XBMA 2017 Annual Review

ANNUAL REVIEW 2017
ROBUST M&A IN COMPLICATED TIMES
INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A

GLOBAL M&A VOLUME:
1999-2017
Global deal volume in 2017 exceeded
US$3.6 trillion, just US$80 billion shy of 2016’s
volume. 2015, 2016, and 2017 have been the
three strongest years of deal-making since
the financial crisis, with 2015 representing the
high water mark of US$4.4 trillion.
Q4 2017, like the fourth quarters of 2016
and 2015, was the year’s most active quarter,
with greater than US$1.1 trillion in global deal
Global M&A Volume: 1999-2017
volume.
The acceleration of M&A activity in
the fourth quarter of 2017, driven by robust
global economies, tax reform in the United GLOBAL M&A VOLUME
States, and strategic responses to disruptive 6.0
technologies, provides momentum for 5.5
continued robust deal-making in 2018, 5.0
including cross-border M&A. Cross-border 4.5
M&A exceeded US$1.2 trillion in 2017 and 4.0

US$ TRILLIONS
3.5
accounted for five of the 10 largest deals
3.0
of 2017.
2.5
2.0
1.5
1.0
0.5
0.0
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. DATA IN THIS REPORT DOES NOT
INCLUDE SPIN-OFFS ANNOUNCED IN 2017 THAT HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON 2
GLOBAL M&A VOLUME:
Q4 SNAPSHOT
Consistent with the trend over the
previous two years, global M&A accelerated
in Q4, as deal volume exceeded US$1.1 trillion,
an increase of almost US$300 billion (or
approximately 33%) versus Q3.
Q4 gave rise to five “megadeals” over
US$10 billion, including CVS’s US$68 billion
takeover of Aetna and Walt Disney’s US$68Global M&A Volume: Q4 Snapshot
billion acquisition of 21st Century Fox.
In addition, Broadcom launched a
nearly US$130 billion bid for Qualcomm that
DEAL VOLUME BY QUARTER
would be the largest takeover ever in the
5,000
technology sector. 4,397
4,500
4,000
3,685 3,601
3,416 1,358
3,500
3,000 894 1,274 1,129

2,715 2,731 2,731
2,460
2,500 1,026
595
781 894
682 881 852
2,000 817
604
746 604
1,500 709 1,156
737 1,016 889 844
1,000
611 709
552
500 856
795 776
578 524 516 624 706
0
2010 2011 2012 2013 2014 2015 2016 2017
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. DATA IN THIS REPORT DOES NOT
INCLUDE SPIN-OFFS ANNOUNCED IN 2017 THAT HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON 3
CROSS-BORDER M&A
VOLUME: 2009-2017
Cross-border M&A activity exceeded
US$1.2 trillion in 2017, accounting for
approximately 35% of global M&A volume,
consistent with recent historical proportions.
Deal volume involving an emerging
economy acquiror and a developed economy
target dropped off significantly in Q4 relative
to Q3 (an approximately 35% decline quarter-
Cross-Border M&A Volume: 2009-2017
over-quarter). However, deal volume involving
a developed economy acquiror and an
emerging economy target grew substantially
DEAL VOLUME
relative to Q3 (more than 80% quarter-over-
5.0
quarter), and outpaced deals from emerging 4.40
economies into developed economies in Q4.

4.0 3.69 3.60
3.42 1.56
US$ TRILLIONS
3.0 2.82 2.82 1.42 1.25

2.71
1.29
2.46
2.27
0.99 0.96
1.03
0.75
2.0 0.62
2.84
2.27 2.35
1.0 1.86 2.13
1.66 1.69 1.82 1.71
0.0
CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE 2009 2010 2011 2012 2013 2014 2015 2016 2017
HEADQUARTERED OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-AD-
JUSTED TO 2017 DOLLARS.
SOURCE: THOMSON DOMESTIC M&A CROSS-BORDER M&A
4
MEDIUM & LARGE M&A
DEALS: 2006–2017
Big ticket M&A was active in 2017, with
the second highest number of deals in excess
of US$500 million in value since the financial
crisis.
Cross-border M&A accounted for more
than a third of such deals, consistent with
recent historical proportions.
Large cross-border deals from 2017
include Unibail-Rodamco’s US$24 billion Medium
deal and Large M&A Deals: 2006 – 2017
for Westfield and Bain Capital’s US$18 billion
acquisition of Toshiba Memory.
NUMBER OF DEALS (> US$500 MILLION)
1,500
1,401
1,250 1,176
1,136
1,096 1,070 1,045
643
NUMBER OF DEALS
1,000
899 882 428
866 876 862 425
426
436 416
750 364 368 361 312
377
583
500 198
758 748
670 711
634 629
250 535 514 515 550
489 385
-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS.
SOURCE: THOMSON DOMESTIC M&A CROSS-BORDER M&A
5
M&A VOLUME BY TARGET REGION: Q4 2017
M&A VOLUME BY
TARGET REGION
The United States continued to claim
the largest share of global deal volume in Q4
and in full-year 2017. Over 46% of global M&A
volume (more than US$500 billion) in Q4
consisted of deals involving U.S. targets.
For full-year 2017, U.S. targets accounted
M&A VOLUME BY TARGET REGION: 2017
for $1.4 trillion (nearly 40%) of deal volume,
with approximately 18% of U.S. deals involving
non-U.S. acquirors.
Deals for European targets remained
the second most active segment in Q4,
constituting almost 20% of global M&A
volume (but less than the recent historical
average of 24%). The market for Chinese
targets also continued to demonstrate
M&A VOLUME BY TARGET REGION: 2012-2017
strength, accounting for more than 17% of
global deal volume in Q4 (up from its recent
historical average of 15%).

REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGET’S HEADQUARTERS. ALL

FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS.
SOURCE: THOMSON 6
TRENDS IN M&A
VOLUME BY TARGET
REGION: 2012–2017
In 2017, global M&A volume again surged in
the fourth quarter, totaling more than US$1.1 trillion in
deal-making for the quarter on the back of a robust
M&A environment in the Asia-Pacific (ex-Japan) and
North America regions, which together contributed
more then $850 billion in transaction volume in Q4.
European deal volume also grew 16% from Q3
to Q4, whereas Japanese deal activity slowed, falling
more than 50% quarter-over-quarter.
Deal volume grew in each quarter of 2017 in
Asia-Pacific (ex-Japan) and globally. Similarly, North
American deal volume rose in Q3 to exceed that of
either Q1 or Q2, and then peaked in Q4.
M&A activity in each of North America and
Japan declined approximately 15% year-over-year,
notwithstanding the acceleration in North American
US$ BILLIONS
M&A in Q4.
For each year since 2012, Q1 has had the lowest
quarterly volume of M&A globally (and in North
America, excepting 2017, when Q2 was the year’s least
active quarter).

SOURCE: THOMSON 7
M&A IN BRIC 2013-2017 INBOUND M&A TO BRIC COUNTRIES
COUNTRIES: 2017
Inbound M&A remained strong in each
of India and China, experiencing year-over-
US$ BILLIONS
year growth of 20% and 13%, respectively,
relative to 2016. M&A inbound to Brazil and
Russia dipped in 2017, approximately 29% and
30%, respectively, relative to 2016.
China continued to dominate the
other BRIC nations in domestic M&A, with
Chinese deal volume in 2017 more than six
times larger than in Brazil, Russia and India
combined.
2013-2017 DOMESTIC M&A IN BRIC COUNTRIES
Domestic M&A in BRIC countries
generally followed global trends, as M&A
activity accelerated in Q4 in Russia, India
and China. However, inbound M&A to BRIC
countries was not as well-linked to the Q4
US$ BILLIONS
spike in global deal-making, as inbound deal

volume peaked in a quarter other than Q4 in
each of Brazil, Russia, India and China.

SOURCE: THOMSON 8
DISTRESSED DEALS:
1990–2017
Distressed deal volume amounted to
over US$50 billion in 2017, up almost US$10
billion, or more than 20%, relative to 2016 and
continuing an upward trend since a nadir in
2014, but still substantially below the levels
reached in the aftermath of the financial crisis.
Distressed deals amounted to 1.4% of
global M&A volume in 2017, compared to Distressed
4.1% Deals: 1990 – 2017
and 3.9% in 2009 and 2010, respectively.
The year in distressed deal-making
peaked in August, with US$19 billion in
VOLUME OF DISTRESSED DEALS
distressed deals, driven by Sempra Energy’s 150
US$19 billion deal for Energy Future Holdings

Corp. 125
100
US$ BILLIONS
75
50
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. DISTRESSED TRANSACTIONS

INCLUDE THOSE IN WHICH THE TARGET ENTITY IS UNDERGOING RESTRUCTURING OR HAS RE- 25
DUCED 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 0
FOR BANKRUPTCY OR HAS DEFAULTED ON ITS DEBT, HAS RECEIVED AN S&P OR MOODY’S
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
Global M&A volume in 2017 was led by
the Real Estate sector, which topped US$525
billion for the year, driven by a strong Q4. The
Energy & Power and High Technology sectors
were also among the most active sectors in
2017, with US$482 billion and US$462 billion
in deal volume, respectively.
Global M&A by Sector: Last 12 Months
Cross-border deals were an especially
large component of activity in the
Telecommunications sector and the Consumer M&A VOLUME BY SECTOR
Products sector, in which cross-border deals 800
accounted for nearly 51% and 45% of global 700
M&A volume, respectively. In other sectors, 600
the shares of M&A volume attributable to 500

US$ BILLIONS
cross-border deals ranged from 24% to 39% 400
of global deal volume.

300

200
100
SOURCE: THOMSON GLOBAL M&A* CROSS-BORDER M&A

10
*INCLUDES BOTH DOMESTIC AND CROSS-BORDER TRANSACTIONS.
Trends in Global M&A by Sector: Last Four Quarters
Domestic and Cross-Boarder M&A
TRENDS IN GLOBAL DOMESTIC AND CROSS-BORDER M&A
250
M&A BY SECTOR: LAST

FOUR QUARTERS
200
US$ BILLIONS
150
High Technology and Real Estate paced
an active Q4, driving a strong finish to
100
2017. The Financials, Healthcare, and Media/
Entertainment sectors also finished the year 50
with their strongest quarters.

While deal volume declined in the 0
Consumer Products sector in each quarter

of 2017, deal volume increased in the Media/
Trends in Global M&A by Sector: Last Four Quarters
Q1 2017 Q2 2017 Q3 2017 Q4 2017
Entertainment sector in each quarter of 2017.
Cross-Boarder M&A
The most active sectors in terms of CROSS-BORDER M&A
100
cross-border deal volume, including Real
90
Estate, High Technology, Energy & Power and
80
Industrials, were also the most active sectors
70
generally.
60
US$ BILLIONS
50
40
30
20
10
SOURCE: THOMSON Q1 2017 Q2 2017 Q3 2017 Q4 2017 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 Q4 2017
ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE**
CVS Health Corp Aetna Inc Healthcare 67,808
United States United States
Walt Disney Co 21st Century Fox Inc Media and Entertainment 67,670
Unibail-Rodamco SE Westfield Corp Real Estate 24,373

France Australia
Hammerson PLC Intu Properties PLC Real Estate 10,550

United Kingdom United Kingdom
Vistra Energy Corp Dynegy Inc Energy and Power 10,223

Lennar Corp CalAtlantic Group Inc Industrials 9,586

Investor Group Hengda Real Estate Group Co Ltd Real Estate 9,042
China China
SJEC Corp 360 Technology Inc High Technology 8,498

China China
KKR & Co LP Unilever PLC – Spreads Business Consumer Staples 8,038

United States United Kingdom
Northrop Grumman Corp Bayer – Crop Science Business Materials 6,981

Germany Germany
TOP 10 GLOBAL DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
United Technologies Corp Rockwell Collins Inc Industrials 30,230

Johnson & Johnson Actelion Pharmaceuticals Ltd Healthcare 29,038

United States Switzerland

France Australia
Becton Dickinson & Co CR Bard Inc Healthcare 24,227

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
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
*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 Q4 2017
ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE***
Mitsubishi UFJ Ltd PT Bank Danamon Indonesia Tbk Financials 6,000
Japan Indonesia
Statoil ASA Petrobas-Roncador Field Energy and Power 2,900

Norway Brazil
UnitedHealth Group Inc Banmedica SA Financials 2,789

United States Chile
Bank of Nova Scotia Banco Bilbao Vizcaya Financials 2,200

Canada Chile
I Squared Capital Advisors LLC Inkia Energy Ltd - Carribean and Energy and Power 1,802
United States Latin American Business
Peru
Investor Group Enel Green Power Mexico Srl de CV Energy and Power 1,350
Canada Mexico
Exxon Mobil Corp Statoil Brasil Oleo e Gas Ltda - Block Energy and Power 1,300
United States
BM-S-8A
Brazil
Actis LLP InterGen Servicios Mexico SDe RL Energy and Power 1,256
United Kingdom De CV - Power Assets
Mexico
National Energy Services National Petroleum Services Co/Gulf Energy and Power 1,100
Reunited Corp Energy Co SAOC
United States Kuwait
Glencore PLC Chevron South Africa (Pty) Ltd Energy and Power 973
Switzerland South Africa
TOP 10 DEALS FROM DEVELOPED INTO EMERGING ECONOMIES*

ANNOUNCED IN 2017
INDUSTRY VALUE***
Vodafone Group PLC Idea Cellular Ltd – Mobile Business Telecommunications 11,627
United Kingdom India
Mitsubishi UFJ Ltd PT Bank Danamon Indonesia Tbk Financials 6,000

Japan Indonesia
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
Statoil ASA Petrobas-Roncador Field Energy and Power 2,900

Norway Brazil
Exxon Mobil Corp ENI East Africa SpA Energy and Power 2,800
United States Mozambique
UnitedHealth Group Inc Banmedica SA Financials 2,789

United States Chile
Tronox Ltd The National Titanium Dioxide Co Ltd Materials 2,215

United States Saudi Arabia
Bank of Nova Scotia Banco Bilbao Vizcaya Financials 2,200

Canada Chile
OMV AG Severneftegazprom Energy and Power 1,850

Austria Russian Federation
*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 DEVELOPED ECONOMIES*
ANNOUNCED IN Q4 2017
INDUSTRY VALUE***
FirstRand Ltd Aldermore Group PLC Industrials 1,432
South Africa United Kingdom
China Southern Power Grid Co Ltd ETC Transmission Holdings SL Industrials 1,300
China Spain
China Communications Construction Aecon Group Inc Financials 1,122

Group Co Ltd Canada
China
Orient Securities Co Ltd Imagina Media Audiovisual SL Healthcare 1,000

China Spain
Nanhung Xinjiekou Dept Store Dendreon Pharmaceuticals Inc Financials 906

China United States
China Resources National Corp Dudgeon Offshore Wind Ltd High Technology 743
China United Kingdom
Inversiones Petro SA Totalbank Corp Consumer Staples 528

Chile United States
Thai Beverage PCL Alliance Asia Investment Pte Ltd Consumer Staples 494
Thailand Singapore
Ningbo Lehui Intl Engineering NSM Packtec GmbH Industrials 471

China Germany
China Ocean Shipping (Group) Co Ltd Cogent Holdings Ltd Financials 408
China Singapore
TOP 10 DEALS FROM EMERGING INTO DEVELOPED 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

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
Legend Holdings Corp BIL Financials 1,768

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

China Japan
FirstRand Ltd Aldermore Group PLC Financials 1,432

South Africa United Kingdom
*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 Q4 2017
INDUSTRY VALUE**
Vistra Energy Corp Dynegy Inc Energy and Power 10,223

Lennar Corp CalAtlantic Group Inc Industrials 9,586

Marvell Technology Group Ltd Cavium Inc High Technology 6,350

Bermuda United States
Northrop Grumman Corp Snyder's – Lance Inc Consumer Staples 6,060

Cineworld Group PLC Regal Entertainment Group Media and Entertainment 5,982
Penn National Gaming Inc Pinnacle Entertainment Inc Media and Entertainment 5,808
UnitedHealth Group Inc Davita Medical Holdings LLC Healthcare 4,900

Crown Holdings Inc Signode Industrial Group LLC Industrials 3,910

TOP 10 NORTH AMERICAN DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
United Technologies Corp Rockwell Collins Inc Industrials 30,230

Becton Dickinson & Co CR Bard Inc Healthcare 24,227

Sempra Energy Inc Energy Future Holdings Corp Energy and Power 18,800
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

Energy Capital Partners LLC Calpine Corp Energy and Power 15,973
Discovery Communications Inc Scripps Networks Interactive Media and Entertainment 14,608
Amazon.com Inc Whole Foods Market Inc Retail 13,598


TOP 10 ASIA-PACIFIC DEALS ANNOUNCED IN Q4 2017
INDUSTRY VALUE**
France Australia
China China
SJEC Group 360 Technology Inc High Technology 8,498

China China
CHMT Peaceful Development The Center (Holdings) Ltd Real Estate 5,154
Asia Property Ltd Hong Kong
Hong Kong
Investor Group Equis Energy Developments Pte Ltd Energy and Power 5,000
United States Singapore
Vietnam F&B Alliance Investment JSC Sabeco Consumer Staples 4,838

Vietnam Vietnam
Zhongtian Financial Group Co Ltd Huaxia Life Insurance Co Ltd Financials 4,676
China China
Investor Group China Internet Plus Holding Ltd Retail 4,000

China China
Investor Group Didi Chuxing High Technology 4,000

Japan China
China Shipbuilding Industry Co Ltd Wuchang Shipbuilding Industry Industrials 3,549

China
Group Co Ltd
China
TOP 10 ASIA-PACIFIC DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
France Australia
Bain Capital LP Toshiba Memory Corp High Technology 17,930

United States Japan

China Singapore
China China
SJEC Group 360 Technology Inc High Technology 8,498

China China
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 Investor Group Energy and Power 5,609

Australia Australia

TOP 10 EUROPEAN DEALS ANNOUNCED IN Q4 2017
INDUSTRY VALUE**
Hammerson PLC Intu Properties PLC High Technology 10,550
KKR & Co LP Unilever PLC – Spreads Business Industrials 8,038

BASF SE Bayer – Crop Science Business Energy and Power 6,981

Germany Germany
GVC Holdings PLC Ladbrokes Coral Group PLC Energy and Power 6,578
Isle of Man United Kingdom
Thales SA Gemalto NV High Technology 6,384

France Netherlands
Vonovia SE BUWOG AG High Technology 6,317

Germany Austria
Cerberus Capital Management LP Banco Bilbao Vizcaya – Real Estate Business Real Estate 4,736
United States Spain
Toohil Telecom Holdings Ltd Eircom Holdco SA Financials 4,143

Ireland Ireland
PAI Partners SAS/British Columbia Refresco Group NV Financials 3,952

Investment Management Corp Netherlands
France/Canada
Novartis AG Advanced Accelerator Applications SA Energy and Power 3,587

Switzerland France
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

Hammerson PLC Intu Properties PLC Real Estate 10,550

Alstom SA Siemens AG - Mobility Business Telecommunications 9,743

France Germany
Shanghai Zhongan Joint Invest Rosneft Oil Co Energy and Power 9,100
China Russian Federation
KKR & Co LP Unilever PLC – Spreads Business Consumer Staples 8,038


TOP 10 INBOUND CHINESE DEALS ANNOUNCED IN Q4 2017
INDUSTRY VALUE**
Japan China
Qatar Airways QSC Cathay Pacific Airways Ltd Industrials 662

Qatar Hong Kong
Walgreens Boots Alliance Inc Sinopharm Guoda Drug Stores Co Ltd Retail 419
United States China
Canada Pension Plan Investment Board Goodman Hong Kong Logistics Partnership Industrials 249
Canada Hong Kong
Fantasy Pearl International Link Joy Hk Co Ltd Financials 179

British Virgin Islands Hong Kong
CapitaLand Ltd Shanghai Mingchang Properties Ltd Real Estate 152

Singapore China
Crede Capital Group LLC Sinco Pharmaceuticals Holdings Ltd Consumer Products 150
United States China and Services
Fantasy Pearl International Shenzhen Fantasia Education Financials 121

British Virgin Islands Consulting Co Ltd
China
BetterU Education Corp Treasure Union Ltd Financials 100

Cananda Hong Kong
Collinstar Capital Pty Ltd BWwang E-Commerce Co Ltd High Technology 100
Australia China
TOP 10 INBOUND CHINESE DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
SoftBank Group Corp Didi Chuxing High Technology 5,500
Japan China
Bach Holdings Ltd Nord Anglia Education Inc Consumer Products 4,300
Cayman Islands Hong Kong and Services

Japan China
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
Qatar Airways QSC Cathay Pacific Airways Ltd Industrials 662

Qatar Hong Kong
Standard Chartered PLC Future Land Dvlp Hldgs Ltd Real Estate 656
United Kingdom China
Toray Industries Inc Pacific Textiles Holdings Ltd Consumer Staples 519
Japan Hong Kong
Walgreens Boots Alliance Inc Sinopharm Guoda Drug Stores Co Ltd Retail 419
United States China
Prosperity Vision (III) Pte Ever Jump Investments Ltd Real Estate 403
Singapore Hong Kong

TOP 10 OUTBOUND CHINESE DEALS ANNOUNCED IN Q4 2017
INDUSTRY VALUE**
China Southern Power Grid Co Ltd ETC Transmission Holdings SL Industrials 1,300
China Spain
Shanghai Pharmaceuticals Cardinal Health (L) Co Ltd Energy and Power 1,200
Holding Co Ltd Malaysia
China
China Communications Construction Aecon Group Inc High Technology 1,122

Group Co Ltd Canada
China
Orient Securities Co Ltd Imagina Media Audiovisual SL Financials 1,000

China Spain
Nanhung Xinjiekou Dept Store Dendreon Pharmaceuticals Inc Real Estate 906
China United States
China Resources National Corp Dudgeon Offshore Wind Ltd Energy and Power 743
Kingboard Chemical Holdings Ltd 15 Canada Square Consumer Staples 537

Hong Kong United Kingdom
China Fire Safety Enterprise Group Pteris Global Ltd Retail 453
Holdings Ltd Signapore
Hong Kong
China Ocean Shipping (Group) Co Ltd Cogent Holdings Ltd Industrials 408
China Signapore
Jardine Matheson Holdings Ltd Vinamilk High Technology 396

Hong Kong Vietnam
TOP 10 OUTBOUND CHINESE DEALS ANNOUNCED IN 2017

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

Shanghai Zhongan Joint Invest Rosneft Oil Co Energy and Power 9,100
China Russian Federation
Cheung Kong Property Holding Ltd ista Luxemburg GmbH High Technology 6,724
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 Property 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
Legend Holdings Corp BIL Financials 1,768

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 Q4 2017
INDUSTRY VALUE**
Investor Group Axis Bank Ltd Financials 1,730
United States India
Tencent Holdings Ltd/SoftBank ANI Technologies Pvt Ltd Industrials 1,100

Group Corp India
China/Japan
United Arab Emirates National Investment & Infrastructure Ltd Financials 1,000
United Arab Emirates India
American Tower Corp Idea Cellular Infrastructure Services Ltd Telecommunications 614
United States India
American Tower Corp Vodafone India Ltd - Mobile Tower Assets Telecommunications 591
United States India
Warburg Pincus LLC Bharti Telemedia Ltd Media and Entertainment 350
United States India
Canada Pension Plan Investment Board ReNew Power Ventures Pvt Ltd Energy and Power 350
Canada India
XL Group PLC Mahindra Insurance Brokers Ltd Financials 201

Ireland India
Lotte Confectionery Co Ltd Havmor Ice Cream Ltd Consumer Staples 157
South Korea India
I Squared Capital Advisors LLC Salem Tollways Ltd/Kumarapalayam Industrials 113

United States Tollways Ltd
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 Axis Bank Ltd Retail 1,730

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

United States India
GIC Pte Ltd DLF Cyber City Developers Ltd Telecommunications 1,390
Singapore India
Tencent Holdings Ltd/SoftBank ANI Technologies Pvt Ltd Financials 1,100

Group Corp India
China/Japan
United Arab Emirates National Investment & Infrastructure Ltd Real Estate 1,000
United Arab Emirates India
Canada Pension Plan Investment Bharti Infratel Ltd Consumer Products 953
Board and KKR & Co India and Services
Canada and United States
American Tower Corp Idea Cellular Infrastructure Services Ltd Energy and Power 614
United States India
American Tower Corp Vodafone India Ltd - Mobile Tower Assets Telecommunications 591
United States India

TOP 10 OUTBOUND INDIAN DEALS ANNOUNCED IN Q4 2017
INDUSTRY VALUE**
Indiabulls Real Estate Ltd Indiabulls Properties Investment Trust Real Estate 224
India Singapore
Lupin Ltd Symbiomix Therapeutics LLC Healthcare 150

India United States
Larsen & Toubro Ltd Syncordis SA Consumer Products 17

India Luxembourg and Services
Wipro Ltd Cooper Software Inc Consumer Products 9

India United States and Services
SIL Investments Ltd American Silk Mills Corp - Design Business Consumer Staples 5
India United States
Strides Shasun Ltd Trinity Pharma (Pty) Ltd Healthcare 4

India South Africa
Tube Investments of India Ltd Great Cycles Pvt Ltd/Creative Cycles Industrials 3
India Pvt Ltd
Sri Lanka
Searock International Pvt Ltd Cross Border Synergy Pte Ltd Consumer Products 1
India Singapore and Services
TRMG Advisors LLP Brilliant Basics Ltd Media and Entertainment 1

India Singapore
Sun Pharmaceutical Industries Ltd Ranbaxy Malaysia Sdn Bhd Healthcare 1

India Malaysia
TOP 10 OUTBOUND INDIAN DEALS ANNOUNCED IN 2017

INDUSTRY VALUE**
Motherson Sumi Systems PKC Group Oyj Real Estate 654
India Finland
Indiabulls Real Estate Ltd Indiabulls Properties Investment Trust Real Estate 224
India Singapore
Tech Mahindra Ltd HCI Group Inc Energy and Power 220
India United States
Piramal Enterprises Ltd Mallinckrodt Plc – Intrathecal Healthcare 203

India United States
Lupin Ltd Symbiomix Therapeutics LLC Healthcare 150

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 Packaging Holding BV Materials 94

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

India Czech Republic

ANNUAL REVIEW 2017
The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of XBMA’s founders, academic partners, advisory board members, or others.
13

XBMA 2017 Annual Review

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ANNUAL REVIEW 2017

ROBUST M&A IN COMPLICATED TIMES

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

technologies, provides momentum for 5.5

continued robust deal-making in 2018, 5.0

including cross-border M&A. Cross-border 4.5

M&A exceeded US$1.2 trillion in 2017 and 4.0

3,000 894 1,274 1,129

economies into developed economies in Q4.

3.0 2.82 2.82 1.42 1.25

REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGET’S HEADQUARTERS. ALL

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS.

spike in global deal-making, as inbound deal

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS.

US$19 billion deal for Energy Future Holdings

ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. DISTRESSED TRANSACTIONS

accounted for nearly 51% and 45% of global 700

M&A volume, respectively. In other sectors, 600

the shares of M&A volume attributable to 500

cross-border deals ranged from 24% to 39% 400

of global deal volume.

SOURCE: THOMSON GLOBAL M&A* CROSS-BORDER M&A

M&A BY SECTOR: LAST

with their strongest quarters.

Consumer Products sector in each quarter

SOURCE: THOMSON Q1 2017 Q2 2017 Q3 2017 Q4 2017 11

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

Unibail-Rodamco SE Westfield Corp Real Estate 24,373

Hammerson PLC Intu Properties PLC Real Estate 10,550

Vistra Energy Corp Dynegy Inc Energy and Power 10,223

Lennar Corp CalAtlantic Group Inc Industrials 9,586

SJEC Corp 360 Technology Inc High Technology 8,498

KKR & Co LP Unilever PLC – Spreads Business Consumer Staples 8,038

Northrop Grumman Corp Bayer – Crop Science Business Materials 6,981

TOP 10 GLOBAL DEALS ANNOUNCED IN 2017

United Technologies Corp Rockwell Collins Inc Industrials 30,230

Johnson & Johnson Actelion Pharmaceuticals Ltd Healthcare 29,038

Unibail-Rodamco SE Westfield Corp Real Estate 24,373

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

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

Statoil ASA Petrobas-Roncador Field Energy and Power 2,900

UnitedHealth Group Inc Banmedica SA Financials 2,789

Bank of Nova Scotia Banco Bilbao Vizcaya Financials 2,200

TOP 10 DEALS FROM DEVELOPED INTO EMERGING ECONOMIES*

Mitsubishi UFJ Ltd PT Bank Danamon Indonesia Tbk Financials 6,000

SoftBank Group Corp Didi Chuxing High Technology 5,500

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

Statoil ASA Petrobas-Roncador Field Energy and Power 2,900

UnitedHealth Group Inc Banmedica SA Financials 2,789

Tronox Ltd The National Titanium Dioxide Co Ltd Materials 2,215

Bank of Nova Scotia Banco Bilbao Vizcaya Financials 2,200

OMV AG Severneftegazprom Energy and Power 1,850

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

China Communications Construction Aecon Group Inc Financials 1,122

Orient Securities Co Ltd Imagina Media Audiovisual SL Healthcare 1,000

Nanhung Xinjiekou Dept Store Dendreon Pharmaceuticals Inc Financials 906

Inversiones Petro SA Totalbank Corp Consumer Staples 528

Ningbo Lehui Intl Engineering NSM Packtec GmbH Industrials 471

TOP 10 DEALS FROM EMERGING INTO DEVELOPED ECONOMIES*