14/1/2014: Irish M&A activity in 2013

Irish M&A values rose strongly in 2013, according to the Experian data.

• "Total number of Irish Mergers and Acquisitions and Equity Captial Market deals in 2013 was 254 - a decline of 15.1% from the 299 deals announced in 2012". 
• "The total value of deals for the year, however, increased significantly led by a spike in the number of mega (€1bn plus) deals. Transactions worth €38.590bn were announced in 2013, up by 39.1% from 2012’s €27.734bn worth of deals."
• Core mega-deals were split between pharma manufacturing and financial services
• "The Republic of Ireland represented approximately 2.4% of the total volume of all European transactions in 2013, and accounted for 4.9% of their total value. In 2012, the Republic of Ireland featured in 2.9% of European deals and contributed 3.6% to their total value."
• There were 37 large deals (over €120mln) announced in 2013, up by 32.1% on 2012’s total of 28 transactions; the twelve large deals announced in Q4 represented the busiest quarter in the large deals value segment since Q4 2006. Large deal values were up from €24.687bn in 2012 to €35.846bn in YTD 2013, a rise of 45.2%. The largest announced deal in 2013 was Perrigo Corp’s acquisition of Elan Corporation Plc for US$8.6bn.
• Mid-market (€12-€120mln) deal activity declined; 43 transactions were announced, down by 35.8% from the 67 deals announced in 2012. The aggregate value of mid-market deals fell by 34.4%, from €2.803bn to €1.840bn. Notable mid-market deals in 2013 included Dublin electronic payments business Payzone sell Cardpoint Ltd, to Houston-based Cardtronics Inc. for €119mln.
• The number of small deals (under €12mln fell by 11.1% on 2012’s figures; down from 54 to 48 transactions. The aggregate value of small transactions also fell - by 26.3%, from €243mln to €179mln.
• Largest by sector was - manufacturing. In 2013 accounted for 43.3% of deals; however, deal volumes here were down by 27.1% (from 150 in 2012 to 110 in 2013). 
• Second most active sector: wholesale, retail & repair, activity declined by 41.6%.
• Post and telecommunications sector saw 114% upturn in activity. 
• Social and personal services sector activity rose 76.5%. 
• Research and development sector activity was up 53.3%.  

Internationally:
"Europe saw a slight reduction in transaction volume in 2013 (from 10,500 to 10,476 deals), but an upturn in deal value, from €754.7bn in 2012 to €786bn, an increase of 4.1%."

"North American deal volumes were down by 28.7% (from 8,283 deals in 2012 to 5,908 in 2013), but the aggregate value of transactions was up by 1.3% year-on-year, to €939.7bn. North America returned strong activity in its manufacturing and information technology sectors in 2013."

"Asia-Pacific region ...volume was down 25.2% (from 8,822 deals in 2012 to 6,602 in 2013), without the associated increase in value recorded in the US and Europe (total deal value slumped from €616.9bn in 2012 to €385.6bn in 2013)."

See more on the subject here: http://www.experian.co.uk/assets/consumer-information/white-papers/corpfin/cf-monthly-review-dec-2013.pdf

A chart to illustrate:

5/1/2013: Irish Market M&A and ECM activities in 2012

Per Experian release (from yesterday) covering the latest M&A (mergers and acquisitions) and ECM (flotations, rights issues and placements) data for the Republic of Ireland, 2012:

• During 2012, there were 294 transactions announced in Ireland, down on 2011 total of 307 deals (-4.2% y/y). However, the value of transactions rose 1% from €28.343bn in 2011 to €28.596bn in 2012.
• The most active sector for M&A in 2012 were: Materials & Equipment Wholesale (just over 20% of all transactions), Professional & Business Activities (15.5%) and Computer Activities (15.2%). The largest value deals were in Banking, Credit & Leasing (€10.5bn), and Electrical Manufacturing (€10.2bn).
• Ireland represented ca 3% of the total volume of all European transactions and 3.9% of their total value.
• There were 29 large deals announced in 2012 in the over-€120mln category, "up by 20.8% from the 24 transactions recorded for 2011". "…The aggregate value of large deals was up by 1.38%, from €25.25bn in 2011 to €25.597bn in 2012. The largest deal completed in the Republic of Ireland in the year was the acquisition by US industrial engineering group Eaton Corp of Dublin-based Cooper Industries Plc, for €8.971bn."
• Deal volume in the mid-market (€12-€120mn) segment in 2012 "stayed level on 64 deals. Values declined to €2.237bn in 2012 – representing a fall of 3.8% over deals worth €2.325bn 2011. The largest completed deal in the mid-market saw real estate investor Kennedy Wilson acquire the Irish Headquarters of State Street Corp for €106.9mln in November; this was the US firm’s second large acquisition of the year in the Irish property sector, it having acquired the Alliance Building, a 210-unit residential property in Dublin, for €40mln in June."
• "Deal flow in the small market (under €12m) value segment fell from 47 transactions in 2011 to 44 transactions for 2012, a decline of 6.4%. However the aggregate value of deals saw a 9.2% increase; there were €232mln worth of small transactions in 2012, up from €212mln in 2011. The largest completed deal in 2012 saw diversified building materials group CRH Plc acquire Anchor Bay Construction Products Ltd, an English company that provides reinforcement, formwork and waterproofing products to the construction industry, for €11.97mln. This was one of fourteen acquisitions made by the acquisitive Irish company in 2012".