global & regional m&a report q1 2018 - s3.eu-west-2 ... · market shares in global m&a...

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report Q1 2018Including League Tables of Financial Advisors

An Acuris Company

mergermarket.com

http://www.mergermarket.com/info/

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

An Acuris Company

mergermarket.com


mergermarket.com

28.8%

48.8% 16.8%

1.6%

1.0%

3.0%

MEA US$ 14.7bn -50.1% vs. Q1 ‘17 Inbound US$ 10bn -58.5% Outbound US$ 4.7bn -66.6%EMU US$ 8.1bn +27.9%

Europe US$ 256.4bn +21.6% vs. Q1 ‘17 Inbound US$ 58.2bn -19.2% Outbound US$ 55.8bn -45.0%EMU US$ 62.0bn +132.4%

Latin America US$ 26.3bn +86.1% vs. Q1 ’17 Inbound US$ 4.5bn -40.3% Outbound US$ 432m -85.7%Ind. & Chem. US$ 15.9bn +495.4%

North America US$ 435bn +23.9% vs. Q1 ‘17 Inbound US$ 64.9bn -46.6% Outbound US$ 57.3bn -38.4%Bus. Services US$ 117.1bn +588.5%

APAC (ex. Japan) US$ 149.2bn +6.5% vs. Q1 ‘17 Inbound US$ 15.2bn -8.1% Outbound US$ 16.8bn -14%Ind. & Chem. US$ 29.5bn +39.5%

Global Overview Regional M&A Comparison

Japan US$ 9.0bn +0.3% vs. Q1 ’17 Inbound US$ 1.1bn -73.8% Outbound US$ 18.8bn +27.2%Fin. Services US$ 3.2bn +585.3%

The % values on the map indicate market shares in global M&A

Global M&A US$ 890.6bn +18.0% vs. Q1 2017

Cross-border US$ 280.4bn -21.2% vs. Q1 2017

Top sector: EMU US$ 169.3bn -5.0% vs. Q1 2017

Mergermarket 3Global OverviewGlobal & Regional M&A Report Q1 2018

4Mergermarket

mergermarket.com

Number of megadeals

(> US$ 10bn) announced in Q1

Increase in value from

Q1 2017 to Q1 2018

1418%

Value of M&A in Q1 2018, the strongest start to the year on

Mergermarket record (since 2001)

US$ 890.6bn

Global

Value (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target geography

Target sector

67.9 8-Mar Cigna Corporation Express Scripts Holding Company

USA Business Services

46.6 12-Mar E.ON SE innogy SE Germany Energy, Mining & Utilities

39.6 23-Mar Consortium formed by ACS SA, Atlantia SpA and Hochtief AG

Abertis Infraestructuras SA

Spain Construction

26.6 26-Mar Brookfield Property Partners LP

General Growth Properties Inc(65.86% Stake)

USA Real Estate

23.1 29-Jan Keurig Green Mountain Inc

Dr Pepper Snapple Group Inc

USA Consumer

Mergermarket Global AnalysisGlobal & Regional M&A Report Q1 2018

• The extraordinary surge in dealmaking seen at the end of 2017 has carried through into 2018 as global M&A hit its highest Q1 value on Mergermarket record (since 2001) as pressure from shareholders and the search for innovation continue to drive corporates towards M&A. In the first quarter, US$ 890.7bn was recorded across 3,774 deals, up 18% on Q1 2017’s value of US$ 754.7bn (4,672 deals). So far this year there have been 14 deals breaching the US$ 10bn mark, including the US$ 67.9bn deal between Cigna and Express Scripts. While big tech companies look to diversify their offering, often through M&A, more traditional firms have had to react to newer, more innovative firms, with many looking towards defensive consolidation. Amazon’s move into pharmaceuticals appears to have been a catalyst for dealmaking in healthcare-related areas with the CVS/Aetna deal announced in December and the Cigna/Express Scripts transaction this quarter.

• Global private equity activity remains remarkably high, with many investors pursuing larger targets as the mid-market becomes saturated. In Q1 there were 699 buyouts worth a total US$ 113.6bn, compared to the US$ 89.5bn (782 deals) in Q1 2017, representing the strongest start to the year since 2007 (US$ 212.7bn). It represents the fourth consecutive quarter in which buyout activity has reached US$ 100bn and only the third time on Mergermarket record in which this figure has been reached at this point in the year. There have been two buyouts worth over US$ 10bn so far this year, with the US$ 17bn investment into Thomson Reuters’ financial and risk business by Blackstone, GIC and CPPIB, and the The Carlyle Group’s US$ 12.5bn acquisition of Akzo Nobel’s speciality chemicals business. There have been ten buyouts worth over US$ 10bn since the start of 2010, with half of those deals occurring since the start of 2017.

• The US has seen a sizeable increase in M&A during the first three months of the year with six of the largest ten global deals targeting the country, and accounted for a 44.2% share of global activity by value. So far this year, US$ 393.9bn has been invested in US companies, 26.1% higher than in Q1 2017 (US$ 312.4bn) and the largest quarterly value since Q4 2016 (US$502.3bn). Domestic dealmaking has been a key factor registering 952 deals worth US$ 330.8bn, including Dominion Energy’s US$ 14.3bn takeover of SCAMA Corporation. This trend continues on from a strong Q4 when US$ 317.1bn (1,071 deals) changed hands. Meanwhile, Chinese dealmaking is also on the increase as a result of strong levels of domestic M&A. Following regulatory issues with capital flight in 2017, Chinese firms are now looking closer to home with US$ 68.7bn spent internally, the highest Q1 figures on Mergermarket record. Domestic M&A accounts for 85.2% of Chinese acquisitions in Q1 2018, a significant increase from the 61.6% and 71.3% seen during FY 2016 and FY 2017.

• TMT has been one of the key sectors in Q1 2018, registering over US$ 129.9bn across 707 deals. The proposed takeover of Danish firm TDC by a consortium comprised of PFA, PKA, ATP and MIRA was the largest announced deal in the sector and the only one to break the US$ 10bn barrier. Q1 2018 represents the fourth quarter in a row with over US$ 100bn of investment in the TMT sector and is up 79.3% on Q1 2017’s US$ 72.4bn. So far this year, there have been a further 25 deals worth over US$ 1bn targeting the sector – well over double the ten seen in Q1 2017. Meanwhile, Energy, Mining & Utilities, with two of the largest ten announced deals, has reached its highest quarterly value since Q1 2017 (US$ 178.3bn) with US$ 169.3bn targeting the sector. This was largely driven by the US$ 46.7bn takeover of innogy by E.ON, the second largest deal of the quarter.

“The extraordinary surge in dealmaking seen at the end of 2017 has carried through into 2018 as global M&A hit its highest Q1 value on Mergermarket record as pressure from investors and the search for innovation continue to push corporates towards M&A”

Jonathan Klonowski, Research Editor (EMEA)

Global

Mergermarket 5

mergermarket.com

Global AnalysisGlobal & Regional M&A Report Q1 2018


Mergermarket.com

US$ 113.6bnValue of private equity buyouts so far this

year, the highest Q1 value since 2007

Increase in Industrials & Chemicals value (US$ 122.5bn) compared

to Q1 2017

Increase in Tech value (US$ 80.4bn) compared to Q1 2017

52.9%76.1%

Drop in cross-border M&A value in comparison to Q1 2017

-21.2%Share of domestic value of total

acquisitions by Chinese firms

85.2%

Average deal size, the highest YTD average on Mergermarket

record (since 2001)

US$ 506m

Mergermarket 6

mergermarket.com



Chart title 1Chart title 2


0

50

100

150

200

250

300

350

OtherConsumerTechnologyIndustrials & Chemicals

Business Services

Energy, Mining & Utilities

Dea

l Val

ue (

US

$b

n)

Q1 2017 Q1 2018

0

500

1000

1500

2000

2500

3000

3500

4000

2018201720162015201420130

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

1,120.0

1,040.3

446.7

827.2

861.2

890.6

739.2

870.4

626.4

726.8

Dea

l Val

ue

(US

$b

n)

Deal C

ou

nt

1,029.5 900.2

754.7

798.0

762.3

873.1

964.9

568.5

658.0

571.6

561.7

Q3Q2 Q4Q1

Deal Count

Global Quarterly Breakdown Trend2013 - 2018

Global Sector Breakdown TrendQ1 2017 - Q1 2018

Mergermarket 7

mergermarket.com



Mergermarket 8

mergermarket.com

Global Analysis

Ranking Q1 2018 Q1 2017 Regional ranking comparison

Q1 2018

Q1 2017

Company name Value (US$m)

Deal count

Value (US$m)

% Value change

Europe US Asia Pacific

Japan Middle East & Africa

Latin America

1 1 Goldman Sachs & Co 268,387 76 210,106 27.7% 2 2 13 3 1 5

2 5 Morgan Stanley 267,633 59 148,381 80.4% 7 1 17 2 9 3

3 2 JPMorgan 240,253 68 163,179 47.2% 1 3 9 6 3 7

4 6 Bank of America Merrill Lynch 223,539 46 132,210 69.1% 4 7 15 24 13 1

5 3 Citi 220,536 56 153,810 43.4% 3 6 2 43 12 11

6 4 Lazard 183,020 44 152,064 20.4% 6 4 6 40 10 6

7 12 Credit Suisse 124,207 33 65,620 89.3% 8 8 20 12 41 19

8 10 Centerview Partners 109,147 13 81,122 34.5% 32 5 220 4 50 -

9 9 Rothschild 91,867 59 81,643 12.5% 5 28 16 11 7 8

10 11 Barclays 72,096 45 78,871 -8.6% 18 9 73 46 2 25

11 132 Perella Weinberg Partners 66,041 11 873 7464.8% 11 17 - 154 45 -

12 7 Deutsche Bank 58,021 26 98,647 -41.2% 27 10 4 39 14 13

13 14 BNP Paribas 52,538 9 40,877 28.5% 9 331 58 82 47 51

14 30 Societe Generale 51,317 7 12,880 298.4% 10 48 32 44 155 -

15 20 Mediobanca 49,648 8 28,496 74.2% 12 43 528 - 141 4

16 15 RBC Capital Markets 45,377 27 39,476 14.9% 25 13 49 - 44 14

17 105 Santander Global Corporate Banking 44,474 4 1,468 2929.6% 13 119 217 - - 23

18 130 AZ Capital 44,316 2 897 4840.5% 14 851 - - - 144

19 24 KPMG 43,089 60 16,071 168.1% 15 82 28 13 31 57

20 8 UBS Investment Bank 41,571 41 91,997 -54.8% 19 18 3 10 4 43

Global League tables

Financial advisor league table by value

Global & Regional M&A Report Q1 2018


Mergermarket 9

mergermarket.com

Europe Analysis

Europe

Value (US$bn)

Deal details

Announce-ment date


Target sector

46.6 12-Mar E.ON SE innogy SE Germany Energy, Mining & Utilities

39.6 23-Mar Consortium formed by ACS SA, Atlantia SpA and Hochtief AG

Abertis Infraestructuras SA

Spain Construction

13.0 27-Mar GlaxoSmithKline Plc GlaxoSmithKline Consumer Healthcare (36.5% Stake)

United Kingdom

Pharma, Medical & Biotech

12.5 27-Mar The Carlyle Group; and GIC Private Limited

Akzo Nobel NV (Specialty chemicals business)

Netherlands Industrials & Chemicals

12.1 17-Jan Melrose Plc GKN Plc United Kingdom

Industrials & Chemicals

March (US$ 148.7bn) share

of European Q1 value

Number of megadeals

targeting Europe in Q1

58%6

M&A targeting Europe this year, the highest YTD figure since 2008 (US$ 295.8bn)

US$ 256.4bn



Mergermarket 10

mergermarket.com

“Politics has once again been at the forefront of dealmakers’ minds as both Germany and Italy battled uncertainty, while Brexit negotiations continue to rumble on”


Europe

Europe AnalysisGlobal & Regional M&A Report Q1 2018

• A clear surge in dealmaking in March pushed Europe’s YTD figure to its highest post-crisis value on Mergermarket. Activity in the first quarter hit US$ 256.4bn (1,409 deals), 21.6% higher than Q1 2017’s already sky-high figure of US$ 211bn. This represents just the third time in Mergermarket history that Europe has breached the US$ 250bn mark at this point in the year. This year’s figures were driven by an increased number of megadeals, with a total of six deals surpassing the US$ 10bn mark. The largest of which was E.ON’s US$ 46.6bn acquisition of German-energy firm innogy, accounting for over just under a fifth of Europe’s value this year. The final week of the quarter saw the announcement of two of the quarter’s largest deals with GSK’s US$ 13bn acquisition of the remaining 36.5% in its consumer healthcare joint venture with Novartis, and the US$ 12.5bn deal between The Carlyle Group/GIC and Akzo Nobel both being agreed.

• Politics once again will have been at the forefront of dealmakers’ minds as both Germany and Italy battled uncertainty, while Brexit negotiations continue to rumble on. Last year saw a more stable market with renewed growth across the Eurozone as an increased confidence led to an active M&A market, which has carried forward into 2018. This year, while the grand coalition in Germany was agreed, the Italian elections in early March have left the country moving towards a more populist position and much remains to be seen whether a slowdown will occur and whether a stable government can be formed. The UK and Germany remained the most targeted countries by both value and deal count, respectively exceeding the US$ 50bn figure. The UK received 266 deals worth US$ 59.3bn, its highest quarterly value since Q4 2016 (US$ 72.9bn) while the innogy transaction pushed German M&A to US$ 54.1bn across 180 deals.

• Investment by European firms into the rest of the world maintained the high levels seen in the final quarter of 2017 with US$ 55.8bn spent on foreign assets in Q1. French companies have been particularly active on this front, with two deals outside Europe worth over US$ 10bn announced in Q1. In mid-January, Sanofi acquired US-biotech firm Bioverativ for US$ 11.1bn, while AXA made a US$ 14.8bn purchase of XL Group in early March. In total there has been US$ 28.4bn invested by French companies outside Europe, representing 50.9% of Europe’s total value so far this year. The last two quarters have now seen over US$ 25bn deployed by French companies outside Europe, the only two quarters on Mergermarket record to do so. The trend reflects President Macron’s desire to create ‘European champions’ able to compete at a higher level against firms in the US and China.

• Following on from the trend seen in 2017, intra-European dealmaking has once again been active across the continent in the first quarter with the top three deals all being conducted between European companies. The first three months of 2018 have seen 1,161 deals worth a total US$ 198.3bn, the highest first quarter value since 2007 (US$ 204.2bn, 1,505 deals). Deals between European countries in FY 2017 (US$ 551.8bn, 6,362 deals) hit their highest annual deal count on Mergermarket record (since 2001) and their second highest value since the financial crisis. Meanwhile, foreign investment has started to pick up after the drop towards the end of 2017, registering US$ 58.2bn (248 deals) in Q1, 11% higher than in Q4 2017 (US$ 52.4bn). This still represents the second lowest quarterly value since Q1 2014 (US$ 55.8bn) and is 23.2% lower than the average quarterly value since 2012 (US$ 75.7bn, 302 deals).


Mergermarket.com

23.1%UK share of European M&A so far

this yearInvestment from the Middle East in

Europe in Q1

$3.2bnUS$ 31.5bn

Value of deals from Europe into the US so far this year

Increase in Industrials & Chemicals value (US$ 44.9bn) compared to

Q1 2017

Increase in Energy, Mining & Utilities value (US$ 62bn)

compared to Q1 2017Intra-European M&A value in Q1 2018, the highest quarterly

figure since Q4 2015

US$ 198.3bn 2.6x2.3x

11

mergermarket.com

Mergermarket Europe AnalysisGlobal & Regional M&A Report Q1 2018




0

25

50

75

100

125

150

OtherPharma, Medical & Biotech

TelecomsConstructionIndustrials & Chemicals


Dea

l Val

ue (

US

$b

n)

Q1 2017 Q1 2018

0

100

200

300

400

500

600

700

800

900

1000

2018201720162015201420130

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

213.8

310.5

158.0

158.6

256.4

262.0

179.6

163.9

177.6

Dea

l Val

ue (

US

$b

n)

Deal C

ount

292.3

272.2

174.2

198.2

178.8

211.3

201.0

136.3211.0

302.5

186.3

196.2

Q3Q2 Q4Q1

Deal Count

Europe Quarterly Breakdown Trend2013 - 2018

Europe Sector Breakdown TrendQ1 2017 - Q1 2018

12

mergermarket.com

Mergermarket Europe AnalysisGlobal & Regional M&A Report Q1 2018


Europe League tables

Europe league table by value

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 PwC 41,148 54 -25 79

2 5 Rothschild 84,690 48 -5 53

3 3 EY 2,510 46 -16 62

4 4 Deloitte 1,528 46 -10 56

5 2 KPMG 41,532 41 -34 75

6 8 Goldman Sachs & Co 136,559 29 0 29

7 13 JPMorgan 144,265 27 5 22

8 7 Citi 133,211 25 -6 31

9 6 Lazard 80,707 24 -13 37

10 10 Bank of America Merrill Lynch 115,610 21 -3 24

11 12 Morgan Stanley 80,344 19 -5 24

12 24 UBS Investment Bank 24,495 19 5 14

13 16 ALANTRA 903 17 -4 21

14 33 Barclays 38,782 16 6 10

15 15 Clearwater International 254 16 -6 22

16 14 Oaklins 203 16 -6 22

17 19 Lincoln International 127 16 -1 17

18 49 Rabobank 80 15 8 7

19 21 GCA Corporation 31 14 -2 16

20 43 Macquarie Group 4,672 13 6 7

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 5 JPMorgan 144,265 27 53.9% 93,751

2 1 Goldman Sachs & Co 136,559 29 4.3% 130,911

3 3 Citi 133,211 25 19.2% 111,765

4 4 Bank of America Merrill Lynch 115,610 21 4.1% 111,064

5 9 Rothschild 84,690 48 52.0% 55,725

6 2 Lazard 80,707 24 -38.0% 130,236

7 11 Morgan Stanley 80,344 19 69.5% 47,400

8 10 Credit Suisse 64,701 11 35.6% 47,710

9 12 BNP Paribas 52,145 6 33.0% 39,220

10 19 Societe Generale 49,016 6 280.6% 12,880

11 118 Perella Weinberg Partners 46,646 1 18264.6% 254

12 16 Mediobanca 46,382 7 62.8% 28,496

13 57 Santander Global Corporate Banking 44,316 3 3378.5% 1,274

14 71 AZ Capital 44,316 2 4840.5% 897

15 30 KPMG 41,532 41 850.4% 4,370

16 35 PwC 41,148 54 1108.5% 3,405

17 - Key Capital Partners 39,622 2 - -

18 20 Barclays 38,782 16 202.0% 12,843

19 7 UBS Investment Bank 24,495 19 -69.5% 80,370

20 179 LionTree Advisors 20,922 4 30221.7% 69

Europe league table by deal count

Mergermarket 13

mergermarket.com

Europe AnalysisGlobal & Regional M&A Report Q1 2018


Mergermarket 14

mergermarket.com

US Analysis

US

Value (US$bn)

Deal details

Announce-ment date


Target sector

67.9 8-Mar Cigna Corporation Express Scripts Holding Company


26.6 26-Mar Brookfield Property Partners LP

General Growth Properties Inc (65.86% Stake)

USA Real Estate

23.1 29-Jan Keurig Green Mountain Inc

Dr Pepper Snapple Group Inc

USA Consumer

17.0 30-Jan Blackstone Group LP; GIC Private Limited; and Canada Pension Plan Investment Board

Thomson Reuters Corporation (Financial & Risk business) (55% Stake)


14.3 3-Jan Dominion Energy Inc SCANA Corporation USA Energy, Mining & Utilities

US share in global M&A by

deal count - down 0.7 basis

points from Q1 2017 (31.1%)

Number of megadeals

(> US$ 10bn)

targeting the US

30.4%6

Q1 2018 is up 26.1% by deal value compared to Q1 2017 (US$ 312.4bn)

US$ 393.9bn



Mergermarket 15

mergermarket.com

US Analysis

“The rapid onslaught of Technology’s influence has not been without serious consequences on, among many things, data privacy, national security, economic policy, and the future of other sectors.”

Elizabeth Lim,Research Editor (Americas)

US


• Though the first quarter of 2018 is not likely to go down in history for shattering US M&A records, it could become known as one of the more interesting starts to a year. Among other happenings: the White House introduced steel and aluminium tariffs, sparking concerns over a trade war and spooking dealmakers; opening arguments were given in the antitrust trial between AT&T/Time Warner and the Justice Department; and President Trump blocked Broadcom’s takeover bid for Qualcomm. Finally, Comcast also entered the Media fray by exploring an offer to buy Sky in a competing bid with Disney, who is itself in the process of taking over most of Twenty-First Century Fox. The latter already owns 39.1% of Sky, and its acquisition of the remaining 60.9% is currently under regulatory review. One could not be blamed for believing that anything seems possible at this point. And, though US M&A fell by 305 deals to 1,148 compared to 1,453 in Q1 2017, value rose by 26.1% to US$ 393.9bn from the US$ 312.4bn recorded during the same period last year.

• Many of these battles to consolidate have been driven largely by Technology or by Tech giants beginning to exercise their might in other sectors. The past year could certainly be said to have fallen under the “Amazon effect” which, after last year’s disruptions in retail, has also begun to disrupt the US healthcare market – particularly in the area of pharmacy benefit management (PBM). Q1 2018’s top sector was Business Services with US$ 116.9bn in value, 58.1% of which was due to Cigna’s US$ 67.9bn bid for Express Scripts. The year’s largest deal to date, the transaction is also on par with CVS Health’s US$ 67.8bn bid for Aetna in Q4 2017. Further, Amazon’s announcement in January that it would team up with Berkshire Hathaway and JP Morgan to form a healthcare company for their employees has other industry players on their guard.

• Pharma, Medical & Biotech (PMB) saw a 15.7% decline in Q1 value to US$ 28bn and a fall in deal count to 108 transactions compared to Q1 2017 as the sector struggles to find its footing in the age of Amazon while also navigating its new gains from tax reform. With a significantly reduced corporate tax rate from 35% to 21%, repatriation of cash from abroad that could be used for future acquisitions in place of the tax inversion deals of yesteryear now seems more likely. Relatedly, Financial Services (FS), also feeling the ripple effects of changes in healthcare, saw a shift in large deals from banking toward insurance. Overall, FS saw US$ 14.9bn across 97 transactions in Q1 2018, a 33.5% fall in value with 27 fewer deals compared to Q1 2017. However, when looking at the seven US FS deals valued over US$ 1bn announced so far in 2018, five fell under the insurance sub-sector, covering a range of types from title to property to life. By contrast, last year saw just one such transaction falling under insurance.

• The rapid onslaught of Technology’s influence has not been without consequences. As the Trump Administration has demonstrated a willingness to block deals on national security grounds and instated increasingly protectionist policies, much of which has been aimed at China, inbound M&A from the latter has fallen 42.9% by value to US$ 1.1bn from Q1 2017 while deal count has dropped to 13 deals, four fewer than last year. Moreover, concerns over data privacy following not only the Russian hack during the 2016 presidential election and ensuing special counsel investigation but also the more recent Cambridge Analytica/Facebook scandal are likely to lead to calls for more regulation, with Facebook CEO Mark Zuckerberg and COO Sheryl Sandberg both stating that the company would be open to regulation. What this bodes for Technology’s future growth and its continued influence on all other sectors remains to be seen.


Mergermarket.com

US$ 47.6bn

US$ 116.9bn 226

Record Q1 value for US Tech deals

US$ 67.9bn Cigna/Express Scripts is the

largest PBM deal on Mergermarket record (since 2001)

Fall in value of inbound M&A into the US overall from Q1 2017 (US$ 137.5bn) to Q1 2018 (US$ 63.1bn)

Record quarterly value for US Business Services deals - top

sector by value in Q1 2018

Number of Technology deals in Q1 2018 - top sector by deal count

Fall in value of inbound M&A into the US from China from Q1 2017 (US$ 2bn) to Q1 2018 (US$ 1.1bn)

-42.9%-54.1%

Mergermarket 16

mergermarket.com

US AnalysisGlobal & Regional M&A Report Q1 2018




0

25

50

75

100

125

OtherIndustrials & Chemicals

ConsumerTechnologyEnergy, Mining & Utilities

Business Services

Dea

l Val

ue (

US

$b

n)

Q1 2017 Q1 2018

0

250

500

750

1000

1250

1500

1750

2000

2018201720162015201420130

1000

2000

3000

4000

5000

6000

508.8

469.5

179.9

346.4

423.2

393.9

404.1

502.3

326.1

298.4Dea

l Val

ue

(US

$b

n)

Deal C

ount

253.2

371.5

312.4

304.1

357.8

462.4

389.6

219.5

317.7

230.9

177.1

Q3Q2 Q4Q1

Deal Count

US Quarterly Breakdown Trend2013 - 2018

US Sector Breakdown TrendQ1 2017 - Q1 2018

17

mergermarket.com

Mergermarket US AnalysisGlobal & Regional M&A Report Q1 2018


US League tables

US league table by value US league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 154,342 58 -2 60

2 3 JPMorgan 137,734 47 3 44

3 2 Morgan Stanley 182,970 39 -6 45

4 5 Citi 100,034 38 3 35

5 7 Barclays 51,072 36 3 33

6 4 Houlihan Lokey 9,013 35 -7 42

7 6 Evercore 33,328 30 -5 35

8 13 Jefferies 17,198 30 8 22

9 14 Stifel/KBW 8,953 27 5 22


11 8 Lazard 131,141 24 -8 32

12 16 Raymond James & Associates 1,681 24 4 20

13 15 Credit Suisse 70,839 22 1 21

14 21 Moelis & Company 13,533 22 5 17

15 23 Lincoln International 774 21 4 17

16 12 RBC Capital Markets 27,082 20 -4 24


18 22 Robert W. Baird & Co 3,792 19 2 17

19 10 Piper Jaffray & Co 1,645 19 -10 29

20 11 Rothschild 11,070 18 -9 27

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 4 Morgan Stanley 182,970 39 71.7% 106,557

2 1 Goldman Sachs & Co 154,342 58 -8.4% 168,481

3 2 JPMorgan 137,734 47 4.6% 131,657

4 3 Lazard 131,141 24 13.0% 116,078

5 7 Centerview Partners 102,371 11 26.2% 81,122

6 6 Citi 100,034 38 12.8% 88,699


8 11 Credit Suisse 70,839 22 34.5% 52,649

9 10 Barclays 51,072 36 -23.4% 66,669

10 5 Deutsche Bank 39,295 15 -55.9% 89,097

11 12 Evercore 33,328 30 -28.0% 46,304

12 105 Guggenheim Partners 30,007 9 6423.3% 460

13 13 RBC Capital Markets 27,082 20 -23.3% 35,287

14= - AFW 23,131 1 - -

14= 21 BDT & Company 23,131 1 163.1% 8,792

16 23 PJT Partners 21,435 6 156.8% 8,348



19 20 Jefferies 17,198 30 22.2% 14,075

20 17 TD Securities 17,000 3 -17.1% 20,511

Mergermarket 18

mergermarket.com

US AnalysisGlobal & Regional M&A Report Q1 2018


Mergermarket 19

mergermarket.com

Latin America Analysis

LatinAmericaValue (US$m)

Deal details

Announce-ment date

Bidder company Target company Target geography Target sector

15,326 16-Mar Suzano Papel e Celulose SA

Fibria Celulose SA Brazil Industrials & Chemicals

3,266 16-Feb Enel Chile SA Enel Generación Chile (40.02% Stake)

Chile Energy, Mining & Utilities

1,700 14-Feb Banco Popular de Puerto Rico

Wells Fargo & Company (Auto finance business in Puerto Rico)

Puerto Rico Financial Services

900 3-Jan Didi Chuxing Technology Co Ltd

99 Taxis Desenvolvimento de Softwares Ltda (70% Stake)

Brazil TMT

583 26-Jan InRetail Peru Corp Quicorp SA Peru Pharma, Medical & Biotech

Latin America’s share of

total global deal count

- on par with Q1 2017

Latin America’s share of

total global deal value - up

1.1 basis points compared

to Q1 2017 (1.9%)

3.3%3%

Q1 2018’s deal value is up 86.1% over Q1 2017 (US$ 14.2bn)

US$ 26.3bn



Mergermarket 20

mergermarket.com


“As Latin America has attempted to move past political scandals, low commodities prices, and domestic unrest, new challenges have arisen, including the US wanting to renegotiate NAFTA and imposing steel and aluminium tariffs that would hurt Brazil and others.”

Elizabeth Lim,Research Editor (Americas)

Latin America

• Latin American M&A rose 86.1% in value in the first quarter of 2018 to US$ 26.3bn compared to the same period in 2017 (US$ 14.2bn) – the highest value on Mergermarket record (since 2001) for the region during a first quarter since 2011 (US$ 40.5bn). Deal count this year, however, registered 126 transactions, 28 fewer than in Q1 2017, and the lowest number of deals for a first quarter since 2010 (104). Meanwhile, the region recorded its fifth-largest deal on Mergermarket record (since 2001), and the quarter’s only mega-deal (>US$ 10bn) – Brazil-based Suzano Papel e Celulose’s US$ 15.3bn acquisition of Brazil-based Fibria Celulose. The pulp and paper transaction is the second mega-deal in the last two consecutive quarters following Liberty Global Plc’s US$ 13.4bn spin-off of its Brazilian telecommunications business into Liberty Latin America last December. The two transactions are the first mega-deals that the region has seen since 2014, when Italy-based Enel Iberoamerica bought a 60.6% stake in Chile-based Enel Americas for US$ 10.8bn from Spain-based Endesa.

• The above transaction was the primary reason behind Industrials & Chemicals (I&C) leading sector rankings for Latin America in Q1 2018, comprising 96.6% of I&C’s value (US$ 15.9bn). By deal count, the sector was also number one with 24 transactions. The Suzano Papel e Celulose/Fibria Celulose deal marks the largest I&C deal on record, thus propelling Q1 2018 to I&C’s highest-valued quarter. The transaction also helped boost figures for Brazil (US$ 18.4bn). The country’s deal value in Q1 2018 was more than double the value for the same period last year and the highest for a first quarter since 2011 (US$ 31.9bn).

• Energy, Mining & Utilities (EMU) was second by deal value in Q1 2018, with US$ 4.5bn and 15 transactions, a 41.1% increase in value for regional EMU activity and nine fewer

deals. Incidentally, the previously mentioned Enel deal was responsible for most of this value, after its Chilean operations bought a 40% stake in Enel Generación Chile for US$ 3.3bn in the region’s second-largest deal of the quarter, which accounted for three-fourths of the sector’s total for the quarter. Moreover, both the Enel Generación and the Fibria Celulose deals were domestic transactions as were four additional deals in the top 10, indicating that the region’s strategy for moving forward could be more inward-turning. Inbound M&A into the region fell 40.3% in Q1 2018 to US$ 4.5bn from US$ 7.6bn in Q1 2017, and deal count fell by 28 transactions to 59 over the same period. Also during this time frame, bids from the US fell 33.8% to US$ 1.1bn from US$ 1.6bn, while those from China fell 40.4% to US$ 990m from US$ 1.7bn.

• As Latin America has attempted to move past political scandals, low commodities prices, and domestic unrest over the last few years, new challenges have arisen, including its neighbour to the north stating intentions to renegotiate NAFTA and beginning to enact tariffs in industries on which Latin America relies for exporting many goods. According to Mergermarket intelligence, Brazil, Latin America’s dominant economy, is considering an appeal to the WTO over the steel and aluminium tariffs announced by the US in March, the former being the second-largest exporter of steel to the latter. Such a matter could come as a joint motion with other countries that also find themselves worried about a possible trade war, setting the stage for even more unrest in the coming months.



Mergermarket.com

US$ 1.7bn

132.1% -78%

Banco Popular de Puerto Rico/Wells Fargo

(auto finance business in Puerto Rico)

- second-largest deal in Puerto Rico on

Mergermarket record (since 2001)

US$ 15.3bnValue of Suzano Papel e Celulose’s acquisition

of Fibria Celulose, the second largest deal targeting the region on Mergermarket record

Fall in inbound M&A value (US$ 1.1bn) from the US compared to Q1 2017

Increase in Brazil’s M&A value (US$ 18.4bn) compared to Q1 2017

Decrease in Mexico’s M&A value (US$ 905m) compared to Q1 2017

Value of Didi Chixing/99 Taxis deal, the fourth largest Tech deal in the

region on record

$900m-33.8%

Mergermarket 21

mergermarket.com






0

4

8

12

16

OtherTechnologyConsumerFinancialServices

Energy,Mining

& Utilities

Industrials& Chemicals

Dea

l Val

ue (

US

$b

n)

Q1 2017 Q1 2018

0

250

500

750

1000

1250

1500

1750

2000

2018201720162015201420130

1000

2000

3000

4000

5000

6000

508.8

469.5

179.9

346.4

423.2

393.9

404.1

502.3

326.1

298.4Dea

l Val

ue

(US

$b

n)

Deal C

ount

253.2

371.5

312.4

304.1

357.8

462.4

389.6

219.5

317.7

230.9

177.1

Q3Q2 Q4Q1

Deal Count

Latin America Quarterly Breakdown Trend2013 - 2018

Latin America Sector Breakdown TrendQ1 2017 - Q1 2018

22

mergermarket.com

Mergermarket Global & Regional M&A Report Q1 2018



Latin America League tables

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

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Banco Itau BBA 16,268 7 -2 9

2 19 Bank of America Merrill Lynch 16,905 6 4 2

3 11 Goldman Sachs & Co 1,570 5 2 3

4 5 Lazard 1,282 5 -1 6

5 27 Rothschild 720 3 2 1

6 2 Banco BTG Pactual 293 3 -5 8

7 40 EY 200 3 2 1

8 20 Artica Invest - 3 1 2

9 4 Morgan Stanley 4,509 2 -4 6

10 - JPMorgan 992 2 2 -

11= 22 Citi 360 2 1 1

11= - Evercore 360 2 2 -

13 3 Banco Bradesco BBI 158 2 -6 8

14 - LXG Capital - 2 2 -

15 - Mediobanca 3,266 1 1 -

16 51 Vinci Partners 492 1 0 1

17 - Laplace Financas 392 1 1 -

18 - Deutsche Bank 316 1 1 -

19= - RBC Capital Markets 300 1 1 -

19= - The Food Partners 300 1 1 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 23 Bank of America Merrill Lynch 16,905 6 6025.0% 276

2 8 Banco Itau BBA 16,268 7 780.3% 1,848

3 1 Morgan Stanley 4,509 2 1.2% 4,455

4 - Mediobanca 3,266 1 - -

5 7 Goldman Sachs & Co 1,570 5 -16.0% 1,868

6 12 Lazard 1,282 5 105.1% 625

7 - JPMorgan 992 2 - -

8 24 Rothschild 720 3 176.9% 260

9 51 Vinci Partners 492 1 - -

10 - Laplace Financas 392 1 - -

11= 9 Citi 360 2 -78.2% 1,648

11= - Evercore 360 2 - -

13 - Deutsche Bank 316 1 - -

14= - RBC Capital Markets 300 1 - -

14= - The Food Partners 300 1 - -

16 3 Banco BTG Pactual 293 3 -90.6% 3,133

17 - Greenhill & Co 284 1 - -

18 - Banca de Inversion Bancolombia 264 1 - -

19 2 Credit Suisse 254 1 -92.8% 3,535

20 - LionTree Advisors 227 1 - -

Mergermarket 23

mergermarket.com




Mergermarket 24

mergermarket.com

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

Deal details

Announce-ment date


Target sector

8,750 28-Mar Hyundai Glovis Co Ltd Hyundai Mobis Co Ltd (Module and A/S parts business)

South Korea Industrials & Chemicals

6,632 20-Jan Oil and Natural Gas Corporation Limited

Hindustan Petroleum Corporation Ltd (51.11% Stake)

India Energy, Mining & Utilities

5,369 29-Jan Suning Commerce Group Co Ltd; Tencent Holdings Ltd; Sunac China Holdings Limited; and JD.com Inc

Dalian Wanda Commercial Properties Co Ltd (14% Stake)

China Real Estate

5,033 10-Mar Guiyang Jinshiqi Industrial Investment Co Ltd

Zhongtian Urban Development and Investment Group Company Limited

China Real Estate

4,833 2-Mar Government of Australia

Snowy Hydro Limited (87% Stake)

Australia Energy, Mining & Utilities

Increase in M&A value

compared to Q1 2017 despite

73 fewer transactions

Intra-Asia- Pacific M&A

value in Q1 2018, the second

highest Q1 value on record

6.5%US$134bn

Q1 2018 reached its second highest Q1 value on Mergermarket

record (since 2001)

US$ 149.2bn


Asia Pacific (excl. Japan) Analysis


Mergermarket 25

mergermarket.com


“Following the overall global trend, the M&A activity in Asia-Pacific (excl. Japan) had a positive start to 2018 compared to last year”

Amy Wu, Senior Research Analyst

Asia Pacific (excl. Japan)

• Following the overall global trend, the M&A activity in Asia-Pacific (excl. Japan) had a positive start to 2018 compared to last year. The region witnessed 788 deals valued at US$ 149.2bn in the first quarter of 2018, up 6.5% by value compared to Q1 2017 (861 deals, US$ 140.1bn). The first quarter of the year marked the second highest Q1 value on Mergermarket record (since 2001), highlighting Asia-Pacific’s optimistic stance for dealmaking. The region saw four transactions over US$ 5bn, same as the first quarter in 2017, including the US$ 8.8bn acquisition of the South Korea based Hyundai Mobis by Hyundai Glovis’s module and A/S parts businesses from Hyundai Mobis, the largest deal targeting the region so far this year.

• Much of the region’s M&A activity continued to be driven by key sectors such as Industrials & Chemicals and Energy, Mining & Utilities (EMU). Industrials & Chemicals continued to be the most active sector in terms of both value and deal count with 167 deals worth US$ 29.5bn, accounting for 21.2% of deals in the region and 19.8% of the value. The Automotive sub-sector was a standout performer with 12 deals valued at a total US$ 14.8bn, up 420.4% by value with seven fewer deals compared to Q1 2017, largely due to the US$ 3.8bn asset-swap of Chinese electric-car manufacturer Beijing Electric Vehicle with Chengdu Qianfeng Electronics. With 63 deals announced worth US$ 26.9bn, Energy, Mining & Utilities was the second most dynamic sector in terms of deal value, yet down 6.2% compared to Q1 2017. EMU deals in the pipeline include Chinese clean energy service provider Beijing Enterprises Clean Energy Group’s intention to acquire several liquefied natural gas (LNG) terminal projects in North China, for up to CNY 6bn (US$ 953.2m) according to Mergermarket intelligence.

• Cross-border activity between Asia-Pacific (excl. Japan) and other regions had a quiet start to the year. Inbound M&A registered 128 deals totalling US$ 15.2bn, a decrease of 8.1% by value compared to Q1 2017. This marked the lowest quarterly number of foreign investments since Q1 2012. Across the whole Asia-Pacific (excl. Japan) region, Australia was the most attractive country to investors outside the region in terms of both deal value and count, recording 36 inbound transactions valued at US$ 6.4bn. The largest inbound transaction in the first quarter was Switzerland-based Glencore’s 82% stake acquisition in Hail Creek coal mine and 71.2% of the Valeria coal development project in Australia for a combined US$ 1.7bn. Outbound investment mirrored the downturn of inbound M&A, declining 14% in Q1 2018 to US$ 16.8bn from US$ 19.5bn in the same period last year.

• On the other hand, private equity activity in the region had a stellar first quarter. Private equity buyouts targeting Asia-Pacific (excl. Japan) recorded 97 deals for US$ 24.3bn, up 37.1% by value with five fewer transactions compared to Q1 2017. These figures reflect an ongoing increase in deal sizes in private equity deals, with the average buyout in Q1 2018 reaching US$ 296.8m, the highest yearly buyout average on Mergermarket record. Meanwhile, exits soared to US$ 12.2bn in Q1 2018, up 20.1% compared to the same period in 2017. The region’s exit value marked the second best Q1 on Mergermarket record (since 2001). Exit deals announced included the Seaspan Corporation’s acquisition of an 89% stake in Greater China Intermodal Investments from Carlyle, Tiger Group Investments and The Washington Companies for US$ 1.4bn.



Mergermarket.com

Drop in outbound M&A value in Q1 2018 (US$ 16.8bn) compared

to Q1 2017

-14%Number of deals worth over

US$ 5bn in Q1, on par with Q1 2017

4

Industrials & Chemicals market share by value (US$ 29.5bn)

in the region

Chinese share of Asia-Pacific (excl. Japan) M&A in Q1 2018 by

value (US$ 77.2bn)Average buyout value in Asia-Pacific (excl. Japan) this year, the highest figure on record

US$ 296.8m 19.8%51.7%

US$ 12.2bnExit value in Q1 2018, the

second highest Q1 value on Mergermarket record

Mergermarket 26

mergermarket.com






0

10

20

30

40

50

60

OthersConsumerTechnologyReal EstateEnergy, Mining& Utilities

Ind. & Chem.

Valu

e of

dea

ls (

US

$bn

)

Q1 2017 Q1 2018

0

100

200

300

400

500

600

700

800

900

2018201720162015201420130

400

800

1200

1600

2000

2400

2800

3200

3600

4000

118.1

172.0

169.4 141.4

115.1

68.5

149.6

177.2

172.9

140.3 149.2140.1

241.0

172.7

Valu

e of

dea

ls (

US

$b

n)

Deal co

unt

16.2

295.4

232.7

157.5

196.0

139.8

114.9

107.9

Q3Q2 Q4Q1

Deal Count

Asia Pacific (excl. Japan) Quarterly Breakdown Trend2013 - 2018

Asia Pacific (excl. Japan) Sector Breakdown TrendQ1 2017 - Q1 2018

27

mergermarket.com




Asia Pacific (excl. Japan) League tables

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

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 2 KPMG 1,612 15 -12 27

3 12 Citi 13,088 13 4 9

4 7 Deloitte 1,368 13 0 13

5 4 Goldman Sachs & Co 5,378 12 -8 20

6 10 CITIC Securities 13,576 11 1 10

7 9 Rothschild 3,205 11 1 10


9 1 EY 8,772 8 -20 28

10 23 Lazard 8,248 8 3 5

11 11 JPMorgan 6,410 8 -2 10

12 17 China Securities 5,467 8 0 8

13 20 China Renaissance Partners 4,830 8 1 7

14 13 Credit Suisse 2,340 8 -1 9

15 16 Huatai Securities 2,329 8 0 8

16 3 PwC 461 8 -13 21

17 14 Somerley Capital 2,973 7 -1 8


19 5 Morgan Stanley 3,191 6 -8 14

20 31 Deutsche Bank 8,868 5 1 4

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 15 CITIC Securities 13,576 11 34.2% 10,113

2 22 Citi 13,088 13 214.7% 4,159


4 27 Deutsche Bank 8,868 5 183.1% 3,132

5 23 EY 8,772 8 146.2% 3,563

6 21 Lazard 8,248 8 87.4% 4,401

7 66 JM Financial 8,092 2 1360.6% 554

8 - SBI Capital Markets 6,632 1 - -

9 17 JPMorgan 6,410 8 -24.1% 8,446

10 25 Haitong Securities 5,972 2 79.9% 3,320

11 7 China International Capital Corporation 5,754 5 -57.2% 13,449

12 34 China Securities 5,467 8 154.0% 2,152

13 2 Goldman Sachs & Co 5,378 12 -78.8% 25,314

14 18 China Renaissance Partners 4,830 8 -31.6% 7,065

15 5 Bank of America Merrill Lynch 3,284 6 -79.0% 15,644

16 4 Rothschild 3,205 11 -80.2% 16,160

17 1 Morgan Stanley 3,191 6 -91.9% 39,375

18 6 Somerley Capital 2,973 7 -79.3% 14,352

19 11 Macquarie Group 2,757 9 -77.6% 12,284

20 29 Credit Suisse 2,340 8 -23.3% 3,052

Mergermarket 28

mergermarket.com




Mergermarket 29

mergermarket.com

Japan

Value (US$m)

Deal details

Announce-ment date

Bidder company Target company Target sector Seller Company

1,143 24-Jan Sekisui House Reit Inc Sekisui House Residential Investment Corporation

Financial Services

1,117 20-Feb Mitsubishi Corporation Mitsubishi Motors Corporation (10.76% Stake)

Industrials & Chemicals

990 2-Mar Nippon Life Insurance Company

MassMutual Life Insurance Company (85.1% Stake)

Financial Services

Massachusetts Mutual Life Insurance Company

762 9-Mar Denso Corporation Renesas Electronics Corporation (4.5% Stake)

TMT Innovation Network Corporation of Japan

700 27-Feb eBay Inc Giosis Pte Ltd (Japan Business)

TMT Giosis Pte LtdShare of global M&A

value so far this year

Value of M&A targeting

Japan in Q1, on par

with Q1 2017

US$ 9bn

Value of outbound Japanese M&A in Q1 2018, 27.2%

higher than Q1 2017

US$ 18.8bn


Japan Analysis

1.0%


Mergermarket 30

mergermarket.com


“Tech’s prominent performance indicates that Japanese investors are looking to seize the opportunity brought by an increasingly digitalised environment”

Yibei Xu, Senior Research Relationship Manager

Japan

Japan Analysis

• In Q1 2018, Japanese outbound activity saw US$ 18.8bn in M&A take place across 56 deals, up 27.2% by value compared to Q1 2017 (US$ 14.7bn, 83 deals) with 27 fewer deals. This was accredited to several big-ticket transactions made by Japanese investors with all of the top ten outbound deals breaching US$ 500m. The largest deal saw Fujifilm acquire a 50.1% stake in US-based document solutions provider Xerox for US$ 8.6bn, ranking as the ninth largest Japanese outbound deal on Mergermarket record (since 2001), following Softbank’s US$ 9.25bn investment in Uber in Q4 2017. As a result, the US continued to be the most targeted country, with US$ 10.6bn changing hands across 13 deals. , Japanese companies’ appetite in the Asian market continued to be prominent showing a third successive increase by deal value. This quarter recorded US$ 3.7bn (19 deals) worth of deals investing into the rest of Asia, triple the value compared to a year earlier (US$ 1.2bn, 23 deals) despite four fewer deals.

• Technology has become the preferred sector for Japanese dealmakers to invest overseas, contributing US$ 12.4bn across 12 deals announced in Q1 2018. The sector has seen extraordinary growth by value, representing a historical high on Mergermarket record. It accounts for 66.2% of total outbound value and nearly half of the annual market share in 2017 (US$ 27bn, 53 deals), Tech’s prominent performance indicates that Japanese investors are looking to seize the opportunity brought by an increasingly digitalised environment. The Consumer sector also saw growth, reaching US$ 1.8bn via five deals, up 8.4x the value in the same quarter last year (US$ 191m, 5 deals). More investments from Japan are expected to fall in the sector, especially in Southeast Asia, according to Mergermarket intelligence. Yoshimura Food is among the potential movers, and is currently seeking

Japanese food-related targets in neighbouring countries such as Singapore. Baroque Japan is also in talks to set up a joint venture to enter the Thai and Philippino markets.

• On the other hand, Japan-targeted M&A (104 deals, US$ 9bn) made 20 fewer deals, yet the value was on par compared to Q1 2017 (124 deals, US$ 8.9bn), pushed by Sekisui House Reit’s US$ 1.1bn acquisition of Sekisui House Residential Investment Corporation. As a result, Financial Services ranked top in terms of deal value following ten transactions worth US$ 3.2bn, contributing 35.8% of the country’s value. Inbound M&A fell short in Q1 2018 despite finishing strongly in 2017 with a total of nine inbound transactions announced worth US$ 1.1bn, down 73.8% by value on two fewer deals compared to Q1 2017 (11 deals, US$ 4.4bn). eBay’s US$ 700m acquisition of Giosis’ Japanese business was the top inbound deal so far this year. In contrast to the stagnant inbound activity, Japan witnessed a rebound in domestic M&A, with 95 transactions worth US$ 7.8bn, up 70.4% by value compared to Q1 2017 (113 deals, US$ 4.6bn).

• Following a strong showing last year, private equity activity experienced a mixed first quarter. A total of 11 buyouts were announced worth US$ 553m, representing a 73.5% fall by value with five more deals from the same period in 2017 (6 deals, US$2.1bn). Meanwhile, exits saw a sharp drop in both deal value and count with a total value of US$ 798m over five deals compared with Q1 2017 (13 deals, US$ 2.8bn), largely due to the Innovation Network Corporation of Japan’s US$ 762m sale of a 4.5% stake in Renesas Electronics Corporation. Despite a slow start, PE activity is expected to gain momentum during 2018, as the reform of the country’s corporate governance code could become a catalyst for more buyouts, according to Mergermarket intelligence.


Mergermarket.com

Fall in foreign investment into Japan by value (US$ 1.1bn) versus

Q1 2017

-73.8%Increase in domestic M&A

(US$ 7.8bn) compared to Q1 2017

70.4%

Financial Services (US$ 3.2bn) share of Japanese M&A in Q1

Number of deals targeting the Japanese Industrials & Chemicals

sector so far this yearQ1 2018 tech outbound value, across 12 deals

US$ 12.4bn 35.8%26

Domestic M&A value in Q1 2018, the highest quarterly figure since Q4 2016 (US$ 9.1bn)

US$ 7.8bn

Mergermarket 31

mergermarket.com


Japan Analysis




0

1

2

3

4

5

OthersEnergy, Mining& Utilities

ConsumerTechnologyInd. & Chem.Financial Services

Valu

e of

dea

ls (

US

$bn

)

Q1 2017 Q1 2018

0

10

20

30

40

50

60

70

80

2018201720162015201420130

50

100

150

200

250

300

350

400

450

500

4.89.4

10.85.3

7.3

15.2

8.1

13.5

15.2

17.1

17.1

9.09.0

18.8

10.4

Valu

e of

dea

ls (

US

$b

n)

Deal co

unt

35.3

21.6

9.1

9.1

5.1

7.1

Q3Q2 Q4Q1

Deal Count

Japan Quarterly Breakdown Trend2013 - 2018

Japan Sector Breakdown TrendQ1 2017 - Q1 2018

32

mergermarket.com


Japan Analysis


Japan League tables

Japan league table by value Japan league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 3 Nomura Holdings 13,248 16 3 13

2 2 Sumitomo Mitsui Financial Group 3,644 13 -2 15

3 1 Daiwa Securities Group 2,003 10 -7 17

4 6 Mizuho Financial Group 1,950 10 1 9

5 12 Deloitte 255 5 1 4


7 14 JPMorgan 3,707 4 1 3

8 - UBS Investment Bank 1,765 3 3 -

9 16 KPMG 760 3 0 3


11 9 Goldman Sachs & Co 9,590 2 -3 5

12 - Centerview Partners 9,173 2 2 -

13 18 Rothschild 1,070 2 0 2

14 13 Plutus Consulting 413 2 -2 4

15 15 Evercore 306 2 -1 3

16 21 AGS Consulting 197 2 0 2

17 45 YAMADA Consulting Group 114 2 1 1

18 - Amidas Partners 48 2 2 -

19 5 PwC 23 2 -8 10

20 - Frontier Management 5 2 2 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 10 Nomura Holdings 13,248 16 723.4% 1,609

2 4 Morgan Stanley 11,122 4 33.1% 8,353

3 1 Goldman Sachs & Co 9,590 2 8.9% 8,806

4 - Centerview Partners 9,173 2 - -

5 - Mitsubishi UFJ Financial Group 8,600 1 - -

6 2 JPMorgan 3,707 4 -56.9% 8,593

7 6 Sumitomo Mitsui Financial Group 3,644 13 -27.9% 5,052

8 8 Daiwa Securities Group 2,003 10 -19.2% 2,480

9 7 Mizuho Financial Group 1,950 10 -44.6% 3,523

10 - UBS Investment Bank 1,765 3 - -

11 20 Rothschild 1,070 2 296.3% 270

12 12 Credit Suisse 1,021 1 -6.2% 1,089

13 9 KPMG 760 3 -60.0% 1,898

14 21 DC Advisory 643 1 142.6% 265

15 - Cowen Group 573 1 - -

16 - Highbury Partnership 520 1 - -

17 13 EY 440 1 -38.2% 712

18 23 Plutus Consulting 413 2 103.4% 203

19 17 GCA Corporation 386 3 -12.9% 443

20 3 Evercore 306 2 -96.3% 8,367

Mergermarket 33

mergermarket.com


Japan Analysis


Mergermarket 34

mergermarket.com

Middle East & Africa

Value (US$m)

Deal details

Announce-ment date


Target sector

3,101 19-Mar KLA-Tencor Corporation

Orbotech Ltd Israel TMT

1,450 18-Mar Total SA Abu Dhabi National Oil Company (Lower Zakum Off Shore Concession) (5% Stake); and Abu Dhabi National Oil Company (Umm Shaif and Nasr fields) (20% Stake)

United Arab Emirates


1,050 8-Mar Sanlam Ltd; and Santam Limited

Saham Finances S.A. (53.37% Stake)

Morocco Financial Services

934 11-Mar Mubadala Petroleum LLC

Zohr oil field (10% Stake)

Egypt Energy, Mining & Utilities

875 11-Mar Eni SpA Abu Dhabi National Oil Company (Lower Zakum Off Shore Concession) (5% Stake); and Abu Dhabi National Oil Company (Umm Shaif and Nasr fields) (10% Stake)

United Arab Emirates


Number of deals

worth over US$ 500m

targeting MEA in Q1

Value increase from

Q4 2017 to Q1 2018

1222.6%

Value of M&A targeting the Middle East & Africa in Q1 2018,

the highest quarterly value since Q1 2017 (US$ 29.4bn)

US$ 14.7bn


Middle East & Africa Analysis


Mergermarket 35

mergermarket.com


“Continued political uncertainty appears to be hitting South African dealmakers and has led to a considerable drop in activity in the first quarter”


Middle East & Africa


• A flurry of deals in March pushed M&A in the Middle East & Africa (MEA) region to its highest quarterly value since Q1 2017 (US$ 29.4bn). The region received 66 deals worth a total US$ 14.7bn, 22.6% higher than the US$ 12bn (113 deals) seen in Q4 2017, with MEA now seeing its third consecutive quarter with over US$ 10bn invested. There were three deals worth over US$ 1bn targeting MEA so far this year, with the largest being KLA-Tencor’s US$ 3.1bn acquisition of Israeli firm Orbotech. The region accounted for a 1.6% share of global M&A value in Q1, largely on par with the average percentage seen throughout 2017 at 2%.

• Due to higher valued deals into the country, the UAE has seen a tremendous increase in dealmaking so far this year, becoming the most targeted country by value in the region following 11 deals worth US$ 4.8bn. The country has already surpassed its annual total value seen in 2017, when US$ 4.6bn (56 deals) was invested. Israel, which hit its highest annual value on Mergermarket (since 2001) in 2017 with US$ 25.7bn, continues to be active in 2018. The country has once again received the most deals in MEA by deal count, with 17 deals worth US$ 4.3bn announced over the last three months, also almost doubling in value from the US$ 2.2bn (23 deals) seen in Q4 2017. Continued political uncertainty appears to be hitting South African dealmakers and has led to a considerable drop in activity in the first quarter as the country saw just six deals announced on Mergermarket worth a total US$ 177m,.

• Foreign investment into the region was a key component to dealmaking in MEA, with 39 deals worth US$ 10bn announced in the first quarter of 2018, representing the third highest start to the year by value since the financial crisis. The first quarter of 2018 was also the largest quarterly value for inbound M&A since Q1 2017 (US$ 24bn), which included Intel’s US$ 15bn takeover of Mobileye, announced in March 2017. The UK has been the most active investor into MEA by deal count, with nine deals worth US$ 1.1bn so far this year. The number of investments from the US has taken a small downturn with just six deals (US$ 3.2bn) into the region in Q1, the lowest number in a quarter since Q2 2009 (four deals).

• Energy, Mining & Utilities (EMU) has been the most targeted sector by both value and number of deals in the first quarter, receiving US$ 8.1bn. More stability in commodity markets has pushed the sector’s M&A up 27.9% by value in comparison to Q1 2017 (US$ 6.4bn), with Q1 2018 hitting its highest quarterly value in the sector since Q1 2013 (US$ 8.5bn) becoming only the third quarter since the start of 2010 to surpass US$ 8bn. There have been nine deals worth over US$ 500m announced in the EMU sector so far this year, including Total’s investments into the Lower Zakum off-shore field and the Umm Shair and Nasr fields from the Abu Dhabi National Oil Company for a combined US$ 1.45bn, announced in mid-March. Industrials & Chemicals was the second most targeted sector by deal count with nine deals worth US$ 168m.


Mergermarket.com

US$ 4.7bnValue of outbound M&A

so far this yearIsraeli increase in M&A (US$ 4.3bn) versus Q4 2017

95.3%UAE (US$ 4.8bn) share of

dealmaking in MEA by value

33%

Increase in Energy, Mining & Utilities value (US$ 8.1bn) compared to

Q4 2017

Increase in Tech value (US$ 3.2bn) compared to Q1 2017

Value of foreign investment into MEA, the third consecutive

quarterly increase

US$ 10bn 87.7%90%

Mergermarket 36

mergermarket.com






0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

OtherPharma, Medical & Biotech

ConsumerFinancial Services

TechnologyEnergy, Mining & Utilities

Dea

l Val

ue (

US

$m

)

Q1 2017 Q1 2018

0

10

20

30

40

50

60

70

80

90

100

2018201720162015201420130

50

100

150

200

250

300

350

400

450

500

24.5

19.3

15.5

13.7

29.49.4

6.2

8.4

9.4

34.8

Dea

l Val

ue

(US

$b

n)

Deal C

ount

20.3

21.7

9.5

24.6

7.2

9.6

21.6

12.4

11.6

12.0

14.7

Q3Q2 Q4Q1

Deal Count

Middle East & Africa Quarterly Breakdown Trend2013 - 2018

Middle East & Africa Sector Breakdown TrendQ1 2017 - Q1 2018

37

mergermarket.com




Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 14 JPMorgan 3,812 4 2 2

3 2 Rothschild 1,352 4 -2 6

4 29 Barclays 3,899 2 1 1


6 6 Bank of America Merrill Lynch 316 2 -1 3

7 36 Rand Merchant Bank 283 2 1 1

8 5 KPMG 35 2 -2 4

9 12 HSBC 2,502 1 -1 2

10 - Kempen & Co 1,727 1 1 -

11 8 Investec 1,050 1 -2 3

12 11 Morgan Stanley 537 1 -1 2

13 7 Lazard 497 1 -2 3

14 - Pangaea Securities 385 1 1 -

15 1 Citi 317 1 -7 8

16 28 Deutsche Bank 316 1 0 1

17= - Standard Bank Group 260 1 1 -

17= - Treadstone Resource Partners 260 1 1 -

19= - DH Consultants 226 1 1 -

19= - Standard Chartered 226 1 1 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 3 Goldman Sachs & Co 7,598 5 -51.2% 15,572

2 26 Barclays 3,899 2 2180.1% 171

3 14 JPMorgan 3,812 4 278.2% 1,008

4 13 UBS Investment Bank 2,594 2 141.5% 1,074

5 8 HSBC 2,502 1 35.5% 1,847

6 - Kempen & Co 1,727 1 - -

7 2 Rothschild 1,352 4 -91.3% 15,579

8 24 Investec 1,050 1 368.8% 224

9 5 Morgan Stanley 537 1 -93.2% 7,900

10 9 Lazard 497 1 -70.6% 1,692

11 - Pangaea Securities 385 1 - -

12 1 Citi 317 1 -98.5% 21,488

13 6 Bank of America Merrill Lynch 316 2 -91.8% 3,871

14 23 Deutsche Bank 316 1 13.3% 279

15 35 Rand Merchant Bank 283 2 434.0% 53

16= - Standard Bank Group 260 1 - -

16= - Treadstone Resource Partners 260 1 - -

18= - DH Consultants 226 1 - -

18= - Standard Chartered 226 1 - -

20 - Duff & Phelps 220 1 - -

Mergermarket 38

mergermarket.com




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

mergermarket.com


League Tables

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 4 Goldman Sachs & Co 268,387 76 -5 81

2 5 Deloitte 6,211 71 -10 81

3 9 JPMorgan 240,253 68 7 61

4 2 PwC 41,481 68 -33 101

5 1 KPMG 43,089 60 -45 105

6 7 Morgan Stanley 267,633 59 -6 65

7 6 Rothschild 91,867 59 -9 68

8 3 EY 11,204 58 -36 94

9 10 Citi 220,536 56 -2 58


11 13 Barclays 72,096 45 3 42

12 8 Lazard 183,020 44 -20 64


14 11 Houlihan Lokey 9,166 36 -10 46

15 15 Evercore 34,434 35 -3 38


17 14 Credit Suisse 124,207 33 -6 39

18 25 Jefferies 19,396 32 6 26


20 26 Stifel/KBW 8,953 27 1 26

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 268,387 76 27.7% 210,106

2 5 Morgan Stanley 267,633 59 80.4% 148,381

3 2 JPMorgan 240,253 68 47.2% 163,179


5 3 Citi 220,536 56 43.4% 153,810

6 4 Lazard 183,020 44 20.4% 152,064

7 12 Credit Suisse 124,207 33 89.3% 65,620


9 9 Rothschild 91,867 59 12.5% 81,643

10 11 Barclays 72,096 45 -8.6% 78,871


12 7 Deutsche Bank 58,021 26 -41.2% 98,647

13 14 BNP Paribas 52,538 9 28.5% 40,877


15 20 Mediobanca 49,648 8 74.2% 28,496

16 15 RBC Capital Markets 45,377 27 14.9% 39,476


18 130 AZ Capital 44,316 2 4840.5% 897

19 24 KPMG 43,089 60 168.1% 16,071


Mergermarket 40

mergermarket.com


League Tables


EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 PwC 41,148 54 -25 79

2 5 Rothschild 84,690 48 -5 53

3 3 EY 2,510 46 -16 62

4 4 Deloitte 1,528 46 -10 56

5 2 KPMG 41,532 41 -34 75

6 8 Goldman Sachs & Co 136,559 29 0 29

7 13 JPMorgan 144,265 27 5 22

8 7 Citi 133,211 25 -6 31

9 6 Lazard 80,707 24 -13 37


11 12 Morgan Stanley 80,344 19 -5 24


13 16 ALANTRA 903 17 -4 21

14 33 Barclays 38,782 16 6 10


16 14 Oaklins 203 16 -6 22

17 19 Lincoln International 127 16 -1 17

18 49 Rabobank 80 15 8 7



Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 5 JPMorgan 144,265 27 53.9% 93,751

2 1 Goldman Sachs & Co 136,559 29 4.3% 130,911

3 3 Citi 133,211 25 19.2% 111,765


5 9 Rothschild 84,690 48 52.0% 55,725

6 2 Lazard 80,707 24 -38.0% 130,236

7 11 Morgan Stanley 80,344 19 69.5% 47,400

8 10 Credit Suisse 64,701 11 35.6% 47,710

9 12 BNP Paribas 52,145 6 33.0% 39,220



12 16 Mediobanca 46,382 7 62.8% 28,496


14 71 AZ Capital 44,316 2 4840.5% 897

15 30 KPMG 41,532 41 850.4% 4,370

16 35 PwC 41,148 54 1108.5% 3,405


18 20 Barclays 38,782 16 202.0% 12,843


20 179 LionTree Advisors 20,922 4 30221.7% 69

Mergermarket 41

mergermarket.com


League Tables



UK league table by value UK league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Rothschild 27,787 28 5 23

2 5 PwC 471 14 -1 15

3 6 Goldman Sachs & Co 26,939 12 -1 13

4 12 JPMorgan Cazenove 51,408 11 2 9

5 2 KPMG 1,138 10 -9 19

6 11 Clearwater International 235 10 0 10

7 8 BDO 189 10 -1 11

8 21 Citi 26,951 9 2 7


10 4 Deloitte 603 9 -9 18



13 25 Jamieson Corporate Finance 5,380 8 2 6

14 30 Barclays 21,232 7 2 5

15 13 Credit Suisse 19,580 7 -2 9

16 22 DC Advisory 765 7 0 7

17 15 ALANTRA 412 7 -2 9

18 52 Oaklins 102 7 4 3

19 26 Evercore 8,907 6 0 6

20 17 Morgan Stanley 5,539 6 -2 8

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 2 JPMorgan Cazenove 51,408 11 -34.6% 78,586

2 11 Rothschild 27,787 28 65.6% 16,778

3 13 Citi 26,951 9 96.3% 13,730

4 1 Goldman Sachs & Co 26,939 12 -74.6% 105,963

5 16 Barclays 21,232 7 122.8% 9,529

6 12 Credit Suisse 19,580 7 38.0% 14,189


8 52 Gleacher Shacklock 18,335 2 4993.1% 360

9 18 RBC Capital Markets 14,259 4 214.2% 4,538

10 19 Greenhill & Co 13,323 2 198.7% 4,460


12 47 PJT Partners 8,968 3 1910.8% 446

13 26 Evercore 8,907 6 399.0% 1,785

14 6 Centerview Partners 6,240 2 -89.7% 60,567

15 8 Morgan Stanley 5,539 6 -84.9% 36,745

16 25 Jamieson Corporate Finance 5,380 8 199.6% 1,796

17= 54 AZ Capital 4,694 1 1211.2% 358

17= - Santander Global Corporate Banking 4,694 1 - -

17= 189 Societe Generale 4,694 1 - -

20 23 Macquarie Group 4,672 9 74.3% 2,681

Mergermarket 42

mergermarket.com


League Tables



Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 22 Goldman Sachs & Co 72,896 11 7 4

2 1 KPMG 643 11 -5 16

3 7 Rothschild 51,359 10 2 8

4 39 JPMorgan 17,549 9 6 3



7 11 Citi 66,846 7 1 6

8 4 EY 295 7 -4 11

9 3 PwC 146 7 -4 11


Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 9 Goldman Sachs & Co 72,896 11 3900.9% 1,822

2 1 Citi 66,846 7 74.6% 38,275


4 12 Rothschild 51,359 10 4358.2% 1,152

5 8 BNP Paribas 48,458 2 2503.9% 1,861

6 - Perella Weinberg Partners 46,646 1 - -

7 85 JPMorgan 17,549 9 - -

8 - Greenhill & Co 13,573 2 - -

9 2 Lazard 7,951 5 -74.5% 31,183

10 3 Credit Suisse 7,003 3 -77.0% 30,383

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 3 Davy Corporate Finance 309 3 -1 4

2 10 EY 384 2 1 1


4 4 Deloitte 84 2 -2 4

5 - Centerview Partners 37 2 2 -

6 2 Goodbody Corporate Finance - 2 -2 4

7= 12 Deutsche Bank 300 1 0 1

7= - Goldman Sachs & Co 300 1 1 -

7= - Morgan Stanley 300 1 1 -

10 - Duff & Phelps 115 1 1 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 7 EY 384 2 295.9% 97

2 14 Davy Corporate Finance 309 3 1136.0% 25

3= 9 Deutsche Bank 300 1 383.9% 62

3= - Goldman Sachs & Co 300 1 - -

3= - Morgan Stanley 300 1 - -

6 31 Rothschild 276 2 - -

7 - Duff & Phelps 115 1 - -

8 4 KPMG 88 1 -38.0% 142

9 17 Deloitte 84 2 425.0% 16

10 - Mooreland Partners 42 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

mergermarket.com


League Tables



Germany league table by value Germany league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 9 Rothschild 49,434 8 3 5


3 4 GCA Corporation - 7 0 7

4= 17 ALANTRA - 5 1 4

4= 1 Deloitte - 5 -5 10

6 22 Goldman Sachs & Co 49,291 4 1 3

7 16 Citi 48,007 4 0 4

8 41 JPMorgan 2,823 4 2 2

9 5 EY 147 4 -3 7

10 2 PwC 146 4 -4 8

11 29 Quarton International 58 4 1 3

12 8 ACXIT Capital Partners 12 4 -1 5

13= 40 Globalscope Partners - 4 2 2

13= 3 KPMG - 4 -4 8

15 - Bank of America Merrill Lynch 48,276 3 3 -

16= 15 Deutsche Bank 2,110 3 -1 4

16= - Macquarie Group 2,110 3 3 -


19 60 Rabobank 80 3 2 1

20 19 UniCredit Group 20 3 -1 4

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 15 Rothschild 49,434 8 7540.5% 647

2 5 Goldman Sachs & Co 49,291 4 2891.0% 1,648

3 - Bank of America Merrill Lynch 48,276 3 - -

4 2 Citi 48,007 4 1030.9% 4,245

5= 3 BNP Paribas 46,646 1 2406.5% 1,861

5= - Perella Weinberg Partners 46,646 1 - -

7 66 JPMorgan 2,823 4 - -

8 - Qatalyst Group 2,276 1 - -

9= 1 Deutsche Bank 2,110 3 -63.7% 5,810

9= - Macquarie Group 2,110 3 - -

11 - Jamieson Corporate Finance 2,110 1 - -

12 - Kempen & Co 1,727 1 - -

13 4 Morgan Stanley 1,590 2 -6.4% 1,699

14 95 Freitag & Co 1,363 2 - -

15 14 UBS Investment Bank 1,221 3 74.2% 701

16 - Wells Fargo Securities 425 1 - -

17 - NIBC Bank 362 1 - -

18 9 Evercore 346 1 -56.5% 796

19= 36 ING 171 1 167.2% 64

19= - SpareBank 1 Markets 171 1 - -

Mergermarket 44

mergermarket.com


League Tables



Austria league table by value Austria league table by deal count

Switzerland league table by value Switzerland league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 - JPMorgan 578 1 - -

3= - Carnegie Investment Bank 148 1 - -

3= 14 EY 148 1 1380.0% 10

5 - Barclays 94 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 18 Goldman Sachs & Co 23,605 7 13466.1% 174

2 5 Citi 18,839 3 -36.3% 29,592

3 53 JPMorgan 14,148 4 - -

4 - Greenhill & Co 13,573 2 - -


6 3 Lazard 7,900 4 -73.3% 29,592

7 1 Credit Suisse 7,003 3 -76.6% 29,894

8 44 Evercore 3,995 3 - -

9 - Mediobanca 3,240 1 - -

10 14 UBS Investment Bank 2,904 4 613.5% 407

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 2 Deloitte - 4 0 4


3 6 ALANTRA - 2 0 2

4 - JPMorgan 578 1 1 -

5 - Carnegie Investment Bank 148 1 1 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 23 Goldman Sachs & Co 23,605 7 6 1

2 3 KPMG 643 7 2 5


4 53 JPMorgan 14,148 4 3 1

5 7 Lazard 7,900 4 2 2


7 14 Citi 18,839 3 2 1

8 1 Credit Suisse 7,003 3 -2 5

9 44 Evercore 3,995 3 2 1

10 - Greenhill & Co 13,573 2 2 -

Mergermarket 45

mergermarket.com


League Tables



France league table by value France league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 4 Lazard 17,261 9 -2 11

2 1 Rothschild 2,022 9 -8 17

3 34 JPMorgan 31,851 7 5 2

4 7 Deloitte 246 7 -1 8

5 55 UBS Investment Bank 184 6 4 2

6 13 Cambon Partners 174 6 1 5

7 9 Credit Agricole 80 6 0 6

8 10 Natixis 662 5 -1 6

9 16 DC Advisory 296 5 1 4


11 17 KPMG - 5 1 4

12 15 Morgan Stanley 21,200 4 0 4


14 6 EY 108 4 -5 9

15= 29 Adviso Partners - 4 1 3

15= 32 Clairfield International - 4 1 3

15= 8 PwC - 4 -3 7

18 45 Capitalmind Corporate Finance Advisory 120 3 1 2

19 12 Invest Corporate Finance 89 3 -2 5

20 - CM-CIC Conseil 17 3 3 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 13 JPMorgan 31,851 7 1558.9% 1,920

2 11 Morgan Stanley 21,200 4 394.4% 4,288

3 5 Lazard 17,261 9 -19.7% 21,508

4 - Ardea Partners 14,843 1 - -

5 - Guggenheim Partners 11,099 1 - -

6 6 Goldman Sachs & Co 2,198 2 -85.0% 14,688

7 2 BNP Paribas 2,059 2 -94.6% 38,123

8 3 Rothschild 2,022 9 -94.4% 36,247

9 19 Nomura Holdings 1,299 1 73.0% 751

10 12 Natixis 662 5 -68.2% 2,079

11 108 Hottinguer Corporate Finance 555 1 - -

12 17 Barclays 437 2 -70.7% 1,492

13 21 Evercore 346 1 -50.5% 699

14 28 DC Advisory 296 5 -16.1% 353

15= - EQUITA S.I.M 247 1 - -

15= 101 Fineurop Soditic 247 1 - -

15= 4 Mediobanca 247 1 -99.1% 27,034

18 59 Deloitte 246 7 - -

19 77 UBS Investment Bank 184 6 - -

20 105 Global M&A Partners 178 1 - -

Mergermarket 46

mergermarket.com


League Tables



Benelux league table by value Benelux league table by deal count

Iberia league table by value Iberia league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 3 JPMorgan 21,140 5 92.2% 11,000

2 2 Lazard 17,414 6 45.9% 11,933

3= 27 HSBC 12,535 1 7187.8% 172

3= - The Valence Group 12,535 1 - -

5 8 Morgan Stanley 6,257 4 96.6% 3,182

6 5 Citi 4,276 4 -40.4% 7,172

7= 29 Barclays 3,440 2 1923.5% 170

7= 31 BNP Paribas 3,440 2 2023.5% 162


10 - LionTree Advisors 3,440 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 1 Citi 48,606 4 929.6% 4,721

2 - Societe Generale 45,576 3 - -


4 19 AZ Capital 44,316 2 4840.5% 897

5 10 Lazard 40,997 3 2849.4% 1,390

6 15 Goldman Sachs & Co 40,804 3 3294.7% 1,202

7 14 PwC 40,269 11 3250.2% 1,202


9 7 JPMorgan 39,714 2 2099.0% 1,806

10 27 KPMG 39,708 3 9608.6% 409

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 9 Rabobank - 13 6 7

2 3 Deloitte - 12 1 11

3 6 Rothschild 2,714 9 0 9

4 11 EY 103 8 2 6

5 20 Accuracy 664 7 4 3

6 4 Lazard 17,414 6 -4 10

7= 17 ABN AMRO Bank - 6 3 3

7= 5 KPMG - 6 -4 10

9 24 JPMorgan 21,140 5 3 2

10 2 ING 576 5 -9 14

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 3 EY 391 13 1 12

2 2 PwC 40,269 11 -1 12

3 6 Citi 48,606 4 -2 6


5 26 ALANTRA 270 4 2 2

6 1 Deloitte 259 4 -10 14

7 - Societe Generale 45,576 3 3 -

8 20 Santander Global Corporate Banking 44,316 3 1 2

9 9 Lazard 40,997 3 -1 4

10 22 Goldman Sachs & Co 40,804 3 1 2

Mergermarket 47

mergermarket.com


League Tables



Spain league table by value Spain league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 2 EY 391 13 1 12

2 1 PwC 40,269 11 -1 12

3 6 Citi 48,606 4 -2 6


5 25 ALANTRA 270 4 2 2


7 16 Santander Global Corporate Banking 44,316 3 1 2

8 18 Goldman Sachs & Co 40,804 3 1 2

9 5 KPMG 39,708 3 -5 8

10 20 Deutsche Bank 10,333 3 1 2

11 3 Deloitte 259 3 -8 11

12 27 Lincoln International - 3 1 2

13 21 AZ Capital 44,316 2 0 2

14 8 Lazard 40,890 2 -2 4

15 - Key Capital Partners 39,622 2 2 -

16 12 GBS Finance 1,452 2 -1 3

17 9 Rothschild 136 2 -2 4

18 34 Oaklins 44 2 1 1

19= 33 Nomura Holdings - 2 1 1

19= 15 UBS Investment Bank - 2 0 2

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 1 Citi 48,606 4 929.6% 4,721



4 17 AZ Capital 44,316 2 4840.5% 897

5 7 Lazard 40,890 2 2841.7% 1,390

6 13 Goldman Sachs & Co 40,804 3 3294.7% 1,202

7 12 PwC 40,269 11 3250.2% 1,202


9 26 KPMG 39,708 3 9952.7% 395


11= 53 Credit Suisse 39,622 1 - -

11= 21 JPMorgan 39,622 1 5268.8% 738

11= 3 Mediobanca 39,622 1 1949.8% 1,933

11= 5 Morgan Stanley 39,622 1 2330.8% 1,630

15 15 Deutsche Bank 10,333 3 979.7% 957

16 38 GBS Finance 1,452 2 2280.3% 61

17 25 EY 391 13 -20.4% 491

18 27 ALANTRA 270 4 -13.7% 313

19 32 Deloitte 259 3 40.8% 184

20 4 Barclays 222 1 -88.3% 1,904

Mergermarket 48

mergermarket.com


League Tables



Italy league table by value Italy league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 8 Mediobanca 46,382 7 3 4

2 2 EY 604 7 -3 10

3 6 UniCredit Group 3,109 6 0 6

4 12 Goldman Sachs & Co 49,880 5 2 3

5 5 PwC 39,833 5 -1 6

6 4 Lazard 42,700 4 -2 6

7 25 Barclays 3,536 4 3 1

8 3 Rothschild 3,115 4 -2 6

9 10 Deloitte 397 4 0 4

10 26 Banca IMI/Intesa Sanpaolo 130 4 3 1


12 - EQUITA S.I.M 498 3 3 -

13 7 Fineurop Soditic 299 3 -2 5

14 22 Vitale & Co - 3 1 2

15 53 Credit Suisse 42,422 2 1 1

16 15 Citi 39,762 2 0 2

17 1 KPMG 39,634 2 -12 14

18 - Nomura Holdings 1,478 2 2 -

19 28 Robert W. Baird & Co 687 2 1 1

20 - Long Term Partners 213 2 2 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 15 Goldman Sachs & Co 49,880 5 10121.3% 488

2 2 Mediobanca 46,382 7 74.6% 26,563


4 9 Lazard 42,700 4 3434.8% 1,208

5 53 Credit Suisse 42,422 2 - -

6 17 PwC 39,833 5 9475.2% 416

7 1 Citi 39,762 2 45.5% 27,327

8 8 KPMG 39,634 2 2416.4% 1,575

9= - AZ Capital 39,622 1 - -

9= 58 JPMorgan 39,622 1 - -

9= - Key Capital Partners 39,622 1 - -

9= 10 Morgan Stanley 39,622 1 4062.0% 952

9= 12 Santander Global Corporate Banking 39,622 1 4062.0% 952


15 34 Deutsche Bank 8,816 1 27450.0% 32

16 7 Barclays 3,536 4 85.7% 1,904

17 3 Rothschild 3,115 4 -87.9% 25,817

18 29 UniCredit Group 3,109 6 5081.7% 60

19 - Nomura Holdings 1,478 2 - -

20 18 Robert W. Baird & Co 687 2 94.6% 353

Mergermarket 49

mergermarket.com


League Tables



Nordics league table by value Nordics league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 PwC 33 19 -1 20

2 8 Deloitte 401 15 9 6

3 2 EY 683 12 3 9

4 13 KPMG - 8 3 5

5 21 Carnegie Investment Bank 699 7 4 3

6 4 Nordhaven Corporate Finance 66 7 -1 8

7 30 Citi 5,195 6 4 2

8 5 ABG Sundal Collier Holding 228 6 -1 7

9 24 Rothschild 4,941 5 2 3

10 - LionTree Advisors 20,922 4 4 -

11 16 Morgan Stanley 13,041 4 0 4

12 12 SEB 2,793 4 -1 5

13 3 Danske Bank Corporate Finance 819 4 -4 8

14 7 Pareto Securities 107 4 -2 6

15 63 Lazard 37 4 3 1

16= - Global M&A Partners - 4 4 -

16= 34 Oaklins - 4 2 2

16= - UB Capital - 4 4 -

19 29 Nordea 14,921 3 1 2

20 47 Deutsche Bank 233 3 2 1

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 12 Nordea 14,921 3 1254.0% 1,102

3 30 Barclays 13,920 2 5952.2% 230

4 10 Morgan Stanley 13,041 4 851.2% 1,371

5 13 Citi 5,195 6 441.7% 959

6 34 Rothschild 4,941 5 3307.6% 145

7 5 Goldman Sachs & Co 4,441 2 32.5% 3,352

8= 1 Bank of America Merrill Lynch 4,441 1 -79.2% 21,310

8= - Ondra Partners 4,441 1 - -

10= 15 BNP Paribas 3,440 1 267.9% 935

10= - Societe Generale 3,440 1 - -

12 21 SEB 2,793 4 333.7% 644

13 40 Credit Suisse 2,561 1 2271.3% 108

14 - Cain Brothers / KBCM 903 1 - -

15 16 Danske Bank Corporate Finance 819 4 -11.9% 930

16 22 Carnegie Investment Bank 699 7 29.0% 542

17 33 EY 683 12 335.0% 157

18 48 Deloitte 401 15 536.5% 63

19 11 NC Advisory 351 1 -72.3% 1,269

20 3 Deutsche Bank 233 3 -94.1% 3,937

Mergermarket 50

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1= - LionTree Advisors 13,041 2 - -

1= - Morgan Stanley 13,041 2 - -

3= 10 Barclays 10,480 1 4456.5% 230

3= - Nordea 10,480 1 - -

5= 12 Credit Suisse 2,561 1 2877.9% 86

5= 24 SEB 2,561 1 - -

7 7 Danske Bank Corporate Finance 819 3 82.0% 450

8 11 Rothschild 500 1 244.8% 145

9 8 Carnegie Investment Bank 319 1 -29.1% 450

10 - EY 317 3 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1= - Barclays 3,440 1 - -

1= 5 BNP Paribas 3,440 1 267.9% 935


1= - Societe Generale 3,440 1 - -

5 23 Citi 292 2 - -


7 - Deloitte 218 5 - -

8 20 SpareBank 1 Markets 204 2 - -

9 - ING 171 1 - -

10 2 Pareto Securities 107 4 -96.8% 3,343

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 3 Deloitte 128 10 5 5

2 2 PwC - 6 1 5

3 4 Danske Bank Corporate Finance 819 3 0 3

4 - EY 317 3 3 -

5= - LionTree Advisors 13,041 2 2 -

5= - Morgan Stanley 13,041 2 2 -

7 9 Handelsbanken Capital Markets 60 2 0 2


9= 7 ABG Sundal Collier Holding - 2 0 2


9= 10 Nordic M&A - 2 0 2

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 - Deloitte 218 5 5 -

2 5 PwC - 5 0 5

3 1 Pareto Securities 107 4 -2 6

4 23 Citi 292 2 1 1

5 15 SpareBank 1 Markets 204 2 0 2

6 6 Nordhaven Corporate Finance 45 2 -3 5

7 8 EY 18 2 -1 3

8= 3 ABG Sundal Collier Holding - 2 -3 5

8= - Carnegie Investment Bank - 2 2 -


Mergermarket 51

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 3 Citi 5,010 5 422.4% 959

3 - Rothschild 4,941 5 - -

4= 8 Goldman Sachs & Co 4,441 2 432.5% 834

4= - Nordea 4,441 2 - -

6= 2 Bank of America Merrill Lynch 4,441 1 -77.0% 19,310

6= - Ondra Partners 4,441 1 - -

8 9 SEB 2,793 4 333.7% 644

9 5 Morgan Stanley 2,561 3 178.7% 919

10 35 Credit Suisse 2,561 1 11540.9% 22

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 12 Aalto Capital Group 93 1 1450.0% 6

2 - Access Partners 44 1 - -

3 18 EY 35 2 - -

4 - Evli Bank 35 1 - -

5 - ProMan IMAP Finland 16 2 - -

6 - Alexander Corporate Finance 10 1 - -

7 5 PwC - 6 - 30

8 21 KPMG - 4 - -

9= - HLP Corporate Finance - 3 - -

9= 7 Nordhaven Corporate Finance - 3 - 30

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 2 EY 630 7 2 5

2 1 PwC 33 6 -4 10

3 18 Citi 5,010 5 4 1

4 - Rothschild 4,941 5 5 -

5 39 Carnegie Investment Bank 380 5 4 1

6 11 Deloitte 219 5 3 2

7 9 Nordhaven Corporate Finance 66 5 2 3

8 7 SEB 2,793 4 1 3

9 33 Lazard 37 4 3 1

10= 8 KPMG - 4 1 3

10= - UB Capital - 4 4 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 PwC - 6 1 5

2 21 KPMG - 4 3 1

3= - HLP Corporate Finance - 3 3 -

3= 7 Nordhaven Corporate Finance - 3 1 2

5 18 EY 35 2 1 1

6 - ProMan IMAP Finland 16 2 2 -

7= 12 MCF Corporate Finance - 2 0 2

7= - Oaklins - 2 2 -

9 9 Aalto Capital Group 93 1 -1 2

10 - Access Partners 44 1 1 -

Mergermarket 52

mergermarket.com


League Tables



CEE league table by value CEE league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 3 PwC 10 5 -2 7

2 2 EY 155 3 -5 8

3 - Barclays 3,440 2 2 -

4 7 Deloitte 100 2 -2 4

5 - Lincoln International 66 2 2 -

6 - Oaklins 10 2 2 -

7 1 KPMG - 2 -9 11

8= 38 BNP Paribas 3,440 1 0 1

8= - LionTree Advisors 3,440 1 1 -

8= 54 Societe Generale 3,440 1 0 1

11 5 VTB Capital 2,442 1 -3 4

12 8 JPMorgan 1,749 1 -2 3

13 - Global Leisure Partners 283 1 1 -

14 - Citi 230 1 1 -

15 - AS LHV Pank 181 1 1 -

16= - Erneholm & Haskel 153 1 1 -

16= 14 Houlihan Lokey 153 1 -1 2


19 - Morgan Stanley 100 1 1 -

20= - RB Partners 56 1 1 -

20= - TechAdvisors 56 1 1 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 - Barclays 3,440 2 - -

2= 38 BNP Paribas 3,440 1 - -



5 6 VTB Capital 2,442 1 87.7% 1,301

6 3 JPMorgan 1,749 1 5.6% 1,656

7 - Global Leisure Partners 283 1 - -

8 - Citi 230 1 - -

9 - AS LHV Pank 181 1 - -

10 8 EY 155 3 -72.5% 564

11= - Erneholm & Haskel 153 1 - -

11= 17 Houlihan Lokey 153 1 30.8% 117

13 5 UBS Investment Bank 116 1 -91.5% 1,369

14 29 Deloitte 100 2 900.0% 10

15 - Morgan Stanley 100 1 - -

16 - Lincoln International 66 2 - -

17= - RB Partners 56 1 - -

17= - TechAdvisors 56 1 - -

19= - China Merchants Securities 52 1 - -

19= - Seabury Group 52 1 - -

19= 16 Superia Corporate Finance 52 1 -58.1% 124

Mergermarket 53

mergermarket.com


League Tables



Russia league table by value Russia league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 2 VTB Capital 2,442 1 87.7% 1,301

2 4 JPMorgan 1,749 1 509.4% 287

3= - Deloitte 100 1 - -

3= - Morgan Stanley 100 1 - -

5= - RB Partners 56 1 - -

5= - TechAdvisors 56 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 VTB Capital 2,442 1 -3 4

2 4 JPMorgan 1,749 1 0 1

3= - Deloitte 100 1 1 -

3= - Morgan Stanley 100 1 1 -

5= - RB Partners 56 1 1 -

5= - TechAdvisors 56 1 1 -

Turkey league table by value

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 7 Unlu & Co 443 2 30.3% 340

2 - Raiffeisen Bank International 92 1 - -

3 - Alfa Investment 27 2 - -

4 - Alpagu Capital 13 1 - -

5 - Pragma Corporate Finance 12 2 - -

Turkey league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 8 Unlu & Co 443 2 1 1

2 - Alfa Investment 27 2 2 -

3 - Pragma Corporate Finance 12 2 2 -

4 - Raiffeisen Bank International 92 1 1 -

5 - Alpagu Capital 13 1 1 -

Mergermarket 54

mergermarket.com


League Tables



Africa & Middle East league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 3 Goldman Sachs & Co 7,598 5 -51.2% 15,572

2 26 Barclays 3,899 2 2180.1% 171

3 14 JPMorgan 3,812 4 278.2% 1,008


5 8 HSBC 2,502 1 35.5% 1,847

6 - Kempen & Co 1,727 1 - -

7 2 Rothschild 1,352 4 -91.3% 15,579

8 24 Investec 1,050 1 368.8% 224

9 5 Morgan Stanley 537 1 -93.2% 7,900

10 9 Lazard 497 1 -70.6% 1,692

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 14 JPMorgan 3,812 4 2 2

3 2 Rothschild 1,352 4 -2 6

4 29 Barclays 3,899 2 1 1


6 6 Bank of America Merrill Lynch 316 2 -1 3

7 36 Rand Merchant Bank 283 2 1 1

8 5 KPMG 35 2 -2 4

9 12 HSBC 2,502 1 -1 2

10 - Kempen & Co 1,727 1 1 -

Africa & Middle East league table by value

Mergermarket 55

mergermarket.com


League Tables


Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 154,874 60 -2 62

2 3 JPMorgan 153,569 50 3 47

3 2 Morgan Stanley 202,322 42 -8 50

4 6 Citi 100,394 39 3 36

5 8 Barclays 51,072 36 1 35

6 4 Houlihan Lokey 9,013 35 -9 44

7 7 Evercore 34,088 33 -3 36


9 17 Jefferies 17,198 30 7 23

10 5 Lazard 131,248 28 -13 41

11 18 Stifel/KBW 8,953 27 5 22



14 13 Credit Suisse 72,378 24 -1 25

15 21 Moelis & Company 13,533 23 4 19


17 11 Rothschild 11,598 21 -8 29


19 24 Robert W. Baird & Co 3,792 19 2 17

20 12 Piper Jaffray & Co 1,645 19 -10 29

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 4 Morgan Stanley 202,322 42 86.8% 108,337

2 1 Goldman Sachs & Co 154,874 60 -9.0% 170,129

3 2 JPMorgan 153,569 50 8.1% 142,077

4 3 Lazard 131,248 28 4.8% 125,203



7 5 Citi 100,394 39 11.1% 90,347

8 11 Credit Suisse 72,378 24 31.5% 55,044

9 10 Barclays 51,072 36 -24.5% 67,673

10 6 Deutsche Bank 39,611 16 -55.5% 89,097

11 12 Evercore 34,088 33 -26.4% 46,304



14= - AFW 23,131 1 - -

14= 22 BDT & Company 23,131 1 163.1% 8,792

16 14 TD Securities 22,391 10 -27.7% 30,958

17 25 PJT Partners 21,435 6 156.8% 8,348



20 20 Jefferies 17,198 30 21.2% 14,189

Mergermarket 56

mergermarket.com


League Tables



US league table by value US league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 154,342 58 -2 60

2 3 JPMorgan 137,734 47 3 44

3 2 Morgan Stanley 182,970 39 -6 45

4 5 Citi 100,034 38 3 35

5 7 Barclays 51,072 36 3 33

6 4 Houlihan Lokey 9,013 35 -7 42

7 6 Evercore 33,328 30 -5 35

8 13 Jefferies 17,198 30 8 22

9 14 Stifel/KBW 8,953 27 5 22


11 8 Lazard 131,141 24 -8 32


13 15 Credit Suisse 70,839 22 1 21

14 21 Moelis & Company 13,533 22 5 17




18 22 Robert W. Baird & Co 3,792 19 2 17

19 10 Piper Jaffray & Co 1,645 19 -10 29

20 11 Rothschild 11,070 18 -9 27

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 4 Morgan Stanley 182,970 39 71.7% 106,557

2 1 Goldman Sachs & Co 154,342 58 -8.4% 168,481

3 2 JPMorgan 137,734 47 4.6% 131,657

4 3 Lazard 131,141 24 13.0% 116,078


6 6 Citi 100,034 38 12.8% 88,699


8 11 Credit Suisse 70,839 22 34.5% 52,649

9 10 Barclays 51,072 36 -23.4% 66,669

10 5 Deutsche Bank 39,295 15 -55.9% 89,097

11 12 Evercore 33,328 30 -28.0% 46,304



14= - AFW 23,131 1 - -

14= 21 BDT & Company 23,131 1 163.1% 8,792

16 23 PJT Partners 21,435 6 156.8% 8,348



19 20 Jefferies 17,198 30 22.2% 14,075

20 17 TD Securities 17,000 3 -17.1% 20,511

Mergermarket 57

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 7 Morgan Stanley 154,158 29 446.9% 28,186

2 5 Goldman Sachs & Co 120,977 38 247.9% 34,771

3 4 Lazard 103,422 14 146.5% 41,962


5 8 JPMorgan 87,292 28 359.9% 18,979


7 1 Citi 73,084 24 31.9% 55,426

8 3 Credit Suisse 40,879 13 -6.8% 43,852

9 14 Deutsche Bank 31,671 8 486.3% 5,402


Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 1 Morgan Stanley 107,449 12 216.2% 33,983

2 36 Lazard 78,535 6 9227.2% 842


4 3 Goldman Sachs & Co 46,651 11 104.5% 22,810

5 7 Citi 41,755 5 270.5% 11,271


7 2 Deutsche Bank 27,953 3 16.5% 23,996

8 9 JPMorgan 24,605 9 193.6% 8,380

9 11 Barclays 21,815 11 260.8% 6,046

10 13 Credit Suisse 13,698 6 140.6% 5,694

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 120,977 38 7 31

2 2 Morgan Stanley 154,158 29 6 23

3 8 JPMorgan 87,292 28 12 16

4 5 Citi 73,084 24 6 18

5 7 Barclays 15,602 22 5 17

6 4 Houlihan Lokey 8,206 19 0 19


8 6 Lazard 103,422 14 -3 17

9 11 Credit Suisse 40,879 13 0 13

10 18 Moelis & Company 8,318 13 3 10

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 2 Morgan Stanley 107,449 12 -2 14

2 1 Houlihan Lokey 1,155 12 -9 21

3 3 Goldman Sachs & Co 46,651 11 -1 12

4 6 Barclays 21,815 11 1 10

5 58 Stifel/KBW 223 11 9 2

6 14 Evercore 11,541 10 4 6

7 13 Jefferies 2,604 10 4 6

8 4 Robert W. Baird & Co 1,185 10 -2 12



Mergermarket 58

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 16 Credit Suisse 46,430 8 474.2% 8,086

2 1 JPMorgan 45,836 16 -57.8% 108,648

3 2 Goldman Sachs & Co 41,089 17 -57.3% 96,172

4 7 Morgan Stanley 35,750 14 -32.7% 53,144


6= - AFW 23,131 1 - -

6= 15 BDT & Company 23,131 1 163.1% 8,792

8 3 Lazard 20,278 9 -72.6% 74,091

9 12 Citi 20,203 13 27.1% 15,897

10 9 Evercore 18,768 12 -30.2% 26,902

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 13 JPMorgan 30,046 16 438.0% 5,585

2 1 Goldman Sachs & Co 26,113 19 -22.1% 33,504

3 4 Morgan Stanley 21,704 14 6.8% 20,324

4 16 Qatalyst Group 12,567 3 239.6% 3,700

5 19 PJT Partners 9,173 3 194.5% 3,115

6 2 Citi 8,943 9 -62.9% 24,081


8 28 Stifel/KBW 8,097 8 469.4% 1,422

9 44 Houlihan Lokey 7,279 11 1137.9% 588

10 - KKR Capital Markets 6,373 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 4 Goldman Sachs & Co 41,089 17 0 17

3 3 JPMorgan 45,836 16 -2 18

4 16 Jefferies 12,321 15 7 8

5 5 Morgan Stanley 35,750 14 -2 16

6 10 Citi 20,203 13 1 12

7 2 Evercore 18,768 12 -7 19

8 7 Barclays 15,099 12 -3 15


10 11 Stifel/KBW 7,006 11 -1 12

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 26,113 19 -1 20

2 3 JPMorgan 30,046 16 0 16

3 6 Morgan Stanley 21,704 14 3 11

4 14 Jefferies 2,619 13 6 7

5 2 Houlihan Lokey 7,279 11 -6 17

6 26 Raymond James & Associates 848 11 8 3

7 4 Barclays 6,289 10 -4 14

8 17 Moelis & Company 5,270 10 3 7

9 7 Evercore 3,199 10 -1 11

10 8 Citi 8,943 9 -1 10

Mergermarket 59

mergermarket.com


League Tables



Canada league table by value Canada league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 TD Securities 22,391 9 -4 13

2 6 Scotiabank 2,698 9 1 8

3 4 Deloitte 222 9 -1 10


5 9 BMO Capital Markets 5,870 8 2 6

6 14 CIBC World Markets 2,391 8 3 5


8 11 Lazard 21,600 4 -1 5

9 17 Citi 20,325 4 0 4

10 59 GMP Securities 813 4 3 1

11 66 Canaccord Genuity Corp 786 4 3 1

12 - INFOR Financial 691 4 4 -

13 22 National Bank Financial 572 4 0 4

14 85 Duff & Phelps 220 4 3 1

15 63 PwC - 4 3 1

16 3 JPMorgan 17,912 3 -8 11

17 20 Jefferies 7,347 3 -1 4

18 - Fort Capital 1,137 3 3 -

19 - Stoic Advisory 880 3 3 -

20 30 EY 511 3 1 2

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 2 TD Securities 22,391 9 -27.7% 30,958

2 6 Lazard 21,600 4 31.0% 16,485

3 9 Citi 20,325 4 87.1% 10,864

4= 3 Goldman Sachs & Co 18,033 2 -34.3% 27,443

4= 10 Morgan Stanley 18,033 2 71.9% 10,491

6 1 JPMorgan 17,912 3 -53.7% 38,655



9= - Canson Capital Partners 17,000 1 - -

9= - Guggenheim Partners 17,000 1 - -


12 21 Jefferies 7,347 3 143.8% 3,014

13 4 Barclays 7,347 1 -71.7% 26,003

14 15 BMO Capital Markets 5,870 8 10.0% 5,338

15 20 PJT Partners 4,600 1 47.7% 3,115

16 - Greenhill & Co 2,863 1 - -

17 7 Scotiabank 2,698 9 -78.0% 12,268

18 18 CIBC World Markets 2,391 8 -39.5% 3,949

19 12 Credit Suisse 1,539 2 -79.9% 7,668

20 - Fort Capital 1,137 3 - -

Mergermarket 60

mergermarket.com


League Tables



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

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Banco Itau BBA 16,268 7 -2 9



4 5 Lazard 1,282 5 -1 6


6 2 Banco BTG Pactual 293 3 -5 8

7 40 EY 200 3 2 1

8 20 Artica Invest - 3 1 2


10 - JPMorgan 992 2 2 -

11= 22 Citi 360 2 1 1

11= - Evercore 360 2 2 -

13 3 Banco Bradesco BBI 158 2 -6 8

14 - LXG Capital - 2 2 -

15 - Mediobanca 3,266 1 1 -

16 51 Vinci Partners 492 1 0 1

17 - Laplace Financas 392 1 1 -

18 - Deutsche Bank 316 1 1 -

19= - RBC Capital Markets 300 1 1 -

19= - The Food Partners 300 1 1 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 8 Banco Itau BBA 16,268 7 780.3% 1,848

3 1 Morgan Stanley 4,509 2 1.2% 4,455

4 - Mediobanca 3,266 1 - -

5 7 Goldman Sachs & Co 1,570 5 -16.0% 1,868

6 12 Lazard 1,282 5 105.1% 625

7 - JPMorgan 992 2 - -

8 24 Rothschild 720 3 176.9% 260

9 51 Vinci Partners 492 1 - -

10 - Laplace Financas 392 1 - -

11= 9 Citi 360 2 -78.2% 1,648

11= - Evercore 360 2 - -


14= - RBC Capital Markets 300 1 - -

14= - The Food Partners 300 1 - -

16 3 Banco BTG Pactual 293 3 -90.6% 3,133

17 - Greenhill & Co 284 1 - -

18 - Banca de Inversion Bancolombia 264 1 - -

19 2 Credit Suisse 254 1 -92.8% 3,535

20 - LionTree Advisors 227 1 - -

Mergermarket 61

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 2 KPMG 1,612 15 -12 27

3 12 Citi 13,088 13 4 9

4 7 Deloitte 1,368 13 0 13

5 4 Goldman Sachs & Co 5,378 12 -8 20


7 9 Rothschild 3,205 11 1 10


9 1 EY 8,772 8 -20 28

10 23 Lazard 8,248 8 3 5

11 11 JPMorgan 6,410 8 -2 10



14 13 Credit Suisse 2,340 8 -1 9


16 3 PwC 461 8 -13 21



19 5 Morgan Stanley 3,191 6 -8 14

20 31 Deutsche Bank 8,868 5 1 4

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 22 Citi 13,088 13 214.7% 4,159


4 27 Deutsche Bank 8,868 5 183.1% 3,132

5 23 EY 8,772 8 146.2% 3,563

6 21 Lazard 8,248 8 87.4% 4,401

7 66 JM Financial 8,092 2 1360.6% 554


9 17 JPMorgan 6,410 8 -24.1% 8,446




13 2 Goldman Sachs & Co 5,378 12 -78.8% 25,314



16 4 Rothschild 3,205 11 -80.2% 16,160

17 1 Morgan Stanley 3,191 6 -91.9% 39,375


19 11 Macquarie Group 2,757 9 -77.6% 12,284

20 29 Credit Suisse 2,340 8 -23.3% 3,052

Mergermarket 62

mergermarket.com


League Tables



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

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 2 KPMG 1,410 12 -8 20


3 19 Citi 12,699 10 4 6

4 3 Goldman Sachs & Co 4,119 9 -9 18





9 17 Rothschild 2,062 8 2 6

10 9 Deloitte 1,265 8 -2 10

11 1 EY 8,752 7 -15 22


13 7 China International Capital Corporation 5,754 5 -6 11

14 6 Morgan Stanley 2,854 5 -7 12

15 15 Credit Suisse 1,847 5 -2 7

16 33 Avendus Capital 846 5 1 4

17 14 JPMorgan 3,961 4 -3 7

18 28 Lazard 2,980 4 0 4

19 73 Affin Hwang Capital 557 4 2 2

20 - Sinolink Securities 430 4 4 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 27 Citi 12,699 10 406.9% 2,505

3 25 EY 8,752 7 191.3% 3,004

4 65 JM Financial 8,092 2 1360.6% 554







11 2 Goldman Sachs & Co 4,119 9 -81.9% 22,714

12 18 JPMorgan 3,961 4 -32.2% 5,838

13 57 Deutsche Bank 3,786 3 503.8% 627

14 21 Lazard 2,980 4 -32.0% 4,383


16 1 Morgan Stanley 2,854 5 -92.3% 36,925

17 29 Huatai Securities 2,329 8 5.6% 2,206

18= - Emindobiz 2,250 1 - -

18= 13 Macquarie Group 2,250 1 -77.9% 10,196

20 87 Great Wall Securities 2,118 3 601.3% 302

Mergermarket 63

mergermarket.com


League Tables



Australasia league table by value Australasia league table by deal count

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count



3 4 PwC 246 5 -2 7

4 8 Deloitte 103 5 1 4

5 18 Lazard 5,268 4 2 2

6 7 JPMorgan 2,449 4 0 4

7 13 Citi 706 4 1 3


9 6 Goldman Sachs & Co 1,259 3 -1 4

10 9 Rothschild 1,143 3 -1 4

11 22 Credit Suisse 493 3 1 2

12 1 KPMG 202 3 -6 9

13 19 Deutsche Bank 5,082 2 0 2

14 - Scotiabank 473 2 2 -

15 - Taylor Collison 315 2 2 -

16 5 Gresham Advisory Partners 60 2 -2 4

17 - Allier Capital 32 2 2 -

18 45 Grant Thornton 29 2 1 1

19 - Emindobiz 2,250 1 1 -


Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 9 Lazard 5,268 4 70.4% 3,092

3 13 Deutsche Bank 5,082 2 102.9% 2,505

4 2 Macquarie Group 2,757 9 -77.3% 12,159

5 10 JPMorgan 2,449 4 -20.3% 3,074

6 - Emindobiz 2,250 1 - -



9 8 Goldman Sachs & Co 1,259 3 -69.6% 4,139

10 21 Rothschild 1,143 3 144.2% 468

11 16 Citi 706 4 -57.3% 1,654

12= 29 CITIC Securities 554 1 119.0% 253

12= - CLSA 554 1 - -

14 11 Highbury Partnership 520 1 -83.1% 3,074

15 25 Credit Suisse 493 3 43.3% 344

16 6 Somerley Capital 478 1 -95.1% 9,818

17 - Scotiabank 473 2 - -

18 - Fort Street Advisers 390 1 - -

19 1 Morgan Stanley 337 1 -97.3% 12,268

20 - Taylor Collison 315 2 - -

Mergermarket 64

mergermarket.com


League Tables



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

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count






6 3 China International Capital Corporation 5,754 5 -6 11

7 27 Citi 5,177 5 2 3


9 2 Goldman Sachs & Co 2,874 5 -7 12

10 - Deloitte 1,033 5 5 -

11 31 Lazard 2,980 4 2 2

12 67 Rothschild 1,032 4 3 1

13 - Sinolink Securities 430 4 4 -

14 68 JPMorgan 2,940 3 2 1

15 19 Great Wall Securities 2,118 3 -1 4

16 38 TH Capital 1,384 3 1 2

17 43 ZTF Securities 754 3 1 2

18= 64 Barclays 284 3 2 1

18= - Well Link International Capital 284 3 3 -

18= - Zhongtai Securities 284 3 3 -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)





5 54 Citi 5,177 5 1023.0% 461



8 16 Lazard 2,980 4 -14.9% 3,503


10 23 JPMorgan 2,940 3 41.3% 2,080

11 10 Goldman Sachs & Co 2,874 5 -63.0% 7,765

12 42 Deutsche Bank 2,652 2 323.0% 627

13 20 Huatai Securities 2,329 8 5.6% 2,206

14 65 Great Wall Securities 2,118 3 601.3% 302

15 31 Guotai Junan Securities 1,917 2 51.8% 1,263

16 7 Platinum Securities Company 1,856 1 -81.6% 10,112

17 105 CCB International 1,649 1 1817.4% 86

18 4 The Anglo Chinese Group 1,640 1 -84.8% 10,762

19 49 TH Capital 1,384 3 151.6% 550

20 - GBS Finance 1,268 1 - -

Mergermarket 65

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 10 EY 8,312 6 453.0% 1,503

2 13 JM Financial 8,092 2 1360.6% 554

3 22 Citi 7,205 4 5046.4% 140


5 25 KPMG 952 6 655.6% 126

6 16 Standard Chartered 947 2 297.9% 238

7 15 Avendus Capital 846 5 234.4% 253

8= 7 Goldman Sachs & Co 794 2 -93.7% 12,668

8= - LionTree Advisors 794 2 - -

10 1 Bank of America Merrill Lynch 721 1 -94.6% 13,399

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1= - Deutsche Bank 1,134 1 - -

1= 6 Morgan Stanley 1,134 1 94.8% 582

3 - RBC Capital Markets 500 1 - -

4 9 KPMG 249 3 -50.7% 505

5 20 NH Investment & Securities 248 2 244.4% 72

6 2 PwC 237 4 -85.2% 1,597

7 15 Deloitte 202 2 -39.2% 332

8 1 Goldman Sachs & Co 151 1 -93.4% 2,290

9 18 KR & Partners 149 1 71.3% 87

10 - KB Securities 97 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 EY 8,312 6 -2 8

2 4 KPMG 952 6 2 4

3 3 Avendus Capital 846 5 1 4

4 12 Citi 7,205 4 2 2

5 7 Axis Capital 31 3 0 3

6 2 JM Financial 8,092 2 -3 5

7 24 Standard Chartered 947 2 1 1

8= 19 Goldman Sachs & Co 794 2 1 1

8= - LionTree Advisors 794 2 2 -

10 6 Kotak Investment Banking 401 2 -1 3

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 PwC 237 4 -6 10

2 3 KPMG 249 3 -3 6

3 20 NH Investment & Securities 248 2 1 1

4 5 Deloitte 202 2 -2 4

5= - Deutsche Bank 1,134 1 1 -

5= 10 Morgan Stanley 1,134 1 0 1

7 - RBC Capital Markets 500 1 1 -

8 6 Goldman Sachs & Co 151 1 -2 3

9 4 KR & Partners 149 1 -4 5

10 - KB Securities 97 1 1 -

Mergermarket 66

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 10 Nomura Holdings 13,248 16 723.4% 1,609

2 4 Morgan Stanley 11,122 4 33.1% 8,353

3 1 Goldman Sachs & Co 9,590 2 8.9% 8,806


5 - Mitsubishi UFJ Financial Group 8,600 1 - -

6 2 JPMorgan 3,707 4 -56.9% 8,593

7 6 Sumitomo Mitsui Financial Group 3,644 13 -27.9% 5,052

8 8 Daiwa Securities Group 2,003 10 -19.2% 2,480

9 7 Mizuho Financial Group 1,950 10 -44.6% 3,523


Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1= - Emindobiz 2,250 1 - -

1= - Macquarie Group 2,250 1 - -


4 13 Credit Suisse 1,365 2 168.2% 509

5 1 Morgan Stanley 1,120 2 -86.2% 8,104

6 27 KPMG 1,089 4 937.1% 105

7 10 JPMorgan 1,021 1 30.2% 784

8= 5 Bank of America Merrill Lynch 721 1 -35.0% 1,110

8= 37 Standard Chartered 721 1 1538.6% 44

10 8 CIMB Group 662 3 -22.8% 857

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 3 Nomura Holdings 13,248 16 3 13

2 2 Sumitomo Mitsui Financial Group 3,644 13 -2 15

3 1 Daiwa Securities Group 2,003 10 -7 17

4 6 Mizuho Financial Group 1,950 10 1 9

5 12 Deloitte 255 5 1 4


7 14 JPMorgan 3,707 4 1 3


9 16 KPMG 760 3 0 3


Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 KPMG 1,089 4 -2 6

2 16 Affin Hwang Capital 557 4 2 2



5 2 CIMB Group 662 3 -2 5

6 33 BNP Paribas 329 3 2 1

7 4 Credit Suisse 1,365 2 -3 5


9 3 Goldman Sachs & Co 451 2 -3 5

10 - China International Capital Corporation 293 2 2 -

Mergermarket 67

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 3 Goldman Sachs & Co 38,233 18 92.0% 19,908

2 2 Citi 35,086 13 75.8% 19,955

3 4 JPMorgan 32,056 12 105.3% 15,612

4 1 Morgan Stanley 29,941 14 46.6% 20,429


6 - Canson Capital Partners 17,000 1 - -

7 233 The Valence Group 12,535 1 - -

8 - PJT Partners 10,601 4 - -

9 23 Deutsche Bank 9,665 8 391.4% 1,967

10 197 Societe Generale 8,255 4 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 34,486 12 228.2% 10,507

2 3 JPMorgan 30,383 11 222.6% 9,419

3 1 Morgan Stanley 27,621 9 129.6% 12,029

4 8 Citi 25,465 6 492.2% 4,300




8 30 Houlihan Lokey 7,698 14 1618.3% 448

9 4 Barclays 5,679 10 -36.9% 8,998

10 17 Deutsche Bank 4,903 4 194.5% 1,665

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 3 Goldman Sachs & Co 38,233 18 0 18


4 5 Morgan Stanley 29,941 14 -3 17

5 1 Rothschild 3,074 14 -12 26

6 22 Citi 35,086 13 5 8

7 2 Deloitte 3,378 13 -8 21

8 15 GCA Corporation 125 13 3 10

9 6 JPMorgan 32,056 12 -5 17

10 16 Barclays 5,762 12 3 9

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count



3 6 Goldman Sachs & Co 34,486 12 3 9

4 3 JPMorgan 30,383 11 0 11

5 10 Barclays 5,679 10 4 6

6 15 Robert W. Baird & Co 2,076 10 5 5

7 5 Morgan Stanley 27,621 9 0 9

8 9 Harris Williams & Co 750 9 1 8

9 2 William Blair & Company 357 9 -3 12


Mergermarket 68

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 - The Valence Group 12,535 1 - -

2 1 Citi 9,466 6 -22.6% 12,227


4= 41 AZ Capital 4,694 1 1211.2% 358


6 43 Deutsche Bank 3,378 3 1018.5% 302

7 16 Lazard 3,325 5 134.7% 1,417

8 3 Rothschild 3,074 12 -26.3% 4,169

9 25 Mediobanca 2,919 1 239.4% 860

10= 2 Credit Suisse 2,340 1 -55.5% 5,260

10= 12 Evercore 2,340 1 33.6% 1,752

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1= - Emindobiz 2,250 1 - -

1= 24 Macquarie Group 2,250 1 - -

3 3 Goldman Sachs & Co 1,779 3 9.5% 1,624


5 - Credit Suisse 1,021 2 - -

6 - China Renaissance Partners 763 1 - -

7 9 Morgan Stanley 337 1 -36.5% 531

8 - Hina Group 313 1 - -

9 - BNP Paribas 181 1 - -

10 18 KPMG 176 3 85.3% 95

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 3 Rothschild 3,074 12 -9 21


3 28 Deloitte 283 9 -6 15


5 21 DC Advisory 939 7 -2 9

6 39 EY 446 7 -3 10

7 1 Citi 9,466 6 1 5

8 36 PwC 135 6 -8 14


10 16 Lazard 3,325 5 2 3

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count



3 9 KPMG 176 3 1 2


5= - Emindobiz 2,250 1 - -

5= 24 Macquarie Group 2,250 1 0 1


8 14 Morgan Stanley 337 1 0 1

9 - Hina Group 313 1 - -

10 - BNP Paribas 181 1 - -

Mergermarket 69

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 60 Goldman Sachs & Co 29,359 10 36145.7% 81

2 1 Citi 23,680 6 34.1% 17,655


4 10 JPMorgan 20,751 4 604.6% 2,945

5 3 Morgan Stanley 18,541 5 196.7% 6,250


7 133 The Valence Group 12,535 1 - -

8 37 Deutsche Bank 8,281 5 2642.1% 302


10 2 Barclays 5,262 8 -60.1% 13,190

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 30 Goldman Sachs & Co 26,381 7 - -


3 8 JPMorgan 20,751 4 2299.0% 865

4 9 Morgan Stanley 17,320 3 1916.3% 859

5 2 Citi 17,000 2 295.3% 4,300


7 1 Barclays 5,179 6 -24.9% 6,898

8 21 Deutsche Bank 4,903 3 - -

9 - Deloitte 3,047 2 - -


Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 18 Goldman Sachs & Co 29,359 10 6 4

2 1 EY 515 9 -7 16

3 5 Barclays 5,262 8 1 7



6 4 PwC 135 7 -1 8

7 6 Citi 23,680 6 0 6

8 2 Deloitte 3,098 6 -4 10


10 7 Morgan Stanley 18,541 5 -1 6

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 30 Goldman Sachs & Co 26,381 7 6 1

2 1 Barclays 5,179 6 2 4



5 3 JPMorgan 20,751 4 1 3

6 32 Houlihan Lokey - 4 3 1

7 7 Morgan Stanley 17,320 3 1 2

8 9 Deutsche Bank 4,903 3 1 2

9 - EY 49 3 3 -

10 23 Lincoln International - 3 2 1

Mergermarket 70

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 - The Valence Group 12,535 1 - -

2 1 Citi 6,525 3 -34.3% 9,927


4= - AZ Capital 4,694 1 - -


6 24 Deutsche Bank 3,378 2 1018.5% 302

7 - Mediobanca 2,919 1 - -

8 12 Macquarie Group 2,110 1 131.1% 913

9 71 Goldman Sachs & Co 1,968 2 - -

10 - GBS Finance 1,268 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1= - Emindobiz 2,250 1 - -

1= 17 Macquarie Group 2,250 1 - -

3 12 Goldman Sachs & Co 1,010 1 1146.9% 81

4 - Hina Group 313 1 - -

5= - Citi 155 1 - -

5= - Investec 155 1 - -

7 - KR & Partners 149 1 - -

8 1 UBS Investment Bank 146 1 -94.7% 2,779

9 - Oversea-Chinese Banking Corporation 114 1 - -

10 - Veda Corporate Advisors 80 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 1 EY 446 5 -4 9

3 3 PwC 135 5 -3 8

4 2 Deloitte 51 4 -5 9

5 6 Citi 6,525 3 -1 4

6 89 Societe Generale 5,954 3 2 1


8= - ABN AMRO Bank - 3 3 -

8= 9 BDO - 3 -1 4

10 40 Deutsche Bank 3,378 2 1 1

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 2 KPMG 69 2 0 2

2= - Emindobiz 2,250 1 1 -

2= 17 Macquarie Group 2,250 1 0 1


5 - Hina Group 313 1 1 -

6= - Citi 155 1 1 -

6= - Investec 155 1 1 -

8 - KR & Partners 149 1 1 -


10 - Oversea-Chinese Banking Corporation 114 1 1 -

Mergermarket 71

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 16 Citi 11,406 7 395.9% 2,300

2 2 Morgan Stanley 11,400 9 -19.6% 14,179

3 3 JPMorgan 11,305 8 -10.8% 12,667

4 - PJT Partners 10,601 4 - -

5 1 Goldman Sachs & Co 8,874 8 -55.2% 19,827


7 35 Houlihan Lokey 7,698 10 922.3% 753


9 7 Lazard 5,057 8 1.5% 4,984

10 10 Credit Suisse 3,361 5 -9.6% 3,719

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 - PJT Partners 10,601 4 - -

2 1 Morgan Stanley 10,301 6 -7.8% 11,170

3 3 JPMorgan 9,632 7 12.6% 8,554

4 - Citi 8,465 4 - -

5 2 Goldman Sachs & Co 8,105 5 -22.9% 10,507


7 25 Houlihan Lokey 7,698 10 1618.3% 448

8 54 Allen & Company 2,200 2 - -

9 20 Moelis & Company 2,000 7 141.5% 828

10 30 Macquarie Group 2,000 2 751.1% 235

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 1 Rothschild 3,074 14 -6 20

3 11 Robert W. Baird & Co 2,048 11 2 9

4 4 Houlihan Lokey 7,698 10 -4 14


6 7 Morgan Stanley 11,400 9 -2 11


8 5 JPMorgan 11,305 8 -4 12

9 2 Goldman Sachs & Co 8,874 8 -6 14


Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count


2 1 Houlihan Lokey 7,698 10 -2 12

3 11 Robert W. Baird & Co 1,895 9 4 5



6 5 JPMorgan 9,632 7 -1 8

7 13 Moelis & Company 2,000 7 3 4



10 18 RBC Capital Markets 1,088 5 2 3

Mergermarket 72

mergermarket.com


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 Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)


2 3 Rothschild 3,074 12 21.6% 2,529

3 17 Lazard 3,047 3 260.6% 845

4 4 Citi 2,941 3 27.9% 2,300

5= - Credit Suisse 2,340 1 - -

5= 8 Evercore 2,340 1 33.6% 1,752

7 2 JPMorgan 1,673 1 -54.1% 3,647

8 21 DC Advisory 643 5 1.7% 632

9 41 KPMG 643 2 1212.2% 49

10 - Daiwa Securities Group 643 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

% Value change

Value (US$m)

1 - Deutsche Bank 1,384 1 - -

2= - Credit Suisse 1,021 2 - -

2= 9 UBS Investment Bank 1,021 2 780.2% 116

4 2 Goldman Sachs & Co 769 2 -50.2% 1,543


6 4 Morgan Stanley 337 1 -36.5% 531

7 - BNP Paribas 181 1 - -

8 - China Dragon Securities 174 1 - -

9 - KPMG 107 1 - -

10 - BDA Partners 100 1 - -

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1 1 Rothschild 3,074 12 -3 15




5 7 DC Advisory 643 5 0 5

6 3 Deloitte 232 5 -1 6

7 30 Cambon Partners 174 5 3 2

8 18 ALANTRA 221 4 1 3

9 6 GCA Corporation - 4 -2 6

10 19 Lazard 3,047 3 1 2

Ranking Q1 2018 Q1 2017

Q1 2018

Q1 2017


Deal count

Count change

Deal count

1= - Credit Suisse 1,021 2 2 -

1= 10 UBS Investment Bank 1,021 2 1 1

3 6 Goldman Sachs & Co 769 2 1 1

4 - Deutsche Bank 1,384 1 1 -

5 - China Renaissance Partners 763 1 1 -

6 7 Morgan Stanley 337 1 0 1

7 - BNP Paribas 181 1 1 -

8 - China Dragon Securities 174 1 1 -

9 - KPMG 107 1 1 -

10 - BDA Partners 100 1 1 -

Mergermarket 73

mergermarket.com


League Tables


Mergermarket 74Criteria & ContactsGlobal & Regional M&A Report Q1 2018

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 8am (GMT), 29-Mar-2018. Cut off date 28-Mar-2018 League Tables correct as of 10am (GMT), 03-Apr-2018. Cut off date 31-Mar-2018.

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 Laurence [email protected]+852 2158 9771

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, AsiaJasmine [email protected]+852 2158 9770

Research Editor, EMEA Jonathan [email protected]+44 20 3741 1293

Press Relations

Americas Chrissy [email protected]+1 646 378 3118

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.

Mergermarket is an Acuris company

EMEA10 Queen Street Place

London

EC4R 1BE

United Kingdom

+44 203 741 1000

[email protected]

Americas330 Hudson St.

4th Floor

New York, NY 10013

USA

+1 212 500 7537

[email protected]

Asia16/F, Grand Millennium Plaza

181 Queen’s Road Central

Hong Kong

+ 852 2158 9790

[email protected]

Mergermarket 75

mergermarket.commergermarket.com



global & regional m&a report q1 2018 - s3.eu-west-2 ... · market shares in global m&a...

Documents