Welcome to PricewaterhouseCoopers’ survey Mergers & acquisitions in Russia in 2007. In this edition we provide the following sections:
- Industry and market overview
- M&A domestic and cross-border activity
- Deal drivers
- Financing deals
Measured by dollar volume, M&A activity in 2007 in Russia rose another 61% on 2006, registering an estimated $179 billion. This is over three times the $53 billion in deal value created in 2005. The number of deals year-on-year actually fell 22%, from 1210 to 941. However, the estimated average size of deals in 2007 jumped 107%, from $92 million to $190 million.
The key findings for M&A in Russia in 2007:
- Greater competition drove consolidation in numerous industries
- Domestic firms sought vertical as well as horizontal integration
- Foreign strategic buyers sought entry into the fast growing Russian market
- A second wave of foreign strategic buyers is arriving, smaller in scale than the first wave of multinationals
- Foreign financial buyers sought solid yields and upside exposure
- Smaller Russian companies are seeking new capital for expansion to meet drastic market growth
- Large Russian companies are flush with cash and buying abroad
- Many Russian companies of all sizes are seeking the most modern technology and best practices
- Russian M&A is becoming more sophisticated and valuedriven
- Strong economic fundamentals will support strong volumes in the mid-market space
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