Global & Regional M&A Report 1Q20 - Mergermarket€¦ · Towers Watson merger, the largest deal of...

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report 1Q20

Including League Tables of Financial Advisors

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Content

Overview 03

Global 04

Global Private Equity 10

Europe 16

US 21

Latin America 26

Asia Pacific (excl. Japan) 31

Japan 36

Middle East & Africa 41

M&A and PE League Tables 46

Criteria & Contacts 78

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MEA Inbound Outbound Transport

Europe Inbound Outbound Financial Services

Latin America Inbound Outbound Real Estate

North America Inbound Outbound Industrials & Chemicals

APAC (ex. Japan) Inbound Outbound Real Estate

Global Overview Regional M&A Comparison

Japan Inbound Outbound Industrials & Chemicals The % values on the map indicate

market shares in global M&A

Global M&A USD 563.7bn -39.1% vs. 1Q19

Cross-border USD 191.3bn 27.7% vs. 1Q19

Top sector: Ind. & Chem. USD 130.2bn 38.4% vs. 1Q19

40.6%

1.5%18.5%

2.3%

35.4%

1.7%

USD 228.6bn USD 36.3bnUSD 73.9bnUSD 57.5bn

-54.2% vs. 1Q19 -15.7%14.8%-12.9%

USD 8.7bnUSD 5.5bnUSD 0.9bnUSD 2.3bn




USD 13bnUSD 1.4bnUSD 8.7bnUSD 6.0bn

-49.8% vs. 1Q19-56.3%69.8%n/a

30.1% vs. 1Q1963.8%-39.9%5.2x

-90.1% vs. 1Q19-77.9%-25.3%19.4x

-31.8% vs. 1Q19-14.4%-22.7%22.8%

62.7% vs. 1Q19-31.4%-49.0%3.2x

Mergermarket 3Global OverviewGlobal & Regional M&A Report 1Q20

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Global

Value(USD bn)

Deal Details

AnnouncementDate

Bidder Company Target Company Target Geography

Target Sector

35.6 09-Mar Aon plc Willis Towers Watson Public Limited Company

United Kingdom Financial Services

18.8 27-Feb Cinven Partners LLP; Advent International Corporation; RAG-Stiftung

ThyssenKrupp Elevator AG

Germany Industrials & Chemicals

17.3 11-Mar United Technologies Corporation (Shareholders)

OTIS Worldwide Corporation

USA Industrials & Chemicals

13.0 20-Feb Morgan Stanley ETrade Financial Corporation

USA Financial Services

11.0 03-Mar Thermo Fisher Scientific Inc

QIAGEN NV Germany Pharma, Medical & Biotech

USD 563.7bn Value of global M&A in 1Q20,

down 39.1% year-on-year

Number of megadeals (>USD 10bn) in 1Q20

USD 35.6bn

Value of Aon/Willis

Towers Watson merger,

the largest deal of 1Q20

8

Mergermarket Global AnalysisGlobal & Regional M&A Report 1Q20

Global deal making has been brought to a halt in the past few weeks, and activity is likely to remain subdued in the next few months. Although the nature of the current crisis is different to the last global financial crisis, dealmakers evaluating the current M&A outlook will inevitably look back at 2008 for similarities, differences and lessons learnt.

It will get worse before it gets better. After nearly ten years of growth, global M&A activity in 1Q20 is down 39.1% by value on 1Q19 to USD 563.7bn over 3,685 transactions, and back to levels not seen since the first half of 2013. Both the overall value and number of deals are comparable to those of 1Q08 (USD 592.3bn across 3,744 transactions). That first quarter of 2008 saw the bailout of New York-based investment bank Bear Stearns in March, a prelude to the international banking crisis, which culminated six months later with the collapse of Lehman Brothers. The 2009 annus horribilis followed, which marked the bottom of the last M&A cycle, and the only year since 2004 to record less than USD 2tn in deal value (USD 1.71tn) and less than 10,000 deals globally (9,963). Last time around, it took until 4Q10 for deal making to go back to prerecession levels and until 2014 to return to the peak of 2007 in volume. Because they impede site visits and physical face to face meetings, social distancing measures needed to contain the COVID-19 virus will be particularly disruptive to mid-market M&A. Dozens of private equity auctions have been put on hold or postponed and many owners of family-owned businesses will retire one or two years later than planned.

Wait and see. In the short term, the current market volatility will further dent the confidence needed to embark on bold strategic moves. The largest US deal of the year so far, Xerox’s [NYSE:XRX] USD 35.5bn hostile bid for rival printer maker HP [NYSE:HPQ], launched in early March, has lapsed. “The current global health crisis and resulting macroeconomic and market

turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP,” Xerox said in a statement on 31 March. This year is unlikely to repeat the megadeals (> USD 10bn) frenzy of 2019, when 38 such deals were announced. Only eight were announced globally so far in 2020, down from eleven in 1Q19 and 14 in 1Q18. The last one to-date, the pending USD 35bn tie-up between insurance giants Aon and Willis Towers Watson was announced on 9 March. That same day, the government of Italy drastically restricted the movement of its population by imposing a national quarantine, a measure implemented by many other countries in the world.

Private Equity’s resilience to be tested. Prior to the storm that gripped financial markets a few weeks ago, private equity activity had enjoyed a rather robust start to the year, leading to the same level of activity in 1Q20 global buyout value compared to 1Q19 (USD 120.5bn against USD 120.4bn). With the primary market for leveraged loans temporarily shut down, the number of buyouts has dramatically decreased in the past month, and Private Equity’s ability to deploy capital will be further tested in the quarters to come. In 2019, more than one out of four global deal had a private equity firm on either side of the negotiation table. Similarly, in 2007, buyouts represented 27% of the overall M&A value in the US and Europe but by 2009, that proportion had plummeted to just 14%. But buyout activity is likely to remain more resilient this time around. Financial sponsors still sit on record amounts of dry powder and, with the crisis first affecting the corporate side rather than financial institutions, trust in private equity firms should not be expected to vanish as it did in 2008. Valuations will nonetheless be impacted. The median EBITDA buyout multiple, which has already declined to 11.1x in 1Q20 (from 12.1x in FY19), is likely to see further downward pressure in the coming quarters.

New decade, new sectors. The sector landscape for private equity buyouts has shifted significantly since 2008. Technology has grown into the most active space for institutional investors, accounting for 22.3% of all buyouts in volume last year, compared to just 8% in 2008. And while the Industrial and Chemicals sector has seen its market share decrease from 24.8% in 2008 to 19.1% in 2019, assets in the space are still among financial sponsors’ favourite targets. The two largest buyouts of March perhaps offer a glimpse of where future opportunities may lie for dealmakers. KKR bought London-listed utility Pennon Group’s energy-from-waste unit Viridor for GBP 4.2bn in a deal commanding an 18.5x EV/EBITDA multiple. And in the US, IT services group DXC Technology agreed to sell its healthcare technology business to Veritas Capital for USD 5bn in cash. The Technology, Business Services and Pharma, Medical & Biotech spaces, which have increasingly been targeted since 2008, are likely to continue to attract strong interest, whilst the disaffection for the Consumer or Financial Services sectors deepens.

Global

Global AnalysisGlobal & Regional M&A Report 1Q20

Mergermarket

“Current market volatility will further dent the confidence needed to embark on bold strategic moves”

Beranger Guille, Global Editorial Analytics Director

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18.5%

40.6%USD 5bnValue of the largest buyout in March, DXC Technology’s sale of its healthcare technology business to Veritas Capital

APAC share of global M&A in 1Q20

Global median private equity EV/EBITDA multiple, down

from 12.1x in FY 19

11.1x

North American share of global M&A in 1Q20

USD 120.5bnTotal value of private equity

buyout in 1Q20, the same level as 1Q19 (USD 120.4bn)

USD 191.4bnGlobal value of cross-border

M&A, down 27.6% versus 1Q19

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Global Quarterly Breakdown Trend2006 - 1Q20

Deal Count

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2019 2020AsiaEurope Rest of the WorldUS

Regional Share of Global M&A By Value2006 - 1Q20

Global Sector Breakdown Trend1Q19 - 1Q20

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TechnologyFinancial Services

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&A

7.2%

35.9%

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Global Analysis

Ranking 1Q20 1Q19 Regional ranking comparison

1Q20 1Q19 Company name Value (USDm)

Deal count

% Value change

Value (USDm)

Europe US Asia Pacific

Japan Middle East & Africa

Latin America

1 2 Goldman Sachs & Co 202,843 61 -38.1% 327,694 1 1 5 18= 7= 2=

2 3 Morgan Stanley 163,055 61 -44.7% 294,870 2 2 12 2 - 9

3 1 JPMorgan 132,078 61 -63.0% 356,515 3 3 1 11 6 6

4 15 Rothschild & Co 68,353 59 62.6% 42,028 4 10 66 30 1 25

5 7 Credit Suisse 66,314 28 -46.5% 123,990 7 13 3 37= - 1

6 14 UBS Investment Bank 59,926 27 6.4% 56,308 5 7 4 13 14= -

7 8 Barclays 59,632 37 -47.2% 112,880 6 6 2 26= 4 -

8 6 Evercore 56,272 40 -72.5% 204,757 24 4 37 - 12 17=

9 16 Lazard 53,236 35 34.4% 39,619 8 5 11 - - 30=

10 4 Citi 52,838 36 -80.7% 274,173 11 8 18 18= 2= 15

11 5 Bank of America 39,528 35 -83.6% 240,565 10 9 39 7 - 5

12 21 Deutsche Bank 33,509 14 28.5% 26,070 9 11 42 - 2= 2=

13 43 Nomura Holdings 30,661 25 369.8% 6,526 13 12 24 1 5 -

14 32 BNP Paribas 21,598 13 97.6% 10,932 12 34 - 14= - 7=

15 69 Macquarie Group 20,478 14 560.8% 3,099 14 14 40 - - -

16 553 goetzpartners 18,890 6 - - 15 15 - - - -

17 - Bain & Company 18,834 1 - - 16 16 - - - -

18 13 Centerview Partners 17,925 13 -71.6% 63,164 69 17 - 8 14= -

19 11 HSBC 17,337 14 -79.6% 85,123 21 - 7 - - -

20 9 Moelis & Company 16,994 26 -84.3% 108,267 18 18 17 - - 32=

Global League tables

Financial advisor league table by value



Buyouts 1Q20 1Q19 Change

Deal Value USD 120.5bn USD 120.4bn +0.1%

Deal Count 692 Deals 875 Deals -183

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Buyouts - Quarterly Breakdown (2016-1Q20) Buyouts - Top Five Deals (1Q20)

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Global Private Equity - Buyouts

Value(USD bn)

Deal Details

AnnouncementDate


Target Sector




6.0 26-Feb Blackstone Group LP

iQ Student Accommodation Limited

United Kingdom Leisure

5.5 04-Feb Ceva Sante Animale Consortium

Ceva Sante Animale SA

France Pharma, Medical & Biotech

5.0 10-Mar Veritas Capital Fund Management, LLC

DXC Technology Company (U.S. State and Local Health and Human Services)

USA Technology

5.0 09-Jan Insight Partners Veeam Software AG Switzerland Technology


Global Private Equity Analysis


Exits - Top Five Deals (1Q20)

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Exits - Quarterly Breakdown (2016-1Q20)

Exits 1Q20 1Q19 Change

Deal Value USD 93.4bn USD 140.1bn -33.3%

Deal Count 607 Deals 471 Deals -136

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Global Private Equity - Exits

Value(USD bn)

Deal Details

AnnouncementDate

Seller Company

Target Company

Target Geography

Target Sector

Bidder Company

8.2 17-Feb Bombardier Inc; Caisse de Depot et Placement du Quebec

Bombardier Transportation GmbH


Alstom SA

7.1 24-Feb Consortium comprising Silver Lake Partners; and Tiger Global Management

Credit Karma Inc USA Technology Intuit Inc

5.3 13-Jan VC consortium comprising Index Ventures; Kleiner Perkins; Norwest Venture Partners; New Enterprise Associates

Plaid Technologies Inc

USA Technology Visa Inc

5.0 09-Jan Canada Pension Plan Investment Board

Veeam Software AG

Switzerland Technology Insight Partners

4.2 22-Jan Permira Advisers LLP

Duff & Phelps LLC


Consortium led by Stone Point Capital and Further Global




2006 - 20102017 - 2020

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Global Buyout MultipleMedian EBITDA Multiple - Annual Breakdown

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Mergermarket Global & Regional M&A Report 1Q20



Buyouts - Regional Breakdown

Mergermarket 13

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Mergermarket

44.2%

Deal Value

Deal Count

Americas(excl. USA)

USD 6.8bn

27

3.9%

Deal Value

Deal Count

USA USD 43.7bn

306 38.6%

13.3% Deal Value

Deal Count

Asia-PacificUSD 12.6bn

92

Deal Value

Deal Count

EMEAUSD 57.2bn

267

Regional Breakdown - Market Share (%) by Deal Count




Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 1 PwC 728 12 -12 24

2 29 Goldman Sachs & Co 12,401 8 5 3

3 7 RBC Capital Markets 7,647 7 0 7

4 10 UBS Investment Bank 26,217 6 1 5

5 21 JPMorgan 10,493 6 3 3

6 4 Alantra 389 6 -3 9

7 5 EY 25 6 -3 9

8 8 Bank of America 7,834 5 -1 6

9 6 Jefferies 2,075 5 -2 7

10 37 Houlihan Lokey 658 5 3 2

11 2 Deloitte 120 5 -12 17

12 33 Rothschild & Co 18,834 4 2 2

13 3 KPMG 31 4 -8 12

14 - BNP Paribas 4,594 3 3 0

15 19 Credit Suisse 4,500 3 0 3

16 26 Evercore 1,488 3 0 3

17 - William Blair & Company 1,000 3 3 0

18 11 Barclays 658 3 -2 5

19 39 Daiwa Securities Group / DC Advisory 555 3 1 2

20 59 Fineurop Soditic 90 3 2 1

Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 3 UBS Investment Bank 26,217 6 189.6% 9,052

2 25 Rothschild & Co 18,834 4 2174.6% 828

3 90 goetzpartners 18,834 2 - -

4 - Bain & Company 18,834 1 - -

5 67 Goldman Sachs & Co 12,401 8 - -

6 15 JPMorgan 10,493 6 597.7% 1,504

7 1 Bank of America 7,834 5 -57.1% 18,251

8 29 RBC Capital Markets 7,647 7 1300.5% 546

9 8 Citi 6,033 2 54.7% 3,900

10 5 Morgan Stanley 5,858 2 -27.1% 8,039

11 19 Societe Generale 4,988 2 303.6% 1,236

12 - BNP Paribas 4,594 3 - -

13 7 Credit Suisse 4,500 3 0.0% 4,500

14 - CIBC World Markets 3,653 1 - -

15 11 Lazard 2,725 1 48.3% 1,837

16 - Union Square Advisors 2,500 1 - -

17 6 Jefferies 2,075 5 -66.9% 6,277

18 33 TD Securities 1,826 1 369.4% 389

19 - Sycomore Corporate Finance 1,775 1 - -

20= 9 Deutsche Bank 1,763 1 -41.4% 3,009

20= 10 Mediobanca 1,763 1 -15.7% 2,091

Global Buyouts league table by value Global Buyouts league table by deal count

Global Private Equity League tables

Mergermarket 14

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Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 1 Rothschild & Co 7,395 17 0 17

2 8 Houlihan Lokey 3,765 15 2 13

3 2 Jefferies 3,529 15 0 15

4 12 Piper Sandler Companies 549 11 0 11

5 5 Morgan Stanley 8,981 10 -3 13

6 7 William Blair & Company 4,395 10 -3 13

7 6 Harris Williams 2,690 10 -3 13

8 3 Lincoln International 2,045 10 -5 15

9 21 Citi 17,038 9 3 6

10 15 Goldman Sachs & Co 18,301 8 -2 10

11 13 Evercore 9,056 8 -2 10

12 9 Raymond James 769 8 -4 12

13 14 Credit Suisse 4,735 7 -3 10

14 90 Clearwater International 178 7 6 1

15 4 KPMG 17 7 -7 14


17 24 Jamieson Corporate Finance 6,262 6 0 6

18 26 Canaccord Genuity Group 294 6 0 6

19 35 Stifel/KBW 154 6 2 4

20 23 Lazard 5,852 5 -1 6

Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 9 Goldman Sachs & Co 18,301 8 211.6% 5,873

2 2 Citi 17,038 9 -59.5% 42,089


4 6 Barclays 9,536 4 8.4% 8,793

5 3 Evercore 9,056 8 -77.9% 40,974

6 4 Morgan Stanley 8,981 10 -17.7% 10,907

7 10 Rothschild & Co 7,395 17 39.4% 5,306

8 23 Jamieson Corporate Finance 6,262 6 445.9% 1,147

9 13 Lazard 5,852 5 44.8% 4,042

10 - National Bank Financial 5,535 2 - -

11 - Rockefeller Capital Management 5,535 1 - -

12 39 HSBC 4,995 3 927.8% 486

13 7 Credit Suisse 4,735 7 -42.0% 8,158

14 11 William Blair & Company 4,395 10 -11.4% 4,960

15 32 Houlihan Lokey 3,765 15 457.8% 675

16 14 Jefferies 3,529 15 -11.0% 3,966

17 5 JPMorgan 3,250 2 -66.7% 9,753

18 8 Harris Williams 2,690 10 -57.3% 6,295

19 - BNP Paribas 2,436 2 - -

20 35 PJT Partners 2,436 1 291.6% 622

Global Exits league table by value Global Exits league table by deal count

Global Private Equity League tables

Mergermarket 15

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Value(USDbn)

Deal Details

AnnouncementDate


Target Sector

35.6 09-Mar Aon plc Willis Towers Watson Public Limited Company

United Kingdom Financial Services




11.0 03-Mar Thermo Fisher Scientific Inc.

QIAGEN NV Germany Pharma, Medical & Biotech

10.1 03-Feb Worldline SA Ingenico Group SA

France Business Services

8.2 17-Feb Alstom SA Bombardier Transportation GmbH


Mergermarket 16

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Europe Analysis

Europe

Value of private equity buyouts in 1Q20, the

highest YTD figure on Mergermarket record

USD56.8bn


Value of M&A targeting Europe in 1Q20

USD 199.4bn

Increase by value versus 1Q19 thanks to high-

profile deals prior to the COVID-19 outbreak

+30.2%


Mergermarket 17

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Europe

Europe AnalysisGlobal & Regional M&A Report 1Q20

European M&A looks set to see a dramatic fall in the second quarter, following a relatively active start to the year before the coronavirus pandemic hit. With several European countries now under lockdown, the inevitable hit to the economy has grind dealmaking to a halt, and activity is likely to remain subdued in the coming months. On the face of it, M&A targeting Europe had a strong start to 2020 despite many worries over the economy coming into the year. Driven by high-profile defensive consolidation and continued blockbuster private equity investment, the continent recorded USD 199.4bn (1,387 deals) in 1Q20, a 30.2% increase on 1Q19 (USD 153.2bn). This was mainly driven by the USD 35.6bn tie-up between insurance giants Aon and Willis Towers Watson announced in March – the largest European deal of 2020.

Strong buyout activity prior to the pandemic. Private equity buyouts have reached USD 56.8bn across 258 deals, representing the highest first quarter value on Mergermarket record and a 72.3% increase on 1Q19 (USD 33bn). Buyouts accounted for 28.5% of the 1Q20 European M&A value – up from 22.2% in 2019.

Sponsors have continued to deploy high levels of dry-powder, with several multi-billion dollar deals announced in the first quarter. The largest saw Thyssenkrupp sell its elevator business to Advent, Cinven and RAG-Stiftung for USD 18.8bn in late February, following a lengthy auction process. The deal represents the largest European buyout since 2007 and only the fourth above the USD 10bn mark since the 2008 financial crisis. Blackstone’s USD 6bn acquisition of iQ student accommodation was also announced in late February, one of nine buyouts worth at least USD 1bn conducted in 1Q20.

While March was a particularly quiet month for sponsors, with just USD 6.4bn announced, private equity firms remain awash

with cash. KKR’s USD 5bn takeover of recycling firm Viridor announced in mid-March demonstrated that there may still be targets for opportunistic buyers in the coming months. Sectors immune to the current crisis, or even those thriving such as hygiene assets should see continued interest. There has already been a reported increase in the valuation of hygiene products manufacturer Schuelke, which is being sold by Air Liquide. There was a clear fall in exits in March, with USD 3.9bn (43 deals) announced. Given the decline in overall dealmaking and the prolonged uncertainty the market faces, exits are set to remain muted for the coming months.

Coronavirus impacts Chinese investment and Italian M&A. The clearest impact of COVID-19 on the first quarter’s statistics was the downturn in Chinese investment into Europe. There were just 12 deals worth USD 1.4bn by Chinese firms into Europe in 1Q20, the lowest number of deals in a quarter since 2Q13. This represents a dramatic decrease from the highs of 1Q16 when almost USD 50bn was spent by Chinese investors, including ChemChina’s takeover of Syngenta.

Meanwhile, Italy, the European country hit hardest by the virus, has also started to see a downturn in M&A activity with foreign investment in particular slowing. The country has received USD 10.3bn across 89 deals, largely driven by the USD 5bn deal between Intesa San Paolo and Ubi Banca, the latest deal in Italy’s ongoing banking consolidation. Foreign investment into the country has reached a standstill, with only USD 2.6bn spent by foreign firms in the country this year and six deals in March. Inbound M&A in 2019 reached just USD 14bn amid worries over the economy and political instability and given the current crisis, 2020 could see a further fall towards record lows.

Inevitable downturn on the horizon. Prior to the outbreak,

many were worried the economy was already on the brink of a downturn and a widespread global recession is now all but inevitable. With the economy hit by volatile financial markets, rising unemployment and a lack of consumer spending, a sizeable downturn in M&A is on the horizon. Economic sentiment has fallen dramatically recently and firms are likely to pause any high-profile for the foreseeable future.

2009 saw a 69.5% fall in M&A from the pre-crisis highs of 2007 and a similar such fall cannot be excluded this time around. Valuations, particular those in tech, have been at sky-high levels for a number of years, and a correction appears likely. Although opportunistic buyers may still find targets in key sectors, the economic difficulties will lead to an inevitable short-term collapse in dealmaking, while corporate M&A strategies will need to be adjusted in the medium to long-

“Although opportunistic buyers may still find targets in key sectors, economic difficulties will lead to an inevitable collapse in dealmaking”

Jonathan Klonowski, Research Editor (EMEA)


Mergermarket.com

-39.9%Fall in European outbound

M&A (USD 31bn) versus 1Q19Number of buyouts worth at least

USD 1bn in 1Q20

9

Tech share of European M&ANumber of Chinese investments into Europe in 1Q20

Foreign investment into Italy in 1Q20

USD 2.6bn 17.8%12

Value of European financial services M&A, up from USD 10.6bn in 1Q19

USD 50.1bn

18

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Mergermarket Europe AnalysisGlobal & Regional M&A Report 1Q20




1Q19 1Q20

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203.1

265.3

Q3Q2 Q4Q1

Deal Count

Europe Quarterly Breakdown Trend2015 - 2020

Europe Sector Breakdown Trend1Q19 - 1Q20

0

10

20

30

40

50

60

OtherBusinessServices

TechnologyPharma, Medical& Biotech

Industrials& Chemicals

FinancialServices

Dea

l Val

ue

(US

D b

n)

55.3

35.6

17.711.4

19.412.6

32.1

22.0

50.1

31.3

54.6

10.6

19

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Mergermarket Europe AnalysisGlobal & Regional M&A Report 1Q20


Europe League tables

Europe league table by value

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 2 PwC 1,137 53 -33 86

2 1 Deloitte 1,793 50 -49 99

3 5 Rothschild & Co 62,141 49 -7 56

4 4 EY 1,356 47 -12 59

5 3 KPMG 1,787 44 -20 64

6 18 JPMorgan 76,727 30 11 19

7 12 Morgan Stanley 88,758 27 6 21

8 7 Goldman Sachs & Co 123,327 24 -9 33

9 16 Clearwater International 343 23 3 20

10 6 Lazard 33,150 22 -17 39

11 8 Oaklins 310 21 -8 29

12 17 Bank of America 23,315 20 1 19

13 19 Alantra 1,875 20 1 19

14 11 Barclays 43,129 18 -5 23

15 15 Lincoln International 748 15 -5 20

16 25 UBS Investment Bank 51,066 14 -1 15

17 10 Citi 21,839 14 -11 25

18 31 Daiwa Securities Group / DC Advisory 1,631 14 1 13

19 26 Jefferies 1,534 13 -2 15

20 22 BNP Paribas 21,075 12 -5 17

Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 2 Goldman Sachs & Co 123,327 24 173.1% 45,156

2 7 Morgan Stanley 88,758 27 255.3% 24,982

3 6 JPMorgan 76,727 30 150.7% 30,601

4 4 Rothschild & Co 62,141 49 97.1% 31,527


6 10 Barclays 43,129 18 103.5% 21,194

7 9 Credit Suisse 41,171 6 77.2% 23,238

8 5 Lazard 33,150 22 6.3% 31,181

9 12 Deutsche Bank 23,355 6 52.6% 15,303

10 1 Bank of America 23,315 20 -59.2% 57,199

11 8 Citi 21,839 14 -9.9% 24,247

12 14 BNP Paribas 21,075 12 104.6% 10,301

13 32 Nomura Holdings 20,085 5 566.2% 3,015

14 49 Macquarie Group 19,518 8 1263.9% 1,431

15 279 goetzpartners 18,890 6 - -

16 - Bain & Company 18,834 1 - -

17 40 Societe Generale 16,697 9 755.8% 1,951

18 20 Moelis & Company 11,203 6 57.6% 7,107

19 43 Greenhill & Co 10,903 7 510.8% 1,785

20 - Cardinal Partners SAS 10,128 2 - -

Europe league table by deal count

Mergermarket 20

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Europe AnalysisGlobal & Regional M&A Report 1Q20


Value(USD bn)

Deal Details

AnnouncementDate


Target Sector


OTIS Worldwide Corporation


13.0 20-Feb Morgan Stanley ETrade Financial Corporation



Carrier Global Corporation


7.4 12-Jan Woodward Inc Hexcel Corporation


7.1 24-Feb Intuit Inc Credit Karma Inc USA Technology

Mergermarket 21

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US Analysis

US


Total deal value PE Exits in 1Q20

(down 44% by value compared to

USD 86.4bn in 1Q19)

USD 48.8bn

Total value leveraged buyout activity in 1Q20 vs

USD 54.7bn in 1Q19

USD 43.6bn

US market share of Global M&A (down from 51% in 1Q19)

36%


Mergermarket 22

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US Analysis

US


Uncertainty in the global markets, already riled by political and economic tensions in 2019, was exacerbated by the COVID-19 public health emergency. As the virus spread from Asia to Europe and the Americas through the end of 1Q, companies became increasingly apprehensive about making major decisions and M&A activity slowed down. If this quarter’s decline isn’t exclusively attributable to the COVID-19 pandemic, it is sure to play out into 2Q20 figures. The current situation has given dealmakers pause, the economic fallout from social distancing isn’t yet known and we have already seen record declines among the major stock averages and indexes.

US M&A market decline accelerates. While the COVID-19 Pandemic has certainly thrown a wrench into the US M&A market, overall activity had already declined 40% by value between the first and second half of 2019. That trend continued into 1Q20: activity for the quarter, (1,255 deals worth USD 206bn in 1Q20), was down 57% by value compared to the same period last year, (1,524 deals worth USD 476bn in 1Q19). Looking ahead, the Coronavirus has gotten in the way of basic deal logistics, and has delayed sales processes, which is bound to hit overall M&A activity in the coming months.

Four out of the top five sectors by value declined significantly. M&A in the Financial Services, Industrials & Chemicals, Pharma, Medical & Biotech (PMB), and Consumer sectors dropped by high double-digit figures. M&A in the technology sector, (266 deals worth USD 47bn in 1Q20), saw a 5% increase in activity by value compared to 1Q19, (307 deals worth USD 44.7bn). In March, the USD 35bn mega deal between Xerox and HP got hostile, with Xerox launching a tender offer to acquire all outstanding shares. Xerox had been pursuing HP since November 2019, but later in March announced that it would postpone presentations and meetings regarding the takeover due to the Coronavirus. Although they remain committed to the deal, on the last day of the quarter they terminated the offer.

Fewer Mega Deals. Mega deals (>USD 10bn) dominated headlines last year, but so far in 2020 are playing a less

predominant role in defining market activity. There have been three mega deals worth USD 40.1bn announced so far this year, compared to eight worth a combined USD 287bn announced in 1Q19. Although such deals have been rumored, such as Intercontinental Exchange’s reported bid to takeover eBay, Mergermarket’s sister product DealReporter is not currently tracking any public target mega deals in its expected deals database. Deals worth USD 2bn or below have also been trending downward. The mid-market deal flow continued to decrease in 1Q20, (367 deals worth USD 78.4bn), down 20% compared to 1Q19 (536 deals worth USD 102bn). In FY 2019, the US saw 2,077 deals worth USD 449bn, down about 20% by both value and count from FY 2018, (2,629 deals worth USD 557bn).

Private Equity hangs on. LBO’s declined to a lesser degree than corporate transactions by value as financial sponsors continue to seek opportunities to deploy capital. For example in March, it was reported TSG Consumer Partners agreed to acquire Pathway Vet Alliance, the veterinary hospital operator, in a secondary buyout from Morgan Stanley Private Equity, for USD 2bn, in an auction launched late last year. Still, overall buyout activity shrunk by as much as 23% by value. M&A markets have slowed as investors evaluate the complete impact of the Coronavirus pandemic, but private equity firms are sitting on record amounts of dry powder, and could be well positioned to make acquisitions. Last year was a robust year for take private transactions (25 deals worth USD 94bn), but so far this year we have only seen one—Bayou City Energy Management’s USD 320m buyout of Alta Mesa Resources out of insolvency. Looking further into 2020, we may see private equity act more in equity markets, as public markets have been turbulent and companies have seen significant market cap reductions, so distressed or not, take private transactions could be more appealing.

LBO financing will be challenging. On one hand, primary issuance in the High Yield bond and leveraged loan markets are currently on hold. This could play out on the upper end of LBOs, if sponsors have a hard time finding a group of debt

providers to syndicate on a large buyout. This could also lead to more consortium-type deals, as private equity firms look for ways to finance deals. On the other hand, private credit lenders are remaining dedicated to closing middle-market transactions, according to sister product Debtwire. If financing becomes easier and valuations come down, private equity could turn its focus on middle market companies.

Parallels to pre-recession activity. In the years leading up to the stock markets crashed in mid-2008, the US saw record M&A activity. In 2005, the US M&A market topped USD 1tn for the first time, and that level was sustained for three years before activity declined over 40% in 2008. Close to a decade later, the adage ‘history doesn’t repeat itself, but it often rhymes,’ may prove true. From 2014-2019, M&A boomed on the back of one of the longest bull markets in history. So far this year, M&A activity has declined nearly 50%, giving dealmakers a taste of the kind of M&A environment they could have to navigate over the next few months and perhaps years. M&A activity can be expected to decline further this year, with deals being disrupted and postponed because of coronavirus. It’s currently difficult to have a positive outlook for the rest of the year. Even if the virus is contained quickly, the most optimistic timetables are measured in weeks, and may result in negative GDP growth through the first half of the year. The unpredictable nature of today’s environment is likely to stall M&A markets for the foreseeable future.

“The unpredictable nature of today’s environment is likely to stall M&A markets for the foreseeable future.”

Philip Segal,Head Analyst (Americas)

http://www.mergermarket.com/info/http://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport.Q42019.pdfhttps://www.mergermarket.com/document-repository/document/GyMgukXQAhttps://www.mergermarket.com/intelligence/view/3001538http://www.mergermarket.com/Common/Mergermarket/Deals/DealDetails.aspx?dealsysid=1028790&extern=19&id=8324&contextid=999527785&zone=205&currencyCode=USDhttp://www.mergermarket.com/Common/Mergermarket/Deals/DealDetails.aspx?dealsysid=1028790&extern=19&id=8324&contextid=999527785&zone=205&currencyCode=USDhttps://www.mergermarket.com/intelligence/view/2937109https://www.mergermarket.com/intelligence/view/3001349https://www.mergermarket.com/intelligence/view/3001478http://terminated the offer.https://www.mergermarket.com/intelligence/view/2979554https://www.dealreporter.com/Common/DealReporter/ExpectedDeals/Default.aspx?ni=300&level1=300https://www.mergermarket.com/intelligence/view/3001961http://www.mergermarket.com/Common/Mergermarket/Deals/DealDetails.aspx?dealsysid=1050760https://www.mergermarket.com/intelligence/view/2929762https://www.mergermarket.com/intelligence/view/2957554http://www.mergermarket.com/Common/Mergermarket/Deals/DealDetails.aspx?dealsysid=1044825&extern=19&id=914942&contextid=1000385753&zone=205&currencyCode=USDhttps://www.mergermarket.com/document-repository/document/GyMgukXQAhttps://www.mergermarket.com/intelligence/view/3003839

Mergermarket.com

USD 12.2 bn44

USD 8.6bn Total deal value in the Energy, Mining,

& Utilities (EMU) sector, lowest quarterly level since 4Q 2008.

USD 515m Average disclosed deal value

(compared to USD 845m in 1Q19) Number of transactions worth at least USD 1bn announced in 1Q20 vs 55 in 1Q19

-61% Decline in Strategics M&A activity compared to 1Q19

Decline in Domestic M&A activity compared to 1Q19

-57%

Total value PMB M&A (lowest quarterly level since

1Q13)

Mergermarket 23

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US AnalysisGlobal & Regional M&A Report 1Q20




0

15

30

45

60

75

90

105

120

135

150

OtherConsumerPharma, Medical & Biotech

Financial Services

TechnologyIndustrials & Chemicals

De

al V

alu

e (

US

D b

n)

44.7

65.255.8

74.5

40.8

138.0

19.0

11.2

308.1

12.2

71.8

46.7

134.0

39.1

1Q19 1Q20

0

250

500

750

1000

1250

1500

1750

2000

2020201920182017201620150

1000

2000

3000

4000

5000

6000

7000

1,120.0

293.6

357.5

502.7

391.4

206.0

423.6

387.7

417.0

292.2

Dea

l Val

ue

(US

D b

n)

Deal C

ount

325.9

413.5

306.8

475.5

522.4

321.2

296.7

327.3

254.9

463.6

509.5

469.2519.8

283.8

301.1

Q3Q2 Q4Q1

Deal Count

US Quarterly Breakdown Trend2015 - 1Q20

US Sector Breakdown Trend1Q19 - 1Q20

24

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Mergermarket US AnalysisGlobal & Regional M&A Report 1Q20


US League tables

US league table by value US league table by deal count

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 128,591 46 -4 50

2 6 Morgan Stanley 100,117 44 11 33

3 3 Jefferies 9,703 40 5 35

4 2 JPMorgan 89,451 38 0 38

5 4 Houlihan Lokey 6,742 36 1 35

6 5 Evercore 54,028 35 1 34

7 10 Piper Sandler Companies 6,725 30 2 28

8 8 Barclays 36,858 28 -3 31

9 12 Bank of America 34,551 28 2 26

10 20 Stifel/KBW 7,327 25 5 20

11 7 Citi 36,461 24 -8 32

12 21 Lazard 42,487 21 2 19

13 18 Rothschild & Co 27,887 21 0 21

14 13 Credit Suisse 19,338 20 -5 25

15 16 Moelis & Company 16,336 20 -3 23

16 25 Canaccord Genuity Group 523 19 4 15


18 14 Robert W. Baird & Co 1,440 17 -7 24

19 11 Raymond James 1,093 17 -10 27


Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 2 Goldman Sachs & Co 128,591 46 -42.6% 224,203

2 4 Morgan Stanley 100,117 44 -50.4% 201,753

3 1 JPMorgan 89,451 38 -64.3% 250,757

4 3 Evercore 54,028 35 -73.3% 202,399

5 16 Lazard 42,487 21 150.3% 16,974

6 9 Barclays 36,858 28 -63.0% 99,665


8 5 Citi 36,461 24 -81.0% 192,245

9 6 Bank of America 34,551 28 -71.0% 119,295

10 24 Rothschild & Co 27,887 21 149.2% 11,192

11 18 Deutsche Bank 27,548 9 71.9% 16,022

12 40 Nomura Holdings 19,701 4 609.4% 2,777

13 7 Credit Suisse 19,338 20 -82.9% 112,782

14 50 Macquarie Group 19,064 4 1250.1% 1,412

15 - goetzpartners 18,834 2 - -

16 - Bain & Company 18,834 1 - -

17 11 Centerview Partners 17,148 10 -72.1% 61,543

18 8 Moelis & Company 16,336 20 -84.1% 102,563

19 27 Wells Fargo Securities 10,390 6 8.3% 9,590

20 15 PJT Partners 9,944 9 -59.5% 24,578

Mergermarket 25

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US AnalysisGlobal & Regional M&A Report 1Q20


Mergermarket 26

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Latin America Analysis

LatinAmerica


Value(USDm)

Deal Details

AnnouncementDate


Target Sector

2,240 18-Feb Amherst Holdings, LLC

Front Yard Residential Corp.

US Virgin Islands

Real Estate

825 02-Mar Hypera SA Takeda Pharmaceutical Company Limited (Latin American OTC business)

Brazil Pharma, Medical & Biotech

648 03-Mar Bom Negocio Atividades de Internet Ltda

ZAP Brazil TMT

523 27-Feb Marubeni Corporation; Daio Paper Corporation

Santher -Fabrica de Papel Santa Terezinha SA

Brazil Consumer

500 12-Feb Undisclosed bidder

Viacao Itapemirim SA

Brazil Transportation

70%USD 5.5bn

Deal Value of Latin America domestic activity

(lowest since 1Q02)

Combined deal value of inbound activity

Increase in outbound activity compared to 1Q19

USD 3.2bn


Mergermarket 27

mergermarket.com


Latin America

Following two shaky years of political unrest, Latin America saw weak activity in its first quarter of 2020. After a strong 2019, a decent 1Q20 was expected. However, recent protests in Bolivia, Chile, and Ecuador have fueled a wave of uncertainty. Overall activity fell by 50% by value in 1Q20 with 113 deals worth USD 8.7bn (vs. 158 deals worth USD 17.3bn in 1Q19). In countries such as Brazil and Colombia, this was a slower first quarter by value than in 2009.

Latin America has not seen the worst yet. The region was hit by COVID-19 later than other parts of the world, and still saw activity decrease along with global trends. As the coronavirus spreads, the region could see further declines in M&A activity in the months ahead. Historically, M&A in Latin America has been somewhat protected from downward global trends. During the 2008 economic recession, figures dropped at a smaller percentage than the rest of the world. Although Latin America activity declined in 2009, it quickly bounced back. The region had its strongest year on Mergermarket record in 2010, taking a 14% share of global M&A by volume. Sectors such as Technology, EMU, and Telecom thrived after the recession.

Private Equity firms nearly disappear. Buyout activity experienced its slowest quarter since 2013, after a record year for buyouts in the region in 2019. Buyouts in 1Q20 (9 deals worth USD 197m) dropped 82% by value compared to 1Q19 (10 deals worth USD 1bn). Exit activity had its slowest first quarter since 2010, with 7 deals worth USD 44m. Activity dropped 83% compared to 1Q19 (9 deals worth USD 251m), as global exit activity also declined.

The US take a step back; Japan seeks opportunities. Inbound activity from the US declined 61% in value with 14 deals worth a combined USD 2.5bn compared to 1Q19 (21 deals worth USD 6.5bn). In contrast, inbound activity from Japan jumped 364% in value with 5 deals worth USD 911m compared to 2 deals worth USD 214m in 1Q19. One of the deals, announced in January, was Softbank Group’s acquisition of Mexico-based Alphacredit Capital for USD 125m. Last year, Softbank announced a USD 5bn Latin America fund and plans to invest USD 1bn in the region in 2020.

Top sectors decline; PMB gains momentum. Most sectors saw a sharp decline this quarter compared to 1Q19. Industrials & Chemicals dropped 92% by value while Energy, Mining and Utilities (EMU) dropped 66% by value compared to 1Q19. Global trends have affected EMU companies such as Petrobras. The volatility of oil prices has pushed Petrobras to pull out USD 8bn from credit lines and COVID-19 has forced the company to postpone refinery sale deadlines.

By contrast, the Pharma, Medical, and Biotech (PMB) sector had its strongest first quarter for the region by value on Mergermarket record with 11 deals worth USD 1.2bn. Activity spiked over 10x by value compared to 1Q19 (13 deals worth USD 120m). Brazil-based Hypera SA’s USD 825m acquisition of Japan-based Takeda Pharmaceutical’s Latin America OTC business was the largest deal in the sector and the second largest deal in the region in 1Q20. The spike in the PMB sector was not related to COVID-19, however the novel virus could impact M&A activity in the sector and others such as healthtech, telecomputing platforms, and food delivery services.


“Historically, M&A in Latin America has been somewhat protected from downward global trends. As the coronavirus spreads, the region could see further declines in M&A activity in the months ahead.”

Viviana Balan,Research Relationship Manager (Americas)


Mergermarket.com

-83% USD 363m

-48% -93%

USD 1.3bn Combined deal value of

Consumer sector

Drop in Latin America strategics compared to 1Q19

Combined deal value of Pharma, Medical,

& Biotech sector

Deal Value of Mexico activity (lowest since 2Q18)

Drop in Chile activity (lowest since 1Q19)

Decline in combined deal value in Construction

sector compared to 1Q19

USD 1.2bn

Mergermarket 28

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0

1

2

3

4

5

6

7

8

9

10

11

12

OtherTechnologyEnergy, Mining & Utilities

Pharma, Medical & Biotech

ConsumerReal Estate

0

2.3

0.11.2

3.4

1.2 1.0 1.1

10.8

1.61.31.9

Dea

l Val

ue

(US

D b

n)

.

1Q19 1Q20

0

10

20

30

40

50

60

70

80

90

100

2020201920182017201620150

100

200

300

400

500

600

700

800

13.8

11.9

19.2

30.2

8.7

21.2

9.3

27.8

28.6

Dea

l Val

ue

(US

D b

n)

Deal C

ount

18.2

44.420.7

17.3

22.9

14.1

25.3

11.5

14.9

24.2

29.4

12.2

283.8

301.1

Q3Q2 Q4Q1

Deal Count

Latin America Quarterly Breakdown Trend2015 - 1Q20

Latin America Sector Breakdown Trend1Q19 - 1Q20

29

mergermarket.com




Latin America League tables

Latin America league table by value Latin America league table by deal count

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 6 Banco Itau BBA 491 8 3 5

2 22 BR Partners 986 3 1 2

3 4 Morgan Stanley 519 3 -3 6

4 18 Banco Bradesco BBI 246 3 1 2

5 11 Credit Suisse 2,240 2 -2 4

6 52 EY 454 2 1 1

7 9 Scotiabank 299 2 -2 4

8 3 Citi 203 2 -5 7

9 1 Santander Corporate Investment Banking (SCIB)

189 2 -7 9

10 5 Deloitte 80 2 -4 6

11 13 Oaklins 65 2 -1 3

12 8 Banco BTG Pactual 48 2 -3 5

13 57 PwC 29 2 1 1

14 7 Rothschild & Co 25 2 -3 5

15= - Financiera de Desarrollo Nacional - 2 2 0

15= - Lazard - 2 2 0

17= - Deutsche Bank 2,240 1 1 0

17= 2 Goldman Sachs & Co 2,240 1 -6 7

19 20 Bank of America 825 1 -1 2

20 17 JPMorgan 648 1 -1 2

Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 25 Credit Suisse 2,240 2 853.2% 235

2= - Deutsche Bank 2,240 1 - -

2= 1 Goldman Sachs & Co 2,240 1 -69.1% 7,240

4 24 BR Partners 986 3 257.2% 276

5 20 Bank of America 825 1 58.7% 520

6 9 JPMorgan 648 1 -37.1% 1,031

7= 15 BNP Paribas 523 1 -35.0% 805

7= 51 Core Assessoria Financeira 523 1 - -

9 3 Morgan Stanley 519 3 -79.8% 2,567

10 5 Banco Itau BBA 491 8 -66.6% 1,470

11 52 EY 454 2 - -

12 13 Scotiabank 299 2 -69.4% 976

13 - RBC Capital Markets 263 1 - -

14 14 Banco Bradesco BBI 246 3 -72.4% 890

15 2 Citi 203 2 -97.0% 6,718

16 4 Santander Corporate Investment Banking (SCIB)

189 2 -91.7% 2,264

17= 8 Evercore 140 1 -87.8% 1,151

17= - Prisma Capital 140 1 - -

19 - VACE Partners 136 1 - -

20 - Handelsbanken Capital Markets 118 1 - -

Mergermarket 30

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Value(USD bn)

Deal Details

AnnouncementDate


Target Sector

10.6 09-Mar Charoen Pokphand Foods Public Company Limited; CP ALL Plc; Charoen Pokphand Holding Co

Tesco Stores (Thailand) Limited; Tesco Stores (Malaysia) Sdn Bhd

Thailand Consumer

8.0 22-Jan CapitaLand Mall Trust

CapitaLand Commercial Trust

Singapore Real Estate

6.2 27-Feb Admiral Power Holdings

Wheelock & Company Limited (32.51% Stake)

Hong Kong SAR Real Estate

4.1 27-Feb Sichuan Railway Investment Group Co

Sichuan Road & Bridge Co, Ltd (9.74% Stake)

China Construction

2.4 04-Mar Tencent Holdings Ltd; SB China Venture Capital Co, Ltd; Sequoia Capital China; Hillhouse Capital Management Ltd

Tianjin Xiaowu Information Technology Co, Ltd

China TMT

Mergermarket 31

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Asia Pacific(excl. Japan)


Asia Pacific (excl. Japan) Analysis

Decrease in PE buyout value in 1Q20 compared to 1Q19

54.2%

Asia Pacific (excl. Japan) M&A value in 1Q20, the lowest quarterly value since 1Q13

USD 103.2bn

Share of global market M&A in 1Q20

18.3%


Mergermarket 32

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Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan generated USD 103.2bn across 616 deals in 1Q20, recording a 32% year-on-year decrease in deal value and the lowest quarterly value since 1Q13. Having regained some momentum in 4Q19 amid an unstable truce in the US-China trade war, dealmaking suddenly grind to a halt due to the coronavirus outbreak that originated in China and later spread to Japan and South Korea. The coronavirus outbreak will undoubtedly disrupt the natural flow of M&A deals and economic activity at large this year. Hopes of a quick recovery in APAC seem to fade as the pandemic spread to other major economies across the world. China and Hong Kong, the largest contributors to M&A activity in Asia and the first area to be hit by the coronavirus epidemic, have seen their combined deal value in 1Q20 plunge to 35.8% year-on-year to USD 51.3bn, while volume declined 32.5% to 268 transactions over the same period.

Cash-starved Chinese companies under M&A pressure. The coronavirus crisis might create M&A opportunities for dealmakers in the coming months as cash-starved Chinese companies seek to weather the storm. At the moment, companies are vying for emergency loans but equity injections are also to be expected. Transportation companies – in particular airlines – and tourism-related businesses will be among the most affected players by the current crisis and the pressure might result in growing consolidation. The crisis also hit particularly hard business operating in the real estate, offline retail, entertainment and automotive sectors. Banks will be in need of equity injections to fight a potential jump in non-performing loans. China is set to see further consolidation among its lenders as smaller banks such as Chongqing Rural Commercial Bank have been hit with liquidity problems due to the economic slowdown, which has been greatly accelerated by the pandemic.

The coronavirus outbreak is also accelerating political destabilization in Hong Kong, which is still a critical platform for mainland companies to get exposure to international capital markets amid persistent tensions with the US. The crisis will test the central and local government’s ability to maintain order ahead of the legislative election in September 2020, reassure international investors and defend the HKD-USD peg. The resumption of IPO deals in Hong Kong such as JD.com’s secondary listing and Tencent Holdings-backed WeDoctor will be key to such efforts. Following the coronavirus epidemic, the Trump administration has greater chances to succeed in accomplishing its long-standing goal of convincing Western companies to diversify their operations and shift their supply chain to Asian countries other than China, which might result in M&A deals.

PE activity freezes amid coronavirus crisis. Private equity activity in APAC excl. Japan has been disproportionately hit compared to dealmaking by strategic players. PE buyout dealmaking in 1Q20 (USD 9.4bn across 74 deals) recorded a 54.2% year-on-year decrease in deal value – the smallest quarterly deal value since 4Q13, while PE exits in 1Q20 generated just USD 4.8bn across 27 deals (1Q19: USD 17.3bn across 41 deals). PE buyouts figures would be even smaller if the USD 2.4bn investment in real estate brokerage firm Ke.com and USD 1bn investment in China’s real estate rentals portal Ziroom – which were both announced in March 2020 but already completed in November 2019 – were to be excluded.

Meanwhile, Chinese regulators try to facilitate exits and revive investment in startups. The China Securities Regulatory Commission (CSRC) is seeking to unlock capital for startups by easing lock-up restrictions on venture capital funds’ pre-IPO investments in listed Chinese companies, while China’s State Administration of Foreign Exchange (SAFE)

will expand a pilot scheme to enable high-tech start-ups to borrow money more easily from overseas. India accounted for three out of the top five PE exit deals in 1Q20, which include the largest transaction in the quarter – Krishnapatnam Port Company’s sale of a 75% stake to Adani Ports and Special Economic Zone for USD 1.6bn.

Real estate bonanza driven by consolidation, Tesco deal lifts consumer sector. The real estate sector recorded both the highest deal value (USD 16.9bn across 28 deals) – mainly due to activity in Southeast Asia – and the second largest deal in APAC excl. Japan in 1Q20. Two CapitaLand REITs – CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) – have proposed a USD 8bn merger to form the third largest REIT in Asia-Pacific and the largest in Singapore, extending the wave of consolidation in the sector. Consumer ranked second in value (USD 16.1bn across 54 deals), largely due to the largest deal in the region in APAC ex Japan in the first quarter – Thailand’s conglomerate CP Group acquisition of Tesco’s businesses in Thailand and Malaysia for USD 10.6bn.


“Hopes of a quick recovery in APAC seem to fade as the pandemic spread to other major economies”

Riccardo Ghia,Research Editor (APAC)


Mergermarket.com

PE buyout deal value in 1Q20 PE exits deal value in 1Q20

USD 4.8bn

USD 9.4bn

Year-on-Year decline in value for PE exits

Deals above USD 5bn

Sale of Tesco’s businesses in Thailand and Malaysia, the largest

deal in APAC (excl. Japan)

USD 10.6bn 4

Deals in real estate, sector recording largest deal value in 1Q20

USD 16.9bn

72.3%

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1Q19 1Q20Q3Q2 Q4Q1

Deal Count

Asia Pacific (excl. Japan) Quarterly Breakdown Trend2014 - 1Q20

Asia Pacific (excl. Japan) Sector Breakdown Trend1Q19 - 1Q20

0

200

400

600

800

1000

20202019201820172016201520140

1000

2000

3000

4000

5000

149.4

114.9

294.2

152.8

151.7103.2

120.9

132.2

181.2

144.9

182.9

141.5

160.5

Dea

l Val

ue (U

SD b

n) Deal C

ount

250.3

179.4

195.8

157.2

217.3

136.8

172.8

232.7

196.1

124.2

170.3

168.9

0

10

20

30

40

50

60

OthersTechnologyIndustrials& Chemicals

FinancialServices

ConsumerReal Estate

Dea

l Val

ue (U

SD b

n)

13.817.8

16.1

16.9

17.8 15.0 14.336.9 12.5

10.1

52.8

30.7

34

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Asia Pacific (excl. Japan) League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 1 PwC 1,495 16 -20 36

2 5 EY 1,270 15 1 14

3 15 JPMorgan 20,222 11 5 6

4 2 Deloitte 519 11 -11 22

5 3 KPMG 1,762 10 -10 20

6 27 Credit Suisse 11,321 8 4 4

7 16 RBSA Advisors 5,122 7 1 6

8 6 Huatai Securities 1,597 7 -6 13

9 21 Citi 3,107 6 1 5

10 23 Macquarie Group 760 6 1 5


12 10 Goldman Sachs & Co 11,276 5 -4 9

13 19 HSBC 8,911 5 0 5

14 7 CITIC Securities 5,901 5 -7 12

15 65 Barclays 11,728 4 2 2

16 4 Morgan Stanley 5,601 4 -10 14

17 158 Moelis & Company 3,325 4 3 1

18 213 Nomura Holdings 1,663 4 3 1

19 12 JM Financial 897 4 -4 8

20 - Messis Capital 108 4 4 0

Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 5 JPMorgan 20,222 11 66.2% 12,170

2 63 Barclays 11,728 4 2489.0% 453

3 26 Credit Suisse 11,321 8 205.7% 3,703

4 3 UBS Investment Bank 11,294 5 -26.8% 15,425

5 7 Goldman Sachs & Co 11,276 5 -1.8% 11,484

6 155 Greenhill & Co 10,668 2 30

7 13 HSBC 8,911 5 23.9% 7,192

8 - ANZ Bank 8,007 1 - -

9 - The Anglo Chinese Group 6,157 1 - -

10 2 CITIC Securities 5,901 5 -67.1% 17,912

11 31 Lazard 5,811 3 124.7% 2,586

12 16 Morgan Stanley 5,601 4 -16.7% 6,726

13 - Callisto 5,525 1 - -

14 81 Minsheng Securities 5,489 2 2069.6% 253

15 - Lianchu Securities 5,394 1 - -

16 21 RBSA Advisors 5,122 7 26.8% 4,038

17 151 Moelis & Company 3,325 4 9679.4% 34

18 35 Citi 3,107 6 44.1% 2,156

19 85 SBI Capital Markets 2,942 2 1179.1% 230

20 - The Bank Street Group 2,900 1 - -

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Japan


Japan Analysis

Value(USD m)

Deal Details

AnnouncementDate


Target Sector

4,886 31-Jan Hitachi Ltd Hitachi High-Tech Corporation (48.27% Stake)

Japan Industrials & Chemicals

858 05-Feb Polaris Capital Group Co Ltd

Sogo Medical Holdings Co Ltd (90.86% Stake)

Japan Pharma, Medical & Biotech

858 23-Jan Bain Capital LP Showa Aircraft Industry Co Ltd

Japan Industrials & Chemicals

784 20-Jan Maeda Corporation

Maeda Road Construction Co Ltd (26.46% Stake)

Japan Construction

605 02-Mar Noritsu Koki Co Ltd

AlphaTheta Corporation

Japan Consumer

USD 13bn Value of Japan M&A, 62.7%

increase on 1Q19

31.4% 11.2%Decrease in inbound

M&A value versus 1Q19Japan share of

APAC M&A value


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As the coronavirus pandemic continues to grow, a global economic slowdown is inevitable in the coming months. But M&A activity in Japan is yet to feel the full impact of the ongoing crisis. Japan M&A activity recorded USD 13bn across 111 deals in 1Q20, the highest level for a first quarter since 2016. This represented a 68.1% drop in value compared to the outstanding 4Q19 but a 62.7% increase versus 1Q19. The country accounted for 11.2% of the total Asia Pacific value, the second highest quarterly share of APAC M&A since 2016 behind 4Q19 (18.4%).

Business restructuring on the horizon. Hitachi’s USD 4.9bn-tender offer for the remaining 48.27% stake in Hitachi High-Tech was the largest Japanese deal in 1Q20 and contributed to the Industrials & Chemicals sector being the most active sector of the quarter with USD 6bn worth of deals across 19 transactions. The deal is another notable move of the manufacturer’s strategy to aggressively restructure its business, following its sales of a 51% stake in Hitachi Chemical to Showa Denko (USD 9bn) and its diagnostic imaging-related business to FUJIFILM Holdings (USD 1.6bn) last December. Prior to the COVID-19 pandemic, many Japanese companies were proactively reviewing their business portfolios and planning divestments. Sectors like Consumer, Leisure and Business Services could be hit more severely by the current crisis, which could result in an uptick in divestments but also in postponements or cancellations of pending deals.

Greater focus on domestic M&A. Appetite for domestic high-profile assets continue to be strong, and 1Q20 domestic M&A has exceeded outbound activity for the second consecutive quarter. Domestic deal value recorded a 93.5% increase YoY to USD 11.7bn while volume dropped 5 deals to 102. In the current situation, and depending on the progress of the pandemic in the coming months, this trend could accelerate. Japan’s outbound activity showed a significant drop to a level unseen since 2016 due to the absence of big-

ticket deals. USD 8.7bn (56 deals) worth of transactions were announced in 1Q20, 59.4% less than the average quarterly outbound deal value for the past decade (USD 21.3bn). Electronic component manufacturer KYOCERA’s USD 1bn cash offer for its South Carolina-based peer AVX was the only deal surpassing the USD 1bn mark.

But outbound M&A could rebound. Geographically, Japanese investment into the US dropped almost half in both value and volume in 1Q20 (USD 4.4bn, 18 deals) in comparison to 1Q19 (USD 7.7bn, 30 deals). Amid the COVID-19 outbreak and turbulent global economic circumstances, Japanese dealmakers withheld spending on overseas assets temporarily but the outlook for Japan’s outbound M&A in the long run remains positive given Japan’s development needs and advantageous financial environment. Australia, in particular, is expected to attract more Japanese investments across a wider variety of sectors in 2020, according to Mergermarket intelligence. Japanese dealmakers are shifting part of their interest from sectors like traditional energy and infrastructure to areas like financial services, consumer, tourism and alternative energy.

Lukewarm inbound M&A appetite. On the other hand, inward investments saw a 31.4% dip in value to USD 1.4bn in comparison to 1Q19, with nine such deals announced versus 11 in 1Q19. The Japan government’s decision to postpone the 2020 Tokyo Olympics until 2021 due to the coronavirus outbreak is likely to cast a shadow on the country’s economic forecast since billions of Yens have already been spent by the government and sponsors. Domestic consumption is also dwindling since the consumption tax hike last October.

Opportunities exist for private equity. The private equity space recorded 16 buyouts worth a total of USD 2.3bn in 1Q20, five deals more but a 23.2% value decrease compared to 1Q19. Out those 16 deals, 14 were conducted by domestic private equity firms. Meanwhile, the exit market witnessed a

significant decrease with 6 exits worth USD 730m, a 52.8% drop in value versus 1Q19. Looking ahead, private equity funds may see opportunities arising from the recession, as current inflated target valuations will go through readjustment, according to Mergermarket intelligence. Lower stock prices and appreciation of the Japanese yen could also present a good timing for funds to deploy their dry powder. Deals in the pipeline include the sale of LIXIL VIVA, the home improvement center operator by its parent LIXIL Group, which is attracting international private equity firms including KKR, MBK Partners and Goldman Sachs.


“M&A activity in Japan is yet to feel the full impact of the ongoing crisis”

Danni Sun, Senior Research Analyst(APAC)

Japan

Japan Analysis


Mergermarket.com

Increase in domestic M&A value versus 1Q19

93.5% Value of outbound M&A,

59.4% less than the average quarterly outbound value for

the past decade

USD 8.7bn

Industrials & Chemicals M&A value, the most active sector

in 1Q20

Hitachi/Hitachi High-Tech deal, the largest deal

in 1Q20

KYOCERA/AVX, the largest outbound deal in 1Q20

USD 1bn USD 6bnUSD

4.9bn

Decrease in buyout valueversus 1Q19

23.2%

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Japan Analysis




1Q19 1Q20Q3Q2 Q4Q1

Deal Count

Japan Quarterly Breakdown Trend2014 - 1Q20

Japan Sector Breakdown Trend1Q19 - 1Q20

0

20

40

60

80

20202019201820172016201520140

100

200

300

400

500

14.0

35.6

21.6

8.0

5.5

19.7

9.0

8.6

Dea

l Val

ue (U

SD b

n) Deal C

ount

11.4

15.2

16.3

9.1

13.3

10.9

13.0

40.9

10.1

17.1

22.8

9.1

9.1

5.1

9.4

10.6

7.1

0

2

4

6

8

10

OthersPharma, Medical& Biotech

ConsumerTechnologyFinancialServices

Industrials& Chemicals

Dea

l Val

ue (U

SD b

n)1.9

1.20.51.4

6.0

1.1 1.11.7

1.8

1.0 1.1

2.5

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Japan Analysis


Japan League tables

Japan league table by value Japan league table by deal count

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 3 Nomura Holdings 9,012 18 6 12

2 5 Sumitomo Mitsui Financial Group 2,187 14 4 10

3 7 Mizuho Financial Group 2,081 9 1 8

4 6 Deloitte 5,078 8 -2 10

5 1 Daiwa Securities Group / DC Advisory 2,126 6 -8 14

6 4 Morgan Stanley 6,473 5 -5 10

7 8 GCA Corporation 913 5 -2 7

8 10 Plutus Consulting 359 4 -1 5

9 - IR Japan 429 3 3 0

10 44 Bank of America 1,430 2 1 1

11 - Centerview Partners 1,295 2 2 0

12 36 AGS Consulting 891 2 1 1

13 9 JPMorgan 854 2 -3 5

14 25 UBS Investment Bank 759 2 1 1

15 2 PwC 236 2 -10 12

16 16 YAMADA Consulting Group 186 2 -1 3

17= 18 Barclays 152 2 0 2

17= - JM Financial 152 2 2 0

19 11 EY 96 2 -2 4

20 21 Rothschild & Co 46 2 0 2

Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 3 Nomura Holdings 9,012 18 104.1% 4,416

2 1 Morgan Stanley 6,473 5 22.6% 5,280

3 12 Deloitte 5,078 8 282.7% 1,327

4 9 Sumitomo Mitsui Financial Group 2,187 14 49.8% 1,460

5 7 Daiwa Securities Group / DC Advisory 2,126 6 39.6% 1,523

6 13 Mizuho Financial Group 2,081 9 70.2% 1,223

7 44 Bank of America 1,430 2 - -

8 - Centerview Partners 1,295 2 - -

9 14 GCA Corporation 913 5 -11.4% 1,030

10 34 AGS Consulting 891 2 1137.5% 72

11 4 JPMorgan 854 2 -79.7% 4,212

12 - BR Partners 825 1 - -

13 18 UBS Investment Bank 759 2 84.7% 411

14= - BNP Paribas 523 1 - -

14= - Core Assessoria Financeira 523 1 - -

16 21 Sangyo Sosei Advisory 464 1 67.5% 277

17 - IR Japan 429 3 - -

18= 24 Citi 384 1 67.0% 230

18= 6 Goldman Sachs & Co 384 1 -77.8% 1,732

20 16 Plutus Consulting 359 4 -51.8% 745

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Japan Analysis


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Middle East & Africa


Middle East & Africa Analysis

Value(USD m)

Deal Details

AnnouncementDate

Bidder Company

Target Company

Target Geography

Target Sector

2,718 17-Feb-20 Port & Free Zone World FZE

DP World PLC (19.55% Stake) United Arab Emirates

Transport

1,547 05-Mar-20 United Brands Of Shisha Bidco Limited

Al-Eqbal Company for Investment PLC

Jordan Financial Services

1,000 08-Mar-20 Qatar Petroleum Qatar Fertiliser Company (P.S.C.) (25% Stake)

Qatar Industrials & Chemicals

1,000 23-Jan-20 Sonangol E.P. Unitel S.A. (25% Stake); Multitel - Servicos de telecomunicacoes Lda (40% Stake)

Angola Telecoms

533 29-Jan-20 Comtech Gilat Satellite Networks Ltd. Israel Telecoms

Inbound M&A in 1Q20 - the lowest quarterly

value since 4Q18

USD 3.8bn

Value of M&A targeting the Middle East & Africa in 1Q20, a 90.1% decrease compared to 1Q19 value (USD 95.4bn)

USD 9.5bn

Fall in M&A value versus 4Q19 (USD 12.6bn)

-25.5%


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Middle East & African M&A activity had a subdued start to the year mirroring a global slowdown as dealmakers adjust to the coronavirus pandemic and fears over an inevitable economic downturn grow. The global reduction in M&A, coupled with trouble in the energy markets resulted in a total of USD 9.5bn conducted in the MEA region in the first three months of 2020, the lowest quarterly value since 3Q15 (USD 6.1bn).

Slowdown in big-ticket cross-border M&A. There appears to be a clear decline in the number of firms willing to conduct high-profile deals in such unprecedented circumstances, with just six deals worth over USD 500m in 1Q20. The largest deal so far this year in MEA saw Port & Free Zone World acquire a 19.55% stake in UAE-based logistics firm DP World for USD 2.7bn, announced in mid-February. Given the ongoing uncertainty it appears that the region will continue to see historically low levels of investment in the short term.

With widespread quarantine measures in place in many countries, global cross-border M&A has seen a sizeable fall in the opening quarter of the year. In the MEA region, just USD 3.8bn was spent by foreign investors on assets in 1Q20, the lowest quarterly value since 4Q18 (USD 3bn). The USD 1.5bn acquisition of Jordan-based cigarette manufacturer Al-Eqbal Company in early March was the largest foreign investment of the first quarter. This follows a number of strong years, with 2019 inbound M&A reaching a total USD 49.4bn across 218 announced deals, the second highest annual value and volume on Mergermarket record.

Outbound M&A has taken a similar hit so far this year, with just 20 deals conducted outside the region by MEA-based investors worth a combined USD 2.5bn. This represents the lowest quarterly value since 2004 and a 25.3% decrease by

value in comparison to the USD 3.4bn (37 deals) spent in the first quarter of 2019.

Israeli M&A falters. Israeli M&A, which has seen a significant increase in cross-border activity in recent years suffered a clear reduction in the first quarter with just USD 1.4bn (21 deals) worth of dealmaking recorded in 1Q20. This represents a 57.4% drop by value versus the opening quarter of 2019 (USD 3.3bn) and the lowest quarterly value since 4Q16 (USD 1.1bn).

US investment into the country, which has been a key driver behind the uptick in Israeli M&A in recent years, fell dramatically in 1Q20. There was just USD 943m spent by US investors across nine deals, the lowest quarterly value since 4Q18 (USD 331m). Last year saw a record number of US deals into Israel and the third successive year over USD 10bn at USD 10.6bn (44 deals).

Technology remains the most active sector by deal count with ten deals worth USD 344m announced so far this year. This included Insight Partners’ USD 125m investment for a 10% stake in Israeli game developer Moon Active, announced in late January.

Energy market uncertainty to hit 2020 dealmaking. Meanwhile the natural resources sector has been hit by a perfect storm. There has been a clear fall in demand for oil given the coronavirus outbreak and the subsequent lack of travel, combined with the failed production curbing agreement between OPEC and Russia, which has driven oil prices down to historically low levels. As a result, ongoing situations have been adversely affected as recent valuations became largely irrelevant.

Mid-stream gas deals, however, may still be attractive to investors. ADNOC, which sold a 40% stake in its oil pipelines for USD 4bn last year, is reportedly selling a 49% stake in its natural gas pipelines. Six suitors remain involved in the auction, although there remains concerns the process may be postponed.

Amid the unprecedented outbreak of the coronavirus pandemic, global M&A, and specifically cross-border M&A activity, has taken a noticeable downturn and a result the Middle East & Africa has suffered. Together with the plummeting oil price, dealmaking in the region looks set to experience a prolonged downturn with M&A processes adjusted and spending largely on hold while the uncertainty remains.


Middle East & Africa


“Dealmaking in the region looks set to experience a prolonged downturn”

Jonathan Klonowski, Research Editor (EMEA)


Mergermarket.com

Number of deals worth at least USD 500m targeting

MEA in 1Q20

6Fall in Israeli M&A compared to

1Q19

-57.4%

Number of business services deals in 1Q20

Number of tech deals in 1Q20 - the most active

sector in MEAValue of outbound M&A by MEA-based firms - the lowest quarterly

value since 4Q18 (USD 2.3bn)

USD 2.5bn 810

Value of energy, mining & utlities M&A in 1Q20 (nine deals)

USD 362m

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1Q19 1Q20Q3Q2 Q4Q1

Deal Count

Middle East & Africa Quarterly Breakdown Trend2014 - 1Q20

Middle East & Africa Sector Breakdown Trend1Q19 - 1Q20

0

30

60

90

120

150

2020201920182017201620150

120

240

360

480

600

12.3

8.6

22.0

35.1

9.4

17.3

17.0

17.8

23.9

Dea

l Val

ue (U

SD b

n) Deal C

ount

17.2

11.4

95.4

12.6

29.8

10.9

10.0

24.8

9.7

9.5

6.1

20.7

0

20

40

60

80

OtherEnergy, Mining & Utilities

Financial Services

Industrials & Chemicals

TelecomsTransport

Dea

l Val

ue (U

SD b

n)2.8

70.91.5

5.410.6

0.12.1 1.6

0.6 0.47.8 1.0

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Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 7 PwC 501 7 2 5

2 9 Rothschild & Co 2,804 3 -1 4

3 11 Barclays 2,120 3 0 3

4 1 JPMorgan 723 2 -5 7

5 - Evercore 300 2 2 0

6 66 Global M&A Partners 132 2 1 1

7 2 EY 65 2 -5 7

8= 8 Citi 2,718 1 -3 4

8= 13 Deutsche Bank 2,718 1 -2 3

10 - Nomura Holdings 1,455 1 1 0

11= - Alnitak & Co 533 1 1 0

11= 3 Goldman Sachs & Co 533 1 -5 6

11= 12 Jefferies 533 1 -2 3

11= - Quilty Analytics 533 1 1 0

15 - Financial Technology Partners 237 1 1 0

16= - Centerview Partners 200 1 1 0

16= 55 Standard Bank Group 200 1 0 1

16= - UBS Investment Bank 200 1 1 0

19 48 Alantra 134 1 0 1

20 17 Houlihan Lokey 105 1 -1 2

Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 28 Rothschild & Co 2,804 3 781.8% 318

2= 6 Citi 2,718 1 -96.2% 71,121

2= 15 Deutsche Bank 2,718 1 90.7% 1,425

4 9 Barclays 2,120 3 -49.2% 4,173

5 - Nomura Holdings 1,455 1 - -

6 1 JPMorgan 723 2 -99.1% 81,862

7= - Alnitak & Co 533 1 - -

7= 2 Goldman Sachs & Co 533 1 -99.3% 76,691

7= 10 Jefferies 533 1 -87.2% 4,155

7= - Quilty Analytics 533 1 - -

11 19 PwC 501 7 -27.7% 693

12 - Evercore 300 2 - -

13 - Financial Technology Partners 237 1 - -

14= - Centerview Partners 200 1 - -

14= 53 Standard Bank Group 200 1 1566.7% 12

14= - UBS Investment Bank 200 1 - -

17 43 Alantra 134 1 135.1% 57

18 66 Global M&A Partners 132 2 - -

19 16 Houlihan Lokey 105 1 -88.7% 933

20= - Lincoln International 100 1 - -

20= 46 Schwartz Investment House 100 1 127.3% 44

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M&A Rankings by deal value and deal count for a wide range of regions

M&A and PE Financial Advisory League Tables

Mergermarket 46

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League Tables

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 1 PwC 3,557 83 -52 135

2 2 Deloitte 7,324 70 -64 134

3 5 Goldman Sachs & Co 202,843 61 -17 78

4 7 Morgan Stanley 163,055 61 0 61

5 8 JPMorgan 132,078 61 2 59

6 4 EY 2,641 61 -19 80

7 6 Rothschild & Co 68,353 59 -15 74

8 3 KPMG 2,152 53 -40 93

9 15 Jefferies 9,851 45 4 41

10 11 Houlihan Lokey 7,296 44 -2 46

11 14 Evercore 56,272 40 -2 42

12 13 Barclays 59,632 37 -8 45

13 10 Citi 52,838 36 -14 50

14 9 Lazard 53,236 35 -16 51

15 12 Bank of America 39,528 35 -10 45

16 24 Piper Sandler Companies 6,809 33 4 29


18 18 Oaklins 506 29 -7 36

19 17 Credit Suisse 66,314 28 -9 37


Ranking 1Q20 1Q19


Deal count

% Value change

Value (USDm)

1 2 Goldman Sachs & Co 202,843 61 -38.1% 327,694

2 3 Morgan Stanley 163,055 61 -44.7% 294,870

3 1 JPMorgan 132,078 61 -63.0% 356,515

4 15 Rothschild & Co 68,353 59 62.6% 42,028

5 7 Credit Suisse 66,314 28 -46.5% 123,990


7 8 Barclays 59,632 37 -47.2% 112,880

8 6 Evercore 56,272 40 -72.5% 204,757

9 16 Lazard 53,236 35 34.4% 39,619

10 4 Citi 52,838 36 -80.7% 274,173

11 5 Bank of America 39,528 35 -83.6% 240,565

12 21 Deutsche Bank 33,509 14 28.5% 26,070

13 43 Nomura Holdings 30,661 25 369.8% 6,526

14 32 BNP Paribas 21,598 13 97.6% 10,932

15 69 Macquarie Group 20,478 14 560.8% 3,099

16 553 goetzpartners 18,890 6 - -

17 - Bain & Company 18,834 1 - -

18 13 Centerview Partners 17,925 13 -71.6% 63,164

19 11 HSBC 17,337 14 -79.6% 85,123

20 9 Moelis & Company 16,994 26 -84.3% 108,267

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League Tables


EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 1Q20 1Q19


Deal count

Count change

Deal count

1 2 PwC 1,137 53 -33 86

2 1 Deloitte 1,793 50 -49 99

3 5 Rothschild & Co 62,141 49 -7 56

4 4 EY 1,356 47 -12 59

5 3 KPMG 1,787 44 -20 64

6 18 JPMorgan Cazenove 76,727 30 11 19

7 12 Morgan Stanley 88,758 27 6 21

Global & Regional M&A Report 1Q20 - Mergermarket€¦ · Towers Watson merger, the largest deal of...

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