Dealtracker

Providing M&A and Private Equity Deal Insight

May, 2014
Volume 10.5
© Grant Thornton India LLP. All rights reserved.
 Deal Round Up May 2014 • Active deal making continued in May with 95 deals deals worth US$ 5.3bn
signed during the month.
Deal Summary Volume Value (US$ mn) • The M&A landscape improved dramatically with 52 deals pegged at US$
2012 2013 2014 2012 2013 2014 4.4bn; the top deal being Adani Group's acquisition of Dharma Ports for
Domestic 19 22 26 488 891 2,465 US$ 932 mn.
Crossborder 16 19 21 1,148 481 1,364 • PE investments stood at US$ 0.9bn (43 deals); the top deal being DST
Merger & Internal
4 3 5 20 326 548
Global led US$ 210 mn investment in Flipkart Private Ltd.
Restructuring
• Domestic market continued to be buoyant in May both in terms of value
Total M&A 39 44 52 1,656 1,697 4,377
and volume.
Private Equity 26 33 43 344 1,951 904

Grand Total 65 77 95 2,000 3,648 5,281 • The IT & ITeS sector stole the show in May with e-commerce companies
Cross border includes
doing well both in terms of strategic and financial investments.
Inbound 8 9 15 202 107 1,277 • The month also saw YES Bank raise US$ 500mn through the QIP route.
Outbound 8 10 6 945 373 87

Trend spotting Total Deal Value Spread (US$ mn) – May'14 Total Deal Volume Spread – May '14

The overall M&A scenario witnessed an 40%

18%
38% 54% 17% 43% 45%
upsurge in May with 8 deals of over 51% Private Equity
54%
US$ 100mn each, of which 3 deals were 1% 10%
valued over US$ 500mn each. 2% Merger & Internal
Restructuring
6%
Domestic deals saw a big leap in value 9%
49% 4% 5%
24% Outbound
7% 3% 12% 13% 6%
9%
5%
In volume terms, PE investments saw a 11%
12%
steady growth 22% 10%
11% Inbound 12% 16%
10%
3% 14%
15% Domestic
22% 23% 47% 29% 29% 27%
24% 21%
14% 2012 2013 2014
20122012 20132013 2014 2014
© Grant Thornton India LLP. All rights reserved. 2
 Deal Round Up YTD May 2014
Deal Summary Volume Value (US$ mn) • YTD May 2014 saw overall deal value at US$ 20bn (458 deals), up from
YTD May 2013, both in value and volume.
Year to Date May 2012 2013 2014 2012 2013 2014
Domestic 112 101 98 2,971 2,862 7,553 • M&A continues to continues to gather steam with 230 deals worth US$
Crossborder 106 94 115 4,573 5,412 5,720 16.4bn so far this year, driven by big ticket domestic deals.
Merger & Internal
58 21 17 14,489 445 3,101 • PE investment volume is much larger at 228 deals YTD May 2014, against
Restructuring
172 deals YTD May 2013.
Total M&A 276 216 230 22,033 8,719 16,373
• 2014 has seen continuous month on month improvement in deal activity,
Private Equity 184 172 228 3,082 4,642 3,646
building up to the general election in May. This trend continues as the new
Grand Total 460 388 458 25,115 13,361 20,019
government has given positive signals for a strong deal outlook.
Cross border includes

Inbound 65 53 74 2,550 3,695 4,438

Outbound 41 41 41 2,023 1,717 1,282

Trend spotting Total Deal Value Spread (US$ mn) – YTD May'14 Total Deal Volume Spread – YTD May '14

In terms of deal volume, PE

investments continued to increase. 38% 40% 29% 37%
12% 36% 18%
However, the value is yet to match the 51% Private Equity
54%
levels seen in previous years.
15%
Merger & Internal 7%
Restructuring 5%
3% 6%
9%
58% 13% 13%
In terms of deal value, the domestic 13% Outbound
11%
7% 3%
M&A shows an uptrend while cross- 5% 9%
22%
11% 17%
border deals have also increased Inbound
22% 11% 14% 20%
marginally. The overall M&A has 8% 29%
14%
gathered momentum and is expected 15%
10% Domestic
to show the same rate of growth in 24% 33% 27%
24% 38%
21%
the coming months. 11% 18%
14% 2012 2013 2014
2012 2012 2013 2013 2014 2014
© Grant Thornton India LLP. All rights reserved. 3
 M&A Round Up May 2014
Top M&A Deals of the Month
Acquirer Target Sector US$ mn Deal Type % Stake
It is the largest deal in the port sector in India
Adani Ports and Special
Economic Zone - Adani
Dhamra Port Company Limited -
Transport & Logistics 932 Acquisition 100% since 2005.
JV between L&T and Tata Steel
Group
Whyte & Mackay Group - United
Emperador Inc
Spirits
Retail & Consumer 725 Acquisition 100% The deal is subject to shareholder approval and
Network 18 Media & Investments approval by regulators in India and Britain,
Reliance India Ltd - through Media &
Independent Media Trust
Limited (including TV 18
Entertainment
678 Majority Stake 78% where Whyte & Mackay is based.
Broadcast Limited)
Vodacom - Arm of Neotel - Tata Communications
Telecommunication 455 Majority Stake 68%
Vodafone Limited

Energy & Natural Internal

Essar Oil Vadinar Power Company Ltd 356 74%
Resources Restructuring
Based on public information, the deal is a
Flipkart India Pvt Ltd Myntra IT & ITEs 340 Acquisition 100% stock transaction and is pegged at US$ 340mn

Sectoral Snapshot Top Sectors based on Deal Value (US$ mn) Top Sectors based on Deal Volume

Notable Sectors Volume US$ mn

Others
IT & ITeS 7 371 Transport & Banking & Financial
IT & ITEs
Logistics Others Services
5% 13%
Banking & Financial Services 7 41 9% 21%
Real Estate 33% IT & ITEs
Pharma, Healthcare & Biotech 6 37 9%
13%
Media & Entertainment 5 698
11%
17% Retail &
Telecom 11%
Infrastructure Management 4 20 Consumers
8% Manufacturing
12% Infrastructure
Energy & Natural Resources 3 535 16% Management 10% 12%
Energy & Natural
Retail & Consumer 3 735 Resources Media & Media &
Pharma, Healthcare &
Entertainment Entertainment
Biotech

© Grant Thornton India LLP. All rights reserved. 4

 PE Round Up May 2014
Top PE Deals of the Month

Acquirer Target Sector % Stake US$ mn

With this investment, Flipkart has raised to
Naspers Ltd., Tiger Global
Management, DST Global, Flipkart Private Limited IT & ITEs N.A. 210
US$780 mn since its inception.
ICONIQ Capital

Pharma, Healthcare &

Warburg Pincus Laurus Labs Pvt Ltd 25% 150
Biotech

Premji Invest, Temasek Holdings, Snapdeal.com-Jasper Infotech

IT & ITEs 10% 100
BlackRock, Myriad and Tybourne Pvt Ltd

Banking & Financial

International Finance Corporation Religare Enterprises Ltd 8% 68
Services

Olympus Capital and India Value Pharma, Healthcare &

Aster DM Healthcare N.A. 60
Fund Advisors (IVFA) Biotech

Sectoral Snapshot Top Sectors based on Deal Value (US$ mn) Top Sectors based on Deal Volume

Notable Sectors Volume US$ mn Hospitality & Others

Leisure 2% IT & ITEs Others
IT & ITeS 18 434 Retail & Consumer 5% IT & ITEs
5%
Retail & Consumer 14%
Education 6 14
Banking & Financial 15% 7%
Banking & Financial Services 5 132 Services 42%
48%
Pharma, Healthcare & 12%
Pharma, Healthcare & Biotech 5 229
Biotechnology

Retail & Consumer 3 41 25%

11%
Pharma, Healthcare & Banking & Financial 14%
Hospitality & Leisure 2 22 Biotech Services
Education

© Grant Thornton India LLP. All rights reserved. 5

 Deal of the Month M&A

Adani Group acquired Dhamra Port Co. Ltd

Deal of the Month PE
the entire stake of L&T
and Tata Steel in Dhamra Port, located in
Dhamra Ports. Valued at Orissa, is a 50:50 JV between
US$ 932 mn, it is one of L&T and Tata Steel. Handling
the largest deals in the coal, iron ore and other
port sector. minerals, in FY14 the port

Target
handled total cargo of 14.3mn
tonnes.
Flipkart raised US$ Flipkart India Pvt. Ltd.
210mn in a fresh round
of funding, bringing in India’s largest e-commerce
technology focused PE
The acquisition is part of website, Flipkart has raised
firm DST Global besides
Adani Ports Adani Group’s strategy to funds of over US$ 750 mn

Investee
existing investors.
build their expanse across the since its inception in 2007.
An arm of Adani Group,
Adani Ports and Special Zone Indian coastline. The deal is,
is India’s largest port however, subject to third
operator., with its flagship party approvals
Rationale
Acquirer

Mundra Port in Gujarat being

the largest commercial port in DST Global, Tiger Global,
India. Naspers and Iconiq Capital
DST Global, founded by
Russian entrepreneur and
venture capitalist, Yuri Milner is
Flipkart plans to upgrade its
technology and acquire firms
across areas like e-commerce,
technology and supply chain;

Comments
a technology focused fund. It while DST hopes to bring a
Investor

has invested for the first time in global perspective into the
Flipkart. It also leads the investment.
investment. Existing investors
also participated in this round.

© Grant Thornton India LLP. All rights reserved. 6

 Deal List

This document captures the list of deals announced based on information available in the public domain and based on public announcements. Grant Thornton India LLP does not
take any responsibility for the information, any errors or any decision by the reader based on this information. This document should not be relied upon as a substitute for
detailed advise and hence, we do not accept responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal values are based on
publicly available information and based on appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and results would
be different.
© Grant Thornton India LLP. All rights reserved.
 I. M&A Deals

Acquisition
% Domestic/
Acquirer Target Sector price Deal Type
Stake Crossborder
(US$ mn)

Dynamatic Technologies Ltd - non core

Unnamed Buyer Aerospace & Defense 11.86 Acquisition 100% Domestic
assets

Tata Global Beverages Ltd (Tata

Bronski Eleven Pty Ltd Agriculture & Forestry N.A. Acquisition 100% Outbound
Tea)
Motherson Sumi Systems Ltd (JV
Samvardhana Motherson Group & Stoneridge Inc - wiring harness business Automotive 65.70 Acquisition 100% Outbound
Sumitomo Wiring Systems)
NSE, IIFCO, Star Agriwarehousing National Commodity and Derivatives Banking & Financial
11.27 Minority Stake 8% Domestic
and Collateral Management Ltd Exchange Ltd Services
ING Mutual Fund - Portfolio Banking & Financial
Birla Sun Life Mutual Fund N.A. Acquisition 100% Domestic
Management services Services
Banking & Financial
Fortune Financial Services India Ltd Inga Capital Private Limited N.A. Acquisition 100% Domestic
Services
Indiabulls Asset Management Banking & Financial
Azure Capital Private Limited N.A. Majority Stake 86% Domestic
Company Limited Services

Forefront Capital Management Private Banking & Financial

Edelweiss Financial Services Limited N.A. Acquisition 100% Domestic
Limited Services

Banking & Financial

SKS Trust Advisors Pvt Ltd Outreach Financial Services India N.A. Majority Stake 70% Domestic
Services

Credit Information Bureau India Banking & Financial Increasing stake to

Transunion International N.A. 8% Inbound
Limited (CIBIL) Services 55%

© Grant Thornton India LLP. All rights reserved. 8

 I. M&A Deals

Acquisition
% Domestic/
Acquirer Target Sector price Deal Type
Stake Crossborder
(US$ mn)

Internal Merger & Internal

Essar Oil Essar Power Energy & Natural Resources 173.73 10%
Restructuring Restructuring

Internal Merger & Internal

Essar Oil Vadinar Power Company Ltd Energy & Natural Resources 355.93 74%
Restructuring Restructuring
GE (General Electric) Power
Pace Power Systems Energy & Natural Resources N.A. Acquisition 100% Domestic
Electronics India

Epicurean Events and Services Nalas Aappakadai Hospitality & Leisure N.A. Majority Stake 51% Domestic

Integrated Food Park Private

Future Consumer Enterprise Ltd Infrastructure Management N.A. Majority Stake 74% Domestic
Limited
Shapoorji Pallonji & Company Increasing Stake
Sterling and Wilson Ltd Infrastructure Management N.A. 10.7% Domestic
Ltd 65.7%
Merger & Internal
Texmaco Rail & Engineering Kalindee Rail Nirman (Engineers) Infrastructure Management N.A. Merger N.A.
Restructuring

Indsur Group CDA Contracts Ltd Infrastructure Management N.A. Acquisition 100% Outbound

Flipkart* Myntra IT & ITEs 340.00 Acquisition 100% Domestic

Bharti Softbank Holdings Pte Increasing Stake to

Y2CF Digital Media Pvt Ltd IT & ITEs N.A. 51% Domestic
Ltd 100%

*Based on public information, the deal is a stock transaction and is pegged at US$ 340mn
© Grant Thornton India LLP. All rights reserved. 9
 I. M&A Deals
Acquisition
% Domestic/
Acquirer Target Sector price Deal Type
Stake Crossborder
(US$ mn)

Concur Technologies Cleartrip Private Limited IT & ITEs N.A. Increasing Stake 25% Inbound

MasterCard Inc ElectraCard Services Pvt Ltd IT & ITEs N.A. Acquisition 100% Inbound

Pegasystems Inc MeshLabs Software Pvt Ltd IT & ITEs N.A. Acquisition 100% Inbound

Kirusa Inc Plusray Innovations Pvt Ltd - Cooltok IT & ITEs N.A. Acquisition 100% Inbound

Hopscotch Wholesale Trading Pvt

SkoolShop - Occasion Kommerce Pvt Ltd IT & ITEs N.A. Acquisition 100% Domestic
Ltd - Hit the mark Inc

MBE Coal & Minerals Technology –

Unnamed Buyer Manufacturing 2.03 Majority Stake 90% Domestic
McNally Bharat Engineering subsidiary

Lake Cement Limited - Banco Products

Unnamed Buyer Manufacturing 17.68 Majority Stake 51% Domestic
India Limited

Increasing Stake to
Jaypee Development Corporation Andhra Cements Manufacturing N.A. 9% Domestic
68.79%

Godrej & Boyce Manufacturing Somany Foam Limited - polyurethane (PU)

Manufacturing N.A. Acquisition 100% Domestic
Company Ltd foam business

Kajaria Ceramics Ltd Taurus Tiles Pvt Manufacturing N.A. Majority Stake 51% Domestic

© Grant Thornton India LLP. All rights reserved. 10

 I. M&A Deals

Acquisition
% Domestic/
Acquirer Target Sector price Deal Type
Stake Crossborder
(US$ mn)
Toshiba Mitsubishi-Electric
AEG Power Solutions India Pvt Ltd Manufacturing N.A. Acquisition 100% Inbound
Industrial Systems Corporation
Reliance India Ltd through Network 18 Media & Investments Limited Media &
678 Majority Stake 78% Domestic
Independent Media Trust (including TV 18 Broadcast Limited) Entertainment
Media &
Diadeis Alia Group's pre-media packaging unit N.A. Acquisition 100% Inbound
Entertainment
Infibeam Digital Entertainment Private Media &
Sony Music Entertainment N.A. Strategic Stake 26% Inbound
Limited Entertainment
Talent House Private Limited - Reliance Media &
Starwatch - ProSiebenSat.1 N.A. Acquisition 100% Inbound
Entertainment Entertainment
Media &
PubMatic Inc Mocean Mobile Inc N.A. Acquisition 100% Outbound
Entertainment
Pharma, Healthcare
Cipla Limited Chase Pharmaceuticals Inc 1.50 Minority Stake 15% Outbound
& Biotech
Pharma, Healthcare
Cancer Genetics Inc BioServe Biotechnologies (India) Pvt Ltd 1.86 Acquisition 100% Inbound
& Biotech

Pharma, Healthcare
Ebix Healthcare Magic 18.50 Acquisition 100% Inbound
& Biotech

Pharma, Healthcare
SeQuent Scientific Limited Arvee Synthesis Private Ltd N.A. Acquisition 100% Domestic
& Biotech

Pharma, Healthcare Increasing Stake to Merger & Internal

EID Parry (India) Ltd Parry Phytoremedies Private Limited N.A. 37%
& Biotech 100% Restructuring

© Grant Thornton India LLP. All rights reserved. 11

 I. M&A Deals

Acquisition
% Domestic/
Acquirer Target Sector price Deal Type
Stake Crossborder
(US$ mn)
Pharma, Healthcare
Shasun Pharmaceuticals Ltd ScolrPharma N.A. Acquisition 100% Outbound
& Biotech
Concept Public Relation India Professional /
I:Connect Enterprise N.A. Acquisition 100% Domestic
Limited Business Services
Puravankara project: 16.69 Acres of Land
Sobha Developers Real Estate 55.25 Strategic Stake 50% Domestic
in Kochi
Embassy Office Parks - JV between Vrindavan TechVillage - 106 Acre
Real Estate 330.68 Majority Stake 60% Domestic
Embassy Group and Blackstone development
Ess Ess Bathroom Products Pvt Ltd –
Asian Paints Ltd Retail & Consumer N.A. Acquisition 100% Domestic
front end business
Increasing Stake to
Groupe SEB Maharaja Whiteline Limited Retail & Consumer N.A. 45% Inbound
100%

Emperador Inc Whyte & Mackay Group - United Spirits Retail & Consumer 725.00 Acquisition 100% Inbound

Merger &
Increasing Stake to
OnMobile Systems Inc OnMobile Global Telecommunication 8.07 10% Internal
43.46%
Restructuring

Synchronoss Technologies Inc Voxmobili SA - OnMobile Global Ltd Telecommunication 26.00 Acquisition 100% Inbound

Vodacom - Arm of Vodafone Neotel - Tata Communications Limited Telecommunication 455.25 Majority Stake 68% Inbound

Adani Ports and Special Economic Dhamra Port Company Limited - JV

Transport & Logistics 932.20 Acquisition 100% Domestic
Zone - Adani Group between L&T and Tata Steel

© Grant Thornton India LLP. All rights reserved. 12

 II. Private Equity

Investor Investee Sector % Stake US$ mn

International Finance Corporation Religare Enterprises Ltd Banking & Financial Services 7.9% 68.0

WestBridge Capital, Elevar Equity, Omidyar

Vistaar Financial Services Pvt Ltd Banking & Financial Services N.A. 27.1
Network and Saama Capital

ChrysCapital City Union Bank Banking & Financial Services 4.1% 23.0

MicroVentures Investments Grameen Financial Services Pvt Ltd Banking & Financial Services N.A. 13.5

Accel Partners, Angel Investors LetsVenture Banking & Financial Services N.A. 0.7

Pearson Affordable Learning Fund Zaya Labs Education N.A. N.A.

KalaariCapital II and Lightbox Ventures Embibe - Indiavidual Learning Pvt Ltd Education N.A. 4.0

BanyanTree Growth Capital MT Educare Education 4.4% 2.8

Angel Investor Foradian Technologies Education N.A. 2.0

SAIF Partners and Helion Ventures Toppr - Haygot Education Private Limited Education N.A. 2.0

© Grant Thornton India LLP. All rights reserved. 13

 II. Private Equity

Investor Investee Sector % Stake US$ mn

Abu Dhabi Investment Authority MT Educare Education 1.0% 0.7

GTI Capital and Equity International SAMHI Hotels Pvt Ltd Hospitality & Leisure N.A. 21.4

Angel Investor Zostel Pvt Ltd Hospitality & Leisure N.A. 1.0

Blume Venture Advisors; Gennext Ventures Covacsis Technologies Pvt Ltd IT & ITEs N.A. N.A.

Innosight Ventures, Cub Capital, Angel Investors Anchanto IT & ITEs N.A. N.A.

Angel Investor GetActive IT & ITEs N.A. N.A.

UnitusSeedFund Jiffstore IT & ITEs N.A. N.A.

UnitusSeedFund mGaadi IT & ITEs N.A. N.A.

Naspers Ltd.; Tiger Global Management; DST

Flipkart Private Limited IT & ITEs N.A. 210.0
Global; ICONIQ Capital

Premji Invest, Temasek Holdings, BlackRock,

Snapdeal.com-Jasper Infotech Pvt Ltd IT & ITEs 10.0% 100.0
Myriad and Tybourne

© Grant Thornton India LLP. All rights reserved. 14

 II. Private Equity

Investor Investee Sector % Stake US$ mn

Axon Partners LLP iYogi Private Limited IT & ITEs N.A. 28.0

PolicyBazaar - eTechAces Marketing and

Unnamed Investors IT & ITEs N.A. 20.0
Consulting Pvt Ltd

TigerGlobal LLC, Matrix Partners, Lightspeed AM Marketplaces - Limeroad IT & ITEs N.A. 15.0

Bertelsmann India Investments and Norwest

PepperFry IT & ITEs N.A. 15.0
Venture

Apax Partners Persistent Systems Ltd IT & ITEs 1.5% 9.8

Apax Partners KPIT Technologies Ltd IT & ITEs 1.7% 9.0

Norwest Venture CRMnext IT & ITEs N.A. 7.1

Helion Private Limited RapidValue IT & ITEs N.A. 4.2

Nomura, Ernst & Young, Government of

BankerBay IT & ITEs N.A. 1.0
Singapore, Jefferies and other HNI's

Qualcomm Ventures and Accel Partners Demach Software IT & ITEs N.A. 0.1

Qualcomm Ventures and Accel Partners Mavin Technologies IT & ITEs N.A. 0.1

© Grant Thornton India LLP. All rights reserved. 15

 II. Private Equity

Investor Investee Sector % Stake US$ mn

KKR Archean Group Manufacturing N.A. N.A.

Angel Investor FilmySphere Media & Entertainment 3.0% 0.1

Warburg Pincus Laurus Labs Pvt Ltd Pharma, Healthcare & Biotech 25.0% 150.0

Olympus Capital and India Value Fund Advisors

Aster DM Healthcare Pharma, Healthcare & Biotech N.A. 60.0
(IVFA)

Morgan Stanley Asia Strides Arcolab Pharma, Healthcare & Biotech N.A. 9.8

Macquarie Bank Strides Arcolab Pharma, Healthcare & Biotech N.A. 4.6

Helion Private Limited Today’s Healthcare India Pharma, Healthcare & Biotech N.A. 4.6

Angel Investor SkillBoost Professional / Business Services N.A. N.A.

Piramal Fund Management Satya Group - Gurgaon project Real Estate N.A. 16.9

MatrixPartners Chumbak Pvt Ltd Retail & Consumer N.A. N.A.

PremjiInvest Future Lifestyle Fashions Retail & Consumer 8.0% 21.2

Ascent Capital Maiya’s Beverages and Food Private Limited Retail & Consumer N.A. 16.9

© Grant Thornton India LLP. All rights reserved. 16

 III. QIP

Investor Investee Sector US$ mn

Unnamed Investors Muthoot Finance Ltd Banking & Financial Services 70.90

Unnamed Investors SKS Microfinance Limited Banking & Financial Services 68

Unnamed Investors YES Bank Banking & Financial Services 500

IV. IPO

Capital Raised Capital Raised

Company Issue Price Equity Offered Sector
INR mn US$ mn

Wonderla Holidays Ltd 125 14,500,000 Hospitality & Leisure 1,813 29.23

GCM Capital Advisors Ltd 20 4,500,000 Banking & Financial Services 90 1.45

Women's Next Loungeries Ltd 65 1,000,000 Retail & Consumer 65 1.05

© Grant Thornton India LLP. All rights reserved. 17

© Grant Thornton India LLP. All rights reserved. 18
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