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FLASHWIRE EUROPE QUARTERLY

2nd QUARTER 2015

This Issue:

Europe M&A News and Trends

In 2q15, M&A deal spending leaped by 121.8% with an
aggregate value of 430.8 billion compared to a mere 194.2
billion in 1q15. M&A deal-making remained flat posting 3,359
deals this quarter compared to 3,339 deals in the prior
quarter. The sharp rise in deal value reflects mega-deal
trends which took place in 2q15. In April 2015, aggregate deal
value was recorded at 233.9 billion which is at its peak in
the past 16 months. Overall, deal volume remained
consistent over the 1,000 deal mark.

In an extension from 1q2015, the European private equity

market continued its trend and posted increases in both deal
spending and deal volume this quarter. Deal volume in the
private equity market increased by 9% in2q15, recording 594
deals compared to 545 deals in 1q15. Private equity spending
increased by 34.1% with an aggregate deal value of 61.5
billion in the current quarter, up from 45.8 billion in the last
quarter. Private equity spending recorded its highest level at
27.5 billion in April 2015 in comparison to the last twelve
months period.

biggest increases in M&A deal activity, relative to the same

three month period one year ago, have been: Finance (425
vs. 396), Consumer Services (278 vs. 264), and Retail Trade
(152 vs. 138). Of the 21 sectors tracked by FactSet
Mergerstat, only 9 sectors posted relative gains in deal flow
the last three months compared to the same three months
period one year prior.

Overall deal volume in Europes largest economies posted a

marginal increase of 3.5% in 2q15. The UK market recorded a
significant 10.2% increase in deal making, with 1,144 deals in
2q15 compared to 1,038 deals in 1q15. By contrast, Germany
recorded a 7% decrease this quarter with 439 deals, down
from 472 deals in 1q15. Deal volume in the French market
remained flat in 2q15.

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: Producer
Manufacturing (224 vs. 258), Consumer Durables (70 vs. 91),
and Electric Technology (146 vs. 165). 12 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 160 deals.

The top five financial advisors through the second quarter of

2015 based on deal announcements were: Rothschild, KPMG,
Ernst & Young, Goldman Sachs, and
PricewaterhouseCoopers. The top five financial advisors
based on the aggregate transaction value of the deals worked
on, were: Goldman Sachs, JPMorgan Chase & Co, Morgan
Stanley, Bank of America Merrill Lynch, and Lazard.

Europe
MergerMetrics

Europe Sector
Activity & Value

Europe Strategic
Buyer Report
Over the past 3 months, the sectors that have seen the

Europe Private
Equity Report

Top Europe
Advisors

Top Europe
Deals
Scoreboard

Topping the list of the largest deals announced in 2q15

were: Royal Dutch Shells record 74.6 billion scheme of
arrangement for BG Group Plc Ltd; Teva Pharmaceutical
Industries Ltds cash and stock offer to acquire Mylan NV for
44.9 billion; Monsanto Cos unsolicited offer for Syngenta
AG for 42.1 billion; Mylan NVs offer to acquire Perrigo Plc
for 32.3 billion; and the private equity exit of Freescale
Semiconductor to NXP Semiconductors NV for 14.2 billion in
cash and stock.

The top five legal advisors through the second quarter of

2015 based on deal announcements were: Allen & Overy,
Clifford Chance, Linklaters, Jones Day, and Skadden, Arps,
Slate, Meagher & Flom. The top five legal advisors, based on
the aggregate transaction value of the deals worked on,
were: De Brauw Blackstone Westbroek NV, Allen & Overy,
Cravath, Swaine & Moore, Slaughter & May, and Stikeman
Elliott.

The European Mergers & Acquisitions Market Index

250.0

1400
233.9
1200

200.0
1000
139.3

150.0

800
103.6

97.1

95.0

93.3

100.0

79.6

78.5

74.8
64.7

57.6

600

84.9

400
49.7

46.5

55.7

50.0
53.6

200

1,062

1,185

1,070

1,171

1,253

912

1,222

1,167

1,152

1,235

1,076

1,097

1,166

1,107

1,030

1,222

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

0.0

0
Deal Volume

FactSet.com

Aggregate Deal Value

Copyright 2015 FactSet Research Systems Inc. All rights reserved.

Europe MergerMetrics

2nd Quarter 2015

Merger Stats
Number of Deals

Agg. Base Equity (Bil)

12 Months Ended

12 Months Ended
30/06/15

30/06/14

Change

Average
P/E

34.3%

402.8

505.7

-20.4%

28.0

139

4.3%

71.6

97.5

-26.6%

22.0

226

212

6.6%

55.7

73.9

-24.6%

26.7

100M to 249.9M

383

400

-4.3%

42.9

64.1

-33.1%

26.0

50M to 99.9M

352

312

12.8%

17.9

22.0

-19.0%

28.5

25M to 49.9M

391

359

8.9%

9.6

13.0

-26.2%

23.6

10M to 24.9M

525

534

-1.7%

6.4

8.5

-24.3%

20.7

Under 10M

1,388

1,411

-1.6%

3.0

4.3

-31.0%

15.3

Undisclosed

10,037

9,082

10.5%

N/A

N/A

N/A

N/A

Total

13,639

12,592

8.3%

609.9

789.1

-22.7%

22.9

Deal Size

30/06/15

30/06/14

1 Billion +

192

143

500M to 999.9M

145

250M to 499.9M

Change

M&A at a Glance
AVERAGE P/E

AVERAGE PREMIUM

30.0x

50.0%
45.0%

25.0x
20.0x

40.0%
23.5x

35.0%

22.1x

21.4x

37.9%

30.0%
30.5%

29.2%

25.0%

15.0x

20.0%
10.0x

15.0%
10.0%

5.0x

5.0%
0.0%

0.0x
2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q13

2q15

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

DEAL VOLUME BY COUNTRY

1,400
1,200
1138

1110

1,000
996

956

901

800

1144

1108
1038

1009

600
565
400

499

473
391

522

446

437

3q13

4q13

567
486

488

1q14

2q14

519

548
480

593

593

532
472

439

200
0
2q13

France

Germany

3q14

4q14

1q15

2q15

United Kingdom

FactSet Flashwire Europe Quarterly: Senior QA Analyst Anita Abbas (aabbas@factset.com). Media: Media quotation with source attribution is encouraged. Reporters requesting
additional information or editorial comment should contact Anita Abbas at +1.415.645.9811. 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 2015 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 2015 FactSet Research Systems Inc. All rights reserved.

Europe Sector Activity & Value

2nd Quarter 2015

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

L3M 06/30/15
Deal Count
425
278
152
350
8
164
56
76
185
2
446
119
161
25
75
64
78
131
146
70
224
3,235

L3M 06/30/14
Deal Count
396
264
138
339
1
157
52
72
185
4
451
124
169
37
88
77
91
146
165
91
258
3,305

Difference
29
14
14
11
7
7
4
4
0
(2)
(5)
(5)
(8)
(12)
(13)
(13)
(13)
(15)
(19)
(21)
(34)
(70)

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

FactSet.com

L3M 06/30/15
Value
67,557.7
99,047.9
62,959.2
35,948.3
24,764.0
28,919.3
18,169.6
17,437.5
32,204.1
40,320.3
20,711.7
17,806.8
5,765.5
207.1
14,502.4
8,971.9
8,880.2
89,277.4
11,320.7
20,153.4
624,924.9

L3M 06/30/14
Value
13,171.6
44,920.1
12,179.2
8,564.5
7,183.1
16,616.8
7,229.2
6,953.1
23,118.0
36,194.6
17,976.3
15,665.6
5,884.2
363.4
16,223.1
12,222.8
13,046.8
98,779.2
26,110.2
40,772.5
423,174.4

Copyright 2015 FactSet Research Systems Inc. All rights reserved.

Difference
54,386.1
54,127.8
50,780.0
27,383.8
17,580.9
12,302.5
10,940.4
10,484.4
9,086.1
4,125.7
2,735.5
2,141.2
0
(118.7)
(156.4)
(1,720.8)
(3,251.0)
(4,166.7)
(9,501.8)
(14,789.5)
(20,619.1)
201,750.5

Europe Strategic Buyer Report

2nd Quarter 2015

Merger Stats
Number of Deals

Agg. Base Equity (Bil)

12 Months Ended
Deal Size

12 Months Ended

30/06/15

30/06/14

1 Billion +

84

71

500M to 999.9M

60

63

250M to 499.9M

77

100M to 249.9M
50M to 99.9M

Change

Average
P/E

30/06/15

30/06/14

Change

18.3%

425.0

222.2

91.3%

31.7

-4.8%

41.1

44.3

-7.3%

23.8

77

0.0%

27.1

26.3

3.0%

28.5

150

136

10.3%

23.8

22.5

5.8%

24.1

153

127

20.5%

10.7

9.1

17.1%

34.0

25M to 49.9M

168

152

10.5%

6.0

5.6

6.2%

24.7

10M to 24.9M

228

215

6.0%

3.8

3.4

10.3%

15.2

Under 10M

579

575

0.7%

1.9

2.0

-5.2%

15.0

Undisclosed

2,087

1,969

6.0%

N/A

N/A

N/A

N/A

Total

3,586

3,385

5.9%

539.4

335.5

60.8%

24.3

PUBLIC BUYER INDEX LTM 30/06/15

140

400

118.0

350

120
91.8

100

300
250

80

200
60

43.9

38.7

40

30.5

22.2

20

15.6

333

233

299

280

263

339

9.2
217

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

41.2

37.6

36.5

150
100

16.3
275

301

260

270

336

Feb-15

Mar-15

Apr-15

May-15

Jun-15

50
-

Europe Private Equity Report

Indices

Top Private Equity: YTD 2015

PE BUYER INDEX LTM 30/06/15

30

22.2

25

22.9

150

12.7

11.9

10.0

10

4.4

4.7

165

222

100

6.6

Value (Mil)

12-Jun-15

7,559.0

Coller International Partners Fund VII

(Coller Capital Ltd.)

Fund (Private Equity Sponsor)

09-Jan-15

4,900.9

Lone Star Real Estate Fund IV

(Lone Star Americas Acquisitions LLC)

30-Mar-15

4,616.8

Alinda Infrastructure Fund III

(Alinda Capital Partners Ltd.)

06-Mar-15

3,682.7

TA XII Fund
(TA Associates Management LP)

03-Apr-15

3,216.2

Cerberus Institutional Partners VI LP

(Cerberus Capital Management LP)

13-Jan-15

2,673.7

New Enterprise Associates 15 Fund

(New Enterprise Associate LLC)

10-Feb-15

2,649.2

TMA/Pathway Private Equity Fund IV LP

(Pathway Capital Management LP)

01-Jan-15

1,550.0

Waterland Private Equity Fund VI

(Waterland Private Equity Investments BV)

08-Jun-15

1,338.8

Searchlight Capital Fund II

(Searchlight Capital Partners LLC)

06-Feb-15

1,322.2

Castlelake IV LP
(Castlelake LP)

50

223

211

219

229

158

192

195

190

176

228

Jul-14

Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15

GOING PRIVATE INDEX LTM 30/06/15

12.0

10.4

10.0

6.8

8.0

6
5

6.0

4.0
2.0

Open Date

21.2 200
16.3

20
15

250

27.5
23.5

0.7
0.1 0.4
1

1.4 1.7
8

2
6

0.2
2

0.4 0.4
2

0.0

0.0

1
-

Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15

FactSet.com

Copyright 2015 FactSet Research Systems Inc. All rights reserved.

Top Europe Advisors

2nd Quarter 2015

BASED ON EUROPE ANNOUNCED DEALS - RANKED BY TRANSACTION VALUE: YTD 2015

Transaction
Value (Mil)*

Financial Advisor

Total
Deals**

Transaction
Value (Mil)*

Legal Advisor

Total
Deals**

1.

Goldman Sachs & Co.

321,287.3

74

1.

De Brauw Blackstone Westbroek NV

135,119.8

2.

JPMorgan Chase & Co

263,924.9

68

2.

Allen & Overy LLP

127,928.4

94

3.

Morgan Stanley

262,658.2

53

3.

Cravath, Swaine & Moore LLP

123,926.1

10

4.

Bank of America Merrill Lynch

175,849.4

47

4.

Slaughter & May Ltd.

109,339.1

28

5.

Lazard

141,166.5

67

5.

Stikeman Elliott LLP

107,117.5

19

6.

UBS Group AG

92,850.7

36

6.

Skadden, Arps, Slate, Meagher & Flom LLP

106,784.4

43

7.

Deutsche Bank AG

80,873.2

40

7.

Wachtell, Lipton, Rosen & Katz

100,226.2

10

8.

Barclays Plc

77,521.7

26

8.

Freshfields Bruckhaus Deringer LLP

93,913.5

13

9.

Robey Warshaw LLP

74,670.9

9.

Sullivan & Cromwell LLP

93,842.7

19

10.

Citigroup

68,145.8

45

10.

Kirkland & Ellis LLP

62,323.0

28

11.

Greenhill & Co., Inc.

62,880.2

10

11.

Simpson Thacher & Bartlett LLP

51,084.2

16

12.

Rothschild

59,334.8

112

12.

Linklaters LLP

50,425.4

50

13.

Credit Suisse

58,054.2

29

13.

Loyens & Loeff NV

45,336.7

14.

BNP Paribas SA

28,726.9

26

14.

Tulchinsky Stern Marciano Cohen Levitski & Co.

44,916.7

15.

Moelis & Co.

25,075.8

12

15.

Clifford Chance LLP

40,626.1

63

16.

Macquarie Group

18,565.1

12

16.

Davis Polk & Wardwell LLP

35,144.7

21

17.

Ernst & Young Global Ltd.

16,787.4

89

17.

Arthur Cox & Co.

34,415.6

18.

HSBC Holdings Plc

16,533.0

19

18.

A&L Goodbody

32,337.6

19.

Centerview Partners LLC

13,266.6

19.

Weil, Gotshal & Manges LLP

26,594.3

34

20.

Zaoui & Co. LLP

11,954.6

20.

Herbert Smith Freehills LLP

26,308.1

34

21.

RBC Capital Markets

10,862.5

12

21.

Latham & Watkins LLP

25,871.2

31

22.

KPMG International

10,401.2

109

22.

Fried, Frank, Harris, Shriver & Jacobson LLP

24,983.7

11

23.

Intesa Sanpaolo SpA

10,292.1

13

23.

Cleary Gottlieb Steen & Hamilton LLP

22,879.8

20

24.

PricewaterhouseCoopers

9,743.8

70

24.

Wilson Sonsini Goodrich & Rosati

18,741.8

25.

UniCredit SpA

9,587.4

17

25.

Blake, Cassels & Graydon LLP

15,568.3

10

26.

Houlihan Lokey

8,952.6

26.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

15,341.9

11

27.

William Blair & Co. LLC

8,389.9

13

27.

Ropes & Gray LLP

15,083.5

28.

China National Chemical Corp.

8,270.3

28.

Pedersoli e Associati

14,463.7

29.

Perella Weinberg Partners Group LP

7,249.5

29.

Brunswick SCP

14,075.6

30.

Danske Bank A/S

6,991.2

30.

Shearman & Sterling LLP

14,039.0

32

31.

Deloitte LLP

6,535.1

41

31.

Roschier

13,306.6

22

32.

Mediobanca SpA

6,532.4

12

32.

Debevoise & Plimpton LLP

11,990.1

11

33.

FEXCO Group

6,517.2

33.

Chiomenti Studio Legale

10,270.3

34.

Davy Corporate Finance Ltd.

6,503.5

34.

Hogan Lovells

9,454.0

29

35.

Nomura Securities Co., Ltd.

6,424.1

13

35.

Mayer Brown LLP

8,991.1

15

36.

Van Lanschot NV

6,094.0

36.

Gibson, Dunn & Crutcher LLP

8,906.2

12

37.

Evercore Partners, Inc.

5,924.9

14

37.

Lombardi Molinari Segni e Associati

8,348.1

38.

BDT & Co. LLC

5,834.5

38.

Jun He Law Offices

8,270.3

39.

Valuetrust Financial Advisors SE

5,740.2

39.

Baker & McKenzie LLP

8,220.6

17

40.

LionTree LLC

5,724.6

40.

Covington & Burling LLP

7,808.2

41.

PJT Partners LP

5,724.6

41.

Axinn, Veltrop & Harkrider LLP

7,449.1

42.

Jefferies LLC

5,167.6

23

42.

King & Wood Mallesons Ltd.

7,288.6

16

43.

Cenkos Securities Plc

5,049.0

13

43.

Matheson Ormsby Prentice

7,249.5

44.

Banco Santander SA

4,553.5

44.

Proskauer Rose LLP

7,041.2

10

45.

Qatalyst Group LP

4,355.4

45.

Morgan, Lewis & Bockius LLP

6,908.7

46.

FirstRand Ltd.

4,185.3

46.

Jones Day LP

6,738.4

50

47.

Leerink Partners LLC

4,166.2

47.

Arthur Cox & Co. (UK)

6,500.0

48.

Union Square Advisors LLC

4,156.8

48.

Khaitan & Co. LLP

6,416.2

49.

Oakley Capital Ltd.

3,797.1

49.

Ligerion CJSC

6,400.7

50.

Canaccord Genuity Group, Inc.

3,795.5

19

50.

Bredin Prat & Associes

6,205.5

If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@factset.com or:
North America: Tayo Olatoyan
E-Mail: tolatoyan@factset.com

FactSet.com

Global
Tel: +1.212.849.4189

Anita Abbas
E-Mail: aabbas@factset.com

Copyright 2015 FactSet Research Systems Inc. All rights reserved.

Tel: +1.415.645.9811

Top Europe Deals Scoreboard

Rank

Seller (Unit Sold)

Financial Advisor
Legal Advisor

Buyer
Financial Advisor
Legal Advisor

Transaction
Value**
(Mil)

Seller Sector

BG Group Plc

Royal Dutch Shell Plc

74,670.9

Energy Minerals

44,916.7

Health Technology

42,121.3

Process Industries

32,337.6

Health Technology

14,216.2

Electric Technology

13,371.5

Communications

11,954.6

Electric Technology

10,057.2

Retail Trade

Goldman Sachs & Co.

JPMorgan Chase & Co.
Morgan Stanley
Robey Warshaw LLP
Freshfields Bruckhaus Deringer LLP

Bank of America Merrill Lynch

Allen & Overy LLP
Cravath, Swaine & Moore LLP
De Brauw Blackstone Westbroek NV
Slaughter & May Ltd.

Mylan NV

Teva Pharmaceutical Ltd.

Goldman Sachs & Co

Lazard
Stikeman Elliott LLP

Barclays Plc
Greenhill & Co.
De Brauw Blackstone Westbroek NV
Kirkland & Ellis LLP
Loyens & Loeff NV
Sullivan & Cromwell LLP
Tulchinsky Stern Marciano Cohen Levitski & Co.

Syngenta AG

Monsanto Co.

Goldman Sachs & Co.

JPMorgan Chase & Co
UBS

Morgan Stanley
Wachtell, Lipton, Rosen & Katz

Perrigo Co. Plc

Mylan NV

JPMorgan Chase & Co.

Morgan Stanley
A&L Goodbody
Wachtell, Lipton, Rosen & Katz

Goldman Sachs & Co.

Lazard
Arthur Cox & Co.
Cravath, Swaine & Moore LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Stikeman Elliott LLP

Freescale Semiconductor Ltd.

NXP Semiconductors NV

Morgan Stanley
Skadden, Arps, Slate, Meagher & Flom LLP
Wilson Sonsini Goodrich & Rosati PC

Telefnica SA (Telefnica Europe Plc)

UBS
Herbert Smith Freehills LLP

Hutchison Whampoa Ltd.

Nokia Oyj

Bank of America Merrill Lynch

Goldman Sachs & Co.
Morgan Stanley
Zaoui & Co. LLP
Sullivan & Cromwell LLP
Wachtell, Lipton, Rosen & Katz

JPMorgan Chase & Co.

Brunswick SCP
Roschier
Skadden, Arps, Slate, Meagher & Flom LLP
Stikeman Elliott LLP

Delhaize Group SA

Credit Suisse
De Brauw Blackstone Westbroek NV
Simpson Thacher & Bartlett LLP

Moelis & Co.

Linklaters LLP

Alcatel-Lucent SA

2nd Quarter 2015

Royal Ahold NV

Bank of America Merrill Lynch

Deutsche Bank
Lazard
Cravath, Swaine & Moore LLP
Fried, Frank, Harris, Shriver & Jacobson LLP
Linklaters LLP

Goldman Sachs & Co.

JPMorgan Chase & Co.
Allen & Overy LLP
Simpson Thacher & Bartlett LLP
Sullivan & Cromwell LLP

Bouygues SA (Bouygues Telecom SA)

Altice SA

10,000.0

Communications

K+S AG

Potash Corp of Saskatchewan, Inc.

8,373.4

Process Industries

10

Deutsche Bank
Morgan Stanley

Total Market Value of Top 10 Deals YTD

FactSet.com

262,019.3

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