Discover the treasure chest: 72 articles commenting on recent IP Case Law to court decisions in Patent-, Trademark- and Design Law.
A collection of articles from the firm's newsletter, the "BARDEHLE PAGENBERG IP Report" 2013/2014. 323 p., Published 2015. Editors: Dr. Henning Hartwig, Dr. Thomas Gniadek.
Download our free e-book here: http://bitly.com/1Ia71CM
Report #MnAIndexPoland - Mergers and Acquisitions in Poland, Q2 2019FORDATA VDR
The second quarter of 2019 ended with a total of 63 transactions on the Polish M&A market, amounting to over 36% increase compared to the first quarter (46 transactions).
Discover the treasure chest: 72 articles commenting on recent IP Case Law to court decisions in Patent-, Trademark- and Design Law.
A collection of articles from the firm's newsletter, the "BARDEHLE PAGENBERG IP Report" 2013/2014. 323 p., Published 2015. Editors: Dr. Henning Hartwig, Dr. Thomas Gniadek.
Download our free e-book here: http://bitly.com/1Ia71CM
Report #MnAIndexPoland - Mergers and Acquisitions in Poland, Q2 2019FORDATA VDR
The second quarter of 2019 ended with a total of 63 transactions on the Polish M&A market, amounting to over 36% increase compared to the first quarter (46 transactions).
Raport M&A Index Poland - Fuzje i przejęcia w 2016FORDATA VDR
Zapraszamy do zapoznania się z kolejnym wydaniem Raportu M&A Index Poland - podsumowanie roku 2016, opracowanego przez panią Alicję Kukla-Kowalską - eksperta FORDATA wraz z panem Janem Kospin z firmy doradczej Navigator Capital.
Distributed stream processing with Apache Kafkaconfluent
A modern business operates 24/7 and generates data continuously. Shouldn’t we process it continuously too?
A rich ecosystem of real-time data-processing frameworks, tools and systems has been forming around Apache Kafka that allows data to be processed continuously as it occurs. Jay Kreps will introduce Kafka and explain why it has become the de facto standard for streaming data. He will draw on practical experience building stream-processing applications to discuss the difference between architectures and the challenges each presents. Jay will then outline the Kafka Streams API, which offers new stream processing functionality in Kafka, and explain how it helps tame some of the complexity in real-time architectures.
Visit www.confluent.io for more information
Nous nous sommes plongés dans Watson, le programme d'intelligence artificielle cognitive d'IBM, disponible pour tous via une API SaaS.
Cette présentation est un résumé de ce que nous avons appris au travers de 4 cas concrets !
Mergers and Acquisitions in Poland, Q3 2019. In the third quarter of 2019, we observed a much lower volume of mergers and acquisitions than in the corresponding period of previous years. It was made up of only 33 transactions (for comparison: 51 in the third quarter of 2018 and 42 in the third quarter in 2017).
M&A Index Poland Report - summary of 2016FORDATA VDR
We invite you to read the next edition of the M&A Index Poland Report - summary of 2016, prepared by Mrs. Alicja Kukla-Kowalska - FORDATA expert and Mr. Jan Kospin from Navigator Capital.
High attractiveness of Polish companies from the SME sector
Private entrepreneurs still sell the most
PE Funds still searching for interesting assets
Poland as one of the most attractive markets in the CEE region
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consulting
firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
Was it a good year or a bad year for Polish mergers and acquisitions? FORDATA and Navigator Capital provide you with statistics, comments and descriptions of most interesting deals of 2020.
Raport M&A Index Poland - Fuzje i przejęcia w 2016FORDATA VDR
Zapraszamy do zapoznania się z kolejnym wydaniem Raportu M&A Index Poland - podsumowanie roku 2016, opracowanego przez panią Alicję Kukla-Kowalską - eksperta FORDATA wraz z panem Janem Kospin z firmy doradczej Navigator Capital.
Distributed stream processing with Apache Kafkaconfluent
A modern business operates 24/7 and generates data continuously. Shouldn’t we process it continuously too?
A rich ecosystem of real-time data-processing frameworks, tools and systems has been forming around Apache Kafka that allows data to be processed continuously as it occurs. Jay Kreps will introduce Kafka and explain why it has become the de facto standard for streaming data. He will draw on practical experience building stream-processing applications to discuss the difference between architectures and the challenges each presents. Jay will then outline the Kafka Streams API, which offers new stream processing functionality in Kafka, and explain how it helps tame some of the complexity in real-time architectures.
Visit www.confluent.io for more information
Nous nous sommes plongés dans Watson, le programme d'intelligence artificielle cognitive d'IBM, disponible pour tous via une API SaaS.
Cette présentation est un résumé de ce que nous avons appris au travers de 4 cas concrets !
Mergers and Acquisitions in Poland, Q3 2019. In the third quarter of 2019, we observed a much lower volume of mergers and acquisitions than in the corresponding period of previous years. It was made up of only 33 transactions (for comparison: 51 in the third quarter of 2018 and 42 in the third quarter in 2017).
M&A Index Poland Report - summary of 2016FORDATA VDR
We invite you to read the next edition of the M&A Index Poland Report - summary of 2016, prepared by Mrs. Alicja Kukla-Kowalska - FORDATA expert and Mr. Jan Kospin from Navigator Capital.
High attractiveness of Polish companies from the SME sector
Private entrepreneurs still sell the most
PE Funds still searching for interesting assets
Poland as one of the most attractive markets in the CEE region
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consulting
firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
Was it a good year or a bad year for Polish mergers and acquisitions? FORDATA and Navigator Capital provide you with statistics, comments and descriptions of most interesting deals of 2020.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q3 2022FORDATA VDR
In the third quarter of 2022, we noticed a significant decrease in the volume of M&A transactions compared to the second quarter - by approx. 16 pp. However, the second quarter was a record period. 74 transactions recorded in Q3 are therefore still a high result, which in the yoy perspective is approx. 8% higher. The uncertainty caused by the rise in inflation, interest rates and energy commodity prices, as well as the war in Ukraine, did not put the mergers and acquisitions on hold, as was the case at the peak of the pandemic. What was the transaction structure in the analyzed period?
Summary of 2019 on the Polish M&A market - ReportFORDATA VDR
In 2019 (as of December 12), 179 mergers and acquisitions took place. It is 20 less than in the same period last year. The decline is clear, although not surprising in the context of the global economic slowdown. Half of all sellers were made up of private entities (50%), with the largest interest in industrial companies (25 transactions) and the IT/Media/Telcom sector, which maintained its first position in relation to 2018 and still consolidates the most.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q2 2022FORDATA VDR
In the second quarter of 2022, we recorded as many as 89 M&A transactions, which is the highest result for this period in the history of the report: 7 more than in the corresponding quarter of the previous year and 3 more than at the beginning of this year. Therefore, we can already expect a high end-year result, also due to the forecasts of some experts about a possible increase in the distressed assets.
The summary of the record-breaking year 2021 on Polish Mergers & Acquisitions market. Expert commentaries, sector analysis, descriptions of the most interesting deals inside.
Etude PwC M&A dans le secteur des services financiers (2013)PwC France
Sharing Deal Insight fournit des perspectives sur les dernières tendances et les futurs développements dans les services financiers. PwC a analysé les données fournies par mergermarket, Reuters et Dealogic de transactions annoncées et celles en attente de clôture au cours du premier semestre 2013. Les transactions analysées portent sur une part d’acquisition supérieure à 30% - ou sur une part importante donnant le contrôle effectif à l’acquéreur.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
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Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
Please check out the second edition of Creating Value, an IMAP magazine dedicated to creating value in the M&A mid-market. In this issue:
Automotive parts manufacturing
Medtech outsourcing
Nordic high-tech revolution
Indian IT transformation
Brexit. Implications for Europe and M&A
Who’s afraid of Private Equity?
and more!
Capital V #8 Building an Onshore Hub for Private EquityLPEA
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Similar to M&A Index Poland Report - summary 2015 (20)
As Central and Eastern European economies found the growing inflation crisis in early 2022 a major obstacle, the biggest uncertainty came with the unprovoked Russian attack on Ukraine. The increasingly unfavourable conditions have resulted in a decline in M&A activity, but not everywhere, and not to the same extent.
Raport Fuzje i Przejęcia w Polsce, rok 2020FORDATA VDR
To był dobry czy zły rok dla polskiego rynku M&A? FORDATA oraz Navigator Capital podsumowują rok 2020, dostarczając analizy, statystyki i opisy najciekawszych transakcji.
Quarter after quarter, we will invite local experts in different fields of economy and ask them to present their individual, professional take on the current situation in CEE region, and to share their hopes and expectations. Our goal is to collect a varied array of thoughts and commentaries on the CEE economy that will serve as a kaleidoscopic record of market reality, rather than be a periodic, data-centred analysis. We believe that in this way we can help build a more relatable and engaging platform for dialogue, which will also go beyond the pages of this publication.
Raport Fuzje i Przejęcia w Polsce, 3 kw. 2020FORDATA VDR
Lato było pełne zaskoczeń w branży M&A, a liczba transakcji przerosła najśmielsze oczekiwania. Które sektory były najbardziej aktywne w minionym kwartale? Co wpłynęło na taki rezultat? Jakie są prognozy na nadchodzące miesiące? Przeczytajcie raport już teraz!
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Raport roczny - Fuzje i przejęcia w Polsce w roku 2019FORDATA VDR
W 2019 roku (stan na 12 grudnia) miało miejsce 179 transakcji fuzji i przejęć. To o 20 mniej niż w tym samym okresie w roku ubiegłym. Spadek jest wyraźny, choć nie zaskakujący w kontekście globalnego spowolnienia gospodarczego. Na połowę wszystkich sprzedających złożyły się podmioty prywatne (50%), przy czym największym zainteresowaniem inwestorów cieszyły się spółki z branży przemysłowej (25 transakcji) oraz sektor IT/Media/Telcom, który utrzymał pierwszą pozycję w relacji do 2018 roku. Wciąż to właśnie ta branża konsoliduje się najaktywniej.
W trzecim kwartale 2019 roku zaobserwowaliśmy dużo niższy wolumen transakcji fuzji i przejęć niż w analogicznym okresie w ubiegłych latach. Złożyły się na niego zaledwie 33 transakcje (dla porównania 51 w 3 kw. 2018, 42 w 3 kw. 2017).
Raport kwartalny Fuzje i przejęcia w Polsce - 2 kwartał 2019FORDATA VDR
Drugi kwartał 2019 roku zakończył się bilansem 63 transakcji na polskim rynku M&A, czyli ponad 36% wzrostem w stosunku do pierwszego kwartału (46 transakcji). Łącznie wzrost półroczny w stosunku do analogicznego okresu roku 2018 wyniósł 11%. Rynek jest rozdrobniony i atrakcyjny dla inwestorów zagranicznych.
Raport M&A Index Poland to pozycja, która
na stałe wpisała sie w kalendarz branzowych
podsumowan w Polsce. Raporty przygotowywane
sa co kwartał przez firme doradcza
Navigator Capital oraz firme FORDATA, lidera
w zakresie rozwiazan IT wspierajacych fuzje
i przejecia.
Zgodnie z danymi na dzień 12.12, w roku 2018 przeprowadzono w Polsce w sumie 199 transakcji fuzji i przejęć, to ok. 2,5% niż w analogicznym okresie w 2017 roku. Wprawdzie nie pobijemy już rekordu z roku 2015 roku (kiedy odnotowano 247 transakcji), jednak trend jest stabilny. Przewidujemy, że do końca roku ilość transakcji może jeszcze wzrosnąć o 10%. Ponad połowę wszystkich sprzedających stanowili przedsiębiorcy prywatni. Zarówno po stronie podmiotów przejmowanych, jak i kupujących, duży udział miały transakcje z sektora Media/IT/Telecom.
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Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
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www.seribangash.com
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Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
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M&A Index Poland Report - summary 2015
1. M&A Index Poland
Mergers and acquisitions in Poland in 2015
Prepared by Navigator Capital & FORDATA
www.fordata.pl/en
Experts’ comments of the report
can be found on the website: blog.fordata.pl
www.en.navigatorcapital.pl
2. Introduction
In 2015 we could observe numerous M&A transactions in the Polish market. Total
number of deals exceeded 220. Private investors were the most active group on the
seller’s side, while PE/VC funds dominated the buyer’s side. Below please find attached
description of the most considerable deals.
(3rd
February) Norwegian insurance company Gjensidige Forsikring acquired 99.9% stake
of PZU Lietuva. Transaction is a result of an agreement with regulator, obliging PZU to sell
a portion of Lithuanian assets after acquisition of Lietuvos Draudimas from British RSA.
Total deal value eventually amounted to EUR 66M. After transaction, market shares of PZU
Group on the property and personal insurance market are: 30.3% in Lithuania (Lietuvos
Draudimas), 25.3% in Latvia (AAS Balta) and 13.9% in Estonia (Estonian branch of Lietuvos
Draudimas). Moreover, PZU Life Lithuania has a 4.5% market share in the life insurance
market in that country. Transaction was supported by FORDATA Virtual Data Room system.
M&A Index Poland, 2015
by Navigator Capital & Fordata | December 2015
Selected transactions
Total number of transactions*
223 (2015)
The largest transaction**
EUR 584m
(Acquisition of TVN by Scripps Networks
Interactive from ITI Group and Canal+ Group)
* based on public data
** among transactions with disclosed prices
TARGET BIDDER SELLER VALUE [EUR]
About the report:
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consul-
ting firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
These reports are created to monitor the
dynamics of Polish M&A market and to demon-
strate the most interesting transactions.
PZU Lietuva Gjensidige Forsikring PZU SA 66m
(16th
March) Southbanks Media, subsidiary of American media holding Scripps Interactive
Inc., acquired 52.7% stake in TVN SA from ITI Group and Canal+. According to Scripps
Network’s board of directors, the transaction was a part of group’s strategy of multinational
expansion. Target company was withdrawn from the Warsaw Stock Exchange at the end of
September. Total deal price amounted EUR 584M. Additionally, the Americans also
acquired liabilities arising from previous bond issues by Polish Television Holding and TVN
with a nominal value respectively EUR 300M and EUR 540M.
TARGET BIDDER SELLER VALUE [EUR]
TVN
Scripps Networks
Interactive
ITI / Canal+ 584m
(13th
March) Luxembourg-based Griffin Real Estate and PIMCO acquired a 41.6% controlling
stake of real estate developer Echo Investment from Polish businessman Michał Sołowow
(PLN 6.5 per share). Bidder announced tender offer for shares at minimal price eligible (PLN
6.75 per share) aiming at 66.0% of equity. The Buyer does not intend to make the company
private. Synthos, Rovese and Barlinek remain in Michał Sołowow’s portfolio.
TARGET BIDDER SELLER VALUE [EUR]
Echo Investment Griffin / PIMCO Michał Sołowow 268m
3. By sector
Transactions with the participation of Polish
companies grouped by sectors
(by number of transactions)
VALUE [EUR]
M&A Index Poland, 2015
by Navigator Capital & Fordata | December 2015
MEDIA / IT /
TELEKOM
INDUSTRY
SERVICES
(VARIOUS)
FINANCIAL
SERVICES
PE / VC
MEDIA / IT /
TELECOM
INDUSTRY
SERVICES
(VARIOUS)
PRIVATE
INVESTORS
PE / VC
INDUSTRY
SERVICES
(VARIOUS)
SELLER (%)
TARGET (%)
BIDDER (%)
(22nd
May) Wielton S.A., the leading Polish truck trailers and semitrailers manufacturer has
acquired a 65.3% stake in Fruehauf Expansion, a French-based entity of similar operations
profile. The sellers were a private equity fund MBO Partenaires and individual investors. The
remaining shares belong to Mr. Francis Doblin, the Company’s CEO. The acquisition is
partially financed by bank consortium of BGŻ BNP Paribas and BGK. Navigator Capital was
a financial advisor to Wielton.
TARGET BIDDER SELLER
Fruehauf Expansion
(65,3% stake)
Wielton MBO Partenaires 10m
(30th
May) Powszechny Zakład Ubezpieczeń S.A. has acquired a 25.3% stake in WSE-listed
Alior Bank S.A., a dynamically developing retail and commercial bank. The transaction price
was fixed with a minor discount to the WSE stock price on the closing date. The payment
will be divided into 3 tranches. PZU aims to develop in the Polish banking segment and
distribute its products by the new sales channel.
TARGET BIDDER SELLER VALUE [EUR]
Alior Bank
(25,3% stake)
PZU Carlo Tassara SpA 396m
(10th
July) German internet services and online applications provider 1&1 Inter, the subsidiary
of United Internet, has acquired shares of the Polish hosting services provider home.pl. The
sellers were Alpha Associates and Value4Capital private equity funds. Polish Antimonopoly
Authorithies (UOKiK) prolonged decision time till the end of December due to the
complicated nature of transaction. EBITDA of home.pl is expected to exceed EUR 2M
in 2015. The IRR rate of return done by the Value4Capital fund on the investment has
exceeded 40%. The management board of home.pl should remain in function after the
acquisition.
TARGET BIDDER SELLER VALUE [EUR]
home.pl 1&1 Internet
Alpha Associates;
Value4Capital
153m
(23rd
July) British private equity fund, CVC Capital Partners, acquired PKP Energetyka, the
energy supplier for Polish railway and other entities. The seller, Polskie Koleje Państwowe,
intends to invest the income from the sale in the development of its’ other businesses,
mainly passenger services. The sales process was highly competitive, with such bidders
as PZU, PGE, Tauron, Enea, PE KKR Infracapital and EQT funds. Deal value amounted EUR
476M.
TARGET BIDDER SELLER VALUE [EUR]
PKP Energetyka CVC Capital Partners
Polskie Koleje
Państwowe
476m
24%
19%
18%
12%
20%
13%
12%
12%
29%
18%
11%
10%
4. (24th
July) Mexican holding group Inmobilaria Tabga, which specializes in restaurant industry,
has agreed to acquire 31.7% of shares of the AmRest Holding from the Warburg Pincus private
equity fund. The AmRest holding is quoted on the Warsaw Stock Exchange. AmRest manages
KFC, Pizza Hut and Starbucks restaurants in Poland and the CEE region since 1993. AmRest
was present in Warburg Pincus fund portfolio since 2010.
Authorised Adviser
Business Partners
TARGET BIDDER SELLER VALUE [EUR]Navigator Capital
Navigator Capital along with Dom Maklerski Navigator
(Navigator Brokerage House) is the leading independent
financial adviser, specializing in mergers and acquisitions
and public and private issues of stocks and bonds.
In recent years Navigator has completed over 35
transactions. Navigator Partners’ market experience
includes deals worth over PLN 6,2b (EUR 1.6b).
Through cooperation with international network of
advisory firms associated in the Pandion Partners,
Navigator Capital effectively handles international
transactions.
Navigator Capital and Dom Maklerski Navigator create
a strategic alliance with Biuro Maklerskie Banku BPH
(Brokerage Office of Bank BPH) concerning services
related to shares (IPO & SPO) and debt instruments
(bonds) public issues.
FORDATA
FORDATA is a pioneer on the Polish capital market.
Based on Virtual Data Room technology, we support
our clients in managing documents and communica-
tion during complex transactional processes.
We support the largest M&A, IPO transactions, private
equity investments, restructurings, projects associated
with obtaining financing and privatizations in Poland
and other countries of Central and Eastern Europe.
FORDATA systems increased safety and efficiency of
hundreds of different types of transactions with a total
value of over PLN 32 billion.
FORDATA services are used by the industry leaders in
Poland and abroad, including Enterprise Investors, NFI
Empik, ZELMER, Bank DNB, BOŚ Bank, Polimex
Mostostal, Budimex, PKO BP Brokerage House, Deloitte
Advisory, E&Y, PwC, KPMG Advisory, Śnieżka, Enea, JSW,
Espirito Santo Investment Bank and many others.
Contact
Bartosz Krzesiak Manager
e: bartosz.krzesiak@navigatorcapital.pl t: +48 22 630 83 26
Navigator Capital S.A.
ul. Koszykowa 54, 00-675 Warszawa, Poland
t: +48 22 630 83 33 f: +48 22 630 83 30
e: biuro@navigatorcapital.pl www.en.navigatorcapital.pl
Marta Kotwis Key Account Director
e: marta.kotwis@fordata.pl t: +48 508 259 349
Fordata Sp. z o.o.
Taczaka 24, 61-819 Poznań, Poland
t: +48 61 660 15 10 e: biuro@fordata.pl www.fordata.pl/en
M&A Index Poland, 2015
by Navigator Capital & Fordata | December 2015
AmRest Holdings
(31.71% stake)
Inmobilaria Tabga Warburg Pincus 274m
(15th
October) MEDICALgorithmics S.A., Polish publically traded cardiac monitoring company,
has made a conditional agreement for acquisition Medi-Lynx Cardiac Monitoring, LLC,
American company that performs arrhythmia diagnostic technology in the USA through the
PocketECG system- provided by MEDICALgorithmics. The deal was concluded under the
condition precedent that the company AMI Monitoring, Inc. (McKinney, Texas, USA) would
not exercise its right of first refusal to acquire shares in Medi-Lynx.
TARGET BIDDER SELLER VALUE [EUR]
Medi-Lynx Cardiac
Monitoring (75% stake)
MEDICALgorithmics
Andrew Bogdan
(private investor)
30m
(19th
October) Energy Group Enea SA, producer, distributor and seller of electricity in Poland,
has received approval for acquisition of Lubelski Węgiel Bogdanka, coal mining company.
Following the transaction conducted by tender offer on Warsaw Stock Exchange, Enea has
a 66,0% stake in the mine. The approval for that deal was dependent on the takeover of
Katowicki Holding Węglowy by Enea, which helped Polish public company to cope with its
financial difficulties.
TARGET BIDDER SELLER VALUE [EUR]
LW Bogdanka
Grupa Energetyczna
Enea
Various 349m
(16th
November) Special purpose entity Viriditas, which was set up by Piotr Kamiński,
ex-vice-president of the bank PKO BP and the WSE, has acquired the 56,0% stake from 6
natural persons in Aqua Park Bania (Poland). In the near future Viriditas in going to increase its
stake to 64,0%. The remaining shares belong to founder of the complex Józef Dziubasik and
other private investors. In 2013 Aquapark Bania had EUR 7.4M of revenues and EUR 2.6M
of net profit. Navigator Capital was a financial advisor in that transaction.
TARGET BIDDER SELLER VALUE [EUR]
Bania Aquapark Viriditas Private Investors n/a
5. Marta Kotwis
Key Account Director,
Member of the Board
FORDATA sp. z o.o.
Despite the modest value of transactions being concluded in Poland, our country stands out positively in compari-
son with countries from Central and Eastern Europe that have been lagging behind in 2015. As a result of the
embargo imposed on Russia, the conflict between Russia and Ukraine and associated reduced investor confidence,
the CEE region recorded declines both in terms of quantity and value of transactions. Yet, in the last two years we
have seen a record increase in the number of transactions concluded in Poland along with the decline in their value.
We expect the fourth quarter to close the year with approx. 220 transactions, which is 40% compared to an
already very strong previous year (158 transactions in 2014 compared to 135 transactions in 2013). The situation
in terms of transaction value is a little worse. After the privatization boom in the years 2008-2013, transactions with
a value of up to PLN 100 million are dominant now in Poland. Those up to EUR 100 million represent a small
percentage of the total (less than 10%). The statistics are inflated by a few transactions (the largest are: the acquisition
of 52.7% stake in TVN S.A. by Scripps Networks for PLN 2.416 billion and the acquisition of PKP Energetyka S.A.
by CVC Capital Partners for PLN 1.41 billion) but you can count them on the fingers of one hand. In Poland in 2015
investment funds were quite active. They have raised capital for new investments in the region as one can get higher
return rates than in the Western Europe. I expect that their activity will be intensified in 2016. The Polish and CEE
market in 2015 can be described as the one with moderate rate of return and risk compared to the emerging
markets in other regions of the world. In other words we can expect some stabilisation on the market. We anticipate
that real estate, Telkom, IT, and health care will remain active in 2016. You can also expect reshuffle in the
financial sector. We encourage all CF advisors to read the new Capital Transaction Best Practices. I hope that the
guidance contained therein will improve your work in 2016.
A totally opposite situation to the one in CEE can be observed on the global stage which has achieved a record-
breaking value of transactions (the largest transaction and deals were concluded in the United States with the
merger of two pharmaceutical companies Pfizer and Allergan worth USD 183.7 billion). In my opinion, 2015 has
been a record-breaking on the global scale with a result of USD 3.49 trillion (an increase of almost 25% compared
to 2014). Cheap money may encourage investors to increased activity in Poland. However, there are also risk factors
like political turmoil, which may result in withdrawal of investors from the regulated market (stock exchange, treasury
bonds). Investors will either choose private markets (resulting in an increased activity of M&A in Poland) or other
countries, relatively safer, but less profitable. As long as the political situation in Poland does not change investors
will be tempted to stay here also by depreciation of Polish zloty. Many transactions initiated or planned for 2015 will
continue in 2016. The trend worth paying attention to is the succession that constantly rises. We believe that the
sharing economy, IT industry and the solutions related to energy efficiency as well as cloud-based solutions with
astrong focus on information security/data protection, for example Virtual Data Room, are the ones that will gain
popularity. The use of VDR technology in transactions in Poland has already been increasing from month to month
Experts' comments
M&A Index Poland, 2015
by Navigator Capital & Fordata | December 2015
Piotr Jankowski
Senior Account Executive
FORDATA sp. z o.o.
6. Jan Kospin
Director
Navigator Capital S.A.
Year 2015 was characterized by high activity in the Polish M&A market, which is reflected both in the number
and value of transactions, the highest since the financial crisis in 2008. In total, over 220 deals were carried out
in Poland in this year.
Revival in the M&A market was not accompanied by improved sentiment on the Warsaw Stock Exchange (WSE).
The WIG index lost more than 12% in the period from January to December. At the same time, the German DAX
rose by more than 5%, and the US Nasdaq by 6%.
In 2015 Polish Stock Exchange was influenced by many factors. One of the most important seems to be the
alarming figures coming from the Chinese economy, which has made its mark on the global indices, affecting
among others a strong sell-off in commodity markets. Moreover, investors are still concerned about the unresolved
conflict in Ukraine and uncontrolled influx of immigrants into Europe, which causes disputes among the countries
of the European Union. Furthermore, one should consider the government change in Poland that have been
conducted recently. Political factors have caused concerns among the investors on the WSE, which was reflected
particularly in valuations of banks, as well as mining and energy companies. Investors fear the political pressure on
the management boards of energy companies that may be forced to support the unprofitable coal mining sector,
which is a strongly controversial movement from the business point of view. Even the positive macroeconomic data
did not help Warsaw Stock Exchange, e.g. a falling unemployment rate, which, according to a survey of the
Ministry of Labour and Social Policy, amounted only to 9.7% in November, which is the lowest value since late 2008.
At the moment it is difficult to predict when will the situation on the Warsaw Stock Exchange settle down. The future
dynamics of the indices may be heavily dependent on the political moves, which now seem confusing, e.g. in the
case of contradictory announcements regarding extraction tax, affecting valuation of KGHM.
In the past year, we have witnessed a number of significant and interesting transactions. The largest of these was the
acquisition of 52.7% shares of TVN by Scripps Network Interactive for over PLN 584M, and then the Polish media
giant's withdrawal from the WSE. Moreover, the American buyer also acquired liabilities arising from previous bond
issues with a nominal value respectively EUR 300M and EUR 556M. Other outstanding deals were the acquisition
of LW Bogdanka SA by Energy Group Enea for almost PLN 350M and a takeover of PKP Energetyka by private equity
fund CVC for ca. PLN 476M. Among other interesting transactions, we should indicate the acquisition by Wielton,
a company listed on the WSE, a leading Polish manufacturer of truck semi-trailers and curtains, the majority stake
in Fruehauf Expansion, its direct competitor in the French market. This transaction displays a growing trend of Polish
companies expanding into EU markets by taking over their western competitors. We can proudly announce that
Navigator Capital was Wielton’s advisor by this transaction.
In 2015, the most active vendors in the Polish market were private persons and, on the other side, the most active
buyers were PE/VC funds. This may indicate the increasingly common practice of the sale of businesses by their
founders, who were faced with the problem of succession.
We are moderately optimistic regarding the situation on the M&A market in 2016. One of the key factor contributing
to the increase in the number of M&A in Poland is certainly a growing maturity in many sectors of the economy,
forcing the consolidation of operating companies. One thing is for sure - the following year will be very interesting.
Experts' comments
M&A Index Poland, 2015
by Navigator Capital & Fordata | December 2015