It has been a vibrant February according to IFLR1000's selection of deal announcements, with deals across M&A, capital markets, and banking in a range of sectors. The banking, energy, government and public policy, and healthcare sectors were the most active, and there were a number of landmark transactions—and a near miss too.
Snap—the parent company of social media site Snapchat—completed its long-anticipated IPO on the NYSE, raising $3.4 billion, which was the largest social media IPO since Twitter's three years ago, and UniCredit launched a €13 billion capital increase, which almost doubles the bank's capitilisation and is arguably the biggest share issue in Italian history; also Korean Air took out $140 million to finance the purchase of a Boeing 787-9 Dreamliner, and Chinese state-owned oil and gas company, China National Petroleum Corporation (CNPC), acquired 8% in an Abu Dhabi onshore oil concession for $1.77 billion from Abu Dhabi National Oil Company (Adnoc), the Emirates' national oil company.
At over $100 billion deal values had swollen to astronomical levels at the start of the new year, but have come back down to earth this month at a tick over $31 billion. Interestingly, Kirkland & Ellis topped the deal value charts—with a sizeable gap between them and Davis Polk & Wardwell in second place—at the expense of its top ranking in the deal volume table, ending a streak of seven months on top.
Elsewhere, Poland is making a habit out of landmark transactions, having completed the largest ever transaction in the Polish food retail sector and the largest ever private equity exit in the country when CVC Capital Partners acquired Żabka Polska from Mid Europa Partners for an undisclosed amount, and France narrowly missed out—to Poland—on being the first government to issue a green bond, when it issued its first at €7 billion 1.75%.
Also Delek Group made a bid to acquire Ithaca Energy for £518 million, which was the latest in a string of North sea deals completed in the past few months; the Kingdom of Bahrain sold a $600 million sovereign eurobond through a tap issue to a $1 billion bond issued in October 2016; and Polyus Gold international—the largest gold producer in Russia—has issued $800 million in notes.
If you have any public deal announcements you would like us to take into account for our reports please send them to - amajeed@iflr1000.com
The EMEA launch of IFLR1000 Deal Data—a fully searchable database whose BETA version went live in May last year—is imminent. This database of significant deal records from over 120 countries will include searchable and filterable data on the most significant legal transactions from around the globe, and all of our featured monthly deals will be included along with many more garnered from the IFLR1000's own research, press releases and other deal announcements.
Below you can access our top picks for February 2017 linked to their record in the new deals database.
Adam Majeed - Asia-Editor
Mergermarket table 1 - Law firms by global M&A deal value
Mergermarket table 2 - Law firms by global M&A deal volume
Deal 1: BDO Unibank $1.2 billion rights issue
Jurisdictions: Philippines
Deal type: Secondary offering of shares
Industry sectors: Banking
Deal 2: CNPC $1.77 billion acquisition of 8% in Abu Dhabi onshore oil concession
Jurisdictions: China, United Kingdom, United Arab Emirates
Deal type: Private acquisition, Concession
Industry sectors: Energy
Deal 3: Commonwealth Bank of Australia A$1.45 billion PERLS IX 3.90% notes issue
Jurisdictions: Australia, New Zealand
Deal type: Investment grade bond/note issue
Industry sectors: Banking
Deal 4: CVC Capital Partners acquisition of Żabka Polska
Jurisdictions: Poland
Deal type: Private acquisition
Industry sectors: Consumer goods and services, Food and beverage
Deal 5: Delek £518 million acquisition of Ithaca Energy
Jurisdictions: United Kingdom
Deal type: Public acquisition
Industry sectors: Oil and gas
Deal 6: Hermes Pardini Bovespa IPO
Jurisdictions: Brazil
Deal type: IPO
Industry sectors: Healthcare
Deal 7: Kingdom of Bahrain $600 million 7% sovereign eurobond tap issue
Jurisdictions: Ireland, Bahrain, United Arab Emirates
Deal type: Sovereign bond issue
Industry sectors: Government and public policy
Deal 8: Korean Airlines $140 million financing of Boeing 787-9 Dreamliner
Jurisdictions: South Korea
Deal type: Asset finance, Financing
Industry sectors: Aviation
Deal 9: Lonza Group SFr865 accelerated bookbuilding
Jurisdictions: Switzerland
Deal type: Acquisition finance, Secondary offering of shares
Industry sectors: Healthcare, Industrials and manufacturing, Pharmaceuticals and life sciences
Deal 10: MacDonald Dettwiler C$4.7 billion acquisition of DigitalGlobe
Jurisdictions: Canada, United States
Deal type: Public acquisition
Industry sectors: Technology and telecommunications
Deal 11: Polyus Gold International $800 million 5.25% eurobond offering
Jurisdictions: United Kingdom, Russia, Channel Islands: Jersey
Deal type: High-yield bond/note issue
Industry sectors: Mining
Deal 12: Republic of France €7 billion 1.75% green bond issue
Jurisdictions: France
Deal type: Investment grade bond/note issue, Sovereign bond issue, Green bond issue
Industry sector: Government and public policy
Deal 13: Snap NYSE IPO
Jurisdictions: United States
Deal type: IPO
Industry sectors: Technology and telecommunications
Deal 14: Stoneway Capital Corporation $500 million 10% project bond issue
Jurisdictions: Argentina
Deal type: Project bond issue
Industry sectors: Energy
Deal 15: UniCredit €13 billion capital increase
Jurisdictions: Germany, Italy, Poland
Deal type: Secondary offering of shares
Industry sectors: Banking
Deal 16: United Overseas Bank $1 billion 0.125% and 2.125% covered bond issues
Jurisdictions: Singapore
Deal type: Covered bond issue, Investment grade bond/note issue
Industry sectors: Banking
Reporters
Sam Duke - Editor
Adam Majeed - Asia-Pacific Editor
Ben Naylor - EMEA Editor
Jon Moore - Journalist EMEA
Wai Yee Tsang - Journalist Asia-Pacific
Rani Mehta - Journalist Latin America
Kurt Stumpo - Journalist - North America and the Caribbean