Global and regional M&A: H1 2016 - ValueWalk...H1 2016: $1.32tn Both Q1 and Q2 register lowest...

Global and regional M&A: H1 2016Including league tables of financial advisors

Africa & Middle East

Japan

Asia-Pacific

US

Europe

Global

M&A League tables

Criteria

C & S America

PE league tables

2

Regional M&A comparison

9.3

$

Inbound $167.9bn 13.8%Outbound $82.8bn 21.7%

$109.3bn 23.6%

US$562.7bn, -31.5% vs. H1 2015

Inbound $18.8bn 27.3%Outbound $8.4bn 62.6%Consumer $11.9bn 1,463.3%

Africa & Middle East$26.8bn, 50.8% vs. H1 2015

Industrials& Chemicals

Inbound $3.5bn 17.6%Outbound $30.7bn 67.8%

$9.7bn 142.6%

Japan$30.7bn, 67.8% vs. H1 2015

Inbound $33.9bn 32.7%Outbound $134.7bn 70.3%Technology $53.3bn 22.0%

Asia-Pacific$303.2bn, -30.7% vs. H1 2015

(excl. Japan)

* The % value on the map indicates market share in global M&A

Inbound $166.2bn 14.8%Outbound $85.5bn 2.9%Industrials& Chemicals

$107.7bn 126.8%

Europe$342.8bn, -19.3% vs. H1 2015

Cross-border $550.8bn 15.9%

Industrials &Chemicals

$244.0bn 51.0%

Global M&A$1.32tn, -26.8% vs. H1 2015

Pharma,Medical &Biotech

Inbound $14.4bn 13.5%Outbound $10.4bn 215.8%Energy,Mining &Utilities

$10.3bn 117.4%

C & S America$23.8bn, 0.6% vs. H1 2015

$594.5bn

$bn

$30.7bn

$303.2bn

44.9%

22.9%

2.5%

$23.8bn

$342.8bn 25.9%

$26.8bn 2.0%3.8%

Global and regional M&A: H1 2016 www.mergermarket.com

3

Global


u An uncertain environment in 2016 caused by the UK’s referendum on European Union (EU) membership and US elections are political upheavals that have negatively impacted M&A activity, setting global M&A back 26.6% during H1 2016 with deals worth US$ 1.32tn compared to US$ 1.81tn in H1 2015, and down 66.8% versus US$ 3.98tn in H2 2015.

u The build-up and announcement of Brexit sent shockwaves through the dealmaking community. The UK’s second quarter featured the country's referendum and resulted in its Q2 value (US$ 19.3bn) crashing 50.5% from Q1 2016 (US$ 38.9bn). Firms postponed deals, cautious of the impact exchange rates and questioning what they will actually be buying into, unaware of how future negotiations will affect them. Foreign acquirers are delaying transactions, with the value of inbound deals plummeting more than half (-60.1%) from Q1 2016 (US$ 32.8bn) into Q2 2016 (US$ 13.1bn). Private equity firms are holding back from casting any confidence in the long-term UK environment - buyouts of UK companies amounted to only US$ 4.9bn, three quarters less (75.4%) than H1 2015.

u China’s spending spree adding pressure to US and European bidders in auction processes is set to increase - the Chinese government selects which company it wants to bid for a non-Asian firm, but it will relax these regulations and allow multiple bidders if the foreign company is worth more than US$ 2bn. China has made four of its largest outbound acquisitions on Mergermarket record in 2016, buying quality over quantity – Chem China/Syngnenta (US$ 45.9bn), Tencent Holdings/Supercell Oy (84.3% for US$ 8.6bn), Anbang Insurance Group/Strategic Hotels & Resort (US$ 6.5bn) and Tianjin Tianhai Investment/Ingam Micro (US$ 6.1bn). The country has already broken all annual totals for European (US$ 75.4bn) and US (US$ 32.9bn) acquisitions, up 156.6% and 179.4%, respectively from 2015.

u German M&A rebounded as a buyer and a seller during H1 2016 after a dip in 2015. As a target, Germany attracted US$ 30.3bn-worth of deals, with Industrials & Chemicals M&A (US$ 17.6bn in H1 2016, up 252.9% from H1 2015) and Chinese buyers (US$ 8.6bn) accounting for a 28.4% share, being the key drivers. The country also emerged as a keen buyer with outbound deals worth US$ 51.4bn being 90.7% above the whole of 2015 (US$ 27bn).

Cross-border activity

H1 2016: $1.32tn

Both Q1 and Q2 register lowest valued quarters since Q1 2014 ($566.7bn)

H1 2016vs.H1 2015

Q2 2016 vs.Q1 2016

Mega-deals14 deals$266.3bn

Third annual increase to highest on record from 2015 ($41.2bn)

UK inboundQ2 vs. Q1 2016

China into US and Europe$108.3bn

Between countries$550.8bn

First half-year below $200bn since H2 2013 ($173.3bn)

Lapsed M&A156 deals$403.5bn

PE Exits$185.7bn1,006 deals

PE Buyouts$161.3bn1,224 deals

Up from 183 lapsed deals worth $150.3bn in H1 2015

Lowest half-year value ($46bn) in two years (H2 2013, $54.3bn)

Lowest value & number of mega-deal since H2 2013 (6 deals, $198.2bn)

26.8%

Half-year tally reaches the lowest value since H1 2013 ($349.5bn)

2.2%

Misc

Lowest H1 value since 2013 (US$ 1.0tn)

vs. H1 2015 Lowest half-year value since H2 2012 ($132.6bn)

vs. H1 2015

168.4%

9.5%

62.1%

163.1%vs. H1 2015

60.8%

vs. H1 2015

15.9%

vs. H1 2015

vs. H1 2015

15.3%vs. H1 2015

(value)

dical & Biotech

s

$473.4bn$272.1bn

$196.2bn

$96.5bn$121.9bn

$185.8bn$109.1bn

$182.4bn$164.3bn

$305.3bn$165.6bn

$204.7bn$150.8bn

$161.7bn$244.0bn 18.5%

11.4%

12.4%

8.3%

9.2%

7.1%

20.6%

9.0%

11.3%

10.1%

10.3%

5.3%

10.9%

26.2%

* % indicates market share

Sector breakdown H1 2016 vs H1 2015

$93.8bn

Industrials & Chemicals

Technology

Energy, Mining & Utilities

Pharma, Medical & Biotech

Financial Services

Consumer

Business Services

Consumer

Other

12.5%16.9%

Consumer

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016

Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1

801.5 1,280.0 852.0 734.4

593.2 678.2 684.9 458.8

420.8 396.4 327.6 570.1

461.2 433.0 492.9 713.0

464.8 565.5 522.9 757.5

446.9 559.7 646.4 573.3

566.7 963.9 855.7 869.7

614.6 586.3 599.6 479.4

758.9

633.0

1,047.1

688.7

971.2 1,205.1

Total 3,667.8

Total 2,415.1

Total 1,714.9

Total 2,100.1

Total 2,279.8

Total 2,310.7

Total 2,226.3

Total 3,256.0

Total 3,982.3

Total 1,321.7

4

Global


Sector key

Industrials & Chemicals Pharma, Medical, Biotech Business Services

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

45.9 03-Feb China National Chemical Corporation China Syngenta AG Switzerland

35.2 11-Jan Shire Plc Republic of Ireland Baxalta Inc USA

29.9 28-Apr Abbott Laboratories USA St Jude Medical Inc USA

25.5 13-Jun Microsoft Corporation USA LinkedIn Corporation USA

16.2 25-Jan Johnson Controls Inc USA Tyco International plc Republic of Ireland

League table by valueRank Company name H1 2016 H1 2015 Regional ranking comparison

H12016

H12015

Value (US$bn)

Deal Count

Value (US$bn)

% Value change Europe US Asia-

Pacific JapanAfrica & Middle

EastC&S

1 1 Goldman Sachs 424.4 123 618.8 -31.4% 1 1 1 - 6 13

2 2 Morgan Stanley 258.8 121 442.0 -41.4% 2 2 8 1 17 2

3 4 JPMorgan 204.4 102 415.9 -50.8% 4 7 6 6 3 16

4 3 Bank of America Merrill Lynch 202.4 79 420.2 -51.8% 8 3 13 4 20 -

5 5 Citi 176.0 82 332.9 -47.1% 6 4 12 14 5 7

6 10 Barclays 167.1 80 169.2 -1.2% 10 5 32 16 55 11

7 9 Deutsche Bank 148.8 63 207.7 -28.4% 3 8 20 11 24 12

8 7 Credit Suisse 146.2 89 278.5 -47.5% 5 13 3 10 10 1

9 17 UBS Investment Bank 138.0 71 86.9 58.9% 7 14 4 18 13 6

10 16 Evercore Partners 124.1 64 87.9 41.3% 13 6 134 26 14 19

11 6 Lazard 116.6 102 296.5 -60.7% 9 9 17 7 4 10

12 66 China International Capital 102.6 25 7.5 1260.6% 16 19 2 12 - -

13 21 RBC Capital Markets 84.2 68 58.5 43.8% 21 10 56 - 15 43

14 13 HSBC 83.3 21 118.8 -29.9% 11 43 7 35 81 -

15 11 Rothschild 78.8 122 168.1 -53.2% 12 20 27 13 2 4

16 35 CITIC Securities 75.0 14 23.6 217.9% 14 173 5 21 - -

17 49 Wells Fargo Securities 52.8 30 12.1 337.5% 100 11 121 15 - -

18 155 N+1 50.2 32 1.6 3096.1% 15 245 9 57 - 33

19 14 Guggenheim Partners 47.5 8 116.4 -59.2% 129 12 - - - -

20 720 CCB International 46.2 3 - 271,635% 17 132 10 - - -

5

Europe

u European dealmakers have battled political headwinds during the first half of 2016. Uncertainty surrounding the UK’s EU referendum, as well as the US government’s clampdown on tax inversion deals have both served to slow M&A activity within the continent. As a consequence, 3,110 deals worth US$ 342.8bn marked both the lowest H1 deal value and count since 2013 (2,784 deals, US$ 335.1bn). Sellers have been forced to accept that their assets are worth less than they were a year ago, with average EBITDA multiple for acquisitions dropping to 12.3x, down from 15.0x in H1 2015.

u The run up to Brexit spooked dealmakers targeting the UK during the first half of the year. Following a record 2015, UK M&A activity during H1 recorded 638 deals worth US$ 58.2bn, its lowest deal value since 2010 (US$ 56.3bn, 504 deals). A drop in activity was seen in Q2 as the EU referendum drew closer, with US$ 19.3bn-worth of deals representing the lowest Q2 value since 2009. A decrease in valuations highlight this uncertainty, with the average EBITDA multiple for transactions dropping to 13.4x, down from 17.8x in H1 2015.

u German dealmakers are investing larger sums in US assets. During H1 2016, there were 22 deals worth US$ 12.3bn by German companies acquiring US targets, up 70.8% by value compared to the whole of 2015 (50 deals, US$ 7.2bn). Bayer's ongoing US$ 62bn pursuit of US-based Monsanto is further evidence of this trend, and if announced in Q3, will become the largest outbound acquisition by a German company on Mergermarket record.

u High quality German assets were sought after during the first half of the year, particularly by Chinese buyers. During H1 2016, Chinese dealmakers partook in 16 deals worth US$ 8.6bn, up from just 12 deals worth US$ 393m for the whole of 2015, and overtaking all annual deal values on record. Dealmakers have been motivated by the need to pick up Western industrial technologies, as seen in Midea Group's US$ 4.3bn acquisition of robotics maker KUKA, and China National Chemical Corporation’s US$ 1bn purchase of industrial machinery manufacturer KraussMaffei Technologies.


$109.9bn$69.8bn

$18.3bn$35.2bn

$28.0bn

$27.7bn

$103.0bn

$27.3bn$24.1bn

$36.1bn

$47.5bn$107.7bn



$43.1bn$23.5bn

$47.8bn$18.4bn

11.2%

6.5%

4.3%

24.3%

6.4%

10.1%

11.3%

25.9%


Financial Services


Business Services

Technology


Consumer

Other

31.4%

10.5%

10.3%

8.2%

7.0%

6.9%

5.4%

20.4%

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


265.5 583.9 383.9 286.6

295.7 203.2 287.6 217.2

122.5 77.9 79.1 188.2

127.8 114.9 152.2 243.4

136.2 199.0 147.8 158.4

178.5 309.8 208.8 210.0

171.9 187.6 112.9 251.1

164.3

181.9

260.2

160.9

175.7 287.4

185.0 243.4 167.0 134.5

Total 1,519.9

Total 1,003.7

Total 467.7

Total 638.3

Total 730.0

Total 723.5

Total 641.4

Total 907.1

Total 877.6

Total 342.8


H1 2016: $342.8bn

Highest share on record with $233.2bn-worth of deals

H1 2016vs.H1 2015

Lapsed M&A % of global deal value

Q2 2016vs.Q1 2016

Already overtaken 2015’s full deal value

US - Europe331 deals$58.9bn

Germany - US22 deals$12.3bn

Europe inbound595 deals$166.2bn

Down from 17.8x in 2015

Lapsed M&A9 deals$21.6bn

AverageEBITDA multiple

UK M&A638 deals$58.2bn

Overtaking all annual values since 2008

Lowest half year value since H2 2013 ($ 49.0bn)

Lowest Q2 value since Q2 2010 ($114.8bn)

19.3%

Second consecutive half-year increase, and highest H1 since 2008

68.5%

68.6%

UK activity

Lowest H1 value since 2013 (US$ 335.2bn)

141.7%

14.8%vs. H1 2015

13.4x

vs. H1 2015 Lowest H1 value since 2010 ($56.3bn)

vs. FY 201515.5x

11.5%

13.7%

70.8%vs. FY 2015

vs. H1 2015

6

Europe


Sector key

Industrials & Chemicals Financial Services Pharma, Medical & BIotech

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

45.9 03-Feb China National Chemical Corporation China Syngenta AG Switzerland

16.2 25-Jan Johnson Controls Inc US Tyco International plcRepublic of

Ireland

14.8 16-Mar Deutsche Boerse AG Germany London Stock Exchange plc UK

12.6 27-Jun Boehringer Ingelheim GmbH Germany Merial SAS France

9.9 10-Feb Mylan NV UK Meda AB Sweden

League table by valueRank Company name H1 2016 H1 2015

H12016

H12015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Goldman Sachs 185,151 51 238,357 -22.3%

2 3 Morgan Stanley 104,059 42 186,182 -44.1%

3 7 Deutsche Bank 102,811 35 93,877 9.5%

4 6 JPMorgan 88,652 36 141,318 -37.3%

5 10 Credit Suisse 88,205 40 63,337 39.3%

6 8 Citi 88,147 37 84,483 4.3%

7 14 UBS Investment Bank 87,513 35 31,784 175.3%

8 2 Bank of America Merrill Lynch 83,877 40 205,640 -59.2%

9 4 Lazard 82,496 68 167,996 -50.9%

10 11 Barclays 81,632 33 55,879 46.1%

11 19 HSBC 73,976 18 17,636 319.5%

12 5 Rothschild 70,719 106 141,705 -50.1%

13 28 Evercore Partners 54,384 26 10,538 416.1%

14 - CITIC Securities 50,121 2 - -

15 84 N+1 50,115 27 1,571 3,090%

16 - China International Capital 47,399 3 - -

17= - CCB International 45,860 1 - -

17= - Dyalco 45,860 1 - -

19 12 Societe Generale 27,142 11 35,653 -23.9%

20 40 Centerview Partners 26,099 2 6,679 290.8%

Lead strategic partner: Strategic partners: Media partner:

CMS_LawTax_CMYK_over100.eps

Visit the website for more details: events.mergermarket.com/corporate2016

EUROPEAN CORPORATE M&A FORUM 2016

JULY 7 2016 INTERCONTINENTAL HOTEL, LONDON

8

US




$271.0bn$63.0bn

$74.9bn

$27.4bn$42.7bn

$49.4bn

$81.8bn

$113.5bn$69.0bn

$65.0bn

$82.2bn

$77.8bn$88.2bn

$143.0bn$109.3bn

$26.5bn


Technology



Business Services

Real Estate

Consumer

Other

17.4%

9.5%

6.0%

7.9%

13.8%

3.3%

9.1%

33.0%

19.4%

15.7%

14.6%

14.5%

12.3%

7.6%

4.7%

11.2%

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


352.9 502.7 258.3 229.7

146.2 268.1 264.4

199.2 186.5 98.7 205.8

147.2 181.0 155.4 246.0

180.0 177.1 316.4 230.8

218.6 389.2 420.5 346.5

128.9 190.3 235.5 316.2

356.4

248.8

465.6

313.2

554.6 533.5

249.3 187.9 208.3 192.9

78.7

Total 1,343.5

Total 757.4

Total 690.3

Total 729.6

Total 838.4

Total 870.9

Total 904.2

Total 1,374.8

Total 1,910.2

Total 562.0

Utilities sub-sector

US-UK cross-border activity

H1 2016: $562.7bn

H1 2016vs.H1 2015

H1 2016 share in global M&A

Largest half-year drop by value since H2 2008

US outboundto UK$20.5bn

US inboundfrom UK$5.9bn

Total$23.6bn

Share of US EMU sector

Great Plains Energy/Westar Energy

Second-highest US H1 value after 2011

Largest US EMU market share for Utilities on record

Lowest US half-year value since H1 2013

Largest regional market share by value globally

Fourth-largest US Utilities deal on record

Largest US half-year drop by value since H1 2002

H1 2016vs.H2 2015

31.5%

48.3%

vs. H1 2015

27%

US42.4%

UK share of US outbound

vs. H1 2015

62.3%

In line with 26.5% share from H1 2015

Largest half-year drop by value since H2 2010

24.7%

vs. H1 2015

252.8%

26.7%

$12.1bn

u US dealmaking rounded out the first half of 2016 with a rebalancing act following 2015's record-breaking values. M&A activity totaled US$ 562.7bn across 2,242 transactions, a 31.5% drop in value and decrease in volume by 342 transactions from H1 2015 (US$ 822bn, 2,582 deals). At the same time, overall value remained 6.1% above Mergermarket’s historic average H1 total deal value (US$ 530.2bn).

u With so much uncertainty post-"Brexit”, it is unclear exactly what kind of impact the referendum's results will have on transatlantic M&A in the coming months. According to Mergermarket intelligence, some Mid-Atlantic dealmakers believe that short-term turmoil will give way to resuming strong activity. Companies sitting on cash and signals from the Fed that interest rates will likely not rise for the time being, partially due to the referendum, have buyers ready to seize attractive targets once the dust settles.

u However, data leading up to the vote indicates that business may not continue as usual, and that the turmoil could last longer than suggested, particularly as the UK scrambles to get organized and has yet to begin negotiating its exit, let alone trade agreements. From H1 2015 (US$ 28bn) to H1 2016 (US$ 20.5bn), US outbound activity into the UK fell 27%, the largest half-year drop since H2 2010’s post-crisis peak (73%). Further, US bids for UK-based targets tumbled 51.6% between Q1 2016 (US$ 13.8bn) and Q2 2016 (US$ 6.7bn) – the vote having taken place in June. Firms looking to initiate or complete deals may be inclined to hit the pause button until post-exit negotiations commence and it becomes clearer what the environment, and available assets, might be. Inbound activity from the UK into the US also fell 62.3% from H1 2015 (US$ 15.6bn) to H1 2016 (US$ 5.9bn), the largest half-year drop since the financial crisis in H2 2008 (86.3%). Now, with the pound having dropped to a three-decade low, it seems unlikely that UK firms will be able to afford many US targets, at least in the short term.

u Energy, Mining & Utilities (EMU) was the second-ranked US sector in H1 2016. Unlike number one Pharma, Medical & Biotech (PMB), EMU saw a rise in overall value over the same period last year, mainly due to consolidations in the Utilities sub-sector. Though as a whole EMU continued to be rocked by low commodity prices, volatile markets, and decreasing electricity demand in favor of renewables, Utilities skyrocketed 252.8% over H1 2015 (US$ 6.7bn) to its second-highest overall value (US$ 23.6bn) since 2011’s peak (US$ 29.4bn). The sub-sector also hit a record volume of 28 deals. Meanwhile, Energy (US$ 63bn) and Mining (US$ 1.6bn) fell by 8.3% and 33.8%, respectively.

9

US


Sector key

Pharma, Medical & Biotech Business Services Industrials & Chemicals

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

35.2 11-Jan Shire Plc Republic of Ireland Baxalta Inc

29.9 28-Apr Abbott Laboratories USA St Jude Medical Inc

25.5 13-Jun Microsoft Corporation USA LinkedIn Corporation

14.8 01-Jun Danaher Corporation(Shareholders) USA Fortive Corporation Danaher Corporation

12.9 03-May Quintiles Transnational Holdings Inc USA IMS Health Holdings Inc


H1 2016

H1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Goldman Sachs 287,768 81 345,685 -16.8%

2 5 Morgan Stanley 174,043 64 241,672 -28.0%


4 3 Citi 136,991 46 251,092 -45.4%

5 9 Barclays 134,788 57 143,542 -6.1%

6 14 Evercore Partners 121,713 54 82,384 47.7%

7 2 JPMorgan 112,019 73 305,435 -63.3%

8 13 Deutsche Bank 97,917 33 102,655 -4.6%

9 8 Lazard 60,455 46 151,314 -60.0%

10 20 RBC Capital Markets 55,133 40 24,953 120.9%

11 28 Wells Fargo Securities 52,397 29 12,072 334.0%

12 11 Guggenheim Partners 47,485 8 116,409 -59.2%

13 7 Credit Suisse 45,871 45 206,293 -77.8%

14 18 UBS Investment Bank 33,783 31 36,369 -7.1%

15 26 Qatalyst Group 31,630 6 13,565 133.2%

16 6 Centerview Partners 30,040 10 224,029 -86.6%

17 24 Jefferies 30,036 48 21,653 38.7%

18 10 Allen & Company 26,408 3 138,924 -81.0%

19 83 China International Capital 19,073 5 1,238 1,441%

20 15 Rothschild 16,403 36 48,128 -65.9%

10

Central & South America


u M&A in Central and South America remained stagnant in H1 2016, ending with US$ 23.8bn across 219 transactions, a 0.6% increase in value from H1 2015’s US$ 23.7bn. The first half of this year is on par with H1 2015, though the two periods are the lowest half-year values since H2 2005 (US$ 17.7bn), ranking as the fifth- and fourth-lowest H1 total values on record, respectively.

u Ongoing political woes in Brazil have been largely responsible for eroded investor confidence in the region; in May, the country’s legislature suspended President Dilma Rousseff on corruption charges. Despite this, Brazil reclaimed its position as the top country in Central and South America in H1 with a total value of US$ 10.4bn, a 40% rise over H1 2015 (US$ 7.4bn) and 88.4% higher value than second-ranked Colombia (US$ 5.5bn). Hope that interim President Michel Temer might get the country back on track has restored some confidence, though with Rousseff’s impeachment trial still underway, regional uncertainty is still expected to cast a shadow over dealmaking activity for the rest of the year.

u Global market uncertainty following "Brexit" seems unlikely to affect Central and South America, given a host of other problems confronting the region currently, such as political instability, weak currencies, and falling deal activity in general. Though inbound activity from the UK totaled US$ 667m, a 658.2% rise over H1 2015 (US$88m), it still accounted for only 2.8% of all activity in Central and South America. Likewise, though outbound activity to the UK fell 96.8% to US$ 48m from H1 2015 (US$ 1.5bn), the figure was just 0.2% of overall regional dealmaking activity.

u Inbound activity into Central and South America grew by 13.5% in H1 2016 to US$ 14.4bn over H1 2015 (US$ 12.7bn), though mostly as a result of a few large deals. Activity from Canada soared 2,611.1% to its highest value ever (US$ 6bn) – mainly due to the US$ 4.7bn acquisition of Colombia-based Isagen. Activity from China also jumped, by 460.9% to US$ 1.9bn, its second-highest H1 value since 2010’s peak (US$ 3.1bn), due largely to the US$ 1.5bn acquisition of Anglo American’s Niobium and Phosphate business in Brazil. Meanwhile, activity from the US fell 66.9% to US$ 2.6bn.

u Attractive valuations in Central and South America, partially due to low global commodity prices, aided Energy, Mining & Utilities (EMU) in becoming the period’s top sector. EMU reached US$ 10.3bn in total value, a 117.4% rise over H1 2015 (US$ 4.7bn) and 43.3% of regional market share. By value, the two aforementioned deals together accounted for 26.1% of total M&A in Central and South America. However, with such low activity overall in the region, one large deal has shown that it can really change the game.

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


12.3 18.6 20.4 32.6

29.9 22.9 10.9 38.4

12.1 18.6 25.8 18.0

65.4 27.6 28.8 45.1

17.8 21.4 23.1 25.4

24.8 39.9 38.0 28.5

21.8 47.1 16.5 32.4

11.2

13.9

12.5

9.9

23.9 23.0

40.4 18.8 46.0 28.8

Total 83.8

Total 102.1

Total 74.5

Total 166.9

Total 134.0

Total 117.7

Total 87.7

Total 131.2

Total 70.5

Total 23.7

$8,409m$2,504m

$860m$704m

$1,446m

$30m

$1,163m

$4,488m$2,178m

$581m

$10,268m

$3,873m

$3,110m$2,626m

$4,723m


$415m


20.0%

2.5%

13.2%

19.0%

6.1%

3.6%

0.1%

35.6%

43.3%

16.3%

11.1%

9.2%

4.9%

3.0%

1.7%

10.6%


Financial Services


Consumer

Construction

Business Services

Other

Agriculture

Inbound activity

Top targets

H1 2016: $23.8bn

H1 2016vs.H1 2015

Highest H1 value on record

Brazil$10.4bn

Colombia$5.5bn

Chile$2.3bn

Canada inbound$6bn

Chinainbound$1.9bn

USinbound$2.6bn


Second-highest H1 value after 2010

Second-lowest H1 value (after 2015) since 2005

Second-lowest half-year value since H2 2005

Lowest H1 value since 2009

vs. H1 2015

66.9%

Smallest increase in value on record

Fifth-lowest H1 total value on record

H1 2016vs.H2 2015

49.2%

vs. H1 2015

40%

vs. H1 2015

10.7%

vs. H1 2015

2,611.1%

vs. H1 2015

460.9%

3.8%Share in Americas M&A

On par with market share in 2015

vs. H1 2015

312.6%

0.6%

11

Central & South America


Sector key

Energy, Mining & Utilities Financial Services Industrials Transport

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

4.7 13-Jan Brookfield Renewable Energy Partners LP Canada Isagen SA Colombia Government of Colombia

2.6 19-Feb BM&FBovespa SA Brazil Cetip SA Brazil

1.5 28-Apr China Molybdenum Co Ltd ChinaAnglo American Plc

(Niobium and Phosphate business in Brazil)

Brazil Anglo American Plc

1.1 14-Mar DBTRANS SA USA Servicos e Tecnologia de Pagamentos SA Brazil Consortium led by Capital

International Inc

1.1 09-JunOntario Teachers' Pension Plan

Canada Pension Plan Investment Board

Canada Autopista Arco Norte SA de CV (49% Stake) Mexico IDEAL


H1 2016

H1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 7 Credit Suisse 5,733 2 2,554 124.5%

2 8 Morgan Stanley 5,492 5 2,444 124.7%

3 5 Banco Bilbao Vizcaya Argentaria 4,689 5 3,252 44.2%

4 4 Rothschild 3,942 2 3,915 0.7%

5 11 Banco Bradesco BBI 3,392 5 1,928 75.9%

6 28 UBS Investment Bank 3,388 3 233 1,354%

7 24 Citi 3,074 6 366 739.9%

8 6 Banco BTG Pactual 3,040 9 3,061 -0.7%

9 10 Banco Itau BBA 2,785 9 1,948 43.0%

10 48 Lazard 2,192 9 43 4,998%

11 19 Barclays 1,583 2 783 102.2%

12 1 Deutsche Bank 1,500 2 5,323 -71.8%

13= 3 Goldman Sachs 1,500 1 4,010 -62.6%

13= - Industrial Securities 1,500 1 - -

15 25 Deloitte 1,350 2 257 425.3%

12

Asia-Pacific(excl. Japan)


2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


85.1 91.1 75.4 91.8

75.1 125.9 56.6 90.2

45.8 76.8 66.2 105.8

66.8 72.1 92.8 132.1

69.0 107.8 118.2 117.0

114.3 169.4 140.0 218.6

83.1 81.2 105.0 85.6

194.4

145.3

243.0

162.1

164.4 300.4

87.5 79.4 115.8 73.1

Total 343.4

Total 347.8

Total 294.7

Total 363.8

Total 355.9

Total 354.8

Total 412.1

Total 642.2

Total 902.2

Total 307.4

$84.9bn$69.1bn

$74.1bn$23.2bn

$63.6bn

$29.2bn$27.0bn

$64.6bn$28.2bn

$39.8bn$37.2bn

$38.0bn$39.7bn

$43.7bn$53.3bn



$22.6bn

Technology

Financial Services


Real Estate

Transport


Consumer

Other

10.0%

9.1%

8.7%

14.8%

6.7%

16.9%

14.5%

19.3%

17.6%

13.2%

13.1%

9.3%

8.9%

7.6%

7.5%

22.8%

$39.6bn$40.1bn

China into Europe

H1 2016: $307.4bn

H1 2016vs.H1 2015

Average deal size

Share in global activity

China 757 deals$197.3bn

South Korea157 deals$22.2bn

Down from the record $272.3m seen in 2015

Highest share on record despite fall in deal value

29.7%

$222.3m

15.7%

Country breakdown

23.2%

Lowest half-year deal value since H1 2014 ($283.7bn)

Taiwan22 deals$8.4bn

vs. H1 2015

vs. Q1 2015

156.5%vs. H1 2015

Up from 13.5% in H1 2015, and overtaking all annual premia on record

Outbound78 deals$75.4bn

Average premia

Industrials& Chemicals27 deals$53.5bn

Overtaking all annual deal values on record by more than 150%

Up compared to full year 2015, overtaking all annual totals on record

156.6%

369.4%

vs. FY 2015

vs. FY 2015

23.5%

156.5%Highest H1 value since 2006 ($9.2bn)

Up compared to H1 2015, and highest H1 value on record

-64.4%vs. H1 2015 Lowest half year value

since H2 2013 ($21.9bn)

vs. H1 2015

u Following a peak in activity seen in 2015, M&A targeting the region has dropped back to 2014 levels. A total of 1,591 deals worth US$ 307.4bn were announced during H1 2016, which although representing a 29.7% decrease by value compared to H1 2015, still reached the second highest H1 on Mergermarket record (since 2001).

u In an attempt to decrease reliance on their home market, Chinese dealmakers continue to seek industrial technologies abroad. Europe has become their investment destination of choice, with 78 deals worth US$ 75.4bn accounting for 64.6% of total outbound (non Asia-Pac) deal value. Chinese companies are willing to pay a higher price for quality European assets, with average premia paid for a European listed target during H1 reaching 23.5%, up from 13.5% in 2015.

u Taiwan has experienced an uptick in M&A deal value due to its highly attractive semi-conductor assets. The top four deals targeting the country in H1 2016 all took place within the semi-conductor space, including the highest valued deal of Q2: Netherlands-based ASML Holding’s acquisition of Hermes Microvision for US$ 2.8bn. With eight deals worth US$ 7.3bn announced, M&A targeting the country’s renowned Technology sector accounted for 87.0% of total deal value targeting the country, up 87.3% compared to FY 2015 (19 deals, US$ 3.9bn) to reach its highest half-year deal value on record.

u Consolidation amongst Chinese companies has driven M&A activity within Asia-Pacific (excl. Japan)'s Media sector, resulting in an all-time high H1 deal value, with 49 deals worth US$ 16.0bn announced. As a result, deal value reached its second largest half-year total on record following H2 2015 (US$ 19.3bn). Chinese domestic media dealmaking (24 deals, US$ 12.5bn) accounted for 78.4% of the total value, as companies seek to compete on the global stage. This deal value was heavily influenced by Wanda Cinema Line’s US$ 5.7bn acquisition of Wanda Media, allowing the company to expand its reach into the film production sector.

13

Asia-Pacific(excl. Japan)


Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

9.4 15-Mar Consortium for Asciano led by CPPIB GIP Canada Asciano Limited Australia

7.7 23-MayMaanshan Dingtai Rare

Earth & New Materials Co Ltd

China SF Holding (Group) Co Ltd China An investor group led by Wang Wei (Private investor)

6.9 17-Jun China Vanke Co Ltd ChinaShenzhen Metro Qianhai

International Development Co Ltd

China Shenzhen Metro Group Co Ltd

6.2 8-Feb Berli Jucker Public Co Ltd Thailand Big C Supercenter PCL Thailand Casino Guichard Perrachon SA

5.7 13-May Wanda Cinema Line Co Ltd China Wanda Media Co Ltd China -An investor group led by

Beijing Wanda Investment Co Ltd

Sector key

Transport Real Estate Consumer TMT


H1 2016

H1 2015

Value (US$m)

Deal Count Value % Value

change

1 1 Goldman Sachs 103,936 31 112,654 -7.7%

2 33 China International Capital 102,592 25 7,540 1,261%

3 2 Credit Suisse 81,391 31 85,236 -4.5%

4 11 UBS Investment Bank 77,844 26 37,736 106.3%

5 18 CITIC Securities 75,014 14 23,600 217.9%

6 8 JPMorgan 70,669 19 68,885 2.6%

7 3 HSBC 62,240 8 84,818 -26.6%

8 10 Morgan Stanley 53,060 30 61,083 -13.1%

9 241 N+1 47,839 5 56 85,327%

10 297 CCB International 46,195 3 17 271,635%

11 - Dyalco 45,860 1 - -

12 6 Citi 35,733 25 75,139 -52.4%


14 31 Huatai United Securities 24,720 29 8,229 200.4%

15 19 Macquarie Group 14,916 14 19,491 -23.5%

16 29 China Renaissance Partners 14,807 21 10,361 42.9%

17 22 Lazard 13,912 19 15,303 -9.1%

18 49 China Securities 13,437 15 2,246 498.3%

19 12 PwC 12,646 45 36,069 -64.9%

20 4 Deutsche Bank 12,477 12 82,124 -84.8%

14

Japan


Outbound - Sectors


H1 2016: $30.7bn

Highest H1 value since 2012 ($40.4bn)

Up from $8.5bn in H1 2015, and highest value since 2012 ($25.9bn)

H1 2016vs.H1 2015

Value of deals over $1bn

Highest H1 value since 2012 ($5.0bn)


Lowest half-year value since H2 2009 ($409m)

Business Services$3.3bn

Outbound125 deals $16.1bn

Financial Services$1.3bn


Second highest H1 value since 2009 ($6.9bn), following 2014 ($18.3bn)

Highest H1 deal value since 2012 ($36.5bn)

Inbound 20 deals$3.5bn

Domestic175 deals$27.2bn

48.7%

67.8%

43.1%

93.4%

Consumer$3.2bn

70.7%

17.6%

vs. H1 2015

vs. H1 2015

vs. H1 2015

vs. H1 2015

518.2%vs. H1 2015

Highest average deal size since 2012 ($328.1m)

Average deal size $251.6m

92.0%vs. H1 2015

$20.8bn

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


26.1 18.0 11.9 32.2

17.3 10.8 15.5 12.2

10.6 14.1 24.1 29.7

13.9 7.3 33.3 6.8

8.1 15.2 4.7 7.3

7.1 10.8

13.3

5.0 9.3

14.1 26.3 13.9 16.2

9.1

17.4

9.2 21.7 21.8

12.1 17.2 32.6 21.5

Total 88.2

Total 55.8

Total 78.5

Total 61.4

Total 83.4

Total 70.5

Total 35.4

Total 32.2

Total 61.8

Total 30.7

$2,825m$1,238m

$389m

$1,307m$1,641m

$1,487m

$1,426m

$4,548m$4,003m

$633m$6,611m

$3,991m$9,682m



$4,601m



Consumer

Real Estate

Technology

Financial Services

Transport

Other

$2,697m

$1,901m

21.8%

3.5%

10.4%

24.9%

7.1%

14.7%

2.1%

15.4%

31.5%

21.5%

15.0%

13.0%

5.3%

4.8%

4.6%

4.0%

u President Abe’s election campaign, with its focus on boosting the economy, seems to be creating returns for Japanese dealmakers. With 195 deals worth US$ 30.7bn announced during H1 2016, Japan’s M&A deal value reached its largest H1 deal value since 2012 (US$ 40.4bn), increasing 67.8% compared to H1 2015. As a result, average deal size rose to US$ 251.6m, marking its highest since 2012 (US$ 328.1m).

u A surge in consolidation between Japanese companies is driving M&A activity, as businesses snap up the less efficient within a crowded market. During H1 2016, 175 domestic deals worth US$ 27.2bn represented a 93.4% increase by value compared to H1 2015 (US$ 14.0bn), despite accounting for 29 fewer deals. A surge in big-ticket deals has fuelled the rise, with six domestic deals over US$ 1bn recorded, compared to just three in H1 2015.

u Following an impressive 2015 for overseas deal activity, Japan’s outbound M&A has slowed during the first half of 2016, with 125 deals worth US$ 16.1bn dropping 70.7% by value compared to H1 2015 (US$ 55.1bn), its lowest half-year value since H1 2013 (US$ 12.8bn). The size of deals has shrunk dramatically, with just four outbound deals over US$ 1bn announced in H1 2016, compared to 14 during the same period in 2015.

u This drop in outbound activity has been felt most acutely within the Financial Services industry, which proved 2015's most targeted sector by Japanese investors. In terms of Japan's overseas M&A activity, the industry saw 27 deals worth US$ 34.8bn during 2015, marking its highest annual total on record. However a fall in activity was seen in H1 2016, with just US$ 1.3bn-worth of deals representing a substantial 92% drop in value compared to H1 2015, and its lowest half year value since H2 2009 (US$ 409m).

15

Japan


Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

5.9 17-Mar Canon Inc Japan Toshiba Medical Systems Corporation Toshiba Corporation

3.3 29-Jan Toyota Motor Corporation Japan

Daihatsu Motor Company Ltd (48.8% Stake)

3.0 13-May Nippon Steel & Sumitomo Metal Corporation Japan Nisshin Steel Co Ltd (42.8%

Stake)

2.5 30-Mar

Hon Hai Precision Industry Co, Ltd; Foxconn Technology Pte

Ltd; and SIO International Holdings Limited

Taiwan Sharp Corporation (66% Stake)

2.4 15-Apr Daiwa House Residential Investment Corporation Japan Daiwa House REIT Investment

Corp

Sector key

Pharma, Medical & Biotech Industrials Consumer Real Estate


H1 2016

H1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 3 Morgan Stanley 28,886 21 14,400 100.6%

2 1 Nomura Holdings 22,578 42 19,592 15.2%

3 2 Mizuho Financial Group 16,744 23 16,894 -0.9%

4= 4 Bank of America Merrill Lynch 8,600 2 12,710 -32.3%

4= 26 Raine Group 8,600 2 1,200 616.7%

6 5 JPMorgan 6,597 3 11,403 -42.1%

7 6 Lazard 6,391 2 11,167 -42.8%

8 17 Daiwa Securities Group 6,091 26 3,368 80.8%

9 10 Sumitomo Mitsui Financial Group 5,031 23 9,602 -47.6%

10 11 Credit Suisse 4,380 3 9,134 -52.0%

11 12 Deutsche Bank 3,886 2 8,684 -55.3%

12 - China International Capital 3,500 1 - -

13 23 Rothschild 3,320 3 1,489 123.0%

14= 14 Citi 3,055 1 6,577 -53.6%

14= - Wells Fargo Securities 3,055 1 - -

16



u As a result of a few big-ticket deals, H1 deal value (174 deals, US$ 26.8bn) stormed 50.8% ahead of H1 2015 (244 deals, US$ 17.8bn), despite accounting for 70 fewer deals. The size of deals taking place within the region is increasing, with an average deal size of US$ 219.3m up compared to US$ 163.3m in 2015, reaching its highest value since 2013 (US$ 229.2m).

u Energy, Mining & Utilities M&A continues to feel the effects of volatile commodity prices seen over the past year. Despite China Molybdenum's US$ 2.7bn acquisition of a 56% stake in Congo-based Tenke Fungurume Mining bolstering Chinese activity (three deals, US$ 4.0bn), an uptick in the number of deals has not been seen. With just 18 deals announced, deal volume within the sector saw its lowest H1 performance since 2003 (nine deals).

u As part of a global M&A strategy of picking up valuable assets abroad, Chinese dealmakers are investing in high valued transactions within the region. With seven deals worth US$ 4.5bn announced, H1 2016 has already overtaken 2015’s total annual value (US$ 1.9bn) by 139.2%. This surge in activity has overtaken all annual values since 2013 US$ 9.0bn), and stands just three deals away from 2015's record-breaking total deal volume.

u M&A targeting the Consumer sector has gathered pace within the region, driven by M&A within the food sub-sector. During H1 2016, 16 deals worth US$ 10.4bn targeting the sub-sector has overtaken all annual deal values on record. According to Mergermarket intelligence, a change in eating habits, such as an increase in dining out and ordering takeaways, has led to a rapid expansion and a wave of M&A within the food industry.

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


19.9 12.6 20.9 34.8

13.0 12.9 11.4 14.6

5.5 4.0 15.5 7.9

25.4 8.0 8.2 12.8

12.3 21.6 13.7 15.5

7.2 19.3 9.5 24.4

8.8 13.5 9.5 20.7

8.3

8.9

9.4

17.9

8.9 20.2

19.8 6.6 11.5 7.4

Total 88.2

Total 52.0

Total 33.0

Total 54.4

Total 45.3

Total 52.6

Total 63.0

Total 60.4

Total 46.9

Total 26.8

$2,805m

$1,208m

$1,326m

$1,664m

$1,545m

$1,709m

$4,411m

$761m

$444m

$1,363m

$1,647m

$11,894m

$7,523m


$1,575m


4.3%

42.4%

11.3%

2.5%

6.8%

9.3%

7.7%

15.8%

44.4%

16.5%

9.9%

6.1%

5.9%

5.8%

5.0%

6.4%

t

$2,665m

Consumer


Technology

Construction

Telecommunications

Financial Services


Other

$2,000mSector breakdown

Cross-border

H1 2016: $26.8bn

Up from H1 2015, despite accounting for 70 fewer deals

Highest average deal value since 2013 ($229.2m)

Up from $5.6bn in H1 2015, with three more deals

H1 2016 vs. H1 2015

Deals valued> US$ 1bn

Average deal size

Energy, Mining & Utilities$4.4bn18 deals

Outbound$8.4bn67 deals

China Inbound$4.5bn7 deals

Domestic$14.3bn83 deals

Technology$2.7bn27 deals

139.3%

$148.5$219.3m

55.0%

62.6%

32.8% vs. H1 2015

vs. H1 2015

vs. FY 2015

$15.3bn

76.6% vs. H1 2015

50.8%

vs. FY 2015

41.4%vs. H1 2015

368.3%

Overtaking all annual deal values since 2013 ($9.0bn)

Up compared to H1 2015, despite 46 fewer deals. Lowest H1 volume since 2005


Lowest H1 value since 2013 ($8.3bn)

Consumer$11.9bn31 deals

Highest half-year value on record

Lowest half-year deal count since H1 2009 (17)

17



Sector key

Consumer Energy, Mining & Utilities Construction

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

5.8 14-Apr Bidvest Group Limited (Shareholders) South Africa Bid Corporation Limited South Africa Bidvest Group Limited

3.2 18-Jun Adeptio LLC United Arab Emirates

Kuwait Food Company (Americana) KSCP Kuwait Al-Khair National for Stocks

and Real Estate Co

2.7 09-May China Molybdenum Co Ltd China Tenke Fungurume Mining SA (56% Stake) Congo Freeport-McMoRan Inc

1.3 06-MayYTL Power International Berhad; and Guangdong

Yudean Group Co LtdChina Attarat Power Company (60%

Stake) Jordan Eesti Energia AS; and Near East Investments

1.3 17-Mar LaFarge Maroc Morocco Holcim Maroc Morocco LaFargeHolcim Ltd


H1 2016

H1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 7 Standard Bank Group 6,727 7 5,300 26.9%

2 17 Rothschild 4,791 4 2,202 117.6%

3 1 JPMorgan 4,337 2 11,156 -61.1%

4 22 Lazard 3,931 6 1,371 186.7%

5 10 Citi 3,774 3 3,767 0.2%

6 3 Goldman Sachs 3,335 2 8,956 -62.8%

7 29 Jefferies 2,661 5 561 374.3%

8 - Societe Generale 2,146 2 - -

9 16 Moelis & Company 1,650 3 2,300 -28.3%

10= 23 Credit Suisse 1,497 2 1,230 21.7%

10= 32 Houlihan Lokey 1,497 2 459 226.1%

12 - Zaoui & Co 1,246 1 - -

13 27 UBS Investment Bank 1,213 4 770 57.5%

14 50 Evercore Partners 1,118 2 237 371.7%

15 39 RBC Capital Markets 940 1 391 140.4%

16 - Arma Partners 930 2 - -

17 5 Morgan Stanley 765 5 5,932 -87.1%

18 38 BNP Paribas 648 2 391 65.7%

19 8 Rand Merchant Bank 629 2 4,103 -84.7%

20 2 Bank of America Merrill Lynch 613 2 9,215 -93.3%

18

Global league tables


Global by deal countRank Company name H1 2016

H1 2016

H1 2015

Value (US$m)

Deal Count

Count change

1 2 KPMG 6,351 149 -27

2 1 PwC 20,869 143 -80

3 6 Deloitte 9,116 132 -6

4 3 Goldman Sachs 424,446 123 -43

5 8 Rothschild 78,760 122 -9

6 4 Morgan Stanley 258,838 121 -31

7 5 JPMorgan 204,428 102 -42

8 9 Lazard 116,565 102 -13

9 13 Credit Suisse 146,170 89 5

10 7 EY 6,382 84 -51

11 11 Citi 176,003 82 -14

12 15 Houlihan Lokey 16,759 81 0

13 16 Barclays 167,059 80 4

14 10 Bank of America Merrill Lynch 202,381 79 -21

15 20 UBS Investment Bank 137,979 71 11

Global by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 424,446 123 -31.4%

2 2 Morgan Stanley 258,838 121 -41.4%

3 4 JPMorgan 204,428 102 -50.8%

4 3 Bank of America Merrill Lynch 202,381 79 -51.8%

5 5 Citi 176,003 82 -47.1%

6 10 Barclays 167,059 80 -1.2%

7 9 Deutsche Bank 148,809 63 -28.4%

8 7 Credit Suisse 146,170 89 -47.5%

9 17 UBS Investment Bank 137,979 71 58.9%

10 16 Evercore Partners 124,120 64 41.3%

11 6 Lazard 116,565 102 -60.7%

12 66 China International Capital 102,592 25 1,261%

13 21 RBC Capital Markets 84,168 68 43.8%

14 13 HSBC 83,299 21 -29.9%

15 11 Rothschild 78,760 122 -53.2%

19

Europe league tables


Europe by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 3 KPMG 4,926 122 7

2 2 Rothschild 70,719 106 -9

3 1 PwC 8,733 97 -44

4 5 Deloitte 4,688 84 -5

5 6 Lazard 82,496 68 -4

6 4 EY 2,633 61 -36

7 7 Goldman Sachs 185,151 51 -20

8 23 BNP Paribas 25,437 47 20

9 9 Morgan Stanley 104,059 42 -17

10 22 Credit Suisse 88,205 40 12


12 12 Citi 88,147 37 -11

13 8 JPMorgan 88,652 36 -24

14 14 Deutsche Bank 102,811 35 -5


Europe by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 185,151 51 -22.3%

2 3 Morgan Stanley 104,059 42 -44.1%

3 7 Deutsche Bank 102,811 35 9.5%

4 6 JPMorgan 88,652 36 -37.3%

5 10 Credit Suisse 88,205 40 39.3%

6 8 Citi 88,147 37 4.3%



9 4 Lazard 82,496 68 -50.9%

10 11 Barclays 81,632 33 46.1%

11 19 HSBC 73,976 18 319.5%

12 5 Rothschild 70,719 106 -50.1%


14 - CITIC Securities 50,121 2 -

15 84 N+1 50,115 27 3,090%

20



UK by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 1 Rothschild 22,635 32 -20

2 5 KPMG 753 29 -2

3 9 Lazard 24,010 24 1

4 2 PwC 3,704 24 -16

5 6 Deloitte 1,790 20 -9

6 11 Barclays 23,372 17 -2


8 3 Goldman Sachs 34,507 15 -24


10 24 Evercore Partners 7,348 15 4

11 12 Grant Thornton 211 15 -4

12 15 BDO 31 15 -1

13 10 Morgan Stanley 17,138 14 -8

14 7 EY 702 14 -13

15 20 M&A International 103 14 1

UK by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change


2 1 Goldman Sachs 34,507 15 -76.8%

3 12 Deutsche Bank 30,305 10 31.9%


5 5 Lazard 24,010 24 -75.4%

6 7 JPMorgan Cazenove 23,451 10 -56.5%

7 8 Barclays 23,372 17 -36.2%

8 4 Rothschild 22,635 32 -79.9%

9 24 HSBC 21,371 9 257.9%


11 3 Morgan Stanley 17,138 14 -86.5%

12 - Societe Generale 15,668 3 -

13 11 Perella Weinberg Partners 15,652 3 -42.7%

14 6 Robey Warshaw 14,812 1 -81.7%

15 10 Citi 11,322 13 -62.1%

Ireland by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 2 Goldman Sachs 51,865 3 -5

2 5 Morgan Stanley 36,114 3 -2


4 22 PwC 76 3 1

5= 15 Barclays 51,385 2 0

5= 18 Citi 51,385 2 0

7 10 Lazard 16,278 2 -1

8 3 Davy Corporate Finance 126 2 -5

9 14 KPMG 102 2 -1

10 - Key Capital 32 2 -

11 43 Deloitte 25 2 1

12 56 Clearwater International - 2 1

13 16 Deutsche Bank 35,219 1 -1

14 35 Centerview Partners 16,166 1 0

15= - MTS Health Partners 1,242 1 -

15= - RBC Capital Markets 1,242 1 -

Ireland by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 51,865 3 102.2%

2= 3 Barclays 51,385 2 329.0%

2= 13 Citi 51,385 2 781.1%

4 7 Morgan Stanley 36,114 3 318.1%


6 6 Deutsche Bank 35,219 1 293.6%

7 14 Lazard 16,278 2 203.3%

8 26 Centerview Partners 16,166 1 1,756%

9= - MTS Health Partners 1,242 1 -

9= - RBC Capital Markets 1,242 1 -

11= 2 JPMorgan 1,094 1 -95.2%

11= - Perella Weinberg Partners 1,094 1 -

13 36 Piper Jaffray & Co 895 1 645.8%

14 23 Jefferies 360 1 -68.4%

15= - LionTree Advisors 260 1 -

15= - Nomura Holdings 260 1 -

21



Germanic by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 20 Credit Suisse 71,510 21 13

2 4 PwC 2,355 21 -1

3 1 KPMG 378 21 -13

4 5 Rothschild 19,290 19 0

5 13 Lazard 41,867 17 6

6 14 Deutsche Bank 40,429 16 6

7 3 Deloitte 1,475 15 -12

8 16 Lincoln International - 14 5


10 30 N+1 49,332 13 8

11 2 EY 1,237 13 -16

12 7 JPMorgan 69,306 12 -2

13 18 Globalscope Partners - 12 3

14 15 Bank of America Merrill Lynch 37,999 11 2

15 10 Citi 13,890 11 -2

Germanic by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs 80,512 13 114.0%

2 8 Credit Suisse 71,510 21 435.2%

3 1 JPMorgan 69,306 12 67.4%


5 19 HSBC 61,204 4 1,173%

6 - CITIC Securities 50,121 2 -

7 36 N+1 49,332 13 3,657%

8= - CCB International 45,860 1 -

8= - China International Capital 45,860 1 -

8= - Dyalco 45,860 1 -

11 11 Lazard 41,867 17 293.6%

12 9 Deutsche Bank 40,429 16 212.1%

13 3 Bank of America Merrill Lynch 37,999 11 31.7%

14 6 Morgan Stanley 20,997 10 15.6%

15 5 Perella Weinberg Partners 20,787 4 8.2%

Germany by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 5 Rothschild 16,412 15 2

2 1 KPMG 344 13 -13


4= 11 Globalscope Partners - 12 3

4= 18 Lincoln International - 12 6

6 20 Goldman Sachs 34,652 11 6

7 4 PwC 1,994 11 -4

8 13 Lazard 35,848 10 3

9 3 Deloitte 10 10 -7


11 7 Citi 10,378 8 -2

12 2 EY 234 8 -14

13 43 Raymond James & Associates - 8 5

14 6 JPMorgan 20,540 7 -3


Germany by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change


2 8 Deutsche Bank 36,089 12 307.5%

3 11 Lazard 35,848 10 655.6%

4 2 Goldman Sachs 34,652 11 47.0%

5 3 Perella Weinberg Partners 20,787 4 8.2%

6 1 JPMorgan 20,540 7 -32.5%

7 6 Morgan Stanley 18,690 7 31.6%


9 12 Rothschild 16,412 15 331.2%

10 7 Barclays 16,044 4 31.5%

11 54 RBC Capital Markets 15,718 3 12,375%

12 26 HSBC 15,344 2 1,935%

13 9 Credit Suisse 15,320 7 159.8%

14= - Robey Warshaw 14,812 1 -

14= - Societe Generale 14,812 1 -

22



France by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 1 Rothschild 34,658 47 0

2 3 BNP Paribas 13,114 32 16

3 9 Natixis 9,898 23 11

4 2 Lazard 18,382 21 -3

5 5 Credit Agricole 12,363 20 7

6 8 KPMG 1,160 20 7

7 11 Deloitte 360 13 3


9 15 JPMorgan 7,668 12 5

10 10 Lincoln International 231 11 0


12 4 Societe Generale 11,019 8 -6

13 7 DC Advisory 228 8 -5

14 19 Edmond de Rothschild Corporate Finance - 8 2

15 16 HSBC 6,072 7 0

France by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 12 Rothschild 34,658 47 111.4%


3 8 Goldman Sachs 19,039 12 -7.3%

4 3 Lazard 18,382 21 -37.9%

5 6 BNP Paribas 13,114 32 -41.9%

6 13 Credit Agricole 12,363 20 -22.5%

7 5 Morgan Stanley 11,343 6 -59.5%

8 1 Societe Generale 11,019 8 -64.8%

9 21 Natixis 9,898 23 345.7%

10 2 JPMorgan 7,668 12 -74.9%

11 9 Credit Suisse 7,425 6 -62.4%

12= - JayDee Partners 6,155 1 -

12= - Maybank Investment Bank 6,155 1 -

14 18 HSBC 6,072 7 -11.2%

15 - Evercore Partners 5,794 3 -

Benelux by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 7 Rothschild 5,296 15 2

2 1 KPMG 225 15 -2

3 10 Deloitte 72 13 2

4 6 ING 476 12 -2


6 3 PwC 183 10 -6

7 2 Lazard 6,121 9 -7

8 133 Houlihan Lokey 349 9 8

9 12 BNP Paribas 578 8 0

10 18 Nielen Schuman 80 8 1

11 5 EY 1,097 7 -8

12 11 ABN AMRO Bank 1,056 6 -3

13 4 Rabobank 297 6 -9

14 15 BDO - 6 -2

15 21 Degroof Petercam 298 5 -1

Benelux by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 3 Goldman Sachs 16,117 11 -84.1%


3 1 Morgan Stanley 8,801 3 -91.6%

4 9 Credit Suisse 7,656 4 -56.9%

5= 11 LionTree Advisors 6,977 1 -11.2%

5= 6 Robey Warshaw 6,977 1 -91.4%

7 14 Citi 6,584 4 81.8%

8 2 Lazard 6,121 9 -94.1%

9 8 Deutsche Bank 5,916 3 -67.0%

10 5 Rothschild 5,296 15 -93.7%

11 130 Greenhill & Co 3,490 2 -

12 15 Barclays 1,280 2 -64.4%

13 - Mizuho Financial Group 1,208 2 -

14 - Ophoenix Capital Management 1,102 1 -

15 44 EY 1,097 7 280%

23



Iberia by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 2 KPMG 1,572 27 4

2 3 Deloitte 461 16 -5

3 1 PwC 3,258 14 -18

4 12 Banco Bilbao Vizcaya Argentaria 1,727 10 5

5 74 N+1 150 8 7

6 4 EY 29 8 -5

7 20 Santander Global Banking and Markets 797 6 3


9 21 BNP Paribas 9,119 5 2

10 7 Citi 3,690 5 -4

11 8 Lazard 2,791 5 -3

12 56 Haitong Securities 234 5 4

13 6 Rothschild 1,719 4 -6

14 - Credit Agricole 763 4 -

15 75 Norgestion 174 4 3

Iberia by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 16 Deutsche Bank 9,818 3 605.3%

2 2 Morgan Stanley 9,484 5 -20.4%

3 27 BNP Paribas 9,119 5 2,823%

4= 62 Credit Suisse 7,475 2 -

4= 3 Goldman Sachs 7,475 2 -18.6%

6 1 Citi 3,690 5 -69.8%

7 9 PwC 3,258 14 0.8%


9 4 Lazard 2,791 5 -69.4%

10 21 Banca IMI/Intesa Sanpaolo 1,906 3 145.9%

11 8 UBS Investment Bank 1,872 2 -55.8%

12 25 Barclays 1,809 3 352.3%

13 24 Banco Bilbao Vizcaya Argentaria 1,727 10 240.0%

14 6 Rothschild 1,719 4 -63.0%

15 5 KPMG 1,572 27 -70.5%

Spain by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 2 KPMG 1,504 24 1

2 3 Deloitte 448 13 -8

3 1 PwC 3,258 11 -20

4 11 Banco Bilbao Vizcaya Argentaria 1,727 10 5

5 66 N+1 150 8 7

6 4 EY 29 8 -3

7 16 Santander Global Banking and Markets 797 6 3


9 22 BNP Paribas 9,119 5 3

10 8 Lazard 2,791 5 -3

11 7 Citi 3,690 4 -4

12 6 Rothschild 1,719 4 -6

13 67 Norgestion 174 4 3



Spain by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 19 Deutsche Bank 9,818 3 1,770%

2 1 Morgan Stanley 9,484 5 -20.4%

3 23 BNP Paribas 9,119 5 4,181%

4 3 Goldman Sachs 7,475 2 -18.2%

5 55 Credit Suisse 7,475 1 -

6 2 Citi 3,690 4 -68.8%

7 9 PwC 3,258 11 0.8%


9 4 Lazard 2,791 5 -69.4%



12 54 Barclays 1,809 2 -


14 6 Rothschild 1,719 4 -63.0%

15 5 KPMG 1,504 24 -71.8%

24



Italy by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 13 KPMG 1,263 26 19

2 2 UniCredit Group 7,462 22 6

3 1 Mediobanca 9,913 13 -6


5 3 Banca IMI/Intesa Sanpaolo 4,553 12 -2

6 7 PwC 945 10 1

7 40 EY 555 10 8

8 16 Fineurop Soditic 495 9 3

9 8 Lazard 8,115 7 -1

10 6 Vitale & Co 2,093 7 -2

11 28 Deloitte 484 7 4

12 27 BNP Paribas 3,261 6 3

13 14 Leonardo & Co 2,648 6 0

14 29 N+1 117 6 3

15 12 Deutsche Bank 7,600 5 -2

Italy by deal valueRank Company name H1 2016

H 1 2016

H12015

Value (US$m)

Deal Count

Value change

1 4 Mediobanca 9,913 13 -24.2%

2 7 Lazard 8,115 7 -20.0%

3 3 Deutsche Bank 7,600 5 -50.0%

4 13 UniCredit Group 7,462 22 24.4%

5 6 Rothschild 6,735 12 -40.0%


7 8 Citi 4,956 4 -47.3%


9 - Colombo & Associati 3,518 1 -

10 22 BNP Paribas 3,261 6 33.2%

11 5 JPMorgan 2,928 4 -76.5%

12 19 Leonardo & Co 2,648 6 -24.1%


14 11 Morgan Stanley 2,139 4 -67.9%

15 21 Vitale & Co 2,093 7 -19.3%

Nordics by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 PwC 2,441 26 -8

2 11 Danske Bank Corporate Finance 1,576 16 8

3 14 ABG Sundal Collier Holding 1,754 15 8

4 8 SEB 13,336 14 5

5 4 Carnegie Investment Bank 5,224 14 0

6 7 KPMG 747 13 3

7 3 EY 119 12 -6

8 12 Rothschild 14,381 10 2

9 37 Handelsbanken Capital Markets 11,943 10 7

10 5 M&A International 74 10 -2

11 2 Deloitte 100 9 -9

12 28 Swedbank 1,805 8 4


14 32 Citi 6,669 7 4

15 31 United Bankers Group - 7 3

Nordics by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change

1 31 Rothschild 14,381 10 2,748%

2 3 Morgan Stanley 14,011 7 -29.1%

3 12 SEB 13,336 14 41.6%


5 44 Handelsbanken Capital Markets 11,943 10 4,275%

6 - Centerview Partners 9,933 1 -

7= 21 Mizuho Financial Group 8,600 1 616.7%

7= 22 Raine Group 8,600 1 616.7%

9 4 Goldman Sachs 7,006 6 -63.1%

10 2 Citi 6,669 7 -68.9%

11 19 Nordea 5,487 6 247.9%

12 43 Carnegie Investment Bank 5,224 14 1,677%

13 15 Jefferies 4,142 5 103.8%

14 5 Lazard 3,912 5 -77.7%

15 18 Pangea Property Partners 3,126 1 92.4%

25



Denmark by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 9 Danske Bank Corporate Finance 339 8 5

2 2 PwC 106 7 -3

3 13 SEB 626 6 4

4 1 Deloitte 67 6 -8

5 3 Carnegie Investment Bank 101 5 -3

6 6 Clearwater International 87 5 0

7 10 FIH Partners 1,066 3 0

8 32 ABG Sundal Collier Holding 60 3 2

9 16 Rothschild 555 2 0

10 17 KPMG 352 2 0

11 37 Handelsbanken Capital Markets 24 2 1

12 - IMAP M&A Consultants 11 2 -

13= 11 Atrium Partners - 2 -1

13= 4 EY - 2 -5

13= 5 M&A International - 2 -4

Denmark by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change


2= 40 Jefferies 1,080 1 -

2= 20 Lazard 1,080 1 1,201%

2= 13 Moelis & Company 1,080 1 404.7%

5 24 FIH Partners 1,066 3 2,861%

6 16 Citi 993 1 700.8%

7 1 SEB 626 6 -86.6%

8 11 Rothschild 555 2 159.3%

9 22 KPMG 352 2 540%

10= 6 JPMorgan 352 1 35.9%

10= - MHS Corporate Finance 352 1 -

12= - Rabobank 340 1 -

12= - Robert W. Baird & Co 340 1 -

14 15 Danske Bank Corporate Finance 339 8 85.2%

15= - Piper Jaffray & Co 185 1 -

15= 17 William Blair & Company 185 1 68.2%

Norway by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 2 ABG Sundal Collier Holding 1,646 9 3

2 14 Swedbank 1,805 7 5

3 7 Danske Bank Corporate Finance - 6 2

4 6 Arctic Securities 2,803 5 1

5 38 Alpha Corporate Finance 170 5 4

6 4 EY - 5 0

7 3 Carnegie Investment Bank 1,563 4 -2

8 5 Pareto Securities 433 4 -1

9 - Morgan Stanley 2,307 3 -


11 12 SEB 672 3 1

12 - KPMG 335 3 -

13 15 DNB Markets 198 3 1

14 1 PwC 73 3 -5

15 8 M&A International - 3 -1

Norway by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 3 Arctic Securities 2,803 5 72.5%

2 - Morgan Stanley 2,307 3 -

3 20 Swedbank 1,805 7 2,185%

4 9 ABG Sundal Collier Holding 1,646 9 366.3%

5 1 Goldman Sachs 1,602 3 -24.0%

6 18 Carnegie Investment Bank 1,563 4 1,432.%

7 - Citi 1,259 1 -

8 - China International Capital 881 1 -

9 - Barclays 677 2 -

10 2 SEB 672 3 -59.8%

11 19 Pareto Securities 433 4 381.1%

12 - KPMG 335 3 -

13= - Altamar Advisory Partners 335 1 -

13= - Bank of America Merrill Lynch 335 1 -

15 - Advium Corporate Finance 322 2 -

26



Sweden by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 1 PwC 2,262 18 1

2 28 Handelsbanken Capital Markets 11,943 9 7


4 10 Carnegie Investment Bank 3,856 8 3


6 18 KPMG 24 7 4

7 22 United Bankers Group - 7 4

8 6 SEB 10,605 6 1


10 14 ABG Sundal Collier Holding 210 6 2

11 33 HDR Partners 82 6 4

12 11 Morgan Stanley 4,036 4 0

13 24 Citi 3,142 4 2

14 26 JPMorgan 2,687 4 2

15 30 Evli Bank 44 4 2

Sweden by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 36 Rothschild 14,057 8 19,156%

2 24 Handelsbanken Capital Markets 11,943 9 4,275%

3 6 SEB 10,605 6 238.4%

4 - Centerview Partners 9,933 1 -

5 76 Goldman Sachs 5,404 3 -

6 5 Morgan Stanley 4,036 4 28.5%

7 57 Carnegie Investment Bank 3,856 8 -

8 28 Bank of America Merrill Lynch 3,366 2 2,057.7%

9 9 Nordea 3,310 3 132.9%

10 3 Citi 3,142 4 -55.9%

11 - Pangea Property Partners 3,126 1 -

12 14 JPMorgan 2,687 4 495.8%

13 - Jefferies 2,512 2 -

14 4 Lazard 2,511 3 -20.6%

15 25 PwC 2,262 18 756.8%

Finland by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 17 PCA Corporate Finance 44 6 4

2 10 SEB 2,105 4 1

3 20 MCF Corporate Finance - 4 2

4 39 Nordea 2,077 3 2


6 19 Advium Corporate Finance 322 3 1

7 55 Evli Bank 44 3 2

8 2 KPMG 36 3 -3

9 - Translink Corporate Finance - 3 -

10 13 Citi 1,275 2 0

11 21 Sisu Partners 402 2 0

12 11 Access Partners 80 2 -1

13= 4 EY - 2 -2

13= - Globalscope Partners - 2 -

13= 36 Handelsbanken Capital Markets - 2 1

Finland by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change

1= 6 Bank of America Merrill Lynch 8,600 1 -40.0%

1= 18 Mizuho Financial Group 8,600 1 616.7%

1= 3 Morgan Stanley 8,600 1 -48.2%

1= 19 Raine Group 8,600 1 616.7%

5 13 SEB 2,105 4 15.8%

6 31 Nordea 2,077 3 2,373%

7 2 Citi 1,275 2 -94.0%

8= 8 Credit Suisse 1,275 1 -91.1%

8= - Perella Weinberg Partners 1,275 1 -

10 12 Danske Bank Corporate Finance 782 3 -89.3%

11= 4 Goldman Sachs 712 1 -95.7%

11= - Jefferies 712 1 -

13 48 Sisu Partners 402 2 -

14 - Novum Securities 402 1 -

15 46 Advium Corporate Finance 322 3 -

27



Turkey by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 - EY 231 3 -

2 5 Pragma Corporate Finance - 3 0

3 - Goldman Sachs 689 2 -

4 19 KPMG 250 2 1

5 3 IS Investment Securities 110 2 -2

6 4 PwC - 2 -1

7= - Citi 689 1 -

7= - Morgan Stanley 689 1 -

9 - Stamford Partners 110 1 -

10= - MP Corporate Finance 101 1 -

10= 8 Odin Financial Advisors 101 1 -1

12 - Standard Chartered 86 1 -

13 15 N+1 50 1 0

14 - Deloitte 39 1 -

15= - Endeavour Financial 18 1 -

15= - RBC Capital Markets 18 1 -

Turkey by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change

1 - Goldman Sachs 689 2 -

2= - Citi 689 1 -

2= - Morgan Stanley 689 1 -

4 19 KPMG 250 2 -

5 - EY 231 3 -

6 4 IS Investment Securities 110 2 -67.1%

7 - Stamford Partners 110 1 -

8= - MP Corporate Finance 101 1 -

8= 7 Odin Financial Advisors 101 1 -8.2%

10 - Standard Chartered 86 1 -

11 13 N+1 50 1 16.3%


13= - Endeavour Financial 18 1 -

13= - RBC Capital Markets 18 1 -

15 15 Pragma Corporate Finance - 3 -

CEE by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 15 EY 73 11 -6


3 5 UniCredit Group 938 8 -1

4 30 PwC 265 8 1

5 35 Deloitte 253 8 2

6 51 Trigon Group 675 5 4

7 34 KPMG 73 5 -3

8 1 JPMorgan 808 4 -1

9 19 Lazard 227 3 1

10 43 Patria Corporate Finance - 3 -3

11 7 Bank of America Merrill Lynch 409 2 1

12 11 Morgan Stanley 328 2 1

13 3 Citi 160 2 -3

14 - Scotiabank 125 2 -

15= - Danske Bank Corporate Finance 124 2 -

15= - Swedbank 124 2 -

CEE by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 18 Rothschild 1,781 9 449.7%

2 5 UniCredit Group 938 8 -51.4%

3 1 JPMorgan 808 4 -83.6%

4 51 Trigon Group 675 5 7,400%

5 7 Bank of America Merrill Lynch 409 2 -73.1%

6 4 Goldman Sachs 409 1 -82.5%

7 11 Morgan Stanley 328 2 -68.0%

8 30 PwC 265 8 167.7%

9 - Jamieson Corporate Finance 265 1 -

10 35 Deloitte 253 8 237.3%

11 19 Lazard 227 3 -26.8%

12 3 Citi 160 2 -93.7%

13 79 VTB Capital 160 1 -


15= - Danske Bank Corporate Finance 124 2 -

15= - Swedbank 124 2 -

28



Poland by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 28 Trigon Group 675 5 4

2 12 UniCredit Group 631 5 3

3 5 PwC 265 5 2

4 23 Rothschild 194 4 3

5 1 Deloitte 214 3 -2

6 4 KPMG 73 3 0

7 16 JPMorgan 674 2 1

8 - Morgan Stanley 328 2 -

9 20 Saski Partners 30 2 1

10= 13 Bank of America Merrill Lynch 409 1 0

10= - Goldman Sachs 409 1 -


13 - Lazard 131 1 -

14 17 UBS Investment Bank 103 1 0

15 - The Valence Group 91 1 -

Poland by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 24 Trigon Group 675 5 7,400%

2 4 JPMorgan 674 2 -55.6%

3 28 UniCredit Group 631 5 -

4= 1 Bank of America Merrill Lynch 409 1 -73.1%

4= - Goldman Sachs 409 1 -

6 - Morgan Stanley 328 2 -

7 25 PwC 265 5 3,213%


9 11 Deloitte 214 3 185.3%

10 17 Rothschild 194 4 708.3%

11 - Lazard 131 1 -

12 6 UBS Investment Bank 103 1 -76.2%

13 - The Valence Group 91 1 -

14 18 KPMG 73 3 305.6%

15 13 Saski Partners 30 2 -51.6%

Russia by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 2 Rothschild 1,280 2 -1


3= 6 Citi 160 1 0

3= 17 VTB Capital 160 1 0

5 - Ingenious Corporate Finance 35 1 -

6 8 China Renaissance Partners 32 1 0

7 - Sozvezdie Capital 9 1 -

8= - Clearwater International - 1 -

8= - Concorde MB Partners - 1 -

8= 9 EY - 1 0

8= - PwC - 1 -

8= - Trigon Group - 1 -

8= - UniCredit Group - 1 -

Russia by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 2 Rothschild 1,280 2 326.7%

2= 4 Citi 160 1 -38.7%

2= 17 VTB Capital 160 1 -


5 - Ingenious Corporate Finance 35 1 -

6 7 China Renaissance Partners 32 1 -68.0%

7 - Sozvezdie Capital 9 1 -

8= - Clearwater International - 1 -

8= - Concorde MB Partners - 1 -

8= 9 EY - 1 -

8= - PwC - 1 -

8= - Trigon Group - 1 -

8= - UniCredit Group - 1 -

29

Americas league tables


Americas by deal countRank Company name H1 2016

H1 2016

H1 2015

Value (US$m)

Deal Count

Count change

1 1 Goldman Sachs 299,937 86 -30

2 2 JPMorgan 122,407 76 -18

3 4 Houlihan Lokey 16,031 71 -8

4 3 Morgan Stanley 179,466 68 -26

5 6 Barclays 146,164 65 0

6 17 RBC Capital Markets 66,934 62 20


8 7 Lazard 63,393 56 -8


10 8 Citi 151,792 53 -10

11 11 Credit Suisse 64,283 51 -10

12 13 Jefferies 30,748 49 0

13 16 Raymond James & Associates 3,201 45 2

14 23 Rothschild 21,993 44 8

15 21 Deloitte 5,358 44 7

Americas by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 299,937 86 -15.9%

2 5 Morgan Stanley 179,466 68 -28.2%

3 3 Citi 151,792 53 -41.3%

4 8 Barclays 146,164 65 -3.6%



7 2 JPMorgan 122,407 76 -61.0%

8 11 Deutsche Bank 103,863 38 -11.9%


10 7 Credit Suisse 64,283 51 -69.2%

11 9 Lazard 63,393 56 -58.2%

12 29 Wells Fargo Securities 52,397 29 334.0%

13 12 Guggenheim Partners 47,485 8 -59.2%


15 27 Qatalyst Group 31,630 6 50.9%

US by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 Goldman Sachs 287,768 81 -24

2 2 JPMorgan 112,019 73 -18


4 3 Morgan Stanley 174,043 64 -21

5 8 Barclays 134,788 57 -2



8 11 Jefferies 30,036 48 0

9 7 Citi 136,991 46 -13

10 6 Lazard 60,455 46 -14

11 10 Credit Suisse 45,871 45 -9


13 13 Stifel/KBW 12,901 41 -4


15 21 Rothschild 16,403 36 5

US by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 287,768 81 -16.8%

2 5 Morgan Stanley 174,043 64 -28.0%


4 3 Citi 136,991 46 -45.4%

5 9 Barclays 134,788 57 -6.1%


7 2 JPMorgan 112,019 73 -63.3%

8 13 Deutsche Bank 97,917 33 -4.6%

9 8 Lazard 60,455 46 -60.0%



12 11 Guggenheim Partners 47,485 8 -59.2%

13 7 Credit Suisse 45,871 45 -77.8%


15 26 Qatalyst Group 31,630 6 133.2%

30



US North East by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 Goldman Sachs 95,597 40 -14


3 3 JPMorgan 45,623 38 -4

4 10 Barclays 51,607 31 4




8 7 Credit Suisse 28,772 26 -5

9 12 Jefferies 21,955 25 2

10 9 Lazard 12,660 23 -4

11 5 Citi 42,620 21 -16

12 6 Deutsche Bank 31,451 19 -13

13 18 Rothschild 5,341 19 3

14 13 Lincoln International 1,258 17 -4

15 15 UBS Investment Bank 26,184 16 -1

US North East by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 95,597 40 -49.5%


3 12 Barclays 51,607 31 1.1%

4 9 JPMorgan 45,623 38 -57.1%

5 2 Morgan Stanley 44,096 31 -73.9%

6 4 Citi 42,620 21 -71.6%


8 13 Deutsche Bank 31,451 19 -13.9%

9 6 Credit Suisse 28,772 26 -77.6%


11 24 RBC Capital Markets 23,817 16 150%

12 21 Jefferies 21,955 25 85.3%


14 7 Lazard 12,660 23 -89.5%

15 3 Centerview Partners 12,325 5 -91.8%

US Mid West by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 2 Goldman Sachs 109,471 18 -11


3 10 Lincoln International 644 16 0

4 1 JPMorgan 32,060 15 -16

5 12 Citi 70,973 14 -1



8 7 Lazard 28,771 13 -4

9 5 Barclays 67,223 12 -7

10 17 Robert W. Baird & Co 1,899 12 1

11 19 Piper Jaffray & Co 962 12 2

12 8 Jefferies 4,149 11 -5

13 3 Morgan Stanley 56,997 10 -18



US Mid West by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 5 Goldman Sachs 109,471 18 89.3%


3 6 Citi 70,973 14 32.9%

4 7 Barclays 67,223 12 44.2%

5 4 Morgan Stanley 56,997 10 -31.0%


7 11 Guggenheim Partners 41,967 2 99.5%

8 15 Deutsche Bank 36,605 7 199.9%

9 1 JPMorgan 32,060 15 -73.1%

10 3 Lazard 28,771 13 -66.0%


12 53 Scotiabank 12,533 2 4,050%

13 47 Sandler O'Neill & Partners 8,213 7 1,737%


15 76 Rothschild 5,331 5 7,857%

31



US South by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 1 Goldman Sachs 123,641 31 -6

2 11 Barclays 47,177 27 7

3 3 JPMorgan 34,224 25 -7






9 12 Credit Suisse 23,459 21 2

10 15 Jefferies 11,870 21 3

11 9 Evercore Partners 14,459 20 -4

12 16 Citi 37,877 19 4

13 8 Lazard 18,430 19 -5

14 7 Stifel/KBW 9,766 19 -6

15 45 Robert W. Baird & Co 5,448 18 14

US South by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs 123,641 31 67.7%


3 5 Barclays 47,177 27 -1.4%

4 9 Deutsche Bank 44,541 16 32.0%



7 3 Citi 37,877 19 -42.4%

8 7 Morgan Stanley 36,793 23 -7.4%

9 1 JPMorgan 34,224 25 -61.3%

10 6 Credit Suisse 23,459 21 -50.9%

11 8 Lazard 18,430 19 -49.3%

12 10 Evercore Partners 14,459 20 -47.1%

13 106 BMO Capital Markets 11,907 5 9,350%

14 29 Jefferies 11,870 21 257.2%

15 44 Stifel/KBW 9,766 19 653.5%

US West by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change



3 3 JPMorgan 43,219 29 2


5 9 Barclays 23,278 18 1


7 19 Stifel/KBW 1,721 17 6


9 13 Citi 24,461 14 0

10 7 Jefferies 11,740 14 -4


12 16 Credit Suisse 15,006 13 1

13 8 Moelis & Company 3,642 13 -5


15 50 D.A. Davidson & Co 480 11 7

US West by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 75,479 29 -31.2%

2 10 Morgan Stanley 74,901 32 78.4%

3 2 JPMorgan 43,219 29 -56.1%

4 14 Qatalyst Group 31,630 6 140.4%


6 5 Deutsche Bank 29,741 8 -49.3%

7 7 Allen & Company 25,614 2 -50.8%

8 9 Citi 24,461 14 -45.8%

9 6 Barclays 23,278 18 -56.4%


11 11 Evercore Partners 19,533 18 -50.6%

12 8 Credit Suisse 15,006 13 -70.9%


14 16 Jefferies 11,740 14 -6.1%

15 44 China International Capital 9,568 2 672.9%

32



Canada by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change


2 22 Deloitte 548 18 12

3 6 National Bank Financial 3,802 14 2

4 2 BMO Capital Markets 15,646 13 -2

5 11 TD Securities 8,478 11 1


7 7 JPMorgan 27,047 10 -1

8 15 Lazard 25,198 9 1



11 3 CIBC World Markets 14,830 9 -6


13 20 Barclays 21,181 8 2

14 17 Scotiabank 16,879 8 1


C&S America by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 Banco BTG Pactual 3,040 9 -2

2 2 Banco Itau BBA 2,785 9 -2

3 33 Lazard 2,192 9 7

4 25 Citi 3,074 6 4

5 8 Santander Global Banking and Markets 1,081 6 1



8 5 Banco Bilbao Vizcaya Argentaria 4,689 5 -2

9 13 Banco Bradesco BBI 3,392 5 1

10 32 KPMG 338 5 3

11 10 JPMorgan 1,209 4 0

12 21 BR Partners 315 4 1

13 68 Artica Invest 20 4 3

14 - Greenhill & Co 10 4 -


C&S America by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change

1 7 Credit Suisse 5,733 2 124.5%

2 8 Morgan Stanley 5,492 5 124.7%


4 4 Rothschild 3,942 2 0.7%

5 11 Banco Bradesco BBI 3,392 5 75.9%


7 24 Citi 3,074 6 1,354%

8 6 Banco BTG Pactual 3,040 9 -0.7%

9 10 Banco Itau BBA 2,785 9 43.0%

10 48 Lazard 2,192 9 4,998%

11 19 Barclays 1,583 2 102.2%

12 1 Deutsche Bank 1,500 2 -71.8%

13= 3 Goldman Sachs 1,500 1 -62.6%

13= - Industrial Securities 1,500 1 -

15 25 Deloitte 1,350 2 425.3%

Canada by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 13 Goldman Sachs 41,936 10 355.0%

2 1 JPMorgan 27,047 10 -41.3%

3 32 Lazard 25,198 9 1,333%

4 6 Morgan Stanley 24,683 8 18.5%

5 - Wells Fargo Securities 22,454 3 -

6 12 Barclays 21,181 8 103.3%

7 9 Credit Suisse 18,818 9 29.3%

8 24 Scotiabank 16,879 8 469.7%

9 5 Citi 16,050 6 -25.8%

10 3 BMO Capital Markets 15,646 13 -59.1%


12 11 CIBC World Markets 14,830 9 29.1%

13 2 RBC Capital Markets 14,272 26 -66.4%

14 14 Macquarie Group 11,454 6 43.3%


33

Asia-Pacific league tables


Asia-Pacific(excl. Japan) by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 1 PwC 12,646 45 -23

2 4 Goldman Sachs 103,936 31 -4

3 13 Credit Suisse 81,391 31 11


5 10 Huatai United Securities 24,720 29 6

6 8 Deloitte 4,204 29 4


8 25 China International Capital 102,592 25 12

9 16 Citi 35,733 25 7

10 3 KPMG 988 25 -15

11 2 EY 3,881 24 -17

12 14 China Renaissance Partners 14,807 21 1

13 6 JPMorgan 70,669 19 -7

14 29 Lazard 13,912 19 9


Asia-Pacific(excl. Japan) by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 103,936 31 -7.7%


3 2 Credit Suisse 81,391 31 -4.5%


5 18 CITIC Securities 75,014 14 217.9%

6 8 JPMorgan 70,669 19 2.6%

7 3 HSBC 62,240 8 -26.6%

8 10 Morgan Stanley 53,060 30 -13.1%

9 241 N+1 47,839 5 85,327%

10 297 CCB International 46,195 3 271,635%

11 - Dyalco 45,860 1 -

12 6 Citi 35,733 25 -52.4%


14 31 Huatai United Securities 24,720 29 200.4%

15 19 Macquarie Group 14,916 14 -23.5%

*Based on advisors to bidder on buyout deals only with the target domininant geography being Asia-Pacific (excl. Japan)

34



Asia (excl. Australasia & Japan) by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 PwC 12,415 39 -14





6 16 Credit Suisse 71,338 25 10



9 3 EY 3,785 21 -9

10 2 KPMG 882 20 -10

11 7 JPMorgan 61,243 18 -5

12 20 Citi 22,746 18 5

13 36 Lazard 13,405 16 9

14 14 Southwest Securities Company 11,459 16 0

15 18 Deloitte 3,732 16 1

Australasia by deal countRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Count change

1 2 Macquarie Group 14,916 14 -1

2 4 Deloitte 589 14 1



5 11 Citi 12,987 7 1

6 1 PwC 231 7 -11

7 6 KPMG 223 6 -4



10 9 Gresham Advisory Partners 9,729 3 -3

11 17 Grant Samuel 9,497 3 -1

12= 14 Deutsche Bank 3,427 3 -2

12= 15 Morgan Stanley 2,142 3 -2

14 16 Rothschild 640 3 -2

15 22 Lazard 507 3 0

Australasia by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 4 Goldman Sachs 14,919 8 -4.9%

2 3 Macquarie Group 14,916 14 -13.6%

3 16 Citi 12,987 7 523.2%


5 13 Credit Suisse 12,393 8 287.9%

6 2 Gresham Advisory Partners 9,729 3 -45.6%

7 5 Grant Samuel 9,497 3 -20.2%

8 24 JPMorgan 9,426 1 753.8%

9 10 Deutsche Bank 3,427 3 -51.6%

10 14 Morgan Stanley 2,142 3 -13.7%

11 - China Renaissance Partners 1,594 1 -


13 68 RBC Capital Markets 869 2 3,119%

14 - Guosen Securities 755 1 -

15 15 Rothschild 640 3 -69.9%

Asia (excl. Australasia & Japan) by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change


2 1 Goldman Sachs 92,753 25 -4.3%

3 17 CITIC Securities 75,014 14 218%

4 3 Credit Suisse 71,338 25 -13.4%


6 2 HSBC 62,240 8 -26.6%

7 7 JPMorgan 61,243 18 -9.6%

8 10 Morgan Stanley 53,060 28 -9.5%

9 251 N+1 47,839 5 85,327%


11 - Dyalco 45,860 1 -



14 6 Citi 22,746 18 -69.0%

15 22 China Renaissance Partners 14,807 21 42.9%

35



Greater China by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change






6 9 Southwest Securities Company 11,459 16 0


8 13 China Securities 13,437 15 3

9 16 Haitong Securities 9,604 14 4

10 5 GF Securities 7,731 14 -3

11 7 CITIC Securities 74,233 13 -3

12 18 Credit Suisse 59,395 13 4

13 30 Citi 18,048 12 6

14 52 Lazard 11,685 12 9

15 15 PwC 7,066 12 1

Greater China by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change


2 4 Goldman Sachs 84,100 16 44.8%

3 6 CITIC Securities 74,233 13 214.5%


5 18 Credit Suisse 59,395 13 652.6%

6 1 HSBC 57,220 6 -30.7%

7 5 JPMorgan 54,942 11 91.3%

8 163 N+1 47,813 4 88,443%


10 - Dyalco 45,860 1 -

11 8 Morgan Stanley 40,118 19 114%



14 14 Citi 18,048 12 79.4%

15 13 China Renaissance Partners 14,807 21 42.9%

India by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 4 PwC 267 9 1

2 1 EY 383 8 -12

3 2 Avendus Capital 339 7 -7

4 5 JM Financial 5,187 6 0

5 17 Standard Chartered 3,301 5 3

6 39 Deloitte 497 5 4

7 3 KPMG 130 5 -6

8 40 ICICI Securities 2,469 4 3

9 7 Citi 1,641 3 -1


11 20 Rothschild 1,340 3 1

12 42 SBI Capital Markets 953 3 2

13 8 Axis Capital 870 3 -1

14 9 Goldman Sachs 357 3 -1

15 12 o3 Capital Advisors 96 3 -1

India by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 1 JM Financial 5,187 6 10.6%

2 10 Standard Chartered 3,301 5 138.2%

3 23 ICICI Securities 2,469 4 853.3%

4 2 Citi 1,641 3 -57.9%


6 19 Barclays 1,378 1 336.1%

7 24 Rothschild 1,340 3 436.0%

8 29 SBI Capital Markets 953 3 412.4%

9 4 Lazard 950 2 -59%

10= - Arma Partners 900 1 -

10= - Societe Generale 900 1 -

12 8 Axis Capital 870 3 -41.0%

13 - UBS Investment Bank 760 2 -

14 27 Jefferies 711 2 272.3%

15 3 Morgan Stanley 706 1 -76.9%

36



South Korea by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 PwC 4,815 16 -11

2 13 EY 3,168 9 6



5 7 Deloitte 1,211 4 -1

6 25 Korea Development Bank 1,694 3 2

7 23 Daiwa Securities Group 726 3 2


9 27 Shinhan Investment 809 2 1

10 2 KPMG 41 2 -10

11 16 Mirae Asset Daewoo 2,229 1 -1

12 6 Samsung Securities 1,284 1 -4

13 22 Mizuho Financial Group 1,174 1 0

14 14 Bank of America Merrill Lynch 915 1 -1

15 15 Nomura Holdings 878 1 -1

South Korea by deal valueRank Company name H1 2016

H12016

H1 2015

Value (US$m)

Deal Count

Value change

1 1 Credit Suisse 5,833 5 -84.8%

2 4 PwC 4,815 16 -84.6%

3 22 EY 3,168 9 1,142%

4 3 Morgan Stanley 3,149 4 -91.3%

5 19 Mirae Asset Daewoo 2,229 1 526.1%

6 23 Korea Development Bank 1,694 3 734.5%

7 9 Samsung Securities 1,284 1 -89.5%

8 20 Deloitte 1,211 4 309%

9 15 Mizuho Financial Group 1,174 1 17.4%

10 13 Bank of America Merrill Lynch 915 1 -51.0%

11 18 Nomura Holdings 878 1 99.5%

12 2 Goldman Sachs 876 2 -97.6%

13 26 Shinhan Investment 809 2 513%

14 16 Daiwa Securities Group 726 3 -22.8%

15 7 Citi 689 1 -97.2%

Japan by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 Nomura Holdings 22,578 42 -6

2 4 Daiwa Securities Group 6,091 26 8

3 3 Mizuho Financial Group 16,744 23 -8

4 2 Sumitomo Mitsui Financial Group 5,031 23 -17


6 8 Deloitte 1,602 14 0

7 12 GCA Savvian 640 13 4

8 5 KPMG 636 9 -9

9 - YAMADA Consulting Group 361 5 -

10 21 Plutus Consulting 248 5 1

11 6 PwC 46 5 -11

12 9 Frontier Management 854 4 -7

13 26 Moelis & Company 802 4 1

14 13 JPMorgan 6,597 3 -4


Japan by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 3 Morgan Stanley 28,886 21 100.6%

2 1 Nomura Holdings 22,578 42 15.2%

3 2 Mizuho Financial Group 16,744 23 -0.9%


4= 26 Raine Group 8,600 2 616.7%

6 5 JPMorgan 6,597 3 -42.1%

7 6 Lazard 6,391 2 -42.8%

8 17 Daiwa Securities Group 6,091 26 80.8%

9 10 Sumitomo Mitsui Financial Group 5,031 23 -47.6%

10 11 Credit Suisse 4,380 3 -52.0%

11 12 Deutsche Bank 3,886 2 -55.3%

12 - China International Capital 3,500 1 -

13 23 Rothschild 3,320 3 123.0%

14= 14 Citi 3,055 1 -53.6%

14= - Wells Fargo Securities 3,055 1 -

37



South East Asia by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 1 CIMB Group 1,415 11 2


3 4 RHB Investment Bank 1,080 9 2



6 12 Maybank Investment Bank 6,970 6 2


8 2 PwC 317 5 -3

9 10 JPMorgan 5,515 4 0

10 15 Citi 3,236 4 1


12 23 Deloitte 1,585 4 1

13 65 Kenanga Investment Bank 149 4 3

14 8 EY 140 4 -1

15 - BNP Paribas 5,175 3 -

South East Asia by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 26 Morgan Stanley 9,437 6 1,261.8%

2 11 Goldman Sachs 8,727 6 277.1%

3 1 Credit Suisse 8,647 10 -76.2%

4 27 Maybank Investment Bank 6,970 6 987.4%

5 22 JayDee Partners 6,186 2 729.2%

6 7 JPMorgan 5,515 4 -83.9%

7 - BNP Paribas 5,175 3 -

8= - Credit Agricole 5,020 2 -

8= 12 HSBC 5,020 2 119.0%

8= - Natixis 5,020 2 -

11 35 Rothschild 4,017 3 877.4%


12= - Societe Generale 3,880 1 -


15 3 Citi 3,236 4 -90.8%

38

Africa & Middle East league tables


Africa & Middle East by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 2 Standard Bank Group 6,727 7 -6

2 15 Lazard 3,931 6 1

3 17 Jefferies 2,661 5 1

4 7 Morgan Stanley 765 5 -3

5 4 EY 111 5 -5

6 11 Rothschild 4,791 4 -3


8 20 KPMG 291 4 0

9 12 Investec 174 4 -3

10 1 PwC 53 4 -10

11 5 Citi 3,774 3 -6

12 31 Moelis & Company 1,650 3 1

13 18 Standard Chartered 501 3 -1

14 13 Barclays 31 3 -2

15 9 JPMorgan 4,337 2 -5

Africa & Middle East by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 7 Standard Bank Group 6,727 7 26.9%

2 17 Rothschild 4,791 4 117.6%

3 1 JPMorgan 4,337 2 -61.1%

4 22 Lazard 3,931 6 186.7%

5 10 Citi 3,774 3 0.2%

6 3 Goldman Sachs 3,335 2 -62.8%

7 29 Jefferies 2,661 5 374.3%

8 - Societe Generale 2,146 2 -

9 16 Moelis & Company 1,650 3 28.3%

10= 23 Credit Suisse 1,497 2 21.7%

10= 32 Houlihan Lokey 1,497 2 226.1%

12 - Zaoui & Co 1,246 1 -



15 39 RBC Capital Markets 940 1 140.4%

39

Private equity league tables


Global buyouts by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 1 PwC 5,354 23 6

2 2 KPMG 1,403 17 2

3 17 Lazard 5,591 13 6


5 19 Barclays 20,438 10 3

6 4 Deloitte 330 10 -4



9 3 EY 552 9 -6

10 11 Citi 21,110 8 -1






Global buyouts by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change


2 4 Deutsche Bank 21,474 9 74.8%

3 10 Citi 21,110 8 249.8%

4 12 Barclays 20,438 10 242%

5 2 Goldman Sachs 15,935 11 14.7%

6 7 Lazard 5,591 13 -33.6%

7 34 PwC 5,354 23 534.4%


9 28 Moelis & Company 4,540 2 306.4%

10 1 Macquarie Group 3,494 7 -84.7%

11 9 JPMorgan 3,183 5 -53.6%


13 16 Morgan Stanley 2,433 2 -44.3%

14 17 UniCredit Group 2,429 7 -34.8%

15 14 Credit Suisse 2,404 5 -51.0%

*Based on advisors to bidder on buyout deals with the target dominant geography being Global

US buyouts by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change


2 14 Barclays 20,438 9 1,054.7%

3 13 Citi 19,337 4 775%

4 6 Deutsche Bank 16,347 3 205.9%

5 2 Goldman Sachs 14,027 8 62.1%

6 - Moelis & Company 4,540 2 -



9 15 Lazard 2,446 2 38.7%

10 9 Credit Suisse 2,145 3 -42.1%

11 29 PwC 2,051 3 4,669.8%

12 - NC Advisory 1,800 1 -

13 12 Jefferies 1,631 2 -46.9%

14 1 Macquarie Group 1,336 2 -91.7%

15 - TD Securities 1,200 2 -

US buyouts by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 14 Barclays 20,438 9 6




5 19 Citi 19,337 4 2




9 9 PwC 2,051 3 -1

10 17 Evercore Partners 500 3 0

11 - Moelis & Company 4,540 2 -

12 15 Lazard 2,446 2 -1

13 13 Jefferies 1,631 2 -1


15 - TD Securities 1,200 2 -

*Based on advisors to bidder on buyout deals with the target dominant geography being US

40



Europe buyouts by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 4 PwC 3,286 18 8

2 2 KPMG 1,403 14 2

3 11 Lazard 3,145 10 6

4 1 EY 552 8 -5


6 47 Fineurop Soditic 484 6 4

7 - Liberty Corporate Finance 233 6 -


9 21 JPMorgan 2,654 4 1

10 7 Citi 1,773 4 -2

11 35 BNP Paribas 1,007 4 2


13 9 Lincoln International 116 4 -1

14 10 Clearwater International 89 4 -1

15 29 BDO 16 4 1

Europe buyouts by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 2 Deutsche Bank 5,030 5 -20.4%

2 31 PwC 3,286 18 453.2%

3 1 Lazard 3,145 10 -52.8%

4 16 JPMorgan 2,654 4 -5.6%

5 37 Morgan Stanley 2,433 2 385.6%

6 8 UniCredit Group 2,429 7 -34.8%

7 41 Mediobanca 1,924 3 325.7%

8 6 Goldman Sachs 1,908 2 -54.2%

9 9 Citi 1,773 4 -49.6%

10 11 RBC Capital Markets 1,548 3 -51.7%

11 58 Evercore Partners 1,544 3 1,125.4%

12 21 KPMG 1,403 14 8.5%

13 3 Nomura Holdings 1,361 2 -77.2%

14 39 Societe Generale 1,129 2 149.8%

15 - Standard Chartered 1,088 2 -

Asia-Pac buyouts by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change


2 - JM Financial 1,147 2 -

3 - Daiwa Securities Group 553 2 -


5 - JPMorgan 529 1 -

6 3 Credit Suisse 259 1 -1

7 - Guorong Securities 255 1 -

8 - Soochow Securities 241 1 -


10 - Central China Securities 128 1 -

11 - Edelweiss Financial Services 121 1 -

12 - Kingston Corporate Finance 119 1 -

13 - Catalyst Corporate Finance 75 1 -

14 - DBS Bank 55 1 -

15 6 PwC 17 1 -1

Asia-Pac buyouts by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change


2 10 Bank of America Merrill Lynch 915 1 199.0%

3 - Daiwa Securities Group 553 2 -



6 4 Credit Suisse 259 1 -76.1%

7 - Guorong Securities 255 1 -

8 - Soochow Securities 241 1 -


10 - Central China Securities 128 1 -

11 - Edelweiss Financial Services 121 1 -

12 - Kingston Corporate Finance 119 1 -

13 - Catalyst Corporate Finance 75 1 -

14 - DBS Bank 55 1 -

15 25 PwC 17 1 -5.6%

*Based on advisors to bidder on buyout deals with the target dominant geography being Europe

*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)

41



Global exits by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 4 Rothschild 12,026 38 10


3 10 Jefferies 16,338 23 6


5 1 Goldman Sachs 29,899 21 -10

6 16 Robert W. Baird & Co 1,638 20 7


8 3 William Blair & Company 3,179 19 -10

9 9 Lazard 4,532 17 -1



12 15 Harris Williams & Co 1,472 13 0

13 13 KPMG 313 13 -2

14 14 Credit Suisse 12,545 12 -2

15 21 Moelis & Company 3,890 12 2

Global exits by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 1 Morgan Stanley 30,420 24 -24.8%

2 2 Goldman Sachs 29,899 21 -16.8%

3 16 Jefferies 16,338 23 220.7%

4 7 Credit Suisse 12,545 12 26.2%

5 4 Rothschild 12,026 38 -21.1%

6 14 Barclays 10,613 6 80.8%



9 3 JPMorgan 8,770 7 -71.7%

10 10 Citi 8,568 8 -3.6%


12 6 Deutsche Bank 6,944 6 -44.1%

13 9 Lazard 4,532 17 -49.5%

14 18 HSBC 3,971 4 -7.1%

15 22 Moelis & Company 3,890 12 14.7%

US exits by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 1 Morgan Stanley 24,842 16 -2.1%

2 2 Goldman Sachs 23,614 13 30.2%

3 20 Jefferies 12,415 15 486.4%

4 10 Credit Suisse 7,780 4 111.4%

5 12 Barclays 7,137 3 131.7%

6 3 JPMorgan 7,050 5 -52.5%

7 31 UBS Investment Bank 6,718 5 1,075%


9 18 Citi 4,157 4 68.0%

10 7 Deutsche Bank 3,250 2 -37.7%

11 17 Moelis & Company 3,245 10 22.5%

12 9 William Blair & Company 2,350 10 -44.9%

13 11 Houlihan Lokey 2,100 18 -37.1%

14 35 Raymond James & Associates 1,583 10 352.3%

15 15 Harris Williams & Co 1,472 12 -49.2%

US exits by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change



3 9 Jefferies 12,415 15 6



6 6 Harris Williams & Co 1,472 12 -1

7 15 Robert W. Baird & Co 515 12 4




11 12 Lazard 904 8 0

12 - Cain Brothers 70 8 -

13 17 JPMorgan 7,050 5 -2


15 5 Piper Jaffray & Co 303 5 -9

*Based on advisors to target/seller on exit deals with the target dominant geography being Global

*Based on advisors to target/seller on exit deals with the target dominant geography being US

42



Europe exits by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 Rothschild 11,236 34 9

2 8 KPMG 313 12 2


4 11 DC Advisory 654 10 2

5 12 Lazard 3,516 8 1



8 15 Jefferies 3,923 7 1

9 20 Robert W. Baird & Co 1,123 7 2

10 19 William Blair & Company 454 7 2


12 45 Natixis 422 7 5

13 16 Deloitte 96 7 1

14 7 Jamieson Corporate Finance 2,111 6 -4

15 2 PwC 69 6 -12

Europe exits by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 3 Rothschild 11,236 34 -16.1%


3 1 Goldman Sachs 6,098 7 -63.1%

4 4 Morgan Stanley 4,010 5 -65.6%

5 10 HSBC 3,971 4 -7.1%

6 16 Jefferies 3,923 7 39.8%

7 11 Citi 3,911 3 -6.6%

8 6 Deutsche Bank 3,694 4 -48.6%


10 9 Lazard 3,516 8 -27.8%

11 17 Barclays 3,476 3 24.6%

12 22 Numis Securities 2,694 3 43.4%


14 7 Jamieson Corporate Finance 2,111 6 -66.4%

15 12 Credit Suisse 1,859 5 -54.7%

Asia-Pac exits by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change


2 - Raymond James & Associates - 2 -

3= - Korea Development Bank 878 1 -

3= 10 Morgan Stanley 878 1 0

5 13 China International Capital 338 1 0

6 24 Fort Street Advisers 311 1 0

7 - BOCOM International Holdings Company 275 1 -

8 - Golden Sun Securities 235 1 -

9 - The Anglo Chinese Group 223 1 -

10= - Capital Fortunes 195 1 -

10= - Moelis & Company 195 1 -



14 - Kudos 116 1 -

15 - Alpha Advisory 75 1 -

Asia-Pac exits by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 22 Credit Suisse 2,906 3 3,723.7%

2= - Korea Development Bank 878 1 -

2= 6 Morgan Stanley 878 1 -12.2%

4 10 China International Capital 338 1 -32.3%

5 24 Fort Street Advisers 311 1 427.1%


7 - Golden Sun Securities 235 1 -

8 - The Anglo Chinese Group 223 1 -

9= - Capital Fortunes 195 1 -

9= - Moelis & Company 195 1 -

11 9 Goldman Sachs 187 1 -68.1%


13 - Kudos 116 1 -

14 - Alpha Advisory 75 1 -

15= 15 EY 55 1 -76.0%

15= - o3 Capital Advisors 55 1 -

*Based on advisors to target/seller on exit deals with the target dominant geography being Europe

*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)

43



Global buyouts + exits by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change

1 2 Rothschild 12,714 45 7


3 11 Lazard 10,123 30 5

4 8 KPMG 1,716 30 0

5 3 PwC 5,423 29 -7


7 4 Lincoln International 1,040 26 -9

8 12 Jefferies 17,969 25 0


10 23 Robert W. Baird & Co 1,638 21 5



13 15 Deloitte 450 19 -1


15 14 Credit Suisse 14,949 17 -4

Global buyouts + exits by deal valueRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 45,834 32 -8.0%

2 2 Morgan Stanley 32,853 26 -26.7%

3 12 Barclays 31,051 16 162.1%

4 9 Citi 29,678 16 98.9%

5 6 Deutsche Bank 28,418 15 15.1%


7 15 Jefferies 17,969 25 61.9%

8 10 Credit Suisse 14,949 17 0.6%


10 7 Rothschild 12,714 45 -30.7%


12 3 JPMorgan 11,953 12 -68.4%

13 8 Lazard 10,123 30 -41.8%


15 26 Moelis & Company 8,430 14 87.0%

US buyouts + exits by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs 37,641 21 40.5%

2 16 Barclays 27,575 12 468.6%

3 1 Morgan Stanley 24,842 16 -13.8%

4 17 Citi 23,494 8 401.6%


6 6 Deutsche Bank 19,597 5 85.5%

7 14 Jefferies 14,046 17 170.6%

8 9 Credit Suisse 9,925 7 34.4%


10 24 Moelis & Company 7,785 12 194.0%

11 3 JPMorgan 7,050 5 -61.5%



14 18 Lazard 3,350 10 -28.3%

15 20 Houlihan Lokey 3,050 19 -8.6%

US buyouts + exits by deal countRank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change



3 10 Jefferies 14,046 17 5



6 8 Harris Williams & Co 1,472 13 -1

7 15 Robert W. Baird & Co 515 13 4

8 16 Barclays 27,575 12 4




12 12 Lazard 3,350 10 -1


14 23 Citi 23,494 8 3

15 - Cain Brothers 70 8 -

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Global

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US

44



Europe buyouts + exits by deal countRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Count change

1 1 Rothschild 11,814 38 5

2 3 KPMG 1,716 26 4

3 2 PwC 3,355 24 -4

4 11 Lazard 6,661 18 7

5 7 DC Advisory 882 13 -4

6 4 EY 684 11 -8


8 6 Deloitte 107 11 -6


10 61 Liberty Corporate Finance 811 10 7

11 55 Natixis 538 10 7

12 19 Clearwater International 89 10 2




Europe buyouts + exits by deal valueRank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 3 Rothschild 11,814 38 -27.7%

2 4 Deutsche Bank 8,724 9 -35.4%


4 1 Goldman Sachs 8,006 9 -61.3%

5 6 Lazard 6,661 18 -42.2%

6 5 Morgan Stanley 6,443 7 -47.0%

7 9 Citi 5,684 7 -26.2%

8 2 JPMorgan 4,374 6 -74.3%

9 10 HSBC 3,971 4 -40.9%

10 15 Jefferies 3,923 7 -31.7%

11 106 Evercore Partners 3,917 8 3,008.7%


13 17 Barclays 3,476 4 -25.9%

14 8 PwC 3,355 24 -57.9%

15 31 Numis Securities 2,694 3 43.4%

Asia-Pac buyouts + exits by deal count

Rank Company name H1 2016

H1 2016

H12015

Value (US$m)

Deal Count

Count change





5 19 China International Capital 529 2 1


7= 1 Macquarie Group - 2 -3

7= - Raymond James & Associates - 2 -


10= 28 Korea Development Bank 878 1 0

10= 16 Morgan Stanley 878 1 0

Asia-Pac buyouts + exits by deal value

Rank Company name H1 2016

H12016

H12015

Value (US$m)

Deal Count

Value change

1 6 Credit Suisse 3,165 4 173.3%


3 21 Bank of America Merrill Lynch 915 1 199.0%

4= 26 Korea Development Bank 878 1 332.5%

4= 10 Morgan Stanley 878 1 -12.2%


8 15 China International Capital 529 2 6.0%


9 40 Fort Street Advisers 311 1 427.1%


*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe

45

Criteria

PR contactsAmericas: Chrissy CarneyT: +1 646 378 3118

Asia: Su-Chin ZhangT: +852 2158 9706

EMEA: Luella AtabakiT: +44 20 3741 1124

Deal submission contactsEMEA Andrea Putaturo + 44 20 3741 1274

Asia John Capulong + 852 2158 9723

Americas Jason Loria + 1 646 378 3122

About MergermarketMergermarket is a mergers & acquisitions (M&A) intelligence service.

Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.

In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.

Full deal inclusion criteria can be found here.

M&A Trends and Top Deals correct as of 9am (GMT), 30-June-2016. Cut off date 29-Jun-2016. League tables correct as of 6pm (GMT), 30-Jun-2016. Cut off date 29--2016.

Trend data: based on the dominant geography of the target and excludes lapsed and withdrawn bids. Sector trends based on the dominant sector of the target.

League tables: based on the dominant geography of the target, bidder, seller, and excludes lapsed and withdrawn bids. Private equity buyout league tables based on financial advisors advising the bidder only on buyout deals and excludes lapsed and withdrawn bids. Private equity exit league tables based on financial advisors advising the target/seller only on exit deals and excludes lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.

Global cross-border: based on the dominant geography of the target and bidder company being based in different regions.

InboundGlobal/US/Japan: The dominant geography of the target is X, and the dominant geography of the bidder is any other country/region excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X.

OutboundGlobal/US/Japan: The dominant geography of the bidder is X, and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.


mailto:chrissy.carney%40mergermarket.com?subject=Trend%20report%20enquiry

mailto:Su-%20Chin.Zhang%40mergermarket.com?subject=

mailto:Luella.Atabaki%40mergermarket.com?subject=Trend%20report%20enquiry

mailto:Andrea.Putaturo%40mergermarket.com?subject=

mailto:John.Capulong%40mergermarket.com?subject=

mailto:Jason.Loria%40mergermarket.com?subject=

http://www.mergermarket.com/pdf/deal_criteria.pdf

Global and regional M&A: H1 2016 - ValueWalk...H1 2016: $1.32tn Both Q1 and Q2 register lowest...

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