Not a done deal

Research evidence excerpt

Not a done deal

yer Other Transportation US

17 Nov '17 17 Nov '17 VivaReal Internet Ltda. ZAP SA Internet Acquisition / Merger Seller Real Estate Development Brazil

19 Apr '17 05 Jun '17 Partners Specialty Group LLC AmWINS Group, Inc. Acquisition / Merger Buyer Finance/Rental/Leasing US

25 Jan '17 25 Jan '17 Geoimovel Tecnologia e Informação Imobiliária Ltda. VivaReal Internet Ltda. Acquisition / Merger Buyer Data Processing Services Brazil

11 Oct '16 11 Dec '16 AmWINS Group, Inc. Dragoneer Investment Group LLC Minority Stake Buyer Insurance Brokers/Services US

19 Jul '16 10 Aug '16 Dollar Shave Club, Inc. Unilever Plc Acquisition / Merger Seller Household/Personal Care US

06 May '15 06 May '15 Native5 Software Solutions Pvt Ltd. Myntra Designs Pvt Ltd. Acquisition / Merger Buyer Packaged Software India

06 May '15 06 May '15 CompanyLine Corp. Atlassian Pty Ltd. Acquisition / Merger Buyer Internet Software/Services US

21 Apr '15 21 Apr '15 BlueJimp SARL Atlassian Pty Ltd. Acquisition / Merger Buyer Packaged Software France

22 May '14 22 May '14 Myntra Designs Pvt Ltd. Flipkart Internet Pvt Ltd. Acquisition / Merger Buyer Internet Retail India

21 Mar '13 21 Mar '13 Etsy, Inc. Dragoneer Investment Group LLC Minority Stake Buyer Internet Retail US

Source: FactSet, Macquarie Research, June 2026

Appendix B: Notable reports on SDF by Macquarie

• For further reading, please refer to our previous work on SDF:

Þ Consolidation Chronicles - Insurance Brokers FY26 published 4 Jun '26.

Þ This is why the US is important published 27 May '26.

Þ This is a growth story, not a cost-out story published 11 Jun '24.

Þ SDF Monthly Pricing - Apr '26 published 7 May '26.

Appendix C: Shareholder dissection

Figure 2 - Distribution of SDF shareholders

Range No. of holders No.