Mergers & Acquisitions activity: In 2008, 1,270 deals with Indian participation and a known value of 50 bil. USD have been announced. Indian Mergers & Acquisitions activity has slightly decreased in 2008 in terms of numbers (-6%). This decrease is smaller than the worldwide trend (-10%), but higher than the Asian one (-3.4%). The total known value of Indian deals has decreased by 18%, which is much smaller than the overall trend (World: -44%; Asia: -35%).
The average valuation of Indian deals has decreased by 9%, while the BSE has increased by 4.6%. National vs. Cross-border M&A: The share of Indian national deals in the total number has slightly increased by 2%. This increase in national deals is relatively modest for the economic downturn situation. The share of Indian cross-border deals in the total value of deals has also decreased, but is still high with 66%. Especially the number and value of foreign acquisitions in India has dropped. Industry: With respect to the number, the majority of deals has taken place in the sectors consumers, industrials, materials and high technology. By value, the most important sectors have been energy & power, healthcare, industrials and materials. With respect to the number of transactions, almost all sectors have experienced a decrease with the notable exceptions of real estate retail, energy & power, and healthcare. The value of real estate, healthcare, energy & power, high technology, and consumer products, services and staples have increased. Top deals: Cross-border deals dominate the list of top deals in 2008. Only 1 out of the top 15 deals is a share buy back, taking advantage of lower valuations.
Table of contents
Executive Summary
1) Mergers & Acquisitions Activity in India
2) Valuation of Indian M&A
3) National and Cross-border M&A in India
4) M&A in India by industry
5) Top Indian Deals
6) M&A Worldwide & Asia
