SIZE BREAKDOWN YTD 2013

VALUE
VOLUME
100
100
90
98
80
33.6%
45.0%
28.6%
26.6%
34.1%
27.7%
20.4%
17.9%
20.7%
15.3%
21.6%
20
7.3%
10.8%
EUROPE
27.7%
15.2%
19.2%
21.0%
29.2%
29.0%
25.7%
23.8%
8.5%
9.0%
9.8%
9.7%
7.9%
13.0%
16.2%
14.6%
14.2%
12.6%
12.8%
2008
2009
2010
2011
2012
YTD 2013*
8.3%
Percentage
Percentage
18.6%
40
10
0.4%
0.3%
0.4%
0.4%
0.1%
1.1%
0.9%
0.9%
0.7%
0.9%
0.8%
1.1%
2.7%
3.8%
3.6%
3.1%
92
4.1%
5.0%
2.9%
94
60
30
0.6%
3.7%
96
44.3%
70
50
0.7%
3.3%
4.2%
3.6%
3.7%
2.9%
4.6%
90
88
86
84
88.6%
93.1%
91.9%
91.0%
91.5%
2009
2010
2011
2012
90.7%
92.8%
82
80
2007
2008
YTD 2013*
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
the middle east

& africa
In figures reflective of a sluggish global economy, deals this month showed signs of a slowdown
but were largely sustained by the improved buyout and exit performance. Recording 17 deals in
total worth US$1.9bn, values were down 68% from the same month last year (US$6.2bn, 24 deals)
and represented the lowest number of deals in over a decade. This is, however, consistent with the
global decline in M&A deal volumes across every major region. Private equity deals, on the other
hand, are an improvement on the previous quarters figures, with buyouts increasing by 69.6% to
US$865m and exits increasing by 23.4% to US$865m.
Despite lower volumes, the year-to-date average deal size
(currently at US$254m) is still the highest on Mergermarket
record. Forecasters expect the slump in global M&A to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns. Sweden
is among the string of countries targeting Africa as Anders Borg,
the Nordic nations finance minister, recently voiced concerns
over Europes tough neighbourhood. Another country following
in the footsteps of China, Brazil and India of wooing the continent
is Turkey, which aims to bolster its diplomatic and economic ties
with Africa, particularly in the construction sector, by venturing
southward from the Maghreb states.
Stagnant earnings in Europe have also led multinationals,
including telecommunications giant Vodafone, to pursue
expansion plans in the region by picking up the pace of their
investments. Vodafones capital spending in the Middle East
and Africa is reported to have increased to US$1.1bn in 2012,
up 23.9% from US$888m the previous year, while spending
in Europe, Vodafones biggest market, decreased. Similarly,
following the recent acquisition of Centrale Laitire in Morocco,
French food group, Danone, is determined to milk the regions
strong birth rates. In an interview with Mergermarket, the
groups CEO noted that Morocco will bring more revenues
to Danone than Italy this year.
Diversification in the Middle East and Africas M&A space
continues as investors increasingly seek opportunities beyond
the regions natural resources, placing the spotlight on its
unsung deal drivers. This months top deal, the US$625m
acquisition of Israels Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus, took place in the
Industrial & Chemicals sector.
In addition to that, with the region now home to the worlds
fastest growing mobile phone market, the TMT sector- tipped to
play a major role in the regions M&A activity this year- is ahead
of the pack with a 35.6% share of the regions total M&A activity
so far this quarter, recording 8 deals worth US$7.3bn. This
represents a 57% increase on values during the same period
last year. According to M&A professionals at this years annual

TMT Finance Middle East North Africa conference which took
place in Dubai, realignment and consolidation are likely to be
key themes for upcoming telecommunication M&A deals.
The Energy, Mining and Utilities sector came in second with
a 24.9% share of all transactions, witnessing 15 deals worth
US$5.1bn. The industrys transportation setbacks, particularly
in Africa, have spurred a wave of new rail infrastructure projects
in mineral-rich areas, including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors. Adding to this sectors woes are the set of fresh fraud
allegations at FTSE 100 miner, ENRC, due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$1.36bn for the Central African country between 2010 and
2012, according to a report by Kofi Annans Africa Progress Panel.
Investors in the energy sector will be watching Russian oil
company, Gazprom, closely as it holds discussions with Eni over
a 5% stake in its Mamba Area 4 project in Mozambique. Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas, Indian ONGC
Videsh and the Philippines-listed Manila Electric. While South
African energy company, Sasol, plans to sell its assets in Iran
and Papa New Guinea, natural gas distributor, Egoli Gas, and
energy company Cennergi- both South African companies- are
planning on acquiring targets in the region. This places South
Africa, now a member of the BRICS, at the forefront of intraregional M&A activity.
Driven by food and water security concerns, Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land, food distribution and
technology assets abroad, particularly in Australia, Eastern
Europe and Argentina, according to Mergermarket intelligence.
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five to
ten years as a result of its proximity to the region, which is likely
to boost the intra-regional deals even further.
TOP DEALS
TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Target company
Target dominant
sector
Seller company
Warburg Pincus LLC;

and Yogesh Kumar
Mahansaria (Private
Investor)
09-Apr-13 Kohlberg Kravis Roberts &

Co LP
Alliance Tire Group

(90% stake)
Industrials &
Chemicals
24-Apr-13 OPKO Health Inc
Prolor Biotech
Pharma, Medical
& Biotech
15-Apr-13 Wilmar International Limited
Compagnie Sucriere
Marocaine De Raffinage
SA (27.5% stake)
Consumer
Societe Nationale
D'Investissement SA
Pharma, Medical
& Biotech
TA Associates
Management LP
27-Apr-13 Shanghai Fosun

Alma Lasers Ltd
Pharmaceutical (Group)
Co Ltd; Chindex Medical
Limited; and Shanghai Fosun
Pharmaceutical (Group) Co Ltd
Exit multiples (x)
Bid premia Deal

1-day
value
before
(US$m)
Revenue
EBITDA
P/E
1.4
7.6
625
30.1%
420
30.3%
279
2.6
10.8
240
05-Apr-13 Sekunjalo Independent

Media Consortium
Independent Newspapers TMT

(Pty) Limited
Independent News &

Media Plc
220
06-Apr-13 Al Tayyar Travel Group
Al Mothmera Real Estate Real Estate

Investment (39% stake)
Al Mothmera Holding
91
24-Apr-13 Tsogo Sun Holdings Pty Ltd
Southern Sun Ikoyi Hotel

(75% stake)
Leisure
68
10-Apr-13 Olatunji Olowolafe

(Private Investor)
SacOil Holdings Limited

(33.89% stake)
Industrials &
Chemicals
11.0%
17
15-Apr-13 Raubex Group Ltd
Tosas (Pty) Ltd
Construction
19-Apr-13 A consortium led by

Momentum Collective
Investments Ltd
Torre Industrial Holdings Industrials &

Ltd (41.23% stake)
Chemicals
-21.3%
16-Apr-13 ACICO Industries
Saudi Aerated Concrete

Industries Company
(55% stake)

Based on dominant geography of target company being Middle East or Africa
Construction
Sasol Oil (Pty) Limited
13
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A
QUARTERLY TREND
MIDDLE EASTERN & AFRICAN M&A QUARTERLY

40,000
160
7,000
35,000
140
6,000
30,000
120
25,000
100
25
15,000
60
10,000
40
5,000
20
Value (US$m)
80
15
4,000
3,000
10
Number of deals
20,000
Number of deals
Value (US$m)
20
5,000
2,000
5
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
1,000
Mid-market volume
Buyout value
MIDDLE EASTERN & AFRICAN M&A

ANNUAL TREND
600
90
70
Buyout volume
Exit volume
300
50
40
14
70
12
60
10
50
40
30
20
10
Number of deals
60
Number of deals
400
Value (US$bn)
500
80
Value (US$bn)
Exit value
MIDDLE EASTERN & AFRICAN M&A ANNUAL

100
200
30
20
100
10
0
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
2007
2008
Total value
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2013

VALUE
0.7%
2.6%
VOLUME
0.1% 0.1%
0.1%
5.9%
1.2%
South Africa
11.5%
Israel
20.5%
United Arab Emirates

Saudi Arabia
Egypt
0.1%
0.5%
1.2%
10.6%
Morocco
Nigeria
0.5%
3.8%
Oman
South Africa
Israel
24.7%
2.5%
2.5%
United Arab Emirates

Saudi Arabia
2.5%
Egypt
4.9%
Morocco
Nigeria
4.9%
Oman
Kuwait
Mozambique
Kuwait
4.9%
Bahrain
Qatar
Mozambique
6.2%
Mauritius
23.5%
Zambia
42.0%
Qatar
Mauritius
11.1%
Jordan
Zambia
Madagascar
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2013

VALUE
VOLUME
0.3%
0.1%
2.5%
10.3%
0.4%
Financial Services
11.2%
0.2%
3.2%
18.5%

Financial Services
7.4%
TMT
TMT
Consumer
Consumer

Business Services
6.6%
2.5%
4.9%
24.9%
2.1%
2.5%
8.6%
12.3%
Leisure
Leisure
5.2%
Real Estate
8.6%
Agriculture
12.3%
Transportation
35.6%
Business Services
Construction
Construction
Real Estate
Agriculture
Transportation
9.9%
9.9%
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN YTD 2013
VALUE
VOLUME
100
100
90
47.5%
70
53.3%
Percentage
67.1%
59.5%
68.1%
60
80.4%
50
19.0%
40
30
20
10
0
11.3%
13.2%
17.0%
18.2%
19.2%
13.2%
12.6%
9.4%
13.6%
12.7%
13.5%
9.4%
5.6%
3.9%
1.7%
0.9%
0.7%
0.9%
1.6%
1.0%
1.3%
2007
2008
2009
2010
2011
2012
YTD 2013*
7.5%
8.9%
8.7%
80
15.4%
3.8%
5.7%
3.3%
4.0%
11.5%
13.0%
6.0%
5.7%
7.6%
8.0%
8.6%
6.2%
4.3%
6.2%
10.9%
12.8%
7.4%
33.7%
27.9%
29.4%
44.4%
47.4%
45.5%
2010
2011
10.2%
60
36.3%
30.8%
24.7%
32.5%
50
40
30
10.4%
13.7%
90
5.6%
70
66.7%
Percentage
80
7.2%
8.3%
20
39.3%
42.7%
2007
2008
48.9%
53.1%
10
0
2009
2012
YTD 2013*
US$0-US$14.9m
US$0-US$14.9m
US$15m-US$100m
US$15m-US$100m
US$101m-US$250m
US$101m-US$250m
US$251m-US$500m
US$251m-US$500m
>US$501m
>US$501m
Return to contents
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward
Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and across
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2012 WINNER
Acquisitions
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VDR Provider of
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Global M&A
Advisor M&A
Product/Service
of the Year Award
2011 WINNER
M&A Advisor
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Product/Service of
the Year Award
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trust us to manage their online due diligence, call
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2010 WINNER
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Product/Service
of the Year Award
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M&A Advisor
Mid-Market
Financing
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2009 WINNER
Global M&A
Advisor M&A
Product/Service
of the Year Award
About Merrill DataSite

Merrill DataSite was created to meet our clients needs. Since 2002,
we have consistently leveraged the experiences of our clients to add
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Merrill DataSite enhances transaction success
Merrill DataSite is the industrys acknowledged leader with more than
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Patented technology ensures that you never have to wait for a
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Designate user permissions
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With large document collections, sophisticated search features are
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Merrill has been a trusted provider of secure information to the
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About Merrill Corporation

Founded in 1968 and headquartered in St. Paul, Minnesota, Merrill
Corporation is a leading provider of outsourced solutions for complex
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Legal Solutions provide both on-demand and on-site litigation
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www.merrillcorp.com
MERRILL CORPORATION contacts

EXECUTIVE MANAGEMENT
Ed Bifulk
President
Tel: +1 212 229 6563
EXECUTIVE SALES
Will Brown
Regional Director, Life Science
Tel: +33 1 40 06 13 02
Anna Scott
Regional Director, UK
Tel: +44 (0)207 422 6263
Chris Beckmann
Regional Director, Germany, Switzerland
& Poland
Tel: +49 69 25617 110
Manuel Bentosinos
Regional Director, Mexico, Columbia
& Caribbean
Tel: +52 55 9171 2237
Ana Paula Macd Tvora de Castro
Regional Director, South America
Tel: +55 11 9908 0858
Luis Felipe Salles Cunha
Regional Director, Brazil
Tel: +55 11 3568 2429
Carlos Nogueira
Regional Director, Brazil
Tel: +55 11-3895-8572
Brian Gilbreath
Vice President, Midwest & Latin America
Tel: +1 404 934 8085
Steve Piccone
Vice President, New York
Tel: +1 212 229 6883
BJ Birtz
Regional Director, Raleigh
Tel: +1 919 996 9117
Paul Kleinkauf
Regional Director, Southeast
Tel: +1 404 602 3251
Michail Sidorov
Regional Director, Ohio & Michigan
Tel: +1 216 333 1274
Jessie Saini
Regional Director, Midwest
Tel: +1 312-386-2293
Scott Haugen
Regional Director, Minnesota & Wisconsin
Tel: +1 651 632 4375
Martin Alamri
Regional Director, Germany
Tel: +49 69 244 321 471
Hank Gregory
SVP, Western Canada & Pacific Northwest
Tel: + 604 603 4360
Jrme Pottier
Regional Director, France
Tel: +33 (0) 1 40 06 13 12
Ryan MacMillan
Regional Director, Canada
Tel: +1 416 214 2448
Hakema El-Hadad
Regional Director, France & Northern Africa
Tel: +33 (0) 1 40 06 13 10
Jason Hedges
Regional Director, Canada
Tel: +1 416-878-3260
Manuel Bianchi
Regional Director, Europe
Tel: +44 (0)207 422 6271
Michael Kennedy
Regional Director, New England
Tel: +1 207 829 4369
Mike Hinchliffe
Tel: +44 (0)207 422 6256
Ross Whittaker
Regional Director, New England
Tel: +1 617.535.1516
Adam Pang
Tel: +44 (0)207 422 6268
Jon Lenihan
Regional Director, Boston
Tel: +1 617-535-1618
Merlin J. Piscitelli
Tel: +44 (0)207 422 6266
Scott Rediker
Regional Director, Mid Atlantic
Tel: +1 443-690-3122
Colin Schopbach
Tel: +44 (0)207 422 6221
Forrest R. Doane
Regional Director, New York
Tel: +1 212 229 6620
Andrew Buonincontro
Regional Director, Bay Area
Tel: +1 650 493 1400
Jonathan Hughes
Account Manager, Europe
Tel: +44 (0)207 422 6267
Adam Kuritzky
Tel: +1 917 232 9569
Erik Sandie
Tel: +1 650 493 1400
Malcolm Neate
Account Manager, Europe
Tel: +44 (0)207 422 6272
John McElrone
Tel: +1 212 229 6656
Jay Loyola
Tel: +1 949 622 0663
Alex Gross
Regional Director, Eastern Europe & Middle East
Tel: +49 69 7593 7148
Ken Longernecker
Tel: +1 212 229 6882
Dan Phelan
Regional Director, Los Angeles
Tel: +1 213 253 2139
Alvaro Ortega
Regional Director, Southern Europe
Tel: +34 610 909 353
Will Wilkes
Tel: +1 212 229 6588
Hans Schumann
Regional Director, San Diego
Tel: +1 760 635 0830
Ari Lee
Regional Director, North Asia
Tel: +852 9855 3758
Joseph Solano
Tel: +1 212 229 6576
David Yeary
Vice President, DataSite Life Sciences
Tel: +1 415 307 4414
Vincent Lork
Regional Director, South East Asia
Tel: +65 6248 4602
Hillary Pryor
Tel: +1 212 367 5924
James Snaza
Director of Life Sciences
Tel: +1 651 632 4585
Chris Robilliard
Regional Director, Australia & New Zealand
Tel: +612 8667 3064
Matthew Mezzancello
Regional Director, NY, NJ & PA
Tel: +1 212 229 6618
Jon Blue
Vice President, Clean Tech
Tel: +1 206 696 9169
Return to contents
Anthony Crosby
Regional Director, Chicago
Tel: +1 312 674 6511
Mark Plaehn
Tel: +1 312 674 6527
Kelly-Leigh Keefe
Tel: +1 312 386 2229
Ted Sengpiel
Regional Director, Missouri, Kansas, Nebraska & Iowa
Tel: +1 314 315 2909
Nicholas Renter
Regional Director, Texas
Tel: +1 214 754 2100
Bryan Brighton
Regional Director, Austin
Tel: +1 512 551 2986
The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.
Where no deal value has been disclosed, deals are included if the turnover of the
target is greater than or equal to US$10m.
Deals are included in the graphs and Top Deals in each section based on the
dominant geography and dominant sector of the target company. Data underlying
the League Tables are based on deals where the bidder, target or parent geography
of either is that of the geography in focus.
Mid-market is defined as US$10m-US$250m.
Q2 2013* refers to the period 01-Apr-13 to 30-Apr-13.
YTD 2013* refers to the period 01-Jan-13 to 30-Apr-13.
For a full version of the mergermarket M&A deal database inclusion and league
table criteria, go to http://www.mergermarket.com/pdf/deal_criteria.pdf.
Part of The Mergermarket Group
www.mergermarket.com
USA: 11 West 19th Street, 2nd floor, New York, NY 10011, USA
t: +1 212 686-5606 f: +1 212 686-2664 sales.us@mergermarket.com
United Kingdom: 80 Strand, London WC2R 0RL, United Kingdom
t: +44 (0)20 7059 6100 f: +44 (0)20 7059 6101 sales@mergermarket.com
Hong Kong: Suite 2401-3, Grand Millennium Plaza, 181 Queens Road, Central, Hong Kong
t: +852 2158 9700 f: +852 2158 9701 sales.asia@mergermarket.com
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financial,
investment, legal, tax or other professional advice or services. This publication is not a substitute for such
professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment
or other decision or action that may affect you or your business. Before taking any such decision, you should consult
a qualified professional adviser. While reasonable effort has been made to ensure the accuracy of the information
contained in this publication, this cannot be guaranteed and neither Schulte Roth & Zabel nor mergermarket nor any
of its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity which
relies on the information contained in this publication, including incidental or consequential damages arising from
errors or omissions. Any such reliance is solely at the users risk.
Remark, the events and publications arm of The Mergermarket group,

offers a range of publishing, research and events services that enable
clients to enhance their own profile, and to develop new business
opportunities with their target audience.

Monthly MA Insider May 2013 Final

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A mergermarket report on global M&a activity

MONTHLY M&A INSIDER

MIDDLE EAST & AFRICA

ABOUT MERRILL DATASITE & MERRILL CORPORATION

Monthly M&A Insider | May

Expansion drives Consumer sector growth

In a more controversial move, Anglo-Dutch personal care giant

Private equity interest in Technology businesses

Consumer deals similarly witnessed a spike in value up

Technology M&A activity has been hit harder than the

Head of Research: Elias Latsis

Global overview: Kristina Thompson and Fabio Lopes

Editor: Laura Resetar

Latin America: Ashley Klepach and Daniel Bratkowski

For advertising opportunities contact:

North America: Urna Chakraborty and Dan Kim

Monthly M&A Insider | May | 01

GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND

GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

GLOBAL M&A ANNUAL TREND

Monthly M&A Insider | May | 02

GLOBAL M&A GEOGRAPHIC BREAKDOWN YTD 2013

Central & South America

Central & South America

GLOBAL M&A SECTOR BREAKDOWN YTD 2013

Industrials & Chemicals

Pharma, Medical & Biotech

Energy, Mining & Utilities

Pharma, Medical & Biotech

Industrials & Chemicals

Monthly M&A Insider | May | 03

GLOBAL M&A DEAL SIZE BREAKDOWN YTD 2013

Monthly M&A Insider | May | 04

Navigate your deal

To find out more, or to arrange a demonstration of our VDR solution,

a mergermarket M&A report on

Brazil will continue to be a focal point for M&A activity in 2013.

Monthly M&A Insider | May | 06

Exit multiples (x)

The Bank of Nova

Nextel Del Peru SA

Telecommunications NII Holdings Inc

WebMotors SA (30% stake)

Frinal S/A Frigorifico e

Banco Bilbao Vizcaya

Monthly M&A Insider | May | 07

LATIN AMERICAN M&A QUARTERLY

LATIN AMERICAN M&A ANNUAL TREND

LATIN AMERICAN M&A ANNUAL

Monthly M&A Insider | May | 08

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2013

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2013

Industrials & Chemicals

Monthly M&A Insider | May | 09

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2013

Monthly M&A Insider | May | 10

a mergermarket M&A report on

We have been seeing activity in the Consumer sector,

Monthly M&A Insider | May | 11

Exit multiples (x)

15-Apr-13 Thermo Fisher Scientific Inc

Life Technologies Corp

08-Apr-13 General Electric Company