
Searching For Secondary Solutions – Houlihan Lokey Quarterly Newsletter
11 March 2015
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- The characteristics of the private equity secondary market and its participants globally and in Asia-Pacific;
- The long-term view of Asia-Pacific’s secondary market;
- Unique advantages of using the secondary market;
- Challenges faced by both buyers and sellers in the market;
- And, the attraction of a secondary PE fund for institutional investors.
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Market Spotlight: Venture Capital and Private Equity
31 July 2014
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Welcome to July’s Venue® Market Spotlight. This month’s edition focuses on Venture Capital and Private Equity.
Mergermarket, commissioned by RR Donnelley, interviewed professionals from venture capital (VC) and private equity (PE) firms based in the US, Europe and Asia-Pacific to gain insight on VC/PE activity over the next year, which is expected to rise according to respondents. The high-growth TMT sector remains attractive to firms that are looking for profitable investments due to its direct link to consumers and constant innovation.

Intralinks Deal Flow Indicator – Q2 2014
31 July 2014
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The Intralinks Deal Flow Indicator (DFI) tracks pre-announcement, early-stage M&A deals (sell-side M&A mandates and deals reaching due diligence) across the world, providing a unique predictor of changes in future M&A activity levels.
The Q2 2014 Intralinks DFI report reveals a 16% quarter-on-quarter (QoQ) increase globally in early-stage M&A activity, which should lead to a significant increase in deal announcements in Q4 2014. Intralinks predicts that global announced M&A volumes for 2014 as a whole will, for the first time since 2010, show an annual increase of between 6%-10%. This is one of the insights you’ll read about in the latest issue of the Intralinks Deal Flow Indicator report, presented in association with Mergermarket.
Providing in-depth market analysis based on early-stage M&A across the globe, this quarterly report reveals exclusive and forward-looking intelligence on upcoming dealmaking trends.
Key findings of the Q2 2014 Intralinks DFI report:
- The pharmaceuticals sector stands out in Q2 2014, due to a spate of blockbuster transactions.
- On a QoQ basis, the North American region has seen the largest increase in early-stage M&A activity, with a 22% rise.
- Latin America is expected to see a substantial increase in announced deals toward the close of 2014, with deals reaching the due diligence phase jumping 21% QoQ, according to the Intralinks DFI.
- Private equity activity has remained an integral part of Brazilian M&A, with deal value in H1 2014 jumping more than fourfold to US$5.5bn.
The report also features regional snapshots of North America, EMEA, Asia-Pacific and Latin America, a Brazilian spotlight, and a unique ‘Industry Indicators’ infographic, as well as guest commentary on the recent surge in life sciences M&A by Taylor Wessing.

William Fry M&A Review 2014
09 March 2015
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- A number of key sectors saw strong YoY activity by volume, including Telecoms, Media & Technology (23%), Leisure (17%), Pharmaceuticals, Medical & Biotech (14%), and Financial Services (11%).
- In 2014, inbound and outbound deals were at the highest point on Mergermarket record.
- Private equity activity climbed to its highest point in terms of both volume and value in the past seven years.

Dealmakers: Mid-Market M&A in Australia 2015
05 March 2015
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- Middle market M&A increased by 21% in 2014 from the year before. Transactions between US$10m to US$50m (AU$64m) accounted for two of every five deals.
- Sectors driving M&A deal making from 2013 to 2014 included the business services, consumer and TMT sectors, which all saw deal values increase year over year.
- Inbound deal flow in 2014 accounted for approximately 40% of transactional volumes. This positive trend is likely to continue throughout 2015 due to the low exchange rate of the Australian dollar, lower commodity prices, and a growing number of free trade agreements, particularly with countries in Asia-Pacific.
- Private equity activity in Australia’s middle market passed US$15bn (AU$19.2bn). A record 25 mid-cap buyouts were completed worth approximately US$2bn (AU$2.6bn).

William Fry Mid-Year Irish M&A Review
13 August 2014
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Mergermarket is pleased to present the William Fry Mid-Year Irish M&A Review.
This report provides a comprehensive overview of developments in the Irish M&A market during H1 2014, and offers insight into likely trends in the year ahead.
In H1 2014, Irish M&A showed renewed impetus, with a 31.3% increase on H1 2013’s volumes, and the second highest H1 result since 2008. Values also received a dramatic boost, with €39.3bn worth of deals announced in H1 2014 – the highest ever Mergermarket-tracked figure for a half-year period in Irish M&A.
Key findings from the report include:
- Domestic M&A is on the rise. In H1 2014, nearly one-third (31%) of all deals were domestic, compared to 27% in the whole of 2014.
- Inversion deals have dominated Irish inbound M&A over the past year, with US-based Medtronic’s blockbuster €33.9bn acquisition of healthcare company Covidien taking place in H1 2014.
- Ireland has seen a variety of deals in terms of sector and type in H1 2014 – seven different sectors made up the top 10 Irish M&A deals in H1 2014.
- Irish companies are finding the capital markets are becoming more receptive to listings, with Irish games company King Digital Entertainment, the company behind the “Candy Crush Saga” app, listing for $500m in March being one notable IPO example.

Deal Drivers Americas Half-Year Edition 2014
14 August 2014
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Mergermarket is pleased to release the half-year edition of Deal Drivers Americas, in association with Merrill DataSite.
The reports provide an in-depth review of M&A activity for the half-year of 2014, offering key insights into how announced deals of HY 2014 will impact M&A for the remainder of the year.
Highlights of the report include:
- Large-cap telecommunications deals – Comcast’s US$68bn purchase of Time Warner Cable and AT&T’s US$65bn acquisition of DIRECTV – led overall transactions in the first half
- In North America, private equity activity remains optimistic as firms continue to hit their targets
- In Latin America foreign investments were the driving force behind the increase in M&A activity in Chile
- Dealmakers expect a sustained, healthy life science M&A market in H2 2014, thanks to this year’s bull market for healthcare stocks, selective shareholder pressure, and the desire of large US life science companies to increase scale
We hope you enjoy reading the report.

Deal Drivers EMEA Half-Year Edition 2014
14 August 2014
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Mergermarket is delighted to release the half-year edition of Deal Drivers EMEA, in association with Merrill DataSite.
The report provides an in-depth review of M&A activity in the first half of 2014, offering key insights into how announced deals in the past six months will impact M&A for the rest of 2014.
Highlights of the report include:
- Dealmaking in the first half of 2014 has seen a 30% year-on-year (YoY) increase in value to €333.2bn – a high last seen in 2008.
- European private equity exits were able to achieve higher premiums, with deal values rising by 73% year-on-year (YoY) to €53.5bn, signalling buyers’ confidence in the market.
- The pharmaceuticals, medical and biotech sector saw four out of the top six EMEA deals in H1 2014, with a combined value of €71.4bn. This includes the biggest deal of the year so far in the region: US-based Medtronic announcing a €33.9bn acquisition of Ireland-based medical devices business Covidien.

Charting the course: The future of Canadian M&A in volatile markets
04 March 2015
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- Almost half of respondents (46%) anticipate Canadian M&A will rise in the next 12 months with the top driver of activity being companies seeking inorganic growth. Only 32% of respondents expect dealmaking to somewhat decrease.
- Fifty-six percent of respondents cite inorganic growth as the main driver behind Canadian M&A for the coming year, followed by sales of private businesses (38%) and strong valuations of companies (36%).
- Majority of respondents expect private equity activity to increase in cross-border and domestic deals, with 44% of respondents projecting these firms will conduct the most acquisitions in 2015.