Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
Selected Recent Precedent M&A Transactions
(US$ in millions, except per share amounts)
Announcement
Date
18 Aug 11
15-Aug-11
10-May-11
20-May-12
+-Apr-11
15-Mar-12
+May-11
12-Sep-11
3-Dec-11
14-Dec-11
+-Aug-11
22-May-12 SAP
17-Fe-12
5-Jan-11
2-34-12
31-Aug 11
2-34-12
25-Mar-11
Mean
Median
10-May-11
Technology M&A Transactions
Acquirer
Target
Google
Morosot
Albaba Group
Texas instruments
Cisco
Advent International
Goldman Sachs
Applied Materials
Western Digital
Broadcom
SAP
LAM Research
Blackstone
Qualcomm
Moron
SonyTosbach
Dell
Ebay
Toshiba
Autonomy
PRELIMINARY CONFIDENTIAL DRAFT-SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW
INVESTMENT BANKING
DIVISION
Motorola Mobility
Skype
Alibaba Group/Yahool
National Semiconductor
NDS
Arba
TransUnion
Varian Semiconductor
Hitach GST
NatLogic
SuccessFactors
Novellus
Endeon
Atheros Communications
Japan Display
Ques Software
G51 Commerce
Lands Gyr
Size
$10.295
9:401
9.124
7,100
6.502
5.022
4,403
4.290
4,250
3.464
3,367
3.073
3,027
2045
2.671
2008
2372
2,300
$4,000
3.857
Premium
79%
NA
NA
78
NA
20
NA
55
NA
57
62
25
17
22
NA
NA
20
51
NA
45%
52
Announcement
Date
20-Feb-07
20-May-07
3-34-07
20-May-07
25-Jun-07
1-Mar-11
14-May-07
19-Jun-07
11-May-07
4-Jun-07
23-Nov-11
15-Mar-07
29-May-07
5-Ju-11
12-Jun-07
2-4-07
Mean
Median
Morgan StanleyCgroup/man
KKOR
Brother/KKR/TPO/Goldman Sachs
TPG/Goldman Sechs
Blackstone
Acquirer
24-Feb-12 Apollo Tverstone Holdings Access Industries
2-May-07 Clayton Dublier & RowOOR
KK/group/dman Sachs
Backstone
Lehman Brother Tishman Speyer Propertes
BC PartUnison Capital Silver Lake
Cerberus
Leveraged Buyout Transactions
Caryle Group/Clayton Dubilier & Rice/Bain Capital
AMERS Capa Paer
Silver Lake TPG
KK/Crest Partners NGP Energy Capitaochu
Coporation
Madison Dearbon Partners
BC PCPPB
Apa/CPP/Public Sector Pension Investment Board of
Canada
Madison Dearbom/grous LJBAMacho
CapitalDeutsche Bank
Catyle Group
First Dat
Ate
Hilton Hotels
Target
Archatone-Smith Trust
Intesal
Centro Properties Group-US
Assets
Chrysler
Home Depot Supply
Thomson Learning
Avaya
Samson
EP Energy Corporation (B
Paso)
US Foodsenice
Dollar General
CDW
Cequel Communications
Kinetic Concepts
Manor Care
Debt
Equity
Financing Financing
$31.650
22,000
24,000
20.600
15.640
15.000
NA
NA
6000
5.580
5.250
3.000
3500
NA
4.200
4.440
4615
4.800
3.600
4.600
$10.534
5.250
$8.000
7,000
4.000
4.372
5,100
1,000
NA
NA
2.500
1920
2015
3.000
3.600
NA
2,805
1.085
1,759
2.700
1299
$3,308
2.700
Enterprise
Value
$43.800
29.000
28.000
24,972
20,740
18,000
9,400
9.250
8.500
7.500
7.205
7.200
7,100
7.100
7.005
6852
6.000
6.300
6.300
5.800
$13.290
7.383
Premium
22%
18
NA
NA
NA
NA
NA
11
NA
NA
NA
14
NA
13
19%
18
Source: Capital IQ
Note: Technology M&A transactions reflect the top 20 deals since 2011 that are greater than $2.0 billion in announced transaction value. Leveraged buyout transactions reflect the
top 20 deals since 2007 that are greater than $5.0 billion in announced transaction value
19View entire presentation