XBMA 2017 Q3 Quarterly Review PDF

XBMA QUARTERLY REVIEW
Q3 2017
RAAJ NARAYAN AND VISHAL CHANANI
CO-EDITORS
INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A
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 totaled
approximately US$820 billion, consistent with Q3
2016, and approximately even with Q2. Q3 saw eight
megadeals over US$10 billion, including United
Technologies US$30 billion acquisition of Rockwell
Collins, and Discovery Communications US$14.6
billion merger with Scripps Networks.
Cross-border M&A activity accounted for ~38%
of global deal volume in Q3, consistent with recent
levels and four of the 10 largest deals in Q3 were
cross-border transactions.
European and U.S. M&A each lagged slightly
behind recent historical shares of global deal volume,
DEAL VOLUME BY QUARTER
but each remained strong at ~22% and ~39% of global
5,000
deal volume, respectively, while China continued 4,389
4,500
to show strength, accounting for 20% of activity,
4,000
substantially above recent historical levels and a 3,405
3,683
1,354
modest improvement from Q2. 3,500
1,272
The High Technology sector accounted for 3,000 2,707 2,722 2,709 892
2,446
2,435
the most cross-border M&A in Q3, exceeding US$58 2,500 592
1,028
779 891
billion in volume and accounting for 19% of all 2,000
680 879 821 820
603
cross-border deal activity in Q3. Cross-border deals 1,500
743
601
1,154
709
accounted for nearly 54% of total deal volume in the 1,000
735 1,013 887 845
609 693 538
High Technology sector in Q3, a marked increase
500 854
792 770
577 621
relative to overall levels over the last year. 523 519 704
0
2010 2011 2012 2013 2014 2015 2016 2017
ALL FIGURES ARE INFLATION-ADJUSTED TO 2016 DOLLARS. DATA IN THIS REPORT DOES NOT
INCLUDE SPIN-OFFS ANNOUNCED IN 2016 THAT HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON; FINANCIAL TIMES 2
GLOBAL M&A VOLUME
At its current rate, global M&A volume
for 2017 remains on pace to exceed US$3.2
trillion, which would be down relative to 2016,
but still a strong year by historical standards.
Notably, 2017 deal volume through Q3 slightly
exceeded 2016 levels through Q3, and both
2015 and 2016 had strong fourth quarters, so
2017 could exceed its current annualized pace.
GLOBAL M&A VOLUME

6.0
5.5
5.0
4.5
4.0
US$ TRILLIONS
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. 2017 DATA IS ANNUALIZED.

SOURCE: THOMSON; FINANCIAL TIMES 3
CROSS-BORDER
M&A VOLUME
Cross-border M&A volume was
approximately US$314 billion in Q3, a small
increase from Q2. Cross-border M&A activity
accounted for approximately 38% of the
quarters deal activity, consistent with levels
observed in 2016 and in 2017 to date.
Deal volume involving an emerging
economy acquirer and a developed economy
target grew nearly 12% relative to Q2, and
continued to substantially outpace deals
involving a developed economy acquirer and
DEAL VOLUME
an emerging economy target, especially as
5.0
the volume of the latter declined more than 4.39
32% relative to Q2. Nonetheless, of the four

4.0 3.68
largest cross-border transactions in Q3, three 3.41 1.53
3.25
US$ TRILLIONS
involved both a developed country acquirer 3.0 2.71 2.71 1.42
and a developed country target, and one 2.27

2.44 2.45
1.28
1.26
0.96
involved an emerging economy acquirer with 2.0 0.61
1.02
0.94
0.73
a developed economy target. 2.85
2.12 2.26
1.0 1.75 1.99
1.66 1.68 1.71
1.49
0.0
2009 2010 2011 2012 2013 2014 2015 2016 2017
CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE
HEADQUARTERED OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-AD-
JUSTED TO 2017 DOLLARS. 2017 DATA IS ANNUALIZED. SOURCE: THOMSON DOMESTIC M&A CROSS-BOARDER M&A
4
MEDIUM AND LARGE
M&A DEALS
The number of deals in excess of
US$500 million in 2017 is on pace to exceed
1,100 the highest level in recent years other
than 2015. Cross-border transactions are on
pace to account for 38% of these larger deals,
generally consistent with the overall share of
cross-border M&A as a percentage of global
M&A volume in recent years and 2017 to date.
U.S. targets continued to dominate the
largest deals, taking six of the top 10 spots
in Q3. Relative to Q2, European targets
NUMBER OF DEALS (> US$500 MILLION)
were less prevalent in the largest deals,
1500
representing two of the top 10.
1250 1,179
1,101
1,069 1,046
1000
898 880 425
866 873 862
420
434 417
750
364 369 360 313
378
583
500 196
754
635 681
629
534 511 513 549
250 488
387
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2017 DATA IS ANNUALIZED. SOURCE: THOMSON DOMESTIC M&A CROSS-BOARDER M&A

5
M&A VOLUME BY Q3 2017
TARGET REGION
China continued its recent strength,
claiming a 20% share of global M&A, up
both from Q2 and from recent historical
levels. After a strong Q2, European M&A
activity declined to slightly below recent
historical levels, but still remained strong
at ~22% overall. The United States share
of global M&A increased relative to Q2,
but at ~39% remained slightly below recent
historical levels.
The developing regions of Central Asia,
2012-2016
South America, Africa/Middle East, India,
Mexico, and Central America accounted for an
aggregate of 11.1% of global M&A volume in
Q3, up relative to a recent aggregate average
of 10.5%, with Central Asia in particular
demonstrating significant growth, accounting
for 6.4% of M&A volume relative to historical
levels of 4.3%.
REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGETS HEADQUARTERS. ALL

FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. SOURCE: THOMSON 6
TRENDS IN M&A
VOLUME BY
TARGET REGION
M&A activity in each of North America,
Asia-Pacific (ex-Japan), and Japan increased
in Q3 relative to Q2, with activity in Japan
more than tripling relative to Q2. European
M&A activity in Q3 fell approximately 28%
in Q3 to US$179 billion, posting its lowest
quarter since Q3 2016. North America
remained the most active region by a
substantial margin in Q3, accounting for
nearly US$336 billion in activity, and over DEAL VOLUME
40% of global M&A volume, but at its current
pace, 2017 would represent a nearly 27%
decline for the region relative to 2016.
US$ BILLIONS
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. SOURCE: THOMSON 7

M&A IN BRIC INBOUND M&A TO BRIC COUNTRIES
COUNTRIES
Aggregate inbound M&A volume into
all BRIC countries reached over US$34
US$ BILLIONS
billion in Q3. This level of inbound M&A into
the BRIC countries marked the strongest
quarter of 2017 so far, representing a more
than 24% increase over the volume in Q2.
Brazil and Russia specifically saw dramatic
growth relative to Q2, of 264% and 298%,
respectively, in inbound M&A.
Domestic M&A activity among the BRIC
countries in Q3, in the aggregate, remained
DOMESTIC M&A IN BRIC COUNTRIES
consistent with Q2 levels, growing a modest
1%, but performance by country varied. Deal
activity in Brazil fell by 43%, while activity in
Russia and India increased by 21% and 99%,
respectively, and activity in China remained
US$ BILLIONS
approximately flat.
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. SOURCE: THOMSON 8

DISTRESSED DEALS
Distressed M&A activity accounted
for approximately US$27 billion in Q3, just
over 3% of total deal activity in the quarter,
but more than double the level of Q2. At
its current pace, distressed deal volume in
2017 will be approximately US$67 billion,
marking a significant increase compared
to approximately US$45 billion in 2015 and
US$37 billion in 2016, but still substantially
below post-financial crisis levels in 2009
and 2010.
VOLUME OF DISTRESSED DEALS

150
125
100
US$ BILLIONS
75
50
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. 2017 DATA IS ANNUALIZED. 25

DISTRESSED TRANSACTIONS INCLUDE THOSE IN WHICH THE TARGET ENTITY IS UNDERGOING
RESTRUCTURING OR HAS REDUCED THE DEBT ON ITS BALANCE SHEET THROUGH A BANK-
RUPTCY 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 0
HAS PUBLICLY CONFIRMED RETENTION OF A RESTRUCTURING ADVISOR, PLANS TO RESTRUC-
TURE 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. SOURCE: THOMSON 9
GLOBAL M&A
BY SECTOR:
LAST 12 MONTHS
The Energy & Power sector accounted for
over US$623 billion in global deal volume over the
past 12 months, the largest share by sector by a
significant margin. Industrials was the only other
sector to top US$400 billion, at US$443 in volume,
while Real Estate and High Technology came in at
US$399 billion and US$380 billion, respectively.
The Industrials sector accounted for the
largest share of cross-border M&A activity over
the past 12 months, exceeding US$193 billion, with 800
cross-border deals accounting for 44% of global M&A

700
VOLUME BY SECTOR
deal volume in the sector. Cross-border deals were
600
particularly prevalent in the Consumer Staples and
Materials sectors, representing 55% and 56% of 500
total activity, respectively, in those sectors. Despite 400
heightened deal activity in the Energy & Power

US$ BILLIONS
300
sector, most deals in this sector were domestic

200
transactions, with cross-border deals accounting
for approximately 31% of overall volume in the 100
sector, and with only the Retail and Media/ 0
s
erv cts
ice
Entertainment sector producing a higher proportion
d S du
an Pro
r
of domestic deals.
me
su
n
Co
*INCLUDES BOTH DOMESTIC AND CROSS-BORDER TRANSACTIONS. SOURCE: THOMSON GLOBAL M&A* CROSS-BOARDER M&A
10
TRENDS IN GLOBAL DOMESTIC AND CROSS-BORDER M&A
M&A BY SECTOR: LAST

FOUR QUARTERS
US$ BILLIONS
The Industrials sector had the strongest
Q3, with over US$145 billion in total deal
volume, and was also the only sector to
experience a relative high in Q3 over the past
four quarters. Most other sectors remained
below recent quarterly peaks, with the
Materials and Healthcare sectors seeing M&A
volume slow over the past three quarters.
The High Technology sector accounted
for the most cross-border M&A in Q3, CROSS-BORDER M&A
exceeding US$58 billion in volume and
accounting for 19% of all cross-border deal
activity in Q3. Cross-border deals accounted
for nearly 54% of total deal volume in the
US$ BILLIONS
High Technology sector in Q3, a marked

increase relative to overall levels over the
last year.
SOURCE: THOMSON 11
AGGREGATE VALUE OF DEALS
FROM DEVELOPED INTO EMERGING ECONOMIES FROM EMERGING INTO DEVELOPED ECONOMIES
300 300
200 200
US$ BILLIONS
US$ BILLIONS
100 100
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
INBOUND CHINESE DEALS OUTBOUND CHINESE DEALS
50 250
40 200
US$ BILLIONS
US$ BILLIONS
30 150
20 100
10 50
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
INBOUND INDIAN DEALS OUTBOUND INDIAN DEALS
40 40
30 30
US$ BILLIONS
US$ BILLIONS
20 20
10 10
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. 12

TOP 10 GLOBAL DEALS ANNOUNCED IN Q3 2017
ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE**
United Technologies Corp Rockwell Collins Inc Industrials 30,230
United States United States
Sempra Energy Inc Energy Future Holdings Corp Energy and Power 18,800
Bain Capital LP Toshiba Memory Corp High Technology 17,930

United States Japan
Nesta Investment Holdings Ltd Global Logistic Properties Ltd Industrials 16,421
China Singapore
Energy Capital Partners LLC Calpine Corp Energy and Power 15,973
Discovery Communications Inc Scripps Networks Interactive Media and Entertainment 14,608
Gilead Sciences Inc Kite Pharma Inc Healthcare 11,074

Vantiv Inc Worldpay Group PLC High Technology 11,063

United States United Kingdom
Alstom SA Siemens AG - Mobility Business Industrials 9,743

France Germany
Northrop Grumman Corp Orbital ATK Inc Materials 9,184

TOP 10 GLOBAL DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
Johnson & Johnson Actelion Pharmaceuticals Ltd Healthcare 29,038

United States Switzerland
Becton Dickinson & Co CR Bard Inc Healthcare 24,227


United States Japan
Reckitt Benckiser Group PLC Mead Johnson Nutrition Co Consumer Staples 17,828
United Kingdom United States
Atlantia SpA Abertis Infraestructuras SA Industrials 17,800

Italy Spain
ONEOK Inc ONEOK Partners LP Energy and Power 17,118

China Singapore
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 13

TOP 10 DEALS FROM DEVELOPED INTO EMERGING ECONOMIES*
ANNOUNCED IN Q3 2017
ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE***
GIC Pte Ltd DLF Cyber City Developers Ltd Real Estate 1,390
Singapore India
Starbucks Corp President Starbucks Coffee Shanghai Retail 1,300

United States China
Macquarie Group Ltd Energy Development Corp Energy and Power 1,281
Australia Philippines
Engie SA Cemig - Hydropower Concessions Energy and Power 1,033

France Brazil
Japan Tobacco Inc PT Karyadibya Mahardhika Consumer Staples 1,000

Japan Indonesia
Japan Tobacco Inc Mighty Corp - Assets Consumer Staples 936

Japan Philippines
China Merchants Group Ltd TCP Participacoes SA Industrials 920

Hong Kong Brazil
Members Equity Bank Pty Ltd Mersin International Port Industrials 869
Australia Turkey
Standard Chartered PLC Future Land Dvlp Hldgs Ltd Real Estate 656
United Kingdom China
Enel SpA Cemig - Hydropower Volta Grande Energy and Power 379
Italy Brazil
TOP 10 DEALS FROM DEVELOPED INTO EMERGING ECONOMIES*

ANNOUNCED IN Q3 2017
INDUSTRY VALUE***
Vodafone Group PLC Idea Cellular Ltd Mobile Business Telecommunications 11,627
United Kingdom India
SoftBank Group Corp Didi Chuxing High Technology 5,500

Japan China
Investor Group ICICI Lombard Gen Ins Co Ltd Financials 3,147

United States India
Exxon Mobil Corp ENI East Africa SpA Energy and Power 2,800
United States Mozambique
Tronox Ltd The National Titanium Dioxide Materials 2,215

United States Company Ltd
Saudi Arabia
OMV AG Severneftegazprom Energy and Power 1,850

Austria Russian Federation
Vitol Holding BV OMV Petrol Ofisi Holding AS Energy and Power 1,437
Netherlands Turkey
Investor Group Flipkart Internet Pvt Ltd Retail 1,400

United States India
Singapore India
Starbucks Corp President Starbucks Coffee Shanghai Retail 1,300

United States China
*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$MILLIONS 14
TOP 10 DEALS FROM EMERGING INTO DEVEOPED ECONOMIES*
ANNOUNCED IN 2017
INDUSTRY VALUE***
China Singapore
Mexichem SAB de CV Netafim Ltd Industrials 1,895

Mexico Israel
Legend Holdings Corp BIL Financials 1,768

China Luxembourg
Shandong Weigao Grp Med Argon Medical Devices Inc Healthcare 850
China United States
Zhonghai Shengfeng (Beijing) Alerian Capital Mgmt LLC Financials 800

China United States
Naspers Ltd Delivery Hero AG High Technology 775

South Africa Germany
Investor Group Brassica Topco SA Consumer Staples 734

China France
Grupo Bimbo SAB de CV East Balt Inc Consumer Staples 650

Mexico United States
Shenzhen Hengte Ind Co Ltd Permasteelisa SpA Industrials 549

China Italy
Thai Beverage PCL Winnersh Holdings SARL Financials 481

Thailand United Kingdom
TOP 10 DEALS FROM EMERGING INTO DEVEOPED ECONOMIES*

ANNOUNCED IN 2017
INDUSTRY VALUE***
Nesta Investment Holdings LP Global Logistic Properties Ltd Industrials 16,421
China Singapore
China Investment Corp Logicor Ltd Telecommunications 13,742

China United Kingdom
Yan Kuang Group Co Ltd Coal & Allied Industries Ltd Materials 2,450
China Australia
ARAMCO Motiva Enterprises LLC Energy and Power 2,200

Saudi Arabia United States
IPIC Williams Olefins LLC High Technology 2,100

United Arab Emirates United States
Grupo Mexico SAB de CV Florida East Coast Railway Co Industrials 2,100

Mexico United States
Mexichem SAB de CV Netafim Ltd Industrials 1,895

Mexico Israel

China Luxembourg
Ningbo Joyson Electronic Corp Takata Corp Financials 1,573

China Japan
HNA Holding Group Co Ltd CWT Ltd Energy and Power 1,323
China Singapore
*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$MILLIONS 15
TOP 10 NORTH AMERICAN DEALS ANNOUNCED IN Q3 2017
INDUSTRY VALUE**

Northrop Grumman Corp Orbital ATK Inc Industrials 9,184

Invitation Homes Inc Starwood Waypoint Homes Real Estate 8,237

Crown Castle International Lightower Fiber Networks LLC High Technology 7,100
Hydro One Ltd Avista Corp Energy and Power 5,260

Canada United States
McCormick & Co Inc Reckitt Benckiser Group Food Division Consumer Staples 4,200
TOP 10 NORTH AMERICAN DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
Becton Dickinson & Co CR Bard Inc Healthcare 24,227

Reckitt Benckiser Group PLC Mead Johnson Nutrition Co Consumer Staples 17,828
United Kingdom United States
ONEOK Inc ONEOK Partners LP Energy and Power 17,118

Amazon.com Inc Whole Foods Market Inc Retail 13,598

Cenovus Energy Inc FCCL Partnership Energy and Power 13,240

Canada Canada


TOP 10 ASIAN-PACIFIC DEALS ANNOUNCED IN Q3 2017
INDUSTRY VALUE**
United States Japan

China Singapore
COSCO Shipping Holdings Co Ltd Orient Overseas International Ltd Industrials 8,385
Hong Kong Hong Kong
Sunac International Investment Dalian Wanda Commercial Properties Real Estate 6,500
Holdings Ltd Co Ltd - Assets
China China
Investor Group China United Network Communications Telecommunications 5,939

China China
China National Building Material Co China National Materials Co Ltd Industrials 4,754
China China
GD Power Development Co Ltd China Shenhua Energy Co - Assets Energy and Power 4,404
China China
JPMF Guangdong Co Ltd Lingyi Tech (Shenzhen) Co Ltd High Technology 3,760
China China
American International Group Colonial Mutual Life Assurance Financials 3,051

United States Australia
Guangzhou R&F Properties Co Ltd Dalian Wanda Commercial Properties Real Estate 2,949
China
Co Ltd - Assets
China
TOP 10 ASIAN-PACIFIC DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
United States Japan

China Singapore
COSCO Shipping Holdings Co Ltd Orient Overseas International Ltd Industrials 8,385
Hong Kong Hong Kong
Sunac International Investment Dalian Wanda Commercial Properties Real Estate 6,500
Holdings Ltd Co Ltd - Assets
China China
Investor Group China United Network Communications Telecommunications 5,939

China China
Investor Group Endeavour Energy Pty Ltd Energy and Power 5,609
Australia Australia
Wang Tai Holdings Ltd Iron Mining International (Mongolia) Ltd Materials 5,516
China Mongolia

Japan China
Shenzhen Metro Group Co Ltd China Vanke Co Ltd Real Estate 5,359
China China

TOP 10 EUROPEAN DEALS ANNOUNCED IN Q3 2017
INDUSTRY VALUE**
Vantiv Inc Worldpay Group PLC High Technology 11,063
Alstom SA Siemens AG - Mobility Business Industrials 9,743

France Germany
Shanghai Zhongan Joint Invest Rosneft Oil Co Energy and Power 9,100
China Russian Federation
Total SA Maersk Olie og Gas A/S Energy and Power 7,390

France Denmark
Cheung Kong Ppty Hldg Ltd ista Luxemburg GmbH High Technology 6,724
Hong Kong Germany
Hellman & Friedman LLC Nets A/S High Technology 6,372

United States Denmark
Blackstone Group LP Banco Popular - RE Assets Real Estate 6,018

United States Spain
Republic of Italy Monte dei Paschi di Siena SpA Financials 4,426

Italy Italy
Blackstone/CVC Paysafe Group PLC Financials 3,902

United Kingdom Isle of Man
Transocean Ltd Songa Offshore SE Energy and Power 2,903

Switzerland Cyprus
TOP 10 EUROPEAN DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
Johnson & Johnson Actelion Pharmaceuticals Ltd Healthcare 29,039
United States Switzerland
Essilor International SA Luxottica Group SpA Consumer Products 25,018

France Italy and Services
Atlantia SpA Abertis Infraestructuras SA Industrials 17,800

Italy Spain
China Investment Corp Logicor Ltd Real Estate 13,742

Groupe Arnault SE Christian Dior SE Consumer Staples 13,045

France France
Vantiv Inc Worldpay Group PLC Business Services 11,063

Alstom SA Siemens AG - Mobility Business Transportation Equipment 9,743

France Germany
Shanghai Zhongan Joint Invest Rosneft Oil Co Oil and Gas; 9,100
China Russian Federation Petroleum Refining
Total SA Maersk Olie og Gas A/S Oil and Gas; 7,390

France Denmark Petroleum Refining
Safran SA Zodiac Aerospace SA Industrials 7,293

France France

TOP 10 INBOUND CHINESE DEALS ANNOUNCED IN Q3 2017
INDUSTRY VALUE**
Asia Cube Global Commun Ltd Hutchison Global Commun Telecommunications 1,856
United States Hong Kong
Starbucks Corp Shanghai President Starbucks Retail 1,300

United States China
SK Holdings Co Ltd ESR Cayman Ltd Industrials 334

South Korea China
Junxi Investments Ltd Shenzhen Logan Junjing RE Co Real Estate 310

British Virgin Islands China
Faurecia SA Jiangxi Coagent Electns Co Ltd Telecommunications 215

France China
Warburg Pincus LLC Nova Ppty Invest Co Ltd Real Estate 183
United States China
Celgene Corp BeiGene Ltd Healthcare 150

United States China
Investor Group Zuoyebang (Xiaochuan Chubai Educ Tech) Consumer Products 150
United States United States and Services
Global Logistic Properties Ltd Hallmark Intl Invest Ltd Consumer Products 122
Singapore China and Services
TOP 10 INBOUND CHINESE DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
Japan China
Bach Holdings Ltd Nord Anglia Education Inc Consumer Products 4,300
Cayman Islands Hong Kong and Services
Asia Cube Global Commun Ltd Hutchison Global Commun Telecommunications 1,856
Starbucks Corp Shanghai President Starbucks Retail 1,300

United States China
Toray Industries Inc Pacific Textiles Holdings Ltd Consumer Staples 519
Japan Hong Kong
Prosperity Vision (III) Pte Ever Jump Investments Ltd Real Estate 403
Singapore Hong Kong
Blackstone Group LP Global Sources Ltd High Technology 369

CSL Ltd Wuhan Zhongyuan Ruide Consumer Products 352

Australia China and Services
SK Holdings Co Ltd ESR Cayman Ltd Industrials 334

South Korea China

TOP 10 OUTBOUND CHINESE DEALS ANNOUNCED IN Q3 2017
INDUSTRY VALUE**
China Singapore
Hong Kong Germany

China Luxembourg
Lee Kum Kee Group 20 Fenchurch Street, London Real Estate 1,683
Hong Kong United Kingdom
Investor Group Empresa de Generacion Huallaga Energy and Power 1,390

China Peru
CITIC Agricultural Ind Fund Dow AgroSciences - Certain Assets Consumer Staples 1,100
China Brazil
Alibaba Group Holding Ltd PT Tokopedia Retail 1,100

China Indonesia
China Merchants Group Ltd TCP Participacoes SA Industrials 920

Hong Kong Brazil
Shandong Weigao Grp Med Argon Medical Devices Inc High Technology 850
China United States
TOP 10 OUTBOUND CHINESE DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
China Singapore
China Investment Corp Logicor Ltd Real Estate 13,742

Hong Kong Germany
Wang Tai Holdings Ltd Iron Mining International (Mongolia) Ltd Materials 5,516
China Mongolia
Yan Kuang Group Co Ltd Coal & Allied Industries Ltd Materials 2,450
China Australia
Cheung Kong Ppty Holding Ltd Reliance Home Comfort LP Industrials 2,104
China Canada
China National Petroleum Corp Abu Dhabi National Oil Co Energy and Power 1,770
China United Arab Emirates

China Luxembourg
Lee Kum Kee Group 20 Fenchurch Street, London Real Estate 1,683
Hong Kong United Kingdom

TOP 10 INBOUND INDIAN DEALS ANNOUNCED IN Q3 2017
INDUSTRY VALUE**
Singapore India
Sembcorp Industries Ltd Sembcorp Green Infra Ltd Energy and Power 220
Singapore India
KKR & Co LP Radiant Life Care Pvt Ltd Healthcare 200

United States India
Wilmar Sugar Holdings Pte Ltd Shree Renuka Sugars Ltd Consumer Staples 126
Singapore India
Warburg Pincus LLC CleanMax Enviro Energy Energy and Power 109
United States India
Ali Cloud Investment LLC Just Buy Live Entrp Pvt Ltd High Technology 100
United Arab Emirates India
Indorama Corp Tata Chem Ltd - Phosphatic Materials 78

Singapore Fertiliser Business
India
MARS Inc Tasty Bite Eatables Ltd Consumer Staples 55

United States India
Investor Group Five Star Business Finance Ltd Financials 52

United States India
Investor Group Zen Lefin Pvt Ltd Financials 46

United States India
TOP 10 INBOUND INDIAN DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
Investor Group ICICI Lombard Gens Insurance Co Ltd Financials 3,147

United States India
Investor Group Flipkart Internet Pvt Ltd Retail 1,400

United States India
Singapore India
Canada Pension Plan Investment Bharti Infratel Ltd Telecommunications 953

Board and KKR & Co India
Canada and United States
Tokio Marine Holdings Inc IFFCO Tokio General Insurance Financials 393
Japan India
Warburg Pincus LLC Tata Technologies Ltd High Technology 360

United States India
Canada Pension Plan Investment Island Star Mall Developers Real Estate 338
Canada India
Capital Square Partners Pte Aegis Ltd Consumer Products 300

Singapore India and Services
Hon Hai Precision Industry SB Energy Holdings Ltd Energy and Power 272
China India

TOP 10 OUTBOUND INDIAN DEALS ANNOUNCED IN Q3 2017
INDUSTRY VALUE**
Investor Group Group One Holdings Pte Ltd Media and Entertainment 100
India Singapore
BC Jindal Group Apeldoorn Flexible Pkg Hldg BV Financials 94

India Netherlands
Mahindra & Mahindra Ltd Erkunt Traktor Sanayii AS Industrials 75

India Turkey
Investor Group Apttus Corp High Technology 55

India United States
Mahindra & Mahindra Ltd Erkunt Sanayi AS Materials 40

India Turkey
Preity Zinta Stellenbosch Kings Media and Entertainment 30

India South Africa
Reliance Industries Ltd Jerusalem Innovation Financials 25

India Israel
Strides Shasun Ltd Amneal Pharmaceutical Pty Ltd Healthcare 13

India Australia
Infosys Ltd Brilliant Basics Ltd Consumer Products 10

India United Kingdom and Services
Advanced Enzyme Tech Ltd evoxx technologies GmbH High Technology 9

India Germany
TOP 10 OUTBOUND INDIAN DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
Motherson Sumi Systems PKC Group Oyj Real Estate 654
India Finland
Tech Mahindra Ltd HCI Group Inc Energy and Power 220
India United States
Piramal Enterprises Ltd Mallinckrodt Plc Intrathecal Healthcare 203

India United States
Aurobindo Pharma Ltd Generis Farmaceutica SA Consumer Staples 142

India Portugal
Investor Group Group One Holdings Pte Ltd Energy and Power 100
India Singapore
WNS (Holdings) Ltd HealthHelp LLC High Technology 95

India United States
BC Jindal Group Apeldoorn Flexible Pkg Hldg BV Materials 94

India Netherlands
Serum Institute of India Ltd Nanotherapeutics Bohumil Sro Consumer Staples 78

India Czech Republic
Mahindra & Mahindra Ltd Erkunt Traktor Sanayii AS Financials 75

India Turkey
Investor Group Apttus Corp Financials 55

India United States

QUARTERLY REVIEW Q3 2017
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XBMA QUARTERLY REVIEW

INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A

GLOBAL M&A VOLUME

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. 2017 DATA IS ANNUALIZED.

32% relative to Q2. Nonetheless, of the four

involved both a developed country acquirer 3.0 2.71 2.71 1.42

and a developed country target, and one 2.27

a developed economy target. 2.85

2017 DATA IS ANNUALIZED. SOURCE: THOMSON DOMESTIC M&A CROSS-BOARDER M&A

REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGETS HEADQUARTERS. ALL

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. SOURCE: THOMSON 7

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. SOURCE: THOMSON 8

VOLUME OF DISTRESSED DEALS

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. 2017 DATA IS ANNUALIZED. 25

cross-border deals accounting for 44% of global M&A

total activity, respectively, in those sectors. Despite 400

heightened deal activity in the Energy & Power

sector, most deals in this sector were domestic

sector, and with only the Retail and Media/ 0

M&A BY SECTOR: LAST

High Technology sector in Q3, a marked

INBOUND CHINESE DEALS OUTBOUND CHINESE DEALS

INBOUND INDIAN DEALS OUTBOUND INDIAN DEALS

QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. 12

Bain Capital LP Toshiba Memory Corp High Technology 17,930

Gilead Sciences Inc Kite Pharma Inc Healthcare 11,074

Vantiv Inc Worldpay Group PLC High Technology 11,063

Alstom SA Siemens AG - Mobility Business Industrials 9,743

Northrop Grumman Corp Orbital ATK Inc Materials 9,184

TOP 10 GLOBAL DEALS ANNOUNCED IN 2017

Johnson & Johnson Actelion Pharmaceuticals Ltd Healthcare 29,038

Becton Dickinson & Co CR Bard Inc Healthcare 24,227

Bain Capital LP Toshiba Memory Corp High Technology 17,930

Atlantia SpA Abertis Infraestructuras SA Industrials 17,800

ONEOK Inc ONEOK Partners LP Energy and Power 17,118

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 13

Starbucks Corp President Starbucks Coffee Shanghai Retail 1,300

Engie SA Cemig - Hydropower Concessions Energy and Power 1,033

Japan Tobacco Inc PT Karyadibya Mahardhika Consumer Staples 1,000

Japan Tobacco Inc Mighty Corp - Assets Consumer Staples 936

China Merchants Group Ltd TCP Participacoes SA Industrials 920

TOP 10 DEALS FROM DEVELOPED INTO EMERGING ECONOMIES*

SoftBank Group Corp Didi Chuxing High Technology 5,500

Investor Group ICICI Lombard Gen Ins Co Ltd Financials 3,147

Tronox Ltd The National Titanium Dioxide Materials 2,215

OMV AG Severneftegazprom Energy and Power 1,850

Investor Group Flipkart Internet Pvt Ltd Retail 1,400

Starbucks Corp President Starbucks Coffee Shanghai Retail 1,300

*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM.

Mexichem SAB de CV Netafim Ltd Industrials 1,895

Legend Holdings Corp BIL Financials 1,768

Zhonghai Shengfeng (Beijing) Alerian Capital Mgmt LLC Financials 800

Naspers Ltd Delivery Hero AG High Technology 775

Investor Group Brassica Topco SA Consumer Staples 734

Grupo Bimbo SAB de CV East Balt Inc Consumer Staples 650

Shenzhen Hengte Ind Co Ltd Permasteelisa SpA Industrials 549

Thai Beverage PCL Winnersh Holdings SARL Financials 481

TOP 10 DEALS FROM EMERGING INTO DEVEOPED ECONOMIES*

China Investment Corp Logicor Ltd Telecommunications 13,742

ARAMCO Motiva Enterprises LLC Energy and Power 2,200

IPIC Williams Olefins LLC High Technology 2,100

Grupo Mexico SAB de CV Florida East Coast Railway Co Industrials 2,100