Issue 10 2020

Acquisition International - Issue 10 2020 51 Number and Aggregate Value (mil USD) of M&A Deals Globally: 2006-2020 YTD (as at 29 September 2020) Number and Aggregate Value (mil USD) of M&A Deals Globally: 2006-2020 YTD (as at 29 September 2020) Deal quarterly value (Announced date) Number of deals Aggregate deal value (m USD) Q3 2020 19,104 1,197,532 Q2 2020 24,310 913,449 Q1 2020 25,751 870,412 Q4 2019 30,379 1,187,649 Q3 2019 28,769 1,072,669 Q2 2019 31,855 1,376,970 Q1 2019 31,244 1,283,043 Q4 2018 37,004 1,323,025 Q3 2018 21,621 989,819 Q2 2018 23,147 1,213,551 Q1 2018 23,137 1,280,179 Q4 2017 23,568 1,034,859 Q3 2017 22,103 822,436 Q2 2017 22,642 944,476 Q1 2017 22,172 950,527 Q4 2016 22,712 1,164,745 Q3 2016 21,859 1,061,606 Q2 2016 22,405 884,039 Q1 2016 30,361 934,723 Q4 2015 30,253 1,379,735 Q3 2015 24,070 1,206,841 Q2 2015 24,393 1,235,366 Q1 2015 21,697 1,105,703 World region (target) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 North America 648,440 293,868 371,512 243,740 216,231 424,191 Far East and Central Asia 262,644 268,908 391,884 244,689 330,642 375,799 Western Europe 319,991 271,596 261,123 280,923 198,753 279,381 South and Central America 75,110 77,553 78,123 31,072 59,822 48,869 Eastern Europe 22,009 12,618 26,237 14,398 43,544 25,622 Oceania 25,952 111,299 37,786 20,355 32,175 23,879 Middle East 8,512 10,515 8,461 28,294 13,528 7,113 Aggregate Value (mil USD) of M&A Deals by Region: 2006 - 2020 YTD (as at 29 September 2020) Bureau van Dijk Both the volume and value of announced mergers and acquisitions (M&A) targeting telecommunications companies declined to 264 deals worth USD 51,060 million in the third quarter of 2020, according to Zephyr, the M&A database published by Bureau van Dijk. Volume decreased 38 per cent from 424 deals over the three months under review, while value declined 37 per cent from USD 80,824 million in the second quarter of 2020. Volume also fell from 383 deals in Q1; however, value increased significantly from USD 17,882 million in the same timeframe. A similar result was shown in a year-on-year comparison, as volume declined, while value improved from 466 deals worth USD 18,426 million in Q3 2019. Zephyr shows that 13 of the top 20 deals by value are worth USD 1,000 million, or more. In the largest of these, UPC Schweiz has agreed to acquire Switzerland-based telecommunications group Sunrise Communications Group for USD 7,428 million. This was followed by Verizon Communications picking up US-based online mobile telephones group TracFone Wireless for USD 6,900 million. The third largest deal took the form of a capital increase as Spain’s Cellnex Telecom completed a rights issue to raise USD 4,716 million. Other telecommunications targets featured in the top deals included India’s Jio Platforms, Brazil’s Oi’s mobile network, Altice USA’s lightpath fiber unit and Italy’s FiberCop. Despite the overall decline in Q3, September represented an increase in terms of value from USD 11,743 million in August to USD 17,826 million in the four weeks under review; however, the month was still down from USD 21,490 million in July, USD 21,873 million in June and USD 50,625 million in May. Year-on- year volume fell 62 per cent from 198 to 76 deals in September; however, value was more positive, more than doubling from USD 6,465 million on a 12-month comparison. Telecommunications Aggregate Value (mil USD) of M&A Deals Globally by Target Sector: 2006 - 2020 to date (as at 29 September 2020) Deal yearly value (Announced date) Number of deals Number of deals with known values Aggregate deal value (m USD) 2020 69,165 53,827 2,981,393 2019 122,247 95,270 4,920,332 2018 104,909 77,955 4,806,574 2017 90,485 64,000 3,752,299 2016 97,337 70,559 4,045,112 2015 100,413 73,343 4,927,645 2014 87,277 59,385 3,957,871 2013 78,510 53,300 3,015,452 BvD sectors (target) Q2 2020 Q3 2020 Computer Software 125,582 189,121 Industrial, Electric & Electronic Machinery 67,100 138,620 Banking, Insurance & Financial Services 151,084 136,408 Transport, Freight & Storage 46,010 82,558 Transport Manufacturing 19,060 77,247 Chemicals, Petroleum, Rubber & Plastic 72,991 74,078 Retail 26,177 73,874 Biotechnology and Life Sciences 30,474 57,118 Business Services 34,086 56,292 Communications 81,873 55,191 Mining & Extraction 50,463 47,919 Construction 50,638 46,318 Utilities 20,393 44,162 Property Services 20,661 29,367 Wholesale 10,438 23,296 Travel, Personal & Leisure 24,250 23,228 Public Administration, Education, Health Social Services 13,999 21,842 Food & Tobacco Manufacturing 16,009 15,369 Metals & Metal Products 11,499 14,113