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In the second quarter of 2014, the Spanish transactional activity increased, with 290 deals registered, both announced and closed, compared with 257 in the same period last year; this represents a 12% increase. On the other hand, and although the investment volume decreased with regards to the same period last year – EUR 19,19bn this quarter compared with EUR 19,52bn last year – a total of 11 deals were registered in the high-end market in deal size (>EUR 500m).
The technology and Internet subsectors continue to be the most active, with 82 and 72 deals registered respectively throughout 2014. Furthermore, the real estate subsector was also dynamic, with 18 deals registered, of which 11 were cross-border. Highlights include the acquisition of Global Phobos, the Centro Comercial Vialia management company, carried out by Brazil-based Hemisferio Holding and several private investors. The deal value was EUR 63m.
Regarding cross-border deals, the United States and The Netherlands acquirers were the most active between April and June. In addition, Lithuania marked its presence in the Spanish market, with one acquisition registered this quarter.
The private equity sector was also dynamic, with 51 deals registered compared with 37 recorded in the first quarter of 2014. The investment volume generated was EUR 6.357m. This includes several large deals, such as the agreement signed by UK-based private equity firm Cinven to acquire Gas Natural Fenosa Telecom. The deal value was EUR 510m.
The investments in the venture capital segment tripled, increasing from EUR 15m in the first quarter to EUR 37m. In addition, the number of deals recorded increased by 29%.
In the Spanish capital markets some significant deals were registered. Merlin Properties, a “socimi” (a Spanish real estate investment trust) carried out an IPO (initial public offering), for EUR 1,25bn. In addition, Liberbank carried out a EUR 474,84m capital increase. And, Mercado Alternativo Bursátil (MAB), Spanish alternative market, also registered IPO’s, like the one carried out by NPG, for EUR 0,21m.
In the second quarter of 2014, the Portuguese M&A market was dynamic. A total of 24 deals were registered, both announced and closed, and the investment volume generated was approximately EUR 647m, the lowest amount of the last three quarters, but almost double the amount registered in the second quarter of 2013.
In fact, the investment volume increased by 88,08%, compared with the same period last year, since several relevant deals recorded between April and June. Highlights include the acquisition of AGS by INCJ and Marubeni Corporation. Furthermore, Mota-Engil, a Portugal-based construction company, acquired Mozambique-based Estradas do Zambeze, held by Soares da Costa.
The technology subsector continues the trend set in previous months for being the most active, with five deals registered. Highlights include the acquisition of Portugal-based Safira made by KPMG Portugal. In addition, Portugal Ventures and Faber Ventures carried out capital increases.
In the cross-border sector, Belgium-based companies were the most active acquirers in Portugal. On the other hand, Portuguese companies chose Spain and Mozambique as their main target market this quarter.
Between April and June, the private equity sector registered a significant increase in the investment volume generated; EUR 227m compared with EUR 150m in the same period last year. However, the number of deals registered decreased slightly. On the other hand, in the venture capital segment the number of deals registered decreased compared with the same period last year, although the investment volume generated was similar.
Lastly, capital markets highlights include the completion of two capital increases carried out by BANIF and BES.
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