Issue 5 2019

52 Acquisition International - Issue 5 2019 The value of global private equity (PE) investment decreased year-on- year and rose quarter-on-quarter in the opening three months of 2019, while volume was also down on Q1 2018 but marginally higher on Q4 2018. According to Zephyr, the M&A database published by Bureau van Dijk, there were 1,693 PE deals worth a combined USD 146,095 million in Q1 2019, compared to 1,771 PE deals worth USD 166,605 million million in Q1 2018. alue in Q1 2019 was one of the largest quarterly results recorded for the timeframe 2006 to 2019 to date; in fact, it was the 13th highest of the period under review, and shows investors were particularly active in high-value deals in the last three quarters of 2017 and the first two quarters of 2018. At the time of writing, being one-third of the way through Q2 2019, 471 PE investments worth a combined USD 54,497 million have already been announced, of which five currently feature in the top 20 deals by value for 2019 to date. The largest of these five features a consortium comprising Engie and Caisse de dépôt et placement du Québec winning a bid to acquire a 90 per cent stake in Brazilian gas pipeline operator Transportadora Associada de Gas for USD 8,188 million. This deal is one of the largest PE deals announced globally so far this calendar year – second only to Hellman & Friedman, Blackstone, GIC, Canada Pension Plan Investment Board and NMI Management teaming up under the acquisition vehicle Unite Parent to take Ultimate Software of the US private for USD 11,000 million. Blackstone, Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec and Carlyle feature prominently in the top deals of 2019 to date, as have Apollo and OMERS Private Equity, among others. Companies operating in the computer software industry have attractive significant PE investment this year, having been targeted in 871 deals worth a combined USD 58,730 million, followed by transport, freight and storage, with 48 deals totalling USD 19,475 million and banking, insurance and financial services with 90 deals valued at an aggregate USD 16,334 million. North America was the top target region by PE value in Q1 2019 with 433 deals worth a combined USD 58,955 million, compared to Western Europe, which was targeted in 563 deals totalling USD 47,740 million over the three months. However, they were both beaten to the punch for most prolific region by volume as companies based in Far East and Central Asia were targeted in 191 deals. In conclusion, it is encouraging to see PE investments surpassing USD 1,000 million, and even exceeding USD 10,000 million in one case, in 2019 to date as it sets a solid foundation for further potential growth in the remainder of the year to come. © Zephyr Company: Bureau van Dijk E-Mail: bvd@bvdinfo.com Web: www.bvdinfo.com Private Equity V Companies operating in the computer software industry have attractive significant PE investment this year, having been targeted in 871 deals worth a combined USD 58,730 million, followed by transport, freight and storage, with 48 deals totalling USD 19,475 million and banking, insurance and financial services with 90 deals valued at an aggregate USD 16,334 million.