vccedge quarterly deal update - q3 2012
TRANSCRIPT
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Q3 2012
Quarterly Deal UpdateStatistics & Analysis of Private Equity and M&A Deals in India
A Research Publication
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Page Number
I. EXECUTIVE SUMMARY 3
II. Private Equity
Private Equity Investments
- Overview 4
- Deal Type Analysis 5
- Sector Analysis 7
- Top 10 Private Equity Investments 8
- Regional Analysis 9
Private Equity Exits
- Overview 10
- Deal Type Analysis 11
- Sector Analysis 12
-Top 10 Private Equity Exits 13
III. Mergers & Acquisitions
- Overview 14
- Deal Type Analysis 15- Sector Analysis 17
- Top 10 Mergers & Acquisitions 18
- Regional Analysis 19
IV. Sectoral Spotlight 20
Contents
Disclaimer:
VCCEdge (the research arm of VCCircle.com) has taken due care and caution in preparing this report. Information has been obtained from the
VCCEdge platform and sources which it considers reliable. However, VCCEdge does not guarantee the accuracy, adequacy or completeness of any
information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report
may be published/reproduced in any form without VCCEdges prior written approval. VCCEdge or its owner Mosaic Media Ventures Pvt. Ltd. is not
liable for investment decisions which may be based on the views expressed in this report.
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Executive Summary
Private Equity:
Private equity investments in the third quarter of 2012 are pegged at $2.9 billion spread across 113 deals compared to $2.8 billion spread across 141 deals during same period in 2011.
The median deal amount increased nearly by 67% from $9 million in Q3 2011 to $15 million Q3 2012.
The average deal value increased by 50% from $24 million to $36 million during the same period.
Private Equity deals under $50 million accounted for 64% of total deal volume in Q3 2012.
Big-ticket deals ($100 million and above) constituted 61% of the total private equity capital invested during tquarter.
Private equity funds realized $1.23 billion across 24 transactions as compared to $960 million across 3transactions during the same period last year.
Information Technology, Financials, Industrials, Consumer Discretionary and Health Care were the top fi
sectors during the quarter by deal value. Investments in Information Technology sector accounted for highe41% of the total investments during the quarter.
Mergers & Acquisitions:
Mergers & Acquisitions in India declined a significant 33% in terms of deal value during the quarter with ju$5.43 billion of deal value recorded across 144 deals.
The value of Inbound and Outbound deals dropped by 85% and 38%, respectively.
The median deal amount increased from $13 million to $15 million, while average deal value increased from $8million to $86 million between the two quarters.
Deals under $100 million accounted for 35% of the total deal flow in Q3 2012.
Big- ticket deals ($100 million and above) accounted for 81% of the total disclosed M&A deal value in Q3 2012
Energy, Health Care, Consumer Discretionary, Industrials and Materials were the top five sectors during tquarter by deal value. M&A activity in Energy sector accounted for the highest 34% of the total acquisitioduring the quarter.
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Private Equity Investments: Overview
Even as deal making gathered momentum over the last two quarters this calendar year, private equity deals in Q3 this year lagged compared to activity in the corresponding quarter last year. The value of private equity investments the third quarter of 2012 were $2.9 billion, compared with $2.8 billion recorded in Q3 CY2011, even as number of deafell 20% to 113, compared with 141 in the same period in 2011. Compared to the previous quarter (Q2 12), privaequity commitments increased 58%, while the deal volume dipped 28% or 43 deals.
However, the increased deal value can be attributed to billion dollar investment made by Bain Capital Advisors India fa 30% stake in Genpact Ltd., excluding which the quarter stands at $1.9 billion, roughly the same as the investme
seen in Q2 12.
Figure 1: Private Equity Investments
The biggest deal of the quarter was the $1 billion investment in Gurgaon based Genpact Ltd. by Bain Capital AdvisoIndia for a 30% stake acquired from General Atlantic LLC and Oak Hill Capital Partners. This was followed by the $4million investment in New Delhi based Jawala Real Estate. Another significant deal recorded during the quarter was t$150 million invested by Macquarie-SBI Infrastructure Fund in Nashik based Ashoka Concessions Ltd.
The other top deals during the quarter include $137.75 million invested by Citi Venture Capital International Prometheon Holdings UK Ltd., a wholly owned subsidiary of Cox & Kings Ltd., and $90.56 million in New Delhi basSIS India Ltd. by CX Advisors LLP.
$3,177
$3,848
$6,073$6,012
$6,188
$2,997
$3,583
$1,709
$895
$1,282
$818
$1,457
$1,960 $1,986
$2,902
$2,111
$2,963
$3,322
$2,815
$3,128
$2,110
$1,840
$2,915
181
114
142
190227
135
145
106 107
72
100
127124
100
135
111
155 160
141147
156 156
113
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2008 2009 2010 2011 2012
Value ($mm) Volume
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Deal Type Analysis
Figure 2: Private Equity Breakdown Volume
Figure 3: Private Equity Breakdown - Value ($ mm)
Figure 5: Median Deal Amount ($ mn)
3
12 104
17 19
30
4642
3541
36
109
87
48
96
83
58
0
20
40
60
80
100
120
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Angel/ Seed Venture Capital Private Equity
$10 $3 $3 $1 $4 $7$135 $287 $153 $136
$238 $153
$5,927
$3,293
$661
$2,765$2,572
$2,756
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Angel/ Seed Venture Capital Pr ivate Equity
The median deal amount
increased 67% from $9
million in Q3 2011 to $15
million in Q3 2012.
The average deal value
increased 50% from $24
million to $36 million
during the same period.
Figure 4: Median Deal Amount ($ mm)
$13
$12
$5
$9$9
$15
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
Q3
2007
Q3
2008
Q3
2009
Q3
2010
Q3
2011
Q3
2012
$52
$32
$10
$24 $24
$36
$0
$10
$20
$30
$40
$50
$60
Q3
2007
Q3
2008
Q3
2009
Q3
2010
Q3
2011
Q3
2012
Growth capital/late stage deals dipped30% from 83 deals in Q3 2011 to 58deals in Q3 2012. Deal Value increasedby 7% from $2.5 billion in Q3 2011 to$2.7 billion in Q3 2012.
Venture Capital deals decreased nearly12% from 41 deals in Q3 2011 to 36deals in Q3 2012, while deal value alsodecreased by 36% from $238 million inQ3 2011 to $153 million in Q3 2012.
Angel investing reached a record highof 19 deals worth $7 million ever seenin the second quarter of any year. For
the purpose of comparison, there were17 deals recorded during Q3 2011. Theanalysis however is subject to lack ofdisclosure that exists for Angelinvestments, the count and value ofwhich may be significantly higher forany given period than that recordedfrom publicly disclosed sources.
Figure 5: Average Deal Amount ($ mm
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Deal Type Analysis
Figure 6: Transactions by Deal Size
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100
Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
Undisclosed Under $5m $5 - $25 m $25 - $50 m $50 - $100 m $100+
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 201
Undisclosed 25 34 20 16 22 31
Under $5m 35 33 38 35 45 30
$5 - $25 m 42 49 33 57 42 36
$25 - $50 m 18 9 7 14 19 6
$50 - $100 m 12 10 1 6 7 6
$100+ 10 10 1 7 6 4
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Under $5m 70 63 60 69 79 63
$5 - $25 m 525 653 358 604 472 449
$25 - $50 m 612 280 233 485 652 217
$50 - $100 m 821 690 64 370 477 408
$100+ 4045 1898 104 1373 1134 1779
Figure 7: Total Investment by Deal Size ($mm)
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
Private Equity deals under $50
million accounted for 64% of
total deal volume in Q3 2012.
Big ticket deals ($100 million
and above) accounted for a
mere 3.5%.
The third quarter of 2007 witnessed the maximum big ticket deals (10 deals worth over $4.04 billion) in the third
quarter of any year.
Big-ticket deals ($100 million
and above) constituted 61%of the total private equity
capital invested in Q3 2012.
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Sector Analysis
Figure 8: Private Equity Sectoral Analysis
Figure 9: Top 5 Sectors by Value ($ mm)
And
Figure 10: Top 5 Sectors by Volume
0
5
1
1
2
2
3
3
0
200
400
600
800
1000
1200
1400
Value ($ mm) Volume
On the top of the deal value scorecard is the InformatioTechnology sector with a cumulative investment of $1.1billion. This was followed by Financials, Industrials anConsumer Discretionary with investments totalling $73million, $383 million and $307 million respectivelHealthcare ($172 million) is the other sector to witnes
significant amount of capital invested during the quarter.
On the deal volume front, Consumer Discretionary (30 dealsInformation Technology (25 deals) and Financials (2
deals) witnessed some aggressive deal making during thperiod, the three together accounting for nearly 67% of thtotal 113 deals recorded during the quarter. Health Carand Industrials too saw significant deal activity with 16 an11 deals, respectively.
Informatio
n
Technology
$1,198
Financials
$733
Industrials
$383
Consumer
Discretiona
ry
$307
Health
Care
$172
Informatio
n
Technolog
y, 25
Financials,
21
Industrials,
11
Consumer
Discretion
ary, 30
Health
Care, 16
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Top 10 Private Equity Investments
Date Target BuyerDeal Value
($ mm)Sub-Industry
1/8/2012 Genpact Ltd. Bain Capital Advisors India 1,000Data Processing
Outsourced Servi
30/07/2012 Jawala Real Estate Pvt. Ltd.
Lodha Developers Ltd., Vornado
Realty Trust 491
Real Estate
Development
13/08/2012 Ashoka Concessions Ltd. Macquarie-SBI Infrastructure Fund 150Construction &
Engineering
22/08/2012 Prometheon Holdings UK Ltd. Citi Venture Capital International 137.75Hotels, Resorts
Cruise Lines
27/08/2012 SIS India Ltd. CX Advisors LLP 90.56Security & Alarm
Services
28/07/2012 Hoary Realty Ltd.Hubtown Ltd., Red Fort CapitalAdvisors
81.39Real Estate
Development
5/9/2012 Jain Irrigation Systems Ltd.International Finance Corp., MountKellett Capital Partners II LP
72.45 Industrial Machin
23/7/2012 Educomp Solutions Ltd. International Finance Corp. 55 Education Servic
13/08/2012 Nova Medical Centers Pvt. Ltd. New Enterprise Associates, GoldmanSachs (Principal Investments)
54.56 Health Care Servi
3/8/2012Manipal Health Enterprises Pvt.Ltd.
India Value Fund Advisors 53.8 Health Care Servi
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Regional Analysis
Top 5 Cities
City Volume Value ($ mm)
Mumbai 25 305
Bangalore 19 193
New Delhi 16 704
Chennai 10 61
Pune 7 42
Top 5 States
State Volume Value ($ mm)
Maharashtra 35 582
Karnataka 20 196
Delhi 16 704
Tamil Nadu 11 76
Haryana 6 1034
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Private Equity Exits
Private equity exits picked up significantly with $1.23 billion worth of investments being liquidated across 24 etransactions during the quarter ended September 12. While the quarterly exit volume decreased 37% (or 14 deacompared to the Q3 2011, the exit value jumped 29%. Compared to Q2 2012, the exit value multiplied 6x, while tcount of exits dropped almost 11%. However, the bias in the analysis stems from the $1 billion realized by Oak Hill aGeneral Atlantic from the Genpact stake sale, omitting which the exit value drops to about $236 million.
Figure 11: Private Equity Exits
The biggest exit of the quarter and decade was General Atlantic LLC and Oak Hill Capital Partners selling 30% stake
Gurgaon based Genpact Ltd. through secondary sale for approximately $1 billion. This was followed by Siva VenturLtd. making $81.39 million from the sale of 50% stake in Hoary Realty Ltd. to Hubtown Ltd. and Red Fort CapitAdvisors.
$387
$774
$1,077
$459
$168
$844
$67$32
$66
$828
$669
$873
$767
$1,391
$709
$1,609
$806
$726
$960
$420
$1,474
$205
$1,236
29
32
24
36
25
15
6
16
11
35
43
39
4443
49 49
34
32
38
18
40
27
24
0
10
20
30
40
50
60
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2008 2009 2010 2011 2012
Value ($ mm) Volume
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Deal Type Analysis
On the deal volume scale, Q3 2012 saw a decline in the number of buyback, M&A, Open Market and Public Offeriexits, the four declining by 67%, 37%, 53% and 40%, respectively, when compared to the corresponding quarter 2011. Secondary sale exits on the other hand saw an uptick of 75% in volume during the same period. There wethree private equity backed public offerings recorded during the quarter.
Figure 12: PE Exits by Volume
In terms of deal value, the sharpest decline was seen in buyback and open market with exit value dipping 89.69% a84.87% respectively, while M&A exits has decreased during the same period. Secondary sales have seen a significaincrease in exit value from $206 million to $1.14 billion during the same period.
Figure 13: PE Exits by Value ($ mm)
1
3
6 6
2
10
3
7
10
8
5
7
0
22
19
15
7
3
0
6
2
5
33 3
5
12
4
7
0
5
10
15
20
25
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Buyback M&A Open Market Public Offering Secondary Sales
$0 $0 $10
$266
$97
$10
$770
$0 $0$42
$135
$0
$297
$0
$522
$254
$522
$79
$3 $0
$107
$20 $0 $0$7
$67$30
$127
$206
$1,148
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Buyback M&A Open Market Public Offering Secondary Sales
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Sector Analysis
Sector Buyback IPO M&AOpen
MarketSecondary
Sales
Exit
Volume
ExitValue
($mm)
Exit
Volume
ExitValue
($mm)
Exit
Volume
ExitValue
($mm)
Exit
Volume
ExitValue
($mm)
Exit
Volume
ExitValue
( $
)
Consumer Discretionary 1 - 3 - 1 10.2 - - -
Consumer Staples - - - - - - 1 - 1 12
Financials 1 9.6 1 - 1 41.5 - - 4 81.
Industrials - - - 1 18.89 - - 1 54.
Information Technology - - 1 - 2 1.74 1 - 1 100
Materials - - - 2 6.71 - - - -
Telecommunication Services - - - - - - 1 - - -
Figure 14: Sectoral Analysis - Value ($ mm) Figure 15: Sectoral Analysis - Volume
v
Financials
$132
Consumer
Discretionar
y
$10
Information
Technology
$1,002
Consumer
Staples
$12
Industrials
$73
Financials
7
Consumer
Discretionar
y
5
Information
Technology
5
Consumer
Staples
2
Industrials
2
Exit activity during the third quarter of 2012 was dominated by the Information Technology sector with over $1 billioworth of exits across 5 exit transactions, which included the blockbuster billion dollar exit from Genpact. Other sectorto witness significant exit activity were Financials with 7 exits valued at $132 million, Industrials with 2 exits valued a$73 million, Consumer Discretionary with 5 exits valued at $10 million, and Consumer Staples with 2 exits with valueat $12 million.
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Top 10 Private Equity Exits
Date Target Seller Exit TypeExit Value($ mm)
Sub-Industry
1/8/2012 Genpact Ltd.General Atlantic LLC, Oak HillCapital Partners
SecondarySale
1,000Data Processing &
Outsourced Servic
28/07/2012 Hoary Realty Ltd. Siva Ventures Ltd.
Secondary
Sale 81.39
Real Estate
Development
27/08/2012 SIS India Ltd.DE Shaw CompositeInvestments (Mauritius) Ltd.
SecondarySale
54.34Security & Alarm
Services
26/09/2012Shriram City Union FinanceLtd.
ChrysCapital InvestmentAdvisors, India AdvantageFund Series II
Open Market 41.5 Consumer Financ
27/09/2012 Gujarat Pipavav Port Ltd.India Infrastructure Fund,IDFC
Open Market 18.89Marine Ports &
Services
18/09/2012 Parag Milk Foods Pvt. Ltd.India Business Excellence
Fund
Secondary
Sale12.1
Packaged Foods &
Meats
16/07/2012 Welspun India Ltd.Temasek Holdings AdvisorsIndia Pvt. Ltd.
Open Market 10.2 Textiles
1/8/2012Lalith GangadharConstructions Pvt. Ltd.
Kotak Alternate OpportunitiesIndia Fund
Buyback 9.6Real Estate
Development
21/09/2012 Ess Dee Aluminium Ltd.Sequoia Capital IndiaAdvisors
Open Market 5.23 Aluminium
16/08/2012 Dalmia Bharat Sugar andIndustries Ltd. Actis India Fund 2 LP, ActisSouth Asia Fund 2 LP Open Market 1.48 ConstructionMaterials
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Mergers & Acquisitions Overview
Mergers & Acquisitions in India in Q3 2012 were recorded at $5.4 billion spread across 144 deals; a decline of 33% deal value and 30% in deal volume from when compared against the $8.1 billion worth of acquisitions and 205 deals Q3 2011. Compared to the previous quarter, deal value significantly increased 76%, while the deal volume remaiunchanged.
The dip in M&A activity could be attributed to the regulatory uncertainties & steep decline in the global M&A activitcoupled with the overall slowdown in economy, the falling rupee and policies like GAAR (General Anti-Avoidance Rules)
Figure 16: Mergers & Acquisitions Overview
Among the top five M&A transactions, there was not a single deal above the $1 billion mark. The biggest M&A de
announced during the quarter was the acquisition of New York based Taro Pharmaceuticals Industries Ltd. by SPharmaceutical Industries Ltd. for a total consideration of $592 million (INR 32.5 billion). This was followed by El Ad UHolding Inc. and Kingdom Holding Co selling New York based Plaza IP Holdings LLC for $570 million (INR 31.34 billioto Sahara India Pariwar. The acquisition of Switzerland based Lodestone Management Consultants AG by Infosys Ltd. ftotal consideration of $350 million (INR 19.25 billion).
$24,140
$11,586
$5,689
$1,745
$8,366
$10,304
$6,969$6,546
$5,615
$3,017 $3,224
$5,056
$19,006
$14,528
$19,000
$7,856
$22,254
$8,717$8,165
$2,827
$4,225
$3,089
$5,433
127
153
166
136
163
172
137
127
106111
125
140
201
202
191
207 209
217
205
178
176
144 144
-
50
100
150
200
250
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2008 2009 2010 2011 2012
Value ($mm) Volume
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Deal Type Analysis
Figure 17: Deal Type by Volume
83
59
69
103
118
65
23 24 23
41 43
27
5754
33
46
37 38
0
20
40
60
80
100
120
140
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Domestic Inbound Outbound
Figure 18: Deal Type by Value (S mm)
$664 $523$1,218
$2,882
$2,003
$960$703
$2,742$1,456
$11,611
$2,175
$322
$4,316$3,705
$551
$4,436$3,781
$2,322
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Domestic Inbound Outbound
Figure 20: Average Deal Amount ($ mm)
$63
$93
$50
$183
$82$86
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 201
Figure 19: Median Deal Amount ($ mm)
$12
$7
$10
$15
$13
$15
$0
$2
$4
$6
$8
$10
$12
$14
$16
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
The value of inbound deals fell by 85%
from $2.17 billion (across 43 deals) in Q3
2011 to $322 million (across 27 deals) in
Q3 as compared to 37% in Q2 on a year-
on-year basis. But this may change with
governments unveiling reforms likebringing in foreign direct investment (FDI)
in multi-brand retail, broadcasting,
insurance, pension, and aviation. Similarly
the value of Outbound deals increased by
38% and volume decreased from 38 deals
to 37 deals during the same period.
M&A value of Domestic deals significantly
decreased by 52.07% from $2 billion in Q3
2011 to $960 million in Q3 2012, while the
deal volume dropped by 53 deals.
The median deal amount increased from$13 million to $15 million, while theaverage deal value increased by 5% from$82 million to $86 million as compared toQ3 2011.
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Deal Type Analysis
Figure 21: Number of transactions by Deal Size
Figure 22: Total investment by Deal Size
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
Undisclosed Under $5m $5 - $25 m $25 - $50 m $50 - $100 m $100+
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
Under $5m $5 - $25 m $25 - $50 m $50 - $100 m $100+
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3
Under $5m69 62 38 45 63
$5 - $25 m 378 235 324 582 421
$25 - $50 m 223 284 277 416 138
$50 - $100 m 822 408 341 512 1196
$100+ 4198 5980 2243 17445 6347 4
Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012
Undisclosed 75 62 60 87 106 81
Under $5m 28 31 18 26 27 17
$5 - $25 m 31 22 27 43 34 20
$25 - $50 m 7 9 8 11 4 8
$50 - $100 m 12 6 5 7 17 6
$100+ 13 7 7 17 17 12
Big- ticket deals ($100 millionand above) accounted for
81% of the total disclosed
M&A deal value in Q3 2012.
Deals under $100 million
accounted for 35% of the total
deal flow in Q3 2012, while
small-sized deals (under $5
million) accounted for 12%.
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Sector Analysis
Figure 23: Sectoral Analysis - M&A
Figure 24: Top 5 Sectors by Value ($ mm) Figure 25: Top 5 Sectors by Volume
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Value ($ mm) Volume
Consumer
Discretionary
$821
Industrials
$780
Materials
$563
Health Care
$1,118
Energy
$1,854
Consumer
Discretionary
36
Industrials
26
Materials16
Health Care
10
Information
Technology
25
Energy, Health Care and Consumer Discretionary sectors witnessed the maximum M&A value with deals worth $1.85
billion, $1.1 billion, and $821 million respectively. Together, they accounted for 70% of the total M&A deal valueseen during the quarter. Industrials ($780 million) and Materials ($563 million) were the other sectors to witness
significant M&A value in Q3 2012.
The sectors to see significant M&A activity in terms of deal volume were Consumer Discretionary and Industrials
with 36 deals and 26 deals respectively. Together they accounted for 43% of the total M&A deal volume during the
quarter. This was followed by Informational Technology, Materials and Health Care with 25 deals, 16 deals and 10
deals respectively.
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Top 10 Mergers & Acquisitions
Date Target BuyerM&AType
Deal Value($ mm)
Sub-Indust
13/08/2012Taro Pharmaceuticals IndustriesLtd.
Sun PharmaceuticalIndustries Ltd.
Outbound 592.0 Pharmaceutic
30/07/2012 Plaza IP Holdings LLC Sahara India Pariwar Outbound 570.0
Hotels, Resor
Cruise Line
10/9/2012Lodestone ManagementConsultants AG
Infosys Ltd. Outbound 350.0Research &
Consulting Ser
28/09/2012 BP Chemicals Malaysia Sdn Bhd. Reliance Port & Terminals Ltd. Outbound 230.0CommodityChemicals
29/08/2012Orchid Chemicals &Pharmaceuticals Ltd., APIBusiness and Facilities
Hospira Healthcare India Pvt.Ltd.
Domestic 200.0Health Car
Supplies
27/07/2012ZIV Aplicaciones y TecnologaS.L.
Crompton Greaves Ltd. Outbound 183.0Heavy Electr
Equipment
31/07/2012 Modest Infrastructure Ltd.Dempo Shipbuilding andEngineering Pvt. Ltd.
Domestic 126.9Construction
Farm MachineHeavy Truc
23/07/2012 CIC Energy Corp. Jindal Steel & Power Ltd. Outbound 116.0Coal & Consum
Fuels
5/7/2012 Terrace Bay Pulp Inc.Grasim Industries Ltd., ThaiRayon Public Co. Ltd.
Outbound 110.0 Forest Produ
28/09/2012 Adhunik Cement Ltd.Dalmia Bharat Sugar andIndustries Ltd.
Domestic 105.8Constructio
Materials
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Regional Analysis
Top 5 States
City Volume Value ($ mm)
Mumbai 33 $415
Bangalore 12 $56
New Delhi 10 $147
Gurgaon 4 $64
Pune 4 $41
Top 5 Cities
State Volume Value ($ mm)
Maharashtra 40 $656
Karnataka 13 $56
Delhi 10 $147
Tamil Nadu 4 $84
Haryana 4 $64
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Sectoral Performance
Automobiles & Components
Banks
Capital Goods
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$887
$102$6
$75$21 $9
$15
4
2
33
3
11
0
1
2
3
4
5
$0
$200
$400
$600
$800
$1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$37 $43
$242
$41
$137
$44
$117
109
5
8 8
43
0
2
4
6
8
1
1
$0
$50
$100
$150
$200
$250
$300
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$17
$0 $0
$45
$0 $0 $0
1 1
2 2 2
0 0
0
0
1
1
2
2
$0
$10
$20
$30
$40
$50
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$194
$0 $31
$733
$120$49
$9
7
0
23
5
2
1
0123
45678
$0$100$200$300
$400$500$600$700$800
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$291
$615$707
$298
$196
$33
$252
18 17
12
910
7
4
0
5
10
15
20
$0$100$200$300$400$500$600$700$800
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$1,847
$465$335
$514 $563
$122
$383
32
23
14
18
28
1417
0
5
1
1
2
2
3
3
$0$200$400$600$800
$1,000$1,200$1,400$1,600$1,800$2,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
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Commercial & Professional Services
Consumer Durables & Apparel
Consumer Services
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$11
$105
$24
$131
$39
$11
$131
6
13
6
13
67
6
02468101214
$0$20$40$60$80
$100$120$140
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$14
$397
$98$50 $29
$656
$38110
14
17
89 10
6
0
5
10
15
20
$0
$100$200
$300$400
$500
$600
$700
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$89
$17 $6
$146
$1
$149
$16
5
45
11
7
3
7
0
2
4
6
8
10
12
$0$20$40$60$80
$100$120$140$160
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$18$4
$28
$13
$20
$43
$9
6
3
5
3 4
9
10
24
6
8
10
$0
$10$20
$30
$40
$50
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$138
$208
$59
$134
$44
$240$22013 13
1110
11
16
12
0
5
10
15
20
$0
$50
$100
$150
$200
$250
$300
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$149
$19
$788
$377
$40
$364
$58510 916 12
6
5
10
0
5
10
15
20
$0
$200
$400
$600
$800
$1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
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Diversified Financials
ss
Energy
Food & Staples Retailing
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$34
$350
$210
$60
$154 $137
$46
811
10
6
9
6
10
0
2
4
6
8
10
12
$0$50
$100$150$200$250$300$350$400
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$114$88
$356
$19
$376
$1 $5
1110 13
6
10
54
02468101214
$0$50
$100$150$200$250$300$350$400
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$0 $30 $0
$602
$5 $0 $00
1
0
3
1 1 1
00.511.5
22.533.5
$0$100$200$300
$400$500$600$700
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$9,816
$2,037 $2,017
$262 $184 $175
$1,854
8
12
98
6 6
8
0246
8101214
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$0 $0 $0 $0
$0
$0
$111
0 0 00 0
1
0
0.2
0.4
0.6
0.8
1
1.2
$0$2$4$6$8
$10$12$14
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$16
$0 $0 $0 $0 $0 $0
3
0
1
0
2 2
0
00.511.522.533.5
$0
$5
$10
$15
$20
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
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Food, Beverage & Tobacco
Health Care Equipment & Services
Household & Personal Products
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$59
$33
$113
$5$12
$2
$39
6
3
7
2 21
4
012345678
$0
$20
$40
$60
$80
$100
$120
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$19$74
$625
$107$42 $38 $7
98
11
9 9
6
8
0
2
4
6
8
10
1
$0$100$200$300$400$500$600$700
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$48
$113
$0
$113
$323
$198$1525
10
0
6
10
6
12
0246
8101214
$0$50
$100$150
$200$250$300$350
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$63$210
$1,078
$107 $132$0
$262
87
9
4
6
3
6
0
24
6
8
10
$0
$200
$400
$600
$800
$1,000
$1,200
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$5 $5 $0
$28
$134
$96
$44
11
0
1 11
1
0
0.2
0.4
0.6
0.8
1
1.2
$0$20$40$60$80
$100$120$140$160
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$13
$357
$0 $0 $0 $0 $0
2
5
1
2 2
0 0
0
1
2
3
4
5
6
$0$50
$100$150$200$250$300$350$400
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
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Insurance
Materials
Media
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$0
$0 $0
$9
$0$1
$15
00 0
1
0
1 1
0
0.2
0.4
0.6
0.8
1
1.2
$0$2$4$6$8
$10$12$14$16
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$680
$23 $0 $0 $0
$541
$0
1
2
10
1
2
0
0
0.5
1
1.5
2
2.5
$0$100$200$300$400$500$600$700$800
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$66
$653
$125$46
$5 $4 $13
7
10
4
5
2 2
10
2
4
6
8
10
12
$0$100$200$300
$400$500$600$700
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$1,830
$2,684
$317
$458 $431$89
$563
18
39
13
18
12 13
16
0
10
20
30
40
50
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$94
$162
$45
$7
$82
$116
$25
7 116
5
3
7 6
0
2
4
6
8
10
12
$0
$50
$100
$150
$200
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$19 $0
$535
$166
$393
$273
$20
16
10
14
15
10
109
0
5
10
15
20
$0
$100
$200
$300
$400
$500
$600
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
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Pharmaceuticals, Biotechnology & Life Sciences
Real Estate
Retailing
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$5$15
$79
$0
$66
$60
$201
3 3
0
4
34
0
1
2
3
4
5
$0
$20
$40
$60
$80
$100
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$115 $398$127 $131
$493
$28
$8578
10
10
10
9
54
0
2
4
6
8
10
12
$0
$200
$400
$600
$800
$1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$453
$196 $308
$442
$332
$113
$664
10 11 910
14
99
02468
10121416
$0
$100
$200$300
$400
$500
$600
$700
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$31$2
$380
$60$28
$83 $66
13
5
14
4
67
4
02468
10121416
$0$50
$100$150$200
$250$300$350$400
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$109
$125$145
$93
$295
$154
$38
13
11
1115
2424
10
0
5
10
15
20
25
30
$0
$50$100$150$200
$250$300$350
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$197
$48
$4 $5
$44
$10
$83
5
10
4
3
7 7 7
0
2
4
6
8
10
12
$0
$50
$100
$150
$200
$250
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
Private Equity Mergers & Acquisitions
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Software & Services
Technology Hardware & Equipment
Telecommunication Services
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$135
$299$224 $171
$106 $158
$1,135
26 27
33
4137 39
21
0
10
20
30
40
50
$0
$200
$400
$600
$800
$1,000
$1,200
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$1,451 $1,526
$359 $298$438
$174 $211
28 2830
29
17
2523
0
5
10
15
20
25
30
35
$0$200$400$600$800
$1,000$1,200$1,400$1,600$1,800
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$1
$33
$22
$7$0
$10
$63
2
1
4
2
3
2
4
0
1
2
3
4
5
$0
$10$20$30
$40$50$60
$70
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$0 $0
$2
$0
$10
$0 $0
1 1
23
4
01
0
1
2
3
4
5
$0
$2
$4
$6
$8
$10
$12
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$30
$1
$0
$19
$0
$0$0
1
3
0
3
0 0
0 00.511.522.533.5
$0$5
$10$15$20$25$30$35
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$5,490
$237$708
$0
$785$165 $1
4 4
2
12 1
2
0
1
2
3
4
5
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
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Transportation
Utilities
Semiconductors & Semiconductor Equipment
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
Private Equity Mergers & Acquisitions
$30
$1 $0
$19
$0 $0 $0
1
3
0
3
0 00 0
0.511.522.533.5
$0$5
$10$15$20$25$30$35
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$231
$34
$135
$28 $55
$129
$16
32 3
2
5
9
3
0
2
4
6
8
10
$0
$50
$100
$150
$200
$250
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$215$154
$600
$144
$10
$250
$16
7 5
12
5
2
4
2
02468
101214
$0$100$200$300$400
$500$600$700
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$17
$58 $55
$11
$45 $46
$8
3 3
9
5
87
5
0
2
46
8
10
$0$10$20$30$40
$50$60$70
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$0
$0 $0 $0 $0 $0 $000
1
0 0 0 0 0
0.2
0.4
0.6
0.8
1
1.2
$0
$0
$0
$1
$1
$1
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
$0 $0 $0 $0 $0 $0 $00
1
0
00 0
1
0
0.
0.
0.
0.
1
1.
$0
$0
$0
$1
$1
$1
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
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