PWC Auto M A Insights 2016

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
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
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.
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)
Driving value
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
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
$2.93
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Deal volume (R-Axis)
Driving value
Top 20 deals
Top 20 transactions2015
Date effective Target name
Target
region
Acquiror name
Acquiror % of Shares
Value of
region
acquired transaction
Buyer Category
type
($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
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
Insights into regions

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
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%
2011
US
2012
Asia
2013
40%
2014
45%
2015
Rest of World
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
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
Europe
Rest of the World

Asia (Asia & Oceania)

Driving value
10
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
350
300
20
Deal volume
332
Deal volume
100
70
Driving value
250
220
Deal volume
97
21
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
Components Suppliers
91
350
Deal volume
11
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
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)

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
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
Driving value
12
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
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
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
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
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, PwC does 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.
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.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
126972-2016
All dollar amounts are expressed in US dollars, unless otherwise noted.

PWC Auto M A Insights 2016

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Driving Value:

2015 Automotive M&A Insights

Insights into regions

11 Analyzing industry segments

2015 Automotive M&A Insights

Key trends at a glance

in global automotive deal value

Up 60% from 2014

Source: PwC Analysis

COMPONENT SUPPLIERS Trade buyers share

Others segment deal volume climbs

ZF Friedrichshafen AG acquisition of TRW

total deal value

Up 96% from 2014

Largest automotive deal since 2007

2015 Automotive M&A Insights

need advanced manufacturing capabilities to leverage global

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

Mobility solutions are becoming a focus in automotive.

Global market conditions across all industries

The drive for a more connected car leads to cyber

Technology and Regulation Drives Changes in Auto

Deal volume: Global automotive deal volume is

2015 Automotive M&A Insights

Average global auto deal size increased 81%

Disclosed deal value ($bn)

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

Average disclosed deal value ($bn)

Further, of the 160 disclosed deals, the

In many respects, the financial strength

Global Automotive M&A Deal Volume and Value

Deal volume of disclosed deal value

Average deal size (R-Axis)

Source: Thomson Reuters and other publicly available sources.

2015 Automotive M&A Insights

Global automotive, cont.

PwCs Autofacts expects the industry to add

Megadeals in 2015 were double the amount

Source: Thomson Reuters and other publicly available sources.

Global cross-sector M&A deal volume & value

Deal volume (thousands)

Disclosed deal value ($trn)

Disclosed deal value

Deal volume (R-Axis)

Source: Thomson Reuters and other publicly available sources.

2015 Automotive M&A Insights

TRW Automotive Holdings Corp US

GE Capital Fleet Services-US

Element Financial Corp

Pirelli & C SpA

Marco Polo Industrial

China Grand Auto Services Co

Halla Visteon Climate Control

Arval Service Lease SA

Toyota Motor Credit CorpCommercial Finance

British Car Auctions Ltd

Haversham Holdings PLC

HellermannTyton Group PLC

Insights into regions