Iberian Market

Iberian Market - July 2014

July 2014

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SPAIN

In July, the Spanish transactional market recorded the largest number of deals, so far this year, both announced and closed; with a total of 135 transactions that generated an investment volume of EUR 15.867m, also superior to the same period last year. The reason for this was the fact that eight deals were registered in the high-end market in deal size (>EUR 500m), out of 21 that were recorded throughout 2014 in this market. Highlights include the acquisition of Ono by British operator Vodafone, for approximately EUR 7.200m.

This month the most active sectors, in addition to the usual Internet and technology, were real estate, with 11 deals registered. Highlights include Metrovacesa’s sale of a 26,75% stake in Gecina, a France-based real estate company. The deal value was EUR 1.546,48m.

Regarding the cross-border sector, Spain attracted mainly European and US-based acquirers, although Latin American and Asian companies were also present, such as Chilean, Mexican and Chinese. On the other hand, Spanish companies invested mainly in Mexico and Italy, with a total of three acquisitions registered in each of these countries.

In the private equity sector, a total of 13 deals were registered, which represents a 13,33% increase compared with the same period last year. However the investment volume was the largest so far this year; EUR 9.032m. The most active sectors in this market in 2014, were the transports, aviation and logistics and the real estate sector, with nine and eight deals registered, respectively.

In July, the venture capital segment also recorded the largest investment volume generated so far this year; EUR 138m. The number of registered deals was similar to the previous month, a total of 29 deals. Highlights include a financial round carried out by France-based Blablacar.com for EUR 73,23m, which involved the partial exit of Spain-based firm Cabiedes & Partners.

Furthermore, the capital markets was also dynamic this month, with five IPOs recorded, both in the continuous market and the alternative market (Mercado Alternativo Bursátil –MAB), and several capital increase transactions. Highlights include the Logista’s IPO on the continuous market. The deal value was EUR 470,65m.

PORTUGAL

In July, the Portuguese transactional market registered the largest number of deals so far this year. A total of 16 transactions were recorded, both announced and closed, which represents a 45,45% increase compared with the same period last year. One of the largest deals was the sale by Millennium BCP of Romania-based Millennium Roménia, for EUR 39m.

The financial sector was the most active this month, with five deals registered followed by the technology sector. In fact, both subsectors generated the largest investment volume throughout 2014, with 11 and 18 deals recorded, respectively.

In the cross-border sector, UK-based and Spain-based companies were the main investors in Portugal, through mergers and acquisitions. On the other hand, Portuguese companies invested in different countries such as Brazil, Spain and Mozambique. Highlights include the acquisition by Portugal-based Portus Índico of a 70% stake in Navique, a Mozambique-based transport company.

Regarding the private equity sector, in July a total of three transactions were recorded which generated EUR 44m. The aerospace and aeronautical sector and the financial and insurance sector received the largest investments so far this year.

The Portuguese venture capital sector recorded four deals, in July, although the investment volume was not disclosed. This number represents a 33,33% increase compared with the same period last year. Highlights include a financial round carried out by Magnonics, which was subscribed by Portugal Ventures, PNV Capital and Beta Capital.

In the capital markets there were no transactions registered, this month. However it is estimated that several deals will be closed in the next few months, such as the capital increase by Millennium BCP, for EUR 2.250m.