2017年全球并购报告（英文版）_76页

Global M&A Review 2017 Summary

Core Content

This report provides an overview of global mergers and acquisitions (M&A) activity in 2017, using data from the Zephyr database. It highlights deal activity by target company and includes insights on deal volume, value, and key sectors and regions involved.

Main Points

Global M&A Activity

• Total Deals: 96,082
• Total Value: USD 4,740,969 million
• Year-on-Year Decline:
  • Volume: 8% decrease from 2016 (104,559 deals)
  • Value: 3% decrease from 2016 (USD 4,892,779 million)
• Improvement over Previous Years: Better than 2012 and 2013, but second consecutive decline since 2015 (109,615 deals worth USD 5,871,017 million)

Regional Highlights

• Western Europe: Value increased by 6% (USD 1,281,917 million)
• Far East and Central Asia: Value increased slightly
• US: Continued to be the top country in both volume and value, with 20,897 deals totaling USD 1,455,399 million
• China: Second in volume (13,679 deals) and value (USD 720,892 million)
• UK: Third in volume (5,832 deals) and value (USD 285,419 million)

Top Sectors

• Machinery, equipment, furniture and recycling: Top in both volume (9,959 deals) and value (USD 568,957 million)
• Chemicals, rubber and plastics: Second in value (USD 388,990 million)
• Primary sector: Third in value (USD 297,952 million)
• Construction: Fourth in value (USD 251,044 million)
• Banks: Fifth in value (USD 311,973 million)

Private Equity and Venture Capital (PE/VC) Activity

• Volume: 23,103 deals
• Value: USD 752,791 million (record high for ten years)
• Comparison with 2016: Volume decreased, but value increased significantly
• Top Deals by Value:
  1. Calpine Corporation (USD 20,474 million) – US target
  2. Toshiba Memory Corporation (USD 17,714 million) – Japanese target
  3. Global Logistics Properties Ltd (USD 11,634 million) – Singapore target
  4. Pharmaceutical Product Development LLC (USD 9,050 million) – US target
  5. Hengda Real Estate Group Co., Ltd (USD 9,044 million) – Chinese target

Target Country by Volume and Value

• Top by Volume (2017):
  1. US (20,897 deals)
  2. China (13,679 deals)
  3. UK (5,832 deals)
  4. Germany (4,253 deals)
  5. Canada (3,999 deals)
• Top by Value (2017):
  1. US (USD 1,455,399 million)
  2. China (USD 720,892 million)
  3. India (USD 148,900 million)
  4. Spain (USD 142,918 million)
  5. France (USD 140,786 million)

Target Sector by Volume and Value

• Top by Volume (2017):
  1. Other services (35,300 deals)
  2. Machinery, equipment, furniture, recycling (9,959 deals)
  3. Wholesale & retail trade (6,040 deals)
  4. Publishing, printing (5,055 deals)
  5. Construction (3,506 deals)
• Top by Value (2017):
  1. Other services (USD 1,290,726 million)
  2. Machinery, equipment, furniture, recycling (USD 568,957 million)
  3. Gas, water, electricity (USD 249,738 million)
  4. Publishing, printing (USD 140,251 million)
  5. Construction (USD 251,044 million)

Key Information

• PE/VC Trends: Despite the overall decline in M&A activity, PE/VC investment reached a record high in value, surpassing the level seen in 2007.

• Top Financial Advisors:

  1. JP Morgan (273 deals, USD 637,314 million)
  2. Goldman Sachs Group Inc. (187 deals, USD 571,878 million)
  3. Morgan Stanley (240 deals, USD 531,628 million)
  4. Bank of America Corporation (163 deals, USD 385,011 million)
  5. Citigroup Inc. (205 deals, USD 354,314 million)

• Key Deals by Value:

  • CVS Health acquisition of Aetna: USD 77,000 million (US target)
  • Walt Disney acquisition of Twenty-First Century Fox: USD 66,100 million (US target)
  • British American Tobacco acquisition of Reynolds American: USD 49,400 million (US target)
  • Praxair acquisition of Linde: USD 37,861 million (German target)
  • United Technologies acquisition of Rockwell Collins: USD 30,000 million (US target)

Conclusion

2017 saw a decline in global M&A activity, with both volume and value falling compared to 2016. However, private equity and venture capital investment reached a record high in value, indicating a positive trend in that segment. The US remained the top target country in both volume and value, while Western Europe and certain Asian regions showed growth. The machinery, equipment, furniture, and recycling sector led in both volume and value, highlighting its significance in the M&A landscape.