Monthly M&A Insider

Monthly M&A InsIder
A mergermArket report on globAl m&A Activity

April 2012
E
D
IT
IO
N
MONTHLY M&A INSIDER
MERGERMARKET
GLOBAL OVERVIEW 01
AMERICAS: LATIN AMERICA 09
NORTH AMERICA 18
ASIA-PACIFIC 30
EUROPE 41
MIDDLE EAST & AFRICA 52
ABOUT MERRILL CORPORATION 62
www.mergermarket.com
Part of The Mergermarket Group
CONTENTS
80 Strand
London, WC2R 0RL
United Kingdom
t: +44 (0)20 7059 6100
f: +44 (0)20 7059 6101
sales@mergermarket.com
11 West 19th Street
2nd .
New York, NY 10011
USA
t: +1 212 686-5606
f: +1 212 686-2664
sales.us@mergermarket.com
Suite 2401-3
Grand Millennium Plaza
181 Queens Road, Central
Hong Kong
t: +852 2158 9700
f: +852 2158 9701
sales.asia@mergermarket.com
Monthly M&A Insider
G
L
O
B
A
L

O
V
E
R
V
I
E
W
01
Behind these trends are macroeconomic concerns and
ongoing volatility, both of which are damaging condence and
inhibiting dealmaking. In Europe, volatility will likely persist
through the year as sovereign debt problems are unlikely to
be resolved quickly. This will have an impact on valuations
and add to M&A risk.
Nevertheless, compared with Q4 2011, Europe saw an
increase in the total value of M&A in the rst quarter, buoyed
by the announced US$61bn merger of Glencore with Xstrata.
Furthermore, companies from Asia continue to show good
appetite for European assets, with bidders from the region
seeing the present market situation as an opportunity to
acquire market share and expertise. In particular, Chinese
companies are increasingly interested in overseas assets,
as a way to diversify and mitigate the impact of falling prot
margins in their home territory.
Fears that growth in China may be slowing originate largely
from suppressed prots amongst Industrials & Chemicals
companies. These concerns could be assuaged however
if the recovery in the US is sustained and exports pick up.
Furthermore, although foreign investors are cooling on China,
a number of foreign businesses remain keen to establish
themselves in the country, attracted by the tremendous
opportunities that still exist.
In January, American Express purchased a stake in Chinese
mobile payments provider LianLian Pay, for US$125m. This
move, which will allow American Express to offer digital
wallet services in the region, is a well considered attempt
to increase exposure to the fast growing consumer market
in Asia. The rst quarter of 2012 also marked a landmark
investment into Chinas nancial sector by western banks,
with UBS and Standard Chartered joining two Chinese
investors to acquire a 16.5% stake in China Cinda Asset
Management Corporation for US$1.6bn.
Away from defensive stocks and ongoing consolidation
among nancial services companies, perhaps one of the
most talked about deal announcements of late was the
US$1bn acquisition of mobile photography app Instagram
by Facebook. The deal is one amongst a stream of start-up
acquisitions, including direct marketer Tagtile and webcam
eye-tracking software GazeHawk, demonstrating a keen
desire to refresh the product offering and maintain innovation
at Facebook ahead of its otation on the Nasdaq in May.
In the US, TMT M&A will continue to be a bright spot, and
there are also signs that niche cross-border pockets are
setting up for a strong 2012, such as deal making between
the US and Israel. Globally, the Media subsector has been
one of the most resilient, with volume only 3% below Q1 2011
levels in Q1 2012. Of note is Ciscos US$5bn acquisition of
broadcast software provider NDS Group from News Corp,
which is intended to assist with the development of their video
platform and expansion into China and India.
Taking stock of the global M&A situation, a number of
regional and sector niche opportunities mean that there
are good reasons to stay upbeat about deal making in 2012.
Crucially, the underlying factors inuencing the downturn
appear to be sentimentally rather than fundamentally
driven, so that those lucrative opportunities that do exist will
continue to be pursued, so long as nancing can be obtained
and investors persuaded.
GLOBAL OVERVIEW
THE FIRST QUARTER OF 2012 SAW GLOBAL M&A DEAL VOLUME TOTAL 2,587 TRANSACTIONS
COLLECTIVELY VALUED AT US$421BN, REPRESENTING YEAR-ON-YEAR FALLS OF 20% AND 30% IN
ACTIVITY AND VALUE TERMS. A SIMILAR TREND IS REFLECTED IN THE PRIVATE EQUITY SPHERE,
WHERE THE SAME COMPARISON SHOWS VOLUME FALLING BY 20% AND VALUE BY 34%.
Head of Research: Elias Latsis
Editor: Felicity James
For advertising opportunities contact:
Erik Wickman
Tel: + (1) 212 6863329
erik.wickman@mergermarket.com
Global overview: Rob Imonikhe
Latin America: Urna Chakraborty
North America: Ashley Klepach
Asia-Pacic: Timothy Phillips
Europe: Peter Kruk and Kirsty Wilson
Middle East & Africa: Silvia Paparello,
Marie-Laure Keyrouz and Beatrice Bragho
Monthly M&A Insider 02
G
L
O
B
A
L

O
V
E
R
V
I
E
W
LEAGUE TABLES
Monthly M&A Insider
Ranking Q1 2012 Q1 2011
Q1 2012 Q1 2011 Company name Value
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 2 Goldman Sachs 125,364 56 143,280 -12.5%
2 8 Citigroup 111,578 34 81,479 36.9%
3 10 Deutsche Bank 107,651 41 68,435 57.3%
4 3 Morgan Stanley 107,200 54 126,915 -15.5%
5 1 JPMorgan 106,521 48 152,680 -30.2%
6 6 Barclays 95,618 33 89,937 6.3%
7 7 Credit Suisse 79,315 31 82,732 -4.1%
8 16 Nomura Holdings 68,971 27 20,609 234.7%
9 5 Bank of America Merrill Lynch 61,069 39 97,137 -37.1%
10 18 BNP Paribas 55,785 4 20,230 175.8%
11 11 Rothschild 29,524 36 27,690 6.6%
12 26 RBC Capital Markets 28,044 28 12,612 122.4%
13 4 Lazard 24,709 34 101,791 -75.7%
14 9 UBS Investment Bank 23,398 33 71,062 -67.1%
15 20 Evercore Partners 15,493 19 18,177 -14.8%
16 82 TD Securities 14,757 9 1,999 638.2%
17 92 Greenhill & Co 13,580 6 1,618 739.3%
18 25 Jefferies & Company 12,677 20 13,729 -7.7%
19 32 BMO Capital Markets 12,002 13 8,217 46.1%
20 15 HSBC 11,875 20 21,310 -44.3%
Source: mergermarket
The nancial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12. The tables cover all sectors and are based on the
geography of either the target, bidder or seller being Global.
TOP 20 FINANCIAL ADVISERS GLOBAL
VALUE
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Deal count Deal count
change
1 1 Goldman Sachs 125,364 56 78 -22
2 3 Morgan Stanley 107,200 54 64 -10
3 4 JPMorgan 106,521 48 60 -12
4 10 Deutsche Bank 107,651 41 53 -12
5 7 Bank of America Merrill Lynch 61,069 39 58 -19
6 5 PwC 4,017 39 60 -21
7 9 Deloitte 2,387 38 57 -19
8 13 Rothschild 29,524 36 42 -6
9 12 Citigroup 111,578 34 44 -10
10 14 Lazard 24,709 34 35 -1
11 16 Barclays 95,618 33 29 4
12 6 UBS Investment Bank 23,398 33 59 -26
13 8 Credit Suisse 79,315 31 57 -26
14 20 RBC Capital Markets 28,044 28 24 4
15 18 Nomura Holdings 68,971 27 26 1
16 2 KPMG 1,928 24 78 -54
17 11 Ernst & Young 3,061 23 51 -28
18 31 Houlihan Lokey 1,687 22 15 7
19 15 Jefferies & Company 12,677 20 34 -14
20 26 HSBC 11,875 20 17 3
TOP 20 FINANCIAL ADVISERS GLOBAL
VOLUME
G
L
O
B
A
L

O
V
E
R
V
I
E
W
Ranking Q1 2012 Q1 2011
(US$m)
change
1 4 Jones Day 23,011 56 71 -15
2 7 Linklaters 77,639 48 62 -14
3 9 Kirkland & Ellis 27,200 48 61 -13
4 1 DLA Piper 7,360 48 87 -39
5 2 Latham & Watkins 18,465 44 76 -32
6 6 Freshelds Bruckhaus Deringer 84,656 39 63 -24
7 3 Clifford Chance 22,385 39 73 -34
8 5 Allen & Overy 24,245 38 67 -29
9 12 CMS 1,417 35 50 -15
10 11 Hogan Lovells 5,108 34 50 -16
11 14 Sullivan & Cromwell 40,606 32 46 -14
12 10 Skadden Arps Slate Meagher & Flom 28,466 30 56 -26
13 13 Weil Gotshal & Manges 16,538 30 48 -18
14 27 Blake, Cassels & Graydon 13,685 26 28 -2
15 8 Baker & McKenzie 2,827 26 62 -36
16 49 Stikeman Elliott 16,237 25 19 6
17 17 White & Case 6,832 25 35 -10
18 23 Dewey & LeBoeuf 23,301 23 30 -7
19 21 Wilson Sonsini Goodrich & Rosati P.C. 3,203 23 31 -8
20 35 Mayer Brown 1,970 23 22 1
The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables cover
all sectors and are based on the geography of either the target, bidder or seller being Global.
TOP 20 LEGAL ADVISERS GLOBAL
VOLUME
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 8 Freshelds Bruckhaus Deringer 84,656 39 78,791 7.4%
2 7 Linklaters 77,639 48 79,340 -2.1%
3 125 King & Wood Mallesons 62,034 10 2,947 2,005.0%
4 4 Sullivan & Cromwell 40,606 32 97,309 -58.3%
5 6 Skadden Arps Slate Meagher & Flom 28,466 30 82,892 -65.7%
6 53 Kirkland & Ellis 27,200 48 11,099 145.1%
7 10 Allen & Overy 24,245 38 71,958 -66.3%
8 13 Dewey & LeBoeuf 23,301 23 62,875 -62.9%
9 29 Jones Day 23,011 56 22,205 3.6%
10 16 Clifford Chance 22,385 39 49,830 -55.1%
11 105 Paul Weiss Rifkind Wharton & Garrison 19,567 16 4,527 332.2%
12 12 Davis Polk & Wardwell 19,453 19 65,164 -70.1%
13 3 Latham & Watkins 18,465 44 97,784 -81.1%
14 36 Vinson & Elkins 17,175 21 15,963 7.6%
15 18 Weil Gotshal & Manges 16,538 30 44,552 -62.9%
16 34 Gibson Dunn & Crutcher 16,388 20 16,818 -2.6%
17 127 Stikeman Elliott 16,237 25 2,859 467.9%
18 11 Shearman & Sterling 15,231 17 69,153 -78.0%
19 195 Bennett Jones 14,245 6 1,020 1,296.6%
20 2 Simpson Thacher & Bartlett 13,853 12 121,560 -88.6%
TOP 20 LEGAL ADVISERS GLOBAL
VALUE
LEAGUE TABLES
G
L
O
B
A
L

O
V
E
R
V
I
E
W
LEAGUE TABLES
VALUE
VALUE
Rank
Q1 2012 Company name Value
(US$m)
Deal
count
1 Apollo Global Management 7,915 3
2= Access Industries 7,150 1
2= Riverstone Holdings 7,150 1
4 GS Capital Partners 3,578 2
5 Advent International 3,178 1
6 CITIC Capital Partners 2,500 3
7 CVC Capital Partners 2,423 3
8 Vista Equity Partners 2,251 3
9 Cinven 1,467 1
10 Blackstone Group 1,430 1
11 Insight Venture Partners 1,326 2
12 China Africa Development Fund 1,250 1
13 TPG Capital 871 2
14 Novo 708 1
15 Strategic Value Partners 663 1
Rank
(US$m)
Deal
count
1 Permira 5,000 1
2 Madison Dearborn Partners 3,178 1
4 EnCap Investments 2,850 1
5 Cinven 2,398 1
6 The Carlyle Group 2,293 3
7 Riverstone Holdings 2,123 2
8 Mid Europa Partners 1,801 2
9 Electra Partners 1,666 2
10 Intermediate Capital Group 1,467 1
11 Arle Capital Partners 1,260 1
12 Atlas Venture 1,002 3
13= Teachers Private Capital 1,000 1
13= Thoma Bravo 1,000 1
13= Vestar Capital Partners 1,000 1
VOLUME
VOLUME
Rank
Q1 2012 Company name Deal
count
Value
(US$m)
1 The Riverside Company - 7
2 Lloyds TSB Development Capital 278 4
3= Grey Mountain Partners - 4
3= mutares - 4
9 General Atlantic 415 3
10 The Carlyle Group 352 3
11 Wynnchurch Capital 99 3
12 H.I.G. Capital 47 3
13= Arsenal Capital Partners 30 3
13= Platinum Equity 30 3
15= Ciclad - 3
15= Levine Leichtman Capital Partners - 3
15= Naxicap Partners - 3
Rank
count
Value
(US$m)
1 Sun Capital Partners 98 6
2 Intel Capital 490 4
3 Audax Private Equity Group 124 4
5 Atlas Venture 1,002 3
6 TA Associates 588 3
7 Platinum Equity 362 3
8 Scottish Equity Partners 208 3
9 Benchmark Capital 195 3
10 Softbank Capital Partners 180 3
11 American Capital 144 3
12 SV Angel 50 3
13 H.I.G. Capital - 3
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL BUYOUTS
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL EXITS
The private equity buyout activity tables by value and volume are based on private equity rms advising the bidder on buyout deals where the dominant geography of the target company is Global.
The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
The private equity exit activity tables by value and volume are based on private equity rms advising the vendor on exit deals where the dominant geography of the target company is Global.
G
L
O
B
A
L

O
V
E
R
V
I
E
W
TREND GRAPHS
GLOBAL M&A QUARTERLY TREND
0
200
400
600
800
1,000
1,200
1,400
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Total volume Mid-market volume
0
50
100
150
200
250
300
350
400
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
Buyout value Exit value
N
u
m
b
e
r

o
f

d
e
a
l
s
Buyout volume Exit volume
0
100
200
300
400
500
600
700
800
900
GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
0
100
200
300
400
500
600
700
800
900
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
500
1,000
1,500
2,000
2,500
3,000
3,500
GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND
G
L
O
B
A
L

O
V
E
R
V
I
E
W
TREND GRAPHS
GLOBAL M&A SECTOR BREAKDOWN YTD 2012
GLOBAL GEOGRAPHIC BREAKDOWN YTD 2012
VALUE
VALUE
VOLUME
VOLUME
35.5%
6.4%
2.6%
4.5%
1.3%
3.7%
2.2%
1.4%
5.9%
1.7%
8.8%
13.9%
6.7%
5.5%
Industrials & Chemicals
Consumer
Business Services
Technology
Energy, Mining & Utilities
Financial Services
Pharma, Medical & Biotech
Construction
Media
Leisure
Transportation
Real Estate
Agriculture
Telecommunications
1.9%
4.5%
35.5%
39.5%
18.6% Asia-Pacific
Europe
North America
Middle East & Africa
Central & South America
9.0%
10.9%
2.1%
1.0%
0.9%
0.3%
3.4%
3.4%
3.2%
7.5%
3.8%
8.1%
21.6%
13.7%
11.1%
Consumer
Business Services
Technology
Financial Services
Construction
Media
Leisure
Transportation
Real Estate
Agriculture
Telecommunications
Defence
4.4%
2.8%
34.3%
41.1%
17.4% Asia-Pacific
Europe
North America
Middle East & Africa
Central & South America
G
L
O
B
A
L

O
V
E
R
V
I
E
W
TREND GRAPHS
GLOBAL M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
42.3%
16.8%
20.8%
7.5%
12.6%
39.8%
16.9%
23.0%
7.9%
12.5%
42.0%
15.3%
19.3%
8.9%
14.5%
40.6%
16.5%
20.5%
7.9%
14.5%
27.3%
20.6%
27.6%
9.5%
14.9%
30.2%
19.3%
25.8%
10.2%
14.5%
29.0%
20.8%
27.0%
10.6%
12.5%
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
P
e
r
c
e
n
t
a
g
e
80
82
84
86
88
90
92
94
96
98
100
YTD 2012* 2011 2010 2009 2008 2007 2006
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
1.2%
5.0%
4.7%
88.3%
1.3%
5.5%
5.1%
87.4%
0.6%
0.9%
3.9%
4.6%
90.1%
1.0%
3.8%
3.9%
90.9%
89.2%
4.5%
4.7%
1.1%
0.4%
1.1%
4.7%
4.9%
88.8%
0.7% 0.7% 0.5%
1.1%
4.4%
4.9%
89.1%
0.4% 0.5%
P
e
r
c
e
n
t
a
g
e
SECTOR ANALYSIS
GLOBAL SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count value volume
Energy, Mining & Utilities 149,485 35.5% 232 163,572 27.1% 294 -9% -62
Industrials & Chemicals 58,444 13.9% 559 116,474 19.3% 639 -50% -80
Consumer 28,222 6.7% 354 53,388 8.8% 418 -47% -64
Financial Services 36,951 8.8% 210 61,424 10.2% 266 -40% -56
Pharma, Medical & Biotech 24,726 5.9% 194 32,445 5.4% 262 -24% -68
Technology 26,982 6.4% 281 28,455 4.7% 359 -5% -78
Business Services 23,247 5.5% 288 20,337 3.4% 439 14% -151
Media 7,361 1.7% 88 15,222 2.5% 91 -52% -3
Transportation 10,794 2.6% 83 19,070 3.2% 99 -43% -16
Real Estate 15,629 3.7% 54 41,980 6.9% 51 -63% 3
Leisure 5,642 1.3% 88 7,048 1.2% 107 -20% -19
Telecommunications 5,738 1.4% 24 24,907 4.1% 44 -77% -20
Defence 9 0.0% 7 5,520 0.9% 12 -100% -5
Construction 19,079 4.5% 99 12,333 2.0% 119 55% -20
Agriculture 9,070 2.2% 26 1,900 0.3% 46 377% -20
Total 421,379 2,587 604,075 3,246 -30% -659
Smarter Faster Easier
Secure Precise Effcient
Award Winning Global
Certifed Industry Leading
24/7/365 Service Solutions
Smarter Faster Easier
Secure Precise Effcient
Award Winning Global
Certifed Industry Leading
24/7/365 Service Solutions
Confdential Compliant
Best Practices
Focused
on your
business
We thought of that.
datasite.com
Dont you deserve a partner who is as focused on your business as you are?
Dealmakers know they need to be aggressive, determined and experienced to get the best results for
their deal. As the best virtual data room (VDR) in the business, Merrill DataSite brings that same
intense focus to our customers.
With true transparency in pricing, terms & conditions, award winning customer service, and the
highest standard in security certication, Merrill DataSites cutting-edge technology and 24-7
client support allows M&A dealmakers to move fast and play to win. Users can easily organise,
review and share data for due diligence on a completely secure, simple-to-use datasite, accessible
via the Internet globally. Merrill DataSite can have your VDR ready for loading in as little as two
hours, with extensive content loaded and ready for review within 24 hours.
Merrill delivers unmatched customer service throughout the entire deal process so the only thing you
need to focus on is your deal.
At Merrill DataSite, we believe in sharing ideas and best practices
that assist companies in expanding and capturing new opportunities.
Case Studies and White Papers are available based on Business
Type (M&A, IPO, Bankruptcy, etc.) and for specic audiences:
Legal Advisors Investment Banking Corporate Executive Level.
To download our FREE industry survey reports please visit the
Merrill DataSite Knowledge Center at www.datasite.com.
M E R R I L L D A T A S I T E
L
A
T
I
N

A
M
E
R
I
C
A
LATIN AMERICA
A MERGERMARKET M&A REPORT ON
Meanwhile, Mexico, Colombia and Costa Rica have also been
active in M&A for the rst quarter, with Mexico and Colombia
both at 10 deals valued at US$1.1bn. Costa Rica only has two
reported deals for the quarter but they are collectively valued at
a whopping US$1bn, comprising 5.3% of deals by value.
The top deal of the quarter is Brazil-based Itau Unibanco
Holding SAs acquisition of a 49.99% stake in Brazil-based
Redecard SA. Announced on 07-Feb-12, it is valued at US$6.9m.
Itau Unibanco, a provider of commercial and investment banking
services, already owns a 50.01% stake in Redecard, a provider of
credit card payment processing services.
The lead Latin American nancial adviser by value and
volume is Citigroup at number one, up nine spots from last
year, having advised on ve deals worth US$15.5bn. In second
place is Banco Itau BBA, up ve spots from Q1 2011, with
ve deals worth US$9.6bn. The top Latin American legal
advisory rm by value is Mattos Filho, Veiga Filho, Marrey Jr
e Quiroga Advogados with ve deals worth US$8.9bn followed
by Lefosse Advogados with four deals worth US$2.7bn. By
volume, the top Latin American legal rm is Pinheiro Neto
Advogados with 13 deals worth US$974m and Machado
Meyer Sendacz e Opice comes in second, having advised on
nine deals worth US$2.5bn.
IN Q1 2012 LATIN AMERICA M&A DROPPED IN TERMS OF BOTH VOLUME AND VALUE WHEN COMPARED
TO Q1 OF LAST YEAR, REPORTING 116 DEALS COLLECTIVELY WORTH US$19.1BN. THE SECTOR WITH THE
HIGHEST MARKET SHARE, BUSINESS SERVICES, HAS 14 DEALS WORTH US$7.5BN, UP 680% FROM Q1 2011
IN VALUE. BRAZIL REMAINS THE FORERUNNER IN THE FIRST QUARTER COMPRISING 75.4% OF DEALS BY
VALUE AND 56% BY VOLUME WITH A TOTAL OF 65 DEALS WORTH US$14.4BN.
10
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
Deal summary
Announced: 07-Feb-12 Deal Value: US$6,864m
Itau Unibanco Holding SA has agreed to acquire a 49.99%
stake in Redecard SA.
Itau Unibanco, the listed Brazil-based company
headquartered in Sao Paulo, is a provider of commercial and
investment banking services. Redecard, the listed Brazil-
based company headquartered in Barueri, is a provider of
credit card payment processing services.
TERMS:
R$35 (US$20.46) in cash per each Redecard share.
Itau Unibanco will acquire 336,390,251 shares in
Redecard, which corresponds to a 49.99% in the
target company.
Based on 672,970,705 Redecard shares outstanding, the
implied equity value of the transaction is R$23,553.975m
(US$13,732m).
The offer provides a premium of 9.5% over Redecards
closing share price of R$32.04 (US$18.68) on 06-Feb-12,
one day prior to the announcement of the transaction;
and a premium of 29.1% based on Redecards closing
share price of R$28.95 (US$15.84) on 06-Jan-12, the
last trading day one month prior to the announcement
of the transaction.
POST-DEAL DETAILS:
Once the transaction is completed, Redecard will be
delisted from BM&F Bovespa.
CONDITIONS:
Redecard shareholder approval
Regulatory approvals
Customary closing conditions
BACKGROUND:
Itau Unibanco already owns a 50.01% stake in Redecard.
DEAL OF THE QUARTER
Advisers
Target Bidder
Financial BR Partners
Citigroup
Rothschild (Luiz Muniz)
Financial Banco Itau BBA
Legal Legal Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
11
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
DEAL OF THE QUARTER
Target
Anglo American Sur S.A.
Headquarters: 939 Avenida Marcos Penteado de Ulhoa Rodrigues
Barueri, Sao Paulo 06460-040
Brazil
Sector: Business Services
Description: Brazil-based provider of credit card payment processing services
Bidder
Itau Unibanco Holding SA
Headquarters: 100 Praca Alfredo Egydio De Souza Aranha
Parque Jabaquara, Sao Paulo 04344-902
Brazil
Sector: Financial Services
Description: Brazil-based provider of commercial and investment banking services
12
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF Q1 2012
Announced Bidder company Target company Target dominant
sector
Seller company Exit multiples (x) Bid premia
1-day
before
Deal
value
(US$m)
Revenue EBITDA P/E
07-Feb-12 Itau Unibanco Holding SA Redecard SA
(49.99% stake)
Business Services 7.6 12.3 18.2 9.5% 6,864
26-Mar-12 Mubadala Development
Company PJSC
Grupo EBX (5.63% stake) Energy, Mining &
Utilities
- 2,000
30-Jan-12 Atlantia-Bertin Group JV Atlantia SpA (concession
motorway assets); and
Bertin SA (concession
motorway assets)
Construction Atlantia SpA;
and Bertin SA
- 1,132
24-Jan-12 Banco Davivienda SA HSBC Costa Rica; HSBC
El Salvador; and HSBC
Honduras SA
Financial Services HSBC Bank
(Panama) SA
n/a n/a - 801
24-Feb-12 CPFL Energias Renovaveis SA Bons Ventos Geradora de
Energia SA
Energy, Mining &
Utilities
Fundo de
Investimento em
Participacoes
Brasil Energia;
Servtec
Investimentos
e Participacoes
Ltda; and FIP
Progresso
- 620
08-Feb-12 BTG Pactual SA Celn Capital Financial Services - 600
21-Feb-12 Cosan SA Industria e
Comercio
America Latina Logistica
(5.67% stake)
Transportation 4.9 13.1 69.6 109.6% 524
07-Mar-12 AXA SA HSBC Holdings plc
(property and casualty
businesses in Hong Kong,
Singapore and Mexico)
Financial Services HSBC Holdings
plc
n/a n/a - 494
15-Mar-12 Transmissora Alianca de
Energia Eletrica SA
Abengoa Participacoes
Holding SA (50.00% stake)
Energy, Mining &
Utilities
Abengoa SA - 492
07-Mar-12 Prosegur Compania de
Seguridad SA
Transbank; and Nordeste
Seguranca
Business Services 1.0 - 472
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Latin America
Data correct as of 10-Apr-12
TOP DEALS
13
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
geography of either the target, bidder or seller being Latin American.
VALUE
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 10 Citigroup 15,525 5 5,596 177%
2 7 Banco Itau BBA 9,566 5 7,327 30.6%
3 31 BR Partners 7,121 2 75 9395%
4 13 Rothschild 6,864 2 5,240 31.0%
5 2 Goldman Sachs 4,335 5 13,305 -67.4%
6 15 Credit Suisse 2,272 2 4,011 -43.4%
7 4 HSBC 1,715 3 8,376 -79.5%
8 9 Morgan Stanley 1,132 1 6,033 -81.2%
9 20 UBS Investment Bank 1,055 3 442 139%
10 1 BTG Pactual 974 3 14,435 -93.3%
11 14 Bank of America Merrill Lynch 753 2 5,233 -85.6%
12= 25 Barclays 693 1 201 245%
12= - ING 693 1 - -
13 - Stephens 656 2 - -
14 - Wells Fargo Securities 656 1 - -
15 - Standard Chartered 438 1 - -
16 6 Banco Bradesco BBI 352 1 7,738 -95.5%
17= - Daewoo Securities Co 308 1 - -
17= 16 Deutsche Bank 308 1 2,188 -85.9%
17= - Samsung Securities Co 308 1 - -
TOP 20 FINANCIAL ADVISERS LATIN AMERICA
VOLUME
Ranking Q1 2012 Q1 2011
(US$m)
change
1 4 Citigroup 15,525 5 8 -3
2 1 Banco Itau BBA 9,566 5 11 -6
3 3 Goldman Sachs 4,335 5 9 -4
4 16 HSBC 1,715 3 2 1
5 28 UBS Investment Bank 1,055 3 1 2
6 2 BTG Pactual 974 3 10 -7
7 14 BR Partners 7,121 2 3 -1
8 9 Rothschild 6,864 2 4 -2
9 5 Credit Suisse 2,272 2 8 -6
10 13 Bank of America Merrill Lynch 753 2 3 -1
11 - Stephens 656 2 - -
12 11 Banco Bradesco BBI 352 2 3 -1
13 7 Morgan Stanley 1,132 1 4 -3
14= 31 Barclays 693 1 1 0
14= - ING 693 1 - -
15 - Wells Fargo Securities 656 1 - -
16 - Standard Chartered 438 1 - -
17= - Daewoo Securities Co 308 1 - -
17= 19 Deutsche Bank 308 1 2 -1
17= - Samsung Securities Co 308 1 - -
TOP 20 FINANCIAL ADVISERS LATIN AMERICA
LEAGUE TABLES
14
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables
cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.
LEAGUE TABLES
VOLUME
Ranking Q1 2012 Q1 2011
(US$m)
change
1 2 Pinheiro Neto Advogados 974 13 10 3
2 1 Machado Meyer Sendacz e Opice 2,518 9 12 -3
3 3 Souza, Cescon, Barrieu & Flesch Advogados 2,296 6 10 -4
4 7 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 8,966 5 8 -3
5 11 Lefosse Advogados 2,702 4 4 0
6 13 Tozzini Freire Teixeira e Silva Advogados 89 4 4 0
7 5 Clifford Chance 1,352 3 9 -6
8 92 Linklaters 1,295 3 1 2
9 - Azevedo Sette Advogados 515 3 - -
10 8 Lobo & de Rizzo Advogados 472 3 6 -3
11 28 Gomez-Pinzon Zuleta 438 3 3 0
12 27 Jones Day 390 3 3 0
13 110 White & Case 299 3 1 2
14 - Brigard & Urrutia 46 3 - -
16 4 Barbosa, Mussnich & Aragao 1,124 2 9 -7
17 - Kim & Chang 1,016 2 - -
18 - Alston & Bird 705 2 - -
19 - Mundie e Advogados 649 2 - -
20 67 Philippi, Yrarrazaval, Pulido & Brunner 637 2 1 1
TOP 20 LEGAL ADVISERS LATIN AMERICA
VALUE
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 18 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 8,966 5 1,676 435%
2 19 Lefosse Advogados 2,702 4 1,386 94.9%
3 5 Machado Meyer Sendacz e Opice 2,518 9 10,840 -76.8%
4 6 Souza, Cescon, Barrieu & Flesch Advogados 2,296 6 9,446 -75.7%
5= 12 Davis Polk & Wardwell 2,000 1 6,404 -68.8%
5= 37 Shearman & Sterling 2,000 1 370 441%
7 4 Clifford Chance 1,352 3 12,306 -89.0%
8 89 Linklaters 1,295 3 17 7518%
9 2 Barbosa, Mussnich & Aragao 1,124 2 15,562 -92.8%
10 - Kim & Chang 1,016 2 - -
11 1 Pinheiro Neto Advogados 974 13 18,724 -94.8%
12= - Addleshaw Goddard 801 1 - -
12= - Arias, Fabrega & Fabrega 801 1 - -
12= - Berdeja y Asociados 801 1 - -
12= 97 Consortium Centro America Abogados 801 1 0 -
12= - Dudley & Asociados 801 1 - -
12= - F.A. Arias & Munoz 801 1 - -
12= - Hughes Hubbard & Reed 801 1 - -
12= - Lopez Rodezno & Asociados 801 1 - -
12= - Morgan & Morgan 801 1 - -
TOP 20 LEGAL ADVISERS LATIN AMERICA
15
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
TREND GRAPHS
0
10
20
30
40
50
60
70
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
N
u
m
b
e
r

o
f

d
e
a
l
s V
a
l
u
e

(
U
S
$
b
n
)
0
20
40
60
80
100
120
140
160
180
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
m
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
2
4
6
8
10
12
14
16
18
0
20
40
60
80
100
120
140
160
180
YTD 2012* 2011 2010 2009 2008 2007 2006
N
u
m
b
e
r

o
f

d
e
a
l
s V
a
l
u
e

(
U
S
$
b
n
)
0
100
200
300
400
500
600
700
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
m
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
5
10
15
20
25
30
35
40
45
50
LATIN AMERICAN M&A QUARTERLY TREND
LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATE
EQUITY TREND
LATIN AMERICAN M&A QUARTERLY PRIVATE
EQUITY TREND
16
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
TREND GRAPHS
LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
VALUE VOLUME
75.4%
4.9%
5.6%
5.3%
5.8%
0.3%
0.1%
2.6%
Brazil
Chile
Colombia
Costa Rica
Mexico
Peru
Uruguay
Argentina
56.0%
12.1%
8.6%
1.7%
8.6%
5.2%
0.9%
6.9%
Brazil
Chile
Colombia
Costa Rica
Mexico
Peru
Uruguay
Argentina
LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
24.4%
39.3%
12.9%
0.7%
1.1%
4.2%
0.1%
0.1%
6.1%
1.5%
2.4%
Consumer
Business Services
Financial Services
Technology
Leisure
Transportation
Construction
Real Estate
Media
18.1%
17.2%
16.4%
12.1%
11.2%
6.0%
3.4%
3.4%
2.6%
1.7%
0.9%
3.4%
3.4%
Consumer
Business Services
Financial Services
Technology
Leisure
Transportation
Construction
Real Estate
Agriculture
Media
17
L
A
T
I
N

A
M
E
R
I
C
A
Monthly M&A Insider
LATIN AMERICAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
46.9%
8.3%
21.8%
10.3%
12.7%
16.2%
10.8%
31.3%
16.2%
25.5%
30.5%
20.3%
24.5%
10.0%
14.7%
9.2%
29.3%
36.6%
10.1%
14.8%
9.4%
6.9%
24.9%
19.2%
39.6%
28.9%
18.4%
27.3%
11.1%
14.4%
35.9%
29.7%
21.3%
13.1%
P
e
r
c
e
n
t
a
g
e
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
1.0%
5.4%
7.4%
85.1%
0.2%
5.3%
6.3%
87.5%
0.6%
4.7%
5.3%
88.2%
0.3%
6.9%
5.4%
85.7%
82.2%
6.3%
8.2%
1.2%
1.0% 0.7% 1.2% 1.8% 2.0%
6.0%
6.0%
86.0%
0.8% 0.9%
P
e
r
c
e
n
t
a
g
e
1.1%
9.5%
5.2%
84.5%
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
TREND GRAPHS
LATIN AMERICAN SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume
Energy, Mining & Utilities 4,673 24.4% 20 11,100 28.0% 31 -58% -35%
Industrials & Chemicals 434 2.3% 21 1,149 2.9% 21 -62% 0%
Consumer 1,384 7.2% 19 4,601 11.6% 29 -70% -34%
Financial Services 2,464 12.9% 13 517 1.3% 8 377% 63%
Pharma, Medical & Biotech 24 0.1% 3 161 0.4% 5 -85% -40%
Technology 139 0.7% 7 56 0.1% 5 148% 40%
Business Services 7,525 39.3% 14 965 2.4% 16 680% -13%
Media 292 1.5% 1 40 0.1% 3 0% -67%
Transportation 797 4.2% 4 8,008 20.2% 9 -90% -56%
Real Estate 28 0.1% 4 1,094 2.8% 2 -97% 100%
Leisure 211 1.1% 4 48 0.1% 4 340% 0%
Telecommunications 0 0.0% 0 11,385 28.7% 4 0% 100%
Defence 0 0.0% 0 0 0.0% 1 100% 0%
Construction 1,167 6.1% 4 194 0.5% 10 100% -60%
Agriculture 5 0.0% 2 331 0.8% 9 -98% -78%
Total 19,143 116 39,649 157 -52% -26%
SECTOR ANALYSIS
N
O
R
T
H

A
M
E
R
I
C
A
18 Monthly M&A Insider
NORTH AMERICA
M&A DOWN IN Q1 2012 AFTER STEADY 2011
ALTHOUGH M&A ACTIVITY HELD STEADY IN 2011, NORTH AMERICAN ACTIVITY DECLINED IN Q1 2012, WITH
873 DEALS VALUED AT US $149M, REPRESENTING A 9.9% DECREASE IN VOLUME AND A 26.2% DECREASE IN
VALUE. WHEN COMPARED TO THE SAME TIME LAST YEAR, Q1 2012 ACCOUNTED FOR A 43.37% DECREASE IN
M&A ACTIVITY IN NORTH AMERICA. IN THE NORTH AMERICA REGION, PRIVATE EQUITY EXITS WERE THE ONLY
TRANSACTIONS THAT HAD INCREASED FROM 2011, ACCOUNTING FOR 138 DEALS VALUED AT US$ 21.3M. THIS
REPRESENTS A 10.8% INCREASE IN ACTIVITY FROM THE SAME TIME LAST YEAR. WHILE NORTH AMERICAN
EXITS HAVE INCREASED, PRIVATE EQUITY BUYOUTS HAVE STAYED IN LINE WITH THE OVERALL NORTH AMERICA
TREND, DECREASING 35.95% SINCE Q4 2011.
A closer look at the M&A deal size breakdown reveals a
dramatic decrease in large-cap transactions with a deal value
greater than US$5bn, with 4 deals valued at US$26.572bn. This
represents an 80.15% decrease from Q1 2011. Another area
consistent with the downward trend in 2012 was small-cap
transactions, with a deal value between US$0m to US$250m.
This breakdown decreased 32.77% from Q1 2011. Deal values
of US$250 to US$500m remained steady when compared to the
same period in 2011.
Energy, Mining & Utilities dominate deal activity
in 2012
Like the overall M&A activity trend in North America, the
market share in Q1 2012 for the individual sectors have
drastically declined from the year prior, with a 43% decrease in
deal value. The Energy, Mining, & Utilities sector dominated in
2012, with 92 deals valued at US$46.026m, which represents a
30.9% market share. This represents a 51% decrease in value
from Q1 2011 and a 15% decreased by volume. The sector with
the second largest market share in Q1 2012 was Industrials
& Chemicals, with a 16.1% market share. Industrials &
Chemicals accounted for 164 deals worth US$23.924m,
which accounted for a 57% decrease in deal values and a 10%
decrease in deal volume.
Agriculture was the sector with the largest announced
transaction for Q1 2012, with Glencore International plc
acquiring Viterra Inc. for a deal value of US$7.347bn. The
offer represented a 1.7% premium based on the previous
closing share price of CA$15.98 per share. The transaction is
still pending. Energy, Mining & Utilities did have the second
largest announced deal for Q1 2012. A consortium of investors,
made up of Apollo Global Management, Riverstone Holdings,
and Access Industries Inc, has agreed to acquire EP Energy
Corporation from El Paso Corporation for a deal value
of US$7.150bn.
19
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
DEAL OF THE QUARTER
Deal summary
Announced: 20-Mar-12 Deal Value: US$7,347m
PLAN OF ARRANGEMENT:
Viterra Inc.(TSX:VT), a Canada corporation, has signed
a denitive agreement to be acquired by Glencore
International plc (LON: GLEN), a Switzerland corporation.
The boards of directors of both companies have approved
the merger.
Viterra Inc., a Canadian company headquartered at
Regina, SK, is a vertically integrated global agri-business
company that provides premium quality ingredients to
leading global food manufacturers.
Glencore International , a Switzerland-based company
headquartered in Baarermattstrasse, BAAR is a holding
company operating within the commodity sector.
RATIONALE:
The rm stated that the acquisition of Viterra is consistent
with Glencores strategy of strengthening its position as
one of the global leaders in grain and oilseeds markets.
They further stated that Viterras Tier 1 portfolio of assets
in Canada and Australia will allow Glencore to build
upon its position as one of the worlds largest commodity
suppliers and provides the opportunity to leverage
Glencores extensive global networks, expertise and best
practices in order to create additional value across its
agricultural businesses.
TERMS:
C$16.25 per VT share
The offer provides a premium of 1.7% based on VTs closing
share price on 19-Mar-12 of C$15.97 or 48% over VTs
closing share price on 08-Mar-12 of C$10.98, a day prior to
public announcement of expression of interest in VT.
The implied equity value of the transaction is
approx. C$6.1bn.
If a superior offer were to emerge for VT, the company would
be required to give GLEN at least 5 business days to make
adjustments to its current offer before VTs board of directors
could effect a change of recommendation of the deal.
CONDITIONS:
ICA (Canada)
CA (Canada)
HSR (USA)
FIRB Approval (Australia)
ACCC Approval (Australia)
EU Merger Regulation
MOFCOM (China)
JFTC (Japan)
KFTC (South Korea)
Competition Tribunal (South Africa)
AMC (Ukraine)
Competition Board (Turkey)
Overseas Investment Act (New Zealand)
VT EGM (66 2/3% afrmative vote required to approve)
FINANCING:
The transaction will be funded out of Glencores existing
cash resources and available credit facilities.
POST DEAL DETAILS:
Glencore has entered into agreements with each of
Agrium and Richardson International which provide for
the sale of certain assets. Agrium will acquire the majority
of Viterras retail agri-products business including its 34%
interest in Canadian Fertilizer Limited (CFL) for which
Agrium will pay C$1.8bn. Richardson International will
acquire 23% of Viterras Canadian grain handling assets,
certain agri-centres and certain processing assets in
North America for C$0.8bn.
Regina, Canada will be the head ofce of North American
Agriculture business.
20
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
DEAL OF THE QUARTER
Exit multiples Y/E 31-Nov-11 Premium analysis
Multiples Value (US$m) Offer price per share (US$) 16.09
Revenue - - 1 day before 1.71%
EBITDA 10.4x 704.37 1 month before 58.84%
EBIT 15.0x 490.41 1 day after 1.9%
Earnings 22.6x 266.34 Pre-rumor 47.34%
EXPECTED CLOSE:
The transaction is expected to close in the second quarter
of 2012.
TERMINATION DATE:
The termination date for the transaction is 15-Oct-12 but
it can be extended under certain circumstances.
TERMINATION FEE:
C$185m, or 3.03% based on the implied equity value of
the deal. The per-share increase required to cover this
fee in a superior offer would be C$0.49. Under certain
circumstances, there would be a reverse termination fee
and the parent would owe the company C$50m.
IRREVOCABLES:
Senior Ofcers and Alberta Investment Management
Corp, the largest shareholder of Viterra have entered into
agreements with Glencore supporting the transaction.
BACKGROUND OF THE MERGER:
There were rumors in the media that the rm might
have received expression of interest from several parties.
On 09-Mar-12, the company acknowledged that it has
received expressions of interest from third-parties but
there can be no assurance that a transaction will result.
On 15-March-12, the rm acknowledged that, in response
to expressions of interest from third parties to acquire the
company, a process has been established by the Board
of Directors of Viterra, which includes condentiality
agreements being entered into and the provision of due
diligence. Following this announcement, on 20-Mar-
12, the rm announced that it has signed a denitive
agreement pursuant to which Glencore has agreed to
acquire shares of Viterra for C$16.25 per share.
Advisers
Target/Seller Bidder
Financial Canaccord Genuity Limited;
TD Securities Inc.
Financial Bank of America Merrill Lynch;
RBC Capital Markets;
Legal Ashurst;
Fasken Martineau Dumoulin;
Sidley Austin;
Stikeman Elliott;
Torys
Legal Bennett Jones;
Curtis, Mallet-Prevost, Colt, & Mosle;
King & Wood Mallesons;
Linklaters
PR PR Hill + Knowlton Strategies;
Hinton & Associates;
RLM Finsbury
21
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
DEAL OF THE QUARTER
mergermarket/dealReporter Intelligence
11-Mar-11 Glencore is behind 3.5bn offer for Viterra report
12-Mar-11 Viterra: Glencore, ADm said to have indicated highest bid for Bunge chasing
12-Mar-11 Glencore CEO conrms interest in Gavilon
13-Mar-11 Viterra could see foreign suitors nd Canadian partners before launching bids report
Bidder
Glencore International plc
Headquarters: Baarermattstrasse 3
Baar, Zug
Switzerland
Sector: Mining
Description: Switzerland-based producer and marketer of mineral, metal, energy, and agricultural commodities
Target
Viterra Inc.
Headquarters: 2625 Victoria Avenue
Regina, Saskatchewan
Canada
Sector: Consumer
Description: Canada-based vertically integrated global agri-business company
22
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
TOP DEALS & EXPECTED DEALS
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF Q1 2012
Announced Bidder company Target company Target dominated
sector
1-day
before
Deal value
(US$m)
Revenue EBITDA P/E
20-Mar-12 Glencore International plc Viterra Inc Agriculture 0.6 7.9 22.6 1.7% 7,347
24-Feb-12 Apollo Global
Management LLC;
Riverstone Holdings LLC;
and Access Industries Inc
EP Energy Corporation Energy, Mining &
Utilities
El Paso Corporation - 7,150
25-Jan-12 Roche Holding Ltd Illumina Inc Pharma, Medical
& Biotech
6.5 25.6 82.3 35.3% 6,846
28-Mar-12 Tyco Flow Control Pentair Inc Industrials &
Chemicals
1.5 18.9 118.4 - 5,230
27-Jan-12 Eastman Chemical
Company
Solutia Inc Industrials &
Chemicals
2.2 8.7 12.8 41.7% 4,600
30-Jan-12 ABB Ltd Thomas & Betts
Corporation
Industrials &
Chemicals
1.6 10.1 20.0 24.2% 3,770
16-Jan-12 Pembina Pipeline Corp Provident Energy Ltd Energy, Mining &
Utilities
25.3% 3,681
15-Feb-12 Kellogg Company Procter & Gamble
Company (Pringles
snack business)
Consumer Procter & Gamble
Company
2.4 14.6 - 3,545
16-Mar-12 BCE Inc Astral Media Inc Media 3.3 10.6 15.2 38.0% 3,208
17-Feb-12 Advent International
Corporation; and GS
Capital Partners
TransUnion Corp Business
Services
Madison Dearborn
Partners LLC; and
Pritzker family
3.1 9.4 34.5 - 3,178
Based on dominant geography of target company being North America (US + Canada)
23
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
Situation Target company Sector Potential bidder
company
Financial adviser to
bidder (B); target (T);
seller (S)
Seller
company
Market cap/
est. value
(US$m)
Comments
Expected Deal Georgia Gulf
Corporation
Industrials &
Chemicals
Westlake
Chemical
Corporation
Deutsche Bank (B);
Morgan Stanley (B)
1,198 On 13-Jan-12, Georgia Gulf Corp, the
US-based manufacturer of chlorvinyl
and aromatics chemicals, received
an unsolicited, US$35 per share offer
from Westlake Chemical Corporaiton,
the US-based manufacturer of basic
chemicals, vinyls, polymers, and polyvinyl.
On 01-Feb-12, Westlake raised the
offer price and stated that it would be
willing to pay part of the consideration
in its own shares. The company also
decided against nominating directors
to the Georgia Gulf Board of Directors.
In the meantime, Georgia Gulf Board of
Directors has deemed the price as not
appropriate and has not accepted the offer.
Expected Deal Monster Worldwide
Inc
Technology Undisclosed
bidder
Stone Key Partners
(T); Bank of
American Merrill
Lynch (T)
986 On 01-Mar-12, Monster Worldwide Inc, the
US-based provider of employment services,
announced that the Board of Directors is
reviewing strategic alternatives for the
company. They have retained Stone Key
Partners and Bank of American Merrill
Lynch as nancial advisers for the review.
Expected Deal Jakks Pacic Inc Consumer Oaktree Capital Rothschild (T) 492 On 13-Sep-11, Jakks Pacic Inc, the listed
US-based manufacturer of toy products,
received a public unsolicited offer from
Oaktree Capital to buy the target at US$20
per share. The bidder already owns a 4.99%
stake in Jakks. This offer was unanimously
rejected by the targets Board of Directors on
05-Oct-11.
Expected Deal LHC Group Inc Pharma,
Medical &
Biotech
Undisclosed
bidder
JPMorgan (T) 360 On 14-Feb-12, LHC Group Inc, the US-based
provider of healthcare services to Medicare
beneciaries, has announced that the
Board of Directors is exploring strategic
alternatives for the company.
Expected Deal AMAG
Pharmaceuticals Inc
Pharma,
Medical &
Biotech
MSMB Capital
MA
286 On 03-Aug-11, AMAG Pharmaceuticals, the
listed US-based biopharmaceutical company,
received an unsolicited proposal from MSMB
Capital Management to acquire the company
at US$18 per share in cash. AMAG Board
of Directors has unanimously opposed the
proposal and urged stockholders to take no
action on the offer. One of the reasons why
the Board of Directors might not support
the acquisition is that MSMB is proposing to
remove six of the seven current members of
AMAGs Board and to replace them with its
own nominees.
Expected deals based on conrmed announcements by companies involved
PIPELINE OF NORTH AMERICAN EXPECTED DEALS
24
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 3 Goldman Sachs 47,800 37 82,724 -42.2%
2 6 Bank of America Merrill Lynch 39,102 26 70,175 -44.3%
3 10 Deutsche Bank 34,620 24 46,055 -24.8%
4 5 Barclays 31,808 25 73,118 -56.5%
5 9 Citigroup 31,187 19 51,228 -39.1%
6 16 RBC Capital Markets 29,459 30 12,103 143%
7 1 JPMorgan 26,943 28 131,317 -79.5%
8 4 Morgan Stanley 26,358 26 74,943 -64.8%
9 2 Lazard 17,114 26 83,200 -79.4%
10 7 Credit Suisse 16,288 16 62,470 -73.9%
11 13 Evercore Partners 15,403 18 14,866 3.6%
12 44 TD Securities 14,757 9 1,999 638%
14 79 Greenhill & Co 12,862 4 546 2256%
15 14 Jefferies & Company 12,233 19 14,460 -15.4%
16 19 BMO Capital Markets 12,002 13 8,217 46.1%
17 15 Moelis & Company 10,306 15 14,333 -28.1%
18 51 Tudor, Pickering, Holt & Co 10,000 3 1,427 601%
19 25 Scotia Capital 8,474 7 5,452 55.4%
20 47 Canaccord Genuity 8,406 9 1,632 415%
geography of either the target, bidder or seller being US or Canadian.
TOP 20 FINANCIAL ADVISERS NORTH AMERICA
LEAGUE TABLES
Ranking Q1 2012 Q1 2011
(US$m)
change
1 1 Goldman Sachs 47,800 37 51 -14
2 11 RBC Capital Markets 29,459 30 21 9
3 3 JPMorgan 26,943 28 39 -11
5 6 Morgan Stanley 26,358 26 31 -5
6 13 Lazard 17,114 26 17 9
7 10 Barclays 31,808 25 23 2
8 9 Deutsche Bank 34,620 24 29 -5
9 17 Houlihan Lokey 736 21 13 8
10 8 Citigroup Inc 31,187 19 29 -10
11 7 Jefferies & Company 12,233 19 30 -11
12 31 Evercore Partners 15,403 18 8 10
13 5 Credit Suisse 16,288 16 35 -19
15 22 Moelis & Company 10,306 15 11 4
16 18 Robert W. Baird & Co 425 14 13 1
17 27 BMO Capital Markets 12,002 13 10 3
18 30 Sandler O'Neill & Partners 3,192 13 9 4
19 26 Wells Fargo Securities 5,446 12 10 2
20 25 Lincoln International 517 11 11 0
TOP 20 FINANCIAL ADVISERS NORTH AMERICA
VALUE
VOLUME
25
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
Ranking Q1 2012 Q1 2011
(US$m)
change
1 1 Kirkland & Ellis 26,190 48 57 -9
2 4 Jones Day 21,069 46 45 1
3 2 Latham & Watkins 12,644 38 53 -15
4 3 DLA Piper 2,329 33 46 -13
5 5 Sullivan & Cromwell 35,248 27 37 -10
6 12 Blake, Cassels & Graydon 10,566 25 27 -2
7 8 Weil Gotshal & Manges 15,409 24 32 -8
9 31 Stikeman Elliott 15,984 23 18 5
10 11 Wilson Sonsini Goodrich & Rosati 3,003 22 30 -8
11 30 Vinson & Elkins 17,175 21 18 3
12 20 Morgan Lewis & Bockius 1,911 21 24 -3
13 46 Morrison & Foerster 2,564 19 14 5
14 75 Gowling Laeur Henderson 1,575 19 7 12
15 15 Dewey & LeBoeuf 20,794 18 25 -7
16 24 Davis Polk & Wardwell 17,453 17 21 -4
17 40 Gibson Dunn & Crutcher 16,288 17 15 2
18 45 Mayer Brown 1,140 17 14 3
19 21 McDermott Will & Emery 5,423 16 23 -7
20 36 Linklaters 11,861 14 16 -2
all sectors and are based on the geography of either the target, bidder or seller being US or Canadian.
TOP 20 LEGAL ADVISERS NORTH AMERICA
LEAGUE TABLES
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Value
(US$m)
Value change
(%)
2 42 Kirkland & Ellis 26,190 48 10,159 158%
4 22 Jones Day 21,069 46 20,262 4.0%
5 9 Dewey & LeBoeuf 20,794 18 60,339 -65.5%
6 12 Davis Polk & Wardwell 17,453 17 51,140 -65.9%
7 52 Vinson & Elkins 17,175 21 8,763 96.0%
8 28 Gibson Dunn & Crutcher 16,288 17 15,806 3.0%
9 26 Freshelds Bruckhaus Deringer 16,114 11 17,848 -9.7%
10 90 Stikeman Elliott 15,984 23 2,859 459%
11 79 Paul Weiss Rifkind Wharton & Garrison 15,905 13 4,527 251%
12 16 Weil Gotshal & Manges 15,409 24 34,901 -55.8%
13 167 Bennett Jones 14,245 6 505 2721%
14 2 Simpson Thacher & Bartlett 13,223 11 114,460 -88.4%
15 4 Latham & Watkins 12,644 38 80,613 -84.3%
16 18 Linklaters 11,861 14 30,458 -61.1%
17 1 Wachtell, Lipton, Rosen & Katz 11,297 10 135,577 -91.7%
18 7 Shearman & Sterling 10,915 10 67,589 -83.9%
19 41 Willkie Farr & Gallagher 10,844 8 10,428 4.0%
20 33 Blake, Cassels & Graydon 10,566 25 14,733 -28.3%
TOP 20 LEGAL ADVISERS NORTH AMERICA
VALUE
VOLUME
26
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
LEAGUE TABLES
VALUE
VALUE
Rank
(US$m)
Deal
count
2 Access Industries 7,150 1
5 Advent International 3,178 1
6 Blackstone Group 1,430 1
8 Trilantic Capital Partners 464 1
9 Golden Gate Capital 354 1
10 Prospect Capital 266 1
11 GI Partners 250 1
12 Bain Capital 238 1
13 Insight Equity 192 2
14 Arlon Capital Partners 188 1
15 Z Capital Partners 177 2
Rank
(US$m)
Deal
count
1 Madison Dearborn Partners 3,178 1
2 EnCap Investments 2,850 1
5 Teachers Private Capital 1,000 1
6 Thoma Bravo 1,000 1
7 Vestar Capital Partners 1,000 1
8 Abingworth Management 925 1
9 Advent Venture Partners 925 1
10 Atlas Venture 925 1
11 Novartis Venture Funds 925 1
12 Polaris Venture Partners 925 1
13 Berkshire Partners 750 1
14 Greenbriar Equity Group 750 1
15 Avista Capital Partners 722 2
VOLUME
VOLUME
Rank
count
Value
(US$m)
1 The Riverside Company 0 7
2 Grey Mountain Partners 0 4
3 Wynnchurch Capital 99 3
5 Levine Leichtman Capital Partners 0 3
9 Insight Equity 192 2
10 Z Capital Partners 177 2
11 Birch Hill Equity Partners Management 138 2
12 The Stephens Group 83 2
13 Versa Capital Management 62 2
14 HIG Capital 47 2
15 Arsenal Capital Partners 30 2
Rank
count
Value
(US$m)
1 Sun Capital Partners 98 6
2 Audax Private Equity Group 124 4
3 TA Associates 588 3
4 Benchmark Capital 195 3
5 American Capital 144 3
6 SV Angel 50 3
7 Avista Capital Partners 722 2
8 Angelo, Gordon & Co 351 2
9 Rho Capital Partners 180 2
10 Softbank Capital Partners 180 2
11 Morgenthaler Ventures 62 2
12 General Catalyst Partners 0 2
13 HIG Capital 0 2
14 Macquarie Group 0 2
15 Panorama Capital 0 2
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN BUYOUTS
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN EXITS
The private equity buyout activity tables by value and volume are based on private equity rms advising the bidder on buyout deals where the dominant geography of the target company is US or
Canadian. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
The private equity exit activity tables by value and volume are based on private equity rms advising the vendor on exit deals where the dominant geography of the target company is US or
Canadian. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
27
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
TREND GRAPHS
NORTH AMERICAN M&A QUARTERLY TREND
0
100
200
300
400
500
600
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
200
400
600
800
1,000
1,200
1,400
1,600
0
50
100
150
200
250
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
50
100
150
200
250
300
350
NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATE
EQUITY TREND
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
YTD 2012* 2011 2010 2009 2008 2007 2006
N
u
m
b
e
r

o
f

d
e
a
l
s V
a
l
u
e

(
U
S
$
b
n
)
0
1,000
2,000
3,000
4,000
5,000
6,000
0
50
100
150
200
250
300
350
400
450
500
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
200
400
600
800
1,000
1,200
NORTH AMERICAN M&A QUARTERLY PRIVATE
EQUITY TREND
28
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
TREND GRAPHS
NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
16.1%
7.7%
12.3%
5.0%
6.6%
30.9%
4.5%
2.4%
2.9%
0.5%
0.4%
1.5%
5.7%
3.7%
Technology
Business Services
Consumer
Financial Services
Leisure
Media
Construction
Transportation
Real Estate
Telecommunications
Agriculture
18.8%
16.0%
11.3%
10.7%
10.5%
10.5%
3.6%
3.2%
2.2%
1.6%
1.3%
8.9%
0.5%
0.1%
0.4%
Technology
Business Services
Consumer
Financial Services
Leisure
Media
Construction
Transportation
Real Estate
Telecommunications
Defence
Agriculture
NORTH AMERICAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
52.8%
14.7%
16.8%
6.2%
9.5%
43.5%
18.8%
21.6%
6.5%
9.6%
49.3%
13.8%
17.5%
7.3%
12.2%
58.8%
13.3%
13.2%
5.4%
9.3%
12.5%
9.7%
27.7%
18.0%
32.1%
37.6%
21.4%
20.5%
8.8%
11.7%
17.8%
26.3%
33.0%
11.0%
11.9%
P
e
r
c
e
n
t
a
g
e
75
80
85
90
95
100
YTD 2012* 2011 2010 2009 2008 2007 2006
1.1%
1.5%
5.3%
5.3%
86.8%
1.1%
1.8%
6.2%
5.3%
85.6%
0.8%
3.7%
4.2%
90.6%
1.0%
3.5%
3.8%
91.0%
87.4%
5.2%
5.6%
1.1%
1.4%
4.9%
5.4%
87.6%
0.7% 0.7% 0.7%
1.5%
5.5%
5.4%
87.2%
0.5% 0.6%
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
P
e
r
c
e
n
t
a
g
e
29
N
O
R
T
H

A
M
E
R
I
C
A
Monthly M&A Insider
NORTH AMERICAN SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Energy, Mining & Utilities 46,026 30.9% 92 93,422 35.5% 108 -51% -15%
Industrials & Chemicals 23,924 16.1% 164 56,192 21.4% 183 -57% -10%
Consumer 9,774 6.6% 92 5,683 2.2% 93 72% -1%
Financial Services 6,706 4.5% 78 6,123 2.3% 96 10% -19%
Pharma, Medical & Biotech 18,277 12.3% 99 23,523 8.9% 128 -22% -23%
Technology 11,444 7.7% 140 20,497 7.8% 168 -44% -17%
Business Services 7,503 5.0% 93 9,535 3.6% 140 -21% -34%
Media 4,252 2.9% 28 5,906 2.2% 33 -28% -15%
Transportation 578 0.4% 14 1,044 0.4% 18 -45% -22%
Real Estate 5,460 3.7% 11 33,759 12.8% 13 -84% -15%
Leisure 3,525 2.4% 31 784 0.3% 20 350% 55%
Telecommunications 2,263 1.5% 5 160 0.1% 5 1314% 0%
Defence 9 0.0% 4 4,978 1.9% 7 -100% -43%
Construction 750 0.5% 19 1,437 0.5% 33 -48% -42%
Agriculture 8,507 5.7% 3 43 0.0% 7 19684% -57%
Total 148,998 873 263,086 1,052 -43% -17%
SECTOR ANALYSIS
A
S
I
A
-
P
A
C
I
F
I
C
ASIA-PACIFIC
Chindia dominate deal landscape
The two Asian BRICs, China and India, stamped their mark
on the Asian M&A scene in Q1 2012. Making up nearly half of
Asia-Pacics total deal value, the two giants surged ahead in
the Energy, Mining & Utilities sector. India was home to this
quarters biggest deal. Sesa Goa, the Indian-listed diversied
mining company, agreed to acquire Sterlite Industries, its
domestic-listed afliate, under the umbrella of Vedanta
Resources in a share swap agreement that values the deal
at US$10.3bn.
In China, four of the regions top ten deals involved a Chinese
target. It also led the way by deal volume, racking up 101
deals in the rst quarter of 2012, followed by Japan with 81
and Australia with 62. In another possible harbinger of the
popularity of the Energy, Mining & Utilities sector in Asia, the
third-largest deal was Shanghai Baosteel Stainless Steels
US$4.1bn bid for the stainless steel business unit of Baoshan
Iron & Steel.
Malaysia was also featured in the top ten deals when
1Malaysia Development, a Malaysian state-owned strategic
development company, agreed to buy Tanjong Energy, a
Malaysia-based electrical power generating company, for
US$2.8bn. Perhaps like China, the Malaysian state-owned
rm cited its federal strategy of long-term energy security as
the prime motive for the acquisition.
Top two sectors pull further ahead
Energy, Mining & Utilities, already the most popular sector in
Asia in Q1 2012 with a third of total deal value (US$25.7bn),
was joined by Industrials & Chemicals as the other major
sector to signicantly increase its market share. Industrials
& Chemicals accounted for 24.2% of total deal value in Asia,
up from 20.9% in Q1 2011. Expect China and India, as well as
Southeast Asia, Japan and Australia, to feature more heavily
in these sectors in the upcoming quarters.
On a value percentage increase, however, only three sectors
managed to register a move upwards on Q1 2011. These were
Energy, Mining & Utilities, Real Estate and Pharma Medical
& Biotech which were all up by 89.2%, 89.2% and 36.1%,
respectively on the rst quarter of 2011.
Perhaps having fallen out with the Asian consumer boom
story, bidders ostensibly retreated from the Consumer and
Financial Services sectors, which saw signicant declines in
both deal value and count. The Consumer sector saw its total
share of M&A nearly halve from 12.6% in Q1 2011 to just 6.8%
in Q1 2012, whereas its deal value was down 57.6% over the
same period. Financial Services saw its total deal value fall by
just over 50%, perhaps an indication that eurozone fears over
banks are also affecting Asian players.
ASIA-PACIFIC FOLLOWED MUCH THE SAME PATH AS THE REST OF THE WORLD IN POSTING A DECLINE
IN M&A IN Q1 2012, WITH US$77.2BN IN DEALS. THE TOTAL DEAL VALUE WAS 14.5% LOWER THAN THE
PREVIOUS QUARTER, WHILE ON A YEAR-ON-YEAR BASIS IT WAS DOWN BY 21.4%. AS A RESULT, IT WAS THE
LOWEST QUARTERLY TOTAL SINCE RIGHT AFTER THE FALLOUT FROM THE GLOBAL FINANCIAL CRISIS (Q1
2009). IN TERMS OF VOLUME, THE TOTAL NUMBER OF 441 DEALS IN THE FIRST QUARTER WAS A SIGNIFICANT
DECLINE ON THE 574 DEALS THAT Q4 2011 WITNESSED. HOWEVER, THIS MAY HAVE CONTRIBUTED TO THE
INCREASED AVERAGE DEAL SIZE IN THE FIRST QUARTER OF US$175M.
31
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
DEAL OF THE QUARTER
Deal summary
Announced: 25-Feb- 11 Deal value: US$10,289m
Sesa Goa, the India listed diversied mining company, has
agreed to acquire Sterlite Industries India Ltd, its domestic
listed afliate under the umbrella of Vedanta Resources PLC.
STRUCTURE:
The transaction will be conducted via a share exchange
Scheme of Arrangement.
TERMS:
0.6 Sesa Goa share per Sterlite.
The exchange ratio valued Sterlie at INR136.41 per share,
based on Sesa Goas prior closing price of INR227.35.
It valued the entire share capital of Sterlite at INR458bn
(US$9.26bn, using the exchange rate of US$ : 49.5137 INR).
The offer term represents a 15% premium over
INR118.65, the Sterlites prior closing price.
SIMULTANEOUS MERGER:
Along with Sterlite merger, Sesa Goa will issue 72.3m
and 78.7m shares to acquire its 70.5%-owned Vedanta
Aluminum Ltd (VAL) and The Madras Aluminum Co Ltd
(MALCO) respectively.
The transactions valued VAL at INR22.3bn (US$471m) and
MALCO at INR17.9bn (US$363m) based on Sesa Goas
prior closing price of INR227.35.
Both VAL and MALCO are part of Vedanta Resources.
SUBSTANTIAL SHAREHOLDERS:
Twinstar Holdings Ltd, a Vedanta Resources subsidiary,
owns 49.72% in Sterlite.
Citibank N.A. New York owns 12.75% in Sterlite
Finsider International Co, another Vedanta Resources
subsidiary, owns 46.2% in Sesa Goa.
Franklin Templeton Investments own in aggregate 12.2%
in Sesa Goa.
FINANCING:
Sesa Goa will issue 2016.42m shares for Sterlite merger
representing 69.9% dilution.
For the whole transaction, Sesa Goa will issue a total of
2167.42m shares representing 71.3% dilution.
RATIONALE AND POST DEAL:
To consolidate the diversied mining business and create
INR10bn (US$200m) synergy.
Vedanta will transfer its 38.8% stake in Cairn India and the
US$5.9bn debt to Sesa Sterlite.
Sesa Sterlite, the post-deal entity, will own 58.9% in Cairn
India and will be listed on BSE, NSE and NYSE.
CONDITIONS:
Approval from Foreign Investment Promotion Board
India (FIPB)
Approval from Competition Commission of India (CCI)
Approval from BSE
Approval from NSE
Approval from the High Courts at Mumbai and Madras
Approval from the Supreme Court of Mauritius
Approval from Sterlite shareholders and creditors at EGM
(min 75% votes req)
Approval from Sesa Goa shareholders and creditors at
EGM (min 75% votes req)
Approval from Vedanta shareholders at EGM (min 75%
votes req)
Approval from VAL shareholders and creditors
Approval from MALCO shareholders and creditors
Completion of mergers with Sterlite, VAL and MALCO are
inter-conditional
32
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
DEAL OF THE QUARTER
Bidder
Shoei Co Ltd
Headquarters: Sesa Ghor
20 EDC Complex
Patto, Panaji
Goa, India
403 001
Sector: Energy, Mining & Utilities
Description: India-based company engaged in the business of prospecting, mining, processing and exporting iron ore
Target
Sterlite Industries (India) Limited
Headquarters: SIPCOT Industrial Complex
Madurai By Pass Road
T V Puram P.O.
Tuticorin
Tamil Nadu
India
628 002
Sector: Energy, Mining & Utilities
Description: India-based non-ferrous metals and mining company involved in smelting, mining and rening of copper, zinc and aluminum
22-Feb-12 Vedanta Resources plans to merge Sesa Goa with Sterlite Industries report
23-Feb-12 Vedanta Resources plans to ofoad holding in three India-based companies to Sterlite Industries report
25-Feb-12 Vedanta to merge Sterlite with Sesa Goa
Advisers
Financial Bank of America Merrill Lynch; JPMorgan;
Morgan Stanley
Financial Citigroup
Legal Amarchand & Mangaldas & Suresh A Shroff & Co Legal Luthra & Luthra Law Ofces (Advising: Citigroup)
PR RLM Finsbury PR -
Exit multiples Y/E 31-Mar-11 Premium analysis
Revenue 17.9x 413.5 1 day before 97.1%
EBIT 39.5x 188.1 1 day after 83.4%
Earnings 22.3x 142.2 Pre-rumour -
A
S
I
A
-
P
A
C
I
F
I
C
TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF Q1 2012
Announced Status Bidder company Target company Target dominant sector Seller company Exit multiples (x) Bid premia
1-day before
Deal
value
(US$m)
Revenue EBITDA P/E
25-Feb-12 P Sterlite Industries (India)
Limited
Energy, Mining
& Utilities
Sesa Goa Limited 3.3 21.9 35.8 15.0% 10,289
06-Mar-12 P Industrial Bank Co Ltd
(16.10% stake)
Financial
Services
China Tobacco
Corporation; PICC
Asset Management
Company Limited;
Beijing Infrastructure
Investment Co Ltd; and
Shanghai Zheng Yang
International Trade
Co Ltd
n/a n/a 5.4 -11.0% 4,181
29-Feb-12 P Baoshan Iron & Steel
Co Ltd (Stainless Steel
Business Unit)
Industrials &
Chemicals
Shanghai Baosteel
Stainless Steel Co Ltd
Baoshan Iron &
Steel Co Ltd
1.0 22.8 - 4,073
29-Jan-12 P ExxonMobil Yugen Kaisha Industrials &
Chemicals
TonenGeneral Sekiyu
K.K
ExxonMobil
Corporation
- 3,926
30-Mar-12 P Roy Hill Holdings Pty Ltd
(30.00% stake)
Energy, Mining
& Utilities
Marubeni Corporation;
POSCO; and STX
Corporation Co Ltd
Hancock
Prospecting Pty
Ltd
- 3,655
07-Mar-12 P Tanjong Energy Holdings
Sdn Bhd
Energy, Mining
& Utilities
1Malaysia
Development
Tanjong Public
Limited Company
- 2,816
29-Feb-12 P Baoyin Special Steel Pipe
Co Ltd (58.50% stake);
Baoshan Iron & Steel Co
Ltd (Special steel assets);
Shanghai Baosteel
Special Metal Materials
Co Ltd; Shanghai Wugang
Gas Co Ltd (94.50%
stake); and Zhonghang
Special Materials Industry
(9.71% stake)
Industrials &
Chemicals
Baosteel Special Steel
Co Ltd
Baoshan Iron &
Steel Co Ltd
n/a n/a n/a - 2,697
21-Feb-12 P Alibaba.com Limited
(27.03% stake)
Technology Alibaba Group Holding
Ltd
8.2 27.2 32.4 0.5 2,355
31-Jan-12 C UAE Exchange &
Financial Services Ltd
(40.00% stake)
Business
Services
Centurion Investment
Company
Bavaguthu
Raghuram Shetty
(Private Investor)
- 2,000
16-Mar-12 C China Cinda Asset
Management Corporation
(16.54% stake)
Financial
Services
UBS AG; Standard
Chartered Plc;
National Council for
Social Security Fund;
and CITIC Capital
Partners Limited
Ministry of
Finance China
n/a n/a - 1,639
C = Completed; P = Pending; L = Lapsed
Based on dominant geography of target company being Asia-Pacic
34
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
company
Financial adviser
to bidder (B);
target (T); seller
(S)
Seller company Market cap/
est. value
(US$m)
Comments
Expected deal QSR Brands Bhd Leisure Johor Corporation;
CVC Capital
Partners; Malay
Chamber of
Commerce
Malaysia;
Kulim
(Malaysia)
Berhad
650 QSR Brands received offer from Johor
Corp and CVC Capital Partners in
December at MYR6.80 per share, and
from Malay Chamber of Commerce
Malaysia in January at MYR6.90. The
vendor has recected the latter.
Expected deal Pacic Brands
Limited
Consumer Kohlberg Kravis
Roberts & Co.
Macquarie
Group (B),
Flagstaff
Partners (T)
600 Pacic Brands has received an unsolicited
approach from KKR regarding a possible
full acquisition in January 2012. An update
is expected when Pacic Brands reports
its annual results in late February.
Expected deal Cockatoo Coal
Limited
Energy,
Mining &
Utilities
SK Networks
Company Ltd
Macquarie
Group (B)
400 Cockatoo has received binding commitment
for AU$150m loan on 12-Mar-12, which is
one of conditions for an extension of the
exclusivity period up to 30-Apr-12.
Expected deal Norton Gold
Fields Limited
Energy,
Mining &
Utilities
Zijin Mining Group
Co Ltd
Bank of
America
Merrill Lynch
(T)
200 Norton Fields conrms it has received an
indicative, non-binding and conditional
proposal from Zijin Mining Group Co., Ltd
(Zijin) regarding a potential change of control
transaction for Norton on 04-Apr-12.
Expected deal WestSide
Corporation
Limited
Energy,
Mining &
Utilities
Liqueed Natural
Gas Limited
Moelis &
Company (T),
Allens Arthur
Robinson (T)
120 WestSide Corporation received an indicative
proposal from Liqueed Natural Gas Limited
as part of 2-for-5 non-renounceable pro rata
entitlement offer of new ordinary shares by
WestSide to raise AU$25.4m.
Signicant
M&A
Samsung
Electronics
(LCD business)
Technology IPO Samsung
Electronics
Co Ltd
- Samsung Electronics announced that it
decided to spin off its LCD business unit by
01-Apr-12. The new division will have an
initial capital of KRW750bn.
Expected deals based on conrmed announcements by companies involved
PIPELINE OF ASIA PACIFIC EXPECTED DEALS
35
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
Ranking 2011 2010
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 2 Morgan Stanley 13,717 10 15,810 -1323.8%
2 10 Bank of America Merrill Lynch 13,606 4 9,615 4150.8%
3 7 Citigroup 12,609 6 12,290 259.6%
4 4 JPMorgan 12,389 6 14,938 -1706.4%
5 89 Rothschild 7,618 7 190 390947.4%
6 20 Credit Suisse 7,568 7 4,807 5743.7%
7 50 CITIC Securities 7,225 4 864 73622.7%
8 1 Goldman Sachs 6,625 7 23,437 -7173.3%
9 32 HSBC 6,173 8 2,299 16850.8%
10 5 Deutsche Bank 5,174 7 13,153 -6066.3%
11 28 Standard Chartered 3,632 3 3,561 199.4%
12 55 Somerley 2,355 1 675 24888.9%
14 3 Barclays 1,609 4 15,481 -8960.7%
15 33 Macquarie Group 1,586 3 2,194 -2771.2%
16 74 Southwest Securities 1,322 2 352 27556.8%
17 39 Maybank Investment Bank 1,286 3 1,646 -2187.1%
18 41 RBC Capital Markets 1,271 2 1,427 -1093.2%
19 19 Ernst & Young 1,268 7 5,283 -7599.8%
20 63 OSK Investment Bank 1,267 3 503 15188.9%
TOP 20 FINANCIAL ADVISERS ASIA-PACIFIC
The nancial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals. The tables cover
all sectors and are based on the geography of either the target, bidder or seller being Asia-Pacifc excluding Japan.
LEAGUE TABLES
Ranking 2011 2010
(US$m)
change
1 5 Morgan Stanley 13,717 10 13 -3
2 28 HSBC 6,173 8 4 4
3 102 Rothschild 7,618 7 1 6
4 8 Credit Suisse 7,568 7 10 -3
5 2 Goldman Sachs 6,625 7 14 -7
6 9 Deutsche Bank 5,174 7 9 -2
7 6 Ernst & Young 1,268 7 12 -5
8 10 Citigroup 12,609 6 9 -3
9 14 JPMorgan 12,389 6 6 0
11 4 PwC 478 6 14 -8
12 1 KPMG 150 5 16 -11
14 30 CITIC Securities 7,225 4 4 0
15 19 Barclays 1,609 4 5 -1
16 13 Gresham Advisory Partners 106 4 7 -3
17 3 Deloitte 75 4 14 -10
18 18 Standard Chartered 3,632 3 6 -3
19 12 Macquarie Group 1,586 3 9 -6
20 35 Maybank Investment Bank 1,286 3 3 0
TOP 20 FINANCIAL ADVISERS ASIA-PACIFIC
VOLUME
VALUE
36
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
LEAGUE TABLES
The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables cover all
sectors and are based on the geography of either the target, bidder or seller being Asia-Pacifc excluding Japan.
VOLUME
Ranking 2011
2010
(US$m)
change
1 5 Freehills 7,633 14 15 -1
2 7 Desai & Diwanji 287 13 15 -2
3 28 Amarchand & Mangaldas & Suresh A Shroff & Co 11,646 10 7 3
4 125 Jingtian & Gongcheng 9,796 10 1 9
5 6 Clifford Chance 1,719 10 15 -5
6 4 Baker & McKenzie 2,173 9 16 -7
7 8 Kim & Chang 1,636 9 14 -5
8 41 Gilbert + Tobin 2,337 8 4 4
9 10 AZB & Partners 2,196 8 13 -5
10 - King & Wood Mallesons 1,222 8 - -
11 2 Allen & Overy 1,190 8 17 -9
12 11 Linklaters 1,747 7 12 -5
13 29 WongPartnership 717 7 7 0
14 3 Minter Ellison 1,484 6 17 -11
15 13 Norton Rose 639 6 12 -6
16 15 Khaitan & Co 558 6 12 -6
17 18 Lee & Ko 557 6 10 -4
18 63 Rajah & Tann 405 5 3 2
19 20 Allen & Gledhill 302 5 10 -5
20 68 White & Case 108 5 3 2
TOP 20 LEGAL ADVISERS ASIA-PACIFIC
VALUE
Ranking 2011 2010
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 42 Amarchand & Mangaldas & Suresh A Shroff & Co 11,646 10 2,723 32769.0%
2 - Luthra & Luthra Law Ofces 10,289 1 - -
3 66 Jingtian & Gongcheng 9,796 10 1,315 64494.3%
4 5 Freehills 7,633 14 12,735 -4006.3%
5 78 Latham & Watkins 5,822 4 929 52669.5%
6 168 Jipyong & Jisung 3,655 1 79 452658.2%
7 14 Vinson & Elkins 2,896 3 9,320 -6892.7%
8 21 Freshelds Bruckhaus Deringer 2,645 3 5,333 -5040.3%
9 4 Allens Arthur Robinson 2,547 3 14,773 -8275.9%
10 - Fulbright and Jaworski 2,500 1 - -
11 117 Slaughter and May 2,355 1 369 53821.1%
12 11 Gilbert + Tobin 2,337 8 9,683 -7586.5%
13 8 AZB & Partners 2,196 8 10,726 -7952.6%
14 6 Baker & McKenzie 2,173 9 11,927 -8178.1%
16 9 Linklaters 1,747 7 9,946 -8243.5%
17 32 Clifford Chance 1,719 10 4,068 -5774.3%
18 41 Jun He Law Ofces 1,639 1 2,740 -4018.2%
19 19 Kim & Chang 1,636 9 5,991 -7269.2%
20 55 Kirkland & Ellis 1,580 4 2,153 -2661.4%
TOP 20 LEGAL ADVISERS ASIA-PACIFIC
37
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
VALUE
VALUE
Rank
(US$m)
Deal
count
3 Morgan Stanley Private Equity 300 1
4 Advantage Partners 254 2
5= Consus Partners 228 1
5= Industrial Bank of Korea 228 1
5= Mirae Asset Financial Group 228 1
8 L Capital Asia 200 1
9= Bain Capital 152 1
9= Crescent Capital Partners 152 1
9= WestLB 152 1
Rank
(US$m)
Deal
count
1 Catalyst Investment Managers 404 2
2 The Longreach Group 300 1
3 Vogo Investment 257 1
4 Mizuho Capital Partners 185 1
5 Millennium Technology Ventures 175 1
6 Japan Industrial Partners 130 1
7= Ant Capital Partners 117 1
7= SBI Holdings 117 1
9= Consus KC 113 1
9= Eugene Asset Management 113 1
VOLUME
VOLUME
Rank
count
Value
(US$m)
2 Advantage Partners 254 2
3 Lunar Capital Management 150 2
4 General Atlantic 104 2
6 Morgan Stanley Private Equity 300 1
7= Consus Partners 228 1
7= Industrial Bank of Korea 228 1
7= Mirae Asset Financial Group 228 1
10 L Capital Asia 200 1
Rank
count
Value
(US$m)
1 Catalyst Investment Managers 404 2
2 The Longreach Group 300 1
3 Vogo Investment 257 1
4 Mizuho Capital Partners 185 1
5 Millennium Technology Ventures 175 1
6 Japan Industrial Partners 130 1
7= Ant Capital Partners 117 1
7= SBI Holdings 117 1
9= Consus KC 113 1
9= Eugene Asset Management 113 1
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC BUYOUTS
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC EXITS
LEAGUE TABLES
The Private Equity buyout activity tables by value and volume are based on private equity rms advising the bidder on buyout deals where the dominant geography of the target company is
Asia-Pacic. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals
The Private Equity exit activity tables by value and volume are based on private equity rms advising the vendor on exit deals where the dominant geography of the target company is
Asia-Pacic. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals
38
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
TREND GRAPHS
ASIA-PACIFIC M&A QUARTERLY TREND
0
20
40
60
80
100
120
140
160
180
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
100
200
300
400
500
600
700
800
900
0
5
10
15
20
25
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
10
20
30
40
50
60
70
80
90
100
ASIA-PACIFIC M&A ANNUAL TREND ASIA PACIFIC M&A ANNUAL PRIVATE
EQUITY TREND
0
50
100
150
200
250
300
350
400
450
500
YTD 2012* 2011 2010 2009 2008 2007 2006
N
u
m
b
e
r

o
f

d
e
a
l
s V
a
l
u
e

(
U
S
$
b
n
)
0
500
1,000
1,500
2,000
2,500
3,000
0
10
20
30
40
50
60
70
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
50
100
150
200
250
300
350
ASIA-PACIFIC M&A QUARTERLY PRIVATE
EQUITY TREND
39
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
TREND GRAPHS
ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2012
VALUE VOLUME
Australia
China
Hong Kong
India
Indonesia
Japan
Other
16.0%
28.0%
4.0%
3.0%
14.0%
14.0%
21.0%
14.0%
5.0%
4.0%
11.0%
19.0%
24.0%
23.0%
Australia
China
Hong Kong
India
Indonesia
Japan
Other
ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
10.0%
7.0%
6.0%
2.0%
1.7%
1.1% 1.0%
1.0%
0.1%
33.0%
24.0%
5.0%
5.0%
3.0% Energy, Mining & Utilities
Financial Services
Consumer
Business Services
Technology
Real Estate
Construction
Telecommunications
Media
Transportation
Leisure
Agriculture
10.0%
23.0%
10.0%
11.0%
8.0%
8.0%
4.0%
5.0%
5.0%
1.6%
3.2%
5.0%
4.8%
1.1%
Financial Services
Consumer
Business Services
Technology
Real Estate
Construction
Telecommunications
Media
Transportation
Leisure
Agriculture
40
A
S
I
A
-
P
A
C
I
F
I
C
Monthly M&A Insider
ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
17.6%
22.8%
27.4%
11.3%
20.9%
15.6%
17.1%
30.4%
12.5%
24.5%
29.5%
15.8%
22.3%
12.0%
20.4%
19.8%
16.9%
30.7%
11.2%
21.3%
21.6%
10.9%
26.5%
27.4%
13.6%
24.4%
13.8%
29.7%
12.5%
19.6%
13.3%
30.7%
25.5%
11.2%
19.3%
P
e
r
c
e
n
t
a
g
e
75
80
85
90
95
100
YTD 2012* 2011 2010 2009 2008 2007 2006
1.2%
4.8%
4.9%
88.8%
0.9%
5.1%
5.4%
88.4%
0.9%
4.5%
5.8%
88.4%
1.0%
5.5%
5.3%
87.8% 88.7%
5.0%
4.5%
1.5%
0.9%
5.3%
6.2%
87.2%
0.3% 0.3% 0.3% 0.4%
1.6%
3.9%
5.7%
88.7%
0.2% 0.4% 0.4%
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
P
e
r
c
e
n
t
a
g
e
TREND GRAPHS
ASIA-PACIFIC SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Energy, Mining & Utilities 25,714 33.3% 45 13,594 13.8% 53 89.2% -8
Industrials & Chemicals 18,710 24.2% 102 20,573 20.9% 139 -9.1% -37
Financial Services 7,508 9.7% 33 15,544 15.8% 52 -51.7% -19
Consumer 5,249 6.8% 45 12,386 12.6% 68 -57.6% -23
Business Services 4,605 6.0% 50 5,077 5.2% 67 -9.3% -17
Technology 4,189 5.4% 36 4,531 4.6% 76 -7.5% -40
Real Estate 3,626 4.7% 17 1,916 2.0% 16 89.2% 1
Pharma, Medical & Biotech 2,482 3.2% 24 1,824 1.9% 38 36.1% -14
Construction 1,547 2.0% 20 6,210 6.3% 24 -75.1% -4
Telecom 1,305 1.7% 7 2,819 2.9% 9 -53.7% -2
Media 819 1.1% 14 7,400 7.5% 16 -88.9% -2
Transport 751 1.0% 22 3,397 3.5% 21 -77.9% 1
Leisure 645 0.8% 21 1,942 2.0% 21 -66.8% 0
Agriculture 96 0.1% 5 1,009 1.0% 14 -90.5% -9
Defence - - - - - - - -
Total 77,246 100.0% 441 98,222 100.0% 614 -21.4% -173
SECTOR ANALYSIS
E
U
R
O
P
E
EUROPE
Kasper Viio, Global Assistant Editor at mergermarket
comments, The condence of most companies, investors
and their nanciers to engage in M&A is hinging on the
turnaround of the woes of European economies. The overall
value of transactions this year has started on a similar par to
last year, and compares well against the rst quarter of 2010.
However, the overall transaction volumes are on par with Q1
2010. One conclusion could be that the mid-market is feeling
a squeeze on the back of macroeconomic uncertainties.
Also, private equity transactions reect similar trends while
values are higher than two years ago, they are slightly behind
last years gures at Q1, especially regarding exit value.
Sector breakdown
Once again the consolidated sectors of Energy, Mining and
Utilities took the top spot for highest deal value. Sixty-two
deals totalling 59.6bn and 42.3% of the entire European
value based market share. Record highs in this sector are
greatly inuenced by the 40.3bn Glencore and Xstrata deal
which also affected geography breakdowns.
Industrials & Chemicals were top performers this quarter
with 269 deals that produced a 25.2% market share based
on volume.
Geography breakdown
Switzerland was the dominant country for M&A deal value after
the Glencore and Xstrata deal pushed its market share based
on deal value up to 32.5% worth 41.2bn. The emphasis on the
inuence this one deal has had is developed by only 3.0% of the
volume market share, 33 deals, being in Switzerland.
Top performers in terms of overall volume of deals in Q1
include the UK, ranking rst with 228 deals worth 19.2bn,
Germany, ranking second, with 156 deals, and thirdly, the
Nordic region with 128 deals.
Prior forecast accuracy
The M&A Insiders number one expected deal at the end
of Q1 2011 was Eni selling Snam Rete Gas. The actual deal
resulted in Eni (advised by Bank of America, Merrill Lynch
and DLA Piper) selling Interconnector Zeebrugge Terminal
SCLR (51%), Interconnector UK (16.41%) and Huberator (10%)
for a total deal value worth 150m to Snam Rete (advised
by Morgan Stanley and Paul Hasting) and Fluxys (advised by
Leonardo & Co and Linklaters). The deal was completed in
this quarter on 23rd February and was featured as one of our
Deals of The Day.
Top Deal for Q1
Sumitomo Mitsui Financial Group acquiring RBS Aviation
Capital from the Royal Bank of Scotland plc on 17th
January was the second largest deal of the quarter valuing
at 5,732m and boosted the total value of the Financial
Services sector (14.2bn). Paul Francis-Grey, Assistant
Editor at Mergermarket said, Financial services deals are
a continuation of EU-led disposal plans and is the case of
the RBS sale. It is reportedly the largest divestment since
RBS was bailed out by the UK government in 2008 and is
related to its strategy to strengthen the balance sheet by
getting rid of Non-Core portfolio assets. The advantage of
this acquisition for Sumitomo Mitsui Financial Group is that
it will be able to expand its leasing business in Asia and other
emerging markets.
LOW GLOBAL M&A ACTIVITY FOR THE FIRST QUARTER OF 2012 IS REFLECTED IN THE EUROPEAN M&A FIGURES
BUT RUMOURS ARE SUPPORTED BY ONLY SMALL DIPS. OVERALL DEAL VALUE TOTALLING 126.6BN FOR Q1
2012 IS DOWN 3.9% COMPARED TO Q1 2011. DEAL VOLUME IS SIGNIFICANTLY LOWER HOWEVER, WITH A 19%
DECREASE FROM 1,322 DEALS IN Q1 2011 COMPARED TO 1,068 DEALS IN Q1 2012.
42
E
U
R
O
P
E
Monthly M&A Insider
DEAL OF THE QUARTER
Deal summmary:
Announced: 09-Mar-12 Deal Value: 1,732m
The management of Iceland Foods Ltd led by Malcolm Walker,
has acquired the company in a management buyout transaction
backed by Brait SA, Landmark Group and Lord Kirkham.
TERMS:
The bidders have agreed to pay a cash consideration
of 1,851m.
Icelands enterprise value amounts to 1,732m.
FINANCING:
The transaction will be funded via a combination of 860m
senior debt facility by Credit Suisse, Deutsche Bank,
HSBC, Nomura and RBS, and a 250m vendor loan note.
The 860m all-senior debt package comprises a 300m
six year senior secured term loan, a 200m seven year
senior secured term loan, and a 360m seven year senior
secured term loan.
Landmark Group, Brait SA and Lord Kirkham will co-
invest in the transaction and will also receive a stake in
the target company.
RATIONALE:
The transaction is a part of Icelands debt
restructuring procedure.
The acquisition will enable Iceland Foodss to pursue its
growth strategy and expand its geographical footprint to
restore companys protability.
POST DEAL DETAILS:
Malcolm Walker, CEO of Iceland Foods will also assume
the role of chairman of the company.
The Iceland senior management team will own a 43.00%
stake and the remaining 57.00% stake will be held by
Landmark Group, Brait SA and Lord Kirkham.
BACKGROUND:
The transaction is a result of Landsbanki Islands hf and
Glitnir hf going insolvent.
The deal has been conducted through Oswestry
Acquico Limited, an acquisition vehicle created by the
management of Iceland Foods and Brait SA, Landmark
Group and Lord Kirkham.
The Iceland management team comprises of
Malcolm Walker, Tarsem Dhaliwal, Nigel Broadhurst
and Nick Canning.
Sources of funding
Equity provider Amount (m) Stake Debt provider Terms
Management
(Nigel Broadhurst; Nicholas Canning;
Tarsem Singh Dhaliwal; Malcolm C Walker)
n/a 43.00% Royal Bank of Scotland Group Plc senior
Landmark Group n/a n/a Credit Suisse senior
Brait SA n/a n/a Deutsche Bank AG senior
Lord Graham Kirkham
(Private Investor)
n/a n/a Nomura Holdings Inc senior
43
E
U
R
O
P
E
Monthly M&A Insider
Exit multiples Y/E 25-Mar-12
Multiples Value (m)
Revenue 0.6x 2,719.63
EBITDA 7.7x 213.96
EBIT 11.2x 147.86
Earnings 19.0x 93.07
DEAL OF THE QUARTER
12-Jan-12 Asda could team up with private equity to bid for parts of Iceland Foods
15-Jan-12 Asda withdrawal from Iceland Foods auction increases scepticism over sale to trade buyer; owners offer 200m debt facility to bidders
17-Jan-12 Wm Morrison losing interest in bidding for Iceland Foods
20-Jan-12 Iceland Foods execs seek equity from bank sponsors as nanciers consider 800m+ all-cap markets deal
16-Feb-12 Iceland Foods CEO Malcolm Walker in exclusive talks with Landsbanki and Glitnir
16-Feb-12 Iceland Foods CEO conrms exclusive talks with owners over 1.55bn; Deutsche Bank, GSO, Bank of America and UBS providing debt nancing
16-Feb-12 Iceland Foods CEO shores up nancial backing for bid
09-Mar-12 Iceland acquisition by management for 1.5bn complete
Bidder
Oswestry Acquico Limited
Headquarters: Second Avenue
Deeside Industrial Park
Deeside
Flintshire
CH5 2NW
United Kingdom
Sector: Consumer, Business Services
Description: UK-based acquisition vehicle created and owned by members of the senior management team of Iceland Foods, Landmark Group,
Brait SA and Lord Graham Kirkham for the acquisition of Iceland Foods Ltd
Target
Iceland Foods Ltd
Headquarters: Second Avenue
Deeside Industrial Park
Deeside
Flintshire
CH5 2NW
United Kingdom
Sector: Consumer, Business Services
Description: UK-based company engaged in the wholesale and retail of frozen food
Exit multiples Y/E 26-Mar-11
Multiples Value (m)
Revenue 0.6x 2,505.68
EBITDA 8.1x 197.71
EBIT 12.0x 134.58
Earnings 22.2x 77.46
Advisers
Financial Bank of America Merrill Lynch; UBS Investment Bank Financial Deutsche Bank AG; HSBC; Nomura Holdings Inc;
Rothschild (Majid Ishaq, Gregory Moreton)
Legal Dewey & LeBoeuf LLP; Linklaters (Iain Fenn,
Aisling Zarraga)
Legal Allen & Overy LLP (Christopher Barron, Jonathan
Brownson, George Knighton, Alexander Tilley, William
Samengo Turner); Sullivan & Cromwell LLP (Nikolaos
Andronikos, Tim Emmerson, Michael McGowan)
PR The HeadLand Consultancy (Tessa Cumming-Bruce,
Tom Gough, Howard Lee, Chris Salt, Malcolm C Walker)
PR Keithhann.com (Keith Hann)
44
E
U
R
O
P
E
Monthly M&A Insider
TOP 10 EUROPEAN ANNOUNCED DEALS OF Q1 2012
sector
1-day
before
Deal
value
(m)
Revenue EBITDA P/E
07-Feb-12 Glencore International
plc
Xstrata Plc
(65.92% stake)
Energy, Mining &
Utilities
2.2 6.4 10.5 2.3% 40,319
17-Jan-12 Sumitomo Mitsui
Financial Group, Inc.
RBS Aviation Capital Financial Services Royal Bank of
Scotland Group Plc
n/a n/a - 5,732
19-Mar-12 United Parcel Service
Inc
TNT Express NV Transportation 0.7 13.3 1.6% 5,167
30-Mar-12 Tagus Holdings Brisa-Auto Estradas
de Portugal SA
(50.43% stake)
Construction 7.6 13.7 13.4% 4,196
30-Mar-12 Camargo Correa SA Cimpor Cimentos de
Portugal SGPS SA
(67.10% stake)
Construction 2.3 8.6 17.9 10.0% 4,103
15-Mar-12 Cisco Systems Inc NDS Group Limited Technology News Corporation;
and Permira
- 3,823
28-Feb-12 Deutsche Bank AG Deutsche Postbank AG
(39.50% stake)
Financial Services Deutsche Post AG n/a n/a - 2,411
31-Jan-12 Outokumpu Oyj Inoxum Industrials &
Chemicals
ThyssenKrupp AG 0.4 13.5 - 2,384
16-Feb-12 Delmi SpA Edipower SpA
(70.00% stake)
Energy, Mining &
Utilities
Edison International
SpA; and Alpiq
Holding Ltd
1.6 9.7 - 1,904
29-Feb-12 CVC Capital Partners
Limited
Ahlsell Sverige AB Construction Cinven Limited; and
GS Capital Partners
0.8 9.5 - 1,800
Based on dominant geography of target company being Europe
45
E
U
R
O
P
E
Monthly M&A Insider
PIPELINE OF EUROPEAN EXPECTED DEALS
company
Financial adviser to
bidder (B); target (T);
seller (S)
Seller company Market cap/
est. value
(m)
Comments
Rumoured
takeover
Cable & Wireless
Communications
Plc
Telecom France Telecom SA;
Deutsche Telekom AG
1,002 The European-based telecom
conglomerates are rumoured to
be interested in diversifying their
activities on the UK market
Rumoured
takeover
Petrokemija Chemicals and
Materials
Gazprom OAO Government of
Croatia
266.8 The Government of Croatia is
in talks to privatise its fertilizer
Petrokemija. The Croatian economy
minister is holding negotiations
about the transaction in Moscow
Rumoured
takeover
Telekomunikacja
Kolejowa Sp z oo
Technology,
Telecom
Netia SA; MNI S.A.;
GTS Central Europe
Holdings BV; Zygmunt
Solorz-Zak; Polpager;
and Hawe SA
Government of
Poland
101.8 The state owned railway telecom
operator is undergoing a due
dilligence process as a part of the
company's privatisation procedure.
The nal bidders are expected to be
specied soon
Potential
takeover
target
Banca Civica SA Financial
Services
La Caixa 231.9 CaixaBank is considering
requesting public aid from
Banco de Espana to nance
the acquisition of Banca Civica
Note: Expected deals based on conrmed announcements by companies involved Source: mergermarket
46
E
U
R
O
P
E
Monthly M&A Insider
LEAGUE TABLES
TOP 20 FINANCIAL ADVISERS EUROPEAN
geography of either the target, bidder or seller being European.
Ranking Q1 2012 Q1 2011
(m)
Deal count Value
(m)
Value change
(%)
1 1 Goldman Sachs 74.2 27 53.8 37.9%
2 2 Morgan Stanley 61.4 27 39.3 56.2%
3 6 JPMorgan 60.9 25 27.0 125.1%
4 3 Deutsche Bank 59.8 22 30.3 97.4%
5 5 Citigroup 55.5 13 28.4 95.7%
6 8 Barclays 52.2 15 20.8 150.3%
7 7 Credit Suisse 48.5 13 26.9 80.3%
8 23 Nomura Holdings 45.2 12 5.3 750.6%
9 12 BNP Paribas 42.1 4 13.4 214.4%
10 4 Bank of America Merrill Lynch 27.9 20 29.7 -6.0%
11 17 Lazard 13.4 21 9.4 42.3%
12 9 Rothschild 11.7 29 19.8 -40.9%
13 11 UBS Investment Bank 9.9 18 13.9 -28.7%
14 58 RBC Capital Markets 8.0 5 0.8 859.1%
15 15 Royal Bank of Scotland Group 6.7 4 10.8 -38.0%
16 69 TD Securities 6.5 3 0.5 1128.2%
17 67 Canaccord Genuity 5.7 3 0.6 901.2%
18 76 Greenhill & Co 5.6 2 0.4 1164.9%
19 18 HSBC 5.6 11 8.6 -35.2%
20 10 SG 5.0 11 15.6 -67.7%
Ranking Q1 2012 Q1 2011
(m)
change
1 2 PwC 2.7 35 41 -6
2 3 Rothschild 11.7 29 38 -9
3 4 Deloitte 1.2 28 36 -8
4 5 Goldman Sachs 74.2 27 33 -6
5 11 Morgan Stanley 61.4 27 24 3
6 7 JPMorgan 60.9 25 29 -4
7 10 Deutsche Bank 59.8 22 26 -4
8 15 Lazard 13.4 21 18 3
9 8 Bank of America Merrill Lynch 27.9 20 27 -7
10 1 KPMG 1.3 19 51 -32
11 9 UBS Investment Bank 9.9 18 27 -9
12 6 Ernst & Young 0.5 18 32 -14
13 23 Barclays 52.2 15 12 3
14 14 Citigroup 55.5 13 19 -6
15 12 Credit Suisse 48.5 13 23 -10
16 43 Nomura Holdings 45.2 12 5 7
17 19 DC Advisory Partners 1.8 12 16 -4
18 21 M&A International 0.3 12 15 -3
19 24 HSBC 5.6 11 12 -1
20 16 SG 5.0 11 17 -6
TOP 20 FINANCIAL ADVISERS EUROPEAN
VOLUME
VALUE
47
E
U
R
O
P
E
Monthly M&A Insider
LEAGUE TABLES
VOLUME
TOP 20 LEGAL ADVISERS EUROPEAN
all sectors and are based on the geography of either the target, bidder or seller being European.
VALUE
Ranking Q1 2012 Q1 2011
(m)
change
1 4 Linklaters 57.8 42 52 -10
2 2 Freshelds Bruckhaus Deringer 57.5 35 55 -20
3 6 CMS 1.1 35 50 -15
4 1 Clifford Chance 15.5 32 57 -25
5 3 Allen & Overy 16.9 29 53 -24
6 5 DLA Piper 4.1 27 51 -24
7 8 Hogan Lovells 3.5 26 31 -5
8 10 Jones Day 5.1 19 30 -11
9 14 White & Case 3.5 18 24 -6
10 7 Baker & McKenzie 1.32 15 41 -26
11 13 Weil Gotshal & Manges 2.6 13 26 -13
12 19 SJ Berwin 0.7 13 18 -5
13 22 Pinsent Masons 0.3 13 17 -4
14 17 Ashurst 7.2 12 20 -8
15 28 Hengeler Mueller 6.4 12 14 -2
16 37 Cleary Gottlieb Steen & Hamilton 6.3 11 11 0
17 - Stibbe 2.56 11 - -
18 32 Vinge 0.0 11 13 -2
19 9 Eversheds 1.8 11 30 -19
20 12 Latham & Watkins 1.6 11 27 -16
Ranking Q1 2012 Q1 2011
(m)
Deal count Value
(m)
Value change
(%)
1 2 Linklaters 57.8 42 51.0 13.3%
2 1 Freshelds Bruckhaus Deringer 57.5 35 55.3 3.8%
3 149 King & Wood Mallesons 46.3 3 0.4 12715.0%
4 9 Allen & Overy 16.9 29 33.3 -49.4%
5 10 Clifford Chance 15.5 32 28.4 -45.4%
6 6 Sullivan & Cromwell 13.4 10 39.8 -66.4%
7 77 Kirkland & Ellis 10.6 8 1.8 489.8%
8 32 Dewey & LeBoeuf 10.2 8 7.7 33.5%
9 19 Davis Polk & Wardwell 8.4 4 12.9 -34.7%
10 20 Skadden Arps Slate Meagher & Flom 7.8 10 12.3 -36.4%
11 22 Ashurst 7.2 12 12.2 -40.8%
12 171 Fasken Martineau Dumoulin 6.5 3 0.2 2681.7%
13 16 Hengeler Mueller 6.4 12 16.4 -60.9%
14 4 Cleary Gottlieb Steen & Hamilton 6.3 11 43.4 -85.4%
15 46 Bonelli Erede Pappalardo 6.1 9 4.3 43.4%
16 29 Milbank Tweed Hadley & McCloy 6.0 4 9.2 -35.2%
17 148 Bennett Jones 5.9 2 0.4 1518.5%
18 104 Travers Smith 5.8 10 0.8 638.6%
19 51 A&L Goodbody 5.7 5 3.6 60.1%
20 483 Nagashima Ohno & Tsunematsu 5.7 1 0.0 ?????
TOP 20 LEGAL ADVISERS EUROPEAN
48
E
U
R
O
P
E
Monthly M&A Insider
VALUE
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN BUYOUTS
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN EXITS
The private equity buyout activity tables by value and volume are based on private equity rms advising the bidder on buyout deals where the dominant geography of the target company is
European. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
The private equity exit activity tables by value and volume are based on private equity rms advising the vendor on exit deals where the dominant geography of the target company is European.
LEAGUE TABLES
VALUE
VALUE
Rank
(US$m)
Deal
count
3 Cinven 1,140 1
4 Novo 557 1
5 TPG Capital 544 1
6 Strategic Value Partners 519 1
7 CITIC Capital Partners 500 1
8= Macquarie Group 470 1
8= Renaissance Capital 470 1
10 Madison Dearborn Partners 383 1
VOLUME
VOLUME
Rank
count
Value
(US$m)
1 Lloyds TSB Development Capital 212 4
2 mutares - 4
3= Ciclad - 3
3= Naxicap Partners - 3
6 Foresight Group 115 2
7 Penta Investments 100 2
8 Verdane Capital 27 2
9 NBGI Private Equity 24 2
10 WestBridge Capital 9 2
Rank
count
Value
(US$m)
1 Scottish Equity Partners 159 3
5 AlpInvest Partners 478 2
6 AAC Capital Partners 346 2
8 Foresight Group 121 2
9 Omnes Capital 103 2
10 Tempo Capital Partners 100 2
Rank
(US$m)
Deal
count
1 Permira 3,823 1
3 Cinven 1,800 1
6 Intermediate Capital Group 1,140 1
7 Arle Capital Partners 956 1
8 The Carlyle Group 777 1
9 Riverstone Holdings 642 1
10 FINPRO 602 1
E
U
R
O
P
E
TREND GRAPHS
EUROPEAN M&A QUARTERLY TREND
0
100
200
300
400
500
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
Buyout value Exit value Buyout volume Exit volume
V
a
l
u
e

(
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
50
100
150
200
250
300
350
400
450
EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND
0
200
400
600
800
1,000
1,200
YTD 2012* 2011 2010 2009 2008 2007 2006
N
u
m
b
e
r

o
f

d
e
a
l
s
V
a
l
u
e

(
b
n
)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0
50
100
150
200
250
300
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
200
400
600
800
1,000
1,200
1,400
1,600
EUROPEAN M&A QUARTERLY PRIVATE
EQUITY TREND
E
U
R
O
P
E
TREND GRAPHS
EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
VALUE VOLUME
UK
CEE
Iberia
France
Nordic
Germany
Benelux
Italy
Switzerland
Others
2.8%
5.1%
9.0%
32.5%
9.3%
6.2%
4.4%
15.1%
7.6%
8.0%
14.2%
8.2%
3.0%
8.9%
5.5%
20.7%
11.0%
11.4%
5.5%
11.6%
UK
CEE
Iberia
France
Nordic
Germany
Benelux
Italy
Switzerland
Others
EUROPEAN M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
42.3%
1.2%
9.0%
5.1%
0.6%
3.9%
0.3%
1.2%
9.3%
5.3%
2.1%
6.4%
11.2%
2.1%
Construction
Media
Transportation
Leisure
Real Estate
Agriculture
Telecommunications
Consumer
Business Services
Technology
Financial Services
3.9%
4.9%
3.8%
2.8%
2.0%
1.3%
0.9%
0.3%
6.8%
11.0%
8.5%
5.8%
5.9%
25.2%
16.9%
Construction
Media
Transportation
Leisure
Real Estate
Agriculture
Telecommunications
Defence
Consumer
Business Services
Technology
Financial Services
E
U
R
O
P
E
TREND GRAPHS
EUROPEAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
<250m or undisclosed value
251m-500m
501m-2,000m
2,001m-5,000m
>5,001m
17.6%
23.5%
8.4%
15.9%
34.6%
16.4%
22.3%
8.4%
13.7%
39.2%
14.8%
20.4%
9.1%
17.0%
38.7%
20.0%
24.1%
9.2%
20.3%
17.6%
9.4%
29.7%
20.8%
26.4%
22.5%
17.3%
21.9%
30.9%
11.2%
18.8%
40.5%
13.4%
24.7%
9.3%
12.1%
P
e
r
c
e
n
t
a
g
e
88
90
92
94
96
98
100
YTD 2012* 2011 2010 2009 2008 2007 2006
3.8%
0.9%
3.5%
91.4%
4.0%
0.9%
3.9%
90.8%
2.7%
0.6%
3.2%
93.1%
2.1%
0.6%
2.3%
94.8%
93.1%
2.7%
3.3%
0.7% 0.7%
3.1%
2.9%
93.1%
0.4% 0.4% 0.4% 0.3% 0.2% 0.2% 0.2%
0.5%
3.0%
3.0%
93.3%
<250m or undisclosed value
251m-500m
501m-2,000m
2,001m-5,000m
>5,001m
P
e
r
c
e
n
t
a
g
e
EUROPEAN SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Value (m) Mrk share Deal count Value (m) Mrk share Deal count Value Volume
Energy, Mining & Utilities 53,599 42.3% 62 14,909 16.1% 82 260% -24%
Industrials & Chemicals 11,770 9.3% 269 11,858 12.8% 222 -1% 21%
Consumer 6,651 5.3% 180 8,581 9.3% 178 -22% 1%
Financial Services 14,179 11.2% 73 8,962 9.7% 100 58% -27%
Pharma, Medical & Biotech 2,650 2.1% 63 26,218 28.4% 86 -90% -27%
Technology 8,081 6.4% 91 1,730 1.9% 77 367% 18%
Business Services 2,654 2.1% 117 7,989 8.7% 122 -67% -4%
Media 1,540 1.2% 42 1,170 1.3% 35 32% 20%
Transportation 6,506 5.1% 41 405 0.4% 35 1506% 17%
Real Estate 4,922 3.9% 21 4,059 4.4% 26 21% -19%
Leisure 766 0.6% 30 837 0.9% 46 -8% -35%
Telecommunications 1,538 1.2% 10 1,507 1.6% 14 2% -29%
Defence 0 0.0% 3 477 0.5% 6 -100% -50%
Construction 11,405 9.0% 52 2,934 3.2% 54 289% -4%
Agriculture 342 0.3% 14 681 0.7% 9 -50% 56%
Total 126,603 1,068 92,317 1,092 37% -2%
SECTOR ANALYSIS
52
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
THE MIDDLE EAST
& AFRICA
Monthly M&A Insider
M&A activity in Q1 2012 was mainly driven by a series of
large deals in the Consumer sector which accounted for the
greatest percentage of deal value in the region with 28% of the
market share. The top announced Consumer deals include
the acquisition of Damas International Limited by Mannai
Corporation QSC for a consideration of US$991m, and the
17.7% stake acquisition of JD Group Limited by Steinhoff
International Holdings Ltd for US$487m. The Consumer
sector in Africa is predicted to expand due to a growing
middle class which ultimately should lead to more consumer
spending. The Energy, Mining & Utilities sector closely
follows with total deal value of US$2.13bn, which includes the
acquisition of First Quantum Minerals by Eurasian Natural
Resources for US$1.3bn.
Within the ME&A region, Israel saw the most M&A activity
with 20 deals worth US$27bn. South Africa closely follows with
a deal ow volume of 19 and a deal value of US$1.8bn.
Although M&A activity in the ME&A region during Q1 2012
got off to a slow start, compared to its rocketing performance
peaks in Q1 2010 (with a deal value of US$25.3bn), a gradual
increase in activity is expected throughout the rest of the year.
This is not only due to the limited opportunity for companies to
grow organically because of the unsteady economic outlook,
but also because of the potential for these companies to
exploit their value and assets under a new parent company.
Executed and Expected Acquisitions
One of the largest acquisitions in Q1 2012 within the ME&A
region was undertaken by Shlomo Eliahu, the Israel-based
private investor. He acquired a 69.14% stake in Migdal
Insurance and Financial Holdings sold by Assicurazioni
Generali SpA, the global insurance group. The value of the
transaction is US$1.1bn.
ScanGroup, the Kenyan marketing services rm, may add
to M&A activity in the region with plans to acquire majority
stakes in marketing companies located in Nigeria, Angola
and Mozambique. This would be driven by ScanGroups
client requests for expansion into other Sub-Saharan African
markets and would be valued at 8m. Israeli listed energy
companies, Delek Drilling and Avner Oil Exploration, are
expected to merge by the end of 2012 and list the merged
company on an overseas stock exchange better suited for its
gas and oil activities. This would be valued at approximately
1.5bn. Furthermore, it is rumoured that Africa Finance
Corporation is planning to make an acquisition by the end of
Q1 2012 of a company or greeneld project in Kenya, valued at
approximately US$40m.
Challenges and Opportunities for M&A activity in
the ME&A region in 2012
The current increase in oil prices means increased liquidity
for the Middle East and Africa. ME&A countries, especially
Egypt, plan to use these strong oil prices in order to help fund
M&A activity and expansion into other industries. Bankers
are saying that the post-revolution state, after revolts such as
those present in Libya last year, is also encouraging a positive
outlook and potential in the M&A industry within the ME&A
region. M&A deal ow in the ME&A region, however, is still
largely limited due to constraints and disapproval on foreign
ownership. Furthermore, families and governments who
own the majority of control in many companies do not wish
to give voting rights to shareholders or to sell their stakes.
Regardless of this, there is evidence of the African government
showing effort to open the countrys economy. Privatisation is
picking up, Ethiopia is attracting increasing investments and
sectors that were previously stagnant, such as Nigerias power
sector, are beginning to ourish.
POLITICAL INSTABILITY IN THE REGION CONTINUES TO SHAPE THE UP-AND-DOWN TREND OF M&A ACTIVITY IN
THE MIDDLE EAST AND AFRICA (ME&A). DEAL ACTIVITY IN THE ME&A REGION IN Q1 2012 TOTALLED US$8BN, A
DECREASE OF 52% COMPARED TO Q1 2011 (US$16.8BN), BUT UP 19.3% COMPARED TO Q4 2011 (US$6.7BN).
53
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
DEAL OF THE QUARTER
Golden Investments Limited (BidCo), an investment
vehicle set up by Mannai Corporation QSC and EFG Hermes
Capital Partners Management Limited, have reached
agreement on the terms of a recommended cash bid for
the entire issued and to be issued share capital of Damas
International Limited.
DEAL TERMS:
For each DIL Share, DIL Shareholders will receive
US$0.45 in cash.
The Bid values DILs entire issued share capital at
approximately US$445m.
The offer represents a premium of approximately 45%
to the Closing Price of US$0.31 on 09-Jan-12 (being the
last Business Day prior to the commencement of the
Bid Period).
The offer represents a premium of approximately 191%
to the average Closing Price of US$0.1547 in the three
month period ended on 09-Jan-12.
The offer represents a premium of approximately 10% to
the Closing Price of US$0.41 on 27-Mar-12 (being the last
Business Day prior to the date of this announcement).
FINANCING
The cash consideration payable by BidCo under the
terms of the Bid will be made available to BidCo by the
Consortium, directly or indirectly, through a series of
shareholder loans which will be fully or partly converted
to equity after the Bid becomes wholly unconditional.
Deutsche Bank AG Dubai (DIFC) branch, which has
been appointed by BidCo as cash conrmation bank in
connection with the Bid, has conrmed that resources are
available to BidCo to satisfy full acceptance of the Bid.
IRREVOCABLE UNDERTAKINGS:
BidCo has received irrevocable undertakings from DIL
Shareholders to accept the Bid in respect of 769,539,677
DIL Shares, representing approximately 77.8% of DILs
existing issued share capital.
CONDITIONS
75% acceptances.
Deal summary
Announced: 28-Mar-12 Deal Value: US$991m
Exit multiples Y/E 31-Mar-11 Premium analysis
Revenue 1.2x 803.8 1 day before 9.8%
EBIT 17.7x 56.1 1 day after -
Earnings 30.6x 14.5 Pre-rumor 73.1%
54
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
DEAL OF THE QUARTER
05-Apr-12 Damas International announces bid document publication; shareholder acceptance deadline 10-May-12
27-Mar-12 Damas suitor Mannai to make announcement this week on stake purchase
11-Jan-12 Mannai considers making US$0.45 per share offer for Damas
Bidder
Mannai Corporation
Headquarters: Doha, Qatar
Sector: Conglomerate
Description: Qatar-based conglomerate providing trade, services and solutions to the oil and gas sector, automotive distribution, information and
communication technology, consumer products, travel services, logistics and representation
Target
Damas International Limited
Headquarters: Dubai, UAE
Sector: Consumer
Description: United Arab Emirates-based jeweler and watch retailer
Advisers
Financial Nomura Holdings Inc Financial EFG Hermes Holding SAE
Legal Allen & Overy LLP;
Ahurst
Legal Clifford Chance LLP;
Freshelds Bruckhaus Deringer LLP
PR - PR Brunswick Group
55
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
TOP DEALS
TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF Q1 2012
sector
1-day
before
Deal value
(US$m)
Revenue EBITDA P/E
05-Jan-12 Eurasian Natural
Resources
Corporation Plc
First Quantum Minerals
(Kolwezi Tailings project,
Frontier and Lonshi
mines and related
exploration interests)
Energy, Mining &
Utilities
First Quantum
Minerals Limited
1,250
07-Mar-12 Shlomo Eliahu
(private investor)
Migdal Insurance and
Financial Holdings Ltd
(69.1% Stake)
Financial Services Assicurazioni Generali
SpA
n/a n/a 12.7% 1,098
28-Mar-12 Mannai Corporation
QSC
Damas International
Limited
Consumer 1.2 13.9 30.6 9.8% 991
13-Feb-12 Steinhoff International
Holdings Ltd
JD Group Limited (17.7%
Stake)
Consumer Investec Asset
Management
Holdings (Pty)
Limited; and
Public Investment
Corporation Limited
0.7 9.2 10.5 -10.0% 487
27-Mar-12 Glencore International
plc
Optimum Coal Holdings
Limited (32.23% Stake)
Energy, Mining &
Utilities
1.7 7.3 14.6 2.7% 414
12-Jan-12 Apple Inc Anobit Technologies Ltd TMT Intel Capital; Battery
Ventures; and Pitango
Venture Capital
390
10-Feb-12 Livnat Family Mashav Initiating and
Development Ltd (55%
Stake)
Construction Clal Industries and
Investments Ltd
356
02-Mar-12 AngloGold Ashanti
Limited
Mine Waste Solutions
(Proprietary) Limited
Industrials &
Chemicals
First Uranium
Corporation
335
19-Mar-12 Covidien Plc superDimension Ltd Medical, Pharma &
Biotech
10.0 300
10-Jan-12 Diageo Plc Meta Abo Brewery Consumer Government of
Ethiopia
225
Based on dominant geography of target being Middle East or Africa
56
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
TOP 20 FINANCIAL ADVISERS MIDDLE EAST & AFRICA
geography of either the target, bidder or seller being Middle East & Africa including Israel.
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Value
(US$m)
Value change
(%)
1= - Nomura Holdings 3.3 2 - -
1= 2 Goldman Sachs 3.3 2 10.9 -70.1%
3 6 Bank of America Merrill Lynch 3.2 4 3.0 6.7%
4 25 UBS Investment Bank 2.6 3 0.2 991.2%
5 7 Rothschild 2.3 4 2.9 -21.6%
6 13 HSBC 2.3 2 2.2 3.0%
7 16 Deutsche Bank 2.3 1 2.0 14.4%
8= - Banco Itau BBA 2.0 1 - -
8= 12 Citigroup 2.0 1 2.2 -9.3%
8= 24 Credit Suisse 2.0 1 0.4 412.8%
11 26 RBC Capital Markets 1.8 3 0.2 776.7%
12 19 Jefferies & Company 1.4 2 1.3 9.9%
13= - BMO Capital Markets 1.3 1 - -
13= - Simmons & Company International 1.3 1 - -
15 - EFG-Hermes Holding 1.0 1 - -
16 11 Standard Bank Group 0.8 2 2.4 -66.2%
17 14 Investec 0.8 3 2.0 -61.4%
18 - PwC 0.7 3 - -
19 - Barclays 0.4 2 - -
20 44 Standard Chartered 0.4 1 0.0 -
Ranking Q1 2012 Q1 2011
(US$m)
change
1 9 Bank of America Merrill Lynch 3.2 4 3 1
2 13 Rothschild 2.3 4 2 2
3 12 Ernst & Young 0.4 4 3 1
4 17 UBS Investment Bank 2.6 3 2 1
5 28 RBC Capital Markets Inc 1.8 3 1 2
6 4 Investec 0.8 3 5 -2
7 33 PwC 0.7 3 1 2
8 - BDO 0.1 3 - -
9= - Nomura Holdings 3.3 2 - -
9= 1 Goldman Sachs 3.3 2 6 -4
11 23 HSBC 2.3 2 1 1
12 10 Jefferies & Company 1.4 2 3 -1
13 15 Standard Bank Group 0.8 2 2 0
14 - Barclays 0.4 2 - -
15 5 Deutsche Bank 2.3 1 5 -4
16= - Banco Itau BBA 2.0 1 - -
16= 22 Citigroup 2.0 1 1 0
16= 11 Credit Suisse 2.0 1 3 -2
19= - BMO Capital Markets 1.3 1 - -
19= - Simmons & Company International 1.3 1 - -
TOP 20 FINANCIAL ADVISERS MIDDLE EAST & AFRICA
LEAGUE TABLES
VOLUME
VALUE
57
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
LEAGUE TABLES
VOLUME
TOP 20 LEGAL ADVISERS MIDDLE EAST & AFRICA
The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables
cover all sectors and are based on the geography of either the target, bidder or seller being Middle East & Africa including Israel.
Ranking Q1 2012 Q1 2011
(US$m)
change
1 10 Allen & Overy 3.3 7 3 4
2 5 Edward Nathan Sonnenbergs 0.9 7 6 1
3 3 Herzog, Fox and Neeman 0.5 5 6 -1
4 7 Linklaters 2.5 4 4 0
5 - Dewey & LeBoeuf 2.5 3 - -
6 9 Freshelds Bruckhaus Deringer 2.2 3 3 0
7 - Fasken Martineau Dumoulin 1.8 3 - -
8 12 Clifford Chance 1.1 3 3 0
9 15 Gibson Dunn & Crutcher 0.1 3 3 0
10 64 Baker & McKenzie 0.01 3 1 2
11 89 Shearman & Sterling 2.0 2 1 1
12 92 Weil Gotshal & Manges 1.1 2 1 1
13 - Eversheds 0.6 2 - -
14 6 Webber Wentzel 0.5 2 5 -3
15 77 Mayer Brown 0.3 2 1 1
16 - Garlicke & Bouseld Inc 0.1 2 - -
17 17 King & Spalding 0.03 2 3 -1
18 86 Hogan Lovells 0.0 2 1 1
19 - Sullivan & Cromwell 2.3 1 - -
20 - Davis Polk & Wardwell 2.0 1 - -
Ranking Q1 2012 Q1 2011
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 5 Allen & Overy 3.3 7 4.6 -27.3%
2 3 Linklaters 2.5 4 8.6 -70.9%
3 - Dewey & LeBoeuf 2.5 3 - -
4 - Sullivan & Cromwell 2.3 1 - -
5 1 Freshelds Bruckhaus Deringer 2.2 3 10.5 -78.8%
6 89 Shearman & Sterling 2.0 2 0.0 -
7= - Davis Polk & Wardwell 2.0 1 - -
7= - Lefosse Advogados 2.0 1 - -
7= - Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2.0 1 - -
7= - Souza, Cescon, Barrieu & Flesch Advogados 2.0 1 - -
11 - Fasken Martineau Dumoulin 1.8 3 - -
12 - Jones Day 1.3 1 - -
13 92 Weil Gotshal & Manges 1.1 2 0.0 -
14 18 Clifford Chance 1.1 3 1.3 -14.2%
15= - Epstein Rosenblum Maoz 1.1 1 - -
15= - Rosenram 1.1 1 - -
15= 56 Yigal Arnon & Co. 1.1 1 0.2 477.9%
18 69 Ashurst 1.0 1 0.1 1108.5%
19 - Edward Nathan Sonnenbergs 0.9 7 - -
20 - Eversheds 0.6 2 - -
TOP 20 LEGAL ADVISERS MIDDLE EAST & AFRICA
VALUE
58
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
LEAGUE TABLES
VALUE
VALUE
VOLUME
VOLUME
Rank
(US$m)
Deal
count
1= Battery Ventures 390 1
1= Intel Capital 390 1
1= Pitango Venture Capital 390 1
4 Citadel Capital 148 1
5= Bessemer Venture Partners 130 1
5= Shaked Ventures 130 1
5= StageOne Ventures 130 1
8 Xenia Venture Capital 15 1
9 Chayton Capital 10 1
10= BRM Group 9 1
10= Challenge Fund Etgar 9 1
10= Eurofund 9 1
10= Gemini Israel Funds 9 1
10= TL Ventures 9 1
10= Walden Israel Venture Capital 9 1
Rank
(US$m)
Deal
count
1 Abraaj Capital Holdings 127 1
2 Duet Group 118 1
3 Ethos Private Equity 109 1
4= Citi Venture Capital International 100 1
4= Levant Capital 100 1
6 Compass Capital 7 1
Rank
count
Value
(US$m)
1 Abraaj Capital Holdings 127 1
2 Duet Group 118 1
3 Ethos Private Equity 109 1
4= Citi Venture Capital International 100 1
4= Levant Capital 100 1
6 Compass Capital 7 1
Rank
count
Value
(US$m)
1= Battery Ventures 390 1
1= Intel Capital 390 1
1= Pitango Venture Capital 390 1
4 Citadel Capital 148 1
5= Bessemer Venture Partners 130 1
5= Shaked Ventures 130 1
5= StageOne Ventures 130 1
8 Xenia Venture Capital 15 1
9 Chayton Capital 10 1
10= BRM Group 9 1
10= Challenge Fund Etgar 9 1
10= Eurofund 9 1
10= Gemini Israel Funds 9 1
10= TL Ventures 9 1
10= Walden Israel Venture Capital 9 1
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN BUYOUTS
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN EXITS
The private equity buyout activity tables by value and volume are based on private equity rms advising the bidder on buyout deals where the dominant geography of the target company is
Middle East & Africa including Israel. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
The private equity exit activity tables by value and volume are based on private equity rms advising the vendor on exit deals where the dominant geography of the target company is Middle East
& Africa including Israel. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
59
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A
QUARTERLY TREND
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
m
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
20
40
60
80
100
120
140
160
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
N
u
m
b
e
r

o
f

d
e
a
l
s
V
a
l
u
e

(
U
S
$
m
)
0
5
10
15
20
25
MIDDLE EASTERN & AFRICAN M&A
ANNUAL TREND
MIDDLE EASTERN & AFRICAN M&A ANNUAL
PRIVATE EQUITY TREND
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
50
100
150
200
250
300
350
400
450
500
0
2
4
6
8
10
12
14
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
0
10
20
30
40
50
60
70
N
u
m
b
e
r

o
f

d
e
a
l
s
MIDDLE EASTERN & AFRICAN M&A QUARTERLY
PRIVATE EQUITY TREND
60
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2012
VALUE
VALUE
VOLUME
VOLUME
9.6%
0.8%
4.8%
4.8%
0.1%
5.0%
18.3%
1.8%
26.5%
28.2%
Financial Services
Business Services
Consumer
Energy, Mining & Utilites
TMT
Transportation
Construction
Agriculture
27.8%
2.8%
26.4%
11.1%
2.8%
8.3%
4.2%
2.8%
1.4%
1.4%
1.4%
1.4%
1.4%
1.4% 1.4%
1.4%
2.8%
Israel
South Africa
Democratic Republic
of Congo
United Arab Emirates
Ethiopia
Saudi Arabia
Nigeria
Egypt
Iraq
Morocco
Mozambique
Mali
Tanzania
Zambia
Zimbabwe
Mauritius
Angola
5.6%
13.9%
15.3%
19.4%
15.3%
16.7%
1.4%
2.8%
2.8%
2.8%
4.2% Industrials & Chemicals
Financial Services
Business Services
Consumer
Energy, Mining & Utilites
TMT
Leisure
Transportation
Construction
Agriculture
33.1%
22.5%
15.7%
3.3%
2.2%
1.9%
1.7%
1.6%
0.8%
0.3%
0.2%
12.3%
4.3%
Israel
South Africa
Democratic Republic
of Congo
United Arab Emirates
Ethiopia
Saudi Arabia
Nigeria
Egypt
Iraq
Morocco
Mozambique
Mali
Tanzania
61
M
I
D
D
L
E

E
A
S
T

&

A
F
R
I
C
A
Monthly M&A Insider
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012 2011 2010 2009 2008 2007 2006
12.7%
12.8%
65.7%
13.2%
11.3%
67.0%
17.6%
19.1%
47.9%
19.2%
13.2%
53.3%
68.0%
12.6%
9.4%
19.2%
7.8% 7.5%
13.7%
12.7%
8.9%
14.8%
9.7%
54.9%
28.3%
21.1%
7.6%
41.5%
1.0% 0.9% 1.7% 1.6% 1.0% 1.4% 1.5%
<US$14.9m or undisclosed value
US$15m-US$100m
US$101m-US$250m
US$251m-US$500m
>US$501m
P
e
r
c
e
n
t
a
g
e
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
33.9%
14.5%
6.2%
9.1%
32.5%
15.4%
5.6%
7.2%
36.4%
11.2%
5.7%
3.8%
32.4%
13.2%
4.1%
3.4%
6.0%
5.7%
33.7%
10.2%
11.0%
6.4%
36.3%
39.3%
42.9%
47.0%
44.4%
47.9%
27.9%
6.7%
15.3%
8.3%
52.8%
19.4%
4.2%
<US$14.9m or undisclosed value
US$15m-US$100m
US$101m-US$250m
US$251m-US$500m
>US$501m
P
e
r
c
e
n
t
a
g
e
SECTOR ANALYSIS
MIDDLE EASTERN & AFRICAN SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Agriculture 10 0.1% 2 13 0.1% 1 -23% 100%
Business Services 144 1.8% 11 582 3.5% 7 -75% 57%
Construction 388 4.8% 2 41 0.2% 1 846% 100%
Consumer 2,271 28.2% 14 1,599 9.5% 12 42% 17%
Defence 0 0.0% 0 68 0.4% 2 -100% -100%
Energy, Mining & Utilities 2,130 26.4% 11 3,418 20.4% 9 -38% 22%
Financial Services 1,473 18.3% 10 837 5.0% 10 76% 0%
Industrials & Chemicals 405 5.0% 4 3,766 22.5% 13 -89% -69%
Leisure 0 0.0% 1 0 0.0% 1 - 0%
Pharma, Medical & Biotech 389 4.8% 3 1,237 7.4% 9 -69% -67%
Real Estate 0 0.0% 0 3,647 21.8% 5 -100% -100%
TMT 776 9.6% 12 1,558 9.3% 9 -50% 33%
Transportation 68 0.8% 2 0 0.0% 3 - -33%
Total 8,054 72 16,766 82 -52% -12%
A
B
O
U
T

M
E
R
R
I
L
L

C
O
R
P
O
R
A
T
I
O
N
ABOUT MERRILL CORPORATION
Merrill Transaction and Compliance Services
Through a broad range of tools and services, Merrill
Corporation streamlines document composition, ling,
printing, distribution and electronic access to the transaction
and regulatory compliance activities of its clients engaged
in securities offerings, reorganisations, mergers and
acquisitions, SEC and other regulatory lings. As a registered,
third-party service provider offering public companies expert
EDGARization and XBRL ling services, Merrill professionals
can compose, edit, electronically le, manage and distribute
data in printed or electronic format.
Merrill Legal Solutions provide both on-demand and on-site
litigation support, information management and electronic
and print document management services for law rms,
corporate legal departments and professional services rms.
Examples of our expertise include the creation of searchable
litigation document repositories, management of electronic
data discovery and the delivery of real-time court reporting
and deposition videography services.
Merrills Marketing and Communication Solutions supply
brand identity management, customer communication
and packaged direct marketing programmes for sales
professionals in industries such as real estate, mutual funds
and insurance. Examples of our services include customisable
corporate identity materials, direct-mail marketing pieces and
promotional programs supported by web-based technologies.
Merrills Translations Services provide a range of translation
options to help clients achieve the most efcient and cost
effective approach to their translation projects. Merrill Brink
offers extensive legal translation services for international
litigation, intellectual property, patents, contractual matters,
antitrust matters, mergers and acquisitions, arbitration
and more.
www.datasite.com
About Merrill DataSite
Revolutionising the due diligence process
Merrill DataSite is designed for rapid deployment and can be
up and running within two hours of a clients need. Our team
can scan, upload and organise thousands of pages of content
from any source in 24 hours or less. Every aspect of the
process, from document scanning to VDR hosting and project
management is delivered by Merrills multilingual team,
available around the clock worldwide.
With Merrill DataSite, all documents are captured and indexed
to an online database and because all rights are designated
by the client, security and control are guaranteed. Each users
ability to view, print or access source documents is set up
by the client administrator and can be changed at any time.
Merrill DataSite provides useful tools, including full search,
viewer audit capability, Q&A, bulk uploads and detailed user
activity tracking that help clients maintain tighter control and
have greater insight into reviewer behaviour.
Merrill DataSite enhances transaction success
Merrill DataSite is the industrys acknowledged leader. More
than 61,000 different private and public companies across the
globe have leveraged Merrill DataSite to increase the value of
the following types of transactions:
Mergers, acquisitions and divestitures
Private placement transactions
Leveraged buyout transactions
Bankruptcy and reorganisation transactions
Financial restructuring transactions
Initial public offerings and dual-track processes
Asset purchases and liquidations
Post-merger integration
FOUNDED IN 1968 AND HEADQUARTERED IN ST. PAUL, MINNESOTA, MERRILL CORPORATION IS
A LEADING PROVIDER OF OUTSOURCED SOLUTIONS FOR COMPLEX BUSINESS COMMUNICATION
AND INFORMATION MANAGEMENT. MERRILLS SERVICES INCLUDE DOCUMENT AND DATA
MANAGEMENT, LITIGATION SUPPORT, LANGUAGE TRANSLATION SERVICES, FULFILLMENT, IMAGING
AND PRINTING. MERRILL SERVES THE CORPORATE, LEGAL, FINANCIAL SERVICES, INSURANCE
AND REAL ESTATE MARKETS. WITH MORE THAN 5,000 PEOPLE IN OVER 40 DOMESTIC AND 22
INTERNATIONAL LOCATIONS, MERRILL EMPOWERS THE COMMUNICATIONS OF THE WORLDS
LEADING ORGANISATIONS.
ABOUT MERRILL DATASITE
Merrill DataSite built with the client in mind
Merrill DataSite was created to meet its clients needs and
built to their specications. Since 2002 we have consistently
leveraged the experiences of our clients to add leading-edge
functionality to the available toolset. Merrill DataSite allows its
users and administrators to:
Examine documents immediately. Patented technology
ensures you never have to wait for a document to be
downloaded. Because the data resides on Merrills servers, you
can simultaneously view an unlimited number of documents
in multiple windows without having to close out or save to your
temp le. When faced with hundreds of documents to review,
this feature saves signicant time and expense.
Designate user permissions. Team administrators can control
which users will be able to view, print or download specic
documents, folders or projects simply and quickly.
Search every word in every document. With large document
collections, sophisticated search features are key to nding
critical information and accelerating the due diligence process.
Merrill DataSite performs Optical Character Recognition (OCR)
on each and every letter in each and every document. Our
search capabilities allow users to search tens if not hundreds
of thousands of pages to nd whats relevant to them. Merrill
DataSites search capabilities ensure nothing is missed in any
of the posted documents - regardless of where they may be
organised within the index (e.g. nd every instance of contract
and termination within 5 words of each other, etc.). Search
results are returned much faster and are unlimited in terms of
document results and hits within a document.
Using wildcard, fuzzy, proximity, boosting, Boolean and
grouping modiers, you can search and nd exact matches and
near-matches, including misspelled words. Potential buyers
will enjoy increased condence knowing theyve received and
seen all materials and documents that are relevant to their
decision-making.
Protect condential information. View-only documents
are never downloaded. Merrill DataSite, not the computers
browser, controls the caching process providing unmatched
security levels. Unlike other VDR providers, images are never
viewable on the PCs cache after the conclusion of a session.
Track all activity accurately. Auditing and reporting tools
provide a veriable account of each individuals time spent
viewing both documents and specic pages information that
adds negotiating leverage.
Need to work remotely?
No problem. Whether youre working in Beijing or New York,
you can view your documents online without having to navigate
through internal rewalls and email restrictions that often
exist for outside company connections and which delay the due
diligence process.
Security is our highest priority
Merrill has been a trusted provider of secure information to
the nancial and legal industries for more than 40 years. Our
employees execute letters of condentiality and we are audited
annually (internal and third-party) to make certain our IT
infrastructure and processes remain sound.
Merrill DataSite was the rst virtual data room to receive the
ISO 27001 certication for its comprehensive Information
Security Management System (ISMS).
The ISO 27001 standard, developed by the International
Organisation for Standards to establish international
requirements for information security and certication of
ISMS, is designed to ensure effective protection of information
assets in foreign markets, as well as across national and
regional boundaries.
The best tool in the industry
Merrill DataSite technology allows for the fastest conversion
of soft and hard copy documents to the electronic viewing
platform. As a result, designated administrators are able to
review documents the moment they are available.
Through secure, simultaneous access, full text search
capabilities and robust reporting tools, both archival and
transactional due diligence processes are streamlined. As a
result, Merrill DataSite gives you more insight and control, and
dramatically reduces transaction time and costs.
As a leading provider of VDR solutions worldwide, Merrill
DataSite has empowered nearly two million unique visitors to
perform electronic due diligence on thousands of transactions
totalling trillions of dollars in asset value.
NOW SMARTER, FASTER, EASIER!
PLEASE VISIT OUR WEBSITE: WWW.DATASITE.COM
A
B
O
U
T

M
E
R
R
I
L
L

D
A
T
A
S
I
T
E
ABOUT MERRILL CORPORATION
A
B
O
U
T

M
E
R
R
I
L
L

C
O
R
P
O
R
A
T
I
O
N
EXECUTIVE MANAGEMENT
Ed Bifulk
President
Tel: +1 212 229 6563
Paul Hartzell
Senior Vice President
Tel: +1 212 367 5950
EXECUTIVE SALES
Chris Beckmann
Regional Director, Germany, Switzerland and
Poland
Tel: +49 69 25617 110
Alex Gross
Regional Director, Eastern Europe & Middle
East
Tel: +49 69 7593 7148
Michael Hinchliffe
Regional Director, U. K.
Tel: +44 20 7422 6100
Jonathan Hughes
Account Manager, Northern Europe
Tel: +44 20 7422 6100
Shashank Jain
Account Manager, United Arab Emirates
Tel: +971 (0)50 252 3025
Alvaro Ortega
Regional Director, Southern Europe
Tel: +44 20 7422 6100
Adam Pang
Account Manager, Europe
Tel: +44 20 7422 6268
Merlin J. Piscitelli
Regional Director, Europe Tel: +44 20 7422
6100
Jrme Pottier
Regional Director, France
Tel: +33 (0) 1 40 06 13 12
Colin Schopbach
Tel: +44 20 7422 6100
Anna Scott
Tel: +44 20 7422 6100
Hakema El-Hadad
Regional Director, Northern Africa
Tel: +33 (0) 1 40 06 13 10
Mark Finnie
Regional Director, North Asia
Tel: +852 2536 2534
Ari Lee
Regional Director, North Asia
Tel: +852 9855 3758
Vincent Lork
Regional Director, South East Asia
Tel: +65 6248 4602
Chris Robilliard
Regional Director, Australia & New Zealand
Tel: +612 8667 3064
Manuel Bentosinos
Regional Director, Mexico, Columbia and
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 and Latin America
Tel: +1 404 934 8085
Hank Gregory
SVP, Western Canada & Pacic Northwest
Tel: + 604 603 4360
Ryan MacMillan
Regional Director, Canada
Tel: +1 416 214 2448
Jason Hedges
Regional Director, Canada
Tel: +1 416-878-3260
Michael Kennedy
Regional Director, New England
Tel: +1 207 829 4369
Ross Whittaker
Regional Director, New England
Tel: +1 617.535.1516
Jon Lenihan
Regional Director, Boston
Tel: +1 617-535-1618
Scott Rediker
Regional Director, Mid Atlantic
Tel: +1 443-690-3122
Forrest R. Doane
Regional Director, New York
Tel: +1 212 229 6620
Adam Kuritzky
Tel: +1 917 232 9569
Shelle Martin
Tel: +1 212 229 6613
John McElrone
Tel: +1 212 229 6656
Matthew Mezzancello
Regional Director, NY, NJ & PA
Tel: +1 212 229 6618
Steve Piccone
Vice President, New York
Tel: +1 212 229 6883
William Polese
Tel: +1 212 229 6612
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
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
Nicholas Renter
Regional Director, Texas
Tel: +1 214 754 2100
Andrew Buonincontro
Regional Director, Bay Area
Tel: +1 650 493 1400
Erik Sandie
Tel: +1 650 493 1400
Jay Loyola
Tel: +1 949 622 0663
Dan Phelan
Regional Director, Los Angeles
Tel: +1 213 253 2139
Hans Schumann
Regional Director, San Diego
Tel: +1 760 635 0830
David Yeary
Vice President, DataSite Life Sciences
Tel: +1 415 307 4414
James Snaza
Director of Life Sciences
Tel: +1 651 632 4585
Jon Blue
Vice President, Clean Tech
Tel: +1 206-696-9169
www.mergermarket.com
Remark, Part of The Mergermarket Group
80 Strand
London, WC2R 0RL
United Kingdom
t: +44 (0)20 7059 6100
f: +44 (0)20 7059 6101
sales@mergermarket.com
11 West 19th Street,
2nd .
New York, NY 10011
USA
t: +1 212 686-5606
f: +1 212 686-2664
sales.us@mergermarket.com
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 nancial, 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 suitably qualied professional adviser. Whilst
reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Mergermarket nor
any of its subsidiaries nor any afliate 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
prole, and to develop new business opportunities with their target audience.
The following notes pertain to data contained in this publication:
Deals are included where the deal value is greater than or equal to 5m.
Where no deal value has been disclosed, deals are included if the turnover of the
target is greater than or equal to 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.
Q1 2012 refers to the period 01-Jan-12 to 31-Mar-12.
*YTD 2012 refers to the period 01-Jan-12 to 31-Mar-12.

Monthly M&A Insider - Global M&A Review and Regional Overviews

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Monthly M&A Insider - Global M&A Review and Regional Overviews

Uploaded by

Copyright:

Available Formats

A mergermArket report on globAl m&A Activity

You might also like