Monthly M&A InsIder

A mergermArket report on globAl m&A Activity

JUne 2012
MONTHLY M&A INSIDER
MERGERMARKET
GLOBAL OVERVIEW 01
AMERICAS: LATIN AMERICA 06
NORTH AMERICA 11
ASIA-PACIFIC 15
EUROPE 20
MIDDLE EAST & AFRICA 25
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www.mergermarket.com
Part of The Mergermarket Group
CONTENTS
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Monthly M&A Insider
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01
Energy
The Energy, Mining and Utilities sector represents the largest
proportion of transactions by value, with 29.2% of global M&A
in 2012. This months top deals in the Europe, Latin America,
Asia-Pacifc and the Middle East & Africa regions begin to
explain why the sector dominates. Four of the top 10 deals in
Europe were from this sector. The largest, was Cassa Depositi
e Prestitis acquisition of a 30% stake less one share in Snam
from Eni valued at 3.5bn, the largest Italian deal of the year so
far. The deal, announced on 30 May, will allow Eni, an energy
company involved in producing, and transporting oil and gas,
to free up funds to invest in other oil and gas projects in the
future. Over the next 12 months, Enis remaining 23.5% shares
in Snam, will be sold to other unidentifed investors.
During May, Latin America M&A activity saw 50 deals worth
US$10.9bn, bringing the total year-to-date value to 221 deals
worth US$37bn. The Energy sector, a backbone of the M&A
market in the region, accounted for 37.7% of the market value.
In May, the largest announced deal was indeed from this sector
with Cosan SA Industria e Comercio announced acquisition of
Cia de Gas de Sao Paulo for US$4bn, in the hopes of focusing
their assets on developing key fnds in Brazil and elsewhere.
Asia also had three of the top 10 deals from the Energy sector,
while year-to-date numbers consistently show that Energy,
Mining and Utilities is still the largest sector by value in Asia-
Pacifc with 82 deals worth US$ 32.9bn. The largest deal in
the sector involved a consortium including the Macquarie
Group Limited and Abu Dhabi Investment Authority, acquiring
E. ON AG for US$3.7bn. Through this deal, E. ON AG, one of
the worlds largest power and gas companies, hopes to raise
cash to pay down debt and fund expansion. The second largest
Energy deal saw Japan Australia LNG (MIMI) Pty. Ltd. acquire a
14.7% stake interest in Woodside Petroleum Ltd., for US$2bn.
The Middle East & Africa region also saw three of the top deals
in the Energy, Mining and Utilities sector, although notably
smaller in size than those deals acquired in Europe.
Pharma
The Pharma, Medical & Biotech sector represents a modest
7.2% and 8.1% of global deal value and volume respectively,
but nonetheless is the lead sector in terms of top deals
in North America with three out of the top ten announced
deals in this sector. The second largest deal for the month
of May was US-based DaVitas Inc., US$4.4bn acquisition of
HealthCare Partners LLC. Through this acquisition DaVita
hopes to expand its business in California, Nevada, and
Florida; all locations where HealthCare Partners LLC has large
operations. The other two bulge bracket North American deals
were GlaxoSmithKline Plcs US$2.5bn acquisition of Human
Genome Sciences Inc., and Sandoz AGs US$1.5bn acquisition
of Fougera.
Outlook
Another notable trend in May was the attractiveness of the
Consumer sector in Latin America. US-based General Mills
and London-based Diageo acquired Brazilian-based Yoki
Alimentos SA and Ypioca Agroindustrial (Ypioca brand and
other production assets), respectively. With the growing
purchasing power of the middle class in emerging markets,
domestic and foreign acquirers seek positioning in the markets
to best meet the needs. This, coupled with the slow growth in
the US and Europe, makes it likely to be a reoccurring theme in
the months ahead.
GLOBAL OVErVIEW
GLOBALLY, MAY SAW 782 DEALS WOrTH US$171BN, AND WHILE THIS rEPrESENTS A NEArLY 32%
DECrEASE IN OVErALL VOLUME COMPArED TO MAY 2011, DEAL VALUE IS ONLY DOWN 10% IN THE
SAME TIMEFrAME. WHILE 2012 HAS BEEN COMPArATIVELY MUTED IN TErMS OF THE NUMBEr OF
TrANSACTIONS, THErE WErE NOTABLE SECTOrS THAT KEPT THESE VALUES BUOYANT.
Head of Research: Elias Latsis
Editor: Gwen Ceton
For advertising opportunities contact:
Erik Wickman
Tel: + (1) 212 6863329
erik.wickman@mergermarket.com
Global overview: Laura resetar
Latin America: Jennifer ruiz
North America: Urna Chakraborty
Asia-Pacifc: Timothy Phillips
Europe: Peter Kruk, Yannis Papacostas and Darragh riordan
Middle East & Africa: Marie-Laure Keyrouz, Silvia Paparello
and Beatrice Bragho
Monthly M&A Insider 02
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TREND GRAPHS
GLOBAL M&A QUARTERLY TREND
0
200
400
600
800
1,000
1,200
1,400
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
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Total value Mid-market value
N
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0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Total volume Mid-market volume
0
50
100
150
200
250
300
350
400
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
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$
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Buyout value Exit value
N
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Buyout volume Exit volume
0
100
200
300
400
500
600
700
800
900
GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
YTD 2012* 2011 2010 2009 2008 2007 2006
V
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Total value Mid-market value
N
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2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
YTD 2012* 2011 2010 2009 2008 2007 2006
V
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$
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Buyout value Exit value
N
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Buyout volume Exit volume
0
500
1,000
1,500
2,000
2,500
3,000
3,500
GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND
Monthly M&A Insider 03
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TREND GRAPHS
GLOBAL M&A SECTOR BREAKDOWN YTD 2012
GLOBAL GEOGRAPHIC BREAKDOWN YTD 2012
VALUE
VALUE
VOLUME
VOLUME
29.2%
8.8%
8.0%
3.4%
2.5%
2.2%
1.3%
2.9%
8.1%
12.7%
9.1%
11.9%
Industrials & Chemicals
Financial Services
TMT
Consumer
Business Services
Energy, Mining & Utilities
Pharma, Medical & Biotech
Leisure
Construction
Transportation
Real Estate
Agriculture
2.1%
5.0%
35.7%
38.7%
18.6%
Asia-Pacific
Europe
North America
Middle East & Africa
Central & South America
11.2%
13.7%
1.0%
0.3%
3.1%
3.4%
2.1%
7.2%
3.6%
9.3%
21.2%
8.5%
15.5%
Industrials & Chemicals
Financial Services
TMT
Consumer
Business Services
Energy, Mining & Utilities
Pharma, Medical & Biotech
Leisure
Construction
Transportation
Real Estate
Agriculture
5.2%
2.5%
34.0%
39.6%
18.6%
Asia-Pacific
Europe
North America
Middle East & Africa
Central & South America
Monthly M&A Insider 04
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TREND GRAPHS
GLOBAL M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
42.1%
16.7%
21.0%
7.5%
12.7%
39.8%
16.8%
23.0%
7.9%
12.5%
42.0%
15.3%
19.3%
8.9%
14.5%
40.8%
16.3%
20.4%
7.9%
14.6%
27.3%
20.6%
27.6%
9.6%
14.9%
29.9%
19.3%
26.1%
10.2%
14.5%
26.2%
22.2%
28.3%
10.4%
12.9%
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
P
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n
t
a
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e
80
82
84
86
88
90
92
94
96
98
100
YTD 2012* 2011 2010 2009 2008 2007 2006
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
1.2%
5.0%
4.7%
88.4%
1.3%
5.5%
5.1%
87.4%
0.6%
0.9%
3.9%
4.6%
90.0%
0.9%
3.7%
3.9%
91.0%
89.2%
4.5%
4.7%
1.1%
0.4%
1.1%
4.7%
4.9%
88.8%
0.7% 0.7% 0.5%
1.2%
5.1%
5.2%
88.0%
0.4% 0.5%
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M E R R I L L D A T A S I T E
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LATIN AMERICA
A MERgERMARkET M&A REpoRT oN
Monthly M&A Insider 06
In May, the largest Latin American deal to date was in the
Energy, Mining and Utilities sector when Cosan SA Industria
e Comercio announced the acquisition of Cia de gas de Sao
paulo for US$4bn. This deal, announced on 3 May hopes
to help Cosan, a bioenergy leader focused on producing,
transporting and distributing renewable energy, develop their
sources in Brazil and elsewhere.
The next largest transaction in the consumer sector for
the month is general Mills acquisition of Yoki Alimentos, a
privately held food company based in Brazil, worth US$954m.
Through this acquisition, general Mills hopes to double its
annual sales in Latin America, as well as speed up their
growth in the region. general Mills has shown efforts to
build up its international business, to include this deal, with
international sales expected to top US$4bn in fscal 2012,
while almost doubling their annual sales in Latin America
alone to almost US$1bn.
State grid Corporation of Chinas acquisition of ACS
Actividades de Construccion y Servicios SA came in third with
a deal value of US$941m. This acquisition makes State grids
second investment in the Brazil region, and fourth major
investment overseas; furthermore, this investment should
open up further markets to help State grid expand globally.
The above deals illustrate a mixture of domestic and
cross-border acquirers who targeted the region in May.
Foreign buyers are particularly interested in the Consumer
and Energy, Mining and Utilities sectors, the strongholds
of the region, as they look to expand market share and
tap resources.
DURINg ThE MoNTh oF MAY, LATIN AMERICA M&A ACTIvITY SAw 50 DEALS woRTh US$10.9BN, BRINgINg
ThE ToTAL YEAR-To-DATE To 221 DEALS woRTh US$37BN. INDUSTRIALS AND ChEMICALS wAS ThE
MoST ACTIvE SECToR wITh 40 DEALS woRTh US$957M REpRESENTINg 18.1% oF ThE DEAL CoUNT wITh
ENERgY, MININg, AND UTILITIES FoLLowINg IT wITh 17.6% oF ThE MARkET. ThE ENERgY, MININg AND
UTILITIES SECToR hAD ThE hIghEST DEAL vALUE YEAR-To-DATE wITh US$13.8BN, CApTURINg 37.3% oF
ovERALL M&A DEAL vALUE.
07
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Monthly M&A Insider
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (MAY-12)
Announced Bidder company Target company Target dominant
sector
Seller company Exit multiples (x) Bid premia
1-day
before
Deal
value
(US$m)
Revenue EBITDA P/E
03-May-12 Cosan SA Industria e
Comercio
Cia de Gas de Sao Paulo Energy, Mining &
Utilities
1.8 10.5 24.0 12.2% 3,983
24-May-12 General Mills Inc Yoki Alimentos SA Consumer 1.6 - - - 954
28-May-12 State Grid Corporation
of China
ACS Actividades de
Construccion y Servicios
SA (seven electric power
transmission lines in Brazil)
Energy, Mining &
Utilities
ACS Actividades
de Construccion y
Servicios SA
- - - - 941
25-May-12 MPX Energia SA
(shareholders)
CCX Carvao da Colombia SA Energy, Mining &
Utilities
MPX Energia SA - - - - 598
22-May-12 Glencore International
plc
Samref Congo Sprl
(1.00% stake); and Samref
Overseas SA (24.49% stake)
Energy, Mining &
Utilities
Groupe Bazano
Sprl; and High
Grade Minerals SA
- - - - 480
28-May-12 Diageo Plc Ypioca Agroindustrial
(Ypioca brand and other
production assets)
Consumer Ypioca
Agroindustrial
4.8 - - - 454
11-May-12 Banco GNB Sudameris
SA
HSBC Colombia SA; HSBC
Bank Peru SA; HSBC Bank
Paraguay SA; and HSBC
Bank (Uruguay) SA
Financial Services HSBC Holdings plc n/a n/a - - 400
28-May-12 M.F.R.S.P.E.
Empreendimentos e
Participacoes
Leader Participacoes SA
(42.30% stake)
Consumer 1.0 - - - 336
21-May-12 Cencosud SA Russi Supermercados Consumer - - - - 297
16-May-12 Straumann Holding AG Neodent (49.00% stake) Pharma, Medical &
Biotech
6.3 12.9 - - 279
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Latin America
Data correct as of 08-Jun-12
Source: mergermarket
TOP DEALS
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TREND GRAPHS
0
10
20
30
40
50
60
70
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
Total value Mid-market value
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20
40
60
80
100
120
140
160
180
Total volume Mid-market volume
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
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Buyout value Exit value
N
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Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
0
20
40
60
80
100
120
140
160
180
YTD 2012* 2011 2010 2009 2008 2007 2006
Total value Mid-market value
N
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100
200
300
400
500
600
700
Total volume Mid-market volume
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
YTD 2012* 2011 2010 2009 2008 2007 2006
V
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Buyout value Exit value
N
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Buyout volume Exit volume
0
5
10
15
20
25
30
35
40
45
50
08
LATIN AMERICAN M&A QUARTERLY TREND
LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATE
EQUITY TREND
LATIN AMERICAN M&A QUARTERLY PRIVATE
EQUITY TREND
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TREND GRAPHS
LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
VALUE VOLUME
3.6%
4.3%
2.7%
2.8%
5.1%
2.4%
0.1%
1.5%
75.9%
1.8%
Argentina
Brazil
Chile
Colombia
Costa Rica
Dominican Republic
Mexico
Panama
Peru
Uruguay
59.3%
1.4%
8.1%
9.0%
0.5%
8.6%
0.9%
5.4%
0.9%
5.9%
Argentina
Brazil
Chile
Colombia
Costa Rica
Dominican Republic
Mexico
Panama
Peru
Uruguay
LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
37.3%
14.7%
10.2%
21.6%
2.6%
0.9% 2.9%
1.1%
1.7%
2.6% 3.4%
0.8%
Industrials & Chemicals
Energy, Mining & Utilities
Consumer
Financial Services
Business Services
Pharma, Medical & Biotech
Technology
Transportation
Leisure
Real Estate
Construction
Media
18.1%
17.6%
15.4%
10.9%
10.4%
5.9%
5.0%
2.3%
2.3%
0.5%
0.5%
4.1%
3.6%
3.6%
Industrials & Chemicals
Energy, Mining & Utilities
Consumer
Financial Services
Business Services
Pharma, Medical & Biotech
Technology
Transportation
Leisure
Real Estate
Construction
Agriculture
Telecommunications
Media
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Monthly M&A Insider
LATIN AMERICAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
46.9%
8.3%
21.8%
10.3%
12.7%
16.0%
10.6%
32.1%
16.0%
25.2%
30.5%
20.3%
24.5%
10.0%
14.7%
9.2%
29.3%
36.6%
10.1%
14.8%
9.4%
6.9%
24.9%
19.2%
39.6%
29.0%
18.4%
27.4%
10.8%
14.4%
18.6%
10.8%
21.6%
32.6%
16.5%
P
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20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
1.0%
5.4%
7.4%
85.1%
0.2%
5.5%
6.3%
87.3%
0.6%
4.7%
5.3%
88.2%
0.3%
6.9%
5.4%
85.7%
82.3%
6.3%
8.1%
1.2%
1.0% 0.7% 1.2% 1.8% 2.0%
6.0%
5.9%
86.2%
0.8% 0.5%
P
e
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c
e
n
t
a
g
e
1.1%
10.0%
6.3%
82.8%
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
0.5%
TREND GRAPHS
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11 Monthly M&A Insider
NORTH AMERICA
PHARMA, MEDICAL & BIOTECH HEAT UP IN MAY
THE PHARMA, MEDICAL & BIOTECH SPACE HEATED UP IN MAY WITH THREE OUT OF THE TOP 10 DEALS
ANNOUNCED IN THIS SECTOR. US-BASED DAVITA INCS US$4.4BN ACQUISITION OF HEALTHCARE PARTNERS
LLC WAS THE SECOND LARGEST DEAL FOR THE MONTH, WITH GLAXOSMITHKLINE PLCS US$2.5BN
ACQUISITION OF HUMAN GENOME SCIENCES INC, AND SANDOZ AGS US$1.5BN ACQUISITION OF FOUGERA
PHARMACEUTICALS INC ROUNDING OUT THE REST OF THE TOP DEALS IN THIS SECTOR. FOR THE YEAR-
TO-DATE, PHARMA, MEDICAL & BIOTECH HAS ACCUMULATED A TOTAL VALUE OF US$33.9BN WITH 147
DEALS, 13% OF THE TOTAL AMOUNT BY VALUE AND 10.4% BY VOLUME, SECOND ONLY TO ENERGY, MINING
& UTILITIES (157 DEALS WORTH US$68.9BN). THUS FAR IN Q2, THERE HAS BEEN A TOTAL OF 499 DEALS
COLLECTIVELY VALUED AT US$118.3M.
Business Services takes top deal
Mays top deal was Japan-based Marubeni Corporations
US$5.3bn acquisition of Gavilon, LLC, the US-based company
engaged in merchandising, distributing, and trading
agricultural and energy commodities. The transaction will
nearly double Marubenis grain trading volumes, extending an
already wide lead over its Japanese rivals and will be partly
nanced by bank borrowing. Minimal changes in organisation
and operations are expected for Gavilion. The deal is expected
to close in September 2012.
PE rms scrutinise Monster
Monster Worldwide Inc, the US-based online recruiter,
advertising agency, and provider of direct marketing services,
has been shopping for potential suitors but receiving little
interest. The company announced that it had retained nancial
advisors to explore strategic alternatives back in March;
however, the feedback has been generally negative. Monsters
struggling performance in the midst of other smaller and
more specialised sites that are targeting specic sectors is
a main concern. Monsters last acquisition was in February
2010 when it acquired Hotjobs.com from Yahoo! for US$225m.
The Technology sector in general however, has seen healthy
volume in the year-to-date with 222 deals collectively worth
US$22.7bn, the fth largest in terms of deal value and second
largest in terms of deal count.
12
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TOP DEALS
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (MAY-12)
Announced Bidder company Target company Target dominated
sector
Seller company Exit multiples (x) Bid premia
1-day
before
Deal value
(US$m)
Revenue EBITDA P/E
29-May-12 Marubeni Corporation Gavilon LLC Business Services General Atlantic LLC;
Soros Fund Management
LLC; and Ospraie
Management LLC
0.3 - - - 5,300
20-May-12 DaVita Inc HealthCare Partners
LLC
Pharma, Medical
& Biotech
1.8 8.4 10.8 - 4,418
22-May-12 SAP AG Ariba Inc Technology 9.7 - - 19.6% 4,311
20-May-12 Dalian Wanda Group
Corporation Ltd
AMC Entertainment Inc Leisure Marquee Holdings - - - - 2,600
09-May-12 GlaxoSmithKline Plc Human Genome
Sciences Inc
Pharma, Medical
& Biotech
19.3 - - -11.1% 2,522
06-May-12 American International
Group Inc
American International
Group Inc (3.66% stake)
Financial Services US Department of the
Treasury
n/a n/a 3.2 -7.1% 2,000
01-May-12 Collective Brands
Consortium
Collective Brands Inc Consumer 0.5 16.7 - 4.7% 1,748
02-May-12 Sandoz AG Fougera
Pharmaceuticals Inc
Pharma, Medical
& Biotech
Nordic Capital; DLJ
Merchant Banking
Partners; and Avista
Capital Partners LP
3.5 8.8 - - 1,525
15-May-12 Blackstone Group LP Cheniere Energy
Partners LP (undisclosed
economic interest)
Energy, Mining
& Utilities
- - - - 1,500
16-May-12 Boyd Gaming
Corporation
Peninsula Gaming LLC Leisure 4.4 17.0 - - 1,450
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being North America (US + Canada)
Data correct as of 08-Jun-12
Source: mergermarket
13
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TREND GRAPHS
NORTH AMERICAN M&A QUARTERLY TREND
0
100
200
300
400
500
600
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s
0
200
400
600
800
1,000
1,200
1,400
1,600
Total volume Mid-market volume
0
50
100
150
200
250
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
Buyout value Exit value
N
u
m
b
e
r

o
f

d
e
a
l
s
Buyout volume Exit volume
0
50
100
150
200
250
300
350
NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATE
EQUITY TREND
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
YTD 2012* 2011 2010 2009 2008 2007 2006
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s V
a
l
u
e

(
U
S
$
b
n
)
0
1,000
2,000
3,000
4,000
5,000
6,000
Total volume Mid-market volume
0
50
100
150
200
250
300
350
400
450
500
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
Buyout value Exit value
N
u
m
b
e
r

o
f

d
e
a
l
s
Buyout volume Exit volume
0
200
400
600
800
1,000
1,200
NORTH AMERICAN M&A QUARTERLY PRIVATE
EQUITY TREND
14
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TREND GRAPHS
NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
10.9%
8.7%
11.6%
26.4%
7.3%
12.9%
5.8%
4.6%
2.4%
0.4%
3.4%
1.4%
0.7%
3.4%
Industrials & Chemicals
Technology
Consumer
Energy, Mining & Utilities
Business Services
Pharma, Medical & Biotech
Financial Services
Leisure
Media
Construction
Transportation
Real Estate
Telecommunications
Agriculture
18.5%
15.6%
11.4%
11.0%
10.4%
10.3%
3.8%
3.3%
2.2%
1.8%
1.3%
8.9%
0.6%
0.4%
0.6%
Industrials & Chemicals
Technology
Consumer
Energy, Mining & Utilities
Business Services
Pharma, Medical & Biotech
Financial Services
Leisure
Media
Construction
Transportation
Real Estate
Telecommunications
Defence
Agriculture
NORTH AMERICAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
52.8%
14.7%
16.8%
6.2%
9.5%
43.5%
18.8%
21.5%
6.5%
9.6%
49.1%
14.0%
17.4%
7.3%
12.2%
58.8%
13.3%
13.2%
5.5%
9.2%
12.6%
9.7%
27.7%
18.0%
32.0%
37.0%
21.5%
20.9%
8.9%
11.7%
16.8%
23.4%
36.5%
10.4%
12.9%
P
e
r
c
e
n
t
a
g
e
75
80
85
90
95
100
YTD 2012* 2011 2010 2009 2008 2007 2006
1.1%
1.5%
5.3%
5.3%
86.9%
1.1%
1.8%
6.2%
5.3%
85.6%
0.9%
3.7%
4.1%
90.6%
1.0%
3.5%
3.8%
91.0%
87.4%
5.3%
5.6%
1.1%
1.4%
4.9%
5.3%
87.6%
0.7% 0.7% 0.6% 0.7%
1.3%
6.8%
5.5%
85.9%
0.4%
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
P
e
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c
e
n
t
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Monthly M&A Insider 15
ASIA-PACIFIC
The region clocked up 304 deals worth a total US$56.7bn in
April and May, compared to a Q1 2012 total of 479 deals worth
US$79.7bn. Prospects for deal-making putatively improved;
Mays total witnessed 155 deals being announced for a
combined value of US$34.9bn, a signicant improvement
over Aprils 143 deals worth US$21.8bn.
However, premature optimism should be tempered. Mays
largest deal saw a signicant share buyback from the China-
based online platform Alibaba, which struck a deal with
Yahoo! to buy back a 20% stake in itself for US$7.1bn. The
importance of foodstuffs also came to the fore. Japanese
trading house Marubenis US$3.6bn bid for US-based grain
merchant Gavilon was the second-largest deal in May.
Year-to-date numbers show that Energy, Mining & Utilities
is still the biggest sector by value in Asia-Pacic, with 82
deals worth US$32.9bn, representing nearly a quarter of the
total deal value. Industrials & Chemicals remains the biggest
by deal volume, notching up an impressive 174 deals. With
US$28.9bn worth of deals, it was the second biggest sector in
terms of deal value and was the only sector to register over
100 deals in the period.
China continues to power Asian M&A, accounting for nearly a
third of total year-to-date deal value. Japan followed with 17.5%.
Asia-Pacic private equity has suffered disproportionately.
Buyouts in April and May have been sluggish, with 26 deals
worth US$2.8bn. This compares to a Q1 2012 total of 39 deals
worth US$5.3bn. Exits have slowed to a trickle in comparison.
Possibly on the back of depressed prices or the uncertainty
surrounding the eurozone crisis PE exits by value in April
and May saw a signicant drop, from US$2.1bn in Q1 2012,
to US$600m. Exits by volume in April and May were at 21,
compared to a Q1 2012 total of 24.
Embers of hope still icker in Asia as Europe crumbles.
Going into June though there could be repercussions from
the vertiginous drop in equity markets in the last weeks of
May/early June. Plenty of cash is sitting on balance sheets
but buyers from America or Europe will be dealing with
more pressing issues. Expect to see more domestic deals
within Asia and intra-regional acquisitions. The element
of uncertainty, ever-present in the global economy at the
moment, is unlikely to dissipate any time soon.
AS WE ENTER JUNE, FEARS OF A GLOBAL RECESSION ARE MOUNTING ON THE BACK OF THE EUROZONE
CRISIS. AGAINST THIS UNCERTAIN FISCAL AND POLITICAL BACKDROP THOUGH, ASIA-PACIFIC M&A HAS
HELD UP SURPRISINGLY WELL. AFTER SEEING TWO CONSECUTIVE QUARTERS OF DECLINE IN BOTH VALUE
AND VOLUME STARTING IN Q3 2011, THIS QUARTER MAY SEE A BOUNCE.
16 Monthly M&A Insider
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TOP DEALS
TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF THE MONTH (MAY-12)
Announced Bidder company Target company Target dominant
sector
Seller company Exit multiples (x) Bid premia
1-day before
Deal
value
(US$m)
Revenue EBITDA P/E
20-May-12 Alibaba Group Holding Ltd Alibaba Group Holding
Ltd (20.00% stake)
Technology Yahoo! Inc 14.9 - 130.6 n/a 7,100
29-May-12 Marubeni Corporation Gavilon LLC Business
Services
General Atlantic
LLC; Soros Fund
Management
LLC; and Ospraie
Management, LLC
0.3 - - n/a 5,300
18-May-12 Beijing Shougang Co Ltd Hebei Shougang Qian'an
Iron and Steel Co Ltd
Industrials &
Chemicals
Shougang Group
Corporation
0.9 9.8 23.5 n/a 4,180
21-May-12 Nuclear Damage
Compensation Facilitation
Corporation
Tokyo Electric Power
Co Inc (Undisclosed
Economic Interest)
Business
Services
- - - - 4,032
16-May-12 Macquarie Group Limited;
Abu Dhabi Investment
Authority; Meag Munich
Ergo AssetManagement
GmbH; and British Columbia
Investment Management
Corporation
Open Grid Europe GmbH Energy, Mining
& Utilities
E.ON AG 2.4 7.2 - n/a 3,696
20-May-12 Dalian Wanda Group
Corporation Ltd
AMC Entertainment Inc Leisure Marquee Holdings - - - n/a 2,600
10-May-12 JFE Holdings Inc JFE Shoji Holdings Inc
(61.44% stake)
Industrials &
Chemicals
0.1 8.7 7.1 -3.2% 2,417
01-May-12 Japan Australia LNG (MIMI)
Pty Ltd
Woodside Petroleum
(Western Australian
assets) (14.70% stake)
Energy, Mining
& Utilities
Woodside
Petroleum Limited
- - - n/a 2,000
23-May-12 PTT Exploration and
Production PCL
Cove Energy Plc Energy, Mining
& Utilities
- (loss) (loss) 7.1% 1,769
15-May-12 North Pacic Bank Ltd Sapporo Hokuyo
Holdings Inc
Financial
Services
n/a n/a 5.0 19.5% 1,516
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Asia-Pacic
Data correct as of 06-Jun-12
Source: mergermarket
17
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TREND GRAPHS
ASIA-PACIFIC M&A QUARTERLY TREND
0
20
40
60
80
100
120
140
160
180
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
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u
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(
U
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$
b
n
)
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s
0
100
200
300
400
500
600
700
800
900
Total volume Mid-market volume
0
5
10
15
20
25
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(
U
S
$
b
n
)
Buyout value Exit value
N
u
m
b
e
r

o
f

d
e
a
l
s
Buyout volume Exit volume
0
10
20
30
40
50
60
70
80
90
100
ASIA-PACIFIC M&A ANNUAL TREND ASIA PACIFIC M&A ANNUAL PRIVATE
EQUITY TREND
0
50
100
150
200
250
300
350
400
450
500
YTD 2012* 2011 2010 2009 2008 2007 2006
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s V
a
l
u
e

(
U
S
$
b
n
)
0
500
1,000
1,500
2,000
2,500
3,000
Total volume Mid-market volume
0
10
20
30
40
50
60
70
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(
U
S
$
b
n
)
Buyout value Exit value
N
u
m
b
e
r

o
f

d
e
a
l
s
Buyout volume Exit volume
0
50
100
150
200
250
300
350
ASIA-PACIFIC M&A QUARTERLY PRIVATE
EQUITY TREND
18
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ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2012
VALUE VOLUME
China
Japan
Australia
India
Indonesia
Malaysia
Hong Kong
South Korea
Taiwan
Philippines
Other
30.1%
17.5%
14.0%
7.3%
4.3%
4.0%
3.4%
3.4%
1.2%
1.8%
12.9%
22.5%
15.1%
3.6%
11.5%
2.2%
5.1%
9.5%
1.1%
1.7%
10.2%
17.6%
China
Japan
Australia
India
Indonesia
Malaysia
Hong Kong
South Korea
Taiwan
Philippines
Other
ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
24.1%
5.2%
9.8%
1.6%
1.0%
1.0% 4.0%
0.2%
1.1%
21.2%
9.1%
17.4%
3.0%
Industrials & Chemicals
Business Services
Energy, Mining & Utilities
Consumer
Technology
Financial Services
Pharma, Medical & Biotech
Construction
Transportation
Leisure
Real Estate
Media
Agriculture
22.2%
12.3%
10.5%
9.7%
8.9%
8.6%
5.9%
4.3%
4.3%
4.1%
3.8%
2.8%
1.3%
Industrials & Chemicals
Business Services
Energy, Mining & Utilities
Consumer
Technology
Financial Services
Pharma, Medical & Biotech
Construction
Transportation
Leisure
Real Estate
Media
Agriculture
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ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
17.6%
22.8%
27.4%
11.3%
21.0%
15.6%
17.0%
30.4%
12.6%
24.5%
29.5%
15.8%
22.2%
12.0%
20.4%
19.8%
16.9%
30.7%
11.2%
21.4% 21.7%
11.0%
26.4%
27.4%
13.5%
24.3%
13.8%
29.9%
12.5%
19.5%
18.1%
26.9%
24.9%
10.3%
19.7%
P
e
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t
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e
75
80
85
90
95
100
YTD 2012* 2011 2010 2009 2008 2007 2006
1.2%
4.8%
4.9%
88.9%
0.9%
5.1%
5.4%
88.3%
0.9%
4.5%
5.8%
88.4%
1.0%
5.5%
5.3%
87.8%
88.7%
5.1%
4.4%
1.5%
0.8%
5.4%
6.2%
87.1%
0.3% 0.3% 0.3% 0.5% 0.4%
1.3%
4.2%
5.2%
88.8%
0.4% 0.4%
<US$250m or undisclosed value
US$251m-US$500m
US$501m-US$2,000m
US$2,001m-US$5,000m
>US$5,001m
P
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TREND GRAPHS
20 Monthly M&A Insider
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A mergermArket m&A report on
eUrope
Industrials and Chemicals, and energy, mining and Utilities
have seen the most action this month. the Industrials and
Chemicals sector came in with 63 deals at 10.73bn, whilst
energy, mining and Utilities registered 20 deals totalling
11.02bn. For the year-to-date, energy, mining and Utilities
transactions have accounted for 35% of total deal value, but
just 5.9% by volume. Industrials and Chemicals account for
almost one in four deals, at 12.5% of total value.
geographically, the Uk has overtaken Switzerland as the
most active region by deal value, with the fgures beginning
to revert to the mean following Februarys glencore Xstrata
megadeal. By volume the Uk is out in front again with 22.2%,
followed by germany with 13.6% and the nordics with 12.4%.
eaton Corporations 9.34bn acquisition of Cooper Industries
was the standout deal of may. eaton, a diversifed power
management supplier and energy component manufacturer,
paid a 29% premium on the previous days trading for the
Ireland-based company. A company press release noted the
synergies with Coopers electrical equipment offerings, and
states that the combined group would have had historical
revenues of US$21.5bn in 2011. the deal is also thought to
save eaton somewhere in the region of US$160m per year
in tax and management costs, as it becomes the latest US
corporation to change its domicile to Ireland and beneft from
its 12.5% corporate tax rate. morgan Stanley and Citi advised
and provided eaton with a US$6.75 bridge fnancing facility,
whilst Cooper turned to goldman Sachs. A counter bid is
thought to be unlikely, with the 13x eBItDA multiple valuation
described as pretty aggressive by an industry source in a
mergermarket report.
other notable deals included Cassa Depositi e prestitis
acquisition of a 30% stake less one share in Snam from
eni valued at 3.5bn, the largest Italian deal of the year so
far. eon took a step towards reducing its debt burden by
divesting open grid europe to a consortium led by macquarie
group for a consideration of 2.9bn. koninklijke, the Dutch
telecommunications frm, attracted a 2.7bn offer from
mexican player America movl for a 28% stake.
Spain Focus
Spains banking woes were the main story of the month,
with Bankia requesting 19bn for recapitalisation. the four
proposals put forward by the troubled lender, which are
currently being reviewed by the state, are likely to see it
dispose of many of its non-core assets, including stakes in the
hotel chain nH Hoteles, software company Indra Sistemas,
energy group Iberdrola and International Airlines group.
the effect Spains weak fnancial sector has had on m&A
activity in the country is clear. For the year-to-date, Spain has
seen 72 deals worth 2.98bn. In contrast, the same period
last year saw 135 deals at a value of 34.11bn. this equates
to a 47% drop in deal volume and a staggering 91% reduction
in deal value.
madrid has moved to protect repsol from a low hostile
takeover bid with new legislation that requires a fair valuation
in the case of exceptional circumstances in the previous
two years, including expropriation. this intends to limit the
damage done by Argentinas unilateral nationalisation of YpF,
which saw repsols share price more than halved.
elsewhere, Cyprus looks to be the next country in danger
of a fnancial meltdown. It is estimated that the country
has already received 4bn from the eCB in undeclared
emergency liquidity assistance, and Cyprus popular Bank
was recapitalised to the tune of 1.8bn this month. According
to a mergermarket report, the bank could be looking to sell
up to a 50% stake after the next greek elections on 17th June.
Informal interest has been attracted from players in Cyprus,
Brazil, China, russia and Israel, with russias VtB Bank
previously rumoured as a potential bidder.
In the Uk, the London metal exchange looks to be
on the verge of a takeover by either the US-based
InterContinentalexchange or Hong kong exchanges
and Clearing. throughout the month of may bidders
were whittled down, and the two remaining parties will
now resubmit proposals. With preliminary offers of around
1.2bn already on the table, the price could increase
markedly as the two bidders square off against each other
over the 135 year-old exchange.
mAY SAW 258 m&A trAnSACtIonS WortH 41.36Bn. tHIS mArkS A DeCreASe In DeAL CoUnt oF 11%
AnD DeAL VALUe oF 15% From AprIL, ContInUIng tHe DoWnWArD trenD eVIDent SInCe Q2 2011.
CompAreD to mAY 2011, tHe nUmBer oF AnnoUnCeD DeALS DroppeD BY 47% AnD tHe VALUe BY
33%. So FAr For 2012, 27% FeWer DeALS HAVe Been AnnoUnCeD At A 17% LoWer VALUe tHAn For
tHe SAme perIoD LASt YeAr.
21
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TOP DEALS
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (MAY-12)
Announced Bidder company Target company Target dominated
sector
Seller company Exit multiples (x) Bid premia
1-day
before
Deal value
(m)
Revenue EBITDA P/E
21-May-12 Eaton Corporation Cooper Industries Plc Industrials &
Chemicals
2.2 15.5 14.2 28.9% 9,342
30-May-12 Cassa depositi e prestiti
spa
Snam SpA (30.00% stake) Energy, Mining
& Utilities
Eni SpA 6.4 8.7 15.1 9.6% 3,517
16-May-12 Macquarie Group Limited;
Abu Dhabi Investment
Authority; Meag Munich
Ergo AssetManagement
GmbH; and British
Columbia Investment
Management Corporation
Open Grid Europe GmbH Energy, Mining
& Utilities
E ON AG 2.4 7.2 - - 2,900
8-May-12 America Movil SAB de CV Koninklijke KPN NV
(23.20% stake)
TMT 1.8 4.5 7.5 23.5% 2,657
31-May-12 CGI Group Inc Logica Plc Business Services 0.5 11.8 61.8 75.6% 2,557
6-May-12 Electricite de France SA Edison International SpA Energy, Mining
& Utilities
0.6 7.7 - 6.0% 1,767
17-May-12 Agilent Technologies Inc Dako AS Pharma, Medical
& Biotech
EQT Partners AB - - - - 1,723
22-May-12 Blackstone Group LP Accor SA (United States
Economy Hotel division)
Leisure Accor SA 3.6 11.6 - - 1,492
23-May-12 PTT Exploration and
Production PCL
Cove Energy Plc Energy, Mining
& Utilities
- - - 7.1% 1,388
22-May-12 Waddell & Reed Financial
Inc; BlackRock Inc; and
Norges Bank
Formula One Group
(21.00% stake)
Leisure CVC Capital
Partners Limited
- - - - 1,256
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Europe
Data correct as of 08-Jun-12
Source: mergermarket
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TREND GRAPHS
EUROPEAN M&A QUARTERLY TREND
0
100
200
300
400
500
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e

(

b
n
)
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Total volume Mid-market volume
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
Buyout value Exit value Buyout volume Exit volume
V
a
l
u
e

(

b
n
)
N
u
m
b
e
r

o
f

d
e
a
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s
0
50
100
150
200
250
300
350
400
450
EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND
0
200
400
600
800
1,000
1,200
YTD 2012* 2011 2010 2009 2008 2007 2006
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s
V
a
l
u
e

(

b
n
)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Total volume Mid-market volume
0
50
100
150
200
250
300
YTD 2012* 2011 2010 2009 2008 2007 2006
V
a
l
u
e

(

b
n
)
Buyout value Exit value
N
u
m
b
e
r

o
f

d
e
a
l
s
Buyout volume Exit volume
0
200
400
600
800
1,000
1,200
1,400
1,600
EUROPEAN M&A QUARTERLY PRIVATE
EQUITY TREND
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Monthly M&A Insider 23
TREND GRAPHS
EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
VALUE VOLUME
UK
CEE
Iberia
France
Nordic
Germany
Benelux
Italy
Switzerland
Others
6.0%
10.3%
19.7%
6.3%
20.1%
9.1%
2.8%
10.6%
5.9%
9.2%
13.6%
9.1%
3.1%
7.3%
5.6%
22.2%
10.9%
10.9%
5.1%
12.4%
UK
CEE
Iberia
France
Nordic
Germany
Benelux
Italy
Switzerland
Others
EUROPEAN M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
7.0%
12.4%
3.8%
7.2%
1.7%
5.7%
1.8%
3.5%
4.9%
0.2%
4.0%
5.3%
34.6%
7.9%
Industrials & Chemicals
Consumer
Business Services
Technology
Financial Services
Energy, Mining & Utilities
Pharma, Medical & Biotech
Construction
Media
Transportation
Leisure
Real Estate
Telecommunications
Agriculture
4.0%
24.4%
3.3%
5.9%
3.6%
5.7%
3.9%
1.9%
1.5%
1.0%
0.2%
17.0%
11.3%
9.3%
6.9%
Industrials & Chemicals
Consumer
Business Services
Technology
Financial Services
Pharma, Medical & Biotech
Energy, Mining & Utilities
Construction
Transportation
Media
Leisure
Real Estate
Telecommunications
Agriculture
Defence
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TREND GRAPHS
EUROPEAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
<250m or undisclosed value
251m-500m
501m-2,000m
2,001m-5,000m
>5,001m
17.6%
23.5%
8.4%
15.9%
34.6%
16.4%
22.3%
8.4%
13.7%
39.2%
14.8%
20.2%
9.1%
17.1%
38.8%
20.0%
24.1%
9.2%
20.3%
17.6%
9.4%
29.7%
20.8%
26.4%
22.5%
17.2%
21.8%
30.8%
11.3%
18.8%
31.6%
21.3%
25.8%
9.2%
12.2%
P
e
r
c
e
n
t
a
g
e
88
90
92
94
96
98
100
YTD 2012* 2011 2010 2009 2008 2007 2006
3.8%
0.9%
3.5%
91.4%
4.0%
0.9%
3.9%
90.8%
2.7%
0.6%
3.2%
93.2%
2.1%
0.6%
2.3%
94.8%
93.1%
2.7%
3.3%
0.7% 0.7%
3.1%
3.0%
93.0%
0.4% 0.4% 0.4% 0.3% 0.2% 0.2% 0.2%
0.9%
3.3%
3.3%
92.2%
<250m or undisclosed value
251m-500m
501m-2,000m
2,001m-5,000m
>5,001m
P
e
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n
t
a
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e
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A MERGERMARKET M&A REPORT ON
Monthly M&A Insider
M&A activity during the month of May in the region was again
mainly driven by a series of large deals in the Energy, Mining
& Utilities sector which accounted for the largest percentage
of deal value in the region, with 37.4% of the market share,
closely followed by the Financial Services sector accounting
for 28.9% of the M&A activity in the region this month. The
top ME&A energy deals announced, includes the acquisition
of the NPS Energy, the United Arab Emirates-based company
offering well intervention services, including coil tubing, wire-
line services, cementing, pressure pumping, well logging
and testing and onshore drilling services, by Aker Solutions
ASA for a consideration of US$350m. The top mining deal
in the region announced in May was the acquisition of the
South Africa based gold mine Evander Gold Mines Ltd by the
listed South Africa based Pan African Resources Plc from
Harmony Gold Mining Company Limited for a consideration
of US$180m. The top nancial services deal of the month is
the acquisition of 49.9% stake in the listed Israel based Clal
Industries and Investments Ltd by Access Industries, the
listed Israel based holding company having interests in the
oil, aluminium, coal and telecommunications sectors, from
IDB Development Corporation Ltd for a consideration
of US$332m.
The most active country in the ME&A is Israel, leading with
a deal ow volume of 29 and deal value of US$4.4bn (28.68%
market share), followed by Egypt with a deal ow volume of 4
and a deal value of US$3.9bn (25.11% market share).
Finance sector activity boosting
Egyptian economy
One of the top nancial services deals for the month of May
has been the acquisition of a 60% stake in EFG Hermes
Holding S.A.E, the Egyptian operations of EFG Hermes
Holding S.A.E, by QInvest LLC, the Qatar based investment
bank. The deal value for the transaction is 155 m. There
were various bids for this target, including the $1.1 billion bid
from a group backed by billionaire Naguib Sawiris which was
rejected. The newly formed company, EFG Hermes Qatar will
be 60% owned by QInvest and 40% owned by EFG Hermes.
This transaction is of very high importance as, according
to Mona Zulcar, EFG Hermes Holding Chairperson, it will
attract foreign direct investment of US$250m. It is also
believed to restore investors condence and strongly boost
the Egyptian economy.
Expected joint venture deals
The month of May has presented a vast number of expected
deals including two recently discussed potential joint
ventures. Ginco General Contracting, a private United Arab
Emirates-based building materials company is seeking a joint
venture in order to enter Brazil. If this does not prove feasible
however, the company will attempt entering Brazil through
the setting up of a partnership with Brazilian companies such
as Bertolini, Inca and Aguia which offer similar products.
Companies such as Riri Baby Food, the private Egyptian
manufacturer and distributor of baby food are planning to
expand nationally. This is due to Egypts population of over
85 million people, and therefore an active consumer sector
which allows for the companys growth. The company plans
to expand through forming a joint venture with a target that
manufactures and distributes similar baby products so that
the two companies can set up a baby product manufacturing
facility in Egypt.
THE M&A ACTIVITY IN THE MIDDLE EAST & AFRICA REGION HAS SEEN A SLOWDOWN IN THE MONTH OF MAY
THIS YEAR, WITH A TOTAL OF US$2.01BN WORTH-DEALS, REPRESENTING A 59% DECREASE COMPARED TO THE
MONTH OF APRIL THIS YEAR (US$4.9BN) BUT UP 11.2% COMPARED TO THE SAME PERIOD LAST YEAR ($1.8BN).
THIS SHOWS SIGNS OF A VERY SLOW RECOVERY, ALTHOUGH POLITICAL INSTABILITY CONTINUES TO SHAPE THE
UP-AND-DOWN TREND OF THE M&A ACTIVITY IN THE ME&A REGION.
26
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TOP DEALS
TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (MAY-12)
Announced Bidder company Target company Target dominated
sector
Seller company Exit multiples (x) Bid premia
1-day
before
Deal value
(US$m)
Revenue EBITDA P/E
10-May-12 EMC Corporation XtremIO Ltd. TMT Battery Ventures;
Giza Venture Capital;
Jerusalem Venture
Partners (JVP);
Lightspeed Venture
Partners
- - - - 430
21-May-12 Aker Solutions ASA NPS Energy Energy, Mining
& Utilities
National Petroleum
Services
4.0 11.4 - - 350
20-May-12 Access Industries Clal Industries and
Investments Ltd.
(49.90% stake)
Financial Services IDB Development
Corporation Ltd.
1.1 9.2 4.3 41.5% 332
4-May-12 QInvest LLC EFG Hermes Holding
S.A.E (Brokerage,
Research, Asset
Management,
Investment Banking
and Infrastructure
Fund businesses)
(60.00% stake)
Financial Services EFG-Hermes Holding
SAE
n/a n/a - - 250
30-May-12 Pan African
Resources Plc
Evander Gold Mines Ltd. Energy, Mining
& Utilities
Harmony Gold Mining
Company Limited
1.8 - 13.9 - 180
30-May-12 Barloworld Limited Caterpillar Inc. (Bucyrus
equipment distribution
and support business
South Africa)
Industrials &
Chemicals
Caterpillar Inc. - - - - 115
3-May-12 Malakoff Corporation
Berhad
Hidd Power Company
(40.00% stake)
Energy, Mining
& Utilities
International Power Plc - - - - 113
17-May-12 AVI Limited Green Cross Consumer 1.3 - 7.5 - 51
17-May-12 AOS Orwell Limited Scomi Oiltools (Africa)
Ltd.; Titan Tubulars
Nigeria Limited
(51.00% stake)
Industrials &
Chemicals
Scomi Group Berhad - - - - 40
14-May-12 Jain Irrigation
Systems Ltd
NaanDanJain Irrigation
Ltd. (50.00% stake)
Agriculture - - - - 35
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target being Middle East or Africa
Data correct as of 06-Jun-12
Source: mergermarket
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TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A
QUARTERLY TREND
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
V
a
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(
U
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$
m
)
Total value Mid-market value
N
u
m
b
e
r

o
f

d
e
a
l
s
0
20
40
60
80
100
120
140
160
Total volume Mid-market volume
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q2
12*
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Q4
06
Q3
06
Q2
06
Q1
06
Buyout value Exit value Buyout volume Exit volume
N
u
m
b
e
r

o
f

d
e
a
l
s
V
a
l
u
e

(
U
S
$
m
)
0
5
10
15
20
25
MIDDLE EASTERN & AFRICAN M&A
ANNUAL TREND
MIDDLE EASTERN & AFRICAN M&A ANNUAL
PRIVATE EQUITY TREND
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
Total value Mid-market value
V
a
l
u
e

(
U
S
$
b
n
)
N
u
m
b
e
r

o
f

d
e
a
l
s
0
50
100
150
200
250
300
350
400
450
500
Total volume Mid-market volume
0
2
4
6
8
10
12
14
YTD 2012* 2011 2010 2009 2008 2007 2006
Buyout value Exit value Buyout volume Exit volume
V
a
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u
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(
U
S
$
b
n
)
0
10
20
30
40
50
60
70
N
u
m
b
e
r

o
f

d
e
a
l
s
MIDDLE EASTERN & AFRICAN M&A QUARTERLY
PRIVATE EQUITY TREND
28
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TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2012
VALUE
VALUE
VOLUME
VOLUME
0.5%
4.5%
3.0% 0.3%
6.6%
15.4%
4.6%
15.4%
19.0%
30.8%
Industrials & Chemicals
Financial Services
Business Services
Consumer
TMT
Transportation
Pharma, Medical & Biotech
Construction
Agriculture
Energy, Mining & Utilites
28.8%
9.6%
27.9%
5.8%
3.8%
3.8%
1.9%
1.9%
1.9%
1.9%
1.9%
1.0% each
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Nigeria
Democratic Republic
of Congo
Ethiopia
Qatar
Kuwait
Tanzania
Angola
Ghana
Iraq
Libya
Mali
Mauritius
Morocco
Mozambique
Oman
Zimbabwe
7.4%
13.9%
17.6%
16.7%
16.7%
13.9%
1.9%
2.8%
3.7%
2.8%
2.8%
Industrials & Chemicals
Financial Services
Business Services
Consumer
Energy, Mining & Utilites
TMT
Leisure
Transportation
Pharma, Medical & Biotech
Construction
Agriculture
18.3%
28.7%
1.4%
8.2%
2.2%
1.1%
0.9%
0.4%
0.7%
0.1%
0.9%
25.1%
8.9%
2.6%
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Nigeria
Democratic Republic
of Congo
Ethiopia
Qatar
Iraq
Morocco
Mozambique
Bahrain
Mali
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TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012 2011 2010 2009 2008 2007 2006
12.7%
12.8%
65.7%
13.2%
11.3%
67.0%
18.0%
19.0%
47.6%
19.2%
13.2%
53.2%
68.0%
12.6%
9.4%
17.8%
7.8% 7.5%
13.7% 12.9%
8.9%
13.7%
9.1%
58.0%
27.1%
16.4%
7.8%
47.6%
1.0% 0.9% 1.7% 1.6% 1.0% 1.3% 1.0%
<US$14.9m or undisclosed value
US$15m-US$100m
US$101m-US$250m
US$251m-US$500m
>US$501m
P
e
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n
t
a
g
e
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
33.9%
14.5%
6.2%
9.1%
32.5%
15.4%
5.6%
7.2%
36.3%
11.3%
5.7%
3.8%
32.6%
13.1%
4.0%
3.4%
6.0%
5.7%
33.7%
10.2%
10.8%
6.3%
36.3%
39.3%
42.9%
47.0%
44.4%
47.7%
27.9%
7.2%
14.8%
10.2%
47.2%
23.1%
4.6%
<US$14.9m or undisclosed value
US$15m-US$100m
US$101m-US$250m
US$251m-US$500m
>US$501m
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ABOUT MERRILL CORPORATION
Merrill Transaction and Compliance Services
Through a broad range of tools and services, Merrill
Corporation streamlines document composition, ling,
printing, distribution and electronic access to the transaction
and regulatory compliance activities of its clients engaged
in securities offerings, reorganisations, mergers and
acquisitions, SEC and other regulatory lings. As a registered,
third-party service provider offering public companies expert
EDGARization and XBRL ling services, Merrill professionals
can compose, edit, electronically le, manage and distribute
data in printed or electronic format.
Merrill Legal Solutions provide both on-demand and on-site
litigation support, information management and electronic
and print document management services for law rms,
corporate legal departments and professional services rms.
Examples of our expertise include the creation of searchable
litigation document repositories, management of electronic
data discovery and the delivery of real-time court reporting
and deposition videography services.
Merrills Marketing and Communication Solutions supply
brand identity management, customer communication
and packaged direct marketing programmes for sales
professionals in industries such as real estate, mutual funds
and insurance. Examples of our services include customisable
corporate identity materials, direct-mail marketing pieces and
promotional programs supported by web-based technologies.
Merrills Translations Services provide a range of translation
options to help clients achieve the most efcient and cost
effective approach to their translation projects. Merrill Brink
offers extensive legal translation services for international
litigation, intellectual property, patents, contractual matters,
antitrust matters, mergers and acquisitions, arbitration
and more.
www.datasite.com
About Merrill DataSite
Revolutionising the due diligence process
Merrill DataSite is designed for rapid deployment and can be
up and running within two hours of a clients need. Our team
can scan, upload and organise thousands of pages of content
from any source in 24 hours or less. Every aspect of the
process, from document scanning to VDR hosting and project
management is delivered by Merrills multilingual team,
available around the clock worldwide.
With Merrill DataSite, all documents are captured and indexed
to an online database and because all rights are designated
by the client, security and control are guaranteed. Each users
ability to view, print or access source documents is set up
by the client administrator and can be changed at any time.
Merrill DataSite provides useful tools, including full search,
viewer audit capability, Q&A, bulk uploads and detailed user
activity tracking that help clients maintain tighter control and
have greater insight into reviewer behaviour.
Merrill DataSite enhances transaction success
Merrill DataSite is the industrys acknowledged leader. More
than 61,000 different private and public companies across the
globe have leveraged Merrill DataSite to increase the value of
the following types of transactions:
Mergers, acquisitions and divestitures
Private placement transactions
Leveraged buyout transactions
Bankruptcy and reorganisation transactions
Financial restructuring transactions
Initial public offerings and dual-track processes
Asset purchases and liquidations
Post-merger integration
FOUNDED IN 1968 AND HEADQUARTERED IN ST. PAUL, MINNESOTA, MERRILL CORPORATION IS
A LEADING PROVIDER OF OUTSOURCED SOLUTIONS FOR COMPLEX BUSINESS COMMUNICATION
AND INFORMATION MANAGEMENT. MERRILLS SERVICES INCLUDE DOCUMENT AND DATA
MANAGEMENT, LITIGATION SUPPORT, LANGUAGE TRANSLATION SERVICES, FULFILLMENT, IMAGING
AND PRINTING. MERRILL SERVES THE CORPORATE, LEGAL, FINANCIAL SERVICES, INSURANCE
AND REAL ESTATE MARKETS. WITH MORE THAN 5,000 PEOPLE IN OVER 40 DOMESTIC AND 22
INTERNATIONAL LOCATIONS, MERRILL EMPOWERS THE COMMUNICATIONS OF THE WORLDS
LEADING ORGANISATIONS.
31 Monthly M&A Insider
ABOUT MERRILL DATASITE
Merrill DataSite built with the client in mind
Merrill DataSite was created to meet its clients needs and
built to their specications. Since 2002 we have consistently
leveraged the experiences of our clients to add leading-edge
functionality to the available toolset. Merrill DataSite allows its
users and administrators to:
Examine documents immediately. Patented technology
ensures you never have to wait for a document to be
downloaded. Because the data resides on Merrills servers, you
can simultaneously view an unlimited number of documents
in multiple windows without having to close out or save to your
temp le. When faced with hundreds of documents to review,
this feature saves signicant time and expense.
Designate user permissions. Team administrators can control
which users will be able to view, print or download specic
documents, folders or projects simply and quickly.
Search every word in every document. With large document
collections, sophisticated search features are key to nding
critical information and accelerating the due diligence process.
Merrill DataSite performs Optical Character Recognition (OCR)
on each and every letter in each and every document. Our
search capabilities allow users to search tens if not hundreds
of thousands of pages to nd whats relevant to them. Merrill
DataSites search capabilities ensure nothing is missed in any
of the posted documents - regardless of where they may be
organised within the index (e.g. nd every instance of contract
and termination within 5 words of each other, etc.). Search
results are returned much faster and are unlimited in terms of
document results and hits within a document.
Using wildcard, fuzzy, proximity, boosting, Boolean and
grouping modiers, you can search and nd exact matches and
near-matches, including misspelled words. Potential buyers
will enjoy increased condence knowing theyve received and
seen all materials and documents that are relevant to their
decision-making.
Protect condential information. View-only documents
are never downloaded. Merrill DataSite, not the computers
browser, controls the caching process providing unmatched
security levels. Unlike other VDR providers, images are never
viewable on the PCs cache after the conclusion of a session.
Track all activity accurately. Auditing and reporting tools
provide a veriable account of each individuals time spent
viewing both documents and specic pages information that
adds negotiating leverage.
Need to work remotely?
No problem. Whether youre working in Beijing or New York,
you can view your documents online without having to navigate
through internal rewalls and email restrictions that often
exist for outside company connections and which delay the due
diligence process.
Security is our highest priority
Merrill has been a trusted provider of secure information to
the nancial and legal industries for more than 40 years. Our
employees execute letters of condentiality and we are audited
annually (internal and third-party) to make certain our IT
infrastructure and processes remain sound.
Merrill DataSite was the rst virtual data room to receive the
ISO 27001 certication for its comprehensive Information
Security Management System (ISMS).
The ISO 27001 standard, developed by the International
Organisation for Standards to establish international
requirements for information security and certication of
ISMS, is designed to ensure effective protection of information
assets in foreign markets, as well as across national and
regional boundaries.
The best tool in the industry
Merrill DataSite technology allows for the fastest conversion
of soft and hard copy documents to the electronic viewing
platform. As a result, designated administrators are able to
review documents the moment they are available.
Through secure, simultaneous access, full text search
capabilities and robust reporting tools, both archival and
transactional due diligence processes are streamlined. As a
result, Merrill DataSite gives you more insight and control, and
dramatically reduces transaction time and costs.
As a leading provider of VDR solutions worldwide, Merrill
DataSite has empowered nearly two million unique visitors to
perform electronic due diligence on thousands of transactions
totalling trillions of dollars in asset value.
NOW SMARTER, FASTER, EASIER!
PLEASE VISIT OUR WEBSITE: WWW.DATASITE.COM
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ABOUT MERRILL CORPORATION
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EXECUTIVE MANAGEMENT
Ed Bifulk
President
Tel: +1 212 229 6563
Paul Hartzell
Senior Vice President
Tel: +1 212 367 5950
EXECUTIVE SALES
Chris Beckmann
Regional Director, Germany, Switzerland
and Poland
Tel: +49 69 25617 110
Alex Gross
Regional Director, Eastern Europe &
Middle East
Tel: +49 69 7593 7148
Michael Hinchliffe
Regional Director, U. K.
Tel: +44 20 7422 6100
Jonathan Hughes
Account Manager, Northern Europe
Tel: +44 20 7422 6100
Shashank Jain
Account Manager, United Arab Emirates
Tel: +971 (0)50 252 3025
Alvaro Ortega
Regional Director, Southern Europe
Tel: +44 20 7422 6100
Adam Pang
Account Manager, Europe
Tel: +44 20 7422 6268
Merlin J. Piscitelli
Regional Director, Europe
Tel: +44 20 7422 6100
Jrme Pottier
Regional Director, France
Tel: +33 (0) 1 40 06 13 12
Colin Schopbach
Regional Director, U. K.
Tel: +44 20 7422 6100
Anna Scott
Regional Director, U. K.
Tel: +44 20 7422 6100
Hakema El-Hadad
Regional Director, Northern Africa
Tel: +33 (0) 1 40 06 13 10
Mark Finnie
Regional Director, North Asia
Tel: +852 2536 2534
Ari Lee
Regional Director, North Asia
Tel: +852 9855 3758
Vincent Lork
Regional Director, South East Asia
Tel: +65 6248 4602
Chris Robilliard
Regional Director, Australia & New
Zealand
Tel: +612 8667 3064
Manuel Bentosinos
Regional Director, Mexico, Columbia and
Caribbean
Tel: +52 55 9171 2237
Ana Paula Macd Tvora de Castro
Regional Director, South America
Tel: +55 11 9908 0858
Luis Felipe Salles Cunha
Regional Director, Brazil
Tel: +55 11 3568 2429
Carlos Nogueira
Regional Director, Brazil
Tel: +55 11-3895-8572
Brian Gilbreath
Vice President, Midwest and Latin America
Tel: +1 404 934 8085
Hank Gregory
SVP, Western Canada & Pacic Northwest
Tel: + 604 603 4360
Ryan MacMillan
Regional Director, Canada
Tel: +1 416 214 2448
Jason Hedges
Regional Director, Canada
Tel: +1 416-878-3260
Michael Kennedy
Regional Director, New England
Tel: +1 207 829 4369
Ross Whittaker
Regional Director, New England
Tel: +1 617.535.1516
Jon Lenihan
Regional Director, Boston
Tel: +1 617-535-1618
Scott Rediker
Regional Director, Mid Atlantic
Tel: +1 443-690-3122
Forrest R. Doane
Regional Director, New York
Tel: +1 212 229 6620
Adam Kuritzky
Regional Director, New York
Tel: +1 917 232 9569
John McElrone
Regional Director, New York
Tel: +1 212 229 6656
Matthew Mezzancello
Regional Director, NY, NJ & PA
Tel: +1 212 229 6618
Steve Piccone
Vice President, New York
Tel: +1 212 229 6883
Paul Kleinkauf
Regional Director, Southeast
Tel: +1 404 602 3251
Michail Sidorov
Regional Director, Ohio & Michigan
Tel: +1 216-333-1274
Jessie Saini
Regional Director, Midwest
Tel: +1 312-386-2293
Scott Haugen
Regional Director, Minnesota & Wisconsin
Tel: +1 651 632 4375
Anthony Crosby
Regional Director, Chicago
Tel: +1 312 674 6511
Mark Plaehn
Regional Director, Chicago
Tel: +1 312 674 6527
Kelly-Leigh Keefe,
Regional Director, Chicago
Tel: +1 312-386-2229
Nicholas Renter
Regional Director, Texas
Tel: +1 214 754 2100
Andrew Buonincontro
Regional Director, Bay Area
Tel: +1 650 493 1400
Erik Sandie
Regional Director, Bay Area
Tel: +1 650 493 1400
Jay Loyola
Regional Director, Bay Area
Tel: +1 949 622 0663
Shelle Martin
Regional Director, Bay Area
Tel: +1 415 357 4355
Dan Phelan
Regional Director, Los Angeles
Tel: +1 213 253 2139
Hans Schumann
Regional Director, San Diego
Tel: +1 760 635 0830
David Yeary
Vice President, DataSite Life Sciences
Tel: +1 415 307 4414
James Snaza
Director of Life Sciences
Tel: +1 651 632 4585
Jon Blue
Vice President, Clean Tech
Tel: +1 206-696-9169
www.mergermarket.com
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Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide nancial, investment, legal, tax or other professional advice or
services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment
or other decision or action that may affect you or your business. Before taking any such decision you should consult a suitably qualied professional adviser. Whilst
reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Mergermarket nor
any of its subsidiaries nor any afliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this
publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the users risk.
Remark, the events and publications arm of The Mergermarket Group, offers a range
of publishing, research and events services that enable clients to enhance their own
prole, and to develop new business opportunities with their target audience.
The following notes pertain to data contained in this publication:
Deals are included where the deal value is greater than or equal to 5m.
Where no deal value has been disclosed, deals are included if the turnover of the
target is greater than or equal to 10m.
Deals are included in the graphs and Top Deals in each section based on the
dominant geography and dominant sector of the target company. Data underlying
the League Tables are based on deals where the bidder, target or parent
geography of either is that of the geography in focus.
*Q2 2012 refers to the period 01-Apr-12 to 31-May-12.
*YTD 2012 refers to the period 01-Jan-12 to 31-May-12.