Post on 05-Feb-2018
MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS First Quarter 2014
REUTERS / Jim Young
2
11
15
Fairness Opinion Rankings
Worldwide Announced Fairness Opinion
Any Americas Announced Fairness Opinion
Any USAnnounced Fairness Opinion
11
14
Any Nordic Involvement Completed (AF44)
Table of Contents
16
16Any Australian Involvement Announced (AD24)
9
1
Top Ten European Involvement Announced Deals
Thomson Reuters Soultions for the Deal the Deal Making Community
Any Asia (ex-Japan) Involvement Announced (AD25)
20
Worldwide Announced (AD1)
20
10
18
Any Japanese Involvement Announced (AD19)
Any Asia Pacific Announced Fairness Opinion
2
2
8
11
12
13
13
Regional Contacts
Criteria Summary
Any EMEA Announced Fairness Opinion
11
14
20
21
21
22
21
20
Any Spanish Involvement Announced (AD34)3
3
6
6
Any Japanese Announced Fairness Opinion13
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
Any Benelux Involvement Completed (AF47)
10
Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
16
Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
16
Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53)
19
15
Mergers & Acquisitions Criteria Summary
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
8
8
7
Any German Involvement Completed (AF42)
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
Any Italian Involvement Completed (AF43)
20
20
19
Top Ten US Announced Deals
Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
20
13
12
Any Italian Involvement Announced (AD36)
Any Nordic Involvement Announced (AD37)
Any European Involvement Completed (AF3)
https://www.thomsonone.com
10
12
12
Any French Involvement Announced (AD33)
Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
M&A Financial Advisory ReviewFirst Quarter 2014 | Mergers & Acquisitions | Financial Advisors
1
Japan Deals Intelligence
Any European Involvement Announced (AD21)
Any Americas Involvement Completed (AF55)
17
17
18
18
Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
Americas Deals Intelligence
6
US Target Announced (AD2) 7
First Quarter 2014 FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEWWorldwide Deal Making Up 36% Net of Competing Bids; Number of Deals at Decade Low l Best Start for Telecom, Media Since 2000 l Morgan Stanley Top Advisor
Global Deals Intelligence
Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity
Worldwide Completed M&A by Region - Imputed Fees
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WORLDWIDE M&A UP 36% NET OF COMPETING BIDS; NUMBER OF DEALS FALLS TO DECADE LOW - The value of worldwide M&A totalled US$756.1 billion during the first quarter of 2014, a 52% increase fromcomparable 2013 levels. Net of the competing bids for US-based Time Warner Cable and France’s SFR,worldwide M&A has increased 36% compared to first quarter 2013, marking the best annual start for worldwidedeal making since 2011. Just over 8,200 worldwide deals were announced during the first quarter of 2014, a10% decline from a year ago and the slowest opening period for M&A, by number of deals, since 2004. CROSS BORDER UP 86%; EMERGING MARKETS ACCOUNT FOR 17% OF M&A – Cross Border M&Aactivity totalled US$245.2 billion during the first quarter of 2014, accounting for 32% of overall M&A volume andup 86% compared to first quarter 2013. Accounting for 17% of worldwide announced activity, M&A involvingcompanies located in the emerging markets totalled US$125.6 billion during first quarter 2014, a 5% decreasefrom 2013.
COMPLETED ADVISORY FEES UP 8% - According to estimates from Thomson Reuters/Freeman Consulting,M&A advisory fees from completed transactions totalled US$5.6 billion during the first quarter of 2014, an 8%increase from the comparable period in 2013.
TRIPLE-DIGIT PERCENTAGE GAINS IN MEDIA, HEALTHCARE, TECH DRIVE M&A - The media andentertainment sector was most active during the first quarter of 2014, commanding 21% of announced M&A,while the real estate and energy and power sectors each accounted for 10%. Net of competing bids, media,healthcare, technology and consumer products led all sectors by growth rate with triple-digit percentageincreases over 2013. The first quarter marks the strongest opening period for worldwide media and technologyM&A since 2000. Consumer staples deal making was the only sector to register a deficit compared to firstquarter 2013, down 30%.
BUYSIDE PRIVATE EQUITY M&A UP 21% COMPARED TO 2013 –Worldwide private equity-backed buyoutsand portfolio company acquisitions totalled US$139.1 billion during the first quarter of 2014. Private equity dealmaking in the high tech, telecommunications and energy sectors accounted for 51% of the activity during thefirst quarter, up from 29% during 2013. Accounting for 18% of worldwide M&A during the first quarter 2014,private equity-backed M&A increased 21% compared to first quarter 2013 levels.
$73.7 $154.2
$201.8
$78.3 $16.3 $31.6 $65.5 $61.1
$114.6 $139.1
$109.9
$191.9
$319.7
$82.7
$24.7 $60.3
$86.2 $68.4
$79.6
$73.6
$160.6
$161.8
$55.7
$36.6
$73.9
$69.7 $89.9
$79.1
$96.9
$281.0
$101.1
$35.7
$51.6
$86.0
$104.4 $120.2 $112.6
13.2%
21.8% 19.0%
8.8%
6.5%
10.4%
12.9% 13.3% 16.0%
18.4%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
$0
$1
$2
$3
$4
$5
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Impu
ted
Fees
(US
$b)
Americas EMEA
Asia Pacific Japan
$145.5 $281.0
$406.1 $258.1
$113.4 $175.1 $234.2 $171.4 $131.8 $245.2
$241.2
$273.3
$642.8
$364.0
$112.3 $202.2
$246.3 $270.7
$166.9
$262.9
$254.4
$371.7
$326.3
$149.2
$271.1 $204.0 $203.2
$210.2
$249.5
$406.2
$430.9
$154.3
$167.9
$263.0 $200.5 $259.1
$241.9
33.6%
33.6%
44.8%
38.3%
27.2%
37.5% 35.1%
35.5% 31.2%
32.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A
1
Western Europe
South East Asia1,155.8New Zealand
Target Macro / Mid Industry
▲
▼
▲
61.3-39.1-20.2
544
397
▼
▲
273▼
Telecommunications / Telecommunications ServicesHealthcare / Pharmaceuticals
Industrials / Automobiles & Components
Energy and Power / Oil & GasConsumer Products and Services / Other Consumer Products
Consumer Staples / Food and Beverage
High Technology / Internet Software & Services
Jan 1 - Mar 31 2014
Suntory Holdings Ltd
Pending
1/13/2014
1/20/2014
Retail / Food & Beverage Retailing
Consumer Staples / Food and Beverage
Media and Entertainment / Cable
United Kingdom / Germany
Telecommunications / Telecommunications Services
▼
Media and Entertainment / Cable70,677.1
▼
Worldwide Announced M&A Target Industry by Value
330
1/1/2013 - 3/31/2013
260,449.3 ▲
▲
▲
▼
% Change
in Rank
Value
▲
▼
▲
41.633.3
-33.4
-73.2
-4.9
▲
44.2
▲
▲
▼
5,016.520011,788.4
9.6
14.628.8
105
United States 223,922.9
1,838.9
▼
1,860
▼
-91.3▼
▲
26
36,526.4
No.
Deals
3,705.1357.0
3,648.1 2,576.9
322,868.4
80
272
539,511.8
Rank Val
US$m
% Change
in Rank
Value
South America
1,778
149
-71.528
Target Region/Nation
North America
2,891.01,330.1
-61.4 Mexico347,204.7
2757.4 2,050
▼
2,190
14362,472.5▲
33Central America▼
2,246▲
Americas
8,438.8
267,092.7
No.
Deals
709.6
496,479.4
Rank Val
US$m
2631.1
28.23819
-1.62,447
50.7
7,1865,898
Caribbean265.0
▲
62.7
53.652.3
276,458.7
▲
39
2,5192,097
▲
150.825.1
▲
▲
261422
2,368.5119
-4.7 Canada 24,336.3▼
11,205.6Brazil 5,498.4
▲
8,125.6
3,250.6284
Chile-54.8 ▼ 11,793.5-59.6
Africa/Middle East3,991.5
▼
Sub-Saharan AfricaNorth Africa
-18.6
79 2,504.0
96▼ 62160
87,141.6 -47.313,147.7
17
3,318.6
10,293.3
14
199
288.6 16
43.5
68
32,413.1
647
224.5
272306
74,990.112,797.8
73,993.9
981
▼
-81.9
▲
1,733
165,418.6
126.1
2,214▼
▲
2,791.4
-50.3
2
2,767
9,139.72,642.0
▼
59.3
-49.2
48192,687.6 2,120
1,394
357
-21.6
72,731.0
1128,008.7
243
21
United States / United States
▼47▲
▼
-52.1
21,239.6 292116.0
207
71
23,395.1
13,003.6
173
331,946.2Singapore 6,457.7
24,676.2
-8.6
160
16.7-33.236,914.5
-1.3-27.4
341▼
25.2
▲37.964.8
7,903.5ChinaSouth Korea
589
275.9 -73.1 ▼479.3Central Asia56218,008.1 21,140.7
19
10,512.9
23,286.3
Central Asia19,321.1
5
Rank Value (US$m)
Japan
Acquiror
Australia▲
Asia-Pacific
11,792.3
58,783.1200
France 401
20,390.0
Eastern Europe
19433,354.0
19,744.9246
176
5,973.314,745.6Germany▼
16,920.8
10,787.1▲ Papua New Guinea
▲
Australasia▲
▲
South East Asia
-1.8
65.0
▼
▲
United Kingdom766.0
▼-59.2
-55.9Europe
▲
▲
142
91.6
-76.8
836
22
424
102
2,406
4,357.9517.4
8,422.73,711.6
Middle East
57.92,700
334
Eastern Europe
599
3,242
7,214.625,092.8
19,033.3 10,872.9
2,09627,231.1
15,251.587
Europe
23
Africa/Middle East
2,231.9122
6,888.5 243
121,723.1
75.1
2,389.7
74,404.0 2,219
327
-5.7
121.9
36467.0
32.5
475North AsiaIndonesia
11
11,213.9
62,576.6United States / United States
128.722,553.9Japan
18
2,252.8
119.8
Time Warner Cable Inc (100%)
North AsiaChina 50,325.9
84,828.2 ▲
147 2,270.61,11551,459.2
335
871,136
▲
▲
32
Acquiror / Target Nation
379
South Asia 2,929.9
324.2
4,038.2▲
4,421.09,252.6
12,376.1▼Malaysia
17,345.3
369,640.4
8,010.9
58.1
90446
Asia-Pacific
17,773.5
239
99
604
▼
Australasia
740226
872.5
2,917.3
712262
79
36,490.3
206
Comcast CorpTarget (% Sought/Acquired)
L'Oreal SA
Forest Laboratories Inc (100%)
Scania AB (37.4%)
Ziggo NV (71.6%)
Charter Communications Inc
WhatsApp Inc (100%)
297▲
Top Fifteen Worldwide Announced Deals
▼
15,693.31/27/2014
3/6/2014
Shanghai Jinfeng Investment Co
Pending
Pending
Greenland Holding Group Co Ltd (100%)Vodafone Holdings Europe SLU
United States / United StatesGrupo Corporativo ONO SA (100%)
Bouygues Telecom SA France / France 23,980.2Actavis PLC Ireland-Rep / United States
SFR (100%)
16,287.8Beam Inc (100%)
Safeway Inc (100%)
Japan / United StatesPending
SFR Numericable Group SA
China / ChinaSpain / Spain
France / France
Real Estate / Other Real Estate10,048.0Telecommunications / Telecommunications Services
9,161.6
Liberty Global PLC
10,025.1
Media and Entertainment / Cable10,854.2
https://www.thomsonone.com
7,099.1Belgium / South KoreaAnheuser-Busch Inbev
L1 EnergyPending
L'Oreal SA
Oriental Brewery Co Ltd (100%)Pending3/16/2014
9,199.4
RWE Dea AG (100%)8,235.32/11/2014
Germany / SwedenVolkswagen AGFrance / France
AB Acquisition LLC
Intended
3/6/2014
2/21/2014
3/18/2014Pending
Pending
3/17/2014
Pending
2/18/2014
3/11/2014
898.3
2,164
189
20,338.8
24
Pending
Time Warner Cable Inc (100%)
-2.5294▲
24,631.3
Worldwide 8,237756,093.4Americas
2,589.8
1,955
2/13/2014
France
Middle East
Sub-Saharan Africa
11,108.9
Singapore
15,242.3
4,309.4South Asia
46
2,543385,287.8
19,920.8
Chile 3,450.8
Central America
410,200.1
South America
367,036.118,251.7
192,194.5
North Africa
United States
11,970.6
North America
181,085.6
United Kingdom435
Germany 312
Pending
424
Australia
South Korea
Pending
225,579.0
Brazil
Canada
94,492.062,481.2
20
1,761.2
Western Europe
2,759.0
19,142.9
Target Region/Nation
Mexico
No.
Deals
Rank Val
US$m
548,301.4
Caribbean
2,290.262
Worldwide2,802
No.
Deals
1/1/2014 -3/31/2014 1/1/2013 - 3/31/2013
462,401.8
5,936.337
Rank Val
US$m
2,8689,175
1/1/2014 -3/31/2014
United States / United StatesFacebook Inc 19,467.7
United Kingdom / Netherlands
5,800.0
244,721.9
239.0
13,222.54,773.2
379
537
Rank Date
2/19/2014
Date Effective
1/13/2014 Pending
124,256.3
Pending
278
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Scorecard: Worldwide Announced M&A Jan 1 - Mar 31 Scorecard: Worldwide Completed M&A Jan 1 - Mar 31
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Mergers & Acquisitions
21.1%
10.3%
10.1%
9.3% 8.5%
8.5%
7.4%
7.0%
5.2%
4.9% 4.0%
3.8%
Media and Entertainment Real Estate
Energy and Power High Technology
Industrials Telecommunications
Financials Healthcare
Materials Consumer Staples
Retail Consumer Products and Services
Government and Agencies
2
Allen & Co Inc Credit Suisse
†Note: Industry Totals include multiple competing bids for the same target.
* tie
▼
21
18
Jefferies LLCBNP Paribas SA
2.6Macquarie Group16,080.714,203.3
▼
4.2
2.1
5.3
1.95.7 1.0
Jan 1 - Mar 31Worldwide Completed (AF1)
Market
Imputed Fees (US$m)
▲2.210.0
Market
Share Ch.Fees
61 363.3
Change in
1.6# of Deals
Market Advisor
▲
-7 ▼
▲
1.00.8
+15-8
9+2 6
11810-1
-1
47 Guggenheim Securities LLC
▲
76,241.3
18
3 8,630.5
21
▲
3.2
-9
11.9
8.61
51
16
2.4 0.5
0.2
▼
12-18
34
▼0.6
0.2
Deutsche Bank10
35
0.653
51,259.1▼0.10.6 130,298.3
73*
0.0
9.4
9.72 11.1
0.1
0.01092,418.39
70,677.1
Deutsche BankRothschild
9.4Paul J Taubman
24
1
0.2
1.2
8
24.7
1,186
1 27.820.1
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3
25
Industry % Change from Last Quarter -24.2%
9
51.55 53.3
26.724.8
https://www.thomsonone.com
15,936.4 3
Deutsche Bank4
7
5
3JP Morgan
Financial Advisor
-1464
-2.7
▲
Sh (%)
Worldwide Rankings
42Goldman Sachs & Co
Sh (%)# of Deals
Change in
159,253.1
JP Morgan
+1325.9
Goldman Sachs & Co
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
▲
37.2
30.1
Market
18.914,402.2
7,494.1
8.4
624
90
2.9
▼
28.4
56
1
2
52
3
Morgan Stanley2
227,496.31 14.5
CitiCredit Suisse
Bank of America Merrill Lynch
6
84,937.4
10
16.91
19,467.7
70,089.87,397.9 3 9.7
▼
# of
16,023.1
▲
13.0
1
13
24
▼-3.4
65
▲ 44
11.6
▲
8.3
6 17,247.4
Citi
Industrials 1,130
High Technology30.9
64,583.2
123
Rank Val US$m
8.3
77,592.1
▼
Media and Entertainment
7.6
Industry % Change from Last Quarter
JP Morgan
21,632.6
14,058.2
▲
Industry % Change from Same Period Last Year
159,322.9
82,083.3
Morgan StanleyRothschild
Energy and Power
Real Estate
36,749.9
14Societe Generale
BNP Paribas SA
Greenhill & Co, LLC
21
37HSBC Holdings PLC 35,320.0
Market2013
Rank
# of Deals per Advisor
90,144.8
65,233.0
Market
12.2 -2.1
21.15016.0
1
18.5
Rank Value per Advisor (US$m)
# ofRank Value Market
Deals
▲
115,142.77
2013
Rank
0.8
0.4-0.2
15.2
139,870.5
Market
0.7
2014
RankUS$m DealsShare Ch.
# of Deals per Advisor
6.5
Sh (%)
Jan 1 - Mar 31
39.3316.1
11.62.1 +7
1.0▲226,603.6
Sh (%)
0.8+1
1 560.2US$m
94 ▲
▲
Sh ($) Financial Advisor Share Ch.
21.1▼
212,240.1▼
442.0
▲
0.7+4
610.7
▼1.842
298.70.5
3Bank of America Merrill Lynch 6 206,090.1 ▲
2.2▲200,543.7
34.2184,426.2Morgan Stanley 4
38.2
5▲
▼ Barclays 32
▲
▼▲
▲131,502.4▼ 0.118.3
24.4UBS
▲
115.60.50.1
▲
329
0.20.0 +124.2 -
▼30.3
0.0
-20▼ 238.5
0.2163,381.34.3▲ -7 ▲
-7
24.2+1
+8-4
9.5 37▲ Paul J Taubman
▲▼
812.292
▲▲ 1▲24.2
▼
1.0 0.0164.5 1.20.6
▼
-9 2.9232.1
99.148,919.4
7 -5.945 0.839
▼ ▲
3.3
1.7
Lazard 7.6 -9 220.6-9Citi
40,900.543,335.7
-1
▼
0.755
▼
▲
-15.0-3.7
0.03.9 ▲
+1195 8.0
0.9165.9
▼
▲2.3
▼3.0
-52.20.3 ▼
0.81.5
-140.3
▼
120.2▲
0.3
2063.5
126.70.6 ▲
1.1+133
▼
0.3120.7
0.45.026,714.1
▼ ▼
15▲
-2.9
14
0.622,748.7
-2.1
▼
▼0.0Evercore Partners 13-17 12
2.914-1-1
15Moelis & Co 4.2
21,433.2 4.033
▼
RBC Capital Markets
3.031
▼
-2 ▲
1.71717,319.2 27
▲ 2525
▲0.91.1
0.5
0.2▲
▲0.4+1
▲
▲ 2.2
1.1 ▲
0.4
+4
▼1.1
60.4-3 ▼
0.5
-32
-230.4
+3
19-1
0.2▼
0.4 ▼
▼
-1863.3-1▼ 29
Nomura
▲ KPMG▲0.1
287.510,401.9
10,134.20.1-0.02.0
1520
0.2-1721 0.3
21RCS Capital Corp
66.6
29
▼
-9.0 0.2-34 1.2
63.4▲
▼
▼
0.9
▲
0.91.671.3
1.7 ▼
4532-7.8
0.229.0+11 ▲
51
0.1+10.01
0.5
00.8▲
▼
▼
0.50.60.1 - 31.4
8.3%
5,599.20.1
▲
100.0539,511.80.8
100.0
▲▼-17.9%
5,898-8
-1,28847
▼
▼0.10.3
1.3 0.3 ▲
-4.16.0▼
9,123.5
14,086.1 2.61.9 ▲
8,680.8
▲
1.90.41.9
7,155.225
Industry Total
114517
7,142.635Ernst & Young LLP240.6 -10 Centerview Partners LLC
0.4-938
22Rothschild
▲
▼
Industry % Change from Same Period Last Year
Sumitomo Mitsui Finl Grp Inc 23▲
Share
Mkt.
▼-10.2%
Jan 1 - Mar 31
-19.6%
3
12.6%
▲
3
100.0
Rank
73,430.9
Top WW Announced M&A Advisors by Target Industry
52.3%
-7.5%
605
-1.6%
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
-19.1%▼
No.
Deals
▼
4
594
46.1
2425 17
5117,667.8▼
▼
173.37
37▲
-5.5
▲
▲
▲
▼
29Ernst & Young LLP
-111125
+5
22Credit Agricole CIB 2.423
-2.550
756,093.417,499.4
▲1.4
3.528,301.5
18,293.6
4.9
3.9
3.526,133.8
2.3
2.6
29,616.1
▼
0.113 2.4
▲
0.3▼
2.3 +617,862.2
-4.23.7
2.8
4.422
Rank Value per Advisor (US$m)
Worldwide Announced (AD1)
214,368.91 195,560.7
Rank Value
16.2
3
0.6
10133,728.4 17.7122,369.4
5
▲
▼
▲
6
-
63,571.6▲1.3
▲
3.4
12
57
64,337.7
15 ▲63,073.5
8.5-0.6
15
2014
Rank
Rothschild 13
Barclays 8Centerview Partners LLC
8,237
9
811
14
Mizuho Financial Group 19
17
Guggenheim Securities LLCLionTree Advisors LLC
5
4.7
2.3
11
Lazard
16
Bank of America Merrill Lynch
33,118.318
RBC Capital Markets
67UBS 20
45Evercore Partners
Industry Total†
Morgan Stanley
12
Haitong Securities Co Ltd
2
10,048.0
12,928.4
1202.3
DBS Group HoldingsMorgan Stanley
Jan 1 - Mar 31 2014
Morgan StanleyAllen & Co IncGoldman Sachs & Co
Goldman Sachs & Co
$39.1 $69 $64.4
$43.3 $28.3 $38.0 $27.5
$44.5
$6
$48.4
$98.1
$26.3 $81.8 $87.6 $80.0
$24.2
$70.7 $70.7
$70.7 $70.7
$70.7 $70.7 $70.7
$24
$24
$23.3
$23.3
$23.3
$23.3
$15.7
$15.7
$15.7
$19.5
$19.5
$0
$50
$100
$150
$200
$250
Morgan Stanley
Goldman Sachs & Co
JP Morgan Bank of America
Merrill Lynch
Deutsche Bank
Credit Suisse Citi Barclays Centerview Partners LLC
Allen & Co Inc Paul J Taubman
Ran
k Va
lue
(US
$bil)
WhatsApp/Facebook Inc
Ziggo NV/Liberty Global PLC
Beam Inc/Suntory Holdings Ltd
Forest Labs/Actavis PLC
SFR/Bouygues Telecom SA
Time Warner Cable/Comcast Corp
Other Top 15 Deals
All Other Transactions
3
9.9x
5.1x11.8x
19.0x
9.0x
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2013 - 3/31/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
11.2x
2013
14.2x
10.3x
Materials
10.1x
-
Real Estate
16.3x
Average Industry Total9.5x 13.9x- --14.0x
12.8x11.2x
18.9x
Media and Entertainment
Retail
13.0x
12.7x 16.6x
22.6x17.2x 21.1x10.7x
12.9x
Consumer Products and Services
10.2x8.9x
-
8.4x
23.2x
25.2x9.7x
15.4x
Consumer Staples
Energy and Power
11.0x
13.7x
11.2x 12.7x
10.2x
9.8x
15.0x
10.0x7.4x
9.4x
-
5.7x
8.8x11.6x
11.0x
21.9x16.7x
10.0x3.6x 7.4x
8.8x
10.7x
18.2x
12.1x
16.7x10.2x
5.1x
11.7x15.9x
9.8x 6.9x
14.7x
10.3x6.4x
9.7x
14.6x10.7x
3.6x
14.2x
11.5x 12.1x -
12.9x -
15.7x
5.8x10.6x
22.8x-
5.2x21.9x
5.2x
10.7x-
14.6x 12.2x-
11.7x28.9x 29.0x
-
28.9x
14.6x 13.8x
12.0x
-10.7x3.1x 11.8x8.8x22.8x
8.7x11.5x
11.2x12.7x 8.7x12.7x
8.5x
5.7x 14.5x19.0x
5.8x8.3x
13.0x 11.0x
18.6x
12.0x
11.0x
18.4x
11.7x11.7x 12.6x12.9x12.1x
8.6x
12.9x12.1x
8.6x14.2x
12.0x13.4x1.0x20.5x 12.7x
8.5x- -
-
-19.1x
22.3x
13.0x 13.0x
10.8x
13.4x
15.3x
6.2x
15.3x
12.7x
- 6.0x-10.8x-
-
-16.5x-
-
-
11.4
10.7x-
11.6x 7.3x 10.6x 11.7x
4.9x
12.8x
18.0x
18.9x
12.6x
6.6-
13.9x
12.7x13.9x
EMEA
54.9
Europe
34.826.7
Japan
-
UK
28.2 13.6
12.7x
34.717.625.4
Asia ex. Japan
-
7.4x
-19
38.855.9
41.2
22.4
30.4
34.4
24.43.2 21.4
22.7
12.3
-
32.6
23.3
30.0
24.7
9.5
25.3
24.1
27.6
37.9 13.6
34.1
26.5
29.827.4
-
-
27.4
-
34.4
27.9
33.9
25.6
36.5
- -
-
9.3x
23.3 28
17.9
-
27.5
16.2
20.0
56.1
-20.3
31.3
27.6
26.834.1
-
30.0
17.8
30.1
6.8x
- -25.6
-
-
8
24.0 43.3
11.5x
43.0
33.8
-
21.0
-
32.2
USA
31.62635.9
19.3x11.0x
12.2x6.0x
-
45.4
- 11.6
4.8x
-
19
54.9
33.3 23.4
19.3
23.4
-
-
28.6
11.7x
17.0
42.9
34.7
57.5
16.255.140.8 40.4
30.4 12.5
Energy and Power
34.7
12.2x
41.5
Americas
33.3
28.2
46.4
Industrials
11.7x
World
Healthcare
High Technology
11.7x
-
Consumer Products and Services
54.6
5.3
34.9
33.6
22.3
24.6
37.4
21.5
24.6
50.9
20.8
33.9
Consumer Staples
High Technology
Industrials
12.2x
33.4
30.9
16.2
18.1
11.4x
Telecommunications
Real Estate
26.1
23.6
30.4
Average Industry Total
24.7
24.4
Healthcare
23.3 -
27.8 30.9
Media and Entertainment29.6
Telecommunications 33.6
Materials
22.8
Retail 34.2
35.7
25.5
32.225.421.128.6
22.5
26.7 39.9
36.1
8.4x
Financials
2014 UP 2014 DOWN
12.1x
33.0
24.8
11.232.9 31.8
32.4
40.5
31.2- 26.1 10.09.6
Worldwide M&A Matrix
8.2x
35.3
23.0
30.4
26.3
44.8-
https://www.thomsonone.com
31.8
28.526.2 23.410.1 19.5x
9.3x
2827.4 -
-
31.5
8
-
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
18.2
-
21.69.326.3 - -
-
26.1
21.8
30.0
31.428.110.1 30.4 34.5 7.6 23.4
22.650.3
25.7
-
26.7
17.2
31.2
35.7
51.918.2 -
23.0
18.1
USA
22.1
37.5
12.5
36.433.3
21.1
20.3
36.4
22.127.0
11.6x
3.9
28.0 72.6
22.1
Canada
4.8x
-
15.7x11.7x
12.2x
30.925.0
41.3
World
19.8x 22.8x
Japan
26.8x
Asia ex. JapanEurope
13.0x
-
Canada
20.1x
5.9x
13.1x
Americas UKEMEA
Exit Multiple Matrix - Average Rank Value / EBITDA 2014 UP
2014 DOWN 2013
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Jan 1 - Mar 31
Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Mar 31
4
Rankings shown are as of the current quarter end in each calendar year
https://www.thomsonone.com
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Worldwide Announced Rankings* - A Decade in Review
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*League Table positions reflect consolidation within the banking sector
1
2
3
4
5
6
7
8
9
10 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1
2
3
4
5
6
7
8
9
10
Ran
k
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Bank of America Merrill Lynch
Deutsche Bank
Credit Suisse
Citi
Barclays
Centerview Partners LLC
Allen & Co Inc
5
* tie
Consumer StaplesCredit Suisse 15,843.4 1
Centerview Partners LLC 15,693.4 2*
Morgan Stanley
US Announced Advisors by Target Industry Jan 1 - Mar 31 2014
US Target Announced M&A Target Industry by Value (US$ bil)
Americas Deals Intelligence
Media and Entertainment
High Technology
Healthcare
Energy and Power
JP Morgan
CitiEvercore Partners
Rank Val (US$m)
140,610.7 73,250.471,077.1Barclays
Morgan Stanley
21,313.319,467.711,492.6
46,079.3
Goldman Sachs & CoBank of America Merrill Lynch
Morgan StanleyAllen & Co IncGoldman Sachs & Co
JP Morgan
12*2*71,077.1
50,190.0
23,148.0 4,963.1 1
32,631.232,219.0
18,855.2 28,659.4
12
23
1
Rank
Mkt.
159
No.
Deals
50.62 2
1
201 22.93
2
9
83
21.43
3
13.3
178 3
Jan 1 – Mar 31 2014
Share
52.1
62.2369.9
50.6
3,078.22,505.0
Comcast Corp
3
384 42.5
Media and Entertainment / CableTarget Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation
Healthcare / Healthcare Providers & Services (HMOs)
United States / United States
United States / United States
Media and Entertainment / Cable
5,373.2
70,677.1
9,199.4
High Technology / Internet Software & Services
Top Ten US-Target Announced Deals Jan 1 – Mar 31 2014
Pending19,467.7
Retail / Food & Beverage Retailing
Healthcare / PharmaceuticalsUnited States / United States
Target (% Sought/Acquired) Acquiror
Consumer Staples / Food and Beverage
1/16/2014 Healthcare / Healthcare Equipment & Supplies
https://www.thomsonone.com
Safeway Inc (100%)
Verso Paper Corp
Actavis PLCPending
1/21/2014
AB Acquisition LLC
2/18/2014
3/6/2014
Chrysler Group LLC (41.46%)
Forest Laboratories Inc (100%)
Beam Inc (100%)
Pending
1/1/2014
Date Effective
2/19/2014 WhatsApp Inc (100%)
Time Warner Cable Inc (100%)2/13/2014Pending Time Warner Cable Inc (100%)Pending
1/13/2014
Rank Date
Suntory Holdings Ltd
Pending Ortho-Clinical Diagnostics Inc (100%)Materials / Paper & Forest Products
1/13/2014Pending
The Carlyle Group LP
Japan / United States
Emeritus Corp (100%)
Charter Communications Inc
Fiat North America LLCBrookdale Senior Living Inc
62,576.6
United States / United States
15,693.3Facebook Inc
23,286.3
4,332.9United States / United StatesIndustrials / Automobiles & Components
United States / United States
United States / United States
4,350.0
Ireland-Rep / United States
4,150.0
United States / United States
6
8
Americas M&AFirst Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Americas M&A Increase 30% From Q1 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 20%
8 38.8
Net of the competing bids for Time Warner Cable, Americas volume increased 30% over totals reached last year, accruingUS$457.7 billion in activity, from 3,358 announced deals. Estimated fees generated from completed deals in the Americastotaled US$4.13 billion, a 26.2% increase from fees earned during the first three months last year.
US Targeted M&A also posted significant gains, rising 35% (net of competing bids for TWC) over announced M&A during thefirst three months of 2013. Driven by 2,164 deals, US-targeted volume including both offers for Time Warner Cable accrued atotal of US$367 billion during the first quarter of 2014.
The Media & Entertainment sector dominated the US market for the first three months of 2014, with deal volume totalingUS$140.6 billion, a 38.3% market share. High Technology placed second, accruing US$50.2 billion for a 13.7% share.Healthcare trailed closely behind, with US$46.1billion and a 12.6% share of the market.
Accumulating US$35.7 billion in transaction value, announced Canadian Involvement activity rose by 20% over the totalsreached in the same period last year. Completed Canadian Involvement however, fell to US$34.04 billion from 393 deals, a26% decrease from completed activity during the first quarter of 2013.
Buoyed by extremely high multiples in several sectors, US targets enjoyed the highest average exit multiples worldwide duringthe first quarter of 2014. Average Healthcare multiples rose to 25.2x from 8.8x in the first quarter of 2013. Average High Techmultiples rose to 23.2x from 12.9x, and average Materials multiples rose to 18.2x from the 9.0x averaged during the sameperiod last year.
Pending
70.8
8 10.8
NewPage Holdings Inc (100%)Pending
US Buyside Financial Sponsor Activity
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
1/6/2014
2/20/2014
83.2 1
84.0 2 Morgan Stanley 15,693.4 2* 83.2 1
38.3%
13.7% 12.6%
6.3%
5.1%
5.1%
4.5% 4.3%
3.6%
Media and Entertainment High Technology Healthcare Energy and Power Consumer Staples Industrials Financials Materials Retail Real Estate Consumer Products and Services Telecommunications Government and Agencies
35.2 60.6
111.3
17.6 6.4 26.8 26.5 76.8 78.8
40.8
110.4
192.2
28.6 9.5
33.7 32.9 35.0
32.8 31.5
85.9
89.6
18.3
13.7
28.0 26.8
50.2
43.7 42.9
170.8
20.5
24.4
39.0 64.4
78.5
61.2
42.5%
54.3% 52.7%
27.5% 41.8%
44.2% 46.3%
56.0% 55.6% 56.6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Rnk
Val
US
$bil
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of WW FS Volume YTD
6
Deutsche Bank Lazard
†Note: Industry Totals include multiple competing bids for the same Target.
Deutsche Bank Deutsche Bank
†Note: Industry Totals include multiple competing bids for the same Target.
# of Deals per Advisor
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Rank Value per Advisor (US$m)# of Deals per Advisor
15
6.4 ▲
17
▲
Market Change in
16
2,164
Industry % Change from Same Period Last Year
17-20
-1
RBC Capital Markets
Deals
Any Americas Involvement Completed (AF55)
Market
BMO Capital Markets
-2
▼
+3-4
1
Tudor Pickering & Co LLC
21
0
▼
https://www.thomsonone.com
2,423.5 0.1-110.6+67
▼
-6.824.6
3
0.0
▲
▼-6.0
▼ 1.11.0
Market Market
Imputed Fees (US$m)
Americas Rankings
Rank Value per Advisor (US$m)
2013
Rank
9.6
2
▲1.4
168,490.2
0.1
RCS Capital Corp
-
130,468.3
▲
Sandler O'Neill Partners0.7
10,401.9
RBC Capital Markets
4 5
▼
23
15.7
8 -13.9
-2.5
-9.418
Industry % Change from Last Quarter
16 11,933.7
1.0 1.0
16
4
▲18
4
22
5,025.2+6
Blackstone Group LP
322,868.4
+13
0.6
▲
0.3
Morgan Stanley 1
Market # of
Financial Advisor US$m Sh (%) Share Ch.
JP Morgan 3
Lazard 16
13
4225
143.3
Goldman Sachs & Co 2 2 136,905.2
Bank of America Merrill Lynch
Evercore Partners
Sh (%)
AdvisorRank Value# of
Financial Advisor Sh (%) Share Ch. DealsUS$m
Rank Value Market
Jan 1 – Mar 31Any Americas Involvement Announced (AD49) Jan 1 – Mar 31
Share Ch.
62
3.2
Sh (%)Sh (%) # of Deals Fees
3.2
447.3 10.8+14159,179.3Share Ch.
2.3
# of
Financial Advisor
Market
-419.2 ▲
2014
Rank
Market
# of Deals
2014
Rank
2013
Rank
Change in
1.3 ▲
Market
Sh (%)US$m
Goldman Sachs & Co 2 1 145,896.1 ▼
34.831.9 -2.8
Morgan Stanley 1 8 ▲48.4Goldman Sachs & Co▼431.9
1.11 199,005.2+9 ▲ 3 195,492.8
1JP Morgan
290.947.5
▲ 436JP Morgan 3 2 133,975.72
35 1.063
+2 ▲
▲316.8 3.2▲ 46 1.7 +22 ▲ 7.7Bank of America Merrill Lynch 194,232.2 47.2
2-5.9 ▼ 39Bank of America Merrill Lynch 4 3 120,282.5 4+6 ▲ ▼0.8+5
42.3 -0.330.0 ▲▲ 7.01.6
▲
-4.926.3 1.2
▼29.3
▲Credit Suisse 5 5 114,640.5
1.1
25.1 4.3
3Morgan Stanley 40Barclays 5 ▲ 29
5.91.5 +3 ▲ 244.8173,910.0-0.34 171,142.6 41.6 10.2 1.1 -4 ▼
▼
Barclays 6 10 106,345.9 23.230
8.9 ▲ 40 1.2192.1 ▼0.9 +1 4.7
+14 ▲ ▲33.2UBS 6 17 0.4▼ 80.459 131,502.4 ▲ 12.2▲
151,723.07Citi 7 7 105,147.4
▲16 0.6 -9 1.9
▼
6.9 ▲23.036.9
-4 ▼26 0.8 Guggenheim Securities LLC ▲
Centerview Partners LLC 8 4 92,418.3 20.2 0.0 0.0▲-3.8 1.032.0 31.7 0.3 0.10.1 +13
- 130,298.3 31.7 31.7 0.0 +1▼0.1
▲ 110 0.3 -1 ▼ Paul J Taubman 8
10 15 84,986.4 18.6
-Allen & Co Inc 9 167* 90,144.8 19.7
7.2 ▲ 192
10-2 ▼
Citi19.7 ▲ 90.6
0 - ▼ 139.112 33,605.35 35,857.9 0.9 -1
8.2 1.5▼ 258.7 -9.0 3.4 1.4▲ 36 ▲
Paul J Taubman 11 - 70,677.1 15.4 Deutsche Bank 114.3 1.31.3 -11 ▼ 178.0
▲ 21 2.4 1.018 30,864.8 7.5 4.0 0.8 -5 ▼ 97.9 ▲
LionTree Advisors LLC 12 9 63,571.6 13.91 0.0 +1 ▲
-1.2 ▼ 4 0.115.4 ▲
Credit Suisse 12-1 ▼ 10 27,737.9 4.1 1.7▲ 167.3▼ 31 1.1 +7 ▲
Guggenheim Securities LLC 13 34 63,073.5 13.86.7 -1.1
-1 ▼3 0.1 16 25,182.5Evercore Partners 13 -Greenhill & Co, LLC 14 19 32,974.0 7.2 3.6 ▲
12.7 ▲ 6.1 2.3 2.7 0.01.1 +4 ▲ 113.5▲ 290.7 -7 2.9 0.5▼ 120.2
Moelis & Co 15RBC Capital Markets 14
▲ 134.6 3.87 21,433.26 0.2 -1 ▼ ▼ 205.2 -4.8 ▼
Lazard 15 6 28,521.4 6.2 -10.0 ▼ ▲57.84 0.1
36 1.1Mizuho Financial Group 16 167* 23,520.3
0.5 -14.2 -0.75.1
▼
5.1 ▲
-13 ▼
+3 ▲ Jefferies LLC 161.4 0.5
14 17,055.634 18,741.1
▲
Evercore Partners 17 12 17,647.0 3.9 -9.1 ▼
▼ 24RCS Capital Corp 17
2.9 1.00.9 +1 ▲ 117.9▲ 1 0.2 0.2- 10,401.9 2.5 2.5 0.0 +1 ▲ 7.5 ▲
RBC Capital Markets 18 16 16,946.3 3.724 0.7 -6 ▼
-4.0 ▼ 27 0.8 Rothschild 18+7 ▲ 15 6,172.5 0.7 2.0▼ 26.9▼ 15 0.6 -14 ▼
Itau Unibanco 19 49 10,959.5 2.41.5 -3.0
+15 ▲22 0.7 38 5,942.8Macquarie Group 19 ▲
Wells Fargo & Co 20 14 10,439.0 2.3 -9.3 ▼
1.9 ▲ 1.4 0.8 0.7 0.30.4 +4 ▲ 28.5▲ 110.6 -5 0.1 0.0▼ 4.2
Sandler O'Neill Partners 21KPMG 20
▲ 111.2 1.027 5,178.618 0.5 +6 ▲ ▲ 171.3 0.2 -
Moelis & Co 21 11 9,815.4 2.1 -11.9 ▼ ▼13.18 0.2
14 0.4Scotiabank 22 57 9,375.4
0.4 +41.1 -8.12.1
▲
1.7 ▲
-8 ▼
+4 ▲ Centerview Partners LLC 220.3 0.1
8 4,585.273 5,025.2
▼
BMO Capital Markets 23 29 8,603.3 1.9 0.4 ▲
▼ 6PricewaterhouseCoopers 23
0.8 0.50.2 -1 ▼ 31.1▲ 23 0.1 0.052 4,583.9 1.1 0.7 0.9 -4 ▼ 5.1 -
Rothschild 24 20 8,115.9 1.813 0.4 -2 ▼
-1.0 ▼ 20 0.6 Itau Unibanco 24+7 ▲ 63 4,394.9 0.5 0.1▲ 18.9▲ 11 0.4 +3 ▲
Jefferies LLC 25 18 7,001.9 1.51.1 0.9
+3 ▲ ▼-2.4 ▼ 23 0.7 11 4,347.6BMO Capital Markets 25 81.1 -5.9Industry Total
0.5 -1.10.3 -5 ▼ 19.5100.0 -194
▼
3,358 100.0Industry Total† -300411,336.2 2,700457,673.7
▲ -17.4%
Industry % Change from Same Period Last Year 54.6% ▲ -5.5% ▼
Rank Value per Advisor (US$m) # of Deals per Advisor
▼ -22.3%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter 21.6%
▲
100.0
-17.9% ▼▲
Imputed Fees (US$m)
▼
4,134.9
Industry % Change from Same Period Last Year 28.7%
US Target Completed (AF2) Jan 1 – Mar 31
-10.0% ▼ 26.2% ▲
Industry % Change from Last Quarter 10.1%
Sh (%)
2013
Rank
Market
US Target Announced (AD2) Jan 1 – Mar 31
MarketRank Value Market2014
Rank Fees
# of Change in 2014
Rank
2013
Rank
Rank Value Market Change in Market
# of Deals
Market
39.8 24.1 ▲
US$mDeals Sh (%) Share Ch.Sh (%)
Advisor
328.51.2 -3 ▼ Goldman Sachs & Co
Market
Share Ch. Deals Sh (%) # of DealsFinancial Advisor
11 146,049.2 0.311.234 1.91 227 ▲
37.3 -1.7+4 ▲179,896.0 55.7 3.3 ▲
▲
3JP Morgan+5▼
01 124,763.8 34.0 -10.41.9
6.9▼ 29-1.61▲252.9 8.6▼
3.21.8202.9
1.954.4 333 5.5 ▲175,718.5 ▲
4 3 115,762.0
+1952.2
▲
▼ 1.2▲
1.6 +4 ▲Morgan Stanley-5.7 ▼ 1.2 +827 1.3 +1 ▲31.5 Bank of America Merrill Lynch 168,268.0 52.1 31.8 24
8.751.6Credit Suisse 5 5 109,835.9 166,531.75 4 19 1.1 -3▼6.1 1.1
5.5 0.6 ▼
178.8
9.029.9 4.3 160.8▲ 1.0 Barclays+722 ▼
25 UBS 6▲
1.2Barclays 6 9 97,634.4 26.6 1.013 147,086.4 45.6 41.8 ▼ 65.5▲ 0.6 ▲
Citi 7 6 95,824.9 26.1 5.3 ▲
▲ 2.20.7 -10 Guggenheim Securities LLC 0.2
-1+5 ▲ 1133▼ 0.10.1 040.4 39.9 ▲ 6.82 ▼
Centerview Partners LLC 8 4 91,043.0 24.8-7
40.4 40.4 -0.0▲ 1 ▲ 1.00.1 +1 0.0Allen & Co Inc 9 92* 90,144.8
102
▲
130,298.39.9
▼0.624.6 Lazard0
10 21129
Paul J Taubman 8 -▼
▲
9 0.4-
▼
31,853.8 -9 ▼1.4250.77.9 ▲
4.0 ▲ ▲147.4 5.0
▲
1.72.675.1 ▲
1.9
4.3 ▲ 0.325 1.4 +6 107.4 3.7▲
25,355.215 +46.7 ▲ 1275,923.5 20.7 7.4 1211 - 70,677.1 +1 ▲ Evercore Partners▲ 7.7
3.612 619.3 19.3 1 24,887.0
0.211
63,571.6 0 ▼21,304.9 6.6 -7.4 ▼ 0.814-2.27 17.318
Paul J Taubman0.7- CitiLionTree Advisors LLC 12
14
Guggenheim Securities LLC 13 26 62,576.6 1 ▼0.0 -3▲
▼ 4
0.1+717.1 6.4Credit Suisse-1
9▲
▲
▼
-1.6 ▼
-216,385.8
105.2122.3
▲3 0.4▼ 14 2313 20,685.4
Mizuho Financial Group 15 - 23,520.3
4.21.8
1.0▼5.1Moelis & Co
▲
▲
Greenhill & Co, LLC 14 18 32,485.7 8.9 4.0 ▲
1.9
2.517 ▲6.44.2
-2.1 ▼Jefferies LLC 150.1-
-0.36,067.8
51.5101.0 +1 72.20.6
▲
114.8 17
▲0.311 13,853.4 4.3▲
▲17,647.0▼0.11.4 ▲ ▲
▲ 1.80.61.919,574.0 5.3
0.51.652.1
45 11 13.1+3▼-1
0.1 +1 ▲
▼
0.37.5 0.30.517
Moelis & Co 20 10 9,289.6
0.6 +419 8 4,585.2 1.4 ▼-11.4▲19 12 31.1-9,945.5 2.7 Centerview Partners LLCWells Fargo & Co ▼ 6 0.3-12.5 0.8▼ 0.8 +5 1.120▼ ▼0.62.5 -15.0 -7 32 4,140.0 1.3 0.8 0.2 -9 -
▲ 0.2 ▲14.517.9▼
0.50.6 0.0
▲3,906.4 1.2▼ +116 0.7 21▲Jefferies LLC 21 19 5,121.2 1.440.2
50.192* 3,825.3 1.4
0.8 0.10.7 ▲
105*22
The Raine Group LLC 23▲
Macquarie Group 23 33 2,869.5+1Blackstone Group LP 22 Stifel/KBW0.2 -5 0.8
0.1▼0.73,131.60.32,950.0 0.9
6-0.3
▲
4 0.2 +3 ▲ 0.4 ▲0.60.8
17.81.0 ▲
▼ 153,843.0 1.2▲
311.0
15Simmons & Co International
24Rothschild3▼ -3 ▼
▼ 0.22.3 ▼-2.2 ▼ 3.63 0.2 -9
25 -▲ 0.4 0.011.72,934.3
39100.0
+3▲0.9-82
44.2% ▼
0.3
Industry % Change from Same Period Last Year
▲
2,818.8 5
-4.4%
100.0
▼
▲38.9%▲
-24.0%-16.9%
1,778
19.1%
Industry Total
Industry % Change from Last Quarter
* tie
49.1% -13.8%
3.2%
100.0367,036.1
24 29
▲
2,296.5
62.7%
25 13 ▼
+2
-13.9
▲
▲
Industry TotalUBS
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
7
Deutsche Bank Citi
Maxit Capital LP CIBC World Markets Inc
8.72
3.6-
▼
+1
4
Goldman Sachs & CoPricewaterhouseCoopers0.5
21
Industry TotalStifel/KBW
3
3
1,462.1 4.1 2.5
▲
▲
1.93
1.5
-26.0%
588
▼
0.0045
+24.9
393
▼
Industry Total35,691.5
1.8
+3 ▲
▼ 2-23.3
Cormark Securities Inc▲ 0.92
0.0 +10.0-4.6
▲ 0.93.7
4.6▼ 5.5 1.0
0.7 0.7
-30.1%
1
-17.4%
▼
-83 525.8
▼ -7.7%
-21.1%
Industry % Change from Same Period Last Year
1.3 0.53
-15.6%
▼
100.0
2 -2
▼
▲0.9
-21.7%
▼
▼
▼
1.6529.224*▲ ▲
Rothschild
-1.7▲
0.01.8+1 ▲▲ 0.70.0
5
13 611.4549.5
▼
1.4
1.8-1.2
20 ▼0.5 4
3 0.5 529.2
Robert W Baird & Co Inc
24*
22 -4
+1 2.021
663.548
+31.7
-37.3▲
18.60.1 ▲
0.10.200.1
-
.82.4▲
19 ▲ 9.63 0.01.80.1▼Lazard
21 15 762.5 2.1 ▲+2▼
▲0.1 +25 4.6▲ 24.0 3.66
Centerview Partners LLC 18 - 1,375.33.9
3.93 1,341.2
19FirstEnergy Capital Corp 19 - 958.0 2.7 ▲0.92.7 +5 -6.1
▲ 18▲
Barclays2.8
17- BMO Capital Markets
946.2
0.1 1.9 ▼
0.0 0.2▼-7
00.1 0.0 -0.6
▼
6.310.0▼- 3.4
1
US$m
Advisor# of
▼
Fees
63.6▼0.1
0.0 -1
-189
▲
4,609.8
▲
# of Deals per Advisor
11.6%
Share Ch.
39.0
▼
100.0
▼
33.4% ▲
-15.9% -21.7%
371,742.6
▼
2,272
Industry % Change from Same Period Last Year 39.3% -7.7%
▲ 15 1.1 1.1 ▲
3,700.7 100.025 46 3,843.0 1.0 0.6
0.10.7 0 - 40.2
▲20 0.9 0 - 4.6 0.10.5 0.5 ▲
PricewaterhouseCoopers 24 48 4,008.6 1.1 0.7 ▲
- 17.41.1 0.1 ▲ 7BMO Capital Markets 23 26 4,087.7 0.3 0▲4 0.2 -9 ▼ 17.9 0.5
0.8 ▲
Blackstone Group LP 22 47 4,273.8 1.2 0.8 ▲ 0.5▼ 31.1-9.8 ▼ 6 0.8
KPMG 20Centerview Partners LLC 21
0.14,624.4 1.21.2
-0.1 ▼
7 4,585.2
▲ 13.111 0.5 +422
0.3 -1
0.40.1 ▲15 0.7 -5 ▼ 3.60.4 ▲
0.4 0.4 ▲
Sandler O'Neill Partners 19 61 5,025.2 1.4 1.2 ▲
-1.9 ▼
0.4 -18 ▼ 14.5-2.8 ▼ 81.6 ▲12 0.5 -4 ▼ 60.9 1.60.2 ▲1 0.0 +1 ▲
▲
RCS Capital Corp 16 - 10,401.9 2.8 2.8 ▲ 7.5 0.2
1.627 18,741.1 5.0 4.0 1.657.8▲
2.9 2.91.0 +1 ▲ 106.8
4.3 ▲9 23,252.1 1.1 +6 ▲ 159.86.3 -2.3 ▼ 253.1
▲13 0.6 -1 ▼
4.3▲28 1.2 +5 ▲ 3.1113.1
2.5 2.5 ▲
Evercore Partners 12 13 25,133.0 6.8 2.3 ▲
▲ 93.37.5 4.8 ▲ 2017 27,820.0132.3 3.632,435.8 8.7 -5.9 ▼
0.9 +13.6 ▲22 1.0 -3 ▼
171.0 4.6 4.6 ▲34 1.5 -9 ▼
0.0 0.0 -Lazard 9 10 32,695.9 8.8 0.9 ▲
0.3 0.3 ▲
35.1 ▲ 1 0.0 +1 ▲ 1.0+1
▲
▲ 12.235.4 35.0 ▲ 3148,590.6 40.0 35.9131,502.4 0.149
▲13 0.6 -8 ▼ 73.2 2.0 2.0▲
238.7 ▲
28+7
Barclays 5 4 170,667.6 45.9 5.16.5
8.9 1.2 -4▲
4 2 172,884.7 38 1.7-0.1 ▼
11.8568.4+22 ▲
38 1.7 ▲ 6.5+5
Market
Deals Sh (%) # of Deals Fees Sh (%)
Market
Share Ch.
Market# of
2.5Goldman Sachs & Co 1 1 196,823.4
Industry % Change from Same Period Last Year 60.0% ▲
-67+3
Blackstone Group LP
Change in Advisor
8.9 ▲ 44 1.96.2 ▲ 436.8
Industry Total 416,909.10.80.23,805.5 0.9PricewaterhouseCoopers 25
29.146.5
Guggenheim Securities LLCUBS 6
▲
6 -40.2
-15.6% ▼
22100.0
-2.4% ▼
2,742
8 0.31.0 ▲0.81.01.0
BMO Capital Markets 23 59 4,156.8UBS 22
16
219,815.46,996.9
1.4Jefferies LLCMoelis & Co 20
18 ▼
111.7
12 5,988.8
2.510,439.0
▼
-2.8-12.0
7.8
▼RBC Capital Markets-10.7 ▼19 13
17,647.0 4.2
3.8Greenhill & Co, LLC 19 32,637.7
18
Lazard 15
17
28,521.4
12,465.214
▼
▲
12 63,571.68
139*
13.8
5.66
14
25.026.4
7
▼-1.9
104,088.710
-5.5
▲
▲
Guggenheim Securities LLC 13 28 62,701.6 15.0 ▲
34 1.2 +4
LionTree Advisors LLC11 -
15.370,677.1
417.0
117,500.35
2
68.2 ▲
▲
24.5
2 28.2
6.8
21.7
10
6.4
8
5
-5-8.3
3.0
5.6
National Bank of Canada Fin'l
15
16Evercore Partners
18Wells Fargo & Co2.4
Mizuho Financial Group 23,520.3
2.2
22.2
-1.3
0.136
▲
▲
10
7.2
0.9
+3
▼
-13.5 ▼
0.8
-11.6
5.6
# of
1.7
8
637.7
20.0% ▲
3
20 30 782.2
Industry % Change from Last Quarter
* tie
▲
-8.7%
▼
-0.4Peters & Co LtdMacquarie Group
444.8 1.3604.0
▼Industry % Change from Same Period Last Year
-
Industry % Change from Last Quarter
▼
CIMB Group Sdn Bhd
-1.1%
23-6 10
0.3
100.0100.0
.739 1,342.6Houlihan Lokey
▲
14*▲ 18 3.9
1.6
Sh (%)
13.5
▲
▲
3.5 1.9
▲
▼-39.6
240.4
▼
▲
6.5309.8
▲ 6.5▲
190.0 5.1
+13 11.8▲
3.3▲6.7
▲▼-7.0 30
35▼ 15
+9-4
▲
25 0.925
Credit Suisse
34,039.5
1.8
0.1
1.6
▲
1.6
619.7
-2
+2
1.2-2
Market
Morgan Stanley
KPMG
4
-1+1
14
8
0.1
0.7 +6
-10
18
# of Deals per Advisor
-1
2
36Deals
# of Deals per Advisor
3
# of
2.1
1,201.0
Rank Value
1,342.6
1.9
▲1.3
-8▲
-13
7
Jan 1 – Mar 31Any US Involvement Announced (AD41)
Rank Value
-7.64
-1.9 ▼
Market
Financial Advisor
Morgan Stanley 133.4
2013
Rank
31.7Goldman Sachs & CoJP Morgan 3 1 131,970.3
US$m
2014
Rank
9 156,020.03 139,269.0
Rank Value per Advisor (US$m)
37.4
Bank of America Merrill Lynch
58 51.7▲
8.4JP Morgan
Rank Value Market
Imputed Fees (US$m)
Market
1.3Sh (%)
0.9
# of Deals
Change in
▼
▲
+11
5,327.711
▲
▲
Scotiabank
0.7 +60.5
+1
07.1
▲
14.9 56
▲
11 4,200.9RBC Capital MarketsBarclays
2
4Goldman Sachs & Co
-
GMP Capital Corp 67JP Morgan
CIBC World Markets Inc
5
BMO Capital Markets+4
10 4,995.2 14.014.9
7,750.33 16.2 1.0
6.65,772.4
57
Market
Financial Advisor
1 26.3Scotiabank 9,375.4Sh (%)
2014
Rank
1.4US$m
Rank Value
14Financial Advisor Deals
Market
+4
Market
# of Deals
87.92▲
-14.9▲
Bank of America Merrill Lynch-9+3 44.7
2014
Rank
▲ Industry % Change from Last Quarter
2013
Rank
Rank Value per Advisor (US$m)
Any Canadian Involvement Announced (AD42)
Rank Value per Advisor (US$m)
Market
Any Canadian Involvement Completed (AF49)
4,113.3 ▲
33.9%
2013
Rank
Jan 1 – Mar 31
Share Ch.
Industry % Change from Last Quarter
▼
3724
12 15,330.5 4.1
17
▼
RBC Capital Markets0.9
▼
-4
+1
22
Sh (%) Share Ch.
▲
Market
# of Deals
Change in Market
Imputed Fees (US$m)
▲
2.012.18.5
3.0▲
▼
3.9▲
Paul J Taubman15
20.4
1 14,576.240.0
18
120.4
Allen & Co Inc 910
2 0.1139*84,986.490,144.8 21.6
8.1
Credit Suisse
Barclays 7
110,229.4
48
5
101,926.6Citi
Centerview Partners LLC 9
17.019
▲21.6
Deutsche Bank
Paul J Taubman-0
0.3
0.7
▲
▲
Deals
Market
6,857.0 1.81.5
16
5
-2Jefferies LLC
14 5,479.5▲
▼
▲
Rothschild
▼
0.1▲29 412.80.1
-1.7
Sh (%)
Jan 1 – Mar 31
12.2
42.8
+5 12.9
RBC Capital Markets
34
▼
1
Deutsche Bank5
32
-4JP Morgan
2.83.518.6-34.9 ▼
▲
1.4+5 ▲
23
0.0 +13.1+1 14.8 2.8▲0.1
▲
+444UBS 0.1
0.17 3,132.4 9.2
▼
31
1611.8
Morgan Stanley
3,333.2 9.32,999.0 2,625.1▲ 30*Jefferies LLC
11
5.5-16.7 11
+1+2
TD Securities Inc1.9
114.44.8
10
3▲
Ernst & Young LLP
▼
1.925.3▲
39
8 3.19
16.12,407.1
BNP Paribas SA 16 -
8
8 2,539.7
9Citi 1910
24
# of Deals per Advisor
▼
▼
▲
▲
0.3-1
21
4,232.89.63,261.26Macquarie Group
- Citi▲
12.42
▼
0.2
-1
Americas Rankings
5-2 Credit Suisse
14
2.4
▲
▲
▲
7.32.6
Share Ch.
▲
9.4
▼▲
0.10.83
6
2.5+1
▼0.4
▼
▲
1.87.7
9.0
0.2
▲
▲
13.9▲
41
13,628.7
4,387.4
2013
Rank
▲-0.67.1
▲ ▲
+1▼6.4
▼
▼
Jan 1 – Mar 31
21.891,043.0
Any US Involvement Completed (AF48)
▲
US$m
2,161.0
▲
Share Ch.
20.2
Market
Financial Advisor
Market
▲
7
8
6
9
▲
12.30.2
130,298.3
11
2.8+1 ▲ 23.61,867.90.10.15 2.35.516
4.5
179,413.4
23
5
23.0-1
1,886.8 3.2 ▲
12+1
+17.0
▲
-0.1+1 ▼4.6Morgan Stanley
12
03.9 3.746
▲ 4
1,342.63.7 ▲
3
3.9
5.5
0.00.1 2.9
▲ 3 0.1 - .7 0.1-1 ▼13 1,560.39 ▼-2.2 15.10.5
2,085.0
▼
1,590.11
+10.20
1.7
4.5 ▲
4.2
0.24.5 0.5
3-13.90.2▲ 14*
110.2
6
14*
707.3 0.52.022
+1
3.9
+1
Industry Total25Jefferies LLC
-56
48
Canaccord Genuity 24-
https://www.thomsonone.com
Rothschild
23 17
35.1
Sh (%)
+1
+3
13▼
48.3
Rank Value per Advisor (US$m)
10
2
▼
▼ Moelis & Co15
▼
▲ 192,258.03
53.0
1.1 Bank of America Merrill Lynch
2014
Rank
-9
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Sh (%)
-▼
Credit SuisseEvercore Partners
22,558.7
122,206.2
-
2,326.7
2 0.1
0.0
TD Securities Inc
▲
▲
▼
7.17.2
▲
Sh (%)
0.3
+2
1.3
6.7
2,555.4
8.4
1.0+1
Change in
0.9▲
+3
2
1.4
0.5▼
▼
16.2
5.0 5.0
-1.2
▲
139*
▲
▲
▲
Desjardins Securities Inc. 17
▲
1.7
-
-21.1
7.2
15
6.5
Milliman Inc14
18135.8
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1
▲
1,800.04
Rabobank NV 24* - 529.2 1.6 1.6 ▲▲ 1 0.0 +1 ▲ 3.5
8
16,287.8
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
Telecommunications / Telecommunications Services
5,800.0Finland / Finland
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Pending
2/21/2014
4
23,980.2
3
Rothschild
United Kingdom / Netherlands
Germany / Sweden
Morgan Stanley
France / FranceIreland-Rep / United States
France / France
Media and Entertainment / Cable
2/6/2014
Pending L1 EnergyIntended
Anheuser-Busch Inbev
2/11/2014
1/20/2014
Volkswagen AGL'Oreal SA
Pending
PendingActavis PLCNumericable Group SA
Forest Laboratories Inc (100%)
Pohjola Pankki Oyj (62.8*)
Announced M&A activity with EMEA involvement totaled US$271.8 billion in the first quarter 2014, up 53.1% compared tothe US$177.6 billion reached for the same period last year. Net competing bids for SFR, EMEA volume rose by 33%compared to the same period last year. EMEA fees accumulated on deals completed in the first quarter of 2014 also rosemodestly, reaching only US$2.2 billion, a 2.6% increase compared to the US$2.2 billion total for the same period last year,according to estimates from Thomson Reuters/Freeman Consulting.
The Telecommunications sector led the EMEA marketplace, with 65 deals grossing a combined US$57.1 billion, includingboth bids for SFR. Industrials accrued US$36.2 billion, and Healthcare totaled US$32.3 billion worth of activity.
Additionally, financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buyside financialsponsor activity reached US$44.8 billion in the first quarter, up from the US$25.1 billion reported last year. This markedthe highest first quarter total since the pre-crisis levels in 2007. The largest FS-backed deal was the US$3.1 billion offer forDanish electronic payments provider Nets Holdings in March.
Acquirors listed on the Euronext Paris stock exchange were EMEA's most acquisitive companies this year, with acombined total of US$26.7 billion in offers.
Healthcare
Acquiror / Target Nation
15,038.6 Morgan Stanley14,277.8
32,008.1
Top Ten EMEA Involvement Announced DealsAcquiror
Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Mar 31 2014
Pending3/11/2014
Date Effective Target (% Sought/Acquired)Rank Date
Bouygues Telecom SA
24,091.3 3Goldman Sachs & Co 24,811.2
FinancialsGoldman Sachs & Co
34,934.0
36,193.4
5 49.3
27,397.9
21,013.3 68.9
Rank Value (US$m)
JP Morgan
UBS
1
Jan 1 – Mar 31 2014
Target Macro / Mid Industry
46.8
25,183.1
27,181.7
23,286.3
3Industrials
Goldman Sachs & Co
Deutsche Bank
Goldman Sachs & Co
Goldman Sachs & CoEnergy and Power
3
EMEA Deals Intelligence
Vodafone Holdings Europe SLULiberty Global PLCZiggo NV (71.6%)
7,099.1
Morgan Stanley
Telecommunications
Pending
JP Morgan
29,812.8
OP-Pohjola Group Central Coop
3/16/2014
SFR (100%)3/6/20142/18/2014
Grupo Corporativo ONO SA (100%)
Pending
Scania AB (37.4%)
SFR1/27/2014
Pending3/17/2014
United Kingdom / GermanyBelgium / South KoreaPending Oriental Brewery Co Ltd (100%)
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
EMEA M&AEMEA Announced M&A Increases 33% Net of Competing Bids for SFR | Telecommunications Highest Valued Sector | Financial Sponsor Activity Rises
Healthcare / Pharmaceuticals
10,025.110,854.2
Industrials / Automobiles & ComponentsSpain / Spain
* Undisclosed4,579.2 Financials / Banks
RWE Dea AG (100%)
4
3
3
376
34.011,966.1
9,161.6Telecommunications / Telecommunications Services
8,235.3
Consumer Staples / Food and BeverageEnergy and Power / Oil & Gas
France / FranceL'Oreal SA Consumer Products and Services / Other Consumer Products
Telecommunications / Telecommunications Services
Deutsche Bank
24.8
1
44.8
33.1
https://www.thomsonone.com
3
534
3 236
22.9
No. Deals
JP Morgan
61.5
12,304.5
52.2
16,205.9
Mkt.
165
ShareRank Val US$m
35,135.0
Rank
2
57,097.5
61.2
123
6
2
32,290.8 7,999.1
4
3184
75.3
7,099.1
1
77.52
22.0
78.7
2
2
6 2
1
Jan 1 - Mar 31 2014EMEA Involvement Announced Advisors by Target Industry
$33.4
$76.4 $73.9
$27.1 $15.5 $21.9 $18.5 $25.1 $44.8
$61.2
$45.5 $86.9
$44.4
$9.1 $16.3
$37.9 $20.1
$34.1
$37.1
$60.3
$54.2
$27.8
$14.6
$37.1
$23.1
$18.8
$21.9
$46.0
$90.9 $56.2
$24.9
$18.7
$25.1 $21.6
$24.0
$35.8
17.6%
19.7% 16.3%
10.2%
7.5%
13.1% 13.9%
9.6%
18.2%
22.5%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f EM
EA
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A $26.7
$25.6
$16.1
$13.6
$11.7
$7.1 $4.6
$1.8
Euronext Paris
New York
Frankfurt
London
Nasdaq
Euronext Brussels
OMX Stockholm
Swiss Stock Exchange
OMX Copenhagen
Zurich
9
Societe Generale Credit Suisse
Societe Generale Credit Suisse
Morgan Stanley
Any European Involvement Announced (AD21) Jan 1 – Mar 31
▲
Rank Value per Advisor (US$m)
Any EMEA Involvement Announced (AD47)
Market
Jan 1 – Mar 31
Rank Value Market
# of Deals per Advisor
2013
Rank US$m Sh (%)FeesDealsShare Ch.Financial Advisor
Goldman Sachs & Co34.8
2JP Morgan
23
5
735,287.826,301.4
BNP Paribas SA
37
SEB
UBS 13
HSBC Holdings PLC 9
15
11
18Ernst & Young LLP
Mizuho Financial Group
Citi
12
14
Barclays
Credit Agricole CIB16Credit Suisse
10
Lazard
68,708.2
23,766.926,075.3
57,889.3Bank of America Merrill LynchDeutsche Bank
6
9
4
-5
Financial Advisor
▲
1
2014
Rank
Market
94,675.8
Change in
173,951.8
Greenhill & Co, LLC
2
8
Rothschild 6
2.6LazardBNP Paribas SA-7▲
▲
1▼
13
13
-
4
9.7
▼
▼
121
5.7
2.0
▼
2.1
▲
-17.8
▲
-0.2
0.6
▼
▼
25-2
+1
10
2.0
-11.9
-1.3-1.4▲
▲ 1.14,577.5 1.7
2221
Centerview Partners LLC
3.6
▲
▲
205,021.8
0.0
0.0
0.01
+1
Lazard
▼
▲
8.8
▲
0.1
40.2
0
4,012.73
0.1▲
-0.1
Industry % Change from Same Period Last Year
Industry Total
30
544,540.81.2
▲1.63
KPMG24 6,192.5
--
2.4
22 10,025.1
5,094.0
23
▼ 2724PricewaterhouseCoopers
1.925 2014 -3.1
-1.7▼
25-40Macquarie Group
3,171
Industry % Change from Same Period Last Year
* tie
Industry % Change from Last Quarter ▲2.1%
Market
▲ 12.6
▼
6.4-2 136.6
Fees Sh (%)# of Deals
▼ 91.6-5
-6▼
73.638.3
▲
▲
80.6
▼
3.8
-1775.8
-22
-2
+7
0.40.1
SEB
12.3▲
▼
1.0
+3
▲
▼
Ernst & Young LLP 19▲
4.2
26
225
-14.7%
0.3
3 +3Macquarie Group
5
311
Danske Bank
6
▲
-1
4.2
▼ 22
6.4
0.5▼
-
1516
128,305.0
2.118
15,708.4
2.2▼
6,203.6
6,971.12322
▲
▲
84
-12.3
16,348.94 -26.1
0.9
18 15,743.3
3.1
40
9Citi
130,298.38
19,242.5▲ 19
3.7
8.8
15,743.3
-2.9
Rothschild-
▲
3.7
4.2
3.6
PricewaterhouseCoopers-
▲
4.3
129.98.9
26.1
4.1
3.6
-
22▼-1
0.3
2019
Societe GeneraleErnst & Young LLP
▼
▲
-5.5 0.6▼
0.38.85.2
18 0
▲
11 +1▲
+1
0.5▲ 179.926,424.8
-
22.0
-313.40.8
▲
0.3▼
131,332.4
3 144,483.65▼
1678
9.4 0.73.3 -13
Barclays▲0.7
1.3Bank of America Merrill Lynch
40
4.1 24
+5
0.826
+423▲
15.0
14.5
3
13
620.8
2654,725.047,785.8 18.1
57,889.3▲
35.9
Industry Total
Deutsche Bank1
US$m
94,675.8
68,708.232
Goldman Sachs & Co
Rank Value per Advisor (US$m)
▲
Morgan Stanley1
31.1
Market
Share Ch.
▲
▲
ABN AMRO Bank51
Robertson Robey Associates LLP 2221Perella Weinberg Partners LP20
-
Lazard
24
2
53.1%
54
Rank Value
▲
2013
RankFinancial Advisor
Greenhill & Co, LLC
Zaoui & Co
26
6
117
PricewaterhouseCoopers23
8
Industry % Change from Same Period Last Year
97,927.0
4Bank of America Merrill Lynch
81,944.2
Rothschild
JP Morgan
Industry % Change from Last Quarter
2014
Rank
BNP Paribas SA
7
1112
10HSBC Holdings PLC
7
9
Mizuho Financial Group
23
UBS
ABN AMRO Bank
BarclaysErnst & Young LLP
Perella Weinberg Partners LP
SEB
CitiCredit Agricole CIBCredit Suisse
Robertson Robey Associates LLP
1911,415.3
21 49 11,068.5
8
KPMG
Danske Bank
Rothschild
Industry Total
2.15,509.4
14Evercore Partners
0.11.8
39
5,021.8
4,285.2 1.61.719
201.9
4,181.1
2.5
-0.2
2.3-18.4
0.6
▼-1.4-1.5
3.4
0.2▲
▲
0.17.1
8.5
7.1
8.6
0.3
+3PricewaterhouseCoopers
4
-2.3 ▼
▲
-5.5▲
▲
+10.1
11 0.1+322
0.1
+67.5
▲
▲8.313.0
▼
▲
-5.25.2
8.6
▲
6.79.6 12
20,464.9
8.612
523,291.2▲
20
▲
21-13.7
46.9
23,062.10.1 +5
48.7
23
0.80.0
21
-7
0.3
190.7
+6
0.1
75.8-3-14
27.5
29.6
▲
+11
97.1
+1
62.7Sh (%)
1.0▲
0.7▼
▼
9.4
▲ 18
-20▲
▲
# of Deals
▼
▼24 0.3
-3▲98,117.0 0.3 Goldman Sachs & Co▼
Sh (%)Sh (%) Deals
36.1JP Morgan
2726 -60.314.0
13.1136
4145,004.2
32 163,173.8
▲+224
6
150,463.6160,623.6
Bank of America Merrill Lynch253
Morgan Stanley89.7▼
-620.1 ▲
17.1
▲ 0.858.857.9
44.5 26 1.0 ▲6.2139.17.00.7
12.1270.8 ▲
# of Deals per Advisor
Market
Imputed Fees (US$m)Rank Value per Advisor (US$m)
2013
Rank
MarketMarket
Jan 1 – Mar 31
Market# of
▲
# of
Share Ch.
Rank Value
US$m
42
Market
33.4 ▲ +11.5
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
# of DealsSh (%)
Any EMEA Involvement Completed (AF53)
5Share Ch.
2014
Rank
EMEA Rankings
Advisor
▲
Change in
▼
▲
1.5▼
18
48.4
4.3
-8
1.2
30
12
-▲
65.2Sh (%)
0.30.01.5
34.9
Rank Value per Advisor (US$m)
0.2
50.4
Market
▲
54.1
4,007.6100.0
US$m
134,604.3
4,012.7
▲
▲
30
23.7%
35.0%
35
-586
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
▲
+1
-18.4%
SEB10▲
4,007.6
25
Moelis & Co
23
4,717.1
-17
7.28.2 ▲
0.4
6.7
22
9
4.2
4,206.1
Evercore Partners 12
1718
1814KPMG
8616
4,717.1
1.54,285.2
5,509.4-
19
1.8
59
13
277,676.3
3.0
2.42.56,971.1
8,305.023
6,682.46,203.6
23
1.7
2.2
▲
10
35
▲
1.4
1.5
Advisor
-18.2%
2,712
# of Deals per Advisor
▼
Any European Involvement Completed (AF3)
▼
2014
Rank
2,239.3
0.4-29
0.4
-20.7%
▲
-3
+73
0.8
56
1.30.1
8
-
▼
25
+20
0.20.2
▲
▲
-160.3
+3▼
-14.8-9
2.1
▼
▼
0.0
▲
Imputed Fees (US$m)
▼
0.1
▼
▲
▼
▲
3.1
1.7
55.3
3.9
3.1
104.3▼
1.6
▼
2.72.6
4.3
14.8
1.21.6
4.9
1.4
0.4
0.6
0.1
▼
▲
▲1.4
0.8
0.1
▲
▲
Market
▲
1.24.3
▲
100.00.5
1.8
0.2
▲
0.4
▲
▼
▼
▼
▲
Share Ch.
0.6
1.6
23.4% -20.6%
100.0
▼
267,002.5
▲
40.0% ▲
▼▼
-664
14.00.2
-55
https://www.thomsonone.com
▲1.56
▲
0.4 ▲ 0.50.7
▼
2,562
0.4
0.5
+3
-14.3%
▲
▲
▼
▲
8
10
0.9
+22.1
Jefferies LLC0.2
▲
▼
59
12
34
0.4▼
-1
-30▼
3130
1.2▲
103.1
3.6
145,004.2
▲
▼
2.7
27.4
-14.3
▲5.9
# of
173,951.861.0
Market
59.2
19
48.849.2
15
-26.5
Market
1.0162,983.8
54.3
Rank Value
▲
18.620
1.6
158,148.6
▲
0.1
0.70.820
1
0.9
0.0
1723
0.1
0.6
0.8
0.76.1
1.3
422 ▲
▲
2
6314
49.2 ▲
0.2
0.7
7.2
48.8
1.2
1.5
0.3
▼
Deals
30.0
18.7
Share Ch. Sh (%)
▲
6
47.2▲
▼
5.9
▼
▼
▼
+1-706
▼
Jan 1 – Mar 31
▲
-5
0.1
+8
+2
-6
-18
2.6%
+2
0 -▲
▼
▲
270.8
57.5
5.3
0.02
0.7
▼
Change in
32.551.5
14.0 0.6
82.6 ▲
2.9 ▲
4.2 ▲
0.1
0.3
0.3
0.8
1.5
-
▼
4.0
2.21.0
0.0
0.4▲
0.40.4 ▲▲ Guggenheim Securities LLC ▲
-218 ▲▼ 849.7
▼
172
3.4
48,249.1 17.8UBS 137,868.5
▲
47.30.5
47.3
14.1
3.627 +1
-16
0.3 54.252.2▲
233.730.2
54,725.021.325.3
20.1
81,944.2▲
40
Citi
▼ Paul J Taubman
11
7
▲
Deutsche Bank 910
▼
46.9-8131,332.4130,298.3
9.3 0.3
0.3
+7 Barclays
21,717.59.6
3.54 6.9
16,573.4
7.819,152.3
91
12 ▲ 32
-25.7
6.0-24.5
26,583.4 ▼
▼
22
93.2
63.81.23.7
▼ 0.8
1.6▼
▼
1.1 -32
▲
-3-1
+2▼
0.81.20.7
2.6
1.4
0.4
2.50.2
▲
▼
4.7
▲
▼
104.5
5.3
0.1
2.3
0.2
1.612.3
55.3
0.5
0.7
▲
▼
▼
0.2
0.111.7
0.20.3
8.7
▼
▲
0.8
▼
3.0
▼
35.3
10.4
4.0 0.10.6
15
Centerview Partners LLC
▲
Jefferies LLC
Industry % Change from Same Period Last Year
5
2013
Rank
2324
BNP Paribas SA
10
UBS76
Financial Advisor
JP Morgan
12
Paul J TaubmanGuggenheim Securities LLC
34
Industry Total25
20Societe Generale
Moelis & Co
Morgan Stanley
-40 ▼
Goldman Sachs & Co
Deutsche Bank
Industry % Change from Last Quarter
Change in
2
1
0.1
-18▼
2.1
0.5
0.8-4
▲
▼
▲
▲
▲
3
2
-2
0
17
3
11
22
-15.7%
0.1
5
1.2
+6
0.0
16
# of Deals per Advisor
▲
+2
+1
-18.3%
5
70
▲
2.4
3,395
26
-6
0.2
+3
-3
-631
Sh (%)
0.8
-1
0
0.7
+2
▼
0.8▲
-7
-18.4%
0.0
# of Deals
▼
▼
0.0
▼
+3
▼
+1+3
0.2
▲
▲
▼
+1
5 +5
-15.6%
-8
▲
▲
▼
▼
▼
51.5
11.7
1.10.1
0.1-9-4
-29
0.5
+1
32.5
▼ 92.0-3
+19.4
2,148.3 100.0
0.6
0.1
0.4
0.3
▼
0.2
0.4
1.5
3.4
0.1
0.7
0.3
▼
0.4
▲
3.5
1.4
10.4
▲
▲
3.0%
7.5
0.2
35.3 ▲
7.9 ▼
0.7
23
4
13
11
6,682.4
18
▼
2.6
▲
3
2221
▼
Industry % Change from Last Quarter
37
8.75
33
78
17
100.0
3.79,674.63.8
▲
39
17,862.27.714
57.1%
17,567.13.8
20,247.56.8
15,475.7
6.5
26,075.326,301.435,287.8
23,291.223,430.6
11
7.27.1
▲
10.0
▲
263,615.4
57204*
Zaoui & Co
16
4.44.3
5.5 ▼
-22,912.1
11
14,596.9 -5.0
80
14,596.9 5.4
6.517,862.217,567.111
6.6
5.7
MarketMarket
10,025.1
14
13.8
0.9
3.7
▲
19
17 33
11,415.358
214*
811,517.5
15,475.7
▼
15
20
68
▲
▲
11,517.5
16
▲
5.9
▲
-
11,068.5
100.0▼-1.5
9,674.62.3
37.2Sh (%)
13
6,229.2
1.8%
271,792.3
18
Deals
# of
3.7
11-0.6
1▲
3.23.8
▼
27 0.3KPMG 25 20 5,094.0 1.9
10
Robertson Robey Associates LLP BNP Paribas SA
* tie
Credit Agricole CIB Credit Agricole CIB
137,983.4
10
US$m
138,476.8
2,454.02,373.5
7
132,454.054,636.5
0.71,457.215
JP Morgan 1
11
Ernst & Young LLP
Bank of America Merrill LynchGoldman Sachs & Co 4
UBS 76
20*84*
58
1,093.8
1,185.114- 1,119.1
5,666.5
15
+1
+1
1161
EMEA Rankings
-5
▲
1.1
-27.4
83.5
Rank Value per Advisor (US$m)
▲
▼
Any UK Involvement Completed (AF39)
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
4Goldman Sachs & Co
▼
▼
6
1
1
0.21
▼
▲
+1
-4
-1
0.2 +1 ▲
0▲
0.2
-1+1
-46
▼0.2
https://www.thomsonone.com
388
2014
Rank
2+5
Financial Advisor
Market
Financial Advisor
141,156.416
2013
Rank
JP Morgan
Jan 1 – Mar 31
Market
Societe Generale
RBC Capital Markets
Arma Partners LLP
-2.8
Sh (%)
CIBC World Markets Inc
Financial Advisor
25
BMO Capital Markets1,008.8
2
12
+10
▲
0.3
0.1
Any French Involvement Announced (AD33)
24.5%
Rothschild
21
Deals
▲
▲
+1
-▲
+3 ▲
0
-
▲ DTZ Debenham Thorpe Ltd
+47
0.7
0.9-32 ▼
HSBC Holdings PLCNumis
+2 ▲
0.1-0.8
1 2
2014
Rank
▲+1
▲
687.8
Jan 1 – Mar 31
-179
US$m
5.0
Imputed Fees (US$m)
Market
▲
▲
▼
▲
Sh (%)
▲
Market
▼
▼
▲
▲
▼
0.4
0.9
0.8
0.9
▲
3.71.2
2.4
1.0
2.36.21.2
5.7
0.9
2.2
-▼
13.2▲
9.83.1
▼
3.1
▲
▼
00.2 ▼
0.8 0 -
-
+1▲
▼
3.93.5
8.1
▼
7.2▼
▲
10.2
3.1
1.3
▲
7.71.43.8-
0.9
262.3
-33.1%
-0.8%
221.6
109.1
▲
312.31.2
▲
Leonardo & Co 192.1
3.0
4.7
▼
0.5
▼
18
491
▲
RBC Capital Markets20*DC Advisory 192.1
170.0
-0.20.2
0.2▼-1
0+1
0.5+1
0.2 ▲
+1 -▲ DA Davidson & Co Inc 17 1.9
Lazard
14.6
+1
Citi▲
▲
+7
Societe Generale13
0.80.6
▼
611.4
-2.6▲
▲
▲
0.2
1,569.1
22
3818
-
966.2
0.60.20.2
3
1.8
81.6
17
19
1,100.090
81.2
12
4
8
1.0
▼
▲6Morgan Stanley
132,150.3
3 48.0 ▲
▲
Bank of America Merrill Lynch
Sh (%)
Market
Sh (%)
▲
81.9
Deals
0.2
Rank Value
▲
76.2
# of
0.2
1100.2 -
12
Market
# of Deals
# of Deals per Advisor
▲
44.251.1
33.648.0
7,858.8
48.3 7,090.5
▼
47.3
21Evercore Partners
0.4
Lazard
Share Ch.
Market
6
4,636.5
3
77.1 1
81.6
0.1
0.2
0.7
* tie
▲
▲
290.8%
▲
-7 ▼
0.21
560
▼
UniCredit -
0.5 ▲
0.6 230.424
13 2.30.6
100.0
415.7
▲
24* 371.9-
Industry % Change from Same Period Last Year
-6.0%
100.0100.0
▼
Industry Total
▼
-13
-
1,056.1
841.0
2272*
+1
16Robert W Baird & Co Inc -719.7
8,235.3
1.5
17,862.2
1,120.8
-41.1%▼
989.7
0.5
▲
2.0
Rank Value
12
-
▼
▲
14.36
26,075.3
35,213.4
▲
-19.4%
15.1
Industry % Change from Last Quarter
# of Deals
30.1
33.1HSBC Holdings PLC
50.533,299.3 9
37.8
▲
Share Ch.
▲
▼
0.30.9
9
Market
915.00.30.1 ▲
0
▼
1.3 1
▲
+1
0.042.0
0.15 0.1
-29.7%
0.2 ▲
0.1▲
6
-131,332.4
31.18
0.0
▲
0.0
7
-
9
137,921.5
2.8
31.6
7
1.1
4,764.5
7137,244.6
78.1
+2
-3
-3
-1
▲
-2
▼
▼
-10.10.1
+2
-7
+1
0.1
▼
0
▲
-4
+1
▲
-
▼
▲
0.6
-14.7%
Advisor
-1
-249
+1 26.5-3
+7
▼
0.6▲1.9
0.8
1.1
▲0.8
▲
▲
-1
0.2
334.6+1
1.6
2.01.6
▲
0.80.4
0.9
4
40
0.4
0.4 5*
8*15.1
1
4
23,980.28.4
▲
34.8
18,319.025.0
14.0
26.6
14.0
28.6
1.6▲
1.6
1.0
1.4
0.9
1.01.0
1.2 1.2
1.0
0.5
0.90.8
645.4 0.9660.6679.4
645.4533.5
Credit Suisse
Deloitte 23
China International Capital Co
Industry Total
PricewaterhouseCoopers
14
Guggenheim Securities LLC
20*35*20*
19Forus Group LLC
Oddo et Cie
-
66*13Barclays
914*
1516
Leonardo & Co 66*
LF Rothschild & Co
53
BMO Capital Markets
Mediobanca
24* 371.9Roth Capital Partners Inc
68,958.3
▲
9,674.6-
-
54* ▲
90.7%
Goldman Sachs & Co
24,940.635.1
5 36.26 24,200.2
127Deutsche Bank
Morgan Stanley
11
18
Zaoui & Co
17
98
10JP Morgan
Bank of America Merrill Lynch▼
▲
▲
26
7 19,748.3
10*
25.9
11.9
1
▲
-12.9
2
1.0▲
4.8
-28.0
1
0.5
1.0
-2.8
0.8
▲
0.4
-1
CBRE Holding SAS
Jefferies LLCTD Securities Inc
▲
Robert W Baird & Co Inc
▼
▲
1
Industry % Change from Last Quarter
24* - 371.9 0.5
4
511
6
1
-2.3%
2
1
▲
0.9 0 -
# of Deals per Advisor
4
+4 ▲
# of Deals
▲
Sh (%)
0.2
1
+1
0
▲ 2
746
▼
3
0.1
+5 ▲ -
-
22
1
4 0.7
1
+2
1.1
+1 711
7.1
-16.5
0.4
-49.0%
Industry % Change from Same Period Last Year
La Compagnie Financiere
-3
-7.8 ▼
-9
-1
14.6 0
18.1
0.2▲
+20.4
-2
0.71.21.2
39
▲
4
▲
34.9
▲
28.6
35.9
▲
14.8
▼
▼
Market
1.1
1.8
Share Ch.
Imputed Fees (US$m)
2.2
Deals
12
4.118.0
Share Ch. # of Deals
10.1Sh (%)
2.4
20.9
▲
0.6
▲
100.0
1.7
6.910.7
3.7
4.822.5 8.6
0.8
1.8
0.2
1.2 1.1
0.7
0.7
▲
▲
1.2
▼
-
14.4
6.6
- 5.80.6
2.8 0.45.58.9
5.98.6
▲
1.5
▲
0.70.2
▲
▼
0.6
▲
▲
1.3
1.90.9 ▲
2.6
4.10.1
1.3
2.6
0.8
4.6▲
0.1
0.3
0.5
4.06.5
4.71.3
▼
Share Ch.Fees
▲
8.7
8.6
2.8▲
0.2
▲
4.0
Jan 1 – Mar 31
Advisor
3.1
35.3
64.8
78.9
+2 ▲
▼
9.4
▼
-549.1
Change in
10.5
1.230.7
5.843.334.6
▼
6.9▼
19.4
▼
1.0
18.3
-7
14.4
19.5
▼
-9
+1 ▲
▲
▼
-4
Fees
▲
0
+14.8
013.7
Sh (%)
751.9
▼
▲
▲0.8
1.0 ▼
▼
▲
▲
5.7
0.5
1.9
▲
2.8
▼
▼0.6
3.0
5.0
▲
▲
1.0
2.8
▲
1.5
▲
0.6
3.11.2 ▲
▼
0.51.2
▲
0.90.3
3.01.1
▲
▲
-2.53.1
1.0 0.0
2.3
0.41.1 ▲
▲0.41.2
0.4▲
0.6
0.0
6.9
3.8▲
6.9
0.7
▲
11
-4.9
1.4
-0.55.2
0.7
6.7
▲
-0.3
3
8.5
28.6
▲43.7▲
228.62
25
23▲
▲
0.5
0.6
0.5▼
0.6▼
0.7
4,636.5 28.6
0.71,094.2
48.4
983.8
0.5
16
20*
10
Barclays
2
4.3
77.7
-47.577.1
▲77.7
▲
1
Change in
▲
US$m
# of2013
Rank Share Ch.
Rank Value
Any UK Involvement Announced (AD32)
1.3
0.1
-1.0
1.31.3
6
15
Sh (%)
Change in
▲
▼
2.7
+5+5
▲
-1
▼
▼
+3
Deutsche Bank
11
Barclays
2
▲
5*
Goldman Sachs & Co
14
10
UBS
12
-1
▼
▲ LF Rothschild & Co 15
-▲
Perella Weinberg Partners LP
1920* 37
72*
0.525
19 1.2198.6
▼
Industry % Change from Last Quarter
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Nomura
75.3
4
-3
1.1
▲
BNP Paribas SA
-2.5
▲
2
+1
+2
3
22
4 18 11
▲
-13.6%
19
100.0
72.3%
▲
▼
34,792.4
-
-23*
Industry % Change from Same Period Last Year
2013
Rank
75
22DTZ Debenham Thorpe Ltd
BNP Paribas SA
Wells Fargo & Co
Lazard 3
Fairmount Partners LLC
Industry Total
Rothschild
-1,276.5
632
42
22-
1,524.9
2,381.8
4,836.112
CitiPiper Jaffray Cos
Barclays -3.4
20
2.1-0.2
1,524.9
2,711.8▼
3.7
▲
2.1▲
0.42.1
3.3▲
17
RBC Capital Markets
Centerview Partners LLC 15*15*
1314
CBRE Holding SAS
1.82.1
Jefferies LLC
19
1.81,184.959
28Credit Suisse
1,097.71918
1.3
1.61.5
1,276.0
-23* 915.0
HSBC Holdings PLC
1.1
Deals
920.6-8.91.4 ▼
11.3
Market
19.2
2
15
Market # of
Rank Value per Advisor (US$m)
72,786.9▲0.7
# of Deals per Advisor
-20
0.40.5 +3
0.4
773.3
100.0
2013
Rank
Industry % Change from Same Period Last Year
+1
2014
Rank
Easton Corporate Finance SASBanco Espirito Santo SA
▼
6
0.7
-8.6%
Market
0.5
Sh (%)
2014
Rank
Rank Value per Advisor (US$m)
18
10,854.2
10
4712,498.3
--
ABN AMRO Bank
Morgan Stanley
8*
82 11
332,154.633,225.4
44.21.5
▲
5
213,299.9
11
40.2 29.4
1.57
11
45.738.5
▲37.1
14.930.729,235.9
13
2▲
▲
1.522,338.75
-311
6UBS+1
▼
▲+2
117.2 ▲
▲
▲
▲
11 1.50.75Deutsche Bank
8* -
17.44.25 13,383.6 18.4
18.3
Perella Weinberg Partners LP10,854.2 14.9
▲
7Paul J TaubmanGuggenheim Securities LLC
1▲
57.00.10.7 -
7,273.710,025.1 13.8
▲14.9+1
14.99Deutsche Bank
▲
9,536.8
130,298.3▲ 1+1
2.0
0.1
1510 30.11 22
▼+5+4 -23.9
1.6▲
Citi▲ ▼
▲
1.2
+3SEB
14 1,701.4
1,991.0
71.7 ▲
1 1,601.8+1
0.50.9
Credit Suisse
13
0.10.1
6 0.1
-49.0
0.9
2
55▲
▼
11-1.2
2,621.1 1.6 ▼
5113*
1.0
1,793.9
+230.7
0.10.0▲ 1
0.7 ▲
5
5▲ 0.0
-7
0.1
0.011
▼-0.10.6966.2
0.634
-0.4
140.00.1-9.4
920.6 0.5
1
832.8
595.40.524
# of Deals per Advisor
Sh (%)
Standard Chartered PLC 60
Financial Advisor
Rank Value
US$m
▲
Industry Total
Industry % Change from Last Quarter
169,113.7 590
36.8%
189.1% -16.3%
Market Change in Market
▼
Jan 1 – Mar 31
Market
-20.9%
Rank Value per Advisor (US$m)
Any French Involvement Completed (AF40)
▲
2 7,179.9
43Morgan Stanley 1
Credit Suisse
JP Morgan1
9
▲
-
8*
5*
Macquarie Group
▲
Bank of America Merrill Lynch▲
7.39.7
0.5
1
5.2
▲
1.9
▲
▲
3.8
6
841.0
302.7
0.20.4
38
65.0
4
-24.9%
16,240.4
6.6▲
13.88.713.1
14.9
-
▼ 12
57
1
1
# of
0.0
▼
1
0.6
Market
0.1
.0 0.7▲1.2 +3▲0.5 ▲ 0.2 +1
11
KPMG Nomura
JP Morgan Sumitomo Mitsui Finl Grp Inc
Industry % Change from Same Period Last Year
* tie
2
▼ -
1,683.8+3
21
Boston Consulting Group
+10.2
+1▲
+1
+3
0.7 ▲
0.4
1
-6
0.7
▲
+2
13
0.41
5
2
14Rothschild 13
▲
▼
-3
+1
+1
23.9
6
65,089.6
Morgan Stanley 12
8
26.5
Credit Suisse 5
Market
21.2
0.016
8,676.916,952.0 29.2
-0.5
Sh (%)
Rank Value2013
Rank
1
▲21.7%Industry % Change from Last Quarter
Rank Value per Advisor (US$m)
230.8117.0
Share Ch.Sh (%)
8
# ofMarket
Deals
44.7
1
Industry % Change from Same Period Last Year
2514,745.8
Jones Lang LaSalle Inc100.0
-31.4%
▲
1.7
▲+1-1 ▼
1.1
0.6 +1
1.1
20.6
21 0.6
31
3.9
Jan 1 – Mar 31
MarketMarket
0.20.6
5.1
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Imputed Fees (US$m)
2013
Rank
▲
▼
# of Deals per Advisor
2.610.9
AdvisorChange in
▼
Sh (%)
▼
Market
Sh (%)
0.0
-
1.72
7.9-
5.2 1.53.5
38.1
Industry % Change from Same Period Last Year
25
68.0%
-3.6%
Share Ch.
EMEA Rankings
3.5
18.1
1.8
2.5
Change in
7.3
-3.8
Market
# of Deals Fees
0.8
▼
▼
▲
+2
▲
3.3▼
▼
3.2 ▲
▲
▼
1.62.62.0
▲
▼3.8
4.06.9
1.5
8.0 2.1
▼
▲
1.0
0.91.1
▲1.01.3
▲
▲
Share Ch.
▲
▼
▲
0.3 ▼
1.9
Market
Imputed Fees (US$m)
18.1
1.80.81.7
1.9
▲4.1
Sh (%)
▲
3.4
4.213.5
1.4 ▲
▼
▲0.10.2
▲
3.414.2
1.8
14.6
7.1
4.3 ▲
▲
0.7
0.81.21.2
▲
100.0
▲
0.7210.0
-2.7%
▼ 18.8%
59.0%▼
0.9
3.21.1
.6
-1
▲ 1.4
2.42.22.0
-1
6.7
+2+2
2,169.0
28.3
9.8 -42.8
2.8
5.1
1.7
▲
9.8
5.37.4
3-1
▼
--
Rank Value per Advisor (US$m)
13*
1
# of
1429.8
30.5
▲
28.24,386.8
-4
Deals
2
▼
Jan 1 – Mar 31
▲
▲
▼
▼7
▲
990.0
-
Societe Generale
▼
▲
6
8*8*Credit Suisse
Morgan Stanley▲
▲
7
101
12*▼ 11Mediobanca
▼
BNP Paribas SA1,371.93.0
24
2
▼
+1Bank of America Merrill Lynch
1.53499.3 3.014
▲ LazardSantander
15410.7
12*▲
-
206.1 ▲
1.91.3
▲15
▲ ▲
4
0.3 17*
30.5 17*-
-0.6
Montalban Atlas Capital
-211.016324.9 +4
Banco Espirito Santo SA 17BNP Paribas SA
Banco Espirito Santo SA 20
William Blair & Co
206.12119 402.6
18
0.50.50.5
0
1.5
+1
0.5
5.4
16
919.55.9
Centerview Partners LLC
▼
Ernst & Young LLP
-3
JP Morgan
-
512.913
Deloitte 14Rothschild
PricewaterhouseCoopers 9101112
20
6
BBVA
5*5*Bank of America Merrill Lynch
Morgan Stanley
3
14
US$m
▲
▲
▲
59.2
13.0
59.2
2,200.910,025.1
4.1
65.0
▲
Sh (%)
1.0
# of
Robertson Robey Associates LLP
10,025.110,025.1
59.2
5*4
03.4Goldman Sachs & Co
Any Spanish Involvement Announced (AD34)
Rank Value2013
Rank Financial Advisor
59.5
65.5Deals
UBS 2
5*
1*
1 10,068.710,025.1
4
26*3
3
Market
# of Deals
65.510*
2 +111,085.1
Share Ch.
Market
1.0
Deutsche Bank52.0
▲
10,129.2 ▲
Goldman Sachs & Co-
Ernst & Young LLP
59.2
15
0.5▲
▲
1
1.01
1.53▲
56.7
59.2
0.3-15.2
11.02.7
-0.8
+1
+3
1.0
1
45.1+1▲
▲
▲
3,002.4
Ernst & Young LLP
9*
-
9*
2,570.0
3,959.83,274.9
-
Centerview Partners LLC2,570.0
7▼
▼
21.3
0 15*0.7 15*
17
Macquarie Group 1,550.0
-3
▲
2038
Bank of America Merrill Lynch
00.2
▲
0.4
DNB ASA
-3 Gleacher & Co Inc
▲
Advium Corporate Finance
▼
454 -58 23,775.3
▼
22*0.2
2.2
▲
▼
▼
Jefferies LLC+2+1
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+1
▲
▲4.1%
▲37.6%
2.5
▲
▼1.10.1 ▲
▲
2.1
1.2
▼
▲
▲1.42.51.4
▲0.3
▲1.2
▲
0.00.9
-81
6
+1
10
▲
▲
0.4
0.7
-5
3
# of
24.8 4
Sh (%)
▼
Market
Share Ch.
21
Any German Involvement Completed (AF42)
# of Deals Financial Advisor
7.8
▼-5.6
-6
-3
▲
▼
▼
# of Deals per Advisor
+1
0
2 1.0 ▲
▼
Jan 1 – Mar 31
▲
-
Market
2263
1.5
1.0
BBVA▼
Industry Total
Montalban Atlas Capital
+2
4.1
▼
196
6
1
2.0▼
+1
-5
3.1
0.5
3.7
KPMG
▼
-4
+2
-4+1
11,085.1
59.8
▲1+1
Market
▲
2014
Rank
1*Financial Advisor
Deals
-22.8%
Market
8
-3.0%
612.3
1,212.93.3
1.81.8 -12.1
-26.1-0.6
3
241.8192.6
151,129.8
-
3.6
612.3
1.5
5
-5.6101.0
▲
Industry % Change from Last Quarter
Advium Corporate Finance 21
▼
33,835.8
-26.1-
Industry Total
51.7
224
0.118.6▼
▼
-41*NIBC NV 19.6 0.141*
Mitsubishi UFJ Financial GroupKempen and Co NV
PricewaterhouseCoopers
220.2
192.6Kempen and Co NV
0.623
1-0.62
-12.1
▼
5.7
-58
-1
30.2
-13.3 ▼1.53.6 1▲
19*19*
0.7
▲
Pareto SecuritiesStandard Chartered PLC 494.7-
- 494.7
FIH Partners AS 18ABN AMRO Bank 17
--
Bank of America Merrill Lynch
Leonardo & Co 14*14*UniCredit
KPMGCredit Suisse 13
14*
16.713.8 ▲
+1 ▲
▼ 1.4▲
▲
0.02.6 ▲
0.50.0 -
2.69*Development Bank of Japan Inc
0.2
▲ 7
0.2
▼
Acxit Capital Management GmbH3
▲
JP Morgan10
6
BNP Paribas SA
▲
+3▼
▲0.9
0.428.6
1.152
25.3 ▲
▲41.61.3▲
Barclays7 5,173.57
10,817.827.1
-1.715.3
8
-
-
SEB 6
UBS -6
Ernst & Young LLP
9
Mediobanca 11*
1.8
10
11*1
1,212.94.0
838*
4 1,338.9
Sh (%)
▲54.6
+3goetzpartners Corp Finance
-
Industry % Change from Last Quarter
2.2
-2
+8
1
▲
▼
2.9
Change in
-13.3
61.4
+2
Industry Total 100.016,930.7
Jan 1 – Mar 31
3
Rank Value per Advisor (US$m)
▲0.8
83.7-93.2
0.8
0.60.6 ▲
0.6
5,910.95,684.7
6,309.7
49*
1,724.9
-
349
1
-18.8%
▲
▲
12
8.9%
0.6
0.30.3
▼
0.60.3
▲
0.90.9
100.0
-
12.6
▲
7.3
▲1.8
▲
16.716.7
18.521.4
▲
16.7
Moelis & Co
▲
9*-
3,959.8-
3,959.8
3.6 3.6
3,123.25.7 5.7
3,959.8
32.0
7.89.2
1327.1
1,932.4
48.616,260.7
43 48.1
9*11
32.5
Morgan Stanley3
9*9,161.6
10,986.9Deutsche Bank
Goldman Sachs & Co2
Citi
Rothschild
5
2014
Rank
1Financial Advisor
16,438.320,026.6
Rank Value per Advisor (US$m)
Industry % Change from Same Period Last Year
▼
Any German Involvement Announced (AD35)
▲
Industry % Change from Last Quarter
17.5%
14
-
28*-
-26.1%
28*
Rank Value
0.10.133*Lazard 23
59.2
2013
Rank
21.9
US$m
Jones Lang LaSalle Inc
Banco de SabadellGCA Savvian Group Corp
118.7
2
▲
-36.6
Santander
-117.0
21*83.7
18
50.9
▲
0.7190.5
0.7
1.3
0.7
11.2
1.9
+20.5
1.5
-52.0
2.4
2,169.0
4
8
59.2
2,590.5
# of Deals per Advisor
US$m
▲
3.9
9
25.224.0
144
-3
▲
4
1,371.9
2,250.3
506.7
▲
7.1
2Deutsche Bank
Citi 11
7.2
▲
Market
Sh (%)
11.8
5
-1650.1
-59
▲0.3
0.6
1.4
17.2
15.3
9.39.3
20.2
8.1
118.7
-
1,675.0
500.0
10
20500.0
- 120.3
-
0.8
3.4
7.6
6.6
2.7
PricewaterhouseCoopers2
Rank Value
Sh (%)
JP Morgan▲
2014
Rank
0.8-
161,451.4
26*
-1.7
11.4
6.1
17.6
4,168.2
7,387.7
14.77.7
7
3,719.83,532.017
3
▲
▲
▲
-
▲
▲
▲
▲
▼
37.1 7.1
▲
7.3
10.8 ▲
▼-9.010.8
0.9 +3
339.9
+2
13.1%
2.9▼-1
▲
▲
▲
+2
▲
3.2
-1
0.4
4.1
4.9
3.2
0.4
8.5 2.5
0.41.3
0.4+2
0
4.78.6
▲
3.311.1
.3
1.4
-
+3+1
.0
1.2
1.6▲
Fees
▲
0
Advisor
▲
1.2
10.84.3▼
+3
24.2
Change in
-
61.6
1.4
13.811.5
11.6
.3
0▼
0.5
+1
-1
8.9▲+3
0.1▲+1
.30.10.10 -
▲
-1+4
0
▲
2
22
1
1.1
1.1
2 1.1
1
▼
▼
▼
# of Deals
-5
-
▼
▲
-
-3
▲
▲
7
▼
+1
# of Deals per Advisor
-14.0%
+1178
14.7
▲
▲
Share Ch.
▲
▲
-1.2
▲
Market
▲
Any Spanish Involvement Completed (AF41)
▲
▲
2
902.49.3
2.70.1
3.4 9
▲
3.4
10.8
1,950.64Perella Weinberg Partners LP 2▲
2-
8.2
14*
1
-Lazard21
N+12
-
275.3
4
▼
1.0
22*
▲
▼
0.2
Market
▼
1.1▲
-▲
0
+11
05
01.1
0
-8-6
1.1
0.6
1.1▲3.3▼
8.2
2.55.3 3.1
▲
▲4.1
2.6▲
4.7
9.9▼
11.2
8.6
0.4
3.1
3.5
5.54.7 1.6
3.87.91.9
1.1
+3▲
0.10.54
▼ 0.62.2
+2 ▲
12
597.2
▲
29*16
3.4
4.11.1
▲
0.3-0.10.5
AFI 21* 50.9
20
0.30.3N+1
Deloitte
22123GCA Savvian Group Corp
Banco de Sabadell▲
24+1
2014
Rank
2
▼
16,431.3US$m
Deutsche Bank
Goldman Sachs & Co
24.9▲
36.5
425.7
69.1
11
Citi 20.9
▲
2.33
5
19.15
112
2
3
13.4 ▲
4,397.9
13 ▲
16.7
▲
1
▲
4
11
4.9
16.7
-4+1
0.3
0.3
3
0.3151 0.3
▲
1
0.316.7
4.2
▲
6.1
16.7-0.312.6
+4▲
-612.3 2561.1 1.7
1▲0.9
-1.7
27.1 0.4▲
▲ 40.2▼
241.82522*
-275.3275.3
6.5
▲1.2
1819
4.2
▲1.2
▲
486.3
1.01.2
2.1
1.2
100.0
1.2
-11.3%
-17.3%
https://www.thomsonone.com
-13.8%▼
Industry Total
1.6526.5
1.2
1.1
0.9
3.20.3
0.6
1.41.40.6
0.6
+1
0.60.6
1.1
▼
12
▲
Citi Goldman Sachs & Co
MHS Corporate Nordea
14*-
1,605.6
4.8
7.01,335.7 5.9 +2
+1
+1
-2.1% ▼
0
0.60.6
2
▲
7.0 7.0 ▲
11.30.3
0.6
+2
▼ 0.3 -20
▲
13.6 ▲
+1
+10.9
6.9
0.312.4
10.3.3
▲
▲
▲
▲
1
0.3
7.8
-11
10.9
▼
1
12
.3
0.31.3
▼
0.253.3
DNB ASA
+1
Industry Total
Rothschild
▲
PNC Financial Services Group
▲
-
▲
Credit Suisse
▼
Arctic Securities ASA▲
▼
▲
100.0
Industry % Change from Last Quarter
320 -134
-29.5%
250.3
11 71.5
0.2
▼▼ 21▼
▲ Montalban Atlas Capital▼Ernst & Young LLP
23
1▲
68.40.3
18 -1.1
▼
0.6 ▼
-0.9-2.6
2
0
-10.6 -2
0.31.11517
10.3137.1 0.6
-1.02.9
-10.8--
0▼ 0.3 2.5▲
1.016 261.9 3.11▼
0.3 0▼-0.5
1.20
19Robert W Baird & Co IncCarnegie
0.36.5 0.6▲
1.2
Barclays2.3 ▲
1.7
3.9
5.2
▲1.26.8 2.2
Perella Weinberg Partners LP
+9
-
▲
7.2-
5.0
▲
▲
▲
0.5▲
▲ +2▲
2 +2
▼
0.5
22
1,724.9-
-3.2 1,605.628▲2
11* -
Lazard
▲+27.6 ▲
▲ 0.6227.6
2,570.02,824.9
8*2 2,002.8
2,570.021-
4
▲
1.33.4
515.9
0.90.9
▲
34.5
+1 ▲
-
2013
Rank
1
0.6
JP Morgan
▲
Change in
321Deutsche Bank▼
# of Deals
1357.3 -0.2 4
1
1,100.0
1.1-
21Leimdorfer AB
▲4.8
241.8
1.6
188.4
-
913.3
1,267.9
Financial Advisor Share Ch.
6,622.3
▼
+5
-3▼ 7
4,350.024.4
▼
51.1
34.9
1
3
20.0
-11.0 15.4-6
-5
13.8
42
Market
5
# of
-34.2
+2▼
▲4.2
Any Italian Involvement Completed (AF43)
MarketMarket
3.0
4,788.0▲
38.4
30.4
-3
Market
5 3.0 +1
5-4
4 +4
4.27
+11.22
▲
2.44
0
3 -2
0.61
+11
1▲
3.5
1.61.1
3.5
1.11.6
▼
3.0%
Market
100.018,334.3
▲
-7.6%
+1
-26.4
3.5
-1
0.80.8
-2.5
0.6▲
▼
▼
0.60.6
▼
1
1.81.83
6,373.6
3,785.4
27.0
▲
▲
▲
▲
34.9
2,023.6▼ ▼
▲
2.3
7 0
+2
5.9
1.721
▲+2
9.2
4.312.1 5.3
8.6▲
▲
+1
▼
▲
▲
8.6▲
3.9▼
15.02.7 1.5+1
-
+1
1.5
+2
21.1▲
-5▲
▲ 6.4▲
6.45.2
8.111.2
4.6▲
5.2
4.7
0.8
118
4
42
2
2
5
5
3.4
4.1 ▲
1.216
PricewaterhouseCoopers68.3
▲
-
1.7
7.011
13
0.8
▼
--11.110
16
1.7
6.5 6
1
5.1
Market
▲
2.5
-14.5%
▲
# of Deals per Advisor
-13.4%
Change in 2013
Rank
1 +1 ▲
Market
Ernst & Young LLP -0.2
Industry Total16.516.5
Daiwa Securities Group Inc
21
FeesDeals
Jan 1 – Mar 31
Change in 2014
Rank
Market
# of Deals per Advisor
Share Ch.
DC Advisory
1.2
▲
+5
-1+1
+1
▲▼
-3 ▼
▲0.6+1+21.2
▲
-15.13.9
▼
▼
-30.4
1 0.6▼
▼
2
-21.1
▲
▲▲
▲
26
8
-4
1
1.2
▼
▲
# of
-1
-▲
15▼
8
▲
Ondra Partners
Goldman Sachs & Co 835.3
-18.4
14.8
192.6
145.6 0.8
1.9
-37.815Santander
33*23*
-Translink Corporate Finance-23*
-
Nomura 22
▲
▼
▲
▲
39.0▲
▼
▲
168
▲
Rank Value per Advisor (US$m)
6*
43*
Goldman Sachs & Co
0.9
1.1▲
Rank Value
20
1,724.911* 7.6
18 1417
43*
-16
14*
5.9
11
7.6
▲
26.9
8.811.3
3
312.4
23
▲
SEB 3 13
▼
10
▲
4
6
0.9 +1▲
+5
24.922.8
0.5
+1
+1
▲0.7
# of Deals
+1
▲
5.0
0.50.2
00.2
5630.4Advium Corporate Finance
▲
0.2▲
+1
+41.10.9
-16.9% ▼
-20.1%
0.2
▲
▲
1.4
29.6%
112.0%
Industry Total
36.7%
22,841.8
68.7%
▲44.1%
* tie
Industry % Change from Last Quarter
Mazars SA
-
-
442
10.0
23.7
11.5
2
6.9
143.3
23.7
Any Nordic Involvement Announced (AD37)
-6.5
40*1.6
25100.0
Carnegie
10
23.914.7
▲
15,600.2 40.7
Market
▲
1,058.7
Industry % Change from Same Period Last Year
Industry Total
PricewaterhouseCoopers
Financial Advisor
22
Industry % Change from Last Quarter
25
0.9156.2
0.8
0.90.8
143.3140.1
0.80.8
Carnegie
1920
-21Mitsubishi UFJ Financial Group -
648.018HSBC Holdings PLC 352.0
288.0
-15*
16*Itau Unibanco
Blackstone Group LP
4.6
6.6
3.5
5 5.0
11
1,212.9
- 648.016*
7.86.9
8 39
11.811.32,066.4
199
Ernst & Young LLP
2,155.3
13BNP Paribas SA
12
Mediobanca
-
14Barclays
Leonardo & Co
10
14
-
2,718.23,420.6
108
1,825.3
217
Bank of America Merrill Lynch 4
7,044.3Lazard
1,421.4
KPMGUniCredit
5Banca IMI (Intesa Sanpaolo)
-28.4
US$m
11.7
Rank Value per Advisor (US$m)
▲
7,591.67
Rank Value
Evercore Partners
JP Morgan3
6 4
Financial Advisor
Deutsche Bank 1 1Share Ch.
▼
Sh (%)
18.7
24.44,469.34,350.0
EMEA Rankings
23
5,197.9
Market2013
Rank
241.438.4
-14.7
9.3
US$m Share Ch.
▼
▲
Sh (%)
# of
1
1.8
0.6
26.7
▲
5Deals
25.9
30.1
Sh (%)
40.7
29,325.9
4.022.7
▲
11,517.5
4
210,220.4
24.4
4
5 22
1.7
1.4
23.911
2.62.6
9,161.6
1,406.9
0.3
▼-2.61.6
594.9
508.9
1.6
526.5
-1+3
+3
+2
2.60.2
1
▲
0.21
10.9
▲
▼
Jan 1 – Mar 31
18
Industry % Change from Same Period Last Year
2
12
4
0.5
1
3.1%
0.6
Deutsche Bank
Industry % Change from Last Quarter
Financial Advisor
Any Nordic Involvement Completed (AF44)
1.6
-40.9%
Rank Value
Sh (%)
41.2
21,724.9 7.6 6.7
21.024.1
-14.3
24.15,509.44,798.4
0.20.2
+1
-2+1
0.71.6
27
11.3
596.3
Industry % Change from Same Period Last Year
-90
0.11.6
▲
.30.3
https://www.thomsonone.com
+1 1.0100.0313.1
▲
0.9
25.1▲
▼
0.6
2.1
▲
▼
▼
0.5
▲
12.334.3
▲
0.1
▼
1.0
2.2
4.7
1.0
▲
3
▲
11.3▲
8*
3,102.86*-
5
-
21.0
▲
2
▲
Centerview Partners LLC
+3
BNP Paribas SA 11*
▼
4.7
0.6CitiMorgan Stanley
6.8
16.4
7
3.9▼
JP Morgan
6,140.0-
1 6*US$m
▼
23.7%
8,897.9
▲
▲
12,469.7
1920*20*
325.8
-
Translink Corporate Finance
805.2
Rank Value per Advisor (US$m)
-
Rank Value
-
-50.0
0.6 0.6
0.1
13.8
30.4
0.1
7.7
16.2
156.6
3
0.10.1
0.4
53.1
▼
Sh (%)
▼
-19.4
2.6
1.3
▲
▲
▼-28.9
-22.4%
# of
▲
Rank Value per Advisor (US$m)
1▲
2.6
4.22.5 ▼
Imputed Fees (US$m)
Market
Jan 1 – Mar 31
# of Deals
▲
174.9
2.3
0.1
1.3
1.7+1
+1
Sh (%)
23.0
Advisor Market
7.4
▼
▼
Market
-20
37.8%
-0.8
▼
1.8▼
0.7
▲0.3
1.5
▲
11.0
0.1
0.2
0.2▼
▼
▼
0.5
1.6
▲
2.21.5
2.2
1.8
▼0.21.2
0.1
2.5
▲
0.1
3.9
0.73.53.5
5.2
1.5
5.2 ▲
1.0
▲
Share Ch.
▲
8.0
▲
▲
3.6
9.1
0.1▼
0.1
▲
2.49.9
0.1▲0.7
2.18.8Share Ch.
▲
0.3
0.3▲
0.76.3
▼.5
5.24.2
15.0
Advisor
100.0
17.2
0.1
▲
.10.1
.2
.1
1.2 ▼
0.11.2▲ 0.7
▲
▲45.3%
3.6▼
1.3
6.32.0
11.0
3.0 6.75.6 ▼
▲
26.28.5
▼
2.1 ▲
15.0
▲
100.0
0.2
Market
Sh (%) Deals
# of Deals per Advisor
Sh (%)US$m
Market
3.0
Imputed Fees (US$m)
Any Italian Involvement Announced (AD36)
# of Deals Fees
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
2014
Rank
2014
Rank
2.4
5
Rothschild4.8 65
3.64
873.2
1.3
2
28*
Bank of America Merrill Lynch
17
1418-
1.2
12
▲
99
BNP Paribas SA
▲
-6
-1
2.6Leonardo & Co
Banca IMI (Intesa Sanpaolo)▼
UniCreditCiti 506.5-2
329.3 +1 ▲
0.8
-1+2
▲
0.8
0.8 +1-
3.4
+33.4
▼
0.8▲
+1
1.7 ▲
0
▲
▲+3
+6
9,407.13
▲
+3
▲
-
22+1
0-4
5
▲ 1
1.1
1.1▲
5
▲ +2
FIH Partners AS24
Catella AB
ABN AMRO Bank
DNB ASA980.0
38,299.52524
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Ernst & Young LLP
FIH Partners AS19*RMK Maritime LLC
15ABG Sundal Collier 16William Blair & Co
PricewaterhouseCoopers
RBC Capital Markets17
2221
23
40*18
980.019*-
-
34
9*11
UBS3,151.3
13Credit Suisse
Handelsbanken Capital Markets 12
14
2.8
3.9
1,167.8
12,488.1
-18.5
--
7
2
6.52,600.1
4.11,586.2
5 -12.02,798.6
4.1
7.3
8
8.2- 3,151.3
14.7
8.2
2014
Rank
2
420*6
2013
Rank
33
1 -Deutsche Bank
6*Rothschild
3.1 3.1
SEB
Goldman Sachs & Co
8.2
1,483.4
Infima AS
Nordea
Industry % Change from Same Period Last Year
-9*
Access Partners
JP Morgan
CitiMorgan Stanley
9,161.65,639.4-
13.9
3.9
+3
0.6
+3▲
▲
▲
-26.9%
9,901.6
▼
43.4
6.86.5
+2
Sh (%)
Danske Bank
▲
-2
▲
▲
2.6
3
1
▼
▲
2.8
1
▲
7
3.7
▼
3.6
3
1.9▲
20.1▲
▲
8.2
▲
1
1
7.7
4.5
1.3
782.2
15.2
145.6
1
Deals
-17.2▲
3
▲
3
1.4
6.3 -30.8
957.6
8
12
Jefferies LLC
▼
Lazard-2▲
▼
▼
Sh (%)
Jan 1 – Mar 31
MarketChange in
BarclaysEvercore Partners
Perella Weinberg Partners LP7
1,724.91,891.4
# of Deals per Advisor
1.8
▼
▲
13
Citi Banco BTG Pactual SA
11.0
2.7
▼
-43.8% ▼
Quarterly EMEA Cross Border Volume
1,964.4
5
2
1.9
1.4
0.511
▲
-5.2
▼
▼
5.8
-0.6
9.1
-1.7▲
7.5
-0.2
▲
11.7
▲
▲
Share Ch.
# of
43
Deals
4
▲
-3
-30
3
▲
▼ -2
3.3
2
4,970.2
724.3
12.2▲11.0
▲
1 0.5▼
Perella Weinberg Partners LP
▼
BNP Paribas SA
Jan 1 – Mar 31
Change in
Deals
KPMG
# of Deals per Advisor
4
▲
JP Morgan
▼
4
▲
+11
8
-
Goldman Sachs & Co
0.4PricewaterhouseCoopers
0.7
Deutsche Bank
3▲
23
5
-
4
+1Lazard
12.6
7.5
12.2
22.95
-33.3%
0.6
18.2
-25.7 3.0
0.4
▼
1.9
100.0
▼
436.5
.2▲
▲▼
1.8
-28.4% ▼
▼ -23.9% ▼
-238-251
-12.8%
https://www.thomsonone.com
296.3
Industry % Change from Same Period Last Year
Jan 1 – Mar 31 2014
Industry Total
▼
100.0
Industry % Change from Same Period Last Year
338.8
▼
▼
Industry % Change from Last Quarter
▲
-46.3%
-2
▲ 7
216
▼
24390.3
4.3▼2.5
17,850.81.4
▲ +1 ▲
▼0.1 0.1
0.3 ▲
0.30.63.3
2.11 0.52.7
1.93.2
2.2 -11.0
11.4
▲ 6.2 ▲
0.9
-21.4
+1 9.9
▲
▲
4
0.5
+2
+12.31.9
5 +4
0.5
102
4.60.51
1.4
0.9
+1
13.2
13.5
-9.7
▼
18.9 213.5
312.3
27.8
4,093.5
29
2,173.0
13.2-
33
2,356.5
+14,345.08.1
2.31.4
5,532.1 31.0 29.3-23.3
0.7
-32.3▲1 2212 30.8
US$m Sh (%)
Any Benelux Involvement Completed (AF47)
Rank Value per Advisor (US$m)
Sh (%)
2013
Rank
Market
▲
-8
Market
▲
5
2014
Rank
▼ 1.226.2
Change in
5,490.3
Financial Advisor
Rank Value Market Market
# of Deals per Advisor
▲
8.9▼
▲
▼
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-16.0% -29.8%
3.260.9
-23.4%
Ernst & Young LLP0.4
* tie
Industry % Change from Last Quarter
-13.0%
▼
Share Ch.
Market # of
Bank of America Merrill Lynch▲
Rank Value2014
RankFinancial Advisor
Jan 1 – Mar 31
Rank Value per Advisor (US$m)
ABN AMRO Bank
23,753.321
352*
2 13,456.7
2013
Rank
10.9
10,854.2
11,687.0
Sh (%)US$m
Any Benelux Involvement Announced (AD40)
7,154.1
▼
34.5
▲29.33
1.4
111,415.3
4
Market
▲
35
16.3
1.8
-
Sh (%) # of Deals
1.4 -4
-3 ▼
1.8-14.1
18.427.8 ▲27.5
-4.5
30.029.3
2
-
BarclaysBMO Capital Markets
2,173.0
11 19RothschildJefferies LLC
1611.011.0
12*
832.8
1,964.4
4.71,034.1 5.81,346.71216
-14*
HSBC Holdings PLC 14Guggenheim Securities LLC
18-
RBC Capital Markets14*
22 486.3
17
31
20--
731.919
21 2.9
4.1
2.9
100.032
1.9
1.726▲
0 -
17
0.9
Industry Total
goetzpartners Corp Finance513.9
Citi
532.6
-3
0.4
0.4
▼
+10.40.7
▲
▼
+1
1
▲
0.4
1
7+1-62.5
▲0.4
▼
1▲
00.7▲
+1
▲
+2
28138,991.3
180.0 ▲
▲ 10.50.4163.6 25
240.4
1
-2.7▲
12▲
1
▲
▲
▲▲
▼
2
▲
▼
1
-34.3
15.1
6.95.4
12.1
▲
5.9
2.1
▼
▲
▼
▲
▼1.2
0.4
6.4
JP Morgan 24.2
7.6▲
21.7
0.4 0.1
Advisor
Fees
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Morgan Stanley
+3
▲
1.8
5.0
9.52.0
-4
▲
0.7▲
▲ 1.2
Sh (%)# of Deals
▼
EMEA Rankings
2.1
-
-
Imputed Fees (US$m)
19.325.8
▼
0-1
▲
1.8▼
▼
13.98.0 2.7
0.12.3
4.7
▼
2.36.1▲
1.61.0
4.7
1.44.3-
2.1
4.2
+2
+1▼
1.8▲
1.8-1
▲
▼
▲
▲
▲
3.01.0
2.3
0.9
0.50.3
6.9
4.1
0.7
▲
3.2 ▼
0.2
1.7▲
.5
5.18.7
Market
Share Ch.
6.58.2
Market
▲
Rabobank NV
0
+1
2,346.8-1
+1+13,369.0
6
18.93
-2▼
2,412.452* ▲
12*
-9.4-44.5 7
2,239.6
9
▲
10
▼
▼
3-9
1.4 Credit Suisse
0.41.1
▲
Bank of America Merrill Lynch
3,881.5
0
Morgan Stanley
▲
▼
6
Itau Unibanco
43
80.4
+3
Societe Generale
0.4
-6
1.1
▼
+2
0.4
0.7
▲+1
-
▲
0
▲
311
-11.9▲
3.0 ▲
12.2 4
Rothschild
▼
1
5
18 7
59
▼ 5
2
2
2.5
436.5
0.9337.0
526.5 ▲
6,360.0
Ernst & Young LLP
4
9
Deutsche Bank
▼
RMK Maritime LLC980.0980.0
12*HSBC Holdings PLC 11 52*
12*-
Lazard
FIH Partners AS1.4
Perella Weinberg Partners LP
-10.4
1,184.8DNB ASA
14
5,800.017
6
PricewaterhouseCoopers
11
23
-20
Barclays
Goldman Sachs & Co 7
17
22 -38*
20Banco Espirito Santo SA
10
--
15*15*
-
CIMB Group Sdn Bhd
18
52*
621
240.5
352.0-19
832.8 2.1
0.7266.1
208.0BMO Capital Markets
0.6
Banca IMI (Intesa Sanpaolo)
235.0
Rabobank NV
EMEA Inv. Announced M&A Target Sector by Value ($bil)
-
526.5
0.9
UniCredit 25*
-
Mediobanca0.5
Moelis & Co
1.41.4
14.9
0.9
0.60.3
3.0
2.5
0.6
2.5
16.2
1.4
7,099.1
2.5
2
5
0.20.9
1.90.9
1.4
2.3 0
247.2
6,326.5
0.91.1
Leonardo & Co 25* 8 163.6 0.4 1 0.4 -4 ▼-24.6 ▼
$57.1
$36.2
$32.3 $32.0
$27.2
$24.7
$15.0
$14.8 $11.4
$10.2 $6.0 $4.8
Telecommunications Industrials Energy and Power
Healthcare Financials Real Estate
Consumer Products and Services Media and Entertainment Consumer Staples
High Technology Materials Retail
Government and Agencies
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1
2006 2007 2008 2009 2010 2011 2012 2013 14
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Inbound (US$b) Outbound (US$b) Number of deals
14
12*5,800.0 15,800.0
52.547.1
1 26,464.3
RMK Maritime LLC 980.0 3* 7.8 1
Lazard 5,800.0 2* 47.1 1
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Asia Pacific (ex-Japan) M&A
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Asian M&A Rises 52% I Imputed Fees Down 30% I Australian M&A Up 91%
3,619.2
https://www.thomsonone.com
Real Estate / Other Real EstateHong Kong / Hong KongIntended
Belgium / South Korea 5,800.0
Pending
1/9/20143/21/2014
Samsung SDI Co LtdCheil Industries Inc (100%)
Retail / Other Retailing
New World China Land Ltd (31.4%)Consumer Staples / Agriculture & LivestockBreedens Investments Pte Ltd
2,357.5Easywin Enterprises Corp Ltd
Lenovo Group Ltd Hong Kong / United States
ShareholdersSouth Korea / South Korea
2
Rank Date
Credit Suisse
1
Date Effective Target (% Sought/Acquired) Target Macro / Mid IndustryRank Value (US$m)
Goldman Sachs & Co
12,311.1
21.42,943.9
3*980.0
13,757.4 High Technology31,779.8 UBS
Bank of America Merrill Lynch 1
2
Materials3United Overseas Bank Ltd
10,048.0 1160
No. DealsRank Val US$m
29,170.4 Share
Mkt.
Rank
14,535.0 5,002.0 7,494.1 DBS Group Holdings
Haitong Securities Co LtdReal Estate
3
299
814.02
912,223.8 JP Morgan
18.8
Real Estate / Other Real Estate
47.1
Deutsche Bank
2
Sumitomo Mitsui Finl Grp Inc
Shanghai Jinfeng Investment Co 10,048.03/18/2014
Singapore / Hong KongOriental Brewery Co Ltd (100%)
5,667.01/20/2014
Greenland Holding Group Co Ltd (100%) China / China
Asia Pacific (ex-Japan) Deals Intelligence
China Cross Border Announced M&A
1/29/2014
Pending
Motorola Mobility Holdings Inc (100%)
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
Frasers Centrepoint Ltd (100%) Singapore / Singapore
Pending Anheuser-Busch Inbev
2/18/2014
3/14/2014St James Holdings Ltd
Pending1/9/2014
3/31/2014 PendingPending
Mayon Investments Pte Ltd
3/13/2014
2,781.82,910.0
Singapore / China
Iowa China Offshore Holdings (34%) Investor Group
Acquiror
Announced M&A activity with Asian involvement in the first quarter of 2014 grossed US$127.3 billion in value, a52.2% increase over the US$83.6 billion recorded in the same period last year. China was the most targeted nationin the region, with a 39.5% share from 712 deals.
Companies in the Real Estate sector were the most targeted, with US$29.2 billion reached from 160 deals. Thismarks the strongest start for the Real Estate, driven by Greenland Holdings’ plans to list on the Shanghai StockExchange through a reverse merger (valued at US$10.05 billion) with Shanghai Jinfeng Investments.
Imputed Fees earned for the region were estimated at US$505.7 million, a 30% decrease from the volume recordedduring the same period last year, according to Thomson Reuters/Freeman Consulting. The top earner wasGoldman Sachs & Co with US$51.2 million, followed by Morgan Stanley with US$40.2 million and J.P. Morgan withUS$33.7 million.
China cross-border activity accrued US$22.0 billion, a slight increase from the US$21.8 billion accumulated in thesame period last year. Outbound investment volume recorded US$8.8 billion, a 40% decrease from the US$14.6billion in the first quarter of 2013.
Australian announced M&A activity increased by 91%, reaching US$21.6 billion as compared to US$11.3 billionaccumulated in the first quarter of 2013. Australia cross border activity totalled US$12.4 billion.
25.7
2,442.1
Singapore / Singapore
Hong Kong / China
Olam International Ltd (52.9%)2,369.9
Materials / Containers & Packaging
2,620.43/14/2014
Pending
Real Estate / Other Real Estate
233
DNB ASA
2*
127
Industrials / Transportation & Infrastructure
Telecommunications / Telecommunications Equipment
1
2,033.8
2,357.5
2
3,463.94,398.8
15.3
26.3
296
Perennial RE Hldg-Asts (100%)
Citi
Asian Completed M&A by Region - Imputed Fees
Real Estate / Other Real Estate
Industrials 12,511.9
Pending
21
17.8
7.8
3
3
Consumer Staples
Jan 1 - Mar 31 2014
4
3
12.3
Morgan Stanley
1
17.2
3
Acquiror / Target Nation
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
AS Watson Holdings Ltd (25%)
Jan 1 - Mar 31 2014
Consumer Staples / Food and Beverage
34.5
9.7Citi
1,214.3
Morgan Stanley
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
% O
utbo
und
Ran
k Va
lue
(US
$b)
Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
$0.5
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Impu
ted
Fees
(US
$b)
North Asia South Asia Southeast Asia Australasia
15
Credit Suisse DBS Group Holdings
Rothschild Gresham Partners
Industry Total
Industry % Change from Same Period Last Year
127,310.1
▼ 23*
22
0.7Smith & Williamson Group
56.0%
▼
19*
325
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-
AGM Partners LLC Bank of America Merrill Lynch25
Industry Total
20Oaktower Partnership Pty Ltd
19*-3.5
1
1.1
152.0
▲ 1.2
935 505.7
▼-1
▲
0.71.0
▲
100.0
0.5
0.4
+1.5
▼ 0.3
1.2
0.2
1.0▼ -20.4
+11.9
3
0.31.8▲
▼
1-1.9
▼ 1
▲
-2
0.4
0.3229 -117
0.7▼
0.92
1 -1 0.5
0.4
-5.5%
▼-0.3
▼
-29.8%
0.30.4
-
* tie
2.62
25
https://www.thomsonone.com
-12.5%
0.9
▲
▲
0.9
100.0
37*
2
▲
▼
0.4
▼
▲
0.11
0.4
▲
▲
▲
0.5
▲0.3
2.4▼
▼
1.3
0.40.4
▲1.51337*▲ Allier Capital Pty Ltd
▲ ▲
CIMB Group Sdn Bhd
794.8-1▼
0.3
0.3 ▼
1
1.2+4 ▲ 16*
1,356.0 2.1
Greenwoods▼-0.4
▲
+2
▲
0.6
0.6
00.3▲
▼
PricewaterhouseCoopers
AGM Partners LLC▲
23*
+2Greenstone Partners
+1
▼
▼
0.91
+3
-22.2% ▼
0.7 ▲
2.3
2.4▲2.4
▲
Standard Chartered PLC21*
15▲ 19*0.6
-21*
CIMB Group Sdn Bhd 17*▲
▲
0.90.6
2.42.4 22.4-
-
494.7 2.3
525.4 2.4-
18
525.417*
DBS Group Holdings22 +1
17*17*
1.3 22
525.4525.4
PricewaterhouseCoopers 2.93.01615
16 13646.7624.7
1.41.9
529.2
319.1Ernst & Young LLP
10* -0.4▲ 15+1
-
1.4
2.5574.9794.8 130.3
0.8
6.3 ▲
14 428.9
12
-
▼
-14
0.2
18
▲
1-4.3
-3.9
▲
BarclaysGreenhill & Co, LLC
▼
▲
▼
RBC Capital Markets
1.3-
18
1.1
149.5
152.0
0.70.7
0.70.4
1.1159.1 0.7
0.7
1,412.1
0.7
2.31.9-1
22
4
250.0
Rabobank NV-
16* 250.0
0-1
1-93
53.9
0.40.4
-1
22,754.7 100.0
0.3
32.5
1
0.6
1
11
11
-
3.4
5
1.2▲
+23
2
▼
▲0.9
▲
-2 ▼ 19.733.4
1,910
21.6 ▲
16.7
240.2
0.0
1 12,321.1 54.21
7,590.041.7
Goldman Sachs & Co 2 9,672.7
▲2 +2 Lazard 21
34
17.35
-
42.5325
4,352.0 19.1
9,492.5
0.7
11.5▲
3JP MorganDeutsche Bank
67 3,092.8
3,044.8 13.4
▲
152.0
87.687.6
0.2 ▲
-2.1
▲
+1
17.6%
+1
▲
Industry % Change from Last Quarter
Industry % Change from Same Period Last Year
▼
0.4 ▼
3.75.3
+2 ▲
10.30 -
▲
1.9
0.7
+2
▼-2
0.3
▲
2.0
0 -
279.5
-24.9%
▼
.8
.8
-33.8%
▼
+1
5.5▲
1.6
+3
6.9▲ 9.5
1.74.6
▲
0.4
▲
7.4
0.4
1.7
2.6
1.3
1.0
0.9
7.0
▼0.6
1.93.5
▼
5.4▲
4.6
1.21.9
0.2
1.2▲
+1+1
0.6-5-1
.5
▲
▲
10.7
2.5
3
▲
▲
▲ 20.7▲
7.6
+2
0.4▼
▲
1.6
1.8
+1
0.4▲
▼
3.7▲
▼
▼
0.41
34
1.3
2,028.313
29
2.0
▲
▲3.4
▲
▲
15
▼
▼
2021*
-
-
Perella Weinberg Partners LP▲
19
15
Nomura
21*Jefferies LLC
Industry Total
Barclays
Macquarie Group
-10
▲+4▲
Credit Suisse
Financial Advisor
UBS+2
-3
14.3
10.14
1,461.5
▲
▲
6.110.112.4
11.7
8.7
11.5▲ 0.6
8
12.41.5
0.3
0.9
1
1,704.4
1,866.3
▲
3,095.4
2,668.22,781.4
7.9
▲
▲
3,123.1
Macquarie Group1,727.7 8.0
12.9
2,183.47
1JP Morgan 36*8
Citi 11
Bank of America Merrill Lynch
113*
3.73.710*
15
109
Share Ch.
31.3
Market
1.3▲
Sh (%)
1.1 1.1 1
▼
7.7
▲
▲6.2
▲
7
1.6
0.95
# of Deals
# of Deals per Advisor
0.3 +3 ▲
3+4 ▲
▼
Any Australian Involvement Announced (AD24)
2014
Rank
2013
Rank
Market
Sh (%)
Jan 1 - Mar 31
-10.7%
9
Market
Deals
-
92
21 9
8
Change in
▲
14.537.3 ▲
# of
-171
-24.5%
100.0
▲
0.4
13.5 ▲
2.81.5
-8.2%
14
▲
15
▲
+1 ▲ Credit Suisse8
1,551.3
11+24 3,805.5
+2
-36.2%
58,288.3
1,116.0
85
Industry % Change from Same Period Last Year
1,824.9
▲
20
23*494.7
100.0
Barclays 12
152.0
2.3
Industry % Change from Same Period Last Year
21,578.7
23* 152.0
Flagstaff Partners Pty Ltd 12
Greenhill & Co, LLC
13*HSBC Holdings PLCDeutsche Bank
Pareto Securities
Morgan Stanley
AMMB Holdings BhdHwang DBS Securities Sdn Bhd
1,391.2
10.3
-52.5% ▼
23*
91.0%
Industry % Change from Last Quarter
Industry Total
-3.3152.0 0.7
0.7
▲
0.2
-2.6
2.5
5
2.5-6
▲ 2.44
1,443.0
+1 ▲
▲
2,029.80.7 0.7
0.2
240.90.36
-0.7
10,486.6 8.23.7 6
6.0 ▲7,756.2-2.31.4
Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - Mar 31
# of Deals per Advisor
39
Citi 4 17
11
UBS
Somerley Ltd -14.1▲
2 1 14,999.6
Imputed Fees (US$m)
▲
9.0
Haitong Securities Co Ltd 6
11,492.7
Rank Value per Advisor (US$m)
2014
Rank
2013
Rank
Rank Value
Lazard 3 18 11,730.7
▲ +40.6
Morgan Stanley
3.5
▲
3.17
5
0.4 14Centerview Partners LLCSomerley Ltd
1,825.0
Market
11.8
Financial Advisor Sh (%)
12.9
Rank Value per Advisor (US$m)
Market
Share Ch.
Morgan Stanley
Sh (%)
Market
US$m
MarketMarket Market
# of Deals FeesSh (%)
2013
Rank Sh (%) Deals
# ofRank Value
Share Ch.
# of Deals per Advisor
Deals Sh (%)
Market
Financial Advisor
Change in
# of Deals
# of
▲
MarketChange in Advisor
▲8.0 4.940.2+3Share Ch.US$m
DBS Group Holdings 1 72 16,474.9 1121.212,350.21
2014
Rank
-1 ▼ 2Goldman Sachs & Co 16.9 -20.2 121.2▲8
3.712.8 0.59
110.3
15.49,819.1
0.6 4.668,997.1 9.4▼
23.5▲ -7 1.6▼1.41.3 -10 ▼ 51.2 10.1
0.7 +53
▲9.7 1.6▲ 13.1▲▼
5.025.4▲▲
129.2 ▲
137.27.0
▲
7.7 ▲
42.9 -4
Bank of America Merrill LynchCiti▼
▲
Goldman Sachs & Co 5 3 11,225.1 8.8+27 0.713 7,615.5
7
11 0.611.5
5 7,262.9 12.5JP Morgan 7
2
Bank of America Merrill Lynch 6 10,056.2 7.96,715.4
66+45 0.3
0
▼0.9 -56.7 3.23.5 4.6
▲+210.8
▲▼-0.5 33.717.98 ▼▼-11.9
-3.5 ▼
8 0.90.55 3.16,291.1UBS 7
180.3
80.4 -6 ▼
▲
0.3 -7 ▼ 10.0▼-4 ▼ 15.5 0.7▼5.6 ▲ 3 2.0 0.3Lazard7
▲4.87.84,522.3
▼ 5.97.1 8 11United Overseas Bank Ltd 9*0.4 -1 4,398.8 1Deutsche Bank 8HSBC Holdings PLC 9 11
+4
23 9,765.89,018.7
0.4 -30.3
4,398.8▲ 9* 7.6 0.07.6 1.2 0.80.1 -1 ▼
▲ 0.1▲
0.512.6
10Macquarie Group6.1 ▲
10 29 8,562.8 6.7 5.7 ▲1.2▼ 5.90.2United Overseas Bank Ltd 11 4.61973
▲-3 ▼ 8.2▼6.5
20.5 ▲12.9
▼ 13.1▲
4.40.2
▲ 5 0.5 -3
2,581.0▲
12 2 5,608.6 0.71.4 ▲ -2 ▼13
1.6
+534 3,758.6
▼
8 5,154.83.0 2.3
4.4JP Morgan▲ 11 0.6 4 0.4
0.8 +3 ▲ Standard Chartered PLC
Standard Chartered PLC 141.8 ▲
12 32 3,070.4 5.3 4.32.6
Rothschild 15 14 3,464.7 0.5 ▲2.7▲5
10.4+21.6 ▼
2▼
▲
▼
▲ 0.40.2
2.2 ▲ 1.810.6-40.5 2.1▲ 2.1 2.1
PricewaterhouseCoopers 16 22 3,190.1 2.5 416+10.91
5.1-10.4 -
261.3 1.53.1 ▲
▲▲
3.12.9 2.9
1.0▲ 4.50.1+2-▼ 8
17 +11,675.0▲ 18
M&A International 1712.9018Sumitomo Mitsui Finl Grp Inc
3,000.2 2.4 2.3142* 12
▼.3 0.1▲0.90.6 16
2.6▲
+11 2.71,582.0 -0.2Yuanta Financial Hldg Co Ltd 72+1 2.7
0.62.60.1-219 10
2,559.6 Deutsche Bank2.0 2.0
Ernst & Young LLP 20 30 2,059.4 1.60.3Barclays 2,131.4 ▼1.7
1.0 0.92▲ 1▲ 0.2
0.1 ▼
01.4-0.9 ▼
▼ Evercore Partners▲
Scotiabank121
▲1,432.5▲5.2
2.5 ▲▲ 1 0.1 +1-
1.46.9
23 ▲1.9+1 1,118.0 0.5▲
2.50.11.3 ▲0 - 6.9 1.41,432.5 2.5 10.3
▲1.4-1Caixa Geral de Depositos 23 - 0.1▼ 7.00.0Soochow Securities Co Ltd
1,360.424 97 1,197.1
0.9China Renaissance Partners 22 95 1,628.6
0.2▲ CIMB Group Sdn Bhd
-50.1
1.924+20.9
3-2.5
▲
50.90.9 ▲Gazprombank
+2250.11.9
1.7 .4▲1.71.4▲
0.3-1,257100.0
▲ 1 +1
▼-29.7%
▲0.1 0.13
-25.6%
▲8.8▲2.614.6
Market
13.7▲
29.85.2+6 38.25.2
▲+9
Jan 1 - Mar 31
-10.2%▼
Any Australian Involvement Completed (AF31)
▼
▼
Industry % Change from Last Quarter
▲986.1
MarketMarket2013
Rank
Guotai Junan Securities 143*
-38.5% ▼
▼
# of Deals per Advisor
-25.5%
Share Ch.
Imputed Fees (US$m)
Deals
Market
Sh (%)
2014
Rank
Change in Market
Share Ch.
▼
Fees# of Deals Sh (%)
40.8
Advisor
-2
# of
14
1
65
1.3
6.1
2.2
2
1212
Citi 89
-15.23.9
16.53,927.7
23
Rothschild6.8
▲
6.80.2
▼
8.0
6.5
-12.6▲
▲
Morgan Stanley
2.3
877.3
-1+2
▼
10 19 6.2
2.5
+1
2,673.037*13.4+2
▲
-
17.3
11.811.8
2.4+2
2▲
2.5▲
▼-0.20.6
8
UBS 2
9
24
-
14
-
536*
Gresham Partners
3
6
Lazard5
Credit Suisse4
Scotiabank
25 7 1,115.1
Rank Value
Financial Advisor
▲
Rank Value per Advisor (US$m)
US$m
Jan 1 - Mar 31Any Asia (ex-Japan) Involvement Announced (AD25)
▼
3
Rank Value
+48,047.8
+2
3
▼
4
13.6
Industry % Change from Last Quarter
Jefferies LLC
19*
Goldman Sachs & Co 1 6US$m
Rank Value per Advisor (US$m)
Asia (ex-Japan) Rankings
▼52.2%
▲
Sh (%)
7.2 1.4
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
16
▼
4.0 +11▲1.0
-24.7% 0.0%
533.7
-55.4% ▼
100.0
▼-28.6%
-
2014
Rank
HSBC Holdings PLC
4
1*Credit SuissePricewaterhouseCoopers
-9.5%
5Deloitte100.0
Rank Value per Advisor (US$m)
Industry % Change from Last Quarter
# of Deals per Advisor
20.0
▼
1.3
Industry % Change from Same Period Last Year 31.8%
2.6 ▲
4.0
-41.5%
# of Deals per Advisor
▲
▲
+1
38
+1
8.0
794.8
0.3
https://www.thomsonone.com
68.2
▲5.8
Financial Advisor
-13.3% ▼
.1
Sh (%)
▲
2.2 1.0
18.6+1
Asia (ex-Japan) Rankings
MarketAdvisor
▲
-4
+1
Change in
1* -Goldman Sachs & Co -
5
-10▲
4.2
100.0
▲1.2
▼
11.5
Market
18.6
Jan 1 - Mar 31
Imputed Fees (US$m)
3.6
2.1409.4 ▲
1
Share Ch.
▲
1*
-
1
▲
Any New Zealand Involvement Completed (AF46)
▲
1,164.8+1
1
2.6
Sh (%)
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
-
Deutsche Bank
19.6% ▲
794.8
25.2
Deals
Rank Value
Sh (%) Share Ch.Financial Advisor
Market
US$m
2013
Rank
2014
Rank
76.7
Industry Total
Sh (%)
# ofMarket
76.7 ▲
PricewaterhouseCoopers 34.0
Australian Cross Border Announced M&A
0.8
-11.2
18.6
3.2
▲ 2.1
213.772.9-
Cameron Partners Ltd 41.0
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)
Industry % Change from Last Quarter
68.2
Rank Value Market
Share Ch.Sh (%)
68.268.2
6.3▲
▲
Industry % Change from Same Period Last Year
3
1* - ▲
▲
76.7
5
Industry Total
76.7
-
.518.6
98.1
-34.7%
56.8409.4
25
Fees# of Deals
▲
0.8
* tie▼
1
Change in Market
# of Deals
42.6 ▲
0
+1
10.5
2.6
MarketMarket
▲
Jan 1 - Mar 31
Rank Value per Advisor (US$m)
+1
Deals
2013
Rank US$m
72.8 1
# of
1
0
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Asia (ex-Japan) Buyside Financial Sponsor Activity Any New Zealand Inv Announced (AD39)
Macquarie Group
6.3-
0.37
▲
▼
18.4
5.2Taylor Collison Ltd1
23%
11%
11% 10%
10%
9%
8%
7%
3% 3% 3% 2%
0%
Real Estate Materials High Technology
Industrials Consumer Staples Energy and Power
Financials Retail Consumer Products and Services
Telecommunications Media and Entertainment Healthcare
Government and Agencies
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
Out
boun
d
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
$6.5 $8.4 $3.8
$13.9
$1.5 $7.8
$14.7 $9.9
$6.0
$23.7 $3.3 $9.6
$5.5
$10.0
$10.2
$8.3
$9.0 $19.7
$3.7
$9.9 $4.5
$5.7
$9.1
$12.8 $14.7
$18.2
$5.5
$11.7 $4.4
$5.9
$18.0
$9.8
$5.4
$13.6
5.3%
2.9%
4.5% 11.2%
17.8% 17.9%
14.0%
11.5%
14.9%
17.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$0
$10
$20
$30
$40
$50
$60
$70
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of WW FS Volume YTD
17
Mizuho Financial Group
High TechnologySumitomo Mitsui Finl Grp Inc
* tie
https://www.thomsonone.com
Daiwa Securities Group Inc 3,174.2 1* 97.3 1
Nippon Paint(Singapore)Co Pte (11%)Nippon Paint Co Ltd (18.7%)
Izumiya Co Ltd (100%)
Kokusai Kogyo Co Ltd (55%)
905.0Rakuten Inc
Retail / Food & Beverage RetailingMaterials / Chemicals
Goldman Sachs & Co1
Consumer Staples / Food and Beverage
Real Estate / Non Residential
Any Japanese Involvement by Market
36.3978.5
1,015.2
97.3
61.9
7
Viber Media Ltd (100%)
eAccess Ltd (99.7%)Nakano Ekimae Kaihatsu- (100%)Tokyo Prime Stage-Otemachi (30%)
Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Mar 31 2014
3,568.7 Materials
97.3
271.7
1*3,174.2 1*
2,800.1
Hong Kong / Japan
Japan / Japan
Japan / Singapore
1,118.6
Telecommunications / Telecommunications Services
Japan / JapanConsumer Products and Services / Other Consumer Products
Materials / Chemicals
Japan / Japan
1,805.3
2/3/2014
3/11/2014
Pending
2/3/2014
1/31/2014
Japan / Japan
1,021.8H2O Retailing CorpNippon Paint Co Ltd
Real Estate / Non Residential
35.02
Real Estate / Real Estate Management & Development
Japan / Japan
3,174.2Japan / United States
1,101.5
Jan 1 - Mar 31 2014
1,737.8Japan / Japan
18.1
7.6
2
57.2
2 5
124
97.3
9 54
72
1 1
3.0
1
3
1
47 2
14.4
Mkt.
Share
1 97.997.9
No. Deals
Japan Deals Intelligence
15,693.4
11 3
Rank
15,698.0
1 Real Estate
Yahoo Japan CorpInvestor Group
Acquiror / Target Nation
Nipsea International Ltd
15,693.3Rank Value (US$m)
Nintendo Co LtdKokusai Kogyo HoldingsMizuho Bank Ltd
1,368.12/4/2014
Pending
Nintendo Co Ltd (7.43%)
2
Credit Suisse
Consumer Staples
15,693.4
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Japan M&AJapanese M&A Up 75% | Consumer Staple At Record Volume | Outbound Activity Highest First Quarter Volume
285.9
1,737.8 1
97.9
Rank Val
US$m
Sumitomo Mitsui Finl Grp Inc 1,380.6 Mizuho Financial Group
2*2*
2
Centerview Partners LLC
Any Japanese Involvement Announced M&A
Beam Inc (100%)1/13/2014AcquirorTarget (% Sought/Acquired)Rank Date Date Effective
Top Ten Japanese Involvement Announced Deals
3/27/2014
Pending3/27/2014
2/7/2014
Pending
Pending3/27/2014
2/12/2014
1,012.02/14/2014
PendingHigh Technology / Software
Any Japanese involvement announced M&A volume during the first quarter of 2014 recorded US$44.7 billion, a74.5% increase compared to the first quarter of 2013. This surge came despite a 3.9% decrease in the number ofdeals, and was the lowest first quarter deal count since 2004.
Consumer Staples topped the Japanese market, accumulating US$16 billion in value, a significant increase fromthe US$958.8 million posted last year. This total marked both the largest first quarter volume on record and thelargest quarterly volume since the fourth quarter of 2006. This value was primarily driven by Suntory Holdings’ $15.7billion acquisition of Beam, a US-based producer of liquor.
Japanese outbound activity for the first three months of 2014 recorded the highest first quarter volume on record.Worth US$20.9 billion, this marked a 178.6% increase compared to the first quarter of 2013 and a 31.5% increasecompared to 2012’s US$15.3 billion, the previous record holder for the largest first quarter outbound volume.Outbound activity accounted for about 47% of the Japanese market’s M&A activity during the first quarter of 2014.
Any Japanese involvement completed M&A volume reached US$32.3 billion from 391 deals. Total estimatedadvisory fees, according to Thomson Reuters/Freeman Consulting, reached US$395.4 million.
2,040.4
9,600.8
Nomura
3,174.2 1*Telecommunications 3,263.5
Mizuho Financial GroupMorgan Stanley
16,038.1
3,174.2
1
2,207.4
3
JP Morgan 1Sumitomo Mitsui Finl Grp Inc
Nomura
2
Mitsubishi UFJ Morgan Stanley
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Japan / Cyprus
Target Macro / Mid Industry
1/29/20142/7/2014
966.8 3 34.5 2 Daiwa Securities Group Inc
Suntory Holdings Ltd
$71.3
$26.9 $50.5
$34.0 $23.5 $35.1 $38.8 $37.0 $25.6
$44.7
$38.3
$51.8 $31.1
$37.2
$21.6 $19.2
$45.9 $40.1
$32.8
$31.5
$22.5 $28.7 $47.6
$42.4 $50.3
$50.1 $42.4
$39.3
$42.3
$48.5 $51.9 $28.6
$38.8 $30.2
$50.5 $59.2
$38.1
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals 1Q
100
200
300
400
500
600
700
.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Domestic Inbound Outbound Outbound Inbound Domestic
18
Imputed Fees (US$m)
Financial Advisor
Goldman Sachs & Co
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
▲0.3 +1 ▲ 3.1 0.8 0.8- 170.0 0.5 0.5 ▲ 1
Japan RankingsJan 1 - Mar 31
# of Deals
+2
9.1
MarketRank Value
Sh (%)
Change in
16.515,693.4
US$m
432.90.1
7,378.0
7Sh (%)
43.3 25.4
# of Deals per Advisor
Share Ch. Deals
▲
▲
35.1-8
Market2013
Rank
▲
19,365.115,766.9
3
▲
▲
▲
35.1
1
5.98.2
14.0
35.3
13
Daiwa Securities Group Inc
Sumitomo Mitsui Finl Grp Inc
Nomura 6 3
6.9
247.2
3,092.9
357.1
17
2,106.2
- 0.6
14
102
0.7
0.8
17
15
8
Financial Advisor
7
11
4,222.6
12
6,329.96,250.9
12
Ernst & Young LLP
JP Morgan
14GCA Savvian Group CorpPricewaterhouseCoopersBank of America Merrill Lynch
+8-5.7
0.4Houlihan Lokey ▼
▼
94.7
-6.9Development Bank of Japan Inc
126.4 ▼
# of
Any Japanese Involvement Announced (AD19)
2014
Rank
2014
Rank
Rank Value per Advisor (US$m)Rank Value per Advisor (US$m)
Share Ch.
Market MarketAdvisor
Sh (%) Sh (%)
MarketMarketMarket2013
Rank
Change in
# of Deals
# of
Sh (%) Share Ch.
# of Deals per Advisor
US$m
Rank Value
Deals
Market
Fees
1 9,468.4 29.313,941.4
25.3▼
▲
1 9,141.42
1.00.6
-9 ▼
+1 ▲
▲ ▼
▲ 6.18.3Mitsubishi UFJ Morgan StanleyNomura 28.343
+1
-32 0.5
1
5.9
-5
3.119.9
2429.0
1.5
.2
25.9
2.0
12
-2
▼
▲
+1
.3
5.3
16.94.4
▼
0.6
1.3
▲
2.8
0.5
▲
7.3
0.0
17.2 ▲
▼
▼
4.3
▲
▲
▲
▲
▲
▼
3.0
1.3
0.1
6.52.3
0.7
1
7.62.4
30.1
.20.3 -4
1.3
1.8
+1
1.5
+2▼
▲
3.9
1.5
▲
-1.3 2.8
▲
1,260.0 3.9 3.9
2.6
-18
1,080.8
3.4-
▼
1▲
-18.0%
23▲
0.824 0.6
1.2%
21* 1.3▲0.8- ▲ 3 +3
-21.6%
391
-2.5%
▼
-108
https://www.thomsonone.com
-
-2.3%
▲
6.9▲
▲0.1▼
▼
0.3
0.3 +1
19 14
0.7
▲
▼
17
1
11*0.9
▲
▲
-58.5 14.8
▼
-6.410.4
37.4 9.5 0.83.5
0.1
0.8
▼
1.5
▲
0.9
▲
1.1
1.8
▲9.4
▼
0.8
▲
1.9
1.8
0.0
14.3
▲
▲
▲
▲
▲
▲
6
▲
0.1
0.7
3.6
3.4
2.1 0.5
+242+4
12.3
1.53.54.9
12.312.330*
▲
11.8 ▲
▲
▲
103,959.83,969.6
330.3▼
14.2
0.6
23 306.0289.5
0.7
▲
2,871.1
9.4
CIMB Group Sdn Bhd 16
2-2.5
1.2525.8 1.2
247.5
Moelis & Co -
Credit Suisse
9
-
11
4
Mizuho Financial Group
KPMG
Kotak Mahindra Bank Ltd
9
10
117
12
45
8,680.8Bank of America Merrill Lynch
Goldman Sachs & Co12
Mitsubishi UFJ Morgan Stanley
Centerview Partners LLC-6
11.5-9 ▼
-13.1 ▼
+1147,117.3
8
45
▲
7 1713.5
56,165.2
▲
3
26.9 16.3
43.2
22.0 10.510
-0.7
▲63-20
▼
Sumitomo Mitsui Finl Grp Inc▲
5.1+26
▼
Moelis & Co221.2 -81.4
35-4
8-310
-5.2▼
▼ Credit Suisse
1.7
365,018.3
2
3.2 13 19.13 0.8
+2
16 ▲ 14
0.815.5
0.3
11.8 ▲
3.6
12.2
12.31
▲
▼
3
-37
1.2
0.57.8 +4
▼
12.54,026.3
▼
3,978.4
-13,959.8-
0.2 ▲ 8 ▼-5 5+1 11*
13 12.03,880.6▲
JP Morgan0.4
0.8▼
36.137
12.3
0.3 +29.5
▼-6.5-10
▲
▲
2,864.6▲
+113
2 ▲ 15 40 2,010.0▲ Lazard▲
0.613.40.6 0.1 +110.10.8
▲ 5.02▲
5.0
▲
Macquarie Group▼ 4.81,599.5
4.81,560.52 0.3 +1
-0.1 77*▲
▼ 3The Raine Group LLC -
24 226.1 ▲
-9.65.0
▲
▲-10.3
0.618 5* 234.0 0.5
0.0
+10.5
-12
21 247.1
Plutus Consulting Co Ltd 20 18Mitsubishi UFJ Financial Group 19 -2
▼200.80.5 0.4
-0.3 20.53
-3.81▼
▼ 0.3 -102.1
▼
0.32.8 4.2
21*20 ▼Daiwa Securities Group Inc
Woori Invest & Sec Co Ltd22 - 120.0
CitiChina Renaissance Partners
210.3 1 0.1
UBS 23 68* 100.0 0.2▲
0.2 ▲ -0
13 154.9 0.4 ▲+2-1.7 3
91.0 ▼0.2 1.3▲
100.0 69044,711.70.2
Industry Total -28Raymond James Financial Inc 25 - 0.2
* tie
17.4%74.5%
▼
-170.0▲ -
-5.1%▲ ▼▲ -3.9%
-14.4%▼
▼
Industry Total
Guggenheim Securities LLC0.1 0.50.5+1 25*Qatalyst Partners 25*
405.1
200.0
Rothschild
12405.1
KPMG
Kotak Mahindra Bank Ltd
1.3
-0.8
0.3 +1 ▲
- 1.31.3
1,252.5
Deloitte 1624272.82 0.3
▼ -29
Any Japanese Involvement Completed (AF23)
166.2
Ernst & Young LLP
1 5
100.0
Korea Investment Holdings Co0.4
Japanese Target Completed M&A Fees
0.6Houlihan Lokey
32,289.2
Japanese Involvement Announced M&A Target Industry by Value
68.0
0.5
+2 2.3
▲
1.7
100.0
▲
395.4
0.5▲
1
Acxit Capital Management GmbH
0.60.8
0.52
▼
3.41111
▲
▼
+1
+5
16.70.5
1.2 -15.1▼-0.2 0 - 8.914
Jan 1 - Mar 31
GCA Savvian Group CorpBNP Paribas SA
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8
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Mizuho Financial Group 2
35.9%
21.5% 8.0%
7.3%
6.3%
5.2%
4.9% 4.0%
3.5% 2.6%
0.6% 0.3%
Consumer Staples Real Estate Materials Telecommunications High Technology Financials Industrials Consumer Products and Services Retail Media and Entertainment Healthcare Energy and Power
$151.3
$294.3 $208.4 $242.0
$114.6
$253.4 $222.5 $191.1 $226.2 $180.5
$172.5
$294.8
$287.8 $206.4
$161.3
$271.0
$150.9 $206.7 $126.8
$269.5
$208.5
$251.7
$189.6
$157.8
$154.6
$124.1
$235.9
$186.8
$310.2
$232.5 $286.8
$191.2
$272.5
$222.9
$169.7
$242.7
$229.1
0
500
1000
1500
2000
2500
3000
$0
$200
$400
$600
$800
$1,000
$1,200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Num
ber o
f Dea
ls
Impu
teed
Fee
s (U
S$m
il)
4Q 3Q 2Q 1Q YTD Number of Deals
19
Industry Total
Industry Total
Industry % Change from Same Period Last Year ▼ ▼
Industry % Change from Last Quarter ▼ ▼
https://www.thomsonone.com
26,612.3
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-46.5%
-37.2% -16.2%
2*
-60.7%
-1 ▼ 38.9 0.12
- 3 3.5 +3
-
2.4
0.1
▲ 58.5 0.2
Industry % Change from Same Period Last Year
# of Deals per Advisor
Based on Number of Transactions
▼ 1,312.6 6.5Lazard 4* 20* 1
3.3
Northland Capital Partners LtdBanco Espirito Santo SA
-13.3 0
20* 1 3.34*
6*0.0
0.0
337.0 1.31 5.6 +1 ▲-
42
# of2013
Rank
# of
Based on Number of Transactions
-
Minsheng Securities Co Ltd
Rank Value (US$m)
Leonardo & CoChangjiang Corp Finance(HK)Ltd
CITIC Group Corp
1
3.30-5
MTS Health Partners LP2*
UBS
Centerview Partners LLC
Erik Penser
2014
Rank
1
Soochow Securities Co LtdGF Securities
Somerley Ltd
LazardDeloitte
12*
-
Fairness Opinion Provider
KPMGSomerley Ltd
Rothschild
12*+2 ▲ 525.4
2* 3* 5.6 0.9Societe Generale 8*
* tie
- 2 2.4 +2▲
Citi2 2.4Huaxi Securities Co Ltd
Hyde Park Capital Advisors LLC
19*
1
Southwest Securities Co Ltd
Deals
11* ▲
Change in
1,625.6Changjiang Corp Finance(HK)LtdSoochow Securities Co Ltd
Industry % Change from Last Quarter
28.0
Jan 1 – Mar 31
Rank Value (US$m)
Duff and Phelps
Fairness Opinion Provider US$m Sh (%)
Based on Number of TransactionsBased on Number of Transactions
8
Jan 1 – Mar 31
2014
Rank
# of Deals per Advisor
Deals Sh (%) # of Deals# of Deals
2013
Rank Deals
Market
# of Deals per Advisor
Jan 1 – Mar 31
Based on Number of Transactions
Change in # of Market
# of Deals per Advisor
Fairness Opinion Rankings †
Rank Value (US$m)
Worldwide Announced Fairness Opinion
Rank Value (US$m)
MarketRank ValueChange in
6.5
Stifel/KBW
Haitong Securities Co Ltd 5
4*
1
AMMB Holdings Bhd
Huatai Securities Co Ltd-1 32.7▲
Guosen Securities Co Ltd5.6
China Securities Co Ltd
17.1
Sh (%)
2.5▼
0.15.6
▼
.0-4664.3
5.6
-2
4* 4* 1 ▼ 8.11,312.6
▼
-55.8%
Jan 1 – Mar 31
▼-77.6%
-
Sterne Agee & Leach Inc4* 9* 1
# of Deals per Advisor Rank Value (US$m)
Deutsche Bank
3.3
-82.5%
3.3
Based on Number of Transactions
4*4*Moelis & Co
Bank of America Merrill Lynch
Centerview Partners LLC
Industry % Change from Last Quarter
Goldman Sachs & Co
-25.9%
-24* 13* 1
9* 1 3.3
Commerce Street Capital LLCCiti 4*CIBC World Markets Inc 4*
4*
2
3.31
4* 3
520*
4*
▲6.71
▼
3.3+1
▼8
Any US Inv Announced Fairness Opinion
4*
2014
Rank
2013
Rank
Duff and PhelpsFairness Opinion Provider
1 1*Stifel/KBW
26.716.7
-3
+1
1*
020*-7
-6
3.3-
1
4*4*
2
1
13*1
3▲
-+1-
- +1
3.33.3
▼1 3.3
1 ▲
211.6
▲
10.866.0
▼
-3
11
▲
▼
26.6
329.2 1.63.3
3.34*
16*
-13*
- +1
+1 ▲
2,178.2 10.8377.1 1.9
+1-65
Industry % Change from Same Period Last Year
100.0
▼ -54.0%
1.04* -▲
-1
Fairness Opinion Provider
Industry Total 20,177.8
# of Deals per Advisor
Fairness Opinion Provider
Rank Value (US$m)
▼-62.7%-61.5% ▼
▼
-1
▼
2,178.23.3
1
2Changjiang Corp Finance(HK)Ltd +3
5* 24*2
7.1
Fairness Opinion Provider
▼
3
Market
Deals Sh (%)
Duff and PhelpsStifel/KBW+3 ▲2
1 7 9JP Morgan
# of
Sh (%)
2013
Rank
3.9
Rank Value 2014
Rank
# of Market Change in
-6 ▼
US$m Sh (%)
1 1* 8 19.1 -3 ▼
3* -
Rank Value
1,218.0
Morgan Stanley
4.62 1* 5 11.9
+14.8
2,769.62.6
▲
3* 6* 3 7.1 -2
JP Morgan
12.6
5*
686.0
▲
▼
-
4.8 3,155.22,246.0
5*Huatai Securities Co LtdMorgan Stanley
-4
Haitong Securities Co LtdChina Securities Co Ltd
4*Somerley Ltd
2Centerview Partners LLC
Southwest Securities Co Ltd
-
5,943.9
Citi
11*
7.4+1
▼
▼
▲
42.01.40.1
Guosen Securities Co Ltd
KPMG
11*
11*
3
-
43*2.2 +22.23
GF Securities
11*
+3
29*
+3 ▲ 357.8 0.4▲
▲ 58.5 0.1
3▲
2.2+111*
11* -
11* 29*▲
MTS Health Partners LP
BarclaysUBS
+143*3
2.23
2.2
3
42.0 0.211.9
Sheshunoff & Co Inc
Raymond James Financial Inc
24*16* 2 04.8
Barclays
Houlihan Lokey
Hyde Park Capital Advisors LLCOppenheimer Holdings IncCredit Suisse
10.4
4,267.96,655.2
5.1
5.3 0.00.48.0
5*0.4
8.4
7.2 ▲
2,687.94.7
4.810.1
1,979.3▲
6* 29* 2.9
▼ 402.0
4 -04
6*2.211*
4*
3,900.8
6* 43* 4 2.96* 2.9 +2
-3
38* 4
▲
3*45 3.7 +4
6*
-43.75
13* 2.9 +2
US$m
3,267.8Sh (%)
3* 43*3* 2
-6 ▼
5
# of DealsSh (%)
520.8 0.6
-
221.7
1.5
0.5
2.2 +3
RBC Capital Markets
5.8
5.6 +111.1
2*
Market2013
Rank
Change in
Deals
2
1
1,197.1
3 2.2
1,218.0
10,486.6▲
▼3.7
▲
▼-4
▲
▼
340.0
0.3
US$m
Rank Value
1
2.9
▲
4*+3-1
2014
Rank
-
2*2* 3*2*
19*
1-
1
1
.0 0.0▲ 1,312.6 4.9
5.611
5.6- +12*
- 5.6▲2*
-
5.6
5.6
12* +1
- 1,312.6 4.9
2,488.1-1 ▼ 229.9
▲
▲
+1
211.6 0.8+1
9.3612.3 2.3
5.09* 5.6
▲ 2,784.3 9.02 2.4
13* -
Industry Total 100.0
▲
0▲
0.6Essence Securities Co Ltd 13* - 2
▼
▼ -1.6% ▼
-13*103.1
13*▲ 1,097.7 4.1
0.32.4 +2
-45.5%
100.0-1518
10,486.6
# of Deals
Industry % Change from Last Quarter -50.0% ▼ -10.2%
Industry % Change from Same Period Last Year
Industry Total 26,704.2
179.1
Rank Value
3.31,021.8▲
+2 1.11.3
34.0▲
4 ▲
+2
US$m
JP Morgan
MarketMarket
520.8
Sh (%)Sh (%)
10 4
7 +68.2+4
6* 5
11*
402.0+34.74.7
12.7▼ 0.7
0 3,900.8
336.8
1* 445
4.7
221.7
11*▲
-
3 3.511* 3
-1
+2+3
4.7340.0
▲
- 3 3.5
1.13.91,197.1
▲
▲
Industry % Change from Same Period Last Year 37.1%
CITIC Group Corp
13*
8*
11* 3 3.5
3.5-
8*
Industry % Change from Last Quarter -23.4% ▼ 9.5%
85
2014
Rank
357.8+2
30,812.8
▲
▲
+2
42.0+3
Change in Market
▲Industry % Change from Last Quarter 175.0% ▲
Sh (%)
2*
- 7 63.6 +7Deals
2013
Rank
# of Market
Sh (%)# of Deals
-1 ▼
▲
197.1 4.0
Rank Value
2* 1 1 9.1-
US$m
1 9.1 0
1292.3%
+7
- 1 9.1 +1 ▲
357.1
1.7
▲
Morgan Stanley 2*
Industry % Change from Same Period Last Year 175.0% ▲
1.7
Barclays
8*
4*
4*
8*
▲
5.9
93.5%▲
+23
28.1%
1.20.1
11 4,870.2 100.0
▲
Industry Total
Market
Plutus Consulting Co LtdJP Morgan
Any Japan Inv Announced Fairness Opinion
4,962.5 6.0
5.91
Any Asia Pacific Inv Announced Fairness Opinion
0.0
0 - 4,579.2
2*
4*
2*
Jan 1 – Mar 31
+1
686.0 0.8
336.8
†Fairness Opinion rankings include fairness opinions provided as a standalone
mandate as well as fairness opinions provided as part of a broader advisory mandate.
Any EMEA Inv Announced Fairness Opinion
2*
▲
+1 9.6
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
1,218.0 6.0686.0 3.4
Any Americas Inv Announced Fairness Opinion
Market
06.6# of Deals
3,155.2 15.6
242.1 1.2.0 0.0
0.6318.1 1.6113.9
0.31,625.6 8.15,373.2
1,021.8 21.0
1,148.2 5.7
Jan 1 – Mar 31
3.3
2*Daiwa Securities Group Inc
- 1 7.3
3,174.2 65.23,174.2 65.2
120.09.1 ▲
2.5▲
Bank of America Merrill Lynch 2*China Renaissance Partners 2* - 1 9.1 +1
0.3JP Morgan 4* 4* 1 3.3 -5 ▼
60.0Stephens Inc
247.0 1.2Sandler O'Neill Partners 4* 6* 1 3.3 -3 ▼
100.0-60
-66.7% ▼
30
▼
Societe Generale 11* - 3 2.2 +2
4* 9* 1 3.3 -2
- 1 5.6 +1
+1
▼ 2,822.4 14.0
JP Morgan 2* - 1 5.6 +1
BMO Capital Markets
ABN AMRO Bank 2* - 1 5.6 +1 10,854.2 40.6Barclays 2* 9* 1 5.6 0 - 3,500.0
Sinolink Securities Co Ltd 13* - 2 2.4
13.1UBS 13* - 2
+2
2.4 +2 ▲ 1,779.8 5.8
▲
+2 ▲ 63.7 0.2Qilu Securities Co Ltd 13* - 2 2.4
223.2
▲ 175.9 0.6China Renaissance Partners 13* - 2 2.4 +2
0.7141.5 0.5
Changjiang Securities Co Ltd 13* - 2 2.4 +2 ▲
20
-
-
-
-
-
-
-
-
-
First Quarter 2014 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
AmericasRobert LevineTel: +1 646 223 5682
Announced league tables include all deals that were announced between January 1, 2013 and March 31, 2014 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on March 31, 2014.
https://www.thomsonone.com
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalentat the time of announcement of terms.
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role.No fees are allocated to syndicated members.
E-mail: catherina.guintoroldan@thomsonreuters.com
Tel: +852 3761 1852
Tel: +813 6441 1142
E-mail: robert.levine@thomsonreuters.com
E-mail: redina.doda@thomsonreuters.com
Asia-PacificKelvin Bian
Catherina Guinto-Roldan
EMEA
Tel: +44 (0) 20 7542 3558
E-mail: kelvin.bian@thomsonreuters.com
Japan
Serkan Tecimer
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securitiesfirms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established jointventures are reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyinvolvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only aportion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bidsreceive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2014 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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