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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