QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
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QUARTERLY REVIEW Q2 2021 INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A
GLOBAL M&A VOLUME
A RECORD HIGH
Global M&A activity reached historic levels in the first
half of 2021, amounting to one of the highest first-half deal
volumes on record. The surge in M&A activity following
the early-pandemic shutdown has continued for the last
12 months, driven by a bull market, economic stimulus,
corporate priorities to adapt to changes in the economy
and lifestyles, the increased value of corporate stock
acquisition currency, relatively inexpensive debt financing
and surplus corporate cash and private equity dry powder.
Global M&A volume was US$1.6 trillion in Q2 2021,
Global
a 20% increase from Q1 2021 (US$1.3 trillion) and nearly M&A Volume: 2000-2021
three times the volume in Q2 2020 (US$564 billion). At
the current level of M&A activity, global M&A volume in
2021 is on pace to reach US$5.7 trillion, an increase of GLOBAL M&A VOLUME
approximately 53% from 2020 (US$3.7 trillion).
6.0
Among the largest deals announced in the first half
5.5
of 2021 were Discovery’s US$43 billion merger with Warner 5.0
Media and Canadian National Railway’s US$33 billion 4.5
merger with Kansas City Southern. 4.0
US$ TRILLIONS
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
0
011
2
3
4
5
6
7
8
9
1100
111
1122
1133
1144
1155
1166
1177
1188
1199
2200
2211
003
005
006
009
002
000
007
004
008
00
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
220
2200
2200
2200
2200
2200
2200
2200
ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. 2021 DATA IS ANNUALIZED IN GRAY BY DOUBLING
FIRST-HALF DATA. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT
BEEN COMPLETED.
SOURCE: THOMSON 2
GLOBAL M&A VOLUME:
Q2 SNAPSHOT
U.S. AND TECHNOLOGY DEALS DRIVE
M&A VOLUME
Global M&A volume reached US$1.6 trillion for
Q2 2021 and was the largest Q2 volume since 2007
(US$1.8 trillion), 71% higher than the average Q2 volume
of global M&A over the last 10 years (US$905 billion).
U.S. M&A volume was US$718 billion in Q2 2021, an
increase of 14% from Q1 2021 (US$632 billion) and more
than five times that of Q2 2020 (US$133 billion). U.S. M&A
volume in Q2 2021 was the highest quarterly U.S. M&A
Global M&A Volume: Q1 2020 Snapshot
volume since Q2 2007 (US$757 billion) and nearly double
the average Q2 U.S. M&A volume over the last 10 years
(US$380 billion).
For the fourth consecutive quarter, the High GLOBAL M&A VOLUME BY QUARTER
Technology sector dominated M&A activity in Q2 2021,
5,500
5,500 5,256
representing 25% of aggregate M&A volume, an increase
5,000
5,000 4,716
even above High Technology’s 21% share of global M&A 1,113
4,500
4,500
4,185
volume in Q1 2021. Many of the largest deals of the quarter 3,854
3,959
4,000
4,000 1,452
3,686 3,714
were in the High Technology sector, including Altimeter 1,129
3,530 3,605 880
3,500
3,500 1,001
US$ BILLIONS
Growth’s US$34 billion de-SPAC merger with Grab Holdings. 617
2,931 2,952 2,933 975 1,268
3,000
3,000 1,067 1,322 2,847
2,663 917
1,103
2,441 638
2,500
2,500 978 842 960
827
741 941
1,778 874 879
2,000 748 1,550
2,000 656
1,178 1,127
806 653
1,500
1,500 766 1,237 1,120
1,108 555
797 1,097 950 848
1,000
1,000 661 752 564
547 595
1,236 1,210 1,297
500
500 827 861 924 1,010
762 812 700
591 623 568 561 674
0
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS
ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.
SOURCE: THOMSON 3
CROSS-BORDER
M&A VOLUME
A RISE IN VOLUME AND A FALL IN SHARE
Cross-border M&A volume reached US$444 billion in
Q2 2021, which was a 6% increase from the already high
level of cross-border M&A activity in Q1 2021 (US$419
billion) and the highest second-quarter volume of cross-
border M&A since Q2 2018 (US$502 billion).
Despite the rise in cross-border M&A volume, the
average proportion of global M&A volume attributable
to cross-border M&A in Q2 2021 was lower than its
historical average. In Q2 2021, cross-border deals Cross-Border M&A Volume: 2007-2021
represented 29% of global M&A volume, below the
proportion of global M&A volume attributable to cross-
border M&A in Q1 2021 (31%) and the average proportion
of global M&A volume attributable to cross-border M&A CROSS-BORDER M&A VOLUME
over the last 10 years (36%).
6.0
Two of the three largest deals of the quarter were 5.26
cross-border transactions, including Altimeter Growth’s 5.0 4.72
US$34 billion de-SPAC merger with Grab Holdings and 4.18
3.96
Canadian National Railway’s US$33 billion merger with 4.0 3.69
3.85
3.61
3.71
2.92
US$ TRILLIONS
3.53
Kansas City Southern. Other significant cross-border
2.93 2.95 2.93 3.04
3.0 5.69
M&A deals announced in Q2 2021 include the $7.5 billion 2.66 2.56
2.44 2.36
2.30 2.78 2.41
acquisition of Hitachi Metals by a consortium led by Bain 2.17 2.34
2.0 1.82 1.93 1.89
Capital and Brookfield Asset Management’s $5 billion 1.84
1.98
1.77
acquisition of Modulaire Group. 2.33
1.0
1.67 1.49 1.62 1.31
1.36 1.39 1.26
1.11 1.03 1.04 1.18 0.86
0.67 0.82
42%
44% 38% 27%
39% 27% 38%38%35% 35%
35% 35%
31% 31%
38% 38% 39%
35% 36% 35%39%39% 35%
30% 39%
35% 30%
30%
0.0
2007 2008
2007 2008 2009
2009 2010
2010 2011
2011 2012
2012 2013 2014 2015 2016
2016 2017
2017 2018
2018 2019
2019 2020
2020 2021
2021
CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED
IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT DOMESTIC M&A CROSS-BORDER M&A
INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING. 4
SOURCE: THOMSON
Volume & Number of Large Deals: US$ 1-5 billion Q1 2021
LARGE AND MEGA VOLUME & NUMBER OF LARGE DEALS US$1-5 BILLION
M&A DEALS 2.5 1,000
STRENGTH OF LARGE AND MEGA M&A 900
DEALS CONTINUES
M&A VOLUME (US$ TRILLIONS)
2.0 800
Global large deal volume was US$459 billion in Q2 1.71
700
NUMBER OF DEALS
2021, a 7% decrease from Q1 2021 (US$495 billion), but an 1.5 600
increase relative to the average Q2 volume of large deals 1.24
0.94 1.16 1.14 1.13 500
1.11
1.07
over the last 10 years (US$256 billion). The strength in 0.99 0.95 0.89
1.02
0.95
1.0 0.92 0.89 400
large deal volume has been primarily driven by domestic 0.74
0.67 0.69 0.76 0.72 0.71 300
0.55 0.60 0.68
M&A deal volume, which represented 65% (US$299 billion) 0.52 0.56 0.51 0.59 0.66
0.5 200
0.44
of large deal volume in Q2 2021, a slight increase from the
0.77
100
average proportion of Q2 large deal volume over the last 0.41 0.24 0.44 0.39 0.38 0.31 0.42 0.39 0.41 0.42 0.50 0.42 0.39 0.30
46%
45% 44% 35%
44% 35% 44%44%41% 41%
42% 42%
35% 35%
38% 38%
34% 34% 37%36%40% 37%41% 41%
36% 37% 40%
31%
0.0
Volume & Number of Mega Deals: > US$ 5 billion Q1 2021 0
10 years (63%). 2007
2007 2008
2008 2009
2009 2010
2010 2011 2012 2013 2014 2015 2016
2016 2017
2017 2018
2018 2019
2019 2020
2020 2021
2021
Mega deal volume was US$641 billion in Q2 2021, a DOMESTIC M&A CROSS-BORDER M&A NUMBER OF DEALS
significant increase of 72% from Q1 2021 (US$374 billion)
and relative to the average Q2 volume of mega deals over
VOLUME & NUMBER OF MEGA DEALS > US$5 BILLION
the last 10 years (US$312 billion).
The number of large M&A deals in Q2 2021 was 211, 2.5 200
a decrease from Q1 2021 (223), but an increase of more 180
2.09
than four times relative to the number of large M&A deals
M&A VOLUME (US$ TRILLIONS)
2.0 160
in Q2 2020 (51). The number of mega M&A deals in Q2 1.76
140
NUMBER OF DEALS
1.53
2021 was 48, an increase of 14% from Q1 2021 (42), and 1.5 1.44 120
1.35 1.29
1.29 1.28
more than three times the number of mega M&A deals 0.94 100
1.13
in Q2 2020 (14). 1.00
0.84
1.02
1.0 80
0.92 0.83 0.83 0.71
1.30 0.81
0.73 0.68
0.67 60
0.57
0.66 0.75
0.5 0.70 0.61 40
0.82 0.48 0.57 0.80
0.46 0.61
0.58 20
0.44 0.45 0.48 0.26
0.13 0.19 0.21 0.11 0.33 0.23
0.15
39%
46% 32% 15%15% 28%28%21% 21%
32% 26% 26%
19% 19%
40% 39% 45%
38% 38% 33%45%42% 33%15% 42%
37% 17%
26%
0.0 0
2007
2007 2008
2008 2009
2009 2010
2010 2011 2012 2013 2014 2015 2016 2017
2017 2018
2018 2019
2019 2020
2020 2021
2021
CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED DOMESTIC M&A CROSS-BORDER M&A NUMBER OF DEALS
IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT
INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.
5
SOURCE: THOMSON
M&A Volume by Target Region: Q1 2021
M&A VOLUME BY M&A VOLUME BY TARGET REGION: Q2 2021
TARGET REGION Africa/Middle East
Mexico
0.4%
U.S. M&A ACTIVITY REMAINS STRONG; EUROPE South America
Canada
5.2%
AND CHINA SHARES OF AGGREGATE M&A 2.0%
2.1% Central America
VOLUME FALL Australia/NZ
0.0%
4.5%
In Q2 2021, U.S. M&A activity accounted for 46%
of global M&A volume, a larger proportion than its share Other Asia
6.7%
of global M&A volume since 2011 (43%). U.S. M&A activity
India
reached US$718 billion in Q2 2021, an increase of 14% 1.6% United States
46.3%
from Q1 2021 (US$632 billion) and 441% from Q2 2020 Japan
China
1.8%
(US$133 billion). U.S. M&A volume in Q2 2021 was the 8.9%
highest quarterly U.S. M&A volume since Q2 2007
Europe
(US$757 billion) and 89% higher than the average 20.4%
Q2 U.S. M&A volume over the last 10 years (US$380 billion).
M&A Volume by Target Region: 2007-2019
While the share of U.S. M&A volume relative to global
M&A volume was higher in Q2 2021 than in prior periods,
the shares of European and Chinese M&A volume relative
M&A VOLUME BY TARGET REGION: 2011-2021
to global M&A volume were lower in Q2 2021 than in prior
Africa/Middle East
periods. In Q2 2021, European M&A activity accounted South America Canada
2.4%
2.4% 3.0% Mexico
for US$317 billion of M&A volume, representing 20% of 0.5%
Australia/NZ
global M&A volume, a decrease compared to Europe’s 28% 2.7%
Central America
0.1%
share of global M&A volume in 2020 and 24% share of Other Asia
4.5%
total global M&A volume since 2011. Similarly, in Q2 2021, India
1.5%
Chinese M&A activity accounted for US$138 billion of M&A
Japan
volume, representing 9% of global M&A volume, a decrease 2.7%
United States
compared to China’s 16% share of global M&A volume in China 42.9%
13.3%
2020 and 13% share of total global M&A volume since 2011.
Europe
23.9%
REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGET’S HEADQUARTERS. ALL FIGURES ARE INFLATION-
ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE
NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING. 6
SOURCE: THOMSON
TRENDS IN M&A VOLUME
BY TARGET REGION
GROWTH AROUND THE GLOBE
The second quarter saw M&A activity continue to
rise across the globe. North American M&A activity was
particularly robust in Q2 2021, reaching US$750 billion, an
increase of 8% from Q1 2021 (US$692 billion), an increase
of 447% from Q2 2020 (US$137 billion), and approximately
85% higher than the average North American M&A volume
over the prior 10 second quarters (US$406 billion).
In Europe, Q2 2021 M&A activity was US$317 billion, an
increase of 20% from Q1 2021 (US$264 billion), an increase
of 59% from Q2 2020 (US$200 billion), and approximately
34% higher than the average European M&A volume over
the prior 10 second quarters (US$236 billion).
In the Asia-Pacific (excluding Japan), Q2 2021 M&A TRENDS IN M&A VOLUME BY TARGET REGION
2,000
activity was US$337 billion, an increase of 50% from Q1
2021 (US$225 billion), an increase of 105% from Q2 2020 1,800
(US$164 billion), and approximately 70% higher than the 1,600
average Asia-Pacific (excluding Japan) M&A volume over 1,400
the prior 10 second quarters (US$199 billion).
1,200
US$ BILLIONS
In Japan, Q2 2021 M&A activity was US$28 billion, an
1,000
increase of 39% from Q1 2021 (US$20 billion), an increase of
57% from Q2 2020 (US$18 billion), and approximately 37% 800
higher than the average Japanese M&A volume over the 600
prior 10 second quarters (US$20 billion). 400
200
0
2007 2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
2017 2018
2018 2019
2019 2020
2020 2021
2021
ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS
ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON 7
CROSS-BORDER M&A IN
EMERGING ECONOMIES
REBOUND CONTINUES
Following another strong quarter of M&A activity
in emerging economies, M&A volume involving acquirers
or targets in emerging economies is on pace to increase
in 2021 relative to prior years. In Q2 2021, M&A activity in
emerging economies was US$325 billion, an increase of
35% from Q1 2021 (US$240 billion) and 86% from Q2 2020
(US$174 billion). If the pace of M&A volume in emerging
economies continues through the balance of the year,
Cross-Border
M&A volume in emerging economies is projected to reach M&A Volume in Emerging Economies:
its highest level on record (US$1.1 trillion). 2007-2021
Cross-border emerging economy M&A volume in Q2
2021 was US$88 billion, an increase of 19% from Q1 2021
(US$74 billion) and 69% from Q2 2020 (US$52 billion), EMERGING ECONOMY M&A VOLUME
and an increase from the average M&A volume in cross- 1,200
1,095
border emerging economy transactions over the last 10
1,002
second quarters (US$75 billion). 1,000 949
928
907
886 869
Significant cross-border transactions in Q2 2021 850 836
800
involving acquirers or targets in emerging economies 710 698 697 683
US$ BILLIONS
784
include the US$12 billion acquisition of Aramco Oil 328
498
633
618 587
600 565
596
Pipelines by an investor group led by EIG Global Energy 507 558 656
360 348 379
404
Partners, Univision’s US$5 billion combination with Grupo
400
Televisa’s content and media assets, and DSV Panalpina’s 271 402
US$4 billion acquisition of Agility Public Warehousing’s 522
200 409
350 350 369 331 341
global integrated logistics business. 235
318
279 278 311 291
163
213
61%
61% 49% 46%
49% 46%45%45%
50% 51%
46% 46%
41% 41%
33% 34% 37%
28% 29% 35%37%37% 35%
33% 37%
24% 32%
29%
0
EMERGING MARKET TRANSACTIONS ARE DEFINED AS THOSE IN WHICH EITHER OR BOTH PARTIES ARE
HEADQUARTERED OR BASED IN AN EMERGING ECONOMY. CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS 2007
2007 2008
2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
2017 2018 2019 2020
2018 2019 2020 2021
2021
THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES ARE
INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN
2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING. DEVELOPED AND EMERGING
ECONOMIES ARE DEFINED BY IMF CLASSIFICATION. DOMESTIC M&A CROSS-BORDER M&A
SOURCE: THOMSON 8DISTRESSED DEALS
A RISE IN DISTRESSED M&A VOLUME
Despite widespread optimism in the first quarter
for economic recovery as the world returns to a new
normal, the flurry of M&A activity of the second quarter
brought with it a rise in distressed deal activity. In Q2 2021,
distressed M&A activity reached US$17 billion, an increase
of 33% from Q1 2021 (US$13 billion) and an increase of 52%
relative to the average second quarter volume of large deals
over the last 10 years (US$11 billion).
Notable distressed deals in Q2 2021 include Twin Star’s
US$398 million acquisition of Videocon and the US$240
million investment in Healogics by an investor groupDistressed
led by Deals: 2000 – 2020
Clayton Dubiller & Rice, Partners Group and Northwestern
Mutual.
DISTRESSED M&A VOLUME
150
125
100
US$ BILLIONS
75
50
25
ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DISTRESSED TRANSACTIONS INCLUDE THOSE IN WHICH
THE TARGET ENTITY IS UNDERGOING RESTRUCTURING OR HAS REDUCED THE DEBT ON ITS BALANCE SHEET THROUGH 0
A BANKRUPTCY SALE, A TENDER OFFER OR AN EXCHANGE OFFER FOR EXISTING DEBT SECURITIES, OR A LOAN
011
033
100
5
111
122
166
133
144
155
177
188
199
211
06
09
02
07
20
00
04
08
05
MODIFICATION. AN ENTITY IS CONSIDERED TO BE UNDERGOING RESTRUCTURING IF IT HAS PUBLICLY CONFIRMED
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
RETENTION OF A RESTRUCTURING ADVISOR, PLANS TO RESTRUCTURE ITS DEBT, HAS FILED FOR BANKRUPTCY OR
HAS DEFAULTED ON ITSDEBT, HAS RECEIVED AN S&P OR MOODY’S RATING OF CCC+/CAA1 OR BELOW BEFORE OR IN
REACTION TO THE ANNOUNCEMENT OF A TRANSACTION, OR ITS CREDIT FACILITY OR DEBT SECURITIES CARRY A YIELD
OF 1,000 BPS ABOVE THAT OF U.S. TREASURIES.
SOURCE: THOMSON 9GLOBAL M&A BY SECTOR:
LAST 12 MONTHS
HIGH TECHNOLOGY DOMINATES IN THE
COVID-19 ERA
The High Technology sector continues to lead all other
major industry sectors in M&A volume in the last year. In the
last 12 months, High Technology represented US$1.2 trillion of
global M&A volume, accounting for 23% of global M&A volume
in the aggregate. The proportion of total global M&A volume
attributable to the High Technology sector increased in Q2
2021 relative to prior quarters, with High Technology deals
responsible for 29% of global M&A volume (US$389 billion)
in Q2 2021.
The High Technology sector continues to far outpace
all others, with nearly double the M&A volume of the next Global M&A by Sector: Last 12 Months Q3 2019
highest sector. Over the last 12 months, the Energy & Power
and Financials sectors were the second and third largest
contributors to global M&A volume, representing 12% of total M&A VOLUME BY SECTOR - LAST 12 MONTHS
global M&A volume (US$647 billion) and 11% of total global M&A
1,400
volume (US$563 billion ), respectively. In contrast, the Consumer
Staples sector contributed the least M&A volume of any industry 1,200
sector over the last 12 months, representing just 3% of total
1,000
global M&A volume (US$139 billion).
Retail, Materials and Healthcare were the sectors with
US$ BILLIONS
800
the highest proportions of cross-border M&A volume in the
last 12 months, with 41%, 40% and 39% of total M&A volume, 600
respectively, attributable to cross-border transactions.
400
The sectors with the lowest proportion of cross-border M&A
activity over the last 12 months were Energy & Power, with 24% 200
of total M&A volume attributable to cross-border transactions,
0
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CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED
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IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT
lec
GLOBAL M&A* CROSS-BORDER M&A
Co
dia
10
du
INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED.
Te
Me
ro
SOURCE: THOMSON *INCLUDES BOTH DOMESTIC AND CROSS-BORDER TRANSACTIONS.
rPAGGREGATE VALUE OF DEALS
FROM DEVELOPED INTO EMERGING ECONOMIES FROM EMERGING INTO DEVELOPED ECONOMIES
250 300
200 250
200
US$ BILLIONS
US$ BILLIONS
150
150
100
100
50 50
0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
INBOUND CHINESE DEALS OUTBOUND CHINESE DEALS
60 250
50 200
US$ BILLIONS
US$ BILLIONS
40
150
30
100
20
50
10
0
0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
INBOUND INDIAN DEALS OUTBOUND INDIAN DEALS
70 40
60 35
50 30
US$ BILLIONS
US$ BILLIONS
40 25
20
30
15
20
10
10
5
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. DEVELOPED AND EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION. 11
SOURCE: THOMSONTOP 10 GLOBAL DEALS ANNOUNCED TOP 10 GLOBAL DEALS ANNOUNCED
IN Q2 2021 IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Discovery Inc Warner Media LLC Media and Discovery Inc Warner Media LLC Media and
United States United States Entertainment 43,000 United States United States Entertainment 43,000
US US US US
Altimeter Growth Corp Grab Holdings Inc High Altimeter Growth Corp Grab Holdings Inc High
United States Singapore Technology 34,260 United States Singapore Technology 34,260
US Singapore US Singapore
Canadian National Kansas City Southern Canadian National Kansas City Southern
Railway Co United States
Industrials 33,207 Railway Co United States
Industrials 33,207
Canada Canada
Canada US Canada US
GE Capital Aviation
Vonovia SE Deutsche Wohnen SE Real Estate 22,000 AerCap Holdings NV Services Inc Financials 31,244
Germany Germany Ireland
United States
Germany Germany Ireland US
Thermo Fisher Scientific Inc PPD Inc Healthcare Rogers Communications Inc Shaw Communications Inc Media and
United States United States
20,802 Canada Canada Entertainment 26,000
US US Canada Canada
Microsoft Corp Nuance Communications Inc High 17,600 Vonovia SE Deutsche Wohnen SE Real Estate 22,000
United States United States Technology Germany Germany
US US Germany Germany
Soaring Eagle Acquisition Ginkgo Bioworks Inc Healthcare 16,582 Thermo Fisher Scientific Inc PPD Inc Healthcare 20,802
Corp United States United States United States
United States
US US US US
Realty Income Corp VEREIT Inc National Grid plc PPL WPD Investments Ltd Energy and
Real Estate 16,396 20,107
United States United States United Kingdom United Kingdom Power
US US UK UK
Veolia Environment SA Suez SA Energy and Microsoft Corp Nuance Communications Inc High
France France Power 15,440 United States United States Technology 17,600
France France US US
Energy and Soaring Eagle Acquisition
Pembina Pipeline Corp Inter Pipeline Ltd 12,704 Ginkgo Bioworks Inc Healthcare 16,582
Canada Canada Power Corp United States
United States
Canada Canada US US
12
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 DEALS FROM DEVELOPED INTO EMERGING TOP 10 DEALS FROM DEVELOPED INTO EMERGING
ECONOMIES* ANNOUNCED IN Q2 2021 ECONOMIES* ANNOUNCED IN 2021
ACQUIRER** TARGET** TARGET DEAL ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE*** INDUSTRY VALUE***
Investor Group led by EIG Energy and Investor Group led by EIG Energy and
Global Energy Partners LLC Aramco Oil Pipelines Co 12,400 Global Energy Partners LLC Aramco Oil Pipelines Co 12,400
United States
Saudi Arabia Power United States
Saudi Arabia Power
US Saudi Arabia US Saudi Arabia
Grupo Televisa SAB - Media, Grupo Televisa SAB - Media,
Univision Holdings Inc Content and Production Media and Univision Holdings Inc Content and Production Media and
Entertainment 4,800 Entertainment 4,800
United States Assets United States Assets
Mexico Mexico
US Mexico US Mexico
Agility Public Warehousing Consumer Agility Public Warehousing Consumer
DSV Panalpina A/S Co KSCP - Global Integrated Products and 4,077 DSV Panalpina A/S Co KSCP - Global Integrated Products and 4,077
Denmark Logistics Business Services
Denmark Logistics Business Services
Kuwait Kuwait
Denmark Kuwait Denmark Kuwait
BCP Topco IX Pte Ltd Mphasis Ltd High RMG Sponsor II LLC Renew Power Pvt Ltd Energy and
Singapore India Technology 3,134 United States India Power 3,586
Singapore India US India
Uber Technologies Inc Delivery Technologies SpA High BCP Topco IX Pte Ltd Mphasis Ltd High
United States Chile Technology 1,441 Singapore India Technology 3,134
US Chile Singapore India
Suzhou Quanyi Health
KKR & Co Inc Retail 1,088 Allianz SE Aviva plc - Polish Business Financials 2,941
United States Pharmacy Chain Co Ltd Germany Poland
China
US China Germany Poland
Mitsui & Co Ltd PT CT Corp New Fortress Energy Inc Hygo Energy Transition Ltd Energy and
Japan Indonesia
Financials 918 United States Bermuda Power 2,510
Japan Indonesia US Bermuda
Shenzhen Rural Commercial Polkomtel Infrastruktura Sp
DBS Group Holdings Ltd Financials 812 Cellnex Telecom SA Telecomm 1,905
Singapore Bank Co Ltd Spain ZOO
China Poland
Singapore China Spain Poland
Investor Group led by Falcon Uber Technologies Inc Delivery Technologies SpA High
Bundl Technologies Pvt Ltd Retail 800 1,441
Edge Capital LP India United States Chile Technology
United States
US India US Chile
L’Arche Green NV United Breweries Ltd Comsumer Carrefour SA Grupo BIG Brasil SA Retail
Netherlands India Staples 784 France Brazil
1,359
Netherlands India France Brazil
*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM. 13
**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONSTOP 10 DEALS FROM EMERGING INTO DEVELOPED TOP 10 DEALS FROM EMERGING INTO DEVELOPED
ECONOMIES* ANNOUNCED IN Q2 2021 ECONOMIES* ANNOUNCED IN 2021
ACQUIRER** TARGET** TARGET DEAL ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE*** INDUSTRY VALUE***
Koninklijke Philips NV
Stack Exchange Inc - Stack High
Naspers Ltd Overflow Platform 1,800 Hillhouse Capital Group Ltd - Domestic Appliances Retail 4,370
South Africa
United States
Technology China Business
Netherlands
South Africa US China Netherlands
Investor Group comprised of Abu Dhabi
Investment Authority - United Arab
Emirates, NBSH Acquisition LLC, GIC Pte Constellation Automotive High
Ltd - Republic of Singapore, Soros Fund Group Retail 1,419 Kismet Acquisition One Corp Nexters Global Ltd 2,033
UAE Management LLC
United Kingdom
Russia Cyprus Technology
United Arab Emirates / United States /
Singapore
US
UK Russia Cyprus
Singapore
Mubadala Investment Co Delek Drilling LP - Tamar Energy and Stack Exchange Inc - Stack High
PJSC - United Arab Emirates Gas Field 1,100 Naspers Ltd 1,800
Power South Africa Overflow Platform Technology
United Arab Emirates Israel United States
UAE Israel South Africa US
Kerry Group plc - Consumer
JBS SA Foods’ Meats & Meals Consumer Wipro Ltd The Capital Markets Co Ltd High
Staples 975 Technology 1,450
Brazil Business India United Kingdom
Ireland
Brazil Ireland India UK
Investor Group comprised of Abu Dhabi
Investment Authority - United Arab
CITIC Capital Acquisition High Emirates, NBSH Acquisition LLC, GIC Pte Constellation Automotive
Quanergy Systems Inc 970 Retail 1,419
Corp United States Technology UAE
Ltd - Republic of Singapore, Soros Fund
Management LLC
Group
China United Arab Emirates / United States / United Kingdom
Singapore
US
China US UK
Singapore
Mindray Medical HyTest Ltd Mubadala Investment Co Delek Drilling LP - Tamar Energy and
International Ltd Healthcare 662 PJSC - United Arab Emirates Gas Field 1,100
China
Finland
United Arab Emirates Israel
Power
China Finland UAE Israel
LeasePlan Corporation NV - Consumer
Grupo Comercial Chedraui Smart & Final Stores Inc Retail 620 Super Group Ltd Australian and New Zealand Products and 1,000
SAB de CV
Mexico
United States South Africa Businesses Services
Australia Australia / New Zealand
Mexico US South Africa New Zealand
Kerry Group plc - Consumer
Petróleos Mexicanos - Energy and Consumer
Deer Park Refining LP 596 JBS SA Foods’ Meats & Meals 975
Mexico Power Staples
Mexico
United States Brazil Business
Ireland
Mexico US Brazil Ireland
Investor Group led by
Chongqing Chengxing CITIC Capital Acquisition Quanergy Systems Inc High
Polestar Performance AB Industrials 550 Corp 970
Equity Investment Fund Sweden United States Technology
Partnership China
China
China Sweden China US
Mindray Medical
Bharti Enterpises Ltd OneWeb Ltd Telecomm 500 HyTest Ltd Healthcare 662
India United Kingdom
International Ltd Finland
China
India UK China Finland
*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM. 14
**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONSTOP 10 NORTH AMERICAN DEALS TOP 10 NORTH AMERICAN DEALS
ANNOUNCED IN Q2 2021 ANNOUNCED IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Discovery Inc Warner Media LLC Media and Discovery Inc Warner Media LLC Media and
United States United States Entertainment 43,000 United States United States Entertainment 43,000
US US US US
Canadian National Canadian National
Railway Co Kansas City Southern Industrials 33,207 Railway Co Kansas City Southern Industrials 33,207
United States United States
Canada Canada
Canada US Canada US
GE Capital Aviation
Thermo Fisher Scientific Inc PPD Inc Healthcare 20,802 AerCap Holdings NV Financials 31,244
United States United States Ireland Services Inc
United States
US US Ireland US
Microsoft Corp Nuance Communications Inc High 17,600 Rogers Communications Inc Shaw Communications Inc Media and
26,000
United States United States Technology Canada Canada Entertainment
US US Canada Canada
Soaring Eagle Acquisition Ginkgo Bioworks Inc Healthcare 16,582 Thermo Fisher Scientific Inc PPD Inc Healthcare 20,802
Corp United States United States United States
United States
US US US US
Realty Income Corp VEREIT Inc Real Estate 16,396 Microsoft Corp Nuance Communications Inc High 17,600
United States United States United States United States Technology
US US US US
Energy and Soaring Eagle Acquisition
Pembina Pipeline Corp Inter Pipeline Ltd 12,704 Ginkgo Bioworks Inc Healthcare 16,582
Canada Canada Power Corp United States
United States
Canada Canada US US
Thoma Bravo LLC Proofpoint Inc High Realty Income Corp VEREIT Inc Real Estate
United States United States Technology 12,300 United States United States
16,396
US US US US
Danaher Corp Aldevron LLC UnitedHealth Group Inc Change Healthcare Inc High
United States United States
Healthcare 9,600 United States United States Technology 12,800
US US US US
Cabot Oil & Gas Corp Cimarex Energy Co Energy and Pembina Pipeline Corp Inter Pipeline Ltd Energy and
United States United States Power 9,005 Canada Canada Power 12,704
US US Canada Canada
15
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 ASIA-PACIFIC DEALS ANNOUNCED TOP 10 ASIA-PACIFIC DEALS ANNOUNCED
IN Q2 2021 IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Altimeter Growth Corp Grab Holdings Inc High Altimeter Growth Corp Grab Holdings Inc High
United States Singapore Technology 34,260 United States Singapore Technology 34,260
US Singapore US Singapore
PT Aplikasi Karya Anak PT Aplikasi Karya Anak
Bangsa PT Tokopedia Retail 7,560 Bangsa PT Tokopedia Retail 7,560
Indonesia Indonesia
Indonesia Indonesia
Indonesia Indonesia Indonesia Indonesia
Bain Capital LP Hitachi Metals Ltd Materials 7,500 Bain Capital LP Hitachi Metals Ltd Materials 7,500
United States Japan United States Japan
US Japan US Japan
Raffles City Shanghai, Raffles Raffles City Shanghai, Raffles
Ping An Insurance (Group) City Beijing, Raffles City Ningbo, Ping An Insurance (Group) City Beijing, Raffles City Ningbo,
Raffles City Chengdu, Raffles Raffles City Chengdu, Raffles
Co of China Ltd City Changning (Shanghai) and Real Estate 5,100 Co of China Ltd City Changning (Shanghai) and Real Estate 5,100
China Raffles City Hangzhou China Raffles City Hangzhou
China China
China China China China
Dewan Housing Finance
Digi.Com Bhd Celcom Axiata Bhd Telecomm 4,414 Piramal Enterprises Ltd Financials 4,711
Malaysia Malaysia India Corp Ltd
India
Malaysia Malaysia India India
Adani Green Energy Ltd SB Energy Holdings Ltd Energy and Digi.Com Bhd Celcom Axiata Bhd
3,500 Telecomm 4,414
India India Power Malaysia Malaysia
India India Malaysia Malaysia
Tus Environmental
Henan Investment Group Energy and
E-Mart Inc Ebay Korea Co Ltd Retail 3,029 Science and Technology 3,699
Co Ltd Power
South Korea South Korea
China Development Co Ltd
China
S. Korea S. Korea China China
GIC Pte Ltd - Republic Milestone Logistics Holdings Energy and
of Singapore and ESR Real Estate 2,939 RMG Sponsor II LLC ReNew Power Pvt Ltd 3,586
Ltd - Property Portfolio Power
Cayman Ltd Australia
United States India
Singapore
Singapore Australia US India
Washington H Soul Pattinson Energy and
Milton Corp Ltd Financials 2,693 Adani Green Energy Ltd SB Energy Holdings Ltd 3,500
and Co Ltd Australia India India Power
Australia
Australia Australia India India
Investor Group comprised of
Shanghai Shangshi (Group) Co Shanghai Pharmaceuticals Investor Group led by
Healthcare 2,242 Vocus Group Ltd Telecomm 2,480
Ltd - People’s Republic of China Holding Co Macquarie Group Ltd Australia
and Yunnan Baiyao Group Co Ltd China Australia
China
China China Australia Australia
16
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 EUROPEAN DEALS ANNOUNCED TOP 10 EUROPEAN DEALS ANNOUNCED
IN Q2 2021 IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Vonovia SE Deutsche Wohnen SE Real Estate 22,000 Vonovia SE Deutsche Wohnen SE Real Estate 22,000
Germany Germany Germany Germany
Germany Germany Germany Germany
Veolia Environment SA Suez SA Energy and National Grid PLC PPL WPD Investments Ltd Energy and
France France Power 15,440 United Kingdom United Kingdom Power 20,107
France France UK UK
Investor Group comprised
of Cassa Depositi e Prestiti
SpA, The Blackstone Group Autostrade Per l’Italia SpA Industrials 9,715 Veolia Environment SA Suez SA Energy and
Inc, and Macquarie Corporate Italy France France Power 15,440
Italy
International Holdings Pty Ltd
Italy / United States / Australia
US
Italy France France
Australia Investor Group led by Investor Group comprised
GIC Pte Ltd - Republic Consumer of Cassa Depositi e Prestiti
of Singapore and Melker Anticimex AB Products and 7,262 SpA, The Blackstone Group Autostrade Per l’Italia SpA Industrials 9,715
Sweden Inc, and Macquarie Corporate Italy
Schorling Tjanste AB Services Italy
International Holdings Pty Ltd
Sweden Sweden / Singapore Italy / United States / Australia
US
Sweden Italy
Singapore Australia
CA Healthcare Sponsor LLC LumiraDx Ltd Healthcare 5,000 Gores Holdings V Inc Ardagh Metal Packaging SA Materials 9,460
United States United Kingdom United States Luxembourg
US UK US Luxembourg
Telxius Telecom
Brookfield Asset Modulaire Group American Tower Corp SA - European
Management Inc United Kingdom
Industrials 5,000 United States Telecommunications Towers Telecomm 7,568
Canada Division
Spain
Canada UK US Spain
Investor Group led by
Sports Entertainment GIC Pte Ltd - Republic Consumer
SGHC Ltd Media and Anticimex AB Products and
Acq Corp Guernsey Entertainment 4,750 of Singapore and Melker Sweden
7,262
United States Schorling Tjanste AB Services
Sweden Sweden / Singapore
US Guernsey Sweden
Singapore
Patient Square Capital LP Roivant Sciences GmbH Healthcare 4,317 Ajax I Holdings LLC Cazoo Ltd Retail 6,380
United States Switzerland United States United Kingdom
US Switzerland US UK
Pershing Square Tontine Media and
Universal Music Group BV 4,000 Jazz Pharmaceuticals PLC GW Pharmaceuticals PLC Healthcare 6,334
Holdings Ltd Netherlands Entertainment United States United Kingdom
United States
US Netherlands US UK
Clayton Dubilier & Rice Consumer
UDG Healthcare plc Products and 3,700 Cellnex Telecom SA Hivory SAS Telecomm 6,262
Holdings LP Ireland Spain France
United States Services
US Ireland Spain France
17
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 INBOUND CHINESE DEALS TOP 10 INBOUND CHINESE DEALS
ANNOUNCED IN Q2 2021 ANNOUNCED IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Suzhou Quanyi Health Apex International Logistics
KKR & Co Inc Pharmacy Chain Co Ltd Retail 1,088 Kuehne Holding AG (China) Co Ltd Industrials 1,227
United States Switzerland
China China
US China Switzerland China
Shenzhen Rural Commercial Suzhou Quanyi Health
DBS Group Holdings Ltd Bank Co Ltd Financials 812 KKR & Co Inc Pharmacy Chain Co Ltd Retail 1,088
Singapore United States
China China
Singapore China US China
Hunan Shanshan Energy Energy and
BASF SE 687 East Stone Acquisition Corp JHD Holdings (Cayman) Ltd Retail 1,000
Germany Technology Co Ltd Power United States China
China
Germany China US China
Temasek Holdings (Pte) Ltd Shanghai Minyun Technology High Suez SA SUEZ NWS Ltd Energy and
- Republic of Singapore Co Ltd 497 Power 898
Singapore China
Technology France Hong Kong
Singapore China France Hong Kong
High Shenzhen Rural Commercial
Yolanda Management Corp VIYI Algorithm Inc 394 DBS Group Holdings Ltd Financials 812
United States China Technology Singapore Bank Co Ltd
China
US China Singapore China
Investor Group led by
SoftBank Group Corp and Dingdong (Cayman) Ltd Consumer Investor Group including JD Property
SB Investment Advisers China Staples 330 Warburg Pincus LLC China
Real Estate 700
(UK) Ltd United States
Japan Japan / United Kingdom
China US China
UK
New Ease Ltd - Warehouse Hunan Shanshan Energy Energy and
Prudential Financial Inc Real Estate 323 BASF SE 687
United States Properties Germany Technology Co Ltd Power
China China
US China Germany China
Funing Aoyang Technology Temasek Holdings (Pte) Ltd Shanghai Minyun Technology High
PT RGE Indonesia Co Ltd - Viscose Fiber Materials 269 497
- Republic of Singapore Co Ltd Technology
Singapore Business Singapore China
China
Singapore China Singapore China
Investor Group led by CMB Wealth Management
Insilico Medicine Inc Healthcare 255 JPMorgan Chase & Co Financials 410
Warburg Pincus LLC Hong Kong United States Co Ltd
United States China
US Hong Kong US China
Investor Group led by
TPG Capital LP, Orbimed Dingdang Kuaiyao Tech High
Retail 220 Yolanda Management Corp VIYI Algorithm Inc 394
Advisors LLC, and Group Co Ltd United States China Technology
Redview Capital China
US United States / China
China US China
China
18
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 OUTBOUND CHINESE DEALS TOP 10 OUTBOUND CHINESE DEALS
ANNOUNCED IN Q2 2021 ANNOUNCED IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Koninklijke Philips NV
D8 Holdings Corp Vicarious Surgical Inc Healthcare 1,000 Hillhouse Capital Group Ltd - Domestic Appliances Retail 4,370
Hong Kong United States China Business
Netherlands
Hong Kong US China Netherlands
CITIC Capital Acquisition High UK Power Networks Energy and
Corp Quanergy Systems Inc 970 CK Asset Holdings Ltd Holdings Ltd 1,970
China
United States Technology Hong Kong
United Kingdom
Power
China US Hong Kong UK
Mindray Medical HyTest Ltd Healthcare 662 D8 Holdings Corp Vicarious Surgical Inc Healthcare 1,000
International Ltd Finland Hong Kong United States
China
China Finland Hong Kong US
Investor Group led by Chongqing
Chengxing Equity Investment Fund CITIC Capital Acquisition
Partnership, Zibo Financial Holdings Polestar Performance AB Quanergy Systems Inc High
Co Ltd and Zibo Hightech City Sweden
Industrials 550 Corp United States Technology 970
Investment Operation Group Co Ltd China
China
China Sweden China US
Anchor Equity Partners High High
Kakao Japan Corp 549 Affinity Equity Partners JobKorea Co Ltd 799
(Asia) Ltd Japan Technology Hong Kong South Korea Technology
Hong Kong
Hong Kong Japan Hong Kong S. Korea
Investor Group led by
Alibaba Group Holding Ltd CrownX Co Ltd Mindray Medical HyTest Ltd
and Baring Private Equity Vietnam
Retail 400 International Ltd Finland
Healthcare 662
Asia Ltd China
China China / Hong Kong
Vietnam China Finland
Investor Group comprised of
Hong Kong Mikitani Kosan Inc, Spirit Inc,
Ganfeng Lithium Co Ltd Bacanora Lithium Plc Japan Post Holdings Co Ltd - Rakuten Inc High
China United Kingdom
Materials 265 Japan, Tencent Holdings Ltd and Japan Technology 606
China
Walmart Inc
China / Japan / United States
Japan
China UK Japan
US
Scalable Capital
Investor Group led by High China Three Gorges Corp - Energy and
Vermögensverwaltung 183 Luz del Sur SAA 561
Tencent Holdings Ltd Technology People’s Republic of China Power
China GmbH China
Peru
Germany
China Germany China Peru
Investor Group led by Chongqing
Chengxing Equity Investment Fund
Huaxin Cement Co Ltd Lafarge Zambia Plc Materials 150
Partnership, Zibo Financial Holdings Polestar Performance AB Industrials 550
China Zambia Co Ltd and Zibo Hightech City Sweden
Investment Operation Group Co Ltd
China
China Zambia China Sweden
Contemporary Amperex Anchor Equity Partners High
Kisanfu Holdings Ltd Materials 138 Kakao Japan Corp 549
Technology Co Ltd Democratic Republic of Congo (Asia) Ltd Japan Technology
China Hong Kong
China Zaire/Congo Hong Kong Japan
19
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 INBOUND INDIAN DEALS TOP 10 INBOUND INDIAN DEALS
ANNOUNCED IN Q2 2021 ANNOUNCED IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
BCP Topco IX Pte Ltd Mphasis Ltd High RMG Sponsor II LLC Renew Power Pvt Ltd Energy and
Singapore India Technology 3,134 United States India Power 3,586
Singapore US
Investor Group including Consumer
Think & Learn Pvt Ltd BCP Topco IX Pte Ltd Mphasis Ltd High
Baron Funds and M&G plc Products and 953 3,134
India Singapore India Technology
United States / United Kingdom Services
US
Singapore
UK Investor Group including
Carmignac Gestion SA, Investor Group including Consumer
Goldman Sachs Group Inc, Bundl Technologies Pvt Ltd Retail 800 Think & Learn Pvt Ltd Products and 953
Qatar Investment Authority - India Baron Funds and M&G plc India
France
State of Qatar United States / United Kingdom Services
France / United States / Qatar US
US
Qatar UK Investor Group including
Carmignac Gestion SA,
L’Arche Green NV United Breweries Ltd Consumer Goldman Sachs Group Inc, Bundl Technologies Pvt Ltd Retail
Netherlands India Staples 784 Qatar Investment Authority - India
800
France
State of Qatar
France / United States / Qatar
US
Netherlands
Qatar
Embassy Industrial Parks Consumer
The Blackstone Group Inc Real Estate 700 L’Arche Green NV United Breweries Ltd 784
United States Pvt Ltd Netherlands India Staples
India
US Netherlands
Consumer Embassy Industrial Parks
KKR & Co Inc Vini Cosmetics Pvt Ltd Products and 625 The Blackstone Group Inc Real Estate 700
United States India United States Pvt Ltd
Services India
US US
Investor Group led by
Lightspeed Venture Consumer
Mohalla Tech Pvt Ltd High KKR & Co Inc Vini Cosmetics Pvt Ltd
Partners and Tiger Global 502 Products and 625
India Technology United States India
Management LLC Services
United States
US US
Investor Group led by
Lightspeed Venture High
SoftBank Group Corp Bundl Technologies Pvt Ltd Retail 450 Mohalla Tech Pvt Ltd 502
Japan India Partners and Tiger Global India Technology
Management LLC
United States
Japan US
Investor Group led by Naspers
Ltd and TPG Capital LP API Holdings Pvt Ltd Financials 350 SoftBank Group Corp Bundl Technologies Pvt Ltd Retail 450
South Africa / United States India Japan India
South Africa
Japan
US
Investor Group led by Investor Group led by TCMI
Meesho Inc High Inc, D1 Capital Partners LP, Sporta Technologies Pvt Ltd High
SoftBank Group Corp Technology 300 400
Japan
India and Falcon Edge Capital LP India Technology
Mauritius / United States
Mauritius
Japan
US 20
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 OUTBOUND INDIAN DEALS TOP 10 OUTBOUND INDIAN DEALS
ANNOUNCED IN Q2 2021 ANNOUNCED IN 2021
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Bharti Enterprises Ltd OneWeb Ltd Telecomm 500 Wipro Ltd Capco High
India United Kingdom India United Kingdom Technology 1,450
India UK India UK
Investor Group led by Premji
Invest Ltd and STEADFAST Outreach Corp High Bharti Enterprises Ltd OneWeb Ltd
200 Telecomm 500
Capital Management LP United States Technology India United Kingdom
India / United States
India
US India UK
US Investor Group led by Premji
Tech Mahindra Ltd DigitalOnus Inc High Invest Ltd and STEADFAST Outreach Corp High
Technology 120 Technology 200
India United States Capital Management LP United States
India / United States
India
India US US
US
Wipro Ltd Ampion Holdings Pty Ltd High Tech Mahindra Ltd DigitalOnus Inc High
India Australia Technology 117 India United States Technology 120
India Australia India US
Fave Asia Technologies Sdn High
Pine Labs Pvt Ltd Financials 45 Wipro Ltd Ampion Holdings Pty Ltd 117
India Bhd / Fave Group Pte Ltd India Australia Technology
Malaysia / Singapore
Malaysia
India India Australia
Singapore
Tech Mahindra Ltd Eventus Solutions Group LLC High Pine Labs Pvt Ltd Fave Asia Technologies Sdn
44 Bhd / Fave Group Pte Ltd Financials 45
India United States Technology India
Malaysia / Singapore
Malaysia
India US India
Singapore
Zensar Technologies Ltd M3bi LLC / M3bi Pvt Ltd High Tech Mahindra Ltd Eventus Solutions Group LLC High
India United States Technology 33 India United States Technology 44
India US India US
TECT Aerospace Inc – Fides Food Systems
Wipro Ltd Aerospace Manufacturing Industrials 31 Jubilant Foodworks Ltd Financials 35
Coöperatief UA
India Facility India
Netherlands
United States
India US India Netherlands
Tech Mahindra Ltd Brainscale Inc High Zensar Technologies Ltd M3bi LLC / M3bi Pvt Ltd High
India United States Technology 29 India United States Technology 33
India US India US
Investor Group comprised TECT Aerospace Inc –
of Accel Partners & Co Inc, High
Sense Talent Labs Inc 16 Wipro Ltd Aerospace Manufacturing Industrials 31
Alphabet LLC, and Avataar Technology
United States India Facility
Venture Partners United States
India India / United States
US India US
US 21
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSQUARTERLY REVIEW Q2 2021
The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of XBMA’s founders, academic partners, advisory board members, or others.
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