Mercado Ibérico

Mercado Ibérico - Agosto 2014

Agosto 2014

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SPAIN

The Spanish transactional market continues to be dynamic. In August, the investment volume generated in mergers and acquisitions was EUR 8.856m, which represents a 404% increase, compared with the same period last year. Several large-value transactions were registered this month. Highlights include the offer submitted by Telefónica to acquire Brazilian operator GVT, for EUR 7,45bn.

On the other hand, the number of deals decreased slightly this month, with 62 transactions recorded compared with 66 in August 2013.

So far this year, the investment volume generated was superior to the same period last year; EUR 53,64bn in 2014 compared with EUR 51,57bn in the first eight months of 2013.

The most active subsectors this month were the technology and Internet, with 19 and 16 deals registered, respectively, followed by the retail and real estate subsectors. Highlights include Banco Sabadell’s sale of several real estate companies, such as Mexico-based Puerto Mujeres.

In the cross-border sector, the United States and France-based acquirers continue the trend set in previous months for being the most acquisitive in Spain. However, Latin American acquirers, including Mexican companies, also carried out important acquisitions abroad. Highlights include the acquisition of Grupo Zena made by Mexico-based Alsea. Furthermore, Spanish companies focused mainly on investments in Latin America, mainly Chile, Peru and Argentina.

In August, the transactional activity in private equity segment decreased by 35,71% compared with the previous month. A total of 9 deals were registered in August compared with 14 in July. The investment volume generated was EUR 592,2m; and EUR 17,61bn generated so far this year.

On the other hand, in the venture capital market a total of 32 deals were registered, which represents a 52,32% increase compared with the same period last year. The largest number of deals were carried out by Wayra, through its subsidiaries in Latin America, mainly Chile and Mexico.

Finally, although the capital markets did not register any relevant deals in August, some announced transactions were noteworthy. Highlights include an IPO announced by Pegaso Renewables Energy, and estimated to be concluded in the next few months. The deal value is EUR 500m.

PORTUGAL

In August, the Portuguese transactional market was particularly active and registered 14 deals; double the number of transactions recorded in August 2013. On the other hand, the investment volume generated was EUR 78,5m. One of the largest deals this month was carried out by US-based private equity firm Apollo Global Management. The company acquired Portuguese insurance company Companhia de Seguros Tranquilidade, for EUR 50m.

The most active subsectors this month were the technology and consulting, audit and engineering, with 23 and 8 deals registered, respectively. Furthermore, these two are among the four most active sectors throughout the year.

In the cross-border sector, Portugal received investments mainly from US-based and Mexican companies. Highlights include the offer by Mexico-based Grupo Empresarial Ángeles to acquire Portuguese healthcare company Espírito Santo Saúde. On the other hand, there were no acquisitions registered by Portuguese companies abroad.

Regarding the private equity sector, August was one of the most active months so far this year, with four deals registered generating an investment volume of EUR 53m. Two of these deals were registered in the glass, ceramic, paper, plastics and timber subsector, which was one of the most active throughout 2014.

In August, the venture capital markets generated the largest investment volume so far this year; EUR 10,5m, and five deals. Highlights include three financial rounds subscribed by Portugal Ventures in three Portuguese technology companies.

Finally, although there were no registered deals in the capital markets this month, it is estimated that next quarter there will be several relevant transactions, including a capital increase announced by Millennium BCP, for EUR 2,25bn.