The document is a press release from mergermarket summarizing mergers and acquisitions (M&A) activity for the full year of 2011. Global M&A totaled $2.18 trillion in 2011, a 2.5% increase from 2010, making it the busiest year since 2008. However, M&A activity declined each successive quarter, with Q4 2011 totaling $432 billion, a 22.5% decrease from Q3 2011. The largest deal of 2011 was Kinder Morgan's $37.4 billion acquisition of El Paso.
The document provides an executive overview and market summary for commercial real estate in Boston for the fourth quarter of 2010. Some key points:
- The US unemployment rate declined to 9.4% in Q4 2010, though the rate remains elevated. Private sector employment grew by 113,000 jobs in December.
- In Greater Boston, the office market saw positive absorption in the suburbs but negative absorption downtown. Availability rates increased slightly to 20.4%.
- The Cambridge office market remained relatively healthy with positive absorption, while the lab market was flat. Availability rates declined in both sectors.
L.B. Foster reported a 26.1% increase in net sales for the fourth quarter compared to the prior year. Gross profit margin decreased 360 basis points due to increased LIFO expense and decreased billing margins, partially offset by improved manufacturing variances. Income from continuing operations was $5.7 million or $0.55 per diluted share for the quarter. For the full year, net sales increased 0.7% while gross profit margin increased 60 basis points, and income from continuing operations was $27.7 million or $2.57 per diluted share. The company expects a difficult business environment in 2009 but will focus on cost controls and cash flow to minimize profit erosion.
Morgan Stanley Basic Materials Conferencefinance10
This document provides an overview of 3M's performance in 2005 and outlook for 2006 from the perspective of Pat Campbell, 3M's Senior Vice President and Chief Financial Officer, at the Morgan Stanley 2006 Basic Materials Conference.
Key highlights from 2005 include sales growth of 5.8% to $21.2 billion, EPS growth of 13.6% to $4.26, operating income growth of 9.4% to $5 billion, and economic profit growth of 11.3% to $2 billion. All business segments achieved positive organic local currency sales growth.
For 2006, 3M plans over $10 million in growth investments, primarily aimed at organic growth, and a 15% increase in capital expenditures.
Lexmark reported financial results for the first quarter of 2009, with revenue down 20% from the previous year due to weak global economic conditions negatively impacting demand. Earnings per share were $0.75 for the quarter, and operating income margin was 7.9% including restructuring charges. The company continued executing on strategic initiatives such as expanding its laser product line and retail distribution in the US. Looking ahead, revenue decline in the second quarter is expected to be comparable to the first quarter, and GAAP EPS is forecast to be between $0.17-$0.27.
This document brings together a set
of latest data points and publicly
available information relevant for
Resources Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Brookfield Office Properties - BPO - Quarterly EarningsKevin Cheng, CFA
Brookfield Office Properties reported second quarter 2012 results that exceeded expectations due to non-recurring income and accounting adjustments. While the company achieved strong leasing spreads, overall leasing velocity has moderated from 2011 due to macroeconomic headwinds. There was repeated focus during the earnings call on Brookfield's leverage and liquidity. The company is likely to see flat to declining funds from operations per share into mid-2014 as it carries vacant space previously leased to Bank of America. However, Brookfield remains the "value" name among large-cap office REITs due to its discount to net asset value and earnings momentum concerns over the next few years.
TRW Automotive reported financial results for Q4 and full year 2003. In Q4, sales increased 11.5% to $3 billion and operating income rose to $139 million. For the full year, pro forma sales increased 9% to $11.3 billion while operating income declined to $579 million. TRW provided guidance for 2004 of revenue between $11.4-11.6 billion and earnings per share of $1.55-1.70 excluding debt repayment charges.
Real Madrid generated €513 million in revenue during the 2011-2012 season, becoming the first club to surpass €500 million in annual revenue. The document discusses the financial performance and revenue sources of the top 20 highest earning football clubs. It also notes that revenue growth has increased the disparity between the highest and lowest earning clubs in the top 20.
The document provides an executive overview and market summary for commercial real estate in Boston for the fourth quarter of 2010. Some key points:
- The US unemployment rate declined to 9.4% in Q4 2010, though the rate remains elevated. Private sector employment grew by 113,000 jobs in December.
- In Greater Boston, the office market saw positive absorption in the suburbs but negative absorption downtown. Availability rates increased slightly to 20.4%.
- The Cambridge office market remained relatively healthy with positive absorption, while the lab market was flat. Availability rates declined in both sectors.
L.B. Foster reported a 26.1% increase in net sales for the fourth quarter compared to the prior year. Gross profit margin decreased 360 basis points due to increased LIFO expense and decreased billing margins, partially offset by improved manufacturing variances. Income from continuing operations was $5.7 million or $0.55 per diluted share for the quarter. For the full year, net sales increased 0.7% while gross profit margin increased 60 basis points, and income from continuing operations was $27.7 million or $2.57 per diluted share. The company expects a difficult business environment in 2009 but will focus on cost controls and cash flow to minimize profit erosion.
Morgan Stanley Basic Materials Conferencefinance10
This document provides an overview of 3M's performance in 2005 and outlook for 2006 from the perspective of Pat Campbell, 3M's Senior Vice President and Chief Financial Officer, at the Morgan Stanley 2006 Basic Materials Conference.
Key highlights from 2005 include sales growth of 5.8% to $21.2 billion, EPS growth of 13.6% to $4.26, operating income growth of 9.4% to $5 billion, and economic profit growth of 11.3% to $2 billion. All business segments achieved positive organic local currency sales growth.
For 2006, 3M plans over $10 million in growth investments, primarily aimed at organic growth, and a 15% increase in capital expenditures.
Lexmark reported financial results for the first quarter of 2009, with revenue down 20% from the previous year due to weak global economic conditions negatively impacting demand. Earnings per share were $0.75 for the quarter, and operating income margin was 7.9% including restructuring charges. The company continued executing on strategic initiatives such as expanding its laser product line and retail distribution in the US. Looking ahead, revenue decline in the second quarter is expected to be comparable to the first quarter, and GAAP EPS is forecast to be between $0.17-$0.27.
This document brings together a set
of latest data points and publicly
available information relevant for
Resources Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Brookfield Office Properties - BPO - Quarterly EarningsKevin Cheng, CFA
Brookfield Office Properties reported second quarter 2012 results that exceeded expectations due to non-recurring income and accounting adjustments. While the company achieved strong leasing spreads, overall leasing velocity has moderated from 2011 due to macroeconomic headwinds. There was repeated focus during the earnings call on Brookfield's leverage and liquidity. The company is likely to see flat to declining funds from operations per share into mid-2014 as it carries vacant space previously leased to Bank of America. However, Brookfield remains the "value" name among large-cap office REITs due to its discount to net asset value and earnings momentum concerns over the next few years.
TRW Automotive reported financial results for Q4 and full year 2003. In Q4, sales increased 11.5% to $3 billion and operating income rose to $139 million. For the full year, pro forma sales increased 9% to $11.3 billion while operating income declined to $579 million. TRW provided guidance for 2004 of revenue between $11.4-11.6 billion and earnings per share of $1.55-1.70 excluding debt repayment charges.
Real Madrid generated €513 million in revenue during the 2011-2012 season, becoming the first club to surpass €500 million in annual revenue. The document discusses the financial performance and revenue sources of the top 20 highest earning football clubs. It also notes that revenue growth has increased the disparity between the highest and lowest earning clubs in the top 20.
This document is a Class 3C reporting issuer participation fee form for Currency Exchange International, Corp. for its fiscal year ending September 30, 2012. It provides details on the issuer's market capitalization calculation including the number of outstanding securities, average closing price, and market value for its listed class. The total market capitalization for the last fiscal year was $26,833,431 and the corresponding participation fee is $2,080. No late fee is applicable.
This document provides guidance on using a banking back-office system's foreign exchange and money market modules. It describes the types of foreign exchange contracts that can be processed, including outrights, swaps, and inter-accounting center deals. It also covers money market contracts, interest accrual, and the automatic rollover facility. Screenshots and descriptions of the relevant data entry screens are provided to help users enter foreign exchange and money market transactions.
- The document discusses several restaurant brands and their locations, including Fresh Choice Restaurants with 26 locations in Northern and Southern California, Zoopa with 1 location in Seattle, and Espresso Roma Coffee Houses with 10 locations in Oregon, Southern California, and Colorado.
- It also mentions that the company has 2 organic farms that supply the restaurants and other facilities like a central kitchen and bakery located in Southern California and San Francisco.
- The headquarters is located in Emeryville, California and there are a total of 42 outlets under the 4 brands.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
Bain and company_global_private_equity_report_2012Evelyn Chua
The global private equity market in 2011 saw deal activity and value that matched 2010 levels. However, the year followed a pattern of a false start in the first half followed by a steep decline in the second half as economic uncertainty increased. Total deal value was $184 billion for the year. While still above 2009 levels, private equity investment has settled into a "new normal" of mid-market deals between $500 million to $5 billion. The recovery stalled as fears of recession and lack of exit opportunities held back dealmaking in the second half of the year. Private equity firms now face challenges around high asset valuations, large uninvested capital, and pressure to generate returns.
32 Ways a Digital Marketing Consultant Can Help Grow Your BusinessBarry Feldman
How can a digital marketing consultant help your business? In this resource we'll count the ways. 24 additional marketing resources are bundled for free.
Trends in Terms of Venture Financing in Silicon Valley Q411Renata George
The document summarizes venture capital trends in the fourth quarter of 2011. It finds that up rounds exceeded down rounds 70% to 16%, with valuations on average increasing 85%. Specifically, Series B rounds saw an average increase of 164% in valuation. Total venture investment was down slightly from the third quarter but up 25% year-over-year. Mergers and acquisitions declined 28% quarter-over-quarter while IPOs increased significantly. Venture fundraising increased in dollars but the number of funds declined, and secondary markets for private company shares continued growing.
Black & Decker reported financial results for Q4 2008 and full year 2008. Net earnings for Q4 were $43.7 million compared to $187.4 million in Q4 2007. For the full year, net earnings were $293.6 million compared to $518.1 million in 2007. Sales decreased 17% in Q4 and 7% for the full year. The company expects continued weakness in demand and sales declines in 2009.
Black & Decker reported financial results for Q4 2008 and full year 2008. Net earnings for Q4 were $43.7 million compared to $187.4 million in Q4 2007. For the full year, net earnings were $293.6 million compared to $518.1 million in 2007. Sales decreased 17% in Q4 and 7% for the full year. The company expects continued weakness in demand and sales declines in 2009.
Black & Decker reported first quarter earnings of $1.45 per share from continuing operations, an 11% increase over the prior year. Sales increased 1% to $1.5 billion due to growth in power tools, hardware, and fastening systems segments, partially offset by currency impacts. The company expects mid-single digit sales growth and modest operating margin improvements for the full year.
Black & Decker reported first quarter 2006 net earnings from continuing operations of $113.1 million, or $1.45 per diluted share, an 11% increase over the prior year. Sales increased 1% to $1.5 billion due to growth in international markets and an acquisition, partly offset by a divestiture. The company declared a quarterly dividend of $0.38 per share and expects full year 2006 diluted EPS from continuing operations of $7.30 to $7.45, representing 8-11% growth over the prior year.
Ranking M&A Mergermarket. Primer semestre de 2015 PwC España
Global M&A activity increased 11.6% in the first half of 2015 compared to the same period last year, reaching $1.70 trillion. Mega-deals over $10 billion increased in both number and value significantly. Technology M&A is on pace to set a new annual record, while cross-border M&A declined as US firms focused on domestic deals and European firms on intra-European deals. European M&A fell 8.1% in H1 2015 from a year ago, with declines in both inbound and outbound deals, though the UK saw increased activity.
- SKF reported strong financial results for Q3 2011, with operating profit of SEK 2.479 billion and operating margin of 15%.
- Demand was up across most regions in Q3, with the exception of the Middle East and Africa. SKF expects demand to be relatively unchanged in Q4 compared to last year but slightly lower sequentially.
- SKF opened a new distribution center in Uruguay and manufacturing plant in China, and was again included in the Dow Jones Sustainability and FTSE4Good sustainability indexes.
Iab usa internet advertising_revenue_report_fy_2011 19apr12Retelur Marketing
Internet advertising revenues in the US totaled $31.7 billion in 2011, a 22% increase from 2010. Mobile advertising revenues increased dramatically from $0.64 billion in 2010 to $1.6 billion in 2011, a 149% rise. Quarterly revenues also rose steadily, with Q4 2011 revenues reaching a record $8.97 billion, up 20.4% from Q4 2010 and 14.7% from Q3 2011. The report provides a comprehensive analysis of annual and quarterly internet advertising revenue trends over time.
Iab internet advertising revenue report full year 2011Pablo Morales
Internet advertising revenues in the US totaled $31.7 billion in 2011, a 22% increase from 2010. Search advertising remained the largest format with $14.8 billion (46.5% of total revenues) while display grew to $11.1 billion (34.8% of total). Mobile advertising saw explosive growth, increasing 149% to reach $1.6 billion (5.0% of total revenues). The top 10 companies accounted for 71% of quarterly revenues, though concentration levels were slightly lower than in 2010.
Masco's 2011 financial performance was disappointing due to a challenging environment including a flat housing market, difficult economic conditions in Europe, and commodity cost pressures. Key metrics such as adjusted EPS, margins, and free cash flow declined compared to 2010. Masco took actions in 2011 to reduce costs and rationalize underperforming businesses in order to better position the company for the current environment and future recovery.
The Deloitte M &A Index Q4 2015 infographicDeloitte UK
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
TRW Automotive reported third quarter 2005 financial results with sales of $2.9 billion, up 6.5% from the prior year. Net earnings were $10 million, lower than the $13 million in the prior year due to higher restructuring costs and commodity inflation. The company completed the acquisition of Dalphimetal, enhancing its occupant safety business. For the full year, TRW expects revenues of $12.6 billion and earnings per share of $1.65-$1.80, excluding certain one-time items.
Luxottica reported strong growth in net sales for the fourth quarter and full year 2010. Net sales for the fourth quarter increased 16.4% to €1.3 billion, and full year 2010 net sales reached a record €5.8 billion, up 13.8% over 2009. The company expects full year 2010 net income to exceed €400 million, an increase of approximately 35% over 2009. Both the Wholesale and Retail Divisions contributed to revenue growth, with particularly strong performances in North America and emerging markets.
Lear Corporation reported strong financial results for 2004, with record net sales of $17 billion, up 8% from 2003. However, vehicle production in North America and Europe was down in the fourth quarter of 2004, presenting challenges for 2005. Lear provided guidance for 2005, expecting net sales between $17.6-18 billion but acknowledging production declines would negatively impact the first quarter. Lear maintains a strong backlog and a long-term strategy focused on investing in high return programs, pursuing strategic acquisitions, and returning cash to shareholders while keeping a robust balance sheet.
Mergers & Acquisitions and Capital Market UpdateSSDlaw
This document discusses recent trends in mergers and acquisitions (M&A) and capital markets. It notes that M&A activity has continued to improve modestly since 2010, driven by the middle market, though a shortage of quality deals remains. Private equity firms have large amounts of uninvested capital putting upward pressure on valuations. The document also comments on improving unemployment, consumer confidence, and strategic buyer confidence supporting continued M&A activity in 2012. However, a potential increase in capital gains tax rates may drive more deals by the end of 2012.
US lead the M&A surge, but confidence hits European dealmakersDeloitte UK
The document discusses trends in mergers and acquisitions (M&A) activity globally and regionally in Q3 2015. Key points include:
- M&A activity in the first half of 2015 was one of the strongest on record, driven by a surge in US deals fueled by economic factors.
- However, political and currency risks in Europe are weakening confidence for M&A deals among European companies.
- The document predicts that overall M&A activity will remain similar to Q2 levels in Q3 based on these factors.
This document is a Class 3C reporting issuer participation fee form for Currency Exchange International, Corp. for its fiscal year ending September 30, 2012. It provides details on the issuer's market capitalization calculation including the number of outstanding securities, average closing price, and market value for its listed class. The total market capitalization for the last fiscal year was $26,833,431 and the corresponding participation fee is $2,080. No late fee is applicable.
This document provides guidance on using a banking back-office system's foreign exchange and money market modules. It describes the types of foreign exchange contracts that can be processed, including outrights, swaps, and inter-accounting center deals. It also covers money market contracts, interest accrual, and the automatic rollover facility. Screenshots and descriptions of the relevant data entry screens are provided to help users enter foreign exchange and money market transactions.
- The document discusses several restaurant brands and their locations, including Fresh Choice Restaurants with 26 locations in Northern and Southern California, Zoopa with 1 location in Seattle, and Espresso Roma Coffee Houses with 10 locations in Oregon, Southern California, and Colorado.
- It also mentions that the company has 2 organic farms that supply the restaurants and other facilities like a central kitchen and bakery located in Southern California and San Francisco.
- The headquarters is located in Emeryville, California and there are a total of 42 outlets under the 4 brands.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
Bain and company_global_private_equity_report_2012Evelyn Chua
The global private equity market in 2011 saw deal activity and value that matched 2010 levels. However, the year followed a pattern of a false start in the first half followed by a steep decline in the second half as economic uncertainty increased. Total deal value was $184 billion for the year. While still above 2009 levels, private equity investment has settled into a "new normal" of mid-market deals between $500 million to $5 billion. The recovery stalled as fears of recession and lack of exit opportunities held back dealmaking in the second half of the year. Private equity firms now face challenges around high asset valuations, large uninvested capital, and pressure to generate returns.
32 Ways a Digital Marketing Consultant Can Help Grow Your BusinessBarry Feldman
How can a digital marketing consultant help your business? In this resource we'll count the ways. 24 additional marketing resources are bundled for free.
Trends in Terms of Venture Financing in Silicon Valley Q411Renata George
The document summarizes venture capital trends in the fourth quarter of 2011. It finds that up rounds exceeded down rounds 70% to 16%, with valuations on average increasing 85%. Specifically, Series B rounds saw an average increase of 164% in valuation. Total venture investment was down slightly from the third quarter but up 25% year-over-year. Mergers and acquisitions declined 28% quarter-over-quarter while IPOs increased significantly. Venture fundraising increased in dollars but the number of funds declined, and secondary markets for private company shares continued growing.
Black & Decker reported financial results for Q4 2008 and full year 2008. Net earnings for Q4 were $43.7 million compared to $187.4 million in Q4 2007. For the full year, net earnings were $293.6 million compared to $518.1 million in 2007. Sales decreased 17% in Q4 and 7% for the full year. The company expects continued weakness in demand and sales declines in 2009.
Black & Decker reported financial results for Q4 2008 and full year 2008. Net earnings for Q4 were $43.7 million compared to $187.4 million in Q4 2007. For the full year, net earnings were $293.6 million compared to $518.1 million in 2007. Sales decreased 17% in Q4 and 7% for the full year. The company expects continued weakness in demand and sales declines in 2009.
Black & Decker reported first quarter earnings of $1.45 per share from continuing operations, an 11% increase over the prior year. Sales increased 1% to $1.5 billion due to growth in power tools, hardware, and fastening systems segments, partially offset by currency impacts. The company expects mid-single digit sales growth and modest operating margin improvements for the full year.
Black & Decker reported first quarter 2006 net earnings from continuing operations of $113.1 million, or $1.45 per diluted share, an 11% increase over the prior year. Sales increased 1% to $1.5 billion due to growth in international markets and an acquisition, partly offset by a divestiture. The company declared a quarterly dividend of $0.38 per share and expects full year 2006 diluted EPS from continuing operations of $7.30 to $7.45, representing 8-11% growth over the prior year.
Ranking M&A Mergermarket. Primer semestre de 2015 PwC España
Global M&A activity increased 11.6% in the first half of 2015 compared to the same period last year, reaching $1.70 trillion. Mega-deals over $10 billion increased in both number and value significantly. Technology M&A is on pace to set a new annual record, while cross-border M&A declined as US firms focused on domestic deals and European firms on intra-European deals. European M&A fell 8.1% in H1 2015 from a year ago, with declines in both inbound and outbound deals, though the UK saw increased activity.
- SKF reported strong financial results for Q3 2011, with operating profit of SEK 2.479 billion and operating margin of 15%.
- Demand was up across most regions in Q3, with the exception of the Middle East and Africa. SKF expects demand to be relatively unchanged in Q4 compared to last year but slightly lower sequentially.
- SKF opened a new distribution center in Uruguay and manufacturing plant in China, and was again included in the Dow Jones Sustainability and FTSE4Good sustainability indexes.
Iab usa internet advertising_revenue_report_fy_2011 19apr12Retelur Marketing
Internet advertising revenues in the US totaled $31.7 billion in 2011, a 22% increase from 2010. Mobile advertising revenues increased dramatically from $0.64 billion in 2010 to $1.6 billion in 2011, a 149% rise. Quarterly revenues also rose steadily, with Q4 2011 revenues reaching a record $8.97 billion, up 20.4% from Q4 2010 and 14.7% from Q3 2011. The report provides a comprehensive analysis of annual and quarterly internet advertising revenue trends over time.
Iab internet advertising revenue report full year 2011Pablo Morales
Internet advertising revenues in the US totaled $31.7 billion in 2011, a 22% increase from 2010. Search advertising remained the largest format with $14.8 billion (46.5% of total revenues) while display grew to $11.1 billion (34.8% of total). Mobile advertising saw explosive growth, increasing 149% to reach $1.6 billion (5.0% of total revenues). The top 10 companies accounted for 71% of quarterly revenues, though concentration levels were slightly lower than in 2010.
Masco's 2011 financial performance was disappointing due to a challenging environment including a flat housing market, difficult economic conditions in Europe, and commodity cost pressures. Key metrics such as adjusted EPS, margins, and free cash flow declined compared to 2010. Masco took actions in 2011 to reduce costs and rationalize underperforming businesses in order to better position the company for the current environment and future recovery.
The Deloitte M &A Index Q4 2015 infographicDeloitte UK
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
TRW Automotive reported third quarter 2005 financial results with sales of $2.9 billion, up 6.5% from the prior year. Net earnings were $10 million, lower than the $13 million in the prior year due to higher restructuring costs and commodity inflation. The company completed the acquisition of Dalphimetal, enhancing its occupant safety business. For the full year, TRW expects revenues of $12.6 billion and earnings per share of $1.65-$1.80, excluding certain one-time items.
Luxottica reported strong growth in net sales for the fourth quarter and full year 2010. Net sales for the fourth quarter increased 16.4% to €1.3 billion, and full year 2010 net sales reached a record €5.8 billion, up 13.8% over 2009. The company expects full year 2010 net income to exceed €400 million, an increase of approximately 35% over 2009. Both the Wholesale and Retail Divisions contributed to revenue growth, with particularly strong performances in North America and emerging markets.
Lear Corporation reported strong financial results for 2004, with record net sales of $17 billion, up 8% from 2003. However, vehicle production in North America and Europe was down in the fourth quarter of 2004, presenting challenges for 2005. Lear provided guidance for 2005, expecting net sales between $17.6-18 billion but acknowledging production declines would negatively impact the first quarter. Lear maintains a strong backlog and a long-term strategy focused on investing in high return programs, pursuing strategic acquisitions, and returning cash to shareholders while keeping a robust balance sheet.
Mergers & Acquisitions and Capital Market UpdateSSDlaw
This document discusses recent trends in mergers and acquisitions (M&A) and capital markets. It notes that M&A activity has continued to improve modestly since 2010, driven by the middle market, though a shortage of quality deals remains. Private equity firms have large amounts of uninvested capital putting upward pressure on valuations. The document also comments on improving unemployment, consumer confidence, and strategic buyer confidence supporting continued M&A activity in 2012. However, a potential increase in capital gains tax rates may drive more deals by the end of 2012.
US lead the M&A surge, but confidence hits European dealmakersDeloitte UK
The document discusses trends in mergers and acquisitions (M&A) activity globally and regionally in Q3 2015. Key points include:
- M&A activity in the first half of 2015 was one of the strongest on record, driven by a surge in US deals fueled by economic factors.
- However, political and currency risks in Europe are weakening confidence for M&A deals among European companies.
- The document predicts that overall M&A activity will remain similar to Q2 levels in Q3 based on these factors.
- Clear Channel reported a 4% decrease in revenue and a 59% decrease in net income for Q1 2005 compared to Q1 2004. Revenue declines were seen across radio broadcasting, live entertainment and other divisions.
- Radio broadcasting revenue declined 7% due to a reduction in commercial minutes despite rate increases. Outdoor advertising revenue grew 11% led by increases in bulletins, malls, airports and international revenues.
- Live entertainment revenue fell 17% due to fewer arena shows compared to Q1 2004. Expenses declined across divisions except for outdoor advertising.
- The company repurchased $672 million in stock year-to-date and has $488.5 million remaining in its repurchase program.
The document summarizes AkzoNobel's Q4 and full year 2010 results. Key highlights include 12% revenue growth in 2010 to €14.6 billion, with EBITDA up 16% to €1.96 billion. Revenue growth was driven by 6% volume increase and 6% price increases. Decorative Paints revenue grew 9% in 2010 and Performance Coatings revenue increased 16%. The CEO outlined medium-term strategic goals including growing revenue to €20 billion and maintaining a 13-15% EBITDA margin.
The document provides an analysis of mergers and acquisitions (M&A) activity in the Middle East and North Africa region for the first half of 2011. Some key points from the analysis:
- M&A deal volume increased 33.07% and deal value increased 30.14% from the first half of 2010 to the first half of 2011.
- Tunisia saw the highest targeted M&A deal value in 1H2011 while the UAE saw the highest deal volume.
- Outbound M&A deal value from the region significantly increased while targeted M&A deal value within the region slightly decreased.
- The financial services, industrial manufacturing, and real estate sectors dominated M&
- Global M&A activity in 2015 reached record levels, with $4.7 trillion in announced deals, surpassing pre-financial crisis levels in the US and pushing past 2007 levels globally. This marked the strongest 12-month period for M&A since records began in 1980.
- Mega deals (over $5 billion) accounted for over half of the total M&A value and saw record numbers. The US and Asia dominated dealmaking, together accounting for 74% of worldwide M&A activity.
- While M&A activity remained strong through the third quarter of 2015, the fourth quarter saw a decline in positive shareholder reaction to deals, dropping from 51% overall in 2015 to 37% in
Similar to Press release-for-financial-advisers-year-end-2011 (20)
1. press release mergermarket M&A Round-up for Year End 2011
January 3 2012, for immediate release
PRESS CONTACTS
EMEA: Flora Wilke Americas: Dara Silverstein Asia-Pacific: Michel Chau
flora.wilke@mergermarket.com dara.silverstein@mergermarket.com michel.chau@mergermarket.com
Tel: +44 207 059 6348 Tel: +1 646 3783118 Tel: +852 2158 9706
www.mergermarket.com
2. mergermarket M&A Round‑up for Year End 2011
CONTENTS: Global M&A up 2.5% in 2011
2 mergermarket M&A Round‑up Global M&A in 2011 totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn), in the busiest year since 2008 which saw US$
2,405.8bn-worth of deals. Activity was, however, down for four successive quarters, with US$ 432bn-worth of deals announced globally in the
3 Global M&A Overview
fourth quarter of 2011, down 22.5% from Q3 2011.
6 - Mid-Market
7 - Private Equity Goldman Sachs remains on top
9 - Emerging Markets Goldman Sachs topped the global M&A financial advisory tables by total deal value for 2011, having advised on 309 deals worth US$ 593.4bn.
Goldman worked on five of the ten largest deals announced last year.
10 - Premia and Multiples Analysis
11 - Deal Type/Deal Value Breakdown US M&A strong in 2011 though dipping at end of year
12 - Consideration Structure/ The US saw the announcement of US$ 820.6bn-worth of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4%
higher than 2010 (US$ 717.2bn). Activity, however, waned in Q4 with a decrease of 9.3% compared to Q3.
Insolvency
13 - Demerger Emerging Market M&A down in spite of strong cross border deal flow
14 - Global M&A Overview Emerging market deal activity in 2011 decreased 11.7% from the same period in 2010. However, inbound cross-border activity into emerging
market countries in 2011 added up to US$ 200.3bn, up 19.1% compared to 2010 (US$ 168.2bn) and was the highest annual total on mergermar-
16 - European M&A Overview
ket record.
29 - US M&A Overview
39 - Asia -Pacific (ex.Japan) M&A Private Equity Buyouts strongest since 2008
Overview 2011 was the strongest year for buyout activity since 2008, with deals announced with a total value of US$ 277.7bn, a 15.3% increase from the
same period in 2010. The proportion of global M&A activity in 2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest
49 - Africa & Middle East M&A proportion since 2007.
Overview
52 - Criteria/About mergermarket Highest exit premiums in US and Europe since 2008
Last year was the first to see an upward trend in exit premiums in the US and Europe since 2008. European average premiums on private equity
exits in 2011 were at their highest levels on mergermarket record (since 2001).
PRESS CONTACTS:
EMEA: Flora Wilke Energy, Mining & Utilities top sector in 2011
The Energy, Mining & Utilities sector saw the highest total value of M&A deals in 2011, accounting for 25.6% of global M&A deals announced, with
flora.wilke@mergermarket.com
deals totalling US$ 557.7bn. Industrials & Chemicals followed with US$ 365bn-worth of deals.
Tel: +44 207 059 6348
Americas: Dara Silverstein Busy year for Cross-border M&A
dara.silverstein@mergermarket.com
2011 was the busiest year for cross-border M&A since 2008. Cross-border deals between individual countries accounted for 41.5% of global M&A
activity, the second highest proportion since 2007.
Tel: +1 646 378 3118
Asia-Pacific: Michel Chau European M&A for the year valued US$ 697.9bn, up 4.8% from 2010 (US$ 665.9bn)
michel.chau@mergermarket.com Q4 2011 saw US$ 116.3bn-worth of deals, a 28.7% drop from the previous quarter (US$ 163.1bn in Q3).
Tel: +852 2158 9706
Asia-Pacific M&A valued US$ 336.1bn, down 10.8% from 2010 (US$ 376.9bn)
Q4 activity was down 31.9%, from US$ 100bn in Q3 to US$ 68bn.
Press Release: mergermarket M&A Round-up for Year End 2011 2 www.mergermarket.com
3. Global M&A Overview
Global M&A for the year to date totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn),
making it the busiest year since 2008 (which saw US$ 2,405.8bn). 12,455 deals were announced in 2011, 1.3% Global M&A Activity - Quarterly
below the number for 2010 (12,296 deals).
1,300 4,500
RoW M&A
Activity did, however, decrease over four successive quarters, with US$ 432bn-worth of deals announced globally 4,250
Asia-Pacif ic ex Jp M&A
in the fourth quarter of 2011, down 22.5% from Q3 2011 (US$ 557.5bn). Fourth quarter activity was 39% lower than 1,200
4,000
US M&A
in Q4 2010 (US$ 708.1bn), with the lowest quarterly total since Q3 2009 (US$ 325.4bn). 1,100 European M&A 3,750
Volume
The largest deal of the year was Kinder Morgan’s US$ 37.4bn offer to acquire US-based El Paso, announced in 1,000 3,500
October, in the largest corporate deal since ExxonMobil’s US$ 40.6bn acquisition of XTO Energy in December 2009. 900
3,250
3,000
Value of Deals (US$bn)
2011 was the busiest year for cross-border M&A since 2008, in spite of a gradual slowdown in M&A activity after the 800 2,750
Volume of Deals
first half of the year. Cross-border deals (by individual countries) announced in 2011 added up to US$ 874.4bn and 2,500
700
regional cross-border deals were up to US$ 593bn, an increase of 9.8% and 19.6% respectively since 2010, which 2,250
saw US$ 796.7bn-worth by country and US$ 495.7bn-worth by region. The year saw cross-border deals between 600
2,000
individual countries accounting for 41.5% of global M&A activity, the second highest proportion since 2007 when
1,750
US$ 1,564.4bn-worth accounted for 42.8%. 500
1,500
400
The Energy, Mining & Utilities sector was the sector with the highest total value of M&A deals in 2011, with deals 1,250
totalling US$ 557.1bn, up 3.6% from 2010 (US$ 537.7bn) and accounting for 25.6% of global M&A deals in 2011 300 1,000
200 750
Goldman Sachs topped the global M&A financial advisory tables by total deal value last year, having displaced 500
JPMorgan which led after the first quarter. Goldman Sachs, which was behind Morgan Stanley in the rankings in 100
250
2010, now leads (with Morgan Stanley in second) by more than US$ 141.7bn. Goldman worked on five of the ten
0 0
largest deals announced in 2011.
The top ten firms in the global M&A financial advisory tables saw an average increase of 3.5% in the total value of
deals worked on last year as compared with 2010. Credit Suisse, ranked fourth, was the top ranking non-US firm in
the advisory tables, and there were nine other non-US firms in the top 20 rankings.
Global M&A Deal Size Breakdown - Deal Value Global Cross Border M&A Analysis - Value
1,500
4,000 Global Cross Border (regions)
1,400 Global M&A
Global Cross Border (individual countries)
3,500 1,300
1,200
3,000
1,100
Value of Deals (US$bn)
1,000
Value of Deals ($bn)
2,500
900
800
2,000
700
1,500 600
500
1,000
400
300
500
200
100
0
2004 2005 2006 2007 2008 2009 2010 2011
0
$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001bn)
Press Release: mergermarket M&A Round-up for Year End 2011 3 www.mergermarket.com
4. Global M&A Overview: Industry and Geography Breakdown
Y/E 2011 Y/E 2010 Change
Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count
Energy, Mining & Utilities 557.1 25.6% 1,148 537.7 25.3% 1,327 3.6% -179
Industrials & Chemicals 365.0 16.8% 2,511 264.6 12.4% 2,218 38.0% 293
Financial Services 270.8 12.4% 1,088 288.6 13.6% 1,209 -6.2% -121
Pharma, Medical & Biotech 197.0 9.0% 953 182.5 8.6% 939 7.9% 14
Consumer 183.3 8.4% 1,651 180.4 8.5% 1,492 1.6% 159
Technology 145.3 6.7% 1,326 95.9 4.5% 1,258 51.6% 68
Telecommunications 102.7 4.7% 150 177.2 8.3% 207 -42.1% -57
Business Services 89.8 4.1% 1,550 120.3 5.7% 1,521 -25.3% 29
Real Estate 80.7 3.7% 207 55.8 2.6% 265 44.7% -58
Transport 51.1 2.3% 385 90.5 4.3% 363 -43.5% 22
Leisure 48.2 2.2% 454 37.1 1.7% 417 30.1% 37
Media 42.0 1.9% 393 33.6 1.6% 366 24.9% 27
Construction 28.5 1.3% 450 42.4 2.0% 508 -32.8% -58
Agriculture 9.8 0.4% 149 12.5 0.6% 149 -21.9% 0
Defence 7.1 0.3% 40 6.6 0.3% 54 8.2% -14
Total 2,178.4 12,455 2,126 12,293 2.5% 162
Mix of Announced Deals by Geographic Region 2011 - Value Mix of Announced Deals by Geographic Region 2011 - Volume
South East Asia
South & Central Asia South East Asia South & Central Asia 2.7%
1.7% 2.3% 2.1%
Af rica & Middle East
Af rica & Middle East
Australasia Australasia 2.5%
1.7%
3.9% 3.7%
Japan
Japan
2.8%
3.1%
North America
31.6%
North Asia
North Asia
7.9%
7.6%
North America
41.6%
Central & Eastern Europe Central & Eastern Europe
5.1% 5.1%
Northern Europe
3.2% Northern Europe
5.7%
Southern Europe Central & South America
6.3% 4.9%
Southern Europe
6.2%
Western Europe Western Europe
17.4% 24.8%
Central & South America
6.1%
Press Release: mergermarket M&A Round-up for Year End 2011 4 www.mergermarket.com
5. Global M&A Overview: Top Deals
Activity Table of Global M&A for Y/E 2011
Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value
Date (US$m)
16-Oct-11 Kinder Morgan Inc Barclays Capital; Evercore Partners El Paso Corporation Goldman Sachs; Morgan Stanley 37,439
21-Jul-11 Express Scripts Inc Citigroup; Credit Suisse Medco Health Solutions Inc Foros; JPMorgan; Lazard 33,430
10-Jan-11 Duke Energy Corporation Bank of America Merrill Lynch; Progress Energy Inc Barclays Capital; Lazard 25,825
JPMorgan
22-Sep-11 Nippon Steel Corporation Bank of America Merrill Lynch; Sumitomo Metal Industries Ltd Daiwa Securities Group; Deutsche 22,474
JPMorgan; Mizuho Financial Group; (90.6% Stake) Bank; Goldman Sachs; Sumitomo
Morgan Stanley Mitsui Financial Group
27-Apr-11 Johnson & Johnson Goldman Sachs Synthes GmbH Credit Suisse 21,191
21-Sep-11 United Technologies Corporation Goldman Sachs; JPMorgan Goodrich Corporation Citigroup; Credit Suisse 17,861
31-Jan-11 AMB Property Corporation JPMorgan ProLogis Morgan Stanley 14,833
18-Jan-11 Cargill Inc (Shareholders) Perella Weinberg Partners; UBS The Mosaic Company (40% Stake) JPMorgan; Lazard; Credit Suisse Cargill Inc 14,808
Investment Bank
14-Jul-11 BHP Billiton Ltd Barclays Capital; Scotia Capital Petrohawk Energy Corporation Goldman Sachs 14,760
13-Jan-11 Marathon Oil Corporation Marathon Petroleum Corporation Morgan Stanley Marathon Oil Corporation 14,667
(Shareholders)
Press Release: mergermarket M&A Round-up for Year End 2011 5 www.mergermarket.com
6. Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn)
The global mid-market saw the announcement of US$ 165bn-worth of M&A deals in Q4 2011, bringing the total
Global Mid-Market M&A Activity - Quarterly
deal value for the year to US$ 788.9bn. The quarter’s total was 34.1% lower than the same period in 2010 (US$ RoW M&A
250.5bn in Q4 2010), and 20.3% lower than the previous quarter (US$ 207.1bn in Q3 2011). The second half of 2011 350 Asia-Pacific ex Jp Mid-Market M&A
US Mid-Market M&A
50.0%
saw a decrease of 10.7% compared to the first, and the total value of mid-market M&A in 2011 decreased by 0.3% European Mid-Market M&A
% of Global M&A 45.0%
300
compared to 2010, although it was 61.9% higher than the total for 2009.
40.0%
250 35.0%
All regions saw a decrease in mid-market M&A in Q4 2011 compared with the previous quarter. Africa & the Middle
East and the Central & South America regions saw the largest decreases with the announcement of mid-market 30.0%
% of Global M&A
Value of Deals ($bn)
200
deals adding up to US$ 4.1bn and US$ 9.7bn respectively, a 42.1% decrease for Africa & and the Middle East (US$ 25.0%
7.2bn in Q3 2011) and a 38.3% decrease for Central & South America (US$ 15.6bn in Q3 2011). All regions also saw 150
20.0%
a lower total value of mid-market M&A for Q4 2011 than in the same period the previous year, with the exception
15.0%
of Japan, which saw US$ 4.4bn worth of deals in Q4 2011, a 15.3% increase compared to Q4 2010 (US$ 3.8bn). 100
Energy, Mining & Utilities was the most active sector in the global mid-market in 2011, accounting for 23.2% of all 10.0%
50
mid-market activity. The Leisure sector saw the biggest increase in mid-market activity with US$ 25.9bn-worth of 5.0%
deals announced in 2011, 61% higher than in 2010 (US$ 16.1bn). The Telecommunications and Agriculture sectors
0 0.0%
showed a 56% decrease from 2010 with US$ 20.1bn and US$ 3.5bn respectively, down from US$ 45.6bn and US$
7.8bn in 2010.
Goldman Sachs topped the mid-market financial advisor league tables with US$ 127.2bn-worth of deals,
maintaining its lead from 2010. With a 13.7% decrease in the value of deals worked on compared to the previous
year (down to US$ 89.2bn from US$ 103.3bn), Morgan Stanley was in second place – also maintaining its position
from 2010.
Mid Market M&A Industry Breakdown 2011 - Value
Global Mid-Market Financial Adviser League Tables Y/E 2011: Value
Ranking 2011 2010 Pharma, Medical & Biotech
6.7%
Financial Services
Company Value Deal Value % Val. 12.9% Technology
7.8%
Y/E 2011 Y/E 2010 Name (US$bn) Count (US$bn) Change
Business Services
1 1 Goldman Sachs 127.2 156 126.1 0.9% 6.1%
2 2 Morgan Stanley 89.2 111 103.3 -13.7% Consumer Media
10.8% 2.3%
3 4 JPMorgan 81.3 114 93.5 -13.0% Transport
2.8%
4 3 Credit Suisse 80.4 106 96.0 -16.3%
Real Estate
3.5%
5 5 Bank of America Merrill Lynch 79.5 111 75.7 5.0%
Leisure
6 7 Deutsche Bank 72.0 89 70.7 1.7% 3.3%
7 6 UBS Investment Bank 71.5 89 73.6 -2.9% Industrials & Chemicals Telecommunications
15.6% 2.5%
8 9 Citigroup 63.7 87 60.7 5.0% Construction
1.5%
9 8 Barclays Capital 55.2 71 68.8 -19.7% Agriculture
0.4%
10 10 Rothschild 54.0 79 51.8 4.3% Def ence
Energy, Mining & Utilities 0.5%
23.2%
Press Release: mergermarket M&A Round-up for Year End 2011 6 www.mergermarket.com
7. Global M&A Overview: Private Equity Buyouts
Private equity-backed buyouts in Q4 2011 added up to US$ 52.4bn, 33.7% less than the previous Global Private Equity Buyout Activity - Quarterly
quarter (US$ 79bn in Q3 2011), and the lowest total since Q2 2010 (US$ 51.4bn). The year as a whole,
however, was the strongest for buyout activity since 2008, with deals announced with a total value of 400
Rest of the World (Value)
35%
US$ 277.7bn, a 15.3% increase on the US$ 240.8bn in 2010. The proportion of global M&A activity in Asia-Pacif ic ex Japan (Value)
2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest proportion since 350 US (Value) 30%
2007 (23%). Europe (Value)
Buyouts (% of Total M&A)
300
25%
The decrease in buyout activity seen in Q4 2011 was spread across all markets. European buyouts
Percentage of Global M&A
Value of Deals ($bn)
in Q4 (US$ 17.6bn) were down 40% compared to Q3 2011 (US$ 29.4bn), US buyouts (US$ 25.3bn) 250
were down 4.9% compared to Q3 2011 (US$ 26.6bn) and Asia-Pacific buyouts (US$ 5.7bn) were down 20%
66.9% compared to the previous quarter (US$ 17.2bn). 200
15%
On leveraged buyouts (US$ 200m+ and excluding buy-ins), private equity firms raised, on average, 150
debt financing of 6.0x EBITDA last year, the highest level since 2007 (6.6x). Meanwhile, debt financing
10%
on LBOs reached an average of 55.5% of total funding per deal in 2011, down from 59.3% in the full 100
year of 2010, and slightly up from 54.1% in 2009.
5%
50
2011 saw 69 large-cap deals (US$ 1bn+), with a total value of US$ 150.4bn, up 27.7% compared to
the previous year’s US$ 117.8bn (59 deals). The largest buyout of the year was the acquisition of the 0 0%
US operations of Centro Properties Group for US$ 9.4bn, announced by Blackstone Group in March.
Barclays Capital was the most active financial advisor on buyouts in 2011, advising on 21 buyouts with
a total value of US$ 37.2bn. The Carlyle Group was the most active private equity house by deal count
in 2011, with 28 buyouts with a total value of US$ 9bn. Both companies retain their top positions from
2010. Global Debt Financing Ratios Trend
(US$200m+ buyouts, excluding buy-ins)
7 80%
Debt/EBITDA Multiple (x)
Debt/Total Funding (%)
70%
Top 10 Global private equity firms Y/E 2011 - buyouts by deal count 6
Ranking House Value (US$m) Deal Count 60%
5
1 The Carlyle Group 8,992 28
Debt/Total Funding (%)
50%
Debt/EBITDA (x)
2 H.I.G. Capital 342 17 4
3 Blackstone Group 19,556 16 40%
4 Sun Capital Partners 652 16 3
5 Lloyds TSB Development Capital 597 16 30%
6 The Riverside Company 30 16 2
20%
7 Bridgepoint Capital 4,172 14
8 Advent International 4,428 12 1
10%
9 Kohlberg Kravis Roberts 18,053 11
10 EQT Partners 3,270 11 0
2004 2005 2006 2007 2008 2009 2010 2011
0%
Press Release: mergermarket M&A Round-up for Year End 2011 7 www.mergermarket.com
8. Global M&A Overview: Private Equity Exits
Private equity exits via secondary buyouts and trade sales in 2011 were up 13.8% from 2010, with a
total value of US$ 252.5bn compared to US$ 221.8bn in 2010. This was the strongest performance Trade Sales vs SBO Exit Activity - Quarterly
since 2007 which saw US$ 389.5bn. Q4 2011 saw US$ 30.4bn-worth of exits, down 53.9% from Q3
2011 (US$ 65.9bn), and was the second lowest Q4 period in the last seven years after Q4 2008 (US$ 150
Trade Sales (Value)
100%
15.7bn). 140 SBOs (Value)
Trade Sales (% of total exits) 90%
130 SBOs (% of total exits)
After steady growth in secondary buyout exits for the early part of the year, they levelled in Q4, which 120 80%
saw SBOs accounting for 32% of all exits, just failing to match Q3’s 33.3%. However, it was still the
Percentage of Total Exits (excl. IPOs)
110
highest proportion of SBO exits for a Q4 period since Q4 2007 when they accounted for 44.4%. 70%
Value of Deals ($bn)
100
90 60%
Private equity firms exited their holdings at an average enterprise valuation of 11.8x EBITDA in 2011,
80
slightly down from 12.5x in 2010 and the lowest since 2004 (10.8x). 50%
70
One-day-before average exit premiums increased in all regions in 2011. As in previous years, the US 60 40%
accounted for the highest premiums, at an average of 42.8%, compared to 32% in Europe and 32.5% 50
30%
globally. 2011 was the first year to see an upward trend in exit premiums in the US and Europe since 40
2008. European average premiums on exits in 2011 were at their highest levels on mergermarket 30 20%
record (since 2001). 20
10%
10
Goldman Sachs topped the financial advisor league table for 2011, advising on 41 exit deals valued 0 0%
at US$ 56.4bn. The Carlyle Group sold the most portfolio holdings for the year with 22 exits valued at
US$ 11bn. Both companies retained their top positions from 2010.
Exit Premium Analysis - Average
Top 10 Global private equity firms Y/E 2011 - exits by deal count
80%
Ranking House Value (US$m) Deal Count Global
Europe
1 The Carlyle Group 10,997 22
70% US
2 Equistone Partners Europe 7,453 12
3 Intel Capital 795 12 60%
4 3i Group 506 10
5 New Enterprise Associates 120 10 50%
6 Redpoint Ventures 1,848 9
Premium %
40%
7 Lloyds TSB Development Capital 104 9
8 Blackstone Group 8,163 8
30%
9 CVC Capital Partners 5,339 8
10 Bain Capital 4,269 8 20%
10%
0%
2004 2005 2006 2007 2008 2009 2010 2011
r
Press Release: mergermarket M&A Round-up for Year End 2011 8 www.mergermarket.com
9. Global M&A Overview: Emerging Markets
The emerging markets saw M&A activity with a total value of US$ 459.7bn in 2011, down 11.7% from 2010 (US$
520.6bn), though still the second highest total on mergermarket record (since 2001). After a bounce-back in Q3 Emerging Markets M&A Activity Trend
(which saw a 16.9% increase on Q2 2011 after two successive quarters of decline in the first half of the year),
emerging market M&A reverted to a downward quarterly trend in the last quarter of the year. Q4 2011 M&A added 200 30%
up to US$ 76.9bn, a 57.2% decrease from the US$ 179.9bn-worth of M&A seen in the same period in 2010, and a Other EM (Value)
BRIC (Value)
41.8% decrease relative to the previous quarter (US$ 132.1.bn in Q3 2011). 180
EM M&A as % of Global M&A
25%
BRIC M&A activity decreased by 45.9% in Q4 2011 (US$ 47.9bn) compared to Q3 2011 (US$ 88.5bn). This was the 160
lowest quarterly total since Q1 2009 (US$ 38.6bn) and the lowest Q4 since 2005 (US$ 23.1bn).
140
Value of Deals (US$bn)
20%
Emerging markets accounted for 21.3% of global M&A activity in 2011, a lower proportion than the 24.5% they
% of Global M&A
120
had accounted for in 2010. In the last quarter of the year, they saw 18.3% of global M&A. BRIC countries saw a total
of US$ 288.4bn-worth of M&A last year, representing 62.7% of overall emerging markets activity, down 4.2% from 100 15%
the same period the previous year (US$ 301.2bn in 2010).
80
Inbound cross-border activity into emerging market countries in 2011 added up to US$ 200.3bn, up 19.1%
10%
compared to 2010 (US$ 168.2bn) and the highest annual total on mergermarket record (2001). Europe is the 60
region that invested the most in the emerging markets in 2011, accounting for 40.2% of cross-border deal value
(US$ 80.4bn): the UK, France, Germany and the Netherlands accounting for 21.1%, 17.6% and 9.6% (for both 40
5%
Germany and the Netherlands) of European-related inbound deal value respectively. Energy, Mining & Utilities
remained the busiest sector for cross-border transactions in 2011, with US$ 69.4bn-worth of deals accounting for 20
34.6% of all cross-border deals.
0 0%
Emerging market buyout activity, valued at US$ 32.3bn, accounted for 11.6% of global buyout activity in 2011, just
up from 11.5% in 2010, and the highest contribution since 2009 (19.1%).
Goldman Sachs ranked first in the financial advisor league table for emerging markets M&A with a total value of
US$ 78.9bn. Goldman Sachs had not previously ranked first since 2002 (US$ 21.1bn).
Emerging Markets Inbound/Outbound M&A
80 350 Emerging Markets Buyout Activity Trend
Inbound Value ($bn)
Outbound Value ($bn) 45 Value (US$bn) 25.0%
70 Inbound Volume % of Global BO (Value)
300
Outbound Volume % of EM M&A (Value)
40
60
250 20.0%
35
50
Value of Deals ($bn)
Volume of Deals
200 30
Percentage (%)
Value (US$bn)
40 15.0%
25
150
30
20
10.0%
100
20
15
50
10 10
5.0%
0 0 5
0 0.0%
2004 2005 2006 2007 2008 2009 2010 2011
Press Release: mergermarket M&A Round-up for Year End 2011 9 www.mergermarket.com
10. Global M&A Overview: Premia and Multiples Analysis
EBITDA Multiple Analysis - Average
30
The average premium (one day before) of global M&A deals in Q4 2011 increased to 33.5%, driving Global
Europe
the annual average up to 28.5%, up from 22.2% in 2010. North American premiums averaged 35.9% in
North America
2011, an increase from 31.6% in 2010. Meanwhile, European premiums for the year averaged 21.9%, 25
Asia-Pacif ic (excl. Japan)
the second highest average since 2002, only topped by 2008’s average of 22.9%. The Asia-Pacific region Japan
saw an average premium of 21 %, again the highest average premium since 2008 (24.1%).
EBITDA Multiple (x) - Average
20
The average EBITDA multiple across global M&A in 2011 was 12.6x, down from 14.9x in 2010 and the
lowest average since 2003 (10.6x). The European average EBITDA multiple in 2011 was 12.1x, the 15
second-lowest since 2004, after 11.5x in 2009.
10
The quarterly average global EBITDA multiple decreased in the last quarter of the year to 12.1x, from the
previous quarter’s 15.8x, a drop driven by significant decreases in North America and Asia-Pacific, from
5
16.3x in Q3 to 12.8x in Q4 in North America, and from 20.4x to 10.1x in Asia-Pacific. Europe, however,
showed an increase in the average EBITDA multiple on M&A deals in Q4 2011 to 15.3x, up from 14.4x
in Q3 2011. 0
2004 2005 2006 2007 2008 2009 2010 2011
The TMT (Technology, Media & Telecoms) sector recorded the highest average EBITDA multiple – at
15.7x – in 2011, overtaking 2010’s leading sector Energy, Mining & Utilities which saw 19.5x. Premium Analysis - Average
60%
Global
Europe
North America
Asia-Pacif ic (excl. Japan)
50% Japan
40%
Premiums % 30%
20%
10%
0%
2004 2005 2006 2007 2008 2009 2010 2011
Press Release: mergermarket M&A Round-up for Year End 2011 10 www.mergermarket.com
11. Global M&A Overview: Deal Type / Deal Value Breakdown
Deal Type
M&A Deal Type - Deal Value
The total value of public M&A deals announced globally in 2011 was US$ 900.5bn, up 16.5% from 2010 (US$ 100%
773.1bn).
90%
Fewer hostile offers were announced in 2011 than in the previous year, with 38 hostile deals valued at US$ 61bn. 80%
43.6%
Compared to 2010, which saw 43 deals valued at US$ 97.1bn, hostile offers decreased 37.1% by deal value and 48.1% 49.7%
54.5% 54.9%
11.6% by deal count.
Share of total Global M&A - Deal Values
70% 61.3% 60.5%
67.1%
Hostile offers accounted for 6.8% of the total value of all public M&A deals in 2011, just over half of the proportion 60%
for the previous year. In 2010 hostile offers had accounted for 12.6% of public M&A deal values (which was the 8.6%
50% 1.4%
average proportion of public deals accounted for by hostile offers since 2004). 6.6% 2.7%
1.7% 4.1% 2.4%
10.1% 0.7%
40% 6.0%
10.9% 0.5% 2.7%
2011 was one of the least hostile periods in the past seven years by deal value, with only 2007 seeing hostile deals 5.0% 1.2%
accounting for a lower proportion of public deals (5.3%). 30% 4.1%
46.2%
20% 41.2%
Hostile offers also accounted for 49.8% of global unsolicited offers in 2011 by value, with 32 deals valued at US$ 37.7% 37.7%
31.7% 33.2%
36.2%
54.5bn. The proportion of unsolicited offers that were hostile in 2011 decreased 8.6% compared to 2010, when 35 10%
27.5%
hostile deals valued at US$ 82.5bn represented 53% of unsolicited offers.
0%
2004 2005 2006 2007 2008 2009 2010 2011
Recommended Hostile Contested Non-public M&A
Global M&A Deal Size Breakdown - % by Deal Value
100%
15.7% 15.5%
90% 21.9% 24.5% 26.8%
Deal Value Breakdown 31.9% 29.4% 29.6%
80%
Mega-deals (over US$ 10bn) accounted for 15.5% of the value of global M&A announced in 2011, with a total of 70%
32.6% 34.1%
US$ 334.2bn, just topping the total for 2010 (US$ 333.1bn). 25.5%
60% 30.0%
29.8%
27.9% 27.5%
27.3%
Deals valued between US$ 2bn and US$ 10bn added up to US$ 733.9bn, accounting for 34% of global M&A 50%
announced in 2011, the highest proportion for this deal size range on mergermarket record (since 2001).
40% 24.5%
27.7% 26.0%
22.0%
19.3%
In the last quarter of the year, deals valued between US$ 2bn and US$ 10bn dominated, accounting for 35.1% of 30% 20.8%
23.0% 20.5%
total deal value, having represented 26% of total deal value in the previous quarter.
20%
28.0%
The global average deal size for Q4 2011 was US$ 291m, the lowest Q4 average since 2007 (US$ 277m). 10%
23.5%
20.0% 20.4%
23.4% 22.4% 24.0% 24.3%
0%
2004 2005 2006 2007 2008 2009 2010 2011
$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001m)
Press Release: mergermarket M&A Round-up for Year End 2011 11 www.mergermarket.com