zephyr monthly m&a report · zephyr is a database of m&a, ipo, private equity and venture...
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Zephyr Monthly M&A ReportRussia/CEE, February 2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 1 © Zephyr
The following report details mergers and acquisitions activity in Russia/CEE in February 2014 using data from the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel spreadsheet.
M&A activity weakens again
The volume and value of mergers and acquisitions (M&A) targeting companies based in Central and Eastern Europe (CEE) slipped during February for the second month in a row to the lowest levels of 12 months under review.
Value fell by a third during the four weeks to USD 7,573 million (January 2014: USD 11,366 million; December 2013: USD 24,506 million) and was 56 per cent lower than the same time a year ago, when USD 17,321 million-worth of M&A was recorded.
Volume almost halved month-on-month from 899 transactions to 489 (December 2013: 1,144) and was down 17 per cent on 589 transactions in February 2013.
The same was true in Russia, with M&A activity again decreasing for the second consecutive month.
Value dropped by 63 per cent over the four weeks to USD 3,204 million (January 2014: USD 8,597 million; December: USD 18,543 million) and by 77 per cent year-over year (February 2013: USD 13,708 million), while volume dwindled from 159 deals last month to 134 (December 2013: 311) and was down more than a third on 214 deals recorded 12 months ago.
CEE deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Feb-14 489 7,573
Jan-14 899 11,366
Dec-13 1,144 24,506
Nov-13 874 16,077
Oct-13 1,135 17,676
Sep-13 883 10,424
Aug-13 828 10,098
Jul-13 955 12,334
Jun-13 806 8,565
May-13 600 14,392
Apr-13 886 25,050
Mar-13 770 7,833
Feb-13 589 17,321
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 2 © Zephyr
Deals by volume and value
0
200
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Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
Deal
val
ue (m
il EU
R)
Total deal value (mil EUR) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 3 © Zephyr
Russian deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Feb-14 134 3,204
Jan-14 159 8,597
Dec-13 311 18,543
Nov-13 231 8,922
Oct-13 284 14,591
Sep-13 210 9,003
Aug-13 200 9,285
Jul-13 230 10,037
Jun-13 214 5,552
May-13 178 13,260
Apr-13 261 21,834
Mar-13 223 3,787
Feb-13 214 13,708
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 4 © Zephyr
Two deals break USD 1,000 million-mark
The top two transactions in February were each worth over USD 1,000 million and both were acquisitions.
At number one was the sale by Russian oil giant Rosneft of its 49 per cent stake in the Yugragazpererabotka natural gas processing venture to Sibur Kholding, a Russian petrochemicals company owned by billionaires Leonid Mikhelson and Gennady Timchenko, for EUR 1,456 million.
This was followed by MetalUkr Holding, a subsidiary of Dutch group Metinvest transferring a majority stake in Ukrainian iron ore processing company Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat to MetInvest in a deal worth EUR 1,195 million.
Targets in the top 20 deals by value were also based in the Czech Republic, Romania, Serbia, Poland and Lithuania, and there was some cross-border M&A activity, with acquirors based in Germany, the US, Luxembourg and the UK featuring.
Russia leads by volume and value
Russian companies were the most valuable during February with M&A worth a combined EUR 3,204 million targeting the country, putting the country top in the value table, although this was the second month in a row in which value declined.
The Ukraine was ranked second with EUR 2,885 million, a significant improvement on the previous two months (January 2014: EUR 634 million; December 2013: EUR 362 million).
Increases in the value of deals targeting companies based in the Czech Republic, Lithuania and Serbia came at the expense of M&A targeting those based in Poland, Romania, Bulgaria and Hungary, among others.
Russia also topped the volume table on 134 transactions, down from 159 in January, followed by Bulgaria at number two with 109, again a decrease on the previous month’s 324.
A decline in volume was recorded across most CEE countries and Russia, with the exceptions of Lithuania, Bosnia and Herzegovina and Montenegro.
Value soars in metals and metal products sector
The value of M&A targeting companies operating in the metals and metal products industry leapt over the four weeks, from USD 14 million in January to EUR 2,019 million, and marked the sector’s best result since the EUR 10,678 million recorded in April 2013.
This was one of the few sectors in which value rose month-on-month, as wood, cork and paper and textiles, wearing apparel and leather were the only others in which increases were recorded over the four weeks.
While the banking industry was one of the top ranked sectors by volume with 65 transactions recorded, the result was down on the previous month’s 108.
There were declines in volume across all sectors apart from post and telecommunications, which rose from zero in January to 2 deals, the highest since April, when 3 transactions were signed off.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 5 © Zephyr
Top 20 deals by value
Deal value (mil EUR) Deal type Target Target
country Acquiror Acquiror country Deal status
1. 1,456 Acquisition increased from 51% to 100% Yugragazpererabotka OOO RU Sibur Kholding OAO RU Announced
2. 1,195 Acquisition 78% Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL Completed
3. 921 Acquisition increased to 100% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT UA Ukrainian Government UA Announced
4. 800 Acquisition increased from 61% to 100% T-Mobile Czech Republic AS CZ Deutsche Telekom AG DE Completed
5. 732 Acquisition 99% Tsentralnyy Hirnicho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL Completed
6. 385 Minority stake increased from 13% to 26% Inter RAO EES OAO RU Rosneftegaz OAO RU Completed
7. 209 Acquisition increased to 100% Nauchno-Proizvodstvennaya Korporatsiya Uralvagonzavod imeni FE Dzerzhinskogo OAO
RU Federalnoe Agentstvo Po Upravleniyu Gosudarstvennym Imushchestvom
RU Announced
8. 189 Acquisition 100% Siti OAO RU Undisclosed investors; Solvers Group Completed
9. 148 Acquisition 100% ST Kholding OOO RU Mr Sergei Gushchin; Mr Sergei Smyslov RU Completed
10. 145 Acquisition 83% Tinkoff Kreditnye Sistemy Bank ZAO RU TCS Group Holding plc CY Announced
11. 132 Acquisition increased from 88% to 100% FosAgro-Cherepovets OAO RU FosAgro OAO RU Announced
12. 90 Minority stake increased from 24% to 38% Bank Otkrytie OAO RU Nomos-Bank OAO RU Completed
13. 90 Minority stake 14% Bank Otkrytie OAO RU Finansovaya Korporatsiya Otkrytie OAO RU Completed
14. 79 Acquisition increased from 38% to 100% acting in concert
AIK Banka AD RS Sunoko doo RS Announced
15. 74 IBO 50% Kompaniya Russkaya Fitnes Gruppa RU Goldman Sachs Group Inc.; VTB Kapital ZAO
US; RU Completed
16. 65 Minority stake 23% Rostovskii Vertoletnyi Proizvodstvennyi Kompleks Otkrytoe Aktsionernoe Obshchestvo Rostvertol
RU Obyedinennaya Promyshlennaya Korporatsiya Oboronprom OAO
RU Pending
17. 58 Acquisition 100% Tower Center International SRL RO Globalworth Real Estate Investments Ltd
GB Completed
18. 43 Acquisition 100% Grupa O2 SA PL European Media Holding Sarl LU Completed
19. 35 Minority stake 18% Lietuvos Dujos AB LT Ministry of Finance of Republic of Lithuania
LT Announced
20. 35 Minority stake 18% Lietuvos Dujos AB LT Lietuvos Energija UAB LT Announced
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 6 © Zephyr
Top private equity deals by value
Deal value (mil EUR) Deal type Target Target country Equity provider Deal status
1. 74 IBO 50% Kompaniya Russkaya Fitnes Gruppa RU Goldman Sachs Group Inc.; VTB Kapital ZAO Completed
2. 19 Minority stake SocialBakers AS CZ EarlyBird Capital Inc.; Index Venture Management LLP Completed
3. 16 IBO 100% Ecoservice UAB LT BaltCap AS Pending
4. 15 Acquisition 80% Kujawskie Zaklady Poligraficzne Druk-Pak SA PL Highlander Partners LP Pending
5. 12 Minority stake Softklub OOO BY Zubr Kapital OOO Completed
6. 7 Minority stake Mango Telekom OOO RU Intel Capital Corporation Completed
7. 7 Minority stake 30% Aviasales.ru RU iTech Capital Completed
8. 5 Minority stake TeamNet International SA RO The International Finance Corporation Announced
9. 1 Minority stake Infogram SIA LV Point Nine Management GmbH; Connect Ventures; HackFwd GmbH & Co. KG
Completed
10. 1 Minority stake UXPin Sp zoo PL IDG Ventures Management Company LLP; Freestyle Capital Inc.; Andreessen Horowitz
Completed
11. 1 Minority stake Sonarworks SIA LV Imprimatur Capital Fund Management SIA Completed
12. 0 Minority stake Vse Evakuatory OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ Po Prodvizheniyu Novykh Proektov
Completed
13. 0 Minority stake Doktor Tarif OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ Po Prodvizheniyu Novykh Proektov
Completed
14. 0 Minority stake ReAktsiya OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ Po Prodvizheniyu Novykh Proektov
Completed
15. 0 Minority stake YaKlass RU Completed
16. 0 Minority stake Krisaf OOO RU Navigator Campus Completed
17. 0 Minority stake Enova RU Navigator Campus Completed
18. 0 Minority stake CityTransport UA Happy Farm Business Incubator Announced
19. 0 Minority stake DressBoom UA Happy Farm Business Incubator Announced
20. 0 Minority stake Universal Delivery Service UA Happy Farm Business Incubator Announced
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 7 © Zephyr
Private equity investment bucks the M&A trend
Unlike the overall M&A picture, private equity (PE) investment during February improved on the previous month by a significant margin.
PE investment worth an aggregate EUR 161 million targeted companies based in CEE during the four weeks under review, a near three-fold increase on EUR 62 million in January, while volume almost doubled month-on-month from 24 to 40 transactions.
There was a similar picture in Russia, where a total of EUR 91 million was invested across 19 deals, compared to EUR 47 million in just 4 deals last month.
Individual deal values were modest during February, with the top deal by value worth EUR 74 million. This involved US investment bank Goldman Sachs and Russia’s VTB Kapital acquiring 50 per cent of Moscow-based fitness club chain Kompaniya Russkaya Fitnes Gruppa from Alfa Capital.
Private equity deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Feb-14 40 161
Jan-14 24 62
Dec-13 47 840
Nov-13 24 5,667
Oct-13 89 1,347
Sep-13 38 34
Aug-13 24 130
Jul-13 17 122
Jun-13 21 180
May-13 15 96
Apr-13 18 1,241
Mar-13 35 1,762
Feb-13 17 488
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 8 © Zephyr
Russian private equity deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Feb-14 19 91
Jan-14 4 47
Dec-13 11 24
Nov-13 14 3,198
Oct-13 67 113
Sep-13 12 31
Aug-13 10 89
Jul-13 7 24
Jun-13 12 176
May-13 4 8
Apr-13 7 1,162
Mar-13 9 154
Feb-13 7 478
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 9 © Zephyr
Private equity deals by volume and value in CEE
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Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
Deal
val
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il EU
R)
Total deal value (mil EUR) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 10 © Zephyr
Deal types by volume
Deal type Feb-13 Jan-14 Feb-14
Acquisition 264 514 243
Minority stake 322 379 240
IBO 1 2 5
MBO 0 4 1
Deal types by volume in February
Deal types by value in February Deal types by value
Deal type Feb-13 (mil EUR)
Jan-14 (mil EUR)
Feb-14 (mil EUR)
Acquisition 7,661 8,172 6,374
Minority stake 9,661 3,179 1,109
IBO 0 4 91
Acquisition
Minority stake
IBO
MBO
Acquisition
Minority stake
IBO
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 11 © Zephyr
Target sectors by value
Target sector Feb-13 (mil EUR)
Jan-14 (mil EUR)
Feb-14 (mil EUR)
Primary sector 1,746 487 2,493
Metals & metal products 889 14 2,019
Other services 2,161 1,144 1,136
Machinery, equipment, furniture, recycling 1,801 694 495
Banks 1,683 5,703 485
Gas, water, electricity 7,176 1,493 398
Construction 1,264 903 198
Chemicals, rubber, plastics 299 592 191
Wholesale & retail trade 76 129 34
Transport 32 78 34
Food, beverages, tobacco 90 35 17
Wood, cork, paper 33 2 15
Hotels & restaurants 0 26 14
Insurance companies 51 47 8
Education, health 0 13 2
Textiles, wearing apparel, leather 8 0 2
Post and telecommunications 0 0 0
Publishing, printing 5 4 0
Public administration and defence 1 0 0
Target sectors by volume
Target sector Feb-13 Jan-14 Feb-14
Other services 136 303 150
Banks 61 108 65
Wholesale & retail trade 57 101 43
Machinery, equipment, furniture, recycling 51 45 39
Construction 37 71 35
Primary sector 34 55 26
Chemicals, rubber, plastics 35 27 26
Transport 19 29 17
Metals & metal products 18 18 15
Food, beverages, tobacco 37 36 15
Gas, water, electricity 39 26 15
Hotels & restaurants 9 25 12
Education, health 4 11 9
Textiles, wearing apparel, leather 8 11 7
Insurance companies 12 21 5
Publishing, printing 15 8 4
Wood, cork, paper 7 5 2
Post and telecommunications 0 0 2
Public administration and defence 1 1 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 12 © Zephyr
Top countries by volume
Target country Feb-13 Jan-14 Feb-14
Russia 214 159 134
Bulgaria 23 324 109
Poland 108 125 69
Ukraine 103 68 50
Romania 33 66 30
Belarus 14 23 16
Latvia 4 22 12
Hungary 9 13 11
Lithuania 10 8 11
Estonia 20 36 11
Czech Republic 8 17 9
Moldova 11 12 7
Bosnia And Herzegovina 5 4 7
Serbia 11 8 7
Slovakia 3 8 4
Montenegro 1 0 1
Macedonia 3 4 1
Slovenia 4 4 1
Top countries by value
Target country Feb-13 (mil EUR)
Jan-14 (mil EUR)
Feb-14 (mil EUR)
Russia 13,708 8,597 3,204
Ukraine 1,974 634 2,885
Czech Republic 1 20 850
Poland 557 559 173
Lithuania 782 1 142
Romania 41 853 133
Serbia 7 19 80
Bulgaria 41 238 70
Belarus 18 27 18
Bosnia And Herzegovina 0 0 8
Hungary 105 326 4
Montenegro 0 0 3
Latvia 0 50 2
Moldova 0 24 0
Macedonia 1 2 0
Estonia 8 2 0
Slovakia 0 0 0
Slovenia 7 5 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, February 2014
Page 13 © Zephyr
Notes to editors
Activity is based on the activity of the target company
Deal status is announced within the time period
The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr
The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.
The date range is 01/02/2014 - 24/02/2014 inclusive