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Driving Value:

2015 Automotive M&A Insights

In this issue
1

Welcome

3 
Key trends at a glance
4

2015Year in review

Insights into regions

11 Analyzing industry segments


12 Whos buying: Financial

versus Trade buyers
13 The road ahead
15 Contact information

www.pwc.com/auto

Welcome
We are pleased to present Driving Value: 2015 Automotive
M&A Insights, PwCs review of mergers and acquisitions
(M&A) activity and key trends impacting the global motor
vehicle industry.
In this edition, we look at:
The status of global deal activity amongst motor
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 of Automotive M&A Insights is meant
to serve only as a preface to the insights and observations
that we can provide to drive successful transactions. M&A
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.
Jeff Zaleski
U.S. Automotive Deals Leader
+1 (313) 394 3525
jeffrey.e.zaleski@us.pwc.com

Driving value

2015 Automotive M&A Insights

Automotive

Key trends at a glance


Global automotive
deal volume grew by

62.1 billion
9%
HISTORICAL
591

HIGH
$

in global automotive deal value

closing

deals in 2015

Predicted global
automotive
assembly growth

Up 60% from 2014

2021
2015

4% CAGR

$30.1
BILLION

Source: PwC Analysis

TA RGET ED
EUROPEAN ASSETS

million
units

40%

to HISTORICAL

COMPONENT SUPPLIERS Trade buyers share


deal value soared to

TOP 10 DEALS

million

Others segment deal volume climbs

ZF Friedrichshafen AG acquisition of TRW


Automotive Holdings Corp

50%

Up 81%
from 2014

2.8

total deal value


attributable to U.S. assets

$12.5 billion

Up 96% from 2014

$388

North American
automotive assembly
units forecast to be added
between 2015 and2021

Largest automotive deal since 2007

$32.9
billion

HISTORICAL HIGH
Average global automotive
deal size of

of global
automotive
M&A volume
INCREASED

75%

12

megadeals

RECORD HIGH

HIGH

$46.3
billion

total aggregated
disclosed value
of megadeals
HIGHEST EVER IN
REVIEW PERIOD

Source: Thomson Reuters and other publicly available resources. PwC Autofacts 2016 Q1 Data Release.

Driving value

2015 Automotive M&A Insights

Year in review

2015

365 days591
deals$62.1 billion total
aggregate disclosed value

Overview

need advanced manufacturing capabilities to leverage global


platforms while still catering to local / niche preferences.

Automotive M&A deal volume for 2015 was up 9 percent, further


extending gains made in 2014. With 591 deals, the industry saw its
highest volume of deals transacted since 2011.

Mobility solutions are becoming a focus in automotive.


As tradition, automotive vehicle manufacturers, suppliers,
dealers and others try to capitalize on the changing consumer
trends toward ride-sharing, car-sharing and autonomous
vehicles.

Global market conditions across all industries


are showing positive trends consistent with the automotive
industry. Global cross-sector M&A deal value increased
26%, while deal volume remained mostly consistent, when
compared to 2014. This increase in deal value is being
driven by greater numbers of megadeals (deals greater
than $1.0 billion).

The drive for a more connected car leads to cyber


security threats of vehicles. Hacking an automobiles
electronic system can cause serious danger, leaving
automotive companies thinking of ways to protect consumer
trust in automotive connectivity.

Technology and Regulation Drives Changes in Auto


In automotive, new technologies are dramatically changing
vehicles, from the advent of the connected car and enhanced
driver support to better fuel efficiency and new or improved
powertrains. Entirely new industries are being created to
manage these breakthroughs and develop the processes to
integrate new technologies into the automotive business
model. As almost 200 nations agreed to reduce carbon
emissions at the end of 2015, many automakers look to
alternative energy solutions, due to anticipated stronger EPA
regulations. In general, OEMs and suppliers alike will likely

Driving value

Deal volume: Global automotive deal volume is


on-par with pre-recession levels, transacting 591 deals.
In comparison to 2014, this represents a 9% increase.
Deal value: Global automotive deal value rose to 62.1
billiona massive increase of 60% over 2014 and its
highest level since 1999.
Deal size: Globally, average automotive deal size increased
by a rousing 81%, primarily driven by megadeals.

2015 Automotive M&A Insights

Average global auto deal size increased 81%


from $214 million to $388 million. This also
marks the highest average deal value in the
past decade and almost 3 times its low in
2010.

Disclosed deal value ($bn)

120

700
588

594

584

604
549

515

594

$6

600

543

532
520

490

532

100

591

465

500

$70

80

400

60

300

40

200

20
0

100
$21

$26

$41

$49

$57

$32

$46

$25

$45

$30

$22

$39

$62

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

UST Facilitated investments

Disclosed deal value

Sovereign Wealth Investment

Deal volume (R-Axis)

Source: Thomson Reuters and other publicly available sources.

Global Auto M&A Deals by Disclosed Value


2010-2015
300

$388

350

250

400

300
200
150

58

631

24

35

$214

32

$186
100

$161

$140

12
37

200
32
150

$141

100

50
0

250

50
147

176

147

117

138

116

2010

2011

2012

2013

2014

2015

<$100 mn

$100 mn$1 bn

>$1 bn

Average disclosed deal value ($bn)

Further, of the 160 disclosed deals, the


number of megadeals (value greater than
$1.0 billion) increased from 6 to 12 in 2015
and 32 deals were between $100 million
and $1.0 billion. Continuing the trend
from 2014, larger megadeals have led to a
significant increase in overall average deal
value in 2015.

140

Deal volume

In many respects, the financial strength


of the automotive industry is back. This
is evidenced by deal value increasing
by 60% in 2015 up to $62.1 billion, the
highest value of deals in 16 years. Much of
this increase in deal value is driven by 12
megadeals with a total aggregated disclosed
value of $46.3 billion, the largest of which
was ZF Friedrichshafen AGs $12.5 billion
acquisition of TRW Automotive Holdings
Corp.

Global Automotive M&A Deal Volume and Value


20032015

Deal volume of disclosed deal value

Global automotive

Average deal size (R-Axis)

Source: Thomson Reuters and other publicly available sources.

Driving value

2015 Automotive M&A Insights

Global automotive, cont.

Megadeals Breakdown
20102015

PwCs Autofacts expects the industry to add


21 million units of production between 2015
and 2021, for a compounded annual growth
rate (CAGR) of 4%. (PwC Autofacts 2016
Q1 Data Release) Along with record growth,
there are unprecedented global challenges
that are influencing business strategies and
actions in many industries.

100%

14
12

12

80
53%

56%
Percent

Megadeals in 2015 were double the amount


in 2014 and account for 75% of overall deal
value. 2015 saw the highest megadeal value
and highest share of total deal value in the
review period. The 12 megadeals in 2015
is the highest number of megadeals in the
review period, excluding the US Treasury
Facilitated Investments.

60

46%

52%

10

65%
75%

40

4
20
2
0

44%

47%

48%

54%

35%

25%

2010

2011

2012

2013

2014

2015

Non-Megadeal % of Value

Megadeal % of Value

Megadeal Volume

Source: Thomson Reuters and other publicly available sources.

Cross-sector M&A
As evidenced in the chart below, recent
global cross-sector M&A is trending
upward, though not at the same rate as the
automotive industry. In 2015, both deal
volume and value increased by 3% and 26%
respectively.

Global cross-sector M&A deal volume & value


20032015

45

4.5
39.2

3.5

33.1

33.1

32.3

30.2

3.0
2.5

40

38.0

34.1

31.0

29.0

30.4

31.3

35
30

26.9
24.0

25

2.0

20

1.5

15

1.0

10
5

0.5
0.0

Deal volume (thousands)

Disclosed deal value ($trn)

4.0

$1.19

$1.55

$2.21

$2.89

$3.89

$2.83

$1.82

$1.89

$2.29

$2.00

$2.00

$2.33

$2.93

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Disclosed deal value

Deal volume (R-Axis)

Source: Thomson Reuters and other publicly available sources.

Driving value

2015 Automotive M&A Insights

Top 20 deals
Top 20 transactions2015
Date effective Target name

Target
region

Acquiror name

Acquiror % of Shares
Value of
region
acquired transaction

Buyer Category
type

($m)

15 May 15

TRW Automotive Holdings Corp US

ZF Friedrichshafen AG

30 Sep 15

GE Capital Fleet Services-US

US

Element Financial Corp

6 Nov 15

Pirelli & C SpA

Europe

Marco Polo Industrial


Holding SpA

8 Jun 15

China Grand Auto Services Co


Ltd

Asia

9 Jun 15

Halla Visteon Climate Control


Corp

2 Nov 15

Europe

100

12,494

TRADE

Comp

ROW

100

7,211

TRADE

Other

Europe

77

5,943

FIN

Comp

Merro Pharmaceutical Co
Ltd

Asia

100

5,184

TRADE

Other

Asia

Investor Group

Asia

70

3,540

FIN

Comp

GE Capital-European Ops

Europe

Arval Service Lease SA

Europe

100

2,697

TRADE

Other

1 Oct 15

Toyota Motor Credit CorpCommercial Finance

US

Toyota Industries
Commercial Finance

US

100

2,300

FIN

Other

2 Apr 15

British Car Auctions Ltd

Europe

Haversham Holdings PLC

Europe

100

1,863

FIN

Other

18 Dec 15

HellermannTyton Group PLC

Europe

Delphi Automotive PLC

US

100

1,613

TRADE

Comp

10

20 Apr 15

Regie Nationale des Usines


Renault SA

Europe

Deutsche Bank AG

Europe

1,328

FIN

VM

11

30 Jan 15

Dynacast International Inc

US

Partners Group AG

Europe

100

1,100

FIN

Comp

12

20 Apr 15

Anhui Jianghuai Automobile


Group Co Ltd

Asia

JAC Motors

Asia

100

1,064

TRADE

VM

13

110 Nov 15

Remy International Inc

US

BorgWarner Inc

US

100

955

TRADE

Comp

14

3 Jun 15

KT Rental Corp

Asia

Investor Group

Asia

100

913

FIN

Other

15

5 Jan 15

Dongfeng Commercial Vehicles


Asia
Co Ltd

Volvo AB

Europe

45

902

TRADE

VM

16

5 Jan 15

Eagle Ottawa LLC

US

Lear Corp

US

100

850

TRADE

Comp

17

18 Mar 15

Penske Truck Leasing Co LP

US

Mitsui & Co Ltd

Asia

20

750

TRADE

Other

18

1 Jul 15

Delphi Automotive-Thermal Sys US

MAHLE GmbH

Europe

100

727

TRADE

Comp

19

9 Sep 15

Henniges Automotive Hldg Inc

US

Aviation Industry Corp of


China (AVIC)

Asia

100

572

TRADE

Comp

20

31 Aug 15

Magna Intl Inc-Car Interior

ROW

Grupo Antolin-Irausa SA

Europe

100

525

TRADE

Comp

Driving value

2015 Automotive M&A Insights

Automotive assembly
The industry faced another multi-faceted hurdle as oil prices
continued to plummet from 2014 levels. While the full
impact of lower oil and gas prices may be difficult to quantify,
consumer confidence may improve sales most likely in the
United States and in some developing markets, such as India
and China. In the U.S., this increase hasnt materialized yet as
widespread layoffs and spending cuts by oil drillers have offset
some of the boost. Perhaps the greatest impact of lower oil and
gas prices will be on the types of vehicles being purchased.
Automakers, who have been concentrating on producing lower
emission vehicles, may need to adjust production plans as lower
gas prices tend to increase demand for larger vehicles. Other
considerations to factor in the big picture focus on collapsing
revenues that could lead to political instability in fragile parts
of the world including the Middle East. Cheap oil can hurt
investments in exploring new areas such as the arctic and
West Africa. As oil prices fall against areas of a fragile world
economy, it could trigger additional volatility.

Reports show that long term outlooks for automotive assembly


still are positive, however, recent setbacks in Brazil and Russia,
along with slower growth in China, have caused volatility in the
industrys near term growth plans. The industry is expected to
add 20.5 million units of production between 2015 and 2021
for a compounded annual growth rate (CAGR) of 3.6%.
According to PwC Autofacts, the highest growth opportunities
are expected in areas outside of the traditional regional blocks
which means the automotive industry will have to stay mobile
and agile enough to chase growth. Russia and Ukraine are still
hindered by political and economic challenges, while North
America and Europe continue to surpass sales expectations.
The European Union assembly of 18.0 million units in 2015 is
up 7.3% year-over-year and the U.S. had new vehicle sales of
17,386,331 units, which was an all-time high.

Global Light Vehicle Assembly Outlook


20022021

110

900
800

90
80

621

700
588

70

584

594

604

591
549

515

532

60

594

600

543

490
465

520

500

50

Deal volume

Assembly volumes (millions)

100

400

40
300

30
20

55

56

58

63

65

69

66

58

72

75

80

84

86

88

93

97

102

105

107

109

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Global light vehicle assembly outlook

200

Automotive M&A deal volume

Source: PwC Autofacts 2016 Q1 Data Release, Thomson Reuters and other publicly available sources, PwC Analysis.

Driving value

2015 Automotive M&A Insights

Insights into regions


Source: PwC Analysis

The big picture

Across all regions, local deals dominated the M&A activity with
83% of all deal volume consisting of local deals.
However,
the two
Source:
PwC Analysis
largest deals of the year, as well as four of the twelve megadeals,
were cross-border. This led to a significant increase in cross-border
deal value from the previous year (up to $29.7 in 2015).

Share of deal value by acquirer region increased from 39% to 46%,


the highest share of all regions. This is indicative of European
based companies continuing the trend of investing more in M&A
that began to emerge in 2014.

In 2015, North America led the M&A market again in share of deal
value by target region at 49%. However, share of disclosed deal
value by acquirer plummeted down to 13%. Deal volume by target
region remained stable at 159 in 2015, although disclosed deal value
by target region jumped 77%. These results highlight a year where
M&A activity remained very strong in the United States, but large
megadeals by acquirer in other regions stole the show. It appears
other regions are looking to North America to seize strategic and
growth opportunities.

Asia
Asias share of deal volume by both acquirer and target region showed
marginal declines in 2015 to 22% and 18%, respectively. However,
the region saw a significant increase in its share of deal value by
both acquirer and target as two of the top five deals involved Asian
companies. Overall, Asian based companies have shown consistency
in their M&A trend by acquirer volume, but in 2015, companies have
taken the next step by being involved in much larger deals.

Share of Deal Volume by Acquiror Region


2010-2015

90%

7%
27%

9%
27%

9%
33%

Share of Deal Volume by Target Region


2010-2015

10%
25%

10%
25%

100%

9%

90%

22%

80%
20%

25%

23%

46%

41%

30%

30%

60%

8%
32%

8%
25%

8%
23%

24%

29%

10%
18%

40%

40%

41%

20%

10%

10%

Europe

2011
US

2012
Asia

2013

2014

0%

2015

Rest of World

45%

43%

27%

24%
43%
36%

2010

Europe

Source: Thomson Reuters and other publicly available sources.

Driving value

22%

30%

35%

31%

2010

20%

50%

20%

0%

7%
28%

70%

28%

27%

50%
40%

4%
31%

80%

70%
60%

Europe
Europes share of deal volume by acquirer and target region
marginally increased in 2015, helping Europe maintain its position
as the most active region for M&A activity. On the other hand,
Europe experienced a major drop in its share of deal value by
target region, due to the two largest megadeals that occurred
having targets outside Europe.

North America

100%

Source: PwC Analysis

2011
US

2012
Asia

2013

40%

2014

45%

2015

Rest of World

Source: Thomson Reuters and other publicly available sources.

2015 Automotive M&A Insights

Share of Disclosed Deal Value by Acquiror Region


2010-2015

100%
90%

2%
36%

4%
31%

5%
21%

4%
46%

13%

100%
90%

31%

41%

50%
46%

43%

20%

Europe

2011
US

2012

2013

Asia

22%

2014

0%

2015

Rest of World

30%
48%

2%

1%

12%

25%

49%

35%
42%

39%

25%

24%
14%
2010

Europe

Source: Thomson Reuters and other publicly available sources.

US
Local: 136 deals, $5.65 billion
Inbound: 23 deals, $24.48 billion
Outbound: 28 deals, $2.62 billion

4%
47%

28%

10%

12%
2010

33%

30%

31%

20%

0%

26%

2%

44%

40%

39%

10%

2%

60%

13%
38%

40%

45%

70%

24%

50%

1%

80%

39%

31%

70%

30%

1%
21%

28%

80%

60%

Share of Disclosed Deal Value by Target Region


2010-2015

2011
US

2012
Asia

2013

2014

2015

Rest of World

Source: Thomson Reuters and other publicly available sources.

Europe
Local: 223 deals, $12.37 billion
Inbound: 44 deals, $3.36 billion
Outbound: 20 deals, $16.18 billion

Rest of the World


Local: 36 deals, $0.25 billion
Inbound: 21 deals, $0.62 billion
Outbound: 18 deals, $7.84 billion

Asia (Asia & Oceania)


Local: 98 deals, $14.11 billion
Inbound: 10 deals, $1.28 billion
Outbound: 32 deals, $3.10 billion

Source: Thomson Reuters and other publicly available sources.

Driving value

10

2015 Automotive M&A Insights

Analyzing industry segments


The big picture
Deal value accelerated in 2015 compared to the same timeframe
in 2014driven primarily by Component Suppliers and Others
category.

The Others category had a stellar year with the highest


number of deals and highest value since 2006. 68 of 332 deals
in 2015 are related to repair and maintenance businesses, on
top of 60 of 238 deals in 2014.

Vehicle Manufacturers

Component Suppliers M&A Activity


2010-2015

Vehicle Manufacturers returned to 2013 levels showing a 66%


decrease in deal value, when compared to 2014. There were 2
megadeals in 2014 with a total aggregated disclosed value of $12.7
billion, which is the leading contributor to deal value decline in 2015.

35
303

Components Suppliers saw deal volume declines from 220 deals


in 2014 to 190 deals in 2015, representing a decrease of 14%.
However, deal value drove increases of $16.1 billion from 2014 an
increase of 96%. These upturns were mainly fueled by megadeals
from ZF Friedrichshafen AGs acquisition of TRW Automotive
Holdings and Marco Polo Industrials acquisition of Pirelli.

Others
After significant declines during the peak of the recession, the
Others categoryincluding retail/dealership, aftermarket,
rental/leasing, financing and wholesale has experienced
3 consecutive years of increase in deal volume. The segment
transacted 332 deals in 2015, representing a 40% increase from
2014 for a deal value of $23.6 billion representing an increase of
349% from 2014.

190

200

189
150

14

100
7

50
$4.4

$10.2

$9.2

$12.1

$16.8

$32.9

2010

2011

2012

2013

2014

2015

Deal volume

25

85
69

80
60
40

5
20
$12.1

$15.4

$15.1

$4.8

$16.7

$5.7

2010

2011

2012

2013

2014

2015

250
205

15

157

151

238

205

200
193
150

10

100
5

50
$8.3

$19.2

$5.9

$4.9

$5.2

$23.6

2010

2011

2012

2013

2014

2015

Disclosed deal value

Source: Thomson Reuters and other publicly available sources.

350
300

20

Deal volume

332

Deal volume

Disclosed deal value ($bn)

100

70

Driving value

250

220

Source: Thomson Reuters and other publicly available sources.

Deal volume

Disclosed deal value ($bn)

97

Disclosed deal value

21

Disclosed deal value

120

86

202

Others M&A Activity


2010-2015

20

10

300
236

Vehicle Manufacturers M&A Activity


2010-2015

15

28

278

Deal volume

Disclosed deal value ($bn)

Components Suppliers

91

350

Deal volume

Source: Thomson Reuters and other publicly available sources.

11

2015 Automotive M&A Insights

Whos buying:

Financial versus Trade Buyers


The big picture
Both Financial and Trade buyers saw increases in deal volume and
deal value in 2015, but Financial buyers more than doubled-down
on the industry with a 105% increase in deal value.

Financial Buyer M&A Activity


2010-2015

180

25

Financial buyersGreen light, red light

160

Deal value trends out-paced volume in 2015 with an increase of


105%, when compared to 2014, primarily driven by six megadeals
with an aggregate disclosed value of $16.1 billion.

Trade buyersgreen lights ahead


2015 brought monumental values of initiated deals for Trade
buyers, building on 2014s stellar performance. This increase was
significantly driven by six megadeals with an aggregated disclosed
value of $30.3 billion.

145

20

149

160
140

141

120

117

15

115

100
80

10

60

Deal volume

Disclosed deal value ($bn)

Financial buyers saw increases in both deal value and deal volume
in 2015. Financial volume increased by 3%, and with 149 deals,
represents the most deals for financial buyers in 4 years.

40

20
0

This year proved to be record-breaking as deal volume is on par


with pre-recession 2008 levels and value surpassing the previous
record holder, 2007, by 32%.

$10.0

$13.7

$4.2

$9.2

$9.8

$20.0

2010

2011

2012

2013

2014

2015

Financial value

Financial volume (R-Axis)

Source: Thomson Reuters and other publicly available sources.


Trade Buyers M&A Activity
2010-2015

Financial Buyer Share of M&A Activity


2010-2015

442
398

36

400

350
373

379
27

300

18

200

80%

500

Deal volume

Disclosed deal value ($bn)

434

Share of M&A activity

45

100
$14.8

$31.2

$26.1

$12.5

$29.0

$42.1

2010

2011

2012

2013

2014

2015

60%

40%
27%

25%

27%

25%

27%

20%

0%

24%

40%

30%

14%

42%

25%

32%

2010

2011

2012

2013

2014

2015

Financial buyer share of total value


Trade value

Trade volume (R-axis)

Financial buyer share of total volume

Source: Thomson Reuters and other publicly available sources.

Driving value

Source: Thomson Reuters and other publicly available sources.

12

2015 Automotive M&A Insights

The road ahead


A positive outlook for Automotive M&A
While the industry as a whole has faced challenging times over the past several years, the markets
have pulled themselves out of the worst global economic downturn in recent history and are
trending to surpass the peaks of the automotive industry in 2007 and 2008.
Given the robust Automotive Assembly outlook, PwC expects the M&A markets to continue to stay
strong as companies continue to use M&A to drive efficiencies, grow market share, and expand their
geographic footprint.
As regulations around safety and fuel economy change, we see M&A playing an increasingly vital
role in the development and integration of new technologies into vehicles. Shifting consumer
preferences toward a sharing economy are driving increased investments in electronics and
alternative forms of mobility. Automotive is quickly becoming the largest consumer electronic and a
new mobility industry is emerging. As a result, we expect increased investments in this new sharing
economy as well as in electronics and mobility services.
Joint ventures and strategic alliances will ramp up, especially related to cross-border transactions,
as traditional vehicle manufacturers and suppliers look to invest in mobility while managing risk.
Megadeal activity will likely continue as trade buyers continue to maintain high levels of cash and PE
funds have significant funds available. Within the U.S., shareholder activism is the new norm.

Driving value

13

2015 Automotive M&A Insights

A plateau for the automotive industry?


As the automotive M&A activity returns to 2007 & 2008 levels, some experts wonder if the industry
can continue to grow, before running into a cyclical downturn. Several automotive manufacturers
experienced record sales, particular in the U.S. during 2015, begging the question of how often
records can be broken.
The next few years will be a crucial for automotive companies to understand and predict the market
trends in order to avoid inventory build-up and other issues faced in 2007 & 2008.
It is more important now than ever before for automotive companies to be agile and responsive
to consumer demands for technology and other features. Automotive companies have invested
in lower-emission cars as well as leveraging technology to create more of an ultimate connected
car. These tech-boosted vehicles may help decrease cyclical downturns as consumers with higher
disposable income become interested and buying habits change.

More elbow-grease needed for autonomous cars


Experts predict that the automotive industry will change more in the next few years, than any other
time in the industry. As automotive companies plan their moves regarding new technologies around
connected and autonomous vehicles, business models across the industry will likely evolve over the
next several years.

Driving value

14

2015 Automotive M&A Insights

Contact us

To have a deeper discussion about our point of


view on automotive M&A, please contact:
Authors

Automotive leadership

Jeff Zaleski
PwC US, US Automotive Deals Leader

Richard Hanna
PwC US, Global Automotive Leader

Hitoshi Kiuchi
PwC, Japan, Asia Pacific Automotive Leader

jeffrey.e.zaleski@us.pwc.com
+1 (313) 394 3525

richard.hanna@us.pwc.com
+1 (313) 394 3450

hitoshi.kiuchi@jp.pwc.com
+81 (0)80 3158 6934

Christopher Becker
PwC US, Senior Associate, Automotive Deals

Felix Kuhnert
PwC Germany, European Automotive Leader and
Global Automotive Advisory Leader

Evan Hirsh
PwC US, US Automotive Advisory Leader

christopher.j.becker@us.pwc.com
+1 (313) 394 3237

felix.kuhnert@de.pwc.com
+49 (711) 25034 3309

evan.hirsh@strategyand.us.pwc.com
+1 (312) 578 4725

Automotive transaction services


Humberto Tognelli
Brazil

Steven Perrin
France

Taizo Iwashima
Japan

humberto.tognelli@br.pwc.com
+55 (11) 3674 3855

steven.perrin@fr.pwc.com
+33 (0)156 578 296

taizo.iwashima@jp.pwc.com
+81 (3) 6266 5572

Damiano Peluso
Canada

Martin Schwarzer
Germany

Jason Wakelam
UK

damiano.peluso@ca.pwc.com
+1 (416) 814 5776

martin.schwarzer@de.pwc.com
+49 (0) 69 9585 5667

jason.wakelam@uk.pwc.com
+44 (0) 77 1471 1133

Leon Qian
China

Sanjeev Krishan
India

Paul Elie
US

leon.qian@cn.pwc.com
+86 (10) 6533 2940

sanjeev.krishan@in.pwc.com
+91 (12) 4330 6017

paul.g.elie@us.pwc.com
+1 (313) 394 3517

Tang Xun
China

Francesco Giordano
Italy

xun.tang@cn.pwc.com
+86 (21) 2323 3396

francesco.giordano@it.pwc.com
+39 348 1505447

Driving value

15

2015 Automotive M&A Insights

About PwCs Automotive Practice


PwCs global automotive practice leverages its extensive experience in the industry to help companies solve complex
business challenges with efficiency and quality. One of PwCs global automotive practices 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 Deals Practice


The PwCs Deals practice provides due diligence on both the buy and sell side of a deal, along with advice on M&A 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 clients 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 PwCs global automotive practice. Fully integrated with PwCs 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 PwCs
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.

Visit our automotive industry website at www.pwc.com/auto


PwC helps organisations and individuals create the value theyre looking for. Were a network of firms in 157 countries with more than 195,000 people who are committed to delivering quality in assurance, tax
and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com. Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +.
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
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or for any decision based on it.
2016 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
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126972-2016
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