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Foreword The effects of the global financial turmoil, which first hit Turkish M&A activity in the third quarter of 2008, were much stronger in 2009. The y-o-y decrease in total deal volume was almost 65%. Investors and lending corporations were extremely cautious and difficulties and delays in closings were common. The year 2009 has been the most quiet of the past five years. In 2009, a deal volume of c. US$5.8 billion materialized through 102 deals. Foreign investors’ interest towards investment targets in Turkey waned and their contribution to annual deal volume was c. 40% - significantly lower than in previous years. We also observed the negative impact of the financial crisis on valuations. As Deloitte Turkey, we are pleased to present our annual Turkish M&A Review 2009, featuring analyses and insights into the M&A market in Turkey as well as expectations regarding 2010. I would like to extend my sincere gratitude to the Corporate Finance Team of Deloitte Turkey for their efforts in the preparation of this study. Başak Vardar Partner Corporate Finance
ContentsSubdued M&A Activity 1Snapshot 1Investor Origin 2Top Deals 3Financial Investors 4Hot Sectors 5Prospects 62009 Deal List 8 Basis of Presentation Mergers and acquisitions presented in this report comprise M&A transactions announced between 01.01.2009 and 31.12.2009, including those with on-going legal/closing/financing procedures. This study does not include; capital market transactions, IPOs, real estate sales, concessions based on revenue sharing, intra-group share transfers and transactions of financial institutions within the framework of debt restructuring.
Subdued M&A ActivityAlong with the effects of the global financialturmoil, Turkish M&A activity hit the brakes in2009, following a run of good years since In 2009, total M&A volume in Turkeyrecord-breaking 2005. With foreign investors’contribution to the annual deal volume slowing, was around US$5.8 billion(1) throughTurkish M&A activity in 2009 was lacklustre.Privatizations made up a considerable part of 102 deals, which corresponds to athe deal volume (31%, i.e. US$1.8 billion).Leaving behind the last 5 years’ most silent decrease of 64% and 40%, in terms ofperiod, the picture for 2010 is rosier. deal value and deal number,Out of 102 transactions in 2009, 41 had adisclosed deal value, adding up to US$3 billion. respectively. With the global financialConsidering the estimated value of deals withundisclosed values, total M&A volume was crisis fully in effect, M&A activity inaround US$5.8 billion in 2009. (2008 full year c.US$16.2 billion(2)). This represents a 64% y-o-y Turkey shrunk to its lowest level sincedecrease. 2004. Investors and lending institutions were extremely selective and sellers felt discouraged.Snapshot Year 2007 2008 2009 √ Deal Number 161 169 102 √ Deal Volume(*) US$20.5 billion US$16.2 billion US$5.8 billion √ Privatizations US$4.8 billion US$5.3 billion US$1.8 billion (*) √ Foreign Investors 77% of deal value 75% of deal value 38% of deal value √ Financial Investors(*) 12% of deal value 35% of deal value 12% of deal value √ Average Deal Size c. US$125 million c. US$100 million c. US$55 million √ Largest Deal Value US$2.7 bn (Oyak Bank) US$3.1 bn (Migros Türk) US$606 mn (Sugar Factories(**))(1) Including estimates for deals with undisclosed values.(2) 2008 M&A volume of US$18.4 billion was adjusted for canceled transactions as US$16.2 billion.* Including estimates for deals with undisclosed values and adjusted for canceled transactions** Not closed yet 1
Investor OriginDeal Number Foreign investors’ contribution to the total deal Canada volume dropped significantly in 2009. Foreign 3 France investors generated a deal volume of c. US$2.2 3 Norway billion (including estimates) which was an 85% Austria 2 y-o-y decrease and represented only c. 38% of 4 the deal value in 2009. Turkish Foreign Germany Investors Investors 5 Against foreign investors’ 46 transactions in 56 46 Other 2009, Turkish investors made 56 acquisitions 17 worth c. US$3.6 billion, including estimates for UK 5 deals with undisclosed values. USA Turkish groups stepped up into the spotlight 7 during privatizations and submitted the winning bids in all of the 6 transactions, adding up to a total of US$1.8 billion. With these privatization tenders under their belt, 4 Turkish groupsDeal Value (US$ million) comprised c. 30% of the 2009 deal value. The share of Turkish investors within the total deal UK volume went up from a historical average level 97 of 20-25% to 62%. Saudi Arabia 118 Furthermore, we observed deals where Turkish Turkish Foreign Other investors took over the shares of foreign Investors Investors 201 investors exiting the Turkish market. 2,361 679 Norway 27 deals by European investors amounted to a 129 total value of US$930 million (including Canada estimates), thereby comprising 43% of foreign 133 investors’ deal value. On the other hand, investors from North America and the Gulf region concluded the year with 10 and 5 deals, respectively. Together, these regions made up 30% of foreign investors’ deal value. Moreover, Chinese investors made their first investment in Turkey.2
Top DealsThe largest 5 deals made up c. 33% of the total Average deal size in 2009 was c. US$55 million.deal volume in 2009, and the top 10 deals Excluding privatizations and the top 5 privateaccounted for more than 40% of the total sector deals, the average deal size of thevolume. Privatizations stole the spotlight in the remainder fell to US$35 million. Almost all dealstop deals list. were mid-cap segment deals. There was only 1 deal with a deal size exceeding US$500 million. All of the above have been indicators of the negative effects of the global financial turmoil on asset and share values. Deal Value Acquirer Origin Target Sector Stake (US$mn) Kastamonu, Kırşehir, Turhal, Yozgat, Çorum and Çarşamba 1 Ak-Can Şeker Turkey Sugar Factories Food & Beverage N/A 606.0 2 ETİ Gümüş Turkey Osmangazi Elektrik Dağıtım Energy 100% 485.0 3 Çalık Enerji Turkey Yeşilırmak Elektrik Dağıtım Energy 100% 441.5 4 Aksa Enerji Turkey Çoruh Elektrik Dağıtım Energy 100% 227.0 5 Oyak Çimento Turkey Lafarge Aslan Çimento Cement 97% 172.8 N/A: Not Applicable 3
Financial Investors Financial investors, who realized an all-time high 32 deals in 2008, were relatively silent in 2009 and sealed 8 deals. During 2009, financial investors’ total of 8 transactions made up about 12% of the total deal volume (c. US$700 million, including estimates for deals with undisclosed values). Deal Value Acquirer Origin Target Sector Stake (US$mn) HSBC Principal Investments; UK; 1 İş Girişim Sermayesi Turkey Havaş Services 35% 93.9 Logistics & 2 Invest AD UAE Ekol Lojistik Transportation N/D 74.9 Joy FM, Joy Turk FM, 3 Actera Group Turkey Metro FM and Super FM Media 100% 30.0 The International Fleetcorp Operasyonel 4 Investor Kuwait Taşıt Kiralama Services 25% N/D AFM Uluslararasi Film 5 A1 Group Russia Prodüksiyon Entertainment 7% N/D 6 Bridgepoint Capital UK TuvTurk Services 33% N/D 7 Goldman Sachs USA TAV Havalimanlari Holding Infrastructure N/D N/D 8 The Carlyle Group USA Medical Park Hospital Group Healthcare 40% N/D N/D: Not Disclosed4
Hot SectorsEnergy, manufacturing, food and beverage, and Deal NumberIT were the most M&A-active sectors in 2009. Energy 13The rising star of Turkish M&A activity, the IT 10energy sector, significantly outperformed the Food & Beverage 9activity in other sectors in terms of deal value Manufacturing 9(totaling c. US$1.4 billion including deals with Retail 6undisclosed values) and in terms of deal Mining 6number, with 13 deals. Privatization of Services 5electricity distribution companies was a major Financial Services 4driver of M&A activity in the energy sector. Infrastructure 4 Cement 4A single privatization transaction in the food Tourism 4and beverage sector (i.e. sugar factories) Logistics & Transportation 4comprised almost all of the deal value in the Agriculture & Breeding 4sector. Other 20There was also a significant amount of deals in 0 5 10 15 20the IT sector, accomplished mainly by Turkishgroups.We also observed that the high level of activity Deal Value (US$ million)in the manufacturing sector continued. Energy 1,338 Food & Beverage 738 Cement 219 Mining 136 Services 94 Automotive & Parts 88 Textile 85 Logistics & Transportation 81 Real Estate 68 Tourism 65 Manufacturing 37 Media 30 Other 59 0 500 1.000 1.500 (US$ million) 5
Prospects We have been through a period characterized The sluggish real estate market will remain by dormant investors and low M&A activity, weak in 2010, too. The credit crunch will when debt markets were at their worst. 2010 continue to be the dominant obstruction to will be a year of gradual recovery in the prospective transactions in this sector. financial markets, when both investors and Turkish entrepreneurs will be able to form a There are numerous privatizations on the view of the future with relatively more agenda for 2010. Key state-owned assets such assurance. Although an immediate return to the as electricity distribution and generation assets, good old times is improbable, improved M&A gas distribution companies and other activity is nevertheless expected in 2010. subsidiaries of city municipalities, highways, the National Lottery, sugar factories and Halkbank For foreign investors who have restructured all await their turn. their strategic business plans vis-à-vis the global financial crisis, Turkey, although exhibiting Initial Public Offerings (IPOs) are also expected certain political and economic risks, will likely to make a come-back in 2010 after a lengthy continue to be one of the most attractive absence. Various companies are currently investment destinations in the coming period. making preparations for IPOs, aiming to realize Having said that, we expect strategic investors’ these intentions around the third quarter of acquisitions to be limited again, except for such 2010. specific sectors as cement, energy, pharmaceuticals and food. Privatizations and energy sector deals will make their mark on the deal volume in 2010, which Financial investors will continue to target we anticipate to be around US$10 billion. Turkish companies closely. We expect that deals by financial investors will make up about 15- 20% of the total deal volume in 2010. Besides, we will witness certain private equity funds, who led the market in Turkey, exiting their current investments in Turkey starting from the last quarter of 2010. Energy, healthcare and consumer products will be the most M&A-active sectors. Turkish banks’ apparent appetite for financing acquisitions and projects in the energy sector will bring the number and volume of investments in this sector to a higher level.6
2009 Deal List Acquirer Origin Target Sector Stake Deal Value (US$ million) Kastamonu, Kırşehir, Turhal, Yozgat, Çorum and Çarşamba Sugar 1 Ak-Can Şeker(*) Turkey Factories Food & Beverage N/A 606.0 2 ETİ Gümüş Turkey Osmangazi Elektrik Dağıtım Energy 100.0% 485.0 3 Çalık Enerji Turkey Yeşilırmak Elektrik Dağıtım Energy 100.0% 441.5 4 Aksa Enerji Turkey Çoruh Elektrik Dağıtım Energy 100.0% 227.0 5 Oyak Çimento Turkey Lafarge Aslan Çimento Cement 97.3% 172.8 6 Statkraft Norway Yeşil Enerji Energy 95.0% 118.9 7 Alliance Grain Traders Canada Arbel Group Food & Beverage 100.0% 93.0 Toyotasa Toyota-Sabancı Pazarlama Automotive & 8 ALJ Lubnatsi Saudi Arabia ve Satış Parts 65.0% 85.0 9 Binbirgıda Tarım Turkey Çamaltı Tuzlası Mining N/A 76.2 10 HSBC Principal Investments UK Havaş Services 28.3% 76.1 Logistics & 11 Invest AD UAE Ekol Lojistik Transportation N/D 74.9 Güney Akçakoca Alt Havzası 12 Petrol Ofisi Arama Üretim Turkey Projesi Şirketi Energy 26.8% 55.0 Malone Mitchell 13 (Private Investor) USA Gündem Resort Hotel Tourism 100.0% 50.0 14 Generali International Switzerland Mensa Mensucat Textile 38.9% 46.9 15 Aşkale Çimento Turkey Van Çimento Cement 100.0% 45.9 16 Alamos Gold Canada Ağı Dağı and Kirazlı Gold Projects Mining N/A 40.0 17 Akkardan Turkey Bossa Textile 25.0% 38.1 18 Saudi Cable Company Saudi Arabia Elimsan Group Manufacturing 79.0% 33.0 Ismail Tarman Atakule Gayrimenkul Yatırım 19 (Private Investor) Turkey Ortaklığı Real Estate 51.0% 68.0 Joy FM, Joy Turk FM, Metro FM 20 Actera Group Turkey and Super FM Media 100.0% 30.0 21 TBIH Financial Services Austria Ray Sigorta Financial Services 10.0% 19.8 22 İş Girişim Sermayesi(**) Turkey Havaş Services 6.7% 17.9 23 Cadbury Schweppes UK Kent Gıda Food & Beverage 4.0% 17.0 24 Coca Cola İçecek Turkey Sandras Su Food & Beverage N/A 17.0 Waste 25 Çimentaş Turkey Serhat Atık Management 70.0% 15.2 26 ATP İnşaat Turkey Keyland Hotel Tourism 100.0% 15.0 Agriculture & 27 Anadolu Efes Turkey Etap Tarım ve Gıda Breeding 33.0% 12.7 28 Çalık Holding Turkey Çöpler Gold Project Mining 5.0% 12.6 29 Tiway Oil Norway Toreador Turkey Energy 100.0% 10.6 Agriculture & 30 Ege Marin Su Ürünleri Turkey Dardanel Su Ürünleri Breeding N/A 8.6 31 Binbirgıda Tarım Turkey Ayvalık Tuzlası Mining N/A 6.0 Logistics & 32 Logwin Germany Birkart Turkey Transportation 50.0% 5.6 33 Spirax-Sarco Engineering UK Inter Valf Manufacturing 100.0% 4.5 Automotive & 34 Pirelli Italy Türk Pirelli Parts 3.2% 3.4 35 Anadolu Efes Turkey Tekel Bira Brand Food & Beverage N/A 3.0(*) Not closed yet.(**) The acquisition of Havaş by HSBC Principal Investments and İş Girişim Sermayesi, a single club deal, has been recorded as 2 separate deals in this study to portray theinvestments of different financial investors for the purpose of certain analyses.N/A: Not ApplicableN/D: Not Disclosed8
Acquirer Origin Target Sector Stake Deal Value (US$ million) 36 Yıldız Holding Turkey Kerevitaş Gıda Food & Beverage 12.8% 2.6 Mikes Mikrodalga Elektronik 37 Aselsan Turkey Sistemler IT 23.7% 1.6 38 Metro Maden Turkey BYS Metal Madencilik Mining 78.0% 1.5 39 Rhea Gayrimenkul Yatırım Turkey Vakıf Girişim Yatırım Ortaklığı Financial Services 31.2% 1.4 40 Oyak Çimento Turkey Lafarge Ereğli Çimento Cement 50.0% 0.5 41 Oyak Çimento Turkey Lafarge Beton Cement 24.2% 0.03 Agriculture & 42 Univeg Belgium Alara Tarım Breeding N/D N/D Automotive & 43 Mayers Cars and Trucks Israel Isotlar Group Parts 49.3% N/D 44 Form Grup Turkey Fore Enerji Energy 100.0% N/D 45 OMV Austria Enerco Enerji Energy Majority N/D 46 EnBW Germany Borusan Enerji Energy 50.0% N/D Manitoba Hydro 47 International Canada Palmet-Manitoba Hyro International Energy 12.5% N/D E.On Turcas Kuzey Elektrik and E.On 48 RWE Germany Turcas Guney Elektrik Energy 70.0% N/D 49 Gazprom Russia Bosphorus Gaz Energy 11.0% N/D 50 Ağaoğlu Enerji Turkey Galata Wind Enerji Energy 100.0% N/D 51 A1 Group Russia AFM Uluslararasi Film Prodüksiyon Entertainment 6.8% N/D 52 ODL Securities UK GFC Finans Financial Services 50.0% N/D 53 Erste Bank Austria Lehman Brothers Menkul Değerler Financial Services 100.0% N/D 54 Besler Gıda Turkey Turyağ Food & Beverage 33.3% N/D Esbon (Esas Holding and 55 Bongrain) Turkey GC Gıda Food & Beverage 75.0% N/D 56 Laurens Spethmann Germany Enfes Gıda Food & Beverage 50.0% N/D 57 Süzer Group Turkey Turkent Gıda Retail 50.0% N/D Agriculture & 58 Vilmorin France Su Tarım Breeding 51.0% N/D 59 Euromedic International Hungary Oylat Diyaliz Merkezi Healthcare 100.0% N/D 60 The Carlyle Group USA Medical Park Hospital Group Healthcare 40.0% N/D 61 Gama Enerji Turkey İzmit Su Infrastructure 48.2% N/D 62 Goldman Sachs USA TAV Havalimanlari Holding Infrastructure N/D N/D 63 Akifer Su Hizmetleri Turkey Thames Water Turkey Infrastructure 100.0% N/D 64 Doğuş Holding Turkey Port Göcek Marina Infrastructure 100.0% N/D 65 Zeman International Austria Alfa Çelik Iron & Steel 80.0% N/D 66 Avnet USA Akora Teknoloji IT 50.0% N/D 67 Verifone USA Teknosis IT 100.0% N/D 68 Türk Telekom Turkey Sobee IT 100.0% N/D 69 Sistaş Turkey Medyanet IT Majority N/D 70 Sistaş Turkey Smart Digital IT Majority N/D 71 Verifone USA Lipman Elektronik IT 100.0% N/D 72 Ericsson Sweden Bizitek IT 100.0% N/D 73 Casper Bilgisayar Turkey Aidata Bilgisayar IT 100.0% N/DN/A: Not ApplicableN/D: Not Disclosed 9
Acquirer Origin Target Sector Stake Deal Value (US$ million)74 Saran Holding Turkey Alen Elektronik IT 100.0% N/D Logistics &75 Containerships Group Finland Contaz Denizcilik Transportation 100.0% N/D Logistics &76 Şahap Çak (Private Investor) Turkey NetLog Transportation 45.0% N/D77 Kale Group Turkey Kalevit Roca Saniter Seramik Manufacturing 50.0% N/D78 Abaş Grup Turkey Ege Soğutmacılık Manufacturing 57.0% N/D79 Abaş Grup Turkey Teksav Teknoloji Manufacturing 51.0% N/D80 Fayat France Bülbüloğlu Vinç Manufacturing 60.0% N/D81 Centragroup Fareva France Coster Aerosol Valf Manufacturing 75.0% N/D82 Gedore Verwaltungs Germany Gedore-Altaş El Aletleri Manufacturing 11.0% N/D83 Assan Panel Turkey Park Panel Manufacturing N/A N/D84 Interpress Turkey Nar Ajans Media 100.0% N/D Taiyuan Iron & Steel Group and Shanxi Jinzhong85 Wanbang Industrial China CVK Group Mining 50.0% N/D86 Yıldız Holding Turkey Rotopaş Packaging 100.0% N/D87 Tire Kutsan Turkey Teknik Kağıt Ambalaj Packaging 67.0% N/D Eczacıbaşı-Zentiva Sağlık Ürünleri and Eczacıbaşı-Zentiva Kimyasal88 Zentiva Czech Republic Ürünler Pharmaceuticals 25.0% N/D89 Emaar Properties UAE Emaar Turkey Real Estate 40.0% N/D90 Demsa Group Turkey Harvey Nichols Turkey Retail 100.0% N/D91 Happy Center Turkey Muggy Retail N/D N/D92 Simit Sarayı Turkey Pizza Max and Miss Crispy Retail N/D N/D93 Tommy Hilfiger Group USA Tommy Hilfiger Marka Dağıtım Retail N/D N/D Turgut Aydın94 (Private Investor) Turkey A101 Retail 29.8% N/D95 Redema Consultant The Netherlands Kurun AVM Yönetim Danışmanlık Services 100.0% N/D Fleetcorp Operasyonel Taşıt96 The International Investor Kuwait Kiralama Services 25.0% N/D97 Bridgepoint Capital UK TuvTurk Services 33.3% N/D98 TurkNet Turkey Satko Telekomünikasyon Telecommunications 100.0% N/D99 Vodafone Turkey Borusan Telekom Telecommunications 100.0% N/D100 İhsan Asrın Turkey Merveteks Textile 100.0% N/D101 Rixos Turkey Sungate Port Royal Hotel Tourism 100.0% N/D102 Doğuş Holding Turkey Select Maris Hotel Tourism 100.0% N/DN/A: Not ApplicableN/D: Not Disclosed10
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