Zephyr Quarterly M&A Report Nordic Report, Q4 2013

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

The following report details mergers and acquisitions activity in the Nordic Region in Q4 2013 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.

Deals by volume and value

M&A value weakens against increase in volume The value of mergers and acquisitions (M&A) with Nordic targets fell by 17 per cent in Q4 2013 with fewer big ticket deals announced during the quarter. In all, a total of EUR 16,556 million-worth of transactions were recorded between October and December compared to the year-high of EUR 19,935 million in Q3. Interestingly, M&A value in Q4 2013 was almost the same as that recorded in the corresponding quarter of last year (Q4 2012: EUR 16,471 million).

Announced date

No of deals

Total deal value (mil EUR)

Q4 2013

1,140

16,556

Q3 2013

1,002

19,935

Q2 2013

1,134

14,724

Q1 2013

919

14,844

Q4 2012

1,258

16,471

Q3 2012

870

6,977

Q2 2012

1,016

11,742

Q1 2012

993

11,392

Q4 2011

1,157

15,076

Meanwhile, the volume of deals announced during the three months under review advanced 14 per cent quarter-over-quarter, from 1,002 transactions to 1,140, making it the highest result of 2013. However, 9 per cent more deals were announced at the same time 12 months ago (Q4 2012: 1,258).

Page 1

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

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Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Nordic deals by volume and value

25,000

1,400 1,200

Deal value (mil EUR)

20,000

1,000 15,000

800 600

10,000

400 5,000

0

200

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Total deal value (mil EUR)

Page 2

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Q2 2013

Q3 2013

Q4 2013

0

Number of deals

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Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Power deal tops the rankings by value

Top PE deal is a buyout

Four transactions were worth more than EUR 1,000 million during Q4 2013, and collectively accounted for 39 per cent of the region’s overall M&A value of EUR 16,556 million.

The sale of Fortum’s Finnish electricity distribution business was also the number one private equity (PE) transaction by value; Borealis Infrastructure Management invested alongside pension funds to take a 40 per cent stake in Suomi Power Networks, the entity formed by the consortium to undertake the EUR 2,550 million-acquisition.

Highest among these was the sale by publicly-quoted Finnish energy group Fortum of its domestic electricity distribution business to Suomi Power Networks, an entity owned by a consortium of Finnish pension funds, for EUR 2,550 million. Pension funds were also involved in the second highest-valued transaction of the three months: this time Danish investors joined US giant Goldman Sachs to infuse EUR 1,475 million for a 26 per cent stake in state-owned power company DONG Energy . Norway topples Finland by value

This was one of six buyouts to feature in the top 20 PE transactions by value, although the second, third and fourth-ranked deals by value were minority stake transactions worth EUR 1,475 million, EUR 274 million and EUR 186 million, respectively. One of the most prolific investment firms during Q4 was Finnish private equity company Suomen Teollisuussijoitus, featuring in no less than four transactions during the three months.

In a slightly surprising outcome, Norway overtook Finland in the rankings of countries by value in Q4 to take top spot, despite Finnish targets appearing in the quarter’s most valuable M&A transaction. Norwegian companies were targeted in deals worth a collective EUR 4,954 million during the three months under review, almost double the EUR 2,662 million recorded in Q3. Finland came a close second, but the EUR 4,643 million-worth of M&A targeting companies based in the country was half that of the previous quarter (Q3 2013: EUR 9,659 million). By volume, Finland took the top spot with 418 transactions, 11 per cent higher than the preceding quarter and the third consecutive increase (Q1 2013: 304; Q2 2013: 346; Q3 2013: 375). Sweden was second with 341, followed by Norway and Denmark with 220 and 163, respectively.

Page 3

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Contact +44 161 838 9554  Zephyr Editorial: [email protected]

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Nordic Region top 20 deals by value Deal value (mil EUR)

Deal type

Target

Acquiror

Acquiror Announced country date

1.

2,550

Acquisition

Fortum Sähkönsiirto Oy; Fortum Espoo Distribution Oy FI; FI

Suomi Power Networks Oy

FI

2.

1,475

Minority stake 26%

DONG Energy A/S

DK

G o l d m a n S a c h s C a p i t a l P a r t n e r s ; US; DK; 29/11/2013 Arbejdsmarkedets Tillægspension; PFA Pension DK

3.

1,346

Minority stake 22%

Norsk Hydro ASA

NO

Investors

4.

1,126

Acquisition 51%

Supercell Oy

FI

Special Purpose Company

5.

596

Minority stake 15%

Pandora A/S

DK

Institutional Investors

6.

418

Minority stake 25%

BillerudKorsnäs AB

SE

Fjärde AP-fonden; Alecta AB; Swedbank SE; SE; 09/12/2013 Robur Fonder AB; AMF Pensionsförsäkring AB; SE; SE; SE Financial institutions

7.

384

Acquisition increased to 100%

Statnett SF

NO

Government of Norway

NO

8.

378

Minority stake 1%

Novo Nordisk A/S

DK

9.

375

Acquisition 80%

E.ON Danmark A/S’s Rødsand 2 offshore windpark

DK

SEAS-NVE Amba

DK

10.

338

Minority stake

ICA Fastigheter Sverige AB

SE

If Skadeförsäkring AB; AMF Pensionsförsäkring SE; SE AB

11.

306

Minority stake 5%

Gjensidige Forsikring ASA

NO

12.

290

Acquisition 100%

Jacobi Carbons AB

SE

Japan EnviroChemicals Ltd

JP

29/10/2013

13.

274

Minority stake 40%

Hafnia Management A/S

DK

Hafnia Tankers A/S

DK

17/10/2013

14.

242

Minority stake increased from 3% to 5%

Volvo AB

SE

Cevian Capital AB

SE

02/12/2013

15.

242

Minority stake 30%

Outokumpu Oyj

FI

Ahlström Capital Oy; Solidium Oy; Institutional FI; FI Investors

29/11/2013

16.

229

Minority stake 6%

Aker Solutions ASA

NO

Aker ASA

NO

27/11/2013

17.

190

Acquisition 100%

Stream AS

NO

MRC Global Inc.

US

09/12/2013

18.

186

Minority stake

Spotify AB

SE

Investors; TCMI Inc.

US

21/11/2013

19.

181

Acquisition 75%

Songa Offshore SE

NO

Mr Christen Sveaas; Investors; Shareholders; NO; NO; 25/11/2013 Perestroika AS; Verdipapirfondet Fondsfinans NO Spar

20.

173

Acquisition 100%

Aker Pusnes AS

NO

Cargotec Finland Oy

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Target country

Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

12/12/2013

11/11/2013 FI

15/10/2013 14/11/2013

17/12/2013 31/10/2013 11/11/2013 06/12/2013 29/10/2013

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FI

30/10/2013

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Nordic Region top 20 private equity deals by value

1.

Deal value (mil EUR)

Deal type

Target

Target country

2,550

Acquisition

Fortum Sähkönsiirto Oy; Fortum Espoo FI; FI Distribution Oy

Equity provider

Announced date

Borealis Infrastructure Management Inc.

12/12/2013

2.

1,475

Minority stake 26%

DONG Energy A/S

DK

Goldman Sachs Capital Partners

29/11/2013

3.

274

Minority stake 40%

Hafnia Management A/S

DK

Barclays plc; J Lauritzen A/S; Tufton Capital; The Blackstone Group LP

17/10/2013

4.

186

Minority stake

Spotify AB

SE

TCMI Inc.

21/11/2013

5.

121

IBO

Øglænd Industrier AS

NO

Segulah AB

04/12/2013

NO

6.

92

IBO 100%

DNV Petroleum Services AS

IK Investment Partners Luxembourg Sàrl

02/10/2013

7.

63

IBO 100%

Outokumpu Oyj's electricity distribution network FI in Tornio

OFI InfraVia SAS

26/11/2013

8.

34

Minority stake

DeepWell AS

NO

HitecVision AS

23/12/2013

9.

15

Minority stake

SkySQL Corporation Oy

FI

Intel Capital Corporation; California Technology Ventures LLC; Suomen 23/10/2013 Teollisuussijoitus Oy; Open Ocean Capital Oy; Spintop Private Partners AB

10.

11

Minority stake

Pharmalink AB

SE

Industrifonden AB; Investinor AS

04/10/2013

11.

9

IBO 66%

Aker Arctic Technology Oy

FI

Suomen Teollisuussijoitus Oy

17/12/2013

12.

7

Minority stake

FlatFrog Laboratories AB

SE

The Invus Group LLC; Intel Capital Corporation; Sunstone Capital A/S

26/11/2013

13.

6

Minority stake

Lytix Biopharma AS

NO

Innovasjon Norge

05/12/2013

14.

5

Minority stake

Wema Group Holding AS

NO

Norvestor Equity AS

12/11/2013

15.

4

Minority stake

MAG Interactive

SE

Nokia Growth Partners LP

13/11/2013

16.

4

Minority stake

Visedo Oy

FI

Suomen Teollisuussijoitus Oy; VNT Management Oy

16/12/2013

17.

3

IBO 85%

Matti-Ovi Oy

FI

Taaleritehtaan Sijoitustehdas Oy

08/10/2013

18.

3

Minority stake

Garantibil Sverige AB

SE

Industrifonden AB

19/12/2013

19.

3

Minority stake

Walkbase Oy

FI

Sberbank Rossii OAO

12/11/2013

20.

3

Minority stake

P2S Media Group Oy

FI

Suomen Teollisuussijoitus Oy; Conor Venture Partners Oy;

13/11/2013

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Contact +44 161 838 9554  Zephyr Editorial: [email protected]

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Private equity deals by volume and value

PE value soars PE and VC investment in Nordic companies in Q4 2013 leapt from EUR 1,507 million to EUR 4,893 million and was the highest result of the nine quarters under review.

Announced date

No of deals

Total deal value (mil EUR)

Q4 2013

70

4,893

Volume increased at a slower rate, advancing 6 per cent from 66 to 70 transactions to mark the second highest result of 2013.

Q3 2013

66

1,507

Q2 2013

102

1,957

In a year-over-year comparison, Q4 2013 was 59 per cent better in terms of value but 15 per cent lower by volume (Q4 2012: 82 deals worth EUR 3,069 million).

Q1 2013

62

4,414

Q4 2012

82

3,069

Q3 2012

56

822

Q2 2012

106

911

Q1 2012

84

3,103

Q4 2011

75

3,717

Page 6

© Zephyr

Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Contact +44 161 838 9554  Zephyr Editorial: [email protected]

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Deal value (mil EUR)

Nordic private equity deals by volume and value

6,000

120

5,000

100

4,000

80

3,000

60

2,000

40

1,000

20

0

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Total deal value (mil EUR)

Page 7

© Zephyr

Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Q2 2013

Q3 2013

Q4 2013

0

Number of deals

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Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Deal types by volume in Q4 2013 Acquisition Minority stake IBO MBO Merger

Deal types by value in Q4 2013

Minority stake Acquisition Minority stake IBO Acquisition

Deal types by volume Deal type

Q4 2012

Q3 2013

Q4 2013

Acquisition

880

634

683

Minority stake

340

341

418

IBO

24

16

19

Merger

8

4

11

MBO

6

8

10

Deal type

Q4 2012 (mil EUR)

Q3 2013 (mil EUR)

Q4 2013 (mil EUR)

Minority stake

5,874

8,690

9,441

Acquisition

7,721

9,808

6,839

IBO

2,890

1,437

289

Deal types by value

IBO

Page 8

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Contact +44 161 838 9554  Zephyr Editorial: [email protected]

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Target sectors by volume

Target sectors by value

Target sector

Q4 2012

Q3 2013

Q4 2013

Target sector

Q4 2012 (mil EUR)

Q3 2013 (mil EUR)

Q4 2013 (mil EUR)

Other services

513

396

448

Gas, water, electricity

275

495

4,895

Machinery, equipment, furniture, recycling

148

114

143

Other services

5,887

2,971

3,533

Wholesale & retail trade

137

125

117

Machinery, equipment, furniture, recycling

6,015

8,806

1,953

Chemicals, rubber, plastics

41

34

58

Metals & metal products

96

927

1,765

Banks

64

51

52

Primary sector

1,283

354

893

Transport

50

29

47

Transport

469

663

721

Construction

60

51

42

Construction

105

225

563

Primary sector

24

30

38

Chemicals, rubber, plastics

306

316

532

Education, health

52

37

34

Wood, cork, paper

463

91

487

Gas, water, electricity

26

14

33

Banks

988

2,829

396

Publishing, printing

42

27

30

Insurance companies

20

0

387

Metals & metal products

28

36

29

Wholesale & retail trade

146

164

210

Wood, cork, paper

21

13

23

Food, beverages, tobacco

211

1,462

178

Hotels & restaurants

20

25

21

Hotels & restaurants

1

0

102

Food, beverages, tobacco

31

18

17

Publishing, printing

140

21

26

Textiles, wearing apparel, leather

6

7

6

Textiles, wearing apparel, leather

25

10

3

Insurance companies

2

3

4

Education, health

84

602

0

Post and telecommunications

1

0

3

Public administration and defence

0

0

0

Public administration and defence

0

0

1

Post and telecommunications

0

0

0

Page 9

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Contact +44 161 838 9554  Zephyr Editorial: [email protected]

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Countries by volume Target country

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Finland

530

304

346

375

418

Sweden

365

320

401

326

341

Norway

220

178

250

170

220

Denmark

145

121

141

134

163

Target country

Q4 2012 (mil EUR)

Q1 2013 (mil EUR)

Q2 2013 (mil EUR)

Q3 2013 (mil EUR)

Q4 2013 (mil EUR)

Norway

5,025

2,300

6,374

2,662

4,954

Finland

1,243

1,323

1,113

9,659

4,643

Denmark

2,758

2,411

1,850

1,560

3,929

Sweden

7,446

8,809

5,387

6,054

3,030

Countries by value

Page 10

© Zephyr

Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Contact +44 161 838 9554  Zephyr Editorial: [email protected]

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Zephyr Quarterly M&A Report Nordic Region, Q4 2013

Notes to editors Activity is based on the activity of the target company for firms in Sweden, Norway, Finland and Denmark Deal status is announced within the time period The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr Q4 2013 date range is from 01/10/2013 to 29/12/2013 inclusive

Page 11

© Zephyr

Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

Contact +44 161 838 9554  Zephyr Editorial: [email protected]

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”