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XBMA Annual Review

2016

Slow Start, Strong Finish

Raaj Narayan & Vishal Chanani, 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: 1999 2016
Global M&A activity had a slow start and a strong finish in 2016, totaling nearly US$3.7 trillion,
posting the second strongest year since the financial crisis (lower only than 2015). Q4 2016 was the
second most active quarter since the financial crisis with US$1.2 trillion in deals announced.
2016 also accounted for the second highest cross-border deal volume (US$1.4 trillion) since the
financial crisis, with cross-border deals announced in 2016 accounting for six out of the 10 largest
deals of the year (Bayers acquisition of Monsanto, China National Chemical Corp.s acquisition of
Syngenta, Qualcomms acquisition of NXP Semiconductors, Enbridges acquisition of Spectra Energy,
Praxairs acquisition of Linde and SoftBanks acquisition of ARM Holdings).
2016 had its share of megadeals, albeit trailing 2015 levels, with 45 deals over $10 billion (compared
to 69 in 2015) and four deals over $50 billion (compared to 10 in 2015).
Drivers of the robust activity including large cross-border transactions included consolidation in
several sectors, increasingly scarce opportunities for organic growth, high acquirer stock prices, and
the continued availability of low-cost acquisition financing. The slower pace relative to 2015 may have
been attributable to political uncertainty arising from the U.S. elections, the near-term possibility of
U.S. interest rate increases from their prolonged and historical lows, uncertainty about the economic
impact of Brexit on the United Kingdom and the European Union, and the record volume of deals that
were withdrawn or terminated due to regulatory issues.

Global M&A Volume


5.0
4.7 4.7 4.8
4.4
4.5 4.3

4.0
3.7
3.5 3.3 3.3
3.2

3.0
2.7 2.7 2.7
US$ trillions

2.5 2.4 2.4


2.3 2.2

2.0 1.7
1.6
1.5

1.0

0.5

0.0

All figures are inflation-adjusted to 2016 dollars. Data in this report do not include spin-offs announced in 2016 that have not been
completed.

XBMA 1 Source: Thomson


Select M&A Indicators for the Year Ahead
The following select indicators bode well for continued robust cross-border M&A in 2017.
Increased Levels of Quarterly Cash & Short-Term Investments S&P 500 (Ex-Financials)1
$1,600 $1,542
$1,364 $1,368 $1,433
$1,400
$1,137 $1,183
$1,200
$1,060
$966
$1,000
$765
$800
($ in billions)

$600

$400

$200

$0
2008 2009 2010 2011 2012 2013 2014 2015 2016

Top Opportunities for U.S. Companies in 20172


What Will Drive Cross-Border Activity in 2017?3

Tax Rate Decrease


19% Strong U.S. Dollar Increasingly strong U.S. dollar makes
it more likely for U.S. companies to
Regulatory Relief seek foreign M&A targets
16%
Top Line Growth Brexit Recovery Following the Brexit vote, U.K.
15% domestic M&A plunged to a 30-year
Tax Holiday on Offshore low a strong recovery is expected
Cash 15%
Profit Growth Expansion of 2016 was a record setting year for the
11% Activist Investors in number of European companies
Europe targeted by activist investors and
M&A
10% 2017 promises more of the same

Capital Return
7% U.S. Private Equity The dry powder controlled by
Funds Are Sitting on private equity has increased from
Capital Structure War Chests $745 billion at the end of 2015 to
Improvements 4%
$839 billion as of September 2016,
Global Expansion and PE firms are increasingly looking
2% abroad, given valuations in Europe
are favorable (as compared to the
Potential Changes to U.S.)
Trade Agreements 1%

0% 5% 10% 15% 20%

Sources:
1. FactSet Cash & Investments Quarterly Q3 2016 Report; Charts courtesy of
2. Evercore Survey December 2016
3. Thomson Reuters, FactSet, Activist Insight, Preqin Quarterly Private Equity Update

XBMA 2
Technology Fueling M&A

The Technology sectors share of deal volume has


surged since 2012, approaching levels (nearly
600
15%) last seen in 2000. Technology drove a much
larger share of cross-border deal-making in 2016
relative to prior years, jumping from 500

approximately 5% to over 10%, and including


such notable deals as SoftBank/ARM. 400

US$ billions
Technology deals are being driven by sector
300
consolidation, robust opportunities to rapidly
obtain new technologies and fill business gaps,
and intensified focus by activists, with deals often 200

involving multiple bidders and fierce competition


from strategics and private equity bidders. 100

While technology has fueled deals around the


0
world, the increase has been especially sharp in 2007 2009 2011 2013 2015
North America, followed by Asia-Pacific and Asia-Pacific (ex-Japan) Europe North America

Europe. European technology deals have Global Japan

increased steadily over the past few years, Figures are inflation-adjusted to 2016 dollars.
notwithstanding the overall decline in M&A
volume from 2015 to 2016, as well as a decline in
technology M&A volume in other regions from
2015 to 2016.

20
Technology as a % of Total M&A

15

10

0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Global Tech Percentage of Global M&A Volume Cross-Border Tech Percentage of Cross-Border M&A Volume

XBMA 3 Source: Thomson


Global M&A Volume: Q4 Snapshot

Q4 2016 was the second most active quarter since the financial crisis, with more than US$1.2 trillion
in deals announced, including six of the ten largest deals of 2016, and two of the three largest deals of
2016 (AT&T/Time Warner and Sunoco/Energy Transfer Partners).
Interestingly and unpredictably, Q4 represented a nearly 50% surge over Q3 deal volume. Through
the first three quarters of 2016, annualized M&A volume was trending lower than each of 2008 and
2014, before overtaking them in Q4 and transforming 2016 from a relatively moderate post-crisis
year to the second most active.
It remains to be seen if the significant spike in deal volume in Q4 presages a fast start to 2017.
Following a comparable 30% surge from Q3 to Q4 2015, deal volume slowed nearly 50% from Q4
2015 to Q1 2016.

Deal Volume by Quarter


5,000

4,500 4,421

4,000
3,666
1,353
3,500 3,341

3,000 1,240
87 4
US$ billions

2,653 2,672 2,660


2,500 2,410 1,044
582
7 61 886
2,000 667 863 833
591
1,500 730
590 1,183
696
7 22 995 87 9
1,000
597 67 0 542
500 841
7 77 7 13
565 513 504 609
0
2010 2011 2012 2013 2014 2015 2016

Quarter 1 Quarter 2 Quarter 3 Quarter 4

All figures are inflation-adjusted to 2016 dollars.

XBMA 4 Source: Thomson


Cross-Border M&A Volume: 2007 2016

Cross-border M&A volume in 2016 (US$1.4 trillion) dipped slightly from 2015 (US$1.5 trillion) but
remained high by historical standards. Cross-border M&A accounted for approximately 40% of global
deal volume in 2016, as compared to one-third in 2015.
Cross-border deal volume involving an emerging economy acquirer and a developed economy target
carried strong momentum in 2016, growing by 72% and exceeding the prior record in 2007 by over
50%.
On the other hand, deal volume involving a developed economy acquirer and an emerging economy
target declined 10% relative to 2015 and, for the first time, was less than deal volume involving an
emerging economy acquirer and a developed economy target, demonstrating the strength of emerging
economies (in particular, China) as acquirers in the new global economy.

Deal Volume
5
4.71
4.42

4
3.67
3.34
2.60 3.17
US$ trillions

3 2.91
2.66 2.67 2.66
2.41 2.26
2.23
2.08
1.95
2
1.65 1.73 1.72
1.69
1.63

1 2.12
1.51 1.40
1.21 1.00 1.26
0.94 0.94
0.72
0.60
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Cross-Border M&A Domestic M&A

Cross-border M&A transactions are defined as those in which the parties are headquartered or based in different countries.
All figures are inflation-adjusted to 2016 dollars.

XBMA 5 Source: Thomson


Medium and Large M&A Deals: 2006 2016

2016 saw the second highest number of blockbuster deals since the financial crisis, including AT&Ts
acquisition of Time Warner and Bayers acquisition of Monsanto. Of the ten largest deals of 2016, six
were cross-border transactions.
The number of M&A deals exceeding US$500 million in value was just 10% lower than 2015 levels.
The lower rate was more pronounced in the domestic M&A setting, down 14% relative to 2015, while
the number of cross-border M&A deals exceeding US$500 million in value declined by just 3%.
Cross-border deals accounted for approximately 40% of all deals exceeding US$500 million in value,
consistent with the overall share of deal volume in 2016.

Number of Deals > US$ 500 million

1500
1402

1250 1190

1096
1069 1072

1000 755
Number of Deals

898 880 874


868 862

760
750 669 636 657

489 583 535 512 513


547
500

388
647
250
427 433 430 415
379 363 368 361 315
195

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Domestic M&A Cross-Border M&A

XBMA 6 Source: Thomson


M&A Volume by Targets Region

U.S. targets accounted for just over 56% of deal volume in Q4 2016, significantly above its recent
historical percentage. A U.S. company was involved in all but two of the largest deals of 2016.
Europes share of global M&A volume in Q4 2016 of 13.5% was markedly below its recent historical
average of 24.4%, perhaps due to lingering uncertainty regarding Brexit. Still, four of the 10 largest
deals of 2016 involved a European target.
Chinas share of global M&A volume in Q4 2016 was 14.5%, roughly on par with its recent historical
average of 12.5%.

Africa/
Q4 2016 Canada Middle India
0.09% East 2.09%
1.7 %
South Am erica Mex ico
1.7 % 0.13%

Japan Central Am erica


1.6% 0%

Australia/NZ
4.5 %

Central Asia
2.7 %
United States
5 6.4%
China
14.5 %

Europe
13.5 %

India
2010 2015 Africa/
Middle East 1.56%
Mex ico
0.98%
2.22%
Canada Central
3.65% Am erica
0.11%

South Am erica
1.49% Japan
3.11%
United States
Australia/NZ 42.23%
3.43%

Central Asia
5.48%

China
12.50% Europe
24.41%

Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2016 dollars.

XBMA 7 Source: Thomson


GDP and M&A
Volume by Targets Region: Q4 2016

The United States contributed more than 56% of global M&A volume in Q4 2016, more than double
its percentage of world GDP.
Only Australia/New Zealand and Central America also claimed a share of global M&A volume in Q4
exceeding their share of world GDP.
Europe and Japan continued to experience lower shares of global M&A relative to world GDP in Q4
2016, and their shares of global M&A volume were substantially lower than recent historical averages,
falling 45% and 49%, respectively.

GDP, M&A and Debt by Region


60% 250%

50%

Government Debt as % of GDP


200%
% of 2016 Global M&A
% of 2016 World GDP

40%
150%

30%

100%
20%

50%
10%

0% 0%

2016 GDP 2016 Per Capita


Region
(US$ trillions) GDP (US$)
Western Europe 19.5 29,251
United States 18.6 55,904
China 11.4 8,260
Japan 4.7 32,480
India 2.3 1,688
World 75.2 13,823

2016 GDP figures are IMF estimates.

XBMA 8 Source: Thomson, IMF


M&A in BRIC Countries: 2016

Inbound M&A remained strong in each of Brazil, Russia and India, experiencing year-over-year
growth of 91%, 70%, and 73%, respectively, relative to 2015. Brazilian domestic M&A declined
by nearly 60% year-over-year, but Russian and Indian domestic M&A grew dramatically, rising
by 84% and 182% year-over-year, respectively, relative to 2015.
Chinese inbound and domestic M&A slowed in 2016 relative to 2015, declining approximately
21% and 23%, respectively, although Chinese domestic M&A volume continued to far outpace
the other BRIC countries.

2012 2016 Inbound M&A to BRIC Countries


25

20
Brazil
US$ billions

15 Russia
India
10 China

0
2012 2013 2014 2015 2016

2012 2016 Domestic M&A in BRIC Countries


300

250

200 Brazil
US$ billions

Russia
150 India
China
100

50

0
2012 2013 2014 2015 2016
All figures are inflation-adjusted to 2016 dollars.

XBMA 9 Source: Thomson


Trends in M&A Volume by
Targets Region: 2012 2016

Global M&A volume surged in Q4 2016, totaling more than US$1.2 trillion in deal-making for the
quarter on the back of a robust M&A environment in the Asia-Pacific (ex-Japan) and North America
regions, which grew 85% and 72% quarter-over-quarter, respectively.
Asia-Pacific (ex-Japan) was the only region to experience growth in M&A volume for the full year
2016, rising 60% relative to 2015.
Europe demonstrated modest growth of 15% from Q3 to Q4 2016, whereas Japan continued its recent
slowdown, falling 15% in the same window.
M&A activity in each of Japan and North America declined approximately 17% year-over-year,
notwithstanding the surge in North American M&A in Q4 2016, whereas M&A activity in Europe
dipped just 5% relative to 2015.

1,600

1,400

1,200

1,000
US$ billions

800

600

400

200

0
2012 2013 2014 2015 2016

Asia-Pacific (ex-Japan) Europe North America Global Japan

All figures are inflation-adjusted to 2016 dollars.

XBMA 10 Source: Thomson


Distressed Deals: 1990 2016

Distressed deal volume totaled US$30 billion in 2016, down 27% relative to 2015, but still
exceeding the recent low of 2014.
After a relatively slow start in 2016, more than half of distressed volume in 2016 occurred in Q4,
which saw US$17 billion in distressed deals. It remains to be seen if this recent uptick will persist.

Volume of Distressed Deals


125

100

75
US$ billions

50

25

All figures are inflation-adjusted to 2016 dollars. 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 11 Source: Thomson


Global M&A by Sector: Last 12 Months

Global M&A volume was led by the Energy & Power sector in 2016, topping US$600 billion, driven in
large part by a boom in Q4 2016. The High Technology sector also had a strong 2016, with US$486
billion in deal volume.
The Telecommunications, Healthcare, Consumer Staples, and Consumer Products and Services
sectors fell over 40% in 2016 relative to 2015. On the other hand, the Materials, Energy & Power, and
Media/Entertainment sectors all experienced modest growth in deal volume in 2016 relative to 2015.
Cross-border deals accounted for nearly 75% of global M&A volume in the Consumer Staples sector
and 59% of global M&A volume in the Materials sector. The other sectors were relatively consistent,
with cross-border deals comprising 28% to 38% of the global deal volume in those sectors.

M&A Volume by Sector


700

600

500
US$ billions

400

300

200

100

0
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Global M&A* Cross-Border M&A

*Includes both domestic and cross-border transactions.

XBMA 12 Source: Thomson


Trends in Global M&A by Sector:
Last Four Quarters

Q4 was a strong finish to 2016, with all sectors other than High Technology and Consumer Products
witnessing an increase relative to Q3. The Energy & Power, Consumer Staples, and Media/Entertainment
sectors saw a particularly sharp uptick in total M&A volume in Q4 relative to the prior three quarters.
Cross-border activity increased in Q4 in all sectors, except Energy & Power, High Technology, Consumer
Products, and Retail. The Consumer Staples sector was the strongest cross-border performer in Q4,
exceeding US$80 billion, an increase of 350% relative to Q3. Cross-border deals accounted for greater
than 50% of Q4 deal volume in each of the Consumer Staples and Materials sectors.

Domestic and Cross-Border M&A


280
240
US$ billions

200
160
120
80
40
0

Q1 2016 Q2 2016 Q3 2016 Q4 2016

Cross-Border M&A
200

160
US$ billions

120

80

40

Q1 2016 Q2 2016 Q3 2016 Q4 2016

XBMA 13 Source: Thomson


Top 10 Global Deals
Announced in 2016 and Q4

Top Q4 Deals Top 2016 Deals

Target Value of Deal Target Value of Deal


Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

Motion
Picture Motion Picture
AT&T Inc Time Warner Inc AT&T Inc Time Warner Inc
Production 107,500 Production and 107,500
(United States) (United States) (United States) (United States)
and Distribution
Distribution

Sunoco Logistics Energy Transfer Electric, Gas Monsanto


Bayer AG
Partners LP Partners LP and Water 51,425 Company Agrochemicals 66,000
(Germany)
(United States) (United States) Distribution (United States)

NXP
Electronic and Sunoco Logistics Energy Transfer Electric, Gas
Qualcomm Inc Semiconductors
Electrical 45,895 Partners LP Partners LP and Water 51,425
(United States) NV
Equipment (United States) (United States) Distribution
(Netherlands)

Chemicals and China National


Praxair Inc Linde AG Syngenta AG Chemicals and
Allied 42,698 Chemical Corp 46,597
(United States) (Germany) (Switzerland) Allied Products
Products (China)

Level 3 NXP
Electronic and
CenturyLink Inc Communications Qualcomm Inc Semiconductors
Telecom 34,441 Electrical 45,895
(United States) Inc (United States) NV
Equipment
(United States) (Netherlands)

Spectra Energy Electric, Gas


GE Baker Hughes Inc Enbridge Inc
Machinery 31,680 Corp and Water 43,145
(United States) (United States) (Canada)
(United States) Distribution

Radio and
21st Century Fox
Sky plc Television Praxair Inc Linde AG Chemicals and
Inc 22,874 42,698
(United Kingdom) Broadcasting (United States) (Germany) Allied Products
(United States)
Stations

Level 3
Oil and Gas;
Rosneftegaz Essar Oil Ltd CenturyLink Inc Communications
Petroleum 12,907 Telecom 34,441
(Russian Fed) (India) (United States) Inc
Refining
(United States)

Electric, Gas
Investor Group Ausgrid Pty Ltd GE Baker Hughes Inc
and Water 12,499 Machinery 31,680
(Australia) (Australia) (United States) (United States)
Distribution

Glencore
PLC/Qatar Neftianaia SoftBank Group ARM Holdings Electronic and
Oil and Gas;
Investment Kompaniia Corp PLC Electrical 30,751
Petroleum 10,776
Authority Rosneft (Japan) (United Kingdom) Equipment
Refining
(Switzerland and (Russian Fed)
Qatar)

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

XBMA 14 Source: Thomson


Top 10 Deals from Developed into
Emerging Economies* Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer** Target** Acquirer** Target**
Industry (US$mil) Industry (US$mil)

Glencore Glencore
PLC/Qatar PLC/Qatar
Neftianaia Oil and Gas; Neftianaia Oil and Gas;
Investment Investment
Kompaniia Rosneft Petroleum 10,776 Kompaniia Rosneft Petroleum 10,776
Authority Authority
(Russian Fed) Refining (Russian Fed) Refining
(Switzerland and (Switzerland and
Qatar) Qatar)

Investor Group
Grupa Allegro Sp Nova Transportadora Electric, Gas,
Cinven/Mid Business Investor Group
zoo 3,253 do Sudeste and Water 5,190
Europa/Permira Services (Canada)
(Poland) (Brazil) Distribution
(United Kingdom)

Coca-Cola Food and Grupa Allegro Sp


Coca-Cola Co Grupa Allegro Sp zoo Business
Beverages Africa Kindred 3,150 zoo SPV 3,253
(United States) (Poland) Services
(South Africa) Products (United Kingdom)

Glory Fund
The Mosaic Co Vale Fertilizantes Chemicals Greenland Holdings
Management Hotels and
(United States) SA and Allied 2,760 Corp Ltd Assets 3,227
Group Co Ltd Casinos
(Brazil) Products (China)
(Singapore)

Petrobras Oil and Gas; Coca-Cola Beverages Food and


Total SA Coca-Cola Co
Certain Assets Petroleum 2,200 Africa Kindred 3,150
(France) (United States)
(Brazil) Refining (South Africa) Products

Reliance Infratel
Brookfield
Ltd Telecommu- The Mosaic Co Vale Fertilizantes SA Chemicals and
Infrastructure Telecom 1,647 2,760
nications (United States) (Brazil) Allied Products
(Canada)
(India)

Real Estate;
Brookfield Asset Hiranandani PetrobrasTata Chem Oil and Gas;
Mortgage Statoil ASA
Mgmt Inc Developers Pvt Ltd 1,006 Ltd Block BM-S-8 Petroleum 2,500
Bankers and (Norway)
(Canada) (India) (Brazil) Refining
Brokers

Brookfield Odebrecht Electric, Gas, Petrobras Certain Oil and Gas;


Business Partners Total SA
Ambiental SA and Water 1,004 Assets Petroleum 2,200
(Canada) (France)
(Brazil) Distribution (Brazil) Refining

Stone, Clay,
Magnesita Electric, Gas,
RHI AG Glass, and Investor Group Isagen SA ESP
Refratarios SA 823 and Water 1,978
(Austria) Concrete (Canada) (Turkey)
(Brazil) Distribution
Products

Radio and
Multimedia Polska
Liberty Global plc Television Vinci SA Linea Amarilla SAC Construction
SA 763 1,651
(United Kingdom) Broadcasting (France) (Peru) Firms
(Poland)
Stations

*Developed/Emerging economies are generally defined by IMF classification, available at


http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.
**Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Deals from Developed into Emerging Economies


250

200
US$ billions

Quarter 4
150
Quarter 3
100 Quarter 2
50 Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 15 Source: Thomson


Top 10 Deals from Emerging into Developed
Economies* Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer** Target** Acquirer** Target**
Industry (US$mil) Industry (US$mil)

Bohai Financial
CIT Group Inc Air China National
Investment Syngenta AG
Commercial Air Transportation 10,000 Chemical Corp Chemicals and 46,597
Holdings Co Ltd (Switzerland)
(United States) and Shipping (China) Allied Products
(China)

Hilton Bohai Financial


HNA Tourism CIT Group Inc Air
Worldwide Hotels and Investment
Group Co Ltd 6,496 Commercial Air Transportation 10,000
Holdings Inc Casinos Holdings Co Ltd
(China) (United States) and Shipping
(United States) (China)

Chongqing New Alpha Frontier Tencent Holdings


Prepackaged Supercell Oy Prepackaged
Century Cruise Ltd 5,520 Ltd 8,600
Software (Finland) Software
(China) (Israel) (China)

Elegant Jubilee Global Switch Inmobiliaria Carso


FCC Construction
Ltd Holdings Ltd Telecom 2,965 SA de CV 8,074
(Spain) Firms
(China) (United Kingdom) (Mexico)

China Oceanwide Hilton


Genworth HNA Tourism
Holdings Group Worldwide Hotels and
Financial Inc Insurance 2,705 Group Co Ltd 6,496
Co Holdings Inc Casinos
(United States) (China)
(China) (United States)

Stillwater Tianjin Tianhai


Sibanye Gold Ltd Ingram Micro Inc Wholesale Trade-
Mining Co Mining 2,009 Invest Co Ltd 6,257
(South Africa) (United States) Durable Goods
(United States) (China)

Starwood
China Life Chongqing New Alpha Frontier
Capital Group Hotels and Prepackaged
Insurance Co Ltd 2,000 Century Cruise Ltd 5,520
Services Casinos Software
(China) (China) (Israel)
(United States)

General Electric
Ctrip.com Skyscanner Qingdao Haier Co Electronic and
Business Co Appliance
International Ltd Holdings Ltd 1,739 Ltd Electrical 5,400
Services Business
(China) (United Kingdom) (China) Equipment
(United States)

Charoen Wholesale
Bellisio Parent
Pokphand Foods Trade Investor Group Playtika Ltd Prepackaged
LLC 1,075 4,400
PCL Nondurable (China) (Israel) Software
(United States)
(Thailand) Goods

Adama
Dalian Wanda Dick Clark Motion Picture Hubei Sanonda Co
Agricultural Chemicals and
Group Co Ltd Productions Inc Production and 1,000 Ltd 4,031
Solutions Allied Products
(China) (United States) Distribution (China)
(Israel)

*Developed/Emerging economies are generally 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


250

200
US$ billions

Quarter 4
150
Quarter 3
100
Quarter 2
50 Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 16 Source: Thomson


Top 10 North American*
Deals Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

Motion Picture
Motion Picture
AT&T Inc Time Warner Inc AT&T Inc Time Warner Inc Production
Production and 107,501 107,501
(United States) (United States) (United States) (United States) and
Distribution
Distribution

Sunoco
Energy Transfer Electric, Gas, Chemicals and
Logistics Bayer AG Monsanto Co
Partners LP and Water 51,425 Allied 61,739
Partners LP (Germany) (United States)
(United States) Distribution Products
(United States)

Level 3
Sunoco Logistics Energy Transfer Electric, Gas,
CenturyLink Inc Communications
Telecom 34,441 Partners LP Partners LP and Water 51,425
(United States) Inc
(United States) (United States) Distribution
(United States)

General Electric Spectra Energy Electric, Gas,


Baker Hughes Inc Enbridge Inc
Co Machinery 31,680 Corp and Water 43,145
(United States) (Canada)
(United States) (United States) Distribution

Bohai Financial Level 3


CIT Group Inc Air
Investment CenturyLink Inc Communications
Commercial Air Transportation 10,000 Telecom 34,441
Holdings Co Ltd (United States) Inc
(United States) and Shipping
(China) (United States)

Bass Pro Group General Electric


Cabelas Inc Miscellaneous Baker Hughes Inc
LLC 8,789 Co Machinery 31,680
(United States) Retail Trade (United States)
(United States) (United States)

Samsung Harman Measuring,


Electronic and Abbott St Jude Medical
Electronics Co International Medical, Photo
Electrical 8,788 Laboratories Inc 30,466
Ltd Industries Inc Equipment;
Equipment (United States) (United States)
(South Korea) (United States) Clocks

Rockwell B/E Aerospace


Aerospace and Microsoft Corp LinkedIn Corp Business
Collins Inc Inc 8,638 24,617
Aircraft (United States) (United States) Services
(United States) (United States)

Hilton
Potash Corp of
HNA Group Worldwide Hotels and Agrium Inc Chemicals and
6,497 Saskatchewan 23,900
(China) Holdings Inc Casinos (Canada) Allied Products
(Canada)
(United States)

Blackstone Team Health


Pfizer Inc Medivation Inc
Group LP Holdings Inc Health Services 5,985 Drugs 13,790
(United States) (United States)
(United States) (United States)

*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.

Aggregate Value of North American Deals


2,500

2,000
US$ billions

Quarter 4
1,500
Quarter 3
1,000
Quarter 2
500 Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 17 Source: Thomson


Top 10 Asian-Pacific*
Deals Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

Ausgrid Pty Ltd Electric, Gas, Ausgrid Pty Ltd Electric, Gas,
Investor Group Investor Group
(Ausgrid) and Water 12,500 (Ausgrid) and Water 12,500
(Australia) (Australia)
(Australia) Distribution (Australia) Distribution

Yunnan Baiyao Yunnan Baiyao Baosteel Group Wuhan Iron & Transportation
Holding Co Ltd Group Co Ltd Drugs 5,691 Corp Steel Co Ltd and Shipping 10,373
(China) (China) (China) (China) (Except Air)

Calsonic Kansei Transportation


KKR & Co LP Investor Group Asciano Ltd
Corp Machinery 4,288 and Shipping 9,480
(United States) (Australia) (Australia)
(Japan) (Except Air)

New Huadu Shenzhen Metro


Yunnan Baiyao Transportation
Industrial Group China Vanke Co Ltd Group Co Ltd
Holding Co Ltd Drugs 3,648 and Shipping 9,239
Co (China) Assets
(China) (Except Air)
(China) (China)

Shanghai Real Estate;


China Enterprise Dalian Dayang YTO Express Co
Zhongxing Mortgage Computer and
Co Ltd 2,598 Trands Co Ltd Ltd 8,781
(Group) Co Bankers and Office Equipment
(China) (China) (China)
(China) Brokers

China
China Investment & Port of
Investment Transportation
International Commodity Investor Group Melbourne
Securities Co 2,515 and Shipping 7,252
Capital Corp Ltd Firms, Dealers, (Australia) Concession
Ltd (Except Air)
(China) Exchanges (Australia)
(China)

Ultimate Measuring,
Shougang Corp Toshiba Medical
Century Metal and Metal Canon Inc Medical, Photo
2,456 Systems Corp 5,902
(China) Investments Ltd Products (Japan) Equipment;
(Japan)
(China) Clocks

Shandong Iron & Shandong Iron


Yunnan Baiyao Yunnan Baiyao
Steel Group Co & Steel Co Metal and Metal
2.313 Holding Co Ltd Group Co Ltd Drugs 5,691
Ltd Assets Products
(China) (China)
(China) (China)

China Minsheng Real Estate;


Yida China China Electronics GreatWall Info
Investment Co Mortgage Computer and
Holdings Ltd 2,267 Corp Industry Co Ltd 4,901
Ltd Bankers and Office Equipment
(China) (China) (China)
(China) Brokers

Mapleleaf Real Estate; Liaoning


Mapleleaf CRED Holding Co
Developments Mortgage Zhongwang Metal and Metal
Century Ltd 2,257 Ltd 4,656
Ltd Bankers and Group Co Ltd Products
(Hong Kong) (China)
(China) Brokers (China)

*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Asian-Pacific Deals


1,400
1,200
US$ billions

1,000 Quarter 4
800 Quarter 3
600
Quarter 2
400
200 Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 18 Source: Thomson


Top 10 European*
Deals Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

NXP
Electronic and China National
Qualcomm Inc Semiconductors Syngenta AG Chemicals and
Electrical 45,895 Chemical Corp 46,597
(United States) NV (Switzerland) Allied Products
Equipment (China)
(Netherlands)

NXP
Electronic and
Praxair Inc Linde AG Chemicals and Qualcomm Inc Semiconductors
42,698 Electrical 45,895
(United States) (Germany) Allied Products (United States) NV
Equipment
(Netherlands)

Radio and
21st Century Fox
Sky plc Television Praxair Inc Linde AG Chemicals and
Inc 22,874 42,698
(United Kingdom) Broadcasting (United States) (Germany) Allied Products
(United States)
Stations

Neftianaia
Oil and Gas; Johnson Controls Tyco Consumer
Kompaniia NK Rosneft
Petroleum 10,776 Inc International PLC Products and 27,701
Rosneft (Russian Fed)
Refining (United States) (Ireland) Services
(Switzerland)

Radio and
Asahi Group Plzensky Food and 21st Century Fox
Sky plc Television
Holdings Ltd Prazdroj As Kindred 7,774 Inc 22,874
(United Kingdom) Broadcasting
(Japan) (Czech Republic) Products (United States)
Stations

Credit Agricole Commercial


Oil and Gas; SACAM
Rosneftegaz ANK Bashneft Shares in 39 Banks, Bank
Petroleum 5,304 Mutualisation 20,060
(Russian Fed) (Russian Fed) Regional Banks Holding
Refining (France)
(France) Companies

Allied World London Stock Investment &


Fairfax Financial Deutsche Boerse
Assurance Co Exchange Group Commodity
Holdings Ltd Insurance 4,926 AG 13,898
Holdings AG PLC Firms, Dealers,
(Canada) (Germany)
(Switzerland) (United Kingdom) Exchanges

National Grid Sanofi SA


Electric, Gas, CH Boehringer
Investor Group Gas Distribution Animal Health
and Water 4,546 Sohn AG & Co KG Drugs 12,581
(Australia) Ltd Business
Distribution (Germany)
(United Kingdom) (France)

Neftianaia
Intrum Justitia Lindorff Group Oil and Gas;
Business Kompaniia NK Rosneft
AB AB 4,446 Petroleum 10,776
Services Rosneft (Russian Fed)
(Sweden) (Norway) Refining
(Switzerland)

Investment &
Rockcastle New Europe Mylan NV Meda AB
Commodity Drugs 9,917
Global RE Co Ltd Property 4,291 (United States) (Sweden)
Firms, Dealers,
(Mauritius) (Isle of Man)
Exchanges

*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.

Aggregate Value of European Deals


2,000

1,500
US$ billions

Quarter 4

1,000 Quarter 3
Quarter 2
500
Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 19 Source: Thomson


Top 10 Inbound Chinese
Deals Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

Glory Fund
Greenland Holding
MBK Partners Management
Wharf T&T Ltd Corp Limited Hotel and
Ltd Telecom 1,225 Group Co 3,227
(Hong Kong) Assets Casinos
(South Korea) Limited
(China)
(Singapore)

Investment &
Permira Commodity MBK Partners
Tricor Holdings Ltd Wharf T&T Ltd
Holdings Ltd Firms, 834 Ltd Telecom 1,225
(Hong Kong) (Hong Kong)
(Guernsey) Dealers, (South Korea)
Exchanges

Investment &
ITE Group Shanghai ITE Permira
Business Tricor Holdings Ltd Commodity
PLC Gehua Exhibitions 460 Holdings Ltd 834
Services (Hong Kong) Firms, Dealers,
(United Kingdom) (China) (Guernsey)
Exchanges

Investment &
IGM Financial China Asset Commodity Michael Kors Michael Kors (HK)
Miscellaneous
Inc Management Co Ltd Firms, 345 Holdings Ltd Ltd 500
Retail Trade
(United States) (China) Dealers, (United States) (China)
Exchanges

Retail Trade-
Canada Pension Pavilion Group Shanghai ITE
General ITE Group PLC Business
Plan Investment Property 162 Gehua Exhibitions 460
Merchandise (United Kingdom) Services
(Canada) (China) (China)
and Apparel

United Arab Investment &


Guangdong Electronic and Nextor Holdings
Whirlpool Corp Emirates Commodity
Whirlpool Elecal Electrical 110 Ltd 416
(United States) (United Arab Firms, Dealers,
(China) Equipment (Hong Kong)
Emirates) Exchanges

Investment &
Mapbar Technology IGM Financial China Asset
MediaTek Inc Business Commodity
Ltd 99 Inc Management Co Ltd 345
(Taiwan) Services Firms, Dealers,
(China) (Canada) (China)
Exchanges

Blackgold
Vibrant Group MGM Resorts MGM China
International Hotels and
Ltd Mining 90 International Holdings Ltd 325
Holdings Ltd Casinos
(Singapore) (United States) (China)
(China)

Stone, Clay, Investment &


Cie de Saint- Emix Industry (HK) New Emerald Plantation
Glass, and Commodity
Gobain SA Ltd 70 Plantations Ltd Group Ltd 242
Concrete Firms, Dealers,
(France) (Hong Kong) (Cayman Islands) (Hong Kong)
Products Exchanges

Real Estate;
Macquarie China Ocean
Transportati0n CapitaLand BR Spicy (HK) Ltd Mortgage
Group Ltd Industry Group Ltd 52 233
Equipment (Singapore) (China) Bankers and
(Australia) (Hong Kong)
Brokers

*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Inbound Chinese Deals


50

40
US$ billions

Quarter 4
30
Quarter 3
20
Quarter 2
10 Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 20 Source: Thomson


Top 10 Outbound Chinese
Deals Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

Bohai
Financial China National
CIT Group Inc Air Syngenta AG Chemicals and
Investment Chemical Corp 46,597
Commercial Air Transportation 10,000 (Switzerland) Allied Products
Holdings Co (China)
(United States) and Shipping
Ltd
(China)
Bohai
Financial
CIT Group Inc Air
Hilton Worldwide Investment
HNA Group Hotels and Commercial Air Transportation 10,000
Holdings Inc 6,497 Holdings Co
(China) Casinos (United States) and Shipping
(United States) Ltd
(China)

Elegant Global Switch Tencent


Supercell Oy Prepackaged
Jubilee Ltd Holdings Ltd Telecom 2,965 Holdings Ltd 8,600
(Finland) Software
(China) (United Kingdom) (China)

Tonghai Hainan
Genworth Financial Hilton Worldwide
Holdings Co Province Hotels and
Inc Insurance 2,706 Holdings Inc 6,497
Ltd Cihang Casinos
(United Kingdom) (United States)
(China) (China)

China Life Tianjin Tianhai


Starwood Capital
Insurance Hotels and Investment Co Ingram Micro Inc Wholesale Trade
Group Services 2,000 6,258
(Group) Co Casinos Ltd (United States) Durable Goods
(United States)
(China) (China)

Ctrip.com General Electric Co


Skyscanner Qingdao Haier Electronic and
International Business Appliances
Holdings Ltd 1,739 Co Ltd Electrical 5,400
Ltd Services Business
(United Kingdom) (China) Equipment
(China) (United States)

Aluminum
Simfer SA Investor Group Playtika Ltd Prepackaged
Corp of China Mining 1,300 4,400
(Guinea) (China) (Israel) Software
(China)

Duke Energy Adama


China Three Electric, Gas, Hubei Sanonda
International Brazil Agricultural Chemicals and
Gorges Corp and Water 1,200 Co Ltd 4,031
Holdings Solutions Allied Products
(China) Distribution (China)
(Brazil) (Israel)

Bohai Harvest Zhuhai


TF Holdings Ltd Lexmark
RST Shanghai Hengxin Computer and
(Democratic Republic Mining 1,187 International Inc 3,605
Eq Fengye Tech Office Equipment
of Congo) (United States)
(China) (China)

Beijing
Oil and Gas; Baring Private Thomson Reuters
Entrerprise VChNG Business
Petroleum 1,100 Equity Partners IP & Science 3,550
Group Co Ltd (Russian Fed) Services
Refining (Hong Kong) (United States)
(China)

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

Aggregate Value of Outbound Chinese Deals


250

200
US$ billions

Quarter 4
150
Quarter 3
100
Quarter 2
50 Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 21 Source: Thomson


Top 10 Inbound Indian Deals
Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

Oil and Gas; Oil and Gas;


Rosneftegaz Essar Oil Ltd Rosneftegaz Essar Oil Ltd
Petroleum 12,907 Petroleum 12,907
(Russian Fed) (India) (Russian Fed) (India)
Refining Refining

Brookfield Reliance Infratel Brookfield Reliance Infratel


Infrastructure Ltd Telecom Telecom 1,647 Infrastructure Ltd Telecom Telecom 1,647
(Canada) (India) (Canada) (India)

Brookfield
Real Estate; Shanghai
Asset Hiranandani Gland Pharma
Mortgage Fosun Pharm
Managmeent Developers Pvt Ltd 1,007 Ltd Drugs 1,260
Bankers and (Group) Co
Inc (India) (India)
Brokers (China)
(Canada)
Brookfield
Baxter Hiranandani Real Estate;
Claris Injectables Asset
International Developers Pvt Mortgage
Ltd Drugs 625 Management 1,007
Inc Ltd Bankers and
(India) Inc
(United States) (India) Brokers
(Canada)
Virtuous
Stichting Real Estate;
Retirement Blackstone
Pensioenfonds Mortgage Mphasis Ltd
Services 450 Group LP Business Services 824
ABP Bankers and (India)
Bengaluru (United States)
(Netherlands) Brokers
(India)

Investor Baxter
SBI Life Insurance Claris Injectables
Group International
Co Ltd Insurance 266 Ltd Drugs 625
(United States Inc
(India) (India)
and Singapore) (United States)

TVS Logistics Transportation Siemens Ltd


CDPQ Siemens AG
Services Ltd and Shipping 150 Healthcare Unit Health Services 455
(Canada) (Germany)
(India) (except air) (India)

Virtuous
Fairfax Commercial Stichting Real Estate;
Catholic Syrian Retirement
Financial Banks, Bank Pensioenfonds Mortgage
Bank Ltd 146 Services 450
Holdings Ltd Holding ABP Bankers and
(India) Bengaluru
(Canada) Companies (Netherlands) Brokers
(India)
Tata Chem Ltd
Flight Centre Yara
Travel Tours Pvt Transportation Urea Sale and Wholesale Trade-
Travel Group International
Ltd and Shipping 113 Distribution Nondurable 400
Ltd ASA
(India) (except air) Business Goods
(Australia) (Norway)
(India)

United Radio and


Wipro EcoEnergy Taj Television
Technologies Sony Corp Television
Ltd Business Services 70 (India) Pvt Ltd 385
Corp (Japan) Broadcasting
(India) (India)
(United States) Stations

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

Aggregate Value of Inbound Indian Deals


40

30
US$ billions

Quarter 4

20 Quarter 3
Quarter 2
10
Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 22 Source: Thomson


Top 10 Outbound Indian Deals
Announced in 2016 and Q4
Top Q4 Deals Top 2016 Deals
Target Value of Deal Target Value of Deal
Acquirer* Target* Acquirer* Target*
Industry (US$mil) Industry (US$mil)

Intas
Oil & Natural Oil and Gas;
Pharmaceuticals Actavis UK Ltd Vankorneft
Drugs 767 Gas Corp Ltd Petroleum 930
Ltd (United Kingdom) (Russian Fed)
(India) Refining
(India)

Intas
Wipro Ltd Appirio Inc Prepackaged Pharmaceuticals Actavis UK Ltd
500 Drugs 767
(India) (United States) Software Ltd (United Kingdom)
(India)

Sun
Novartis AGj
Pharmaceutical Wipro Ltd Appirio Inc Prepackaged
Odomzo Drug Drugs 175 500
Inds Ltd (India) (United States) Software
(Switzerland)
(India)

Janssen Wholesale
Piramal HealthPlan
Anesthesia Trade- Wipro Ltd
Enterprises Ltd 175 Holdings Inc Insurance 460
Products(5) Nondurable (India)
(India) (United States)
(Belgium) Goods

HCL Technologies Butler Aerospace Catalyst Paper


Business Investor Group Paper and
Ltd LLC 85 Corp 425
Services (India) Allied Products
(India) (United States) (Canada)

Sun Dr Reddys Teva Pharm


Pharmaceutical Biosintez Laboratories Industries Ltd
Drugs 60 Drugs 350
Inds Ltd (Russian Fed) Ltd Drugs
(India) (India) (Israel)

Sun
Ocular Tech Mahindra
Pharmaceutical Target Group Ltd Prepackaged
Technologies Sarl Drugs 40 Ltd 319
Industries Ltd (United Kingdom) Software
(Switzerland) (India)
(India)

Manali Sun
Chemicals Novartis AG
Petrochemicals Notedome Ltd Pharmaceutical
and Allied 18 Odomzo Drug Drugs 175
Ltd (United Kingdom) Industries Ltd
Products (Switzerland)
(India) (India)

Janssen Wholesale
Walker Forge Metal and Piramal
Bharat Forge Ltd Anesthesia Trade-
Tennessee LLC Metal 14 Enterprises Ltd 175
(India) Products Nondurable
(United States) Products (India)
(Belgium) Goods

Cornerstone Shionogi & Co Ltd


8K Miles Software Lupin Ltd Pharmaceutical
Advisors Group Business Drugs 150
Services Ltd 10 (India) Products
LLC Services
(India) (Japan)
(United States)

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

Aggregate Value of Outbound Indian Deals


40
US$ billions

30
Quarter 4

20 Quarter 3
Quarter 2
10
Quarter 1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All figures are inflation-adjusted to 2016 dollars.

XBMA 23 Source: Thomson

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