XBMA 2015 Q1 Quarterly Review

XBMA Quarterly Review
Q1 2015
Raaj Narayan & Francis Stapleton, Editors

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.
Global M&A Volume: Q1 Snapshot

Global M&A volume in Q1 was US$854 billion, the highest Q1 volume in recent years,
carrying momentum from a strong 2014 into 2015.
The United States is off to a fast start in 2015, accounting for approximately 50% of
global deal activity in Q1. Q1 deal activity was headlined by a number of U.S. megadeals,
including Heinzs US$55 billion acquisition of Kraft and AbbVies US$20 billion
acquisition of Pharmacyclics.
At its current pace, cross-border M&A activity will account for 31% of global deal volume
in 2015.
Private equity deals had a strong start in 2015, accounting for over US$280 billion in Q1,
which represented a 9% increase over Q4 2014.
Deal Volume by Quarter

4,000
Quarter 1
Quarter 2
3,000
909
US$ billions
2,605
2,613
2,596
2,500
2,174
747
663
1,500
2,382
570
867
671
713
577
689
1,004
704
1,000
483
848
577
490
592
500
0
Quarter 4
3,438
3,500
2,000
Quarter 3
538
553
2009
2010
653
762
2011
854
529
499
493
2012
2013
677
854
2014
2015
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. 2015 annual figure represents estimate based on first quarter of 2015.
XBMA
Source: Thomson
Global M&A Volume: 19982015

If deal activity continues at its current pace, global M&A activity in 2015 will at least
match last years strong volume of approximately US$3.5 trillion.
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,
notwithstanding continued regional tensions in central Europe and the Middle East and
lingering concerns about growth in some economies.
Global M&A Volume

6.0
5.5
5.0
4.5
US$ trillions
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized.
XBMA
Source: Thomson
Cross-Border M&A Volume: 20082015

Cross-border deal activity in Q1 reached US$268 billion, marking a 19% decline from Q4
2014 but a 13% increase over Q1 2014.
Based on Q1 figures, cross-border M&A activity is on pace to reach close to the same level
as 2014, which itself was a significant increase over prior years, as companies continue to
seize opportunities for growth and expansion in overseas markets.
The strengthening U.S. dollar in particular could drive more cross-border acquisitions by
U.S. companies searching for attractive assets at favorable exchange rates.
Deal Volume
5.0
US$ trillions
4.0
3.0
3.43
2.22
2.35
1.22
1.08
2014
2015
2.83
2.61
2.61
2.60
2.15
2.0
3.44
1.68
1.63
1.69
1.68
0.98
0.92
0.92
2010
2011
2012
1.58
2.38
1.65
1.0
1.15
0.57
0.0
2008
2009
0.73
2013
Domestic M&A
Cross-Border M&A
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.
XBMA
Source: Thomson
Medium and Large M&A Deals: 20072015

The number of larger deals in excess of US$500 million is continuing at a healthy clip,
approaching the same numbers as last year. Cross-border transactions are on pace to
account for 40% of these larger deals.
Q1 had 12 deals over US$10 billion in value, with an impressive eight deals exceeding
US$15 billion in value. The 10 largest deals in Q1 accounted for US$225 billion in deal
volume.
Much of the quarters largest deal activity centered on targets in the United States, which
accounted for nine of the 10 largest deals.
Number of Deals > US$500 million

1500
1376
1250
1090
1000
1004
740
900
862
882
876
864
649
750
491
582
538
515
513
362
367
363
315
2010
2011
2012
2013
588
549
500
385
636
250
371
441
416
2014
2015
197
2007
2008
2009
Domestic M&A
Cross-Border M&A
2015 data is annualized.
XBMA
Source: Thomson
M&A Volume by Target Region

U.S. deal activity accounted for approximately one-half of deal volume in Q1, up from
44% in Q4 and well above the recent historical average of 40%.
Although Chinese M&A dollar volume declined in Q1, China accounted for nearly 20% of
global M&A activity, which is more than twice its recent historical average and close to
Europes percentage contribution.
The United States, Europe, and China accounted for a striking 90% of Q1 deal activity,
compared to a recent average of 75%.
Q1 2015
South Am erica
1.20%
Africa/Middle
East
0.90%
Canada
0.90%
India
0.51%
Mex ico
0.7 6%
Japan
1.30%
Central
Am erica
0.00%
Australia/NZ
2.61%
Central Asia
2.45%
United States
49.39%
China
18.90%
Europe
21.07 %
2010 - 2014
Africa/
Middle East
2.20%
Canada
4.02%
India
1.05%
Mex ico
1.10%
Central
Am erica
0.13%
South Am erica
4.19%
Japan
3.26%
United States
39.61%
Australia/NZ
3.63%
Central Asia
5.04%
China
9.39%
Europe
26.40%
Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2015
dollars.
XBMA
Source: Thomson
GDP and M&A

Volume by Targets Region: Q1 2015
The relative share of world GDP compared to global M&A activity is generally consistent
with 2014, except that Chinas percentage of global M&A activity jumped higher in Q1,
and Central Asias share of global M&A activity exceeded its share of world GDP.
All emerging economy regions (other than China) provided a greater share of world GDP
than global M&A activity. Only the United States, China, and Australia/New Zealand
contributed a greater share of M&A activity than world GDP.
The developed economy regions carried the highest government debt to GDP ratio,
followed by India, Mexico, and South America. China had the lowest percentage of
government debt to GDP, including a noticeably lower ratio than the other emerging
economy regions.
GDP, M&A, and Debt by Region
250%
50%
200%
40%
150%
30%
100%
20%
50%
10%
Government Debt as % of GDP
% of 2014 World GDP

% of 2015 Global M&A
60%
0%
0%
Region
2014 GDP
(US$ trillions)
2014 Per Capita

GDP (US$)
Europe
22.5
29,251
United States
17.4
52,678
China
10.4
7,572
Japan
4.8
37,539
India
2.0
1,625
World
77.6
13,823
2014 GDP figures are IMF estimates.
XBMA
Source: Thomson, IMF
Trends in M&A Volume by

Target Region: 20112015
Global deal activity in Q1 exceeded US$800 billion for the fourth consecutive quarter.
North American deal volume (US$423 billion) increased slightly over Q4 2014 and
approached its recent high in Q3 2014 (US$460 billion).
The Asia-Pacific (ex-Japan) region contributed more deal volume (US$205 billion) than
Europe for the first time since Q2 2013, continuing its overall upward trajectory since
2013.
European M&A volume (US$178 billion) fell 18% compared to Q4 2014.
Japanese M&A activity slowed to US$12 billion, a relative low in recent years.
1,200
1,000
US$ billions
800
600
400
200
2011
Global
2012
2013
Asia-Pacific (ex-Japan)
Europe
2014
Japan
2015
North America
All figures are inflation-adjusted to 2015 dollars.
XBMA
Source: Thomson
M&A in BRIC Countries: 20112015

Despite producing a greater share of global M&A activity in Q1 than prior years, inbound
and domestic M&A in China fell in Q1 compared to Q4 2014.
Inbound and domestic M&A volume in Russia rebounded from a recent low in Q4 2014.
Inbound deal activity into India fell slightly compared to Q4 2014, but increased in
Brazil.
Domestic M&A volume declined in each of Brazil, India, and China.
2011 2015 Inbound M&A to BRIC Countries
25
US$ billions
20
Brazil
15
Russia
10
India
China
0
2011
2012
2013
2014
2015
2011 2015 Domestic M&A in BRIC Countries

120
US$ billions
100
Brazil
80
Russia
60
India
40
China
20
0
2011
2012
2013
2014
2015
XBMA
Source: Thomson
Distressed Deals: 19882014

Q1 saw over US$9 billion of distressed deal activity, an uptick over the past several
quarters. At its current pace, the annualized volume of approximately US$27 billion
would exceed each of 2013 and 2014.
150
Volume of Distressed Deals
125
US$ billions
100
75
50
25
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.
XBMA
Source: Thomson
Global M&A by Sector: Last 12 Months

The Energy & Power sector produced US$545 billion of global M&A volume over the past
four quarters, including US$132 billion in cross-border deal activity, despite deal activity
in the sector falling off in Q1.
The Healthcare sector followed with US$444 billion of global M&A volume, of which
US$140 billion was cross-border. The Real Estate and Industrials sectors have also been
strong, each contributing over US$300 billion in global deal volume.
Over the past 12 months, the Materials, Industrials, Healthcare, and Real Estate sectors
have produced the most cross-border deal volume. Cross-border transactions accounted
for 57% of deal volume in the Materials sector and over 40% of deal volume in each of the
Financials and Industrials sectors.
600
M&A Volume by Sector
500
Global M&A*
Cross-Border M&A
US$ billions
400
300
200
100
0
*Includes both domestic and cross-border transactions.
XBMA
10
Source: Thomson
Trends in Global M&A by Sector:

Last Four Quarters
The Healthcare, Real Estate, and Telecommunications sectors turned in the strongest
M&A performance in Q1, each producing more than US$80 billion of deals. M&A
activity in the Telecommunications sector surged relative to prior quarters.
The Industrials, Financials, and Materials sectors led cross-border M&A activity, with
cross-border activity in the Industrials sector exceeding US$40 billion.
The Energy & Power sector produced relatively light global and cross-border M&A
activity compared to the previous three quarters, perhaps as a result of falling oil prices.
US$ billions
200
Domestic and Cross-Border M&A
160
120
80
40
0
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Cross-Border M&A
80
US$ billions
70
60
50
40
30
20
10
0
Q2 2014
XBMA
Q3 2014
11
Q4 2014
Q1 2015
Source: Thomson
Top 10 Global Deals

Announced in Q1 2015
Acquirer*
Target
Industry
Target*
Value of Deal
(US$mil)
Date
Announced
H.J. Heinz Holding

Corp
Kraft Foods Group Inc
Food and
Kindred
Products
54,717
25 Mar 2015
Cheung Kong
(Holdings) Ltd
Hutchison Whampoa
Ltd
Telecom
45,411
9 Jan 2015
AbbVie Inc
Pharmacyclics Inc
Drugs
19,917
4 Mar 2015
Energy Transfer
Partners LP
Regency Energy
Partners LP
Oil and Gas;

Petroleum
Refining
18,223
26 Jan 2015
Pfizer Inc
Hospira Inc
Drugs
16,771
5 Feb 2015
NXP Semiconductors
NV
Freescale
Semiconductor Ltd
Electronic and
Electrical
Equipment
16,098
2 Mar 2015
Valeant
Pharmaceuticals Intl
Salix Pharmaceuticals
Ltd
Drugs
15,858
22 Feb 2015
Hutchison Whampoa
Ltd
O2 PLC
Telecom
15,381
23 Jan 2015
UnitedHealth Group
Inc
Catamaran Corp
Health Services
13,242
30 Mar 2015
MeadWestvaco Corp
Rock-Tenn Co
Paper and Allied

Products
11,087
26 Jan 2015
(United States)
(Hong Kong)
(United States)
(United States)
(United States)
(United States)
(United States)
(Hong Kong)
(United States)
(United States)
(United States)
(Hong Kong)
(United States)
(United States)
(United States)
(United States)
(United States)
(United Kingdom)
(United States)
(United States)
*Company nationality determined by location of headquarters or by location of target assets.
XBMA
12
Source: Thomson
Top 10 Deals from Developed into

Emerging Economies* Announced in Q1 2015
Acquirer**
Target
Industry
Telecom
Target**
Value of Deal
(US$mil)
1,875
AT&T
Nextel Mexico
Schlumberger Ltd
Eurasia Drilling Co Ltd
Oil and Gas;

Petroleum
Refining
Scripps Networks
Interactive
TVN SA
Mylan Inc
Famy Care Ltd-Female

Healthcare Business
Radio and
Television
Broadcasting
Stations
Wholesale
TradeNondurable
Goods
Food and
Kindred
Products
(United States)
(Mexico)
(United States)
(Russian Fed)
(Poland)
(United States)
(United States)
(India)
Date
Announced
26 Jan 2015
1,650
20 Jan 2015
1,505
16 Mar 2015
800
2 Feb 2015
652
2 Feb 2015
Rubber and
Miscellaneous
Plastic Products
521
26 Mar 2015
Mid Europa Partners

LLP
Danube Foods doo
Amcor Ltd
Nampak Ltd
Investor Group
Osmangazi Elektrik
Dagitim AS
Electric, Gas,
and Water
Distribution
385
3 Feb 2015
Donaco International
Ltd
Star Vegas Resort &

Club Co
Hotels and
Casinos
302
30 Jan 2015
Shanghai Industrial
Investment
(Holdings) Co Ltd
Global Envirotech
Investment Ltd
273
24 Mar 2015
AVIC Joy Holdings

(HK) Ltd
Shanghai Yin Hui Real

Estate Development Co
Investment and
Commodity
Firms, Dealers,
Exchanges
Electric, Gas,
and Water
Distribution
252
6 Jan 2015
(Serbia)
(United Kingdom)
(Australia)
(South Africa)
(Hong Kong)
(Turkey)
(Australia)
(Cambodia)
(China)
(Hong Kong)
(Hong Kong)
(China)
*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.
US$ billions
Aggregate Value of Deals from Developed into Emerging Economies

300
250
200
150
100
50
0
Quarter 4
Quarter 3
Quarter 2
Quarter 1
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
XBMA
13
Source: Thomson
Top 10 Deals from Emerging into Developed

Economies* Announced in Q1 2015
Acquirer**
Target
Industry
Electronic and
Electrical
Equipment
Target**
Philips-LED
Components Business
Investor Group
(China)
(Netherlands)
China National
Chemical Corp
Pirelli & C SpA
Rubber and
Miscellaneous
Plastic Products
Investor Group
Infront Sports & Media

AG
(Italy)
(China)
(China)
(Switzerland)
2,031
Date
Announced
31 Mar 2015
22 Mar 2015
Business
Services
1,189
10 Feb 2015
Insurance
1,022
17 Feb 2015
528
2 Feb 2015
522
12 Mar 2015
490
23 Jan 2015
362
2 Mar 2015
329
26 Jan 2015
303
2 Jan 2015
Anbang Insurance
Group Co Ltd
Tong Yang Life

Insurance Co Ltd
Everbright Securities
Co
Sun Hung Kai Financial Investment and

Group Co
Commodity
(Hong Kong)
Firms, Dealers,
Exchanges
Integrated Silicon
Electronic and
Solution
Electrical
(United States)
Equipment
Deutsche Asset &
Real Estate;
Wealth
Mortgage
(United Kingdom)
Bankers and
Brokers
Mart Resources Inc
Oil and Gas;
(Canada)
Petroleum
Refining
Gold Fields House
Real Estate;
Sydney, New South
Mortgage
Wales
Bankers and
(Australia)
Brokers
Milton Gate London
Real Estate;
(United Kingdom)
Mortgage
Bankers and
Brokers
(China)
Value of Deal
(US$mil)
2,900
(South Korea)
(China)
Integrated Silicon
Solution
(China)
Ping An Insurance
(Grp) Co
(China)
Midwestern Oil & Gas

Co Ltd
(Nigeria)
Dalian Wanda Group

Corp Ltd
(China)
Taikang Life
Insurance Co Ltd
(China)
*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.
Aggregate Value of Deals from Emerging into Developed Economies
US$ billions
200
Quarter 4
150
Quarter 3
Quarter 2
100
Quarter 1
50
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
XBMA
14
Source: Thomson
Top 10 North American

Deals Announced in Q1 2015
Acquirer*
Target
Industry
Food and
Kindred
Products
Drugs
Target*
H.J. Heinz Holding

Corp
Kraft Foods Group Inc
AbbVie Inc
Pharmacyclics Inc
Energy Transfer
Partners LP
Regency Energy
Partners LP
Pfizer Inc
Hospira Inc
NXP Semiconductors
NV
Freescale
Semiconductor Ltd
Valeant
Pharmaceuticals
International
Salix Pharmaceuticals
Ltd
UnitedHealth Group
Inc
(United States)
(United States)
Value of Deal
(US$mil)
54,717
Date
Announced
25 Mar 2015
19,917
4 Mar 2015
Oil and Gas;

Petroleum
Refining
18,223
26 Jan 2015
Drugs
16,771
5 Feb 2015
Electronic and
Electrical
Equipment
16,098
2 Mar 2015
Drugs
15,858
22 Feb 2015
Catamaran Corp
Health Services
13,242
30 Mar 2015
MeadWestvaco Corp
Rock-Tenn Co
Paper and Allied

Products
11,087
26 Jan 2015
Charter
Communications Inc
Bright House Networks

LLC
10,790
31 Mar 2015
Frontier
Communications
Corp
Verizon
Communications Inc
Wireline
Radio and
Television
Broadcasting
Stations
Telecom
10,500
5 Feb 2015
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
*Company nationality determined by location of headquarters or location of target assets.
Aggregate Value of North American Deals

US$ billions
2500
Quarter 4
2000
Quarter 3
1500
Quarter 2
1000
Quarter 1
500
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
15
Source: Thomson
Top 10 Asian-Pacific
Acquirer*
Target*
Target
Industry
Telecom
Value of Deal
(US$mil)
45,411
Date
Announced
9 Jan 2015
Cheung Kong
(Holdings) Ltd
Hutchison Whampoa
Ltd
Itochu Corp
CITIC Ltd
Investment and
Commodity
Firms, Dealers,
Exchanges
10,357
20 Jan 2015
Federation Centres
Ltd
Novion Property Group
8,209
3 Feb 2015
Japan Post Holdings

Co Ltd
Toll Holdings Ltd
Investment and
Commodity
Firms, Dealers,
Exchanges
Transportation
and Shipping
(except air)
6,021
18 Feb 2015
Sinomach
China Erzhong Group

(Deyang)
Machinery
2,972
17 Feb 2015
Sunac China Holdings

Ltd
Kaisa Group Holdings

Ltd
2,792
6 Feb 2015
Keppel Corp Ltd
Keppel Land Ltd
2,288
23 Jan 2015
Total Partner Global

Ltd
China CITIC Bank Corp

Ltd
1,694
23 Jan 2015
Investor Group
Hubei Biocause
Pharmaceutical Co Ltd
Real Estate;
Mortgage
Bankers and
Brokers
Real Estate;
Mortgage
Bankers and
Brokers
Commercial
Banks, Bank
Holding
Companies
Drugs
1,587
16 Jan 2015
1,451
13 Jan 2015
(Hong Kong)
(Hong Kong)
(Japan)
(Hong Kong)
(Australia)
(Australia)
(Australia)
(Japan)
(China)
(China)
(China)
(China)
(Singapore)
(Singapore)
(China)
(China)
(China)
(China)
Investor Group
Drugs
Guangzhou
Baiyunshan
Pharmaceutical
(China)
(China)
Aggregate Value of Asian-Pacific Deals

US$ billions
1000
Quarter 4
800
Quarter 3
600
Quarter 2
400
Quarter 1
200
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
16
Source: Thomson
Top 10 European
Acquirer*
Target
Industry
Telecom
Target*
Hutchinson
Whampoa Ltd
02 PLC
Ball Corp
Rexam PLC
CRH PLC
Lafarge-Holcim
Certain Assets
(United Kingdom)
Value of Deal
(US$mil)
15,381
Date
Announced
23 Jan 2015
(Hong Kong)
(United States)
Metal and Metal

Products
8,613
5 Feb 2015
Stone, Clay,
Glass, and
Concrete
Products
Electric, Gas,
and Water
Distribution
7,370
2 Feb 2015
6,954
13 Mar 2015
Business
Services
4,000
3 Mar 2015
TE Connectivity Ltd
Broadband
Electronic and
Electrical
Equipment
3,059
28 Jan 2015
Philips LED
Components Business
Electronic and
Electrical
Equipment
2,900
31 Mar 2015
(United Kingdom)
(Ireland)
(France)
Investor Group
Fortum Distribution AB
Macquarie Group Ltd
AWAS Aviation
Aircraft Portfolio
(Canada)
(Sweden)
(Australia)
(Ireland)
The Carlyle Group LP

(United States)
(Switzerland)
Investor Group
(China)
(Netherlands)
Alfa Group
Consortium
Cukurova Telecom
Holdings Ltd
Telecom
2,800
16 Mar 2015
Verisk Analytics Inc
Wood Mackenzie Ltd
Business
Services
2,785
10 Mar 2015
Can0n Inc
Avis AB
Measuring,
Medical, Photo
Equipment;
Clocks
2,774
10 Feb 2015
(Russian Fed)
(Turkey)
(United States)
(United Kingdom)
(Japan)
(Sweden)
Aggregate Value of European Deals

US$ billions
2000
Quarter 4
1500
Quarter 3
Quarter 2
1000
Quarter 1
500
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
17
Source: Thomson
Top 10 Inbound Chinese Deals

Acquirer*
Target*
Itochu Corp
CITIC Ltd
Basic Urban
Development Co Ltd
Bold Eagle Investment

Ltd
Central West Gold Ltd
Harvest Champion Ltd
See Hoy Chan Sdn

Bhd
Tong Da Medical Device

Ltd
Asia Properties Inc
Asia Innovation
Technology Ltd
(Japan)
(Hong Kong)
(Seychelles)
(China)
(Australia)
(China)
(Malaysia)
Target
Industry
Investment and
Commodity
Firms, Dealers,
Exchanges
Real Estate;
Mortgage
Bankers and
Brokers
Sanitary
Services
10 Feb 2015
140
17 Mar 2015
Measuring,
Medical, Photo
Equipment;
Clocks
Electric, Gas,
and Water
Distribution
88
27 Mar 2015
86
6 Jan 2015
Investment and
Commodity
Firms, Dealers,
Exchanges
Business
Services
84
11 Feb 2015
73
11 Jan 2015
Retail TradeGeneral
Merchandise
and Apparel
Investment and
Commodity
Firms, Dealers,
Exchanges
Investment and
Commodity
Firms, Dealers,
Exchanges
36
29 Jan 2015
33
30 Jan 2015
18
26 Mar 2015
(Hong Kong)
Tower Key Ltd
Art Full Resources Ltd
Daohe Global
Investment Holding
Ltd
Linmark Group Ltd
Kate Spade & Co
KS China Co Ltd
Alpha Apex Global Ltd
Porbandar Ltd
Folli Follie Group

Holding Co Ltd
New Island Property

(BVI) Ltd
(British Virgin Islands)
(Hong Kong)
(Hong Kong)
Date
Announced
20 Jan 2015
151
(China)
(United States)
Value of Deal
(US$mil)
10,357
(Seychelles)
(United States)
(Hong Kong)
(British Virgin Islands)
(Hong Kong)
(Marshall Islands)
(Hong Kong)
Aggregate Value of Inbound Chinese Deals

US$ billions
50
Quarter 4
40
Quarter 3
30
Quarter 2
20
Quarter 1
10
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
18
Source: Thomson
Top 10 Outbound Chinese

Acquirer*
Target
Industry
Telecom
Value of Deal
(US$mil)
15,381
Date
Announced
23 Jan 2015
Electronic and
Electrical
Equipment
2,900
31 Mar 2015
Target*
Hutchison Whampoa
Ltd
O2 PLC
Investor Group
Philips-LED
Components Business
(United Kingdom)
(Hong Kong)
(China)
(Netherlands)
China National
Chemical Corp
Pirelli & C SpA

(Italy)
Rubber and
Miscellaneous
Plastic Products
2,031
22 Mar 2015
Hutchison Whampoa
Ltd
Eversholt Rail (UK) Ltd
Repair Services
1,515
20 Jan 2015
Investor Group
Infront Sports & Media

AG
Business
Services
1,189
10 Feb 2015
Insurance
1,022
17 Feb 2015
(China)
(United Kingdom)
(Hong Kong)
(China)
(Switzerland)
Anbang Insurance
Group Co Ltd
Tong Yang Life

Insurance Co Ltd
Genting Hong Kong

Ltd
Crystal Cruises Inc
Transportation
and Shipping
(except air)
550
3 Mar 2015
Integrated Silicon
Solution Inc
Integrated Silicon
Solution Inc SPV
Electronic and
Electrical
Equipment
522
12 Mar 2015
Ping An Insurance
(Group) Co
Deutsche Asset &

Wealth
490
23 Jan 2015
Geo-Jade Petroleum
Corp
KoZhaN LLP
Real Estate;
Mortgage
Bankers and
Brokers
Oil and Gas;
Petroleum
Refining
400
6 Jan 2015
(China)
(South Korea)
(United States)
(Hong Kong)
(China)
(United States)
(China)
(United Kingdom)
(Kazakhstan)
(China)
Aggregate Value of Outbound Chinese Deals

US$ billions
80
Quarter 4
60
Quarter 3
Quarter 2
40
Quarter 1
20
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
19
Source: Thomson
Top 10 Inbound Indian Deals

Acquirer*
Target
Industry
Wholesale
TradeNondurable
Goods
Electric, Gas,
and Water
Distribution
Target*
Mylan Inc
Famy Care Ltd

Female Healthcare
Business
Sembcorp Industries
Ltd
Green Infra Ltd
Investor Group
Agile Electric Sub

Assembly
(United States)
(India)
(India)
(Singapore)
(Japan)
Machinery
Value of Deal
(US$mil)
800
Date
Announced
2 Feb 2015
170
11 Feb 2015
106
22 Jan 2015
(India)
Malaysia
(Malaysia)
Continental Hospitals
Ltd
Health Services
45
23 Mar 2015
SVB India Finance

Private Ltd
Investment and
Commodity
Firms, Dealers,
Exchanges
Metal and Metal
Products
45
15 Jan 2015
40
13 Feb 2015
(India)
Singapore
(Singapore)
(India)
Prakash Steelage Ltd

Steel Assets
Tubacex SA
(Spain)
(India)
P2 Solar Inc
Project Barkote 1
Electric, Gas,
and Water
Distribution
21
22 Jan 2015
P2 Solar Inc
Project Barkote 2
Electric, Gas,
and Water
Distribution
11
19 Feb 2015
JSS Medical Research

Inc
Max Neeman
International Ltd
Business
Services
1.5
27 Jan 2015
Towers Watson & Co
Metis Insurance Broker

Private Ltd
N/A
14 Jan 2015
(Canada)
(India)
(Canada)
(India)
(Canada)
(India)
(United States)
(India)
Investment and
Commodity
Firms, Dealers,
Exchanges
Aggregate Value of Inbound Indian Deals

US$ billions
40
Quarter 4
30
Quarter 3
Quarter 2
20
Quarter 1
10
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
20
Source: Thomson
Top 10 Outbound Indian Deals

Acquirer*
Target
Industry
Prepackaged
Software
Target*
Value of Deal
(US$mil)
200
Date
Announced
16 Feb 2015
Infosys Ltd
Panaya Inc
Piramal Enterprises
Ltd
Coldstream
Laboratories Inc
Drugs
31
15 Jan 2015
eClerx Services Ltd
CLX Europe SpA
Prepackaged
Software
27
31 Mar 2015
SRF Ltd
Global Dupont Dymel
Drugs
20
1 Jan 2015
MindTree Ltd
Discoverture Solutions
LLC
Business
Services
15
19 Jan 2015
Mecanique Generale et
Rectification SASU
Machinery
14
2 Jan 2015
Mecanique Gene
Langroise SAS
Machinery
14
5 Jan 2015
(India)
(United States)
(India)
(United States)
(India)
(Italy)
(India)
(United States)
(India)
(United States)
Bharat Forge Ltd

(India)
(France)
Bharat Forge Ltd

(India)
(France)
GMR Holdings Private

Ltd
Black Range Minerals

Ltd
Mining
14
30 Jan 2015
Elgi Rubber Co Ltd
American Equipment
Manufacturing Inc
Metal and Metal

Products
14 Jan 2015
Honasco
Kunststofftechnik
Rubber and
Miscellaneous
Plastic Products
N/A
2 Jan 2015
(India)
(Australia)
(India)
(United States)
Jumps Auto
Industries Ltd
(India)
(Germany)
Aggregate Value of Outbound Indian Deals

US$ billions
40
Quarter 4
30
Quarter 3
Quarter 2
20
Quarter 1
10
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
21
Source: Thomson

XBMA 2015 Q1 Quarterly Review

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XBMA 2015 Q1 Quarterly Review

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XBMA Quarterly Review

Raaj Narayan & Francis Stapleton, Editors

Global M&A Volume: Q1 Snapshot

Deal Volume by Quarter

Global M&A Volume: 19982015

Global M&A Volume

All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized.

Cross-Border M&A Volume: 20082015

Medium and Large M&A Deals: 20072015

Number of Deals > US$500 million

M&A Volume by Target Region

GDP and M&A

Government Debt as % of GDP

% of 2014 World GDP

2014 Per Capita

2014 GDP figures are IMF estimates.

Source: Thomson, IMF

Trends in M&A Volume by

All figures are inflation-adjusted to 2015 dollars.

M&A in BRIC Countries: 20112015

2011 2015 Domestic M&A in BRIC Countries

All figures are inflation-adjusted to 2015 dollars.

Distressed Deals: 19882014

Volume of Distressed Deals

Global M&A by Sector: Last 12 Months

M&A Volume by Sector

*Includes both domestic and cross-border transactions.

Trends in Global M&A by Sector:

Domestic and Cross-Border M&A

Top 10 Global Deals

H.J. Heinz Holding

Kraft Foods Group Inc

Oil and Gas;

Paper and Allied

*Company nationality determined by location of headquarters or by location of target assets.

Top 10 Deals from Developed into

Eurasia Drilling Co Ltd

Oil and Gas;

Famy Care Ltd-Female

Mid Europa Partners

Danube Foods doo

Star Vegas Resort &

AVIC Joy Holdings

Shanghai Yin Hui Real

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.

Aggregate Value of Deals from Developed into Emerging Economies

All figures are inflation-adjusted to 2015 dollars.

Top 10 Deals from Emerging into Developed

Pirelli & C SpA

Infront Sports & Media

Tong Yang Life

Sun Hung Kai Financial Investment and

Midwestern Oil & Gas

Dalian Wanda Group

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.

Aggregate Value of Deals from Emerging into Developed Economies

All figures are inflation-adjusted to 2015 dollars.

Top 10 North American

H.J. Heinz Holding

Kraft Foods Group Inc

Oil and Gas;

Paper and Allied

Bright House Networks

*Company nationality determined by location of headquarters or location of target assets.