Mercado Ibérico - Novembro 2014

Novembro 2014
Mercado Ibérico - Novembro 2014
Pages: 34
Format: .PDF

(content in english)

SPAIN

In November, the Spanish transactional market was particularly dynamic, with 97 deals registered, both announced and closed. The investment volume generated was approximately EUR 11,38bn. This represents an increase of 29,33% in number of deals and 351,69% in investment volume, compared with the same period last year.

In annual terms, 1.079 deals were registered so far this year, generating approximately EUR 80,28bn, compared with 962 deals and investment volume of EUR 51,57bn, throughout 2013.

The most active sectors this month, include, once more, Internet and technology, with 12 and 11 deals registered, respectively. On the other hand, 10 deals were recorded in the consulting, audit and engineering sector and 8 in financial and insurance.

Regarding cross-border deals, a double analysis is required. On one hand, Spanish companies invested in the United States and Chile, with three acquisitions in each country. However, highlights also include investments in Turkey. BBVA acquired a 14,89% stake in Garanti Bankasi, for EUR 1,99bn.

On the other hand, French and British companies were the most acquisitive in the Spanish market this month, with six and one deal, respectively. Highlights include KuwaitÕs investing power, disbursing EUR 2,50bn in Spain.

In the private equity segment, a total of 21 deals were registered, the highest number so far this year. However, due to the number of deals registered in the smaller market in deal size.

With respect to the venture capital segment, a total of 16 transactions were recorded generating an investment volume of EUR 76,70m. Although these numbers are not relevant compared to the rest of the year, they represent an increase of 77,78% in number of deals and 858,13% in the investment volume, compared with 2013.

In the capital markets, three capital increases were closed generating less than EUR 15m. These were carried out by Eurona, C‡tenon and Solaria. On the other hand, Spain-based Euroconsult began trading on the alternative market MAB (Mercado Alternativo Burs‡til), through an Initial Public Offering that generated EUR 26,55m.

PORTUGAL

In November, the Portuguese transactional market registered some relevant data. On one hand, a total of 24 transactions were recorded, both announced and closed, the highest number of deals recorded so far this year. On the other hand, the investment volume generated was EUR 1,56bn, the second highest amount since January. Highlights include a Public Takeover Offer to acquire Portugal Telecom launched by Terra Peregr’n.

In an annual analysis, we registered a 71,43% increase in the number of deals, and a 2300% increase in the investment volume generated this month, compared with the same period last year. Even taking into account the whole year, the number of deals recorded since January is higher than in 2013, but the investment volume was inferior.

The most active sectors, in November, were the financial and insurance, and electric energy, with four and three deals registered, respectively. The marketing and advertising, and sports and leisure were also active with one deal each.

Regarding the cross-border sector, a double analysis is required. On one hand, French and US-based companies carried out most of the investments in Portugal, both in the number of acquisitions, two each, as the investment volume, EUR 88,20m and EUR 50m, respectively. On the other hand, Portuguese companies only made one investment abroad, specifically in Brazil, the other large Portuguese-speaking country.

In the private equity segment, there were three transactions registered in Portugal this month, which is not very different from October 2014, and an investment volume of EUR 50m. Regarding the venture capital segment, there was only one deal registered that generated EUR 0,02m.

In November, the capital markets registered an increase with respect to the previous months. Although there were no IPOs recorded, a total of three capital increases were registered generating EUR 65,50m; specifically, they were carried out by Sporting Clube de Portugal SAD (two), and by Sporting Clube de Portugal SAD.



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