GLOBAL M&A MARKET REVIEW · 2019-10-01 · Global M&A deal volume reached $2.8 trillion in t he...

GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1st 3Q2019

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables5. Americas M&A Regional Review6. Americas M&A League Tables8. EMEA M&A Regional Review9. EMEA M&A League Tables12. APAC M&A Regional Review13. APAC M&A League Tables16. Disclaimer

DATA SUBMISSIONS AND QUERIES

North America

Asia Pacific

Contact Nageen Qasim

Madeeha Ahmad

EeWen Tay

Phone +1-646-324-2878

+44-20-3525-3754

+65-6231-3404

Email nqasim1@bloomberg.net

mchaudhry13@bloomberg.net

etay26@bloomberg.net

General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

1st 3Q2019

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

Global M&A Heat Map

DeaDel volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2018.Deal volume and adviser market share for any regional involvement (target, seller or acquirer) for 3Q2019.

DateTotal Value

Amount (Bln.) % of Total

% YoY Change

Number of deals 33,435 Consumer Non-cyclical $655.6 23.6% -0.9%

Volume (Bln.) $2,761.4 Financial $623.1 22.4% -12.0%

Avg Deal Size (Mln.) $82.6 Industrial $339.5 12.2% 28.7%

Energy $244.3 8.8% -31.0%

Technology $238.2 8.6% -9.6%

Goldman Sachs & Co Consumer Cyclical $228.7 8.2% -12.9%

Number of deals 270 Communications $225.3 8.1% -40.5%

Volume (Bln.) $931.0 Basic Materials $175.1 6.3% 20.2%

Avg Deal Size (Bln.) $3.5 Utilities $43.7 1.6% -62.0%

Diversified $2.1 0.1% -52.2%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,469.2 -4.8% -14.1%

Cross Border $1,011.0 -3.8% -26.0%

Private Equity $806.8 -0.8% -4.4%

Asset sale $557.7 -2.5% 9.6%

Tender Offer $128.7 -11.9% -41.9%

Venture Capital $149.3 5.0% -14.7%

Spin-off $56.7 -38.2% -56.9%

Minority purchase $349.7 0.5% -14.6%

Majority purchase $239.5 -10.4% -4.6%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Deal Type

Global M&A: Deal Type Breakdown

Amgen Inc

7/29/19 $32,684.8

8/1/19 $27,000.0Refinitiv Holdings LtdLondon Stock

Exchange Group PLC

Multiple Sellers

7/19/19

Top Adviser

$11,283.2Cub Pty LtdAsahi Group Holdings Ltd

Anheuser-Busch InBev SA

Bristol-Myers Squibb Co

Otezla/Celgene Corp

8/13/19 $20,456.1

8/26/19 $13,400.0

Viacom Inc CBS Corp

Global M&A: Industry Breakdown

2019Global M&A Regional Review Global M&A: Premium Breakdown

Global M&A: Highlights of 1st 3Q2019

Summary IndustryAcquirerTarget Seller

Upjohn medicine business/Pfizer

Mylan NV Pfizer Inc

Global M&A: Quarterly Volume

10,000

12,000

14,000

$1,000

$1,200

$1,400

2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3

Volume $(Bln.) Deal Count

2% 1%0-10%

10-25%

25-50%

50-75%

75-100%

Global M&A deal volume reached $2.8 trillion in the first 3Q2019, representing a 10.6%decrease compared to the same period last year. Deals involving targets based in North America accounted for $1.5 trillion of the global activity. Cross border deals accounted for 36.65% of all announced deals. The pending divestiture of Refinitiv Holdings Ltd by a consortium of sellers for $27.0 billion was the largest cross border deal in the first 3Q2019.The number of megadeals increased by 18.9% year-over-year to $850.7 billion with the United States accounting for 82.9% of the overall volume.Transactions involving targets based in the consumer, non-cyclical industry decreased 1.4%year-over-year to $655.2 billion even though the sector had the highest number of megadeals. Bristol-Myers Squibb Co’s announced acquisition of Celgene Corp for $88.9 billion was the largest biotechnology and pharmaceuticals deal on record.

Global Announced Deals 01/01/2019 - 09/30/2019 Cross Border Announced Deals 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 33.7 931,166 270 1 24.9 8.8 Goldman Sachs & Co LLC 1 21.7 219,987 130 1 31.4 -9.7Morgan Stanley 2 27.5 758,558 221 2 23.6 3.9 Morgan Stanley 2 17.5 177,440 123 2 28.3 -10.8JPMorgan Chase & Co 3 26.6 734,123 232 3 20.2 6.4 Bank of America Corp 3 15.8 160,576 79 7 13.2 2.6Citigroup Inc 4 20.6 568,383 156 4 17.0 3.6 JPMorgan Chase & Co 4 14.9 150,555 110 3 24.2 -9.4Evercore Inc 5 17.0 470,681 111 7 10.5 6.5 Citigroup Inc 5 13.0 132,095 92 4 20.2 -7.2Bank of America Corp 6 15.2 418,824 145 6 12.6 2.6 Credit Suisse Group AG 6 10.0 100,831 59 14 5.5 4.5Credit Suisse Group AG 7 7.9 218,156 108 8 8.1 -0.2 Lazard Ltd 7 9.5 96,139 115 8 8.6 0.9Barclays PLC 8 7.6 210,626 147 5 13.0 -5.4 Barclays PLC 8 8.6 87,408 69 6 13.4 -4.8PJT Partners Inc 9 6.8 187,468 28 14 4.3 2.5 Rothschild & Co 9 7.0 71,195 151 12 6.2 0.8RBC Capital Markets 10 6.7 184,065 82 16 3.7 3.0 UBS AG 10 6.6 67,192 49 11 6.3 0.4Centerview Partners LLC 11 6.0 165,758 39 10 7.2 -1.2 Deutsche Bank AG 11 6.0 61,092 37 13 6.1 0.0Lazard Ltd 12 5.9 164,078 184 9 8.1 -2.1 Evercore Inc 12 5.8 58,607 47 5 14.4 -8.6Jefferies LLC 13 5.5 152,124 120 24 2.2 3.3 Jefferies LLC 13 5.5 55,926 53 25 2.2 3.3HSBC Bank PLC 14 4.6 126,907 47 29 1.6 3.0 Wells Fargo & Co 14 4.2 43,017 14 17 4.1 0.2Deutsche Bank AG 15 4.0 111,595 74 11 6.3 -2.3 Centerview Partners LLC 15 4.1 41,432 18 16 4.2 -0.1Dyal Co LLC 16 3.7 102,248 2 69 0.3 3.4 TD Securities Inc 16 4.0 40,414 18 24 2.5 1.5Rothschild & Co 17 3.5 96,379 222 13 5.1 -1.6 HSBC Bank PLC 17 3.9 39,029 33 21 2.7 1.2UBS AG 18 3.3 92,296 89 12 5.3 -1.9 BNP Paribas SA 18 3.3 32,936 46 30 1.9 1.4BNP Paribas SA 19 3.3 90,375 69 23 2.3 0.9 Moelis & Co 19 2.7 27,268 37 18 3.9 -1.2Guggenheim Capital LLC 20 2.8 77,334 23 28 1.6 1.2 Robey Warshaw LLP 20 2.7 27,000 1 10 6.3 -3.6

TOTAL 2,763,906 33,444 TOTAL 1,013,462 12,173

Global Private Equity Announced Deals 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 28.7 232,594 110 1 21.7 7.0Morgan Stanley 2 27.9 225,449 95 3 19.5 8.4JPMorgan Chase & Co 3 23.3 188,453 91 2 21.2 2.1Bank of America Corp 4 22.3 180,567 66 5 12.0 10.4Citigroup Inc 5 18.9 152,673 66 4 15.1 3.7Barclays PLC 6 12.1 97,597 76 6 10.6 1.4HSBC Bank PLC 7 9.6 77,976 13 27 1.9 7.8Deutsche Bank AG 8 7.6 61,790 32 9 7.0 0.6Credit Suisse Group AG 9 7.0 56,705 44 8 9.0 -2.0Jefferies LLC 10 6.5 52,912 64 15 3.9 2.7Evercore Inc 11 5.7 46,491 48 10 6.8 -1.1Wells Fargo & Co 12 5.4 44,017 23 59 0.4 5.0Lazard Ltd 13 4.7 37,838 74 7 9.8 -5.1Centerview Partners LLC 14 4.3 34,696 16 18 3.4 0.9Canson Capital Partners 15 3.8 31,000 2 24 2.0 1.8Rothschild & Co 16 3.5 28,510 98 12 5.1 -1.5UBS AG 17 3.5 28,006 37 11 5.2 -1.7Robey Warshaw LLP 18 3.3 27,000 1 60 0.4 3.0RBC Capital Markets 19 3.1 25,077 46 13 4.4 -1.3TD Securities Inc 20 2.8 22,999 12 16 3.7 -0.9

TOTAL 809,285 11,233

2018MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2019 2018MKT SHR CHANGE FIRM

2019MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

2019 2018MKT SHR CHANGE

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

Country

United States $1,423.8 88.7% -0.2%

Canada $89.5 5.6% -6.6%

Brazil $32.2 2.0% -14.3%

Chile $20.2 1.3% 137.0%

Colombia $8.5 0.5% 660.6%

Mexico $7.3 0.5% 208.6%

Bermuda $6.7 0.4% -63.9%

British Virgin Islands $6.3 0.4% -15.2%

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 14,557 Consumer Non-cyclical $507.7 31.5% 23.8%

Volume (Bln.) $1,605.0 Financial $268.5 16.7% -15.4%

Avg Deal Size (Mln.) $110.2 Industrial $200.5 12.5% 89.7%

Energy $183.2 11.4% -33.6%

Technology $165.3 10.3% -0.6%

Goldman Sachs & Co Communications $109.9 6.8% -24.6%

Number of deals 156 Consumer Cyclical $98.4 6.1% -9.1%

Volume (Bln.) $682.9 Basic Materials $52.7 3.3% -11.6%

Diversified $0.4 0.0% -54.7%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,051.6 -2.3% -4.2%

Cross Border $441.7 -2.9% -16.2%

Private Equity $422.7 -1.7% 3.2%

Asset sale $324.7 0.1% 44.6%

Tender Offer $51.4 -9.8% -21.2%

Venture Capital $85.0 3.0% 18.7%

Spin-off $4.7 -40.7% -89.9%

Minority purchase $139.3 -0.6% 3.2%

Majority purchase $57.3 -5.6% 1.6%

Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

Deal Type

8/8/19Enterprise security

business/Symantec CorpBroadcom Inc

Symantec Corp

$10,700.0

8/26/19 Otezla/Celgene Corp Amgen IncBristol-Myers

Squibb Co$13,400.0

% YoY Change

Top Adviser8/13/19 Viacom Inc CBS Corp - $20,456.1

8/1/19 Refinitiv Holdings LtdLondon Stock Exchange

Group PLCMultiple Sellers

$27,000.0

7/29/19Upjohn medicine business/Pfizer

Mylan NV Pfizer Inc $32,684.8

Americas M&A Regional Review Americas M&A: Country Breakdown

Americas M&A: Highlights of 1st 3Q2019

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

$1,000

2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3

• M&A deal volume in the Americas reached $1.6 trillion in the first 3Q2019, representing a minordecrease of 0.4% compared to the same period last year. Transactions targeting companies in theindustrial sector rose by 89.7% to $200.5 billon. The announced acquisition of Raytheon Co by UnitedTechnologies Corp for $90.0 billion was the largest transaction globally as well as in the sector. TheUnited States contributed to 87.5% of the region's total and continued to be the most targetedcountry for M&A transactions.

• The consumer, non-cyclical and financial sectors were the most targeted industries in the region,contributing 31.7% and 16.9% to the overall deal volume, respectively.

• Goldman Sachs ranked as the top financial adviser in the first 3Q2019, accounting for 42.5% of themarket share and advising on 156 deals in the region .

US Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 US Announced Deals (Target or Seller) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 43.2 741,058 184 1 32.7 10.5 Goldman Sachs & Co LLC 1 45.7 679,799 157 1 35.1 10.6JPMorgan Chase & Co 2 34.8 597,393 147 3 27.7 7.1 JPMorgan Chase & Co 2 37.1 551,803 122 3 28.5 8.7Morgan Stanley 3 32.3 554,242 131 2 31.9 0.4 Morgan Stanley 3 35.4 526,143 101 2 32.0 3.3Evercore Inc 4 27.1 466,122 93 6 17.4 9.7 Evercore Inc 4 30.8 457,996 82 6 16.2 14.6Citigroup Inc 5 22.4 385,332 86 4 22.6 -0.1 Citigroup Inc 5 24.1 358,807 74 4 23.2 1.0Bank of America Corp 6 16.8 288,020 92 7 14.5 2.3 Bank of America Corp 6 15.4 229,677 72 8 13.0 2.4Credit Suisse Group AG 7 10.9 187,034 68 8 11.8 -0.9 PJT Partners Inc 7 12.0 178,639 23 15 4.8 7.2PJT Partners Inc 8 10.7 184,338 25 12 6.8 3.9 RBC Capital Markets 8 10.9 161,664 46 13 5.4 5.5Barclays PLC 9 10.4 178,457 113 5 19.3 -9.0 Centerview Partners LLC 9 10.6 157,138 32 9 12.6 -2.0RBC Capital Markets 10 9.9 170,328 62 14 4.8 5.1 Barclays PLC 10 10.5 156,100 94 5 19.1 -8.6Centerview Partners LLC 11 9.5 163,897 37 9 11.6 -2.1 Credit Suisse Group AG 11 9.6 142,517 56 7 13.4 -3.8Jefferies LLC 12 8.5 146,260 98 22 3.2 5.3 Jefferies LLC 12 9.4 140,421 94 20 3.3 6.2Lazard Ltd 13 6.3 108,360 97 10 9.8 -3.5 Dyal Co LLC 13 6.9 102,248 2 46 0.7 6.2Dyal Co LLC 14 6.0 102,248 2 51 0.5 5.4 Lazard Ltd 14 5.7 84,715 68 11 9.6 -3.9Deutsche Bank AG 15 5.2 88,479 47 11 9.2 -4.0 Deutsche Bank AG 15 5.0 74,897 40 10 9.6 -4.6Guggenheim Capital LLC 16 4.5 76,967 22 24 2.7 1.8 Guggenheim Capital LLC 16 5.0 74,582 20 21 3.3 1.8Wells Fargo & Co 17 4.3 74,287 38 13 5.2 -0.9 Wells Fargo & Co 17 4.6 68,523 36 22 2.9 1.7Moelis & Co 18 3.9 66,611 65 19 3.5 0.4 Moelis & Co 18 3.7 54,593 56 17 4.1 -0.4Macquarie Group Ltd 19 2.3 40,127 43 34 1.1 1.2 LionTree Advisors LLC 19 2.2 33,231 11 62 0.2 2.0TD Securities Inc 20 2.3 39,526 16 25 2.0 0.3 Greenhill & Co Inc 20 2.1 31,495 13 50 0.4 1.7

TOTAL 1,717,173 15,543 TOTAL 1,487,359 12,646

Canada Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Canada Announced Deals (Target or Seller) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 30.0 71,212 20 1 27.9 2.1 Goldman Sachs & Co LLC 1 35.0 49,503 12 3 23.6 11.4Morgan Stanley 2 26.1 61,962 26 3 24.2 1.9 Morgan Stanley 2 31.0 43,783 17 5 20.1 10.8Barclays PLC 3 21.0 49,714 15 11 13.7 7.3 TD Securities Inc 3 27.9 39,466 17 1 35.3 -7.4TD Securities Inc 4 18.5 43,822 21 4 23.3 -4.8 Barclays PLC 4 24.6 34,705 9 39 0.6 24.0Bank of America Corp 5 14.2 33,721 13 5 21.8 -7.6 Evercore Inc 5 20.6 29,052 8 26 1.6 19.0Citigroup Inc 6 13.9 32,876 17 2 24.5 -10.6 Jefferies LLC 6 19.2 27,067 6 41 0.6 18.6JPMorgan Chase & Co 7 13.6 32,273 18 8 16.0 -2.4 Canson Capital Partners 7 19.1 27,000 1 10 13.2 5.9Evercore Inc 8 12.2 29,052 9 21 5.6 6.6 Robey Warshaw LLP 7 19.1 27,000 1 - - 19.1Jefferies LLC 9 12.2 28,903 9 25 3.9 8.3 RBC Capital Markets 9 17.2 24,318 29 9 14.6 2.6Canson Capital Partners 10 11.4 27,000 1 15 7.0 4.4 BMO Capital Markets Corp/Toronto 10 16.0 22,638 25 6 20.1 -4.1Robey Warshaw LLP 10 11.4 27,000 1 - - 11.4 JPMorgan Chase & Co 11 13.8 19,509 12 7 17.5 -3.7RBC Capital Markets 12 10.7 25,467 33 10 13.7 -2.9 CIBC 12 13.5 19,075 34 13 11.0 2.5BMO Capital Markets Corp/Toronto 13 9.9 23,384 27 7 17.5 -7.7 Citigroup Inc 13 11.9 16,885 7 2 23.7 -11.8CIBC 14 8.8 20,879 39 12 12.9 -4.1 Centerview Partners LLC 14 11.7 16,467 3 10 13.2 -1.6Credit Suisse Group AG 15 7.5 17,863 12 19 5.8 1.8 Bank of America Corp 15 11.4 16,147 7 4 21.7 -10.2Centerview Partners LLC 16 7.4 17,590 4 14 7.1 0.3 Fort Capital Corp 16 9.6 13,500 4 65 0.1 9.5Deutsche Bank AG 17 6.7 15,890 10 13 12.3 -5.6 Guggenheim Capital LLC 17 8.9 12,645 2 10 13.2 -4.3Lazard Ltd 18 6.2 14,715 16 9 14.0 -7.8 Bank of Nova Scotia/The 18 8.2 11,529 20 8 15.1 -6.9UBS AG 19 6.2 14,636 7 27 3.4 2.8 Credit Suisse Group AG 19 8.0 11,265 7 17 4.6 3.4Fort Capital Corp 20 5.7 13,500 4 95 0.0 5.7 National Bank Financial Inc 20 5.4 7,570 15 18 4.0 1.4

TOTAL 237,301 2,735 TOTAL 141,374 1,816

2019 2018VOLUME USD

(Mln)MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%)

2019 2018MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

Latin America Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Brazil Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Banco Santander SA 1 21.1 18,918 14 22 1.1 20.0 BR Partners 1 39.8 16,995 10 11 3.4 36.4BR Partners 2 18.9 16,995 10 14 2.1 16.9 Banco Santander SA 2 38.0 16,228 7 21 0.6 37.4Morgan Stanley 3 18.9 16,963 12 1 36.4 -17.6 Morgan Stanley 3 30.1 12,867 6 2 50.0 -19.8Citigroup Inc 4 18.0 16,191 9 7 10.6 7.5 UBS AG 4 26.2 11,172 5 - - 26.2Bank of America Corp 5 12.8 11,489 12 2 32.4 -19.6 Credit Agricole Corporate & Investment Ban 5 24.2 10,334 4 - - 24.2UBS AG 6 12.6 11,332 6 - - 12.6 G5 Partners 6 23.4 9,975 5 26 0.1 23.3Credit Agricole Corporate & Investment Ban 7 11.5 10,334 4 - - 11.5 Citigroup Inc 7 22.0 9,403 2 8 10.5 11.5G5 Partners 8 11.1 9,975 5 43 0.0 11.1 Rothschild & Co 8 20.8 8,863 10 19 0.6 20.1Rothschild & Co 9 10.4 9,323 14 20 1.4 9.0 Bank of America Corp 9 16.9 7,219 9 5 41.1 -24.2Goldman Sachs & Co LLC 10 9.5 8,519 10 9 8.6 0.9 Banco Itau BBA SA 10 16.4 7,005 23 4 45.1 -28.6Banco Itau BBA SA 11 8.2 7,361 24 5 27.4 -19.3 BNP Paribas SA 11 14.0 5,968 4 29 - 14.0Lazard Ltd 12 8.1 7,246 7 12 2.6 5.4 HSBC Bank PLC 12 13.2 5,621 2 18 0.9 12.3BNP Paribas SA 13 6.6 5,968 6 26 0.5 6.2 Goldman Sachs & Co LLC 13 12.2 5,214 5 14 2.2 10.0HSBC Bank PLC 14 6.6 5,917 5 19 1.5 5.1 Banco BTG Pactual SA 14 9.0 3,826 21 7 12.7 -3.7Banco BTG Pactual SA 15 5.7 5,092 25 8 9.8 -4.2 Lazard Ltd 15 7.5 3,221 3 29 - 7.5PJT Partners Inc 16 3.5 3,100 1 - - 3.5 PJT Partners Inc 16 7.3 3,100 1 - - 7.3Credit Suisse Group AG 17 2.6 2,292 5 11 5.3 -2.7 Banco Bradesco BBI SA 17 3.7 1,579 2 1 50.7 -47.0JPMorgan Chase & Co 18 2.4 2,125 7 3 31.4 -29.0 Riza Capital Consultoria de Investimentos S 18 3.4 1,458 3 6 34.2 -30.8Banco Bradesco BBI SA 19 1.8 1,579 2 4 30.9 -29.1 Greenhill & Co Inc 19 2.1 905 9 29 - 2.1Tudor Pickering Holt & Co LLC 20 1.7 1,500 1 - - 1.7 RBC Capital Markets 20 1.9 800 1 - - 1.9

TOTAL 89,816 784 TOTAL 42,691 421

Latin America Announced Deals (Target or Seller) 01/01/2019 - 09/30/2019 Brazil Announced Deals (Target or Seller) 01/01/2019 - 09/30/2019

Banco Santander SA 1 17.9 18,270 12 28 0.8 17.2 BR Partners 1 36.1 11,955 9 11 3.7 32.4BR Partners 2 16.7 16,995 10 19 1.4 15.3 Banco Santander SA 2 33.8 11,188 6 19 0.7 33.1Citigroup Inc 3 15.8 16,119 9 6 16.4 -0.6 Credit Agricole Corporate & Investment Ban 3 31.2 10,334 4 - - 31.2Bank of America Corp 4 13.4 13,616 13 2 21.5 -8.1 G5 Partners 4 30.2 9,975 5 25 0.1 30.1Morgan Stanley 5 12.4 12,613 9 1 31.1 -18.7 Morgan Stanley 5 29.5 9,767 5 3 50.2 -20.7Credit Agricole Corporate & Investment Ban 6 10.1 10,334 4 - - 10.1 Citigroup Inc 6 28.4 9,403 2 8 11.5 16.9G5 Partners 7 9.8 9,975 5 58 0.0 9.8 Bank of America Corp 7 13.4 4,432 8 5 45.1 -31.7UBS AG 8 9.3 9,432 6 66 - 9.3 Banco BTG Pactual SA 8 11.6 3,826 20 7 13.9 -2.4Rothschild & Co 9 9.2 9,323 12 26 1.0 8.2 Rothschild & Co 9 11.6 3,823 8 17 0.7 10.9Goldman Sachs & Co LLC 10 7.6 7,769 10 9 6.2 1.4 UBS AG 10 9.2 3,032 3 - - 9.2Banco Itau BBA SA 11 7.2 7,312 23 5 18.6 -11.4 Goldman Sachs & Co LLC 11 6.4 2,114 4 13 2.4 4.0BNP Paribas SA 12 5.9 5,968 6 31 0.4 5.5 Banco Itau BBA SA 12 5.8 1,917 21 4 49.5 -43.7HSBC Bank PLC 13 5.8 5,917 5 25 1.0 4.8 Riza Capital Consultoria de Investimentos S 13 4.4 1,458 3 6 37.6 -33.2Banco BTG Pactual SA 14 5.0 5,092 24 8 6.7 -1.7 Banco Bradesco BBI SA 14 3.3 1,079 1 1 53.3 -50.0JPMorgan Chase & Co 15 4.7 4,825 7 3 21.3 -16.5 BNP Paribas SA 15 2.8 928 3 28 - 2.8Lazard Ltd 16 4.1 4,146 6 16 2.0 2.1 Greenhill & Co Inc 16 2.7 905 9 28 - 2.7Barclays PLC 17 2.8 2,874 2 37 0.2 2.6 RBC Capital Markets 17 2.4 800 1 - - 2.4Jefferies LLC 18 2.7 2,703 4 18 1.6 1.0 TD Securities Inc 17 2.4 800 1 - - 2.4TripleTree LLC 19 2.7 2,700 1 - - 2.7 Olimpia Partners 19 2.4 793 6 28 - 2.4Deutsche Bank AG 19 2.7 2,700 1 22 1.0 1.6 Banco Bilbao Vizcaya Argentaria SA 20 1.9 615 1 - - 1.9

TOTAL 101,876 891 TOTAL 33,078 383

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

Country

United Kingdom $146.5 23.2% -34.0%

Germany $68.1 10.8% -35.9%

Netherlands $62.5 9.9% 105.8%

France $51.1 8.1% 3.8%

Italy $23.7 3.7% -32.6%

Spain $21.5 3.4% -55.5%

Switzerland $16.4 2.6% -73.5%

Finland $15.7 2.5% 306.2%

DateTotal Value

% YoY Change

Number of deals 8,848 Financial $188.5 29.7% -6.6%

Volume (Bln.) $632.7 Consumer Non-cyclical $85.8 13.5% -41.9%

Avg Deal Size (Mln.) $71.5 Basic Materials $83.3 13.1% 146.9%

Communications $70.8 11.1% -52.9%

Industrial $66.1 10.4% 2.4%

Goldman Sachs & Co Consumer Cyclical $61.9 9.7% -12.1%

Number of deals 80 Energy $38.0 6.0% -23.1%

Volume (Bln.) $225.9 Technology $33.0 5.2% -6.6%

Diversified $1.2 0.2% 29.7%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $233.9 -6.6% -38.3%

Cross Border $369.8 -3.5% -33.6%

Private Equity $251.3 -5.4% 1.7%

Asset sale $142.4 -10.0% -29.5%

Tender Offer $48.1 4.5% -61.5%

Venture Capital $28.2 -3.1% 28.8%

Spin-off $47.2 -38.3% -25.7%

Minority purchase $76.9 0.6% 10.0%

$115.4 -5.6% 64.4%

EMEA M&A: Industry Breakdown

% YoY Change

EssilorLuxottica SA

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

7/26/1911000 Vodafone Telecom

Towers/ItalyInfrastrutture Wireless

Italiane SpAVodafone Group PLC $5,888.0

$11,283.2

HAL Trust $6,082.4

Top Adviser8/5/19 Just Eat PLC Takeaway.com NV - $6,126.9

8/20/19Animal-health unit/ Bayer

AGElanco Animal Health Inc Bayer AG $7,600.0

7/31/19 GrandVision NV

Majority purchase

EMEA M&A Regional Review EMEA M&A: Country Breakdown

EMEA M&A Highlights of 1st 3Q2019

Summary Target Acquirer Seller Industry

7/19/19 Cub Pty Ltd Asahi Group Holdings LtdAnheuser-Busch InBev

2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3

• Deal volume for EMEA-based targets reached $638.2 billion in the first 3Q2019, a 17.1% decrease from the same period last year. The United Kingdom continued to be the most targeted country in the region, generating $153.0 billion in transactional value.

• M&A deal activity in the basic materials sector experienced an increase of 146.9% year-over-year, partly due to The Public Investment Fund's pending divestiture of a majority stake in Saudi Basic Industries Corp for $69.0 billion. This deal was the largest of the quarter in the EMEA region.

• Cross border deals in the region reached $372.9 billion, accounting for more than half of the overall volume in the region.

Europe Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Europe Announced Deals (Target or Seller) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 27.3 217,127 108 1 26.7 0.7 Goldman Sachs & Co LLC 1 27.0 151,921 87 1 26.9 0.0Morgan Stanley 2 23.7 188,435 85 2 22.9 0.8 Morgan Stanley 2 18.4 103,918 62 3 19.5 -1.1JPMorgan Chase & Co 3 16.8 133,227 100 3 21.2 -4.4 Citigroup Inc 3 17.6 99,290 60 6 14.7 2.9Citigroup Inc 4 16.5 131,333 75 5 15.5 1.0 JPMorgan Chase & Co 4 14.9 83,743 81 4 18.4 -3.6Lazard Ltd 5 13.1 104,092 116 6 12.8 0.3 Lazard Ltd 5 13.7 77,340 102 8 13.5 0.2Bank of America Corp 6 11.6 92,400 61 4 18.2 -6.5 Bank of America Corp 6 13.5 75,871 50 2 20.7 -7.3Barclays PLC 7 10.4 82,780 67 8 12.6 -2.1 Rothschild & Co 7 13.2 74,454 171 5 15.4 -2.2Rothschild & Co 8 10.0 79,432 187 7 12.7 -2.7 BNP Paribas SA 8 13.0 73,277 53 16 6.6 6.4BNP Paribas SA 9 9.9 78,996 60 12 6.6 3.3 Credit Suisse Group AG 9 11.4 64,333 33 13 7.3 4.1Credit Suisse Group AG 10 9.8 77,445 45 13 6.1 3.7 UBS AG 10 8.8 49,518 32 10 9.5 -0.8Jefferies LLC 11 6.7 52,894 38 24 2.2 4.4 Barclays PLC 11 8.6 48,363 57 7 13.8 -5.3UBS AG 12 6.5 51,209 39 9 10.0 -3.5 Deutsche Bank AG 12 5.3 29,889 26 17 4.3 1.0Deutsche Bank AG 13 6.2 49,182 31 17 4.9 1.3 Nomura Holdings Inc 13 4.2 23,373 21 38 1.1 3.1Evercore Inc 14 6.2 49,134 47 10 9.2 -3.0 Jefferies LLC 14 3.6 20,546 25 26 2.5 1.1Centerview Partners LLC 15 4.1 32,586 14 18 4.2 -0.1 HSBC Bank PLC 15 3.3 18,649 18 21 2.9 0.4Canson Capital Partners 16 3.9 31,000 2 - - 3.9 Ernst & Young 16 3.2 17,784 142 23 2.7 0.5Robey Warshaw LLP 17 3.4 27,000 1 11 8.6 -5.2 Macquarie Group Ltd 17 2.1 11,565 31 25 2.6 -0.5HSBC Bank PLC 18 3.2 25,337 22 20 2.6 0.6 Mediobanca Banca di Credito Finanziario SpA 18 2.0 11,407 8 47 0.7 1.4Nomura Holdings Inc 19 2.9 23,373 22 36 1.4 1.6 Credit Agricole Corporate & Investment Ban 19 2.0 11,370 20 28 2.1 -0.1Guggenheim Capital LLC 20 2.6 20,696 6 38 1.2 1.4 Evercore Inc 20 2.0 11,169 31 9 10.9 -8.9

TOTAL 794,476 10,654 TOTAL 563,803 8,546

UK Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Germany Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 29.0 84,154 38 2 30.8 -1.8 JPMorgan Chase & Co 1 30.6 43,852 25 6 16.8 13.8Morgan Stanley 2 24.8 72,003 31 1 34.1 -9.3 Goldman Sachs & Co LLC 2 25.8 37,021 20 1 43.4 -17.6Barclays PLC 3 19.6 56,957 34 3 25.1 -5.5 Bank of America Corp 3 20.7 29,714 12 7 15.9 4.9JPMorgan Chase & Co 4 17.5 50,924 40 4 21.0 -3.4 Lazard Ltd 4 20.3 29,111 18 5 20.3 -Rothschild & Co 5 15.7 45,598 67 9 15.0 0.7 Credit Suisse Group AG 5 15.2 21,804 6 14 3.9 11.3Jefferies LLC 6 14.0 40,701 20 19 4.3 9.7 Morgan Stanley 6 13.5 19,400 11 3 23.2 -9.7Lazard Ltd 7 13.9 40,362 38 15 6.7 7.2 Barclays PLC 7 7.5 10,812 10 24 1.3 6.3Credit Suisse Group AG 8 13.2 38,240 19 17 5.7 7.5 Citigroup Inc 8 6.6 9,484 9 9 14.9 -8.3Bank of America Corp 9 12.9 37,564 21 5 20.9 -8.0 Macquarie Group Ltd 9 6.4 9,154 13 20 2.4 4.0Evercore Inc 10 12.7 36,964 29 8 16.1 -3.4 Ernst & Young 10 5.6 8,021 61 16 3.2 2.4UBS AG 11 11.3 32,852 17 11 13.5 -2.2 Duff & Phelps LLC 11 5.3 7,600 1 - - 5.3Canson Capital Partners 12 10.7 31,000 2 - - 10.7 UBS AG 12 5.2 7,405 7 8 15.5 -10.4Robey Warshaw LLP 13 9.3 27,000 1 6 20.6 -11.3 Guggenheim Capital LLC 13 4.4 6,356 1 - - 4.4Citigroup Inc 14 8.9 25,759 18 7 20.1 -11.2 Deutsche Bank AG 14 4.4 6,312 9 13 4.4 0.0Deutsche Bank AG 15 8.8 25,676 11 13 10.2 -1.4 HSBC Bank PLC 15 3.4 4,872 2 - - 3.4Nomura Holdings Inc 16 6.0 17,544 9 38 1.2 4.9 Nomura Holdings Inc 16 3.3 4,715 2 83 - 3.3TD Securities Inc 17 5.6 16,109 2 49 0.5 5.0 Perella Weinberg Partners LP 17 3.0 4,268 1 12 14.0 -11.0Centerview Partners LLC 18 4.7 13,512 4 16 6.3 -1.7 Jefferies LLC 18 2.3 3,300 3 38 0.4 1.9Guggenheim Capital LLC 19 4.3 12,450 2 201 - 4.3 Allen & Co Inc 19 2.3 3,264 1 - - 2.3HSBC Bank PLC 20 4.2 12,209 13 36 1.2 3.0 Rothschild & Co 20 1.9 2,665 27 4 21.7 -19.9

TOTAL 290,451 3,912 TOTAL 143,397 1,936

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

2018MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)FIRM

France Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Italy Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Morgan Stanley 1 27.2 34,230 19 4 23.8 3.4 Mediobanca Banca di Credito Finanziario SpA 1 18.9 7,407 7 10 9.7 9.2Lazard Ltd 2 23.2 29,243 50 2 27.9 -4.7 UBS AG 2 15.7 6,157 4 19 3.9 11.8Citigroup Inc 3 22.8 28,661 10 12 5.2 17.6 Morgan Stanley 3 15.3 6,012 3 8 9.9 5.4BNP Paribas SA 4 21.3 26,880 30 5 14.6 6.8 HSBC Bank PLC 4 15.2 5,946 2 35 0.8 14.3Credit Agricole Corporate & Investment Ban 5 14.4 18,066 19 7 12.2 2.1 Moelis & Co 5 14.9 5,830 4 - - 14.9Goldman Sachs & Co LLC 6 14.3 18,062 15 6 12.9 1.5 Rothschild & Co 6 12.8 5,024 17 5 13.3 -0.5Rothschild & Co 7 9.5 11,914 77 3 24.4 -15.0 Bank of America Corp 7 12.3 4,828 8 6 10.2 2.1Banco Santander SA 8 6.8 8,600 3 15 3.0 3.9 Goldman Sachs & Co LLC 8 10.6 4,145 4 1 28.9 -18.3BR Partners 8 6.8 8,600 1 32 0.8 6.0 Societe Generale SA 9 9.4 3,701 7 20 2.8 6.7G5 Partners 8 6.8 8,600 1 - - 6.8 Intesa Sanpaolo SpA 10 9.1 3,581 3 13 7.3 1.8JPMorgan Chase & Co 11 6.8 8,567 18 1 38.9 -32.1 Lazard Ltd 11 7.1 2,788 15 2 20.5 -13.4Bank of America Corp 12 6.4 8,084 7 21 1.9 4.5 JPMorgan Chase & Co 12 6.3 2,477 11 11 8.9 -2.6ING Groep NV 13 6.3 7,928 5 - - 6.3 Barclays PLC 13 4.5 1,770 5 3 14.3 -9.8Deutsche Bank AG 14 4.7 5,975 7 67 0.0 4.7 Citigroup Inc 14 3.5 1,372 2 43 0.3 3.2Evercore Inc 15 4.0 5,060 6 13 4.2 -0.1 Peter J Solomon Co LP 15 3.3 1,310 1 - - 3.3Barclays PLC 16 4.0 4,972 7 26 1.2 2.7 BNP Paribas SA 16 3.1 1,225 10 15 5.3 -2.2Jefferies LLC 17 3.3 4,206 6 41 0.5 2.8 Jefferies LLC 17 2.7 1,063 2 7 10.2 -7.5Bank of Nova Scotia/The 18 3.1 3,959 2 - - 3.1 PricewaterhouseCoopers LLP 18 1.9 748 15 30 1.2 0.7TD Securities Inc 18 3.1 3,959 1 78 - 3.1 Houlihan Lokey Inc 19 1.4 537 3 25 1.4 0.0Wells Fargo & Co 20 3.1 3,950 1 43 0.4 2.7 Equita SIM SpA 20 1.3 497 2 - - 1.3

TOTAL 125,932 1,607 TOTAL 39,216 634

Benelux Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Iberia Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 41.2 57,400 18 2 32.6 8.7 Citigroup Inc 1 27.4 10,984 10 1 24.5 2.9BNP Paribas SA 2 34.5 48,005 10 12 9.5 25.0 Goldman Sachs & Co LLC 2 19.1 7,660 6 5 14.3 4.8Citigroup Inc 3 34.1 47,510 12 14 6.3 27.8 Rothschild & Co 3 16.3 6,526 12 19 1.8 14.4Morgan Stanley 4 34.0 47,338 15 8 11.2 22.8 Morgan Stanley 4 15.0 6,012 7 3 17.8 -2.8Lazard Ltd 5 16.6 23,120 17 3 26.0 -9.4 JPMorgan Chase & Co 5 14.7 5,904 10 4 14.5 0.2Rothschild & Co 6 15.2 21,084 36 16 5.7 9.4 Bank of America Corp 6 9.5 3,796 5 15 2.6 6.9Bank of America Corp 7 10.6 14,682 9 7 11.3 -0.8 Lazard Ltd 7 8.4 3,367 10 10 6.5 1.9Nomura Holdings Inc 8 9.8 13,699 7 15 6.2 3.6 Banco Santander SA 8 7.4 2,962 17 6 13.8 -6.4UBS AG 9 6.5 9,098 3 17 4.1 2.5 Ernst & Young 9 7.0 2,795 38 16 2.6 4.4ING Groep NV 10 6.0 8,370 23 38 0.8 5.3 PricewaterhouseCoopers LLP 10 4.6 1,859 55 2 24.3 -19.7JPMorgan Chase & Co 11 5.7 7,986 20 1 33.7 -28.0 Banco Bilbao Vizcaya Argentaria SA 11 4.2 1,685 5 13 3.1 1.1Oakley Advisory Ltd 12 4.4 6,127 1 - - 4.4 Barclays PLC 12 3.2 1,295 2 23 1.6 1.7Credit Suisse Group AG 13 3.6 5,055 6 4 13.9 -10.3 Jefferies LLC 12 3.2 1,295 2 39 0.2 3.1Barclays PLC 14 3.4 4,723 10 18 3.8 -0.4 BNP Paribas SA 14 3.1 1,236 3 48 - 3.1Deutsche Bank AG 15 3.4 4,721 5 35 0.9 2.5 Banco BTG Pactual SA 15 1.7 681 2 36 0.2 1.5Ernst & Young 16 2.6 3,625 29 49 0.4 2.2 Societe Generale SA 16 1.7 673 2 7 12.0 -10.4Jefferies LLC 17 2.3 3,128 10 21 2.9 -0.7 Foros LLC 17 1.7 670 1 - - 1.7Cooperatieve Rabobank UA 18 1.7 2,314 21 61 0.1 1.6 Qatalyst Partners LLC 17 1.7 670 1 - - 1.7HSBC Bank PLC 19 1.6 2,238 6 13 9.2 -7.5 ABC Brasil Banking Ltd 19 1.2 498 1 - - 1.2ABN AMRO Bank NV 20 1.3 1,837 16 54 0.2 1.1 Nomura Holdings Inc 20 0.9 372 3 17 2.4 -1.5

TOTAL 139,200 1,417 TOTAL 40,145 681

MKT SHR CHANGE

2018MKT SHR CHANGE

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

2019VOLUME USD

(Mln)DEAL

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

2019 2018

Nordic Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Eastern Europe Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 38.2 41,523 24 5 11.5 26.8 Citigroup Inc 1 21.7 8,522 13 3 7.2 14.6JPMorgan Chase & Co 2 26.5 28,828 8 6 9.9 16.6 JPMorgan Chase & Co 2 10.7 4,202 6 1 11.9 -1.2Morgan Stanley 3 22.3 24,286 16 2 18.4 4.0 Rothschild & Co 3 8.2 3,198 7 4 7.0 1.2Deutsche Bank AG 4 16.9 18,422 5 20 3.1 13.9 Credit Suisse Group AG 4 7.1 2,800 3 17 1.5 5.7Barclays PLC 5 15.4 16,715 11 3 17.2 -1.9 Bank of America Corp 5 4.1 1,607 6 16 1.8 2.3Citigroup Inc 6 12.8 13,910 14 7 9.6 3.2 Lazard Ltd 6 3.6 1,407 6 18 1.0 2.6Bank of America Corp 7 11.0 11,997 8 11 8.3 2.7 BTIG LLC 7 3.1 1,209 1 - - 3.1BNP Paribas SA 8 8.2 8,856 7 14 5.2 3.0 LionTree Advisors LLC 8 2.1 822 2 7 6.1 -4.0Jefferies LLC 9 7.8 8,447 10 17 3.9 3.9 Evercore Inc 9 1.9 724 1 13 3.9 -2.0Lazard Ltd 10 7.5 8,178 6 13 7.5 0.0 Foros LLC 10 1.7 670 1 - - 1.7Nordea Bank AB 11 6.3 6,826 9 12 8.0 -1.7 Qatalyst Partners LLC 10 1.7 670 1 - - 1.7Rothschild & Co 12 5.0 5,403 11 10 8.9 -3.9 UBS AG 12 1.6 631 3 11 4.0 -2.4Skandinaviska Enskilda Banken AB 13 4.9 5,287 19 9 9.5 -4.6 BNP Paribas SA 13 1.6 609 3 2 9.8 -8.3UBS AG 14 4.5 4,860 3 40 0.6 3.9 Efg Hermes Securities 14 1.5 577 1 - - 1.5FIH Partners A/S 15 3.7 4,055 7 84 - 3.7 Ernst & Young 15 1.3 495 7 15 2.0 -0.8Danske Bank A/S 16 3.4 3,744 7 61 0.1 3.3 Renaissance Capital Pty Ltd 16 1.3 495 3 - - 1.3Credit Suisse Group AG 17 3.2 3,441 2 48 0.3 2.9 PricewaterhouseCoopers LLP 17 1.2 456 14 20 0.6 0.5TripleTree LLC 18 2.5 2,700 1 - - 2.5 Nomura Holdings Inc 18 1.1 447 1 - - 1.1Carnegie Fondkommission AB 19 2.2 2,389 20 22 2.6 -0.4 Societe Generale SA 19 1.1 444 2 5 6.7 -5.5Ernst & Young 20 2.0 2,157 21 19 3.4 -1.4 ING Groep NV 20 1.1 422 3 - - 1.1

TOTAL 108,717 1,557 TOTAL 39,207 931

Africa/ME Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 57.8 125,070 16 1 28.0 29.8Morgan Stanley 2 57.2 123,752 13 4 14.2 43.0Citigroup Inc 3 56.1 121,311 20 15 3.9 52.2JPMorgan Chase & Co 4 45.8 99,159 22 2 24.0 21.8HSBC Bank PLC 5 37.8 81,875 10 19 1.8 36.0Bank of America Corp 6 35.5 76,804 9 8 7.3 28.2BNP Paribas SA 7 17.6 38,172 5 26 0.9 16.8Credit Suisse Group AG 8 5.8 12,615 5 50 0.1 5.8Moelis & Co 9 5.8 12,595 7 22 1.2 4.7KPMG Corporate Finance LLC 10 4.4 9,541 6 23 1.0 3.4Barclays PLC 11 3.3 7,068 7 3 16.2 -13.0Ernst & Young 12 2.6 5,516 8 35 0.6 2.0UBS AG 13 2.5 5,370 5 9 6.4 -3.9Rothschild & Co 14 2.2 4,694 15 10 6.3 -4.1Jefferies LLC 15 1.9 4,026 8 34 0.6 1.3Lazard Ltd 16 1.3 2,883 10 7 7.6 -6.2Macquarie Group Ltd 17 1.2 2,502 1 11 5.6 -4.4HFF Securities LP 18 0.9 2,004 3 - - 0.9Centerview Partners LLC 19 0.9 1,868 1 17 3.0 -2.1PSG Group Ltd 19 0.9 1,868 1 60 0.0 0.9

TOTAL 216,391 1,271

2019 2018

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

FIRMDEAL

COUNT RANKMKT SHR

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNTRANK

MKT SHR CHANGE

MKT SHR (%)

VOLUME USD (Mln)

DateTotal Value

Number of deals 9,970

Volume (Bln.) $522.4

Avg Deal Size (Mln.) $52.4

Morgan Stanley

Number of deals 56

Volume (Bln.) $41.9

Avg Deal Size (Bln.) $0.7

Deal TypeAmount

(Bln.)% Change

Deal % YoY

Change

Company Takeover $184.7 -8.3% -24.0%

Cross Border $201.2 -6.3% -31.5%

Private Equity $130.7 11.9% -32.1%

Asset sale $91.3 0.9% 9.3%

Tender Offer $29.2 -18.7% -7.1%

Venture Capital $36.0 21.0% -55.8%

Spin-off $4.7 -34.4% -77.5%

Minority purchase $132.7 1.3% -35.1%

Majority purchase $66.7 -15.1% -47.0%

Graphs represent any regional involvement (target, seller, or acquirer).

Unizo Holdings Co Ltd

Japan M&A: Quarterly Volume

$7,758.11/14/19 Multiple Targets CapitaLand LtdCLA Real Estate Holdings Pte Ltd

Anbang Insurance Group Co Ltd

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

7/19/19Reliance Jio Infratel Pvt

LtdBrookfield Asset Management Inc

Reliance Industries Ltd $3,660.9

Top Adviser9/12/19 ZOZO Inc Z Holdings Corp - $3,737.5

8/16/19

$5,800.0

Fortress Investment Group LLC

$5,198.2

APAC M&A Regional Review

2019APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1st 3Q2019

Summary Target Acquirer Seller

9/11/19Portfolio of luxury

hotelsMirae Asset Global Investments Co Ltd

14%13%

4% 2% 0%

APAC Industry Breakdown Financial

Industrial

Consumer Cyclical

Consumer Non-cyclical

Communications

Technology

Basic Materials

Energy

Utilities

Diversified

• M&A activity targeting the APAC region for the first 3Q2019 decreased by 27.2% year-on-year to$522.4 billion. Deals exceeding $1.0 billion in value decreased by 37.3% to 85 deals. The value of dealstargeting Chinese companies or assets accounted for 42.5% of the total deal volume.

• The financial sector was the most targeted industry, accounting for 31.0% of the region's overallvolume. The company takeover deal of Ascendas Pte Ltd and Singbridge Pte Ltd by CapitaLand Ltd for$7.8 billion, was recorded as the largest deal in 2019 involving an APAC-based target.

• Private equity deal volume decreased by 32.1% year-on-year to $130.8 billion in the first 3Q2019.Sequoia Capital was the most active investor in the first 3Q2019 with its involvement in 73 deals.

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 14.0 93,022 46 1 14.3 -0.4 Morgan Stanley 1 13.5 72,401 38 3 8.0 5.5Morgan Stanley 2 12.7 84,573 43 3 10.2 2.5 Goldman Sachs & Co LLC 2 12.3 66,047 34 1 10.2 2.1Bank of America Corp 3 11.4 75,574 29 7 5.2 6.2 Barclays PLC 3 8.8 47,541 10 9 4.4 4.4Citigroup Inc 4 8.7 58,176 42 4 9.4 -0.6 JPMorgan Chase & Co 4 8.2 44,252 22 4 7.7 0.5Barclays PLC 5 7.9 52,706 18 6 5.4 2.6 Bank of America Corp 5 7.6 40,884 17 11 3.0 4.6JPMorgan Chase & Co 6 7.5 50,159 32 2 11.3 -3.8 Citigroup Inc 6 6.1 33,070 30 2 8.5 -2.3Evercore Inc 7 5.9 39,268 7 14 3.2 2.7 Jefferies LLC 7 5.6 29,919 12 45 0.5 5.1Jefferies LLC 8 4.9 32,828 16 48 0.5 4.4 Evercore Inc 8 5.2 27,828 4 35 0.6 4.6Credit Suisse Group AG 9 4.9 32,348 25 18 2.4 2.5 Deutsche Bank AG 9 5.1 27,503 15 10 4.2 0.9Deutsche Bank AG 10 4.6 30,337 19 12 3.8 0.8 Canson Capital Partners 10 5.0 27,000 1 - - 5.0Wells Fargo & Co 11 4.5 30,125 6 193 0.0 4.5 Robey Warshaw LLP 10 5.0 27,000 1 19 1.5 3.5Canson Capital Partners 12 4.1 27,000 1 21 2.0 2.1 UBS AG 12 4.8 25,722 30 5 6.3 -1.6Robey Warshaw LLP 12 4.1 27,000 1 30 1.2 2.9 Credit Suisse Group AG 13 3.7 19,811 22 13 2.4 1.3UBS AG 14 3.9 25,722 31 5 6.8 -3.0 Wells Fargo & Co 14 3.5 19,025 4 167 0.0 3.5Rothschild & Co 15 3.8 25,140 32 19 2.3 1.5 China International Capital Corp Ltd 15 3.5 18,684 19 7 5.0 -1.5CITIC Securities Co Ltd 16 2.9 19,117 21 10 4.5 -1.7 CITIC Securities Co Ltd 16 3.4 18,418 20 6 5.7 -2.2China International Capital Corp Ltd 17 2.8 18,785 20 11 4.4 -1.5 Huatai Securities Co Ltd 17 3.1 16,884 23 24 1.2 1.9Huatai Securities Co Ltd 18 2.6 16,962 24 33 1.1 1.5 Centerview Partners LLC 18 2.7 14,350 2 - - 2.7Centerview Partners LLC 19 2.2 14,350 2 20 2.1 0.1 Rothschild & Co 19 2.6 13,716 23 28 1.2 1.4HSBC Bank PLC 20 2.1 13,754 19 16 2.7 -0.7 CSC Financial Co Ltd 20 2.5 13,480 7 17 1.8 0.8

TOTAL 665,253 9,423 TOTAL 538,169 8,108

APAC Private Equity (Any Involvement) 01/01/2019 - 09/30/2019

Goldman Sachs & Co LLC 1 29.9 88,152 31 3 21.2 8.8Morgan Stanley 2 28.5 83,948 39 2 21.5 7.0Bank of America Corp 3 19.2 56,528 16 8 7.7 11.5Barclays PLC 4 17.6 51,762 16 6 9.4 8.2Citigroup Inc 5 14.5 42,755 24 4 13.3 1.2Evercore Inc 6 13.4 39,480 7 10 7.3 6.1JPMorgan Chase & Co 7 11.2 32,851 16 1 26.7 -15.5Jefferies LLC 8 11.1 32,630 9 48 0.3 10.8Wells Fargo & Co 9 10.2 30,125 5 - - 10.2Canson Capital Partners 10 9.2 27,000 1 13 5.4 3.8Robey Warshaw LLP 10 9.2 27,000 1 - - 9.2Deutsche Bank AG 12 8.1 23,906 9 11 7.1 1.0Credit Suisse Group AG 13 7.6 22,340 16 25 2.4 5.2Centerview Partners LLC 14 4.9 14,350 2 13 5.4 -0.5UBS AG 15 4.3 12,646 13 12 5.8 -1.5TD Securities Inc 16 4.2 12,267 2 13 5.4 -1.2Guggenheim Capital LLC 17 4.1 12,150 1 13 5.4 -1.3Qatalyst Partners LLC 18 4.0 11,822 4 38 0.6 3.4Intrepid Partners LLC 19 3.8 11,100 1 - - 3.8China International Capital Corp Ltd 20 2.9 8,579 5 7 8.0 -5.1

TOTAL 294,512 2,883

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

RANKMKT SHR

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

2019 2018MKT SHR CHANGE

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

AU & NZ Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Japan Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Bank of America Corp 1 28.4 24,433 9 9 10.5 17.9 Morgan Stanley 1 23.0 33,832 44 3 44.6 -21.6Goldman Sachs & Co LLC 2 26.9 23,118 18 1 32.1 -5.2 Nomura Holdings Inc 2 21.4 31,451 72 4 44.4 -22.9Intrepid Partners LLC 3 12.9 11,100 1 - - 12.9 Sumitomo Mitsui Financial Group Inc 3 15.8 23,180 47 10 5.8 10.0Wells Fargo & Co 3 12.9 11,100 1 63 0.1 12.8 Goldman Sachs & Co LLC 4 11.5 16,875 18 2 46.4 -34.9Credit Suisse Group AG 3 12.9 11,100 1 14 4.9 8.0 Mizuho Financial Group Inc 5 10.3 15,168 56 7 10.0 0.3Evercore Inc 3 12.9 11,100 1 28 1.2 11.8 Lazard Ltd 6 9.2 13,524 7 18 1.3 7.9UBS AG 7 12.6 10,842 15 3 26.1 -13.5 Rothschild & Co 7 8.3 12,160 7 19 1.1 7.2Macquarie Group Ltd 8 11.9 10,212 14 2 28.7 -16.8 Daiwa Securities Group Inc 8 5.4 7,931 51 14 2.4 3.0Deutsche Bank AG 9 11.1 9,564 12 18 3.3 7.8 JPMorgan Chase & Co 9 4.7 6,914 12 1 47.2 -42.5Morgan Stanley 10 7.2 6,203 11 4 25.8 -18.6 UBS AG 10 3.7 5,382 6 12 2.7 1.0Rothschild & Co 11 5.8 4,961 13 16 4.3 1.5 Citigroup Inc 11 3.2 4,710 9 5 35.6 -32.4JPMorgan Chase & Co 12 5.2 4,500 4 20 1.9 3.4 Deloitte Touche Tohmatsu ILA Group Ltd 12 3.0 4,458 66 16 2.0 1.0Barclays PLC 13 4.1 3,557 3 5 17.6 -13.4 Credit Suisse Group AG 13 2.7 3,892 6 17 1.4 1.2Nomura Holdings Inc 14 3.4 2,892 1 26 1.3 2.1 Evercore Inc 14 2.6 3,880 3 6 33.7 -31.1Jefferies LLC 15 3.0 2,589 7 25 1.3 1.7 Bank of America Corp 15 2.2 3,253 7 20 0.8 1.4Centerview Partners LLC 16 2.6 2,200 1 - - 2.6 Raine Group LLC 16 2.2 3,200 2 9 6.6 -4.4Gresham Partners Ltd 17 2.3 2,007 9 7 11.4 -9.1 Jefferies LLC 17 2.2 3,175 5 50 0.0 2.1Citigroup Inc 18 2.2 1,928 5 6 14.6 -12.3 Macquarie Group Ltd 18 2.0 2,892 3 - - 2.0Greenhill & Co Inc 19 2.1 1,759 6 27 1.2 0.8 Moelis & Co 19 1.8 2,678 6 34 0.2 1.7Morgans Financial Ltd 20 1.5 1,293 1 - - 1.5 Ernst & Young 20 1.7 2,555 10 28 0.3 1.5

TOTAL 85,948 1,267 TOTAL 146,870 3,100

South Korea Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 China Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

PricewaterhouseCoopers LLP 1 10.6 7,693 59 15 1.6 9.0 China International Capital Corp Ltd 1 6.8 18,785 20 2 9.1 -2.3Bank of America Corp 2 9.7 7,038 3 7 5.2 4.5 CITIC Securities Co Ltd 2 6.7 18,489 20 1 9.4 -2.7Credit Suisse Group AG 3 9.5 6,926 8 4 6.1 3.4 Huatai Securities Co Ltd 3 6.1 16,891 22 11 2.2 3.8Ernst & Young 4 8.1 5,842 14 11 3.3 4.7 CSC Financial Co Ltd 4 4.9 13,614 8 9 2.9 2.0China International Capital Corp Ltd 5 8.0 5,800 1 - - 8.0 Somerley Group Ltd 5 4.1 11,400 15 20 0.9 3.2Goldman Sachs & Co LLC 6 7.6 5,491 7 5 6.0 1.6 Bank of America Corp 6 3.5 9,622 5 14 1.4 2.0Citigroup Inc 7 7.4 5,369 10 21 0.6 6.8 HSBC Bank PLC 7 2.7 7,472 12 30 0.5 2.2Morgan Stanley 8 5.2 3,808 8 3 8.0 -2.8 Citigroup Inc 8 2.4 6,613 6 3 7.4 -5.0KPMG Corporate Finance LLC 9 4.0 2,867 11 17 0.8 3.2 UBS AG 9 2.3 6,359 5 7 4.6 -2.4Samsung Securities Co Ltd 10 3.6 2,590 5 12 2.8 0.8 Lazard Ltd 10 2.2 6,195 7 21 0.8 1.4JPMorgan Chase & Co 11 2.1 1,527 2 1 11.2 -9.1 Tianfeng Securities Co Ltd 11 2.1 5,931 2 53 0.1 2.0BNP Paribas SA 12 1.9 1,346 1 18 0.7 1.1 Morgan Stanley 12 2.0 5,597 8 4 5.7 -3.6Deutsche Bank AG 13 1.7 1,200 2 6 5.2 -3.6 China Merchants Securities Co Ltd 13 1.9 5,159 4 17 1.0 0.8Deloitte Touche Tohmatsu ILA Group Ltd 14 1.3 950 1 36 - 1.3 JPMorgan Chase & Co 14 1.4 3,784 7 5 5.1 -3.8HSBC Bank PLC 15 1.0 701 2 - - 1.0 Barclays PLC 15 1.1 3,088 5 43 0.2 0.9Reimei Global Advisors Pte Ltd 16 0.7 508 1 35 0.0 0.7 Allied Group Ltd 16 1.0 2,902 3 - - 1.0Rothschild & Co 17 0.7 495 2 13 2.7 -2.1 Macquarie Group Ltd 17 0.9 2,539 4 39 0.2 0.7Lazard Ltd 18 0.6 412 2 27 0.1 0.4 Donghai Securities Co Ltd 18 0.8 2,331 2 98 0.0 0.8Brookfield Financial Corp 19 0.6 400 1 - - 0.6 Huaxi Securities Co Ltd 19 0.8 2,275 2 45 0.2 0.7Hana Financial Group Inc 20 0.5 368 1 - - 0.5 ZTF Securities Co Ltd 20 0.8 2,269 9 55 0.1 0.7

TOTAL 72,610 1,294 TOTAL 278,208 3,532

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Hong Kong Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 Taiwan Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Citigroup Inc 1 12.3 9,081 5 3 14.0 -1.7 KGI Securities Co Ltd 1 14.1 860 7 2 10.7 3.5HSBC Bank PLC 2 11.6 8,573 7 24 0.7 10.9 PricewaterhouseCoopers LLP 2 10.2 619 7 5 5.2 5.0JPMorgan Chase & Co 3 7.8 5,761 4 1 15.4 -7.6 Goldman Sachs & Co LLC 3 7.6 463 2 1 21.5 -13.9Rothschild & Co 4 7.6 5,624 3 54 0.1 7.5 Morgan Stanley 4 5.8 350 1 10 0.3 5.5Credit Suisse Group AG 5 6.7 4,937 8 82 0.0 6.6 Credit Suisse Group AG 5 4.0 243 1 - - 4.0UBS AG 6 5.1 3,751 5 10 6.2 -1.2 Deloitte Touche Tohmatsu ILA Group Ltd 6 3.8 233 2 4 5.6 -1.7Morgan Stanley 7 4.6 3,429 5 7 11.7 -7.1 JPMorgan Chase & Co 7 2.7 165 1 - - 2.7Moelis & Co 8 4.1 3,008 2 6 11.8 -7.7 Canaccord Genuity Corp 8 1.5 90 1 - - 1.5CITIC Securities Co Ltd 9 3.6 2,641 4 9 11.3 -7.7 Yuanta Securities Co Ltd 9 1.5 90 1 - - 1.5China International Capital Corp Ltd 10 3.6 2,636 3 4 13.1 -9.5 Ernst & Young 10 1.0 64 1 13 - 1.0M Klein & Co LLC 11 2.8 2,081 1 - - 2.8 BMO Capital Markets Corp/Toronto 11 0.7 45 1 - - 0.7Huatai Securities Co Ltd 12 2.6 1,928 4 - - 2.6 Cowen & Co LLC 11 0.7 45 1 9 0.4 0.4Somerley Group Ltd 13 2.6 1,897 10 14 2.0 0.5 Masterlink Securities Corp 13 0.2 11 1 - - 0.2Macquarie Group Ltd 14 2.4 1,780 1 35 0.4 2.1 YAMADA Consulting Group Co Ltd 14 - - 1 - - -Gram Capital Ltd 15 1.8 1,293 7 12 3.2 -1.4 Wells Fargo & Co 14 - - 1 - - -Goldman Sachs & Co LLC 16 1.4 1,004 5 2 14.6 -13.2 Nomura Holdings Inc 14 - - 1 - - -China Construction Bank Corp 17 1.3 954 2 21 0.8 0.5Deloitte Touche Tohmatsu ILA Group Ltd 18 1.1 787 2 31 0.5 0.6Platinum Securities Co Ltd 19 0.9 654 2 34 0.4 0.5KPMG Corporate Finance LLC 20 0.8 562 1 22 0.7 0.0

TOTAL 74,038 1,002 TOTAL 6,083 133

SE Asia Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019 India Announced Deals (Any Involvement) 01/01/2019 - 09/30/2019

Morgan Stanley 1 38.6 69,101 16 3 21.9 16.7 Ernst & Young 1 8.5 5,914 30 10 10.0 -1.5Goldman Sachs & Co LLC 2 34.3 61,463 10 7 11.4 23.0 Ambit Pvt Ltd 2 5.9 4,092 5 42 0.1 5.7Barclays PLC 3 26.4 47,309 7 37 0.9 25.5 Kotak Mahindra Bank Ltd 3 5.3 3,715 4 18 3.0 2.4Bank of America Corp 4 22.5 40,281 13 5 11.9 10.6 Arpwood Capital Pvt Ltd 4 5.3 3,709 5 11 7.7 -2.4JPMorgan Chase & Co 5 19.7 35,259 12 1 28.4 -8.7 Morgan Stanley 5 5.3 3,705 9 5 15.4 -10.1Citigroup Inc 6 19.2 34,371 13 2 23.3 -4.1 SRB & Associates 6 4.5 3,146 1 - - 4.5Jefferies LLC 7 16.6 29,749 5 - - 16.6 Lazard Ltd 7 4.3 2,985 4 31 0.9 3.4Evercore Inc 8 15.2 27,268 3 8 10.3 5.0 Deloitte Touche Tohmatsu ILA Group Ltd 8 3.8 2,675 22 22 1.9 1.9Canson Capital Partners 9 15.1 27,000 1 10 9.4 5.7 Citigroup Inc 9 3.5 2,412 8 3 18.6 -15.1Robey Warshaw LLP 9 15.1 27,000 1 - - 15.1 Edelweiss Financial Services Ltd 10 3.3 2,316 6 37 0.3 3.0Wells Fargo & Co 11 10.4 18,700 2 91 - 10.4 Goldman Sachs & Co LLC 11 3.1 2,169 5 2 19.3 -16.1Deutsche Bank AG 11 10.4 18,700 1 9 9.9 0.5 JPMorgan Chase & Co 12 2.7 1,911 4 1 34.7 -32.0Centerview Partners LLC 13 6.8 12,150 1 10 9.4 -2.6 KPMG Corporate Finance LLC 13 2.3 1,624 12 12 5.2 -2.8Guggenheim Capital LLC 13 6.8 12,150 1 10 9.4 -2.6 Axis Bank Ltd 14 2.3 1,594 7 27 1.2 1.1TD Securities Inc 13 6.8 12,150 1 10 9.4 -2.6 Rothschild & Co 15 2.0 1,419 6 23 1.7 0.4Rothschild & Co 16 6.3 11,322 8 16 6.7 -0.4 Moelis & Co 16 2.0 1,388 2 20 2.5 -0.5Qatalyst Partners LLC 17 5.9 10,592 2 - - 5.9 ICICI Bank Ltd 17 1.5 1,010 8 39 0.3 1.2Credit Suisse Group AG 18 5.7 10,272 6 18 3.6 2.1 BNP Paribas SA 18 1.4 982 3 - - 1.4UBS AG 19 3.3 5,982 8 17 3.8 -0.5 Barclays PLC 19 1.3 930 3 4 18.4 -17.1PricewaterhouseCoopers LLP 20 1.6 2,900 11 44 0.6 1.0 Credit Suisse Group AG 20 1.3 876 6 14 4.9 -3.6

TOTAL 179,049 1,807 TOTAL 69,635 1,588

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2019 2018

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are

converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by

the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

GLOBAL M&A MARKET REVIEW · 2019-10-01 · Global M&A deal volume reached $2.8 trillion in t he...

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