Download Q1 2014

Latin America
and the Caribbean
M&A report
Q1 2014
www.emis.com
www.securities.com
Latin America
Overview
3
Number of Deals
4
Number of Deals vs EBITDA Multiple
5
Deals by Sector
6
Deals by Country
8
Top 20 M&A Deals
9
Top 3 IPOs
11
LeagueBoard
12
DealMonitor
14
Key countries
Brazil
15
Mexico
17
Argentina
19
Colombia
21
Chile
23
Notes & Disclaimer
Latin America and the Caribbean: Q1 2014
M&A volume, value increases y/y in first three months of
2014
› In Q1 2014, the volume of M&A activity in Latin America and the Caribbean was up by 12% y/y, while
the total value of negotiated deals rose by 22% to USD 22.9bn.
› Brazil was the hottest market, accounting for more than 50% of the total number of deals and of their
total value.
› The median EV/EBITDA multiple recovered y/y to 10.8x.
› The Services and Manufacturing sectors were the busiest in terms of number of deals.
› The largest transactions were registered in Transportation & Warehousing and Finance & Insurance.
› BTG Pactual and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga topped our LeagueBoard by deal value
for financial and legal advisors, respectively.
Latin America and the Caribbean: Q1 2014
First quarter sees 12% increase in deal volume
› M&A activity in Latin America and the Caribbean
450
90
382
› Deal volume surged in the five major markets, led by
329
295
300
227
reached 329 deals in Q1 2014, a 12% increase y/y.
Colombia (71%) and Argentina (50%).
60
› Total transaction value was also up by 22%, mostly
due to several large deals in Brazil.
208
43.9
150
38.2
30
› The largest deal was the all-stock reverse takeover
between Brazilian railroad operator America Latina
23.4
18.7
22.9
Logistica (ALL) and local logistics company Rumo.
The transaction was estimated at around USD 3.0bn.
0
0
Q1 2010
Q1 2011
Number of deals (left hand scale)
Q1 2012
Q1 2013
Q1 2014
Total value of deals ($bn, right hand scale)
› The largest IPO was of Bermuda-registered oil & gas
company GeoPark for USD 100mn.
Latin America and the Caribbean: Q1 2014
The median multiple recovers y/y
450
13.0x
12.5x
12.0x
300
11.5x
150
› The median EV/EBITDA multiple has increased
y/y to 10.8x, in line with the increased deal
activity.
› The valuation is a bit higher than the one from
11.0x
the same period of last year but has moved at a
10.5x
slower pace when compared to the increase in
10.0x
deals.
9.5x
9.0x
0
8.5x
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Number of deals
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
EV/EBITDA
Latin America and the Caribbean: Q1 2014
Latin America & the Caribbean Q1 2014
Number of Deals
Value of Deals
Other
89
Finance &
Insurance
30
Transportation
& Warehousing
23.5%
Utilities
10.2%
Wholesale &
Retail Trade
5.7%
Wholesale &
Retail Trade
36
Services
59
Manufacturing
51
Mining (incl.
oil & gas)
28
Media &
Entertainment
36
Services
13.4%
Mining (incl.
oil & gas)
10.0%
Latin America and the Caribbean: Q1 2014
Other
13.4%
Manufacturing
7.9%
Finance &
Insurance
16.0%
Latin America & the Caribbean Q1 2014
Number of Deals
Other
Wholesale & Retail Trade
Q1 2014
› With 21 deals, Transportation &
Q1 2013
Warehousing registered more
than a double y/y growth in deal
Utilities
volume.
Transportation & Warehousing
Telecom & IT
› The most active sectors
Services
Manufacturing and Services also
Mining (incl. oil & gas)
saw 50% and 28% jumps in
Media & Entertainment
activity, respectively.
Manufacturing
Food & Beverages
› Food & Beverages took the most
Finance & Insurance
0
5
10
15
20
25
30
35
40
45
50
55
60
significant hit during the first
quarter of 2014, as compared to
the same period of last year.
Latin America and the Caribbean: Q1 2014
Q1
2014 deal activity surges across most countries in the region
Country/Region
Q1 2013
Q1 2014
% change
Argentina
22
33
50.0%
Bolivia
1
4
300.0%
Brazil
150
167
11.3%
Chile
29
30
3.4%
Colombia
21
36
71.4%
Ecuador
5
6
20.0%
Mexico
36
46
27.8%
Paraguay
1
7
600.0%
Peru
16
26
62.5%
Uruguay
10
8
-20.0%
Venezuela
2
7
250.0%
Central America & the Caribbean
21
32
52.4%
›
Brazil and Mexico, the two largest markets in South
America, saw increases in deal activity of 11% and
28%, respectively.
›
The only country to experience a decline in activity
y/y was Uruguay, where deal count fell from 10 to 8
deals.
Latin America and the Caribbean: Q1 2014
The largest deal in Q1 2014 was the reverse takeover between Brazilian
logistics companies ALL and Rumo
Target Company
Country of
Target
Industry
Deal Type
Buyer
Country of
Buyer
Deal Value
(USD mn)
1.
ALL - America Latina
Logistica SA
Brazil
Transportation &
Warehousing
Rumo Logistica Operadora
Multimodal SA
Brazil
2,973.1
(Official data)
2.
CorpBanca SA
Chile
Finance
& Insurance
Itau Unibanco Holding SA
Brazil
2,205.0
(DW estimate)
3.
34 properties in Brazil
Brazil
Services
Global Logistic Properties Ltd
Singapore
1,359.1
(Official data)
4.
Block BC-10 in
Campos Basin
Brazil
Mining
(incl. oil & gas)
Qatar Petroleum Co
Qatar
1,000.0
(Official data)
5.
Grupo Notre Dame
Intermedica
Brazil
Finance
& Insurance
Bain Capital LLC
United States
861.2
(Market estimate)
6.
Argentinean operations
of Apache Corp
Argentina
Mining
(incl. oil & gas)
YPF SA
Argentina
800.0
(Official data)
7.
Grupo Fermaca SA de CV
Mexico
Transportation &
Warehousing
Partners Group AG;
private investors
Switzerland
750.0
(Official data)
8.
Empresa Electrica
Guacolda SA
Chile
Utilities
AES Gener SA
Chile
728.0
(Official data)
9.
Siderurgica del
Orinoco CA (Sidor)
Venezuela
Manufacturing
Government of Venezuela
Venezuela
668.0
(Market estimate)
10.
BRF SA
Brazil
Food &
Beverages
Acquisition
(100%)
Minority stake
purchase (33.6%)
Acquisition
(100%)
Minority stake
purchase (23%)
Acquisition
(100%)
Acquisition
(100%)
Acquisition
(n.a. %)
Acquisition
(50%)
Minority stake
purchase (20%)
Minority stake
purchase (3.8%)
GIC Pvt Ltd
Singapore
644.7
(DW estimate)
The list does not include the alleged sale to Batista family of the equity interest held by Bertin family in Brazilian meat producer JBS SA, estimated to be worth some USD 2bn.
Latin America and the Caribbean: Q1 2014
10 of the Top 20 deals involved target companies in Brazil
Target Company
Country of
Target
Industry
Deal Type
Buyer
Country of
Buyer
Deal Value
(USD mn)
11.
Transportadora de
Gas del Peru SA (TgP);
Compania Operadora de
Gas del Amazonas SAC
Peru
Transportation &
Warehousing
Minority stake
purchase (n.a. %)
Canada Pension Plan
Investment Board (CPPIB)
Canada
607.0
(Official data)
12.
B2W - Companhia Digital
Brazil
Wholesale &
Retail Trade
Minority stake
Tiger Global Management LLC
purchase (18.9%)
United States
505.0
(Official data)
13.
Transportadora de
Gas del Peru SA (TgP)
Peru
Transportation &
Warehousing
Minority stake
Enagas SA
purchase (22.4%)
Spain
457.4
(Official data)
14.
VTR GlobalCom SA
Chile
Telecom & IT
Minority stake
purchase (20%)
United
Kingdom
422.0
(Official data)
15.
Santo Antonio Energia SA
Brazil
Utilities
Minority stake
Banco Modal SA
purchase (10.3%)
Brazil
355.1
(Official data)
16.
Convenience store business
Extra of Grupo Modelo
Mexico
Wholesale &
Retail Trade
Acquisition
(100%)
Operadora Circulo CCK SA
de CV (Circulo K)
Mexico
345.0
(Market estimate)
17.
Dobreve Energia SA
Brazil
Utilities
Acquisition
(100%)
CPFL Energias Renovaveis SA
Brazil
334.5
(DW estimate)
18.
GasAtacama SA
Chile
Utilities
Acquisition
(50%)
Empresa Nacional de
Electricidad SA (Endesa Chile)
Chile
309.0
(Official data)
19.
Sonae Sierra Brasil SA
Brazil
Services
20.
JK Iguatemi shopping centre Brazil
Services
Liberty Global Plc
Minority stake
Alexander Otto - private investor Germany
purchase (33.3%)
Iguatemi Empresa de
Acquisition
Brazil;
Shopping Centers SA ;
(50%)
United States
TIAA-CREF
Latin America and the Caribbean: Q1 2014
283.0
(Official data)
267.3
(Official data)
The largest IPO during the first three months of 2014 was of Bermudaregistered, Latin America-focused oil & gas company GeoPark
Target Company
Country of Target
Industry
Stake
Deal Value
(USD mn)
1.
GeoPark Ltd
Bermuda, Argentina
Mining
(incl. oil & gas)
23.5%
100.1
(Official data)
2.
Petrolera Pampa SA
Argentina
Mining
(incl. oil & gas)
50.0%
15.2
(Official data)
3.
Margaritaville (Turks) Ltd
Turks and Caicos Islands
Services
31.3%
2.1
(Official data)
Latin America and the Caribbean: Q1 2014
Latin America & the Caribbean Q1 2014
Financial Advisors: Value
Company
Financial Advisors: Volume *
Deal Value
(USD mn)
Number
of Deals
Company
Number
of Deals
Deal Value
(USD mn)
1.
BTG Pactual
6,903.6
11
1.
BTG Pactual
11
6,903.6
2.
Goldman Sachs
4,885.0
5
2.
Banco Itau BBA
7
3,894.9
3.
Bank of America Merrill Lynch
4,005.0
2
3.
Goldman Sachs
5
4,885.0
4.
Banco Itau BBA
3,894.9
7
4.
Lazard Ltd
4
1,159.2
5.
N M Rothschild & Sons Ltd
3,478.1
3
5=
N M Rothschild & Sons Ltd
3
3,478.1
6.
RBC Capital Markets
3,455.0
2
5=
Credit Suisse
3
2,710.8
7=
Brasil Plural Banco Multiplo
2,973.1
1
5=
Citigroup
3
2,086.3
7=
Estater Gestao e Financas
2,973.1
1
5=
Morgan Stanley
3
1,239.7
8.
Credit Suisse
2,710.8
3
6=
Bank of America Merrill Lynch
2
4,005.0
9.
Citigroup
2,086.3
3
6=
RBC Capital Markets
2
3,455.0
10.
Nomura
1,855.2
2
6=
Nomura
2
1,855.2
* Includes only advisors with total deal value of USD 1,000mn and above.
Latin America and the Caribbean: Q1 2014
Latin America & the Caribbean Q1 2014 (cont’d)
Legal Advisors: Value
Company
Legal Advisors: Volume *
Deal Value
(USD mn)
Number
of Deals
Company
Number
of Deals
Deal Value
(USD mn)
1.
Mattos Filho, Veiga Filho,
Marrey Jr. e Quiroga
6,311.2
12
1.
Pinheiro Neto Advogados
17
2,424.0
2.
Claro & Cía
4,410.0
1
2.
Stocche Forbes Padis
Filizzola Clapis Advogados
14
630.2
3.
Souza, Cescon, Barrieu &
Flesch Advogados
3,973.1
3
3.
Mattos Filho, Veiga Filho,
Marrey Jr. e Quiroga
12
6,311.2
4.
Barbosa, Müssnich & Aragão
3,899.0
6
9
762.9
2,973.1
2
Machado, Meyer, Sendacz
e Opice Advogados
5.
Vieira, Rezende, Barbosa e
Guerreiro Advogados
4.
5.
TozziniFreire Advogados
7
349.1
6.
Simpson Thacher
& Bartlett LLP
2,963.3
4
6=
Barbosa, Müssnich & Aragão
6
3,899.0
7.
Demarest Advogados
2,813.7
6
6=
Demarest Advogados
6
2,813.7
8.
Pinheiro Neto Advogados
2,424.0
17
6=
Veirano Advogados
6
243.5
9.
Brigard & Urrutia Abogados
2,388.5
3
7=
Simpson Thacher & Bartlett LLP
4
2,963.3
7=
Jones Day
4
388.7
10.
Posse, Herrera & Ruiz
Abogados
2,273.1
2
7=
White & Case LLP
4
322.1
* Includes only advisors with four deals and above.
Latin America and the Caribbean: Q1 2014
Number of new deal intentions in Latin America & the Caribbean
75
›
The number of buy side intentions has been
declining for four quarters in a row, reaching only
57
20 intentions in Q1 2014.
57
54
50
47
›
47
Compared to the same quarter of last year, the
number slumped dramatically by 65%.
34
34
›
27
25
Buy side refers to companies looking to acquire
other companies or assets. Sell side refers to
27
companies searching for potential investors.
20
›
The number of new deal intentions includes
official statements by companies, market rumors
as well as exclusive information collected by our
0
Q1 2013
Q2 2013
Q3 2013
Buy side
Q4 2013
Q1 2014
analysts and journalists.
Sell side
Latin America and the Caribbean: Q1 2014
Q1
2014 sees increases in both deal volume, value
210
45
›
In Q1 2014, M&A activity in Brazil rose by 11%
to 167 deals.
186
167
›
150
140
The total value of negotiated deals jumped
almost twofold to USD 12.1bn.
30
33.7
›
91
The Services and Manufacturing sectors were
the most active, with 31 and 29 registered
73
70
deals, respectively.
15
15.6
12.1
12.0
›
takeover between Brazilian railroad operator
6.8
0
0
Q1 2010
Q1 2011
Number of deals (left hand scale)
Q1 2012
Q1 2013
The largest deal was the all-stock reverse
Q1 2014
America Latina Logistica (ALL) and local
logistics company Rumo.
Total value of deals ($bn, right hand scale)
Latin America and the Caribbean: Q1 2014
Top 10 Deals Q1 2014
Target Company
Industry
Deal Type
Buyer
Country of
Buyer
Deal Value
(USD mn)
1.
ALL - America Latina Logistica SA
Transportation &
Warehousing
Acquisition (100%)
Rumo Logistica Operadora
Multimodal SA
Brazil
2,973.1
(Official data)
2.
34 properties in Brazil
Services
Acquisition (100%)
Global Logistic Properties Ltd
Singapore
1,359.1
(Official data)
3.
Block BC-10 in
Campos Basin
Mining
(incl. oil & gas)
Minority stake
purchase (23%)
Qatar Petroleum Co
Qatar
1,000.0
(Official data)
4.
Grupo Notre Dame Intermedica
Finance
& Insurance
Acquisition (100%)
Bain Capital LLC
United States
861.2
(Market estimate)
5.
BRF SA
Food &
Beverages
Minority stake
purchase (3.8%)
GIC Pvt Ltd
Singapore
644.7
(DW estimate)
6.
B2W - Companhia Digital
Wholesale &
Retail Trade
Minority stake
purchase (18.9%)
Tiger Global Management LLC
United States
505.0
(Official data)
7.
Santo Antonio Energia SA
Utilities
Minority stake
purchase (10.3%)
Banco Modal SA
Brazil
355.1
(Official data)
8.
Dobreve Energia SA
Utilities
Acquisition
(100%)
CPFL Energias Renovaveis SA
Brazil
334.5
(DW estimate)
9.
Sonae Sierra Brasil SA
Services
Minority stake
purchase (33.3%)
Alexander Otto - private investor
Germany
283.0
(Official data)
10. JK Iguatemi shopping centre
Services
Acquisition
(50%)
Iguatemi Empresa de
Shopping Centers SA ;
TIAA-CREF
Brazil;
United States
267.3
(Official data)
The list does not include the alleged sale to Batista family of the equity interest held by Bertin family in Brazilian meat producer JBS SA, estimated to be worth some USD 2bn.
Latin America and the Caribbean: Q1 2014
Value of negotiated deals drops three times in Q1 2014
54
15
›
saw a 28% increase in deal flow but the total
46
36
34
34
36
During the first three months, M&A in Mexico
transaction value slumped to USD 1.6bn.
10
›
The most active sector was Services, followed
by Manufacturing and Wholesale & Retail
Trade.
8.0
18
15
5
5.5
Q1 2011
1.6
Number of deals (left hand scale)
Q1 2012
majority
stake
in
local
gas
infrastructure company Grupo Fermaca by a
1.1
Q1 2010
The largest deal was the purchase of an
undisclosed
0.7
0
›
Q1 2013
Swiss private equity fund for USD 750mn.
0
Q1 2014
Total value of deals ($bn, right hand scale)
Latin America and the Caribbean: Q1 2014
Top 10 Deals Q1 2014
Target Company
Industry
Deal Type
Buyer
Country of
Buyer
1.
Grupo Fermaca SA de CV
Transportation &
Warehousing
Acquisition
(n.a. %)
Partners Group AG;
private investors
Switzerland
2.
Convenience store business
Extra of Grupo Modelo
Wholesale &
Retail Trade
Acquisition
(100%)
Operadora Circulo CCK SA
de CV (Circulo K)
Mexico
3.
Sonora federal penitentiary concession;
Services
Jalisco federal penitentiary concession
Acquisition
(70%)
Hunt Companies Inc
United States
4.
Impulsora del Deportivo
Necaxa SA de CV (Club Necaxa)
Media &
Entertainment
Acquisition
(100%)
Ernesto Tinajero - private investor;
Guillermo Cantu - private investor
Mexico
5.
Credito Real SAB de
CV SOFOM ENR
Finance &
Insurance
Minority stake
purchase (9.7%)
Private Investors
6.
Grupo Comercial e Industrial
Marzam SA de CV (Grupo Marzam)
Wholesale &
Retail Trade
Acquisition (50%)
Genomma Lab Internacional
SAB de CV
Mexico
45.5
(Official data)
7.
Compania de Energia
Mexicana SA de CV (CEM)
Utilities
Acquisition
(29.7%) *
Compania Minera Autlan
SAB de CV
Mexico
27.8
(Official data)
8.
Fiesta Americana
Aguascalientes hotel
Services
Acquisition
(100%)
FibraHotel
Mexico
17.4
(Official data)
9.
Hotel Aloft Guadalajara
Las Amaricas
Services
Acquisition
(100%)
Fibra Inn
Mexico
16.4
(Official data)
10.
Fiesta Inn Xalapa hotel;
One Xalapa hotel
Services
Acquisition
(100%)
FibraHotel
Mexico
16.2
(Official data)
* Through the deal, the buyer will increase its stake in CEM to over 51%.
Latin America and the Caribbean: Q1 2014
Deal Value
(USD mn)
750.0
(Official data)
345.0
(Market
estimate)
116.0
(Official data)
60.0
(Market
estimate)
58.2
(DW estimate)
Deal volume, value surges in first three months
›
45
With 33 deals, Argentina registered a 50%
increase in deal activity y/y.
6
41
›
33
34
rose dramatically y/y to USD 1.1bn, a record
33
30
The total value of negotiated transactions also
high for the period in the past 3 years.
4
4.0
›
22
sector and also saw the most expensive deals
2.7
15
overall.
2
›
1.1
0.7
0
Q1 2010
Q1 2011
Number of deals (left hand scale)
Mining (incl. oil & gas) was the most active
Q1 2012
0.5
Q1 2013
The largest deal was the acquisition by
Argentinean oil & gas company YPF of the local
0
Q1 2014
Total value of deals ($bn, right hand scale)
operations of U.S. peer Apache Corp for USD
800mn.
Latin America and the Caribbean: Q1 2014
Top 5 Deals Q1 2014
Target Company
Industry
Deal Type
Buyer
Country of Buyer
Deal Value
(USD mn)
1.
Argentinean operations
of Apache Corp
Mining
(incl. oil & gas)
Acquisition
(100%)
YPF SA
Argentina
800.0
(Official data)
2.
Three concessions and
five JV contracts of YPF
Mining
(incl. oil & gas)
Acquisition
(100%)
Pluspetrol SA
Argentina
217.0
(Official data)
3.
Puesto Hernandez oil concession
Mining
(incl. oil & gas)
Minority stake
purchase (38.5%)
YPF SA
Argentina
40.7
(Official data)
4.
Laboratorios Biagro SA
Manufacturing
Acquisition
(100%)
Bayer AG
United States
35.0
(Market estimate)
5.
Trilenium SA
Media &
Entertainment
Acquisition
(50%)
Cristobal Lopez –
private investor
Argentina
15.8
(Official data)
Latin America and the Caribbean: Q1 2014
Q1 M&A activity in Colombia rebounds to previous levels
45
6
›
After a slump in the first quarter of last year,
Colombian deal flow bounced back to 36 deals in
35
36
35
30
Q1 2014, a 64% increase y/y.
4
4.0
26
›
In the first three months, the total value of
negotiated deals also doubled y/y to USD 0.6bn.
21
›
15
sector in terms of both deal count and total
2
1.8
value.
1.5
0.3
0.6
0
Q1 2010
Q1 2011
Number of deals (left hand scale)
Q1 2012
Mining (incl. oil & gas) was the most active
Q1 2013
›
0
Q1 2014
Total value of deals ($bn, right hand scale)
The largest deal was the sale of the Colombian
coal assets of CCX to Turkish holding company
Yildirim for USD 125mn.
Latin America and the Caribbean: Q1 2014
Top 10 Deals Q1 2014
Target Company
Industry
Deal Type
1.
CCX Colombia SA
Mining
(incl. oil & gas)
2.
.CO Internet SAS
Telecom & IT
Wholesale &
Retail Trade
Acquisition
(100%)
Acquisition
(100%)
Acquisition
(100%)
Food &
Beverages
Acquisition
(100%)
19 food & beverages stores of
Comercializadora Giraldo Gomez y Cia SA
Industria Colombiana de Lacteos Ltda;
Conservas California SA;
4. Pasterizadora Santandereana De Leches SA;
Erwis Asociados Ltda;
Enfriadora Vallenata Ltda
Compania de Desarrollo Aeropuerto
5.
Eldorado SA (Codad)
Tintas SA;
6.
Sinclair SA
Wacolda SA Corredores de Seguros;
7=
Proseguros Corredores de Seguros SA
COR 4 oil block;
7=
COR 12 oil block
3.
8.
Skynet de Colombia SA ESP
9.
Tinigua oil block
10. Bolivar oil block
Construction
Manufacturing
Finance &
Insurance
Mining
(incl. oil & gas)
Telecom & IT
Mining
(incl. oil & gas)
Mining
(incl. oil & gas)
Acquisition
(100%)
Acquisition
(50%)
Acquisition
(n.a. %)
Acquisition
(80%)
Acquisition
(75%)
Acquisition
(50%)
Acquisition
(50%)
Buyer
Country of Buyer
Yildirim Holding AS
Turkey
Neustar Inc
United States
Almacenes Exito SA
Colombia
Gloria SA
Peru
Ashmore Group Plc
United Kingdom
DIC Corp
Japan
Hyperion Insurance Group Ltd
United Kingdom
Canacol Energy Ltd
Canada
Empresa de Telecomunicaciones
Colombia
de Bogota SA (ETB)
Pacific Rubiales Energy Corp
Canada
Everest Hill Energy Group Ltd
United States
Latin America and the Caribbean: Q1 2014
Deal Value
(USD mn)
125.0
(Official data)
100.0
(Official data)
97.5
(Official data)
86.0
(Official data)
68.1
(Official data)
22.5
(Official data)
15.0
(Market estimate)
15.0
(Official data)
14.6
(Market estimate)
12.5
(Official data)
5.0
(Official data)
Deal volume remains flat y/y
60
9
›
With 30 registered deals, M&A activity in Chile
remained flat y/y in Q1 2014.
51
›
40
6
31
29
The total value of negotiated transactions,
however, surged more than three times to USD
4bn due to a couple of very large deals.
30
4.7
22
4.0
20
2.7
›
3
registered the most expensive deals on average.
2.8
›
0
0
Q1 2011
Number of deals (left hand scale)
Q1 2012
Q1 2013
The largest deal was the purchase of 33.6% in
local bank CorpBanka by Brazil’s Itau Unibanco.
1.2
Q1 2010
Utilities was the most active sector and also
Q1 2014
Total value of deals ($bn, right hand scale)
The all-equity transaction was estimated by
DealWatch at USD 2.2bn.
Latin America and the Caribbean: Q1 2014
Top 10 Deals Q1 2014
Target Company
Industry
Deal Type
1.
CorpBanca SA
Finance &
Insurance
2.
Empresa Electrica Guacolda SA
Utilities
3.
VTR GlobalCom SA
Telecom & IT
4.
GasAtacama SA
Utilities
5.
Undisclosed forestry company
Agriculture, Forestry,
Fishing and Hunting
Minority stake
purchase (33.6%)
Acquisition
(50%)
Minority stake
purchase (20%)
Acquisition
(50%)
Acquisition
(80%)
Acquisition
(100%)
Acquisition
(100%)
Acquisition
(51%)
Acquisition
(51%)
Acquisition
(100%)
6.
7.
8.
9.
Power transmission line
Maitencillo-Cardones
Agricola El Monte SA;
Agricola y Ganadera Chillan Viejo SA
Prefabricados Andinos SA
(Preansa)
Chile Botanics SA
10. Coasin Instalaciones Ltda
Utilities
Food &
Beverages
Manufacturing
Manufacturing
Telecom & IT
Buyer
Country of Buyer
Itau Unibanco Holding SA
Brazil
AES Gener SA
Chile
Liberty Global Plc
United Kingdom
Empresa Nacional de
Chile
Electricidad SA (Endesa Chile)
Hancock Natural Resource
United States
Group Inc
Transelec SA
Chile
MaxAgro SA
Chile
Union Andina de
Cementos SAA
Peru
Naturex SA
France
Grana y Montero SAA
Peru
Latin America and the Caribbean: Q1 2014
Deal Value
(USD mn)
2,205.0
(DW estimate)
728.0
(Official data)
422.0
(Official data)
309.0
(Official data)
203.6
(Official data)
54.7
(Official data)
17.5
(Official data)
7.1
(Official data)
3.0
(Official data)
2.3
(Official data)
This document covers the transactions recorded in the EMIS Professional M&A database that are fitting the following criteria:
•
•
•
•
•
•
Geography: We have listed transactions with target companies located in the following countries: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru,
Uruguay, Venezuela and Central America & the Caribbean
Deal Status: Announced or Closed
Market: only M&A transaction are included; IPO deals are listed separately
Excluded Deal Types: Restructurings within one holding (no change in ownership), joint ventures, IPOs, SPOs, buy-backs of shares and debt-to-equity swaps
Deal Size: USD 1 million and above. In cases where not clearly indicated, it is assumed that the reported deal value does not include debt.
Announcement Date: 01 January 2014 – 31 March 2014
If the deal value is not reported or estimated, it is considered to be zero in calculations. Top deals are selected by announced or estimated deal values.
For deals that involve targets operating in more than one country, the deal value is broken down and allocated across all countries involved. The allocation is done based on each
country’s contributions to the overall revenues of the target company. The resulting allocated value is included in the volume of deals and the sector breakdowns for each profiled
country and for Latin America.
The list of top deals for each country includes only deals where the target’s operations are restricted to the respective country. The list of top deals for Latin America may include deals
where the target operates in multiple countries in the region.
LeagueBoard data is based on DealWatch intelligence and information provided by advisors. In the LeagueBoard we have taken into consideration the deals subject to the criteria
described above, however geography was extended for deals with either a buyer, seller or a target located in Latin America.
Data collection was closed on 04 April 2014.
Contacts:
Web: www.emis.com
E-mail: [email protected]
Disclaimer:
The material is based on sources which we believe are reliable, but no warranty, either expressed or implied, is provided in relation to the accuracy or completeness of the information.
The views expressed are our best judgment as of the date of issue and are subject to change without notice. EMIS and Euromoney Institutional Investor PLC take no responsibility for
decisions made on the basis of these opinions.
Any redistribution of this information is strictly prohibited. Copyright © 2014 EMIS, all rights reserved. A Euromoney Institutional Investor company.
Latin America and the Caribbean: Q1 2014