Académique Documents
Professionnel Documents
Culture Documents
Q2 2015
Quarter 1
Quarter 2
3,000
US$ billions
2,623
2,500
2,188
752
668
1,500
2,630
2,613
904
2,378
872
664
580
1,398
686
709
486
851
581
719
1,000
2,250
573
493
985
596
500
0
Quarter 4
3,343
3,500
2,000
Quarter 3
541
557
2009
2010
659
767
2011
532
502
496
603
2012
2013
2014
852
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.
XBMA
Source: Thomson
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
XBMA
Source: Thomson
Deal Volume
5.0
4.50
4.0
3.34
US$ trillions
3.15
3.0
2.0
2.63
1.94
2.63
2.61
2.19
2.98
2.38
2.09
1.64
1.70
1.69
1.60
1.66
1.0
1.21
0.59
0.0
2008
2009
0.99
0.93
0.92
2010
2011
2012
1.25
1.52
0.72
2013
2014
2015
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
1405
1250
1075
1000
759
902
869
882
875
861
750
493
583
1144
538
515
513
364
367
362
314
2010
2011
2012
2013
637
730
438
414
2014
2015
547
500
386
646
250
376
197
2007
2008
2009
Domestic M&A
Cross-Border M&A
2015 data is annualized.
XBMA
Source: Thomson
India, 0.51%
Africa/Middle East, 4.5%
Mexico, 0.47%
Central America, 0.07%
Canada, 3.2%
South America, 1.7%
Japan, 4.8%
United States, 21%
Australia/NZ 2.8%
Central Asia, 7.5%
China, 17%
Europe, 33%
2010 - 2014
India, 1.05%
Africa/Middle East, 2.20%
Mexico, 1.10%
Central America, 0.13%
Canada, 4.02%
South America, 4.19%
Japan, 3.26%
Australia/NZ, 3.63%
Europe, 26.4%
Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2015
dollars.
XBMA
Source: Thomson
50%
200%
40%
150%
30%
100%
20%
50%
10%
60%
0%
0%
Region
2015 GDP
(US$ trillions)
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
XBMA
1,600
1,400
US$ billions
1,200
1,000
800
600
400
200
0
2011
Global
2012
2013
Asia-Pacific (ex-Japan)
2014
Europe
Japan
2015
North America
XBMA
Source: Thomson
US$ billions
20
Brazil
15
Russia
10
India
China
0
2011
2012
2013
2014
2015
US$ billions
200
Brazil
150
Russia
India
100
China
50
0
2011
2012
2013
2014
2015
XBMA
Source: Thomson
150
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
800
700
Global M&A*
US$ billions
600
Cross-Border M&A
500
400
300
200
100
0
XBMA
10
Source: Thomson
320
US$ billions
280
240
200
160
120
80
40
0
US$ billions
Q3 2014
Q1 2015
Q2 2015
Cross-Border M&A
100
90
80
70
60
50
40
30
20
10
0
Q3 2014
XBMA
Q4 2014
Q4 2014
11
Q1 2015
Q2 2015
Source: Thomson
Charter
Communications Inc
(United States)
Avago Technologies
Ltd
(United States)
SK C&C Co Ltd
(South Korea)
BG Group PLC
(United Kingdom)
Broadcom Corp
(United States)
SK Holdings Co Ltd
(South Korea)
Intel Corp
Altera Corp
Williams Partners LP
Nokia Oyj
Alcatel Lucent SA
Danaher Corp
Pall Corp
Omnicare Inc
Koninklijke Ahold NV
Delhaize Group SA
(United States)
(United States)
(Finland)
(United States)
(United States)
(Netherlands)
Value of
Deal
(US$mil)
Date
Announced
81,009
8 Apr 2015
Radio and
Television
Broadcasting
Stations
78,377
26 May 2015
Electronic and
Electrical
Equipment
36,491
28 May 2015
24,066
20 Apr 2015
Electronic and
Electrical
Equipment
15,331
1 Jun 2015
Electric, Gas,
and Water
Distribution
13,800
13 May 2015
Communications
Equipment
13,784
14 Apr 2015
Machinery
13,780
13 May 2015
Social Services
12,555
21 May 2015
11,657
12 May 2015
Target
Industry
Target*
(United States)
(United States)
(France)
(United States)
(United States)
(Belgium)
XBMA
12
Source: Thomson
Target
Industry
Stone, Clay,
Glass, and
Concrete
Products
Electric, Gas,
and Water
Distribution
Target**
Owens-Illinois Inc
SunEdison Inc
(United States)
Undisclosed RE
Development Co
British American
Tobacco PLC
Shanghai Shangtou
Holding Co Ltd
Delivery Hero
Holding GmbH
(United States)
(Mexico)
Value of Deal
(US$mil)
2,150
Date
Announced
2 Apr 2015
839
22 Apr 2015
Tobacco
Products
601
29 Apr 2015
Arteris SA
Food and
Kindred
Products
589
30 Apr 2015
Delivery Hero
Holding GmbH
Yemek Sepeti
Elektronik
Business
Services
589
5 May 2015
SunEdison Inc
Electric, Gas,
and Water
Distribution
533
9 May 2015
(United States)
Rubber and
Miscellaneous
Plastic Products
510
12 May 2015
Pamplona Capital
Management
Transportation
and Shipping
(except air)
343
14 May 2015
Mapletree Greater
China
Real Estate;
Mortgage
Bankers and
Brokers
304
15 Jun 2015
Glamour II Ltd
Goldcrest Resources
plc
283
28 May 2015
(Costa Rica)
(United States)
(Croatia)
(Turkey)
(Germany)
(Germany)
(Turkey)
(Brazil)
(Hong Kong)
(United Kingdom)
(Hungary)
(China)
(Singapore)
Mining
(Ghana)
(United Kingdom)
US$ billions
Quarter 4
Quarter 3
Quarter 2
Quarter 1
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
13
Source: Thomson
Target**
Target
Industry
Rubber and
Miscellaneous
Plastic Products
Value of Deal
(US$mil)
1,800
Date
Announced
28 May 2015
China Investment
Corp
NXP Semiconductors
RF Business
JBS SA
Investment &
Commodity
Firms, Dealers
1,512
22 Jun 2015
Kingdom of Saudi
Arabia
Posco Engineering
Investment &
Commodity
Firms, Dealers
1,110
2 Jun 2015
(China)
(Netherlands)
(Brazil)
(United Kingdom)
(South Korea)
(Saudi Arabia)
(China)
Machinery
786
26 May 2015
Real Estate;
Mortgage
Bankers and
Brokers
Investment &
Commodity
Firms, Dealers
Transportation
and Shipping
617
14 Apr 2015
489
21 Jun 2015
462
2 Apr 2015
Agriculture,
Forestry, and
Fishing
382
19 May 2015
Amusement and
Recreation
Services
366
25 June 2015
Malaysia
20 Apr 2015
(Singapore)
Fosun International
Holdings Ltd
Dubai World
Maher Terminals of
Canada Corp
(Australia)
(South Africa)
(Israel)
(China)
(Canada)
(South Africa)
(United States)
(Australia)
(China)
(Singapore)
Real Estate;
Mortgage
Bankers and
Brokers
(Australia)
US$ billions
200
Quarter 4
150
Quarter 3
Quarter 2
100
Quarter 1
50
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
14
Source: Thomson
Target*
Charter
Communications Inc
Avago Technologies
Ltd
Broadcom Corp
Intel Corp
Altera Corp
Williams Partners LP
Danaher Corp
Pall Corp
Omnicare Inc
GE Antares Capital
Endo International
PLC
Par Pharmaceutical
Holdings
Willis Group
Holdings PLC
Alexion
Pharmaceuticals Inc
Synageva BioPharma
Corp
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
Target
Industry
Radio and
Television
Broadcasting
Stations
Electronic and
Electrical
Equipment
Value of Deal
(US$mil)
78,377
Date
Announced
26 May 2015
36,491
28 May 2015
Electronic and
Electrical
Equipment
15,331
1 Jun 2015
Electric, Gas,
and Water
Distribution
13,800
13 May 2015
Machinery
13,780
13 May 2015
Social Services
12,555
21 May 2015
Credit
Institutions
12,000
9 Jun 2015
Drugs
8,036
18 May 2015
Business
Services
7,773
30 Jun 2015
Drugs
7,684
6 May 2015
(United States)
(United States)
(United States)
(United States)
(Canada)
(United States)
(United States)
(United States)
(United Kingdom)
(United States)
(United States)
2500
Quarter 4
2000
Quarter 3
1500
Quarter 2
1000
Quarter 1
500
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
15
Source: Thomson
Top 10 Asian-Pacific
Deals Announced in Q2 2015
Acquirer*
Target*
Target
Industry
Oil and Gas;
Petroleum
Refining
Value of Deal
(US$mil)
24,066
Date
Announced
20 Apr 2015
SK C&C Co Ltd
SK Holdings Co Ltd
Business
Services
11,239
26 May 2015
Investor Group
Business
Services
10,306
17 Jun 2015
(China)
Prepackaged
Software
8,779
3 Jun 2015
Xi'an Minsheng
Group Co Ltd
5,208
30 Jun 2015
Zhongrun Resources
Investment Corp
Real Estate;
Mortgage
Bankers and
Brokers
Investment &
Commodity
Firms, Dealers,
Exchanges
4,577
3 Jun 2015
Investor Group
3,870
21 Apr 2015
(South Korea)
(South Korea)
(South Korea)
(South Korea)
(China)
(China)
(China)
(China)
(China)
(China)
(China)
China Resources
Enterprise Ltd
Investment Company
Assets
China Resources
National Corp
(China)
(Hong Kong)
Zhejiang Transfar Co
Ltd
Transportation
and Shipping
(except air)
3,336
12 Jun 2015
Investor Group
Computer and
Office
Equipment
3,158
26 May 2015
Investor Group
WuXi PharmaTech
(Cayman) Inc
Drugs
3,086
30 Apr 2015
(China)
(China)
(China)
(China)
(China)
(China)
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
Deals Announced in Q2 2015
Acquirer*
Target
Industry
Oil and Gas;
Petroleum
Refining
Value of Deal
(US$mil)
81,009
Date
Announced
8 Apr 2015
Communication
Equipment
13,784
14 Apr 2015
11,657
12 May 2015
Telecom
11,202
22 Jun 2015
Telecom
4,787
8 May 2015
Transportation
and Shipping
(except air)
4,439
7 Apr 2015
Business
Services
4,031
7 May 2015
Transportation
and Shipping
(except air)
3,894
28 Apr 2015
Retail TradeGeneral
Merchandise
and Apparel
Retail TradeGeneral
Merchandise
and Apparel
3,186
15 Jun 2015
3,134
1 Jun 2015
Target*
BG Group PLC
Nokia Oyj
Alcatel Lucent SA
Koninklijke Ahold NV
Delhaize Group SA
Altice SA
Bouygues Telecom SA
Investor Group
(Canada)
Hutchison 3G UK
Holding (CI) Ltd
FEDEX Corp
TNT Express NV
Equinix Inc
Groupe Norbert
Dentressangle
(United Kingdom)
(Netherlands)
(Finland)
(France)
(Netherlands)
(Belgium)
(Luxembourg)
(France)
(United Kingdom)
(United States)
(Netherlands)
(United States)
(United Kingdom)
(United States)
(France)
GALERIA Kaufhof
GmbH
Hudson's Bay Co
(Canada)
(Germany)
Douglas Holding AG
(Germany)
(United Kingdom)
2000
Quarter 4
1500
Quarter 3
Quarter 2
1000
Quarter 1
500
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
17
Source: Thomson
Target
Industry
Electric, Gas,
and Water
Distribution
Target*
Qatar Investment
Authority
HK Electric
Investments Ltd
Investor Group
(Qatar)
(Hong Kong)
(United States)
(China)
Mapletree Greater
China
Glamour II Ltd
Singapore
Sandhill Plaza
Primeline Energy
Holdings Inc
(China)
(Singapore)
(Singapore)
(China)
(Singapore)
(China)
SunEdison Inc
(United States)
(China)
(Japan)
Rakuten Inc
Talent Crown
Investment Ltd
Zhengzhou Jiacong
Property Services Co
Ltd
(China)
(Japan)
(Hong Kong)
(China)
Radioshack Global
Sourcing (Hong Kong)
Ltd
Value of Deal
(US$mil)
991
Date
Announced
9 Jun 2015
Transportation
and Shipping
(except air)
500
2 Jun 2015
Real Estate;
Mortgage
Bankers and
Brokers
Commercial
Banks, Bank
Holding
Companies
Oil and Gas;
Petroleum
Refining
304
15 Jun 2015
299
16 Jun 2015
192
9 Jun 2015
Electric, Gas,
and Water
Distribution
105
7 May 2015
Transportation
and Shipping
(except air)
56
26 Jun 2015
Commercial
Banks, Bank
Holding
Companies
Real Estate;
Mortgage
Bankers and
Brokers
Retail TradeHome
Furnishings
36
28 May 2015
35
26 Jun 2015
26
15 May 2015
(Hong Kong)
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
Target*
Iron Mining
International Ltd
O2 PLC
Target
Industry
Mining
Value of Deal
(US$mil)
1,935
Date
Announced
12 May 2015
Insurance
1,840
3 May 2015
(Mongolia)
(China)
Fosun International
Holdings Ltd
Ironshore Inc
China Investment
Corp
NXP Semiconductors
RF Business
Electronic and
Electrical
Equipment
1,800
28 May 2015
Electronic and
Electrical
Equipment
786
26 May 2015
Real Estate;
Mortgage
Bankers and
Brokers
Amusement and
Recreation
Services
510
22 Apr 2015
491
16 Apr 2015
Insurance
489
21 Jun 2015
Amusement and
Recreation
Services
366
25 Jun 2015
Mining
298
26 May 2015
Investment &
Commodity
Firms, Dealers,
Exchanges
400
22 Apr 2015
(Bermuda)
(China)
(China)
(Netherlands)
(China)
(Singapore)
Undisclosed RE
Development Co
Affinity Equity
Partners (HK)
Fosun International
Holding Ltd
(China)
(Australia)
(China)
Undisclosed RE Invest
Co
(Hong Kong)
(Hong Kong)
(Australia)
(Israel)
(China)
(Hong Kong)
80
Quarter 4
60
Quarter 3
Quarter 2
40
Quarter 1
20
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
19
Source: Thomson
Target*
Canaan Partners
Domestic
(India)
(United States)
Undisclosed Acquiror
Blackstone Group LP
(India)
(Unknown)
(India)
Target
Industry
Investment &
Commodity
Firms, Dealers,
Exchanges
Real Estate;
Mortgage
Bankers and
Brokers
Electric, Gas,
and Water
Distribution
(United States)
28 May 2015
34
14 May 2015
Electric, Gas,
and Water
Distribution
33
5 May 2015
Soaps,
Cosmetics, and
Personal-Care
Products
Drugs
17
14 May 2015
12
23 Jun 2015
10
18 May 2015
29 Apr 2015
(India)
Frutarom Industries
Ltd
Eurazeo SA
(India)
(Israel)
(France)
Date
Announced
28 Apr 2015
156
Fersa Energias
Renovables SA
SunEdison Inc
Value of Deal
(US$mil)
200
(India)
Accelity Bestatlowest
Online
Hinduja Group
(Malaysia)
(India)
(United Kingdom)
Retail TradeGeneral
Merchandise
and Apparel
Business
Services
(India)
Payfront Technologies
Pte Ltd
(India)
Kushalchand Sons
(United States)
(India)
Business
Services
N/A
1 Apr 2015
Wholesale
TradeNondurable
Goods
N/A
2 Apr 2015
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
Target
Industry
Drugs
Target*
Aspen Asia Pac
Generic
Pharmaceuticals
(India)
Value of Deal
(US$mil)
208
Date
Announced
21 May 2015
(Australia)
Prepackaged
Software
120
24 Apr 2015
Transportation
Equipment
47
26 Jun 2015
Hotels and
Casinos
32
9 Jun 2015
Cipla Ltd
Chemicals and
Allied Products
30
21 May 2015
Zehneria Nairobi
Hotels and
Casinos
11
16 Apr 2015
Simplilearn Solutions
Pvt Ltd
Market Motive
Business
Services
10
24 Jun 2015
R Systems
International Ltd
Mining
1 May 2015
Business
Services
1 Apr 2015
Cipla Ltd
Duomed Produtos
Farmaceuticos
0.4
9 Apr 2015
Infosys Ltd
Kallidus Inc
Undisclosed Railway
Wagons
(India)
(United States)
(France)
(India)
(Finland)
(India)
(Uganda)
(Kenya)
(India)
(United States)
(India)
(Singapore)
(India)
(India)
(Germany)
(India)
Rubber and
Miscellaneous
Plastic Products
(Brazil)
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