Global & Regional M&A Report Q4 2017 - Amazon S3 · Finding the opportunities in mergers and...

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report Q4 2017Including League Tables of Financial Advisors

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Content

Overview 03

Global 04

Europe 09

US 14

Latin America 19

AsiaPacific (excl. Japan) 24

Japan 29

Middle East & Africa 34

M&A and PE League Tables 39

Criteria & Contacts 74

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29.6%

43.3% 21.4%

1.9%

1.3%

2.5%

MEA US$ 59.4bn -34.2% vs. 2016 Inbound US$ 51.1bn -22.7% Outbound US$ 35.5bn -42.0%Ind & Chem. US$ 21.5bn +122.6%

Europe US$ 929.3bn +14.0% vs. 2016 Inbound US$ 347.9bn -20.2% Outbound US$ 245.6bn -10.9%Ind & Chem. US$ 147.3bn -11.1%

Latin America US$ 80.1bn +3.6% vs. 2016 Inbound US$ 49.3bn -5.3% Outbound US$ 7.6bn -32.6%EMU US$ 26.5bn -33.4%

North America US$ 1.36tn -13.4% vs. 2016 Inbound US$ 263.1bn -23.6% Outbound US$ 363.1bn +15.8%EMU US$ 306.8bn -12.2%

APAC (ex. Japan) US$ 673.5bn +4.8% vs. 2016 Inbound US$ 107.7bn +21.9% Outbound US$ 114.7bn -54.1%TMT US$ 121.7bn +194.0%

Global M&A US$ 3.15tn -3.2% vs. 2016

Cross-border US$ 1.33tn -0.4% vs. 2016

Global Overview Regional M&A Comparison

Japan US$ 40.1bn -36.4% vs. 2016 Inbound US$ 21.3bn +102.9% Outbound US$ 59.1bn -36.7%Technology US$ 13.3bn +143.1%

The % values on the map indicate market shares in global M&ATop sector: EMU US$ 543bn -7.7% vs. 2016

Mergermarket 3Global OverviewGlobal & Regional M&A Report Q4 2017

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Cross-border share of global

M&A value – the highest annual

percentage since 2014

Number of megadeals (> US$

10bn) in December, the highest

monthly number in 2017. Worth

a combined US$ 189.1bn

41.9%5

Several blockbuster deals in December left 2017 global M&A

standing US$ 3.15tn, 3.2% behind 2016’s value of US$ 3.26tn

-3.2%

Global

Value (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target geography

Target sector

68.4 14-Dec The Walt Disney Company

Twenty-First Century Fox Inc

USA Media

67.8 03-Dec CVS Health Corporation

Aetna Inc USA Financial Services

60.6 17-Jan British American Tobacco Plc

Reynolds American Inc (57.83% Stake)

USA Consumer

45.5 01-Jun Praxair Inc Linde AG Germany Industrials & Chemicals

38.9 18-Oct Hochtief AG Abertis Infraestructuras SA

Spain Construction

Mergermarket Global AnalysisGlobal & Regional M&A Report Q4 2017

• Global M&A fell just short of previous years, as uncertainty appeared to take its toll on investments. M&A dipped 3.2% by value to US$ 3.15tn (18,433 deals) in comparison to 2016 (US$ 3.26tn, 18,592 deals), while deal count dropped by only 205 from the 2016 record. This marks the fourth consecutive year in which M&A has broken the US$ 3tn barrier. The year ended on a high with December seeing the largest monthly total of the year with US$ 427.5bn. There were five megadeals (> US$ 10bn) in the final month, including the two largest deals of the year – Disney acquiring Fox’s entertainment assets for US$ 68.4bn and the US$ 67.8bn tie-up between CVS and Aetna. December saw the highest monthly number of megadeals in 2017 and the largest by combined value with US$ 189.1bn. The last month at this level was back in July 2016 which saw six megadeals worth US$ 108.9bn.

• Cross-border activity has once again been a key component of M&A in 2017, despite seeing a slight reduction in the number and value of such deals. In 2017, there were 6,459 cross-border deals worth US$ 1.32tn, a 1.3% drop compared to 2016 (US$ 1.33tn). However, while cross-border M&A has reduced in terms of raw numbers, its share as a percentage of global M&A in 2017 stood at 41.9% by value, the second highest since the financial crisis, and 35.1% by deal count, the highest such figure since 2011 (35.4%). As confidence wanes in various regions it appears that dealmakers are pursuing a strategy of spreading risk, over consolidating within home markets, despite the global geopolitical uncertainty. Looking at the largest acquisitions of the year, seven of the top ten deals announced were cross-border, the largest being British American Tobacco’s US$ 59bn takeover of Reynolds American.

• While the US remained the most targeted area globally by value, following 5,326 deals worth US$ 1.26tn, it saw its influence on global M&A reduce in 2017 due to a resurgent Europe. In 2017 the US accounted for a 40.2% share of the global value, the lowest percentage since 2012 (37.6%), a decline from the 45.5% in 2016 and the second consecutive decrease. Meanwhile Europe saw a second successive growth to 29.6% in 2017, up from 25% and 23.1% in 2016 and 2015 respectively. As the region’s GDP has risen and confidence in the market appeared to increase, M&A figures have mirrored this rise, more specifically with a hike in deals between countries within the Eurozone. This was noticeable on three of the top five deals targeting Europe over the year. Asia Pacific (excl. Japan) has remained steady in 2017, hitting 21.4% of global M&A, with China representing the vast majority of the region’s activity, at 49.1% by value.

• The next wave of technology is driving M&A across all sectors as people change the way they consume media, products and services. The Technology sector hit its highest annual deal count on Mergermarket record (since 2001), up to 2,569, as investors looked towards the latest developments in the industry, such as IoT, autonomous vehicles and blockchain. Consumer was one of the few sectors to increase in value as a result of a number of high-profile deals – particularly in H1. The year saw acquisitions of Reynolds America, Luxottica and Whole Foods, with a total of six takeovers worth over US$ 10bn – compared to just one such deal in 2016. Energy, Mining & Utilities remained the most targeted sector by value, with 1,541 deals worth US$ 543bn, despite a 7.7% reduction compared to 2016 (US$ 588.3bn), following 24 deals above the US$ 5bn mark.

“The next wave of technology is driving M&A across all sectors as people change the way they consume media, products and services”

Jonathan Klonowski, Research Editor (EMEA)

Global

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Global AnalysisGlobal & Regional M&A Report Q4 2017


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US$ 380.7bnValue of Consumer M&A in 2017, 68.3%

ahead of 2016’s US$ 226.3bn

The drop in Industrials & Chemicals M&A versus 2016

Number of deals targeting the technology sector, the highest deal count for the sector on

Mergermarket record

-26.8%2,569

Chinese share of Asia-Pacific (excl. Japan) M&A in 2017

49.1%European share of global M&A,

the highest percentage since the 31.4% seen in 2012

29.6%

Average deal size, the second highest annual average on

Mergermarket record (since 2001)

US$ 352.9m

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Global Quarterly Breakdown Trend2012 - 2017

Global Sector Breakdown Trend2016 - 2017

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Global Analysis

Ranking 2017 2016 Regional ranking comparison

2017 2016 Company name Value (US$m)

Deal count

Value (US$m)

% Value change

Europe US Asia Pacific

Japan Middle East & Africa

Latin America

1 2 Goldman Sachs & Co 878,121 315 844,947 3.9% 1 1 1 1 1 4

2 4 JPMorgan 702,197 313 658,040 6.7% 3 2 4 4 5 3

3 1 Morgan Stanley 633,394 270 881,274 -28.1% 4 3 2 3 4 7

4 3 Bank of America Merrill Lynch 481,618 191 699,061 -31.1% 2 5 5 7 7 1

5 5 Citi 468,440 200 559,947 -16.3% 7 4 7 12 2 8

6 10 Lazard 447,612 235 280,088 59.8% 5 7 12 8 15 11

7 11 Deutsche Bank 335,145 131 268,341 24.9% 8 9 9 21 22 27

8 6 Barclays 332,465 165 496,107 -33.0% 15 6 26 32 20 10

9 7 Credit Suisse 319,866 203 465,790 -31.3% 9 10 14 9 11 13

10 9 UBS Investment Bank 279,658 159 301,828 -7.3% 10 12 3 15 13 18

11 14 Centerview Partners 263,801 43 190,375 38.6% 17 8 128 30 8 -

12 12 Rothschild 250,612 321 253,797 -1.3% 6 20 8 28 3 20

13 8 Evercore 231,333 139 321,141 -28.0% 32 11 20 6 77 24

14 21 Jefferies 144,336 155 89,717 60.9% 21 14 17 17 18 147

15 29 BNP Paribas 136,706 96 58,598 133.3% 11 34 13 82 25 19

16 17 Perella Weinberg Partners 123,735 31 117,337 5.5% 16 15 - 154 45 -

17 22 Guggenheim Partners 113,591 29 80,996 40.2% 117 13 603 - 29 -

18 25 Macquarie Group 111,757 89 64,213 74.0% 14 17 16 19 24 132

19 15 Allen & Company 100,544 21 146,301 -31.3% 293 16 158 - 165 104

20 19 HSBC 95,257 64 91,769 3.8% 18 23 10 48 12 36

Global League tables

Financial advisor league table by value

Global & Regional M&A Report Q4 2017


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Europe Analysis

Europe

Value (US$bn)

Deal details

Announce-ment date


Target sector

45.5 01-Jun Praxair Inc Linde AG Germany Industrials & Chemicals

38.9 18-Oct Hochtief AG Abertis Infraestructuras SA

Spain Construction

34.0 15-May Atlantia SpA Abertis Infraestructuras SA

Spain Construction

29.6 26-Jan Johnson & Johnson Actelion Pharmaceuticals Ltd

Switzerland Pharma, Medical & Biotech

25.4 16-Jan Essilor International SA Luxottica Group SpA Italy Consumer 2017 average deal value

in Europe, the highest

on Mergermarket

record (since 2001)

Number of megadeals

targeting Europe in 2017

– the highest annual

figure since 2008

US$ 390.8m11

M&A targeting Europe in 2017, a 14% increase in comparison to 2016’s value of US$ 815.4bn

US$ 929.3bn



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“The year started among uncertainty, with various populist threats across the continent amid several elections. However, with the elections mostly returning more stable candidates and confidence in the market growing after a slow recovery, the M&A market has similarly picked up”


Europe

Europe AnalysisGlobal & Regional M&A Report Q4 2017

• As the continent posted stronger economic figures, European M&A diverged from the global trend – increasing 14% by value in comparison to 2016 (US$ 815.4bn). The economic recovery in Europe, with improving GDP and employment figures, has helped push European M&A to a post-crisis high of US$ 929.3bn across 7,235 deals. The year’s value accounted for a 29.6% share of global M&A – the highest such figure since 2012 when Europe represented a 31.4% share of activity. The region’s average value reached its highest point on Mergermarket record (since 2001) at US$ 390.8m, surpassing the US$ 386.1m in 2007. A clear reason for this increase in Europe is the fact that the continent has seen an uptick in megadeals, receiving the largest number of deals over US$ 10bn since 2008 (12 deals). In 2017, there were 11 announcements of megadeals in Europe, worth a combined US$ 254.2bn.

• The Eurozone has been key to the increase in European M&A, with the bloc accounting for a 54.3% of the whole continent’s value following 3,846 deals worth US$ 504.5bn. This represents the second largest value for the Eurozone since the crash. The year started among uncertainty, with various populist threats across the continent amid several elections. However, with the elections mostly returning more stable candidates and confidence in the market growing after a slow recovery, the M&A market has similarly picked up. Away from the Eurozone, the Nordics saw a growing influence in 2017, with 1,040 deals worth US$ 111.3bn announced, the second highest value on Mergermarket record. This represents a 12.7% share of European M&A – the highest on Mergermarket record.

• Private equity buyout activity went from strength to strength in 2017, reaching its highest value and deal count since the financial crisis, surpassing 2014’s figure of US$ 143.8bn). Over the last 12 months there were 1,388 buyouts targeting European assets, worth a total US$ 158.4bn, 25.9% higher than the equivalent value in 2016, with deal count also increasing (US$ 125.8bn, 1,286 deals). Buyouts represented a 17% share in the total European M&A value – the highest annual share of M&A since 2007. As competition became more intense, the size of buyouts similarly grew as private equity firms looked towards larger targets and take-private deals. The largest buyout of the year saw the long-awaited acquisition of Unilever’s spreads business by KKR for US$ 8bn, making this the second largest buyout in Europe since the financial crisis.

• Industrials & Chemicals has been the most active sector by both value and deal count in Europe in 2017, hitting US$ 147.3bn across 1,453 deals announced. Following takeovers of Linde (US$ 45.5bn) and Siemens’ mobility business (US$ 8.7bn), the sector hit its second highest post-crisis value, only behind the US$ 165.7bn (1,487 deals) seen in 2016. Traditionally the country’s strong point, Germany accounted for a 60% share of the sector’s dealmaking in Europe – the highest percentage for the country on Mergermarket record. Simultaneously, several big-ticket Consumer deals in the first half of 2017 pushed the sector’s value over double the equivalent 2016 figure (US$ 53.6bn). Takeovers of Luxottica, Christian Dior and Unilever’s spreads division left the sector totalling US$ 120.5bn across 927 deals. This led to only the second time since the financial crash that the sector breached the US$ 100bn barrier, following 2015’s US$ 204.3bn – largely as a result of the US$ 122.8bn deal between AB InBev and SABMiller.


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34Number of buyouts during 2017

worth over US$ 1bnNumber of 2017 Consumer deals

worth over US$ 5bn

51,453

Number of deals in the Industrials & Chemicals space – the second highest on Mergermarket record

Growth over 2016 in UK domestic M&A value as corporates become

more defensive

Increase in Nordic M&A value versus 2016Eurozone M&A in 2017, the

highest annual figure since 2014 (US$ 534.6bn)

US$ 504.5bn 105.2%74%

11

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Mergermarket Europe AnalysisGlobal & Regional M&A Report Q4 2017




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Europe Quarterly Breakdown Trend2012 - 2017

Europe Sector Breakdown Trend2016 - 2017

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Mergermarket Europe AnalysisGlobal & Regional M&A Report Q4 2017


Europe League tables

Europe league table by value

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 PwC 49,813 284 5 279

2 1 KPMG 54,782 279 -32 311

3 3 Rothschild 211,470 274 9 265

4 5 EY 17,400 254 37 217

5 4 Deloitte 16,167 227 -26 253

6 6 Lazard 281,797 152 -3 155

7 8 JPMorgan 320,021 140 21 119

8 7 BDO 3,242 121 -11 132

9 9 Goldman Sachs & Co 409,434 117 11 106

10 10 Morgan Stanley 315,511 110 9 101

11 16 ALANTRA 37,362 101 16 85

12 13 Bank of America Merrill Lynch 327,137 88 -3 91

13 12 Oaklins 2,258 85 -8 93

14 19 Lincoln International 1,474 85 12 73

15 14 Citi 207,660 83 -7 90

16 20 Credit Suisse 195,262 81 11 70

17 15 UBS Investment Bank 186,948 79 -7 86

18 11 BNP Paribas 131,352 75 -24 99

19 18 Clearwater International 3,512 73 -7 80

20 21 Grant Thornton 776 69 -1 70

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 409,434 117 9.7% 373,249

2 3 Bank of America Merrill Lynch 327,137 88 35.8% 240,942

3 6 JPMorgan 320,021 140 55.4% 205,877

4 2 Morgan Stanley 315,511 110 -11.5% 356,431

5 8 Lazard 281,797 152 67.8% 167,977

6 4 Rothschild 211,470 274 -10.3% 235,653

7 11 Citi 207,660 83 49.6% 138,820

8 9 Deutsche Bank 195,322 63 27.3% 153,444

9 5 Credit Suisse 195,262 81 -15.6% 231,265

10 10 UBS Investment Bank 186,948 79 30.2% 143,607

11 16 BNP Paribas 131,352 75 136.5% 55,549

12 31 Societe Generale 92,681 51 213.1% 29,600

13 41 Mediobanca 84,531 38 366.1% 18,135

14 34 Macquarie Group 77,955 36 198.0% 26,160

15 7 Barclays 77,884 53 -60.3% 196,146

16 60 Perella Weinberg Partners 74,440 11 799.7% 8,274

17 13 Centerview Partners 67,387 9 -38.9% 110,321

18 14 HSBC 55,377 46 -23.1% 72,038

19 37 KPMG 54,782 279 143.1% 22,531

20 21 Credit Agricole 54,090 40 17.9% 45,884

Europe league table by deal count

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Europe AnalysisGlobal & Regional M&A Report Q4 2017


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US Analysis

US

Value (US$bn)

Deal details

Announce-ment date


Target sector

68.4 14-Dec The Walt Disney Company

Twenty-First Century Fox Inc

USA Media

67.8 03-Dec CVS Health Corporation

Aetna Inc USA Financial Services

60.6 17-Jan British American Tobacco Plc

Reynolds American Inc (57.83% Stake)

USA Consumer

29.9 04-Sep United Technologies Corporation

Rockwell Collins Inc USA Industrials & Chemicals

23.6 23-Apr Becton, Dickinson and Company

CR Bard Inc USA Pharma, Medical & Biotech

2017 share in global M&A

by value - the lowest

since 2013 (40.5%)

Q4 2017 is down 29.7%

by value with 170 fewer

deals over Q4 2016 (US$

501.7bn, 1,297 deals)

40.2%US$ 352.8bn

2017 is down 14.9% by deal value on par with 2016 by deal count (US$ 1.5tn, 5,325 deals)

US$ 1.3tn



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US Analysis

“Tax reform, which includes a sizeable cut to the US corporate tax rate, has fueled anticipation over how future tax savings might be spent, particularly with regard to M&A.”

Elizabeth Lim,Research Editor (Americas)

US


• US M&A saw US$ 1.3tn worth of deals announced in 2017, with a total of 5,326 transactions reaching the signing table. This was the second consecutive year of decreases in overall value since the record highs of 2015, at the end of which interest rates, effectively zero since 2008, had finally begun to rise slightly. As the economy continues to move on from the financial crisis, inflation has remained low, and further increases in the federal funds rate are expected in 2018 following three gradual raises in 2017. Further, Congress’ recently passed tax legislation, which included a sizeable cut to the US corporate tax rate, has fueled anticipation over how future tax savings might be spent over the next several years, particularly with regard to M&A. US dealmaking therefore, while still cautious in today’s political climate, has continued at a steady pace.

• Despite coming under fire from the political arena, Media M&A continued to feel pressure from industry challengers such as Netflix to consolidate in order to survive in an age of digital streaming. The sector saw US$ 103bn worth of deals, its second-highest total value behind 2016’s peak of US$ 133.3bn, though most of the latter had been due to the US$ 105bn AT&T/Time Warner transaction, whose fate remains unclear after a block by the Justice Department in November. However, such events did not prevent Disney from announcing that it had signed an agreement to acquire most of Twentieth-Century Fox for US$ 68.4bn, which then became the largest deal of 2017.

• Political issues had an effect on another space that had peaked in 2016 – Chinese bids for US firms. After reaching a record US$ 56.7bn and 75 transactions, 2017 saw an 81.1% fall in value to US$ 10.7bn with 11 fewer transactions for a total of 64 buys of US companies. Multiple blocks by the Committee on Foreign Investment in the US (CFIUS) in 2017 have led

would-be acquirers in China to rethink their strategies in the US. According to Mergermarket intelligence, unhappy with being labeled national security risks, dealmakers have begun to consider avoiding US deals, with the potential for Tech investments to be especially vulnerable to such shifts and with Chinese companies now starting to look for targets elsewhere.

• Meanwhile, US Technology in the age of Amazon did take center stage in 2017, reaching a record deal count of 1,015 transactions, with its disruptive effects rippling across various sectors including Consumer; Pharma, Medical & Biotech; and Media. Most notably, Computer Software was one of only a few spaces where deal count actually rose in 2017, unlike in the general global trend; in fact, the sub-sector set a record in 2017 with 771 transactions, even while disclosed values were down 44.7% to US$ 64.2bn from 2016. By value, Energy, Mining & Utilities (EMU) was 2017’s top sector, recording US$ 260bn and 436 transactions. Though this represented a 20.6% fall in value compared to 2016’s record high of US$ 327.3bn, overall 2017’s total was the third-highest on Mergermarket record (since 2001), as was deal count. Of particular note has been growing investment in the Utilities space – though accounting for just 16.8% of EMU’s total value, the sub-sector reached a record value of US$ 43.7bn, with more activity poised for 2018 given recent shifts by oil majors away from oil and gas and more toward electricity.


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US$ 108.8bn

US$ 67.8bn

US$ 18.8bn

Record value of UK bids for US firms, up 271.8% from 2016 (US$ 29.3bn)

US$ 68.4bn Twenty-first Century Fox is Disney’s

largest acquisition on record

Technology’s share of total US deal count

CVS Health/Aetna is the largest US Financial Services transaction on

Mergermarket record

Sempra/Energy Future Holdings is the second-largest US Utilities

transaction on record

US share of total global deal count

29%19.1%

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US AnalysisGlobal & Regional M&A Report Q4 2017




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US Quarterly Breakdown Trend2012 - 2017

US Sector Breakdown Trend2016 - 2017

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Mergermarket US AnalysisGlobal & Regional M&A Report Q4 2017


US League tables

US league table by value US league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 Goldman Sachs & Co 662,938 225 32 193

2 1 JPMorgan 477,685 208 13 195

3 3 Morgan Stanley 429,231 170 9 161

4 4 Houlihan Lokey 31,241 154 0 154

5 9 Citi 317,707 141 21 120

6 7 Jefferies 113,351 132 0 132

7 6 Barclays 286,563 128 -4 132

8 10 Credit Suisse 230,664 127 7 120


10 11 Lazard 284,226 118 6 112

11 8 Evercore 206,438 118 -12 130

12 14 Stifel/KBW 18,116 99 7 92

13 20 William Blair & Company 19,171 98 21 77

14 13 Rothschild 61,740 95 2 93

15 16 Piper Jaffray & Co 19,342 91 4 87

16 15 Moelis & Company 71,672 89 -2 91

17 12 RBC Capital Markets 65,915 88 -9 97


19 23 KPMG 6,634 85 12 73

20 17 Raymond James & Associates 21,208 83 -2 85

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 662,938 225 4.8% 632,642

2 4 JPMorgan 477,685 208 -4.9% 502,232

3 2 Morgan Stanley 429,231 170 -30.5% 617,786

4 5 Citi 317,707 141 -33.1% 474,810

5 3 Bank of America Merrill Lynch 291,281 119 -45.3% 532,803

6 6 Barclays 286,563 128 -32.3% 423,054

7 11 Lazard 284,226 118 75.2% 162,251

8 10 Centerview Partners 262,916 42 38.1% 190,375

9 9 Deutsche Bank 234,414 76 20.2% 195,014

10 7 Credit Suisse 230,664 127 -25.3% 308,936

11 8 Evercore 206,438 118 -32.7% 306,630


13 20 Guggenheim Partners 113,591 29 40.2% 80,996

14 19 Jefferies 113,351 132 35.2% 83,846

15 16 Perella Weinberg Partners 108,332 24 -7.4% 116,997

16 13 Allen & Company 100,544 21 -31.1% 146,029

17 42 Macquarie Group 74,394 41 552.1% 11,408

18 24 Moelis & Company 71,672 89 56.6% 45,769

19 12 RBC Capital Markets 65,915 88 -55.1% 146,662

20 14 Rothschild 61,740 95 -52.1% 128,882

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US AnalysisGlobal & Regional M&A Report Q4 2017


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Latin America Analysis

LatinAmericaValue (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target geography Target sector

6.7 01-Jul Telecom Argentina SA Cablevision Holding SA

Argentina Telecoms

4.3 02-Sep Paper Excellence Canada Holdings Corp

Eldorado Brasil Celulose SA (81% Stake)

Brazil Industrials & Chemicals

4.0 30-Nov State Grid Corporation of China

CPFL Energia SA (45.36% Stake)

Brazil Energy, Mining & Utilities

3.4 22-Dec UnitedHealth Group Inc

Banmedica SA Chile Pharma, Medical & Biotech

3.2 05-Dec The Bank of Nova Scotia

Banco Bilbao Vizcaya Argentaria Chile SA

Chile Financial Services

2017’s share of global M&A

by value - the highest

since 2014 (4.1%)

Q4 2017 is up 24.8%

by value over Q4

2016 (US$ 21.1bn)

2.5%US$ 26.3bn

2017’s deal value is up 3.6% over 2016 (US$ 77.3bn)

US$ 80.1bn



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“The Advent/Enjoy deal underlines the growing presence of private equity firms in Latin America. As a blend of cross-border dealmaking driven by PE interest, it could be a signal for activity in 2018.”

Elizabeth Lim,Research Editor (Americas)

Latin America

• Latin American M&A was on par with total deal values over the last two years, reaching US$ 80.1bn with 583 deals announced in 2017. This was an increase in value by 3.6% though with two fewer deals compared to 2016 (US$ 77.3bn, 585 deals). Much of the region’s dealmaking continued to be driven by activity in key sectors such as Energy, Mining & Utilities (EMU) and an uptick in certain sectors to watch in 2018, such as Agriculture and Leisure.

• Inbound activity, while down by 5.3% in value compared to 2016, was responsible for 61.6% of M&A in Latin America, recording US$ 49.3bn with 318 transactions. Of this, 18.9% of inbound value was due to bids from Chinese firms, which saw an increase in deal count in 2017 to a record 12 transactions, although total value decreased to US$ 9.3bn. Interest in Latin America’s EMU assets, particularly in electricity, has been growing, with five inbound deals worth a total of US$ 7.6bn announced, and more expected in 2018. In fact, overall by both cross-border and domestic activity, EMU continued to be the region’s dominant sector in the past year, registering a total of US$ 26.5bn and 116 transactions. Though this was a decrease in value by 33.4% compared to the previous year (US$ 39.8bn), deal count set a new record. Notably, 12.7% of EMU’s activity was due to Canadian investments, worth a total of US$ 3.3bn, with deal count also seeing a record of 34 transactions, nearly 3x the number in 2016. In particular, Canadian investments in Chile have skyrocketed with six EMU deals. A number of Chilean Mining deals were for assets such as lithium, copper, and gold.

• According to Mergermarket intelligence, Agriculture sector assets are expected to attract investors in 2018, despite impending NAFTA renegotiations between Mexico and the US. In 2017, Latin American agricultural M&A saw US$ 2bn worth of transactions and 18 deals, up in value by 160.1% with four

more deals than in 2016 (US$ 786m, 14 deals). Family-owned businesses are especially eager to enter the M&A market, along with dealmakers who are keen to see transactions through before a wave of regional elections, due to take place in 2018. Another space to watch is Leisure. The sector saw US$ 985m and 26 deals in 2017, a 145.6% increase in value with seven more deals over 2016 (US$ 401m, 19 deals). Tourism industry investments are anticipated to increase in 2018 as the region attempts to move past the political and economic turmoil of the last couple of years caused amongst others by corruption and the downturn in global commodities markets. Of the sector’s total value, 47.4% came from the top two deals, both resort and casino transactions – US-based Advent International’s US$ 287m bid for Chile-based Enjoy, and the latter’s US$ 180m bid for a 55% stake in Uruguay-based Punta del Este Conrad.

• The Advent/Enjoy deal underlines the growing presence of private equity firms in Latin America. Buyouts reached a record in the region by deal count – 69 transactions and a total disclosed deal value of US$ 6.7bn. The largest of these was UK-based Actis’ US$ 1.3bn bid for the Mexican assets of US power and utilities firm InterGen. Fittingly, the transaction, announced at the tail end of 2017, was a blend of cross-border dealmaking in the Utilities sector driven by private equity interest, which appears to be a potential signal of what to expect more of in 2018.



Mergermarket.com

88

US$ 6.7bn US$ 4bn

Fewest number of inbound deals from the US since 2011 (81)

US$ 38.7bnTotal value of Brazilian M&A in 2017, down 18.7% from 2016 (US$ 47.6bn)

Share of Chinese bids by value in Latin American M&A

Telecom Argentina/Cablevision is Argentina’s largest Telecom deal

on Mergermarket record (since 2001)

State Grid Corp/CPFL Energia (45.36% stake) is China’s largest bid in Latin America on record

Share of Canadian bids by value in Latin American M&A

13.6%11.6%

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0

5

10

15

20

25

30

35

40

OtherTelecomsFinancial Services

Industrials & Chemicals

ConsumerEnergy, Mining & Utilities

Dea

l Val

ue (

US

$b

n)

2016 2017

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

2017201620152014201320120

100

200

300

400

500

600

700

800

900

1000

28.5

39.9

21.8

25.4

22.4

14.1

12.2

29.7

11.2

14.3

30.1

Dea

l Val

ue

(US

$b

n)

Deal C

ount

24.2

21.1

14.9

11.2

24.8

38.1

21.4

17.8

16.5

32.4

47.125.4

26.3

Q3Q2 Q4Q1

Deal Count

Latin America Quarterly Breakdown Trend2012 - 2017

Latin America Sector Breakdown Trend2016 - 2017

22

mergermarket.com

Mergermarket Global & Regional M&A Report Q4 2017



Latin America League tables

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

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Banco Itau BBA 8,815 36 5 31

2 5 Banco BTG Pactual 14,377 33 17 16

3 3 Banco Bradesco BBI 4,160 20 0 20

4 12 Bank of America Merrill Lynch 15,645 16 5 11

5 15 Morgan Stanley 7,998 14 6 8

6 6 Lazard 6,791 13 -2 15

7 2 Santander Global Corporate Banking 8,614 12 -10 22

8 13 BNP Paribas 2,000 11 0 11

9 19 Goldman Sachs & Co 11,949 10 4 6

10 8 Banco Bilbao Vizcaya Argentaria 7,389 10 -4 14

11 7 Credit Suisse 6,399 10 -4 14

12 23 PwC 560 10 4 6

13 17 Rothschild 1,853 9 2 7

14 9 JPMorgan 12,236 8 -5 13

15 4 Citi 7,599 8 -10 18

16 66 Scotiabank 4,774 7 6 1

17 18 UBS Investment Bank 2,050 7 1 6

18 16 KPMG 326 7 -1 8

19 11 Deloitte 91 7 -5 12

20 26 Barclays 6,887 6 2 4

Ranking 2017 2016


Deal count

% Value change

Value (US$m)


2 12 Banco BTG Pactual 14,377 33 173.1% 5,264

3 6 JPMorgan 12,236 8 -7.5% 13,229

4 15 Goldman Sachs & Co 11,949 10 198.1% 4,009

5 7 Banco Itau BBA 8,815 36 -27.9% 12,225

6 1 Santander Global Corporate Banking 8,614 12 -69.0% 27,759

7 11 Morgan Stanley 7,998 14 23.6% 6,471

8 9 Citi 7,599 8 -1.2% 7,693

9 10 Banco Bilbao Vizcaya Argentaria 7,389 10 7.5% 6,874

10 19 Barclays 6,887 6 238.8% 2,033

11 18 Lazard 6,791 13 217.9% 2,136

12 - LionTree Advisors 6,685 2 - -

13 3 Credit Suisse 6,399 10 -61.1% 16,454

14 35 Scotiabank 4,774 7 809.3% 525

15 4 Banco Bradesco BBI 4,160 20 -72.1% 14,897

16 - Estructura Partners 3,135 3 - -

17 17 BR Partners 2,548 6 -10.7% 2,854

18 8 UBS Investment Bank 2,050 7 -76.2% 8,627

19 14 BNP Paribas 2,000 11 -51.9% 4,154

20 13 Rothschild 1,853 9 -64.5% 5,227

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Mergermarket 24

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Asia Pacific(excl. Japan)Value (US$bn)

Deal details

Announce-ment date


Target sector

24.6 12-Dec Unibail-Rodamco SA Westfield Corporation Australia Real Estate

21.2 14-Nov The Wharf (Holdings) Limited (Shareholders)

Wharf Real Estate Investment Company Limited

Hong Kong Real Estate

15.9 14-Jul Consortium for Global Logistic Properties Ltd

Global Logistic Properties Limited

Singapore Transportation

12.7 20-Mar Idea Cellular Limited Vodafone India Limited India Telecoms

9.8 16-Jan Consortium led by Cheung Kong Property

Duet Group Australia Energy, Mining & Utilities

Q4 2017 value (US$ 225.7bn)

vs Q4 2016 (US$ 176bn)

Drop in Chinese

outbound value (US$

123bn) compared to

2016 (US$ 199.1bn)

28.2%-38.2%

2017 is up 4.8% compared to 2016 (US$ 642.9bn) whilst deal count is up by six transactions

US$ 673.5bn


Asia Pacific (excl. Japan) Analysis


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“While raw numbers appear to indicate that efforts to tame Chinese spending overseas may have slowed investment, sentiment to spend outside of its borders remains strong among China-based financiers”

Amy Wu, Senior Research Analyst

Asia Pacific (excl. Japan)

• In contrast to the global M&A figures, Asia-Pacific (excl. Japan) climbed slightly – up 4.8% by value with six more deals compared to 2016 (US$ 642.9bn, 3,744 deals) following 3,750 deals valued at US$ 673.5bn. The overall value reached its second highest point on Mergermarket record (since 2001), highlighting Asia-Pacific as an attractive market for dealmaking. The region received four megadeals (> US$ 10bn) over the last 12 months, with two announced in the final quarter of the year including the US$ 24.6bn acquisition of Australia-based retail property group Westfield Corporation by Unibail-Rodamco, the France-based commercial property operator – Asia Pacific’s largest deal in 2017. Overall Australian M&A reached a 12.8% share of the region’s dealmaking in 2017 with 579 deals worth US$ 86.1bn, up 30.7% by value compared to 2016.

• The Real Estate sector experienced a strong fourth quarter within the region, following 60 transactions worth a total US$ 71.2bn. This is largely due to the aforementioned Unibail-Rodamco US$ 24.6bn acquisition of Westfield, and the US$ 21.2bn spin off of The Wharf Holdings’ Hong Kong-based property investment business. Overall, the sector saw a 2.9x increase by value in 2017 in comparison to 2016, when 113 deals took place worth US$ 41.4bn. Over the last 12 months the sector recorded 184 deals worth US$ 121.7bn. Six deals worth more than US$ 5bn buoyed this total, making it the top sector of the year. Consumer was another highlight in the region. The sector accounted for 386 deals worth US$ 63.3bn in 2017, a 71.8% increase on 2016. South Korea, with 57 deals worth US$ 10.4bn, became the second most-active country regarding both Consumer deal value and count after China (US$ 21.1bn, 111 deals), accounting for a 16.4% share of the region’s Consumer M&A activity. The sector was ranked top in South Korea, with a 3.2x value increase compared to 2016.

• Inbound activity intensified in 2017, up 21.9% by value compared to the year before (US$ 88.3bn, 585 deals) with 603 deals worth US$ 107.6bn, marking the highest value on Mergermarket record. Australia remained the most targeted country within the region in terms of both inbound deal count and value with the country recording 176 deals worth a combined US$ 41bn. On the other hand, Asia-Pacific (excl. Japan) outbound acquisitions experienced a sharp 54.1% drop by deal value as a consequence of Chinese authorities heavily regulating the amount of capital invested outside of its shores. While raw numbers appear to indicate that efforts to tame Chinese spending overseas may have slowed investment, sentiment to spend outside of its borders remains strong among China-based financiers, according to Mergermarket intelligence. China is now urging companies to restrict overseas investments, or only to look outbound if business-critical, with companies having to stress the returns it will bring back to China to gain the greenlight from regulators.

• Private equity investment in the region stood at US$ 122.7bn across 445 deals in 2017, a 37.7% increase by value compared to 2016 (US$ 89.1bn, 393 deals). The value hit the highest annual value on Mergermarket record due to one megadeal – the US$ 15.9bn buyout of Singapore-based Global Logistic Properties by a consortium led by China Vanke and HOPU Logistics Investment. China continues to lead the region in terms of deal count and value, recording 131 buyouts valued at US$ 49.8bn in 2017, including the 14.11% stake acquisition of Hengda Real Estate for US$ 9bn by an investor group including Shandong Highway, Ding Xiang Capital, Guangzhou Yehoo Investment, and Jiayu Vehicle Accessories Ningxia among others.



Mergermarket.com

Drop in outbound M&A value in 2017 compared to 2016

-54.1%Megadeals (>US$ 10bn) in Asia

Pacfic (excl. Japan) in 2017, compared to three the previous year

4

Real Estate market share by value in the region

Asia Pacific (excl. Japan) share of Global M&A in 2017 by valuePE buyout value in the region in 2017

US$ 122.7bn 18.1%21.4%

US$ 86.1bnValue of Austrialian M&A, a 30.7% increase compared

to 2016 (US$ 65.9bn)

Mergermarket 26

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0

50

100

150

200

250

300

350

OtherConsumerEnergy, Mining & Utilities

TechnologyIndustrials & Chemicals

Real Estate

Dea

l Val

ue (

US

$b

n)

2016 2017

0

100

200

300

400

500

600

700

800

900

1000

2017201620152014201320120

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

171.9

169.0

83.1

115.1

118.1

134.9

232.4

156.2

196.0

139.7

172.1Dea

l Val

ue

(US

$b

n)

Deal C

ount

295.2

176.0

138.9

155.9

114.9

139.7

107.9

68.5

105.5

86.1

81.1

225.7

173.2

Q3Q2 Q4Q1

Deal Count

Asia Pacific (excl. Japan) Quarterly Breakdown Trend2012 - 2017

Asia Pacific (excl. Japan) Sector Breakdown Trend2016 - 2017

27

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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 2017 2016


Deal count

Count change

Deal count

1 2 KPMG 15,860 101 12 89

2 3 EY 24,203 99 13 86

3 1 PwC 6,439 84 -36 120

4 6 Morgan Stanley 111,770 65 -2 67

5 5 Goldman Sachs & Co 114,732 64 -8 72

6 4 Deloitte 5,333 56 -20 76

7 15 China International Capital Corporation 79,733 51 14 37

8 16 JPMorgan 83,635 48 11 37

9 7 Credit Suisse 30,270 46 -20 66


11 9 Macquarie Group 29,119 41 -11 52

12 12 Huatai Securities 29,737 36 -4 40

13 10 Citi 61,144 33 -17 50

14 19 China Securities 19,430 33 3 30

15 13 Rothschild 45,405 32 -8 40

16 18 CITIC Securities 35,422 31 -1 32

17 27 China Renaissance Partners 13,670 30 9 21


19 30 Somerley Capital 23,912 29 10 19

20 20 Haitong Securities 6,798 27 1 26

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 114,732 64 -18.6% 141,018

2 1 Morgan Stanley 111,770 65 -24.9% 148,733


4 6 JPMorgan 83,635 48 -24.7% 110,997


6 4 China International Capital Corporation 79,733 51 -41.2% 135,520

7 9 Citi 61,144 33 1.5% 60,270

8 26 Rothschild 45,405 32 148.9% 18,239

9 17 Deutsche Bank 43,417 22 27.0% 34,197

10 8 HSBC 36,024 15 -49.5% 71,280

11 15 CITIC Securities 35,422 31 -19.7% 44,118

12 16 Lazard 33,972 22 -4.0% 35,388

13 43 BNP Paribas 33,100 15 204.6% 10,865

14 5 Credit Suisse 30,270 46 -73.4% 113,995

15 18 Huatai Securities 29,737 36 -8.3% 32,437

16 10 Macquarie Group 29,119 41 -42.0% 50,175

17 55 Jefferies 25,684 9 255.2% 7,231

18 37 EY 24,203 99 88.4% 12,850

19 44 Somerley Capital 23,912 29 121.4% 10,801

20 22 Evercore 22,419 11 -16.1% 26,707

Mergermarket 28

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Mergermarket 29

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Japan

Value (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target sector Seller Company

10.6 28-Sept Consortium led by Bain Capital LLC

Toshiba Memory Corporation (59.8% Stake)

Technology Toshiba Corporation

2.3 28-Feb NBCUniversal Media LLC

USJ Co Ltd (49% Stake)

Leisure Goldman Sachs; MBK Partners Inc; Owl Creek Asset Management LP; Glenn Gumpel; and MBG Holdings Limited Liability Co

1.6 21-Nov Key Safety Systems Inc

Takata Corporation Industrials & Chemicals

1.3 13-Jan Kohlberg Kravis Roberts & Co LP

Hitachi Koki Co Ltd Industrials & Chemicals

1.2 02-Oct Bain Capital LLC Asatsu-DK Inc MediaShare of global M&A

value, down from 1.9%

the previous year

Q4 2017 value, 54.6%

decrease versus Q4 2016

US$ 6.9bn

Value of Japanese M&A in 2017, a 36.4% decrease on 2016

US$ 40.1bn


Japan Analysis

1.3%


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“Apart from eyeing opportunities in mature markets, Japanese investors also showed interest in Asian markets such as China, India and Indonesia”

Yibei Xu, Senior Research Relationship Manager (Japan)

Japan

Japan Analysis

• At the end of 2017, overall M&A activity targeting Japan recorded a total deal value of US$ 40.1bn over 458 transactions, a 36.4% decline in value with only three fewer deals compared to 2016 (USD$ 63bn, 461 deals). This dip in value can be attributed to Japan’s domestic M&A activity, which saw a sharp drop of 64.2% to US$ 18.8bn (414 deals) with just one deal fewer than a year earlier, mainly due to an absence of blockbuster deals, with those above US$ 1bn seeing a clear decline. In 2016, there were 11 domestic deals above US$1bn totalling US$ 32.9bn, which by itself exceeded the total deal value of domestic deals in 2017.

• Private equity activity continued to gain interest in Japan, following years of skepticism. Total buyouts in 2017 reached US$ 16.1bn, the highest deal value on Mergermarket record (since 2001) and a 2.1x increase compared to 2016’s deal value of US$ 7.7bn. This increase in value can be attributed to several big ticket transactions, including Bain Capital-led consortium’s US$ 10.6bn 59.8% stake acquisition of Toshiba Memory. The three largest buyouts in 2017 accounted for approximately 80% of Japan-targeted PE buyout value. According to Mergermarket intelligence, the increase in large-cap investments can be accredited to the growing focus on corporate governance, family succession issues, and a higher valuation environment. Buyouts of Japanese companies are expected to see continued growth, especially if a major MBO creates a knock-on effect for other management teams to acquire Japanese targets. Similarly, private equity exits also saw an increase in deal value compared to the previous year, with a total US$ 4.0bn over 41 deals. This can be attributed to the US$ 2.3bn sale of theme park operator USJ by MBK Partners and Goldman Sachs’ private equity arm, which by itself exceeded 2016’s total private equity exit value of US$ 2.1bn over 36 deals.

• Inbound M&A into Japan scaled new heights over the last 12 months, marking the highest deal value since 2008. A total of US$ 21.3bn inbound activity across 44 announced transactions more than doubled the inbound value of 2016 (US$ 10.5bn, 46 deals) becoming only the second time in Mergermarket history in which the Japan-targeted inbound deal value exceeded domestic deal value, with the previous occurrence in 2001. The US was the most active source of inbound investment by both deal value and count, with 14 deals worth US$ 18.4bn, contributing 86.6% of total Japanese inbound value. All top five inbound deals were generated by US bidders, including Key Safety Systems’ US$1.6bn acquisition of Takata Corporation, which took place in Q4 2017.

• On the other hand, Japan outbound witnessed a downturn in H2 2017 after experiencing a strong first half of the year. On the whole, a total of 336 outbound transactions were announced in 2017 worth US$ 59.1bn, a drop of 36.7% by value with 12 more deals compared to 2016 (US$93.4bn, 324 deals). In Q4 alone, 71 transactions worth US$ 6.7bn were recorded, the lowest quarter in terms of deal value in the past decade. The US was still the most popular region for Japanese dealmakers by both count and value with 107 deals worth US$ 29.2bn. Apart from eyeing opportunities in mature markets, Japanese investors also showed interest in Asian markets, with a particular focus on China, India and Indonesia, investing US$ 19.1bn across 113 deals, accounting for 32.3% of total outbound deal value and up 2.7x by value compared to 2016 (US$ 7.1bn, 102 deals).


Mergermarket.com

Number of buyouts over US$ 250m

8Number of PE exits in 2017, 5 more

than 2016

41

Financial Services share of total Japanese M&A

Fall in Industrials & Chemicals M&A compared to 2016 (US$ 20.7bn)2017 buyout value,

up 109.9% on 2016

US$ 16.1bn 8.6%-61.6%

2017 value of Technology M&A, up 143% compared to the previous year

US$ 13.3bn

Mergermarket 31

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Japan Analysis




0

5

10

15

20

25

30

OtherConsumerLeisureFinancial Services


Technology

Dea

l Val

ue (

US

$b

n)

2016 2017

0

10

20

30

40

50

60

70

80

90

100

2017201620152014201320120

50

100

150

200

250

300

350

400

450

500

9.4

10.8

13.5

7.3

4.8

9.0

9.1

21.6

9.1

5.2

15.2

Dea

l Val

ue

(US

$b

n)

Deal C

ount

35.3

13.5

17.1

17.1

7.1

5.1

15.2

8.1

13.9

16.2

26.318.9

6.9

Q3Q2 Q4Q1

Deal Count

Japan Quarterly Breakdown Trend2012 - 2017

Japan Sector Breakdown Trend2016 - 2017

32

mergermarket.com


Japan Analysis


Japan League tables

Japan league table by value Japan league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 Sumitomo Mitsui Financial Group 13,661 67 -10 77

2 1 Nomura Holdings 25,183 60 -26 86

3 4 Daiwa Securities Group 5,848 41 -11 52

4 3 Mizuho Financial Group 6,619 36 -18 54

5 6 Deloitte 2,098 34 3 31

6 17 PwC 4,639 25 15 10

7 5 Morgan Stanley 15,652 23 -19 42

8 7 GCA Corporation 2,499 20 -3 23

9 11 Goldman Sachs & Co 28,420 18 6 12

10 10 EY 3,320 17 4 13

11 25 Citi 5,524 13 8 5

12 13 Frontier Management 356 13 2 11

13 9 KPMG 4,048 12 -9 21

14 15 Credit Suisse 7,043 10 0 10


16 14 JPMorgan 14,612 8 -2 10

17 18 Lazard 7,400 7 -2 9


19 35 Jefferies 2,656 7 4 3

20 30 Lincoln International 375 7 3 4

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 7 Goldman Sachs & Co 28,420 18 -25.7% 38,232

2 8 Nomura Holdings 25,183 60 -33.9% 38,112

3 2 Morgan Stanley 15,652 23 -73.6% 59,241

4 13 JPMorgan 14,612 8 -4.9% 15,365

5 3 Sumitomo Mitsui Financial Group 13,661 67 -75.3% 55,305

6 31 Evercore 8,367 3 674.0% 1,081


8 5 Lazard 7,400 7 -83.9% 45,859

9 17 Credit Suisse 7,043 10 -6.1% 7,499

10 1 Mizuho Financial Group 6,619 36 -89.5% 63,193

11 4 Daiwa Securities Group 5,848 41 -88.2% 49,728

12 12 Citi 5,524 13 -66.0% 16,228

13 55 PwC 4,639 25 1726.4% 254

14 26 KPMG 4,048 12 173.0% 1,483


16 63 EY 3,320 17 1988.1% 159

17 43 Jefferies 2,656 7 347.9% 593

18 25 GCA Corporation 2,499 20 64.1% 1,523

19 - Macquarie Group 2,119 3 - -

20 22 Deloitte 2,098 34 -24.3% 2,772

Mergermarket 33

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Japan Analysis


Mergermarket 34

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Middle East & Africa

Value (US$bn)

Deal details

Announce-ment date


Target sector

15.0 13-Mar Intel Corporation Mobileye NV (97.3% Stake)

Israel Industrials & Chemicals

2.8 09-Mar Exxon Mobil Corporation

Eni SpA (Rovuma Area 4 gas field) (25% Stake)

Mozambique Energy, Mining & Utilities

2.6 15-May Vodacom Group Limited

Safaricom Limited (34.94% Stake)

Kenya Telecoms

2.2 21-Feb Tronox Limited The National Titanium Dioxide Company Ltd (Titanium dioxide business)

Saudi Arabia Industrials & Chemicals

1.5 12-Sept Kingdom Holding Company

Banque Saudi Fransi (16.2% Stake)

Saudi Arabia Financial Services Drop in African M&A versus

2016, following the lowest

value in the continent

since 2009 (US$ 14.5bn)

Middle East share of

the region’s M&A value

following its second highest

year on Mergermarket

record (since 2001)

-48.7%64.6%

Value of M&A targeting the Middle East & Africa in 2017, a 34.2% decrease compared to 2016

US$ 59.4bn


Middle East & Africa Analysis


Mergermarket 35

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“Israel’s pursuit of the latest developments in technology has influenced dealmakers, with the country also seeing its highest annual deal count on Mergermarket record”


Middle East & Africa


• M&A targeting the Middle East & Africa (MEA) failed to reach the record heights set in 2016, with dealmaking in the region totalling US$ 59.4bn across 411 deals in the last 12 months. This represents a 34.2% decrease by value in comparison to 2016’s record US$ 90.3bn (449 deals). This reduction can be attributed to a lack of big-ticket deals, which became prominent in the region in 2016. There were nine deals worth over US$ 1bn in 2017 totalling US$ 29.2bn, compared to 20 breaching the US$ 1bn barrier previous year, at a combined value of US$ 62.4bn. The Middle East accounted for a 64.6% share of activity in MEA by value as a result of the US$ 15bn takeover of Israeli autonomous vehicles firm Mobileye by Intel, the largest deal in the region in 2017.

• As a result of the Mobileye takeover, Israel was the most targeted country by both value and deal count in the region following 102 deals worth US$ 24bn, reaching the country’s highest annual value on Mergermarket record (since 2001). The value represented a 24.6% on 2016’s figure of US$ 19.2bn (100 deals), the previous record seen in the country with two more deals. Israel’s pursuit to develop the latest advancements in technology has influenced dealmakers, with the country recording its highest annual deal count on Mergermarket record. Amid political uncertainty surrounding the country, South African M&A has suffered in 2017, dipping to its lowest value since 2003 (US$ 4.2bn). The country received 101 deals worth US$ 6.2bn, a 70.2% decrease by value with 39 fewer deals.

• Inbound M&A targeting MEA has reached the third highest value on Mergermarket record, with 197 deals worth US$ 40.1bn. The figure seen in 2017 stood only behind the 2007 and 2016 records of US$ 43.1bn and US$ 49.1bn, respectively. Inbound M&A therefore represented a 67.4% share of total M&A targeting MEA, up from 54.3% the previous year, and the second highest percentage on Mergermarket record. The US was the key investor into the region with 51 deals worth US$ 25.6bn, the largest amount invested by the US into the region on Mergermarket record. This became the third successive year in which the US has been involved in over 50 transactions in the Middle East and Africa. Even excluding Intel’s takeover of Mobileye, 2017’s figure would stand second only behind 2013 (US$ 11.2bn, 49 deals). Three-quarters of this investment has targeted the Middle East by deal count, with 38 deals worth US$ 20.9bn - including National Energy Services Reunited Corporation’s US$ 1.1bn takeover of Gulf Energy SOAC and National Petroleum Services, announced in November.

• Industrials & Chemicals, thanks to the aforementioned Mobileye acquisition, reached its highest annual value in the region on Mergermarket record with 50 deals worth a total US$ 21.5bn. This surpassed the previous record seen in 2012 when US$ 12.4bn changed hands across 68 deals. Energy, Mining & Utilities (EMU) reached a post-crisis deal count high, with 74 deals worth US$ 12.2bn announced in 2017. This represents the second highest deal count for the sector on Mergermarket record, only behind that of 2007, which saw 83 deals. EMU was the largest sector by deal count across the Middle East & Africa, ahead of Technology which saw 51 deals worth US$ 4bn.


Mergermarket.com

US$ 21.5bnValue of Industrials & Chemicals M&A in the region, a Mergermarket recordIncrease over 2016’s total deal

value from the US into the region, excluding the Mobileye acquisition

1.8xNumber of US inbound deals worth

over US$ 1bn, compared to one deal in 2016

4

Mobileye acquisition share of 2017’s Industrials & Chemicals

Number of deals in the EMU sector in 2017 – the highest figure since

2007 (83 deals)

2017 value of MEA inbound M&A – the third highest figure on

Mergermarket record (since 2001)

US$ 40.1bn 69.9%74

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Deal Count

Middle East & Africa Quarterly Breakdown Trend2012 - 2017

Middle East & Africa Sector Breakdown Trend2016 - 2017

37

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Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 EY 2,070 28 8 20

2 2 Rothschild 19,143 22 4 18

3 17 PwC 895 16 9 7

4 15 Rand Merchant Bank 4,437 14 6 8

5 4 Investec 1,078 14 0 14


7 10 Goldman Sachs & Co 39,903 12 2 10

8 7 JPMorgan 17,084 12 0 12

9 13 Citi 23,764 10 2 8

10 5 KPMG 726 9 -4 13

11 30 BDO 685 9 5 4

12 11 Morgan Stanley 18,236 7 -3 10

13 20 HSBC 4,811 7 1 6

14 9 Lazard 3,860 7 -4 11

15 16 Deloitte 3,166 7 -1 8

16 12 Jefferies 2,630 7 -2 9


18 40 PSG Capital 857 6 3 3

19 33 RBC Capital Markets 3,353 5 2 3

20 8 Barclays 2,022 5 -7 12

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 6 Goldman Sachs & Co 39,903 12 196.1% 13,478

2 3 Citi 23,764 10 36.3% 17,431

3 10 Rothschild 19,143 22 94.0% 9,869

4 13 Morgan Stanley 18,236 7 254.8% 5,140

5 2 JPMorgan 17,084 12 -7.5% 18,479

6 129 Raymond James & Associates 14,993 1 214086% 7



9 9 VTB Capital 9,254 2 -19.8% 11,536

10 19 China International Capital Corporation 9,254 1 135.2% 3,935

11 4 Credit Suisse 5,830 4 -66.4% 17,362

12 21 HSBC 4,811 7 25.6% 3,829


14 28 Rand Merchant Bank 4,437 14 95.8% 2,266

15 7 Lazard 3,860 7 -70.5% 13,098

16 35 RBC Capital Markets 3,353 5 165.1% 1,265

17 37 Deloitte 3,166 7 214.4% 1,007

18 24 Jefferies 2,630 7 -13.9% 3,053

19 55 EY 2,070 28 505.3% 342

20 8 Barclays 2,022 5 -83.6% 12,363

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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 39

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League Tables

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 KPMG 72,119 400 2 398

2 1 PwC 63,347 390 -18 408

3 5 EY 44,016 366 63 303

4 3 Deloitte 29,041 342 -23 365

5 4 Rothschild 250,612 321 14 307

6 6 Goldman Sachs & Co 878,121 315 29 286

7 7 JPMorgan 702,197 313 35 278

8 8 Morgan Stanley 633,394 270 -2 272

9 9 Lazard 447,612 235 -1 236

10 11 Credit Suisse 319,866 203 -4 207

11 12 Citi 468,440 200 2 198


13 13 Houlihan Lokey 43,545 178 -14 192

14 14 Barclays 332,465 165 -22 187


16 17 Jefferies 144,336 155 2 153

17 18 BDO 4,528 148 -5 153


19 16 Evercore 231,333 139 -15 154

20 20 Oaklins 9,245 136 -3 139

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 878,121 315 3.9% 844,947

2 4 JPMorgan 702,197 313 6.7% 658,040

3 1 Morgan Stanley 633,394 270 -28.1% 881,274


5 5 Citi 468,440 200 -16.3% 559,947

6 10 Lazard 447,612 235 59.8% 280,088

7 11 Deutsche Bank 335,145 131 24.9% 268,341

8 6 Barclays 332,465 165 -33.0% 496,107

9 7 Credit Suisse 319,866 203 -31.3% 465,790



12 12 Rothschild 250,612 321 -1.3% 253,797

13 8 Evercore 231,333 139 -28.0% 321,141

14 21 Jefferies 144,336 155 60.9% 89,717

15 29 BNP Paribas 136,706 96 133.3% 58,598



18 25 Macquarie Group 111,757 89 74.0% 64,213

19 15 Allen & Company 100,544 21 -31.3% 146,301

20 19 HSBC 95,257 64 3.8% 91,769

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League Tables


EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 PwC 49,813 284 5 279

2 1 KPMG 54,782 279 -32 311

3 3 Rothschild 211,470 274 9 265

4 5 EY 17,400 254 37 217

5 4 Deloitte 16,167 227 -26 253

6 6 Lazard 281,797 152 -3 155

7 8 JPMorgan 320,021 140 21 119

8 7 BDO 3,242 121 -11 132

9 9 Goldman Sachs & Co 409,434 117 11 106

10 10 Morgan Stanley 315,511 110 9 101

11 16 ALANTRA 37,362 101 16 85


13 12 Oaklins 2,258 85 -8 93


15 14 Citi 207,660 83 -7 90

16 20 Credit Suisse 195,262 81 11 70


18 11 BNP Paribas 131,352 75 -24 99

19 18 Clearwater International 3,512 73 -7 80

20 21 Grant Thornton 776 69 -1 70

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 409,434 117 9.7% 373,249


3 6 JPMorgan 320,021 140 55.4% 205,877

4 2 Morgan Stanley 315,511 110 -11.5% 356,431

5 8 Lazard 281,797 152 67.8% 167,977

6 4 Rothschild 211,470 274 -10.3% 235,653

7 11 Citi 207,660 83 49.6% 138,820

8 9 Deutsche Bank 195,322 63 27.3% 153,444

9 5 Credit Suisse 195,262 81 -15.6% 231,265


11 16 BNP Paribas 131,352 75 136.5% 55,549


13 41 Mediobanca 84,531 38 366.1% 18,135

14 34 Macquarie Group 77,955 36 198.0% 26,160

15 7 Barclays 77,884 53 -60.3% 196,146


17 13 Centerview Partners 67,387 9 -38.9% 110,321

18 14 HSBC 55,377 46 -23.1% 72,038

19 37 KPMG 54,782 279 143.1% 22,531

20 21 Credit Agricole 54,090 40 17.9% 45,884

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League Tables



UK league table by value UK league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Rothschild 52,125 109 3 106

2 2 KPMG 3,670 77 -2 79

3 3 PwC 6,203 72 7 65

4 4 Deloitte 5,933 59 -3 62

5 5 EY 8,289 57 0 57

6 9 JPMorgan Cazenove 127,117 54 12 42

7 10 Goldman Sachs & Co 188,849 53 12 41

8 7 Lazard 104,143 48 0 48

9 8 Grant Thornton 622 47 -1 48

10 13 Morgan Stanley 131,770 43 10 33

11 12 ALANTRA 2,440 43 9 34

12 20 Clearwater International 3,230 39 13 26

13 6 BDO 1,279 39 -12 51


15 18 Citi 45,529 31 4 27

16 43 GCA Corporation 2,869 30 17 13

17 35 Credit Suisse 51,388 29 12 17

18 11 Barclays 42,321 29 -12 41


20 23 RSM UK 83 28 4 24

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 188,849 53 65.7% 113,980

2 2 Morgan Stanley 131,770 43 60.6% 82,051


4 3 JPMorgan Cazenove 127,117 54 103.1% 62,600

5 7 Lazard 104,143 48 100.1% 52,048


7 10 Deutsche Bank 99,635 16 127.9% 43,714


9 8 Rothschild 52,125 109 9.3% 47,670

10 29 Credit Suisse 51,388 29 576.1% 7,601

11 17 Citi 45,529 31 89.4% 24,044

12 4 Barclays 42,321 29 -31.6% 61,866

13 22 HSBC 39,945 22 218.4% 12,545

14 9 Robey Warshaw 34,703 3 -22.1% 44,563

15 43 Houlihan Lokey 21,607 20 736.8% 2,582


17 34 Wells Fargo Securities 16,923 8 298.6% 4,246

18 18 PJT Partners 16,077 8 -31.5% 23,487

19 28 Nomura Holdings 12,693 13 39.2% 9,116

20= - Axis Capital 12,668 1 - -

20= - Kotak Investment Banking 12,668 1 - -

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League Tables



Ranking 2017 2016


Deal count

Count change

Deal count

1 1 KPMG 40,166 61 -12 73

2 4 EY 4,015 54 0 54

3 3 Rothschild 42,544 53 -2 55

4 2 Deloitte 728 46 -16 62

5 5 PwC 1,052 43 -9 52


7 8 JPMorgan 77,951 29 -5 34

8 25 GCA Corporation 1,488 29 14 15

9 12 ALANTRA 30,462 28 -1 29

10 7 Credit Suisse 97,998 27 -7 34

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Morgan Stanley 111,044 20 -23.1% 144,472


3 2 Credit Suisse 97,998 27 -26.9% 134,111

4 17 Citi 89,570 17 148.7% 36,020

5 6 Goldman Sachs & Co 85,467 26 -6.1% 91,048

6 5 JPMorgan 77,951 29 -20.4% 97,926

7 16 Lazard 75,432 20 100.0% 37,724

8 34 Macquarie Group 66,114 12 1752.5% 3,569



Ranking 2017 2016


Deal count

Count change

Deal count

1 1 IBI Corporate Finance 355 16 7 9

2 11 KPMG 354 13 8 5

3 5 Deloitte 547 10 4 6

4 10 Davy Corporate Finance 171 9 4 5

5 2 JPMorgan 9,652 8 1 7

6 4 Rothschild 1,024 6 0 6

7 13 Goodbody Corporate Finance 253 6 1 5

8 71 EY 240 5 4 1

9 17 Investec 338 4 0 4

10 6 PwC 145 4 -2 6

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 11,110 3 -81.2% 59,168

2 9 JPMorgan 9,652 8 -18.3% 11,811

3 4 Morgan Stanley 7,800 2 -79.6% 38,302

4= 8 Lazard 3,550 1 -79.3% 17,178

4= 32 LionTree Advisors 3,550 1 1265.4% 260

6 3 Citi 3,375 2 -93.7% 53,919

7 - UBS Investment Bank 2,625 2 - -

8 - BNP Paribas 1,789 2 - -

9 41 Societe Generale 1,761 2 1355.4% 121

10 - Finexsi 1,761 1 - -

Ireland league table by value Ireland league table by deal count

DACH league table by value DACH league table by deal count

Mergermarket 43

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League Tables



Germany league table by value Germany league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 3 Rothschild 39,179 41 -1 42

2 4 EY 1,073 39 5 34

3 1 KPMG 39,342 33 -15 48

4 2 Deloitte 476 31 -12 43

5 6 PwC 739 28 -4 32

6 7 Lincoln International 219 27 -2 29

7 19 GCA Corporation 538 23 10 13

8 8 JPMorgan 72,770 20 -4 24

9 9 Deutsche Bank 32,674 20 -1 21

10 11 Goldman Sachs & Co 79,132 19 1 18

11 25 Raymond James & Associates 1,113 18 7 11

12 40 ACXIT Capital Partners 971 18 10 8

13 14 ALANTRA 477 18 1 17

14 38 Livingstone Partners 59 17 9 8

15 35 IMAP M&A Consultants - 16 7 9

16 5 Globalscope Partners 68 15 -19 34

17 52 Falkensteg - 15 10 5

18 12 Lazard 43,964 14 -4 18

19 34 Oaklins 27 14 5 9

20 16 Morgan Stanley 106,663 13 -1 14

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 3 Morgan Stanley 106,663 13 12.6% 94,706

2 8 Goldman Sachs & Co 79,132 19 133.6% 33,882

3 6 JPMorgan 72,770 20 53.2% 47,503



6 29 Macquarie Group 65,162 11 2059.8% 3,017

7 4 Credit Suisse 62,715 12 -18.4% 76,840

8 10 Citi 51,864 12 108.7% 24,849


10 9 Lazard 43,964 14 51.8% 28,968

11 22 KPMG 39,342 33 789.7% 4,422

12 2 Rothschild 39,179 41 -59.7% 97,162

13= - AZ Capital 38,948 1 - -

13= - Key Capital Partners 38,948 1 - -

15 7 Deutsche Bank 32,674 20 -21.7% 41,707

16 13 Barclays 17,985 8 72.4% 10,431


18 11 BNP Paribas 12,330 7 -36.0% 19,272

19 12 Evercore 8,179 4 -30.6% 11,787

20 42 Nomura Holdings 7,995 2 749.6% 941

Mergermarket 44

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League Tables



Ranking 2017 2016


Deal count

Count change

Deal count

1 2 KPMG 571 19 -2 21

2 4 EY 2,924 18 1 17

3 5 PwC 315 15 -2 17

4 1 Credit Suisse 34,930 14 -8 22

5 6 ALANTRA 30,056 14 0 14

6 11 Rothschild 3,311 12 1 11

7 13 JPMorgan 5,593 11 2 9



10 9 The Corporate Finance Group 51 9 -3 12

Ranking 2017 2016


Deal count

% Value change

Value (US$m)


2 2 Credit Suisse 34,930 14 -39.5% 57,708

3 13 Citi 33,268 4 265.0% 9,114

4 14 Lazard 31,468 6 259.4% 8,756

5 6 ALANTRA 30,056 14 -39.9% 50,033

6 3 Goldman Sachs & Co 6,238 7 -89.0% 56,529

7 4 JPMorgan 5,593 11 -88.9% 50,201

8 17 Jefferies 4,194 4 -23.7% 5,500

9 22 RBC Capital Markets 3,757 3 58.4% 2,372

10 - ABG Sundal Collier Holding 3,340 2 - -

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Deloitte 197 13 -8 21

2 2 KPMG 253 12 -3 15

3 11 PwC 183 6 3 3

4 8 UniCredit Group 167 4 1 3

5 3 EY 18 4 -3 7

6 32 Goldman Sachs & Co 7,336 3 2 1

7 - Credit Suisse 424 3 - -

8 18 ALANTRA - 3 1 2

9 12 JPMorgan 5,925 2 0 2

10 28 Deutsche Bank 2,099 2 1 1

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 20 Goldman Sachs & Co 7,336 3 1051.6% 637

2 3 JPMorgan 5,925 2 73.7% 3,411

3= 4 Kempen & Co 5,925 1 85.8% 3,189

3= - Victoria Partners 5,925 1 - -

5 1 Citi 4,438 1 -25.0% 5,920


7 16 Deutsche Bank 2,099 2 208.2% 681

8 62 Morgan Stanley 1,447 2 - -

9 10 Erste Group Bank 1,441 1 65.1% 873

10 6 Rothschild 1,354 2 -33.9% 2,048

Austria league table by value Austria league table by deal count

Switzerland league table by value Switzerland league table by deal count

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League Tables



France league table by value France league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Rothschild 120,650 89 -14 103

2 2 Lazard 85,494 58 2 56

3 3 BNP Paribas 118,605 48 -8 56

4 5 Natixis 24,725 40 -3 43

5 8 Societe Generale 41,286 37 8 29

6 6 Credit Agricole 45,639 35 -4 39

7 10 EY 245 31 6 25

8 7 Deloitte 614 29 -7 36

9 24 Cambon Partners 228 25 13 12

10 28 Citi 60,243 23 13 10

11 14 PwC 662 22 1 21


13 11 Goldman Sachs & Co 72,605 21 -1 22

14 12 JPMorgan 60,407 21 -1 22

15 9 DC Advisory 697 21 -4 25

16 4 KPMG 1,446 20 -24 44

17 27 ALANTRA 840 20 9 11

18 34 Invest Corporate Finance 267 19 10 9

19 22 Oaklins 958 18 5 13

20 16 Edmond de Rothschild Corporate Finance 499 18 1 17

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Rothschild 120,650 89 55.4% 77,628

2 7 BNP Paribas 118,605 48 357.2% 25,941

3 3 Lazard 85,494 58 76.4% 48,461

4 5 Goldman Sachs & Co 72,605 21 85.3% 39,189

5 10 JPMorgan 60,407 21 270.7% 16,297

6 12 Citi 60,243 23 358.7% 13,132

7 14 Deutsche Bank 50,361 12 409.4% 9,886

8 4 Credit Agricole 45,639 35 11.0% 41,108



11 2 Morgan Stanley 31,521 17 -40.6% 53,075

12 20 Mediobanca 31,344 9 410.2% 6,143

13 61 Jefferies 29,856 6 3995.5% 729


15 11 Natixis 24,725 40 70.4% 14,507

16 15 HSBC 16,284 12 118.3% 7,460

17 6 Credit Suisse 9,785 8 -66.5% 29,215

18 52 Macquarie Group 9,522 7 845.6% 1,007

19 - Zaoui & Co 9,424 5 - -

20 29 Messier, Maris et Associes 8,670 9 260.6% 2,404

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League Tables



Ranking 2017 2016


Deal count

Count change

Deal count

1 2 PwC 41,790 76 24 52

2 1 Deloitte 1,408 52 -1 53

3 4 EY 2,651 49 15 34

4 3 KPMG 40,953 41 3 38


6 7 Rothschild 8,281 18 2 16

7 12 Citi 49,727 17 7 10

8 13 BDO 690 17 8 9

9 8 ALANTRA 1,489 16 0 16

10 17 JPMorgan 55,009 15 8 7

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 5 JPMorgan 55,009 15 232.8% 16,531

2 3 Morgan Stanley 53,537 14 214.0% 17,050

3 10 Citi 49,727 17 494.6% 8,363

4 16 Lazard 46,512 12 1132.4% 3,774


6 18 PwC 41,790 76 1342.0% 2,898

7 22 KPMG 40,953 41 2224.2% 1,762


9 13 AZ Capital 40,598 9 664.1% 5,313

10 1 Santander Global Corporate Banking 39,768 14 92.6% 20,649

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 KPMG 4,778 45 6 39

2 5 PwC 743 37 8 29

3 3 Deloitte 483 37 3 34

4 2 Rothschild 8,303 36 0 36

5 7 ING 6,878 34 8 26

6 4 EY 842 34 4 30

7 8 Lazard 23,534 30 5 25

8 38 JPMorgan 47,311 23 18 5

9 9 Rabobank 2,900 22 -2 24

10 12 Oaklins 137 22 4 18

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 17 JPMorgan 47,311 23 913.5% 4,668

2 1 Goldman Sachs & Co 36,637 17 -46.7% 68,734

3 9 Morgan Stanley 26,442 16 62.6% 16,261

4 7 Lazard 23,534 30 7.3% 21,925


6 - TD Securities 13,500 2 - -

7 13 Citi 12,378 12 65.8% 7,466

8 - Scotiabank 11,000 2 - -


10 2 Barclays 8,477 9 -85.3% 57,543

Benelux league table by value Benelux league table by deal count

Iberia league table by value Iberia league table by deal count

Mergermarket 47

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League Tables



Spain league table by value Spain league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 PwC 41,757 74 27 47

2 2 Deloitte 1,389 50 11 39

3 4 EY 2,624 48 16 32

4 3 KPMG 40,868 38 5 33


6 12 Citi 49,727 17 9 8

7 10 BDO 690 17 8 9

8 7 Rothschild 7,213 16 1 15

9 15 JPMorgan 53,941 14 7 7

10 14 Morgan Stanley 53,537 14 7 7

11 8 ALANTRA 1,489 14 -1 15


13 13 Lazard 46,512 11 3 8

14 28 Arcano Partners 3,813 11 7 4

15 21 Montalban 1,315 11 5 6

16 17 Deutsche Bank 15,917 10 4 6

17 16 AZ Capital 40,598 9 2 7


19 9 BNP Paribas 7,217 8 -4 12


Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 5 JPMorgan 53,941 14 226.3% 16,531

2 3 Morgan Stanley 53,537 14 214.0% 17,050

3 10 Citi 49,727 17 511.4% 8,133

4 17 Lazard 46,512 11 1410.6% 3,079


6 18 PwC 41,757 74 1404.2% 2,776

7 22 KPMG 40,868 38 2863.6% 1,379


9 13 AZ Capital 40,598 9 664.1% 5,313


11 - Key Capital Partners 38,948 1 - -

12 2 Goldman Sachs & Co 36,646 6 97.0% 18,605

13 25 Mediobanca 36,440 7 2557.9% 1,371

14 12 Credit Suisse 35,285 6 401.3% 7,039

15 6 Deutsche Bank 15,917 10 32.5% 12,014


17 4 BNP Paribas 7,217 8 -57.1% 16,826

18 14 Rothschild 7,213 16 99.7% 3,612

19 94 Natixis 3,987 3 - -

20 44 Arcano Partners 3,813 11 1419.1% 251

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League Tables



Italy league table by value Italy league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 KPMG 5,069 52 -22 74

2 2 UniCredit Group 3,502 39 1 38

3 4 Rothschild 33,582 35 10 25

4 6 PwC 35,886 31 10 21

5 5 EY 1,504 31 6 25

6 3 Mediobanca 78,175 29 3 26

7 9 Lazard 13,005 27 10 17

8 11 Vitale & Co 495 21 8 13

9 8 Deloitte 6,365 20 1 19

10 10 Fineurop Soditic 635 16 -1 17

11 12 ALANTRA 504 13 0 13

12 7 Banca IMI/Intesa Sanpaolo 3,354 10 -9 19


14 25 Goldman Sachs & Co 40,524 9 3 6


16 87 Credit Suisse 36,271 9 8 1

17 15 BNP Paribas 27,095 9 -2 11

18 42 Grant Thornton - 9 6 3

19 13 JPMorgan 7,883 8 -4 12

20 146 DVR Capital 1,120 8 7 1

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Mediobanca 78,175 29 339.8% 17,775

2 6 Goldman Sachs & Co 40,524 9 263.0% 11,164


4 61 Credit Suisse 36,271 9 23150.6% 156

5 22 PwC 35,886 31 1403.4% 2,387


7 7 Rothschild 33,582 35 213.1% 10,726

8 12 Citi 27,492 5 261.7% 7,601

9 18 BNP Paribas 27,095 9 573.7% 4,022

10 5 Lazard 13,005 27 4.8% 12,409

11 3 JPMorgan 7,883 8 -41.7% 13,517

12 26 Deloitte 6,365 20 341.1% 1,443

13 11 KPMG 5,069 52 -38.7% 8,272

14 32 Barclays 4,418 4 309.5% 1,079

15 2 UniCredit Group 3,502 39 -77.6% 15,648

16 8 Morgan Stanley 3,491 6 -66.2% 10,315

17 10 Banca IMI/Intesa Sanpaolo 3,354 10 -60.3% 8,455

18 19 Leonardo & Co 2,540 5 -30.8% 3,670

19 73 Arcano Partners 1,904 1 2039.3% 89


Mergermarket 49

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League Tables



Nordics league table by value Nordics league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 PwC 1,620 61 -17 78

2 2 EY 7,404 44 -3 47

3 8 Danske Bank Corporate Finance 8,763 37 10 27

4 7 BDO 454 33 5 28

5 5 KPMG 1,669 28 -2 30

6 9 ABG Sundal Collier Holding 13,155 27 1 26

7 15 Rothschild 27,369 22 5 17

8 4 Carnegie Investment Bank 1,193 21 -11 32

9 6 SEB 7,882 20 -9 29

10 3 Deloitte 2,408 20 -14 34

11 24 JPMorgan 19,253 18 5 13

12 22 Pareto Securities 9,566 18 4 14

13 12 Nordea 14,110 16 -3 19

14 13 DNB Markets 9,532 16 -2 18

15 18 Morgan Stanley 39,539 15 1 14

16 11 Clearwater International 30 15 -6 21

17 31 Lazard 8,031 14 5 9

18 23 Nordhaven Corporate Finance 155 13 -1 14

19 14 Oaklins 53 13 -5 18

20 19 Goldman Sachs & Co 17,073 12 -2 14

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Morgan Stanley 39,539 15 76.0% 22,469


3 4 Rothschild 27,369 22 59.9% 17,121

4 6 Handelsbanken Capital Markets 19,756 9 32.5% 14,908

5 8 JPMorgan 19,253 18 56.6% 12,291

6 5 Goldman Sachs & Co 17,073 12 7.5% 15,888

7 19 Barclays 15,513 7 325.9% 3,642

8 7 Nordea 14,110 16 3.9% 13,581

9 30 ABG Sundal Collier Holding 13,155 27 562.1% 1,987


11 27 Deutsche Bank 10,929 3 345.4% 2,454

12 35 Pareto Securities 9,566 18 605.5% 1,356

13 32 DNB Markets 9,532 16 471.5% 1,668


15 22 Danske Bank Corporate Finance 8,763 37 153.3% 3,459

16 10 Lazard 8,031 14 -20.4% 10,091

17 3 SEB 7,882 20 -57.5% 18,553

18 37 Access Partners 7,696 11 573.3% 1,143

19 - Lambert Energy Advisory 7,450 1 - -

20 23 EY 7,404 44 115.7% 3,432

Mergermarket 50

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League Tables



Denmark league table by value Denmark league table by deal count

Norway league table by value Norway league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 29 Morgan Stanley 18,084 5 15489.7% 116

2 5 JPMorgan 12,565 6 745.0% 1,487

3 1 Rothschild 12,330 8 455.7% 2,219

4 - Deutsche Bank 10,562 2 - -

5 54 Bank of America Merrill Lynch 7,894 3 - -

6 2 Nordea 7,856 6 333.3% 1,813

7 - Lambert Energy Advisory 7,450 1 - -

8 22 MHS Corporate Finance 6,625 2 1782.1% 352

9 12 FIH Partners 6,394 10 499.8% 1,066

10 6 Danske Bank Corporate Finance 4,628 13 233.9% 1,386

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 PwC 673 19 -1 20

2 3 Clearwater International 30 14 -4 18


4 2 Deloitte 1,968 13 -6 19

5 12 FIH Partners 6,394 10 5 5

6 15 Rothschild 12,330 8 4 4

7 16 Atrium Partners 1,001 7 3 4

8 7 Carnegie Investment Bank 620 7 0 7

9 14 Nordic M&A - 7 2 5

10 17 JPMorgan 12,565 6 3 3

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 12 ABG Sundal Collier Holding 13,104 19 629.2% 1,797

2 14 Pareto Securities 9,566 18 759.5% 1,113

3 13 DNB Markets 8,120 13 386.8% 1,668

4 2 Morgan Stanley 6,978 2 15.1% 6,062

5 30 EY 6,395 17 3179.5% 195

6 - Arma Partners 5,575 2 - -

7 5 Lazard 5,412 3 21.9% 4,439

8 - Houlihan Lokey 3,591 2 - -

9 - Clarksons 3,340 1 - -

10 1 Goldman Sachs & Co 2,795 2 -56.7% 6,453

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 ABG Sundal Collier Holding 13,104 19 2 17

2 7 Pareto Securities 9,566 18 7 11

3 6 EY 6,395 17 4 13

4 3 PwC 112 15 -2 17

5 2 DNB Markets 8,120 13 -4 17

6 23 BDO 326 13 10 3


8 4 Arctic Securities 2,426 9 -5 14

9 33 Nordhaven Corporate Finance 15 7 5 2

10 15 SpareBank 1 Markets 1,340 6 1 5

Mergermarket 51

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League Tables



Sweden league table by value Sweden league table by deal count

Finland league table by value Finland league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)


2 2 Handelsbanken Capital Markets 19,756 7 33.2% 14,832

3 1 SEB 5,642 14 -64.2% 15,779

4 - Nomura Holdings 4,147 2 - -

5 5 Morgan Stanley 3,613 7 -71.2% 12,527

6 4 Goldman Sachs & Co 3,394 6 -75.2% 13,696

7 21 Barclays 3,188 2 39.6% 2,284


9 15 Jefferies 2,234 8 -39.0% 3,664

10 13 Citi 2,005 3 -68.9% 6,451

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 PwC 828 35 -11 46

2 2 EY 1,012 22 -4 26

3 7 BDO 139 20 6 14

4 6 KPMG 685 16 0 16


6 3 SEB 5,642 14 -3 17

7 4 Carnegie Investment Bank 453 11 -6 17

8 9 Livingstone Partners 34 10 -2 12

9 31 IMAP Sweden - 10 4 6

10 12 Rothschild 1,863 9 -1 10

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 25 Barclays 11,877 2 3885.6% 298

2 17 Rothschild 11,740 4 1821.4% 611

3= 1 Morgan Stanley 11,444 1 23.7% 9,251

3= 11 Perella Weinberg Partners 11,444 1 797.6% 1,275

5 13 Goldman Sachs & Co 9,669 3 986.4% 890

6 12 Access Partners 7,386 7 672.6% 956

7 6 Nordea 6,254 9 85.4% 3,374

8 78 ICECAPITAL Securities 4,746 4 - -

9 - Macquarie Group 4,672 1 - -

10 29 UBS Investment Bank 4,080 1 2192.1% 178

Ranking 2017 2016


Deal count

Count change

Deal count


2 15 Aventum Partners 247 10 5 5

3 5 Nordea 6,254 9 2 7

4 7 Access Partners 7,386 7 1 6

5 3 PwC 30 7 -3 10

6 25 CountOn Corporate Finance - 7 5 2

7 9 Globalscope Partners 925 6 0 6

8 1 EY 31 6 -5 11

9 21 Sisu Partners 461 5 2 3

10 2 Nordhaven Corporate Finance 145 5 -6 11

Mergermarket 52

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League Tables



CEE league table by value CEE league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 EY 1,321 27 1 26

2 1 KPMG 1,342 26 -6 32

3 5 PwC 204 22 4 18

4 3 Deloitte 404 20 -1 21

5 7 Rothschild 3,889 19 6 13

6 6 VTB Capital 13,316 10 -6 16

7 4 UniCredit Group 1,140 9 -11 20

8 8 JPMorgan 3,782 7 -5 12


10 10 Oaklins 331 5 -3 8

11 11 BDO 77 5 -2 7

12 73 Globalscope Partners 30 5 4 1

13 120 goetzpartners - 5 4 1

14 18 Deutsche Bank 2,325 4 -1 5

15 15 Societe Generale 1,132 4 -2 6

16 39 Erste Group Bank 309 4 2 2

17 - Bank Zachodni WBK 237 4 4 0

18 28 Raiffeisen Bank International 185 4 1 3

19 - CIC Corporate Finance - 4 4 0

20 9 Morgan Stanley 2,287 3 -5 8

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 VTB Capital 13,316 10 -64.1% 37,069

2 - China International Capital Corporation 9,260 2 - -

3 8 Rothschild 3,889 19 -60.0% 9,721

4 12 JPMorgan 3,782 7 -43.4% 6,683

5 5 Deutsche Bank 2,325 4 -78.8% 10,965

6 9 Morgan Stanley 2,287 3 -73.6% 8,647



9= 17 Jamieson Corporate Finance 1,369 1 -61.1% 3,515

9= - Pekao Investment Banking 1,369 1 - -

11 23 KPMG 1,342 26 -5.6% 1,421

12 32 EY 1,321 27 203.7% 435

13 13 UniCredit Group 1,140 9 -79.7% 5,608

14 15 Societe Generale 1,132 4 -79.6% 5,548

15 - Dom Maklerski PKO Banku Polskiego (DM PKO BP)

1,132 1 - -

16 20 Citi 1,046 1 -46.7% 1,962

17 - Berenberg Bank 488 1 - -

18 - RBC Capital Markets 457 2 - -

19 - TH Capital 450 1 - -

20 - Bank Pekao 431 2 - -

Mergermarket 53

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League Tables



Poland league table by value Poland league table by deal count

Russia league table by value Russia league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 23 Rothschild 3,149 10 1351.2% 217

2 7 JPMorgan 1,729 3 -8.7% 1,893


4= 4 Jamieson Corporate Finance 1,369 1 -61.1% 3,515

4= - Pekao Investment Banking 1,369 1 - -

6 - Societe Generale 1,132 2 - -

7 - Dom Maklerski PKO Banku Polskiego (DM PKO BP)

1,132 1 - -

8 - Berenberg Bank 488 1 - -

9 11 KPMG 450 10 -41.6% 770

10 - Bank Pekao 431 2 - -

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 PwC 131 13 5 8

2 10 Rothschild 3,149 10 6 4

3 3 KPMG 450 10 3 7

4 8 Deloitte 185 7 3 4

5 - Bank Zachodni WBK 237 4 4 0

6 - CIC Corporate Finance - 4 4 0

7 7 JPMorgan 1,729 3 -1 4


9 - VCP Capital Partners Unternehmensberatungs

306 3 3 0

10 5 Trigon Group 139 3 -2 5

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 VTB Capital 13,316 10 -64.1% 37,069

2 - China International Capital Corporation

9,254 1 - -

3 12 Morgan Stanley 2,287 3 209.1% 740

4 - Deutsche Bank 1,850 2 - -

5 15 JPMorgan 1,650 2 827.0% 178


7 10 Citi 1,046 1 -4.0% 1,090

8 - TH Capital 450 1 - -

9 5 Sberbank 235 1 -97.7% 10,224

10 37 Raiffeisen Bank International 160 1 - -

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 VTB Capital 13,316 10 -6 16


3 - Deutsche Bank 1,850 2 2 0

4 20 JPMorgan 1,650 2 1 1


6 5 EY 102 2 -1 3

7 36 Houlihan Lokey 25 2 1 1

8 - Taiga Capital 15 2 2 0

9 18 Renaissance Capital 10 2 1 1

10= - Advance Capital - 2 2 0

10= - goetzpartners - 2 2 0

Mergermarket 54

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League Tables



Turkey league table by value Turkey league table by deal count

Africa & Middle East league table by value Africa & Middle East league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 4 Morgan Stanley 2,752 3 299.4% 689

2 12 Unlu & Co 1,623 6 605.7% 230

3 - Erste Group Bank 1,441 1 - -

4 36 Rothschild 1,292 2 16050% 8

5 13 Societe Generale 879 2 294.2% 223

6= 8 UniCredit Group 499 4 53.1% 326

6= 9 Yapi ve Kredi Bankasi Anonim Sirketi 499 4 53.1% 326

8 5 IS Investment Securities 406 7 0.0% 406

9 2 Citi 375 1 -45.6% 689

10 25 Alpacar Associates 340 1 639.1% 46

Ranking 2017 2016


Deal count

Count change

Deal count

1 3 IS Investment Securities 406 7 1 6

2 10 Unlu & Co 1,623 6 3 3

3 13 Raiffeisen Bank International 272 6 4 2

4 7 UniCredit Group 499 4 1 3

5 8 Yapi ve Kredi Bankasi Anonim Sirketi 499 4 1 3

6 4 PwC 6 4 -1 5


8 12 Odin Financial Advisors 90 3 1 2

9 6 EY 50 3 -1 4

10 16 Rothschild 1,292 2 0 2

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 6 Goldman Sachs & Co 39,903 12 196.1% 13,478

2 3 Citi 23,764 10 36.3% 17,431

3 10 Rothschild 19,143 22 94.0% 9,869

4 13 Morgan Stanley 18,236 7 254.8% 5,140

5 2 JPMorgan 17,084 12 -7.5% 18,479

6 129 Raymond James & Associates 14,993 1 214086% 7



9 9 VTB Capital 9,254 2 -19.8% 11,536

10 19 China International Capital Corporation

9,254 1 135.2% 3,935

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 EY 2,070 28 8 20

2 2 Rothschild 19,143 22 4 18

3 17 PwC 895 16 9 7

4 15 Rand Merchant Bank 4,437 14 6 8

5 4 Investec 1,078 14 0 14


7 10 Goldman Sachs & Co 39,903 12 2 10

8 7 JPMorgan 17,084 12 0 12

9 13 Citi 23,764 10 2 8

10 5 KPMG 726 9 -4 13

Mergermarket 55

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League Tables


Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 Goldman Sachs & Co 682,799 237 36 201

2 1 JPMorgan 508,246 226 22 204

3 3 Morgan Stanley 440,121 187 12 175

4 4 Houlihan Lokey 34,832 158 -2 160

5 9 Citi 323,790 146 11 135


7 12 Lazard 300,430 136 9 127

8 6 Barclays 292,564 136 -11 147

9 10 Credit Suisse 236,191 136 1 135

10 8 Jefferies 113,873 135 -1 136

11 7 Evercore 207,556 121 -16 137

12 14 Rothschild 65,156 110 3 107


14 19 KPMG 7,469 108 19 89

15 16 Stifel/KBW 18,166 100 7 93


17 13 Deloitte 9,502 98 -11 109

18 21 Piper Jaffray & Co 19,666 94 6 88

19 15 Moelis & Company 76,004 93 -2 95


Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 682,799 237 5.6% 646,346

2 4 JPMorgan 508,246 226 -2.3% 520,328

3 1 Morgan Stanley 440,121 187 -34.2% 668,467

4 5 Citi 323,790 146 -35.1% 498,595


6 12 Lazard 300,430 136 81.9% 165,133

7 6 Barclays 292,564 136 -35.6% 453,971


9 9 Deutsche Bank 237,650 81 16.7% 203,637

10 7 Credit Suisse 236,191 136 -29.9% 337,093

11 8 Evercore 207,556 121 -32.6% 308,071


13 19 Jefferies 113,873 135 33.7% 85,146



16 13 Allen & Company 100,544 21 -31.1% 146,029


18 28 Macquarie Group 78,655 52 242.2% 22,984

19 24 Moelis & Company 76,004 93 65.4% 45,965

20 14 Rothschild 65,156 110 -52.6% 137,412

Mergermarket 56

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League Tables



US league table by value US league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 Goldman Sachs & Co 662,938 225 32 193

2 1 JPMorgan 477,685 208 13 195

3 3 Morgan Stanley 429,231 170 9 161

4 4 Houlihan Lokey 31,241 154 0 154

5 9 Citi 317,707 141 21 120

6 7 Jefferies 113,351 132 0 132

7 6 Barclays 286,563 128 -4 132

8 10 Credit Suisse 230,664 127 7 120


10 11 Lazard 284,226 118 6 112

11 8 Evercore 206,438 118 -12 130

12 14 Stifel/KBW 18,116 99 7 92


14 13 Rothschild 61,740 95 2 93

15 16 Piper Jaffray & Co 19,342 91 4 87

16 15 Moelis & Company 71,672 89 -2 91



19 23 KPMG 6,634 85 12 73

20 17 Raymond James & Associates 21,208 83 -2 85

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 662,938 225 4.8% 632,642

2 4 JPMorgan 477,685 208 -4.9% 502,232

3 2 Morgan Stanley 429,231 170 -30.5% 617,786

4 5 Citi 317,707 141 -33.1% 474,810


6 6 Barclays 286,563 128 -32.3% 423,054

7 11 Lazard 284,226 118 75.2% 162,251


9 9 Deutsche Bank 234,414 76 20.2% 195,014

10 7 Credit Suisse 230,664 127 -25.3% 308,936

11 8 Evercore 206,438 118 -32.7% 306,630



14 19 Jefferies 113,351 132 35.2% 83,846


16 13 Allen & Company 100,544 21 -31.1% 146,029

17 42 Macquarie Group 74,394 41 552.1% 11,408

18 24 Moelis & Company 71,672 89 56.6% 45,769


20 14 Rothschild 61,740 95 -52.1% 128,882

Mergermarket 57

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League Tables



US North East league table by value US North East league table by deal count

US Mid West league table by value US Mid West league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 5 Goldman Sachs & Co 384,723 122 83.7% 209,475

2 2 Morgan Stanley 253,834 101 4.9% 241,874

3 1 JPMorgan 248,530 109 -15.8% 295,214

4 3 Citi 208,287 80 -12.2% 237,289


6 11 Credit Suisse 173,540 81 72.1% 100,866

7 6 Barclays 162,503 69 -16.2% 193,969


9 17 Lazard 155,715 62 283.4% 40,618

10 10 Deutsche Bank 131,207 47 30.0% 100,901

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 Goldman Sachs & Co 384,723 122 25 97

2 1 JPMorgan 248,530 109 10 99

3 3 Morgan Stanley 253,834 101 20 81

4 4 Houlihan Lokey 14,297 84 9 75

5 7 Credit Suisse 173,540 81 11 70

6 11 Citi 208,287 80 25 55


8 6 Barclays 162,503 69 -2 71

9 8 Jefferies 40,078 64 -5 69

10 10 Lazard 155,715 62 6 56

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Morgan Stanley 114,401 43 -21.5% 145,812

2 9 JPMorgan 104,542 57 40.2% 74,542

3 1 Goldman Sachs & Co 89,663 46 -42.2% 155,101

4 4 Citi 83,808 27 -13.2% 96,543

5 8 Credit Suisse 52,582 36 -30.3% 75,474


7 6 Barclays 47,276 29 -42.1% 81,658

8 17 Jefferies 43,222 34 284.2% 11,249

9 11 Deutsche Bank 34,488 18 -25.7% 46,398

10 14 Lazard 25,329 34 -21.8% 32,400

Ranking 2017 2016


Deal count

Count change

Deal count

1 3 JPMorgan 104,542 57 11 46

2 1 Houlihan Lokey 16,626 52 0 52

3 2 Goldman Sachs & Co 89,663 46 -2 48

4 11 Morgan Stanley 114,401 43 15 28

5 25 Credit Suisse 52,582 36 18 18

6 4 Jefferies 43,222 34 0 34

7 12 Lazard 25,329 34 7 27


9 8 Robert W. Baird & Co 4,200 32 0 32

10 6 Lincoln International 1,861 32 -1 33

Mergermarket 58

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League Tables



US South league table by value US South league table by deal count

US West league table by value US West league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 5 JPMorgan 223,462 78 -18.7% 274,806

2 4 Goldman Sachs & Co 208,899 84 -29.0% 294,228

3 3 Morgan Stanley 164,081 58 -45.2% 299,224

4 13 Lazard 121,698 38 55.5% 78,263

5 6 Barclays 121,021 62 -45.3% 221,049


7 1 Citi 113,945 61 -64.3% 319,043

8 12 Deutsche Bank 105,723 36 31.0% 80,700


10 11 Evercore 91,945 59 -4.2% 95,991

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 Goldman Sachs & Co 208,899 84 13 71

2 1 JPMorgan 223,462 78 3 75

3 5 Houlihan Lokey 6,500 69 6 63

4 4 Barclays 121,021 62 -1 63

5 12 Citi 113,945 61 15 46

6 3 Jefferies 38,328 61 -6 67

7 6 Evercore 91,945 59 -2 61

8 7 Morgan Stanley 164,081 58 -2 60

9 14 Piper Jaffray & Co 5,529 55 14 41

10 10 Credit Suisse 70,079 48 -5 53

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 186,593 75 3.5% 180,333

2 4 JPMorgan 151,538 66 25.6% 120,614


4 12 Deutsche Bank 88,815 22 69.4% 52,434

5 2 Morgan Stanley 80,938 49 -52.6% 170,778



8 3 Evercore 49,402 46 -67.1% 150,290

9 10 Citi 48,431 39 -43.8% 86,143

10 8 Barclays 46,082 36 -51.4% 94,897

Ranking 2017 2016


Deal count

Count change

Deal count

1 3 Goldman Sachs & Co 186,593 75 13 62

2 1 JPMorgan 151,538 66 -6 72

3 4 Houlihan Lokey 5,452 54 -3 57

4 10 Jefferies 32,992 53 20 33

5 2 Morgan Stanley 80,938 49 -16 65

6 5 Evercore 49,402 46 -5 51

7 9 Lazard 45,770 40 7 33

8 6 Credit Suisse 35,806 40 -1 41


10 12 Citi 48,431 39 8 31

Mergermarket 59

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League Tables



Canada league table by value Canada league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count


2 2 Deloitte 2,856 40 8 32

3 5 TD Securities 45,193 37 8 29

4 3 BMO Capital Markets 19,049 36 5 31

5 9 JPMorgan 51,582 29 8 21

6 4 CIBC World Markets 25,784 26 -4 30

7 8 National Bank Financial 11,256 26 2 24

8 7 Goldman Sachs & Co 47,289 24 0 24

9 18 KPMG 674 24 9 15

10 15 Scotiabank 22,678 22 5 17

11 12 Morgan Stanley 22,752 20 1 19


13 6 PwC 4,317 17 -8 25

14 10 Barclays 30,649 16 -5 21


16 14 Credit Suisse 14,359 15 -3 18

17 22 Macquarie Group 7,534 15 3 12

18 16 Canaccord Genuity Corp 2,920 15 -1 16

19 20 Evercore 12,121 14 1 13

20 21 Lazard 22,612 13 1 12

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 5 JPMorgan 51,582 29 -43.4% 91,095

2 3 Goldman Sachs & Co 47,289 24 -49.1% 92,834

3 14 TD Securities 45,193 37 219.9% 14,126



6 6 Barclays 30,649 16 -65.2% 88,078

7 10 CIBC World Markets 25,784 26 -38.1% 41,668

8 1 Morgan Stanley 22,752 20 -80.0% 113,794

9 13 Scotiabank 22,678 22 17.4% 19,320

10 11 Lazard 22,612 13 -13.6% 26,165

11 8 BMO Capital Markets 19,049 36 -70.9% 65,473

12 9 Citi 16,785 12 -72.5% 60,961

13 7 Credit Suisse 14,359 15 -80.1% 72,100


15 31 Evercore 12,121 14 166.7% 4,544

16 17 National Bank Financial 11,256 26 6.6% 10,562

17 27 Moelis & Company 10,397 9 107.5% 5,011

18 - Centerview Partners 8,544 5 - -

19 - The Anglo Chinese Group 7,854 2 - -

20 15 Macquarie Group 7,534 15 -41.9% 12,963

Mergermarket 60

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League Tables



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

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Banco Itau BBA 8,815 36 5 31

2 5 Banco BTG Pactual 14,377 33 17 16

3 3 Banco Bradesco BBI 4,160 20 0 20



6 6 Lazard 6,791 13 -2 15


8 13 BNP Paribas 2,000 11 0 11

9 19 Goldman Sachs & Co 11,949 10 4 6


11 7 Credit Suisse 6,399 10 -4 14

12 23 PwC 560 10 4 6

13 17 Rothschild 1,853 9 2 7

14 9 JPMorgan 12,236 8 -5 13

15 4 Citi 7,599 8 -10 18

16 66 Scotiabank 4,774 7 6 1


18 16 KPMG 326 7 -1 8

19 11 Deloitte 91 7 -5 12

20 26 Barclays 6,887 6 2 4

Ranking 2017 2016


Deal count

% Value change

Value (US$m)


2 12 Banco BTG Pactual 14,377 33 173.1% 5,264

3 6 JPMorgan 12,236 8 -7.5% 13,229

4 15 Goldman Sachs & Co 11,949 10 198.1% 4,009

5 7 Banco Itau BBA 8,815 36 -27.9% 12,225

6 1 Santander Global Corporate Banking 8,614 12 -69.0% 27,759

7 11 Morgan Stanley 7,998 14 23.6% 6,471

8 9 Citi 7,599 8 -1.2% 7,693


10 19 Barclays 6,887 6 238.8% 2,033

11 18 Lazard 6,791 13 217.9% 2,136


13 3 Credit Suisse 6,399 10 -61.1% 16,454

14 35 Scotiabank 4,774 7 809.3% 525

15 4 Banco Bradesco BBI 4,160 20 -72.1% 14,897

16 - Estructura Partners 3,135 3 - -

17 17 BR Partners 2,548 6 -10.7% 2,854


19 14 BNP Paribas 2,000 11 -51.9% 4,154

20 13 Rothschild 1,853 9 -64.5% 5,227

Mergermarket 61

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League Tables


Asia Pacific Advisory League tables

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

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 KPMG 15,860 101 12 89

2 3 EY 24,203 99 13 86

3 1 PwC 6,439 84 -36 120

4 6 Morgan Stanley 111,770 65 -2 67

5 5 Goldman Sachs & Co 114,732 64 -8 72

6 4 Deloitte 5,333 56 -20 76


8 16 JPMorgan 83,635 48 11 37

9 7 Credit Suisse 30,270 46 -20 66


11 9 Macquarie Group 29,119 41 -11 52


13 10 Citi 61,144 33 -17 50


15 13 Rothschild 45,405 32 -8 40

16 18 CITIC Securities 35,422 31 -1 32





Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 114,732 64 -18.6% 141,018

2 1 Morgan Stanley 111,770 65 -24.9% 148,733


4 6 JPMorgan 83,635 48 -24.7% 110,997



7 9 Citi 61,144 33 1.5% 60,270

8 26 Rothschild 45,405 32 148.9% 18,239

9 17 Deutsche Bank 43,417 22 27.0% 34,197

10 8 HSBC 36,024 15 -49.5% 71,280


12 16 Lazard 33,972 22 -4.0% 35,388

13 43 BNP Paribas 33,100 15 204.6% 10,865

14 5 Credit Suisse 30,270 46 -73.4% 113,995


16 10 Macquarie Group 29,119 41 -42.0% 50,175

17 55 Jefferies 25,684 9 255.2% 7,231

18 37 EY 24,203 99 88.4% 12,850


20 22 Evercore 22,419 11 -16.1% 26,707

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League Tables



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

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 EY 21,280 76 11 65

2 3 KPMG 15,049 61 -3 64

3 1 PwC 5,512 59 -25 84

4 5 Morgan Stanley 105,593 56 2 54

5 7 Goldman Sachs & Co 80,258 49 -2 51


7 6 Deloitte 2,529 41 -11 52


9 4 Credit Suisse 23,652 34 -22 56

10 11 JPMorgan 49,017 33 -3 36


12 17 CITIC Securities 35,422 31 0 31




16 12 Citi 58,186 26 -8 34


18 20 Gram Capital 13,414 20 -4 24

19 21 China Merchants Securities 11,202 20 -3 23

20 14 GF Securities 4,934 20 -14 34

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Morgan Stanley 105,593 56 -14.5% 123,543

2 3 Goldman Sachs & Co 80,258 49 -33.7% 121,142


4 12 Citi 58,186 26 25.8% 46,263



7 5 JPMorgan 49,017 33 -51.7% 101,571

8 7 HSBC 36,024 15 -49.5% 71,280




12 6 Credit Suisse 23,652 34 -75.5% 96,474

13 40 EY 21,280 76 126.6% 9,390

14 104 DBS Bank 21,263 9 1076.7% 1,807

15 19 Evercore 20,035 8 -23.1% 26,057

16 17 China Securities 19,430 33 -34.1% 29,473

17 22 Rothschild 18,757 19 10.8% 16,930

18 212 ING 17,858 6 6079.2% 289

19 137 The Anglo Chinese Group 16,800 9 1708.4% 929

20 26 Barclays 15,504 15 3.4% 14,992

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League Tables



Australasia league table by value Australasia league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count

1 3 KPMG 10,762 45 17 28

2 1 Macquarie Group 27,922 35 -13 48

3 2 PwC 1,089 30 -9 39

4 6 EY 3,419 28 7 21


6 40 JPMorgan 38,706 18 16 2

7 5 Goldman Sachs & Co 36,613 18 -5 23

8 4 Deloitte 2,862 17 -10 27

9 16 Rothschild 26,661 15 7 8

10 13 Moelis & Company 2,198 14 3 11

11 21 BDO 375 14 8 6

12 9 Credit Suisse 6,726 13 -2 15

13 11 Grant Samuel 3,092 13 -1 14


15 10 Morgan Stanley 16,195 12 -2 14

16 17 RBC Capital Markets 8,159 10 3 7

17 12 Gresham Advisory Partners 11,881 9 -2 11

18 26 Miles Advisory Partners 86 9 4 5

19 14 Deutsche Bank 34,481 7 -1 8

20 8 Citi 2,958 7 -9 16

Ranking 2017 2016


Deal count

% Value change

Value (US$m)


2 14 JPMorgan 38,706 18 299.4% 9,692

3 4 Goldman Sachs & Co 36,613 18 63.7% 22,363

4 5 Deutsche Bank 34,481 7 80.1% 19,142


6 1 Macquarie Group 27,922 35 -43.6% 49,546

7 78 BNP Paribas 27,873 3 27773.0% 100

8 25 Lazard 27,690 6 1746.0% 1,500

9 26 Rothschild 26,661 15 1936.7% 1,309

10 55 Jefferies 24,598 1 10149.2% 240

11 3 Morgan Stanley 16,195 12 -37.7% 25,991

12 7 Gresham Advisory Partners 11,881 9 -33.6% 17,899

13 18 KPMG 10,762 45 324.7% 2,534

14= - Platinum Securities Company 9,818 1 - -

14= 125 Somerley Capital 9,818 1 75423.1% 13

14= - The Anglo Chinese Group 9,818 1 - -


18 6 Credit Suisse 6,726 13 -64.0% 18,671

19 30 Highbury Partnership 5,408 5 661.7% 710

20 32 Evercore 5,406 4 731.7% 650

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League Tables



Greater China league table by value Greater China league table by deal count

Ranking 2017 2016


Deal count

Count change

Deal count



3 3 Morgan Stanley 72,190 34 -1 35

4 7 Goldman Sachs & Co 55,660 33 3 30


6 8 CITIC Securities 35,295 30 0 30




10 12 Gram Capital 13,414 20 -4 24

11 13 China Merchants Securities 11,202 20 -3 23

12 4 GF Securities 4,934 20 -14 34


14 16 Guotai Junan Securities 6,382 19 -3 22

15 6 KPMG 11,996 18 -13 31

16 53 Kingston Corporate Finance 1,615 16 9 7

17 14 PwC 1,469 15 -8 23

18 19 Citi 47,806 14 -6 20

19 10 Credit Suisse 10,875 14 -13 27

20 60 Veda Capital 2,953 14 8 6

Ranking 2017 2016


Deal count

% Value change

Value (US$m)


2 3 Morgan Stanley 72,190 34 -29.4% 102,281

3 2 Goldman Sachs & Co 55,660 33 -49.2% 109,490

4 15 Citi 47,806 14 55.5% 30,752


6 7 HSBC 34,582 10 -47.0% 65,255



9 5 JPMorgan 32,897 13 -58.7% 79,676



12 105 DBS Bank 20,090 6 1817.0% 1,048

13 31 Evercore 19,630 4 107.7% 9,450

14 16 China Securities 19,430 33 -34.1% 29,473

15 110 The Anglo Chinese Group 16,800 9 1708.4% 929

16 157 Wells Fargo Securities 14,055 2 3214.9% 424

17 23 PJT Partners 13,765 2 3.6% 13,288

18 20 China Renaissance Partners 13,670 30 -10.4% 15,256

19 34 Gram Capital 13,414 20 57.2% 8,531

20 24 Barclays 13,061 9 5.0% 12,444

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League Tables



India league table by value India league table by deal count

South Korea league table by value South Korea league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 24 Goldman Sachs & Co 20,602 7 1540.3% 1,256

2 13 Morgan Stanley 18,021 8 545.0% 2,794

3 17 Axis Capital 14,599 10 561.5% 2,207


5 5 Kotak Investment Banking 13,194 8 47.8% 8,924

6 14 Rothschild 13,128 6 437.2% 2,444


8 - Robey Warshaw 12,668 1 - -

9 8 Citi 7,141 8 68.5% 4,237

10 37 JPMorgan 5,361 5 1986.0% 257

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 EY 4,128 29 -7 36

2 5 Avendus Capital 600 12 -3 15

3 4 KPMG 527 11 -5 16

4 10 Axis Capital 14,599 10 3 7

5 16 Deloitte 852 9 3 6

6 3 PwC 142 9 -11 20


8 12 Kotak Investment Banking 13,194 8 2 6

9 13 Citi 7,141 8 2 6

10 2 JM Financial 4,435 8 -14 22

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 10 EY 7,843 22 111.2% 3,713

2 12 NH Investment & Securities 7,470 10 187.2% 2,601

3 11 Goldman Sachs & Co 3,901 4 11.8% 3,488

4 6 PwC 3,527 31 -46.9% 6,643

5 21 KPMG 2,713 27 365.4% 583

6 8 Mirae Asset Daewoo 2,526 6 -44.9% 4,582

7 5 Credit Suisse 2,458 5 -63.5% 6,733

8 17 Nomura Holdings 2,016 3 95.3% 1,032

9 4 Morgan Stanley 1,335 4 -80.5% 6,838

10 - KB Securities 1,208 2 - -

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 PwC 3,527 31 -6 37

2 5 KPMG 2,713 27 16 11

3 3 EY 7,843 22 8 14

4 2 Deloitte 884 15 -4 19

5 11 NH Investment & Securities 7,470 10 5 5

6 9 KR & Partners 126 7 0 7

7 14 Mirae Asset Daewoo 2,526 6 2 4

8 4 Samsung Securities 746 6 -5 11

9 21 Korea Investment & Securities 350 6 4 2

10 8 Credit Suisse 2,458 5 -2 7

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League Tables



Japan league table by value Japan league table by deal count

South East Asia league table by value South East Asia league table by deal count

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 7 Goldman Sachs & Co 28,420 18 -25.7% 38,232

2 8 Nomura Holdings 25,183 60 -33.9% 38,112

3 2 Morgan Stanley 15,652 23 -73.6% 59,241

4 13 JPMorgan 14,612 8 -4.9% 15,365

5 3 Sumitomo Mitsui Financial Group 13,661 67 -75.3% 55,305

6 31 Evercore 8,367 3 674.0% 1,081


8 5 Lazard 7,400 7 -83.9% 45,859

9 17 Credit Suisse 7,043 10 -6.1% 7,499

10 1 Mizuho Financial Group 6,619 36 -89.5% 63,193

Ranking 2017 2016


Deal count

Count change

Deal count

1 2 Sumitomo Mitsui Financial Group 13,661 67 -10 77

2 1 Nomura Holdings 25,183 60 -26 86

3 4 Daiwa Securities Group 5,848 41 -11 52

4 3 Mizuho Financial Group 6,619 36 -18 54

5 6 Deloitte 2,098 34 3 31

6 17 PwC 4,639 25 15 10

7 5 Morgan Stanley 15,652 23 -19 42

8 7 GCA Corporation 2,499 20 -3 23

9 11 Goldman Sachs & Co 28,420 18 6 12

10 10 EY 3,320 17 4 13

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Morgan Stanley 33,854 16 152.7% 13,395

2 4 JPMorgan 27,625 15 145.1% 11,269

3 29 DBS Bank 19,334 6 970.0% 1,807

4 - China International Capital Corporation

19,202 3 - -

5 5 Citi 19,165 4 77.7% 10,787

6 6 Goldman Sachs & Co 19,037 14 106.3% 9,228

7 10 Evercore 16,443 6 120.2% 7,467

8 1 Credit Suisse 10,210 16 -51.4% 21,008

9 56 EY 9,285 17 3112.8% 289

10 - ING 7,830 4 - -

Ranking 2017 2016


Deal count

Count change

Deal count

1 9 EY 9,285 17 5 12

2 10 Morgan Stanley 33,854 16 5 11

3 1 Credit Suisse 10,210 16 -5 21

4 2 CIMB Group 3,136 16 -3 19

5 7 JPMorgan 27,625 15 3 12

6 8 Goldman Sachs & Co 19,037 14 2 12

7 3 Deloitte 641 10 -8 18

8 14 KPMG 172 10 2 8

9 44 Affin Hwang Capital 1,422 9 6 3

10 4 RHB Investment Bank 717 9 -8 17

Mergermarket 67

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League Tables


Private Equity Advisory League tables

Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count

US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count

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

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 139,900 89 35.8% 102,988

2 2 Morgan Stanley 139,317 61 70.0% 81,948

3 10 JPMorgan 134,705 81 208.0% 43,741


5 9 Citi 87,050 40 92.2% 45,302

6 5 Credit Suisse 73,954 62 30.9% 56,518

7 3 Barclays 68,553 52 -14.6% 80,242


9 7 Evercore 51,541 38 9.2% 47,212

10 8 Deutsche Bank 40,984 36 -11.4% 46,274

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Rothschild 39,079 112 9 103

2 2 Goldman Sachs & Co 139,900 89 10 79

3 8 PwC 6,312 87 26 61


5 17 JPMorgan 134,705 81 37 44

6 16 EY 10,598 74 29 45

7 6 KPMG 4,373 71 7 64

8 3 Jefferies 37,682 70 -1 71


10 4 Houlihan Lokey 10,815 66 0 66

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 12 JPMorgan 72,213 43 301.5% 17,986

2 3 Morgan Stanley 62,870 30 22.1% 51,475


4 2 Goldman Sachs & Co 52,501 50 -16.5% 62,892

5 1 Barclays 49,603 38 -28.0% 68,893

6 6 Credit Suisse 38,835 36 11.5% 34,833

7 5 Evercore 28,033 20 -30.1% 40,126

8 7 Citi 26,996 17 -14.3% 31,503


10 8 Jefferies 22,432 51 -26.9% 30,677

Ranking 2017 2016


Deal count

Count change

Deal count


2 50 Jefferies 22,432 51 4 47

3 2 Goldman Sachs & Co 52,501 50 4 46

4 1 Houlihan Lokey 6,767 48 -1 49

5 28 JPMorgan 72,213 43 22 21

6 10 Piper Jaffray & Co 3,678 39 10 29

7 14 Barclays 49,603 38 10 28


9 47 Credit Suisse 38,835 36 7 29

10 62 Harris Williams & Co 3,984 34 5 29

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League Tables



Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count

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

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

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 51,268 21 45.5% 35,241

2 6 Morgan Stanley 46,854 17 123.6% 20,955

3 11 Citi 37,955 14 221.6% 11,802


5 4 JPMorgan 32,286 24 47.6% 21,867

6 2 Rothschild 31,447 95 12.9% 27,855


8 17 Credit Suisse 22,675 15 246.9% 6,536

9 8 Lazard 20,017 34 22.4% 16,351

10 9 Deutsche Bank 19,545 14 26.4% 15,468

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Rothschild 31,447 95 6 89

2 3 PwC 5,433 75 29 46

3 2 KPMG 3,889 56 7 49

4 6 EY 7,899 51 19 32

5 11 ALANTRA 2,222 48 24 24

6 4 Deloitte 2,205 48 6 42

7 5 Lazard 20,017 34 -3 37

8 7 DC Advisory 4,584 29 -1 30

9 32 GCA Corporation 611 28 16 12


Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 11 JPMorgan 26,006 7 1795.5% 1,372

2 5 Goldman Sachs & Co 24,186 12 830.9% 2,598

3 4 Morgan Stanley 17,726 3 289.2% 4,554

4 22 DBS Bank 17,010 2 2141.1% 759

5 14 Citi 16,401 5 1444.4% 1,062

6 3 China International Capital Corporation

15,944 1 224.1% 4,920

7 15 Evercore 15,944 1 1463.1% 1,020

8 17 Bank of America Merrill Lynch 12,028 5 1214.5% 915


10 1 Credit Suisse 7,037 5 -50.8% 14,297

Ranking 2017 2016


Deal count

Count change

Deal count

1 5 EY 1,689 16 8 8

2 3 Goldman Sachs & Co 24,186 12 3 9

3 10 KPMG 452 8 4 4

4 21 JPMorgan 26,006 7 5 2


6 4 PwC 739 7 -2 9


8 8 Citi 16,401 5 0 5


10 1 Credit Suisse 7,037 5 -6 11

Mergermarket 69

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League Tables



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

US Buyouts league table by value US Buyouts league table by deal count

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

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 3 Citi 56,711 25 63.2% 34,745

2 8 Morgan Stanley 56,459 26 130.5% 24,490

3 2 Barclays 46,958 31 28.0% 36,692


5 9 Credit Suisse 42,387 29 76.5% 24,013

6 6 Goldman Sachs & Co 37,371 26 48.2% 25,214

7 11 JPMorgan 33,774 24 219.6% 10,567

8 4 Deutsche Bank 29,980 20 2.8% 29,161

9 18 Rothschild 22,598 32 290.6% 5,786


Ranking 2017 2016


Deal count

Count change

Deal count

1 8 EY 3,932 60 36 24

2 1 PwC 1,776 46 3 43

3 3 KPMG 2,460 37 0 37

4 2 Deloitte 781 35 -3 38

5 4 Rothschild 22,598 32 5 27

6 5 Barclays 46,958 31 6 25

7 11 Credit Suisse 42,387 29 9 20

8 18 Morgan Stanley 56,459 26 12 14

9 7 Goldman Sachs & Co 37,371 26 2 24

10 6 Citi 56,711 25 1 24

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 2 Barclays 32,788 22 -6.2% 34,959


3 23 JPMorgan 20,265 11 1815.4% 1,058

4 7 Morgan Stanley 19,916 10 27.6% 15,605

5 8 Credit Suisse 15,771 15 27.9% 12,332

6 3 Citi 15,485 10 -42.3% 26,835


8 6 Goldman Sachs & Co 13,573 15 -24.0% 17,853

9 4 Deutsche Bank 12,848 11 -43.6% 22,767

10 11 Jefferies 7,703 18 25.0% 6,161

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Barclays 32,788 22 3 19

2 9 Jefferies 7,703 18 9 9

3 5 Credit Suisse 15,771 15 3 12

4 3 Goldman Sachs & Co 13,573 15 2 13


6 31 JPMorgan 20,265 11 9 2

7 8 Deutsche Bank 12,848 11 2 9

8 40 William Blair & Company 875 11 9 2

9 11 Morgan Stanley 19,916 10 4 6

10 7 Citi 15,485 10 0 10

Mergermarket 70

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League Tables



Europe Buyouts league table by value Europe Buyouts league table by deal count

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

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

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 8 Rothschild 20,785 28 283.1% 5,426

2 4 Citi 20,684 10 202.0% 6,848

3 51 Credit Suisse 20,664 9 3769.7% 534

4 7 Deutsche Bank 17,132 9 211.6% 5,498

5 15 Morgan Stanley 14,430 9 357.1% 3,157

6 1 Macquarie Group 11,637 6 -42.0% 20,064


8 6 Lazard 10,452 12 71.0% 6,112

9 23 Barclays 10,039 7 479.3% 1,733


Ranking 2017 2016


Deal count

Count change

Deal count

1 1 PwC 1,776 44 14 30

2 6 EY 1,929 41 24 17

3 3 Deloitte 687 30 7 23

4 4 Rothschild 20,785 28 7 21

5 2 KPMG 1,983 25 -1 26

6 8 ALANTRA 1,641 23 10 13


8 5 Lazard 10,452 12 -6 18

9 13 Citi 20,684 10 2 8

10 10 Lincoln International 226 10 -1 11

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 4 Goldman Sachs & Co 18,317 8 784.9% 2,070

2 15 DBS Bank 17,010 2 2141.1% 759

3 10 Citi 15,944 2 1401.3% 1,062

4= 3 China International Capital Corporation

15,944 1 248.0% 4,582

4= 5 Morgan Stanley 15,944 1 996.6% 1,454


7 12 Bank of America Merrill Lynch 5,824 3 536.5% 915

8 6 JPMorgan 4,596 4 235.0% 1,372

9 22 Macquarie Group 3,967 6 1789.0% 210

10 25 CITIC Securities 2,164 2 1527.1% 133

Ranking 2017 2016


Deal count

Count change

Deal count

1 6 EY 993 12 8 4


3 17 KPMG 445 7 5 2


5 11 JPMorgan 4,596 4 2 2



8 - Moelis & Company 246 3 3 0

9 14 DBS Bank 17,010 2 0 2

10 5 Citi 15,944 2 -3 5

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League Tables



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

US Exits league table by value US Exits league table by deal count

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

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 102,529 63 31.8% 77,774

2 5 JPMorgan 100,931 57 204.2% 33,174

3 2 Morgan Stanley 82,858 35 44.2% 57,458


5 4 Evercore 42,380 22 0.5% 42,183


7 6 Credit Suisse 31,567 33 -2.8% 32,489

8 13 Citi 30,339 15 187.4% 10,557

9 38 PJT Partners 25,190 7 1017.1% 2,255

10 3 Barclays 21,595 21 -50.4% 43,550

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Rothschild 16,481 80 4 76


3 4 Goldman Sachs & Co 102,529 63 8 55

4 13 JPMorgan 100,931 57 25 32


6 5 Houlihan Lokey 7,552 48 -5 53

7 9 Lazard 16,029 47 9 38

8 3 Jefferies 20,080 45 -12 57

9 6 Robert W. Baird & Co 8,655 44 -3 47

10 12 Piper Jaffray & Co 3,636 42 9 33

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 7 JPMorgan 51,948 32 206.9% 16,928

2 3 Morgan Stanley 42,954 20 19.7% 35,870

3 1 Goldman Sachs & Co 38,928 35 -13.6% 45,039


5 2 Evercore 24,157 13 -36.5% 38,022

6 6 Credit Suisse 23,064 21 2.5% 22,501


8 4 Barclays 16,815 16 -50.4% 33,934


10 12 Moelis & Company 15,336 23 197.8% 5,150

Ranking 2017 2016


Deal count

Count change

Deal count


2 1 Houlihan Lokey 4,372 38 -5 43

3 4 Goldman Sachs & Co 38,928 35 2 33

4 9 Piper Jaffray & Co 2,656 34 8 26

5 2 Jefferies 14,729 33 -4 37

6 10 JPMorgan 51,948 32 13 19

7 6 Harris Williams & Co 3,984 32 4 28

8 5 Robert W. Baird & Co 3,017 31 0 31


10 11 Moelis & Company 15,336 23 4 19

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League Tables



Europe Exits league table by value Europe Exits league table by deal count

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

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

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 45,787 18 51.9% 30,139

2 3 Morgan Stanley 32,424 8 82.2% 17,798

3 5 JPMorgan 25,212 18 67.7% 15,030


5 17 Citi 17,271 4 248.6% 4,954

6 29 PJT Partners 14,581 4 546.6% 2,255


8 20 Wells Fargo Securities 13,765 1 241.6% 4,029

9 9 BNP Paribas 11,496 8 31.8% 8,722

10 2 Rothschild 10,662 67 -52.5% 22,429

Ranking 2017 2016


Deal count

Count change

Deal count

1 1 Rothschild 10,662 67 -1 68

2 10 PwC 3,657 31 15 16

3 2 KPMG 1,906 31 8 23

4 20 ALANTRA 581 25 14 11


6 4 Lazard 9,565 22 3 19

7 6 DC Advisory 4,032 20 1 19

8 8 Goldman Sachs & Co 45,787 18 2 16

9 18 JPMorgan 25,212 18 6 12

10 9 Jamieson Corporate Finance 7,007 18 2 16

Ranking 2017 2016


Deal count

% Value change

Value (US$m)

1 - JPMorgan 21,410 3 - -

2 9 Evercore 15,944 1 1764.8% 855

3 - Bank of America Merrill Lynch 6,204 2 - -

4 1 Credit Suisse 6,107 4 93.9% 3,150

5 15 Goldman Sachs & Co 5,869 4 1011.6% 528

6 - Lazard 3,074 1 - -

7 2 Morgan Stanley 1,782 2 -42.5% 3,100

8 36 Nomura Holdings 1,611 1 946.1% 154


10 - RBC Capital Markets 793 1 - -

Ranking 2017 2016


Deal count

Count change

Deal count

1 10 PwC 739 6 4 2

2 1 Credit Suisse 6,107 4 -2 6


4 5 EY 696 4 0 4

5 - JPMorgan 21,410 3 3 0


7 - Citi 457 3 3 0

8 8 Avendus Capital 233 3 0 3

9 - Bank of America Merrill Lynch 6,204 2 2 0

10 3 Morgan Stanley 1,782 2 -2 4

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League Tables


Mergermarket 74Criteria & ContactsGlobal & Regional M&A Report Q4 2017

Criteria Contacts

mergermarket.com

All data is based on transactions over US$ 5m

and is based on the Mergermarket’s M&A deals

database. Deals with undisclosed deal values

are included where the target’s turnover exceeds US$10m.

Deals where the effective 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.

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

Global cross-border M&A: Based on the dominant geography of the target and bidder company being in a different region.

Inbound: Global/US/Japan: The dominant geography of the target is X and the dominant geography of the bidder is any other country 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.

Outbound: Global/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.

Top deals: Based on the dominant geography of the target company.

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

All values are in US$. M&A Trends and Top Deals correct as of 9am (GMT), 29-Dec-2017. Cut off date 28-Dec-2017. League Tables correct as of 9am (GMT), 02-Jan-2018. Cut off date 31-Dec-2017.

Deal Submissions

Americas Jason [email protected]+1 646 378 3122

Asia John [email protected]+852 2158 9723

EMEA Andrea [email protected]+44 20 3741 1274

Commercial

Americas Kurt [email protected]+1 212 390 7812

Asia Simon [email protected]+852 2158 9730

EMEA Ben [email protected]+44 20 3741 1007

Production

Head of Research, Americas Lana [email protected]+1 646 378 3151

Head of Research, Asia Gerry [email protected]+852 2158 9741

Head of Research, EMEA Kathleen Van [email protected]+44 20 3741 1280

Research Editor, Americas Elizabeth [email protected]+1 212 686 3016

Research Editor, EMEA Jonathan [email protected]+44 20 3741 1293

Insight Analyst, Asia Jasmine [email protected]+852 2158 9770

Press Relations

Americas Chrissy [email protected]+1 646 378 3118

Asia Su-Chin [email protected]+852 2158 9706

EMEA Olivia [email protected]+44 20 3741 1129

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

In M&A, information is the most valuable currency. Mergermarket reports on deals 6-24 months before they become public knowledge, giving our subscribers a powerful competitive advantage. With the largest network of dedicated M&A journalists and analysts, Mergermarket offers the most comprehensive M&A intelligence service available today. Our reporters are based in 67 locations across the Americas, Europe, Asia-Pacific, the Middle East and Africa.

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