European IPOs Up 69% Over 2012
Evonik Industries made its long-awaited debut on the Frankfurt stock exchange this week. The German chemicals giant raised $449 million and is the second largest Frankfurt listing so far this year after LEG Immobilien AG, which raised $1.6 billion at the end of January. It pushed European IPO volume to $6.6 billion for year-to-date 2013, up 69% from year-to-date 2012. European IPOs account for one-fifth of all global IPO activity so far during 2013, up from 14% during the same period last year, while the Americas account for half of all IPO activity.
Deutsche Bank tops the list of bookrunners of European initial public offerings with 25%, up from second place with 14% during year-to-date 2012.
Retail M&A Activity Up 86% Over 2012
CP ALL’s $6.6 billion offer for Thai retailer, Siam Makro, is the largest retail M&A transaction so far this year, pushing the value of year-to-date M&A activity in the sector to $25.7 billion, an 86% increase compared to the same period last year and the strongest annual start for retail deal making since 2007. Deals in the food & beverage retailing sector account for 63% of overall retail M&A this year, compared to 46% during year-to-date 2012. Targets in the United States account for 26% of overall retail M&A so far this year, followed by Thailand (25%) and Sweden (15%).
Goldman Sachs has advised on two of the top five worldwide retail deals this year and leads the financial advisor rankings in the sector with $7 billion from five deals.
UK Target M&A Falls 39% from 2012
Private equity firm CVC Capital Partners offered $1.2 billion for UK online gambling firm Betfair, and pushed the volume of UK target M&A activity to $28.1 billion for year-to-date 2013, a decrease of 39% compared to last year. The deal is the largest European M&A deal in the gaming sector since the $3.9 billion acquisition of Coral Eurobet in 2005. Private Equity backed M&A in Europe totals $21.7 billion and deal making in the media & entertainment sectors accounts for 10% activity, compared to 2% a year ago.
Goldman Sachs holds the top spot for PE-backed European target M&A financial advisory this year with $9.7 billion from 11 deals. The firm ranked second last year at this time.