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XBMA Quarterly Review

Q2 2015

Raaj Narayan & Francis Stapleton, Editors
The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of
XBMA’s founders, academic partners, advisory board members, or others.

Global M&A Volume: Q2 Snapshot
 Global M&A volume in Q2 was almost US$1.4 trillion, significantly higher than the
average quarterly volumes in recent years and the most active quarter since the financial
crisis. Year to date M&A volume was ~US$2.25 trillion. These USD figures were
recorded despite the strength of the dollar when measuring values for deals stuck in
other currencies.
 Europe had its best quarter in years, accounting for 33% of global M&A activity in Q2
(compared to an average of 26% from 2010-2014). Chinese M&A also continued to
experience strong volumes, accounting for 17% of global M&A activity.
 At its current pace, cross-border M&A activity will account for 34% of global deal volume
in 2015, consistent with recent levels.
 Private equity also had a strong H1 2015, accounting for over 18% of global M&A, the
highest percentage since 2007. Aggregate dollar volume in H1 2015 ($413 billion) was
significantly above H1 2014 (US$277 billion) and H1 2013 (US$163).

Deal Volume by Quarter
4,000

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 –

1

Source: Thomson

Global M&A Volume: 1998–2015
 If deal activity continues at its current pace, global M&A activity in 2015 may approach
US$4.5 trillion, on par with volumes last seen prior to the financial crisis.
 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.
 Strategic acquisitions are driving recent volume, with companies looking to consolidate
market position and boost returns through external growth. The Chinese M&A market
has also contributed significantly to global M&A activity.
 As always, hope is mixed with fear as market participants look to the remainder of the
year and the longer future, with the ultimate impact of disruption in the Chinese stock
market, the continuing Greek crisis, broader Eurozone infirmities, Brazilian stagnation,
and larger geopolitical trends all possible of erupting into truly disruptive events. In the
meantime, CEO and boardroom confidence is high, and market participants expect that
the M&A pipeline will support the present pace for the rest of the year.

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 –

2

Source: Thomson

Cross-Border M&A Volume: 2008–2015
 Cross-border deal activity in Q2 reached US$380 billion, a 42% increase over Q1 and on
pace for the highest dollar volume in the last 8 years. Cross-border deal activity as a
percentage of overall deal volume, however, remained consistent with recent levels.
 In addition to the strengthening U.S. dollar, the growth of cross-border M&A in Q2 was
likely fueled by the resurgence of European M&A. Cross-border deals involving a
European participant accounted for three of the top 10 deals in Q2, including the largest
deal of the quarter, Royal Dutch Shell’s acquisition of BG Group.

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 –

3

Source: Thomson

Medium and Large M&A Deals: 2007–2015
 The number of large deals in excess of US$500 million is on track to reach its highest level
since 2007. Cross-border transactions are on pace to account for 36% of these larger
deals, consistent with the overall share of cross-border M&A as a percentage of global
M&A volume.
 The 10 largest deals in Q2 accounted for US$300 billion in deal volume, US$75 billion
more than the 10 largest deals in Q1. Each of the top five deals in Q2 exceeded US$15
billion in value.
 U.S. domestic activity accounted for six of the top 10 deals of the quarter, while European
deals claimed three of the top 10 spots (compared to only one top 10 deal involving a
European participant in Q1).

Number of Deals > US$500 million
1500

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 –

4

Source: Thomson

M&A Volume by Target Region
 U.S. deal activity accounted for 21% of deal volume in Q2, down from 50% in Q1 and
significantly below its recent historical average of 40%.
 European and Chinese M&A activity was particularly strong in Q2, with both regions
accounting for a significantly higher share of global M&A compared to their historical
averages.
 Mexico, India, and South America each accounted for less than 50% of their historical
shares of global M&A activity in Q2.
 The aggregate volumes of the United States, Europe, and China accounted for 71% of
total global volume in Q2, realigning with historical averages after a Q1 share of more
than 90%.
Q2 2015

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%

United States, 39.61%

Central Asia, 5.04%
China, 9.39%

Europe, 26.4%
Represents share of global M&A volume based on target’s headquarters. All figures are inflation-adjusted to 2015
dollars.

– XBMA –

5

Source: Thomson

GDP and M&A
Volume by Target’s Region: Q2 2015
 For the first time in years, the United States accounted for a smaller percentage of global
M&A than world GDP or government debt as a percentage of GDP. Only China and
Europe claimed a greater relative share of global M&A activity than government debt as a
percentage of GDP.
 In addition to Europe and China, Central Asia, Canada, and Australia/NZ each
contributed a greater share of global M&A activity than world GDP.
 Chinese government debt as a percentage of GDP almost tripled from Q1, yet China
continued to account for a similar percentage of world GDP and global M&A activity.
GDP, M&A, and Debt by Region
250%

50%

200%

40%
150%
30%
100%
20%
50%

10%

Government Debt as % of GDP

% of 2015 World GDP
% of 2015 Global M&A

60%

0%

0%

Region

2015 GDP
(US$ trillions)

2015 Per Capita
GDP (US$)

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

2015 GDP figures are IMF estimates.

– XBMA –

6

Source: Thomson, IMF

Trends in M&A Volume by
Target Region: 2011–2015
 Global deal activity in Q2 skyrocketed to US$1.4 trillion, a 64% increase over Q1.
 North American deal volume (US$657 billion) easily cleared its recent high of $460
billion from Q3 2014.
 Despite events in Greece during Q2, European M&A volume (US$338 billion) rebounded
to almost double its Q1 volume, falling just short of M&A volume in the Asia-Pacific (exJapan) region (US$351 billion).
 Japanese M&A activity accounted or just 1% of overall global M&A activity.

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

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

7

Source: Thomson

M&A in BRIC Countries: 2011–2015
 China continued a steep decline in inbound M&A, while domestic activity soared to
almost US$200 billion in Q2. During the same period, the rest of the BRIC countries
combined to contribute approximately US$6 billion on total domestic volume.
 Inbound deal activity into India totaled US$4.7 billion in Q2, its highest level since Q1
2013.
 Following strong Q1 performances, inbound activity into both Brazil and Russia declined
in Q2, with Brazilian inbound activity down 45% and Russian inbound activity down
30%.
2011 – 2015 Inbound M&A to BRIC Countries
25

US$ billions

20
Brazil

15

Russia

10

India

5

China

0
2011

2012

2013

2014

2015

2011 – 2015 Domestic M&A in BRIC Countries
250

US$ billions

200
Brazil

150

Russia
India

100

China

50
0
2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

8

Source: Thomson

Distressed Deals: 1988–2014
 Distressed deal activity in 2015 is on track for an annualized volume of approximately
US$26 billion. If distressed deal activity continues at its current pace, it would represent
an 18% increase over 2014 levels, but would still account for the second lowest annual
distressed deal volume since 2008.

150

Volume of Distressed Deals

125

US$ billions

100

75

50

25

0

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 Moody’s 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 –

9

Source: Thomson

Global M&A by Sector: Last 12 Months
 The Energy & Power sector produced US$747 billion of global M&A volume over the past
four quarters, including US$204 billion in cross-border deal activity, despite the collapse
of the price of oil.
 The Healthcare sector followed with US$518 billion of global M&A volume, followed by
the Real Estate sector (US$434 billion) and High Technology sector (US$394 billion).
 Over the past 12 months, the Energy & Power, Healthcare, Real Estate, Materials, and
Financials sectors each produced more than US$140 billion in cross-border deal volume.
Cross-border transactions accounted for 49% of deal volume in the Materials sector and
over 40% of deal volume in each of the Financials and Industrials sectors.

800

M&A Volume by Sector

700
Global M&A*

US$ billions

600

Cross-Border M&A

500
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 Energy & Power, Healthcare, and High Technology sectors turned in the strongest
M&A performance in Q2, each producing more than US$160 billion in total deal volume.
M&A activity in the Media & Entertainment sector also turned in a strong performance
relative to prior quarters.
 The Energy & Power and Healthcare sectors outperformed with respect to cross-border
M&A activity, with cross-border activity in both sectors exceeding US$90 billion.
 Cross-border M&A reached highs in Q2 (relative to the trailing three quarters) in a
majority of sectors.

320

Domestic and Cross-Border M&A

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

Top 10 Global Deals
Announced in Q2 2015
Acquirer*
Royal Dutch Shell
PLC
(Netherlands)

Charter
Communications Inc
(United States)

Avago Technologies
Ltd
(United States)

SK C&C Co Ltd
(South Korea)

BG Group PLC
(United Kingdom)

Time Warner Cable Inc
(United States)

Broadcom Corp
(United States)

SK Holdings Co Ltd
(South Korea)

Intel Corp

Altera Corp

The Williams Cos Inc

Williams Partners LP

Nokia Oyj

Alcatel Lucent SA

Danaher Corp

Pall Corp

CVS Health 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

Oil and Gas;
Petroleum
Refining

81,009

8 Apr 2015

Radio and
Television
Broadcasting
Stations

78,377

26 May 2015

Electronic and
Electrical
Equipment

36,491

28 May 2015

Oil and Gas;
Petroleum
Refining

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

Retail TradeFood Stores

11,657

12 May 2015

Target
Industry

Target*

(United States)

(United States)

(France)

(United States)

(United States)

(Belgium)

*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 Q2 2015
Acquirer**

Target
Industry
Stone, Clay,
Glass, and
Concrete
Products
Electric, Gas,
and Water
Distribution

Target**

Owens-Illinois Inc

Partner in Pet Food Kft

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)

Jiangsu Future Land Co
Ltd

Wai Chun Investment
Fund

Shriram City Union
Finance Ltd

Rubber and
Miscellaneous
Plastic Products

510

12 May 2015

Pamplona Capital
Management

Qunar Cayman Islands
Ltd

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

Akoko Gold Project

283

28 May 2015

(Costa Rica)

(United States)

(Croatia)

(Turkey)

(Germany)

(Germany)

(Turkey)

(Brazil)

(Hong Kong)

(United Arab Emirates)

(United Kingdom)

(Hungary)

(China)

(Singapore)

Mining

(Ghana)

(United Kingdom)

*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

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

13

Source: Thomson

Top 10 Deals from Emerging into Developed
Economies* Announced in Q2 2015
Acquirer**

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

Moy Park Holdings
(Europe) Ltd

Investment &
Commodity
Firms, Dealers

1,512

22 Jun 2015

Kingdom of Saudi
Arabia

Posco Engineering

Investment &
Commodity
Firms, Dealers

1,110

2 Jun 2015

Qingdao Haier Co Ltd

Haier Singapore Invest
Holding

(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)

Tower Property Fund
Ltd

HTP Group Pty Ltd

Fosun International
Holdings Ltd

Phoenix Holdings Ltd

Dubai World

(United Arab Emirates)

Maher Terminals of
Canada Corp

Oceana Group Ltd

Daybrook Fisheries Inc

Dalian Wanda Group
Corp Ltd

HG Holdco Pty Ltd

YTL Corp Bhd

Myer Centre Adelaide

(Australia)

(South Africa)

(Israel)

(China)

(Canada)

(South Africa)

(United States)

(Australia)

(China)

(Singapore)

Real Estate;
Mortgage
Bankers and
Brokers

(Australia)

*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

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

14

Source: Thomson

Top 10 North American
Deals Announced in Q2 2015
Acquirer*

Target*

Charter
Communications Inc

Time Warner Cable Inc

Avago Technologies
Ltd

Broadcom Corp

Intel Corp

Altera Corp

The Williams Cos Inc

Williams Partners LP

Danaher Corp

Pall Corp

CVS Health Corp

Omnicare Inc

Canada Pension Plan
Investment

GE Antares Capital

Endo International
PLC

Par Pharmaceutical
Holdings

Willis Group
Holdings PLC

Towers Watson & Co

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)

*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

All figures are inflation-adjusted to 2015 dollars.

– 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

Cheil Industries Inc

Samsung C&T Corp

Business
Services

11,239

26 May 2015

Investor Group

Business
Services

10,306

17 Jun 2015

(China)

Qihoo 360 Technology
Co Ltd

Jiangsu Hongda New
Material Co

Focus Media Tech
Shanghai Co

Prepackaged
Software

8,779

3 Jun 2015

Xi'an Minsheng
Group Co Ltd

Hainan Gongxiao Daji
Holding Co

Retail TradeFood Stores

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

Zhejiang Transfar Road
– Port

Transportation
and Shipping
(except air)

3,336

12 Jun 2015

Investor Group

Unisplendour Corp Ltd

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)

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

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

All figures are inflation-adjusted to 2015 dollars.

– 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

Retail TradeFood Stores

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*

Royal Dutch Shell
PLC

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

Telecity Group PLC

XPO Logistics 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)

CVC Capital Partners
Ltd

Douglas Holding AG
(Germany)

(United Kingdom)

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

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

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

17

Source: Thomson

Top 10 Inbound Chinese Deals
Announced in Q2 2015
Acquirer*

Target
Industry
Electric, Gas,
and Water
Distribution

Target*

Qatar Investment
Authority

HK Electric
Investments Ltd

Investor Group

Qunar Cayman Islands
Ltd

(Qatar)

(Hong Kong)

(United States)

(China)

Mapletree Greater
China

Glamour II Ltd

Singapore

Sandhill Plaza

Loyz Energy Ltd

Primeline Energy
Holdings Inc

(China)

(Singapore)

(Singapore)

(China)

(Singapore)

(China)

Honiton Energy – Wind
Power Assets

SunEdison Inc

(United States)

(China)

(Japan)

Zhuhai Qinfa Port Co
Ltd

Rakuten Inc

FXCM Asia Ltd

Talent Crown
Investment Ltd

Zhengzhou Jiacong
Property Services Co
Ltd

Konica Minolta Inc

(China)

(Japan)

(Hong Kong)

(British Virgin Islands)

(China)

Radioshack Global
Sourcing (Hong Kong)
Ltd

General Wireless Inc
(United States)

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)

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

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

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

18

Source: Thomson

Top 10 Outbound Chinese
Deals Announced in Q2 2015
Acquirer*

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

Qingdao Haier Co Ltd

Haier Singapore Invest
Holding

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)

Wai Chun Investment
Fund

Undisclosed RE
Development Co

Affinity Equity
Partners (HK)

Nine Ent Co Holding
Ltd Nine Live

Fosun International
Holding Ltd

Phoenix Holdings Ltd

Dalian Wanda Group
Corp Ltd

HG Holdco Pty Ltd

(China)

(Australia)

Zijin Mining Group Co
Ltd

Barrick (Niugini) Ltd

(China)

(Papua New Guinea)

Wai Chun Investment
Fund

Undisclosed RE Invest
Co

(Hong Kong)

(United Arab Emirates)

(Hong Kong)

(Australia)

(Israel)

(China)

(Hong Kong)

(United Arab Emirates)

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

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

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

19

Source: Thomson

Top 10 Inbound Indian Deals
Announced in Q2 2015
Acquirer*

Target*
Canaan Partners –
Domestic

JPMorgan Chase & Co
(United States)

(India)

(United States)

IL&FS Milestone Fund
– 247 Pk

Undisclosed Acquiror

Simran Wind –Wind
Power Assets

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

3

29 Apr 2015

(India)

Frutarom Industries
Ltd

Sonarome Pvt Ltd

Eurazeo SA

Stericat Gutstrings Pvt
Ltd

(India)

(Israel)

(France)

Date
Announced
28 Apr 2015

156

Fersa Energias
Renovables SA

SunEdison Inc

Value of Deal
(US$mil)
200

(India)

Astro Holdings Sdn
Bhd

Accelity Bestatlowest
Online

Hinduja Group

MphasiS Ltd – Business
Process Management
Services

(Malaysia)

(India)

(United Kingdom)

Retail TradeGeneral
Merchandise
and Apparel
Business
Services

(India)

Payfront Technologies
Pte Ltd

Everstone Capital Asia
Pte Ltd
(Singapore)

(India)

Bain Capital LLC

Kushalchand Sons

(United States)

(India)

Business
Services

N/A

1 Apr 2015

Wholesale
TradeNondurable
Goods

N/A

2 Apr 2015

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

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

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

20

Source: Thomson

Top 10 Outbound Indian Deals
Announced in Q2 2015
Acquirer*

Target
Industry
Drugs

Target*
Aspen Asia Pac –
Generic
Pharmaceuticals

Strides Arcolab Ltd

(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

Holiday Club Resorts
Oy

Hotels and
Casinos

32

9 Jun 2015

Cipla Ltd

Quality Chemicals Ltd

Chemicals and
Allied Products

30

21 May 2015

Sarovar Hotels &
Resorts

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

IBIZCS Group Pte Ltd

Mining

6

1 May 2015

Kanoria Chemicals &
Industries Ltd

CoSyst Control Systems
GmbH

Business
Services

1

1 Apr 2015

Cipla Ltd

Duomed Produtos
Farmaceuticos

0.4

9 Apr 2015

Infosys Ltd

Kallidus Inc

Titagarh Wagons Ltd
(India)

Undisclosed Railway
Wagons

Mahindra & Mahindra
Ltd

(India)

(United States)

(France)

(India)

(Finland)

(India)

(Uganda)

(Kenya)

(India)

(United States)

(India)

(Singapore)

(India)

(India)

(Germany)

(India)

Rubber and
Miscellaneous
Plastic Products

(Brazil)

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

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

All figures are inflation-adjusted to 2015 dollars.

– XBMA –

21

Source: Thomson