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51-70_Data.qxd 1/12/09 3:14 PM Page 58Top 100100 Largest Deals of 2008TargetPriceAcquirer Target Adviser(s) ($bil)Carlyle Group LLC Booz Allen Hamilton-Government Credit Suisse Group, Houlihan Lokey Howard & Zukin 2.5Allianz SE Hartford Fin Svcs Group Inc Goldman Sachs & Co 2.5UnitedHealth Group Inc Sierra Health Services Inc Lehman Brothers 2.4Brocade Commun Sys Inc Foundry Networks Inc Merrill Lynch, Houlihan Lokey Howard & Zukin 2.4MTW County Ltd Enodis PLC Credit Suisse Group, Investec Bank Ltd, Rothschild 2.4ACE Ltd Combined Ins Co of America Credit Suisse Group, Aon Capital Markets, Merrill Lynch 2.4T-Mobile USA Inc SunCom Wireless Holdings Inc Goldman Sachs & Co 2.4Triarc Cos Inc Wendy's International Inc JP Morgan, Goldman Sachs & Co, Lehman Brothers, 2.3Greenhill & Co, LLCCorporacion Mapfre SA Commerce Group Inc Bear Stearns & Co Inc 2.3Reckitt Benckiser PLC Adams Respiratory Therapeutics Morgan Stanley 2.3General Dynamics Corp Jet Aviation International SA Morgan Stanley 2.2Eaton Corp Moeller Holding GmbH & Co KG UBS Investment Bank 2.2Best Buy Co Inc Carphone Warehouse Group PLC- Credit Suisse Group 2.2Hellman & Friedman LLC Getty Images Inc Goldman Sachs & Co 2.0Philip Morris Intl Inc Rothmans Inc BMO Capital Markets 2.0Korea Investment Corp Merrill Lynch & Co Inc Merrill Lynch 2.0KIA Merrill Lynch & Co Inc Merrill Lynch 2.0TPG Capital LP Washington Mutual,Seattle,WA Goldman Sachs & Co, Lehman Brothers 2.0JPMorgan Chase & Co Washington-Cert Bkg Asts Goldman Sachs & Co 1.9Bank of America Corp China Construction Bank Corp Morgan Stanley, China International Capital Co 1.9Hellman & Friedman LLC Goodman Global Inc JP Morgan, Goldman Sachs & Co1.9Glencore International AG Century Aluminum Co Credit Suisse Group, Morgan Stanley, Lazard 1.8Turbo Alpha Ltd Abbot Group PLC Rothschild, JP Morgan 1.8CBS Corp CNET Networks Inc Morgan Stanley, Allen & Co Inc 1.8Kinetic Concepts Inc LifeCell Corp Merrill Lynch 1.8* In some cases, purchase prices include the assumption of liabilities58 MERGERS & ACQUISITIONS February 2009
51-70_Data.qxd 1/12/09 3:02 PM Page 59Market DynamicsMost Active M&A IndustriesBy Number of Deals — 2008Most Active M&A IndustriesBy Dollar Value — 2008Industry*No. ofDealsIndustry*Value($bil)Business Services 1,426Prepackaged Software 687Insurance 284Health Services 273Electronic and Electrical Equipment 258Investment & Commodity Firms/Dealers/Exch. 246Measuring, Medical, Photo Equipment; Clocks 242Oil and Gas; Petroleum Refining 240Wholesale Trade-Durable Goods 230Real Estate; Mortgage Bankers and Brokers 225Food and Kindred Products 101.8Commercial Banks, Bank Holding Companies 88.5Business Services 66.9Investment & Commodity Firms/Dealers/Exch. 54.4Drugs 54.4Prepackaged Software 54.0Oil and Gas; Petroleum Refining 53.3Radio and Television Broadcasting Stations 44.7Measuring, Medical, Photo Equipment; Clocks 43.7Electric, Gas, and Water Distribution 41.6The Spectrum of DealmakingM&A Completions by Industry — 2008U.S. Acq. U.S. Non-U.S. Acq. U.S. U.S. Acq. Non-U.S. TotalNo. of Value No. of Value No. of Value No. of ValueIndustry* Deals ($mil) Deals ($mil) Deals ($mil) Deals ($mil)Advertising Services 28 567.6 5 .0 4 .0 37 567.6Aerospace and Aircraft 21 1,652.0 7 1,169.0 6 2,351.4 34 5,172.4Agriculture, Forestry, and Fishing 28 1,485.3 7 675.5 7 1,070.8 42 3,231.6Air Transportation and Shipping 21 7,848.5 4 305.3 6 2,705.6 31 10,859.4Amusement and Recreation Services 50 1,817.7 6 494.0 16 239.7 72 2,551.4Business Services 1,019 45,132.3 173 14,605.8 234 7,129.9 1,426 66,868.0Chemicals and Allied Products 80 6,828.3 28 4,544.2 40 4,345.1 148 15,717.6Commercial Banks, Bank Holding Companies 112 36,567.6 16 39,259.8 13 12,688.2 141 88,515.6Communications Equipment 34 685.6 6 40.0 14 1,514.7 54 2,240.3Computer and Office Equipment 30 7,548.4 8 96.5 11 248.0 49 7,892.9Construction Firms 90 2,925.2 17 464.0 18 263.6 125 3,652.8Credit Institutions 40 4,108.0 5 840.0 12 548.5 57 5,496.5Drugs 90 16,491.4 53 35,488.3 31 2,369.5 174 54,349.2Educational Services 42 520.1 3 73.2 18 203.3 63 796.6Electric, Gas, and Water Distribution 79 13,015.0 30 24,622.5 27 4,001.3 136 41,638.8Electronic and Electrical Equipment 141 4,253.9 56 6,363.7 61 7,009.1 258 17,626.7*Industry is determined by the target companyValues were not disclosed for all dealsFebruary 2009 MERGERS & ACQUISITIONS 59
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Not one to mince words, KPS Capital's Michael Psaros offers a ...

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