FloridaTrendReportQ1-Q32013
Content
Florida M&A Trend Report: Q1-Q3 2013
Overview Florida’s M&A activity during Q1-Q3 2013 (US$ 29.4bn) more than doubled its deal value from the first three quarters of 2012 (US$ 13.9bn), while overall US M&A (US$ 657.5bn) was up only 22.9% from the previous period (US$ 535.2bn)
Value of Deals (US$bn)
25
M&A Trend: Florida
90 80 70
Value (US$bn) No. of Deals
20
15 50
40
10 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 2013 0
Q3 2013 (US$ 19bn) was the strongest quarter for Florida by deal value since Q2 2007 (US$ 20.3bn) Such a discrepancy in deal value and deal count trends can be attributed to an elevated number of large-cap transactions in the state in the first three quarters of this year. Whereas the previous five years saw one deal over US$ 2bn announced in the state, Q1-Q3 2013 had three such deals with a combined value of US$ 15.7bn. In contrast, the average value of large-cap deals in Florida between 2008 and 2012 was US$ 4.7bn As a result, Florida’s share of US M&A has been gradually increasing since Q4 2012 (2.2% of US M&A) and stood at 6% in Q3 2013, the greatest quarterly contribution since Q3 2011 (6.7% market share) The Pharma, Medical & Biotech sector (US$ 8.9bn, 17 deals) maintained its position as the dominant sector in Florida by deal value. However, Industrials & Chemicals (US$ 3.2bn, 19 deals) was the busiest sector by deal count with an 18.3% market share
5
Credit Suisse (US$ 15.7bn, 9 deals) moved up 26 spots to become the top Financial Advisor by deal value in Q1-Q3 2013. Goldman Sachs (US$ 15.2bn, 10 deals) advised on the greatest number of deals for the same period Cravath, Swaine & Moore (US$ 11.9bn, 5 deals) was the top Legal Advisor by deal value, while Kirkland & Ellis (US$ 9.8bn, 19 deals) moved up one spot to become the top Legal Advisor by deal count
Industry Analysis
Q1-Q3 2013 Sector Value (US$m) Financial Services Industrials & Chemicals Pharma, Medical & Biotech Consumer Telecommunications Business Services Technology Real Estate Leisure Other Total 1,299 3,228 8,927 2,398 4,800 5,288 301 1,233 1,019 858 29,351 Mrk share 4.4% 11.0% 30.4% 8.2% 16.4% 18.0% 1.0% 4.2% 3.5% 2.9% Deal count 13 19 17 11 2 17 9 5 11 11 115 Value ($m) 73 1,211 5,338 442 1,268 1,131 152 2,048 2,239 13,902 Q1-Q3 2012 Mrk share 0.5% 8.7% 38.4% 3.2% 9.1% 8.1% 1.1% 14.7% 16.1% Deal count 10 18 27 10 11 12 2 10 17 117 Value (%) 1,679% 167% 67.2% 443% 317% -73.4% 711% -50.2% -61.7% 111.1% Change Deal count 3 1 -10 1 6 -3 3 1 -6 -2
Industry Deal Count Analysis
Florida Value Contribution to Total US M&A
Financial Services Industrials & Chemicals
Q1-Q3 2013 14.8% 10.6%
600
US M&A Value (US$bn) Florida % to US M&A
500
Number of Deals
8% 7% 6% 5% 4% 3% 2% 1% 0%
This year saw the highest valued first three quarters for the state since 2007 (US$ 49.8bn). At the same time, by deal count, this year happened to be the least active since Q1-Q3 2003 (109 transactions)
60
Pharma, Medical & Biotech Consumer
18.0%
10.0%
Value of Deals (US$bn)
18.3%
Q1-Q3 2012 23.1%
1.9%
400
Telecommunications
11.0%
300
Business Services Technology Real Estate
10.0%
16.3%
200
12.5%
10.0% 2.0%
12.0%
100
8.7% 10.6% 4.8%
0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 2013
Leisure
Florida Value % to Total US M&A
Florida M&A Trend Report: Q1-Q3 2013
Top Deals
Ann. Date 30-Jul-13 Bidder company Community Health Systems Inc Target Company Health Management Associates Inc Seller company Bidder Advisors FA: Bank of America Merrill Lynch; Credit Suisse LA: Kirkland & Ellis; Advising FA: Cravath, Swaine & Moore Target/Seller Advisors FA: Lazard; Morgan Stanley; UBS Investment Bank LA: Weil Gotshal & Manges; Advising FA: O'Melveny & Myers FA: Deutsche Bank; Macquarie Group LA: Bingham McCutchen; Simpson Thacher & Bartlett 4,800 Deal Value (US$m) 7,088
6-Sep-13
American Tower Corporation Global Tower LLC
PGGM NV; and Macquarie Infrastructure Partners Inc
FA: EA Markets Securities; Goldman Sachs LA: Clifford Chance
28-May-13 Fidelity National Financial Inc
Lender Processing Services Inc
FA: Bank of America Merrill Lynch; JPMorgan LA: Weil Gotshal & Manges; Advising FA: Davis Polk & Wardwell
FA: Credit Suisse; Goldman Sachs LA: Cravath, Swaine & Moore; Advising FA: Fried Frank Harris Shriver & Jacobson; White & Case FA: Goldman Sachs LA: Wachtell, Lipton, Rosen & Katz; Advising FA: Skadden Arps Slate Meagher & Flom FA: JPMorgan LA: Foley & Lardner; Wachtell, Lipton, Rosen & Katz; Advising FA: Latham & Watkins
3,804
29-Jul-13
Essilor International SA
Transitions Optical Inc (51% Stake)
PPG Industries Inc
FA: Rothschild LA: Jones Day
1,855
25-Sep-13 Stryker Corporation
MAKO Surgical Corp
FA: Citi LA: Skadden Arps Slate Meagher & Flom; Advising FA: Willkie Farr & Gallagher
1,349
Financial Advisor League Table by Value
Rank Q1-Q3 2012 27 4 5 3 38 6 1 7 76 13 8 84 24 2013 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Credit Suisse Goldman Sachs Bank of America Merrill Lynch Morgan Stanley Lazard Deutsche Bank JPMorgan UBS Investment Bank EA Markets Securities Citi Macquarie Group Rothschild Perella Weinberg Partners Peter J Solomon Company Raymond James & Associates Value (US$m) 15,686 15,150 11,727 11,124 9,184 8,754 7,690 7,310 4,800 2,402 2,400 1,855 1,518 1,423 1,274 Deal count 9 10 6 6 8 6 7 5 1 2 1 1 2 1 4 % Value change 10,220% 180% 125% 91.1% 24,068% 71.7% -1.4% -33.4% 240% -64.2% 394%
Financial Advisor League Table by Deal Count
Rank Q1-Q3 2012 2013 6 40 13 5 3 14 9 10 86 12 4 53 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Value (US$m) 15,150 15,686 9,184 7,690 11,727 11,124 8,754 7,310 1,236 169 1,274 596 177 1,109 883 Deal count 10 9 8 7 6 6 6 5 5 5 4 4 4 3 3 Count change 4 8 3 1 -2 3 1 0 4 -1 -4 3 0
House
House Goldman Sachs Credit Suisse Lazard JPMorgan Bank of America Merrill Lynch Morgan Stanley Deutsche Bank UBS Investment Bank Moelis & Company Sandler O'Neill & Partners Raymond James & Associates Jefferies Stephens Tudor, Pickering, Holt & Co M&A International
Legal Advisor League Table by Value
Rank Q1-Q3 2012 2013 3 2 6 28 15 12 10 87 18 4 8 21 9 122 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Value (US$m) 11,927 11,135 9,840 8,294 6,433 5,577 4,800 4,452 4,410 4,370 4,284 4,144 3,804 3,581 2,400 Deal count 5 3 19 2 4 6 1 5 3 7 5 5 1 6 2 % Value change 114.6% 45.0% 99.0% 1,456% 355% 199% 83.1% 9,088% 241% -17.2% 1.8% 476% 38.8% -
Legal Advisor League Table by Deal Count
Rank Q1-Q3 2012 2013 2 13 3 7 61 11 1 40 28 5 26 29 12 9 36 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Value (US$m) 9,840 637 1,659 1,575 1,366 478 4,370 5,577 3,581 822 11,927 4,452 4,284 4,144 1,580 Deal count 19 16 10 10 10 10 7 6 6 6 5 5 5 5 5 Count change 0 10 -8 2 8 3 -13 4 3 -4 2 2 -1 -2 2
House Cravath, Swaine & Moore Weil Gotshal & Manges Kirkland & Ellis O'Melveny & Myers Davis Polk & Wardwell Skadden Arps Slate Meagher & Flom Clifford Chance White & Case Wachtell, Lipton, Rosen & Katz Jones Day Sullivan & Cromwell Simpson Thacher & Bartlett Fried Frank Harris Shriver & Jacobson Paul Weiss Rifkind Wharton & Garrison Bingham McCutchen
House Kirkland & Ellis Akerman Senterfitt Greenberg Traurig Latham & Watkins Foley & Lardner DLA Piper Jones Day Skadden Arps Slate Meagher & Flom Paul Weiss Rifkind Wharton & Garrison Morgan Lewis & Bockius Cravath, Swaine & Moore White & Case Sullivan & Cromwell Simpson Thacher & Bartlett Gibson Dunn & Crutcher
Florida M&A Trend Report: Q1-Q3 2013
Notes All data is based on announced transactions over US$ 5m. Deals with undisclosed deal values are included where the target’s t urnover exceeds US$ 10m. Deals where the stake acquired is less than 10% will only be included if their value is greater than US$ 100m. Activities excluded include property transactions and restructurings where the ultimate shareholders’ interests are not changed. M&A Trend: Based on the dominant geography of the target company being Florida. Excludes lapsed and withdrawn bids Top Announced Deals: Based on the dominant geography of the target being Florida. Excludes lapsed and withdrawn bids. FA refers to Financial Advisor and LA refers to Legal Advisor Industry Analysis: Based on the dominant geography of the target company being Florida. Industry sectors represent the primary industry sector of the target company only. Excludes lapsed and withdrawn bids League Tables: Based on the dominant geography of the target, bidder or seller company being Florida. The financial advisor tables exclude lapsed and withdrawn bids and the legal advisor tables include lapsed and withdrawn bids. Previous period changes refer to the period Q1-Q3 2012 unless specified otherwise
Criteria All data correct as of 10 October 2013 Press Contact: Chrissy Carney [email protected] Tel: +1 646 378 3118 Deal Submissions: Richard Myers [email protected] Tel: +1 212 500 1393 Sales: [email protected] Tel: +1 212 500 7537
Overview Florida’s M&A activity during Q1-Q3 2013 (US$ 29.4bn) more than doubled its deal value from the first three quarters of 2012 (US$ 13.9bn), while overall US M&A (US$ 657.5bn) was up only 22.9% from the previous period (US$ 535.2bn)
Value of Deals (US$bn)
25
M&A Trend: Florida
90 80 70
Value (US$bn) No. of Deals
20
15 50
40
10 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 2013 0
Q3 2013 (US$ 19bn) was the strongest quarter for Florida by deal value since Q2 2007 (US$ 20.3bn) Such a discrepancy in deal value and deal count trends can be attributed to an elevated number of large-cap transactions in the state in the first three quarters of this year. Whereas the previous five years saw one deal over US$ 2bn announced in the state, Q1-Q3 2013 had three such deals with a combined value of US$ 15.7bn. In contrast, the average value of large-cap deals in Florida between 2008 and 2012 was US$ 4.7bn As a result, Florida’s share of US M&A has been gradually increasing since Q4 2012 (2.2% of US M&A) and stood at 6% in Q3 2013, the greatest quarterly contribution since Q3 2011 (6.7% market share) The Pharma, Medical & Biotech sector (US$ 8.9bn, 17 deals) maintained its position as the dominant sector in Florida by deal value. However, Industrials & Chemicals (US$ 3.2bn, 19 deals) was the busiest sector by deal count with an 18.3% market share
5
Credit Suisse (US$ 15.7bn, 9 deals) moved up 26 spots to become the top Financial Advisor by deal value in Q1-Q3 2013. Goldman Sachs (US$ 15.2bn, 10 deals) advised on the greatest number of deals for the same period Cravath, Swaine & Moore (US$ 11.9bn, 5 deals) was the top Legal Advisor by deal value, while Kirkland & Ellis (US$ 9.8bn, 19 deals) moved up one spot to become the top Legal Advisor by deal count
Industry Analysis
Q1-Q3 2013 Sector Value (US$m) Financial Services Industrials & Chemicals Pharma, Medical & Biotech Consumer Telecommunications Business Services Technology Real Estate Leisure Other Total 1,299 3,228 8,927 2,398 4,800 5,288 301 1,233 1,019 858 29,351 Mrk share 4.4% 11.0% 30.4% 8.2% 16.4% 18.0% 1.0% 4.2% 3.5% 2.9% Deal count 13 19 17 11 2 17 9 5 11 11 115 Value ($m) 73 1,211 5,338 442 1,268 1,131 152 2,048 2,239 13,902 Q1-Q3 2012 Mrk share 0.5% 8.7% 38.4% 3.2% 9.1% 8.1% 1.1% 14.7% 16.1% Deal count 10 18 27 10 11 12 2 10 17 117 Value (%) 1,679% 167% 67.2% 443% 317% -73.4% 711% -50.2% -61.7% 111.1% Change Deal count 3 1 -10 1 6 -3 3 1 -6 -2
Industry Deal Count Analysis
Florida Value Contribution to Total US M&A
Financial Services Industrials & Chemicals
Q1-Q3 2013 14.8% 10.6%
600
US M&A Value (US$bn) Florida % to US M&A
500
Number of Deals
8% 7% 6% 5% 4% 3% 2% 1% 0%
This year saw the highest valued first three quarters for the state since 2007 (US$ 49.8bn). At the same time, by deal count, this year happened to be the least active since Q1-Q3 2003 (109 transactions)
60
Pharma, Medical & Biotech Consumer
18.0%
10.0%
Value of Deals (US$bn)
18.3%
Q1-Q3 2012 23.1%
1.9%
400
Telecommunications
11.0%
300
Business Services Technology Real Estate
10.0%
16.3%
200
12.5%
10.0% 2.0%
12.0%
100
8.7% 10.6% 4.8%
0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 2013
Leisure
Florida Value % to Total US M&A
Florida M&A Trend Report: Q1-Q3 2013
Top Deals
Ann. Date 30-Jul-13 Bidder company Community Health Systems Inc Target Company Health Management Associates Inc Seller company Bidder Advisors FA: Bank of America Merrill Lynch; Credit Suisse LA: Kirkland & Ellis; Advising FA: Cravath, Swaine & Moore Target/Seller Advisors FA: Lazard; Morgan Stanley; UBS Investment Bank LA: Weil Gotshal & Manges; Advising FA: O'Melveny & Myers FA: Deutsche Bank; Macquarie Group LA: Bingham McCutchen; Simpson Thacher & Bartlett 4,800 Deal Value (US$m) 7,088
6-Sep-13
American Tower Corporation Global Tower LLC
PGGM NV; and Macquarie Infrastructure Partners Inc
FA: EA Markets Securities; Goldman Sachs LA: Clifford Chance
28-May-13 Fidelity National Financial Inc
Lender Processing Services Inc
FA: Bank of America Merrill Lynch; JPMorgan LA: Weil Gotshal & Manges; Advising FA: Davis Polk & Wardwell
FA: Credit Suisse; Goldman Sachs LA: Cravath, Swaine & Moore; Advising FA: Fried Frank Harris Shriver & Jacobson; White & Case FA: Goldman Sachs LA: Wachtell, Lipton, Rosen & Katz; Advising FA: Skadden Arps Slate Meagher & Flom FA: JPMorgan LA: Foley & Lardner; Wachtell, Lipton, Rosen & Katz; Advising FA: Latham & Watkins
3,804
29-Jul-13
Essilor International SA
Transitions Optical Inc (51% Stake)
PPG Industries Inc
FA: Rothschild LA: Jones Day
1,855
25-Sep-13 Stryker Corporation
MAKO Surgical Corp
FA: Citi LA: Skadden Arps Slate Meagher & Flom; Advising FA: Willkie Farr & Gallagher
1,349
Financial Advisor League Table by Value
Rank Q1-Q3 2012 27 4 5 3 38 6 1 7 76 13 8 84 24 2013 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Credit Suisse Goldman Sachs Bank of America Merrill Lynch Morgan Stanley Lazard Deutsche Bank JPMorgan UBS Investment Bank EA Markets Securities Citi Macquarie Group Rothschild Perella Weinberg Partners Peter J Solomon Company Raymond James & Associates Value (US$m) 15,686 15,150 11,727 11,124 9,184 8,754 7,690 7,310 4,800 2,402 2,400 1,855 1,518 1,423 1,274 Deal count 9 10 6 6 8 6 7 5 1 2 1 1 2 1 4 % Value change 10,220% 180% 125% 91.1% 24,068% 71.7% -1.4% -33.4% 240% -64.2% 394%
Financial Advisor League Table by Deal Count
Rank Q1-Q3 2012 2013 6 40 13 5 3 14 9 10 86 12 4 53 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Value (US$m) 15,150 15,686 9,184 7,690 11,727 11,124 8,754 7,310 1,236 169 1,274 596 177 1,109 883 Deal count 10 9 8 7 6 6 6 5 5 5 4 4 4 3 3 Count change 4 8 3 1 -2 3 1 0 4 -1 -4 3 0
House
House Goldman Sachs Credit Suisse Lazard JPMorgan Bank of America Merrill Lynch Morgan Stanley Deutsche Bank UBS Investment Bank Moelis & Company Sandler O'Neill & Partners Raymond James & Associates Jefferies Stephens Tudor, Pickering, Holt & Co M&A International
Legal Advisor League Table by Value
Rank Q1-Q3 2012 2013 3 2 6 28 15 12 10 87 18 4 8 21 9 122 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Value (US$m) 11,927 11,135 9,840 8,294 6,433 5,577 4,800 4,452 4,410 4,370 4,284 4,144 3,804 3,581 2,400 Deal count 5 3 19 2 4 6 1 5 3 7 5 5 1 6 2 % Value change 114.6% 45.0% 99.0% 1,456% 355% 199% 83.1% 9,088% 241% -17.2% 1.8% 476% 38.8% -
Legal Advisor League Table by Deal Count
Rank Q1-Q3 2012 2013 2 13 3 7 61 11 1 40 28 5 26 29 12 9 36 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Value (US$m) 9,840 637 1,659 1,575 1,366 478 4,370 5,577 3,581 822 11,927 4,452 4,284 4,144 1,580 Deal count 19 16 10 10 10 10 7 6 6 6 5 5 5 5 5 Count change 0 10 -8 2 8 3 -13 4 3 -4 2 2 -1 -2 2
House Cravath, Swaine & Moore Weil Gotshal & Manges Kirkland & Ellis O'Melveny & Myers Davis Polk & Wardwell Skadden Arps Slate Meagher & Flom Clifford Chance White & Case Wachtell, Lipton, Rosen & Katz Jones Day Sullivan & Cromwell Simpson Thacher & Bartlett Fried Frank Harris Shriver & Jacobson Paul Weiss Rifkind Wharton & Garrison Bingham McCutchen
House Kirkland & Ellis Akerman Senterfitt Greenberg Traurig Latham & Watkins Foley & Lardner DLA Piper Jones Day Skadden Arps Slate Meagher & Flom Paul Weiss Rifkind Wharton & Garrison Morgan Lewis & Bockius Cravath, Swaine & Moore White & Case Sullivan & Cromwell Simpson Thacher & Bartlett Gibson Dunn & Crutcher
Florida M&A Trend Report: Q1-Q3 2013
Notes All data is based on announced transactions over US$ 5m. Deals with undisclosed deal values are included where the target’s t urnover exceeds US$ 10m. Deals where the stake acquired is less than 10% will only be included if their value is greater than US$ 100m. Activities excluded include property transactions and restructurings where the ultimate shareholders’ interests are not changed. M&A Trend: Based on the dominant geography of the target company being Florida. Excludes lapsed and withdrawn bids Top Announced Deals: Based on the dominant geography of the target being Florida. Excludes lapsed and withdrawn bids. FA refers to Financial Advisor and LA refers to Legal Advisor Industry Analysis: Based on the dominant geography of the target company being Florida. Industry sectors represent the primary industry sector of the target company only. Excludes lapsed and withdrawn bids League Tables: Based on the dominant geography of the target, bidder or seller company being Florida. The financial advisor tables exclude lapsed and withdrawn bids and the legal advisor tables include lapsed and withdrawn bids. Previous period changes refer to the period Q1-Q3 2012 unless specified otherwise
Criteria All data correct as of 10 October 2013 Press Contact: Chrissy Carney [email protected] Tel: +1 646 378 3118 Deal Submissions: Richard Myers [email protected] Tel: +1 212 500 1393 Sales: [email protected] Tel: +1 212 500 7537
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