XBMA Quarterly Review

Q3 2015

Raaj Narayan & Francis Stapleton, Editors

The views expressed herein reflect only the views of XBMAs editorial staff individually and not those of any of
XBMAs founders, academic partners, advisory board members, or others.

Global M&A Volume: Q3 Snapshot

Global M&A volume in Q3 exceeded US$1 trillion, a quarterly figure second only to
2015s Q2 in recent years. M&A volume through the first three quarters was US$3.2
trillion (an increase of 30% over the same period in 2014), and year-to-date volume
through the date of publication is the strongest on record. These USD figures were
recorded despite the strength of the dollar when measuring values for deals struck in
other currencies.
North American targets accounted for more than US$600 billion of the US$1 trillion of
global M&A volume in Q3, with a significant portion of that activity attributable to a
series of transformative strategic deals involving U.S. companies, albeit often highly
globalized competitors.
At its current pace, pure cross-border M&A activity will account for 35% of global deal
volume in 2015, which is consistent with recent levels. Three of the 10 largest deals in Q3
were cross-border transactions, with the balance involving U.S. companies.
Megadeals continued in Q3, with deals in excess of US$10 billion accounting for
approximately 37% of global M&A volume. Six deals in Q3 exceeded US$20 billion in
value.

Deal Volume by Quarter

4,000
Quarter 1

Quarter 2

3,162

3,000
2,637

US$ billions

Quarter 4

3,353

3,500

2,500
2,200

2,000

Quarter 3

758

2,642

2,624

905

576
876
666

672

1,500

721

583

1,287
689

712
488

855

584

496

1,000

1,013

2,389

988

599

500
544

559

2009

2010

661

535

770
504

499

605

2012

2013

2014

862

0
2011

2015

All figures are inflation-adjusted to 2015 dollars. Data in this report does not include spin-offs announced in 2015
that have not been completed.

XBMA

Source: Thomson; NYT Dealbook

Global M&A Volume: 19982015

Global M&A activity in 2015 is on pace to reach US$4.2 trillion, a nearly 30% jump
compared to 2014 (itself the strongest year since 2007).
Despite the recent stock market volatility, concerns about a slowing Chinese economy,
falling commodity prices, and the prospect of near-term interest rate increases in the
United States, M&A activity has carried its momentum through 2015. This trend is
largely being driven by large corporate cash balances (carried at virtually zero return)
and still relatively high stock prices that together provide strong acquisition currency;
attractive financing for most corporate borrowers; continued industry consolidation and
competitive pressure; and the search for global scale and synergies.
Looking ahead, while falling stock prices could reduce some companies appetites for
M&A, cheaper valuations could also make attractive targets, particularly as strategic
companies seek to consolidate market position and book returns through external
growth.

Global M&A Volume

6.0
5.5
5.0
4.5
US$ trillions

4.0
3.5

3.0
2.5
2.0
1.5
1.0
0.5
0.0

All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized.

XBMA

Source: Thomson

Cross-Border M&A Volume: 20082015

Cross-border M&A activity is on pace to reach US$1.5 trillion in 2015, which would
shatter last years relative high. The percentage of global deal volume attributable to
cross-border transactions remains steady at approximately 35%.
The volume of deals involving a developed economy acquirer and an emerging economy
target has slowed. The slowdown in some emerging economies may shift focus to targets
in the United States and other developed economies as companies still look to
acquisitions to fuel growth.
On the other hand, the volume of deals involving an emerging economy acquirer and
developed economy target is on pace to exceed US$150 billion, approaching levels last
seen in 2008.

Deal Volume
5.0
4.29

4.0
3.36

US$ trillions

3.16

3.0

2.64

2.64

2.63

2.20

2.0

2.80

2.38
2.10

1.95

1.65

1.71

1.70
1.66

1.61

1.0
1.21
0.59

0.99

0.93

0.93

2010

2011

2012

1.49

1.26
0.72

0.0
2008

2009

2013

2014

2015

Domestic M&A
Cross-Border M&A
Cross-border M&A transactions are defined as those in which the parties are headquartered or based in different
countries. All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized.

XBMA

Source: Thomson; Reuters

Medium and Large M&A Deals: 20072015

Although the total number of deals in Q3 declined relative to Q3 2014, the number of large
deals continues to increase year over year, driving the increase in overall M&A volume. At
the current pace, the number of deals exceeding US$500 million will increase 10%
compared to 2014.
Each of the top six deals in Q3 exceeded US$20 billion in value, and the top eight deals
exceeded US$15 billion in value.
Each of the 10 largest deals in Q3 involved a U.S. target, reflective of the large number of
transformative strategic mergers in the United States.

Number of Deals > US$500 million

1500

1404
1193

1250
1076

1000

758

901

869

882

874

861
749

750

638
493

583

537

514

514

364

368

360

314

2010

2011

2012

2013

547

500
387

646

250

376

438

444

2014

2015

196

2007

2008

2009

Domestic M&A
Cross-Border M&A
2015 data is annualized.

XBMA

Source: Thomson

M&A Volume by Target Region

The United States and China turned in very strong quarters relative to recent market
share, producing 48% and 17%, respectively, of global M&A volume. Together with
Europe, these three economies accounted for approximately 87% of global M&A activity
in Q3 (compared to a recent average of 75%).
The emerging economic regions of Central Asia, South America, Africa/Middle East,
India, Mexico, and Central America produced an aggregate of 6% of global M&A volume
in Q3, compared to a recent aggregate average of 14%.
Q3 2015
India, 0.6%
Africa/Middle East, 1%
Mexico, 0.2%
Central America, 0.06%
Canada, 2.3%
South America, 1%
Japan, 1.6%
United States, 48%
Australia/NZ 2.5%
Central Asia, 3.5%

China, 17%

Europe, 22%

20102014
India, 1.05%
Africa/Middle East, 2.20%
Mexico, 1.10%
Central America, 0.13%
Canada, 4.02%
South America, 4.19%
Japan, 3.26%
Australia/NZ, 3.63%

United States, 39.61%

Central Asia, 5.04%

China, 9.39%

Europe, 26.4%

Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2015
dollars.

XBMA

Source: Thomson

GDP and M&A

Volume by Targets Region: Q3 2015
The United States is producing a smaller percentage of global M&A than world GDP.
This represents a shift from recent years, and one indicator of potential room for
additional M&A growth in the U.S. market.
In addition to Europe and China, each of Central Asia, Canada, and Australia/NZ are
contributing a greater share of global M&A than world GDP, likely due in part to the large
volume of Energy & Power deals as companies around the world react to falling
commodity prices.

GDP, M&A, and Debt by Region

250%

50%

200%

40%
150%
30%
100%
20%
50%

10%
0%

Government Debt as % of GDP

% of 2015 World GDP

% of 2015 Global M&A

60%

0%

Region

2015 GDP
(US$ trillions)

2015 Per Capita

GDP (US$)

Europe

19.8

26,921

United States

18.1

56,421

China

11.2

11,212

Japan

4.2

33,223

India

2.3

1,808

World

74.6

13,823

2015 GDP figures are IMF estimates.

XBMA

Source: Thomson, IMF

Trends in M&A Volume by

Target Region: 20112015
North America accounted for approximately 60% of global M&A activity in Q3, compared
to 45% in Q2. The US$600 billion in North American M&A volume is the strongest
performance of any region in recent years, far exceeding the average North American
volume since 2011 of US$340 billion per quarter.
Asian-Pacific and European M&A activity each fell to approximately US$200 billion,
declining 42% and 30%, respectively, relative to recent peaks in Q2. Notwithstanding its
quarterly decline, Asian-Pacific M&A activity still exceeded its average volume since 2011
of US$150 billion per quarter, and European M&A remained on par with its average
quarterly performance over that period.

1,600
1,400

US$ billions

1,200
1,000
800
600
400
200
0

2011
Global

2012

2013

Asia-Pacific (ex-Japan)

2014
Europe

Japan

2015
North America

All figures are inflation-adjusted to 2015 dollars.

XBMA

Source: Thomson

M&A in BRIC Countries: 20112015

The level of inbound M&A into China continued to seesaw, increasing 50% over Q2 to
approximately US$15 billion. Aggregate inbound M&A volume into all BRIC countries
reached US$25 billion, an increase over Q2 but still below the recent high of US$50
billion reached in early 2011.

Domestic M&A activity in Brazil reached US$8 billion following two quarters of very
little M&A activity, reaching levels more consistent with prior years. Aggregate domestic
deal activity within the BRIC countries reached US$125 billion in Q3, with China
accounting for US$110 billion of this amount.
20112015 Inbound M&A to BRIC Countries
25

US$ billions

20
Brazil

15
Russia

10

India

China

0
2011

2012

2013

2014

2015

US$ billions

20112015 Domestic M&A in BRIC Countries

200
180
160
140
120
100
80
60
40
20
0
2011

Brazil
Russia
India
China

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

Source: Thomson

Distressed Deals: 19892015

Distressed deal activity in 2015 is on pace to reach approximately US$45 billion, and
includes the US$12.6 billion acquisition of Oncor Electric Delivery in Q3.
If distressed deal activity continues at its current pace, 2015 volume would represent a
significant jump from 20132014 levels, although still well below the 2009-2012 postcrisis period.

Volume of Distressed Deals

150

125

US$ billions

100

75

50

25

All figures are inflation-adjusted to 2015 dollars. 2015 data is annualized. Distressed transactions include those
in which the target entity is undergoing restructuring or has reduced the debt on its balance sheet through a
bankruptcy sale, a tender offer or an exchange offer for existing debt securities, or a loan modification. An entity
is considered to be undergoing restructuring if it has publicly confirmed retention of a restructuring advisor, plans
to restructure its debt, has filed for bankruptcy or has defaulted on its debt, has received an S&P or Moodys rating
of CCC+/Caa1 or below before or in reaction to the announcement of a transaction, or its credit facility or debt
securities carry a yield of 1,000 bps above that of U.S. Treasuries.

XBMA

Source: Thomson

Global M&A by Sector: Last 12 Months

Notwithstanding the collapse of the price of oil, the Energy & Power sector produced
US$635 billion (16%) of global M&A volume over the past 12 months, with nearly a third
of that figure represented by cross-border deals. Healthcare followed with US$570
billion (14%) of global M&A volume over the past 12 months.
The Energy & Power, Healthcare, and Financials sectors have produced the largest
volume of cross-border M&A activity over the past 12 months, each exceeding US$180
billion. Cross-border M&A represented 53% of deal activity in the Financials sector and
over 40% of deal volume in each of the Industrials, Materials, Telecommunications, and
Consumer Products and Services sectors (compared to 31% in the Energy & Power
sector).

800

M&A Volume by Sector

700
Global M&A*

US$ billions

600

Cross-Border M&A

500
400
300
200
100
0

*Includes both domestic and cross-border transactions.

XBMA

10

Source: Thomson

Trends in Global M&A by Sector:

Last Four Quarters
The Healthcare sector had the busiest Q3, with over US$180 billion in total M&A volume.
The Energy & Power sector followed with US$140 billion in total deal volume. Q3 saw
relative highs (over the past four quarters) in each of the Materials, Financials,
Industrials, Consumer Products, and Retail sectors, and relative lows in each of the Real
Estate and Telecommunications sectors.
Healthcare repeated its strong performance in cross-border M&A, exceeding US$90
billion in volume for the second consecutive quarter. Q3 was also a relatively strong
quarter for cross-border activity in the Financials, Industrials, Consumer Staples,
Media/Entertainment, and Consumer Products sectors.
320

Domestic and Cross-Border M&A

US$ billions

280
240
200
160
120
80
40
0

US$ billions

Q4 2014

Q2 2015

Q3 2015

Cross-Border M&A

100
90
80
70
60
50
40
30
20
10
0

Q4 2014

XBMA

Q1 2015

Q1 2015

11

Q2 2015

Q3 2015

Source: Thomson

Top 10 Global Deals

Announced in Q3 2015
Acquirer*

Target*

Teva Pharmaceutical
Industries

Allergan PLC Generic

Drug Business

(Israel)

(United States)

Energy Transfer
Equity LP
(United States)

The Williams Cos Inc

(United States)

Berkshire Hathaway
Inc

Precision Castparts
Corp

(United States)

(United States)

Aetna Inc

Humana Inc

(United States)

(United States)

ACE Ltd

Chubb Corp

(Switzerland)

(United States)

Marathon Petroleum
Corp

MarkWest Energy
Partners LP

(United States)

(United States)

Altice NV

Cablevision Systems
Corp

(Luxembourg)

Coty Inc
(United States)

Schlumberger Ltd
(United States)

Investor Group**
(United States)

(United States)

Procter & Gamble Co

Beauty Business
(United States)

Cameron International
Corp

Target
Industry
Drugs

Value of Deal
(US$mil)
40,500

Date
Announced
27 Jul 2015

Electric, Gas,
and Water
Distribution

37,700

29 Sep 2015

Metal and Metal

Products

35,824

10 Aug 2015

Insurance

34,580

3 Jul 2015

Insurance

28,534

1 Jul 2015

Oil and Gas;

Petroleum
Refining

21,936

13 Jul 2015

Radio and
Television
Broadcasting
Stations

18,108

17 Sep 2015

Soaps,
Cosmetics, and
Personal-Care
Products

16,918

9 Jul 2015

Machinery

14,274

26 Aug 2015

Electric, Gas,
and Water
Distribution

12,600

10 Aug 2015

(United States)

Oncor Electric Delivery

Co LLC
(United States)

*Company nationality determined by location of headquarters or by location of target assets.

** Investor Group includes Hunt Consolidated Inc, Anchorage Capital Group LLC, Arrowgrass Capital Partners LLP, Avenue Capital Group LLC, Teacher
Retirement System of Texas, GSO Capital Partners LP, BlackRock Inc and Centerbridge Partners LP.

XBMA

12

Source: Thomson

Top 10 Deals from Developed into

Emerging Economies* Announced in Q3 2015
Acquirer**

Target
Industry
Electric, Gas,
and Water
Distribution

Target**

Sempra Energy Inc

Gasoductos de
Chihuahua

(United States)

Value of Deal
(US$mil)
1,495

Date
Announced
31 Jul 2015

(Mexico)

Goldman Sachs Group

Inc

Oil and Gas;

Petroleum
Refining

Socar Turkey Enerji AS

(Turkey)

(United States)

Catterton Partners
Corp

1,305

14 Aug 2015

Personal
Services

895

21 Aug 2015

Drugs

800

17 Jul 2015

Real Estate;
Mortgage
Bankers and
Brokers
Machinery

593

10 Aug 2015

510

21 Aug 2015

Electric, Gas,
and Water
Distribution

500

18 Sep 2015

Wholesale
TradeNondurable
Goods
Business
Services

450

15 Sep 2015

383

16 Sep 2015

Transportation
and Shipping
(except air)

382

4 Sep 2015

Steiner Leisure Ltd

(Bahamas)

(United States)

Valeant
Pharmaceuticals
International

Amoun Pharmaceutical
Co SAE
(Egypt)

(United States)

Brookfield Asset
Management Inc

BR Properties SA
(Brazil)

(Canada)

(United Kingdom)

Offshore Oil
Engineering

Liormand Holding
Ltd

Elec Networks of
Armenia CJSC

(Cyprus)

(Armenia)

Kellogg Co

Multi-pro Enterprise
Ltd

Fluor Ltd

(China)

(United States)

(Nigeria)

(United States)

Serco Global Services

Pvt Ltd

CJ Korea Express
Corp

Shanghai Rokin
Logistics Co

(South Korea)

(China)

Blackstone Group LP

(India)

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.

**Company nationality determined by location of headquarters or by location of target assets.

US$ billions

Aggregate Value of Deals from Developed into Emerging Economies

300
250
200
150
100
50
0

Quarter 4
Quarter 3
Quarter 2
Quarter 1

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

13

Source: Thomson

Top 10 Deals from Emerging into Developed

Economies* Announced in Q3 2015
Acquirer**

Target
Industry
Computer and
Office
Equipment

Target**

Unisplendour Corp
Ltd

Western Digital Corp

(United States)

Value of Deal
(US$mil)
3,776

Date
Announced
30 Sep 2015

(China)

(Saudi Arabia)

Lanxess AG Synthetic
Rubber Business

Hainan Airlines Co
Ltd Labor

Swissport International
AG

(China)

(Switzerland)

Bohai Leasing Co Ltd

Avolon Holdings Ltd

(China)

(Ireland)

JBS SA

Cargill Inc US Pork

Business

ARAMCO

Chemicals and
Allied Products

3,078

22 Sep 2015

Air
Transportation
and Shipping

2,820

30 Jul 2015

Business
Services

2,533

14 Jul 2015

Food and
Kindred
Products

1,450

1 Jul 2015

Retail TradeGeneral
Merchandise
and Apparel

1,101

13 Jul 2015

996

17 Sep 2015

880

23 Jul 2015

Food and
Kindred
Products

833

30 Sep 2015

Wholesale
TradeNondurable
Goods

830

21 Aug 2015

(Germany)

(Brazil)

(United States)

Hamad bin Jassim bin

Jaber Al

El Corte Ingles SA
(Spain)

(Qatar)

Biostime
International Holding
Ltd

Swisse Wellness Pty Ltd

Drugs

(Australia)

(China)

(India)

GAVIS Pharms LLC,

Novel Labs

Monde Nissin Corp

Marlow Foods Ltd

(Philippines)

(United Kingdom)

PETRONAS

VTTI

(Malaysia)

(Netherlands)

Lupin Ltd

Drugs

(United States)

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.

**Company nationality determined by location of headquarters or by location of target assets.

Aggregate Value of Deals from Emerging into Developed Economies

US$ billions

200

Quarter 4

150

Quarter 3
Quarter 2

100

Quarter 1

50
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

14

Source: Thomson

Top 10 North American

Deals Announced in Q3 2015
Acquirer*

Target
Industry
Drugs

Target*

Teva Pharmaceutical
Industries

Allergan PLC Generic

Drug Business

(Israel)

(United States)

Energy Transfer
Equity LP

The Williams Cos Inc

(United States)

(United States)

Berkshire Hathaway
Inc

Precision Castparts
Corp

(United States)

(United States)

Aetna Inc

Humana Inc

(United States)

(United States)

ACE Ltd

Chubb Corp

(Switzerland)

(United States)

Marathon Petroleum
Corp

MarkWest Energy
Partners LP

(United States)

(United States)

Altice NV

Cablevision Systems
Corp

(Luxembourg)

(United States)

Procter & Gamble Co

Beauty Business

Coty Inc
(United States)

(United States)

Cameron International
Corp

Schlumberger Ltd
(United States)

Value of Deal
(US$mil)
40,500

Electric, Gas,
and Water
Distribution
Metal and Metal
Products

Date
Announced
27 Jul 2015

37,700

29 Sep 2015

35,824

10 Aug 2015

Insurance

34,580

3 Jul 2015

Insurance

28,534

1 Jul 2015

Oil and Gas;

Petroleum
Refining

21,936

13 Jul 2015

Radio and
Television
Broadcasting
Stations
Soaps,
Cosmetics, and
Personal-Care
Products
Machinery

18,108

17 Sep 2015

16,918

9 Jul 2015

14,274

26 Aug 2015

Electric, Gas,
and Water
Distribution

12,600

10 Aug 2015

(United States)

Oncor Electric Delivery

Co LLC

Investor Group**
(United States)

(United States)

*Company nationality determined by location of headquarters or location of target assets.

** Investor Group includes Hunt Consolidated Inc, Anchorage Capital Group LLC, Arrowgrass Capital Partners LLP, Avenue Capital Group LLC, Teacher
Retirement System of Texas, GSO Capital Partners LP, BlackRock Inc and Centerbridge Partners LP.

Aggregate Value of North American Deals

US$ billions

2500

Quarter 4

2000

Quarter 3

1500

Quarter 2

1000

Quarter 1

500
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

15

Source: Thomson

Top 10 Asian-Pacific
Deals Announced in Q3 2015
Acquirer*

Target
Industry
Prepackaged
Software

Target*
Focus Media Tech
Shanghai Co

HEDY Holding Co Ltd

(China)

Value of Deal
(US$mil)
9,093

Date
Announced
1 Sep 2015

(China)

Tesco PLC HomePlus

Group Business (South
Korea)

Investor Group
(South Korea)

Retail TradeFood Stores

6,434

7 Sep 2015

Machinery

5,152

1 Sep 2015

Tobacco
Products

5,005

29 Sep 2015

Food and
Kindred
Products

4,821

19 Sep 2015

Retail TradeHome
Furnishings

4,565

10 Aug 2015

Real Estate;
Mortgage
Bankers and
Brokers
Prepackaged
Software

4,372

18 Sep 2015

3,000

9 Sep 2015

Business
Services

2,522

9 Jul 2015

Chemicals and
Allied Products

2,359

7 Aug 2015

(South Korea)

China Shipbuilding
Industry Corp

Fengfan Stock Ltd Co

(China)

(China)

Reynolds American Inc

Natural American
Spirit Business (ex-US)

Japan Tobacco Inc

(Japan)

(Japan)

(China)

Baotou Huazi Industry

Co Ltd

Alibaba Group
Holding Ltd

Suning Commerce
Group Co Ltd

(China)

(China)

China Merchants
Group Ltd

China Merchants
Property Development
Co Ltd

Investor Group

(China)

(Hong Kong)

(China)

(China)

Beijing Xiaoju Tech Co

Ltd

Investor Group

YY Inc

(China)

(China)

Dalian Rubber &

Plastics Mach

Jiangsu Hengli
Chemical Fibre

(China)

(China)

Investor Group

(China)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Asian-Pacific Deals

US$ billions

1000

Quarter 4

800

Quarter 3

600

Quarter 2

400

Quarter 1

200
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

16

Source: Thomson

Top 10 European
Deals Announced in Q3 2015
Acquirer*

Target
Industry
Food and
Kindred
Products

Target*
Coca-Cola Iberian
Partners SA

Coca-Cola European
Partners Plc

(Spain)

(United Kingdom)

Value of Deal
(US$mil)
9,267

Date
Announced
6 Aug 2015

Coca-Cola Erfrischungs
(Germany)

Deutsche Wohnen AG

LEG Immobilien AG

(Germany)

(Germany)

CF Industries
Holdings Inc

OCI NV

Real Estate;
Mortgage
Bankers and
Brokers
Chemicals and
Allied Products

(Netherlands)

(United States)

Honeywell
International Inc

Elster Group GmbH

(Germany)

(United States)

MS&AD Insurance
Group Holdings

Amlin PLC

8,651

20 Sep 2015

7,981

20 Jul 2015

Measuring,
Medical, Photo
Equipment;
Clocks
Insurance

6,556

28 Jul 2015

5,296

8 Sep 2015

Repair Services

4,065

23 Jul 2015

Drugs

3,547

8 Sep 2015

Chemicals and
Allied Products

3,078

22 Sep 2015

Telecom

3,067

3 Aug 2015

Air
Transportation
and Shipping

2,820

30 Jul 2015

(United Kingdom)

(Japan)

LP Group BV

LeasePlan Corp NV

(Netherlands)

(Netherlands)

Concordia Healthcare
Corp

Amdipharm Mercury
Co Ltd

(Canada)

(United Kingdom)

ARAMCO
(Saudi Arabia)

Lanxess AG Synthetic
Rubber Business

Investor Group

Nokia Oyj

(Germany)

(Germany)

Hainan Airlines Co
Ltd Labor

Swissport
International AG

(China)

(Switzerland)

(Germany)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of European Deals

US$ billions

2000

Quarter 4

1500

Quarter 3
Quarter 2

1000

Quarter 1

500
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

17

Source: Thomson

Top 10 Inbound Chinese Deals

Announced in Q3 2015
Acquirer*

Target*

Sun Capital Partners

Inc

CITIC Ltd
(Hong Kong)

(United States)

Offshore Oil
Engineering (Zhuhai)
Co Ltd Assets

Fluor Ltd
(United Kingdom)

Target
Industry
Investment &
Commodity
Firms, Dealers,
Exchanges
Machinery

Value of Deal
(US$mil)
1,547

Date
Announced
17 Jul 2015

510

21 Aug 2015

Air
Transportation
and Shipping

450

27 Jul 2015

382

4 Sep 2015

(China)

(United States)

China Eastern Airlines

Corp Ltd

CJ Korea Express
Corp

Shanghai Rokin
Logistics Co

(South Korea)

(China)

Transportation
and Shipping
(except air)

Brembo SpA

ASIMCO Meilian
Braking Systems Co

Transportation
Equipment

97

29 Sep 2015

Investment &
Commodity
Firms, Dealers,
Exchanges
Machinery

93

29 Jul 2015

85

30 Jul 2015

Electric, Gas,
and Water
Distribution

30

30 Jul 2015

11

11 Aug 2015

23 Sep 2015

Delta Air Lines Inc

(China)

(Italy)

(China)

Dalian Neusoft
Holdings Co Ltd

Alpine Electronics Inc

(Japan)

(China)

(United States)

Beijing Ubox Tech &

Trade Co

Hyflux Ltd

HJ NewSpring Ltd

(Singapore)

(Hong Kong)

Darco Water
Technologies Ltd

Public
Wuhan Kaidi Water
Administration
Services Co Ltd Asia Ltd

(Singapore)

(China)

TPG Capital LP

Beijing Jianwang
Century Tech

The Carlyle Group LP

(China)

(United States)

Business
Services

(China)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Inbound Chinese Deals

US$ billions

50

Quarter 4

40

Quarter 3

30

Quarter 2

20

Quarter 1

10
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

18

Source: Thomson

Top 10 Outbound Chinese

Deals Announced in Q3 2015
Acquirer*

Target*

Unisplendour Corp
Ltd

Western Digital Corp

(United States)

(China)

Hainan Airlines Co
Ltd Labor

Swissport International
AG

(China)

(Switzerland)

Bohai Leasing Co Ltd

Avolon Holdings Ltd

(China)

(Ireland-Rep)

China Minsheng
Invest Co Ltd

Sirius International
Insurance

(China)

(Bermuda)

Investor Group

CBRE European
Shopping Center Assets

(China)

(United States)

Biostime
International
Holdings Ltd

Target
Industry
Computer and
Office
Equipment

Value of Deal
(US$mil)
3,775

Date
Announced
30 Sep 2015

Air
Transportation
and Shipping

2,820

30 Jul 2015

Business
Services

2,533

14 Jul 2015

Insurance

2,235

27 Jul 2015

Real Estate;
Mortgage
Bankers and
Brokers
Drugs

1,445

13 Jul 2015

996

17 Sep 2015

Transportation
and Shipping
(except air)

940

16 Sep 2015

Amusement and
Recreation
Services

650

27 Aug 2015

Electric, Gas,
and Water
Distribution

532

25 Aug 2015

Miscellaneous
Retail Trade

500

18 Aug 2015

Swisse Wellness Pty Ltd

(Australia)

(China)

COSCO Pacific Ltd

Fina Liman Hizmetleri

(Hong Kong)

(Turkey)

Dalian Wanda Group

Corp Ltd

World Triathlon Corp

(United States)

(China)

China Three Gorges

Corp

Rio Verde SA, TNE

Triunfo

(China)

(Brazil)

Investor Group

Snapdeal.Com

(China)

(India)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Outbound Chinese Deals

US$ billions

80

Quarter 4

60

Quarter 3
Quarter 2

40

Quarter 1

20
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

19

Source: Thomson

Top 10 Inbound Indian Deals

Announced in Q3 2015
Acquirer*

Target
Industry
Business
Services

Target*

(United States)

Atria Convergence
Technologies

Investor Group

Snapdeal.Com

(China)

(India)

Blackstone Group LP
(United States)

Serco Global Services

Pvt Ltd

Warburg Pincus LLC

Piramal Realty Pvt Ltd

(United States)

(India)

GIC Pte Ltd

Greenko Mauritius Ltd

(Singapore)

(India)

Khazanah Nasional
Berhad

Global Hospitals

Investor Group

Value of Deal
(US$mil)
500

Date
Announced
1 Jul 2015

(India)

Miscellaneous
Retail Trade

500

18 Aug 2015

Business
Services

383

16 Sep 2015

Real Estate;
Mortgage
Bankers and
Brokers
Investment &
Commodity
Firms, Dealers,
Exchanges
Health Services

284

21 Jul 2015

254

14 Aug 2015

194

28 Aug 2015

Business
Services

180

11 Aug 2015

Radio and
Television
Broadcasting
Stations
Real Estate;
Mortgage
Bankers and
Brokers
Food and
Kindred
Products

148

15 Jul 2015

138

17 Aug 2015

138

7 Jul 2015

(India)

(India)

(Malaysia)

(United States)

SmartPlay Tech (I) Pvt

Ltd

CBS Corp

Prism TV Pvt Ltd

(United States)

(India)

Goldman Sachs
Group Inc

Piramal Realty Pvt Ltd

KKR & Co LP

(India)

(India)

(United States)

L'Arche Green NV

United Breweries Ltd

(Netherlands)

(India)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Inbound Indian Deals

US$ billions

40

Quarter 4

30

Quarter 3
Quarter 2

20

Quarter 1

10
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

20

Source: Thomson

Top 10 Outbound Indian Deals

Announced in Q3 2015
Acquirer*

Target
Industry
Oil and Gas;
Petroleum
Refining

Target*

Oil & Natural Gas

Corp Ltd

Vankorneft' AO
(Russian Fed)

(India)

(India)

Date
Announced
4 Sep 2015

Drugs

880

23 Jul 2015

Drugs

500

4 Sep 2014

Metal and Metal

Products

400

2 Jul 2015

Metal and Metal

Products

331

12 Sep 2015

Business
Services

66

16 Jul 2015

Drugs

56

15 Sep 2015

Wholesale
TradeNondurable
Goods
Telecom

50

4 Sep 2015

38

31 Jul 2015

Prepackaged
Software

10

16 Jul 2015

GAVIS Pharms LLC,

Novel Labs

Lupin Ltd

Value of Deal
(US$mil)
1250

(United States)

InvaGen
Pharmaceuticals Inc

Cipla Ltd
(India)

(United States)

(India)

European Gold
Refineries Holding

JK Tyres & Industries

Ltd

Cavendish Industries
Ltd

(India)

(United Kingdom)

MindTree Ltd

Bluefin Solutions Ltd

(India)

(United Kingdom)

Sun Pharmaceutical
Inds Ltd

InSite Vision Inc

Rajesh Exports Ltd

(Switzerland)

(United States)

(India)

(India)

Exelan Pharmaceuticals
Inc

Religare Enterprises
Ltd

Elara Comunicaciones
SA de CV

(India)

(Mexico)

MindTree Ltd

Relational Solutions
Inc

Cipla Ltd

(United States)

(India)

(United States)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Outbound Indian Deals

US$ billions

40

Quarter 4

30

Quarter 3
Quarter 2

20

Quarter 1

10
0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

All figures are inflation-adjusted to 2015 dollars.

XBMA

21

Source: Thomson