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Driving value:
2015 Midyear Automotive M&A Insights
In this issue
2	 Welcome
3	Key trends at a glance
4	2015—first half review
7	 Insights into regions
9	 Analyzing industry segments
11	 Who’s buying: Financial 	
	 versus Trade buyers
13	 The road ahead
14	 Contact information
Driving value	 2	 2015 Midyear Automotive MA Insights
We are pleased to present Driving Value: 2015 Midyear
Automotive MA Insights, PwC’s review of mergers and
acquisitions (MA) activity and key trends impacting the
global automotive industry.
In this edition, we look at:
•	 The status of global automotive deal activity amongst
vehicle manufacturers, suppliers, financiers, and other
related sectors
•	 Key trends that impacted the deal market
•	 Transaction activity by sector and region
•	 Our perspective on the journey to the future
This latest edition is meant to serve only as a preface to
the insights and observations that we can provide to drive
successful transactions. MA leaders in the automotive
and financial sectors frequently turn to us for advice on
potential transactions and the strategies underpinning
those deals. Your feedback is important to us, and we
welcome the opportunity to provide you with a deeper
look into any of these trends that may be of benefit to
your organization.
Paul G. Elie
PwC US Automotive Deals Leader
+1 (313) 394 3517
paul.g.elie@pwc.com
Welcome
Driving value	 3	 2015 Midyear Automotive MA Insights
Global automotive
deal volume grew by
10%closing
276
$
34.1 billionin global automotive deal value
Key trends at a glance
Automotive
$449
millionhighest in over 10 years
Predicted global
automotive
assembly growth 2015
2021
3.5% CAGR
Vehicle Manufactuers’
deal value
declined to
billion
$4.1billion
$26.6
$20
billion
megadeals
$12.5 billion
Financial buyers share of
global automotive MA
activity increased to 31%
compared to 26%in 2014
50%TOP 10 DEALS
TARGETED ASIAN ASSETS
COMPONENT SUPPLIERS
consecutive
increase
Global cross-sector
MA volume increased
7
Source: Thomson Reuters and other publicly available resources.
5th
ZF Friedrichshafen AG acquisition of
TRW Automotive Holdings Corp—largest deal since 2007
with a total aggregated
disclosed value of
deals in first half 2015
compared to 2014 24% from first half of 2014
Average global
automotive deal size
HIGHEST DISCLOSED
AVERAGE FIRST HALF
DEAL VALUE IN 10 YEARS
58% 2014from
Up
10% in 2015
compared to 2014
deal value
soared to
97%
and
$13.4 2014
from 2014
billion
compared to
Driving value	 4	 2015 Midyear Automotive MA Insights
Global automotive –
strong midyear results
Automotive MA deal volume for the
first half of 2015 was up ten percent,
further extending gains made in the
first half of 2014. With 276 deals, the
industry saw its highest volume of deals
transacted since 2011 and slightly below
pre-recession levels.
In many respects, the financial strength
of the automotive industry is back. This
is evidenced by deal value increasing
by 24% in the first half of 2015 up to
$34.1 billion, the highest value of deals
in the past decade (excluding the United
States Treasury facilitated investments
in 2009). Much of this increase in deal
value is driven by seven megadeals
with a total aggregated disclosed value
of $26.6 billion, the largest of which
was ZF Friedrichshafen AG’s $12.5
billion acquisition of TRW Automotive
Holdings Corp.
In the first half of 2015, average global
automotive deal size increased 58%
from $284 million to $449 million. This
also marks the highest average deal
value in the past decade and four times
its low in 2012.
Further, the number of megadeals
increased from five to seven in the first
half of 2015. Continuing the trend from
the first half of 2014, larger megadeals
have led to a significant increase in
overall average deal value in the first
half of 2015.
H12015 181 days—276 deals—
$34.1 billion total aggregate disclosed value
0
20
40
60
80
100
120
140
160
180
H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010
$100 mn $100 mn–$1 bn $1 bn
Source: Thomson Reuters and other publicly available sources.
56
13
751178370
32
73
16
$127
5
7
$203
Average deal size (R-Axis)
Dealvolumeofdiscloseddealvalue
Averagediscloseddealvalue($bn)
0
50
100
150
200
250
300
350
400
450
500
$99
$171
17
$449
24
4
19
2
5
$284
Global Automotive MA Deals by Disclosed Value
H1 2010–H1 2015
Source: Thomson Reuters and other publicly available resources
0
5
10
15
20
25
30
35
40
H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008
0
50
100
150
200
250
300
350
Disclosed deal value UST Facilitated investments
Source: Thomson Reuters and other publicly available sources.
282
257 265
303
264
222
276
Deal volume (R-Axis)
Discloseddealvalue($bn)
Dealvolume
$16 $24.2
$7.5
$11.6 $18.8 $10.6 $13.1 $27.5 $34.1
250
Global Automotive MA Deal Volume and Value
H1 2008–H1 2015
Source: Thomson Reuters and other publicly available resources
First half 2015
Driving value	 5	 2015 Midyear Automotive MA Insights
Cross-Sector MA
Global cross-sector MA activity shows
similar trends as global automotive MA
with regards to increases in deal volume
and value. As evidenced in the chart below,
global cross-sector MA is continually
trending upward, approaching 2008 levels.
In 2015, both deal volume and value
increased by 10% and 40% respectively.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008
0
2
4
6
8
10
12
14
16
18
20
Disclosed deal value
Source: Thomson Reuters and other publicly available sources.
16
15
13.6
15
Deal volume (R-Axis)
Dealvolume(thousands)
$1.45 $0.81 $0.91 $1.30 $0.93 $0.98 $1.01 $1.41
12.9
16
15.1
18.7
Discloseddealvalue($trn)
Global Automotive MA Deals by Disclosed Value
H1 2008–H1 2015
Source: Thomson Reuters and other publicly available resources
Global light vehicle assembly outlook
Assemblyvolumes(millions)
Dealvolume
Automotive MA deal volume (FY14 projection)
Source: PwC Autofacts 2014 Q3 Data Release, Thomson Reuters and other publicly available sources, PwC Analysis
20
30
40
50
60
70
80
90
100
110
20212020201920182017201620152014201320122011201020092008200720062005200420032002
55
56
58
63
65 66
69
58
72
75
80
84
86
89
93
98
102
106 107 109
621
588
515
584 594 604
520
594
490
465
543
597
200
300
400
500
600
700
800
900
549
532
2015–2021 CAGR = 3.5%
Global Automotive MA Deals by Disclosed Value
H1 2002–H1 2021
Source: Thomson Reuters and other publicly available resources
Automotive Assembly – Steady
Growth Pace Despite Obstacles
While global assembly continues to grow
at a modest pace, economic volatility,
political uncertainty and to a lesser extent,
vehicle recalls affect the overall assembly
outlook. We’ve noted that mature markets
are sustaining global growth despite the
accelerated decline in markets like Brazil
and Russia. PwC’s Autofacts reports that
long-term outlooks are still positive,
however, recent setbacks in Brazil and
Russia, along with a slowdown in China,
have caused volatility in the industry’s
near-term growth plans. According to PwC
Autofacts, the industry is expected to add
20.0 million units of production between
2015 and 2021 for a compounded annual
growth rate (CAGR) of 3.5%.
Following up on a very strong 2014,
North America’s total production volumes
continue to grow due to new investments in
expanding capacity at existing plants as well
as new plants.
Despite economic challenges in Europe due
to hectic discussions about overall stability
of the European banking system, higher
foreign demand will help drive automakers
to raise their output further, and is expected
to improve overall utilization and industry
profitability. The European Union forecasted
assembly in 2015 of 17.6 million units, which
is up 5.1% year-over-year.
Driving value	 6	 2015 Midyear Automotive MA Insights
Top 20 automotive
deals in 2015
Top 20 Automotive Transactions, 2015	
Date effective Target name Target
region
Acquiror name Acquiror
region
% of Shares
acquired
Value of
transaction
($mil)
Buyer
type
Category
1 15 May 2015 TRW Automotive Holdings Corp US ZF Friedrichshafen AG Europe 100 12,494 TRADE Comp
2 08 Jun 2015
China Grand Auto Services
Co Ltd
Asia
Merro Pharmaceutical
Co Ltd
Asia 100 5,184 TRADE Other
3 09 Jun 2015
Halla Visteon Climate Control
Corp
Asia Investor Group Asia 70 3,598 FIN Comp
4 02 Apr 2015 British Car Auctions Ltd Europe Haversham Holdings PLC Europe 100 1,863 FIN Other
5 20 Apr 2015
Regie Nationale des Usines
Renault SA
Europe Deutsche Bank AG Europe 5 1,328 FIN VM
6 30 Jan 2015 Dynacast International Inc US Partners Group AG Europe 100 1,100 FIN Comp
7 20 Apr 2015
Anhui Jianghuai Automobile
Group Co Ltd
Asia
Anhui Jianghuai
Automobile Co Ltd
Asia 100 1,064 TRADE VM
8 03 Jun 2015 KT Rental Corp Asia Investor Group Asia 100 913 FIN Other
9 05 Jan 2015
Dongfeng Commercial Vehicles
Co Ltd
Asia Volvo AB Europe 45 902 TRADE VM
10 05 Jan 2015 Eagle Ottawa LLC US Lear Corp US 100 850 TRADE Comp
11 18 Mar 2015 Penske Truck Leasing Co LP US Mitsui  Co Ltd Asia 20 750 TRADE Other
12 24 Feb 2015 School Bus Holdings Inc US
Hennessy Capital
Acquisition Corp
US 100 487 FIN VM
13 07 May 2015
Nanjing Aotecar New Energy
Technology Co Ltd
Asia
Jiangsu Kingfield
Garments Co Ltd
Asia 100 463 TRADE Comp
14 09 Feb 2015
TRW Automotive Holdings
Corp-Engine Valve Business
Europe
Federal-Mogul Holdings
Corp
US 100 385 TRADE Comp
15 01 Jun 2015
Anixter International Inc-OEM
Supply Fasteners Division
US
American Industrial
Partners LP
US 100 380 FIN Comp
16 01 Jun 2015 Uni-Select USA Inc US Icahn Enterprises LP US 100 340 FIN Other
17 09 Apr 2015 Maggiore Rent SpA Europe Avis Budget Group Inc US 100 160 TRADE Other
18 16 Apr 2015
Shenzhen Kanglaishi Standard
Testing Technology Co Ltd
Asia Investor Group Asia 92 150 FIN Other
19 02 Jun 2015
Zhejiang Longsheng Auto Parts
Co Ltd
Asia Investor Group Asia 22 126 FIN Comp
20 28 Jan 2015 Quin GmbH Europe
Ningbo Joyson Electronic
Corp
Asia 75 111 TRADE Comp
Source: Thomson Reuters and other publicly available resources
Driving value	 7	 2015 Midyear Automotive MA Insights
Insights into regions
The big picture
Local deals (transactions by targets and acquirers within the same
borders) dominated the MA landscape again across all regions
in the first half of 2015, as 83% of the total deals volume were
local. Only 53% of deal value (or $17.94 billion) was attributable
to these local deals; however, this is largely due to the cross-border
transaction between ZF Friedrichshafen AG’s and TRW Automotive
Holding Corp., which inflated the value of non-local deals.
Much of the movement in share of deal volume and value was
between the United States, Europe, and Asia, while the Rest of
the World remained relatively flat. United States, European, and
Asian assets experienced the greatest benefit from the mega deals
transacted in the first half of 2015, with all seven deals being with a
United States, European or Asian target and/or acquirer.
North America
The United States continued its steady increases
in share of deal volume by acquirer and target
region, trailing only Europe in this regard. Share of
deal volume by acquirer increased for the second
consecutive year up to 33%, while share of deal
volume by target increased for the third consecutive
year up to 31%.
Europe
European activity was the most robust in the
first half of 2015 with its share of deal volume
by acquirer and target region (37% and 43%,
respectively) being the highest since 2013.
Asia
While 50% of the top deals targeted Asian assets,
the Asian region saw decreases in share of deal
volume by both acquirer and target regions,
continuing the pattern of decline seen over the past
three years.
C Analysis
Source: PwC Analysis
Share of Deal Volume by Acquirer Region
2010-H1 2015
Share of Deal Volume by Target Region
2010-H1 2015
Source: Thomson Reuters and other publicly available sources
Source: Thomson Reuters and other publicly available sources
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
27% 27% 33%
20% 23%
27%
46%
41%
31%
9% 9%
25%
25%
40%
10%
25%
30%
35%
10%
23%
33%
37%
7%7%
Europe US Asia Row
Source: Thomson Reuters and other publicly available sources.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
Europe US Asia Row
Source: Thomson Reuters and other publicly available sources.
4% 7% 8%
31%
28% 32%
20% 22%
24%
45% 43%
36%
8%
25%
24%
43%
8%
23%
29%
40%
7%
19%
31%
43%
Driving value	 8	 2015 Midyear Automotive MA Insights
Share of Disclosed Deal Value by Acquirer Region
2010-H1 2015
Share of Disclosed Deal Value by target Region
2010-H1 2015
Source: Thomson Reuters and other publicly available sources
Source: Thomson Reuters and other publicly available sources
Source: Thomson Reuters and other publicly available sources
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
36%
2%
31%
31%
31%
24%
41%
4%
21%
31%
43%
5%
46%
38%
12%
4%
21%
39%
39%
1%
39%
9%
52%
Europe US Asia Row
Source: Thomson Reuters and other publicly available sources.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 201520142013201220112010
30%
45%
24%
2%
33%
26%
39%
2%
28%
22%
48%
2%
44%
12%
42%
49%
39%
12%
47%
4%
35%
14%
1%
Europe US Asia Row
Source: Thomson Reuters and other publicly available sources.
US
Local: 78 deals, $2.34 billion
Inbound: 8 deals, $14.43 billion
Outbound: 14 deals, $0.61 billion
Asia (Asia  Oceania)
Local: 48 deals, $12.25 billion
Inbound: 4 deals, $0.90 billion
Outbound: 16 deals, $1.09 billionRest of the World
Local: 10 deals, $0.001 billion
Inbound: 9 deals, $0.06 billion
Outbound: 9 deals, No value
disclosed
Europe
Local: 93 deals, $3.35 billion
Inbound: 26 deals, $0.79 billion
Outbound: 8 deals, $14.50 billion
Source: Thomson Reuters and other publicly available sources.
Driving value	 9	 2015 Midyear Automotive MA Insights
The big picture
Deal value increased significantly in the first half of 2015 compared
to first half of 2014 for Component Suppliers and Others with the
largest increase ($9.9 billion) being with Component Suppliers,
primarily driven by ZF Friedrichshafen AG’s acquisition of TRW
Automotive Holdings Corp for $12.5 billion.
Components suppliers
This marks the fifth consecutive period of increasing deal value
for Component Suppliers despite a 28% decrease in deal volume
from the first half of 2014. The 97% increase in deal value, when
compared to 2014, is driven by ZF Friedrichshafen AG’s acquisition
of TRW Automotive Holdings Corp, which is the largest mega deal
since 2007. Excluding this single megadeal, Component Suppliers
deal value is down 26% to $7.5 million.
Vehicle manufacturers
On the other hand, Vehicle Manufacturers deal value decreased
by 69% in the first half of 2015, falling back in line with pre-2013
numbers. The large spike in 2014 can be attributed primarily to two
large mega deals with a total aggregate disclosed value of $11.9
billion that occurred in the first half of 2014.
Even so, deal volume amongst Vehicle Manufacturers actually
increased by 38% in 2015 from the first half of 2014.
Others
The Others category—including retail/dealership, aftermarket,
rental/leasing and wholesale, etc. continues to recover after steady
declines during the peak of the recession. This segment showed
large gains in the first half of 2015 compared to the first half of
2014. Deal value increased by 152%, fueled by a 46% increase in
deal volume and two megadeals totaling over $7 billion in value.
Component Suppliers MA Activity
H1 2010–H1 2015
Source: Thomson Reuters and other publicly available sources
Disclosed deal value
Discloseddealvalue($bn)
Dealvolume
Deal volume
Source: Thomson Reuters and other publicly available sources.
0
5
10
15
20
25
100
84
137
0
20
40
60
80
100
120
140
160
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
150
144
$1.6 $3.7 $4.7 $8.6 $10.1 $20.0
117
Analyzing industry segments
Driving value	 10	 2015 Midyear Automotive MA Insights
Vehicle Manufacturers MA Activity
H1 2010–H1 2015
Others MA Activity
H1 2010–H1 2015
Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources
Disclosed deal value
Discloseddealvalue($bn)
Dealvolume
Deal volume
Source: Thomson Reuters and other publicly available sources.
0
2
4
6
8
10
12
14
16
30
33
42
0
10
20
30
40
50
60
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
48
52
$5.7 $3.1 $4.4 $1.1 $13.4 $4.1
24
Disclosed deal value
Discloseddealvalue($bn)
Dealvolume
Deal volume
Source: Thomson Reuters and other publicly available sources.
0
2
4
6
8
10
12
14
159
85
0
20
40
60
80
100
120
140
160
180
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
67
107
$4.3 $12.1 $1.6 $3.4 $4.0 $10.0
109
92
Driving value	 11	 2015 Midyear Automotive MA Insights
The big picture
Financial buyers saw increases in the volume and value of deals
initiated in the first half of 2015. Deal volume increased 33% and
deal value by 174% as compared to the first half of 2014.
Financial buyers—Green light
Financial buyers saw increases in both deal value and deal
volume in first half of 2015. The increase in deal value is
primarily driven by financial buyer’s representing three of the
top five acquisitions for the first half of 2015, with the most
significant being an acquisition of Halla Visteon Climate Control
Corp.
Overall, financial buyers’ share of MA activity increased for
the second consecutive year to 31%, this is the highest over the
review period.
Trade buyers—Green light
Deal value and deal volume remained steady for trade buyers for
the first half of 2015 as compared to the first half of 2014. Volume
increased 3% and value was flat.
The continued strong results by trade buyers’ was significantly
driven by mega deals, as the two largest deals for 2015 were
with trade buyers. The most significant mega deal being ZF
Friedrichshafen AG’s acquisition of TRW Automotive Holdings
Corp for $12.5 billion.
Financial Buyer MA Activity
H1 2010–H1 2015
Source: Thomson Reuters and other publicly available sources
Financial value
Discloseddealvalue($bn)
Dealvolume
Financial volume (R-axis)
Source: Thomson Reuters and other publicly available sources.
0
2
4
6
8
10
12
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
46
58
0
10
20
30
40
50
60
70
80
90
72
79
$4.3 $8.5 $1.3 $6.8 $4.0 $11.0
64
85
Who’s buying
Financial vs. Trade buyers
Driving value	 12	 2015 Midyear Automotive MA Insights
Trade Buyers MA Activity
H1 2010-H1 2015
Financial Buyer Share of MA Activity
H1 2010–H1 2015
Source: Thomson Reuters and other publicly available sources
Source: Thomson Reuters and other publicly available sources
Trade value
Discloseddealvalue($bn)
Dealvolume
Trade volume (R-axis)
Source: Thomson Reuters and other publicly available sources.
0
5
10
15
20
25
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
176
206
0
50
100
150
200
250
193
224
$7.2 $10.3 $9.3 $6.3 $23.5 $23.2
186 191
Financial Buyer Share of Total Value
ShareofMAactivity
Source: Thomson Reuters and other publicly available sources.
Financial Buyer Share of Total Volume
0
10
20
30
40
50
60
H1
2015
H1
2014
H1
2013
H1
2012
H1
2011
H1
2010
21%22%
27%
26%
37% 45% 12% 52% 15% 32%
31%
26%
Driving value	 13	 2015 Midyear Automotive MA Insights
TheRoadAhead
A positive outlook for Automotive MA
It is all systems go for the automotive industry, where MA activity has continued to heat up on the
backs of a few strong years. The first half of 2015 brought further improvements to already strong
numbers in both deal volume and value, driven by some of the largest megadeals seen in the last decade.
With robust automotive assembly outlook, PwC expects the MA markets will continue to stay strong as
companies continue to invest in RD for next-gen technologies and innovation, and as the industry as a
whole looks to consolidate after years of fragmentation.
These are the key factors that we anticipate will spark automotive MA growth going forward:
•	 High levels of liquidity on corporate balance sheets
•	 Strategic initiatives to expand market share and grow customer, technology and product portfolios
•	 Strong economic recovery and pent-up demand in developed countries such as the US
•	 Financial investors will continue to see opportunities for growth in the automotive industry
The Road Ahead
Driving value	 14	 2015 Midyear Automotive MA Insights
Contact us
To have a deeper discussion about our point of view
on automotive MA, please contact:
Authors Automotive leadership
Automotive transaction services
Paul Elie
PwC US, US Automotive Deals Leader
paul.g.elie@us.pwc.com
+1 (313) 394 3517
Harry Gruits
PwC US, Director, Automotive Transaction Services
harry.l.gruits@us.pwc.com
+1 (313) 394 3023
Christopher Becker
PwC US, Senior Associate,
Automotive Transaction Services
christopher.j.becker@us.pwc.com
+1 (313) 394 3237
Richard Hanna
Global Automotive Leader
richard.hanna@us.pwc.com
+1 (313) 394 3450
Felix Kuhnert
PwC Germany, European Automotive Leader
felix.kuhnert@de.pwc.com
+49 (711) 25034 3309
Hitoshi Kiuchi
PwC Japan, Asia Pacific Automotive Leader
hitoshi.kiuchi@jp.pwc.com
+81 (0)80 3158 6934
Dietmar Ostermann
Global Automotive Advisory Leader
dietmar.ostermann@us.pwc.com
+1 (972) 672 4425
Evan Hirsh
PwC US, US Automotive Advisory Leader
evan.hirsh@us.pwc.com
+1 (312) 578 4725
Alexander Unfried
Global Automotive Tax Leader
alexander.unfried@de.pwc.com
+49 (711) 25034 3216
Humberto Tognelli
PwC Brazil
humberto.tognelli@br.pwc.com
+55 (11) 3674 3855
Damiano Peluso
PwC Canada
damiano.peluso@ca.pwc.com
+1 (416) 814 5776
Leon Qian
PwC China
leon.qian@cn.pwc.com
+86 (10) 6533 2940
Tang Xun
PwC China
xun.tang@cn.pwc.com
+86 (21) 2323 3396
Steven Perrin
PwC France
steven.perrin@fr.pwc.com
+33 (0)156 578 296
Martin Schwarzer
PwC Germany
martin.schwarzer@de.pwc.com
+49 (0) 69 9585 5667
Sanjeev Krishan
PwC India
sanjeev.krishan@in.pwc.com
+91 (12) 4330 6017
Francesco Giordano
PwC Italy
francesco.giordano@it.pwc.com
+39 348 1505447
Taizo Iwashima
PwC Japan
taizo.iwashima@jp.pwc.com
+81 (3) 6266 5572
Jason Wakelam
PwC UK
jason.wakelam@uk.pwc.com
+44 (0) 77 1471 1133
Paul Elie
PwC US
paul.g.elie@us.pwc.com
+1 (313) 394 3517
About PwC’s Automotive Practice
PwC’s global automotive practice leverages its extensive experience in the industry to help companies solve complex
business challenges with efficiency and quality. One of PwC’s global automotive practice’s key competitive advantages is
Autofacts®, a team of automotive industry specialists dedicated to ongoing analysis of sector trends. Autofacts provides
our team of more than 5,000 automotive professionals and our clients with data and analysis to assess implications make
recommendations, and support decisions to compete in the global marketplace.
About the Transaction Services Practice
The PwC’s Transaction Services practice provides due diligence on both the buy
and sell side of a deal, along with advice on MA strategy, valuation, accounting,
financial reporting, and capital raising. For companies in distressed situations, we
advise on crisis avoidance, financial and operational restructuring and bankruptcy.
With approximately 1,000 deal professionals in 16 cities in the US and over 6,000
deal professionals in over 90 countries, experienced teams are deployed with deep
industry and local market knowledge, and technical experience tailored to each
client’s situation. Our field-proven, globally consistent, controlled deal process helps clients decrease minimize their risks,
progress with the right deals, and capture value both at the deal table and after the deal closes.
About Autofacts®
Autofacts is a key strategic asset of PwC’s global automotive practice. Fully integrated with PwC’s more than 5,000 global
automotive professionals, Autofacts provides ongoing auto industry analysis our clients use to shape business strategy, assess
implications and support a variety of operational decisions. The Autofacts team also draws from the strengths of PwC’s
marketing, sales and financial services groups to support other key areas of automotive companies’ functions. Since 1985,
our market-tested approach, diverse service offerings and dedication to client service have made Autofacts a trusted advisor
throughout the industry. For more information, visit www.autofacts.com.
Corporate finance
Damian Peluso
PwC Canada
damian.peluso@ca.pwc.com
+1 (416) 814 5776
Martin Schwarzer
PwC Germany
martin.schwarzer@de.pwc.com
+49 (0) 69 9585 5667
Marco Tanzi Marlotti
PwC Italy
marco.tanzi.marlotti@it.pwc.com
+39 (02) 8064 6330
Taizo Iwashima
PwC Japan
taizo.iwashima@jp.pwc.com
+81 (3) 6266 5572
Darren Jukes
PwC UK
darren.jukes@uk.pwc.com
+44 (20) 7804 8555
Andrew Kanfer
PwC US
andrew.kanfer@us.pwc.com
+1 (312) 298 3258
Visit our automotive industry website at www.pwc.com/auto
*Corporate finance services in the US are provided through PricewaterhouseCoopers Corporate Finance LLC (“PwC CF”). PwC CF is owned
by PricewaterhouseCoopers LLP, a member firm of the PricewaterhouseCoopers Network, and is a member of FINRA and SIPC. PwC CF is
not engaged in the practice of public accountancy. US persons, please contact the FINRA registered representatives noted with an *.
“PwC has been rated as an IDC
MarketScape leader in Worldwide
Strategy Consulting Services 2014
Vendor Assessment.”
Source: IDC MarketScape: Worldwide Business
Consulting Services 2015 Vendor Assessment
(Doc #254320)
All dollar amounts are expressed in US dollars, unless otherwise noted.
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon
the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as
to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its
members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or
refraining to act, in reliance on the information contained in this publication or for any decision based on it.
© 2015 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the United States member firm, and may
sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for
general information purposes only, and should not be used as a substitute for consultation with professional advisors.
83734-2016

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PwC Auto M&A Insights 2015

  • 1. www.pwc.com/auto Driving value: 2015 Midyear Automotive M&A Insights In this issue 2 Welcome 3 Key trends at a glance 4 2015—first half review 7 Insights into regions 9 Analyzing industry segments 11 Who’s buying: Financial versus Trade buyers 13 The road ahead 14 Contact information
  • 2. Driving value 2 2015 Midyear Automotive MA Insights We are pleased to present Driving Value: 2015 Midyear Automotive MA Insights, PwC’s review of mergers and acquisitions (MA) activity and key trends impacting the global automotive industry. In this edition, we look at: • The status of global automotive deal activity amongst vehicle manufacturers, suppliers, financiers, and other related sectors • Key trends that impacted the deal market • Transaction activity by sector and region • Our perspective on the journey to the future This latest edition is meant to serve only as a preface to the insights and observations that we can provide to drive successful transactions. MA leaders in the automotive and financial sectors frequently turn to us for advice on potential transactions and the strategies underpinning those deals. Your feedback is important to us, and we welcome the opportunity to provide you with a deeper look into any of these trends that may be of benefit to your organization. Paul G. Elie PwC US Automotive Deals Leader +1 (313) 394 3517 paul.g.elie@pwc.com Welcome
  • 3. Driving value 3 2015 Midyear Automotive MA Insights Global automotive deal volume grew by 10%closing 276 $ 34.1 billionin global automotive deal value Key trends at a glance Automotive $449 millionhighest in over 10 years Predicted global automotive assembly growth 2015 2021 3.5% CAGR Vehicle Manufactuers’ deal value declined to billion $4.1billion $26.6 $20 billion megadeals $12.5 billion Financial buyers share of global automotive MA activity increased to 31% compared to 26%in 2014 50%TOP 10 DEALS TARGETED ASIAN ASSETS COMPONENT SUPPLIERS consecutive increase Global cross-sector MA volume increased 7 Source: Thomson Reuters and other publicly available resources. 5th ZF Friedrichshafen AG acquisition of TRW Automotive Holdings Corp—largest deal since 2007 with a total aggregated disclosed value of deals in first half 2015 compared to 2014 24% from first half of 2014 Average global automotive deal size HIGHEST DISCLOSED AVERAGE FIRST HALF DEAL VALUE IN 10 YEARS 58% 2014from Up 10% in 2015 compared to 2014 deal value soared to 97% and $13.4 2014 from 2014 billion compared to
  • 4. Driving value 4 2015 Midyear Automotive MA Insights Global automotive – strong midyear results Automotive MA deal volume for the first half of 2015 was up ten percent, further extending gains made in the first half of 2014. With 276 deals, the industry saw its highest volume of deals transacted since 2011 and slightly below pre-recession levels. In many respects, the financial strength of the automotive industry is back. This is evidenced by deal value increasing by 24% in the first half of 2015 up to $34.1 billion, the highest value of deals in the past decade (excluding the United States Treasury facilitated investments in 2009). Much of this increase in deal value is driven by seven megadeals with a total aggregated disclosed value of $26.6 billion, the largest of which was ZF Friedrichshafen AG’s $12.5 billion acquisition of TRW Automotive Holdings Corp. In the first half of 2015, average global automotive deal size increased 58% from $284 million to $449 million. This also marks the highest average deal value in the past decade and four times its low in 2012. Further, the number of megadeals increased from five to seven in the first half of 2015. Continuing the trend from the first half of 2014, larger megadeals have led to a significant increase in overall average deal value in the first half of 2015. H12015 181 days—276 deals— $34.1 billion total aggregate disclosed value 0 20 40 60 80 100 120 140 160 180 H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010 $100 mn $100 mn–$1 bn $1 bn Source: Thomson Reuters and other publicly available sources. 56 13 751178370 32 73 16 $127 5 7 $203 Average deal size (R-Axis) Dealvolumeofdiscloseddealvalue Averagediscloseddealvalue($bn) 0 50 100 150 200 250 300 350 400 450 500 $99 $171 17 $449 24 4 19 2 5 $284 Global Automotive MA Deals by Disclosed Value H1 2010–H1 2015 Source: Thomson Reuters and other publicly available resources 0 5 10 15 20 25 30 35 40 H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008 0 50 100 150 200 250 300 350 Disclosed deal value UST Facilitated investments Source: Thomson Reuters and other publicly available sources. 282 257 265 303 264 222 276 Deal volume (R-Axis) Discloseddealvalue($bn) Dealvolume $16 $24.2 $7.5 $11.6 $18.8 $10.6 $13.1 $27.5 $34.1 250 Global Automotive MA Deal Volume and Value H1 2008–H1 2015 Source: Thomson Reuters and other publicly available resources First half 2015
  • 5. Driving value 5 2015 Midyear Automotive MA Insights Cross-Sector MA Global cross-sector MA activity shows similar trends as global automotive MA with regards to increases in deal volume and value. As evidenced in the chart below, global cross-sector MA is continually trending upward, approaching 2008 levels. In 2015, both deal volume and value increased by 10% and 40% respectively. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 H1 2015H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008 0 2 4 6 8 10 12 14 16 18 20 Disclosed deal value Source: Thomson Reuters and other publicly available sources. 16 15 13.6 15 Deal volume (R-Axis) Dealvolume(thousands) $1.45 $0.81 $0.91 $1.30 $0.93 $0.98 $1.01 $1.41 12.9 16 15.1 18.7 Discloseddealvalue($trn) Global Automotive MA Deals by Disclosed Value H1 2008–H1 2015 Source: Thomson Reuters and other publicly available resources Global light vehicle assembly outlook Assemblyvolumes(millions) Dealvolume Automotive MA deal volume (FY14 projection) Source: PwC Autofacts 2014 Q3 Data Release, Thomson Reuters and other publicly available sources, PwC Analysis 20 30 40 50 60 70 80 90 100 110 20212020201920182017201620152014201320122011201020092008200720062005200420032002 55 56 58 63 65 66 69 58 72 75 80 84 86 89 93 98 102 106 107 109 621 588 515 584 594 604 520 594 490 465 543 597 200 300 400 500 600 700 800 900 549 532 2015–2021 CAGR = 3.5% Global Automotive MA Deals by Disclosed Value H1 2002–H1 2021 Source: Thomson Reuters and other publicly available resources Automotive Assembly – Steady Growth Pace Despite Obstacles While global assembly continues to grow at a modest pace, economic volatility, political uncertainty and to a lesser extent, vehicle recalls affect the overall assembly outlook. We’ve noted that mature markets are sustaining global growth despite the accelerated decline in markets like Brazil and Russia. PwC’s Autofacts reports that long-term outlooks are still positive, however, recent setbacks in Brazil and Russia, along with a slowdown in China, have caused volatility in the industry’s near-term growth plans. According to PwC Autofacts, the industry is expected to add 20.0 million units of production between 2015 and 2021 for a compounded annual growth rate (CAGR) of 3.5%. Following up on a very strong 2014, North America’s total production volumes continue to grow due to new investments in expanding capacity at existing plants as well as new plants. Despite economic challenges in Europe due to hectic discussions about overall stability of the European banking system, higher foreign demand will help drive automakers to raise their output further, and is expected to improve overall utilization and industry profitability. The European Union forecasted assembly in 2015 of 17.6 million units, which is up 5.1% year-over-year.
  • 6. Driving value 6 2015 Midyear Automotive MA Insights Top 20 automotive deals in 2015 Top 20 Automotive Transactions, 2015 Date effective Target name Target region Acquiror name Acquiror region % of Shares acquired Value of transaction ($mil) Buyer type Category 1 15 May 2015 TRW Automotive Holdings Corp US ZF Friedrichshafen AG Europe 100 12,494 TRADE Comp 2 08 Jun 2015 China Grand Auto Services Co Ltd Asia Merro Pharmaceutical Co Ltd Asia 100 5,184 TRADE Other 3 09 Jun 2015 Halla Visteon Climate Control Corp Asia Investor Group Asia 70 3,598 FIN Comp 4 02 Apr 2015 British Car Auctions Ltd Europe Haversham Holdings PLC Europe 100 1,863 FIN Other 5 20 Apr 2015 Regie Nationale des Usines Renault SA Europe Deutsche Bank AG Europe 5 1,328 FIN VM 6 30 Jan 2015 Dynacast International Inc US Partners Group AG Europe 100 1,100 FIN Comp 7 20 Apr 2015 Anhui Jianghuai Automobile Group Co Ltd Asia Anhui Jianghuai Automobile Co Ltd Asia 100 1,064 TRADE VM 8 03 Jun 2015 KT Rental Corp Asia Investor Group Asia 100 913 FIN Other 9 05 Jan 2015 Dongfeng Commercial Vehicles Co Ltd Asia Volvo AB Europe 45 902 TRADE VM 10 05 Jan 2015 Eagle Ottawa LLC US Lear Corp US 100 850 TRADE Comp 11 18 Mar 2015 Penske Truck Leasing Co LP US Mitsui Co Ltd Asia 20 750 TRADE Other 12 24 Feb 2015 School Bus Holdings Inc US Hennessy Capital Acquisition Corp US 100 487 FIN VM 13 07 May 2015 Nanjing Aotecar New Energy Technology Co Ltd Asia Jiangsu Kingfield Garments Co Ltd Asia 100 463 TRADE Comp 14 09 Feb 2015 TRW Automotive Holdings Corp-Engine Valve Business Europe Federal-Mogul Holdings Corp US 100 385 TRADE Comp 15 01 Jun 2015 Anixter International Inc-OEM Supply Fasteners Division US American Industrial Partners LP US 100 380 FIN Comp 16 01 Jun 2015 Uni-Select USA Inc US Icahn Enterprises LP US 100 340 FIN Other 17 09 Apr 2015 Maggiore Rent SpA Europe Avis Budget Group Inc US 100 160 TRADE Other 18 16 Apr 2015 Shenzhen Kanglaishi Standard Testing Technology Co Ltd Asia Investor Group Asia 92 150 FIN Other 19 02 Jun 2015 Zhejiang Longsheng Auto Parts Co Ltd Asia Investor Group Asia 22 126 FIN Comp 20 28 Jan 2015 Quin GmbH Europe Ningbo Joyson Electronic Corp Asia 75 111 TRADE Comp Source: Thomson Reuters and other publicly available resources
  • 7. Driving value 7 2015 Midyear Automotive MA Insights Insights into regions The big picture Local deals (transactions by targets and acquirers within the same borders) dominated the MA landscape again across all regions in the first half of 2015, as 83% of the total deals volume were local. Only 53% of deal value (or $17.94 billion) was attributable to these local deals; however, this is largely due to the cross-border transaction between ZF Friedrichshafen AG’s and TRW Automotive Holding Corp., which inflated the value of non-local deals. Much of the movement in share of deal volume and value was between the United States, Europe, and Asia, while the Rest of the World remained relatively flat. United States, European, and Asian assets experienced the greatest benefit from the mega deals transacted in the first half of 2015, with all seven deals being with a United States, European or Asian target and/or acquirer. North America The United States continued its steady increases in share of deal volume by acquirer and target region, trailing only Europe in this regard. Share of deal volume by acquirer increased for the second consecutive year up to 33%, while share of deal volume by target increased for the third consecutive year up to 31%. Europe European activity was the most robust in the first half of 2015 with its share of deal volume by acquirer and target region (37% and 43%, respectively) being the highest since 2013. Asia While 50% of the top deals targeted Asian assets, the Asian region saw decreases in share of deal volume by both acquirer and target regions, continuing the pattern of decline seen over the past three years. C Analysis Source: PwC Analysis Share of Deal Volume by Acquirer Region 2010-H1 2015 Share of Deal Volume by Target Region 2010-H1 2015 Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% H1 201520142013201220112010 27% 27% 33% 20% 23% 27% 46% 41% 31% 9% 9% 25% 25% 40% 10% 25% 30% 35% 10% 23% 33% 37% 7%7% Europe US Asia Row Source: Thomson Reuters and other publicly available sources. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% H1 201520142013201220112010 Europe US Asia Row Source: Thomson Reuters and other publicly available sources. 4% 7% 8% 31% 28% 32% 20% 22% 24% 45% 43% 36% 8% 25% 24% 43% 8% 23% 29% 40% 7% 19% 31% 43%
  • 8. Driving value 8 2015 Midyear Automotive MA Insights Share of Disclosed Deal Value by Acquirer Region 2010-H1 2015 Share of Disclosed Deal Value by target Region 2010-H1 2015 Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% H1 201520142013201220112010 36% 2% 31% 31% 31% 24% 41% 4% 21% 31% 43% 5% 46% 38% 12% 4% 21% 39% 39% 1% 39% 9% 52% Europe US Asia Row Source: Thomson Reuters and other publicly available sources. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% H1 201520142013201220112010 30% 45% 24% 2% 33% 26% 39% 2% 28% 22% 48% 2% 44% 12% 42% 49% 39% 12% 47% 4% 35% 14% 1% Europe US Asia Row Source: Thomson Reuters and other publicly available sources. US Local: 78 deals, $2.34 billion Inbound: 8 deals, $14.43 billion Outbound: 14 deals, $0.61 billion Asia (Asia Oceania) Local: 48 deals, $12.25 billion Inbound: 4 deals, $0.90 billion Outbound: 16 deals, $1.09 billionRest of the World Local: 10 deals, $0.001 billion Inbound: 9 deals, $0.06 billion Outbound: 9 deals, No value disclosed Europe Local: 93 deals, $3.35 billion Inbound: 26 deals, $0.79 billion Outbound: 8 deals, $14.50 billion Source: Thomson Reuters and other publicly available sources.
  • 9. Driving value 9 2015 Midyear Automotive MA Insights The big picture Deal value increased significantly in the first half of 2015 compared to first half of 2014 for Component Suppliers and Others with the largest increase ($9.9 billion) being with Component Suppliers, primarily driven by ZF Friedrichshafen AG’s acquisition of TRW Automotive Holdings Corp for $12.5 billion. Components suppliers This marks the fifth consecutive period of increasing deal value for Component Suppliers despite a 28% decrease in deal volume from the first half of 2014. The 97% increase in deal value, when compared to 2014, is driven by ZF Friedrichshafen AG’s acquisition of TRW Automotive Holdings Corp, which is the largest mega deal since 2007. Excluding this single megadeal, Component Suppliers deal value is down 26% to $7.5 million. Vehicle manufacturers On the other hand, Vehicle Manufacturers deal value decreased by 69% in the first half of 2015, falling back in line with pre-2013 numbers. The large spike in 2014 can be attributed primarily to two large mega deals with a total aggregate disclosed value of $11.9 billion that occurred in the first half of 2014. Even so, deal volume amongst Vehicle Manufacturers actually increased by 38% in 2015 from the first half of 2014. Others The Others category—including retail/dealership, aftermarket, rental/leasing and wholesale, etc. continues to recover after steady declines during the peak of the recession. This segment showed large gains in the first half of 2015 compared to the first half of 2014. Deal value increased by 152%, fueled by a 46% increase in deal volume and two megadeals totaling over $7 billion in value. Component Suppliers MA Activity H1 2010–H1 2015 Source: Thomson Reuters and other publicly available sources Disclosed deal value Discloseddealvalue($bn) Dealvolume Deal volume Source: Thomson Reuters and other publicly available sources. 0 5 10 15 20 25 100 84 137 0 20 40 60 80 100 120 140 160 H1 2015 H1 2014 H1 2013 H1 2012 H1 2011 H1 2010 150 144 $1.6 $3.7 $4.7 $8.6 $10.1 $20.0 117 Analyzing industry segments
  • 10. Driving value 10 2015 Midyear Automotive MA Insights Vehicle Manufacturers MA Activity H1 2010–H1 2015 Others MA Activity H1 2010–H1 2015 Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources Disclosed deal value Discloseddealvalue($bn) Dealvolume Deal volume Source: Thomson Reuters and other publicly available sources. 0 2 4 6 8 10 12 14 16 30 33 42 0 10 20 30 40 50 60 H1 2015 H1 2014 H1 2013 H1 2012 H1 2011 H1 2010 48 52 $5.7 $3.1 $4.4 $1.1 $13.4 $4.1 24 Disclosed deal value Discloseddealvalue($bn) Dealvolume Deal volume Source: Thomson Reuters and other publicly available sources. 0 2 4 6 8 10 12 14 159 85 0 20 40 60 80 100 120 140 160 180 H1 2015 H1 2014 H1 2013 H1 2012 H1 2011 H1 2010 67 107 $4.3 $12.1 $1.6 $3.4 $4.0 $10.0 109 92
  • 11. Driving value 11 2015 Midyear Automotive MA Insights The big picture Financial buyers saw increases in the volume and value of deals initiated in the first half of 2015. Deal volume increased 33% and deal value by 174% as compared to the first half of 2014. Financial buyers—Green light Financial buyers saw increases in both deal value and deal volume in first half of 2015. The increase in deal value is primarily driven by financial buyer’s representing three of the top five acquisitions for the first half of 2015, with the most significant being an acquisition of Halla Visteon Climate Control Corp. Overall, financial buyers’ share of MA activity increased for the second consecutive year to 31%, this is the highest over the review period. Trade buyers—Green light Deal value and deal volume remained steady for trade buyers for the first half of 2015 as compared to the first half of 2014. Volume increased 3% and value was flat. The continued strong results by trade buyers’ was significantly driven by mega deals, as the two largest deals for 2015 were with trade buyers. The most significant mega deal being ZF Friedrichshafen AG’s acquisition of TRW Automotive Holdings Corp for $12.5 billion. Financial Buyer MA Activity H1 2010–H1 2015 Source: Thomson Reuters and other publicly available sources Financial value Discloseddealvalue($bn) Dealvolume Financial volume (R-axis) Source: Thomson Reuters and other publicly available sources. 0 2 4 6 8 10 12 H1 2015 H1 2014 H1 2013 H1 2012 H1 2011 H1 2010 46 58 0 10 20 30 40 50 60 70 80 90 72 79 $4.3 $8.5 $1.3 $6.8 $4.0 $11.0 64 85 Who’s buying Financial vs. Trade buyers
  • 12. Driving value 12 2015 Midyear Automotive MA Insights Trade Buyers MA Activity H1 2010-H1 2015 Financial Buyer Share of MA Activity H1 2010–H1 2015 Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources Trade value Discloseddealvalue($bn) Dealvolume Trade volume (R-axis) Source: Thomson Reuters and other publicly available sources. 0 5 10 15 20 25 H1 2015 H1 2014 H1 2013 H1 2012 H1 2011 H1 2010 176 206 0 50 100 150 200 250 193 224 $7.2 $10.3 $9.3 $6.3 $23.5 $23.2 186 191 Financial Buyer Share of Total Value ShareofMAactivity Source: Thomson Reuters and other publicly available sources. Financial Buyer Share of Total Volume 0 10 20 30 40 50 60 H1 2015 H1 2014 H1 2013 H1 2012 H1 2011 H1 2010 21%22% 27% 26% 37% 45% 12% 52% 15% 32% 31% 26%
  • 13. Driving value 13 2015 Midyear Automotive MA Insights TheRoadAhead A positive outlook for Automotive MA It is all systems go for the automotive industry, where MA activity has continued to heat up on the backs of a few strong years. The first half of 2015 brought further improvements to already strong numbers in both deal volume and value, driven by some of the largest megadeals seen in the last decade. With robust automotive assembly outlook, PwC expects the MA markets will continue to stay strong as companies continue to invest in RD for next-gen technologies and innovation, and as the industry as a whole looks to consolidate after years of fragmentation. These are the key factors that we anticipate will spark automotive MA growth going forward: • High levels of liquidity on corporate balance sheets • Strategic initiatives to expand market share and grow customer, technology and product portfolios • Strong economic recovery and pent-up demand in developed countries such as the US • Financial investors will continue to see opportunities for growth in the automotive industry The Road Ahead
  • 14. Driving value 14 2015 Midyear Automotive MA Insights Contact us To have a deeper discussion about our point of view on automotive MA, please contact: Authors Automotive leadership Automotive transaction services Paul Elie PwC US, US Automotive Deals Leader paul.g.elie@us.pwc.com +1 (313) 394 3517 Harry Gruits PwC US, Director, Automotive Transaction Services harry.l.gruits@us.pwc.com +1 (313) 394 3023 Christopher Becker PwC US, Senior Associate, Automotive Transaction Services christopher.j.becker@us.pwc.com +1 (313) 394 3237 Richard Hanna Global Automotive Leader richard.hanna@us.pwc.com +1 (313) 394 3450 Felix Kuhnert PwC Germany, European Automotive Leader felix.kuhnert@de.pwc.com +49 (711) 25034 3309 Hitoshi Kiuchi PwC Japan, Asia Pacific Automotive Leader hitoshi.kiuchi@jp.pwc.com +81 (0)80 3158 6934 Dietmar Ostermann Global Automotive Advisory Leader dietmar.ostermann@us.pwc.com +1 (972) 672 4425 Evan Hirsh PwC US, US Automotive Advisory Leader evan.hirsh@us.pwc.com +1 (312) 578 4725 Alexander Unfried Global Automotive Tax Leader alexander.unfried@de.pwc.com +49 (711) 25034 3216 Humberto Tognelli PwC Brazil humberto.tognelli@br.pwc.com +55 (11) 3674 3855 Damiano Peluso PwC Canada damiano.peluso@ca.pwc.com +1 (416) 814 5776 Leon Qian PwC China leon.qian@cn.pwc.com +86 (10) 6533 2940 Tang Xun PwC China xun.tang@cn.pwc.com +86 (21) 2323 3396 Steven Perrin PwC France steven.perrin@fr.pwc.com +33 (0)156 578 296 Martin Schwarzer PwC Germany martin.schwarzer@de.pwc.com +49 (0) 69 9585 5667 Sanjeev Krishan PwC India sanjeev.krishan@in.pwc.com +91 (12) 4330 6017 Francesco Giordano PwC Italy francesco.giordano@it.pwc.com +39 348 1505447 Taizo Iwashima PwC Japan taizo.iwashima@jp.pwc.com +81 (3) 6266 5572 Jason Wakelam PwC UK jason.wakelam@uk.pwc.com +44 (0) 77 1471 1133 Paul Elie PwC US paul.g.elie@us.pwc.com +1 (313) 394 3517
  • 15. About PwC’s Automotive Practice PwC’s global automotive practice leverages its extensive experience in the industry to help companies solve complex business challenges with efficiency and quality. One of PwC’s global automotive practice’s key competitive advantages is Autofacts®, a team of automotive industry specialists dedicated to ongoing analysis of sector trends. Autofacts provides our team of more than 5,000 automotive professionals and our clients with data and analysis to assess implications make recommendations, and support decisions to compete in the global marketplace. About the Transaction Services Practice The PwC’s Transaction Services practice provides due diligence on both the buy and sell side of a deal, along with advice on MA strategy, valuation, accounting, financial reporting, and capital raising. For companies in distressed situations, we advise on crisis avoidance, financial and operational restructuring and bankruptcy. With approximately 1,000 deal professionals in 16 cities in the US and over 6,000 deal professionals in over 90 countries, experienced teams are deployed with deep industry and local market knowledge, and technical experience tailored to each client’s situation. Our field-proven, globally consistent, controlled deal process helps clients decrease minimize their risks, progress with the right deals, and capture value both at the deal table and after the deal closes. About Autofacts® Autofacts is a key strategic asset of PwC’s global automotive practice. Fully integrated with PwC’s more than 5,000 global automotive professionals, Autofacts provides ongoing auto industry analysis our clients use to shape business strategy, assess implications and support a variety of operational decisions. The Autofacts team also draws from the strengths of PwC’s marketing, sales and financial services groups to support other key areas of automotive companies’ functions. Since 1985, our market-tested approach, diverse service offerings and dedication to client service have made Autofacts a trusted advisor throughout the industry. For more information, visit www.autofacts.com. Corporate finance Damian Peluso PwC Canada damian.peluso@ca.pwc.com +1 (416) 814 5776 Martin Schwarzer PwC Germany martin.schwarzer@de.pwc.com +49 (0) 69 9585 5667 Marco Tanzi Marlotti PwC Italy marco.tanzi.marlotti@it.pwc.com +39 (02) 8064 6330 Taizo Iwashima PwC Japan taizo.iwashima@jp.pwc.com +81 (3) 6266 5572 Darren Jukes PwC UK darren.jukes@uk.pwc.com +44 (20) 7804 8555 Andrew Kanfer PwC US andrew.kanfer@us.pwc.com +1 (312) 298 3258 Visit our automotive industry website at www.pwc.com/auto *Corporate finance services in the US are provided through PricewaterhouseCoopers Corporate Finance LLC (“PwC CF”). PwC CF is owned by PricewaterhouseCoopers LLP, a member firm of the PricewaterhouseCoopers Network, and is a member of FINRA and SIPC. PwC CF is not engaged in the practice of public accountancy. US persons, please contact the FINRA registered representatives noted with an *. “PwC has been rated as an IDC MarketScape leader in Worldwide Strategy Consulting Services 2014 Vendor Assessment.” Source: IDC MarketScape: Worldwide Business Consulting Services 2015 Vendor Assessment (Doc #254320)
  • 16. All dollar amounts are expressed in US dollars, unless otherwise noted. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2015 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the United States member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 83734-2016