Iberian Market - May 2014

May 2014
Iberian Market - May 2014
Pages: 35
Format: .PDF

SPAIN

In May, the Spanish M&A market continued its dynamic activity with positive numbers, and registered a 40% increase compared with the same period last year. A total of 83 deals were registered, both announced and closed, compared with 59 in May 2013. Regarding the most relevant deals, highlights include the sale carried out by Repsol of a 11,86% stake in Argentina-based YPF to US-based Morgan Stanley, for EUR 901,34m.

The most active sectors this month were not only the technology and internet, but also the steel, metallurgy and industrial production and the financial and insurance subsectors, with a total of six transactions registered in each one.

In the cross-border sector, the United States, France and Luxembourg-based acquirers continue to be the main investors in Spain. Furthermore, this month the United Arab Emirates entered the Spanish market, through Taghleef Industries’ acquisition of Derprosa, a Spain-based manufacturer of packaging.

On the other hand, the venture capital segment was particularly dynamic, with 26 deals registered, the highest number this year, and generating an investment volume of EUR 31m. The most active sectors with the largest investment volume were the internet with 42 deals registered, and technology with 37. Highlights include an investment made by Spain-based Axon Partners Group in a financial round carried out by India-based iYogi, for EUR 20,34m.

On the other hand, the private equity sector registered a 45% decrease in its activity compared with the previous month. The total number of deals recorded was 13, similar to the rest of the months this year. The investment volume generated was EUR 480m.

The capital markets in Spain remains dynamic. Highlights include the initial public offering carried out by Applus+ on the continuous market, for EUR 1,10bn. In addition, Colonial, a real estate company, finalized its capital increase, also on the continuous market for EUR 1,27bn.


PORTUGAL

In May, the Portuguese M&A market recovered its usual activity, after two slow months. Specifically, some 12 deals were registered, both announced and closed, which represents a 71,42% increase with respect to April and March. In addition, the investment volume generated was EUR 364m, the largest amount of the last three months, and it represents a 75% increase compared with the same period last year.

Highlights, among the most relevant deals, include the submitted proposals in the privatization of EGF, a subsidiary of Grupo Águas de Portugal engaged in the urban solid waste segment. The deal value should be approximately EUR 200m. Some of the confirmed offers were submitted by consortium Portugal Ambiental (constituted by Brazil-based Solvi and Odebrecht), Portuguese group Egeo jointly with French private equity firm specialized in infrastructure investments Antin Infrastructure Partners and Portuguese engineering and construction group DST.

In the private equity market several significant transactions were registered, with a total of three deals and an investment volume of EUR 221m. On the other hand, the venture capital segment continued to increase its activity. In May, a total of 4 deals were registered, and the technology sector was the most active.

In the cross-border sector, Portugal-based companies continue to attract the attention of foreign investors, specifically from Belgium, Brazil and France. Regarding Portuguese acquisitions abroad, highlights include those made in Mozambique and Spain.

Finally, the Portuguese capital markets restored its activity in May, with a capital increase carried out by BANIF, for some EUR 138,50m.

 


 


Colonial  - Company engaged real estate sales and acquisitions.

Financial Advisers:

Legal Avisers:

 


Espaço Casa  - Company dedicated to the import, export, representation and distribution of equipment, products and housewares.

Financial Advisers:

Legal Avisers: