Rapport Fusion Acquisition 3eme trimestre Western-Europe 2010

Zephyr Quarterly M&A Report
Western Europe, Q3 2010
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”.
The following report details mergers and acquisitions activity in Western Europe in the third quarter of 2010 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.
Deals by volume and value
M&A activity targeting Western Europe was significantly weaker in Q3 2010
compared with the year-ago quarter. A total of 2,924 deals with a combined Announced date No of deals Total deal value
value of EUR 112,563 million targeted firms based in the region, representing (mil EUR)
a 25 per cent drop in monetary terms from EUR 150,265 million in Q3 2009 Q3 2010 2,924 112,563
while volume weakened by 36 per cent from 4,560 deals over the same Q2 2010 4,283 112,495
timeframe. Q1 2010 4,499 161,125
Q4 2009 5,130 187,323Value increased quarter-on-quarter from the EUR 112,495 million recorded in
Q3 2009 4,560 150,265Q2 2010. Although this gain was negligible at less than 1 per cent, it is worth
noting that it came against a 32 per cent quarter-on-quarter slump in deal
volume.
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Western Europe, Q3 2010
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”.
Deals by volume and value
200,000 6,000
180,000
5,000160,000
140,000 4,000
120,000
100,000 3,000
80,000
2,00060,000
40,000 1,000
20,000
0 0
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
Aggregate deal value (mil EUR) Number of deals
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Deal value (mil EUR)Zephyr Quarterly M&A Report
Western Europe, Q3 2010
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”.
Top 20 deals by value
The largest transaction by value in Q3 2010 was a capital increase by a major financial institution, though it was primarily to finance
an acquisition rather than strengthen a balance sheet. The lender in question was Deutsche Bank, which announced a rights issue in
September to raise EUR 9,813 million. The transaction is still awaiting regulatory approval.
The number two deal was Spain’s Telefónica increasing its 50 per cent share of Netherlands-registered investment company Brasilcel
at a cost of EUR 7,500 million. The Spanish firm is looking to take control of Brazil’s largest mobile phone operator Vivo, in which
Brasilcel holds a majority share. Portugal Telecom SGPS will be the selling shareholder, if the announced deal gets the green light
from regulators.
Despite the UK accounting for the largest proportion of total deal value in Q3 2010, it was third-placed in terms of the quarter’s
largest deals, with the highest value transaction targeting the region being the EUR 6,893 million purchase of UK-based EDF
Energy’s regulated and non-regulated network activities by a raft of Asian investors.
Top 20 private equity deals by value
Onex Corporation and Canada Pension Plan Investment Board backed the quarter’s largest private equity deal by value, which was an
institutional buyout of UK-based motor parts company Tomkins valued at EUR 3,448 million.
However, CVC Capital stole the show with three of the top five buyouts, valued at EUR 2,455 million, EUR 1,724 million and EUR
1,200 million apiece. There was also a EUR 228 million deal backed by CVC’s Asia Pacific arm.
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Western Europe, Q3 2010
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”.
Top 20 deals by value
Deal value Deal type Target Target Acquiror Acquiror Announced
country(mil EUR) country date
1 9,813 Minority stake 33% Deutsche Bank DE 12/09/10
2 7,500 Acquisition increased 50% to 100% Brasilcel NV NL Telefónica SA ES 28/07/10
3 6,893 Acquisition 100% EDF Energy plc’s regulated and non-regulated GB Cheung Kong Infrastructure Holdings Ltd; Hongkong Electric Holdings BM; HK; HK 30/07/10
network activities Ltd; Li Ka Shing Foundation Ltd (Hong Kong); Li Ka Shing (Overseas)
Foundation
4 5,374 Acquisition increased to 100% Santander UK plc GB Santusa Holding SL ES 03/08/10
5 3,448 IBO 100% Tomkins plc GB Pinafore Acquisitions Ltd GB 27/07/10
6 2,959 Acquisition 100% SSL International plc GB Reckitt Benckiser plc GB 21/07/10
7 2,729 Acquisition increased 30% to 100% Hochtief AG DE ACS Actividades de Construcción y Servicios SA ES 16/09/10
8 2,516 Dimension Data Holdings plc GB Nippon Telegraph & Telephone Corporation JP 15/07/10
9 2,500 Acquisition 100% bwin Interactive Entertainment AG AT PartyGaming plc GI 29/07/10
10 2,455 IBO 100% Sunrise Communications AG (new) CH CVC Capital Partners Ltd GB 17/09/10
11 2,261 Dana Petroleum plc GB Korean National Oil Corporation KR 20/08/10
12 1,989 Acquisition 100% Royal Bank of Scotland Group plc’s assets GB Santander UK plc GB 04/08/10
13 1,815 Minority stake 37% National Bank of Greece SA GR 07/09/10
14 1,724 Minority stake 16% Abertis Infraestructuras SA ES Trebol International BV NL 11/08/10
15 1,500 IBO 100% Picard Surgelés SA FR Lion Capital LLP GB 26/07/10
16 1,427 Minority stake 2% Banco Santander SA ES 12/08/10
17 1,412 Acquisition 100% Endesa Distribución Elécrica SA’s power ES Red Eléctrica de España SA ES 01/07/10
transmission network
18 1,313 Acquisition 50% Mangistau Investments BV NL QazmunaiGaz Barlau Ondiru AQ KZ 12/07/10
19 1,300 Acquisition 100% Straumur-Burðarás Fjárfestingabanki hf’s assets IS Asset and Liability Management Company IS 13/07/10
20 1,241 Northern Ireland Electricity plc GB Electricity Supply Board IE 07/07/10
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Western Europe, Q3 2010
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”.
Top 20 private equity deals by value
Deal value Deal type Target Target Equity provider Announced
country(mil EUR) date
1 3,448 IBO 100% Tomkins plc GB Onex Corporation; Canada Pension Plan Investment Board 27/07/10
2 2,455 Sunrise Communications AG (new) CH CVC Capital Partners Ltd 17/09/10
3 1,724 Minority stake 16% Abertis Infraestructuras SA ES 11/08/10
4 1,500 IBO 100% Picard Surgelés SA FR Lion Capital LLP 26/07/10
5 1,200 IBO majority stake Autobar Group Ltd GB CVC Capital Partners Ltd 07/08/10
6 1,200 IBO 100% Ontex NV BE Goldman Sachs; TPG Capital LP 15/07/10
7 805 Acquisition 100% Findus Italy IT Permira Private Equity 19/07/10
8 681 IBO 100% Teamsystem SpA IT HgCapital LLP 03/08/10
9 582 Bank of Scotland Integrated Finance’s investment portfolio GB Coller Capital Ltd 05/07/10
10 534 IBO Ixen Partners SA; NI Partners; Initiative et Finance Gestion FR; FR; FR AXA Investment Management Private Equity Europe
11 469 IBO 100% Aleris Holding AB SE Investor AB 02/07/10
12 451 Acquisition 100% Mitchells & Butlers plc’s 333 Non-Core Pubs GB TDR Capital LLP 20/08/10
13 400 IBO 80% Autovía del Camino SA ES Deutsche Bank 01/07/10
14 297 IBO 100% Smartrac NV NL One Equity Partners LLC 30/08/10
15 268 Host Europe Corporation Ltd GB Montagu Private Equity LLP 15/09/10
16 263 Acquisition 100% Cumberland Hotel GB Starwood Capital Group LLC 01/07/10
17 228 IBO Acument Global Technologies Inc.’s Avdel business; Acument Global Technologies Inc.’s GB; SG CVC Asia Pacific Ltd; Standard Chartered Private Equity Ltd 03/08/10
Global Eletronics & Commercial business
18 200 IBO 100% Grupo Multiasistencia SL ES Inversiones Ibersuizas SA 04/08/10
19 189 Tyco Waterworks Europe GmbH DE Triton Beteiligungsberatung GmbH 29/07/10
20 146 Acquisition 100% Telia Stofa A/S DK Ratos AB 08/07/10
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Western Europe, Q3 2010
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”.
Private equity deals by volume and value
The value of private equity and venture capital deals targeting companies
based in Western Europe surged by 60 per cent in Q3 2010 to EUR 19,814
Announced date No of deals Total deal value million from EUR 12,382 million in Q3 2009. Volume fell by 7 per cent
(mil EUR)between Q3 2009 and Q3 2010 from 408 deals to 378, suggesting the
Q3 2010 378 19,814increase in value was driven by a real gain in monetary terms rather than
Q2 2010 548 10,434rising deal volume.
Q1 2010 570 13,297
In fact, the total value of private equity deals targeting the region almost Q4 2009 520 16,096
doubled quarter-on-quarter from EUR 10,434 million in Q2 2010 despite Q3 2009 408 12,382
volume slumping by 31 per cent over the quarter.
Value was driven by six deals worth more than EUR 1,000 million, with CVC
Capital, Onex Corporation and Canada Pension Plan Investment Board being
key players, as well as Lion Capital, Goldman Sachs and TPG Capital.
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Western Europe, Q3 2010
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”.
Private equity deals by volume and value
25,000 600
50020,000
400
15,000
300
10,000
200
5,000 100
0 0
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
Aggregate deal value (mil EUR) Number of deals
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Deal value (mil EUR)Zephyr Quarterly M&A Report
Western Europe, Q3 2010
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”.
Deal types Top five deal types by volume
Acquisitions were the most important deals both in Deal type Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
terms of volume and value. The EUR 66,615 million
worth of acquisitions in Q3 2010 accounted for 59 per Acquisition 1,994 2,160 1,960 2,014 1,550
cent of total deal value for the quarter (EUR 112,563 Minority stake 2,356 2,659 2,273 2,032 1,197
IBO 69 113 108 121 113million), while in volume they made up 53 per cent of
MBO 77 112 82 62 35the 2,924 deals recorded during the three months.
Merger 57 83 66 40 26
In monetary terms acquisitions advanced by 46 per cent
quarter-on-quarter and a fifth from the year-ago quarter
against a decline in the value of minority stakes over Top five deal types by value
both periods.
Deal type Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010Meanwhile, with cash returning to the private equity
(mil EUR) (mil EUR) (mil EUR) (mil EUR) (mil EUR)market, the value of institutional buyouts more than
Acquisition 55,424 80,671 93,942 45,724 66,615quadrupled from EUR 3,644 million in Q3 2009 to
Minority stake 90,979 96,230 58,803 60,159 30,815
EUR 15,027 million in Q3 2010 and doubled from Q2
IBO 3,644 11,507 8,497 6,483 15,027
2010. MBO 254 348 282 100 144
MBI 0 20 34 1 3
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Western Europe, Q3 2010
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”.
Sectors Top five target sectors by volume
Deals targeting the banking industry accounted for the Target sector Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
largest proportion of the quarter’s value – some 29 per
cent – despite being third-placed by volume. There was Other services 1,463 1,691 1,544 1,483 1,044
Wholesale & retail trade 460 511 443 422 311a 7 per cent decline for this segment from Q3 2009
Banks 447 518 374 310 296but a quarter-on-quarter increase of 71 per cent as two
Machinery, equipment, furniture 491 602 543 509 295major lenders sought cash for acquisitions.
Chemicals, rubber, plastics 192 274 261 203 146
The increased value for deals involving Western
European banks – to EUR 32,124 million from EUR
18,770 million – was driven by a EUR 9,813 million Top five target sectors by value
rights issue by Deutsche Bank, as well as a EUR 5,374
million refinancing of Santander UK to provide funds Target sector Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
to buy assets from the Royal Bank of Scotland. A cash (mil EUR) (mil EUR) (mil EUR) (mil EUR) (mil EUR)
call by National Bank of Greece was also a factor. Banks 34,666 57,295 13,282 18,770 32,124
Other services 24,202 41,749 52,633 19,294 30,594
Discounting companies classified as ‘other services’,
Gas, water, electricity 6,825 9,666 11,774 14,941 13,183
the most important sector by volume was wholesale
Construction 8,031 6,662 8,013 3,433 8,321
and retail. Machinery, equipment, furniture 15,860 15,835 14,389 10,789 8,047
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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Western Europe, Q3 2010
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”.
Geography
The UK was the most important region by volume and value with 975 deals in Q3 2010 worth EUR 40,592
million. By value it was comfortably ahead of its nearest rival Germany, with EUR 14,663 million, and in fact
its 975 transactions were worth more than the combined value of deals targeting Germany, Spain and the
Netherlands.
The value of deal activity targeting Italy and France weakened – both quarter-on-quarter and from the year-ago
period – while this was not the case for the UK, Spain or Sweden, all of which had higher value deals in Q3 2010
than in Q2 2010 and Q3 2009.
The volume of deals targeting the Netherlands – which was second-placed by volume – was 8 per cent higher in
Q3 2010 than in Q3 2009 so a value decline of 26 per cent over the same timeframe shows the extent to which
deal value has been stripped from the region.
© ZephyrZephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies.
Contact: Zephyr Editorial +44 (0)161 838 9554For more information visit www.zephyrdealdata.com. zephyreditorial@bvdinfo.com
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