xbma 2015 q2 quarterly review
DESCRIPTION
XBMA 2015 Q2 Quarterly ReviewTRANSCRIPT
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The views expressed herein reflect only the views of XBMAs editorial staff individually and not those of any of XBMAs founders, academic partners, advisory board members, or others.
XBMA Quarterly Review Q2 2015
Raaj Narayan & Francis Stapleton, Editors
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XBMA 1
All figures are inflation-adjusted to 2015 dollars. Data in this report does not include spin-offs announced in 2015 that have not been completed.
541 557 767
502 496 603 852
486 596
709
659 532
985
1,398
493
719
581
580 686
851 668
752 573
872 664
904
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2009 2010 2011 2012 2013 2014 2015
US$
bil
lion
s
Deal Volume by Quarter
Quarter 1 Quarter 2 Quarter 3 Quarter 4
2,623
3,343
2,630 2,613 2,378
2,188 2,250
Global M&A Volume: Q2 Snapshot
Global M&A volume in Q2 was almost US$1.4 trillion, significantly higher than the average quarterly volumes in recent years and the most active quarter since the financial crisis. Year to date M&A volume was ~US$2.25 trillion. These USD figures were recorded despite the strength of the dollar when measuring values for deals stuck in other currencies.
Europe had its best quarter in years, accounting for 33% of global M&A activity in Q2 (compared to an average of 26% from 2010-2014). Chinese M&A also continued to experience strong volumes, accounting for 17% of global M&A activity.
At its current pace, cross-border M&A activity will account for 34% of global deal volume in 2015, consistent with recent levels.
Private equity also had a strong H1 2015, accounting for over 18% of global M&A, the highest percentage since 2007. Aggregate dollar volume in H1 2015 ($413 billion) was significantly above H1 2014 (US$277 billion) and H1 2013 (US$163).
Source: Thomson
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XBMA
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
US
$ tr
illi
ons
Global M&A Volume
2
Global M&A Volume: 19982015
If deal activity continues at its current pace, global M&A activity in 2015 may approach US$4.5 trillion, on par with volumes last seen prior to the financial crisis.
The surge in M&A activity over the last several quarters is being driven by large corporate cash balances (carried at virtually zero return) and high stock prices that together provide strong acquisition currency, attractive financing for most corporate borrowers, a strong U.S. and strengthening global economy, and continued industry consolidation.
Strategic acquisitions are driving recent volume, with companies looking to consolidate market position and boost returns through external growth. The Chinese M&A market has also contributed significantly to global M&A activity.
As always, hope is mixed with fear as market participants look to the remainder of the year and the longer future, with the ultimate impact of disruption in the Chinese stock market, the continuing Greek crisis, broader Eurozone infirmities, Brazilian stagnation, and larger geopolitical trends all possible of erupting into truly disruptive events. In the meantime, CEO and boardroom confidence is high, and market participants expect that the M&A pipeline will support the present pace for the rest of the year.
Source: Thomson
All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized.
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XBMA 3
Cross-Border M&A Volume: 20082015
Cross-border M&A transactions are defined as those in which the parties are headquartered/based in different countries. All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized.
Cross-border deal activity in Q2 reached US$380 billion, a 42% increase over Q1 and on pace for the highest dollar volume in the last 8 years. Cross-border deal activity as a percentage of overall deal volume, however, remained consistent with recent levels.
In addition to the strengthening U.S. dollar, the growth of cross-border M&A in Q2 was likely fueled by the resurgence of European M&A. Cross-border deals involving a European participant accounted for three of the top 10 deals in Q2, including the largest deal of the quarter, Royal Dutch Shells acquisition of BG Group.
Source: Thomson
1.21
0.59 0.99 0.93 0.92 0.72
1.25 1.52
1.94
1.60
1.64 1.70 1.69 1.66
2.09
2.98
3.15
2.19
2.63 2.63 2.61 2.38
3.34
4.50
0.0
1.0
2.0
3.0
4.0
5.0
2008 2009 2010 2011 2012 2013 2014 2015
US
$ tr
illi
ons
Deal Volume
Domestic M&ACross-Border M&A
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XBMA 4
Medium and Large M&A Deals: 20072015
2015 data is annualized.
The number of large deals in excess of US$500 million is on track to reach its highest level since 2007. Cross-border transactions are on pace to account for 36% of these larger deals, consistent with the overall share of cross-border M&A as a percentage of global M&A volume.
The 10 largest deals in Q2 accounted for US$300 billion in deal volume, US$75 billion more than the 10 largest deals in Q1. Each of the top five deals in Q2 exceeded US$15 billion in value.
U.S. domestic activity accounted for six of the top 10 deals of the quarter, while European deals claimed three of the top 10 spots (compared to only one top 10 deal involving a European participant in Q1).
Source: Thomson
646
376
197
364 367 362 314 438 414
759
493
386
538 515 513 547
637 730
1405
869
583
902 882 875 861
1075 1144
250
500
750
1000
1250
1500
2007 2008 2009 2010 2011 2012 2013 2014 2015
Number of Deals > US$500 million
Domestic M&A
Cross-Border M&A
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XBMA 5
M&A Volume by Target Region
U.S. deal activity accounted for 21% of deal volume in Q2, down from 50% in Q1 and significantly below its recent historical average of 40%.
European and Chinese M&A activity was particularly strong in Q2, with both regions accounting for a significantly higher share of global M&A compared to their historical averages.
Mexico, India, and South America each accounted for less than 50% of their historical shares of global M&A activity in Q2.
The aggregate volumes of the United States, Europe, and China accounted for 71% of total global volume in Q2, realigning with historical averages after a Q1 share of more than 90%.
Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2015 dollars.
Source: Thomson
Q2 2015
United States, 21%
Europe, 33% China, 17%
Central Asia, 7.5%
Australia/NZ 2.8% Japan, 4.8%
Central America, 0.07% Mexico, 0.47%
South America, 1.7%
India, 0.51% Africa/Middle East, 4.5%
Canada, 3.2%
2010 - 2014
United States, 39.61%
Europe, 26.4%
China, 9.39%
Central Asia, 5.04%
Australia/NZ, 3.63%
Japan, 3.26%
Central America, 0.13% Mexico, 1.10%
South America, 4.19%
India, 1.05% Africa/Middle East, 2.20%
Canada, 4.02%
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XBMA 6
GDP and M&A Volume by Targets Region: Q2 2015
Source: Thomson, IMF
Region 2015 GDP (US$ trillions) 2015 Per Capita
GDP (US$)
Europe 19.8 26,921
United States 18.1 56,421
China 11.2 11,212
Japan 4.2 33,223
India 2.3 1,808
World 74.6 13,823
2015 GDP figures are IMF estimates.
0%
50%
100%
150%
200%
250%
0%
10%
20%
30%
40%
50%
60%GDP, M&A, and Debt by Region
Gov
ern
men
t Deb
t as
% o
f GD
P
For the first time in years, the United States accounted for a smaller percentage of global M&A than world GDP or government debt as a percentage of GDP. Only China and Europe claimed a greater relative share of global M&A activity than government debt as a percentage of GDP.
In addition to Europe and China, Central Asia, Canada, and Australia/NZ each contributed a greater share of global M&A activity than world GDP.
Chinese government debt as a percentage of GDP almost tripled from Q1, yet China continued to account for a similar percentage of world GDP and global M&A activity.
% o
f 20
15 W
orld
GD
P
%
of 2
015
Glo
bal M
&A
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XBMA 7
Trends in M&A Volume by Target Region: 20112015
Global deal activity in Q2 skyrocketed to US$1.4 trillion, a 64% increase over Q1. North American deal volume (US$657 billion) easily cleared its recent high of $460
billion from Q3 2014.
Despite events in Greece during Q2, European M&A volume (US$338 billion) rebounded to almost double its Q1 volume, falling just short of M&A volume in the Asia-Pacific (ex-Japan) region (US$351 billion).
Japanese M&A activity accounted or just 1% of overall global M&A activity.
Source: Thomson
All figures are inflation-adjusted to 2015 dollars.
0
200
400
600
800
1,000
1,200
1,400
1,600
2011 2012 2013 2014 2015
US
$ b
illi
ons
Global Asia-Pacific (ex-Japan) Europe Japan North America
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XBMA
M&A in BRIC Countries: 20112015
0
50
100
150
200
250
2011 2012 2013 2014 2015
US
$ b
illi
ons
2011 2015 Domestic M&A in BRIC Countries
Brazil
Russia
India
China
China continued a steep decline in inbound M&A, while domestic activity soared to almost US$200 billion in Q2. During the same period, the rest of the BRIC countries combined to contribute approximately US$6 billion on total domestic volume.
Inbound deal activity into India totaled US$4.7 billion in Q2, its highest level since Q1 2013.
Following strong Q1 performances, inbound activity into both Brazil and Russia declined in Q2, with Brazilian inbound activity down 45% and Russian inbound activity down 30%.
0
5
10
15
20
25
2011 2012 2013 2014 2015
US
$ b
illi
ons
2011 2015 Inbound M&A to BRIC Countries
Brazil
Russia
India
China
Source: Thomson
All figures are inflation-adjusted to 2015 dollars.
8
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XBMA 9
Distressed Deals: 19882014
Distressed deal activity in 2015 is on track for an annualized volume of approximately US$26 billion. If distressed deal activity continues at its current pace, it would represent an 18% increase over 2014 levels, but would still account for the second lowest annual distressed deal volume since 2008.
Source: Thomson
All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized. Distressed transactions include those in which the target entity is undergoing restructuring or has reduced the debt on its balance sheet through a bankruptcy sale, a tender offer or an exchange offer for existing debt securities, or a loan modification. An entity is considered to be undergoing restructuring if it has publicly confirmed retention of a restructuring advisor, plans to restructure its debt, has filed for bankruptcy or has defaulted on its debt, has received an S&P or Moodys rating of CCC+/Caa1 or below before or in reaction to the announcement of a transaction, or its credit facility or debt securities carry a yield of 1,000 bps above that of U.S. Treasuries.
0
25
50
75
100
125
150
US
$ bi
llio
ns
Volume of Distressed Deals
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XBMA 10
Global M&A by Sector: Last 12 Months
Source: Thomson
0
100
200
300
400
500
600
700
800
US$
bil
lion
s
M&A Volume by Sector
Global M&A*
Cross-Border M&A
*Includes both domestic and cross-border transactions.
The Energy & Power sector produced US$747 billion of global M&A volume over the past four quarters, including US$204 billion in cross-border deal activity, despite the collapse of the price of oil.
The Healthcare sector followed with US$518 billion of global M&A volume, followed by the Real Estate sector (US$434 billion) and High Technology sector (US$394 billion).
Over the past 12 months, the Energy & Power, Healthcare, Real Estate, Materials, and Financials sectors each produced more than US$140 billion in cross-border deal volume. Cross-border transactions accounted for 49% of deal volume in the Materials sector and over 40% of deal volume in each of the Financials and Industrials sectors.
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XBMA 11
Trends in Global M&A by Sector: Last Four Quarters
Source: Thomson
0
40
80
120
160
200
240
280
320
US$
bil
lion
s
Domestic and Cross-Border M&A
Q3 2014 Q4 2014 Q1 2015 Q2 2015
0102030405060708090
100
US
$ b
illi
ons
Cross-Border M&A
Q3 2014 Q4 2014 Q1 2015 Q2 2015
The Energy & Power, Healthcare, and High Technology sectors turned in the strongest M&A performance in Q2, each producing more than US$160 billion in total deal volume. M&A activity in the Media & Entertainment sector also turned in a strong performance relative to prior quarters.
The Energy & Power and Healthcare sectors outperformed with respect to cross-border M&A activity, with cross-border activity in both sectors exceeding US$90 billion.
Cross-border M&A reached highs in Q2 (relative to the trailing three quarters) in a majority of sectors.
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XBMA 12
Top 10 Global Deals Announced in Q2 2015
Source: Thomson
Acquirer* Target* Target Industry
Value of Deal
(US$mil)
Date Announced
Royal Dutch Shell PLC (Netherlands)
BG Group PLC (United Kingdom)
Oil and Gas; Petroleum Refining
81,009 8 Apr 2015
Charter Communications Inc (United States)
Time Warner Cable Inc (United States)
Radio and Television
Broadcasting Stations
78,377 26 May 2015
Avago Technologies Ltd (United States)
Broadcom Corp (United States)
Electronic and Electrical
Equipment 36,491 28 May 2015
SK C&C Co Ltd (South Korea)
SK Holdings Co Ltd (South Korea)
Oil and Gas; Petroleum Refining
24,066 20 Apr 2015
Intel Corp (United States)
Altera Corp (United States)
Electronic and Electrical
Equipment 15,331 1 Jun 2015
The Williams Cos Inc (United States)
Williams Partners LP (United States)
Electric, Gas, and Water
Distribution 13,800 13 May 2015
Nokia Oyj (Finland)
Alcatel Lucent SA (France)
Communications Equipment 13,784 14 Apr 2015
Danaher Corp (United States)
Pall Corp (United States)
Machinery 13,780 13 May 2015
CVS Health Corp (United States)
Omnicare Inc (United States)
Social Services 12,555 21 May 2015
Koninklijke Ahold NV (Netherlands)
Delhaize Group SA (Belgium)
Retail Trade-Food Stores 11,657 12 May 2015
*Company nationality determined by location of headquarters or by location of target assets.
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XBMA
Acquirer** Target** Target Industry Value of Deal
(US$mil) Date
Announced Owens-Illinois Inc (United States)
Partner in Pet Food Kft (Mexico)
Stone, Clay, Glass, and Concrete Products
2,150 2 Apr 2015
SunEdison Inc (United States)
Undisclosed RE Development Co (Costa Rica)
Electric, Gas, and Water
Distribution
839 22 Apr 2015
British American Tobacco PLC (United States)
Shanghai Shangtou Holding Co Ltd (Croatia)
Tobacco Products
601 29 Apr 2015
Delivery Hero Holding GmbH (Germany)
Arteris SA (Turkey)
Food and Kindred Products
589 30 Apr 2015
Delivery Hero Holding GmbH (Germany)
Yemek Sepeti Elektronik (Turkey)
Business Services
589 5 May 2015
SunEdison Inc (United States)
Jiangsu Future Land Co Ltd (Brazil)
Electric, Gas, and Water
Distribution
533 9 May 2015
Wai Chun Investment Fund (Hong Kong)
Shriram City Union Finance Ltd (United Arab Emirates)
Rubber and Miscellaneous
Plastic Products
510 12 May 2015
Pamplona Capital Management (United Kingdom)
Qunar Cayman Islands Ltd (Hungary)
Transportation and Shipping (except air)
343 14 May 2015
Mapletree Greater China (Singapore)
Glamour II Ltd (China)
Real Estate; Mortgage
Bankers and Brokers
304 15 Jun 2015
Goldcrest Resources plc (United Kingdom)
Akoko Gold Project (Ghana)
Mining
283 28 May 2015
13
Top 10 Deals from Developed into Emerging Economies* Announced in Q2 2015
*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm. **Company nationality determined by location of headquarters or by location of target assets.
Source: Thomson
Aggregate Value of Deals from Developed into Emerging Economies
All figures are inflation-adjusted to 2015 dollars.
050
100150200250300
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns Quarter 4
Quarter 3
Quarter 2
Quarter 1
-
XBMA
Top 10 Deals from Emerging into Developed Economies* Announced in Q2 2015
Source: Thomson
Acquirer** Target** Target Industry Value of Deal
(US$mil) Date
Announced
China Investment Corp (China)
NXP Semiconductors RF Business (Netherlands)
Rubber and Miscellaneous
Plastic Products
1,800 28 May 2015
JBS SA (Brazil)
Moy Park Holdings (Europe) Ltd (United Kingdom)
Investment & Commodity
Firms, Dealers
1,512 22 Jun 2015
Kingdom of Saudi Arabia (Saudi Arabia)
Posco Engineering (South Korea)
Investment & Commodity
Firms, Dealers
1,110 2 Jun 2015
Qingdao Haier Co Ltd (China)
Haier Singapore Invest Holding (Singapore)
Machinery 786 26 May 2015
Tower Property Fund Ltd (South Africa)
HTP Group Pty Ltd (Australia)
Real Estate; Mortgage
Bankers and Brokers
617 14 Apr 2015
Fosun International Holdings Ltd (China)
Phoenix Holdings Ltd (Israel)
Investment & Commodity
Firms, Dealers
489 21 Jun 2015
Dubai World (United Arab Emirates)
Maher Terminals of Canada Corp (Canada)
Transportation and Shipping
462 2 Apr 2015
Oceana Group Ltd (South Africa)
Daybrook Fisheries Inc (United States)
Agriculture, Forestry, and
Fishing
382 19 May 2015
Dalian Wanda Group Corp Ltd (China)
HG Holdco Pty Ltd (Australia)
Amusement and Recreation
Services
366 25 June 2015
YTL Corp Bhd (Singapore)
Myer Centre Adelaide (Australia)
Real Estate; Mortgage
Bankers and Brokers
Malaysia 20 Apr 2015
*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm. **Company nationality determined by location of headquarters or by location of target assets.
14
Aggregate Value of Deals from Emerging into Developed Economies
All figures are inflation-adjusted to 2015 dollars.
0
50
100
150
200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
-
XBMA
Acquirer* Target* Target Industry Value of Deal
(US$mil) Date
Announced
Charter Communications Inc (United States)
Time Warner Cable Inc (United States)
Radio and Television
Broadcasting Stations
78,377 26 May 2015
Avago Technologies Ltd (United States)
Broadcom Corp (United States)
Electronic and Electrical
Equipment
36,491 28 May 2015
Intel Corp (United States)
Altera Corp (United States)
Electronic and Electrical
Equipment
15,331 1 Jun 2015
The Williams Cos Inc (United States)
Williams Partners LP (United States)
Electric, Gas, and Water
Distribution
13,800 13 May 2015
Danaher Corp (United States)
Pall Corp (United States)
Machinery 13,780 13 May 2015
CVS Health Corp (United States)
Omnicare Inc (United States)
Social Services 12,555 21 May 2015
Canada Pension Plan Investment (Canada)
GE Antares Capital (United States)
Credit Institutions
12,000 9 Jun 2015
Endo International PLC (United States)
Par Pharmaceutical Holdings (United States)
Drugs 8,036 18 May 2015
Willis Group Holdings PLC (United Kingdom)
Towers Watson & Co (United States)
Business Services
7,773 30 Jun 2015
Alexion Pharmaceuticals Inc (United States)
Synageva BioPharma Corp (United States)
Drugs 7,684 6 May 2015
15
Top 10 North American Deals Announced in Q2 2015
Source: Thomson
Aggregate Value of North American Deals
All figures are inflation-adjusted to 2015 dollars.
0
500
1000
1500
2000
2500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
*Company nationality determined by location of headquarters or location of target assets.
-
XBMA
Acquirer* Target* Target Industry Value of Deal
(US$mil) Date
Announced
SK C&C Co Ltd (South Korea)
SK Holdings Co Ltd (South Korea)
Oil and Gas; Petroleum Refining
24,066 20 Apr 2015
Cheil Industries Inc (South Korea)
Samsung C&T Corp (South Korea)
Business Services
11,239 26 May 2015
Investor Group (China)
Qihoo 360 Technology Co Ltd (China)
Business Services
10,306 17 Jun 2015
Jiangsu Hongda New Material Co (China)
Focus Media Tech Shanghai Co (China)
Prepackaged Software
8,779 3 Jun 2015
Xi'an Minsheng Group Co Ltd (China)
Hainan Gongxiao Daji Holding Co (China)
Retail Trade-Food Stores
5,208 30 Jun 2015
Investor Group (China)
Zhongrun Resources Investment Corp (China)
Real Estate; Mortgage
Bankers and Brokers
4,577 3 Jun 2015
China Resources National Corp (China)
China Resources Enterprise Ltd Investment Company Assets (Hong Kong)
Investment & Commodity
Firms, Dealers, Exchanges
3,870 21 Apr 2015
Zhejiang Transfar Co Ltd (China)
Zhejiang Transfar Road Port (China)
Transportation and Shipping (except air)
3,336 12 Jun 2015
Investor Group (China)
Unisplendour Corp Ltd (China)
Computer and Office
Equipment
3,158 26 May 2015
Investor Group (China)
WuXi PharmaTech (Cayman) Inc (China)
Drugs 3,086 30 Apr 2015
16
Top 10 Asian-Pacific Deals Announced in Q2 2015
Source: Thomson
Aggregate Value of Asian-Pacific Deals
All figures are inflation-adjusted to 2015 dollars.
0
200
400
600
800
1000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
*Company nationality determined by location of headquarters or location of target assets.
-
XBMA 17
Top 10 European Deals Announced in Q2 2015
Source: Thomson
Acquirer* Target* Target Industry Value of Deal
(US$mil) Date
Announced
Royal Dutch Shell PLC (Netherlands)
BG Group PLC (United Kingdom)
Oil and Gas; Petroleum Refining
81,009 8 Apr 2015
Nokia Oyj (Finland)
Alcatel Lucent SA (France)
CommunicationEquipment
13,784 14 Apr 2015
Koninklijke Ahold NV (Netherlands)
Delhaize Group SA (Belgium)
Retail Trade-Food Stores
11,657 12 May 2015
Altice SA (Luxembourg)
Bouygues Telecom SA (France)
Telecom 11,202 22 Jun 2015
Investor Group (Canada)
Hutchison 3G UK Holding (CI) Ltd (United Kingdom)
Telecom 4,787 8 May 2015
FEDEX Corp (United States)
TNT Express NV (Netherlands)
Transportation and Shipping (except air)
4,439 7 Apr 2015
Equinix Inc (United States)
Telecity Group PLC (United Kingdom)
Business Services
4,031 7 May 2015
XPO Logistics Inc (United States)
Groupe Norbert Dentressangle (France)
Transportation and Shipping (except air)
3,894 28 Apr 2015
Hudson's Bay Co (Canada)
GALERIA Kaufhof GmbH (Germany)
Retail Trade-General
Merchandise and Apparel
3,186 15 Jun 2015
CVC Capital Partners Ltd (United Kingdom)
Douglas Holding AG (Germany)
Retail Trade-General
Merchandise and Apparel
3,134 1 Jun 2015
Aggregate Value of European Deals
All figures are inflation-adjusted to 2015 dollars.
0
500
1000
1500
2000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
*Company nationality determined by location of headquarters or location of target assets.
-
XBMA 18
Top 10 Inbound Chinese Deals Announced in Q2 2015
Acquirer* Target* Target Industry Value of Deal
(US$mil) Date
Announced
Qatar Investment Authority (Qatar)
HK Electric Investments Ltd (Hong Kong)
Electric, Gas, and Water
Distribution
991 9 Jun 2015
Investor Group (United States)
Qunar Cayman Islands Ltd (China)
Transportation and Shipping (except air)
500 2 Jun 2015
Mapletree Greater China (Singapore)
Glamour II Ltd (China)
Real Estate; Mortgage
Bankers and Brokers
304 15 Jun 2015
Singapore (Singapore)
Sandhill Plaza (China)
Commercial Banks, Bank
Holding Companies
299 16 Jun 2015
Loyz Energy Ltd (Singapore)
Primeline Energy Holdings Inc (China)
Oil and Gas; Petroleum Refining
192 9 Jun 2015
SunEdison Inc (United States)
Honiton Energy Wind Power Assets (China)
Electric, Gas, and Water
Distribution
105 7 May 2015
Konica Minolta Inc (Japan)
Zhuhai Qinfa Port Co Ltd (China)
Transportation and Shipping (except air)
56 26 Jun 2015
Rakuten Inc (Japan)
FXCM Asia Ltd (Hong Kong)
Commercial Banks, Bank
Holding Companies
36 28 May 2015
Talent Crown Investment Ltd (British Virgin Islands)
Zhengzhou Jiacong Property Services Co Ltd (China)
Real Estate; Mortgage
Bankers and Brokers
35 26 Jun 2015
General Wireless Inc (United States)
Radioshack Global Sourcing (Hong Kong) Ltd (Hong Kong)
Retail Trade-Home
Furnishings
26 15 May 2015
*Company nationality determined by location of headquarters or location of target assets.
Source: Thomson
Aggregate Value of Inbound Chinese Deals
All figures are inflation-adjusted to 2015 dollars.
0
10
20
30
40
50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
-
XBMA
Acquirer* Target* Target Industry Value of Deal
(US$mil) Date
Announced Iron Mining International Ltd (China)
O2 PLC (Mongolia)
Mining 1,935 12 May 2015
Fosun International Holdings Ltd (China)
Ironshore Inc (Bermuda)
Insurance 1,840 3 May 2015
China Investment Corp (China)
NXP Semiconductors RF Business (Netherlands)
Electronic and Electrical
Equipment
1,800 28 May 2015
Qingdao Haier Co Ltd (China)
Haier Singapore Invest Holding (Singapore)
Electronic and Electrical
Equipment
786 26 May 2015
Wai Chun Investment Fund (Hong Kong)
Undisclosed RE Development Co (United Arab Emirates)
Real Estate; Mortgage
Bankers and Brokers
510 22 Apr 2015
Affinity Equity Partners (HK) (Hong Kong)
Nine Ent Co Holding Ltd Nine Live (Australia)
Amusement and Recreation
Services
491 16 Apr 2015
Fosun International Holding Ltd (China)
Phoenix Holdings Ltd (Israel)
Insurance 489 21 Jun 2015
Dalian Wanda Group Corp Ltd (China)
HG Holdco Pty Ltd (Australia)
Amusement and Recreation
Services
366 25 Jun 2015
Zijin Mining Group Co Ltd (China)
Barrick (Niugini) Ltd (Papua New Guinea)
Mining 298 26 May 2015
Wai Chun Investment Fund (Hong Kong)
Undisclosed RE Invest Co (United Arab Emirates)
Investment & Commodity
Firms, Dealers, Exchanges
400 22 Apr 2015
19
Top 10 Outbound Chinese Deals Announced in Q2 2015
*Company nationality determined by location of headquarters or location of target assets.
Source: Thomson
Aggregate Value of Outbound Chinese Deals
All figures are inflation-adjusted to 2015 dollars.
0
20
40
60
80
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
-
XBMA 20
Top 10 Inbound Indian Deals Announced in Q2 2015
Source: Thomson
Acquirer* Target* Target Industry Value of Deal
(US$mil) Date
Announced
JPMorgan Chase & Co (United States)
Canaan Partners Domestic (India)
Investment & Commodity
Firms, Dealers, Exchanges
200 28 Apr 2015
Blackstone Group LP (United States)
IL&FS Milestone Fund 247 Pk (India)
Real Estate; Mortgage
Bankers and Brokers
156 28 May 2015
Undisclosed Acquiror (Unknown)
Simran Wind Wind Power Assets (India)
Electric, Gas, and Water
Distribution
34 14 May 2015
SunEdison Inc (United States)
Fersa Energias Renovables SA (India)
Electric, Gas, and Water
Distribution
33 5 May 2015
Frutarom Industries Ltd (Israel)
Sonarome Pvt Ltd (India)
Soaps, Cosmetics, and Personal-Care
Products
17 14 May 2015
Eurazeo SA (France)
Stericat Gutstrings Pvt Ltd (India)
Drugs 12 23 Jun 2015
Astro Holdings Sdn Bhd (Malaysia)
Accelity Bestatlowest Online (India)
Retail Trade-General
Merchandise and Apparel
10 18 May 2015
Hinduja Group (United Kingdom)
MphasiS Ltd Business Process Management Services (India)
Business Services
3 29 Apr 2015
Everstone Capital Asia Pte Ltd (Singapore)
Payfront Technologies Pte Ltd (India)
Business Services
N/A 1 Apr 2015
Bain Capital LLC (United States)
Kushalchand Sons (India)
Wholesale Trade-
Nondurable Goods
N/A 2 Apr 2015
*Company nationality determined by location of headquarters or location of target assets.
Aggregate Value of Inbound Indian Deals
All figures are inflation-adjusted to 2015 dollars.
0
10
20
30
40
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
-
XBMA 21
Top 10 Outbound Indian Deals Announced in Q2 2015
*Company nationality determined by location of headquarters or location of target assets.
Source: Thomson
Acquirer* Target* Target Industry Value of Deal
(US$mil) Date
Announced
Strides Arcolab Ltd (India)
Aspen Asia Pac Generic Pharmaceuticals (Australia)
Drugs 208 21 May 2015
Infosys Ltd (India)
Kallidus Inc (United States)
Prepackaged Software
120 24 Apr 2015
Titagarh Wagons Ltd (India)
Undisclosed Railway Wagons (France)
Transportation Equipment
47 26 Jun 2015
Mahindra & Mahindra Ltd (India)
Holiday Club Resorts Oy (Finland)
Hotels and Casinos
32 9 Jun 2015
Cipla Ltd (India)
Quality Chemicals Ltd (Uganda)
Chemicals and Allied Products
30 21 May 2015
Sarovar Hotels & Resorts (India)
Zehneria Nairobi (Kenya)
Hotels and Casinos
11 16 Apr 2015
Simplilearn Solutions Pvt Ltd (India)
Market Motive (United States)
Business Services
10 24 Jun 2015
R Systems International Ltd (India)
IBIZCS Group Pte Ltd (Singapore)
Mining 6 1 May 2015
Kanoria Chemicals & Industries Ltd (India)
CoSyst Control Systems GmbH (Germany)
Business Services
1 1 Apr 2015
Cipla Ltd (India)
Duomed Produtos Farmaceuticos (Brazil)
Rubber and Miscellaneous
Plastic Products
0.4 9 Apr 2015
Aggregate Value of Outbound Indian Deals
All figures are inflation-adjusted to 2015 dollars.
0
10
20
30
40
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
US
$ bi
llio
ns
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Slide Number 1Global M&A Volume: Q2 SnapshotGlobal M&A Volume: 19982015 Cross-Border M&A Volume: 20082015Medium and Large M&A Deals: 20072015M&A Volume by Target RegionGDP and M&A Volume by Targets Region: Q2 2015Trends in M&A Volume by Target Region: 20112015Slide Number 9Distressed Deals: 19882014Global M&A by Sector: Last 12 MonthsTrends in Global M&A by Sector: Last Four QuartersTop 10 Global Deals Announced in Q2 2015Top 10 Deals from Developed into Emerging Economies* Announced in Q2 2015Top 10 Deals from Emerging into Developed Economies* Announced in Q2 2015Top 10 North American Deals Announced in Q2 2015Top 10 Asian-PacificDeals Announced in Q2 2015Top 10 European Deals Announced in Q2 2015Top 10 Inbound Chinese Deals Announced in Q2 2015Top 10 Outbound Chinese Deals Announced in Q2 2015Top 10 Inbound Indian Deals Announced in Q2 2015Top 10 Outbound Indian Deals Announced in Q2 2015