m&a trends survey perspectivas y tendencias de m&a en
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Perspectivas y tendencias de M&A en Chile y Latam 2021
M&A Trends surveyDeloitte Chile 2021
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M&A en Chile
A s i a ( e x c l . J a p a n )
+76% vs 3Q19+23% vs 9m19
J a p a n
+441% vs 3Q19+174% vs 9m19
E u r o p e
-3% vs 3Q19-21% vs 9m19
N o r t h A m e r i c a
27% vs 3Q19-47% vs 9m19
L a t i n A m e r i c a
-39% vs 3Q19-23% vs 9m19
The world starts to recover in the northern hemisphere, while Latin America shows weaker signs of recoveryM&A world
Source: Mergermarket and Thomson One
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Encuesta
Total investments - FY16 - 10m20 Number of completed transactions – FY16 - 10m20
A reduction is observed in investments’ value and volumeM&A Latam
46 39 57
43 31
15 13
12
12
- 10 20 30 40 50 60 70 80
FY16 FY17 FY18 FY19 10m20
USD
Bn
FY16 USDBn 61
FY17 USDBn 52
FY18USDBn 70
FY19USDBn 54
Source: Deloitte Analysis10m 2m
811 780 814 652 578
215 161 179 167
-
200
400
600
800
1.000
1.200
FY16 FY17 FY18 FY19 10m20
# tr
ansa
ctio
ns
FY16 # 1,026 FY17
# 941
FY18# 993 FY19
# 819
10m 2mSource: Deloitte Analysis
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M&A en Chile
Top 5 investment destination - FY16 - 10m20
1 2 3 4 5
USDBn138
# 2,324USDBn
41 # 488
USDBn39
# 569
USDBn20
# 326
USDBn15
# 227
Top 5 investment destination - 10m20
1 2 3 4 5
USDBn12
# 390USDBn
10 # 61
USDBn4
# 11
USDBn3
# 52USDBn
1 # 21
Total number of deals 10m19 vs 10m20
#652 #578-11%
Investments dropped in Latam and Chile lost its competitive positionM&A Latam
Average deals’ price 10m19 vs 10m20
82 USDm
110 USDm
-26%
Source: Thomson One Source: Thomson One
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USDBn 6# 5 USDBn 4
# 14 USDBn 2# 59
1 2 3 4 5
USDBn 9# 308 USDBn 8
# 19
Top 5 Investors - 10m20 Top 5 Industries (10m20)
Infrastr.USDBn 10
# 5
EnergyUSDBn 11
# 80
Financ. Servic.USDBn 4
# 77
ConsumptionUSDBn 3
# 195
TechnologyUSDBn 2
# 134ForeignUSDBn 48# 631
LatamUSDBn 126# 2,366
Top 5 Investors - FY16 - 10m20
China landed to Latin America and took position in the Investors Top 3M&A Latam
Source: Thomson One
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Top 10 completed transaction - 10m20
Top 10 completed transactions in 10m20M&A Latam
DateTarget Buyer
USDBnName Industry Country Seller Name Country
Apr-20 IDEAL I&CP Mexico IDEAL Investor group Canada 6,475
Apr-20 Peruvian Opportunity Co SAC E&R Peru Peruvian Opportunity Electric Power Distribution Hong Kong 3,590
Jun-20 Red de Carreteras de Occidente I&CP Mexico Red Carreteras Occidente Other Financial Vehicles Spain 2,606
Jun-20 Chilquinta Energia SA E&R Chile Chilquinta Electric utility; holding company China 2,230
Jul-20 Petrobras-Enchova & Pampo Hubs E&R Brazil Petrobras Crude Petroleum and Natural Gas
Extraction Brazil 1,051
Mar-20 Argo Energia Empreendimentos E&R Brazil Argo Investor group Spain 848
Apr-20 Nufarm Industria Quimica C&IP Brazil Nufarm Pesticide and Other Agricultural
Chemical Manufacturing Brazil 804
Jan-20 Empresa de Energia de Boyaca E&R Colombia Boyaca Investment company Canada 797
Jul-20 Sul America-Auto&Ppty Ins Bus FSI Brazil Sul America-Auto&Ppty Ins Bus Direct Life Insurance Carriers Brazil 737
Feb-20 Clinipam Group LSHC Brazil Clinipam Group General Medical and Surgical Hospitals Brazil 647
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Encuesta
Total investment - FY16 - 10m20 Number of completed transactions – FY16 - 10m20
A reduction is observed in investments’ value and volumeM&A Chile
74
9 73
1
1
6
3
- 2 4 6 8
10 12 14 16
FY16 FY17 FY18 FY19 10m20
USD
Bn
10m 2 mSource: Deloitte Analysis
FY16 USDBn 9
FY17 USDBn 5
FY18 USDBn 15
FY19 USDBn 10
83 86 82 100
52
21 16 25 23
-
20
40
60
80
100
120
140
FY16 FY17 FY18 FY19 10m20
# tr
ansa
ctio
ns
10m 2 mSource: Deloitte Analysis
FY16 # 104
FY17 # 102
FY18 # 107
FY19 # 123
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Total investment 10m19 vs 10m20
7 USDBn
3 USDBn
#100 #52
-57%
-48%
China: first investor in Chile in 10m20M&A Chile
Top 5 Investors - 10m20
1 2 3 4 5
USDBn2.23 # 1
USDBn 0.65# 29
USDBn 0.09# 4
USDBn 0.08# 1
USDBn 0.04# 2
Fuente: Thomson OneTop 3 Industries - 10m20
EnergyUSDBn 2.40
# 10Consumption
USDBn 0.67# 23
TechnologyUSDBn 0.01
# 6
ForeignUSDBn 23# 102
LatamUSDBn 14# 272
Top 5 Investors - FY16 - 10m20
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Top 10 completed transaction - 10m20
Top 10 completed transactions in 10m20M&A Chile
DateTarget Buyer
USDBnName Industry Country Seller Name Country
Jun-20 Chilquinta Energia SA E&R Chile Chilquinta State Grid Intl Dvlp Ltd China 2,230
Jun-20 Masisa Forestal SpA C&IP Chile Masisa Forestal Tregualemu SpA Chile 350
Sept-20 LDES Educacional SpA C&IP Chile Grupo Laureate Fundación Educación y Cultura Chile 218
Oct-20 ESSAL E&R Chile ESSAL Algonquin Power & Utilities Canada 92
Sept-20 The Not Co SpA C&IP Chile The Not Company Future Positive Capital SARL France 85
May-20 PV Salvador SpA E&R Chile PV Salvador Innergex Renewable Energy Chile 66
Jul-20 Sembcorp Utilities -Chile E&R Chile Sembcorp Sacyr Agua SL Spain 36
May-20 Promet Montajes SpA C&IP Chile Promet Cintac Chile SpA Chile 24
Apr-20 ArchDaily TMT Chile ArchDaily Architonic AG Switzerland 11
Apr-20 Minera Paso San Francisco C&IP Chile Paso San Francisco Rio2 Ltd Canada 2
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Survey resultsM&A Chile
1. Market perspective 2. Expectations on deals 3. Risks and opportunities
Perspectives on M&A investments in 2021
43%Will increase
29%Will remain stable
29%Will decrease
21 months
3 meses 36 meses
Economic recovery in Chile
36 months3 months
COVID-19 and social crisis impact on revenue
28%Reduction <10%
27%Reduction between 10% and 20%
20%Reduction between 20% and 50%
4%Reduction >50%
22%Slight increase
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Survey resultsM&A Chile
1. Market perspective 2. Expectations on deals 3. Risks and opportunities
79%Yes
21%No
Participation in M&A operations in 2021
Current health and economic impact on M&A strategy
20%Yes, favorably
19%Sí, adversely
62%No
Yes
41%No
Current economic-political situation in Chile favourable for M&A
59%
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Survey resultsM&A Chile
1. Market perspective 2. Expectations on deals 3. Risks and opportunities
Assets’ value expectation in 2021 vs 2020
32%Will decrease
26%Will increase
42%Will remain stable
Investment destinations in 2021 – Top 5
34%Chile
33%Latin America
14%North America
9%Europe
4%Asia
26%Energy
18%Consumption
17%Infrastructure
10%Mining
9%Real estate
Most dynamic sectors for M&A in 2021 in Chile – Top 5
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Survey resultsM&A Chile
1. Market perspective 2. Expectations on deals 3. Risks and opportunities
49%Socioeconomic environment
9%Disruptive technology
31%New regulations
7%Health crisis
3%Innovation
Potential risk factors
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ContactsM&A Chile
For futher information about the M&A services refer to the Deloitte web page
Gabriela RomeroM&A Lead [email protected]+56 9 6843 6524
Jaime RetamalCorporate Finance [email protected]+56 9 9344 1168
Ignacio ConchaM&A Legal [email protected]+56 9 9159 5535
Paula OsorioM&A Tax [email protected]+56 9 6308 6552
Rafael MallaValuation & modelling [email protected]+56 9 6839 6826
Roberto EspinozaAudit Advisory [email protected]+56 2 2729 7396
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