Monthly M&A Activity Report Iberia, November 2016

Monthly M&A Activity Report Iberia, November 2016

The following report details mergers and acquisitions activity in Iberia in November 2016 using data from the Zephyr database. It focuses on deal activity by target company. Click here to access the raw data in an Excel spreadsheet.

Iberian M&A volume and value up in November Both the volume and value of mergers and acquisitions (M&A) targeting companies based in Iberia rose in November as 350 deals worth EUR 3,364 million were signed off. In terms of volume this represents a 23 per cent increase on the 284 transactions announced in October 2016, with value also jumping 37 per cent from EUR 2,450 million over the same timeframe. Year-on-year volume and value dropped from 429 deals worth EUR 5,436 million in November 2015. The month’s largest transaction involved private equity firm Bridgepoint Advisers’ EUR 456 million agreement to purchase Portuguese crop protection products manufacturer Sapec Agro Business and Spanish speciality fertilisers maker Tradecorp from Sapec Portugal. This was followed by a cash injection of EUR 401 million in Madrid-based WiZink Bank by shareholders Varde Partners and Banco Popular Espanol in order to fund the acquisition of Barclays’ Barclaycard consumer payments businesses in Portugal and Spain. Ten of the top 20 M&A deals for November were valued at over EUR 100 million.

Deals by volume and value Announced date

No of deals

Total deal value (mil EUR)

Nov-16

350

3,364

Oct-16

284

2,450

Sep-16

272

17,307

Aug-16

179

4,858

Jul-16

325

4,657

Jun-16

366

15,229

May-16

274

7,303

Apr-16

269

8,498

Mar-16

242

3,821

Feb-16

252

3,822

Jan-16

274

3,688

Dec-15

258

7,932

Nov-15

429

5,436

Volume for private equity and venture capital (PE and VC) deals targeting Iberian companies in November 2016 reached its lowest point since June 2013, when 10 deals were valued at EUR 8 million. In all there were 10 deals worth EUR 460 million in November 2016, a 69 per cent rise in value from EUR 273 million in October, while volume fell from 22 over the same timeframe. Year-on-year volume and value declined considerably as 26 transactions were announced worth EUR 946 in November 2015.

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Monthly M&A Activity Report Iberia, November 2016

Deal value (mil EUR)

Deals by volume and value

20,000

500

18,000

450

16,000

400

14,000

350

12,000

300

10,000

250

8,000

200

6,000

150

4,000

100

2,000

50

0

0 Nov-15 Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16 Jun-16

Aggregate deal value (mil EUR)

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Jul-16

Aug-16 Sep-16

Oct-16

Nov-16

Number of deals



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Monthly M&A Activity Report Iberia, November 2016

Top deals by value Deal value (mil EUR)

Deal type

Target

Target country

Acquiror

Acquiror country

Deal status

1.

456

IBO 100%

Trade Corporation International SA; Sapec Agro SA

ES; PT

Bridgepoint Advisers Ltd

GB

Pending

2.

401

Acquisition increased to 100% WiZink Bank SA

ES

Banco Popular Espanol SA; Varde Partners Inc.

ES; US

Completed

3.

400

Acquisition increased from 50% to 100%

Empark Aparcamientos y Servicios SA

ES

Silbest - SGPS SA; PAC SGPS SA

PT; PT

Completed

4.

352

Minority stake 4%

ACS Actividades de Construccion y Servicios SA

ES

5.

320

Acquisition

Infun SA; Altec Engineering SL; Ineder Projects SL; Fundiciones Miguel Ros SA; Casting Ros SA; Infun FOR SpA; Infun Cast (Wuhu) Co., Ltd; Infun Ederlan Auto Parts Wuhuco., Ltd; Infun SA's plant supporting companies

ES; ES; ES; ES; ES; IT; CN; CN; ES

Grupo Industrial Saltillo SAB de CV

MX

Announced

6.

319

Acquisition 100%

Tecnocom Telecomunicaciones y Energia SA

ES

Indra Sistemas SA

ES

Announced

7.

272

Acquisition 100%

Wanda Madrid Development SL

ES

Baraka Global Invest SL

ES

Announced

8.

221

Minority stake 1%

Telefonica SA

ES

AQR Capital Management LLC

US

Completed

Completed

9.

202

Minority stake 3%

Banco de Sabadell SA

ES

Qualified Investors

Completed

10.

117

Minority stake 10%

Corticeira Amorim SGPS SA

PT

Qualified Institutional Investors

Completed

11.

57

Minority stake 3%

Indra Sistemas SA

ES

T Rowe Price Associates Inc.

US

Completed

12.

55

Minority stake

Sintax Logistica SA

ES

Compagnie d'Affretement et de Transport SAS

FR

Announced

13.

30

Minority stake increased from 13% to 17%

Lar Espana Real Estate SOCIMI SA

ES

LVS II Luxembourg XII Sarl

LU

Completed

14.

29

Minority stake increased from 2% to 3%

Mediaset Espana Comunicacion SA

ES

BlackRock Inc.

US

Completed

15.

27

Acquisition increased to 100%

Ciudad de las Artes y de las Ciencias SA

ES

Generalitat Valenciana

ES

Announced

16.

17

Minority stake 3%

Talgo SA

ES

Aviva plc

GB

Completed

17.

15

Acquisition increased to 100%

Frescos Delisano SA

ES

Grup Canigueral IMP SL

ES

Completed

18.

14

Minority stake 1%

Indra Sistemas SA

ES

19.

13

Minority stake increased to 5%

Cellnex Telecom SA

ES

Criteria Caixa SA

ES

Completed

20.

5

Acquisition 50%

Colegio Iale SA

ES

Internationella Engelska Skolan i Sverige Holdings II AB

SE

Completed

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Completed



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Monthly M&A Activity Report Iberia, November 2016

Target sectors by volume

Target sectors by value

Target sector

Nov-15

Oct-16

Nov-16

Target sector

Nov-15 (mil EUR)

Oct-16 (mil EUR)

Nov-16 (mil EUR)

Other services

176

99

108

Other services

765

797

890

Wholesale & retail trade

64

28

41

Construction

45

167

624

Construction

43

26

32

Banks

28

74

615

Hotels & restaurants

16

8

19

Chemicals, rubber, plastics

17

16

456

Machinery, equipment, furniture, recycling

23

13

15

Machinery, equipment, furniture, recycling

206

51

342

Transport

15

11

10

Metals & metal products

12

1

320

Gas, water, electricity

27

7

10

Publishing, printing

96

16

319

Education, health

9

7

10

Post and telecommunications

629

95

236

Publishing, printing

14

8

10

Wood, cork, paper

138

3

117

Food, beverages, tobacco

15

8

8

Transport

818

637

57

Chemicals, rubber, plastics

10

8

8

Food, beverages, tobacco

277

111

19

Metals & metal products

16

3

6

Education, health

12

79

5

Textiles, wearing apparel, leather

4

2

5

Textiles, wearing apparel, leather

0

3

0

Banks

7

17

5

Primary sector

367

335

0

Primary sector

6

6

4

Public administration and defence

0

0

0

Insurance companies

1

2

4

Insurance companies

0

4

0

Wood, cork, paper

2

4

4

Hotels & restaurants

1

10

0

Post and telecommunications

12

14

4

Wholesale & retail trade

719

55

0

Public administration and defence

0

0

0

Gas, water, electricity

1,276

0

0

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Monthly M&A Activity Report Iberia, November 2016

Target countries by volume

Target countries by value Target country

Nov-15 (mil EUR)

Oct-16 (mil EUR)

Nov-16 (mil EUR)

1.

UK

61,467

9,470

14,064

336

2.

Germany

8,001

8,857

11,718

406

325

3.

France

22,175

6,441

9,789

259

295

237

4.

Italy

6,853

3,134

8,336

Sweden

174

158

186

5.

Norway

1,169

395

5,067

6.

Italy

120

170

170

6.

Sweden

4,842

2,879

4,678

7.

Netherlands

139

177

166

7.

Spain

4,672

2,340

3,239

8.

Switzerland

70

124

81

8.

Netherlands

4,191

49,132

2,231

Finland

143

41

1,342

Target country

Nov-15

Oct-16

Nov-16

1.

UK

573

655

443

2.

Spain

409

273

3.

Germany

409

4.

France

5.

9.

Finland

59

36

52

9.

10.

Norway

41

34

49

10.

Switzerland

2,077

2,227

1,204

11.

Belgium

45

47

39

11.

Ireland

5,030

851

1,198

12.

Denmark

15

21

25

12.

Belgium

1,151

242

760

13.

Ireland

22

14

21

13.

Portugal

765

121

582

14.

Turkey

29

19

20

14.

China

0

0

320

15.

Luxembourg

23

18

16

15.

Turkey

519

584

202

16.

Portugal

20

12

15

16.

Denmark

909

1,942

155

17.

Austria

17

22

9

17.

Greece

9,396

421

141

18.

Cyprus

11

2

5

18.

Luxembourg

1,123

3,264

133

19.

Greece

12

4

4

19.

Cyprus

54

3

48

20.

Malta

3

2

2

20.

Austria

8

214

8

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Monthly M&A Activity Report Iberia, November 2016

Private equity deals by volume and value Announced date

No of deals

Total deal value (mil EUR)

Nov-16

10

460

Oct-16

22

273

Sep-16

36

4,181

Aug-16

22

1,470

Jul-16

28

54

Jun-16

29

1,402

May-16

21

234

Apr-16

26

1,656

Mar-16

16

22

Feb-16

27

1,069

Jan-16

20

381

Dec-15

24

1,044

Nov-15

26

946

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Monthly M&A Activity Report Iberia, November 2016

Deal value (mil EUR)

Private equity deals by volume and value

4,500

40

4,000

35

3,500

30

3,000

25

2,500

20

2,000

15

1,500

10

1,000

5

500 0

0 Nov-15 Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16 Jun-16

Aggregate deal value (mil EUR)

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Jul-16

Aug-16 Sep-16

Oct-16

Nov-16

Number of deals



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Monthly M&A Activity Report Iberia, November 2016

Top private equity deals by value Deal value (mil EUR)

Deal type

Target

Target country

Equity provider

Deal status

1.

456

IBO 100%

Trade Corporation International SA; Sapec Agro SA

ES; PT

Bridgepoint Advisers Ltd

Pending

2.

2

Minority stake

Kinematix Sense SA

PT

Portugal Capital Ventures - Sociedade de Capital de Risco SA

Completed

3.

1

Minority stake

Varador 2000 SA

ES

Institut Catala de Finances Capital SGECR SA

Completed

4.

1

Minority stake

ec2ce

ES

5.

0

Minority stake

Knok Healthcare Lda

PT

Mustard Seed Impact Ltd

Completed

6.

0

Minority stake

Wuolah SL

ES

Trust Q Inversiones 2017 SA

Completed

7.

0

Minority stake

TribeScale SL

ES

8.

n.a.

IBO 100%

Gascan SA

PT

Arta Capital SGEIC SA

Pending

9.

n.a.

IBO 50%

Raclac SA

PT

Vallis Capital Partners – SGPS SA

Pending

10.

n.a.

Minority stake

Unua Global Lda

PT

Portugal Capital Ventures - Sociedade de Capital de Risco SA

Completed

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Completed

Completed

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Monthly M&A Activity Report Iberia, November 2016

Private equity providers Private equity firm

Number of deals

Number with consideration

Total deal value (mil EUR)

Average deal value (mil EUR)

1.

Bridgepoint Advisers Ltd

1

1

456

456

2.

Portugal Capital Ventures - Sociedade de Capital de Risco SA

2

1

2

2

3.

Institut Catala de Finances Capital SGECR SA

1

1

1

1

4.

Mustard Seed Impact Ltd

1

1

0

0

5.

Trust Q Inversiones 2017 SA

1

1

0

0

6.

Explorer Investments - Sociedade De Capital De Risco SA

1

0

n.a.

n.a.

7.

Vallis Capital Partners – SGPS SA

1

0

n.a.

n.a.

8.

Arta Capital SGEIC SA

1

0

n.a.

n.a.

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Monthly M&A Activity Report Iberia, November 2016

Target sectors by volume for private equity deals

Target sectors by value for private equity deals

Target sector

Nov-15

Oct-16

Nov-16

Target sector

Nov-15 (mil EUR)

Oct-16 (mil EUR)

Nov-16 (mil EUR)

Other services

13

10

3

Chemicals, rubber, plastics

4

0

456

Machinery, equipment, furniture, recycling

5

2

2

Machinery, equipment, furniture, recycling

7

51

3

Gas, water, electricity

2

0

1

Other services

11

6

1

Wholesale & retail trade

0

3

1

Publishing, printing

2

0

0

Publishing, printing

4

2

1

Transport

0

0

0

Chemicals, rubber, plastics

2

1

1

Post and telecommunications

0

0

0

Textiles, wearing apparel, leather

0

0

1

Hotels & restaurants

0

0

0

Post and telecommunications

0

0

0

Insurance companies

0

0

0

Education, health

0

1

0

Education, health

0

1

0

Insurance companies

0

0

0

Textiles, wearing apparel, leather

0

0

0

Transport

0

1

0

Wood, cork, paper

0

0

0

Wood, cork, paper

0

0

0

Primary sector

0

200

0

Food, beverages, tobacco

0

0

0

Food, beverages, tobacco

0

0

0

Primary sector

0

1

0

Construction

0

0

0

Hotels & restaurants

0

1

0

Wholesale & retail trade

0

16

0

Construction

0

0

0

Metals & metal products

0

0

0

Metals & metal products

0

0

0

Gas, water, electricity

922

0

0

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Monthly M&A Activity Report Iberia, November 2016

Target countries by volume for private equity deals

Target countries by value for private equity deals Target country

Nov-15 (mil EUR)

Oct-16 (mil EUR)

Nov-16 (mil EUR)

1.

Germany

208

1,942

3,907

42

2.

Sweden

745

532

2,669

40

42

3.

UK

18,510

1,674

758

55

57

30

4.

Italy

364

26

519

Finland

15

10

17

5.

Portugal

7

0

458

6.

Italy

15

14

13

6.

Spain

940

273

458

7.

Switzerland

7

7

9

7.

France

780

1,194

442

8.

Netherlands

16

9

8

8.

Switzerland

698

109

195

Finland

18

25

118

Target country

Nov-15

Oct-16

Nov-16

1.

UK

82

94

56

2.

Sweden

8

22

3.

Germany

45

4.

France

5.

9.

Ireland

3

4

6

9.

10.

Portugal

3

1

6

10.

Norway

0

3

23

11.

Spain

23

21

5

11.

Belgium

16

15

23

12.

Belgium

8

7

4

12.

Luxembourg

955

1,112

18

13.

Denmark

4

2

4

13.

Netherlands

35

2,896

16

14.

Luxembourg

1

2

2

14.

Ireland

338

137

13

15.

Norway

1

2

2

15.

Cyprus

0

0

3

16.

Austria

1

3

2

16

Denmark

234

0

2

17.

Turkey

3

0

1

17

Turkey

65

0

1

18

Cyprus

0

0

1

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Zephyr Half Year M&A Report Notes to editors Activity is based on the activity of the target company. Iberia targets refers to target companies from Spain and Portugal Deal status: all deal statuses except rumoured, withdrawn and postponed The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr