an acuris company an acuris report on global m&a activity

An Acuris report on global M&A activity

June 2018

Monthly M&A Insider

An Acuris Company

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An Acuris report on global M&A activity

Contents

Global Overview 4

US & Canada 12

Central & South America 19

Europe 26

Middle East & Africa 33

Asia-Pacific (excluding Japan) 40

Japan 47

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Mergermarket Monthly M&A Insider 2June 2018Contents


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The Monthly M&A Insider explores the global M&A market with respect to the numbers, movements and trends, as well as revealing the top financial and legal advisors — globally and across six regions (US & Canada, Central & South America, Europe, Middle East & Africa, Asia-Pacific, and Japan).

Dealmakers had a busy time around the world in May. Deal value sustained its upward climb compared to last year, rising an impressive 82.2% year-on-year (YoY), bringing the five-month total since January to US$1.69trn. That figure is already more than half last year’s 12-month sum of US$3.12trn. Evidently, steady global growth and record amounts of accumulated capital — combined with positive geopolitical developments, such as easing tensions on the Korean Peninsula — are giving buyers confidence.

Most of May’s largest deals represented continuations of ongoing M&A themes. The month’s top transaction by value saw Japanese pharma powerhouse Takeda acquire Irish drug maker Shire in a deal valued at US$79.7bn — the latest foray abroad by a Japanese corporation seeking diversification from its home market. The purchase follows Takeda’s US$4.8bn deal for US-based biotech firm Ariad Pharmaceuticals in 2017, and comes as it seeks to boost sales in the more profitable markets of the West.

In the US, industrial giant General Electric moved forward with its plan to divest billions in assets with the sale of its GE Transportation unit. Rail equipment manufacturer Wabtec Corporation agreed to pay US$11.1bn for the business, creating a combined company with revenues of around US$8bn.

As GE extended its retreat, consumer behemoth Wal-Mart went in the opposite direction — expanding by spending US$16bn for a 77% stake in India-based online retailer Flipkart. The deal allows Wal-Mart to further grow its international footprint and, crucially, remain competitive with rival Amazon, which was also bidding for the target. India’s 1.3 billion people make it an important growth market for the firms, with the country estimated to become the third-largest consumer market in the world by 2025.

In a few cases, major deals last month broke new ground as well. Activity in the US Financial Services sector has been relatively quiet since the upheaval of the financial crisis, excluding consolidation among community and regional banks. But in May, Fifth Third Bancorp announced it would pay US$4.6bn for MB Financial to create an institution with the second-most retail deposits in the Chicago area. More deals could follow after Congress passed a measure last month rolling back some compliance requirements for banks.

One curious result for the month was a slowdown in private equity transactions after a very fast start to the year. Total buyout value is now slightly behind last year’s pace at US$216.4bn through the first five months of 2018. It remains to be seen whether the slump signals newfound difficulty on the part of buyers to find worthy targets for their dry powder, or if May was a temporary blip.

Overall, a cautious optimism reigns in the M&A world as we head into summer. As sports fans from different countries come together to enjoy the World Cup, we can expect an equally collegial atmosphere around dealmaking tables worldwide.

Sincerely,

Colin S. Schopbach Vice President, Sales

Welcome from Merrill Corporation

Colin S. SchopbachVice President, SalesMerrill Corporation

Mergermarket Monthly M&A Insider 3Mergermarket 3Monthly M&A Insider June 2018Welcome


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Part of the Acuris report on global M&A activity

Global Overview

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Further informationGet in touch or read more

May 2018 saw the trend of higher-value deals continue globally for yet another month this year. The worldwide M&A value total increased a robust 82.2% to US$384.4bn, with Europe paving the way with the most expensive transactions. Private equity (PE) exits jumped slightly during the same time frame, but PE buyouts fell year-on-year (YoY) globally, perhaps reflecting a decline in high-quality assets being made available as buyers look to put record amounts of capital to work.

The top sector during May was Pharma, Medical & Biotech at US$95bn in deal value, which represents a 321% increase versus the same month last year. The sector’s highest-profile deal was the US$79.7bn acquisition of Shire, the Ireland-based drug maker specializing in rare disease therapies, by Japan-based Takeda Pharmaceutical Company. The move results in a combined company that ranks amongst the top 10 entities within the global pharmaceutical space.

The Industrials & Chemicals sector landed second in the sector league table in May with four out of the top 10 deals, including General Electric’s US$11.1bn move to combine its GE Transportation unit with US-based rail company Wabtec Corporation. This marked the latest step in a cost-cutting plan by General Electric, which along with shareholders would own a 50.1% stake in the resulting business. The move reflects enthusiasm for the North

American railroad industry, which has benefited from recent increases in freight shipments.

Interestingly, Telecommunications did not rank among the top five sectors for value, despite having the third-largest deal globally: UK-based Vodafone Group’s US$21.8bn acquisition of several Central European telecom assets from UK rival Liberty Global. The transaction would result in an even larger footprint across Europe for Vodafone, and reflects a regional trend toward consolidation of utilities.

Looking at activity by region, Europe held the top spot with deal value of US$187.4bn, representing a 48.8% market share. All regions saw M&A value increase YoY except North America, where it declined to US$96.5bn. That figure, however, was still good for the second-highest market share at 25.1%. Meanwhile, Europe’s take-over of the top spot was a notable change from North America’s domination in recent months. The wave of acquisitions in the region reflects newfound optimism following a period of political uncertainty.

Of the top 10 tie-ups in May, the three with highest value all involved targets in Europe. They included Chinese state-owned power company China Three Gorges’ purchase of a 76.73% stake in Portuguese utility Energias de Portugal (EDP) at a price tag of US$27.4bn. Through the deal, China Three Gorges would

increase its ownership of EDP after previously having bought a minority stake in the electricity provider. The transaction also represented the latest investment in a European utility by China after a decade of ambitious acquisitions in the sector.

North American bidders, meanwhile, were involved in three of the top seven deals, including Wal-Mart Stores’ acquisition of a 77% stake in India-based e-commerce company Flipkart. The US$16bn move gives Wal-Mart a significant foothold in a market of over one billion potential customers. More importantly, the tie-up allows for potentially competing with Amazon, which has been making inroads throughout India.

Despite the top-four deals globally being across national boundaries, the value of cross-border transactions only rose 7.6% YoY. By comparison, domestic acquisitions saw an impressive 225% increase, led by the aforementioned General Electric-Wabtec tie-up.

Global PE buyouts saw a substantial YoY decline in value of 26%, down to US$42.3bn, while PE exit value rose 5% to US$56.1bn. The largest PE buyout was the US$10bn acquisition of an undisclosed stake in Zhejiang Ant Small and Micro Financial, a Chinese online payment platform operator, by an investment group led by the Carlyle Group and Warburg Pincus.

Aram Hovsepian

Global Overview

Phil Guie



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Top Sector

Pharma, Medical & Biotech

saw 78 deals valued at US$95bn, up 321.1% by value with 50 fewer deals compared to 128

deals worth US$22.6bn in May 2017.

Top Financial Advisor

Goldman Sachsranked first with 32 deals worth US$164.6bn, up

309.7% by value with 3 more deals compared to 29 deals worth US$40.1bn in May 2017.

1,127 deals valued at US$384.4bn, up 82.2% by value with 553 fewer deals compared to 1,680

deals worth US$211bn in May 2017.

Top Legal Advisor

Linklaters ranked first with 13 deals worth US$117.7bn, up 1,425.9% by value with 1 fewer deal compared

to 14 deals worth US$7.7bn in May 2017.



0

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YTD 201820172016201520142013

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14,000

16,000

18,000

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Valu

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S$

bn)

Num

ber of d

eals

US$447.1

US$568.3

US$762.2 US$

626.7

US$561.2

US$964.1

US$1,039.6

US$739.5

US$658.2

US$571.7

US$827.2

US$873.2

US$872.1

US$1,200.7

US$1,030.8

US$757.8

US$752.2

US$914.5

US$853.7

US$900.7

US$717.7

US$777.4

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200

300

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600

YTD 2018201720162015201420130

500

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2,000

2,500

3,000

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S$

bn)

Num

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eals

US$295.4

US$496.7 US$

456.8US$407.8

US$298.8

US$536.7

US$401.9

US$418.8

US$523.2

US$216.5 US$

199.1

US$538.1

M&A trend Private equity trend

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Buyout volume

Exit volume

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Domestic US$235.2bn +225%

Cross-border US$149.2bn +7.6%

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Regional Trends

Pharma, Medical & Biotech Value: US$95bn Number of deals: 128 Market share: 24.7%

Technology Value: US$38bn Number of deals: 250 Market share: 9.9%

Industrials & Chemicals Value: US$69.5bn Number of deals: 287 Market share: 18.1%

Financial Services Value: US$31.4bn Number of deals: 109 Market share: 8.2%

Energy, Mining & Utilities Value: US$63.8bn Number of deals: 140 Market share: 16.6%

North America US$96.5bn 354 deals

25.1%

Europe US$187.4bn 408 deals

48.8%

Middle East & AfricaUS$7.4bn 15 deals

1.9%

Asia-Pacific (excluding Japan)

US$84.7bn 275 deals

22%

Japan US$2.8bn 41 deals

0.7%

C&S America US$5.5bn 34 deals

1.4%



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Top deals

Top 10 Announced Deals for May 2018

Value (US$m) Deal details Advisor details

Announcement date

Target Bidder Dominant sector Sell-side Buy-side

79,744 8-May-18 Shire Plc Takeda Pharmaceutical Company Limited Pharma, Medical & Biotech

FA: Citi; Goldman Sachs & Co; and Morgan Stanley LA: Arthur Cox; Davis Polk & Wardwell; Mourant Ozannes; Nagashima Ohno & Tsunematsu; and Slaughter and May

FA: Evercore; JPMorgan; and Nomura Holdings LA: Linklaters; Nishimura & Asahi; and Ogier (Advising FA: Ashurst; Fried Frank Harris Shriver & Jacobson; Latham & Watkins; and Mori Hamada & Matsumoto)

27,378 11-May-18 Energias de Portugal SA (76.73% stake)

China Three Gorges Corporation Energy, Mining & Utilities FA: Millennium Investment Banking; and UBS Investment Bank LA: MLGTS Morais Leitao Galvao Teles Soares Da Silva & Associados

FA: Bank of America Merrill Lynch LA: Linklaters; and Serra Lopes Cortes Martins & Associados (SLCM)

21,815 9-May-18 UPC Hungary; UPC Romania; Unitymedia GmbH; and UPC Czech Republic

Vodafone Group Plc Telecommunications FA: Goldman Sachs & Co; and LionTree Advisors LA: CMS; and Freshfields Bruckhaus Deringer

FA: Morgan Stanley; Robey Warshaw; and UBS Investment Bank LA: Lakatos Koves and Partners; and Slaughter and May

16,000 9-May-18 Flipkart Internet Pvt Ltd (77% stake)

Wal-Mart Stores Inc Technology FA: Goldman Sachs & Co LA: Allen & Gledhill; Dentons Rodyk & Davidson; Gunderson Dettmer Stough Villeneuve Franklin & Hachigian; Khaitan & Co; Nishith Desai Associates; and Trilegal

FA: Barclays; and JPMorgan LA: Gibson Dunn & Crutcher; Hogan Lovells International; and Shardul Amarchand Mangaldas

11,100 21-May-18 GE Transportation Wabtec Corporation Industrials & Chemicals FA: Dyal Co; and Morgan Stanley LA: Davis Polk & Wardwell

FA: Goldman Sachs & Co LA: Jones Day

10,467 17-May-18 Williams Partners (26.71% stake)

Williams Companies Inc Energy, Mining & Utilities FA: Evercore LA: Baker Botts

FA: Morgan Stanley LA: Davis Polk & Wardwell; and Gibson Dunn & Crutcher

10,000 29-May-18 Zhejiang Ant Small and Micro Financial Services Group Co Ltd

The Carlyle Group; Warburg Pincus; Temasek Holdings Pte Ltd; Khazanah Nasional Berhad; GIC Private Limited; Canada Pension Plan Investment Board; and Sequoia Capital

Financial Services FA: - LA: -

FA: - LA: -

8,213 10-May-18 Yantai Wanhua Chemical Co Ltd Wanhua Chemical Group Co Ltd Industrials & Chemicals FA: - LA: -

FA: Citi Orient Securities LA: Zhongzi Law office

7,397 15-May-18 Bhushan Steel Limited (72.65% stake)

Tata Steel Limited Industrials & Chemicals FA: - LA: Luthra & Luthra Law Offices; and Shardul Amarchand Mangaldas & Co

FA: - LA: -

6,872 7-May-18 Frutarom Industries Ltd International Flavors & Fragrances Inc Industrials & Chemicals FA: Bank of America Merrill Lynch LA: Naschitz Brandes Amir & Co; Wachtell Lipton Rosen & Katz; and King & Spalding (Advising FA: Weil Gotshal & Manges)

FA: Greenhill & Co; and Morgan Stanley LA: Cleary Gottlieb Steen & Hamilton; and Gornitzky & Co (Advising FA: Fried Frank Harris Shriver & Jacobson)



Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

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League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking May 2018 May 2017

May 2018 May 2017 Company name Value (USD m)

Deal count Value (USD m)

% Value change

1 30 Linklaters 117,741 13 7,716 1,425.9%

2 19 Davis Polk & Wardwell 115,111 7 11,567 895.2%

3 16 Fried Frank Harris Shriver & Jacobson 106,018 9 13,281 698.3%

4 52 Slaughter and May 105,973 5 4,176 2,437.7%

5 5 Latham & Watkins 86,441 17 27,117 218.8%

6 110 Nishimura & Asahi 81,086 4 1,125 7,107.6%

7 53 Ashurst 81,076 3 4,160 1,848.9%

8 154 Mori Hamada & Matsumoto 80,742 9 573 13,991.1%

9 126 Nagashima Ohno & Tsunematsu 80,226 4 766 10,373.4%

10 158 Arthur Cox 79,937 6 559 14,200.0%



Deal count Deal count Deal count change

1 2 Kirkland & Ellis 13,277 37 45 -8

2 4 Jones Day 28,441 30 36 -6

3 1 DLA Piper 7,358 22 47 -25

4 3 Latham & Watkins 86,441 17 41 -24

5 17 Skadden Arps Slate Meagher & Flom 12,795 17 19 -2

6 31 Linklaters 117,741 13 14 -1

7 42 Wachtell, Lipton, Rosen & Katz 26,285 13 10 3

8 9 CMS 22,914 13 26 -13

9 13 Weil Gotshal & Manges 18,943 13 21 -8

10 33 Simpson Thacher & Bartlett 17,832 13 13 0




1 6 Goldman Sachs & Co 164,609 32 29 3

2 9 Morgan Stanley 156,294 31 20 11

3 5 JPMorgan 125,707 20 32 -12

4 12 Bank of America Merrill Lynch 58,471 20 18 2

5 16 Citi 110,071 17 13 4

6 17 Houlihan Lokey 1,559 17 13 4

7 2 Deloitte 1,067 17 35 -18

8 15 Credit Suisse 15,283 16 15 1

9 7 Rothschild 2,129 16 27 -11

10 4 PwC 3,359 15 34 -19




% Value change

1 1 Goldman Sachs & Co 164,609 32 40,176 309.7%

2 4 Morgan Stanley 156,294 31 28,667 445.2%

3 2 JPMorgan 125,707 20 37,298 237.0%

4 12 Citi 110,071 17 12,779 761.3%

5 13 Evercore 93,119 10 12,021 674.6%

6 34 Nomura Holdings 81,962 9 3,231 2,436.7%

7 3 Bank of America Merrill Lynch 58,471 20 29,239 100.0%

8 5 UBS Investment Bank 52,933 9 21,212 149.5%

9 - Millennium Investment Banking 28,708 2 - -

10 - Robey Warshaw 25,255 2 - -



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US & Canada

Mergermarket Monthly M&A Insider 12June 2018US & Canada


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Lana Vilner

Ezekiel Pfeifer

Deal activity dropped slightly in the US and Canada last month, held back by a shortage of megadeals valued at over US$10bn. In total, there were 326 transactions in the region with aggregate value of US$90.4bn in May, representing a 5.2% decrease in value compared to the same month last year. The Energy, Mining & Utilities sector led the way in terms of value thanks to two deals worth more than US$4bn each, including the region’s second-largest deal — midstream operator Williams Companies’ US$10.4bn acquisition of a 26.71% stake in Williams Partners. Meanwhile, the pace of private equity (PE) buyouts slowed after a blistering start to Q2 the month previous.

Overall, US and Canadian M&A has had a strong first five months of 2018. There were 2,232 deals valued at US$703.7bn in the five months since January 1, which is 22% higher value than in the same period of 2017. At the current pace, M&A value in the region is set to eclipse the total from each of the last two years, as strategic and financial acquirers alike put their ample cash reserves to work.

Energy, Mining & Utilities (EMU) held the top position in the sector league table last month with 27 transactions valued at US$23.6bn, amid oil prices reaching a three-year high of over US$70 per barrel. The sector had both the second- and third-largest North American deals of May. The top EMU deal was Williams Companies’ purchase of the remaining 26.71% in master limited partnership Williams Partners

it did not already own for US$10.4bn, a transaction spurred by a tax change by the US Federal Energy Regulatory Commission that makes the MLP structure less advantageous.

In the third-largest deal of the month, Florida-based utility company NextEra Energy announced it would acquire instate rival Gulf Power in a deal valued at US$5.7bn. The tie-up would give NextEra a 51% market share among residential electricity customers in Florida, and a total customer base of nearly 5.5 million. A wave of consolidation has been seen throughout the North American utility sector over the past 18 months as providers face pricing pressures.

The second-leading sector in the month was Industrials & Chemicals, which saw 71 deals valued at US$18.1bn. The largest contributor to this total was General Electric’s US$11.1bn divestment of its GE Transportation unit to US rail company Wabtec Corporation — part of GE’s plan to sells assets and restructure around the three core businesses of power, aviation, and healthcare.

One unusual transaction to make the top 10 in North America was billionaire hedge fund manager David Tepper’s purchase of the Carolina Panthers NFL football franchise for US$2.2bn. Tepper first made his fortune two decades ago betting on the distressed debt of companies such as Enron and WorldCom.

PE buyouts had a down month in May with

just 71 deals valued at US$6.6bn, which is a 67% decline year-on-year. Some of the largest buyouts of the month were made by lesser-known financial buyers, such as ArcLight Capital Partners, which specializes in the power generation and oil & gas sectors. ArcLight agreed to pay US$1.1bn for US-based downstream company Midcoast Operating from Canadian midstream giant Enbridge. The Canadian seller is seeking to divest a total of around US$2.3bn in non-core assets this year as part of an effort to focus on its regulated pipeline and utility business.

Exits by PE firms also fell in May. There were a total of 80 sales valued at US$15.2bn, a decline of 51% from the same period last year.

US & Canada



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Top Legal Advisor

Davis Polk & Wardwell ranked first with 5 deals worth US$35.3bn, up 205.6% by value with 2 fewer deals compared


Top Sector

Energy, Mining & Utilities

saw 27 deals valued at US$23.6bn, compared to 58 deals worth US$16bn in May 2017.

326 deals valued at US$90.4bn, down 5.2% by value

with 254 fewer deals compared to 580 deals worth US$95.3bn in May 2017.


Goldman Sachs & Coranked first with 26 deals worth US$56.3bn, up 95.3% by value with 4 more deals compared to

22 deals worth US$28.8bn in May 2017.



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US$145.4

US$156.5

US$296.1

US$252.7

US$162.9

US$171.4

US$174.6

US$249.9

US$210

US$271.9

US$91.3

US$86

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US$313.1

US$196.6

US$235.6

US$367.3 US$

270.3

US$194

US$415

US$512.2

US$342.1

US$338.5

US$456.4

US$375.2

US$437.4

US$514.3

US$473.3

US$399.8

US$526.1

US$316.9

US$250

US$355.9

US$415.4

US$288.3

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

US & Canada Private Equity trendUS & Canada M&A trend

Buyout volume

Exit volume

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Regional Trends

Domestic US$82.2bn -3.7%

Inbound US$7bn -29.5%

Outbound US$34.3bn +45.8%

Energy, Mining & Utilities Value: US$23.6bn Number of deals: 27 Market share: 26.1%

Real Estate Value: US$9bn Number of deals: 4 Market share: 10%


Technology Value: US$7.1bn Number of deals: 53 Market share: 7.8%


Canada US$6bn 27 deals

6.6%

US US$84.4bn 299 deals

93.4%



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Top deals



Announcement date


11,100 21-May-18 GE Transportation Wabtec Corporation Industrials & Chemicals FA: Dyal Co; and Morgan Stanley LA: Davis Polk & Wardwell

FA: Goldman Sachs & Co LA: Jones Day

10,467 17-May-18 Williams Partners (26.71% stake) Williams Companies Inc Energy, Mining & Utilities FA: Evercore LA: Baker Botts

FA: Morgan Stanley LA: Davis Polk & Wardwell; and Gibson Dunn & Crutcher

5,750 21-May-18 Gulf Power Company NextEra Energy Inc Energy, Mining & Utilities FA: CitiLA: Jones Day (Advising FA: White & Case)

FA: Bank of America Merrill Lynch; and Goldman Sachs & CoLA: Skadden Arps Slate Meagher & Flom; and Wachtell, Lipton, Rosen & Katz

4,557 21-May-18 MB Financial Inc Fifth Third Bancorp Financial Services FA: Sandler O’Neill & PartnersLA: Silver, Freedman, Taff & Tiernan; and Vedder Price

FA: CitiLA: Simpson Thacher & Bartlett

4,422 7-May-18 Gramercy Property Trust Inc Blackstone Group Real Estate FA: Morgan StanleyLA: Wachtell, Lipton, Rosen & Katz (Advising FA: Proskauer)

FA: Bank of America Merrill Lynch; and CitiLA: Simpson Thacher & Bartlett

4,175 1-May-18 KLX Inc The Boeing Company Defense FA: Goldman Sachs & CoLA: Freshfields Bruckhaus Deringer; and Cravath, Swaine & Moore

FA: CitiLA: Kirkland & Ellis

3,689 21-May-18 LaSalle Hotel Properties Blackstone Group Real Estate FA: Citi; and Goldman Sachs & CoLA: DLA Piper; and Goodwin Procter (Advising FA: Sullivan & Cromwell)

FA: JPMorgan; and Morgan StanleyLA: Simpson Thacher & Bartlett

2,500 29-May-18 Meridian Health Plan of Michigan Inc; Meridian Health Plan of Illinois Inc; and MeridianRx

WellCare Health Plans Inc Financial Services FA: Credit SuisseLA: -

FA: Moelis & CompanyLA: Kirkland & Ellis

2,300 4-May-18 The Waddington Group Novolex Industrials & Chemicals FA: JPMorganLA: Jones Day

FA: Goldman Sachs & Co; and JefferiesLA: Latham & Watkins

2,275 16-May-18 Panthers Football David Tepper (Private investor) Leisure FA: -LA: Proskauer

FA: -LA: -



Top 10 Legal Advisors - VolumeTop 12 Legal Advisors - Value

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League tables





% Value change

1 18 Davis Polk & Wardwell 35,344 5 11,567 205.6%

2 49 Jones Day 28,364 29 2,017 1,306.2%

3 24 Gibson Dunn & Crutcher 28,317 4 9,882 186.6%

4 10 Wachtell, Lipton, Rosen & Katz 26,285 13 19,766 33.0%

5 16 Fried Frank Harris Shriver & Jacobson 26,274 8 12,860 104.3%

6 15 Simpson Thacher & Bartlett 17,832 13 13,514 32.0%

7 38 Hogan Lovells International 17,820 5 3,781 371.3%

8 86 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian

17,455 5 673 2,493.6%

9= - Allen & Gledhill 16,000 1 - -

9= - Dentons Rodyk & Davidson 16,000 1 - -

9= 167 Khaitan & Co 16,000 1 95 16,742.1%

9= 136 Shardul Amarchand Mangaldas & Co 16,000 1 225 7,011.1%




1 1 Kirkland & Ellis 13,277 36 44 -8

2 3 Jones Day 28,364 29 28 1

3 23 Wachtell, Lipton, Rosen & Katz 26,285 13 10 3

4 28 Simpson Thacher & Bartlett 17,832 13 9 4

5 11 Skadden Arps Slate Meagher & Flom 10,884 13 15 -2

6 2 Latham & Watkins 6,228 12 28 -16

7 4 DLA Piper 6,624 10 26 -16

8 19 Ropes & Gray 578 10 12 -2

9 7 Weil Gotshal & Manges 15,543 9 17 -8

10 15 Sullivan & Cromwell 6,925 9 13 -4




1 2 Goldman Sachs & Co 56,327 26 22 4

2 7 Morgan Stanley 47,300 17 12 5

3 8 Houlihan Lokey 1,559 16 11 5

4 10 Citi 27,038 13 10 3

5 1 JPMorgan 33,783 12 23 -11


7 6 Credit Suisse 12,375 12 13 -1

8 48 Moelis & Company 4,316 10 2 8

9 27 Robert W. Baird & Co 1,725 10 6 4

10 22 Raymond James & Associates 1,521 10 8 2




% Value change

1 1 Goldman Sachs & Co 56,327 26 28,836 95.3%

2 3 Morgan Stanley 47,300 17 24,144 95.9%

3 2 JPMorgan 33,783 12 28,299 19.4%

4 13 Citi 27,038 13 7,011 285.7%


6 7 Barclays 22,632 9 14,313 58.1%

7 10 Evercore 12,887 8 9,610 34.1%

8 5 Credit Suisse 12,375 12 18,653 -33.7%

9 - Dyal Co 11,100 1 - -

10 6 Jefferies 8,037 9 15,187 -47.1%



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C&S America

Mergermarket Monthly M&A Insider 19June 2018C&S America


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The value of transactions in Latin America reached US$5.5bn in May, a slight increase compared to the same month last year. However, the vast majority of that total was from a single acquisition. The slightly higher value for the region as a whole offset weaker private equity (PE) numbers.

By sector, Industrials & Chemicals (I&C) boasted the highest deal value at US$4.1bn, representing a 75.2% market share. That total consisted almost entirely of the sale of a 23.77% stake in Chilean fertilizer company Sociedad Quimica y Minera (SQM) to China-based Tianqi Lithium Industries. The purchase came as Chinese lithium companies have been aggressively buying up key resources worldwide for rechargeable batteries. By acquiring the stake in SQM, Tianqi is expected to triple its battery-production capacity by 2020.

Another sector that performed strongly was Energy, Mining & Utilities, with deals valued at US$550m, including three of the top eight transactions in the month. The top tie-up was Canadian asset manager Brookfield Infrastructure Partners’ purchase of a 41.89% stake in Colombia’s Gas Natural. This followed an agreement by Gas Natural last November to sell Brookfield a 59.1% stake.

Besides I&C, which increased in value, and the Consumer sector, which trended flat, the rest

of the top-five sectors in Latin America saw declining value year-on-year (YoY) in May.

Breaking down activity by country, Chile had a value of US$4.4bn for the month, giving the country an 80.2% market share in the region. While the Tianqi deal for Sociedad Quimica y Minera made up a significant portion of that total, half of the top six tie-ups in the region overall featured Chilean target companies. The second-highest deal for a Chile-based company was French hotelier and tourism services firm Accor’s acquisition of Atton Hoteles. The US$212m deal gave Accor control of hotels in Chile, as well as in Peru and Colombia.

Colombia ranked a distant second among countries, with a value of US$409.5m, and nearly all of it from Brookfield’s purchase of the Gas Natural stake. Like every Latin American country save for Chile and Bolivia, Colombia’s value fell YoY.

Looking at the cross-border data for the month, inbound transactions nearly doubled YoY to US$5bn, with five of the top six featuring bidders from outside the region. The highest-value bid was from China for Sociedad Quimica y Mineral, but among the top six overall, the region most often represented was North America, with two Canadian bidders and one US bidder. Two of those three deals were for companies in the energy business, pointing

to the enduring strategic appeal of expansion within the Americas.

The largest intraregional transaction of the month was Peruvian food-products provider Alicorp’s deal for Bolivian packaged-goods company Industrias de Aceite, a US$293m acquisition that enlarges Alicorp’s presence in Latin America.

PE buyouts in the region are at a paltry US$85m through the first two months of Q2 2018. The highest-profile deal in May was the acquisition of Brazil-based bank Neon Pagamentos by a group of US and Brazilian venture capital firms. The purchase of Neon, which provides online financial and credit card services to a customer base of 600,000, was for US$22m.

Elizabeth Lim

Phil Guie

C&S America



mailto:elizabeth.lim%40acuris.com?subject=Monthly%20MnA%20Insider%20June%202018%20Inquiry



Top Sector

Industrials & Chemicalssaw 7 deals valued at US$4.1bn, up 13x by value with 4 fewer deals compared to

11 deals worth US$31m in May 2017.

Top Legal Advisor

Claro y Cia ranked first with 2 deals worth US$4.1bn,

compared to 1 deal in May 2017.


Bank of America Merrill Lynch

ranked first with 2 deals worth US$4.3bn, up 469.8% by value with 1 more deal compared

to 1 deal worth US$765m in May 2017.

34 deals valued at US$5.5bn, up 3.4% by value with 24 fewer deals

compared to 58 deals worth US$5.3bn in May 2017.



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US$1.4

US$1.9

US$5.3

US$8.5

US$4.4

US$7.6

US$7.7

US$9.1

US$3

US$5.9

US$672m

US$10.7

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US$17.8

US$24.8

US$11.9

US$14.9

US$21.4

US$39.9

US$12.2

US$11.2

US$22.4

US$25.6

US$38.1

US$24.2

US$29.5

US$14.1

US$14.3

US$24.9

US$28.6

US$19.6

US$30.2

US$44.2

US$17.3

US$26.7

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

C&S America Private Equity trendC&S America M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends

Domestic US$197.7m -94%

Inbound US$5bn +176.5%

Outbound US$0 -100%


Leisure Value: US$211.7m Number of deals: 2 Market share: 3.9%

Energy, Mining & Utilities Value: US$550m Number of deals: 6 Market share: 10%

Financial Services Value: US$161m Number of deals: 6 Market share: 2.9%

Consumer Value: US$293m Number of deals: 4 Market share: 5.3%

Colombia US$409.5m

3 deals7.5%

Peru US$115.7m

4 deals2.1%

Argentina US$80.6m

5 deals1.5%

BoliviaUS$293m

1 deal 5.3%

BrazilUS$116m 12 deals

2.1%

ChileUS$4.4bn

6 deals80.2%

Mexico US$69.7m

3 deals1.3%



mergermarket.com

Top deals



Announcement date


4,066 17-May-18 Sociedad Quimica y Minera SA (23.77% stake)

Tianqi Lithium Industries Inc Industrials & Chemicals FA: -LA: -

FA: Morgan StanleyLA: Carey y Cia; and Weil Gotshal & Manges

409 25-May-18 Gas Natural SA ESP (41.89% stake) Brookfield Infrastructure Partners

Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

293 17-May-18 Industrias de Aceite SA Alicorp SA Consumer FA: -LA: -

FA: Bank of America Merrill Lynch; JPMorgan; KPMG; and PwCLA: Garrigues; and Payet, Rey, Cauvi, Perez Abogados

212 14-May-18 Atton Hoteles Accor SA; and Algeciras Leisure FA: JPMorganLA: Garrigues

FA: KPMG; and Santander Global Corporate BankingLA: Cariola Diez Perez-Cotapos Abogados; and Philippi Prietocarrizosa, Ferrero DU & Uria

100 9-May-18 Banco Cencosud SA (51% stake) Scotiabank Peru SAA Financial Services FA: -LA: -

FA: -LA: Payet, Rey, Cauvi, Perez Abogados

67 24-May-18 El Arrayan Wind project (70.75% stake) Arroyo Energy Group Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

39 24-May-18 InvertirOnline.com Argentina SA Grupo Supervielle SA Financial Services FA: -LA: -

FA: -LA: -

37 22-May-18 Jaguar Exploration and Production of Hydrocarbons SAPI de CV (CS-01; B-10 and TM-01 assets) (50% stake)

Vista Oil & Gas SAB de CV Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

32 24-May-18 IESA Projetos, Equipamentos e Montagens SA (Hyodroelectric business)

Andritz Hydro GmbH Industrials & Chemicals FA: -LA: -

FA: -LA: -

32 17-May-18 Redpack SA De CV Grupo Traxion SAB de CV Transportation FA: -LA: -

FA: -LA: KPMG; and Robles Miaja Abogados




mergermarket.com

League tables

Top 9 Financial Advisors - VolumeTop 9 Financial Advisors - Value




% Value change

1 54 Claro y Cia 4,086 2 0 -

2 16 Jones Day 4,066 2 186 2,086.0%

3= - Carey y Cia 4,066 1 - -

3= 19 Weil Gotshal & Manges 4,066 1 185 2,097.8%

5 39 Garrigues 505 2 15 3,266.7%

6 68 Payet, Rey, Cauvi, Perez Abogados 393 2 0 -

7 28 Philippi Prietocarrizosa, Ferrero DU & Uria 125 3 48 160.4%

8 - Cariola Diez Perez-Cotapos Abogados 106 1 - -

9= - KPMG 32 1 - -

9= - Robles Miaja Abogados 32 1 - -




1 3 Philippi Prietocarrizosa, Ferrero DU & Uria 125 3 4 -1

2 54 Claro y Cia 4,086 2 1 1

3 12 Jones Day 4,066 2 2 0

4 42 Garrigues 505 2 1 1

5 68 Payet, Rey, Cauvi, Perez Abogados 393 2 1 1

6 33 Pinheiro Neto Advogados 22 2 1 1

7 50 Brigard & Urrutia 0 2 1 1

8= - Carey y Cia 4,066 1 - -

8= 29 Weil Gotshal & Manges 4,066 1 1 0

10 - Cariola Diez Perez-Cotapos Abogados 106 1 - -




1 21 Morgan Stanley 4,066 3 1 2


3= 8 JPMorgan 505 2 1 1

3= - KPMG 505 2 - -

5 - Credit Suisse 360 2 - -

6 24 PwC 293 1 1 0

7 6 Santander Global Corporate Banking 212 1 2 -1

8 - NRG Capital Partners 25 1 - -

9 - Condere 0 1 - -




% Value change

1 4 Bank of America Merrill Lynch 4,359 2 765 469.8%

2 21 Morgan Stanley 4,066 3 0 -

3= 1 JPMorgan 505 2 1,982 -74.5%

3= - KPMG 505 2 - -

5 - Credit Suisse 360 2 - -

6 24 PwC 293 1 0 -

7 14 Santander Global Corporate Banking 212 1 32 562.5%

8 - NRG Capital Partners 25 1 - -

9 - Condere 0 1 - -



mergermarket.com


Europe

Mergermarket Monthly M&A Insider 26June 2018Europe


mergermarket.com


Frederik Lyng Pedersen

May kicked off with a bang, recording the largest deal in Europe so far this year and the largest Pharma, Medical & Biotech (PMB) deal into Europe on Mergermarket record (since 2001). The month saw US$187.4bn change hands, the second-largest monthly deal value since the financials crisis behind November 2015 (US$190.2bn; 571 deals). The vast deal value has already pushed the second quarter in 2018 to new heights, recording US$300.5bn across 828 deals, already the second-largest quarter since the financial crisis with a month still to go.

This month, Japan-based Takeda Pharmaceutical Company made a US$79.7bn offer to acquire Ireland-based Shire. The deal comes four years after AbbVie attempted to acquire the company, while ultimately withdrawing its offer due to new US taxation laws being imposed. The tie-up between Takeda and Shire was first rumored in March, though the offer was finally launched on May 8th at a premium of 55.3% compared to the rumor date and 23.7% compared to the share price one day prior to announcement.

The deal led the PMB sector to US$84.6bn across 23 deals in May, well ahead of the remaining sectors. This pushed the sector’s YTD value to US$117.8bn, just US$1.2bn behind the record 2014 full-year figure of US$119bn.

Energy, Mining & Utilities had a similarly active month, recording US$35bn across 16 deals,

and thus became the second-most active sector by value. This was driven by China Three Gorges Corporation’s US$27.4bn offer to buy the remaining 76.7% stake in Energias de Portugal. This became the first deal valued over US$15bn targeting Europe from China since ChemChina/Syngenta in 2016, and it was the second-largest investment into Europe by a China-based company on Mergermarket record. Despite increased scrutiny and protectionism on both sides, the deal demonstrates that Chinese interest in Europe remains strong and potentially indicates a slight opening of the door once again to major investment from China.

The two aforementioned deals pushed Ireland (US$80.1bn; 16 deals) and Portugal (US$27.6bn; four deals) to sky-high figures in May, while Germany also had a particularly active month. The country witnessed 52 deals worth US$29.3bn, largely as a result of Vodafone’s US$21.8bn acquisition of Liberty Global’s German and CEE operations and the US$5.4bn Techem deal, the third and fourth largest deals in Europe in May.

In line with the general M&A activity in May, private equity (PE) buyouts recorded a healthy US$17.5bn across 104 deals, increasing 27.1% by deal value and a third by count from April 2018 (13.8bn; 78 deals). Techem’s US$5.4bn buyout was the largest to be announced in May, which, together with a handful of buyouts

over US$1bn targeting the UK, drove the rise in value. The largest of these deals targeting the UK was the tender offer by US-based Silver Lake Partners to acquire the entire share capital of ZPG, the parent company of the UK online home comparison site Zoopla, for US$3.4bn. PE exits saw a similar trend (18.5bn; 74 deals) increasing 42.6% by value and 19.4% by count compared to last month (US$13bn; 62 deals), where the majority of the exits came from trade sales (11.5bn; 42 deals).

May also saw the Trump administration slap tariffs on European steel and aluminum, a notion which has poised Europe to issue a 10-page list of US products which will enjoy the same treatment as European steel. As such, much remains to be seen how M&A will respond and whether the buoyant activity seen recently will stagnate due to increased uncertainty, or whether companies will be forced to act in order to keep distribution costs low.

Europe



mailto:frederik.pedersen%40acuris.com?subject=Monthly%20MnA%20Insider%20June%202018%20Inquiry


Top Legal Advisor

Linklaters ranked first with 10 deals worth US$116bn, up 1,547,4% by value with 3 fewer deals compared

to 13 deals worth US$7bn in May 2017.

408 deals valued at US$187.4bn, up 204% by value


Top Sector


saw 23 deals valued at US$84.6bn, up 9.8x by value with 21 fewer deals compared to 44 deals worth US$8.7bn in May 2017.


Goldman Sachs & Coranked first with 13 deals worth US$115bn, up 458.8% by value with 3 more deals compared




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US$96.5 US$

91.2

US$142.2 US$

137.5 US$127.1

US$181.3

US$159.3

US$50.1

US$167.1

US$148.7

US$177

US$71.2

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US$136.3

US$163.9

US$174.2

US$200.5

US$309.8

US$262.3 US$

198.1

US$158.9

US$157.9

US$203.8

US$179.6

US$177.6

US$292.2

US$214

US$271.3

US$178.6

US$188.3

US$176.8

US$268.2

US$206.9

US$300.5

US$271.1

Q1 value

Q2 value

Q3 value

Q4 value

Buyout volume

Exit volume

Volume Buyout value

Exit value

Europe Private Equity trendEurope M&A trend

mergermarket.com



mergermarket.com

Regional Trends

Domestic US$51.6bn +32.8%

Inbound US$135.9bn +496.8%

Outbound US$6.8bn -22%

Pharma, Medical & Biotech Value: US$84.6bn Number of deals: 23 Market share: 45.1%


Energy, Mining & Utilities Value: US$35bn Number of deals: 16 Market share: 18.7%


Telecommunications Value: US$23bn Number of deals: 6 Market share: 12.3%

Germany US$29.3bn

52 deals15.6%

PortugalUS$27.6bn

4 deals 14.7%

Republic of IrelandUS$80.1bn

16 deals42.7%

United KingdomUS$15.2bn 84 deals

8.1%

Russia US$5.8bn 11 deals

3.1%



mergermarket.com

Top deals



Announcement date


79,744 8-May-18 Shire Plc Takeda Pharmaceutical Company Limited


FA: Citi; Goldman Sachs & Co; and Morgan Stanley LA: Arthur Cox; Davis Polk & Wardwell; Mourant Ozannes; Nagashima Ohno & Tsunematsu; and Slaughter and May

FA: Evercore; JPMorgan; and Nomura Holdings LA: Linklaters; Nishimura & Asahi; and Ogier (Advising FA: Ashurst; Fried Frank Harris Shriver & Jacobson; Latham & Watkins; and Mori Hamada & Matsumoto)

27,378 11-May-18 Energias de Portugal SA (76.73% stake)

China Three Gorges Corporation

Energy, Mining & Utilities FA: Millennium Investment Banking; and UBS Investment Bank LA: MLGTS Morais Leitao Galvao Teles Soares Da Silva & Associados

FA: Bank of America Merrill Lynch LA: Linklaters; and Serra Lopes Cortes Martins & Associados (SLCM)

21,815 9-May-18 UPC Hungary; UPC Romania; Unitymedia GmbH; and UPC Czech Republic

Vodafone Group Plc Telecommunications FA: Goldman Sachs & Co; and LionTree Advisors LA: CMS; and Freshfields Bruckhaus Deringer

FA: Morgan Stanley; Robey Warshaw; and UBS Investment Bank LA: Lakatos Koves and Partners; and Slaughter and May

5,374 25-May-18 Techem GmbH Partners Group Holding AG; Caisse de Depot et Placement du Quebec; and Ontario Teachers' Pension Plan

Industrials & Chemicals FA: Deutsche Bank; JPMorgan; and Macquarie Group LA: Linklaters

FA: goetzpartners LA: Allen & Overy; Freshfields Bruckhaus Deringer; and Gleiss Lutz

4,427 4-May-18 Rosneft Oil Company OAO (9.18% stake)

Qatar Investment Authority Energy, Mining & Utilities FA: - LA: -

FA: - LA: -

3,440 11-May-18 ZPG Plc Silver Lake Partners Business Services FA: Credit Suisse; Goldman Sachs & Co; Jefferies; and Lazard LA: Freshfields Bruckhaus Deringer; and Slaughter and May

FA: Connaught; and Robey Warshaw LA: Linklaters; Proskauer; and Simpson Thacher & Bartlett

3,400 22-May-18 EMI Music Publishing Limited (60.2% stake)

Sony Corporation Media FA: Goldman Sachs & Co LA: Weil Gotshal & Manges

FA: Morgan Stanley LA: -

3,209 22-May-18 Deniz Yatirim AS (99.85% stake)

Emirates NBD PJSC Financial Services FA: Sberbank LA: Herbert Smith Freehills; and Paksoy Attorneys at Law

FA: - LA: Binder Groesswang Rechtsanwaelte; and Clifford Chance

2,268 16-May-18 Widex AS Sivantos Pte Ltd Pharma, Medical & Biotech

FA: JPMorgan LA: Kromann Reumert

FA: Goldman Sachs & Co LA: Freshfields Bruckhaus Deringer; and Plesner

2,200 17-May-18 iZettle AB PayPal Holdings Inc Technology FA: JPMorgan LA: Gernandt & Danielsson

FA: Evercore LA: Roschier; and Skadden Arps Slate Meagher & Flom




mergermarket.com

League tables





% Value change

1 23 Linklaters 115,996 10 7,041 1,547.4%

2 36 Slaughter and May 105,405 4 3,313 3,081.6%

3 103 Fried Frank Harris Shriver & Jacobson 81,774 4 421 19,323.8%

4 72 Ashurst 81,076 4 979 8,181.5%

5 14 Latham & Watkins 80,752 10 8,783 819.4%

6 414 Mori Hamada & Matsumoto 79,951 2 - -

7 95 Arthur Cox 79,937 6 559 14,200.0%

8 356 Davis Polk & Wardwell 79,767 2 - -

9= - Mourant Ozannes 79,744 1 - -

9= - Nagashima Ohno & Tsunematsu 79,744 1 - -

9= - Nishimura & Asahi 79,744 1 - -

9= - Ogier 79,744 1 - -




1 3 CMS 22,914 12 26 -14

2 12 Linklaters 115,996 10 13 -3

3 5 Latham & Watkins 80,752 10 20 -10

4 40 Skadden Arps Slate Meagher & Flom 5,086 9 6 3

5 74 Kirkland & Ellis 4,214 9 4 5

6 11 Freshfields Bruckhaus Deringer 36,568 8 13 -5

7 1 DLA Piper 746 8 29 -21

8 2 Clifford Chance 4,296 7 26 -19

9 7 Allen & Overy 1,791 7 17 -10

10 6 Baker McKenzie 522 7 20 -13




1 2 Rothschild 1,922 14 23 -9

2 10 Goldman Sachs & Co 115,014 13 10 3

3 3 Deloitte 299 13 23 -10

4 6 JPMorgan 97,632 12 13 -1

5 1 KPMG 978 11 28 -17

6 4 EY 80 11 23 -12

7 7 Lazard 7,408 9 12 -3

8 8 Morgan Stanley 107,240 8 11 -3


10 91 Jamieson Corporate Finance 2,546 8 1 7




% Value change

1 1 Goldman Sachs & Co 115,014 13 20,581 458.8%

2 2 Morgan Stanley 107,240 8 17,071 528.2%

3 3 JPMorgan 97,632 12 16,491 492.0%

4 14 Evercore 82,652 6 3,623 2,181.3%

5 7 Citi 81,844 3 9,138 795.6%

6 23 Nomura Holdings 79,744 1 2,145 3,617.7%




10 - Robey Warshaw 25,255 2 - -



mergermarket.com


Middle East & Africa

Mergermarket Monthly M&A Insider 33June 2018Middle East & Africa


mergermarket.com


Mohamed Rais

M&A activity in the Middle East & Africa (MEA) region amounted to US$7.4bn in May, the second largest monthly value so far this year just after March (US$10.5bn, 30 deals). A total of 15 transactions were announced, bringing up year-to-date (YTD) figures to US$25.2bn spread across 117 deals. This is the third best start of the year in terms of value for the region since the financial crisis, showing how MEA is following the global trend of heightened M&A dealmaking in 2018.

The largest deal was recorded in Israel, where US-based International Flavors & Fragrances agreed to acquire Frutarom Industries in a transaction valuing the flavor and fragrance company at US$6.9bn. In more general terms, Israel attracted a total of US$7.3bn across seven deals, making it the most active country in the region. The second largest deal in May also targeted Israel with the US$242m investment by Thailand-based Indorama Ventures Public Company for a 50.76% stake in non-woven fabrics manufacturer Avgol Industries 1953. It is worth mentioning Indorama acquired a further 14.96% stake on Avgol in a separate transaction valued at US$71.4m, bringing their final holding on the Israeli company to 65.72%.

Inbound activity has kept up the pace seen in previous months, with 10 deals worth US$7.4bn targeting MEA in May, making up for almost the entirety of the month’s value. The largest investments, US$6.9bn spread in two deals,

both originated from the USA, a country which has shown particular interest in Israeli assets with US$10.2bn (nine deals) already disbursed so far this year, approaching the US$16.9bn recorded in 2017. Israel also saw investment from Japan with the third largest deal in May, which saw tech company BriefCam being acquired by Canon.

The strong investment seen in Israel in recent times is in part due to the good business environment Israel offers, which, coupled with a buoyant start-up culture and cutting-edge innovation and R&D, has helped to attract investors looking for less saturated markets and better growth prospects.

As a result of the aforementioned Frutarom acquisition, Industrials & Chemicals (I&C) was the month’s best performer by value as well as deal count. US$7.1bn changed hands across six deals, bringing the sector YTD activity to 20 deals (US$7.5bn) in the region, compared to 23 deals worth US$18.5bn in the same period last year, which included Intel’s US$15bn acquisition of Mobileye in March. By deal count, I&C accounted for 17.1% of the region’s YTD activity (117 deals), compared to 11% in YTD 2017 (210 deals). Meanwhile, the Technology sector recorded three deals valued at US$166m in May 2018, edging YTD activity up to US$3.4bn, (12 deals) increasing 51.1% by value compared to the same period last year (US$2.3bn) despite 15 fewer deals.

Energy, Mining & Utilities (EMU) recorded two deals worth US$87m in May. Although this represented the lowest monthly value this year, YTD EMU activity by value accounted for 51.2% of the regional M&A value so far this year (US$25.2bn). This also compares to a 33.6% contribution over the same period last year, and excludes the Mobileye acquisition.

In outbound terms, US$7.7bn across six deals was invested by MEA companies in foreign assets. This is the largest monthly outbound figure in terms of value since April 2017 (US$17.6bn, 13 deals). The spike in activity was possible because of two deals, Qatar Investment Authority’s acquisition of a 9.18% stake in Russian Rosneft for US$4.4bn, resulting in the sovereign fund holding an 18.93% stake post-completion; and UAE-based Emirates NBD’s purchase of Turkey-based commercial bank Deniz Yatirim for US$3.2bn.

Middle East & Africa



mailto:mohamed.rais%40acuris.com?subject=Monthly%20MnA%20Insider%20June%202018%20Inquiry


Top Sector

Industrials & Chemicalssaw 6 deals valued at US$7.1bn, compared to

4 deals with an undisclosed value in in May 2017.

15 deals valued at US$7.4bn, up 59% by value with 38 fewer deals

compared to 53 deals worth US$4.7bn in May 2017.


Morgan Stanleyranked first with 3 deals worth US$10.4bn,

compared to 0 deals in May 2017.

Top Legal Advisor

Weil Gotshal & Manges ranked first with 2 deals worth US$10.3bn,




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US$9.6

US$21.6

US$19.3 US$

9.4

US$13.7

US$15.5

US$9.6

US$24.5

US$6.1

US$34.9

US$20.5

US$22.1

US$11.2

US$11.7

US$9.7

US$29.6

US$24.7

US$8.4

US$16.8

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US$2.4

US$3.9

US$4.7

US$4.9

US$7.4

US$12.1

US$531m

US$699m

US$5.9

US$6.7

US$3.1

US$3.9

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Middle East & Africa Private Equity trendMiddle East & Africa M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends

Domestic US$37m -98.9%


Outbound US$7.7bn +470.5%


Agriculture Value: US$16m Number of deals: 1 Market share: 0.2%

Technology Value: US$166m Number of deals: 3 Market share: 2.2%


Energy, Mining & Utilities Value: US$87m Number of deals: 2 Market share: 1.2%

Qatar US$87m

1 deal1.2%

ChadUS$16m

1 deal 0.2%

IsraelUS$7.3bn 7 deals98.5%

EthiopiaUS$10m

1 deal 0.1%



mergermarket.com

Top deals



Announcement date


6,872 7-May-18 Frutarom Industries Ltd International Flavors & Fragrances Inc

Industrials & Chemicals FA: Bank of America Merrill Lynch LA: Naschitz Brandes Amir & Co; Wachtell Lipton Rosen & Katz; and King & Spalding (Advising FA: Weil Gotshal & Manges)

FA: Greenhill & Co; and Morgan Stanley LA: Cleary Gottlieb Steen & Hamilton; and Gornitzky & Co (Advising FA: Fried Frank Harris Shriver & Jacobson)

242 13-May-18 Avgol Industries 1953 Ltd (50.76% stake) Indorama Ventures Public Company Limited

Industrials & Chemicals FA: -LA: -

FA: RothschildLA: Herzog, Fox and Neeman

90 9-May-18 BriefCam Ltd Canon Inc Technology FA: -LA: -

FA: Morgan StanleyLA: -

87 2-May-18 Al-Shaheen Weatherford Co (50% stake) Weatherford International plc Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

50 22-May-18 GameFly Inc (Cloud Gaming Technology Assets) Electronic Arts Inc Technology FA: -LA: -

FA: -LA: Yigal Arnon & Co

26 2-May-18 MTI Computers and Software Services (1982) Ltd MTI Wireless Edge Ltd Technology FA: -LA: -

FA: -LA: -

16 11-May-18 Cotontchad SN (60% stake) Olam International Limited Agriculture FA: -LA: -

FA: -LA: -

11 1-May-18 Gadot Biochemical Industries Ltd Fortissimo Capital Industrials & Chemicals FA: -LA: -

FA: -LA: -

10 24-May-18 Repi Soap and Detergent Share Company (26.64% stake); and Repi Wilmar Industries Share Company (31.8% stake)

Wilmar International Limited Consumer FA: -LA: -

FA: -LA: -

7 22-May-18 Nortec International Ltd CCL Industries Inc Industrials & Chemicals FA: -LA: -

FA: -LA: -




mergermarket.com

League tables

Top 11 Financial Advisors - VolumeTop 11 Financial Advisors - Value




% Value change

1 - Weil Gotshal & Manges 10,272 2 - -

2= - Cleary Gottlieb Steen & Hamilton 6,872 1 - -

2= 13 Fried Frank Harris Shriver & Jacobson 6,872 1 421 1,532.3%

2= - Gornitzky & Co 6,872 1 - -

2= - King & Spalding 6,872 1 - -

2= 9 Naschitz Brandes Amir & Co 6,872 1 626 997.8%

2= - Wachtell, Lipton, Rosen & Katz 6,872 1 - -

8 21 Herbert Smith Freehills 3,209 2 220 1,358.6%

9= - Binder Groesswang Rechtsanwaelte 3,209 1 - -

9= 28 Clifford Chance 3,209 1 112 2,765.2%

9= - Paksoy Attorneys at Law 3,209 1 - -




1 - Weil Gotshal & Manges 10,272 2 - -

2 13 Herbert Smith Freehills 3,209 2 2 0

3= - Cleary Gottlieb Steen & Hamilton 6,872 1 - -

3= 24 Fried Frank Harris Shriver & Jacobson 6,872 1 1 0

3= - Gornitzky & Co 6,872 1 - -

3= - King & Spalding 6,872 1 - -

3= 21 Naschitz Brandes Amir & Co 6,872 1 1 0

3= - Wachtell, Lipton, Rosen & Katz 6,872 1 - -

9= - Binder Groesswang Rechtsanwaelte 3,209 1 - -

9= 5 Clifford Chance 3,209 1 4 -3

9= - Paksoy Attorneys at Law 3,209 1 - -




1 - Morgan Stanley 10,362 3 - -

2= 4 Bank of America Merrill Lynch 6,872 1 2 -100.0%

2= 13 Greenhill & Co 6,872 1 1 0.0%

4 2 Goldman Sachs & Co 3,400 1 3 -200.0%

5 - Sberbank 3,209 1 - -

6 6 Rothschild 242 1 2 -100.0%

7= 8 Deloitte 0 1 1 0.0%

7= - GIB Capital 0 1 - -

7= - Lazard 0 1 - -

7= - Restrukturierungspartner jwt & Co 0 1 - -

7= - Societe Generale 0 1 - -




% Value change

1 - Morgan Stanley 10,362 3 - -

2= 6 Bank of America Merrill Lynch 6,872 1 626 997.8%

2= 11 Greenhill & Co 6,872 1 244 2,716.4%

4 1 Goldman Sachs & Co 3,400 1 3,122 8.9%

5 - Sberbank 3,209 1 - -

6 23 Rothschild 242 1 22 1,000.0%

7= 2 Deloitte 0 1 2,578 -100.0%

7= - GIB Capital 0 1 - -

7= - Lazard 0 1 - -

7= - Restrukturierungspartner jwt & Co 0 1 - -

7= - Societe Generale 0 1 - -



mergermarket.com


Asia-Pacific(excluding Japan)

Mergermarket Monthly M&A Insider 40June 2018Asia-Pacific (excluding Japan)


mergermarket.com


Jasmine Wu

M&A activity in Asia-Pacific (excluding Japan) fetched US$84.7bn in May, which hit the highest value record across 275 deals, and was up by 115.3% compared to May 2017’s US$39.4bn (298 deals). The top four deals announced in the region last month were super-sized compared to other regional activity, accounting for almost half of the region’s total monthly value (US$41.6bn). This represented a 230.2% increase versus the largest four deals recorded in May 2017 (US$12.6bn). The first five months of this year saw increases in both value (US$301.3bn) and deal count (1,460 deals), equaling 32.4% in value growth and 32 more deals compared to this period of last year (US$227.5bn, 1,428 deals).

In May 2018, Industrials & Chemicals was the top sector by both value (US$26.3bn) and deal count (59 deals), up 384.7% on value through six more deals than May 2017 (US$5.4bn, 53 deals). Fueled by Wal-Mart Stores’ US$16bn acquisition of India-based Flipkart Internet, the regional Technology M&A value climbed to US$23.1bn across 45 deals, representing 235.1% growth on value versus May 2017’s US$6.9bn (47 deals). Business Services dropped the most by deal count, falling to 20 (US$3.5bn) in the past month from the 34 deals (US$1.9bn) recorded in May 2017.

In the past month, M&A targeting China accumulated US$41.6bn across 136 deals, accounting for almost half of the month’s Asia-Pacific (excl. Japan) market share. Thanks to the aforementioned US$16bn Wal-Mart/Flipkart deal, India achieved the second-largest regional market share by value, reaching US$28bn through 17 deals. South Korea saw the most increase in deal count last month, witnessing 44 deals worth US$5.7bn, which was 23 more deals and a 226.3% increase on value compared to the same month last year (US$1.8bn, 21 deals).

The region’s outbound M&A last month broke the US$40bn+ barrier through only 36 announcements, which was a 786.4% upsurge on 21 fewer deals versus the same month last year (US$4.6bn, 57 deals). The huge breakthrough in value was not surprising when considering the megadeals that were announced in May. While May 2017 witnessed an absence of US$1bn+ deals, six such big-ticket outbound deals were recorded in May 2018, totaling US$37.5bn.

Last month’s inbound M&A value for Asia-Pacific (excl. Japan) also fetched an extremely large increase on value, reaching a historical high of US$22.4bn across 29 deals.

This represented a 351.7% increase compared to May 2017 (US$5bn, 40 deals).

Private equity (PE) investment witnessed significant increase last month in Asia-Pacific (excl. Japan). Buyouts accumulated US$18.1bn over 26 deals, up 23.9% versus the same month in 2017 (US$14.6bn, 37 deals). PE exits also achieved new records by value (US$23.4bn) and deal count (23 deals) versus last year (US$21.4bn, 23 deals).

Asia-Pacific (excluding Japan)



mailto:jasmine.wu%40acuris.com?subject=Monthly%20MnA%20Insider%20June%202018%20Inquiry


Top Sector

Industrials & Chemicalssaw 59 deals valued at US$26.3bn, up 384.7%

by value with 6 fewer deals compared to 53 deals worth US$5.4bn in May 2017.

Top Legal Advisor

Linklatersranked first with 4 deals worth US$35.5bn, up

2,171,2% by value compared to the same number of deals worth US$1.6bn in May 2017.


Bank of America Merrill Lynch

ranked first with 7 deals worth US$33.8bn, up 4,717.5% by value with 2 more deals compared

to 5 deals worth US$702m in May 2017.

275 deals valued at US$84.7bn, up 115.3% by value




0

20

40

60

80

100

120

140

YTD 2018201720162015201420130

50

100

150

200

250

300

350

400

450

500

Valu

e (U

S$

bn)

Num

ber of d

eals

US$30.6

US$34.1

US$42

US$126.1

US$94.8

US$92.1

US$70.5

US$74.3

US$56.7

US$44

US$51.9 US$

56.8

0

100

200

300

400

500

600

700

800

900

YTD 201820172016201520142013

Num

ber of d

eals0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Valu

e (U

S$

bn)

US$140

US$171.4

US$68.9

US$114.9

US$195.8

US$107.9

US$169.3

US$232.3

US$149.9

US$140.6

US$118.1

US$139.8

US$171.8

US$156.5

US$173

US$178.3

US$115.2

US$240.5

US$296.3

US$136.6

US$157.1

US$144.2

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Asia-Pacific (excluding Japan) Private Equity trendAsia-Pacific (excluding Japan) M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends


Pharma, Medical & Biotech Value: US$4bn Number of deals: 23 Market share: 4.8%


Business Services Value: US$3.5bn Number of deals: 20 Market share: 4.1%


Domestic US$62.3bn +81.1%


Outbound US$41bn +786.4%

India US$28bn 17 deals

33%

Taiwan US$2.1bn

1 deal2.4% South Korea

US$5.7bn 44 deals

6.8%

AustraliaUS$2.3bn 26 deals

2.7%

ChinaUS$41.6bn 136 deals

49.1%



mergermarket.com

Top deals



Announcement date


16,000 9-May-18 Flipkart Internet Pvt Ltd (77% stake)

Wal-Mart Stores Inc Technology FA: Goldman Sachs & Co LA: Allen & Gledhill; Dentons Rodyk & Davidson; Gunderson Dettmer Stough Villeneuve Franklin & Hachigian; Khaitan & Co; Nishith Desai Associates; and Trilegal

FA: Barclays; and JPMorgan LA: Fried Frank Harris Shriver & Jacobson (Advising JPMorgan); Gibson Dunn & Crutcher; Hogan Lovells International; and Shardul Amarchand Mangaldas

10,000 29-May-18 Zhejiang Ant Small and Micro Financial Services Group Co Ltd

The Carlyle Group; Warburg Pincus; Temasek Holdings Pte Ltd; Khazanah Nasional Berhad; GIC Private Limited; Canada Pension Plan Investment Board; and Sequoia Capital

Financial Services FA: - LA: -

FA: - LA: -

8,213 10-May-18 Yantai Wanhua Chemical Co Ltd Wanhua Chemical Group Co Ltd Industrials & Chemicals FA: - LA: -

FA: Citi Orient Securities LA: Zhongzi Law office

7,397 15-May-18 Bhushan Steel Limited (72.65% stake)

Tata Steel Limited Industrials & Chemicals FA: - LA: Luthra & Luthra Law Offices; and Shardul Amarchand Mangaldas & Co

FA: - LA: -

2,896 5-May-18 Beijing Offcn Education Technology Co Ltd

Yaxia Automobile Corporation Business Services FA: - LA: -

FA: Huatai SecuritiesLA: Tian Yuan Law Firm

2,740 8-May-18 Siren Holdings Korea Co Ltd SK Telecom Co Ltd; and a consortium led by Macquarie Infrastructure and Real Assets

Industrials & Chemicals FA: Credit Suisse; Morgan Stanley; and PwCLA: Barun Law; Latham & Watkins; and Lee & Ko

FA: Bank of America Merrill Lynch; JPMorgan; and Macquarie Group LimitedLA: Kim & Chang

2,100 1-May-18 Larsen & Toubro (Electrical & automation business)

Schneider Electric SA Industrials & Chemicals FA: Arpwood CapitalLA: Shardul Amarchand Mangaldas

FA: Bank of America Merrill Lynch; and CitiLA: AZB & Partners; and Trilegal

2,070 9-May-18 Foxlink Image Technology Co Ltd; Silergy Corp Co Ltd; and Glory Science Co Ltd

Foxlink Image Technology/Silergy/ Glory Science Jointly Holding Company

Technology FA: - LA: -

FA: Qinmei CPALA: -

1,380 29-May-18 ZTO Express (Cayman) Inc (10% stake)

Alibaba Group Holding Ltd; and Cainiao Network Technology Co Ltd

Transportation FA: - LA: -

FA: -LA: Fangda Partners

1,352 29-May-18 Ali JK Medical Products Limited Alibaba Health Information Technology Ltd Technology FA: - LA: -

FA: Platinum Securities CompanyLA: -




mergermarket.com

League tables





% Value change

1 12 Linklaters 35,522 4 1,564 2,171.2%

2= - MLGTS Morais Leitao Galvao Teles Soares Da Silva & Associados

28,708 2 - -

2= - Serra Lopes, Cortes Martins & Associados (SLCM)

28,708 2 - -

4 14 Shardul Amarchand Mangaldas 25,522 4 1,485 1,618.7%

5 57 Khaitan & Co 17,233 2 316 5,353.5%

6= 97 Allen & Gledhill 16,000 1 110 14,445.5%

6= - Dentons Rodyk & Davidson 16,000 1 - -

6= - Fried Frank Harris Shriver & Jacobson 16,000 1 - -

6= 18 Gibson Dunn & Crutcher 16,000 1 1,267 1,162.8%

6= - Gunderson Dettmer Stough Villeneuve Franklin & Hachigian

16,000 1 - -

6= 115 Hogan Lovells International 16,000 1 45 35,455.6%




1 15 Linklaters 35,522 4 4 0

2 16 Shardul Amarchand Mangaldas 25,522 4 4 0

3 1 Herbert Smith Freehills 12,186 4 13 -9

4 48 Kim & Chang 2,796 4 2 2

5 9 Trilegal 4,423 3 5 -2

6 22 Jones Day 4,243 3 4 -1

7 12 AZB & Partners 2,954 3 5 -2

8 14 Fangda Partners 1,690 3 4 -1

9 - DeHeng Law Offices 1,144 3 - -

10 2 Grandall Law Firm 1,051 3 10 -7





2 - Huatai Securities 4,112 6 - -

3 14 JPMorgan 26,589 5 3 2

4 6 Goldman Sachs & Co 20,011 5 5 0

5 111 Citi 4,029 4 1 3

6 5 UBS Investment Bank 28,728 3 6 -3

7 - Barclays 17,661 3 - -

8 7 Morgan Stanley 6,806 3 5 -2

9 24 Credit Suisse 3,278 3 2 1

10 3 PwC 2,778 3 8 -5




% Value change

1 15 Bank of America Merrill Lynch 33,819 7 702 4,717.5%



4 23 JPMorgan 26,589 5 488 5,348.6%

5 6 Goldman Sachs & Co 20,011 5 2,134 837.7%

6 - Barclays 17,661 3 - -

7 - Citi Orient Securities 8,213 1 - -

8 7 Morgan Stanley 6,806 3 2,104 223.5%

9 5 Macquarie Group 6,607 2 2,582 155.9%

10 3 Deutsche Bank 5,874 2 5,613 4.6%



mergermarket.com


Japan

Mergermarket Monthly M&A Insider 47June 2018Japan


mergermarket.com


Japan’s M&A activity saw a huge uptick on both value and deal count in May, accumulating US$2.8bn across 41 deals. This represented a 76.9% increase by value compared to May 2017 (US$1.6bn, 35 deals). The month’s value increase can be attributed to both the overall number of deals and Nippon Steel & Sumitomo Metal Corporation’s US$871m investment in Nisshin Steel. Year-on-year (YoY), though deal count dropped by 13, value surged by 19.6% to US$16.8bn versus the same period of last year (US$14.1bn, 207 deals). Itochu Corporation’s US$3.4bn acquisition of FamilyMart UNY Holdings in April contributed the most to this value increase.

Outbound M&A in Japan for May reached US$87.2bn across 18 deals, a historical high according to Mergermarket record (since 2001). The value was a 19.3x increase versus the same month last year (US$4.3bn, 26 deals), and 4x growth versus the second-highest May value on record, which came in 2011 (US$17.6bn, 18 deals). Over 90% of the massive outbound value recorded in the past month was contributed by Takeda Pharmaceutical Company’s US$79.7bn acquisition of Ireland-based Shire. From Takeda’s perspective, the acquisition of the pharma company provides them advancements in rare diseases and plasma-derived therapies.

Elsewhere in outbound activity, the US attracted eight deals (US$2.6bn) from Japan-based investors in May 2018, allowing it to retain its robust position in comparison to YoY figures (US$1.5bn, five deals). Japan’s outbound M&A in the first five months of this year achieved US$102.2bn through 110 deals, a 2.2x increase in value compared to the equivalent point of last year (US$32.4bn, 140 deals), enough to make it the highest value for this period on Mergermarket record.

Japan’s domestic dealmaking in the past month dazzled with a 79.7% increase and six more deals (US$2.8bn, 40 deals) compared to May 2017 (US$1.6bn, 34 deals). The Technology (US$313m) and Construction (US$537m) sectors both saw the most transactions (seven deals) announced domestically in the past month. And thanks to Nippon Steel & Sumitomo Metal Corporation’s US$871m acquisition of Nisshin Steel, Industrials & Chemicals proved to be the top sector by value (US$1bn, five deals), as it witnessed a 5x increase versus May 2017 (US$169.9m, four deals).

Last month, Japan-based private equity (PE) buyouts witnessed only three deals worth US$15.3m, down 75.6% on value compared to May 2017 (US$62.6m, four deals). Year-to-date buyout value dropped 78.6% to US$665.1m

versus this period last year (US$3.1bn, 15 deals), though the number of deals increased by five. Meanwhile, there were four recorded PE Exits in Japan worth US$109.3m last month, up by 11.9% on value in May compared to last year’s US$97.7m (one deal). Meanwhile, PE exits from Japan marked US$109.3m over four deals, up 11.9% on value compared to May 2017 (US$97.7m, one deal).

Japan

Jasmine Wu





Top Legal Advisor

Fried Frank Harris Shriver & Jacobson

ranked first with 2 deals worth US$95.7bn, compared to 0 deals in May 2017.


Goldman Sachs & Coranked first with 4 deals worth US$100.3bn,


41 deals valued at US$2.8bn, up 76.9% by value with 6 fewer

deals compared to 35 deals worth US$1.6bn in May 2017.

Top Sector

Industrials & Chemicalssaw 5 deals valued at US$1bn, up 497.5%

by value with 1 more deal compared to 4 deals worth US$169.9m in May 2017.



0

10

20

30

40

50

60

70

80

YTD 201820172016201520142013

0

100

200

300

400

500

Valu

e (U

S$

bn)

Num

ber of d

eals

US$9

US$5.5

US$8.1

US$7.1

US$9.1

US$17.1

US$15.2

US$10.8

US$9.1

US$13.5

US$4.8

US$7.3

US$5.1

US$9.4

US$21.6

US$17.1

US$15.2

US$9.1

US$35.3

US$7.8

US$11.3

US$19.7

0

2

4

6

8

10

12

14

16

18

YTD 2018201720162015201420130

10

20

30

40

50

60

Valu

e (U

S$

bn)

Num

ber of d

eals

US$4

US$4.7 US$

3.7 US$2.6 US$

2.1

US$6.5

US$4.2

US$11.4

US$16.3

US$7.6

US$1.1

US$665m

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Japan Private Equity trendJapan M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends

Industrials & Chemicals Value: US$1bn Number of deals: 5 Market share: 35.9%

Technology Value: US$313m Number of deals: 7 Market share: 11%

Construction Value: US$537m Number of deals: 7 Market share: 19%


Business Services Value: US$381m Number of deals: 6 Market share: 13.5%Domestic

US$2.8bn +79.7%

Outbound US$87.2bn +1,934.4%



mergermarket.com

Top deals



Announcement date


871 16-May-18 Nisshin Steel Co Ltd (48.96% stake) Nippon Steel & Sumitomo Metal Corporation Industrials & Chemicals FA: Morgan Stanley LA: Nomura & Partners

FA: Nomura Holdings LA: Nishimura & Asahi

339 8-May-18 NDS Co Ltd (100% stake) COMSYS Holdings Corporation Business Services FA: Sumitomo Mitsui Financial GroupLA: Nishimura & Asahi

FA: Morgan Stanley LA: Mori Hamada & Matsumoto

216 15-May-18 Kitamura Co Ltd (70.29% stake) Culture Convenience Club Co Ltd Consumer FA: Daiwa Securities Group LA: STW & Partners

FA: Nomura Holdings LA: Nakamura, Tsunoda & Matsumoto

173 15-May-18 Hokukon Co Ltd Haneda Zenith Co Ltd Construction FA: AGS Consulting LA: -

FA: Frontier Management; and Grant Thornton LA: -

162 18-May-18 Ricoh Logistics System Co Ltd (77.8% stake)

Otsuka Corporation; and SBS Holdings Inc Transportation FA: Nomura Holdings FA: Nagashima Ohno & Tsunematsu

FA: Morgan Stanley LA: -

141 9-May-18 C-Cube Corporation (98.89% stake) Kyowa Exeo Corporation Construction FA: Daiwa Securities Group LA: TMI Associates

FA: Sumitomo Mitsui Financial Group LA: Shimada Hamba & Osajima

134 10-May-18 New Japan Radio Co Ltd (36.39% stake)

Nisshinbo Holdings Inc Industrials & Chemicals FA: Mizuho Financial Group LA: City-Yuwa Partners

FA: Sumitomo Mitsui Financial Group LA: Mori Hamada & Matsumoto

132 9-May-18 Seibu Electric Industry Co Ltd Kyowa Exeo Corporation Technology FA: Deloitte; and Plutus Consulting LA: Nishimura & Asahi

FA: Sumitomo Mitsui Financial Group LA: Shimada Hamba & Osajima

105 28-May-18 Something Holdings Co Ltd ITbook Co Ltd Construction FA: Mitsubishi UFJ Financial Group LA: Mori Hamada & Matsumoto

FA: AGS Consulting LA: Hibiya Park Law Offices

87 8-May-18 SYSKEN Corporation COMSYS Holdings Corporation Construction FA: Mizuho Financial Group LA: Kitahama Partners

FA: Morgan Stanley LA: Mori Hamada & Matsumoto




mergermarket.com

League tables





% Value change

1 - Fried Frank Harris Shriver & Jacobson 95,744 2 - -

2 5 Nishimura & Asahi 81,086 4 1,125 7,107.6%

3 14 Mori Hamada & Matsumoto 80,742 9 573 13,991.1%

4 7 Nagashima Ohno & Tsunematsu 80,226 4 766 10,373.4%

5= - Arthur Cox 79,744 1 - -

5= 26 Ashurst 79,744 1 47 169,568.1%

5= 11 Davis Polk & Wardwell 79,744 1 626 12,638.7%

5= 6 Latham & Watkins 79,744 1 1,061 7,415.9%

5= - Linklaters 79,744 1 - -

5= - Mourant Ozannes 79,744 1 - -

5= - Ogier 79,744 1 - -

5= - Slaughter and May 79,744 1 - -




1 1 Mori Hamada & Matsumoto 80,742 9 7 2

2 2 Nishimura & Asahi 81,086 4 4 0

3 4 Nagashima Ohno & Tsunematsu 80,226 4 3 1

4 - Shimada Hamba & Osajima 347 3 - -

5 - Fried Frank Harris Shriver & Jacobson 95,744 2 - -

6 30 Gibson Dunn & Crutcher 17,200 2 1 1

7 9 Anderson Mori & Tomotsune 679 2 2 0

8 - City-Yuwa Partners 176 2 - -

9= - Arthur Cox 79,744 1 - -

9= 28 Ashurst 79,744 1 1 0

9= 18 Davis Polk & Wardwell 79,744 1 1 0

9= 3 Latham & Watkins 79,744 1 3 -2

9= - Linklaters 79,744 1 - -




1 6 Morgan Stanley 85,048 10 2 8

2 1 Nomura Holdings 81,962 8 6 2

3 2 Sumitomo Mitsui Financial Group 866 7 6 1

4 - Goldman Sachs & Co 100,344 4 - -

5 5 Daiwa Securities Group 387 4 3 1

6 21 Frontier Management 380 3 1 2

7 3 Mizuho Financial Group 254 3 4 -1

8 - JPMorgan 95,744 2 - -

9 - AGS Consulting 278 2 - -

10 - Plutus Consulting 178 2 - -




% Value change

1 - Goldman Sachs & Co 100,344 4 - -

2 - JPMorgan 95,744 2 - -

3 2 Morgan Stanley 85,048 10 755 11,164.6%

4 6 Nomura Holdings 81,962 8 554 14,694.6%

5= - Citi 79,744 1 - -

5= - Evercore 79,744 1 - -

7 - Barclays 16,000 1 - -

8 - Qatalyst Group 1,200 1 - -

9 8 Sumitomo Mitsui Financial Group 866 7 182 375.8%

10 16 Daiwa Securities Group 387 4 33 1,072.7%

Note: Mourant Ozannes; Ogier; and Slaughter and May were also tied for the ninth position for May 2018.



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Contacts

Europe and Middle East & Africa

Frankfurt; London; Paris +44 20 3031 6300

Asia-Pacific

Chennai; Coimbatore; Hong Kong; Japan; Shenzhen; Singapore +44 20 3031 6300

US & Canada

Andover; Atlanta; Boston; Chicago; Dallas; Denver; Grove City; Houston; Irvine; La Mirada; Los Angeles; Minneapolis; New York; Oregon City; Palo Alto; Philadelphia; Sartell; Seattle; St. Cloud; St. Paul; Toronto; Troy; Union; Washington DC +888 311 4100

C&S America

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Sao Paulo +55 11 3895 8542

Merrill Corporation provides technology-enabled platforms for secure content sharing, regulated communications and disclosure services. Clients trust Merrill’s innovative applications and deep subject expertise to successfully navigate the secure sharing of their most sensitive content, perfect and distribute critical financial and regulatory disclosures, and create customized communications across stakeholders. With more than 3,800 people in 41 locations worldwide, clients turn to Merrill when their need to manage complex content intersects with the need to collaborate securely around the globe.

About Merrill Corporation

Mergermarket Monthly M&A Insider 55June 2018


mergermarket.com

Criteria Contacts

Advertising Opportunities Erik Wickman [email protected] + (1) 212 686 3329

GlobalPhil Guie and Aram Hovsepian

US & CanadaEzekiel Pfeifer and Lana Vilner

Central & South AmericaPhil Guie and Elizabeth Lim

Europe Frederik Lyng Pedersen

Middle East & AfricaMohamed Rais

Asia-Pacific (excluding Japan) Jasmine Wu

JapanJasmine Wu

Head of Research Giovanni Amodeo

AmericasLana Vilner

Asia-PacificGerry Tee

EMEAKathleen Van Aerden

The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company.

Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

All data included is correct as of May 31, 2018.

For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf.




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