THE TOP 100 DIGITAL EUROPEAN M&A DEALS BY SIZE IN THE LAST 8 YEARS We hosted on main stage 52% of the top 100 digital M&A Exits (€51bn combined EV) in Europe since the launch of NOAH Conference in Nov 2009 Date Acquiror Target Target Country Adjusted EV (€m) Jun 16 Tencent Supercell (84%) Finland 9,687 Aug 15 Paddy Power Betfair Group (merger) UK 6,824 May 11 Microsoft Skype Luxemburg 5,899 Nov 15 Activision Blizzard King.com UK 4,539 Oct 17 Hellman & Friedman Nets Group Denmark 4,290 Mar 15 YOOX Net-a-Porter (merger) UK 3,120 Oct 16 Cinven, Permira, Mid Europa Allegro Poland 3,033 May 17 Moody’s Bureau van Dijk Netherlands 3,000 May 18 Silver Lake; GIC Special Investments ZPG UK 2,850 Jul 18 EQT Partners SUSE Germany 2,272 Oct 15 Naspers Avito (50.6%) Russia 2,152 Jan 14 Apax Partners Trader Media Group UK 2,126 Nov 13 Hellman & Friedman Scout24 Germany 2,000 Sep 14 Microsoft Mojang Sweden 1,932 May 18 PayPal iZettle Sweden 1,864 Dec 16 Go Daddy Host Europe Group Germany 1,690 Dec 16 Ctrip Skyscanner UK 1,622 Sep 14 mail.ru Vkontakte (remaining 48%) Russia 1,598 Jul 17 Ingenico Bambora Sweden 1,500 Jul 16 AVAST Software AVG Technologies Netherlands 1,170 Mar 15 Optimal Payments Skrill UK 1,100 Jan 17 Zhejiang Jinke Entertainment Outfit7 Slovenia 1,000 May 14 Permira Teamviewer Germany 870 Jun 13 Google Waze Israel 863 Sep 14 Access Industries Perform Group UK 858 Jul 14 Ingenico GlobalCollect Netherlands 820 Dec 12 Expedia trivago (61.6%) Germany 774 Feb 14 CVC Capital Partners Avast Software Czech Republic 738 Jul 15 Deutsche Boerse 360T Germany 725 Jun 18 Alibaba Trendyol Turkey 661 Feb 14 Rakuten Viber Cyprus 658 Dec 14 Adobe Fotolia Europe 645 Sep 10 Axel Springer Verlag SeLoger (87.6%) France 634 Aug 18 Siemens Mendix Netherlands 628 Feb 15 Rocket Internet HelloFresh (51.7%) Germany 623 Jan 15 KKR thetrainline.com UK 595 May 15 Delivery Hero Yemek Sepeti (88.6%) Turkey 594 Feb 17 Priceline Group Momondo Group UK 586 Oct 15 Exponent. Electra PhotoBox UK 546 Jul 13 Cinven Host Europe UK 508 Apr 16 Vente-Privée Privalia Spain 500 Feb 15 Rocket Internet Delivery Hero (30%) Germany 496 Mar 16 HgCapital Raet Netherlands 470 Jul 13 TPG TSL Education UK 464 Aug 18 Hewlett Packard Apogee Corporation UK 456 May 18 Oracle Grapeshot UK 454 Mar 14 BC Partners CarTrawler Ireland 450 Feb 11 Odigeo (AXA and Permira) Opodo UK 450 Feb 15 Immowelt Immonet (merger) Germany 420 Apr 11 TA & Summit Bigpoint Germany 408 Sep 10 Schibsted LeBoncoin (remaining 50%) France 400 Jan 14 Zynga NaturalMotion UK 388 Oct 14 Publicis Matomy (24.9%) Israel 383 Jan 14 Google DeepMind United Kingdom 365 Jan 13 Ingenico Ogone Belgium 360 Dec 17 Apple Shazam UK 353 Feb 12 Ahold Bol.com Netherlands 350 Jul 18 Orange Basefarm Norway 350 Aug 14 Delivery Hero Pizza.de Germany 300 Aug 15 Ströer InteractiveMedia Germany 300 Jul 10 Permira eDreams Spain 300 Sep 16 ProSiebenSat.1 Parship (51%) Germany 300 Mar 17 Altice Teads.tv France 300 Jul 18 Scout24 Finanzcheck.de Germany 285 Apr 16 Rakuten Cabify Spain 283 Feb 13 Partners Group Softonic (30%) Spain 275 Jul 18 EQT Partners Banking Circle Denmark 272 Jul 18 Ultimate Software PeopleDoc France 272 Sep 18 Munich Re Relayr Germany 272 Jun 15 Vivendi DailyMotion (80%) France 271 Mar 16 Shandong Hongda Mining Co. Jagex UK 270 Jun 15 7Commerce Verivox (80%) Germany 262 Jul 14 KKR Scout24 Schweiz & Omnimedia (49%) Switzerland 262 Apr 15 Zoopla uSwitch UK 260 May 17 MTG InnoGames (30%) Germany 260 Dec 14 eSure Gocompare (50%) UK 241 Jan 11 Amazon LoveFilm UK 236 Feb 17 Take-Two Social Point Spain 234 Feb 15 Tamedia Ricardo Switzerland 228 May 12 NTT DOCOMO Buongiorno Italy 223 Aug 12 AXA Private Equity Bestsecret.com Germany 223 Aug 15 Adidas Runtastic Austria 220 May 15 Recruit Holdings Wahanda (70%) UK 218 Mar 15 Recruit Holdings Quandoo (92.9%) Germany 213 Jun 12 Naspers Netretail (79%) Netherlands 213 Apr 16 AccorHotels OneFineStay UK 212 Dec 14 Host Europe Intergenia Germany 210 Dec 16 General Atlantic Hemnet (majority stake) Sweden 208 May 11 LBO France Promovacances France 200 Jun 10 Rakuten PriceMinister France 200 Jul 18 Stamps.com MetaPack UK 197 Jun 14 Bestseller M&M Direct UK 177 Mar 11 Privalia Dress for Less Germany 175 Jan 17 EMK Luminati Israel 170 Apr 16 Nokia Withings France 170 May 14 Axel Springer Digital Yad2 Israel 167 Sep 14 Neiman Marcus Mytheresa.com Germany 150 May 16 eBay Ticketbis Spain 148 Jul 18 Takeaway 10bis Israel 135 Jun 17 Hoffman Contorion Germany 130 Note: Digital Companies trade sale exits (only one most recent deal counted per company). Green font denotes speaker at NOAH. 2