PwC Auto M&A Insights 2015

www.pwc.com/auto
Driving value:
2015 Midyear Automotive M&A Insights
In this issue
2 Welcome
3 Key trends at a glance
4 2015—first half review
7 Insights into regions
9 Analyzing industry segments
11 Who’s buying: Financial
versus Trade buyers
13 The road ahead
14 Contact information

Driving value 2 2015 Midyear Automotive MA Insights
We are pleased to present Driving Value: 2015 Midyear
Automotive MA Insights, PwC’s review of mergers and
acquisitions (MA) activity and key trends impacting the
global automotive industry.
In this edition, we look at:
• The status of global automotive deal activity amongst
vehicle manufacturers, suppliers, financiers, and other
related sectors
• Key trends that impacted the deal market
• Transaction activity by sector and region
• Our perspective on the journey to the future
This latest edition is meant to serve only as a preface to
the insights and observations that we can provide to drive
successful transactions. MA leaders in the automotive
and financial sectors frequently turn to us for advice on
potential transactions and the strategies underpinning
those deals. Your feedback is important to us, and we
welcome the opportunity to provide you with a deeper
look into any of these trends that may be of benefit to
your organization.
Paul G. Elie
PwC US Automotive Deals Leader
+1 (313) 394 3517
paul.g.elie@pwc.com
Welcome

Global automotive
deal volume grew by
10%closing
276
$
34.1 billionin global automotive deal value
Key trends at a glance
Automotive
$449
millionhighest in over 10 years
Predicted global
automotive
assembly growth 2015
2021
3.5% CAGR
Vehicle Manufactuers’
deal value
declined to
billion
$4.1billion
$26.6
$20
billion
megadeals
$12.5 billion
Financial buyers share of
global automotive MA
activity increased to 31%
compared to 26%in 2014
50%TOP 10 DEALS
TARGETED ASIAN ASSETS
COMPONENT SUPPLIERS
consecutive
increase
Global cross-sector
MA volume increased
7
Source: Thomson Reuters and other publicly available resources.
5th
ZF Friedrichshafen AG acquisition of
TRW Automotive Holdings Corp—largest deal since 2007
with a total aggregated
disclosed value of
deals in first half 2015
compared to 2014 24% from first half of 2014
Average global
automotive deal size
HIGHEST DISCLOSED
AVERAGE FIRST HALF
DEAL VALUE IN 10 YEARS
58% 2014from
Up
10% in 2015
compared to 2014
deal value
soared to
97%
and
$13.4 2014
from 2014
billion
compared to

Global automotive –
strong midyear results
Automotive MA deal volume for the
first half of 2015 was up ten percent,
further extending gains made in the
first half of 2014. With 276 deals, the
industry saw its highest volume of deals
transacted since 2011 and slightly below
pre-recession levels.
In many respects, the financial strength
of the automotive industry is back. This
is evidenced by deal value increasing
by 24% in the first half of 2015 up to
$34.1 billion, the highest value of deals
in the past decade (excluding the United
States Treasury facilitated investments
in 2009). Much of this increase in deal
value is driven by seven megadeals
with a total aggregated disclosed value
of $26.6 billion, the largest of which
was ZF Friedrichshafen AG’s $12.5
billion acquisition of TRW Automotive
Holdings Corp.
In the first half of 2015, average global
automotive deal size increased 58%
from $284 million to $449 million. This
also marks the highest average deal
value in the past decade and four times
its low in 2012.
Further, the number of megadeals
increased from five to seven in the first
half of 2015. Continuing the trend from
the first half of 2014, larger megadeals
have led to a significant increase in
overall average deal value in the first
half of 2015.
H12015 181 days—276 deals—
$34.1 billion total aggregate disclosed value
0
20
40
60
80
100
120
140
160
180
H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010
$100 mn $100 mn–$1 bn $1 bn
Source: Thomson Reuters and other publicly available sources.
56
13
751178370
32
73
16
$127
5
7
$203
Average deal size (R-Axis)
Dealvolumeofdiscloseddealvalue
Averagediscloseddealvalue($bn)
0
50
100
150
200
250
300
350
400
450
500
$99
$171
17
$449
24
4
19
2
5
$284
Global Automotive MA Deals by Disclosed Value
H1 2010–H1 2015
Source: Thomson Reuters and other publicly available resources
0
5
10
15
20
25
30
35
40
H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008
0
50
100
150
200
250
300
350
Disclosed deal value UST Facilitated investments
282
257 265
303
264
222
276
Deal volume (R-Axis)
Discloseddealvalue($bn)
Dealvolume
$16 $24.2
$7.5
$11.6 $18.8 $10.6 $13.1 $27.5 $34.1
250
Global Automotive MA Deal Volume and Value
H1 2008–H1 2015
First half 2015

Cross-Sector MA
Global cross-sector MA activity shows
similar trends as global automotive MA
with regards to increases in deal volume
and value. As evidenced in the chart below,
global cross-sector MA is continually
trending upward, approaching 2008 levels.
In 2015, both deal volume and value
increased by 10% and 40% respectively.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008
0
2
4
6
8
10
12
14
16
18
20
Disclosed deal value
16
15
13.6
15
Deal volume (R-Axis)
Dealvolume(thousands)
$1.45 $0.81 $0.91 $1.30 $0.93 $0.98 $1.01 $1.41
12.9
16
15.1
18.7
Discloseddealvalue($trn)
H1 2008–H1 2015
Global light vehicle assembly outlook
Assemblyvolumes(millions)
Dealvolume
Automotive MA deal volume (FY14 projection)
Source: PwC Autofacts 2014 Q3 Data Release, Thomson Reuters and other publicly available sources, PwC Analysis
20
30
40
50
60
70
80
90
100
110
20212020201920182017201620152014201320122011201020092008200720062005200420032002
55
56
58
63
65 66
69
58
72
75
80
84
86
89
93
98
102
106 107 109
621
588
515
584 594 604
520
594
490
465
543
597
200
300
400
500
600
700
800
900
549
532
2015–2021 CAGR = 3.5%
H1 2002–H1 2021
Automotive Assembly – Steady
Growth Pace Despite Obstacles
While global assembly continues to grow
at a modest pace, economic volatility,
political uncertainty and to a lesser extent,
vehicle recalls affect the overall assembly
outlook. We’ve noted that mature markets
are sustaining global growth despite the
accelerated decline in markets like Brazil
and Russia. PwC’s Autofacts reports that
long-term outlooks are still positive,
however, recent setbacks in Brazil and
Russia, along with a slowdown in China,
have caused volatility in the industry’s
near-term growth plans. According to PwC
Autofacts, the industry is expected to add
20.0 million units of production between
2015 and 2021 for a compounded annual
growth rate (CAGR) of 3.5%.
Following up on a very strong 2014,
North America’s total production volumes
continue to grow due to new investments in
expanding capacity at existing plants as well
as new plants.
Despite economic challenges in Europe due
to hectic discussions about overall stability
of the European banking system, higher
foreign demand will help drive automakers
to raise their output further, and is expected
to improve overall utilization and industry
profitability. The European Union forecasted
assembly in 2015 of 17.6 million units, which
is up 5.1% year-over-year.

Top 20 automotive
deals in 2015
Top 20 Automotive Transactions, 2015
Date effective Target name Target
region
Acquiror name Acquiror
region
% of Shares
acquired
Value of
transaction
($mil)
Buyer
type
Category
1 15 May 2015 TRW Automotive Holdings Corp US ZF Friedrichshafen AG Europe 100 12,494 TRADE Comp
2 08 Jun 2015
China Grand Auto Services
Co Ltd
Asia
Merro Pharmaceutical
Co Ltd
Asia 100 5,184 TRADE Other
3 09 Jun 2015
Halla Visteon Climate Control
Corp
Asia Investor Group Asia 70 3,598 FIN Comp
4 02 Apr 2015 British Car Auctions Ltd Europe Haversham Holdings PLC Europe 100 1,863 FIN Other
5 20 Apr 2015
Regie Nationale des Usines
Renault SA
Europe Deutsche Bank AG Europe 5 1,328 FIN VM
6 30 Jan 2015 Dynacast International Inc US Partners Group AG Europe 100 1,100 FIN Comp
7 20 Apr 2015
Anhui Jianghuai Automobile
Group Co Ltd
Asia
Anhui Jianghuai
Automobile Co Ltd
Asia 100 1,064 TRADE VM
8 03 Jun 2015 KT Rental Corp Asia Investor Group Asia 100 913 FIN Other
9 05 Jan 2015
Dongfeng Commercial Vehicles
Co Ltd
Asia Volvo AB Europe 45 902 TRADE VM
10 05 Jan 2015 Eagle Ottawa LLC US Lear Corp US 100 850 TRADE Comp
11 18 Mar 2015 Penske Truck Leasing Co LP US Mitsui Co Ltd Asia 20 750 TRADE Other
12 24 Feb 2015 School Bus Holdings Inc US
Hennessy Capital
Acquisition Corp
US 100 487 FIN VM
13 07 May 2015
Nanjing Aotecar New Energy
Technology Co Ltd
Asia
Jiangsu Kingfield
Garments Co Ltd
Asia 100 463 TRADE Comp
14 09 Feb 2015
TRW Automotive Holdings
Corp-Engine Valve Business
Europe
Federal-Mogul Holdings
Corp
US 100 385 TRADE Comp
15 01 Jun 2015
Anixter International Inc-OEM
Supply Fasteners Division
US
American Industrial
Partners LP
US 100 380 FIN Comp
16 01 Jun 2015 Uni-Select USA Inc US Icahn Enterprises LP US 100 340 FIN Other
17 09 Apr 2015 Maggiore Rent SpA Europe Avis Budget Group Inc US 100 160 TRADE Other
18 16 Apr 2015
Shenzhen Kanglaishi Standard
Testing Technology Co Ltd
Asia Investor Group Asia 92 150 FIN Other
19 02 Jun 2015
Zhejiang Longsheng Auto Parts
Co Ltd
Asia Investor Group Asia 22 126 FIN Comp
20 28 Jan 2015 Quin GmbH Europe
Ningbo Joyson Electronic
Corp
Asia 75 111 TRADE Comp

Insights into regions
The big picture
Local deals (transactions by targets and acquirers within the same
borders) dominated the MA landscape again across all regions
in the first half of 2015, as 83% of the total deals volume were
local. Only 53% of deal value (or $17.94 billion) was attributable
to these local deals; however, this is largely due to the cross-border
transaction between ZF Friedrichshafen AG’s and TRW Automotive
Holding Corp., which inflated the value of non-local deals.
Much of the movement in share of deal volume and value was
between the United States, Europe, and Asia, while the Rest of
the World remained relatively flat. United States, European, and
Asian assets experienced the greatest benefit from the mega deals
transacted in the first half of 2015, with all seven deals being with a
United States, European or Asian target and/or acquirer.
North America
The United States continued its steady increases
in share of deal volume by acquirer and target
region, trailing only Europe in this regard. Share of
deal volume by acquirer increased for the second
consecutive year up to 33%, while share of deal
volume by target increased for the third consecutive
year up to 31%.
Europe
European activity was the most robust in the
first half of 2015 with its share of deal volume
by acquirer and target region (37% and 43%,
respectively) being the highest since 2013.
Asia
While 50% of the top deals targeted Asian assets,
the Asian region saw decreases in share of deal
volume by both acquirer and target regions,
continuing the pattern of decline seen over the past
three years.
C Analysis
Source: PwC Analysis
Share of Deal Volume by Acquirer Region
2010-H1 2015
Share of Deal Volume by Target Region
2010-H1 2015
Source: Thomson Reuters and other publicly available sources
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
27% 27% 33%
20% 23%
27%
46%
41%
31%
9% 9%
25%
25%
40%
10%
25%
30%
35%
10%
23%
33%
37%
7%7%
Europe US Asia Row
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
Europe US Asia Row
4% 7% 8%
31%
28% 32%
20% 22%
24%
45% 43%
36%
8%
25%
24%
43%
8%
23%
29%
40%
7%
19%
31%
43%

Share of Disclosed Deal Value by Acquirer Region
2010-H1 2015
Share of Disclosed Deal Value by target Region
2010-H1 2015
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
36%
2%
31%
31%
31%
24%
41%
4%
21%
31%
43%
5%
46%
38%
12%
4%
21%
39%
39%
1%
39%
9%
52%
Europe US Asia Row
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
30%
45%
24%
2%
33%
26%
39%
2%
28%
22%
48%
2%
44%
12%
42%
49%
39%
12%
47%
4%
35%
14%
1%
Europe US Asia Row
US
Local: 78 deals, $2.34 billion
Inbound: 8 deals, $14.43 billion
Outbound: 14 deals, $0.61 billion
Asia (Asia Oceania)
Outbound: 16 deals, $1.09 billionRest of the World
Outbound: 9 deals, No value
disclosed
Europe
Outbound: 8 deals, $14.50 billion

The big picture
Deal value increased significantly in the first half of 2015 compared
to first half of 2014 for Component Suppliers and Others with the
largest increase ($9.9 billion) being with Component Suppliers,
primarily driven by ZF Friedrichshafen AG’s acquisition of TRW
Automotive Holdings Corp for $12.5 billion.
Components suppliers
This marks the fifth consecutive period of increasing deal value
for Component Suppliers despite a 28% decrease in deal volume
from the first half of 2014. The 97% increase in deal value, when
compared to 2014, is driven by ZF Friedrichshafen AG’s acquisition
of TRW Automotive Holdings Corp, which is the largest mega deal
since 2007. Excluding this single megadeal, Component Suppliers
deal value is down 26% to $7.5 million.
Vehicle manufacturers
On the other hand, Vehicle Manufacturers deal value decreased
by 69% in the first half of 2015, falling back in line with pre-2013
numbers. The large spike in 2014 can be attributed primarily to two
large mega deals with a total aggregate disclosed value of $11.9
billion that occurred in the first half of 2014.
Even so, deal volume amongst Vehicle Manufacturers actually
increased by 38% in 2015 from the first half of 2014.
Others
The Others category—including retail/dealership, aftermarket,
rental/leasing and wholesale, etc. continues to recover after steady
declines during the peak of the recession. This segment showed
large gains in the first half of 2015 compared to the first half of
2014. Deal value increased by 152%, fueled by a 46% increase in
deal volume and two megadeals totaling over $7 billion in value.
Component Suppliers MA Activity
H1 2010–H1 2015
Dealvolume
Deal volume
0
5
10
15
20
25
100
84
137
0
20
40
60
80
100
120
140
160
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
150
144
$1.6 $3.7 $4.7 $8.6 $10.1 $20.0
117
Analyzing industry segments

Vehicle Manufacturers MA Activity
H1 2010–H1 2015
Others MA Activity
H1 2010–H1 2015
Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources
Dealvolume
Deal volume
0
2
4
6
8
10
12
14
16
30
33
42
0
10
20
30
40
50
60
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
48
52
$5.7 $3.1 $4.4 $1.1 $13.4 $4.1
24
Dealvolume
Deal volume
0
2
4
6
8
10
12
14
159
85
0
20
40
60
80
100
120
140
160
180
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
67
107
$4.3 $12.1 $1.6 $3.4 $4.0 $10.0
109
92

The big picture
Financial buyers saw increases in the volume and value of deals
initiated in the first half of 2015. Deal volume increased 33% and
deal value by 174% as compared to the first half of 2014.
Financial buyers—Green light
Financial buyers saw increases in both deal value and deal
volume in first half of 2015. The increase in deal value is
primarily driven by financial buyer’s representing three of the
top five acquisitions for the first half of 2015, with the most
significant being an acquisition of Halla Visteon Climate Control
Corp.
Overall, financial buyers’ share of MA activity increased for
the second consecutive year to 31%, this is the highest over the
review period.
Trade buyers—Green light
Deal value and deal volume remained steady for trade buyers for
the first half of 2015 as compared to the first half of 2014. Volume
increased 3% and value was flat.
The continued strong results by trade buyers’ was significantly
driven by mega deals, as the two largest deals for 2015 were
with trade buyers. The most significant mega deal being ZF
Friedrichshafen AG’s acquisition of TRW Automotive Holdings
Corp for $12.5 billion.
Financial Buyer MA Activity
H1 2010–H1 2015
Financial value
Dealvolume
Financial volume (R-axis)
0
2
4
6
8
10
12
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
46
58
0
10
20
30
40
50
60
70
80
90
72
79
$4.3 $8.5 $1.3 $6.8 $4.0 $11.0
64
85
Who’s buying
Financial vs. Trade buyers

Trade Buyers MA Activity
H1 2010-H1 2015
Financial Buyer Share of MA Activity
H1 2010–H1 2015
Trade value
Dealvolume
Trade volume (R-axis)
0
5
10
15
20
25
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
176
206
0
50
100
150
200
250
193
224
$7.2 $10.3 $9.3 $6.3 $23.5 $23.2
186 191
Financial Buyer Share of Total Value
ShareofMAactivity
Financial Buyer Share of Total Volume
0
10
20
30
40
50
60
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
21%22%
27%
26%
37% 45% 12% 52% 15% 32%
31%
26%

TheRoadAhead
A positive outlook for Automotive MA
It is all systems go for the automotive industry, where MA activity has continued to heat up on the
backs of a few strong years. The first half of 2015 brought further improvements to already strong
numbers in both deal volume and value, driven by some of the largest megadeals seen in the last decade.
With robust automotive assembly outlook, PwC expects the MA markets will continue to stay strong as
companies continue to invest in RD for next-gen technologies and innovation, and as the industry as a
whole looks to consolidate after years of fragmentation.
These are the key factors that we anticipate will spark automotive MA growth going forward:
• High levels of liquidity on corporate balance sheets
• Strategic initiatives to expand market share and grow customer, technology and product portfolios
• Strong economic recovery and pent-up demand in developed countries such as the US
• Financial investors will continue to see opportunities for growth in the automotive industry
The Road Ahead

Contact us
To have a deeper discussion about our point of view
on automotive MA, please contact:
Authors Automotive leadership
Automotive transaction services
Paul Elie
PwC US, US Automotive Deals Leader
paul.g.elie@us.pwc.com
+1 (313) 394 3517
Harry Gruits
PwC US, Director, Automotive Transaction Services
harry.l.gruits@us.pwc.com
+1 (313) 394 3023
Christopher Becker
PwC US, Senior Associate,
Automotive Transaction Services
christopher.j.becker@us.pwc.com
+1 (313) 394 3237
Richard Hanna
Global Automotive Leader
richard.hanna@us.pwc.com
+1 (313) 394 3450
Felix Kuhnert
PwC Germany, European Automotive Leader
felix.kuhnert@de.pwc.com
+49 (711) 25034 3309
Hitoshi Kiuchi
PwC Japan, Asia Pacific Automotive Leader
hitoshi.kiuchi@jp.pwc.com
+81 (0)80 3158 6934
Dietmar Ostermann
Global Automotive Advisory Leader
dietmar.ostermann@us.pwc.com
+1 (972) 672 4425
Evan Hirsh
PwC US, US Automotive Advisory Leader
evan.hirsh@us.pwc.com
+1 (312) 578 4725
Alexander Unfried
Global Automotive Tax Leader
alexander.unfried@de.pwc.com
+49 (711) 25034 3216
Humberto Tognelli
PwC Brazil
humberto.tognelli@br.pwc.com
+55 (11) 3674 3855
Damiano Peluso
PwC Canada
damiano.peluso@ca.pwc.com
+1 (416) 814 5776
Leon Qian
PwC China
leon.qian@cn.pwc.com
+86 (10) 6533 2940
Tang Xun
PwC China
xun.tang@cn.pwc.com
+86 (21) 2323 3396
Steven Perrin
PwC France
steven.perrin@fr.pwc.com
+33 (0)156 578 296
Martin Schwarzer
PwC Germany
martin.schwarzer@de.pwc.com
+49 (0) 69 9585 5667
Sanjeev Krishan
PwC India
sanjeev.krishan@in.pwc.com
+91 (12) 4330 6017
Francesco Giordano
PwC Italy
francesco.giordano@it.pwc.com
+39 348 1505447
Taizo Iwashima
PwC Japan
taizo.iwashima@jp.pwc.com
+81 (3) 6266 5572
Jason Wakelam
PwC UK
jason.wakelam@uk.pwc.com
+44 (0) 77 1471 1133
Paul Elie
PwC US
paul.g.elie@us.pwc.com
+1 (313) 394 3517

About PwC’s Automotive Practice
PwC’s global automotive practice leverages its extensive experience in the industry to help companies solve complex
business challenges with efficiency and quality. One of PwC’s global automotive practice’s key competitive advantages is
Autofacts®, a team of automotive industry specialists dedicated to ongoing analysis of sector trends. Autofacts provides
our team of more than 5,000 automotive professionals and our clients with data and analysis to assess implications make
recommendations, and support decisions to compete in the global marketplace.
About the Transaction Services Practice
The PwC’s Transaction Services practice provides due diligence on both the buy
and sell side of a deal, along with advice on MA strategy, valuation, accounting,
financial reporting, and capital raising. For companies in distressed situations, we
advise on crisis avoidance, financial and operational restructuring and bankruptcy.
With approximately 1,000 deal professionals in 16 cities in the US and over 6,000
deal professionals in over 90 countries, experienced teams are deployed with deep
industry and local market knowledge, and technical experience tailored to each
client’s situation. Our field-proven, globally consistent, controlled deal process helps clients decrease minimize their risks,
progress with the right deals, and capture value both at the deal table and after the deal closes.
About Autofacts®
Autofacts is a key strategic asset of PwC’s global automotive practice. Fully integrated with PwC’s more than 5,000 global
automotive professionals, Autofacts provides ongoing auto industry analysis our clients use to shape business strategy, assess
implications and support a variety of operational decisions. The Autofacts team also draws from the strengths of PwC’s
marketing, sales and financial services groups to support other key areas of automotive companies’ functions. Since 1985,
our market-tested approach, diverse service offerings and dedication to client service have made Autofacts a trusted advisor
throughout the industry. For more information, visit www.autofacts.com.
Corporate finance
Damian Peluso
PwC Canada
damian.peluso@ca.pwc.com
+1 (416) 814 5776
Martin Schwarzer
PwC Germany
martin.schwarzer@de.pwc.com
+49 (0) 69 9585 5667
Marco Tanzi Marlotti
PwC Italy
marco.tanzi.marlotti@it.pwc.com
+39 (02) 8064 6330
Taizo Iwashima
PwC Japan
taizo.iwashima@jp.pwc.com
+81 (3) 6266 5572
Darren Jukes
PwC UK
darren.jukes@uk.pwc.com
+44 (20) 7804 8555
Andrew Kanfer
PwC US
andrew.kanfer@us.pwc.com
+1 (312) 298 3258
Visit our automotive industry website at www.pwc.com/auto
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PwC Auto M&A Insights 2015

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PwC Auto M&A Insights 2015