Issue 2 2020

Acquisition International - Issue 2 2020 57 Number and Aggregate Value (mil USD) of Support Services Deals Globally: 2006-2020 YTD (as at 31st January 2020) Deal quarterly value (Announced date) Number of deals Aggregate deal value (m USD) January 2020 677 29,688 December 2019 1,067 59,644 November 2019 1,048 42,661 October 2019 1,036 29,246 September 2019 1,366 35,867 August 2019 981 32,948 July 2019 1,116 26,276 June 2019 1,610 93,082 May 2019 1,135 36,135 April 2019 1,137 43,879 March 2019 1,708 54,872 February 2019 981 24,546 January 2019 1,023 30,294 December 2018 1,826 50,531 November 2018 1,039 38,219 October 2018 1,078 30,392 September 2018 1,028 43,563 August 2018 1,078 33,570 July 2018 1,200 58,306 June 2018 1,326 33,405 May 2018 1,283 68,803 April 2018 1,126 38,591 March 2018 1,235 45,724 February 2018 1,049 49,206 January 2018 1,193 17,187 World region (target) 2014 2015 2016 2017 2018 2019 2020 North America 5,811 5,878 4,664 3,955 4,133 4,708 232 Far East and Central Asia 1,992 3,614 3,551 3,261 4,054 3,892 228 Western Europe 2,810 3,236 3,415 3,385 4,049 3,709 132 Oceania 487 492 412 505 603 636 29 Eastern Europe 970 696 841 844 887 417 25 South and Central America 420 393 310 264 424 504 18 Middle East 145 172 164 151 157 145 7 Africa 117 88 89 91 142 182 3 Number of Support Services Deals Globally: 2006-2020 YTD (as at 31st January 2020) Bureau van Dijk Both the volume and value of deals targetinghealthcare companiesdeclined in 2019, according to Zephyr, the M&A database published by Bureau van Dijk. The 2,184 deals worth an aggregate USD 59,658 million which were signed off over the 12 months dropped from 2,296 at USD 69,174 million in 2018. Despite the disappointment of both volume and value declining on 2018’s result, it is worth noting that the year’s figures are still fairly robust when compared with other years. For instance, 2019’s value was the fourth-highest for a year on record, surpassed only by 2006 (USD 74,596 million), 2018 (USD 69,174 million) and 2015 (USD 65,534 million). Volume was even more impressive, second only to 2018 in the biggest years on record. 2020 is off to a pretty quiet start as 112 deals worth an aggregate USD 930 million were announced, although it is not unusual for the first month of the year to get off to a slow start. Value has been suppressed somewhat by the lack of a very high- value deal. The most valuable of the year to date is worth USD 197.25 million and took the form of a minority investment as undisclosed retail and institutional investors bought a 41 per cent stake in New Zealand-based Oceania Healthcare. Only one other deal has so far broken the USD 100 million-barrier and it saw Guangzheng Group agree to acquire the remaining 49 per cent stake it did not already own in Shanghai New Vision Eye Hospital Investment for USD 106 million. North America was the main target for healthcare investment in 2019, having been targeted in 1,064 deals worth USD 31,766 million. In terms of volume, this placed it ahead of the Far East and Central Asia, with 443 deals, while Western Europe came next by value (USD 8,480 million). In conclusion, 2019 was a good year for investment in healthcare companies, despite not quite reaching the same heights as 2018. While we are off to a quiet start, activity levels are likely to increase as we move towards the middle of the year. Healthcare Number and Aggregate Value (mil USD) of Support Services Deals Globally: 2006-2020 YTD (as at 31st January 2020) Number and Aggregate Value (mil USD) of Support Services Deals Globally: 2006-2020 YTD (as at 31st January 2020) Deal yearly value (Announced date) Number of deals Aggregate deal value (m USD) 2020 435 29,688 2019 9,894 509,449 2018 9,591 507,498 2017 7,901 302,782 2016 8,722 389,403 2015 9,843 377,082 2014 8,229 267,976 Deal half yearly value (Announced date) Number of deals Aggregate deal value (m USD) H1 2020 677 29,688 H2 2019 6,614 226,642 H1 2019 7,594 282,807 H2 2018 7,249 254,581 H1 2018 7,212 252,916 H2 2017 6,218 153,503 H1 2017 6,266 149,279 H2 2016 6,258 181,201 H1 2016 7,179 208,202 H2 2015 7,596 196,230 H1 2015 6,985 180,852 H2 2014 6,645 138,932 H1 2014 6,109 129,044 H2 2013 5,370 93,517 H1 2013 4,526 79,013 H2 2012 4,207 103,752 H1 2012 3,661 72,097 H2 2011 3,254 84,790 H1 2011 2,832 79,206 H2 2010 2,573 76,610 H1 2010 2,513 69,688 H2 2009 2,144 97,637 H1 2009 1,941 39,838 H2 2008 1,873 71,259 H1 2008 2,098 79,532 H2 2007 2,189 101,970 H1 2007 2,375 101,847