Mexico – First, second, Third and Fourth Quarter 2014

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Annual Report Mexico

In 2014, the Mexican transactional market was particularly dynamic, with a total of 225 mergers and acquisitions, both announced and closed, which represents a 28.6% increase compared with the previous year. However, the investment volume generated was USD 30.10bn compared with USD 43.83bn in 2013, but, it is important to take into account that in 2013 we recorded the acquisition of Grupo Modelo, for USD 20.10bn.

Regarding market segments, there was a slight increase in the number of deals registered in the high-end market in deal size (>USD 500m), 16 deals in 2013 compared with 18 this year, which denotes an increasing interest in this type of deals. Highlights include the acquisition by US-based PPG Industries of Mexico-based Consorcio Comex, for USD 2,300m.

The most active sectors, in 2014, were technology and Internet, with 26 deals recorded each, followed by the financial and insurance (23), and distribution and retail (15). This tendency was repeated throughout the year.

In the cross-border sector, British and US-based companies were the most acquisitive in the Mexican market; however, Mexican companies chose United States and Spain to carry out their international investments.

Furthermore, the private equity and venture capital segments were also dynamic, with a 49% increase in the number of deals this year, compared with 2013. Highlights include the acquisition by Swiss private equity fund Partners Group of a majority stake in Fermaca, a Mexican gas company. The deal value was USD 750m.

The capital markets was less active in 2014 compared with the previous year. Nevertheless, several relevant deals were recorded, such as an IPO carried out by Fibra Prologis, for USD 664.52m. In addition, City Express carried out a capital increase for approximately USD 176m.

After a year of growth in the M&A transactional market, it is estimated that 2015 will be a positive year. Several deals that were not completed this year should be closed in 2015, and the legislation reforms carried out by the Mexican Government, in sectors such as energy and telecommunications, will enable foreign investment in Mexico.

 


Consorcio Comex  – Manufacturer of decorative and waterproofing paints.

 

Go to Report > http://www.ttrecord.com/en/publications/monthly-report-mexico/Mexico-First-second-Third-and-Fourth-Quarter-2014/1283/

 

Brazil – First, second, Third and Fourth Quarter 2014

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Annual Report Brazil

In the fourth quarter of 2014, the Brazilian transactional market registered 231 deals, both announced and closed, compared with 225 recorded in the same period last year. The investment volume generated was approximately BRL 71.27bn, taking into account deals with disclosed values. In the whole year, a total of 816 deals were registered generating an investment volume of approximately BRL 193.16bn, which represents a 52% increase compared with 2013.

Regarding deal value in the last twelve months, 71.2% of these transactions involved amounts inferior to BRL 200m.

In the cross-border sector, US-based companies were the most acquisitive in the Brazilian market this last quarter, with 25 acquisitions carried out in the technology, internet, multimedia, and distribution and retail sectors. UK-based acquirers were the second most active in Brazil, with six acquisitions. On the other hand, Brazilian companies made nine acquisitions abroad this last quarter, and only three were made outside Latin America.

Transactions involving Private Equity and Venture Capital firms represent 11% and 13%, respectively, of the total number of deals registered in 2014. The volume invested by private equity firms was approximately BRL 5.88bn, compared with BRL 5.32bn in 2013. The Venture Capital segment generated an investment volume of approximately BRL 143.14m this quarter, compared with BRL 363.55m generated in the same period last year. The internet companies attracted most of the investments; 68 deals were registered. Throughout 2014, the investments carried out by Venture Capital firms generated approximately BRL 1.09bn.

TTR’s highlighted deal this quarter was carried out by Península Participações in the acquisition of a 10% stake in Carrefour Brasil, for BRL 1.80bn.

Patrocinado por:


Carrefour Brasil  – Food retail company.

 

Go to Report > http://www.ttrecord.com/en/publications/monthly-report-brazil/Brazil-First-second-Third-and-Fourth-Quarter-2014/1300/

 

Latin America – First, second, Third and Fourth Quarter 2014

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Annual Report Latin America

The economic reforms and investment plans announced by Latin American Governments, throughout 2014, stimulated transactional market’s activity, and the year ended on a positive note. In 2014, a total of 1,564 deals were registered, generating an investment volume of USD 160.55bn, which represents a 2.1% and 41.9% increase, respectively, compared with the previous year.

By countries, Mexico, Argentina and Colombia were the most active. In number of deals, their activity increased by 28.6%, 21.9% and 15.5%, respectively. On the other hand, Brazil, which has been the most active country, decreased its activity by 5.7% with regards to 2013. Experts say this drop was caused by presidential elections and Football World Cup.

The largest deals this year were carried out mainly in the telecommunications sector. Highlights include the acquisition by Spain-based Telefónica, through its subsidiary in Brazil, of Brazilian telephone operator GVT, for approximately USD 10.20bn. Mexico-based Inmobiliaria Carso acquired a stake in América Móvil, for USD 5.90bn.

The private equity sector was also dynamic this year, with 161 deals registered that generated USD 14.72bn, compared with 145 transactions recorded that generated USD 11.58bn, in 2013. The sectors involved in these deals were distribution and retail, and technology.

In 2014, the capital markets’ activity decreased slightly compared with last year. Nevertheless, there were 12 public offerings registered, which generated USD 4.65bn, and 48 capital increases generating USD 21.01bn.

In collaboration with:

Ontier

 

 

FCC  – Multisectoral group that operates in the construction, cement, energy, real estate and services sectors.

 

Go to Report > http://www.ttrecord.com/en/publications/monthly-report-latin-america/Latin-America-First-second-Third-and-Fourth-Quarter-2014/1290/

 

Iberian Market – First, second, Third and Fourth Quarter 2014

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Annual Report Iberian Market

SPAIN

In 2014, the Spanish transactional market was particularly active. The numbers show a recovery. In the last twelve months a total of 1,233 deals were registered, both announced and closed, generating an investment volume of approximately EUR 106.63bn. Compared with 2013, the market shows a 28.17% increase in the number of deal recorded and a 106.78% increase in the investment volume.

The last quarter of 2014 was the most dynamic. A total of 352 deals were registered, both announced and closed, generating an investment volume of approximately EUR 50bn. This represents a 6.7% increase and a 51% increase in the investment volume, compared with the previous quarter. Furthermore, the number of deals increased by 35.38% and the investment volume by 288.58%, compared with the same period last year.

The most active sectors this quarter were the technology sector with 47 deals registered, Internet (with 41) and real estate (41).

In the cross-border sector there are two different aspects: foreign investments in Spain and Spanish investments abroad. On one hand, the most acquisitive companies in the Spanish market were those based in the United States (19 deals), United Kingdom (16), and France (14). In addition, the largest deals were carried out by British, Kuwaiti and US-based acquirers. On the other hand, Spanish companies focused their investments in the US and in Portugal. However, highlights also include Endesa’s restructuring process in Chile, and Repsol’s acquisition of Canada-based Talisman Energy.

In the fourth quarter of 2014, the private equity firms were especially active in the Spanish transactional market. It was the most active quarter of the year, with 50 deals registered. The investment volume generated was approximately EUR 4.46bn, the second largest in 2014. A total of 171 deals were registered this year, compared with 132 in 2013, and the investment volume generated in 2014 was approximately EUR 21.62bn compared with EUR 9.36bn last year.

On the other hand, the venture capital segment was less active this quarter, with 59 deals registered and investment volume of EUR 218.50m. However, these numbers are significantly superior to the same period last year (43 deals and EUR 133m), but represent a decrease compared with the third quarter of 2014 (84 deals and EUR 296.70m).

In the capital markets there were eight capital increases registered, generating an investment volume of EUR 3.75bn. Highlights include an Initial Public Offering carried out by Endesa. In addition, Euroconsult and Home Meal Replacement (Nostrum) also carried out IPOs on the Alternative Market – MAB.


PORTUGAL

In 2014, the Portuguese M&A market was especially dynamic, with 188 transactions registered, both announced and closed, which represents an increase compared with 2013 and with 2012 (135 and 114 deals respectively). However, the number of deals registered in the smaller market in deal size (< EUR 15m) and the transactions with undisclosed values, caused a decrease in the investment volume generated this year (EUR 12.57bn in 2014), compared with the two previous years (EUR 18.68bn in 2013, and EUR 21.11bn in 2012).

The last quarter of 2014 was the most active, with a total of 66 deals registered, both announced and closed, which generated an investment volume of EUR 9.67bn.

The most active sectors, in 2014, were the financial and insurance, and sports and leisure, with 15 and 7 deals recorded, respectively.

In the cross-border sector there are two different aspects: foreign investments in Portugal and Portuguese investments abroad. On one hand, the most acquisitive companies in the Portuguese market were those based in Spain (5), the United States (4), Germany (3), and France (3). However, Luxembourg-based companies made the largest investments (EUR 7.40bn), as a consequence of Altice’s acquisition offer for PT Portugal. On the other hand, Portuguese acquirers focused their investments in Portuguese-speaking countries: Brazil (2), Angola (1), and Mozambique (1).

Regarding the private equity segment, in the fourth quarter of 2014, a total of 10 deals were registered, which generated an investment volume of EUR 548.80m. This represents a 66.7% increase in the number of deals and an increase exceeding 3600% in the investment volume, compared with the third quarter of 2014.

The venture capital segment was not particularly active this quarter, with 3 transactions recorded and an investment volume of EUR 0.02m, which represents the worst quarter of 2014. However, regarding the whole year, a total of 34 deals were registered compared with 17 recorded, in 2013. The investment volume generated this year was EUR 23.20m compared with EUR 4m, in 2013.

There were not IPOs registered this quarter in the Portuguese capital markets. However, there were three capital increases recorded, which generated EUR 65.50m.

Grupo Hospitalario Quirón – Hospital Group.

 

Go to Report > http://www.ttrecord.com/en/publications/monthly-report-iberian-peninsula/Iberian-Market-First-second-Third-and-Fourth-Quarter-2014/1280/

 

América Latina – El número de fusiones y adquisiciones en América Latina registra un aumento interanual del 14,3% con 473 operaciones

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Informe trimestral sobre el mercado transaccional latinoamericano

  • En total en agosto se han registrado 165 transacciones frente a las 143 de junio
  • Brasil y México los países que más han crecido en número de transacciones
  • El número de inversiones de venture capital registra un aumento intermensual del 94%

Madrid, 16 de octubre de 2014.- El mercado transaccional en América Latina sigue dando muestras de vitalidad y en el tercer trimestre del año se ha producido un aumento interanual del 14,3% en el número de transacciones, pasando de las 414 registradas en 2013 a las 473 de 2014, según el informe trimestral de TTR (www.TTRecord.com). Por países este crecimiento ha sido mayor en México, donde ha ascendido un 45,3%, seguido por Argentina (23,8%) y Brasil (19,4%).

En cuanto al volumen de inversión, también se ha producido un aumento generalizado en todos los países de la región, debido al cierre de transacciones relevantes en el mercado alto del mercado, con importes de más de USD 500m, como es el caso de la conclusión de la compra por parte de la estadounidense Abbot Laboratories del 100% de la chilena CFR Pharmaceuticals por USD 2,900m. Además, también ha sido relevante el acuerdo de compra de Telefónica Brasil de la también brasileña GVT por USD 9,969.59m.

En el ámbito cross-border, en el tercer trimestre del año Europa y Norteamérica han repetido de nuevo como las regiones más activas comprando empresas. Las compañías europeas han realizado 102 adquisiciones de empresas latinoamericanas y las norteamericanas han llevado a cabo 65 inversiones en fusiones y adquisiciones. Por otro lado, las compañías de América Latina han apostado por Europa, Norteamérica y Asia para realizar adquisiciones estratégicas con 11, 7 y una operación respectivamente.

El segmento de private equity también ha mostrado cifras positivas entre julio de septiembre y se ha producido un aumento interanual del 48% en el número de operaciones, registrándose en este periodo un total de 43 entre inversiones y desinversiones. El volumen de inversión también ofrece una perspectiva buena y en los nueve meses de 2014 ya se ha superado al total registrado en todo 2013. Entre enero y septiembre de este año el capital movilizado por firmas de private equity se ha situado en USD 11,760m, frente a los USD 11,579m que se registraron en los doce meses de 2013.

El mercado de capitales por su parte sigue registrando operaciones relevantes, pero sin llegar a las cifras de 2013. En lo que llevamos de año en América Latina se han realizado siete salidas a bolsa, frente a las 28 de todo el año pasado. En el caso de ampliaciones de capital, este año se han producido 36, mientras que en todo 2013 hubo 59.

 

Entrevista con ONTIER

El presidente de la firma legal ONTIER, Adolfo Suárez, ha comentado para TTR sobre el mercado de fusiones y adquisiciones en América Latina: “Es fundamental tener una visión global a la hora de invertir y un objetivo a largo plazo. A la hora de invertir, cada compañía es un mundo, ya que dependerá de su tamaño y capacidad financiera, como de la oportunidad concreta que tenga, factor este que, casi siempre, supera cualquier análisis generalista que se pueda hacer”.

 

Transacción destacada

En el segundo trimestre de 2014, TTR ha seleccionado como transacción destacada la compra por parte de la colombiana Grupo Energía de Bogotá (EEB) del 31,92% de la también colombiana Transportadora de Gas Internacional (TGI), que estaba en manos del private equity Ci Venture Capital (CVCI). Han intermediado como asesores legales Cuatrecasas, Gonçalves Pereira, Gómez-Pinzón Zuleta y Holland & Knight desde su oficina de Colombia y Estados Unidos, así como PwC.

 

Ranking de asesores financieros y jurídicos

El informe publica los rankings de asesoramiento financiero y jurídico de los nueve primeros meses de 2014 de M&A y Mercado de capitales, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas.

 

Para más información:

Leticia Garín

TTR – Transactional Track Record

Tlf. + 34 91 279 87 59

leticia.garin@ttrecord.com

www.TTRecord.com

 

TTR – Transactional Track Record es un servicio premium online de apoyo a las decisiones de inversores, empresarios y asesores. Incluye la mayor base de datos de transacciones del mercado hispano-portugués, así como el acceso a los detalles financieros de las empresas implicadas.