Iberian Market

Iberian Market - February 2014

February 2014

Pages: 35

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SPAIN

The Spanish transactional market activity, in February 2014, was similar to the previous month. A total of 68 deals were registered, both announced and closed, compared with 71 recorded in January. The investment volume generated this month was EUR 923m, which represents a decrease compared with EUR 10,40bn in January. Nonetheless, a few relevant deals were registered in the mid-market in deal size (amounts between EUR 100m and EUR 500m). Spain-based Grupo Bupa Sanitas acquired Chile-based Cruz Blanca Salud, for EUR 180,20m.

The technology and internet subsectors were the most active this month, both in the cross-border segment with two deals registered in each subsector, and in the domestic market with a total of 18 deals recorded. Highlights include a EUR 2,5m financial round carried out by Blueliv, a Spain-based technology firm, subscribed by Spanish venture capital firms Telefónica Ventures, Kibo Ventures and investor Roger Casals.

In the cross-border segment, Spanish companies continue to attract foreign interest, mainly from the United States, France and the United Kingdom. In addition, this month other Europe-based companies made acquisitions in Spain, such as Portugal, Denmark and Norway. Highlights include the acquisition by Norway-based Schibsted of Milanuncios.

On the other hand, the private equity firms invested a total of EUR 298m, which represents a 28% increase compared with the same period last year. Furthermore, venture capital firms invested a total of EUR 14m.

The capital markets segment registered only a small number of deals, however several relevant capital increases are under negotiations. Highlights include the capital increase made by Ezentis, a telecommunications operator. This transaction should be closed within the next few months.

PORTUGAL

In February, the Portuguese M&A market generated an investment volume of EUR 1,43bn, the highest since October 2013. Several large deals were closed, and while the number of deals was similar to the previous month, the investment volume increased by 85%.

Among the largest deals this month was Caixa Geral de Depósitos’ sale of its insurance branch, to China-based Fosun. The deal value was EUR 1,21bn.

In the private equity sector, the transactional activity decreased significantly in February, compared with the previous month. However, an important deal was recorded. Oxy Capital announced the acquisition of a 60% stake in Grupo Piedade, the second largest Portuguese manufacturer of cork products. Furthermore, the venture capital segment registered some relevant investments. Highlights include the EUR3m investment made by Faber Ventures and private shareholders in Seedrs, an online platform of investments in startups. In addition, Portugal Ventures invested in technology firm iClio, through a capital increase.

This month, foreign-based acquirers were particularly dynamic in the Portuguese market. Highlights include the Japanese, Angolan, Chinese and South African companies, which recorded most of acquisitions in Portugal. On the other hand, Portuguese companies continue their expansion strategy abroad, through acquisitions in Spain, France and the United Kingdom.

One of the largest deals, since January 2014, was recorded this month in the capital markets segment. Espírito Santo Saúde carried out an initial public offering. The deal value was EUR 166,20m.