XBMA Quarterly Review

Q1 2016

Raaj Narayan , Editor

The views expressed herein reflect only the views of XBMAs editorial staff individually and not those of any of
XBMAs founders, academic partners, advisory board members, or others.

Global M&A Volume: Q1 Snapshot

Global M&A volume in Q1 exceeded US$700 billion, the second highest start to the year
since 2011, but lower than the quarterly volume of the record-setting levels of 2015.
Q1 saw a number of landmark transactions, including Syngenta/China National
Chemical Corp and Johnson Controls/Tyco International, and eight deals in excess of
US$10 billion.
Cross-border M&A activity accounted for 43% of global deal volume in Q1, significantly
higher than recent levels. Six of the 10 largest deals in Q1 were cross-border transactions,
accounting for half of the quarters US$300 billion in cross-border deal volume.
Cross-border deals involving a Chinese acquiror jumped to over US$80 billion, more
than 25% of all cross-border deal activity in the quarter.
European M&A activity had its best start to the year since 2011, including the four largest
deals of the quarter and three deals in excess of US$20 billion. European M&A
accounted for one quarter of aggregate deal volume.

Deal Volume by Quarter

5,000

4,756

4,500
4,000

1,597
3,341

US$ billions

3,500
3,000
2,500
2,000
1,500
1,000
500
0

2,627
756
721

2,645
577

2,626

2,379

877

653

585
583

559

770

2010

2011
Quarter 1

1,060

853
1,247

689

713
591

902

983

661

537

505

500

603

2012

2013

2014

Quarter 2

Quarter 3

702
852
2015

702
2016

Quarter 4

All figures are inflation-adjusted to 2016 dollars. Data in this report does not include spin-offs announced in 2016
that have not been completed.

XBMA

Source: Thomson; NYT Dealbook

Global M&A Volume: 19992016

Q4 2015 was the strongest quarter for deal-making on record, and while Q1 continued to
see strong M&A volume across the globe, levels were very substantially down quarter-onquarter.
Stock market volatility, concerns about a slowing Chinese economy, low commodity
prices, and a challenging regulatory environment for certain larger transactions in the
United States could be tempering forces in 2016.
However, acquirers continue to maintain large cash balances (carried at virtually zero
return) and attractive acquisition currency in the form of their stock, and most corporate
borrowers can obtain relatively attractive financing terms. Coupled with the continued
drive for global scale and synergies and consolidation in key industries, this environment
remains conducive for robust M&A activity.

Global M&A Volume

6.0
5.5
5.0
4.5
US$ trillions

4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0

All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.

XBMA

Source: Thomson

Cross-Border M&A Volume: 20092016

Cross-border M&A activity accounted for US$300 billion of deal volume in Q1,
approximately 43% of the quarters deal activity.
The percentage of global deal volume attributable to cross-border transactions increased
substantially over the steady 35% level that has prevailed in recent years.
In particular, the volume of deals involving an emerging economy acquirer and a
developed economy target spiked in Q1, driven by high value acquisitions by Chinese
companies. This is one indicator that buyers in emerging markets continue to search out
transformative deals that provide access to developed markets, particularly as certain
emerging economies have slowed. Currency and risk diversification also plays an
important role in Chinese outbound M&A.
Deal Volume
5.0

4.76

4.0

US$ trillions

3.34
3.18

3.0

2.63

2.64

2.38

2.20
2.0

2.80

2.63
2.10

1.64

1.71

1.60
1.70
1.67

1.61
1.0

0.59
0.0

2009

0.99

2010

0.93

0.93

2011

2012

Domestic M&A

1.24

1.58

1.20

0.71
2013

2014

2015

2016

Cross-Border M&A

Cross-border M&A transactions are defined as those in which the parties are headquartered or based in different
countries. All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.

XBMA

Source: Thomson; Reuters

Medium and Large M&A Deals: 20082016

Twenty-two deals exceeding US$5 billion in value were announced in Q1. Eight deals
exceeded US$10 billion in value, and three deals exceeded US$20 billion in value.
Notably, five of the 10 largest deals in Q1 involved a European target, and four of the 10
largest deals involved a U.S. target.
Cross-border activity steadily accounts for approximately 35-40% of the larger deals
announced, consistent with the percentage of overall deal volume.

Number of Deals > US$500 million

1,500

1,228

1,250
1,072
1,000

900

862

882

873

863
792

750

828

640
490

581

537

514

513

368

360

314

2011

2012

2013

549

524

500
387
250

372

363
194

2008

2009

2010

Cross-Border M&A

432

436
304

2014

2015

2016

Domestic M&A

2016 data is annualized.

XBMA

Source: Thomson

M&A Volume by Target Region

Europe accounted for one quarter of Q1 deal activity, relative to a near-term historical
average of only 15%. China was another strong performer in Q1, driving 22% of global
deal activity (compared to a recent average of 14%). Notably, Europe and China together
produced nearly half of the quarters deal activity (compared to a recent average of 30%).
In contrast, the United States share of global M&A dropped to 35% in Q1, from 50% in
2015, in part due to volatility in the U.S. stock market.
The emerging economic regions of Central Asia, South America, Africa/Middle East,
India, Mexico, and Central America produced an aggregate of 7% of global M&A volume
in Q1, relative to a recent aggregate average of 12%.
Q1 2016

Africa/Middle East
0.9%
India
Canada
1.1%
South America 2.9%
1.0%
Japan
3.9%
Australia/NZ
2.6%
Central Asia
3.9%

Mexico
0.1%
Central America
0.05%
United States
34.8%

China
21.9%

Europe
26.9%

20112015

Africa/Middle East
Mexico
2.12%
India
0.93%
0.96%
Canada
South America
3.65%
3.06%
Central America
Japan
0.09%
3.06%
Australia/NZ
3.28%
Central Asia
5.01%

United States
48.55%

China
14.18%
Europe
15.11%
Represents share of global M&A volume based on targets headquarters. All figures are inflation-adjusted to 2016
dollars.

XBMA

Source: Thomson

GDP and M&A

Volume by Targets Region: Q1 2016
The United States and Canada continue to produce significantly higher shares of global
M&A activity than world GDP. The same is true for China, while most other emerging
economies yield significantly lower shares of global M&A activity than world GDP. This
is one indicator of continued runway for growth in emerging economy M&A, including
inbound cross-border acquisitions.
Debt-to-GDP ratios in Japan, the United States, and Canada approximate or exceed
100%, whereas debt-to-GDP ratios in China and several other emerging economies are
closer to 50%.

GDP, M&A, and Debt by Region

250%

50%

200%

40%
150%
30%
100%
20%
50%

10%

Government Debt as % of GDP

% of 2015 World GDP

% of 2015 Global M&A

60%

0%

0%

Region

2015 GDP
(US$ trillions)

2015 Per Capita

GDP (US$)

Europe

19.8

26,921

United States

18.1

56,421

China

11.2

11,212

Japan

4.2

33,223

India

2.3

1,808

World

74.6

13,823

2015 GDP figures are IMF estimates.

XBMA

Source: Thomson, IMF

Trends in M&A Volume by

Target Region: 20122016
Deal volumes fell across geographic regions relative to the record-setting final quarter of
2015, but volume in Q1 was more evenly distributed, with Asian-Pacific M&A activity
accounting for 29%, European deal volume accounting for 28%, and North American
M&A activity accounting for 38%.
Asian-Pacific M&A volume (US$200 billion) was down 15% relative to Q1 2015,
continuing its pattern of up and down quarterly growth, but exceeded its recent quarterly
average volume of US$175 billion.
Europe was up 12% over Q1 2015, and Japan more than doubled its volume relative to
the first quarter of last year. Although volume abated relative to Q4 2015, each of Europe
and Japan exceeded the volume achieved in Q3 2015.
1,600
1,400

US$ billions

1,200
1,000
800
600
400
200
0
2012

2013

Asia-Pacific (ex-Japan)

2014
Europe

North America

2015
Global

2016
Japan

All figures are inflation-adjusted to 2016dollars.

XBMA

Source: Thomson

M&A in BRIC Countries: 20122016

Outbound China M&A volume spiked to over US$80 billion, largely driven by the US$46
billion Syngenta/China National Chemical Corp deal, as Chinese companies continue to
be buyers in some of the largest cross-border deals. However, the level of inbound M&A
volume into China declined for the second consecutive quarter to less than US$10
billionless than half of its recent peak in Q1 2015as concerns about a slowing
economy continue to temper M&A activity there. India was next with US$2.6 billion in
inbound volume in Q1, with eight deals exceeding US$100 million in value.
The BRIC countries saw some of their lowest domestic deal activity to date, other than
India which turned in over US$5 billion.
20122016 Inbound M&A to BRIC Countries
25
Brazil

Russia

India

China

US$ billions

20
15
10
5
0
2012

2013
2014
2015
20122016 Domestic M&A in BRIC Countries

2016

80
Brazil

70

Russia

India

China

US$ billions

60
50
40
30
20
10
0
2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

Source: Thomson

Distressed Deals: 19902016

Distressed deal activity in Q1 was just US$1.3 billion, which on an annualized basis
would represent the lowest volume since at least 1990, and notwithstanding a recent
spike in distressed deal-making in 2015 and the continued economic challenges facing
the Energy & Power sector.
Volume of Distressed Deals
150

125

US$ billions

100

75

50

25

All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.

XBMA

Source: Thomson

Global M&A by Sector: Last 12 Months

Over the past 12 months, the Healthcare (14%), Energy & Power (13%), and High
Technology (12%) sectors produced the largest volume of M&A.
In contrast, the Industrials (14%), Energy & Power (13%), Financials (13%), and
Consumer Staples (13%) sectors led cross-border deal activity over the past four
quarters, with each producing close to US$200 billion in volume. 75% of Consumer
Staples deals were cross-border, notably the one sector where more than half of deal
volume was generated by cross-border activity.

800

M&A Volume by Sector

700
Global M&A*

US$ billions

600

Cross-Border M&A

500
400
300
200
100
0

*Includes both domestic and cross-border transactions.

XBMA

10

Source: Thomson

Trends in Global M&A by Sector:

Last Four Quarters
The Materials and Industrials sectors produced the largest M&A volume in Q1, followed
by the High Technology, Financials, and Energy & Power sectors. The Healthcare sector
had a slow quarter following two quarters of dramatic growth. Energy & Power deals fell
to less than US$80 billion.
Cross-border M&A in the Materials sector had its strongest quarter of the past year.
Cross-border activity also continued to build momentum in the Energy & Power and
Retail sectors, with a second consecutive quarter of growth. The Industrials sector
produced the largest amount of cross-border volume in Q1, approaching US$60 billion.

320

Domestic and Cross-Border M&A

US$ billions

280
240
200
160
120
80
40
0

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Cross-Border M&A

160
US$ billions

140
120
100
80
60
40
20
0

Q2 2015

XBMA

Q3 2015

11

Q4 2015

Q1 2016

Source: Thomson

Top 10 Global Deals

Announced in Q1 2016
Acquirer*

Target
Industry

Target*

China National
Chemical Corp

Syngenta AG

Johnson Controls Inc

Tyco International
PLC

(China)

(United States)

SACAM Mutualisation

(France)

(Germany)

46,597

3 Feb 2016

Machinery

27,701

25 Jan 2016

Credit Agricole
Shares in 39 Regional
Banks

Commercial
Banks, Bank
Holding
Companies

20,060

19 Jan 2016

London Stock
Exchange Group PLC

Investment &
Commodity
Firms, Dealers,
Exchanges

13,898

23 Feb 2016

Business
Services

12,269

16 Feb 2016

Electric, Gas,
and Water
Distribution

12,026

17 Mar 2016

Chemicals and
Allied Products

11,202

20 Mar 2016

Electric, Gas,
and Water
Distribution

11,078

6 Feb 2016

Drugs

9,917

10 Feb 2016

Transportation
and Shipping
(Except Air)

9,480

15 Mar 2016

(Ireland)

(United Kingdom)

Apollo Global
Management LLC

The ADT Corp

TransCanada Corp

(Canada)

Columbia Pipeline
Group Inc

Sherwin-Williams Co

Valspar Corp

Fortis Inc

ITC Holdings Corp

Mylan NV

Meda AB

Investor Group

Asciano Ltd

(United States)

(United States)

(Canada)

(United States)

(Australia)

Date
Announced

Chemicals and
Allied Products

(Switzerland)

(France)

Deutsche Boerse AG

Value of Deal
(US$ mil)

(United States)

(United States)

(United States)

(United States)

(Sweden)

(Australia)

*Company nationality determined by location of headquarters or by location of target assets.

XBMA

12

Source: Thomson

Top 10 Deals from Developed into

Emerging Economies* Announced in Q1 2016
Acquirer**

Target
Industry

Target**

Glory Fund
Management Group Co
Ltd

Greenland Holding
Corp Ltd Assets

Investor Group

Value of Deal
(US$ mil)

Date
Announced

Hotels and
Casinos

3,227

11 Mar 2016

Isagen SA ESP

Electric, Gas,
and Water
Distribution

1,978

13 Jan 2016

FleetCor Technologies
Inc

Svcs e Tech de
Pagamamentos

Repair Services

1,118

18 Jan 2016

Abertis
Infraestructuras SA

Autopista Central SA

1,033

21 Jan 2016

Mitsubishi UFJ
Financial Group Inc

Security Bank Corp

778

14 Jan 2016

LafargeHolcim Ltd

Holcim Maroc SA

500

17 Mar 2016

Siemens AG
(Germany)

Siemens Ltd
Healthcare Unit

455

4 Mar 2016

GIC Pte Ltd

Trans Retail PT

398

26 Feb 2016

Bank of Nova Scotia

Citigroup IncLatin
America Business

360

14 Jul 2015

321

28 Mar 2016

(China)

(Singapore)

(Canada)

(Turkey)

(United States)

(Brazil)

(Chile)

(Spain)

(Philippines)

(Japan)

(Switzerland)

(Morocco)

Transportation
and Shipping
(except air)
Commercial
Banks, Bank
Holding
Companies
Stone, Clay,
Glass, and
Concrete
Products
Health Services

(India)

(Singapore)

(Indonesia)

(Canada)

(Costa Rica)

Fairfax India Holdings

Corp

BIAL
(India)

(Canada)

Retail TradeGeneral
Merchandise
and Apparel
Commercial
Banks, Bank
Holding
Companies
Air
Transportation
and Shipping

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.

**Company nationality determined by location of headquarters or by location of target assets.

US$ billions

Aggregate Value of Deals from Developed into Emerging Economies

300
250
200
150
100
50
0

Quarter 4
Quarter 3
Quarter 2
Quarter 1

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

13

Source: Thomson

Top 10 Deals from Emerging into Developed

Economies* Announced in Q1 2016
Acquirer**

Target
Industry
Chemicals and
Allied Products

Target**
Syngenta AG

China National
Chemical Corp

(Switzerland)

(China)

Value of Deal
(US$mil)
46,597

Date
Announced
3 Feb 2016

Construction
Firms

8,074

4 Mar 2016

Ingram Micro Inc

Wholesale
Trade-Durable
Goods

6,257

17 Feb 2016

General Electric Co
Applicances Business

Electronic and
Electrical
Equipment

5,400

15 Jan 2016

Dalian Hexing Invest

Co Ltd

Legend Pictures LLC

Motion Picture
Production and
Distribution

3,500

11 Jan 2016

Beijing Enterprise
Groupp Co Ltd

EEEW Energy from

Waste GmbH

Sanitary
Services

1,594

4 Feb 2016

Golden Brick Capital

Management Ltd

Opera Software ASA

Prepackaged
Software

1,258

10 Feb 2016

Steinhoff
International Holding
NV

Darty PLC

Retail TradeHome
Furnishings

1,149

2 Mar 2016

Dalian Hexing Invest

Co Ltd

Carmike Cinemas Inc

Motion Picture
Production and
Distribution

1,102

3 Mar 2016

Investor Group

Kraussmaffei Group
GmbH

Machinery

1,012

11 Jan 2016

Inmobiliaria Carso SA
de CV

FCC

Tianjin Tianhai Invest

Co Ltd
Qingdao Haier Co Ltd

(Spain)

(Mexico)

(United States)

(China)

(China)

(United States)

(United States)

(China)

(China)

(Germany)

(Norway)

(China)

(United Kingdom)

(South Africa)

(United States)

(China)

(China)

(Germany)

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.

**Company nationality determined by location of headquarters or by location of target assets.

Aggregate Value of Deals from Emerging into Developed Economies

US$ billions

200

Quarter 4

150

Quarter 3
Quarter 2

100

Quarter 1

50
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2015 dollars.

XBMA

14

Source: Thomson

Top 10 North American

Deals Announced in Q1 2016
Acquirer*

Target
Industry

Target*

Apollo Global
Management LLC

The ADT Corp

TransCanada Corp

(Canada)

Columbia Pipeline
Group Inc

Sherwin-Williams Co

Valspar Corp

Fortis Inc

ITC Holdings Corp

Abbott Laboratories

Alere Inc

Progressive Waste
Solutions

Waste Connections Inc

Tianjin Tianhai
Investment Co Ltd

Ingram Micro Inc

Dominion Resources
Inc

Questar Corp

Leidos Holdings Inc

Lockheed Martin Corp

Government IT and
Technical Services
Businesses

(United States)

(United States)

(United States)

(United States)

(United States)

(Canada)

(United States)

(United States)

(Canada)

(United States)

(China)

(United States)

(United States)

(United States)

Date
Announced

Business
Services

12,269

16 Feb 2016

Electric, Gas,
and Water
Distribution

12,026

17 Mar 2016

Chemicals and
Allied Products

11,202

20 Mar 2016

Electric, Gas,
and Water
Distribution

11,078

6 Feb 2016

Drugs

8,403

1 Feb 2016

Sanitary
Services

8,132

19 Jan 2016

Wholesale
Trade-Durable
Goods

6,258

17 Feb 2016

Oil and Gas;

Petroleum
Refining

6,068

1 Feb 2016

Business
Services

5,930

26 Jan 2016

Electronic and
Electrical
Equipment

5,400

15 Jan 2016

(United States)

(United States)

Value of Deal
(US$ mil)

(United States)

General Electric Co
Appliances Business

Qingdao Haier Co Ltd

(China)

(United States)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of North American Deals

US$ billions

2500

Quarter 4

2000

Quarter 3

1500

Quarter 2

1000

Quarter 1

500
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

15

Source: Thomson

Top 10 Asian-Pacific
Deals Announced in Q1 2016
Acquirer*

Target
Industry
Transportation
and Shipping
(except air)

Target*

Investor Group

Asciano Ltd

China Vanke Co Ltd

Shenzhen Metro
Group Co Ltd Assets

(Australia)

(Australia)

(China)

(China)

Dalian Dayang Trands

Co Ltd

YTO Express Co Ltd

Canon Inc

Toshiba Medical
Systems Corp

(China)

(China)

(Japan)

(Japan)

GreatWall Info
Industry Co Ltd

China Electronics Corp

(China)

(China)

Liaoning Zhongwang
Group Co Ltd

CRED Holding Co Ltd

(China)

(China)

China State
Construction
Engineering Corp

CITIC Real Estate Co

Ltd

Dalian Hexing
Investment Co Ltd

Dalian Wanda
Commercial Property
Co Ltd

(China)

(China)

(China)

(China)

Value of Deal
(US$ mil)

Transportation
and Shipping
(except air)

Date
Announced

9,480

15 Mar 2016

9,239

13 Mar 2016

Transportation
and Shipping
(except air)
Measuring,
Medical, Photo
Equipment;
Clocks
Computer and
Office
Equipment

8,781

16 Jan 2016

5,902

17 Mar 2016

4,901

25 Feb 2016

Metal and Metal

Products

4,656

4 Jan 2016

4,583

14 Mar 2016

4,039

30 Mar 2016

Real Estate;
Mortgage
Bankers and
Brokers
Real Estate;
Mortgage
Bankers and
Brokers

Thai Charoen Corp

Group

Big C Supercenter PCL

Retail TradeFood Stores

3,716

7 Feb 2016

China Life Insurance

(Group) Co

China Guangfa Bank

Commercial
Banks, Bank
Holding
Companies

3,565

29 Feb 2016

(Thailand)

(Thailand)

(China)

(China)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Asian-Pacific Deals

US$ billions

1500

Quarter 4
Quarter 3

1000

Quarter 2
Quarter 1

500
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

16

Source: Thomson

Top 10 European
Deals Announced in Q1 2016
Acquirer*

Target
Industry

Target*

Value of Deal
(US$ mil)

China National
Chemical Corp

Syngenta AG

Chemicals and
Allied Products

Johnson Controls Inc

Tyco International
PLC

Consumer
Products and
Services
Commercial
Banks, Bank
Holding
Companies
Investment &
Commodity
Firms, Dealers,
Exchanges

(Switzerland)

(China)

(United States)

(Ireland)

Credit Agricole
Shares in 39 Regional
Banks

SACAM Mutualisation
(France)

(France)

(Germany)

London Stock
Exchange Group PLC

Mylan NV

Meda AB

Inmobiliaria Carso SA
de CV

FCC

Liberty Global PLC

(United Kingdom)

Vodafone Dutch
Operations

IHS Inc

Markit Ltd

Banco Popolare SC

(Italy)

Banca Popolare di
Milano Scarl

Sysco Corp

Brake Bros Ltd

Deutsche Boerse AG

(United Kingdom)

(United States)

46,597

3 Feb 2016

27,701

25 Jan 2016

20,060

19 Jan 2016

13,898

23 Feb 2016

Drugs

9,917

10 Feb 2016

Construction
Firms

8,075

4 Mar 2016

Telcom

6,409

2 Feb 2016

Business
Services

6,153

21 Mar 2016

3,499

23 Mar 2016

3,100

22 Feb 2016

(Sweden)

(Spain)

(Mexico)

Date
Announced

(Netherlands)

(United States)

(United Kingdom)

(Italy)

(United States)

(United Kingdom)

Commercial
Banks, Bank
Holding
Companies
Wholesale
TradeNondurable
Goods

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of European Deals

US$ billions

2000

Quarter 4

1500

Quarter 3
Quarter 2

1000

Quarter 1

500
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

17

Source: Thomson

Top 10 Inbound Chinese Deals

Announced in Q1 2016
Acquirer*

Target
Industry

Target*

Glory Fund
Management Group
Co Limited

Greenland Holding
Corp Limited Assets
(China)

(Singapore)

Value of Deal
(US$ mil)

Hotel and
Casinos

3,227

Textile and
Apparel
Products
Investment &
Commodity
Firms, Dealers,
Exchanges

PVH Corp

TH Asia Ltd

Malaysia

WeLab Holdings Ltd

Vallourec SA

Anhui Tianda Oil Pipe Metal and Metal

Co Ltd
Products

(United States)

(Hong Kong)

(Malaysia)

(Hong Kong)

(France)

Date
Announced
11 Mar 2016

172

2 Feb 2016

160

21 Jan 2016

157

3 Feb 2016

155

30 Mar 2016

93

6 Jan 2016

57

18 Mar 2016

40

24 Feb 2016

24

28 Jan 2016

23

14 Jan 2016

(China)

(British Virgin Islands)

Mind Stone
Investments Ltd

Cooper Tire & Rubber

Co

Qingdao Ge Rui Da
Rubber Co

Infinity Fortune
Development Limited
(British Virgin Islands)

Jinan Tianhong
Yongyi Real Estate
Development

Blommer Chocolate
Co

Chocolate
Manufacturing Plant

Yanlord Land Group

Ltd

Shenzhen Hengming
Commercial Co Ltd

Asia-Pacific Strategic
Investments

Zhongfang United
Property Group Co

Capital Union Inc

(Hong Kong)

(United States)

(China)

(China)

(United States)

(China)

(Singapore)

(China)

(Singapore)

(China)

Investment &
Commodity
Firms, Dealers,
Exchanges
Rubber and
Miscellaneous
Plastic Products
Real Estate;
Mortgage
Bankers and
Brokers
Food and
Kindred
Products
Real Estate;
Mortgage
Bankers and
Brokers
Real Estate;
Mortgage
Bankers and
Brokers

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Inbound Chinese Deals

US$ billions

50

Quarter 4

40

Quarter 3

30

Quarter 2

20

Quarter 1

10
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

18

Source: Thomson

Top 10 Outbound Chinese

Deals Announced in Q1 2016
Acquirer*

Target
Industry

Target*

Value of Deal
(US$ mil)

Date
Announced

China National
Chemical Corp

Syngenta AG

Chemicals and
Allied Products

46,597

3 Feb 2016

Tianjin Tianhai
Investment Co Ltd

Ingram Micro Inc

Wholesale
Trade Durable
Goods

6,258

17 Feb 2016

Qingdao Haier Co Ltd

General Electric Co
Appliances Business

Electronic and
Electrical
Equipment

5,400

15 Jan 2016

Motion Picture
Production and
Distribution

3,500

11 Jan 2016

(Switzerland)

(China)

(United States)

(China)

(China)

(United States)

Dalian Hexing Invest

Co Ltd

Legend Pictures LLC

Samsonite
International SA

Tumi Holdings Inc

Leather and
Leather
Products

1,715

3 Mar 2016

Beijing Enterprises
Group Co Ltd

EEW Energy from

Waste GmbH

Sanitary
Services

1,594

4 Feb 2016

Golden Brick Capital

Management Ltd

Opera Software ASA

Prepackaged
Software

1,258

10 Feb 2016

Dalian Hexing
Investment Co Ltd

Carmike Cinemas Inc

Motion Picture
Production and
Distribution

1,102

3 Mar 2016

Yinyi Investment
Holding Group Ltd

Punch Powertrain NV

Transportation
Equipment

1,100

10 Mar 2016

Investor Group

Kraussmaffei Group
GmbH

Machinery

1,012

11 Jan 2016

(United States)

(China)

(United States)

(Hong Kong)

(China)

(Germany)

(Norway)

(China)

(United States)

(China)

(Belgium)

(Hong Kong)

(China)

(Germany)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Outbound Chinese Deals

US$ billions

100

Quarter 4

80

Quarter 3

60

Quarter 2

40

Quarter 1

20
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

19

Source: Thomson

Top 10 Inbound Indian Deals

Announced in Q1 2016
Acquirer*

Target
Industry

Target*

Value of Deal
(US$ mil)

Date
Announced

Siemens Ltd
Healthcare Unit

Health Services

455

4 Mar 2016

Fairfax India
Holdings Corp

BIAL

Air
Transportation
and Shipping

322

28 Mar 2016

Abraaj Capital Ltd

Care Hospitals Pvt Ltd Health Services

300

Naspers Ltd

ibibo Web Pvt Ltd

Business
Services

250

Abraaj Capital Ltd

Innovative Retail
Concepts Pvt

Business
Services

150

Insurance

140

19 Feb 2016

Electronic and
Electrical
Equipment

126

9 Mar 2016

Business
Services

110

1 Jan 2016

Hotels and
Casinos

66

5 Jan 2016

Measuring,
Medical, Photo
Equipment;
Clocks

32

19 Jan 2016

Siemens AG

(Germany)

(India)

(India)

(Canada)

(United Arab Emirates)

(India)

(South Africa)

(India)

(United Arab Emirates)

(India)

Max Financial
Services Ltd

KKR & Co LP
(United States)

12 Jan 2016

23 Feb 2016

22 Mar 2016

(India)

Crompton Greaves
Ltd International
Power Business

First Reserve Corp

(United States)

(India)

MXC Solutions India

Pvt Ltd

Singapore
(Singapore)

(India)

Goldman Sachs
Group Inc

SAMHI Hotels Pvt Ltd

Goldman Sachs
Group Inc

Amber Enterprises
(India) Pvt

(India)

(United States)

(United States)

(India)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Inbound Indian Deals

US$ billions

40

Quarter 4

30

Quarter 3
Quarter 2

20

Quarter 1

10
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

20

Source: Thomson

Top 10 Outbound Indian Deals

Announced in Q1 2016
Acquirer*

Target
Industry

Target*

(India)

HealthPlan Holdings
Inc

Aditya Birla
Management Corp Pvt

Thai Carbon Black

PCL

Bharat Petroleum
Corp Ltd

Offshore
Hydrocarbons Asset

Premier Capital
Services Ltd

McDonalds System of
Romania Inc

Wipro Ltd

Value of Deal
(US$ mil)

Date
Announced

Insurance

460

11 Feb 2016

Chemicals and
Allied Products

149

16 Mar 2016

Oil and Gas;

Petroleum
Refining

75

29 Mar 2016

Retail TradeEating and

Drinking Places

65

25 Jan 2016

Business
Services

50

18 Jan 2016

(United States)

(India)

(Thailand)

(India)

(Mozambique)

(India)

(United States)

MindTree Ltd

Magnet 360 LLC

Mahindra &
Mahindra Ltd

Sampo Rosenlew Oy

Machinery

20

31 Mar 2016

Strides Shasun Ltd

Generic Partners Pty

Ltd

Drugs

18

8 Feb 2016

(India)

Universal
Corporation Ltd

Drugs

14

8 Feb 2016

HCL Technologies Ltd

Point to Point Ltd

Business
Services

11

27 Jan 2016

Beltron
Telecommunications
Ltd

PiMON GmbH

Electronic and
Electrical
Equipment

11

30 Mar 2016

(India)

(United States)

(Finland)

(India)

(India)

(Australia)

Strides Shasun Ltd

(Kenya)

(India)

(United Kingdom)

(Germany)

(India)

*Company nationality determined by location of headquarters or location of target assets.

Aggregate Value of Outbound Indian Deals

US$ billions

40

Quarter 4

30

Quarter 3
Quarter 2

20

Quarter 1

10
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

All figures are inflation-adjusted to 2016 dollars.

XBMA

21

Source: Thomson