Published on June 23, 2016
1. Current Trends in M&A Global and Local Overview
2. Agenda o M&A Trends in 2015 – brief summary o Figures in Q1-Q2 2016 • Global Overview • CEE M&A market • Poland M&A Index o M&A trends in 2016 focused on Polish market
3. Our Virtual Data Room supported over 300 various complex and confidential transactions with a total value of 32 billion PLN CORPORATE CLIENTS CF ADVISERS, LEGAL ADVISERS, INVESTMENT FUNDS About FORDATA Deloitte
4. M&A Index Poland Reports o Reports prepared quarterly, since 2012 o Created to monitor the dynamics of Polish M&A market and to demonstrate the most interesting transactions o Prepared by FORDATA, together with Navigator Capital Group
5. Global and local overview (CEE, Poland) M&A Trends in 2015
6. M&A Trends in 2015 Global scene A record-breaking year with a result of USD 3.49 trillion o Increase of almost 25% compared to 2014 o The biggest deal: merger of two pharmaceutical companies Pfizer and Allergan worth USD 183.7 billion CEE CEE region recorded declines both in terms of quantity and values of transactions o Embargo imposed on Russia o Russia -Ukraine conflict, reduced investor confidence
7. M&A Trends in 2015 Poland Record increase in the number of transactions along with the decline in their value (trend observed since 2014) o Record number of 247 transactions (40% increased compared to already strong 2014) o Polarization of the market: o Deals with a value of up to PLN 100 million were dominant o A few transactions with a value higher than EUR 100 mln o The largest transaction: the acquisition of 52.7% stake in TVN S.A. by Scripps Networks for PLN 2.416 billion o Buy-side dominated by funds (higher rates of return in Poland than in Western Europe) o Sell-side dominated by individuals, which confirms the phenomenon of succession o Most active sectors: Real estate, Telkom, IT, and health care
8. Global scene CEE Region M&A Market in Q1-Q2 2016
9. Global M&A market – Q1 2016 Leisurely beginnings in Q1 2016 o Political and economical worries o Falling oil prices o Slowing growth in China o US presidential ellections o Possibility of Brexit o EU challenges with migration Deal volumes and values lower than the same period last year* o 7 708 deals vs 9 006 (Q1 2015), 14% down o USD 630bn vs USD 685,5 (q1 2015), 8% down *Source: Allen&Overy Report
10. Global M&A market - Q2 2016 Healthier outlook in Q2 2016 o Less directly affected by market volatility or political instability o Substantial deal-flows o The number and the value of the deals sligthly increase o The trend of cross-border deals continues o Weaker euro making European assets more attractive to foreign buyers o More interest from Japan, China, Canada and the US
11. CEE Region: Figures in Q1-Q2 2016 o CEE & CIS stands for 7% of total volume of deals globaly. o CEE still in the quite mode. o Poland the leader of all transactions in the region. *Source: Zephyr, Allen&Overy
12. Poland M&A Market in Q1-Q2 2016 Trends in 2016
13. Polish M&A market - Q1 2016 Source: M&A Index Poland Report (FORDATA) * based on public data **among transactions with disclosed prices
14. Source: M&A Index Poland Report (FORDATA) * based on public data **among transactions with disclosed prices Polish M&A market - Q1 2016 Largest transactions in Poland (Q1 2016)
15. Polish M&A market - Q2 2016 Source: M&A Index Poland Report (FORDATA) * based on public data **among transactions with disclosed prices
16. 30 26 28 51 27 32 42 57 50 54 66 77 46 51 0 10 20 30 40 50 60 70 80 90 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016* No. Of Transactions Polish M&A market – trends No. Of transactions in Poland (Q1 2013- Q2 2016) Source: M&A Index Poland Report (FORDATA) * based on public data, as of 14 June 2016 **among transactions with disclosed prices 2013 I 2014 I 2015 I 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
17. o Poland is the strongest capital market in the region with a record number of offerings. Recent transactions suggest it will remain the leader among CEE trading floors and will sustain the upward trend in 2016. o Stable number of transactions with values similar as in 2015. o Domination of transactions below 100m PLN. o Market polarization – higher number of small value transactions, several large value. o The majority of mid-market transactions in unregulated sectors, less influenced by the regulatory and tax incursions of the current government. Polish M&A market – 2016 trends
18. o Increasing involvement of private equity funds and strategic investors especially in the commercial real estate market warehousing segments and commercial office. o A growing trend of leading Polish companies expanding abroad, in particular in other EU countries. o The use of Virtual Data Room synonymous with professional approach to executed projects. o We anticipate that real estate, Telkom, IT, and health care will remain active in 2016. Polish M&A market – 2016 trends
19. o Growing maturity of the M&A Market o M&A market dominated by sellers, who manage to get higher prices and at the same time effectively minimize many legal risks associated with the transaction conducted o Buyers seem to better understand which factors are most important to the selling party and to shape the terms of the transaction in the negotiation process, to obtain its success Polish M&A market – 2016 trends
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