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FLASHWIRE EUROPE QUARTERLY

4th QUARTER 2016 This Issue:

Europe M&A News and Trends M&A deal spending showed a positive trend in 4q16 with a 122.1% increase compared to an 18.1% decrease in 3q16. The bump in aggregate deal spending is attributed to the €56.5 billion Bayer-Monsanto deal announced in May this year. M&A deal volume continued its upward trend, up 3.2% in 4q16 with a total of 3,992 deals compared to 3,868 deals in 3q16.

2

Europe MergerMetrics

3

Europe Sector Activity & Value

4

Europe Strategic biggest increases in M&A deal activity, relative to the same three month period one year ago, have been: Utilities (177 vs. Buyer Report

4 5 6

In 4q16, the European private equity market showed a decrease in both spending and deal activity. Private equity spending was down 6.7% in 4q16 with over €40.2 billion in aggregate value vs. €43.08 billion in 3q2016. Aggregate spending in December 2016 was €19.1 billion which is the second highest level recorded in the past year. Private equity deals activity decreased by 6.8%, recording 578 deals this quarter vs. 620 deals in 3q16.

Over the past 3 months, the sectors that have seen the

Europe Private Equity Report Top Europe Advisors

140), Distribution Services (240 vs. 219), Consumer Services (324 vs. 304), and Miscellaneous (37 vs. 18). Of the 21 sectors tracked by FactSet Mergerstat, 10 sectors posted positive movement in deal flow in the last three months compared to the same three months period one year prior, amounting to an increase of 153 deals. Over the past 3 months, the sectors that have seen the largest declines in M&A deal volume, relative to the same three month period one year ago have been: Technology Services (389 vs. 449), Finance (477 vs. 533), and Commercial Services (543 vs. 585). 10 out of the 21 sectors tracked by FactSet Mergerstat posted negative relative losses in deal flow over the last three months compared to the same three months one year prior, for a combined loss of 275 deals, while 1 sector remained flat.

Top Europe Deals Scoreboard

Topping the list of the largest deals announced in 4q16 were: British American Tobacco Plc’s proposal to acquire Reynolds American Inc for €52.9 billion in cash and stock; QUALCOMM Inc’s acquisition of NXP Semiconductors NV for €40.9 billion in cash; Praxair Inc’s preliminary discussions to acquire Linde AG for €39.7 billion in stock; Glencore Plc and Qatar Investment Authority’s acquisition of Rosneft Oil Co for €10.2 billion in cash; and 21st Century Fox Inc’s acquisition of Sky Plc for €21.7 billion in cash.

Overall deal volume in Europe’s largest economies with its upward trend, up 5.9% in 4q16. Both Germany and the UK markets posted an increase of 4.2%. France market also has an increase of 11% with 705 deals in 4q16 and 635 in 3q16. The top five financial advisors through the fourth quarter of 2016 based on deal announcements were: BDO, Ernst & Young, KPMG, Rothschild and Pricewaterhouse. The top five financial advisors based on the aggregate transaction value of the deals worked on, were: Goldman Sachs, Morgan Stanley, JPMorgan, Credit Suisse and Bank of Merrill Lynch. The top five legal advisors through the third quarter of 2016 based on deal announcements were: Allen & Overy, Clifford Chance, Jones Day, Latham & Watkins and Weil, Gotshal & Manges. The top five legal advisors, based on the aggregate transaction value of the deals worked on, were: Cravath, Swaine & Moore, Sullivan & Cromwell, Allen & Overy, Davis Polk & Wardwell and Simpson Thacher & Bartlett.

The European Mergers & Acquisitions Market Index €200.0

1,600 € 187.6

€ 182.1

€180.0

€ 170.0

1,400

€160.0 1,200 €140.0 1,000

€ 118.2

€120.0 € 99.6

€ 92.9

€100.0

800

€ 95.1

€ 81.4 € 88.6

€80.0

600

€ 78.4 €60.0 € 57.3

€ 64.1

€ 55.2

€ 54.5

€40.0

400

€ 45.5 € 39.2 200

€20.0 1,348

1,336

1,307

1,485

1,391

1,284

1,383

1,343

1,240

1,426

1,383

1,065

1,420

1,257

1,302

1,433

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

€0.0

0 Deal Volume

FactSet.com

Aggregate Deal Value

Copyright © 2016 FactSet Research Systems Inc. All rights reserved.

1

Europe MergerMetrics

4th Quarter 2016

Merger Stats Number of Deals

Agg. Base Equity (€Bil)

12 Months Ended

12 Months Ended

Average P/E

31/12/16

31/12/15

Change

31/12/16

31/12/15

Change

€1 Billion +

169

196

-13.8%

€ 362.2

€ 928.0

-61%

33

€500M to €999.9M

174

158

10.1%

62.4

109.1

-43%

29.1

€250M to €499.9M

249

238

4.6%

53.0

85.2

-38%

24.1

€100M to €249.9M

482

403

19.6%

43.3

64.8

-33%

22.2

€50M to €99.9M

388

434

-10.6%

17.5

31.2

-44%

28.4

€25M to €49.9M

373

425

-12.2%

8.2

15.2

-46%

15.5

Deal Size

€10M to €24.9M

543

570

-4.7%

5.0

9.4

-47%

18.1

Under €10M

1,549

1,467

5.6%

2.7

4.7

-43%

15.1

Undisclosed

12,000

11,346

5.8%

N/A

N/A

N/A

NULL

Total

15,927

15,237

4.5%

€ 554.3

€ 1,247.6

-354.1%

21.3

M&A at a Glance MEDIAN P/E

MEDIAN PREMIUM

25.0x

35.0% 30.0%

20.0x 19.8x

25.0%

15.0x

20.0%

16.0x

15.5x

23.4%

22.8%

22%

15.0%

10.0x

10.0% 5.0x 5.0% 0.0x

0.0% 4q14

1q15

2q15

3q15

4q15

1q16

2q16

3q16

4q16

4q14

1q15

2q15

3q15

4q15

1q16

2q16

3q16

4q16

DEAL VOLUME BY COUNTRY 1,600 1,400 1,348

1,200

1,291

1,242

1,224 1,140

1,000

1,202

1,246

1,196

1,095

800 600 567 400

650

627

610 543

581

497

494

1q15

2q15

532

671 596

615

4q15

1q16

611

657

635

669

705

697

200 0 4q14

3q15 France

Germany

2q16

3q16

4q16

United Kingdom

FactSet Flashwire Europe Quarterly: Media quotation with source attribution is encouraged. Reporters requesting additional information or editorial comment should contact [email protected]. Mergerstat gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided in this publication. Copyright 2017 FactSet Research Systems Inc. All rights reserved. It is illegal under federal copyright law to reproduce or redistribute this publication or any portion of its contents without written authorization of the publisher.

FactSet.com

Copyright © 2017 FactSet Research Systems Inc. All rights reserved.

2

Europe Sector Activity & Value

4th Quarter 2016

SECTOR BY ACTIVITY Target Sector Utilities Distribution Services Consumer Services Miscellaneous Transportation Process Industries Industrial Services Health Services Non-Energy Minerals Government Communications Consumer Durables Energy Minerals Health Technology Consumer Non-Durables Electronic Technology Producer Manufacturing Retail Trade Commercial Services Finance Technology Services Total

L3M 31/12/16 Deal Count 177 240 324 37 148 197 220 97 103 13 57 83 45 101 156 138 289 172 543 477 389 4,006

L3M 31/12/15 Deal Count 140 219 304 18 133 184 210 88 95 12 57 86 52 111 168 156 315 213 585 533 449 4,128

Difference 37.0 21.0 20.0 19.0 15.0 13.0 10.0 9.0 8.0 1.0 0.0 (3.0) (7.0) (10.0) (12.0) (18.0) (26.0) (41.0) (42.0) (56.0) (60.0) (122.0)

SECTOR BY VALUE Target Sector Consumer Non-Durables Electronic Technology Process Industries Finance Consumer Services Energy Minerals Health Technology Producer Manufacturing Health Services Industrial Services Miscellaneous Non-Energy Minerals Government Technology Services Transportation Utilities Communications Consumer Durables Commercial Services Retail Trade Distribution Services Total

FactSet.com

L3M 31/12/16 Value 66,692.1 50,227.3 49,097.8 58,843.8 43,766.5 28,565.2 44,544.0 18,380.1 6,816.7 11,474.9 3,548.5 4,067.3 86.9 14,052.1 5,690.3 15,406.9 4,796.2 1,362.4 7,565.9 3,863.8 4,732.4 €443,581.1

L3M 31/12/15 Value

Difference

18,364.2 2,897.4 6,507.1 22,119.4 9,784.3 7,870.9 27,687.1 10,270.4 2,271.1 7,106.4 1,529.0 2,361.6 620.3 15,678.3 9,932.5 20,144.3 9,933.1 6,651.2 13,374.6 9,860.9 26,564.1 €231,528.1

48,328.0 47,329.9 42,590.6 36,724.4 33,982.2 20,694.3 16,856.9 8,109.7 4,545.7 4,368.5 2,019.5 1,705.7 (533.4) (1,626.2) (4,242.2) (4,737.4) (5,136.9) (5,288.8) (5,808.7) (5,997.1) (21,831.7) €212,053.0

Copyright © 2017 FactSet Research Systems Inc. All rights reserved.

3

Europe Strategic Buyer Report

4th Quarter 2016

Merger Stats Number of Deals

Agg. Base Equity (€Bil)

12 Months Ended Deal Size

12 Months Ended

Average P/E

31/12/16

31/12/15

Change

31/12/16

31/12/15

Change

€1 Billion +

126

142

-11.3%

€ 345.7

€ 772.6

-55.3%

32.5

€500M to €999.9M

133

115

15.7%

58.2

79.9

-27.2%

29.3

€250M to €499.9M

196

173

13.3%

48.1

62.0

-22.4%

24

€100M to €249.9M

383

328

16.8%

40.5

52.6

-23.0%

21.7

€50M to €99.9M

324

350

-7.4%

16.4

25.5

-35.7%

27.1

€25M to €49.9M

311

366

-15.0%

8.3

13.4

-38.1%

15.8

€10M to €24.9M

474

503

-5.8%

5.4

8.3

-34.9%

17.9

Under €10M

1,365

1,279

6.7%

3.0

4.2

-28.6%

13.6

Undisclosed

10,069

9,363

7.5%

N/A

N/A

Total

13,381

12,619

6.0%

€ 525.6

€ 1,018.5

N/A

N/A

-48.4%

21.2

PUBLIC BUYER INDEX LTM 31/12/16 €200

600 € 172.0

€180 €160

500

€ 148.5

€140

400

€120

€ 92.3

€100

€ 72.3

€80

300

€ 60.6

€60

€ 47.1

€40 €20

200

€ 70.0

€ 38.8

€ 23.0

€ 21.9

€ 45.1 432

420

466

453

417

503

481

337

€ 45.2 478

412

457

553

100

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

€0

-

Europe Private Equity Report Indices

Top Private Equity: YTD 2016

PE BUYER INDEX LTM 31/12/16 €25

300

€ 21.5 € 19.1

€20

€ 15.0

€ 21.5 €15

Value (€Mil)

Fund (Private Equity Sponsor)

25-Nov-2016

€94,300.0

Softbank Vision Fund (Softbank Vision Advisers Ltd.)

01-Apr-2016

10,577.4

Virtual Reality Venture Capital Alliance Fund (Virtual Reality Venture Capital Alliance)

18-Feb-2016

7,250.0

Permira Europe VI Fund ( Permira Advisers LLP)

11-Jan-2016

7,035.8

Blackstone Real Estate Partners Europe V Fund (Blackstone Real Estate Advisors)

28-Jan-2016

6,947.3

Thoma Bravo Fund XII (Thoma Bravo LLC)

04-Jan-2016

6,108.6

Mezzanine Partners III LP ( Highbridge Principal Strategies Mezzanine)

20-Jan-2016

5,964.9

GSO Capital Opportunities Fund III (GSO Capital Partners (Private Equity)

21-Mar-2016

5,329.0

Starwood Opportunity Fund XI (Starwood Capital Group Global LLC)

10-May-2016

4,914.2

Lone Star Fund X (Ardian SAS)

01-Jan-2016

4,833.0

Trident Fund VII (Stone Point Capital LLC)

250 200

€ 14.3

Open Date

150 €10 €5

€ 8.1

€ 9.3

€ 12.5

€ 13.6

100

€ 6.5

€ 6.6 210

195

230

234

228

249

257

177

€ 6.8 186

183

192

50

203

€0

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

Jul-16

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

GOING PRIVATE INDEX LTM 31/12/16 €5.0

9

€ 4.3

€4.5 €4.0 €3.0 €2.5

6

€ 2.5

5

€2.0

€ 1.3

€ 1.6

€1.5

4 3

€ 0.8

€1.0 €0.5

7

€ 3.5

€3.5

8

€ 1.1 4

6

€ 0.2 2

€ 0.4 1

5

2

€ 0.4 € 0.2

€ 0.4 4

2

4

3

4

8

5

€0.0

1 -

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

FactSet.com

Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Copyright © 2017 FactSet Research Systems Inc. All rights reserved.

4

Top Europe Advisors

4th Quarter 2016

BASED ON EUROPE ANNOUNCED DEALS - RANKED BY TRANSACTION VALUE: YTD 2016 Financial Advisor

Transaction Value (€Mil)*

Total Deals**

Legal Advisor

Transaction Value (€Mil)* € 263,545.0

Total Deals**

1.

Goldman Sachs & Co.

€ 404,515.4

110

1.

Cravath, Swaine & Moore LLP

2.

Morgan Stanley

291,566.3

91

2.

Sullivan & Cromwell LLP

215,025.8

22 45

3.

JPMorgan Chase & Co

256,016.4

124

3.

Allen & Overy LLP

210,076.0

196

4.

Credit Suisse

228,755.6

64

4.

Davis Polk & Wardwell LLP

204,487.4

32

5.

Bank of America Merrill Lynch

228,427.5

88

5.

Simpson Thacher & Bartlett LLP

176,299.9

55

6.

Lazard

202,014.1

137

6.

Skadden, Arps, Slate, Meagher & Flom LLP

139,223.1

72

7.

UBS Group AG

182,666.6

75

7.

Herbert Smith Freehills LLP

135,071.1

63

8.

Barclays Plc

164,335.6

72

8.

Cleary Gottlieb Steen & Hamilton LLP

134,051.1

57

9.

Centerview Partners LLC

162,518.0

14

9.

Shearman & Sterling LLP

130,503.0

65

10.

Deutsche Bank AG

158,528.7

66

10.

Linklaters LLP

120,855.6

85

11.

Rothschild & Co

169,577.0

260

11.

Jones Day LP

113,446.5

142

12.

Citigroup

102,308.6

80

12.

Wachtell, Lipton, Rosen & Katz

112,744.6

17

13.

HSBC Holdings Plc

80,772.5

42

13.

Weil, Gotshal & Manges LLP

108,244.3

121

14.

PricewaterhouseCoopers

79,206.5

231

14.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

106,122.6

30

15.

Evercore Partners, Inc.

67,713.4

45

15.

Freshfields Bruckhaus Deringer LLP

105,796.0

71

16.

Perella Weinberg Partners Group LP

56,768.6

7

16.

Morrison & Foerster LLP

94,623.9

18

17.

Ducera Partners LLC

56,546.4

1

17.

Blake, Cassels & Graydon LLP

79,419.0

33

18.

RBC Capital Markets

46,020.0

39

18.

Clifford Chance LLP

78,184.1

145

19.

ALANTRA (formerly N+1)

44,458.2

49

19.

Debevoise & Plimpton LLP

71,234.6

19

20.

Robey Warshaw LLP

43,399.6

3

20.

Latham & Watkins LLP

64,059.8

133

21.

China International Capital Corp. Ltd.

42,042.1

2

21.

Stikeman Elliott LLP

61,769.3

27

22*

China Investment Corp.

41,872.8

1

22.

DLA Piper Group

58,434.8

86

22*

CITIC Ltd.

41,872.8

1

23.

Morgan, Lewis & Bockius LLP

58,083.0

52

23.

Qatalyst Group LP

41,744.9

2

24.

Luthra & Luthra

56,546.4

1

24.

Ernst & Young Global Ltd.

39,196.8

296

25.

Hengeler Mueller Partnerschaft

56,105.2

29

25.

Mizuho Financial Group, Inc.

36,407.3

16

26.

Moore & Van Allen PLLC

52,871.5

1

26.

The Raine Group LLC

33,799.3

2

27.

King & Wood Mallesons Ltd.

50,573.7

73

27.

BNP Paribas SA

33,258.7

98

28.

Homburger AG

50,559.4

11

28.

Daiwa Securities Group Inc.

32,339.2

55

29.

De Brauw Blackstone Westbroek NV

48,837.4

9

29.

PJT Partners, Inc.

28,209.8

11

30.

Bär & Karrer AG

46,674.8

16

30.

Société Générale SA

27,457.9

30

31.

Kirkland & Ellis LLP

44,202.9

81

31.

Jefferies LLC

20,832.5

53

32.

AZB & Partners

43,884.1

20

32.

KPMG International

19,619.6

288

33.

Slaughter & May Ltd.

42,465.5

28

33.

SEB

16,417.2

28

34.

Alston & Bird LLP

41,233.1

6

34.

UniCredit SpA

15,248.8

39

35.

White & Case LLP

34,438.3

59

35.

Macquarie Group

13,867.0

28

36.

Hogan Lovells

31,727.3

121

36.

Intesa Sanpaolo SpA

12,909.4

22

37.

A&L Goodbody

28,733.5

3

37.

Deloitte LLP

12,497.3

98

38.

Arthur Cox & Co. (UK)

26,776.8

1

38.

Greenhill & Co., Inc.

12,133.6

16

39.

Fried, Frank, Harris, Shriver & Jacobson LLP

18,340.5

20

39.

Moelis & Co.

11,510.8

27

40.

Gibson, Dunn & Crutcher LLP

17,430.5

38

40.

Banco Santander SA

9,993.0

17

41.

Advokatfirman Vinge KB

17,379.0

17

41.

China Huaneng Group Corp.

8,928.6

1

42.

Baker & McKenzie LLP

16,508.9

53

Proskauer Rose LLP

12,952.6

19

41.

GF Securities Co., Ltd.

8,928.6

1

43.

42.

Nomura Securities Co., Ltd.

8,690.0

24

44.

Houthoff Buruma Coöperatief UA

12,092.7

46

43.

ING Groep NV

8,193.9

28

45.

Paul Hastings LLP

11,808.3

48

44.

Mediobanca SpA

7,651.7

15

46.

Stibbe BV

11,630.2

25

45.

William Blair & Co. LLC

7,370.0

48

47.

Willkie Farr & Gallagher LLP

11,215.3

50

46.

Numis Corp. Plc

7,156.7

37

48.

Darrois Villey Maillot Brochier

10,960.4

11

47.

Guggenheim Capital LLC

7,047.5

7

49.

NautaDutilh NV

10,592.3

9

48.

Carnegie ASA

6,828.8

29

50.

Covington & Burling LLP

10,345.7

15

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5

Top Europe Deals Scoreboard Seller (Unit Sold)

Financial Advisor

Legal Advisor

Legal Advisor

Rank

1

2

3

4

5

6

7

8

9

10

Buyer

Financial Advisor Monsanto Co. Ducera Partners Morgan Stanley Cravath, Swaine & Moore LLP Debevoise & Plimpton LLP Morrison & Foerster LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP Wachtell, Lipton, Rosen & Katz Reynolds American Inc Goldman Sachs & Co. JPMorgan Chase & Co. Lazard Jones Day LP Moore & Van Allen PLLC Simpson Thacher & Bartlett LLP Weil, Gotshal & Manges LLP Syngenta AG ALANTRA (formerly N+1) Goldman Sachs & Co. JPMorgan Chase & Co. UBS Baer & Karrer AG Blake, Cassels & Graydon LLP Cleary Gottlieb Steen & Hamilton LLP Cravath, Swaine & Moore LLP Davis Polk & Wardwell LLP

NXP Semiconductors NV Barclays Plc Credit Suisse Qatalyst Partners LP De Brauw Blackstone Westbroek NV Jones Day LP Morgan, Lewis & Bockius LLP Skadden, Arps, Slate, Meagher & Flom LLP

Linde AG Bank of America Merrill Lynch Goldman Sachs & Co. Morgan Stanley Perella Weinberg Partners LP Cravath, Swaine & Moore LLP Hengeler Mueller Partnerschaft von Rechtsanwälten mbB Linklaters LLP ARM Holdings Plc Goldman Sachs & Co. Lazard & Co. Ltd. UBS Davis Polk & Wardwell LLP Slaughter & May Ltd.

Johnson Controls, Inc. Barclays Centerview A&L Goodbody AZB Partners Blake, Cassels & Graydon LLP Cleary Gottlieb Steen & Hamilton LLP Sullivan & Cromwell LLP Wachtell, Lipton, Rosen & Katz Actelion Ltd Sky Plc Barclays Plc Morgan Stanley PJT Partners LP Herbert Smith Freehills LLP

London Stock Exchange Group Plc Barclays Goldman Sachs & Co. JPMorgan Chase & Co. RBC Capital Markets LLC Robey Warshaw LLP Société Générale SA UBS Herbert Smith Freehills LLP

Bayer AG Bank of America Merrill Lynch Credit Suisse Rothschild & Co Allen & Overy LLP Luthra & Luthra Shearman & Sterling LLP Stikeman Elliott LLP Sullivan & Cromwell LLP British American Tobacco Plc Deutsche Bank AG PricewaterhouseCoopers LLP Centerview Partners LLC UBS Cravath, Swaine & Moore LLP Davis Polk & Wardwell LLP Herbert Smith Freehills LLP

Transaction Value** (€Mil)

Seller Sector

€56,546.4

Process Industries

€52,871.49

Consumer Non-Durables

China National Chemical Corp. CCB International Capital China CITIC Bank. China International Capital Corp. Credit Suisse HSBC Bank Morgan Stanley Clifford Chance LLP Homburger AG King & Wood Mallesons LLP Linklaters LLP Simpson Thacher & Bartlett LLP QUALCOMM, Inc. Centerview Partners LLC Evercore Partners, Inc. Goldman Sachs & Co. Allen & Overy LLP Cravath, Swaine & Moore LLP Davis Polk & Wardwell LLP DLA Piper LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP Shearman & Sterling LLP Sullivan & Cromwell LLP Praxair, Inc. Credit Suisse Alston & Bird LLP Sullivan & Cromwell LLP

€41,872.8

Process Industries

€27,360.3

Electronic Technology

€39,747.9

Process Industries

SoftBank Group Corp. Citigroup Daiwa Securities Co., Ltd. Mizuho Securities Co., Ltd. Robey Warshaw LLP The Raine Group LLC Cleary Gottlieb Steen & Hamilton LLP Freshfields Bruckhaus Deringer LLP Herbert Smith Freehills LLP Morrison & Foerster LLP Tyco International Plc Citigroup Goldman Sachs & Co Lazard Allen & Overy LLP Arthur & Cox Co. Simpson Thacher & Bartlett LLP Skadden, Arps, Slate, Meagher & Flom LLP

€27,360.3

Electronic Technology

€26,776.8

Producer Manufacturing

Johnson & Johnson

€26,589.2

Health Technology

21st Century Fox, Inc. Centerview Partners LLC Deutsche Bank AG JPMorgan Chase & Co Goldman Sachs & Co. Allen & Overy LLP Skadden, Arps, Slate, Meagher & Flom LLP Deutsche Borse AG Bank of America Merrill Lynch Deutsche Bank AG HSBC Bank Lazard Perella Weinberg Partners UK LLP Latham & Watkins LLP

€21,723.2

Consumer Services

€11,822.8

Finance

Total Market Value of Top 10 Deals YTD

FactSet.com

4th Quarter 2016

€346,238.38

Copyright © 2017 FactSet Research Systems Inc. All rights reserved.

6