Iberian Market - First, Second & Third Quarter 2014

September 2014
Iberian Market - First, Second & Third Quarter 2014
Pages: 51
Format: .PDF


SPAIN

In the third quarter of 2014, the Spanish transactional market was particularly dynamic, both the number of deals registered and the investment volume were larger than in any of the previous quarters this year. On one hand, there were 304 deals recorded this quarter, both announced and closed, a 4,01% increase compared with the previous quarter. And on the other hand, the investment volume generated was EUR 31,31bn, mainly due to several deals with large values concluded this quarter. Highlights include the acquisition of Ono by UK-based Vodafone. The deal value was EUR 7,20bn.

Specifically, the number of deals this quarter increased by 24,59%, compared with the same period last year. And, the investment volume increased by 92%, compared with EUR 16.260m generated between July and September 2013.

The technology and Internet subsectors were the most active this quarter, with 51 and 38 deals registered, respectively. In addition, these two subsectors were the most active so far this year, followed by the financial and insurance, and the real estate subsectors.

Regarding the cross-border sector, US-based companies and European acquirers recorded the largest number of acquisitions in the Spanish market. However, Spanish companies have also been attracting interest from Chinese and UAE-based companies. Highlights include the acquisition of Spain-based Repasa by Dubai-based DP World. On the other hand, Spanish companies focused their investments in Italy and the United States, as well as different Latin American countries, such as Chile, Colombia and Argentina.

In the private equity segment, a total of 42 deals were registered this quarter, compared with 48 deals in the same period last year. On the other hand, the investment volume generated this quarter was the largest, so far this year; EUR 10.766m. One of the highlighted deals this quarter was Metrovacesa’s sale of a 26,75% stake in real estate company Gecina, for EUR 1,55bn.

On the other hand, the venture capital segment registered a total of 80 deals, generating EUR 294m, which makes this quarter the most active this year. The technology and the Internet subsectors continue the trend for being the most active, followed by the distribution and retail, and mainly investments made by e-commerce companies.

Finally, the capital markets also registered relevant deals. Highlights include an IPO carried out by real estate company Axia Real Estate, on the continuous market. The deal value was EUR 360m. In addition, there were several capital increases recorded on the continuous market and on the Alternative Stock Exchange Market (MAB).


PORTUGAL

In the third quarter of 2014, the Portuguese transactional market was particularly dynamic. It was the most active quarter so far this year, with 55 deals registered, both announced and closed, which denotes a greater market activity.

In fact, 125 deals were registered between January and September, which more than the total number of deals recorded in 2012 and only 10 deals short of the total number of transactions registered in 2013.

On the other hand, the investment volume decreased, with respect to the previous quarter, generating approximately EUR 1,12bn. In the second quarter of 2014, there were several deals recorded in the high-end market in deal size (>EUR 500m). In addition, this quarter there was confidentiality surrounding many transactions. In spite of this, some large deals were registered, such as the offer submitted by financial institution Fidelidade to acquire Portugal-based Espírito Santo Saúde.

This quarter, the technology sector was the most active with 27 deals registered, followed by the healthcare, hygiene and aesthetics with seven deals, and the financial and insurance with four. Highlights include CGD Caixa Geral de Depósitos’ investment in financial institution Octo Investimentos. The deal value was EUR 67,30m.

In the cross-border sector, there are two distinct aspects. On one hand, Spanish companies carried out most of the investments in the M&A market in Portugal this quarter, while investment volume generated by US-based acquirers was higher. On the other hand, Portuguese companies focused their investments to a greater extent in Brazil, both in number of acquisitions and investment volume.

Regarding the private equity sector, there were 10 deals recorded this quarter compared with 4 in the previous one; equivalent to a 150% increase. On the other hand, the investment volume generated in the second quarter was approximately EUR 1.630m, compared with EUR 562,3m this quarter. However, it is important to take into account that one single deal in the second quarter generated approximately EUR 1.630m; Fosun’s investment in Fidelidade, Multicare and Cares.

The venture capital segment registered an increase with respect to the third quarter of last year, both in the number of deals registered and the investment volume generated. Specifically, increasing from 6 to 12 deals this quarter, and from EUR 2,6m to EUR 8,5m generated these last three months.

Lastly, there were no deals concluded in the equity capital markets, throughout the third quarter of 2014.



Ono  - Telephone, TV and Internet operator.

Financial Advisors

Legal Advisors


Fitness Hut  -Management company of low-cost gymnasiums.

Financial Advisors

Legal Advisors

RANKING 1st, 2nd and 3rd quarter 2014
SPAIN
Mergers and Acquisitions - Spain
Financial Advisors
By No. of transactions
Ranking 1Q 2Q 3Q 2014 FINANCIAL ADVISOR No. of Transactions
 
1 Santander Global Banking & Markets 10
 
2 BBVA 9
 
3 N+1 9
 
4 BNP Paribas Corporate & Investment Banking 8
 
5 Morgan Stanley 7
 
6 Lazard 7
 
7 Mediobanca 6
 
8 Barclays Investment Banking 5
 
9 GBS Finanzas 5
 
10 ONEtoONE Corporate Finance 5
 
By total value of transactions
Ranking 1Q 2Q 3Q 2014 FINANCIAL ADVISOR Total Value (EURm)
 
1 Santander Global Banking & Markets 18.693,75
 
2 Morgan Stanley 16.907,40
 
3 Deutsche Bank 15.625,00
 
4 J.P. Morgan 14.781,58
 
5 Lazard 10.603,96
 
6 Mediobanca 9.380,68
 
7 BNP Paribas Corporate & Investment Banking 8.295,02
 
8 Goldman Sachs 8.009,00
 
9 Banco Itaú BBA 7.836,41
 
10 BBVA 7.616,72
Mergers and Acquisitions - Big Four
Global
By No. of transactions
Ranking 1Q 2Q 3Q 2014 CONSULTANT No. of Transactions
 
1 PwC 39
 
2 Deloitte 38
 
3 EY 32
 
4 KPMG 26
 
By total value of transactions
Ranking 1Q 2Q 3Q 2014 CONSULTANT Total Value (EURm)
 
1 KPMG 11.463,94
 
2 EY 8.001,82
 
3 PwC 4.699,42
 
4 Deloitte 3.303,25
 
Financial Advising
By No. of transactions
Ranking 1Q 2Q 3Q 2014 CONSULTANT No. of Transactions
 
1 PwC 35
 
2 Deloitte 31
 
3 KPMG 19
 
4 EY 13
 
By total value of transactions
Ranking 1Q 2Q 3Q 2014 CONSULTANT Total Value (EURm)
 
1 EY 7.298,98
 
2 PwC 3.896,62
 
3 KPMG 2.441,94
 
4 Deloitte 1.391,25
 
Due diligence
By No. of transactions
Ranking 1Q 2Q 3Q 2014 CONSULTANT No. of Transactions
 
1 PwC 24
 
2 EY 23
 
3 KPMG 16
 
4 Deloitte 10
 
By total value of transactions
Ranking 1Q 2Q 3Q 2014 CONSULTANT Total Value (EURm)
 
1 KPMG 10.538,00
 
2 PwC 2.508,72
 
3 Deloitte 2.143,58
 
4 EY 702,84
Mergers and Acquisitions - Spain
Legal Advisors
By No. of transactions
Ranking 1Q 2Q 3Q 2014 LEGAL ADVISOR No. of Transactions
 
1 Cuatrecasas, Gonçalves Pereira 51
 
2 Uría Menéndez 37
 
3 Garrigues 35
 
4 U&Law 20
 
5 Clifford Chance 18
 
6 DLA Piper 16
 
7 Gómez-Acebo & Pombo 15
 
8 Rousaud Costas Duran (RCD) 13
 
9 Linklaters 12
 
10 Freshfields Bruckhaus Deringer 11
 
By total value of transactions
Ranking 1Q 2Q 3Q 2014 LEGAL ADVISOR Total Value (EURm)
 
1 Uría Menéndez 11.932,47
 
2 Garrigues 11.352,62
 
3 Clifford Chance 10.749,93
 
4 DLA Piper 9.237,99
 
5 Baker & McKenzie 8.745,44
 
6 Ramón y Cajal 8.268,43
 
7 Linklaters 6.438,75
 
8 Freshfields Bruckhaus Deringer 4.807,19
 
9 Jones Day 3.385,00
 
10 Cuatrecasas, Gonçalves Pereira 2.760,51
Private Equity and Venture Capital - Spain
Financial Advisors
By No. of transactions
Ranking 1Q 2Q 3Q 2014 FINANCIAL ADVISOR No. of Transactions
 
1 BBVA 6
 
2 Santander Global Banking & Markets 5
 
3 Lazard 4
 

 

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