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Global M&A Review 2017Zephyr Quarterly M&A ReportGlobal, Q3 2015You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 1 Bureau van DijkThe following report details mergers and acquisitions activity in 2017 using data from the Zephyr database. It focuses on deal activity by target company.Click here to access the raw data in an Excel spreadsheet.Section 1: Global Deals Page 1Section 2: Western Europe Page 18Section 3: North America Page 29Section 4: Asia/Asia Pacific Page 39Section 5: MENA Page 52Section 5: Russia/CEE Page 63Global M&A activity declines year-on-year in 2017The volume and value of global mergers and acquisitions (M&A) declined in 2017. In all, there were 96,082 deals worth a combined USD 4,740,969 million announced over the course of the 12 months. In terms of volume, this represented an 8 per cent drop on the 104,559 deals announced in 2016, while value slipped 3 per cent from USD 4,892,779 million over the same timeframe.The result is particularly disappointing as it represented the second consecutive annual decline in both volume and value (2015: 109,615 deals worth USD 5,871,017 million). However, the result represents an improvement on 2012 and 2013.Despite the disappointing showing, several world regions actually attracted more value in 2017 than in 2016. Examples include Western Europe, where value climbed 6 per cent from USD 1,213,785 million to USD 1,281,917 million over the 12 months, as well as the Far East and Central Asia (USD 1,250,128 million to USD 1,275,161 million).Global deals by volume and valueAnnounced date No of dealsTotal deal value (mil USD)2017 96,082 4,740,9692016 104,559 4,892,7792015 109,615 5,871,0172014 102,746 4,811,9102013 92,741 3,698,8612012 85,325 3,329,556The most comprehensive deal databaseThe worlds most powerful comparable data resource on private companiesCombining deal and company dataWelcome to the business of certainty. We capture and treat private company and M&A information for better decision making and increased efficiency.Bureau van Dijk is a Moodys Analytics companyYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 2 Bureau van DijkGlobal deals by volume and value020,00040,00060,00080,000100,000120,00001,000,0002,000,0003,000,0004,000,0005,000,0006,000,0007,000,0002012 2013 2014 2015 2016 2017Dealvalue(milUSD)Total deal value (mil USD) Number of dealsYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 3 Bureau van DijkPE/VC value bucks trend, hitting record highDespite the decline in global M&A volume and value in 2017, a more positive trend was recorded in terms of private equity and venture capital (PE and VC) investment. Although volume was still down year-on-year, value actually hit its highest level in ten years. In all, there were 23,103 deals worth a combined USD 752,791 million announced during 2017, compared to the USD 588,028 million invested across 23,947 deals in 2016.The last time annual PE/VC value surpassed this level was in 2007, prior to the onset of the global financial crisis, when deals worth USD 920,865 million were announced. Value was undoubtedly boosted by several high value deals. The largest of all featured a US target as an investment consortium led by Energy Capital Partners agreed to acquire Texan gas-fired power plant operator Calpine for USD 20,474 million, via an acquisition vehicle known as Volt Parent. This deal, which was announced in August, accounted for 3 per cent of total PE/VC value for the year under review. It was followed by a USD 17,714 million acquisition of Japanese semiconductor maker Toshiba Memory by Pangea, which received support from Dell Technologies Capital and Bain Capital Private Equity.US tops rankings in 2017Once again, the US attracted the most investment in 2017, and also topped the country rankings by volume. Companies based in the country were targeted in 20,897 deals worth a combined USD 1,455,399 million. Its nearest rival on both fronts was China, which placed second with 13,679 deals worth USD 720,892 million. The UK was third, with 5,832 deals totalling USD 285,419 million.The USs position at the head of the country rankings is unsurprising given that it featured in nine of the years top 20 deals by value, including all of the top three. The largest of all featured an insurance player as CVS Health agreed to pick up Aetna for USD 77,000 million. This was followed by the Walt Disney Companys USD 66,100 million takeover of Twenty-First Century Fox, which was announced in December, while third place was taken by British American Tobaccos USD 49,400 million acquisition of Reynolds American.The largest deal with a non-US target involved Germany-based Linde, which Praxair agreed to acquire for USD 37,861 million in June. The buyer intends to carry out the deal via a newly-formed entity known as Linde plc. Germany actually placed fourth on the country rankings by value in 2017 (USD 175,240 million), of which 22 per cent is attributable to the Linde deal.Machinery, equipment, furniture and recycling is top sector by volume and value in 2017The machinery, equipment, furniture and recycling sector topped the industry rankings in terms of both volume and value in 2017. In all, the sector featured in 9,959 deals worth a combined USD 568,957 million in 2017. Value was boosted by the years fifth-largest deal overall: a USD 30,000 million acquisition of Rockwell Collins by United Technologies. In addition, the USD 24,000 million takeover of CR Bard by Becton Dickinson and Company had a significant impact on the result.The chemicals, rubber and plastics industry placed second by value, having been targeted in deals worth a combined USD 388,990 million, placing it ahead of banks and the primary sector, which attracted dealmaking of USD 311,973 million and USD 297,952 million, respectively.You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 4 Bureau van DijkTop 20 global deals by valueDeal value (mil USD)Deal type TargetTarget countryAcquirorAcquiror countryAnnounced date1. 77,000 Acquisition 100% Aetna Inc. US CVS Health Corporation US 03/12/20172. 66,100 Acquisition 100% Twenty-First Century Fox Inc. US The Walt Disney Company US 14/12/20173. 49,400 Acquisition increased 42% to 100% Reynolds American Inc. US British American Tobacco plc GB 17/01/20174. 37,861 Acquisition 100% Linde AG DE Praxair Inc., via Linde plc IE 01/06/20175. 30,000 Acquisition 100% Rockwell Collins Inc. US United Technologies Corporation US 04/09/20176. 30,000 Acquisition 100% acting in concert Actelion Ltd CH Janssen Holding GmbH CH 26/01/20177. 24,700 Acquisition increased 5% to 100% Westfield Corporation AU Unibail-Rodamco SE FR 12/12/20178. 24,000 Acquisition 100% CR Bard Inc. US Becton Dickinson and Company US 23/04/20179. 23,144 Minority stake 36% Reliance Industries Ltd IN Devarshi Commercials LLP; Karuna Commercials LLP; Tattvam Enterprises LLP; Srichakra Commercials LLP; Svar Enterprises LLP; Vasuprada Enterprises LLP; Shreeji Comtrade LLP; Shrikrishna Tradecom LLPIN; IN; IN; IN; IN; IN; IN; IN02/03/201710. 21,864 Acquisition 100% Abertis Infraestructuras SA ES Hochtief AG DE 18/10/201711. 20,474 IBO 100% Calpine Corporation US Energy Capital Partners LLC, Access Industries Inc., Canada Pension Plan Investment Board, via Volt Parent LPUS 18/08/201712. 19,084 Capital Increase 94% Orange Egypt for Telecommunications SAE EG 06/12/201713. 18,800 Acquisition 60% Energy Future Holdings Corporation US Sempra Energy US 21/08/201714. 17,900 Acquisition 100% Mead Johnson Nutrition Company US Reckitt Benckiser Group plc GB 10/02/201715. 17,854 Acquisition 100% Abertis Infraestructuras SA ES Atlantia SpA IT 15/05/201716. 17,714 Acquisition 100% Toshiba Memory Corporation JP Pangea, KK JP 28/09/201717. 17,200 Acquisition increased 41% to 100% ONEOK Partners LP US Oneok Inc. US 01/02/201718. 15,300 Acquisition 100% Mobileye NV NL Cyclops Holdings LLC US 13/03/201719. 14,983 Acquisition 62% Luxottica Group SpA IT Essilor International SA FR 16/01/201720. 14,699 Acquisition 100% Logicor Europe Ltd GB China Investment Co., Ltd CN 02/06/2017You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 5 Bureau van DijkTarget country by volume - global dealsTarget country 2015 2016 2017US 25,885 23,316 20,897China 12,963 13,280 13,679UK 7,596 6,985 5,832Germany 3,270 4,262 4,253Canada 4,293 4,566 3,999Japan 4,045 3,152 3,670Australia 4,404 3,912 3,580Spain 3,243 3,343 2,827France 3,057 3,228 2,778Poland 2,379 2,737 2,745India 3,526 2,855 2,500South Korea 3,748 3,025 2,262Netherlands 2,025 2,236 2,170Sweden 1,581 2,102 2,157Russia 2,091 2,038 1,822Switzerland 945 1,308 1,316Malaysia 1,297 1,138 1,239Italy 1,386 1,806 1,213Singapore 826 902 993Czech Republic 359 1,669 879Target country by value - global dealsTarget country2015 (mil USD)2016 (mil USD)2017 (mil USD)US 1,881,816 1,738,158 1,455,399China 999,584 751,817 720,892UK 420,285 412,066 285,419Germany 117,007 108,533 175,240Netherlands 168,987 148,344 151,567India 86,017 96,791 148,900Spain 94,089 87,940 142,918France 143,931 135,978 140,786Canada 146,099 126,313 135,235Australia 159,081 112,808 128,392Japan 147,162 104,409 123,728Italy 134,866 75,717 92,290Russia 89,523 79,219 78,866Switzerland 57,550 104,151 77,704Cayman Islands 115,070 79,485 77,629South Korea 108,582 97,598 69,443Singapore 31,148 29,561 55,095Hong Kong 163,857 33,375 40,645Denmark 14,331 9,649 39,884British Virgin Islands 49,506 46,391 37,756You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 6 Bureau van DijkTop five global target countries by deal volume in 2017 Top five global target countries by deal value in 201722%14%6%5%4%49%USChinaUKGermanyCanadaAll other countries31%15%6%4%3%41%USChinaUKGermanyNetherlandsAll other countriesYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 7 Bureau van DijkTop five global target countries by deal volume in 2017 Deal volume between 2012 and 2017Top five global target countries by deal value in 2017 Deal value between 2012 and 201705,00010,00015,00020,00025,00030,0002012 2013 2014 2015 2016 2017NumberofdealsUS China UK Germany Canada0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,0001,800,0002,000,0002012 2013 2014 2015 2016 2017Deal value(mil USD)US China UK Germany NetherlandsYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 8 Bureau van DijkTarget sector by volume - global dealsTarget sector 2015 2016 2017Other services 40,515 37,558 35,300Machinery, equipment, furniture, recycling 13,159 11,796 9,959Wholesale & retail trade 7,010 6,368 6,040Chemicals, rubber, plastics 6,288 5,897 5,076Publishing, printing 6,257 5,788 5,055Metals & metal products 5,553 5,673 4,862Construction 4,373 3,732 3,506Primary sector 3,356 3,280 2,683Food, beverages, tobacco 2,767 2,335 2,132Banks 1,936 2,279 2,023Transport 2,295 2,158 1,878Education, health 1,795 1,716 1,811Gas, water, electricity 2,143 1,914 1,799Insurance companies 1,553 1,387 1,264Hotels & restaurants 1,521 1,448 1,210Post and telecommunications 1,479 1,196 1,132Textiles, wearing apparel, leather 1,162 970 886Wood, cork, paper 736 612 529Public administration and defence 68 91 66Target sector by value - global dealsTarget sector2015 (mil USD)2016 (mil USD)2017 (mil USD)Other services 1,515,036 1,433,317 1,290,726Machinery, equipment, furniture, recycling 730,117 707,022 568,957Chemicals, rubber, plastics 621,827 511,520 388,990Banks 359,272 212,691 311,973Primary sector 327,971 274,998 297,952Construction 328,801 193,701 251,044Gas, water, electricity 227,167 250,557 249,738Wholesale & retail trade 300,933 231,482 231,288Transport 255,149 166,538 195,997Food, beverages, tobacco 173,035 246,318 179,914Insurance companies 177,888 78,151 172,370Post and telecommunications 338,187 114,755 146,553Publishing, printing 150,649 138,054 140,251Metals & metal products 150,822 150,341 116,171Education, health 70,310 42,502 55,171Hotels & restaurants 56,595 69,630 55,100Textiles, wearing apparel, leather 33,941 26,012 43,884Wood, cork, paper 41,298 19,832 25,366Public administration and defence 7,145 1,064 1,548You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 9 Bureau van DijkGlobal private equity deals by volume and valueAnnounced date No of dealsTotal deal value (mil USD)2017 23,103 752,7912016 23,947 588,0282015 26,865 749,9882014 25,587 567,1672013 21,630 487,5012012 19,672 377,061You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 10 Bureau van DijkGlobal private equity deals by volume and value05,00010,00015,00020,00025,00030,0000100,000200,000300,000400,000500,000600,000700,000800,0002012 2013 2014 2015 2016 2017Dealvalue(milUSD)Total deal value (mil USD) Number of dealsYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoGlobal M&A Review 2017GlobalPage 11 Bureau van DijkTop 20 global private equity deals by valueDeal value (mil USD)Deal type TargetTarget countryFund Manager/General PartnerAnnounced date1. 20,474 IBO 100% Calpine Corporation US Energy Capital Partners LLC; Access Industries Inc.; Canada Pension Plan Investment Board 18/08/20172. 17,714 Acquisition 100%
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