Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
2015
A New High Water Mark
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.
US$ trillions
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
All figures are inflation-adjusted to 2015 dollars. Data in this report do not include spin-offs announced in 2015 that have not been
completed.
XBMA
Source: Thomson
4,7 48
4,500
4,000
1 ,580
3,342
3,500
US$ billions
3,141
3,000
542
2,500
875
2,627
2,189
2,626
904
577
756
877
670
721
583
496
591
489
982
661
536
771
544
559
2009
2010
1 ,247
690
71 3
1,000
738
854
585
1,500
987
1 ,056
2,37 7
651
2,000
500
2,646
505
501
603
2012
2013
2014
865
0
2008
Quarter 1
2011
Quarter 2
Quarter 3
2015
Quarter 4
XBMA
Source: Thomson
Cross-border M&A volume involving a Chinese acquirer grew by 45% in 2015, as China continued to
build its role as a significant global M&A player. Chinese inbound activity remained relatively stable
compared to 2014.
Deal Volume
5
4.75
4.71
US$ trillions
2.60
3.34
3.17
3.18
3
2.65
2.63
1.95
2.63
2.38
2.20
2.10
2
1.64
1.71
1.70
1.67
1.61
2.12
1.21
0.99
0.93
0.93
2011
2012
0.59
1.24
1.57
0.71
0
2007
2008
2009
2010
Cross-Border M&A
2013
2014
2015
Domestic 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.
XBMA
Source: Thomson
1403
1221
1250
Number of Deals
1098
1073
756
1000
900
869
882
873
861
790
750
673
639
493
582
536
514
513
364
368
360
2010
2011
2012
547
500
387
647
250
425
376
195
2006
2007
2008
2009
Domestic M&A
XBMA
434
431
2014
2015
314
2013
Cross-Border M&A
Source: Thomson
European M&A volume grew in 2015, although European M&A volume as a percentage of global M&A
volume fell from 25% in 2014 to 19%, due in large part to the growth in U.S. and Chinese deal activity
during the same period.
Chinas share of global M&A volume continued to grow to 17% in 2015, up 34% from 2014 and
approximately 85% above its recent historical percentage.
2015
Africa/
Middle
East
1.7 0%
Canada
1.90%
India
0.57 %
South Am erica
1.15%
Mex ico
0.37 %
Central
Am erica
0.05%
Japan
2.25%
Australia/NZ
2.51%
Central Asia
3.02%
United States
50.28%
China
17 .42%
Europe
18.7 9%
2010 - 2014
Canada
4.07 %
Africa/
Middle East
2.22%
India
1.06%
Mex ico
1.13%
Central
Am erica
0.13%
South Am erica
4.26%
United States
38.98%
Japan
3.24%
Australia/NZ
3.7 0%
Central Asia
5.09%
Europe
26.7 0%
China
9.42%
Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2015 dollars.
XBMA
Source: Thomson
50%
200%
40%
150%
30%
100%
20%
50%
10%
0%
60%
0%
Region
2015 GDP
(US$ trillions)
Western Europe
19.6
29,251
United States
17.9
55,904
China
11.3
14,111
Japan
4.1
32,480
India
2.1
1,688
World
73.5
13,823
XBMA
Brazil
15
Russia
India
10
China
5
0
2011
2012
2013
2014
2015
US$ billions
200
Brazil
150
Russia
India
100
China
50
0
2011
2012
2013
2014
2015
XBMA
Source: Thomson
1,600
1,400
US$ billions
1,200
1,000
800
600
400
200
0
2011
2012
Asia-Pacific (ex-Japan)
2013
Europe
2014
North America
2015
Global
Japan
XBMA
Source: Thomson
US$ billions
125
100
75
50
25
All figures are inflation-adjusted to 2015 dollars. 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
700
600
US$ billions
500
400
300
200
100
Global M&A*
Re
ta
il
Fi
na
nc
ia
ls
In
du
str
ial
s
He
alt
hc
ar
e
Re
al
Es
tat
e
Hi
gh
Te
ch
no
lo
Co
gy
ns
um
er
St
M
ap
ed
les
ia/
En
te
rta
in
m
Te
en
l
ec
Co
t
om
ns
m
um
un
er
ica
Pr
ti o
od
ns
uc
ts
an
dS
er
vic
es
ri a
ls
M
at
e
En
er
gy
&
Po
we
Cross-Border M&A
XBMA
10
Source: Thomson
US$ billions
240
200
160
120
80
40
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Cross-Border M&A
US$ billions
200
160
120
80
40
0
Q1 2015
XBMA
Q2 2015
Q3 2015
11
Q4 2015
Source: Thomson
Target*
Value of
Deal
(US$mil)
Drugs
191,522
Pfizer Inc
(United States)
Allergan PLC
(Ireland)
Food and
Kindred
Products
120,785
AB Inbev
(Belgium)
Acquirer*
Target
Industry
Value of
Deal
(US$mil)
Drugs
191,522
SABMiller PLC
(United Kingdom)
Food and
Kindred
Products
120,785
81,009
Target*
Pfizer Inc.
(United States)
Allergan PLC
(Ireland)
AB Inbev
(Belgium)
SABMiller PLC
(United Kingdom)
DuPont
(United States)
Chemical and
Allied Products
68,422
BG Group PLC
(United Kingdom)
Dell Inc
(United States)
EMC Corp
(United States)
Computer and
Office
Equipment
65,801
Charter
Communications
Inc
(United States)
Time Warner
Cable Inc
(United States)
Radio and
Television
Broadcasting
Stations
78,377
Visa Inc
(United States)
Other Financial
23,964
Dell Inc
(United States)
EMC Corp
(United States)
Computer and
Office
Equipment
65,801
Genesis Intl
Holding NV
(Netherlands)
Steinhoff
International
(South Africa)
Wood Products,
Furniture and
Fixtures
22,671
H.J. Heinz
Holding Corp
(United States)
Kraft Foods
Group Inc
(United States)
Food and
Kindred
Products
54,717
Newell
Rubbermaid Inc
(United States)
Jarden Corp
(United States)
Wholesale
TradeNondurable
Goods
20,043
Cheung Kong
(Holdings) Ltd
(Hong Kong)
Hutchison
Whampoa Ltd
(Hong Kong)
Telecom
45,411
China Mobile
Communications
Corp
(China)
China Telecom
Tower Assets
(China)
Telecom
18,349
Teva
Pharmaceutical
Industries
(Israel)
Allergan PLC
Generic Drug
Business
(United States)
Drugs
40,500
Western Digital
Corp
(United States)
SanDisk Corp
(United States)
Computer and
Office
Equipment
18,224
Energy Transfer
Equity LP
(United States)
Electric, Gas,
and Water
Distribution
37,700
Kansai Airports
(France)
New Kansai
International
Operating
Concession
(Japan)
Air
Transportation
and Shipping
17,911
Berkshire
Hathaway Inc
(United States)
Precision
Castparts Corp
(United States)
35,824
XBMA
12
Source: Thomson
Target**
Value of
Deal
(US$mil)
Acquirer**
Target**
Target
Industry
Value of
Deal
(US$mil)
Genesis Intl
Holding NV
(Netherlands)
Steinhoff
International
(South Africa)
Wood Products,
Furniture and
Fixtures
22,671
Genesis Intl
Holding NV
(Netherlands)
Steinhoff
International
(South Africa)
Wood Products,
Furniture and
Fixtures
22,671
Gaetano Holdings
Ltd
(United Kingdom)
5,000
Gaetano Holdings
Ltd
(United Kingdom)
5,000
Letterone Invest
Hldg SARL
(Luxembourg)
Oi SA
(Brazil)
Telecom
4,000
Letterone Invest
Hldg SARL
(Luxembourg)
Oi SA
(Brazil)
Telecom
4,000
Teva
Pharmaceutical
Industries
(Israel)
Rimsa
Laboratorios
(Mexico)
Drugs
2,294
GUOXIN
International
(Hong Kong)
Rimsa
Laboratorios
(Mexico)
Drugs
2,294
American Tower
Corp
(United States)
Viom Networks
Ltd
(India)
1,169
Owens-Illinois Inc
(United States)
Partner in Pet
Food Kft
(Mexico)
Food and
Kindred
Products
2,150
Donata Holding
SE
(Austria)
Hypermarcas SA
Beauty Business
(Brazil)
985
AT&T Inc
(United States)
Nextel Mexico
(Mexico)
Telecom
1,875
AP Moller-Maersk
A/S
(Denmark)
845
Schlumberger Ltd
(United States)
Eurasia Drilling
Co Ltd
(Turkey)
Commercial
Banks, Bank
Holding
Companies
1,650
L'Arche Green NV
(Netherlands)
Food and
Kindred
Products
780
Scripps Networks
Interactive
(United States)
TVN SA
(Poland)
Radio and
Television
Broadcasting
Stations
1,505
Sempra Energy
Inc
(United States)
Gasoductos de
Chihuahua
(Mexico)
Electric, Gas,
and Water
Distribution
1,495
Petrobras Gas SA
(Brazil)
Goldman Sachs
Group Inc
(United States)
Socar Turkey
Enerji AS
(Turkey)
1,305
Telecom
Soaps,
Cosmetics, and
Personal-Care
Products
Health Services
Electric, Gas,
and Water
Distribution
617
494
US$ billions
250
200
Quarter 4
150
Quarter 3
100
Quarter 2
50
Quarter 1
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
13
Source: Thomson
Target**
Value of
Deal
(US$mil)
Western Digital
Corp
(United States)
Computer and
Office
Equipment
3,776
Henley Holding Co
(UAE)
Exeter Property
Group LLC
Industrial
(United States)
Real Estate;
Mortgage
Bankers and
Brokers
3,150
ARAMCO
(Saudi Arabia)
Lanxess AG
Synthetic Rubber
Business
(Germany)
Chemicals and
Allied Products
3,078
Target
Industry
Value of
Deal
(US$mil)
Real Estate;
Mortgage
Bankers and
Brokers
3,150
Unisplendour
Corp Ltd
(China)
Insurance
1,577
Acquirer**
Target**
Henley Holding Co
(UAE)
Exeter Property
Group LLC
Industrial
(United States)
Anbang Insurance
Group Co Ltd
(China)
Fidelity &
Guaranty Life
(United States)
Reynolds Holdings
Ltd
(Norway)
Telecom
1,365
Gruppa Oneksim
(Russian Fed)
Brooklyn Nets
Basketball Team /
Barclays Center
(United States)
Amusement and
Recreation
Services
875/825
Investor Group
(China)
Philips LED
Components
Business
(Netherlands)
Electronic and
Electrical
Equipment
2,900
COFCO Corp
(China)
Wholesale
TradeNondurable
Goods
748
Hainan Airlines
Co Ltd Labor
(China)
Swissport
International AG
(Switzerland)
Air
Transportation
and Shipping
2,820
Luye Medical
Group Co Ltd
(China)
Healthe Care
Australia Pty
(Australia)
Health Services
688
Bohai Leasing Co
Ltd
(China)
Avolon Holdings
Ltd
(Ireland)
Business
Services
CITIC Securities
Co Ltd
(China)
Biosensors
International
Group
(Singapore)
Measuring,
Medical, Photo
Equipment;
Clocks
548
China National
Chemical Corp
(China)
Investor Group
(Azerbaijan)
Wholesale
TradeNondurable
Goods
436
China Investment
Corp
(China)
NXP
Semiconductors
RF Business
(Netherlands)
SIPCO Ltd
(Bahrain)
Residential
Property Assets
(United States)
Real Estate;
Mortgage
Bankers and
Brokers
400
Anbang Insurance
Group Co Ltd
(China)
Fidelity &
Guaranty Life
(United States)
Investor Group
(China)
City Football
Group Ltd
(United Kingdom)
Amusement and
Recreation
Services
400
JBS SA
(Brazil)
Moy Park
Holdings (Europe)
Ltd
(United Kingdom)
2,533
Rubber and
Miscellaneous
Plastic Products
2,031
Rubber and
Miscellaneous
Plastic Products
1,800
Insurance
1,577
Investment &
Commodity
Firms, Dealers
1,512
US$ billions
200
150
Quarter 4
Quarter 3
100
Quarter 2
50
Quarter 1
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
14
Source: Thomson
Target*
Target
Industry
Value of Deal
(US$mil)
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
DuPont
(United States)
The Dow
Chemical Co.
(United States)
Chemicals and
Allied
Products
68,422
Charter
Communications
Inc.
(United States)
Time Warner
Cable Inc.
(United States)
Radio and
Television
Broadcasting
Stations
78,377
Dell Inc
(United States)
EMC Corp
(United States)
Computer and
Office
Equipment
65,802
DuPont
(United States)
The Dow
Chemical Co.
(United States)
Chemicals and
Allied
Products
68,422
Newell
Rubbermaid Inc
(United States)
Jarden Corp
(United States)
Wholesale
Trade
Nonduraable
Goods
20,044
Dell Inc
(United States)
EMC Corp
(United States)
Computer and
Office
Equipment
65,802
Western Digital
Corp
(United States)
SanDiskCorp
(United States)
Computer and
Office
Equipment
18,225
H.J. Heinz
Holding Corp
(United States)
Kraft Food
Groups Inc
(United States)
Food and
Kindred
Products
54,717
Walgreens Boots
Alliance Inc
(United States)
Miscellaneous
Retail Trade
16,996
Teva
Pharmaceutical
Industries
(Israel)
Allergan PLC
Generic Drug
Business
(United States)
Drugs
40,500
Investor Group
(Netherlands)
Keurig Green
Mountain Inc
(United States)
Food and
Kindred
Products
14,239
Energy Transfer
Equity LP
(United States)
Electric, Gas
and Water
Distribution
37,700
Air Liquide SA
(France)
Airgas Inc
(United States)
Wholesale
Trade-Durable
Goods
13,400
Avago
Technologies
Ltd.
(United States)
Broadcom Corp
(United States)
Electronic and
Electrical
Equipment
36,491
Marriott
International,
Inc.
(United States)
Starwood Hotels
& Resorts
(United States)
Hotels and
Casinos
13,020
Berkshire
Hathaway Inc
(United States)
Precision
Castparts Corp
(United States)
Metal and
Metal Product
35,824
Molson Coors
Brewing Co
(United States)
MillerCoors LLC
(United States)
Food and
Kindred
Products
12,000
Aetna Inc
(United States)
Humana Inc
(United States)
Insurance
34,580
Lam Research
Corp
(United States)
KLA-Tencor Corp
(United States)
Industrials
11,644
ACE Ltd
(Switzerland)
Chubb Corp
(United States)
Insurance
28,534
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
US$ billions
3000
2500
2000
Quarter 4
1500
Quarter 3
1000
Quarter 2
500
Quarter 1
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
15
Source: Thomson
Top 10 Asian-Pacific*
Deals Announced in 2015 and Q4
Top Q4 Deals
Acquirer*
Target
Industry
Target*
Value of Deal
(US$mil)
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
Cheung Kong
(Holdings) Ltd
(Hong Kong)
Hutchinson
Whampoa
(Hong Kong)
Telecom
45,411
China Mobile
Communications
Corp / China
United Network
Communications
Corp Ltd / China
Telecom Corp Ltd
(China)
China Telecom
Tower Assets
(China)
Telecom
33,712
SK C&C Co Ltd
(South Korea)
SK Holdings Co
Ltd
(South Korea)
24,066
8,772
Kansai Airports
(France)
New Kansai
International
Operating
Concession
(Japan)
Air
Transportation
and Shipping
17,911
Investor Group
(China)
Tongfang
Guoxin
Electronics Co
Ltd
(China)
Electronic and
Electrical
Equipment
12,039
Cheil Industries
Inc
(South Korea)
Samsung C&T
Corp
(South Korea)
Business
Services
11,239
CITIC Ltd
(Hong Kong)
Investment and
Commodity
Firms, Dealers,
Exchanges
10,357
China Mobile
Communications
Corp / China
United Network
Communications
Corp Ltd / China
Telecom Corp Ltd
(China)
China Telecom
Tower Assets
(China)
Telecom
Kansai Airports
(France)
New Kansai
International
Operating
Concession
(Japan)
Air
Transportatio
n and
Shipping
17,911
Investor Group
(China)
Tongfang Guoxin
Electronic and
Electronics Co
Electrical
Ltd
Equipment
(China)
12,039
China Cinda
Asset
Management Co
Ltd
(China)
Nanyang
Commercial
Bank Ltd
(Hong Kong)
Commercial
Banks, Bank
Holding
Companies
Investor Group
(Canada)
TransGrid Ltd
99-Year Lease
(Australia)
Electric, Gas,
and Water
Distribution
7,379
Investor Group
(China)
Postal Savings
Bank of China
(China)
Commercial
Banks, Bank
Holding
Companies
7,029
HNA
Infrastructure
Industrial Grp
(China)
Real Estate;
Mortgage
Bankers and
Brokers
6,043
Itochu Corp
(Japan)
CMA CGM SA
(France)
Neptune Orient
Lines Ltd
(Singapore)
Transportatio
n and
Shipping
(except air)
5,092
Investor Group
(China)
Qihoo 360
Technology Co
Ltd
(China)
Business
Services
10,306
Sunitomo Mitsui
Financial Group
Inc
(Japan)
General Electric
Co Commercial
Lending
(Japan)
Credit
Institutions
4.759
HEDY Holding Co
Ltd
China)
Focus Media
Tech Shanghai
Co
(China)
Prepackaged
Software
9,093
Alibaba Group
Holding Ltd
(China)
Business
Services
4,373
Jiangus Hongda
New Material Co
(China)
Focus Media
Tech Shanghai
Co
(China)
Prepackaged
Software
8.779
Hainan Island
Construction Co
Ltd
(China)
33,712
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
US$ billions
Quarter 4
Quarter 3
Quarter 2
Quarter 1
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
16
Source: Thomson
Top 10 European*
Deals Announced in 2015 and Q4
Top Q4 Deals
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
Drugs
191,522
Pfizer Inc.
(United States)
Allergan PLC
(Ireland)
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
Drugs
191,522
Pfizer Inc.
(United States)
Allergan PLC
(Ireland)
AB Inbev
(Belgium)
SABMiller PLC
(United Kingdom)
Food and
Kindred
Products
120,785
AB Inbev
(Belgium)
SABMiller PLC
(United Kingdom)
Food and
Kindred
Products
120,785
Visa Inc
(United States)
Other
Financial
23,964
Royal Dutch
Shell PLC
(Netherlands)
BC Group PLC
(United Kingdom)
81,009
Liberty Global
PLC
(United Kingdom)
Telecom
8,269
Visa Inc
(United States)
Other
Financial
23,964
Activision
Blizzard Inc
(United States)
King Digital
Entertainment
PLC
(Ireland)
Prepackaged
Software
5,054
Hutchinson
Whampoa Ltd
(Hong Kong)
O2 PLC
(United Kingdom)
Telecom
15,381
Gateano
Holdings Ltd
(United Kingdom)
5,000
Nokia Ovi
(Finland)
13,784
AstraZeneca PLC
(United Kingdom)
Acerta Pharma
BV
(Netherlands)
Drugs
4,000
Koninklijke
Ahold NV
(Netherlands)
Delhaize Group
SA
(Belgium)
11,657
Enel SpA
(Italy)
Enel Green
Power SpA
(Italy)
Electric, Gas,
and Water
Distribution
3,454
Altice SA
(Luxembourg)
Bouygues
Telecom SA
(France)
Telecom
11,202
Investor Group
(United States)
Verallia SA
(France)
Stone, Clay,
Glass, and
Concrete
Products
3,220
Coca-Cola
European
Partners PLC
(United Kingdom)
Coca-Cola
Iberian Partners
SA (Spain)
Coca-Cola
Erfischungs
(Germany)
Food and
Kindred
Products
9,267
QNB
(Qatar)
Finansbank AS
(Turkey)
Commercial
Banks, Bank
Holding
Companies
2,940
Deutsche
Wohnen AG
(Germany)
LEG Immobilien
AG
(Germany)
Real Estate;
Mortgage
Bankers and
Brokers
8,651
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
US$ billions
2000
1500
Quarter 4
Quarter 3
1000
Quarter 2
500
Quarter 1
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
17
Source: Thomson
Target
Industry
Value of Deal
(US$mil)
Metal and
Metal Products
224
Itochu Corp
(Japan)
Target*
Target
Industry
Value of Deal
(US$mil)
CITIC Ltd
(Hong Kong)
Investment and
Commodity
Firms, Dealers,
Exchanges
10,357
Investment &
Commodity
Firms, Dealers,
Exchanges
1,547
Electric, Gas,
and Water
Distribution
991
Machinery
510
Acquirer*
Target*
Seb SA
(France)
Zhejiang Supor
Co Ltd
(China)
Midas
Holdings Ltd
(Singapore)
HuiCheng Capital
Ltd
(Hong Kong)
Investment &
Commodity
Firms,
Dealers,
Exchanges
187
Sun Capital
Partners Inc
(United States)
CITIC Ltd
(Hong Kong)
Svenska
Cellulosa AB
SCA
(Sweden)
Jiangmen
Dynasty Fortune
(China)
Paper and
Allied
Products
122
Qatar
Investment
Authority
(Qatar)
HK Electric
Investments Ltd
(Hong Kong)
Eisai Co Ltd
(Japan)
Liaoning Tianyi
Biological
(China)
Drugs
78
Fluor Ltd
(United
Kingdom)
Offshore Oil
Engineering
(Zhuhai) Co Ltd
Assets
(China)
Alphabet Inc
(United States)
Mobvoi Inc
(China)
Prepackaged
Software
76
Investor
Group
(United States)
Qunar Cayman
Islands Ltd
(Hong Kong)
Transportation
and Shipping
(except air)
500
Sound Global
Ltd
(Singapore)
Wuji Changye
Water Co Ltd
(China)
Sanitary
Services
76
Delta Air
Lines Inc
(United States)
China Eastern
Airlines Corp Ltd
(Hong Kong)
Air
Transportation
and Shipping
450
Quest
Investments
Ltd
(Australia)
Gold Lord
Investments Inc
(China)
Mining
29
CJ Korea
Express Corp
(South Korea)
Shanghai Rokin
Logistics Co
(China)
Transportation
and Shipping
(except air)
382
Starbright
Finance Co Ltd
(China)
Investment &
Commodity
Firms,
Dealers,
Exchanges
22
Mapletree
Greater
China
(Singapore)
Glamour II Ltd
(China)
Real Estate;
Mortgage
Bankers and
Brokers
304
Food and
Kindred
Products
17
Singapore
(Singapore)
Sandhill Plaza
(China)
Commercial
Banks, Bank
Holding
Companies
299
Prepackaged
Software
14
Seb SA
(France)
Zhejiang Supor Co
Ltd
(China)
224
Kasikornbank
PCL
(Thailand)
Frutarom
Industries Ltd
(Israel)
Inventive
Technology &
Prowin
International
(Hong Kong)
Astro
Resources NL
(Australia)
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
US$ billions
50
40
Quarter 4
30
Quarter 3
20
Quarter 2
10
Quarter 1
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
18
Source: Thomson
Target
Industry
Value of Deal
(US$mil)
ANNELHydropower
Concession(2)
(Brazil)
Electric, Gas,
and Water
Distribution
3,732
Edra Global
Energy BhdPower
(Malaysia)
Electric, Gas,
and Water
Distribution
2,295
Insurance
1,578
Target*
China Three
Gorges Corp
(China)
China General
Nuclear Power
(China)
Anbang
Insurance
Group Co Ltd
Fidelity &
Guaranty Life
Acquirer*
Cheung Kong
(Holdings) Ltd
(Hong Kong)
Iberwind
Desenvolvimento
e
(Portugal)
COFCO Corp
(China)
(Singapore)
Luye Medical
Group Co Ltd
(China)
Healthe Care
Australia Pty
(Australia)
CITIC
Securities Co
Ltd
Biosensors
International
Group
(China)
(Singapore)
Hainan
Airlines Co Ltd
Labor
Azul Linhas
Aereas
Brasileiras
(China)
(Brazil)
Investor Group
City Football
Group Ltd
(China)
(United Kingdom)
Sunward
Intelligent
Equip Co
Avmax Aviation
Services Inc
(Canada)
(China)
Hutchison
Whampoa Ltd
(Hong Kong)
O2 PLC
(United Kingdom)
Unisplendour
Corp Ltd
Western Digital
Corp
(China)
(United States)
China Three
Gorges Corp
ANNELHydropower
Concession(2)
(Brazil)
(China)
(United States)
(China)
Target*
Electric, Gas,
and Water
Distribution
1,104
Wholesale
TradeNondurable
Goods
748
Health
Services
688
Investor Group
(China)
Philips-LED
Components
Business
(Netherlands)
Hainan
Airlines Co Ltd
Labor
Swissport
International AG
(Switzerland)
(China)
Edra Global
Energy BhdPower
China General
Nuclear Power
(Hong Kong)
Measuring,
Medical, Photo
Equipment;
Clocks
548
Air
Transportation
and Shipping
450
Amusement
and Recreation
Services
400
Air
Transportation
and Shipping
312
(Netherlands)
China
Minsheng
Invest Co Ltd
Sirius
International
Insurance
(China)
(United Kingdom)
China National
Chemical Corp
(China)
Zhongrun
Resources
Invest Corp
(China)
Iron Mining
International
Mngl
(Mongolia)
Fosun
International
Holdings Ltd
Ironshore Inc
(United States)
Target
Industry
Value of Deal
(US$mil)
Telecom
15,381
Computer and
Office
Equipment
3,775
Electric, Gas,
and Water
Distribution
3,731
Electronic and
Electrical
Equipment
2,900
Air
Transportatio
n and Shipping
2,820
Electric, Gas,
and Water
Distribution
2,295
Insurance
2,235
Rubber and
Miscellaneous
Plastic
Products
2,031
Mining
1,935
Insurance
1,840
(China)
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
US$ billions
100
80
Quarter 4
60
Quarter 3
40
Quarter 2
20
Quarter 1
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
19
Source: Thomson
Target*
Target
Industry
Value of Deal
(US$mil)
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
American
Tower Group
(United States)
Viom Networks
Ltd
(India)
Telecom
1,169
American
Tower Group
(United States)
Viom Networks
Ltd
(India)
Telecom
1,169
Wirecard AG
(Germany)
Great Indian
(GI) Payments
(India)
Business
Services
376
Mylan Inc
(United States)
Wholesale
TradeNondurable
Goods
800
Kuwait
(Kuwait)
GMR
Infrastructure
Ltd
(India)
Construction
Firms
300
Investor
Group
(United States)
Atria
Convergence
Technologies
(India)
Business
Services
500
Investor
Group
(United States)
ReNew Power
Ventures Pvt Ltd
(India)
Electric, Gas,
and Water
Distribution
265
Investor
Group
(China)
Snapdeal.Com
(India)
Miscellaneous
Retail Trade
500
Investor
Group
(Mauritius)
Mankind
Pharma Ltd
(India)
Drugs
180
Blackstone
Group LP
(United States)
Serco Global
Services Pvt Ltd
(India)
Business
Services
383
Virtusa Corp
(United States)
Polaris
Consulting &
Services
(India)
Prepackaged
Software
179
Wirecard AG
(German7)
Great Indian
(GI) Payments
(India)
Business
Services
376
General
Atlantic LLC
(United States)
IIFL Wealth
Management
Ltd
(India)
Investment &
Commodity
Firms,
Dealers,
Exchanges
173
Kuwait
(Kuwait)
GMR
Infrastructure
Ltd
(India)
Construction
Firms
300
Blackstone
Group LP
(United States)
IBS Software
Services (P) Ltd
(India)
Business
Services
169
Warburg
Pincus LLC
(United States)
Piramal Realty
Pvt Ltd
(India)
Real Estate;
Mortgage
Bankers and
Brokers
284
Intelligent
Energy
Holdings PLC
(United
Kingdom)
GTL Ltd
Energy
Management
Business
(India)
Business
Services
130
Investor
Group
(United States)
ReNew Power
Ventures Pvt Ltd
(India)
Electric, Gas,
and Water
Distribution
265
Intelligent
Energy
Holdings PLC
(United
Kingdom)
Electric, Gas,
and Water
Distribution
130
Greenko
Mauritius Ltd
(India)
Investment &
Commodity
Firms,
Dealers,
Exchanges
254
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
US$ billions
Quarter 4
Quarter 3
Quarter 2
Quarter 1
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
20
Source: Thomson
Target*
Target
Industry
Value of Deal
(US$mil)
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
HCL
Technologies
Ltd
(India)
Volvo AB IT
Business
(Sweden)
Prepackaged
Software
138
Vankorneft AO
(Russian Fed)
1,250
Wipro Ltd
(India)
Viteos Fund
Services LLC
(United States)
Other
Financial
130
Lupin Ltd
(India)
GAVIS Pharms
LLC, Novel Labs
(United States)
Drugs
880
Indiabulls
Housing
Finance Ltd
(India)
Oaknorth Bank
Ltd
(United Kingdom)
Commercial
Banks, Bank
Holding
Companies
100
Cipla Ltd
(India)
Drugs
500
Wipro Ltd
(India)
Cellent AG
(Germany)
Business
Services
78
Rajesh Exports
Ltd
(India)
European Gold
Refineries
Holding
(Switzerland)
Metal and
Metal
Products
400
Investor Group
(India)
Pininfarina SpA
(Italy)
Transportatio
n Equipment
75
JK Tyres &
Industries Ltd
(India)
Cavendish
Industries Ltd
(United Kingdom)
Metal and
Metal
Products
331
Infosys Ltd
(India)
Noah Consulting
LLC
(United States)
Business
Services
70
Strides Arcolab
Ltd
(India)
Drugs
208
reifencom
GmbH
(Germany)
Wholesale
Trade-Durable
Goods
49
Infosys Ltd
(India)
Panaya Inc
(United States)
Prepackaged
Software
200
Paharpur
Cooling Towers
Ltd
(India)
SPX Corp
Dry Cooling
Business
(Belgium)
Machinery
48
HCL
Technologies
Ltd
(India)
Volvo AB IT
Business
(Sweden)
Prepackaged
Software
138
HCL
Technologies
Ltd
(India)
PowerObjects
(United States)
Business
Services
46
Wipro Ltd
(India)
Viteos Fund
Services LLC
(United States)
Other
Financial
130
Transportatio
n and
Shipping
(except air)
30
Infosys Ltd
(India)
Prepackaged
Software
120
TV Sundram
Iyengar & Sons
Ltd
(India)
Transtar
International
Freight
(Australia)
InvaGen
Pharmaceuticals
Inc
(United States)
(Australia)
Kallidus Inc
(United States)
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
US$ billions
Quarter 4
Quarter 3
Quarter 2
Quarter 1
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
XBMA
21
Source: Thomson