1. M&A at a glance Spring 2012
News and views from the Mergers Alliance international partnership
Japan booms in record year
for Asian industrial M&A
New research from Mergers Alliance reveals a significant
rise in M&A in the Industrials market in recent months,
led principally by Japan.
In total, Asia Pacific experienced mature markets like Japan, foreign
a record year in industrial M&A in firms are increasingly acquiring mid-
2011 (industrial in this context market companies with established
includes capital goods, relationships with major domestic
transportation and industrial corporates” said Owen Hultman,
services). Deal volumes saw a jump Executive Vice President of Mergers
of 16% year on year, rising 6.5% Alliance’s Japanese partner IBS.
compared to the previous record
year of 2007. Outbound M&A in the industrials
market also rose considerably
Of the approximately 1,500 deals in Japan in 2011, transaction
across Asia, China was the most numbers nearly doubling year on
active country with 360, a rise of year. “We see this trend continuing
17% on last year. In terms of as Japanese industrials take
“The strong yen has volume growth though, Japan advantage of the strong yen and
benefited many Japanese nearly doubled its number of seek outbound acquisitions to enter
corporates this year and deals, in spite of the impact overseas markets. One of my most
led to a significant rise in of the Fukushima earthquake. recent deals, Taikisha’s acquisition
outbound M&A.” of Italian corporate Geico Spa,
“Industrial M&A in high growth is a good example of this trend”
Owen Hultman countries such as China has been Owen concluded.
Executive Vice President, IBS rising for years. However, we are
now seeing that even in more
Latest Report Out NOW
News and views from the Mergers Alliance international partnership
Our latest Global sector report It also examines the impact that
focuses on consumer goods with multi-channel sales strategies are
a particular emphasis on brands. having on investment activity.
Our analysis shows that transaction Contact Andre Johnston at:
levels in consumer M&A have andrejohnston@mergers-alliance.com
(perhaps surprisingly) been on for more information or go to:
an upward trend since the global
downturn in 2009.
www.mergers-alliance.com
to download the report.

2. News and Events
Paris Mergers Alliance Conference
Between the 13th and 15th of international client base to
April, Mergers Alliance will be discuss acquisition opportunities.
holding its Spring conference Confirmed speakers include senior
in Paris. The event will be executives from industrial gas
giant Air Liquide.
hosted by our French
colleagues Capital Partner. For more information contact
Stas Michael, Mergers Alliance
Mergers Alliance has invited a Business Manager at
number of speakers from its stasmichael@mergers-alliance.com
Latest Deals within the partnership
In the last quarter, the Mergers Alliance partners have been active across a number of sectors.
Headline deals already this year include:
France India USA
Capital Partner advised Groupe Singhi Advisors advised Maharaja Headwaters advised Newport
Gorgé on development capital Whiteline Industries on the sale to on its acquisition of
funding of €115m France-based Groupe SEB Israel-based leading
infra-red optics group Ophir
United Kingdom Spain Japan
Catalyst advised Scottish Norgestion advised Seguriber IBS Yamaichi Securities advised
Friendly Insurance Services on its acquisition of Taikisha Ltd on its acquisition
on its sale to Citibank Global Umano Group of a majority stake in Italy
Transaction Services based Geico Spa

3. Country Focus
Surge in Spanish
cross-border M&A
2011 has been the most active The number of Spanish companies
year for Spanish M&A since the investing overseas meanwhile also
outbreak of the financial crisis grew over the past year. In 2011,
in late 2008, driven largely by an 70 deals were completed, a 23%
rise on the 57 in 2010.
increase in cross-border deals.
Companies like CIE Automotive
The number of Spanish corporates
(auto parts manufacturer), Ebro
bought by foreign companies in
Foods (a world leader in the rice
2011 accounted for 108 deals
sector) and Orona (elevator
(nearly a quarter of all deals
maintenance and installation) have
completed in Spain), an increase
all been highly acquisitive as they
of 24% compared to 2010.
attempt to expand their overseas
“We are seeing increased German, French and American operations to mitigate the effects
interest in Spanish assets companies in particular have taken of challenging domestic conditions.
as managements teams cut advantage of the troubled macro
Domestic deals though have
economic conditions in Spain,
unrealistic price valuations.” remained relatively flat, due partly
acquiring new technologies and
to the difficulty in obtaining bank
Alvaro Quintanilla market share at attractive
Norgestion finance and also due to many
valuations.
corporates preoccupation with
One example of this was the simply survival rather than growth.
takeover of Telvent, a Spanish IT
Looking ahead, Spain’s budget
solutions and business information
reduction policies should help to
provider, which the French blue chip
restore confidence in the economy
Schneider Electric bought in a deal
in the short to medium term. This
worth €1.4 billion.
should boost local M&A activity
In the mid-market, deals include going forward.
German Wincor Nixdorf AG’s
Alvaro Quintanilla
acquisition of financial software
Norgestion
company Dynasty Technology
Group for €50 million and UK based
Logica’s acquisition of software and
consultancy firm Grupo Gesfor for
€32 million.
Download our latest
Industry Insight
Our new research report focuses on the European plastic
packaging industry, drawing on the knowledge and expertise
of the Mergers Alliance Global Industrial Team. The report is
available to download at www.mergers-alliance.com

4. International
corporate finance
Mergers Alliance is a partnership of award winning corporate finance specialists
providing high quality advice to organisations who require international reach
for their M&A strategies.
Over 250 transaction professionals based across Dedicated industry sector teams, with proven
every key economic location around the world track records and experience
42 office locations, covering the Americas, Europe,
Middle East, Africa, Asia and Australasia
Global coverage
Australia Finland Poland
Austria France Russia
Belgium Germany Singapore
Brazil India South Africa
Bulgaria Italy Spain
Canada Japan Sweden
China Luxembourg Switzerland
Colombia Mexico Turkey
Czech Republic Netherlands UK
Denmark Norway USA
Stas Michael Andre Johnston
Contact Us... Business Manager Research Manager
Direct Line: +44 (0) 20 7881 2990 Direct Line: +44 (0) 20 7881 2967
E: stasmichael@mergers-alliance.com E: andrejohnston@mergers-alliance.com
www.mergers-alliance.com