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Private equity has seen an overall decline in deal flow in the Meanwhile, Healthcare deals show private equity reaping
past two years, but the decline seems to be decelerating, or substantial benefits from the industry’s highly competitive
may have bottomed. Buyout volume dropped by an astounding climate. The third largest announced deal was the sale of
49% from Q3 to Q4 last year, and the decrease in deal volume Stiefel Laboratories to industry giant GlaxoSmithKline, which
from Q1 to Q2 of this year is hardly noticeable, decreasing just marked a US$3.3bn exit by Stiefel’s parent private equity firm,
4% from 96 to 92 transactions. Exit activity is exhibiting similar Blackstone Group Holdings. This deal came on the heels of
behavior: after declining 44% from Q3 to Q4 last year, exit two other lucrative Healthcare exits, both of which were driven
volume this year has been on a slow but steady rise, gaining by similar strategic initiatives. In February, GTCR Golder Rauner
an average of two deals in each quarter. sold its US based pharmaceutical research company H.
Lundbeck to its Denmark based counterpart, Lundbeck Inc.
In terms of value, the largest deals in the past two quarters The same month, US based medical device company
have been in the Financial Services and Healthcare sectors. Medtronic Inc. paid US$700m to Apax Partners, HealthCap,
Together, these sectors make up the top six transactions of Maverick Capital and Sofinnova Partners, for cardiovascular-
H1 2009: in Financial Services, all three of these deals relate focused device company CoreValve Inc.
directly to the restructuring banking industry, and each of the
three Healthcare deals are exits. Financial Services represented Hogan & Hartson LLP is an international law firm with more
69.2% of aggregate buyout value, while Healthcare & Life than 1,100 lawyers practicing in 25 offices worldwide. Our
Sciences showed its strength in exit value, where it accounted private equity practice brings a strong “sector approach” to
for 66.1%. deal structuring, bringing to bear a legal team that couples
transactional experience with our leading national and
The US$13.9bn acquisition of IndyMac Federal Bank by international regulatory lawyers. Through our private equity
OneWest Bank places the Financial Services sector at the top coordinating group, we exchange information across offices
of the buyouts-by-value chart. The second largest deal was in concerning best practices, transactions, industry knowledge,
this industry as well, and although the transaction was not business contacts, deal opportunities, and document
ultimately closed, it was not for lack of private equity interest. precedents. Our lawyers recently have participated in
In April, UK based CVC Capital Partners’ affiliate Blue Sparkle leveraged acquisitions and venture capital investments
announced its acquisition of California based iShares, the involving the United Kingdom, Belgium, Denmark, France,
exchange traded funds unit of UK based Barclays, however the Germany, Norway, the Netherlands, Poland, Russia, Mexico,
deal included a go-shop clause that eventually placed the target China, and other parts of Asia. We have the substantive depth
into the hands of a higher bidder. In May, BlackRock paid CVC to serve as acquisition, financing, regulatory, and securities
Capital Partners a US$175m break-up fee to acquire iShares as counsel, and strive to build relationships based upon the simple
part of its US$13.6bn acquisition of Barclays Global Investors. principle that whatever the issue, we will deliver the answers
That same month, private equity moved into the commercial you need, when you need them.
banking space with a US$900m investment into Florida based
BankUnited by a consortium involving WL Ross & Co. and JC
Flowers & Co, in a deal viewed as a sign that private equity is
warming up to participation in US based banks’ recovery.
300 Buyouts Number of Deals Exits Number of Deals 250,000 Buyouts Value ($m) Exits Value ($m)
250
200,000
200
150,000
150
100,000
100
50,000
50
0 0
Q1 2004
Q2 2004
Q3 2004
Q4 2004
Q1 2005
Q2 2005
Q3 2005
Q4 2005
Q1 2006
Q2 2006
Q3 2006
Q4 2006
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q1 2004
Q2 2004
Q3 2004
Q4 2004
Q1 2005
Q2 2005
Q3 2005
Q4 2005
Q1 2006
Q2 2006
Q3 2006
Q4 2006
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
• H1 2009 saw a total of 188 buyouts, representing a 51% drop in • Buyout value has decreased 55.4% to US$21.6bn in H1 2009
volume when compared to H1 2008, which saw a total of 384 compared to US$48.4bn in H1 2008. Exit value, meanwhile, saw a
buyouts. Buyout volume seems to be leveling out, however, as quarterly remarkable 87.6% decrease in value over this time, from US$68.7bn
activity in H1 2009 is considerably less volatile than it was in H1 to US$8.5bn. Exit volume did witness a slight increase in Q1 2009
2008: last year, buyout volume plunged 49% from Q3 to Q4, but after compared to the previous quarter but, like buyouts, exits are still down
this, the first two quarters of 2009 saw a mere 4% drop from 96 deals overall in terms of value.
to 92 deals.
• Exit volume has decreased 52.3% in H1 2009 compared to H1 2008,
from 245 exits to 116 exits. Exit volume is becoming relatively steady,
however. After witnessing a 44.3% decrease from Q3 to Q4 of 2008,
volume has been increasing in small increments each quarter.
500 300,000
400
200,000
300
200
100,000
100
0 0
2004 2005 2006 2007 2008 H1 2009 2004 2005 2006 2007 2008 H1 2009
• Buyout deal sizes in H1 2009 reflect the continuous shift away from • Buyouts in the >US$500m range dominate aggregate deal value
highly leveraged transactions toward smaller deals, as buyouts in even more significantly than last year. In 2008, deals in this range
the lower mid-market range represent a significant portion of total represented 58.1% of overall value compared to 74.1% in H1 2009.
volume this year. Specifically, buyouts in the US$15m-US$100m Financial Services sector transactions weigh heavily on these figures,
range represent 55.4% of the 83 buyouts with disclosed values in with the acquisition of IndyMac Federal Bank by private equity backed
H1 2009, while large-cap buyouts exceeding US$500m in value OneWest Bank topping the list at US$13.9bn.
represent only 4.8%.
• Indeed, financing issues notwithstanding, the Financial Services sector is
fueling large-cap activity by creating opportunities for private equity to
invest not only in struggling institutions, but also bank divestitures. CVC
Capital affiliate BlueSparkle's US$4.4bn bid for iShares, the exchange
traded funds unit of UK based Barclays, is one such example of private
equity's willingness to target specific units being shed by banks.
400 80,000
300 60,000
200 40,000
100 20,000
0 0
2004 2005 2006 2007 2008 H1 2009 2004 2005 2006 2007 2008 H1 2009
• As is the case with buyouts, most exits with disclosed values in H1 • Exits exceeding US$500m in value account for roughly the percentage
2009 fall in the US$15m-US$100m range. Of the 116 exits of aggregate exit value in H1 2009 compared to the full year 2008.Last
announced in this period, 26 exits fall in this value range, more than year, exits in this value range represented 67.5% of aggregate value; in
doubling the total number of exits with disclosed values found in all H1 2009, exits in this range represent 64.5% of aggregate value.
other ranges.
• It is worth noting that three significant Healthcare exits have made
their way into the top six announced exits of the year so far, ranging
from US$700m to US$3.3bn in value: GlaxoSmithKline’s US$3.3bn
purchase of Stiefel Laboratories from Blackstone Group Holdings;
Denmark based H. Lundbeck’s acquisition of US based Lundbeck Inc.
from GTCR Golder Rauner for US$900m; and Medtronic’s US$700m
acquisition of CoreValve from a consortium of private equity firms
including UK based Apax Partners.
70 16,000
Volume of Deals Value ($m)
60 14,000
12,000
50
10,000
40
8,000
30
6,000
20
4,000
10 2,000
0 0
Q1 2004
Q2 2004
Q3 2004
Q4 2004
Q1 2005
Q2 2005
Q3 2005
Q4 2005
Q1 2006
Q2 2006
Q3 2006
Q4 2006
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Industry trends
Value mix buyouts by industry sector Volume mix buyouts by industry sector
Leisure Tranportation
Defense Agriculture
12.8%
14.4%
• In H1 2008, Financial Services accounted for 14% of buyout deal • Most of the past six months’ deal activity took place in the Consumer
volume; so far this year, that figure has leaped to an astounding 62.9%, sector, followed closely by the Industrials, Chemicals & Engineering
due largely to the private equity backed US$13.9bn acquisition of industry, which typically holds the top spot in terms of private equity
IndyMac Federal Bank by OneWest, announced in March. The following deal volume. Consumer deals’ lead this year can be attributed in part
month, Florida based BankUnited received a much-needed US$900m to the particularly high distressed activity in the industry, mirroring
capital infusion from a consortium of private equity groups led by WL the high level bankruptcy filings in the industry’s retail subsector.
Ross & Co and The Carlyle Group.
• Healthcare & Life Sciences represented 15% of overall buyout value
at this point last year, and now accounts only for a humble 3.1%.
But putting things in perspective, last year’s figures received a major
boost from The Carlyle Group’s US$4.1bn acquisition of wound care
company ConvaTec, while this year boasts a string of smaller but
extremely significant buyouts, for they show that private equity still
gravitates toward the sector.
Industry trends
Value mix exits by industry sector Volume mix exits by industry sector
2.3% 1.8%
4% 2.6%
Life Sciences & Healthcare 2.6% TMT
3.5% Business Services
8.2% Consumer
TMT Industrials, Chemicals & Engineering
5.3%
Business Services Life Sciences & Healthcare
Leisure Consumer
9%
Industrials, Chemicals & Engineering 44.7% Energy, Mining, Oil & Gas
11.4% Financial Services
Transportation
Energy, Mining, Oil & Gas Leisure
Transportation
9.8% Defense
66.1% 12.3%
14.9%
• Healthcare buyout activity may have declined since last year in terms • While Healthcare clearly dominates exit value so far this year, exit
of value, but exit value in this industry has seen a dramatic increase: volume reached its highest levels in the TMT space, which accounts
in the first half of 2009, the sector represented 66.1% of total exit for 44.7% of exit volume overall. Business Services comes closest to
value, compared to 6% in the first half of last year. matching this figure, but it is still considerably further behind with
14.9% of total exit volume.
• This increase is driven by a handful of transactions in which high-profile
firms saw their portfolio companies targeted by strategic buyers. The
largest of these deals was Blackstone Group Holdings’ US$3.3bn exit
from pharmaceutical company Stiefel Laboratories, which was acquired
by GlaxoSmithKline.
Mar-19-09 C IndyMac Federal Financial Services OneWest Bank FSB US based newly formed MBI 13,900
Bank FSB federal savings bank.
Investors include MSD
Capital LP, JC Flowers & Co
Apr-09-09 L Barclays (iShares Financial Services Blue Sparkle LP UK based affiliate of Barclays plc IBO 4,404
exchange traded CVC Capital Partners Ltd
funds business)
Apr-20-09 C Stiefel Life Sciences GlaxoSmithKline plc UK based healthcare Blackstone Group Exit 3,300
Laboratories Inc & Healthcare group engaged in the Holdings LLC
discovery, development
and manufacture of
pharmaceuticals
May-21-09 C BankUnited FSB Financial Services BankUnited US based acquistion vehicle MBI 900
created by The Carlyle
Group LLC, Blackstone
Group Holdings
Feb-09-09 C Lundbeck Inc Life Sciences H. Lundbeck A/S Denmark based GTCR Golder Exit 900
& Healthcare harmaceutical Rauner LLC
company engaged in the
research, development,
manufacturing
Feb-23-09 C CoreValve Inc Life Sciences Medtronic Inc US based manufacturer Apax Partners; HealthCap; Exit 700
& Healthcare and supplier of medical Maverick Capital Ltd; and
devices Sofinnova Partners
Feb-27-09 C Regency Intrastate Energy, Mining Alinda Capital Partners US based private equity Regency Energy IBI 653
Gas LLC Oil & Gas LLC; and GE Capital firm; US based financial Partners LP
(62% stake) services company
Mar-19-09 C Pure Digital Consumer Cisco Systems Inc US based provider of AllianceBernstein LP; Exit 590
Technologies Inc networking solutions Benchmark Capital;
Crescendo Ventures; Focus
Ventures; Heights Capital
Management; Morgan
Stanley Principal Investments;
Samsung Venture Investment
Corporation; Sequoia Capital;
Steamboat Ventures; and
VantagePoint Venture
Partners LP
Mar-30-09 P Fifth Third Processing Business Advent International US based private Fifth Third Bancorp IBI 561
Solutions LLC Services Corporation equity firm
(51% stake)
Mar-03-09 C ViroChem Life Sciences Vertex US based biotechnology Business Development Bank Exit 391
Pharma Inc & Healthcare Pharmaceuticals Inc company of Canada; Caisse de Depot
et Placement du Quebec; Le
Fonds de Solidarite FTQ;
Power Technology
Investment Corporation;
Shire Plc; and Vitus
Investments III Private Ltd
Mar-11-09 P Patheon Inc Life Sciences JLL Patheon Canada based acquisition MBO; Take 384
(98% stake) & Healthcare Holdings LLC vehicle of JLL Partners Private
May-07-09 P Custom Business Western Union Financial US based company Great Hill Partners Exit 370
House Ltd Services Services Inc specialising in business
customers' money
transfers and electronical
payments
Jun-23-09 P Office Depot Inc Consumer BC Partners Ltd UK based private IBI 350
(undisclosed equity firm
economic interest)
Jun-16-09 P Church's Chicken Leisure Friedman, Fleischer US based private Arcapita Inc SBO 300
& Lowe equity firm
Mar-25-09 C Hearthside Food Consumer Wind Point VII US based based buyout Roskam Baking BIMBO 249
Solutions fund managed by Wind Company
Point Partners Inc
Jun-10-09 P Crosstex Alabama Energy, Mining Southcross Energy LLC US based natural gas Crosstex Energy LP IBI 220
Gathering System Oil & Gas company the
LP; Crosstex CCNG management of Estrella
Gathering Ltd; Crosstex Energy LP, Hunt Power LP,
CCNG Transmission and Charlesbank Capital
Ltd; Crosstex Gulf Coast Partners LLC, the US
Transmission Ltd; based private equity firm
Crosstex Midstream
Services LP; Crosstex
Mississippi Gathering
LP; Crosstex Mississippi
Industrial Gas Sales LP;
Crosstex Mississippi
Pipeline LP; Javelina
Marketing Company
Ltd; and Javelina NGL
Pipeline Ltd
Mar-12-09 C Mo Industries Consumer VF Corporation US based apparel Summit Partners LP Exit 208
Holdings Inc company
(67% stake)
Jun-17-09 L Eddie Bauer Consumer CCMP Capital US based private IBO 202
Holdings Inc Advisors LLC equity firm
Jan-27-09 P MarkWest Liberty Energy, Mining Natural Gas Partners US based investment MarkWest Energy IBI 200
Midstream Oil & Gas Midstream & holding company having Partners LP
(40% stake) Resources LP interests in oil and gas
exploration and production
controlled by NGP Energy
Capital Management, the US
based private equity firm
Jan-13-09 C Hardigg Industrials, Pelican Products Inc US based company Buy & 200
Industries Inc Chemicals and engaged in design and Build: MBO
Engineering manufacture of advanced
lighting systems and cases
for protecting valuable
equipment, backed by
the management of
Hardigg Industries Inc
and Behrman Capital LP,
the US based private
equity firm
14= KPS Capital Partners - 2 16= Friedman, Fleischer & Lowe 300 1
14= Rustic Canyon Partners - 2 19= NGP Energy Capital Management 200 1
Note: The tables are based on private equity houses as the bidder on buyouts and buyins announced between 01/01/2009 and 06/30/2009, where the target is North American,
excluding lapsed and withdrawn deals.
The Private Equity Activity Tables reflect the activity of buyout firms, venture capitalists, investment firms, financial institutions and all parties whose activities wholly involve, or lude
making private equity investments. Please note that the values in the 'Value' column do NOT reflect the equity contribution of the investors but represent the total values of deals they
were involved in.
14 VantagePoint Venture Partners 695 2 14= Caisse de Depot et Placement du Que 391 1
Note: The tables are based on private equity houses as the seller on exits announced between 01/01/2009 and 06/30/2009, where the target is North American, excluding lapsed and
withdrawn deals.
The Private Equity Activity Tables reflect the activity of buyout firms, venture capitalists, investment firms, financial institutions and all parties whose activities wholly involve, or include
making private equity investments. Please note that the values in the 'Value' column do NOT reflect the equity contribution of the investors but represent the total values of deals they
were involved in.
10 Broadpoint Gleacher Securities Group 155 1 10 William Blair & Company 129 1
19 Financo 15 1 19 Financo 15 1
Note: The tables are based on financial advisors to the bidder on buyouts and buyins announced between 01/01/2009 and 06/30/2009, where the target is North American, excluding lapsed
and withdrawn deals.
Note: The tables are based on financial advisors to the seller/target on exits announced between 01/01/2008 and 12/31/2008, where the target is North American, excluding lapsed
and withdrawn deals.
1 Kirkland & Ellis 567 14 1 Cleary Gottlieb Steen & Hamilton 14,284 3
3 Skadden Arps Slate Meagher & Flom 1,679 6 3 Simpson Thacher & Bartlett 7,566 4
5 Weil Gotshal & Manges 783 5 5 Cadwalader, Wickersham & Taft 4,404 1
7 Simpson Thacher & Bartlett 7,566 4 7 Skadden Arps Slate Meagher & Flom 1,679 6
11 Cleary Gottlieb Steen & Hamilton 14,284 3 11 Kirkland & Ellis 567 14
Note: The tables are based on law firms advising the bidder on buyouts and buyins announced between 01/01/2009 and 06/30/2009, where the target is US and Canada, including lapsed
and withdrawn deals.
2 Wilson Sonsini Goodrich & Rosati 769 5 2 Simpson Thacher & Bartlett 3,300 2
5 Gunderson Dettmer Stough Villeneuve 5 Wilson Sonsini Goodrich & Rosati 769 5
Franklin & Hach 742 4
6 Gunderson Dettmer Stough Villeneuve
6 Cooley Godward Kronish 73 4 Franklin & Hach 742 4
12 Pillsbury Winthrop Shaw Pittman 195 3 12 Pillsbury Winthrop Shaw Pittman 195 2
15 Skadden Arps Slate Meagher & Flom 62 3 15 Young Conaway Stargatt & Taylor 95 1
Note: The tables are based on law firms advising the seller/target on exits announced between 01/01/2009 and 06/30/2009 where the target is North American, including lapsed
and withdrawn deals.
Private equity’s interest in asset managers is not limited to Holding announced its US$44.3 acquisition of biotechnology
large-caps. In May, Fortress Investment Group acquired US giant Genentech. The global industry leaders formed as a result
based hedge fund manager DB Zwirn & Co. for US$51m. The of these transactions have ramped up industry competition –
target also received interest from other high profile US based which creates a rather optimistic outlook for private equity
private equity firms including Blackstone Group Holdings and firms holding Healthcare portfolio companies, as strategic
Oak Hill Capital Partners. Fortress has assumed DB Zwirn’s buyers may have greater resources to pay a high premium for
fund managers and the fund will be renamed Fortress Value strategically compelling assets.
Recovery Funds I. Cross-border buyouts in the mid-market
range are gaining speed as well. In January, US based private Activity in the US and Canada shows other private equity firms
equity and asset management firm Stark Investments acquired may already be positioning for equally successful exits down
the US, UK and Hong Kong operations of Deephaven Capital the road in this sector, particularly in fields where government
Management for US$45m. The following June, Swiss investment is expected to facilitate growth. As part of the
Reinsurance Company sold its asset management arm Conning Obama administration’s American Recovery and Reinvestment
& Company to US based private equity firm Aquiline Capital Plan, technology companies serving the Healthcare industry
Partners for an undisclosed amount. Aquiline now manages are set to receive significant government support to fund
both the US and European businesses of Conning, which development – a development from which many private equity
manages roughly US$70bn in assets. firms investing in the field will be well-positioned to benefit.
Our firm’s we have seen an uptick in merger, acquisition and
Vital signs in Healthcare other investment activity in this sector
Like the Financial Services sector, the Healthcare industry
generated several of the year’s most significant deals to date. There are already several examples of private equity firms
And like the Financial Services sector, where activity stems targeting this specialized area. In February, US based JLL
both from government initiatives and subsector-specific Partners acquired PharmaNet Development Group, Inc., which
developments, Healthcare’s appeal is driven by a mixture of provides consulting services to the Healthcare industry,
recent government action and subsector trends, including covering trial monitoring, planning, quality control and regulatory
biotech and pharmaceutical consolidation and expansion compliance. The following month, JLL Partners made another
among information technology businesses. move into the industry with its US$384m bid for Patheon Inc.,
a contract drug development and manufacturing firm servicing
In the third largest deal of the year so far (and the largest the Healthcare sector. Meanwhile, other private equity backed
private equity exit), announced in April, global powerhouse Healthcare-focused technology companies are making their
GlaxoSmithKline paid US$3.3bn for Stiefel Laboratories, the way toward public offerings. A prime example is HealthPort,
dermatology-focused pharmaceutical business in which an information services provider serving hospitals and clinics
Blackstone Group Holdings invested US$500m only two years backed by Boston based private equity firm ABRY Partners,
earlier. This transaction was followed closely by Medtronic’s which recently filed a prospectus to raise up to US$100m for
US$700m strategic acquisition of cardiovascular device an initial public offering. The company boasts 20% market
company CoreValve Inc., a portfolio company of Apax Partners, share and, interestingly enough, has recently boosted its
HealthCap, Maverick Capital and Sofinnova Partners. service offering by acquiring yet another private equity backed
medical information business, ChartOne, from US based private
Tellingly, these exits were preceded by a wave of consolidation equity group Warburg Pincus.
involving the world’s largest drug makers: Pfizer announced its
US$63.3bn acquisition of Wyeth, Merck & Co. announced its
US$43bn acquisition of Schering Plough Corporation and Roche
Appendix
Source data
Buyouts Exits
Period Value ($m) Number Value ($m) Number Period Volume of Deals Value ($m)
of Deals of Deals
Buyout Deal Size Data by Volume Buyout Deal Size Data by Value
Volume 2004 2005 2006 2007 2008 H1 2009 Value 2004 2005 2006 2007 2008 H1 2009
Not disclosed 239 346 412 500 417 105 < $15m 357 294 577 309 306 133
< $15m 38 33 60 33 32 15 $15m - $100m 8,016 8,692 9,185 7,692 5,901 2,086
$15m - $100m 164 163 189 153 119 46 $101m - $250m 15,400 13,233 13,786 16,123 10,319 2,354
$101m - $250m 91 79 83 97 62 15 $251m - $500m 18,177 17,805 19,024 22,721 15,376 1,034
$251m - $500m 49 49 53 62 40 3 > $500m 95,356 110,909 392,820 383,529 44,296 16,014
> $500m 65 65 113 121 34 4 TOTAL 137,306 150,933 435,392 430,374 76,198 21,621
TOTAL 646 735 910 966 704 188
Not disclosed 87 144 207 250 175 71 < $15m 219 199 301 303 190 72
< $15m 25 22 32 33 26 7 $15m - $100m 5,366 7,093 9,016 7,593 5,147 1,032
$15m - $100m 101 134 175 135 92 26 $101m - $250m 10,653 13,552 16,804 15,156 9,160 851
$101m - $250m 61 84 99 90 55 5 $251m - $500m 15,274 21,122 19,885 26,098 10,607 1,061
$251m - $500m 43 59 57 73 30 3 > $501m 32,685 82,318 66,780 85,648 52,115 5,490
> $501m 31 49 58 66 18 4 TOTAL 64,197 124,284 112,786 134,798 77,219 8,506
TOTAL 348 492 628 647 396 116
Industrials, Chemicals & Engineering 1,079 38 Industrials, Chemical & Engineering 288 15
Financial Services 14,971 15 Financial Services 0 3
Business Services 812 24 Business Services 689 17
Consumer 1,454 37 Consumer 824 7
Energy, Mining, Oil & Gas 1,155 13 Energy, Mining, Oil & Gas 8 4
TMT 785 27 TMT 761 51
Leisure 509 10 Leisure 340 3
Transportation 34 8 Transportation 31 2
Life Sciences & Healthcare 679 8 Life Sciences & Healthcare 5,566 13
Construction 143 5 Construction 0 0
Real Estate 0 1 Real Estate 0 0
Agriculture 0 0 Agriculture 0 0
Defense 0 2 Defense 0 1
TOTAL 21,621 188 TOTAL 8,507 116
Note: Based on announced buyouts or buyins for the period January 1, 2009 to June 30, 2009, Note: Based on announced buyouts or buyins for the period January 1, 2009 to June 30, 2009,
excluding those that lapsed or were withdrawn excluding those that lapsed or were withdrawn
Contacts
Notes
Notes
The following notes pertain to data contained in
this publication:
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MER 1037 NA PE in Review Mid V8.qxd 27/8/09 18:24 Page 28