2016年全球并购报告.pdf

M&A全球并购报告2016年度Zephyr Quarterly M&A ReportGlobal, Q3 2015+86 010 8515 2255chinabvdinfo. o i 2016年度并购交易回顾#VSFBVWBO%JKL;FQIZSoBco 1BHF=cx 1BHFc 1BHFc 1BHFcd 1BHFBc,Sx 1BHF全球并购下滑Moi-ZM1M(/b#VSFBVWBO%JKLd9VBMo3i9NrabM1Moi-a3MsY/bHMoi-9MVCb5aM1TtVAMMi-AMBMbBg-M1M9/bMBg3NrabM1/M993Nab全球历年并购交易数量及金额Announced date No of dealsTotal deal value (mil USD)2016 96,665 4,734,1652015 107,182 6,011,5812014 102,176 4,802,0232013 92,391 3,691,9262012 85,238 3,327,2682011 84,382 3,477,727oio oaE%!1i5iBLC4|odgiM1zS%4Trq1BHF!#VSFBVWBO%JKL o55f4NPDPGOJEWCXX 全球历年并购交易数量及金额020,00040,00060,00080,000100,000120,00001,000,0002,000,0003,000,0004,000,0005,000,0006,000,0007,000,0002011 2012 2013 2014 2015 2016Dealvalue(milUSD)Total deal value (mil USD) Number of dealsM&A全球并购报告 +86 010 8515 2255 chinabvdinfoPage 3 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo机械，设备，家具和回收领域表现良好2016年并购交易领域中，机械，器材，家具和回收产业并购的交易额总计6,599.79亿美元，是年度表现最好的产业类型。此产业中金额最大的并购交易是美国高通公司（Qualcomm）对荷兰半导体制造商恩智浦半导体（NXP Semiconductors）的收购，成交价为470亿美元，位列年度并购交易金额的第四。ARM公司（ARM Holdings）和圣犹达（St Jude Medical）宣告合并，此类模式的并购数量在2016年产业内部数量颇为可观。化工和橡塑产业以4,865.4亿美元占据产业类第二名。其他产业类型中，第一产业（2,696.07亿美元），天然气和水电业（2,468.1亿美元）以及餐饮烟草业（2,337.41亿美元）吸引了大笔投资，且后两类产业均超过2015年表现（2,308.19亿美元和1,953.63亿美元）。美国领跑全球并购美国以全年21,335笔交易（约价值16,176.52亿美元）位居世界榜首，这得益于大额并 购交易的影响：年度20 笔全球最大并购项目中，美国就占了12个。交易金额紧随其后 的是中国（7,888.68亿美元）、英国（4,199.90亿美元）。从2016年并购的整体趋势来看，交易金额方面，排名前八位的国家与去年同期相比有所下降。另一方面，在交易数量上，众多国家也显现出下降的趋势；但仍有不降反升的例外，例如：加拿大的交易数量从2015年的4,288笔上升至4,443笔，而德国则从3,263笔升至4,156笔。多数国家和地区在交易金额上呈现出逐年下降的趋势，只有中东是唯一特例（交易金额从2015年的374.13亿美元上升至625.76亿美元）；在交易数量上，也只有西欧和中东有所增长。全年最大交易发生地：英国百威英博（Anheuser-Busch InBev）以1,244.44亿美元收购了南非米勒（SABMiller）。2016年仅此笔收购就占英国交易总额（4,199.99亿美元）的30%，占全球并购交易金额的3%。AT&T对美国媒体娱乐巨头时代华纳的并购则以1,087亿美元占据交易金额排名的第二位。这项并购于2016的10月宣告开始，预计于2017年底完成，占美国交易总额（16,176.52亿美元）的7%，占全球并购交易金额的2%。在突破500亿美元大关的交易中，德国化工制药巨头拜耳（Bayer）以660亿美元的价格收购美国主营农业生物科技业务的孟山都公司（Monsanto）首当其冲。 另外，阿波罗全球管理公司（Apollo Global Management）以119.43亿美元收购了电子安全、消防和报警监控服务提供商ADT，成为2016年金额最大的一笔私募股权交易。M&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 4 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo年度并购交易Top20Deal value (mil USD)Deal type TargetTarget countryAcquirorAcquiror countryAnnounced date1. 124,444 Acquisition 100% SABMiller plc GB Newbelco SA/NV BE 26/07/20162. 108,700 Acquisition 100% Time Warner Inc. US AT&T Inc. US 22/10/20163. 66,000 Acquisition 100% Monsanto Company US Bayer AG DE 14/09/20164. 47,000 Acquisition 100% NXP Semiconductors NV NL Qualcomm Inc. US 27/10/20165. 43,000 Acquisition 100% Syngenta AG CH CNAC Saturn (NL) BV NL 03/02/20166. 34,000 Acquisition 100% Level 3 Communications Inc. US WWG Merger Sub LLC US 31/10/20167. 32,364 Acquisition 100% ARM Holdings plc GB Softbank Group Corporation JP 18/07/20168. 32,000 Acquisition 100% Baxalta Inc. US Shire plc GB 11/01/20169. 30,700 Acquisition 100% St Jude Medical Inc. US Vault Merger Sub LLC US 28/04/201610. 28,315 Acquisition 100% Johnson Controls Inc. US Tyco International plc IE 25/01/201611. 28,000 Acquisition 100% Spectra Energy Corporation US Enbridge Inc. CA 06/09/201612. 26,200 Acquisition 100% LinkedIn Corporation US Microsoft Corporation US 13/06/201613. 22,550 Acquisition increased 39% to 100% Sky plc GB Twenty-First Century Fox Inc. US 15/12/201614. 21,319 Acquisition 100% Energy Transfer Partners LP US Sunoco Logistics Partners LP US 21/11/201615. 18,400 Acquisition 100% Energy Future Holdings Corporation US EFH Merger Company LLC US 29/07/201616. 17,601 Acquisition 100% BlackRock Inc.s defined contribution pension platform and administration business GB Aegon NV NL 03/05/201617. 14,841 Acquisition 100% First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03/07/201618. 14,800 Acquisition 100% Linear Technology Corporation US Analog Devices Inc. US 26/07/201619. 14,767 Acquisition 100% London Stock Exchange Group plc GB HLDCO123 plc GB 16/03/201620. 14,000 Acquisition 100% Medivation Inc. US Pfizer Inc. US 22/08/2016M&A全球并购报告 +86 010 8515 2255 chinabvdinfoPage 5 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo历年并购交易数量按国家排序Target country 2014 2015 2016US 26,297 25,597 21,335China 7,018 11,563 11,499UK 6,624 7,564 6,718Canada 4,622 4,288 4,443Germany 2,063 3,263 4,156Australia 4,481 4,358 3,526Spain 2,804 3,232 3,197France 2,243 3,044 3,176Japan 4,043 3,829 2,788South Korea 3,392 3,677 2,659Poland 1,830 2,357 2,649India 3,208 3,467 2,644Netherlands 1,507 2,025 2,153Sweden 1,390 1,554 1,937Russia 3,050 2,074 1,872Italy 1,408 1,379 1,766Taiwan 2,342 2,465 1,659Czech Republic 230 354 1,405Switzerland 525 941 1,269Malaysia 1,383 1,300 1,108历年并购交易金额按国家排序Target country2014 (mil USD)2015 (mil USD)2016 (mil USD)US 1,733,730 1,994,398 1,617,652China 533,750 1,037,645 788,868UK 264,853 423,301 419,990Netherlands 91,194 171,021 143,234France 117,093 143,903 137,006Canada 178,474 146,525 123,723Australia 140,716 158,654 108,038Germany 123,821 111,892 105,969Switzerland 70,785 57,642 103,675Japan 149,881 146,682 102,004India 72,720 86,527 97,229South Korea 112,870 108,759 89,709Spain 90,889 91,432 82,104Russia 122,086 92,107 78,089Italy 100,791 131,829 77,060Cayman Islands 65,972 116,406 68,850Taiwan 56,231 75,061 46,580Sweden 31,931 31,528 44,241British Virgin Islands 27,861 49,621 41,654Bermuda 41,146 67,572 41,250M&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 6 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo2016并购交易数量占比Top 5国家 2016并购交易金额 占比 Top 5国家22%12%7%5%4%50%USChinaUKCanadaGermanyAll other countries33%17%9%3%2%36%USChinaUKNetherlandsFranceAll other countriesM&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 7 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo2016并购交易数量Top 5国家历年并购交易数量表现 2016并购交易金额Top 5国家历年并购交易金额表现05,00010,00015,00020,00025,00030,0002011 2012 2013 2014 2015 2016NumberofdealsUS China UK Canada Germany0500,0001,000,0001,500,0002,000,0002,500,0002011 2012 2013 2014 2015 2016Deal value(mil USD)US China UK Netherlands FranceM&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 8 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo全球历年并购交易数量按行业排序Target sector 2014 2015 2016Other services 39,264 39,492 34,626Machinery, equipment, furniture, recycling 11,548 12,737 10,803Wholesale & retail trade 7,159 6,947 5,929Chemicals, rubber, plastics 5,627 6,050 5,388Metals & metal products 5,177 5,501 5,355Publishing, printing 4,592 6,076 5,252Construction 4,128 4,319 3,473Primary sector 3,746 3,319 3,063Food, beverages, tobacco 2,523 2,713 2,157Banks 1,941 1,911 2,118Transport 2,074 2,241 2,006Gas, water, electricity 2,008 2,105 1,764Education, health 1,682 1,744 1,537Hotels & restaurants 1,537 1,509 1,336Insurance companies 1,438 1,539 1,276Post and telecommunications 1,161 1,489 1,121Textiles, wearing apparel, leather 1,130 1,159 904Wood, cork, paper 683 727 563Public administration and defence 66 67 65全球历年并购交易金额按行业排序Target sector2014 (mil USD)2015 (mil USD)2016 (mil USD)Other services 1,356,050 1,537,298 1,395,219Machinery, equipment, furniture, recycling 618,640 728,289 659,979Chemicals, rubber, plastics 484,162 606,390 486,540Primary sector 320,556 330,649 269,607Gas, water, electricity 207,067 230,819 246,810Food, beverages, tobacco 169,391 195,363 233,741Wholesale & retail trade 258,822 322,687 227,223Banks 352,297 361,124 203,884Construction 175,259 333,958 196,574Transport 246,278 258,612 157,741Metals & metal products 140,365 155,129 155,975Publishing, printing 90,221 144,029 138,940Post and telecommunications 182,805 339,492 113,858Insurance companies 98,979 268,721 77,447Hotels & restaurants 68,226 55,977 65,668Education, health 45,230 69,955 43,109Textiles, wearing apparel, leather 34,198 36,870 24,096Wood, cork, paper 22,424 41,615 19,410Public administration and defence 3,504 6,556 1,328M&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 9 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo全球历年私募股权和风险投资数量及金额Announced date No of dealsTotal deal value (mil USD)2016 21,580 558,0082015 25,855 766,6912014 25,273 570,1722013 21,440 488,9922012 19,747 379,2162011 18,649 378,910M&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 10 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo全球历年私募股权和风险投资数量及金额05,00010,00015,00020,00025,00030,0000100,000200,000300,000400,000500,000600,000700,000800,000900,0002011 2012 2013 2014 2015 2016Dealvalue(milUSD)Total deal value (mil USD) Number of dealsM&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 11 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo全球年度私募股权和风险投资Top 20Deal value (mil USD)Deal type TargetTargetcountryFund Manager/General PartnerAnnounced date1. 11,943 IBO 100% The ADT Corporation US Koch Equity Development LLC 16/02/20162. 10,629 Acquisition 61% National Grid plcs regional gas distribution business GB Allianz Capital Partners GmbH; Macquarie Infrastructure and Real Assets (Europe) Ltd 08/12/20163. 9,238 IBO 100% Asciano Ltd AU Canada Pension Plan Investment Board; Global Infrastructure Management LLC 21/04/20164. 7,500 IBO majority stake MultiPlan Inc. US Hellman & Friedman LLC; Leonard Green & Partners LP 05/05/20165. 7,181 Acquisition 100% Government of Victorias Port of Melbourne operating project companyAU Global Infrastructure Management LLC 19/09/20166. 6,100 IBO 100% TeamHealth Holdings Inc. US The Blackstone Group LP 31/10/20167. 5,500 Acquisition 100% Cabelas Inc. US Goldman Sachs & Co 03/10/20168. 5,200 IBO 65% Talen Energy Corporation US Riverstone Holdings LLC 03/06/20169. 5,194 Acquisition 90% Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23/09/201610. 4,500 Capital Increase Zhejiang Ant Small and Micro Financial Services Group Co., Ltd CN Primavera Capital Management Ltd; China Development Bank Capital Corporation Ltd 26/04/201611. 4,441 Acquisition increased 44% to 58% Dalian Wanda Commercial Properties Co., Ltd CN Pohua JT Capital Partners Ltd 30/06/201612. 4,400 Acquisition 100% New CIE US Hony Capital Co., Ltd; Yunfeng Capital Ltd 30/07/201613. 4,348 Minority stake 50% Reseau de Transport dElectricite SA FR Caisse des Dpts Developpement SA 14/12/201614. 4,300 IBO 100% Rackspace Hosting Inc. US Apollo Global Management LLC; Searchlight Capital Partners LP 26/08/201615. 4,241 Minority stake 20% Gas Natural SDG SA ES Global Infrastructure Management LLC 12/09/201616. 4,000 IBO majority stake Ultimate Fighting Championship US KKR & Co LP; MSD Capital LP; Silver Lake Technology Management LLC 11/07/201617. 4,000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02/08/201618. 4,000 Acquisition 100% Lexmark International Inc. US Beijing Legend Capital Management Co., Ltd 19/04/201619. 3,906 IBO 100% Vattenfall Europe Mining AG; Vattenfall Europe Generation AG DE; DE PPF Group NV 18/04/201620. 3,652 Acquisition 100% Propertize BV NL Lone Star Global Acquisitions Ltd 28/06/2016M&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 12 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo全球历年私募股权和风险投资数量按国家排序Target country 2014 2015 2016US 16,918 15,819 13,027China 1,136 2,467 1,635India 487 1,000 996UK 1,099 1,020 867France 635 728 629Canada 856 665 575Germany 452 505 496Sweden 184 171 309Japan 205 190 279Spain 321 338 253Netherlands 240 258 206Russia 255 194 203Israel 173 209 203Italy 183 200 166South Korea 75 139 153Finland 195 183 145Australia 93 120 108Switzerland 72 77 83Denmark 83 82 80Singapore 75 88 79全球历年私募股权和风险投资金额按国家排序Target country2014 (mil USD)2015 (mil USD)2016 (mil USD)US 292,285 441,957 268,152China 40,454 53,570 47,030UK 45,905 62,803 36,802Australia 8,506 14,557 23,006France 25,814 13,023 22,921Germany 21,580 18,868 22,307Netherlands 9,293 14,802 17,917Spain 10,941 16,342 12,142Italy 6,230 6,146 11,253India 7,737 14,345 9,355South Korea 9,390 15,942 8,474Canada 7,451 11,534 7,194Cayman Islands 6,636 20,868 6,607Sweden 3,023 2,972 6,235Brazil 3,432 7,092 6,233Luxembourg 4,194 2,660 4,675Israel 1,622 2,537 4,502Japan 6,132 2,237 4,402Poland 200 914 3,974Switzerland 8,567 2,633 3,830M&A全球并购报 告 +86 010 8515 2255 chinabvdinfoPage 13 Bureau van Dijk 全球领先的企业信息和商业情报提供商 bvdinfo全球历年私募股权和风险投资数量按行业排序Target sector 2014 2015 2016Other services 12,566 12,005 9,594Publishing, printing 1,976 2,669 1,982Machinery, equipment, furniture, recycling 1,902 1,952 1,380Wholesale & retail trade 729 705 508Chemicals, rubber, plastics 621 603 431Education, health 363 383 339Food, beverages, tobacco 297 298 244Gas, water, electricity 259 234 211Metals & metal products 259 221 162Hotels & restaurants 169 156 144Construction 192 160 121Primary sector 205 156 115Post and telecommunications 147 149 111Transport 116 152 108Textiles, wearing apparel, leather 145 157 93Banks 138 103 71Insurance companies 72 81 64Wood, cork, paper 71 69 54Public administration and defence 21 18 18全球历年私募股权和风险投资金额按行业排序Target sector2014 (mil USD)2015 (mil USD)2016 (mil USD)Other services 209,123 284,834 224,723Machinery, equipment, furniture, recycling 45,040 102,608 52,392Gas, water, electricity 25,038 13,278 46,941Publishing, printing 35,679 66,274 45,447Transport 12,627 28,948 28,172Wholesale & retail trade 59,746 42,533 27,974Chemicals, rubber, plastics 45,233 27,725 24,914Primary sector 25,258 21,174 22,464Hotels & restaurants 14,063 6,282 9,714Education, health 8,531 17,350 9,677Construction 10,634 9,293 8,676Post and telecommunications 9,262 23,704 8,046Metals & metal products 11,534 4,220 7,660Textiles, wearing apparel, leather 4,954 4,912 4,002Insurance companies 10,805 10,403 3,889Food, beverages, tobacco 5,618 59,272 3,717Banks 3,494 6,466 3,693Wood, cork, paper 3,755 1,205 1,204Publi