XBMA 2014 Annual Review

XBMA Annual Review
2014
Were Back
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: 1997 2014

Global M&A was robust in 2014, hitting two noteworthy post-crisis high-water marks: total
global volume reached US$3.5 trillion, and cross-border volume reached US$1.38 trillion.
Cross-border deals announced in 2014 included some of the years largest, including
many above US$10 billion and a number of real blockbusters.
Megadeals continued to make a comeback, with more than 90 deals over US$5 billion
announced in 2014.
Drivers of the robust activity included strong corporate earnings, large corporate cash
balances in search of yield, continued availability of highly attractive financing to wellcapitalized borrowers, and generally high stock prices, as well as a focus on industry
consolidation in a number of sectors and a thirst for technology, natural resources, and
brands in growing economies.
Global M&A Volume

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 2014 dollars. Data in this report do not include spin-offs announced in 2014 that
have not been completed.
XBMA
Source: Thomson
Global M&A Volume: Q4 Snapshot

2014 finished strong, with Q4 being the second most active quarter since the financial
crisis (second only to Q2 2014).
Global M&A volume was consistently robust over each quarter in 2014, with deal-making
reaching its highest post-crisis quarterly volume in Q2, with more than US$1 trillion in
deals announced.
Deal Volume by Quarter

4,000
3,500
US$ billions
3,000
3,485
3,165
923
556
2,205
579
761
879
876
680
2,000
677
722
990
690
1 ,01 9
71 2
600
488
2008
584
496
1,000
740
863
584
1,500
2,627
2,405
2,500
500
2,646
2,643
544
560
2009
2010
Quarter 1
662
536
771
2011
Quarter 2
Quarter 3
505
499
2012
2013
681
2014
Quarter 4
All figures are inflation-adjusted to 2014 dollars.
XBMA
Source: Thomson
Cross-Border M&A Volume: 2007 2014

Cross-border M&A volume in 2014 also reached its highest levels since the financial crisis,
with total cross-border deal volume up 89% from 2013. Cross-border M&A accounted for
40% of global M&A in 2014.
Deals involving an emerging economy acquirer and a developed economy target grew
26.7%, while deals involving a developed economy acquirer and an emerging economy
target grew 4.7%.
Cross-border M&A volume involving a Chinese target or acquirer rebounded in 2014, with
Chinese inbound M&A activity up 63% and outbound M&A activity up 42%.
Deal Volume
5
4.72
4
3.49
US$ trillions
2.60
3.17
2.64
2.63
2.21
1.95
2.60
1.65
1.71
1.70
1.61
2.11
1.67
2.11
1.21
0.99
0.60
2.40
2007
2008
2009
2010
Cross-Border M&A
1.38
0.93
0.93
2011
2012
0.73
2013
2014
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 2014 dollars.
XBMA
Source: Thomson
Medium and Large M&A Deals: 2006 2014

2014 witnessed a number of notable blockbuster deals, including a number of large hostile
transactions. Medium and large deal volume grew 27% from 2013.
There were more medium and large domestic and cross-border M&A deals than in any
year since 2007. The relative proportion of medium and large domestic and cross-border
M&A deals remained consistent with recent years.
Of the top 10 deals in 2014, five were cross-border.
Number of Deals > US$ 500 million

1500
1405
1250
US$ billions
1099
759
1000
750
1090
903
869
884
875
859
643
675
493
585
540
515
513
363
369
362
314
2010
2011
2012
2013
545
500
387
646
250
424
2006
376
2007
2008
198
2009
Domestic M&A
XBMA
447
2014
Cross-Border M&A
Source: Thomson
M&A Volume by Targets Region

The U.S. accounted for over 44% of global M&A volume in 2014, 6% higher than its
recent historical percentage, with U.S. participation in all but two of the 10 largest deals
of 2014.
Despite a number of announced inversions, European M&A was flat compared to 2013,
accounting for approximately a quarter of global M&A volume, slightly lower than its
recent historical percentage.
Chinas share of M&A volume grew 15% from 2013 and accounted for approximately 13%
of global M&A volume, continuing to exceed its recent historical percentage.
2014
Canada
3.23%
Africa/
Middle
East
1.66%
India
0.83%
South Am erica
2.53%
Mex ico
0.42%
Central
Am erica
0.06%
Japan
1.89%
Australia/NZ
2.51%
United States
44.36%
Central Asia
4.85%
China
12.99%
Europe
24.69%
2009 - 2013
Canada
4.38%
Africa/
Middle East
2.35%
India
1.09%
Mex ico
1.15%
South Am erica
4.7 5
Central
Am erica
0.14%
United States
37 .93%
Japan
4.02%
Australia/NZ
3.86%
Central Asia
5.14%
China
8.05
Europe
27 .14%
Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2014
dollars.
XBMA
Source: Thomson
GDP and M&A

Volume by Targets Region: 2014
The U.S. continued to contribute a substantially higher share of global M&A volume than
its percentage of world GDP. This spread widened by more than 12%, compared to the
spread in 2013.
After a robust year of domestic and cross-border M&A, Chinas share of global M&A
almost reached the percentage of its share of world GDP.
Japanese GDP decreased by 4%, the only region to experience recession in 2014, while
Japans share of global M&A decreased by 36%, in each case compared to 2013.
GDP, M&A, and Debt by Region

250%
50%
200%
40%
150%
30%
100%
20%
50%
10%
Government Debt as % of GDP
% of 2014 World GDP

% of 2014 Global M&A
60%
0%
0%
Region
2014 GDP
(US$ trillions)
2014 Per Capita

GDP (US$)
Europe
22.5
29,251
United States
17.4
52,678
China
10.4
7,572
Japan
4.8
37,539
India
2.0
1,625
World
77.6
13,823
2014 GDP figures are IMF estimates.
XBMA
Source: Thomson, IMF
M&A in BRIC Countries: 2014

Inbound M&A in the BRIC countries was relatively flat from Q3 to Q4 2014.
Notably, inbound M&A into Russia reached its lowest point since 2010, as increasing
tensions over Ukraine, the decline of oil prices, and the collapse of the ruble discouraged
both cross-border and domestic deal-making.
Chinese domestic M&A skyrocketed in 2014, with three deals above US$10 billion
(compared to none in 2013). Chinese domestic M&A volume exceeded US$100 billion in
2014, far outpacing the other BRIC economies.
2010 2014 Inbound M&A to BRIC Countries

30
US$ billions
25
20
Brazil
15
Russia
10
India
China
5
0
2010
2011
2012
2013
2014
2010 2014 Domestic M&A in BRIC Countries
120
US$ billions
100
Brazil
80
Russia
60
India
40
China
20
0
2010
2011
XBMA
2012
7
2013
2014
Source: Thomson
Trends in M&A Volume by

Targets Region: 2010 2014
Global M&A volume peaked in Q2 2014, totaling more than $1 trillion in deal-making for
the quarter on the back of strong M&A environments in the North American, European
and Asian-Pacific regions. Annual global M&A volume was $3.5 trillion.
Japanese deal-making missed out on 2014s M&A boom, with 2014 volumes actually
falling compared to 2013.
Europe and Asian-Pacific ended 2014 approximately equal in deal volume, as Chinese
M&A continues to come into its own.
1,200
1,000
US$ billions
800
600
400
200
0
2010
2011
Asia-Pacific (ex-Japan)
2012
Europe
2013
North America
2014
Global
Japan
XBMA
Source: Thomson
Distressed Deals: 1988 2014

Distressed deal volume totaled only US$17.9 billion in 2014, almost 50% lower than
2013.
Distressed deal volume has dropped for the third consecutive year as distressed deal
volumes return to pre-crisis levels.
Volume of Distressed Deals

175
150
US$ billions
125
100
75
50
25
0
All figures are inflation-adjusted to 2014 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
Global M&A by Sector: Last 12 Months

The Energy & Power sector continued to lead overall deal volume in 2014, but Healthcare
dominated cross-border M&A activity, in part spurred by large inversion deals between
American and European pharmaceutical companies.
Cross-border M&A activity was up significantly across sectors in 2014, with seven of 12
sectors experiencing M&A volume greater than US$100 billion, compared to just one
sector (Energy & Power) in 2013.
The Media/Entertainment sector had a strong year globally with more than US$300
billion in announced deals, including the two largest transactions of 2014.
M&A Volume by Sector

500
US$ billions
400
300
200
100
Re
ta
il
Te
ch
no
lo
Co
gy
ns
um
er
St
M
ed
ap
ia/
les
En
te
rta
in
m
Te
en
l
e
Co
t
co
ns
m
m
um
u
ni
er
ca
Pr
ti o
od
ns
uc
ts
an
dS
er
vic
es
Es
tat
e
Hi
gh
Re
al
alt
hc
ar
e
He
Fi
na
nc
ia
ls
In
du
str
ial
s
ri a
ls
M
at
e
En
er
gy
&
Po
we
Global M&A*
Cross-Border M&A
*Includes both domestic and cross-border transactions.
XBMA
10
Source: Thomson
Trends in Global M&A by Sector:

Last Four Quarters
The Energy & Power, Healthcare, and Real Estate sectors led global Q4 2014 deal volume,
while Consumer Staples experienced a notable decrease as compared to Q3 2014.
The Real Estate and Healthcare sectors led Q4 2014 cross-border activity, with Real Estate
experiencing a quarter-over-quarter increase of more than 87%. Notably, the Real Estate
sector experienced consecutive gains in each of the last four quarters for both total and crossborder M&A volume.
The Telecommunications sector saw the greatest relative gain in cross-border M&A activity
in Q4 2014, with volume quadrupling compared to Q3 2014.
Domestic and Cross-Border M&A
280
US$ billions
240
200
160
120
80
40
0
Q1 2014
Q3 2014
Q4 2014
Cross-Border M&A
200
US$ billions
Q2 2014
160
120
80
40
0
Q1 2014
XBMA
Q2 2014
Q3 2014
11
Q4 2014
Source: Thomson
Top 10 Global Deals

Announced in 2014
Acquirer*
Target
Industry
Target*
Value of Deal
(US$mil)
Date
Announced
Comcast Corp
Time Warner Cable Inc
Radio and
Television
Broadcasting
Services
70,677
13 Feb 2014
AT&T
DirectTV
Radio and
Television
Broadcasting
Services
67,186
18 May 2014
Actavis PLC
Allergan Inc
Drugs
66,404
17 Nov 2014
Kinder Morgan Inc

(United States)
Kinder Morgan Energy

Partners
Electric, Gas,
and Water
Distribution
58,551
10 Aug 2014
Medtronic Inc
Covidien PLC
Measuring,
Medical, Photo
Equipment;
Clocks
47,922
15 Jun 2014
Holcim Ltd
Lafarge SA
Stone, Clay,
Glass and
Concrete
Products
39,544
4 Apr 2014
Halliburton Co
Baker Hughes Inc
Machinery
38,477
14 Nov 2014
Reynolds American
Inc
Lorillard Inc
Tobacco
Products
27,737
11 Jul 2014
Actavis PLC
Forest Laboratories Inc
Drugs
23,615
18 Feb 2014
Altice France SA
SFR
Telecom
23,123
24 Feb 2014
(United States)
(United States)
(Ireland)
(United States)
(Switzerland)
(United States)
(United States)
(Ireland)
(Luxembourg)
(United States)
(United States)
(United States)
(United States)
(Ireland)
(France)
(United States)
(United States)
(United States)
(France)
*Company nationality determined by location of headquarters or by location of target assets.
XBMA
12
Source: Thomson
Top 10 Deals from Developed into

Emerging Economies* Announced in 2014
Acquirer**
Target
Industry
Target**
China Minmetals Corp
Xstrata Peru SA
Gas Natural SDG SA
CGE
Abbott Laboratories
CFR Pharmaceutical SA
Banco Santander SA
(Spain)
Banco Santander (Brasil)

SA
Cable & Wireless

Commun PLC
AT&T Inc
Value of Deal
(US$mil)
Date
Announced
Mining
7,005
4 Apr 2014
Electric, Gas
and Water
Distribution
5,583
12 Oct 2014
Drugs
3,326
16 May 2014
Commercial
Banks, Bank
Holding
Companies
3,258
29 Apr 2014
Columbus International
Inc
Telecom
2,974
6 Nov 2014
CVGrupo Iusacell SA de
Telecom
2,500
7 Nov 2014
Turkiye Garanti Bankasi

AS
Commercial
Banks, Bank
Holding
Companies
2,494
19 Nov 2014
(United States)
Consorcio Comex SA de
CV
Chemicals and
Allied Products
2,298
30 Jun 2014
Diageo PLC
United Spirits Ltd
Food and
Kindred
Products
1,900
15 Apr 2014
Intel Corp
Undisclosed Tsinghua
UniGrp
Electronic and
Electrical
Equipment
1,466
25 Sep 2014
(Australia)
(Spain)
(Peru)
(Chile)
(United States)
(Chile)
(Brazil)
(United Kingdom)
(The Bahamas)
(United States)
(Mexico)
Banco Bilbao Vizcaya

(Spain)
(Turkey)
PPG Industries Inc
(Mexico)
(United Kingdom)
(India)
(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.
Aggregate Value of Deals from Developed into Emerging Economies
US$ billions
250
200
Quarter 3
100
Quarter 2
50
0
XBMA
Quarter 4
150
Quarter 1
2005
2006
2007
2008
2009
2010
13
2011
2012
2013
2014
Source: Thomson
Top 10 Deals from Emerging into Developed

Economies* Announced in 2014
Acquirer**
Target
Industry
Target**
Value of Deal
(US$mil)
Date
Announced
Investor Group
Noble Argi Ltd
Wholesale
TradeNondurable
Goods
4,000
2 Apr 2014
State Grid Corp of

China
CDP Reti Srl
Electric, Gas,
and Water
Distribution
2,814
30 Jul 2014
National Social
Security Fund
CITIC Pacific Ltd
Metal and
Metal Products
2,167
14 May 2014
Woolsworths Holdings
Ltd
David Jones Ltd
Electric, Gas
and Water
Distribution
2,096
9 Apr 2014
ARAMCO
S-Oil Corp
Oil and Gas;

Petroleum
Refining
1,963
2 Jul 2014
Anbang Insuranec
Group Co Ltd
Waldorf Astoria New York
Hotels and
Casinos
1,950
6 Oct 2014
Al Mirqab Capital SPC
Heritage Oil PLC
Oil and Gas;

Petroleum
Refining
1,817
30 Apr 2014
BTG Pactual Holding

SA
BSI SA
Commercial
Banks, Bank
Holding
Companies
1,682
14 Jul 2014
BRS Ventures &

Holdings Ltd
Travelex Holdings Ltd
Other
Financial
1,674
8 Nov 2014
Legend Holdings Corp
PizzaExpress Ltd
Retail Trade Eating and

Drinking
Places
1,540
12 Jul 2014
(China)
(Hong Kong)
(Italy)
(China)
(Hong Kong)
(China)
(South Africa)
(Saudi Arabia)
(Australia)
(South Korea)
(United States)
(China)
(Qatar)
(United Kingdom)
(Switzerland)
(Brazil)
(United Kingdom)
(United Arab Emirates)
(China)
(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.
Aggregate Value of Deals from Emerging into Developed Economies

US$ billions
200
150
Quarter 4
100
Quarter 3
XBMA
Quarter 2
50
Quarter 1
2005
2006
2007
2008
2009
2010
14
2011
2012
2013
2014
Source: Thomson
Top 10 North American*

Deals Announced in 2014
Acquirer*
Target
Industry
Target*
Comcast Corp
Time Warner Cable Inc
AT&T Inc
DirecTV Inc
Actavis PLC
Allergan Inc
Kinder Morgan Inc
(United States)
Kinder Morgan Energy

Partners
Halliburton Co
Baker Hughes Inc
Reynolds American
Inc
Lorillard Inc
Actavis PLC
Forest Laboratories Inc
Facebook Inc
WhatsApp Inc
Merck KGaA
3G Capital Partners
Ltd
(United States)
13 Feb 2014
67,186
18 May 2014
Drugs
66,404
17 Nov 2014
Electric, Gas,
and Water
Distribution
58,551
10 Aug 2014
Machinery
38,477
14 Nov 2014
Tobacco
Products
27,737
11 Jul 2014
Drugs
23,615
18 Feb 2014
Prepackaged
Software
19,468
19 Feb 2014
Sigma-Aldrich Corp
Chemicals and
Allied
Products
16,449
22 Sep 2014
Tim Hortons Inc
Retail Trade Eating and

Drinking
Places
15,968
24 Aug 2014
(United States)
(Ireland)
(United States)
(United States)
(United States)
(United States)
(United States)
(United States)
(Ireland)
(United States)
(United States)
(United States)
(Germany)
(United States)
(Canada)
(United States)
Date
Announced
70,677
(United States)
(United States)
Radio and
Television
Broadcasting
Stations
Radio and
Television
Broadcasting
Stations
Value of Deal
(US$mil)
*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.
Aggregate Value of North American Deals

US$ billions
2000
1500
Quarter 4
1000
Quarter 3
XBMA
Quarter 2
500
Quarter 1
2005
2006
2007
2008
2009
2010
15
2011
2012
2013
2014
Source: Thomson
Top 10 Asian-Pacific*
Acquirer*
Target
Industry
Target*
Wholesale
TradeNondurable
Goods
Commercial
Banks, Bank
Holding
Companies
Value of Deal
(US$mil)
Date
Announced
17,458
30 Jun 2014
16,233
10 Jul 2014
Investor Group
Sinopec Sales Co Ltd
(Malaysia)
RHB Capital Bhd
CIMB Group Holdings

Bhd
CSR Group
China CNR Corp Ltd
Transportation
Equipment
15,418
31 Dec 2014
Shanghai Jinfeng
Investment Co
Greenland Holding
Group Co Ltd
Real Estate;
Mortgage
Bankers and
Brokers
10,307
18 Mar 2014
Investor Group
(Australia)
Queensland Motorways
Ltd
Construction
Firms
6,609
23 Apr 2014
Anheuser-Busch Inbev
Oriental Brewery Co Ltd
Food and
Kindred
Products
5,800
20 Jan 2014
Temasek Holdings (Pte)

Ltd
AS Watson Holdings Ltd
Miscellaneous
Retail Trade
5,672
21 Mar 2014
(China)
Bestv New Media Co Ltd
Shanghai Oriental
Pearl(Grp)Co
Hotels and
Casinos
5,571
22 Nov 2014
Merro Pharmaceutical
Co Ltd
China Grand Auto

Services Co
Miscellaneous
Retail Trade
5,184
6 Dec 2014
Daum Communications
Corp
Kakao Corp
Business
Services
5,082
26 May 2014
(China)
(China)
(Malaysia)
(China)
(China)
(China)
(China)
(Australia)
(Belgium)
(South Korea)
(Singapore)
(Hong Kong)
(China)
(China)
(China)
(South Korea)
(South Korea)
Aggregate Value of Asian-Pacific Deals

US$ billions
1000
800
Quarter 3
400
Quarter 2
200
0
XBMA
Quarter 4
600
Quarter 1
2005
2006
2007
2008
2009
2010
16
2011
2012
2013
2014
Source: Thomson
Top 10 European*
Acquirer*
Target
Industry
Target*
Measuring,
Medical, Photo
Equipment;
Clocks
Stone, Clay,
Glass, and
Concrete
Products
Medtronic Inc
Covidien PLC
Holcim Ltd
Lafarge SA
Altice France SA
SFR
BT Group PLC
EE Ltd
General Electric Co
(United States)
Alstom SAEnergy
Businesses
Liberty Global PLC
Ziggo NV
Deutsche Annington
Immobilien
Gagfah SA
Vodafone Group PLC

(United Kingdom)
Grupo Corporativo ONO

SA
Klepierre SA
Corio NV
Porsche Automobil
Holding SE
Scania AB
(United States)
(Ireland)
(Switzerland)
(France)
(Luxembourg)
(France)
(United Kingdom)
(United Kingdom)
Value of Deal
(US$mil)
Date
Announced
47,922
15 Jun 2014
39,544
4 Apr 2014
Telecom
23,123
24 Feb 2014
Telecom
19,551
15 Dec 2014
Machinery
17,124
30 Apr 2014
(France)
(United Kingdom)
Radio and
Television
Broadcasting
Stations
Real Estate;
Mortgage
Bankers and
Brokers
(Netherlands)
(Luxembourg)
(Germany)
10,854
16 Oct 2013
10,535
1 Dec 2014
10,025
17 Mar 2014
Investment &
Commodity
Firms, Dealers,
Exchanges
9,570
29 Jul 2014
Transportation
Equipment
9,056
21 Feb 2014
Telecom
(Spain)
(France)
(Netherlands)
(Sweden)
(Germany)
Aggregate Value of European Deals

US$ billions
2000
1500
Quarter 4
1000
Quarter 3
XBMA
Quarter 2
500
Quarter 1
2005
2006
2007
2008
2009
2010
17
2011
2012
2013
2014
Source: Thomson
Top 10 Inbound Chinese Deals

Announced in 2014
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
Date
Announced
Miscellaneous
Retail Trade
5,672
21 Mar 2014
Commercial
Banks, Bank
Holding
Companies
4,846
6 Jan 2014
Temasek Holdings
(Pte) Ltd
AS Watson Holdings Ltd
OCBC Pearl Ltd
Wing Hang Bank Ltd
Intel Corp
Undisclosed Tsinghua
UniGrp
Electronic and
Electrical
Equipment
1,466
25 Sep 2014
(Indonesia)
Sateri Holdings Ltd

Viscose Fiber Assets
Chemicals and
Allied Products
863
16 Sep 2014
Itochu Corp
CP Pokphand Co Ltd
Food and
Kindred
Products
854
24 July 2014
Nippon Paint Co Ltd
Nippon Paint (HK) Co Ltd
Chemicals and
Allied Products
761
3 Feb 2014
Mozido Inc
PayEase Corp
Business
Services
750
18 Nov 2014
Telstra Corp Ltd
Pacnet Ltd
Telecom
697
17 Jun 2014
(United Kingdom)
Milk Partnership Ltd
China Mengniu Dairy Co

Ltd
Food and
Kindred
Products
664
12 Feb 2014
APG Asset
Management NV
Shanghai e-Shang
Warehousing
Transportation
and Shipping
650
29 May 2014
(Hong Kong)
(Singapore)
(Singapore)
(Hong Kong)
(United States)
(China)
Pacific Viscose Ltd
(China)
(Japan)
(Hong Kong)
(Japan)
(Hong Kong)
(United States)
(China)
(Australia)
(Hong Kong)
(Hong Kong)
(Netherlands)
(China)
*Company nationality determined by location of headquarters or location of target assets.
Aggregate Value of Inbound Chinese Deals

US$ billions
50
40
Quarter 3
20
Quarter 2
10
0
XBMA
Quarter 4
30
Quarter 1
2005
2006
2007
2008
2009
2010
18
2011
2012
2013
2014
Source: Thomson
Top 10 Outbound Chinese

Acquirer*
Target*
Investor Group
Envestra Ltd Inc
Lenovo Group Ltd
Motorola Mobility
Holdings Inc
(Hong Kong)
(Australia)
(Hong Kong)
(United States)
State Grid Corp of

China
CDP Reti Srl
Lenovo Group Ltd
IBM-X86 Server
Hardware Business
(Italy)
(China)
(Hong Kong)
(United States)
Target
Industry
Value of Deal
(US$mil)
Date
Announced
Electric, Gas,
and Water
Distribution
3,713
8 May 2014
Communications
Equipment
3,138
29 Jan 2014
Electric, Gas,
and Water
Distribution
2,814
30 Jul 2014
Computer and
Office
Equipment
2,042
23 Jan 2014
Anbang Insurance
Group Co Ltd
Waldorf Astoria New York
Hotels and
Casinos
1,950
6 Oct 2014
Investor Group
NN Group NV
Insurance
1,767
30 Apr 2014
Jiangsu Changjiang
Electronics Technology
Co Ltd
STATS ChipPAC Ltd
Electronic and
Electrical
Equipment
1,713
6 Nov 2014
Legend Holdings Corp
PizzaExpress Ltd
Retail TradeEating and

Drinking
Places
1,540
12 Jul 2014
Fosun International
Holdings Ltd
Caixa-Insurance
Businesses
Insurance
1,412
9 Jan 2014
Investor Group
10 Upper Bank Street
Real Estate;
Mortgage
Bankers and
Brokers
1,352
20 Jun 2014
(United States)
(China)
(Hong Kong)
(Netherlands)
(Singapore)
(China)
(China)
(China)
(United Kingdom)
(Portugal)
(China)
(United Kingdom)
Aggregate Value of Outbound Chinese Deals

US$ billions
80
60
Quarter 4
40
Quarter 3
XBMA
Quarter 2
20
Quarter 1
2005
2006
2007
2008
2009
2010
19
2011
2012
2013
2014
Source: Thomson
Top 10 Inbound Indian Deals

Announced in 2014
Acquirer*
Target*
Target
Industry
Value of Deal
(US$mil)
Date
Announced
Food and
Kindred
Products
1,900
15 Apr 2014
Miscellaneous
Retail Trade
627
28 Oct 2014
Drugs
625
18 Sep 2014
Paper and
Allied Products
336
8 Jul 2014
Drugs
289
11 Jun 2014
Printing,
Publishing,
and Allied
Services
250
28 Oct 2014
Diageo PLC
United Spirits Ltd
SoftBank Corp
Snapdeal.com
Silver Leaf Oak
Syngene International Ltd
Huhtamaki Oyj
(Finland)
Positive Packaging
Industries Ltd
Meiji Holdings Co Ltd
Medreich Ltd
New Sparta Ltd
(United Kingdom)
Nimbuzz Internet India Pvt

Ltd
Solargise Ltd
GRAPP Energies Pvt Ltd
Electric, Gas,
and Water
Distribution
200
14 Aug 2014
Tesco PLC
Trent Hypermarket Ltd
Retail TradeFood Stores
139
21 Mar 2014
General Electric Co
Alstom India Ltd
Machinery
110
5 May 2014
JTC Corp
Flagship Developers Pvt

Ltd
Real Estate;
Mortgage
Bankers and
Brokers
100
29 Dec 2014
(United Kingdom)
(India)
(Japan)
(India)
(Mauritius)
(India)
(India)
(Japan)
(India)
(India)
(United Kingdom)
(India)
(United Kingdom)
(India)
(United States)
(India)
(Singapore)
(India)
Aggregate Value of Inbound Indian Deals

US$ billions
40
30
Quarter 4
20
Quarter 3
XBMA
Quarter 2
10
Quarter 1
2005
2006
2007
2008
2009
2010
20
2011
2012
2013
2014
Source: Thomson
Top 10 Outbound Indian Deals

Announced in 2014
Acquirer*
Target
Industry
Target*
Value of Deal
(US$mil)
Date
Announced
Indiabulls Real Estate

Ltd
Scottish Widows-Prime
Property
Real Estate;
Mortgage
Bankers and
Brokers
264
19 Jun 2014
Tech Mahindra Ltd

(India)
Lightbridge
Communications Corp
Telecom
240
20 Nov 2014
Wipro Ltd
ATCO I-Tek Inc
Business
Services
195
17 Jul 2014
Aurobindo Pharma Ltd
Natrol Inc
Drugs
132
11 Jun 2014
Jindal Saw Ltd
PSL-North America LLC
Metal and
Metal Products
104
20 Aug 2014
Oil India Ltd
PetroNeft Resources PLC
Oil and Gas;

Petroleum
Refining
85
17 Apr 2014
Oil India Ltd
Worldace Investments Ltd
Investment &
Commodity
Firms, Dealers,
Exchanges
85
2 Jun 2014
VRS Foods Ltd

(India)
Arab Dairy Products Co

SAE
Food and
Kindred
Products
80
30 Sep 2014
Samvardhana
Motherson Group
Stoneridge IncWiring
Harness
Electronic and
Electrical
Equipment
71
26 May 2014
Steel Authority of India

Ltd
Riversdale-Coal Mine &

Assets
Mining
50
21 Oct 2014
(India)
(United Kingdom)
(United States)
(India)
(Canada)
(India)
(India)
(United States)
(United States)
(India)
(Russian Federation)
(India)
(Cyprus)
(Egypt)
(India)
(United States)
(India)
(Mozambique)
Aggregate Value of Outbound Indian Deals

US$ billions
40
30
Quarter 4
20
Quarter 3
XBMA
Quarter 2
10
Quarter 1
2005
2006
2007
2008
2009
2010
21
2011
2012
2013
2014
Source: Thomson

XBMA 2014 Annual Review

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XBMA 2014 Annual Review

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XBMA Annual Review

Raaj Narayan & Francis Stapleton, Editors

Global M&A Volume: 1997 2014

Global M&A Volume

Global M&A Volume: Q4 Snapshot

Deal Volume by Quarter

All figures are inflation-adjusted to 2014 dollars.

Cross-Border M&A Volume: 2007 2014

Medium and Large M&A Deals: 2006 2014

Number of Deals > US$ 500 million

M&A Volume by Targets Region

GDP and M&A

GDP, M&A, and Debt by Region

Government Debt as % of GDP

% of 2014 World GDP

2014 Per Capita

2014 GDP figures are IMF estimates.

Source: Thomson, IMF

M&A in BRIC Countries: 2014

2010 2014 Inbound M&A to BRIC Countries

All figures are inflation-adjusted to 2014 dollars.

Trends in M&A Volume by

All figures are inflation-adjusted to 2014 dollars.

Distressed Deals: 1988 2014

Volume of Distressed Deals

Global M&A by Sector: Last 12 Months

M&A Volume by Sector

*Includes both domestic and cross-border transactions.

Trends in Global M&A by Sector:

Top 10 Global Deals

Time Warner Cable Inc

Kinder Morgan Inc

Kinder Morgan Energy

Baker Hughes Inc

Forest Laboratories Inc

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

Top 10 Deals from Developed into

China Minmetals Corp

Gas Natural SDG SA

Banco Santander (Brasil)

Cable & Wireless

Turkiye Garanti Bankasi

United Spirits Ltd

Banco Bilbao Vizcaya

PPG Industries Inc

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

Aggregate Value of Deals from Developed into Emerging Economies

All figures are inflation-adjusted to 2014 dollars.

Top 10 Deals from Emerging into Developed

Noble Argi Ltd

State Grid Corp of

CDP Reti Srl

CITIC Pacific Ltd

David Jones Ltd

Oil and Gas;

Waldorf Astoria New York

Al Mirqab Capital SPC

Heritage Oil PLC

Oil and Gas;

BTG Pactual Holding

BRS Ventures &

Travelex Holdings Ltd

Legend Holdings Corp

Retail Trade Eating and