REUTERS / Brendan McDermid
MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS
First Nine Months 2017First Nine Months 2017
Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Americas Deals Intelligence
M&A Financial Advisory ReviewFirst Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
1
Japan Deals Intelligence
Any European Involvement Announced (AD21) 17
17
18
18
Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
Any European Involvement Completed (AF3) 10
12
12
Any French Involvement Announced (AD33)
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
19
Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
19
Any Spanish Involvement Announced (AD34)3
6
6
11
12
11 18
Any Japanese Involvement Announced (AD19)
2
2
3
Table of Contents
1
Worldwide Announced (AD1)
10
2
11
11
20
20
South Korea M&A
Any South Korea Involvement Announced (AD51)
Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
6
US Target Announced (AD2) 7
Any Americas Involvement Completed (AF55)
15
Any Asia Pacific Announced Fairness Opinion
Any German Involvement Completed (AF42)
Any Italian Involvement Completed (AF43)
Top Ten US Announced Deals 12
Any Italian Involvement Announced (AD36)
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
8
8
7
Any Benelux Involvement Completed (AF47)Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
Any Nordic Involvement Announced (AD37)
16
Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
16
Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53) 10
15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
22
21
22
21
Regional Contacts
13
13
13
Any Japanese Announced Fairness Opinion
14
13 Worldwide Announced Fairness Opinion
Top 10 Any South Korea Involvement Announced Deals
22
8
21Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
16
16Any Australian Involvement Announced (AD24)
9
Top Ten European Involvement Announced Deals
Any Asia (ex-Japan) Involvement Announced (AD25)
Thomson Reuters Soultions for the Deal Making Community 23
Mergers & Acquisitions Criteria Summary
Any EMEA Announced Fairness Opinion
15
14
Any Nordic Involvement Completed (AF44)
21
Fairness Opinion Rankings
Criteria Summary
21
Any USAnnounced Fairness Opinion 21
Any Americas Announced Fairness Opinion 21
20
20
Any South Korea Involvement Completed (AF58)
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WORLDWIDE DEAL MAKING UP 3%, NUMBER OF DEALS FLAT - Worldwide M&A activity totaled US$2.4 trillionduring the first nine months of 2017, a 3% increase compared to the first nine months of 2016. Deals with a valuegreater than US$1 billion totaled US$1.5 trillion, flat compared to last year's first nine months. By number, dealsgreater than US$1 billion increased 9% compared to a year ago. Overall, 35,360 worldwide deals were announcedduring the first nine months of 2017, flat compared to a year ago.
DEAL MAKING DOWN 3% FROM Q2'17 - The value of worldwide M&A announced during the third quarter of2017 totaled US$819.7 billion, a decrease of 3% compared to the second quarter of the year (US$845.3 billion), buta 2% increase compared to the second quarter of last year (US$806.4 billion).
OUTBOUND US AND INTRA-EUROPE M&A POWERS CROSS-BORDER M&A – Powered by increased levelsof outbound M&A from acquirors based in the United States and intra-Europe M&A activity, cross-border M&Aactivity totaled US$943.3 billion during the first nine months of 2017, accounting for 39% of overall M&A volume andthe highest first nine month tally in two years. China Outbound M&A totaled US$121.2 billion, a 27% declinecompared to last year's record first nine months.
EUROPEAN M&A UP 29%; UNITED STATES DEALS DOWN 12% - M&A activity for European targets totaledUS$629.3 billion during the first nine months of 2017, an increase of 29% compared to the level of activity seenduring 2016. With US$901.0 billion in announced deals during the first nine months of 2017, United States M&A fell12% compared to a year ago while the number of United States deals increased by 18% the largest first nine
Worldwide M&A Up 3% to US$2.4 trillion l Number of Deals Over US$1 billion Up 9% l European Deal Making Up 29% l China Outbound M&A Falls 27%
Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees
First Nine Months 2017 FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEW
$2
$3
$4
$5
Impu
ted
Fees
(US
$b)
Americas EMEA Asia Pacific Japan
12% compared to a year ago, while the number of United States deals increased by 18%, the largest first ninemonths, by number of deals, since 1996.
ENERGY & POWER, INDUSTRIALS, REAL ESTATE LEAD SECTOR MIX - Deal making in the Energy & Powersector totaled US$369.8 billion during the first nine months of 2017, an increase of 7% compared to 2016 levels,while Industrials M&A increased 25%. Real Estate deal making accounted for 12% of overall M&A activity, whileTechnology M&A accounted for 10%. Materials and Technology M&A registered the steepest year-over-yeardeclines, down 46% and 28%, respectively.
COMPLETED M&A ADVISORY FEES INCREASE 20% - Estimated M&A advisory fees from completedtransactions totaled US$27.4 billion during the first nine months of 2017, a 20% increase from 2016 levels.
Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity
$78.9$16.6 $37.9 $67.6 $58.4
$116.6$155.1 $162.4
$77.6$128.5
$80.8
$24.9$61.0
$87.8 $83.1
$80.1
$117.3 $136.8
$148.2
$167.7$58.4
$36.1
$73.6
$72.8 $98.0
$79.5
$138.5$165.2
$129.3
$197.3
$36.1
$53.7
$90.5
$105.5 $97.4
$114.8
$113.9
$239.7
$139.39.2%
5.6%
10.0% 11.6%
14.0%16.4%
16.9%
15.8% 15.0%
20.3%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A
$0
$1
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
$258.2$113.6 $176.0 $234.3 $173.7 $130.5
$239.7 $268.2 $299.0 $319.8
$368.1
$112.1
$203.8$249.1
$273.1
$165.1
$382.8 $337.6 $282.1 $311.5
$326.0
$147.0
$274.3$205.9
$203.4
$180.5
$314.6$420.2
$339.2$312.1
$156.0
$165.9
$258.6 $195.1 $249.6
$222.7
$306.4
$462.3
$476.1
40.2%
26.9%
38.0%
35.2%38.1%
28.3%
38.5%34.8%
38.9% 38.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b)
Q2 Volume (US$b) Q1 Volume (US$b)
% of YTD Global M&A
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2008 2009 2010 2011 2012 2013 2014 2015 2016 20172008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1
Western Europe
Mergers & Acquisitions
Jan 1 - Sept 30 Scorecard: Worldwide Completed M&A Jan 1 - Sept 30
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
1/1/2017 - 09/30/2017
31,924.6
634 237 9
Worldwide12,418
No. Deals
No. Deals
Rank Val US$m
2,435,275.1
1/1/2017 - 09/30/2017 1/1/2016 - 09/30/2016
1343,935.3
5,262.9107163
1,057,029.4
5,955.8
1,163,023.7
Target Region/Nation
Mexico
462,704.0125,258.5
85
35,838.0
4,586.2
1,023,543.7
61,374.1
1,092,507.7
Rank Val US$m
68,963.9United States
Caribbean
3,438.8
Brazil
Worldwide 35,3602,435,332.3
1,025France
North America
596,623.0
Germany
Chile 9,548.0
Asia Pacific
United Kingdom
1,671
Middle East
17,031.6Sub-Saharan Africa
Canada
Western Europe32,664.8
629,287.8
54,180.7
710395
96,870.41,389
2,082
46,516.2
Americas4,822.9
9 666
144
11,499
Central America
South America83,044.1
2,066
901,042.1
65
984,086.1
64,185.1
9,828
8.9593 464 8 9 601
80,307.16 9
58,682.4317
Europe
80
Africa/Middle East
2,123.9455
900
488,282.7
North AfricaMiddle East
28.910,572489
43,763.8821.2
12,527.6 36.0
1,992
Eastern Europe
1,277
12,241
99,336.140,855.8
87,472.6
9,5378,50625,578.7
▲
▲
331
28.9
-61.3
2,704
112
2,004137.1
▲
▲United Kingdom26.1
▲27.7Europe
82,908.8France▲
448,930.8
▲Switzerland▲
Eastern Europe
84,862.91,263
Asia Pacific81,421.8
372 603 9
1,820
21 7
24,513.9
1935 370
1,658
6,252.7 227476 004 4
8,097
6 004
520,925.0
▼106.2
▲
7,063
545,438.9
1,202.2
8,721▲
1,692
10,331
94294
242,168.2
2,234
-6.9
66,427.4
619
499,469.9 -8.450,539.1
68
1,116.7
35,910.6
65
638
1,253.819,309.5
▼Sub-Saharan AfricaNorth Africa
57.8
284 15,241.3
210▼ 236
▲
14,196.2
30,464.4982
Chile-7.7 ▼ 45,952.4
-18.1Africa/Middle East
1,143
3,866.0415
20.4 Canada 64,010.2▲59,935.9
Brazil 50,778.1
▼
72
9,4828,339
▲45.7
108.2▲
▼
730 4.6
27,25526,210
Caribbean51.4
▲
-12.0
-9.12.8
1,309,984.0 -4.6
-43.813263
-9.28,954
10,024.611,829.43,186.1
2,368,651.3
Rank Val US$m
8410,45935,206
No. Deals
401,250,332.2▼
124Central America▼
10,304▲
Americas
-34.7 Mexico1,173,407.9
112-9.9 9,588
▼8,176
2,212,201.2
Rank Val US$m
% Change in Rank Value
South America
8,409
552
-33.991
Target Region/Nation
North America
78
41,222.0
No. Deals
5,635.611,352.9
5,318.2 9,153.1
1,109,397.7
307
1,179United States 1,200,232.2
20,235.1
▲7,323
▲
12.3▲▲▼
▼▲
18,516.358346,675.9
174.2
28.0-80.9
345 ▲
-41.9-5.5
55.3
-4.0
28.4
▼
-7.6853
1/1/2016 - 09/30/2016
1,241,454.1 ▼▼
▼▼
% Change in Rank Value
▼▼
Worldwide Announced M&A Target Industry by ValueScorecard: Worldwide Announced M&A
1,851▼
24.8-65.0-13.8 ▼
▲▼
15.2%
13.9%
12.4%
10.1% 9.6%
8.8%
6.5%
6.0%
5.7%
4.5%3.8%3.4%
South East Asia
United States / United States 15,972.8
Pending
634,237.9
6/30/2017
267.1
Janssen Holding GmbH
Target (% Sought/Acquired)Rank Date Date Effective
Singapore
1,206
Intended
Australia
Hong Kong
1,804
46,569.7
64,864.5
5/15/2017
Asia-Pacific
7,165.5
1,06449,386.1
40,692.21,427
352
9,666
6/16/2017
13.4969124.0
Malaysia
3,983
2/1/20176/15/2017 United Kingdom / United States
8/21/2017Pending
Pending
9/20/2017
Pending
9/4/2017
4/23/2017
Pending1/16/2017
17,828.5
Luxottica Group SpA (61.9%)16,421.17/14/2017
United States / United StatesONEOK Inc
Pending
Nesta Investment Holdings Ltd
Calpine Corp (100%)16,092.4
Discovery Communications Inc
Calpine Corp SPV
Shareholders
Reckitt Benckiser Group PLC
Essilor International SAChina / Singapore
18,800.0United States / United States
Actelion Pharmaceuticals Ltd (100%)
17,930.0
20,047.6
KK Pangea
United States / United StatesAbertis Infraestructuras SA (100%)
Japan / JapanMead Johnson Nutrition Co (100%)
Global Logistic Properties Ltd (100%)
CR Bard Inc (100%)
17,118.1
Sempra Energy Inc
20,956.7
▼838
ONEOK Partners LP (60%)
65,197.8
2/1/2017
Rockwell Collins Inc (100%)29,038.524,226.8
Italy / Spain
Becton Dickinson & Co
▼
Toshiba Memory Corp (100%)
Cyclops Holdings Inc
34,675.3United Technologies Corp
1,328
United States / United States
Energy Future Holdings Corp (100%)
Switzerland / Switzerland
Sweden / SwedenValepar SA (100%)
6/15/2017
41,630.7South AsiaCentral Asia 83.4
8/14/2017
1/26/2017
6/15/2017
29,274.4
▲
Australasia
4,139571
370,913.7
1,086
2,818.9 New Zealand▲
South Asia 29,274.4
85.3
▲
North Asia
39,738.1ChinaSouth Korea
15,771.0
266,841.4
41,554.4
▲
32,349.21,788
206
125
335 Malaysia
▼
▲
2.0
3451,559
21,957.1
-8.2131
North AsiaChina 349,650.1
478,356.6
63,652.2
1,923
36,706.1
452,385.1
489.9
6,035350
5,947
48
28,411.4643
▼38.1
60,596.6Japan50
▲
Top Fifteen Worldwide Announced Deals
243.2Japan
5,800.6
593,464.8 9,601
897
23.5
17.4
45,643.1
55,261.2
1,0386.9
South East Asia
0.635,797.5
▲Australasia
▲37,749.1
838871,738.6
749
Asia-Pacific 372,603.9840▲49,112.5
30,230.3
Central Asia43,842.9
34
Rank Value (US$m)Acquiror
Australia
963
▼
-7.1
▼-5.75.7 ▲
-35.567,937.240
370,580.8
22.8-29.6
1,196
232 -15.9
685
-84.3
3,6652,892
Singapore4,914.1
239
197,761.5▲
-35.4305,919.0
18,761.3
8302,412
-13.7-28.0
-29.641,554.4 963
-21.7
2175,693.8
39,754.0
5,370
913,888.1
476,004.443,753.3
6,004
-10.0640741 -13.7
▼
▼
Jan 1 - Sept 30 2017
Vale SA
Pending
2/20/2017
8/18/2017France / Italy
Atlantia SpAAcquiror / Target Nation
Essity AB (100%)Brazil / Brazil
Healthcare / Healthcare Equipment & Supplies
Energy and Power / Power
Materials / Metals & Mining
Energy and Power / Oil & Gas
High Technology / Semiconductors
Consumer Staples / Household & Personal Products
Consumer Staples / Food and Beverage
High Technology / Software
-55.3
▼▼
▼▼▼
▼▼
Target Macro / Mid Industry
2,587.2New Zealand
Scripps Networks Interactive (100%)3/13/20177/31/2017
PendingPending
Mobileye NV (100%) United States / IsraelUnited States / United States
14,964.314,607.7 Media and Entertainment / Cable
Industrials / Transportation & InfrastructureIndustrials / Aerospace & Defense
Healthcare / Pharmaceuticals
Industrials / Other IndustrialsConsumer Products and Services / Other Consumer Product
Energy and Power / Power
Energy and Power Industrials
Real Estate High Technology
Financials Healthcare
Materials Consumer Products and Services
Consumer Staples Media and Entertainment
Retail Telecommunications
Government and Agencies
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Evercore Partners
Jefferies LLCNomura 20
62,366.170,561.2
2.4
▲73,742.2 3.0
2 254 668 2
2.93.0
2.560,038.957,726.5
3.51.5
3514
84,724.7
2.1
Centerview Partners LLC
33
Rothschild & Co9
1211
19
17
MediobancaBNP Paribas SA
18
12
15
148
10
68
26
+2
-3.0
2
202,014.6Credit SuisseBarclays 6
+30.5
+19
▼
Worldwide Announced (AD1)
▲1.8
▲
-0.97.1
2Morgan Stanley1
Morgan StanleyGoldman Sachs & Co
▲
-0.9
▼▼
▲19.2
0.3
5.3
215,236.3 8.87
4
Citi332,607.40.4
13.715.3
506,422.0
32 79,181.713
394,831.5
93-2.0
2.6
0.3
▲
0.799
-3.720
▼
110+5
0.3 -150.1
39
▲▲
1 3▲▼
▼2.1
0.3
0.2+10.135 0.1
1 ▼10 068 452 1 32 5 0 1 0 0▲ M Klein & Co LLC ▲2 6+7-13 ▼0.258.271,063.8 1.53.2 ▲
▼▼
65▲20
-2▲0.6
3 133
75,937.5
3.3184
Wells Fargo & Co
21
19 73,627.9China International Capital Co
156.8-50.2
▼0.135
0.2
▼0.6
131.4 ▼0.1 0.0
54▲ 0.3
88.1-30 0.1
▼0.10.5
+5▼
-▼
▲ 0.3
38.4▼ 3.4 72
4618▲ Alantra Partners SA 3.373,829.1 ▲
▲1.017
80,316.40.9
Industrial & Comm Bank China
▲16 3.6
25
10119,319.4 0.114
13
▲ 15
Rothschild & Co
CITICRBC Capital Markets 5.4
84,155.5 3.816
28HSBC Holdings PLC
5.5121,935.4317.6522.60.9 ▼
0.5 ▲74▲
-5.7
21▼
0.10.2
531.2
-24-9 ▼
1.2 ▼
0.2 ▲
0.61.0
+130.3
▼
134.5
0.430
▼▼
2250.1126,571.8
9 9.2
1.9▼
1.40.8-5.45.7
▼
9.4-4.8-0.1
▼0.3
92▼ ▼
▼228.4-6-9 388.0
0.20.5
▼-17 1.5
539.890 -14
▼640.8658.5 0.5411.2
▼-4.412.4
▼
▲-5.5
-1
▼▼ 0.310.7 102▲ Credit Suisse ▲▼ 152
236,373.8▼ 0.4
0.4298,824.63.1▼ +10303,516.0 160
▲0.1▲
2.30.6 +20
▼▼
2.4
+10 723.50.70.5
▼13318813.586
7 282,062.1Barclays
423,113.5▲0.6
0.5 ▲-7.6848.8
0.3
0.5-3.6
12.8
4 522,333.8 ▼
-7.9▼
23.6
13.71,073.51,379.5
142 -6
▼
▼0.8
-28194 1,279.2
Sh (%)
# of Deals per Advisor
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
+31
Market2016 Rank
25.9
Fees259
US$m
+80.7-4.0
▼698,182.1Sh (%)Share Ch.
2 231.6
572,880.5▲ ▼
-5.1
Market Rank Value Market2017 Rank
Rank Value per Advisor (US$m)
▲
MarketSh (%)
# of Deals per Advisor
53
US$m DealsShare Ch.20.8
345
▼▼
0.5 Bank of America Merrill LynchJP Morgan
-5.0
154
290
3.4
134
1.0
▼
269
▲179
-1.0
-1
123
-4.6 0.4
0.6
0.3
▼
0 1
11RBC Capital Markets
▼
Perella Weinberg Partners LP
21
7.0
8.3
18
3.3
192,214.8
129,760.3
9
73,104.71650
China International Capital Co
UBS
Moelis & Co
172,563.510169,318.2151,017.3
Deutsche Bank
15
208,462.1
Market
Lazard 8
3
Bank of America Merrill Lynch45
Citi
# of
19.1
245▼
▼
▲246 0.7
1
-11
7.9
16.2
7 5
3
-7.3
6 373,592.1
Rank ValueFinancial Advisor
211-2.3
1
Change in
Goldman Sachs & Co# of Deals+41
Jan 1 - Sept 30
0.8466,938.3 -4.4 0.7
2017 Rank
Rank Value per Advisor (US$m)
1 ▼Sh ($)
Jan 1 - Sept 30
Worldwide Rankings
2016 RankFinancial Advisor Deals
Imputed Fees (US$m)
3.3
JP Morgan
-2.6
23
1.542 0.1-18-4
12
25 0.1▼0.3
-17
130.8
127105
▼
99
11
Evercore Partners
-2 Centerview Partners LLC
▼Deutsche Bank
-8
88
273,923.269-12 UBS
▼12
203,815.510
▼
8
11-13
-20
▼
+4▲▼
7Lazard
0.20.30.40.3
+3-11
▼1.74.7 ▼
# of DealsMarket Advisor
▲▼
# of
Worldwide Completed (AF1)
Market
2.0
2.6
3.9
1.95.0 1.4
199169
6.2
Market
1,866.6
Change in
1.0Share Ch.Sh (%)
6.8
* tie
Jan 1 - Sept 30 2017
96,587.5 28.5
17
Citi
1
7 10.632
245,855.1
JP Morgan
13.7Goldman Sachs & Co14.8
JP Morgan
3302,613.1
117,086.3
41,362.3
Goldman Sachs & Co
Industry Total†25
Morgan Stanley
HSBC Holdings PLC 1.9
38,728.2TD Securities Inc 37,943.7
1.6CITICMacquarie Group
1.6
41,682.947,303.4
2.254,668.2Centerview Partners LLC 181922
-8-1.5
1.70
80▼0.1
3941
28
2,292
56
Top WW Announced M&A Advisors by Target Industry
2.8%
42
Mkt.
1.10.4
-1.3
-4.4▼▼
0.2
-9.2%
52,071.861,370.3
26
42-
▲
100.02,212,201.2
-28▼
No. Deals
+1542,435,332.3
-3.0% ▼
Rank
232425
369,839.9
▲
▲35,360
Share
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
-8.5%
BMO Capital Markets
▲▼
Industry % Change from Same Period Last Year
Guggenheim Securities LLC
Industry Total
BNP Paribas SA15
22
-14.2%▼
0.1 +17 China Construction Bank 44,812.4199
▼
9
-3.8%▼
2.0 2.0 ▲0.1
-3.6 ▼2.4 ▲ 0.3
▲
-3 0.1-14
13.5
▼
▼ 197.5
19.5%
27,407.3▼
-1,0450.0 0.1
▲▲
100.0
0.80.7
0.2▼▲
0.2219.618
0.252 0.20.7+2 ▲
1
0.1+21
▼-1▲
0.066,270.968,452.1 -32.5 0.1
182.70.0
▲2.13.0▲ M Klein & Co LLC ▲2.6+7 65 3.121
Goldman Sachs & CoMorgan Stanley
3
2
17
27.6
235,008.3
1
0.1
Jan 1 - Sept 30
43 25,506.6 3
39 35,777.835,002.3
Morgan Stanley
33,345.2Financials
67,889.0
Industry % Change from Same Period Last Year
338,518.9Industrials
High Technology
▲
Citi
34.6
1
32,103.8
2
Bank of America Merrill Lynch
95,267.9
44,830.3
82,831.8
24
77,453.7
Rank Val US$mEnergy and Power
87,782.2Morgan Stanley
21
Real Estate
Barclays
Industry % Change from Last Quarter
66100.0
23 1340
4,809
61,037.4
30
Industry % Change from Last Quarter -10.3%
21
10.9
5,235
31 24.813.6
3,804 15.214.9
28
JP MorganGoldman Sachs & Co
34
2,873
3
33
35
21
20.9
-12.0%0.4%
29 24.52
23.7
1
0.2
30 25.8
▼
2.884
26,210
▼
365.77 327.65 316.45
207.94 238.78 163.35 138.30 128.40 141.51 119.49 129.63
81.8 88.1
48.1
47.5 34.2
51.9
34.8 31.1 49.8 21.4
21.0
20.0
24.2
24.2 29.0 29.0
29.0 29.0
30.2
30.2
30.2
34.7
34.7
34.7
$0
$100
$200
$300
$400
$500
$600
Goldman Sachs & Co
Morgan Stanley
JP Morgan Citi Bank of America
Merrill Lynch
Barclays Credit Suisse Lazard Rothschild & Co
Evercore Partners
UBS
Ran
k Va
lue
(US
$bil)
Abertis Infraestructuras SA/Atlantia SpARockwell Collins Inc/United Technologies CorpActelion Pharmaceuticals Ltd/Janssen Holding GmbHCR Bard Inc/Becton Dickinson & CoValepar SA/Vale SAOther Top 15 DealsAll Other Transactions
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Jan 1 - Sept 302017 UP
2017 DOWN 2016EMEAAmericas
Worldwide M&A Matrix
25.3x
Japan
13.0x
Asia ex. JapanEurope
11.8x
14.8x
9.7x
15.5x17.9x
17.5x
12.6x
15.9x
15.7x
Exit Multiple Matrix - Average Rank Value / EBITDA
Canada
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
14.0x
13.4x
USA
11.4x
12.9x 17.3x
13.7x
13.2x14.1x
Telecommunications
Real Estate
Media and Entertainment
Retail
15.0x
-
19.3x
22.3x 20.8x
8.6x
14.1x
10.9x
11.3x
24.0x
6.5x
24.6x
14.1x
7.0x
Industrials 13.9x14.8x
12.8x
18.5x 31.9x
World
15.8x 12.0x
13.8x
10.8x
21.4x
9.6x
12.4x
20.9x
UK
13.7x
7.6x
20.1x
11.5x 15.6x11.7x
11.4x25.0x
12.1x 9.8x
14.8x
17.7x
15.5x
-
17.9x
-
20.9x
-11.6x
20.1x
9.6x
23.1x 26.2x8.1x
14.2x25.6x 14.9x
25.2x25.2x
14.9x21.3x 12.1x
22.6x 19.2x
16.6x16.6x16.0x
7.9x
15.9x15.9x 10.0x
6.6x16.2x
11.6x
11.7x12.6x
13.9x 13.9x
8.8x
13.8x
11.0x
11.5x
14.4x
16.0x10.4x
17.8x11.4x 16.0x
10.7x
11.6x
19.2x
-20.5x
18.4x8.9x
12.3x
12.9x 17.1x14.5x
11.0x 10.1x
11.2x11.4x
7.2x 15.1x
12.4x 9.8x
16.1x
10.4x
24.1x12.2x 11.3x
12.7x
25.3x12.2x
9.4x18.1x
9.5x
20.4x
13.4x14.9x 18.1x17.8x
16.3x 23.8x
14.9x
11.0x12.9x
10.7x
11.4x
14.3x
16.5x 21.2x
6.8x9.3x17.4x
15.9x
16.5x 15.8x
6.8x9.7x
16.7x
13.7x
12.9x
24.0x 15.2x
17.7x
14.5x
7.9x
10.9x
13.8x
7.5x 11.6x
14.5x
-
15.2x
22.6x11.9x11.7x 15.0x 14.1x
8.8x
20.1x20.9x
10.0x
23.5x
10.5x
13.5x 12.2x
19.3x
10.6x
16.7x
17.2x
Energy and Power
16.2x
Materials
12.5x
15.3x
15.7x
Healthcare
14.6x
High Technology
13.9x
14.5x
11.8x 12.1x
Consumer Staples
Consumer Products and Services
Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Sept 30
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2016 - 09/30/2017 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
Consumer Staples
29.429.9
29.8
World
38.118.1
27.1
-
24.138.3 17.8
26.623.9
29.7
- -
24.7
22.5
27.6
27.629.4
26.7
23.5
29.0-
17.8
34.0
30.6
30.8
30.7
28.6
33.923.8
34.1
31.1
19.7
16.2
24.56.1
9.419.1
31.3 23.0
92.424.7
40.7
27.7
42.4 33.0
13.2
26.9
18.114.9
23.423.0
27.0
30.926.4 22.6
20.5
24.4 35.1
-10.724.1
-
23.4
Average Industry Total
28.9
33.714.9
21.6
16.8
33.8
2017 UP 2017 DOWN
35.025.7
30.9
Financials
30.8
14.044.3
23.6
13.1x
39.1 40.323.5
39.0
42.2
33.931.0
39.3
19.3
23.9
16.6
23.5
28.0
27.6
29.625.0
30.3
Media and Entertainment
30.7
Telecommunications 29.0
Materials
24.2
22.8
25.2
Retail
Energy and Power
22.9
Average Industry Total
29.6
24.0
High Technology
Industrials
28.8
21.4
28.4
Canada
20.9
Healthcare
Consumer Products and Services
43.0
26.8
51.522.4
29.9
40.8
20.2
37.0
40.5
34.934.9
Americas
40.4
21.9
-
USA
12.0x14.3x 16.0x
34.537.8
53.1
55.730.0
42.140.0
21.2
40.0
53.0
10.8x
22.8
3.8
24.8
3.8
15.4
-
19.8
44.216.3
-
12.4x 13.1x
32.3
27.3
19.2
17.7
Japan
21.4
Asia ex. Japan
23.4
21.3 13.335.5
11.5
17.6
19.7
19.1
36.9
36.0 25.4
26.312.327.926.7
30.1
30.810.326.2
28.8
23.0
17.3
25.132.6
Europe
12.5x
24.0
21.4
40.1
27.2
38.6
29.6
23.8
-
45.6
27.8
23.3
65.6
38.917.3
5.133.1
15.8
32.3
23.413.1
22.0
23.542
38.9
21.7
17.3
-
47.4
35.4
41.1
33.4
-
17.2
25.7
25.4
30.6
47.6
36.4
27.0
19.7-
28.2
54.6
-
26.5
23.7
29.9 30.5
27.6
42.3
16.4
11.8x13.3x 17.3x18.4x 17.3x
2016
19.6
14.4x
21.424.9
13.3x
EMEA
Real Estate 12.3
36.7 36.1
86.1 86.1
23.5
30.9
16.6x
100.0
UK
34.5
15.7x15.4x
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First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
Worldwide Announced Rankings* - A Decade in Review
1
2
3
4
1
2
3
4
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Citi
* League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year
5
6
7
8
9
102008 2009 2010 2011 2012 2013 2014 2015 2016 2017
5
6
7
8
9
10
Ran
k
Bank of America Merrill Lynch
Barclays
Credit Suisse
Lazard
Rothschild & Co
Evercore Partners
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26.0 22 Morgan Stanley
1
Americas M&A volume during the first nine months of 2017 was flat compared to the first nine months of 2016, accruingUS$1.35 trillion in activity from 14,802 announced deals. According to estimates, fees generated from completed deals inthe Americas totaled US$18.1 billion, a 14% increase from fees earned duirng the first nine months of 2016.
US Targeted M&A saw a decrease in the first nine months of 2017 from a volume perspective, down 12% compared toannounced M&A during the same period a year ago, accruing a total of US$901.1 billion. Conversely, the number of UStargeted transactions announced during the first nine months of 2017 reached 9,853 deals, a 17.8% increase from a yearago.
The Energy & Power sector led the US market, with deal volume totaling US$177.8 billion, accounting for a 19.7% market share. Healthcare followed, accruing US$121.2 billion for a 13.5% share of the market. Real Estate rounded out the top3 sectors, with US$94.7 billion and a 10.5% share.
Accumulating US$159.9 billion in transaction value, announced Canadian Involvement activity decreased 24.8% from thetotals reached during the first nine months of 2016. Completed Canadian Involvement activity was up 63.3% compared tothe first nine months of 2016, driven by the completion of Enbridge Inc's and Spectra Energy Corp's US$43.1 billionmerger in Q1.
In the Americas, all sectors saw an increase in exit multiples during the first nine months of 2017 except ConsumerStaples, Healthcare and Telecommunications. Overall average EBITDA multiples across industries in the Americasposted an increase during the period rising to 15 7x compared to 13 1x averaged during the first nine months of 2016
15.9
2 21.5Citi
21 9 12,843.0 3
16,644.0
10 38.1
16.6
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
Americas M&A Flat | Energy & Power Volume Drives US Activity | Canadian Activity Decreases 25%
12
Americas M&A
18
1,05541.0
43,722.432,176.3
1Citi84,466.4 46,946.3
JP Morgan 20,180.9
Share
36.5
13.3315.9
27.8
55.69 2
31,698
6
51.8
988 8
4 8
34.331 10
24
987 25.932.0
Rank
1
Mkt.
563
No. Deals
2
15,060.515,026.212,582.9
12
2
3
1
49,468.0121,204.3
49,653.938,764.131,373.5
94,657.6 5 3
Evercore Partners
Bank of America Merrill LynchJP Morgan
Goldman Sachs & CoJP MorganPerella Weinberg Partners LP
Morgan Stanley
Americas Deals Intelligence
Energy and Power
Healthcare
Real Estate
Industrials
High Technology
Barclays
Morgan Stanley
77,602.5
US Announced Advisors by Target Industry Jan 1 - Sept 30 2017
JP Morgan
Rank Val (US$m)177,755.6
64,912.260,952.5Morgan Stanley
Energy and Power / PowerConsumer Staples / Food and Beverage
US Buyside Financial Sponsor Activity (Any Buyside Financial Sponsor Involvement)
6/16/2017 Whole Foods Market Inc (100%)
posted an increase during the period, rising to 15.7x compared to 13.1x averaged during the first nine months of 2016.
Pending8/18/2017
United Technologies Corp
Calpine Corp SPVCalpine Corp (100%)
2/1/20176/30/2017
Industrials / Aerospace & DefenseHealthcare / Healthcare Equipment & Supplies24,226.8
30,230.3Rank Value (US$m)
17,118.1United Kingdom / United StatesReckitt Benckiser Group PLC
Media and Entertainment / Cable
Energy and Power / Oil & Gas
Retail / Food & Beverage RetailingEnergy and Power / Oil & Gas
United States / United States
Pending Kite Pharma Inc (100%) 11,074.4
8/28/2017
17,828.5
United States / United StatesAmazon.com Inc
8/28/2017
2/1/2017
Scripps Networks Interactive (100%)7/31/2017
ONEOK Partners LP (60%)
Healthcare / Biotechnology
United States / United States
United States / United States14,607.7
United States / United States
ONEOK Inc
United States / United States13,598.4
Energy and Power / Power15,972.8
Gilead Sciences Inc
Pending
Pending WPZ GP LLC (100%) Williams Partners LP
United States / United StatesDiscovery Communications Inc
11,357.7
4/23/20178/21/2017
Date Effective
Energy Future Holdings Corp (100%)
Pending Rockwell Collins Inc (100%)
Mead Johnson Nutrition Co (100%)
9/4/2017Rank Date
6/15/2017
1/9/2017
PendingSempra Energy Inc
United States / United StatesUnited States / United States
CR Bard Inc (100%) Becton Dickinson & CoPending 18,800.0
Target (% Sought/Acquired) Acquiror Target Macro / Mid IndustryAcquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – Sept 30 2017
Jan 1 – Sept 30 2017US Target Announced M&A Target Industry by Value (US$ bil)
19.7%
13.5%
10.5%
9.4%8.6%
8.4%
7.9%
5.6%
5.6%
Energy and Power Healthcare Real EstateIndustrials High Technology FinancialsConsumer Products and Services Media and Entertainment RetailMaterials Consumer Staples TelecommunicationsGovernment and Agencies
17.5 25.8 26.7 77.1 78.8
114.6
30.5 60.0 27.7 33.5
33.6 34.1
33.3 46.2
49.7
65.5
88.6
18.3
14.1
27.7 26.6
51.3
42.6 51.9
91.6
63.2
84.6
25.1
39.4 64.5
56.1
59.9 43.8
133.2
62.1
29.1%
37.5%
42.1%
37.7%
46.8%
55.4%
43.1%
55.1%
44.8%47.3%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Rnk
Val
US$
bil
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of WW FS Volume YTD
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Moelis & Co Deutsche Bank
▼1.5 -0.3 0.4 -0.40.3 -16 ▼ 79.3 ▼2.2 ▲ 20 0.1 25 22,196.6Sandler O'Neill Partners 25 34▲
Alantra Partners SA 25 194 29,153.8 2.21.9 0.7
+1 ▲32 26,922.0 0.3 0.1▲ 45.4▲ 18 0.1 +70.7 ▲ 28 0.2 HSBC Holdings PLC 24-10 ▼
-PJT Partners Inc 24 29 29,682.5 2.2
16 0.1 +9 ▲ 0.1 0.0137 29,053.5 2.0 2.0 0.1 -6 ▼ 15.9Alantra Partners SA 230.6 0.20.3 +20 ▲ 111.5
▲ 15▲
Allen & Co Inc 23 23 30,112.4 2.2 -0.4 ▼▲ 37+17 ▲ TD Securities Inc 22
0.3 0.251 33,125.358 34,209.6 0.2 +9
2.3 1.72.3▲
1.2 ▲0 -
25 0.216 0.1
HSBC Holdings PLC 22 35 31,406.0
▼Nomura 21 52 31,817.5 2.4 1.8 ▲ ▲61.3
33 0.2 -24 ▼ ▼ 612.5 -4.6Banco Bradesco SA 21Moelis & Co 20
▲ 212.4 2.016 35,662.7 0.5 -25 1.1 0.6▼ 193.3
2.8 0.4 1.6 0.60.6 -17 ▼ 284.7▲ 78 ▼Wells Fargo & Co 20 12 33,397.8 2.5 -6.0 ▼
-3.1 ▼ 17 0.1 22 40,614.3Jefferies LLC 19▼
Guggenheim Securities LLC 19 15 35,603.3 2.63.0 -2.8
-3 ▼18 42,980.5 1.2 0.5▼ 215.0▼ 78 0.6 -91.9 ▲ 42 0.3 Rothschild & Co 18+16 ▲
▲TD Securities Inc 18 42 37,943.7 2.8
94 0.6 -12 ▼ 1.2 0.313 61,370.3 4.3 -6.2 0.1 +1 ▲ 218.6Guggenheim Securities LLC 171.0 0.30.4 +20 ▲ 181.6
▼ 17▲
Rothschild & Co 17 13 45,112.0 3.3 -5.1 ▼▲ 50-30 ▼ BMO Capital Markets 16
0.2 0.127 65,201.344 68,452.1 0.0 -1
4.5 3.03.8▼
-7.7 ▼-8 ▼
75 0.598 0.7
RBC Capital Markets 16 8 50,846.5
▼Jefferies LLC 15 21 52,166.6 3.9 0.9 ▲ ▲32.5
38 0.3 +6 ▲ ▲ 325.0 0.5M Klein & Co LLC 15Wells Fargo & Co 14
▲ 14.7 4.021 72,223.4 0.3 -7 0.8 0.3▼ 151.0
7.5 -1.2 1.6 0.50.5 -16 ▼ 281.6▼ 62 ▼Centerview Partners LLC 14 14 53,344.4 4.0 -2.2 ▼
3.3 ▲ 17 0.1 15 108,639.2RBC Capital Markets 13▼
Perella Weinberg Partners LP 13 45 54,784.6 4.18.7 -9.4
+3 ▲1.3 1.4▼ 226.1▼ 29 0.2 -7Centerview Partners LLC 12-6 ▼ 9 126,220.0-4.4 ▼ 58 0.4
0.5 ▲ -Deutsche Bank 12 10 69,602.2 5.2
66 0.4 +4 ▲ 1.4 0.014 141,826.0 9.8 -0.5 0.4 +4 ▲ 261.2UBS 111.5 0.40.4 -7 ▼ 279.0
▼ 53
2.9 0.4▼ 53 ▼
UBS 11 17 74,493.8 5.5
0.8 +1711.2 -7.4
▼ 10113.6 -10.890.5
0 - ▲ 525.58 161,399.17 195,818.3
3.2 ▲ 72109
10-23 ▼Credit Suisse-8.0 ▼
10 22 80,541.6 6.0
▲Credit Suisse 9 6 131,257.7 9.7 ▼0.7
▼ 85119 0.8 +5 ▲ Evercore Partners 8 11 203,006.2 14.1 -0.1 0.7 -4 518.016.8 0.7 2.7 0.10.9 +16108 ▼
Lazard 8 11 138,963.0 10.3 2.9 0.2▼0.8 ▲0.2 ▲10.4
18.1-6 ▼113 0.8 Lazard 7Evercore Partners 7 9 140,665.6
▼102 0.8 -2 3.010 243,115.9 ▲ 489.5▲
261,145.1Barclays 6 6 0.6▼ 548.70.7709.9 ▲0.7 -10 3.9
-21 ▼ ▼-8.0Barclays 6 4 180,705.8 13.4108
-6.8 ▼ 106Bank of America Merrill Lynch 0.65 268,471.1 18.6 -8.9 0.9 +24 ▲109▼
0.9 +4 ▲ 886.2331,577.3 10934.0▼ Citi 5
45 3 225,658.0
1.3
16.7 -10.4 ▼▲ 121 ▲ ▲0.9
+523.0 -8.1
▼▲ 6.4▼ 4.9
Morgan Stanley
Citi 4 7 257,013.1JP MorganGoldman Sachs & Co
3 5 289,214.21.1
1.30.8
▲Bank of America Merrill Lynch
28.1 150+5172 1.2447,374.2
+14▲
2
19.021.4 3
1.3 ▲JP Morgan
▼1,063.7 1.6▼ 1332 +32
▼ 31.0 -0.1Morgan Stanley 1
347,103.22 1360,155.8
25.7 -5.9Goldman Sachs & Co▲154 1.0
+25199+9▼
5.9-1.2
Sh (%) Sh (%)Sh (%) # of Deals Fees
▼-0.5 1,151.1
▲1 ▼40.0 1,635.10
405,877.242
9.0
Rank Value per Advisor (US$m)
-1.91 577,033.8 1.6193
# of2017 Rank
2016 RankUS$m
Rank ValueShare Ch. Financial Advisor
MarketChange in MarketRank Value MarketShare Ch.Deals
Jan 1 – Sept 30Any Americas Involvement Announced (AD49)
Market
Americas Rankings
Rank Value per Advisor (US$m)2016 Rank
26.7 -1.3Sh (%) Sh (%)
Advisor
0.6Financial Advisor
MarketMarket# of Deals Share Ch.
# of
▼
2017 Rank
# of Deals per Advisor # of Deals per AdvisorMarket
Jan 1 – Sept 30
Change in
Any Americas Involvement Completed (AF55)
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
DealsUS$m
Imputed Fees (US$m)Market
†Note: Industry Totals include multiple competing bids for the same Target.
Moelis & Co Deutsche Bank
†Note: Industry Totals include multiple competing bids for the same Target.
Piper Jaffray Cos 17,453.924 10 0.1
100.0-625
901,092.1Industry Total
▼-12.0%
2446
▼
▲2.2%
-414,405.1
Rothschild & Co 23 1.826
19.4%Industry % Change from Same Period Last Year
▼-12.1%
8,409
▲Industry % Change from Last Quarter
▼-6.3%▼▲
▲23
14.8%
100.0▼
-7.6% ▲
0.31.6+1,086
▲
13,598.4
11.4%
-6▼ 0.6
0.5▼76.4 0.12225▼
100.0Industry Total 1,109,397.7
0.5 ▼0.1 ▲ 64.7
▲5 0.1 -2 ▼ 0.0 -0.9
0.0124.0
0.10.1▲+2 13.3▲
1.720,063.90.318,314.3 1.7
27-0.1
1.7 -6.222 HSBC Holdings PLC0.3 -21
1.03822
Qatalyst Partners 23
-170.0 +2
▼ 321,937.7 2.0206* 2.0 ▲22.0
10 17,535.8
20▲▲ -+22 0.0 21
22,196.6Robey Warshaw LLP
▼▲ 0.2 ▲27.0
78.20.20.6 0.4▼
0.7▲ 0.1 +6 1.2-0.2 0.4+641 25
▼-5.7▲19 - 155.8▼25,852.3 2.9 Moelis & Co 19 16 30,223.2 2.7 -1836,798.918
▼ 45 0.5
+3 ▲▲
0.5218.6 1.60.228 4.417
1.83.394.5
24 66 247.7+1
0.8 -7 ▼0.60.7 ▲ ▼▲ 0.70.2▲ 19
▼0.419 67,731.9 6.1▲▼5.5 0.2
1.0
▲13
3.049,241.2
32.510.3 -8 128.60.0
28 ▼1.90.4
0.6 ▲Wells Fargo & Co 150.868,452.1
▲UBS 14 19 48,878.7 5.4 5.8 ▲
0.1▼ 1.60.2
0.5-6.2M Klein & Co LLC
13 85,252.7 ▼0
Jefferies LLC 15 21 47,251.3▲39 0.1▲ 14 45
-442189.0218.37.7RBC Capital Markets
+715
33 ▲13 15 50,623.1 34 -1.4▲0.3 +5▼-1.4
32 6.05.6
Deutsche Bank0.1▲ UBSPerella Weinberg Partners LP 12
Centerview Partners LLC▲123,834.2 11.2 1.3 ▲ 0.4 1.4
-2.00.1
11 854,044.8 +14.9 ▲ 14
0.511 12 56,046.2 +1 ▲ Centerview Partners LLC▼ 0.46.2
3873,966.6 8.2 5.1 57 926 0.3 -8 209.9 1.5▼ ▼
0.01.7226.8 -0.1
1.8▲
-13.7 ▼ ▼411.6 3.0+21 ▲+2-5.8
-12.9▲
▼▼
0.97479189,247.7
Credit Suisse▲0.1▲ 65 ▼ 443.60.8 -12 3.3▲
Lazard 8 11 84,555.7 9.4▲7
17.1 0.10.10.7 +1017.1 -0.7 ▼ 359.763 2.7
▼ 7110▼
Citi 6189,678.3Lazard
▲Evercore Partners 7 8 128,559.4 14.3 2.3 ▲
3.9-10 0.54 205,693.4 18.5 -13.3 ▲ 525.6▼ 0.8 +153 138,148.8 15.3 -13.816.0 -6.5 440.1▼ 0.9 Barclays-785 ▼77 0.9 -5
▲5.5 1.23.2 0.7 ▼
751.0-9.520.4Barclays 5 5 144,575.4 225,852.15 5
18.5 Bank of America Merrill Lynch 280,625.1 25.3 -8.7 774 2▲JP Morgan
1.7 ▲ 0.8 +982 0.9 +8 ▲
-531.8
▲▼ 1.3
▼1.4 +93
Morgan Stanley0.8992.8
1.132.7 903 -0.2 ▼363,077.5 ▼7.3▲ 1152.26
▼790.9 5.8▼
2.7+141 209,107.6 23.2 -13.4
1.3127129
216,128.3▼
24.0 0.1+19 ▲494,284.2 44.6 0.0 ▲
▲
Financial Advisor2 243,266.0 0.69.8130 1.51 1105 1,333.51.1 +8 ▲ Goldman Sachs & Co
MarketShare Ch. Deals Sh (%) # of Deals
Market
27.0 -3.1 ▼US$mDeals Sh (%) Share Ch.Sh (%)
AdvisorFees
# of Change in 2017 Rank
2016 Rank
Rank Value Market Change in Market# of Deals Sh (%)
2016 Rank
Market
US Target Announced (AD2) Jan 1 – Sept 30
MarketRank Value Market2017 Rank
Industry % Change from Same Period Last Year -3.1%
US Target Completed (AF2) Jan 1 – Sept 30
11.0% ▲ 14.0% ▲Industry % Change from Last Quarter 5.8%
▼
100.0
-11.3% ▼▲
Imputed Fees (US$m)
▼
18,110.3
Rank Value per Advisor (US$m) # of Deals per Advisor
▼ -8.1%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter 2.0% ▲ -12.1%Industry % Change from Same Period Last Year -0.2% ▼ 13.5% ▲
Industry Total† +1,1961,444,531.6 12,0881,350,326.4 100.0 +1,76214,802 100.0Industry Total,,
▼
15
5.2
-133.2
-1.3
2.0
0.68.4 +13
-10
+9
Sandler O'Neill Partners 20
▼17.8%
-7
HSBC Holdings PLC 2.92.5
Wells Fargo & Co
166,599.2
Allen & Co Inc14
Credit Suisse 9 6
17
75,884.010 22
13 15,637.7
Financial Advisor US$m Sh (%) Share Ch.Morgan Stanley
Goldman Sachs & Co 3JP Morgan 2 4
RBC Capital Markets20
Citi 4
Guggenheim Securities LLC 16
9
7
Bank of America Merrill Lynch 6
1
0.2
-10.9%
18
33
-1.2
▼2.02.0Robey Warshaw LLP 21 2.42.4
0.658
-9.1
Industry % Change from Last Quarter
PJT Partners Inc
0.4▼
0.529,180.329,485.7
+1,489
22▼ -8▲
0.20.2
-3.5-0.1
17
- 22,028.5
35,603.3 4.03.3
51
▼
▼
▼▲
▼
82
6
▲
0.4
Evercore Partners 869 0.7
10▲
1241
7911
-10.4 ▼144,703.7
11.2
150,683.9
124,472.913.013.6
▼
Sandler O'Neill Partners
▼
PJT Partners Inc24Perella Weinberg Partners LP▼
22,028.5
61,370.3
352,707.0
▲
+4▲
▲
0.8
14
▼
0.9 -90.766
▲
Jefferies LLC
Market # of
▼BMO Capital MarketsGuggenheim Securities LLC
+3
▼
▼-1
+3
2▲
+4
▲-7.5
▼
16
89
23 22,073.0
28
-8.1
-0.4
15,211.81.6
Industry % Change from Same Period Last Year
1.09,853
17
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Moelis & Co Deutsche Bank
95
-14
▲
3Barclays
3.5
▼
0.3
2017 Rank
Goldman Sachs & Co
0.1
0.1
▼-70.2
0.8
+9-2
▼78
Lazard
M Klein & Co LLC▼
-
▲
▼
▼15
▼
▲
RBC Capital Markets 13
▲
Barclays▼
Americas Rankings
Market
1
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
43.01
Rank Value per Advisor (US$m)
Any US Involvement Completed (AF48)
Sh (%)US$m
10
Jan 1 – Sept 30Jan 1 – Sept 30
1.3
Share Ch.
8
9
1 200 341 7
98
-6
-14-1
0.8
-4
▲
▲
0.4
+5
Bank of America Merrill Lynch
Evercore Partners
25
14.9▲
Credit Suisse 128,212.0
5
Lazard 9 9 126,898.1
6
0.6
▲+97
6
10+2
40,043.0 3.1
4.438
58,573.028
1
4.5
▲5.2
3.3
68,452.1
1.622,772.7
▲Jefferies LLC
229▼
1.912 151
▲11Industry Total 100 0
18 +3
0.1
22
▲25
▲
▲ 20,063.9 1.5 0.80.0
22.2
19
2216
17
12 13
Rank Value
987.2328,635.4 23
1
8
178,578.7
1.5 +1▼386,314.5 29.5408,435.43
4JP Morgan31.2
Sh (%)▲
# of Market
+29Share Ch.
▼# of Deals
Change in Advisor
6.0
Share Ch.▲9.6
Imputed Fees (US$m)2016 Rank
# of Deals per Advisor
▲
2017 Rank
MarketMarketMarketDeals
Citi
184
MarketSh (%)
▼
4
2
▲
143
4
US$m336,575.4
Deals
Goldman Sachs & Co
# ofFinancial Advisor
2016 Rank
Bank of America Merrill Lynch
Financial Advisor
▼
Market
2
0.8
# of Deals
+19
Market
1.2 +16
Change in
0.8+16
155,846.8
4 2-8
▼0.8
7
▲
Citi
-7.43
21.0251,751.8265,908.4
28.01Morgan Stanley
Rank Value per Advisor (US$m)
27.4
7JP Morgan 0.3
4.7
-0.2
Any US Involvement Announced (AD41)
Rank ValueSh (%)
113-
0.3 -250.2
0.6
0.1
# of Deals per Advisor
94
▼
-5.5
0
-1.2▲Morgan Stanley -0.2
-0.5
562,863.0
141▲
-5.1
▼▲
-11102
0.91.4 +4
21
23
▼▼
0.1
+16
▲
▲Alantra Partners SA
20Moelis & Co
Sandler O'Neill Partners4025
44
22HSBC Holdings PLC
21
16
▲
▼
6424 235
30,112.4
2.4
Allen & Co Inc 22
1.62.620
29,153.8
-0.5
123.0
2.5
Rothschild & Co
Nomura
33,107.8
213243 30,218.7
▼
11.68
-8.2
0.3
▼5217,122.0
139,368.1
18.1
▲
10.7
UBS
Perella Weinberg Partners LP 13 36 54,784.6 4.6Deutsche Bank
1154
▼
5.7
37
173.7▲▲▼
69
-8.3
6.0
▼
0.6
109101
53
10.6 ▲
-3.271,364.5
0.3
4.34.3
6.577,735.3
1.0Jefferies LLC 20 51,595.3Centerview Partners LLC 15RBC Capital Markets 10
1414
16
Wells Fargo & CoGuggenheim Securities LLC
1131,242.8
35,603.318
HSBC Holdings PLC14
322.8
3.5
1.8 ▲
-6.7 ▼▲
1742,218.1
0.5
Evercore Partners 15.4
16
3.4 -317BMO Capital Markets
-2.6
11
47,321.151,449.4
21
UBS0
▼3.9 -6.2
68,340.7
160
-46
▼
5
320,654.0 24.5 -7.7
▼0.9
▼
5.3
33,048.4 2.5
▼
-5.0
11.9
254,652.2 -9.1
▼
1019.4
69,561.5
-6.8
202,296.511
134,981.114
91 0.9
▲+4
61
0.4
14 0.5Wells Fargo & Co
▼
26
▼
▼
TD Securities Inc
PJT Partners Inc 23 250.1
0.9Alantra Partners SA 2.4
2.5
+1 359+5
-2.7
29,053.5
22,196.6 1.7
1 310 353 9 100 0
119 ▲1.29.6179 1,591.2
3.3-844.1
Fees Sh (%)1.7
6.06.7
▲
▲1,110.6▲ 6.7
5 6 257,208.7 19.6 3.3▼-8.3 1.0 04.1 4.1
99-1
537.194 0.9 5.1▼ 5.1
446.4 2.790 2.7▲99 1.0 +27 ▲ 669.9
▲17.5 0.7 ▲229,864.2 0.9 +4 ▲0.2 ▲ 82 0.8 -3 ▼ 508.8 3.1 3.1 ▲
Credit Suisse 9 7 193,072.9 14.7 -10.7 ▼ 503.2 3.1263.4 1.6
3.1 ▲1.6 ▲
+16 ▲
10.3 -0.5 ▼ 4348 0.5 -4 ▼
1.4 ▲Centerview Partners LLC 12 8 126,220.0 9.6 -9.9
0.40.3 -7 ▼ 1.4226.1
1.4+3 ▲ 229.71.4
▲31 0.3 -8 ▼1.5
▲1.5
29▲15 102,426.6 0.5 -8 ▼ 249.17.8 -0.5 49
0.20.0 -1 ▼ 32.50.8
0.20.8138.7
▲Guggenheim Securities LLC 16 13 61,370.3 4.7 -6.6 ▼ 218.6 1.3 1.3 ▲17 0.2 +1 ▲
0.8 ▲28 0.3 +6 ▲ 136.2 0.8▼ 280.00.6 ▲ 75 1.70.7 -16 1.7 ▲
Rothschild & Co 19 18 35,626.6 2.7 -318
1.1 ▲▼ 177.964 0.6▲-19
1.1
▼ 13.959 0.6
▲▼ 186.3
0.10.1 -1 0.11.1 1.1
26,854.8 2.1 1.313
▲2.2 2.2 ▲
-0.2 ▼ 34▲15 0.1 +8 ▲ 43.7 0.30.3▲
Robey Warshaw LLP 24 - 22,028.5 1.7 1.7 ▲0.50.3 -16 ▼ 79.3 0.5
0.82 +2 ▲ 27.0 0.2 0.2
0.0 -3 ▼ 124.0▲ 5 0.8 ▲16 511 0 100 0+96310 239Industry Total
Qatalyst Partners
29,529.32.5
15
21
Morgan Stanley Wells Fargo & Co
0.1
1.4
▼
-4
25
+3
Market
20
4.6 4.5
▼9
12
7,391.8
12
17
Rank Value per Advisor (US$m)Market
Citi
15
5.113Moelis & Co
▲
Centerview Partners LLC14 17
-20.6
3.6
Credit Suisse5.1
-8.8▼13,997.7
18,705.8 11.717,704.1
7.812,527.4
11.1
-18.0
-37.2 ▼
# of# of Deals per Advisor
Jan 1 – Sept 30
▲
-14
▲
41 1.7
-27.8-28.112.6
18.3
-3
▼ +4▼
18
Morgan Stanley▼ Citi▼ 61,656.9
3▼
35
▼
241.6
31.7%-12.5%
▼-24.8%
Houlihan Lokey
100.0
2,774.1
+590
21 30
33
-90.4
+219* - 5,151.8
+22
2.2
2.1 0.55,769.1 3.6
4,057.42
12
1.7
-1.2 ▼
1.3 ▲
2,617.8
3,464.4 0.1
2.2
▼▼
▲-9
8.68.8
29.5
-12
▼
-1.3
13
30.4
922
-20.6
15
20,069.9
8,074.9
13,761.9
21,204.3
76
10 8,117.4 ▼13 12,194.57 ▼-8.4 25.50.0 ▼ 20.2 0.9
-317
5.3
8.8
15-6.6
-6.2
1.40.0 1.1
▼ 5
▼
▼2.0-6 ▼6.3Scotiabank
12
-35.6
6+20
+1515.9
▼ -6 ▼ 59.116,994.81.70.137 5.017.1 ▲
17.3
78,357.3
65,769.0 ▼
4.6▲ 102.215
▲
▲
0.110
+2▲ -1
▲
▼
1.9
▲▼
110.9▲
0.4
▼1.81.7
▼1.1▼
8.3
▲▲
▲
1.0
2016 Rank
10.4
1.0
▲
-25.1
1,200,341.7
23.7
25,436.9
11
+15
-3▼
Goldman Sachs & Co▼
▼
▼
21.7
Change in
BMO Capital Markets 11 8110
16,556.895.8
9129.6
52,336.91.62.8
1027.1
▲
35.350,275.712
10+3
33,125.3
3.9 0.6
2.7
Credit Suisse0.4
16
11
10,840.710,279.2
▲
16
▼
0.5 -5-50.9
UBS
154
PJT Partners Inc
CIBC World Markets Inc
National Bank of Canada Fin'l
Macquarie Group
Industry Total
Rothschild & Co
National Bank of Canada Fin'l6,292.8
3.1▲0.0
0.00.1
56,901.1▼ 9BMO Capital Markets
Lazard
31.9
TD Securities Inc
61,628.9
26.0
78
2
4
29.5
34
Barclays14.9
0.00.1
Bank of America Merrill Lynch 31.986
29.2-870,380.8 ▼
8 +134.0▲
▲
2
17
5
0.81.968.2
89.742.018
4.0
▲
1▲
4
▲1
MarketShare Ch.Sh (%)
7.240.6 0.1
Sh (%)▲
Change in
+12
FeesMarket
22
Market
158.0▲
▼▲ 160.3
1.77.1# of Deals Sh (%)
6.0
Market Advisor
▲
2016 Rank
MarketRank ValueFinancial Advisor
Any Canadian Involvement Announced (AD42)
-10.9%3.6%Industry % Change from Last Quarter
12,151Industry Total 100.0
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)
12.6% Industry % Change from Same Period Last Year -4.9%
2017 RankUS$m Share Ch. Sh (%) Financial Advisor
0.8-8.0# of Deals
6 51.51
RBC Capital Markets 36.40.7
99,505.4
3
JP Morgan47,119.1
RBC Capital Markets
2
13.315.9421.334,014.4Goldman Sachs & Co
3
14
Bank of America Merrill Lynch 4
Lazard
5Barclays
8Scotiabank
5
267 13
Industry % Change from Last Quarter
3.26,209.5
193,237.9
1
3
1.9 ▲
2.7
-47.6%
1.4
19*
1.10.0
61.4
3.1 ▲ 1
0.1▲
0.0
0.04
111.5
2
-1▲
▲▼
0.3▼
▲0.0
1.6
27.4
7.8+2
+7
13
3.2
9.2
2.3 ▲
10
0.4
0.3
10▲
12
32
+10
▼
63,115.1 32.7
15
+4
5
0.411
-9
▼0.2
▼
0.6
CIBC World Markets Inc
▲
Centerview Partners LLC
20▲Banco Bradesco SA 16▼ -
▼
▼
▼
1722
Sandler O'Neill Partners 83
14
Any Canadian Involvement Completed (AF49)
# of Deals per Advisor
22-7
2.5
0.20.5 +5
2,776.923 26
25
▼-21.2%Industry % Change from Last Quarter
* tie
Industry % Change from Same Period Last Year
Ankura Consulting Group LLC
Evercore Partners19* - 3.2
159,863.2
3.2
HSBC Holdings PLC
1.748 1.8
8
Deals
9
▲
1114
3
2017 Rank
37,943.7-16.2
TD Securities IncJP Morgan
Sh (%)
▼
+1,359 1,310,353.9 100.0
▼
16,511.0 100.0
13.5% ▲-10.8% -9.2%
+963
▼
10,239
▼10.4% ▲
▲27.0
# of
▲
▲
0.1
MarketUS$m
Jan 1 – Sept 30
Rank Value
5.0▲
22 +10
25
2.1%
Share Ch.
23.9
Imputed Fees (US$m)
3.1
▲▲ 5.50.1
0.3
Deals
1.3 1.40.1 -3
▲0.0
29.8
0.01.8+2
23.6▲ 0.2
-3.12.95,610.0
5,899.5
▲0.5
▼-1+4
0.0
▲18Evercore Partners▲
-
4,983.6
18
215,190.0 -12.719*
2.7▲
▲5,190.0
2.4
▲5.01 0.2
0.090.4 1.1Santander
55 ▲▲
0.0▼
5.00.0 ▼0.9▼ 4 24.92.6
-2 15
▼23
Moelis & Co-1
24
22 3,870.5
Rothschild & Co
-9
0.70.0 +2 0.7387 16.0
-8.5
73100.0
1.61.5
3,011.31.9
▼3,712.5
▼1.0▲
0.02.0▲▼-0.6
-4.0 ▼
1.1-2▼
100.0
8 -7▲
Industry % Change from Same Period Last Year ▲
▲Industry Total
0.0 +2
▼
2,231.9
▲▲▼
1,770
29.3%-17.1%
0.37
-33.3%27.2%
▼
+379▲
0.817.6
▼ 22.8 1.00.70.8▲
▲ 70.9 ▲
▼0.3
▲5
0.0
2,4542,815.025
7
0.1
Industry Total
AlixPartners LLC
Jefferies LLC
Credit Agricole CIB2 +2
21
▲11-9
0.0
0.3
▲0.1
6,114.1 3.8 1.5
▲
3.2
▲▲23
5,151.828
3.2
Industry % Change from Same Period Last Year -0.3%
22.710
0.2▼
-+1
63.3%
CBRE Holding SAS
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Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Sept 30 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
30.7
UBS
149.315,038.6 46.8
12
17
21,013.3
19,178.4
3
12
38.89
868
2
1
2,119 Share
6
784
16.427.9
8
4
92,861.3
29.6
Mkt.
UBS
Energy and Power
HealthcareLazard
Morgan Stanley
Credit SuisseBank of America Merrill Lynch
Real Estate
907
JP Morgan
Credit Suisse58,484.9
20 18
Goldman Sachs & Co
EMEA Involvement Announced Advisors by Target Industry
117,218.1
5
No. Deals
Goldman Sachs & Co
EMEA Deals Intelligence
8 21.9
14,277.8
Morgan Stanley
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
EMEA M&AEMEA Announced M&A Up 12% | Industrials Highest Valued Sector | Financial Sponsor Volume Increases
Consumer Staples
Morgan Stanley
Announced M&A activity with EMEA involvement totaled US$903.8 billion from 13,261 deals in the first nine months of 2017, up12.1% compared to the US$806.5 billion reached in the same period last year.
Estimated fees accumulated on EMEA deals completed in the first nine months of 2017 were up 7.5% compared to the sameperiod last year, totaling US$10.5 billion.
The Industrials sector led the EMEA marketplace, with 2,119 deals totaling a combined US$146.5 billion, including the acquisitionof Abertis Infraestructuras SA by Atlantia SpA, which was the largest European deal of the first nine months of 2017, valued atUS$34.7 billion. Energy and Power accrued US$117.2 billion, and Healthcare yielded US$92.9 billion of activity.
Financial sponsors were more active in the first nine months of 2017 compared to the first nine months of 2016. EMEA-targetedbuyside financial sponsor activity reached US$125.8 billion in the first nine months of 2017, up 16.7% from the US$107.8 billionreported for the same period last year.
Acquirors listed on the Euronext Paris Stock Exchange were EMEA's most acquisitive companies for the first nine months of 2017,with a combined total of US$87.4 billion in offers.
Goldman Sachs & Co
43,367.4 Citi
3
32,721.0
Industrials
2
2
146,451.7
Citi
86,034.2 20,145.4 27,911.7
3
15.618,280.4
1,035 6
170,581.9 48.239.9
3
12
36,003.9
Rank Val US$m Rank
3
3
1 45.2
30.4
41.3
28,196.6
42,000.2
2
38,352.6
91,865.7
68.9
6
Jan 1 - Sept 30
18
29,038.5 Healthcare / PharmaceuticalsAtlantia SpA 34,675.3
Target Macro / Mid Industry
6/15/20172/1/2017
Completed
Status
Completed5/15/2017
Shareholders
3/13/2017
Completed
Mobileye NV (100%)
Intended
Essity AB (100%)
3/20/2017
1/26/2017
6/2/2017
Switzerland / Switzerland
Pending
PendingPending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts
Reckitt Benckiser Group PLC
Actelion Pharmaceuticals Ltd (100%)
Rank Value (US$m)Acquiror / Target Nation
Janssen Holding GmbH
Rank Date
India / India
Acquiror
China Investment Corp Real Estate / Non Residential11,627.3
* UndisclosedIntended
13,742.4
9/20/20177/5/2017
Logicor Ltd (100%) China / United Kingdom
Essilor International SAUnited States / Israel
Luxottica Group SpA (61.9%)
Finland / Germany
France / Italy 16,092.4
Italy / Spain
14,964.3
United Kingdom / United StatesSweden / Sweden Consumer Staples / Household & Personal Products
High Technology / Software
Mead Johnson Nutrition Co (100%)
Abertis Infraestructuras SA (100%)Target (% Sought/Acquired)
20,047.6
1/16/2017Pending
Top Ten EMEA Involvement Announced Deals
High Technology / Computers & PeripheralsWorldpay Group PLC (100%) Vantiv IncPending United States / United Kingdom
Jan 1 – Sept 30 2017
11,062.9
17,828.5
Telecommunications / Wireless
Consumer Staples / Food and BeverageConsumer Products and Services / Other Consumer Products
Fortum Oyj
Cyclops Holdings Inc
Energy and Power / Power10,574.8Uniper SE (100%)
Industrials / Transportation & Infrastructure
$27.1$4.0
$15.6 $24.2 $18.3 $25.4$46.4
$28.0 $20.5$38.0
$43.3
$9.0
$16.7$38.7
$26.1$33.2
$43.1
$38.3 $48.4
$51.0
$30.0
$14.4
$36.9
$23.9
$27.2$23.2
$30.9
$28.5$38.9
$36.8$25.0
$19.0
$28.8$21.5
$26.7$34.3
$44.5
$36.3
$48.010.3%
6.0%
13.9%14.9%
13.0%
18.2% 18.1%
15.4%
19.7%
18.4%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
% o
f EM
EA
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A$87.4
$58.8$38.9
$20.0
$15.0
$12.4$10.6
$8.2 $7.1 $6.4Euronext Paris London
Milan Swiss Stock Exchange
New York Zurich
Nasdaq Madrid
OMX Stockholm BMFBOVESPA
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BNP Paribas SA
▲
0.4▲
6.0
▲▲
▲
# of
EMEA Rankings
Rank Value per Advisor (US$m)
8.6Alantra Partners SA
82
+359
▲73,829.1
44,254.9
49,331.2
▲
49,074.348,285.4
Financial Advisor Financial Advisor
17.4
8.2 -6.3 0.2 Citi
23.0
▼▲
▲
9.3▼
8.7▼
41
17618* 44,254.9
Jan 1 – Sept 30
Share Ch.Rank Value
727.4Goldman Sachs & Co208,005.6
2016 Rank
Jan 1 – Sept 30
Market
28.7
2017 Rank
# of# of Deals per AdvisorRank Value per Advisor (US$m)
Sh (%)Market
Share Ch.US$m259,670.1 -1.5
18
23
179,068.25
126,713.3
23.1
Mediobanca
83,667.8
93
3
7
4Lazard
9106,866.0
Alantra Partners SA
Robey Warshaw LLP16AZ Capital
Barclays 13
15
Credit Agricole CIB
UBS
19
17
11
6
29
Moelis & Co
HSBC Holdings PLC
12
14
Deutsche Bank
11
+7
240
-6.1
5.7
0.4
3.355
0.1
10
▼ 13311.8▲▲8.5
1.5
74,133.976,536.0
Rothschild & Co 6Credit Suisse
Citi1
14
8
8
Bank of America Merrill Lynch
JP MorganMorgan Stanley
7
2
4
5.75.732
Industrial & Comm Bank ChinaCITIC 5.8
4.64.3
50,776.5
17
15
443*
16
China International Capital Co
BNP Paribas SA 14
-
-17.2▼
10 747
5.2
37
4.6
▲
5.2
▼▼
100 0
▼
+3
Societe Generale
21
▲
16
10
▼
4
18▼
-1.2 ▼China Construction Bank
▲
-16
7▲▲
+3
Dyalco-1
▲
Barclays
Lakeside Capital Advisers LLC 18*
5.8
3.0
3.4
46,415.6
8.2
0.4
0.5
▲▼
27▲
1.5
0.12.0
-2.8
1.111
▲▲
2.4 82.3
13 261
40
29Credit Agricole CIB
Industry TotalIndustry Total
Natixis24
3540 20,358.1
903 833 5
20,405.0
Wells Fargo & Co
Societe Generale
Handelsbanken Capital Markets
3221RBC Capital MarketsPerella Weinberg Partners LP
20
22
45
3.0
25
▼ 6-0.6
HSBC Holdings PLC
+1111
0.2
-3.247
-17▼▲
0.2-10
0+4 14.9
105,779.799,597.7
-126,953.410Credit Suisse
Rothschild & Co▲
73,742.2
3254,650.0
▼5.1 ▲-206.1 -2.2 0.1
5.3229.69.3 ▲
11.7
78,853.381,952.2
14 5.0
6
13
108
9
1211
12.42.9
▲
869
▼0.50.5
52▼+2.5▲
54-15-10.4 ▼
138,107.2
20.1▲11.0 -4
0.619.9
-6.9 ▼27.6
+8
38.6
22.1 1.2130-11.5 78
▲
0.3▼▲
0.2
1JP MorganGoldman Sachs & Co
2
188,231.42Morgan Stanley 234,858.4
328,625.728.8245,064.8
5▲ 4
37782
Lazard3
-50.2 -4.5▼▼ -8
970.70.9▼ ▲0.9 +13
MarketUS$m Deals
+19 1
2016 Rank
▲
Any EMEA Involvement Announced (AD47)
2017 Rank
MarketSh (%)
1 ▼5
116Deals
▼-2.8 99
Market Market# of Deals
# of Deals per AdvisorRank Value
Sh (%) Sh (%)
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
Share Ch.MarketChange in
Any EMEA Involvement Completed (AF53)
Advisor
▼▲
Imputed Fees (US$m)
0.8Sh (%)
▲6.9
Market
+17
▼
▼
Change in
-5
Fees
194.2
# of Deals
0.11.90.40.0
-0.00.1
4.3
▼1.1
453.9396.0
0.24.9520.1 0.45.3
3.8
559.4 ▼-
-
▲▼
2.0
▼
▼1.7
1.7 ▼
0.1
78.0
1.8
0.70.1
▲+8
0.0
▼
179.0
▼206.7
76.9
▲-4
▼-2
▼
▲
-17▼-3
0
+1+2
-
5.2
5.2
▼
▲
-0.6
0.0
▼
10.01
1
3
3
0.3
54
26,934.5 2.9
0.5
26,574.2
39,147.5+1+1
+1
▼
0.3
0.0-0
▲
11
850 902 73.1
+40.0
-
▼3.3
18* 5.244,254.9
37,442.921
4.417
0.431.7
0.1
30183.6
100 0
▲
84.20.2
▲1 602
0.1
-7 ▼
0.2+5
0.4
38.4
-5
▼
▲ 0.3
0.310 519 0
0.4
0.6
0.1
0.40.3
2.6
0.2
0.20.10.0
0.0
▲0.1
0.7
▲0.2
0.10.2
▲7.0
270.5
▼
▲10.4
▼ 71
0.7
▲
16.2UBS
7
39
5.2
9
-8.6
12
9▼
Deutsche Bank-5.6
▼ -7
5
74
169,536.9
Centerview Partners LLC
▲
-1.2
12.6205,730.8
14.0 -8.6▲
62 0.2
▼
153,578.1 17.01153.4
19.8 -11.6157,403.2 ▲
0.7
0.3▲
+121050.3 +31
22.8
45 64+1
54198
170,932.1
▼
Bank of America Merrill Lynch
-12.7
▼
0.10.0 0.3
0.329.4
0.1 -11184.0
37
19.9
▼
4.3
0.1
1.8
▲
452.80.7
33.2
7.1 0.1
▲
1.70.1 ▲
0.8
0.11.2
7.1
▲
▼
233.276VTB Capital
-8.6
-1.122
▼▼
24-
28,340.9
Robey Warshaw LLP 1125
+4
0.1
0.1-10.0
0
▼
-4
-7▲0.1
0.1
13
3653
▲▼
0.0 -1
0.0
0.01 706
0.1▲+12
26
30,014.0 3.3
4.036,025.935,727.358
3.82516
4.0
34,614.8
22,787.027,248.5
1.0
4628
21,248.6
27,481.9
2.1
2.5
2.319,164.025
4823
100 0
0.1
BNP Paribas SA Centerview Partners LLC
▲100.0
1.2
- 4.6
0.113
0.2
Dyalco▲
40 ▲
▲Credit Agricole CIB
Robey Warshaw LLP
41
50,776.5
5.5Lakeside Capital Advisers LLC
6.3BNP Paribas SA1516
17*
49,331.2
17*
▲▼
China Construction Bank
9.0-9.8
0.10.0
▼
21 9.115
415*44,254.9
5.5
9
▲▲
▲37
-13.2
734.8
Change in
-9
▼
89
10,747
535.7▲▼
451.9
39.7
100.0
▼
-6.1%
106
# ofDeals
-20.1%
▼-3.671
1.1
75
61154,310.2
0.9
▼ Deutsche Bank
124.1
18.2
Any European Involvement Announced (AD21)
173,018.922.0
▼
1197,497.7
6
7 78,843.5
104,167.714
4
8
98
2
4
12
53
3▲
0.6 +3-9 243,620.6
231,144.0▲ Morgan StanleyJP Morgan
2
▲ Bank of America Merrill Lynch
10
5▼
Credit Suisse7
Rothschild & Co
0.6
Market# of Deals per Advisor
Share Ch.
3.2
-5.1
1.1 0.4
11.3▲
0.8
132
Market
13,261
2.7
99
▼
▲
110Lazard
Industry Total
+16
▼▼
Financial Advisor
124,498.3 14.5
▲3.7-6-6
2270.51.8
188,807.0
4
+30156,396.2
-7.9 ▼-8.2 ▼
0.9136,899.7
Industry Total
-13.91 20.2
2Bank of America Merrill Lynch 2
903,833.5
2017 Rank
1
Morgan Stanley
8
Rank Value
▼12.1%
Industry % Change from Last Quarter
Financial Advisor
12
JP Morgan
5Goldman Sachs & Co
Citi 93
356
▼
43
47
HSBC Holdings PLC 14
9
12UBS
10
3.5
0.3
0.06-0.830 0.2
▼
0.0
-4.0
▼▼
Barclays
4
▼
58 4.2
4.9-2.3
36,025.9
-20.3%Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
12,424
▼▼-11.6%
0.1
▼
Industry Total
Industry % Change from Last Quarter -7.4%
-1▼ 23
-9.5
-7.7% ▼
3.5Societe Generale
11VTB Capital 24 26,934.5
19
253.0
19,164.0
Credit Agricole CIB
Robey Warshaw LLP
112210
Lazard
AZ Capital
Alantra Partners SA
Mediobanca
Handelsbanken Capital Markets
RBC Capital Markets
Industry % Change from Same Period Last Year
Perella Weinberg Partners LP
Industry Total
34
206,841.0
22Barclays
-1
0.1
0.1
9
14Industrial & Comm Bank China
36CITIC
▲
+2
320,646.2# of Deals+6
-13.0% ▼▼▼
▼
Jan 1 – Sept 30
44,254.9 5.549,074.3
5.55.5
44,254.9
* tie
▲2.2
▲-29.3%
Moelis & Co
23
Wells Fargo & Co
46
21,248.636
Natixis22
Societe Generale
451.0
▲
▲▲
0.8
0.4
▲
▲
▼
1.50.2
+1
+12
29
+3
+4-1
0.3
21
28,340.97
▼
-
+1 26,574.2
16
11
26-
808,164.6
4.6
3.3
44,254.937,442.9
100.03.3
37,014.8
73
112,109.912.9
73,829.1107
10
17*
9.1
415*
13.9
6.1
73,785.5
# of Deals per Advisor
850,902.7
+15
-12.4
100.0
Imputed Fees (US$m)
▲6.9 0.8
-1,602
Any European Involvement Completed (AF3)
-20.2%
Sh (%)
3.7
439.7
Fees
0.6178.8
5.3
1.7169.1
698.3
183.7
65.9
▲▲
▼
509.8
▼
▲▼
▼
376.6
182.0
29.4
-
0.1
0.0
5.1
▼
1.833.2
70.6
1.81.8
Share Ch.
-
0.3
0.4
▼
4.5
0.0
4.4
▼0.3
1.2
0.5
0.7
-
▼
▼
▼
Advisor MarketMarket
10,519.0
▲
31.7
0.1
0.3 0.1
1.7
0.7
8.0
▼
0.00.2
0.1
0.0
▼
▲
-0.02.6
0.7
▼
-6.9%
10,067.80.3
38.4
▼
-
▲
▲
▼
0.2
▲+3
+50.0
81.1
0.884.2
▲
▲
10.40.1
0.1 0.1
▲0.4
0.1
0.4 ▼0.4 ▲
0▲
+4 ▲
0.6 ▼
▲
▲0.2
3537
1
0.05
0.3
2
0.0
0.7
▼28.6
▼
75129
58▼
-12.8
Deals# ofMarket
▼-1.3
MarketSh (%)
9230.1
167,366.69.5
-1.817.119.1
23.320.7
188,231.4
138,104.7
-8.2
5049▲
▲
53188
8
▲1.0
6.1
▼
5.0
▼
4.80.2
▲9.8
4.8
0.0
▲
5.5-0.8
-1.2
12.1
-14.2
5.5
5.5
66
▲
▲
▼
▲
▼
1
▼▼
+1
-11-18-1
1.3
0.50.5
1.8
-6
+10
0.4▼
-
0.5
10,170
-5
3
1
0.0
4630
+6
-8
0.7
+3
-20
-3-12
MarketSh (%)
0.9
0.6
0.6
0.5
0.1
0.9
7.5%-6.4%
261.8
-
8.5%
▲-16
Goldman Sachs & Co
Rank Value per Advisor (US$m)
Share Ch.-3.8
2016 Rank
Industry % Change from Last Quarter
Rank Value
-10.8%
US$m2017 Rank
Industry % Change from Same Period Last Year
1▼
13
6UBS
Citi
HSBC Holdings PLC
▲
▼12
# of Deals
-9
-18
+4
▲
0.4
0.7
Sh (%)
+9
▼-5
▼
▼▲0.2
81
5525
49
Change in
-11.4%
-1,706
0
▲▲
+3
-19
▼
100.0
▲
-19.6%
+1▼
▼
+17.07.1
0.10.1
▼
▲
-13.5%
▲
0.3
0.0
37 0.4-7
17*
-1,587
0.8
-7
0.3▼18
532.2
▼
▲0.4
China International Capital Co
11
2.5
▼ Alantra Partners SA
3.5 -3.1
-1,636
2.4
-3
▲
▼
▲7.1 0.1
▼0.1
+1
20,405.0
16
1824
20 27,248.528
48
19
35,727.334,614.8
42,100.6
6
-28.3%Industry % Change from Same Period Last Year
15
17
Rothschild & Co
Deutsche Bank
Credit Suisse 7
2.440 20,358.1
858,451.4
▼
0.122,737.0
4.0 -1.4
2.73.2
30,014.027,481.9
US$m
▲
5.9▲▲
82,663.3 9.676,536.0
-6.8106,866.0
241,219.1 28.1
Rank Value per Advisor (US$m)
Jan 1 – Sept 30
100.0
Market
12.5
▲
16.0
8.6829
73,573.073,742.2
2016 Rank Sh (%)
53,591.713
25
6.2
4.2
3.2
21
13
26
16
24
8.98.6
15.4%
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https://www.thomsonone.com 10
Barclays HSBC Holdings PLC
Greenhill & Co, LLC
3698,946.2
3Deutsche Bank
Market # ofDeals
2017 Rank
# of Deals per Advisor
Sh (%)
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
2017 Rank Sh (%)
2016 Rank
Change in
1.4
2016 Rank
EMEA Rankings
0.0
1
9
Rank Value per Advisor (US$m)
4
34.22
30.588,180.2
Rank Value
95,828.7
US$m
33.1
Sh (%)
32.5
-8.8
▼
▲
▲
4.7
-17.9
▲▼
▲
0.9
▲
0.5
1.0
0.3
0.7
Financial Advisor
Rank Value per Advisor (US$m)
209*
Morgan Stanley
13
32,564.3
▲
Goldman Sachs & Co
21314
33,574.7
18
14
47,815.6
12
12
46
25
Market Market
▼
0.5▲
▲0.6
213-21.8
▼0.117-26.5
0.1
0.1
0.1
100 0
0.1
-5.1
16▲
2.8
12,826.5 3.311,230.1
13,581.7
-1.9
+3
2.3
12.3
275.7
▼
3.9
2.8
-2.5
5.5
Sh (%)# of Deals30 --11
19
6▲▼
BNP Paribas SA
8,735.8
153,538.8Sh (%)
▼16
▼ 0.1Deals
0.1
-
18
0.10.1
26,036.6
6.4
15,837.3
17
44,002.1
9.026,574.2 9.2
+6
-12
+3
0.0
0.00.3
-4
-3
13
-17
-11
▼
0.1
-
1.2
79.5 ▼▼
3.52.1
1.1
2.0
50.5
Jan 1 – Sept 30
+18
+1
▼-6
2.381.10.5
+8
Fees
▲
▼
-9
Imputed Fees (US$m)
35.6▲24.4
▼
▲39.7
▲
▼
▼
2 846
1.85
40▲0.91.8
2.2
+105▲
-
0.2
+69
Lazard
Robey Warshaw LLP
+8 ▲
72,555.0624.1
UBS
5
8
7
69,737.5
Any UK Involvement Completed (AF39)
35
# of Deals per Advisor
27.278,757.2Morgan Stanley
0.11
▲
▲▲
▲
-50.7 ▼
0.3
19
0.5
0.4
0.1
▼
▲2+4
0.4
0.2
2.4
0.8
0.4
0.6
0.4
0.0
0.2
0.1
0.6
+11
-3
▲
+2▼
+4
▲
▼
▲
0
-2+2
▲
+2
36.8
▲+1
-0
3 474 90
+4
▼
▲-
-1
0
+5
0.3100 0
39.4▲
23.3
▼
0.2
0.1
0.7
0.70.0
0.2
0.2
11.2
23.0
17.8
5.7
1.1
1.1
0.7▼
1.6
▼
0.8▲▼
0.9
2.7
▼0.3
▲
0.6
2.1 ▼
▼
▲▼0.2
1.0 ▼
1.0 ▼▲1.5
Market
1.0
0.0▼1.6
+12 ▲ 8.8Share Ch.
# of
1.1 0Goldman Sachs & Co
2
Market
29
Share Ch.
619.6
Financial Advisor53.1
Market
191.0
Change in Advisor
305.9+15
-2
Market
▲-16.3
▲
▲
▼
▲
▲▼
148.9
41.7
93.4
0.6
0.9
55.54.3
70.9
63.55.51.8
89.431.7
0.5
6 0.05,230.3
Industry Total
6,382.922
52 5,227.3289 284 4
5,394.5Deloitte
60
21 1617
25
23
RBC Capital Markets
1.933
Wells Fargo & Co24
2.220
Perella Weinberg Partners LP
17
6,741.1
16
18 21
6,469.8
191964
8,954.0Numis
11
1413
7
12
4
11
25.1
4.4
0.9
2.3
-12.2
0.0
154.0
Market
10
JP Morgan▼
# of Deals
Jan 1 – Sept 30
Share Ch.
▼
▲
1
Any UK Involvement Announced (AD32)
2
26,078.8HSBC Holdings PLC
9
13.4
17.116.5
14
16
14
▲
0.6
-100.2
+7
▼
-4 ▼
0.6
10▲+1
19
4.74
+4-4
▲+53 372
▲
1▲ 10
1795
10,056.8279 721 0
24Axis Bank LtdBNP Paribas SA 25
Moelis & Co 23
20
Jefferies LLC
PJT Partners Inc 17
Wells Fargo & Co 15
19Macquarie GroupPerella Weinberg Partners LP
5123
22
Nomura
0.5▼3.6
-
32 11,681.0
-13,246.5
15 12,796.3
Industry Total
Kotak Mahindra Bank Ltd
Fenchurch Advisory PartnersPricewaterhouseCoopers
19
11,935.621
28
Lazard
1614,188.0
21,596.3RBC Capital Markets
18
2221Evercore Partners
▲12.6
Rothschild & Co
+1+7
▲
37,576.4 1.512.936,025.9
3.3
11,627.3
100 0
4.2
3.2
105,762.8US$m
1 37.8
Bank of America Merrill Lynch 67,743.5
Rothschild & Co 11
JP MorganUBS
10
Deutsche Bank9
6
8
5
117
3
5
41,382.1
Robey Warshaw LLP
Citi 4
Credit Suisse3
51,136.613
4
24
▲7.8
▲-7.2
10.0
▼
▲0.4
46,159.3+16
33
37
1.01.446
2692,625.1
18.3Centerview Partners LLC
▼9
▼15.2
7.421,353.1Credit Suisse
Bank of America Merrill Lynch 8
7312 -34.5
10-2.7
▼▼5.9
18,372.717,152.8
0.016
▲
15
6
-5.2
▼
3.1 0.7
4.4
▲ 11
3.3
▲-10.8
3731
Barclays
Macquarie Group
3.0
Moelis & Co
Citi
▲4.72323
2523+5
▼ 0.0
-106+20.1▲
0.1
0.0
▼ 220.0
73
0.1▼
1.7
6
▲8
1.0
▲
6
-10
82
13
▲▲
▼ 34
-5.7
▲
▲
2014.8
33.1
▼▲▼
▼
▲
24.2
Rank Value
2.0-6.7
12.011.6
9.3-0.9
7.7
▲
▲
4.3
4.2
2.5
4.6
3.2
-0.8
14,380.95.1
4.1
3.0
4.913,590.5
13,000.4
-18.2
4.74.74.7
17,532.7
22,645.9
6.3
8.1
5.9
-0.3
2.95.15.1
▲1.5 -0.0 18.3
* tie
Societe Generale Natixis
Barclays
▲Industry % Change from Last Quarter
▼
6
14
4,729.8
▼
2080*
2.6% ▲-6.9%-19.2%
100.0
2.42.9
▼
0.11-9.9
0.4
0.32.7
▲
7
0.3
0.1
0.3
1
-8.8
12.2
54
6
4.6
5-22.6
7
-
2.5+4
UBS▼
11.4
19.219.7
-26.4
▼0
14,462.3
-1
0.6
-3+3+1
▲
▼-15
▲
2
0.2
▼
Market
▼2.4
Share Ch.Sh (%)
0.0
▲
-8
▼
Sh (%) # of Deals
▼
Imputed Fees (US$m)
5.43.4
▼
▲
115.1
8.13.7
▼
▼
65.978.6
172.0
20.8
45.3
53.7
71.9
67.0
29.7
▲
▲32.0
38.6
▼
▲
-
+3.1
▲
23.4
+1
▼-1
-8▼
▼
0.2
-
▲
0.10.3
-2 ▼
▲
0.6
+3
16.88.6
-
0.4
0.0
-3
1.61.1 ▼
0.40.8
0.10.0 0.3
▲.0
2,132.3 100.0
20.3%▼
24
0.8 +2
1.5
▼
2,858.22,881.43,337.0
+115
1.4
3.11.6
0.4 ▼
33.634.1
+3▼
0.8
-
27-5
▲10
50
0.3
+4
▼
-7.1%
100.0
4 27.0 -7.3
Rank Value per Advisor (US$m)
12
▲
33,016.6-3.9
Rank Value
46,246.4
5
38.7
2017 Rank Sh (%)
Market
-5.9+2
BNP Paribas SA
0.2
0.7Deutsche Bank
JP Morgan
-8
1.7
5.5
+10.10.6
▲▼
▲
0.30.0
▲
2.1▲
-17.9%-22.8%
1.2Messier & Associes-3 ▼
-614 Industry Total100.00.11,731.3 0.3 31.0
2,081
0.4
0.3-0
0.3 -6
▼▲
0.0
+1
25
2.1
4,028.2
5,163.25,441.1
22
33
29Sycomore Corporate Finance SAS
12
4
HSBC Holdings PLC
-1
0.2
14
23
19-2
▲
2.74.1
4.2
▲
-18.8▲▼ 6
4.24.223.6 ▲1
14.9
2,418.4
4,752.52,440.4
1.4
4,827.4 2.7
1.4
7,237.0
4.4
Morgan Stanley -21.523,730.6
17,598.71116,423.4
-3.5
3.012
26,408.7
Lazard26.9
2Mediobanca
5Goldman Sachs & Co
34*7Credit Agricole CIB
2,846
Market
Jan 1 – Sept 30
+105
-15.8%
Lazard
Change in Financial Advisor
+69
▼
Any French Involvement Completed (AF40)
▼
# of
+4▼
Rothschild & Co-5
Goldman Sachs & Co▲
Credit Agricole CIB▲ Morgan Stanley
+13
53,660.5 21.234.8
▼
4.133.4
1
1.77
37,442.9-3
30
13
▲
▼ 1.7 0
1.12 ▲
-
▲+6
▼13 -30.6
27,236.4▼
13.9▲
16,906.4▼
12-17-20.36
+213
▼▼
▼4
▼
0.50.2
10
1.328+829
+6
1.4
0.4▼
15 -1
8
-1.5
8.2
10.513.4 ▲8.2
▲
9.99.2
-9.914,593.0 ▼▲
13
4512 14,491.3
3.91.0
8.2
Industry % Change from Last Quarter
15 7,865.97,448.2616
2,185.8
-27.5%
2,227.2172*
Lambert Energy Advisory Ltd
Messier & Associes 2122
18
Numis
1.2▼
* tie
2.7
-Zaoui & Co
20
17
UniCredit
UBS 19
7,390.5
1.3
960.2
1
▲
1.41.4
35.4% ▼▼
Natixis
Bank of America Merrill LynchDeutsche Bank
Credit Suisse
14Ledouble SA
10109
10641*
172*
34*
22
18,676.1JP Morgan
8HSBC Holdings PLC
34,111.65
13
15
11
8
5▲
1693
-3.6
Industry % Change from Same Period Last Year
23
▲
7▲
▲177,713.8
▲
Nomura
2524
Industry Total
Sycomore Corporate Finance SAS
▼
0.91.1
MarketSh (%)
4.4
# of Deals per Advisor
2.9
▲
2.0 -1.8
9.8
3.57,267.716
2.80.7
-10.0
14
-3.9
5.4
▼30
208.4-18+7
74▲
-13.8
3,474.9
4.2150.1 7.0188.6 3.4
▲
Market
8.8Fees
12.0%
Advisor
100.0
▼
▲
▲
▼1.01.00.8
2.0
0.7 ▼
3.1
2.5 ▲0.7
▼1.4
▼
-▼0.6
2.1
2.1
1.5 ▼
0.0
1.6
2.3
▼
0.60.2
0.01.0
▼1.8
▼▲
▲
0.2
0.1
1.80.8 ▲1.1
3.459*
34
▲0.30.77.7
14.1
▼
47
6.07,432.2
5.2
8,242.1
-36.5
43*6
6,811.625
10,748.2
▲
-1.5%
Share Ch.
# of Deals per Advisor
▼
Change in
46
-41.5%▼
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year -17.9%
Industry Total
2016 Rank US$m
289,284.4
▼▼
-55.9
-20.3%2.1%
60
# of
3,372
22
92
18▲
▼
Ledouble SA
BarclaysEvercore Partners
Zaoui & Co
18
14
RBC Capital Markets
1615
17
19.220.9
▼47,879.9
29,239.9
-12.2-7.3
▲15.8
▼-3.7
2.5
▼
Bank of America Merrill Lynch
UniCredit
Credit Suisse
Nomura
35 0
2,774.12.1
22.8%
46.1▲72,753.5
81,989.4
Societe Generale
109
23.8
16.5
1
49,407.8
Rothschild & Co
3BNP Paribas SA 2 9
7Citi 27.8
2017 Rank
40.9
Financial Advisor
6
4 4
1
2016 Rank
MarketRank ValueSh (%)
Jan 1 – Sept 30
DealsMarket
# of Deals
37,121.6
US$m
3
279,721.0
▲▼
Industry % Change from Same Period Last Year
52
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)
48.3%
Industry Total
▲
138,588.2
Industry % Change from Same Period Last Year
9
48,255.1
Share Ch.
-13.5%
100.0
10.411
11
17
5
8
23.8
7 26,621.3
4
1
19,273.5
13,579.310
6
8
3
15,746.4
3 2
7.8
3.73.94.9
▲
3.1
▲▲
▼
0.9
▲
▲-28.4
2.7
▼
▼
-8.3
▲
▼
01,802
▲11
54
-630
-25.9%
0.3
▼
-5
2021
Mediobanca
-
Citi
▼
▲
-1.6
▼
Market
Any French Involvement Announced (AD33)
50 -5
2.6Deals
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
t e
11
Rothschild & Co Natixis
+3 ▲ 5.9 0.9 0.6 ▲▼▼
0.6▼ 2.9Ernst & Young LLP 24 22 481.1 1.2 2.7 -1119
PJT Partners Inc 25 461.7 0.9 ▲ 4420 1.1+1
▲0.11.0
0.1
▲-0.7
1.71418
-0
0.20.4
▲▲
+1
+3
--9
▲
1148
1.3
0.5 +3
0
+4-1
+2
+2
62
0.70.2
0.20.70.2
11
▲
▲▲▼
▲
▼▲
622341
▼▼
-6.3
1.3
1.2
3.52.61.6
-15.0-2.8
3.9
615.1
1.2
1.0
917.21.1
926.6
12
19
1.71.31,049.0
1,008.6
761.5
1.2
1,430.4616--
850.7-
1,354.4
2425
131053*53*272
-44
Oakley Advisory LtdMontalban
1112131415161718
BBVA
1920212223
UBSBarclaysBNP Paribas SA
NomuraSociete Generale
SantanderHSBC Holdings PLC
-▼
0.4
0.60.80.4
0Stifel/KBW
-2+1
▲MontalbanAZ Capital
21*Dome Group
1.9
-1-0.5▲▼
1.0
0.1▼510.9 2
-1.6
0.11.2
1.8
1.3
2.6
▼
2,108.0
4
14
12
▲▲▼▲
5.6
15
-18.2
114
1,556.4
6,945.25.6
2016 Rank
Jan 1 – Sept 30
▲▲
2.7
Change in
▲Fees Sh (%)37.3
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
Financial AdvisorMarket Market
2
NomuraCiti
13
US$m
▲▲
3,449.8
11,585.113,122.0
Goldman Sachs & Co
3,133.9 -1.5 1.3
▲
+3
▼
Bank of America Merrill Lynch
+713.1
▲
▼
9
16.8-2.2
24
3,924.9
39.51.8
+3▲
▲▲
+3 5
Share Ch.
▼
# of Deals▲
34.5
Advisor
▲ 5.1 3.6
5.44.60.8 40.0
▼ 1.2
Imputed Fees (US$m)
36.36.0
Any Spanish Involvement Completed (AF41)
▲
3.2▼▲
15.3 2.337.6
1.04.127.7 1.6
0.50.225.30
▲+5
11.2
▲▲
▲
-
2.6 ▼
1.7
▲
Jan 1 – Sept 30
MarketSh (%)
Market
▲1.4
2.3 0.3
1.2
+2
+1▲+4
1.1
▲4.2 ▲
▲
0.6
0.8▼1.4
5.2 ▼
▼▼
0.5
▲▲
1.2
4.2
671 6 100 0
0.4
1.00.60.6
2.70.3
0.96.3
0.95.80.2
▲+1
2,806.22,858.6
26.8
▲
1.4
▲5.03.8
6.9
17
▲
3.1
2.22.5
▼
6.85.1
▲
▲▼
▲
-9.2
# of Deals per AdvisorMarket
51711
3
45.3
# ofShare Ch.
0.7▲
Change in Market
11
BNP Paribas SA
JP Morgan0.5
1.7Sh (%)
8Deutsche Bank 7
148JP Morgan 9
10
7
# of Deals50.5
Mediobanca1 -
Citi
34,881.1
6
▲AZ Capital 45 44.0Credit Suisse
2017 Rank
45.035,727.3
Deals
43.9 ▲
Market
14Sh (%)
38.4
1.3
0.8
▼▲
2.1▲▼
2.4
6.8
0.81.3
19.9
5,361.1
14,685.1
▼-1.4
1.9
23* 35,966.5
2.8
1.7
▼
164.0
4
3.5
Morgan Stanley
Financial Advisor2016 Rank
Rank Value
15,753.8
91
618.5
40,029.736,603.4 ▲
4
Rank Value per Advisor (US$m)
Any Spanish Involvement Announced (AD34)
3Goldman Sachs & Co
US$m
2 46.1▲
1010,833.4
Bank of America Merrill Lynch
6
▲
836
-30.2
1.0
0
+6
+1-33+6
0
7
UBSDeutsche Bank
▼
10
12
Rothschild & Co
Lazard
Industry Total
LazardPricewaterhouseCoopersNatixis
100 079 340 5
13.79.1
3,053.82,806.2
7,223.6
2,067.21,904.61,699.9
8
48
-5.2
2
-2.1
▼-4.5
1.2+6
-6.6
▲
5.7
ValueTr Finl Advisors SEHoulihan Lokey 23
1
0.7
1716
8
▲-1
1.0
+5
6
34.5▲
▼Deloitte
4
75-0.4
2
MarketRank Value
▲
Morgan Stanley
10
337.7
40.2
33.7
Stifel/KBWDome Group
7
11
PricewaterhouseCoopersMediobanca
▲
Sh (%)
7,929.8
-9.29.5
5.1
2.7-
Santander
1
15
Oakley Advisory Ltd
Share Ch.
2.2-14.7
1,109.1
1916,279.3
3
2,067.2
53*
EMEA Rankings
31.8
28.5
0.1
28.1
8.4
6.20.3
23.7
Deals
▼
7.4
925* 1,291.2
18
15,536.4
1.0
3.81.7
0.86
-1
1.5
1.1
-
13 -1
# of
31
+41.5
4
0.6
4.4 -24
13
▲
0.6
-35
+1
8.028.5
▲+1
▲+2
0.87.3
▲
+4
▲+1 3.9+2
▼1.0
8.0
6.62
▼
11
4
15.7▲
0.75
1,049.0
761.51.9
917.2793.9
2.5
2021*
-18
512.2
1.225*
1.9536.9
-
100 0
478
41 266 0
-
1.31.2
512.2
19.2
▲
2017 Rank
19
Rank Value per Advisor (US$m)
26.0
-0.5
▲
Industry Total
1
0.3
832
0.7
0.1
1
0.7
0.3
# of Deals per Advisor
1.8
▲8
11
0
▼
▲▼
5
-25.20.7
▲▼
▼5▼
445
-8.4
3.5 0.5▼
-10.61.2
▲-7
1.2
▲
710
5.4
9.7
6
Industry % Change from Last Quarter
Nomura Barclays
Banco BTG Pactual SA
Industry % Change from Same Period Last Year
4
Citi
2
9
3
2017 RankFinancial Advisor US$m
JP MorganBank of America Merrill Lynch
1
2016 Rank
41,864.0 40.3
▲
Berenberg Bank
12
8
21
Deloitte
-
Rank Value per Advisor (US$m)
Industry % Change from Same Period Last Year-19.9%
-
Industrial & Comm Bank China11 15
Ernst & Young LLP
2423
16
-7.7%Industry % Change from Last Quarter
Jefferies LLCNomura
4.6
17
7.8
1325
4,503.0
8,115.7
19
1,308.2
21
4,381.214
1.1
28
Moelis & Co
76*
2.5
-26.2
4,743.9
10
18
20
Market
▲
Market
671.6 100.0
4.9
0.5
▲
▲
2.5
5.4
3.8 ▼
0.7
0.2
5.8
▲▼0.1
2.91.0 ▼
6.8 3.1
-10.9%
45.1
83.878.8
Advisor
4.1
Jan 1 – Sept 30
▲
▼
Share Ch.Sh (%)
▲+4
Fees
1.5
99.4▲
+9▲
▲
Imputed Fees (US$m)
16.9%
127.2
▼
5.3
Change in
8.8+8
▼-90.8
5.0
▼-14
1.4
▲+1-3
-5
+5
7+1
+2
0.4
13
0
0.2
0.1+30.4
0.2
1 +1
▼▼
1 ▼
+20.2
0
0.7
▼-6▲+4
22Societe Generale-4
-
-2121,092.9
30▲0.1 2225
1,156.7
100.0Industry Total-212
▼▼
103,857.1
0.5
▼
0.3
0.7
▲
0.9 0.6 ▼
▲0.3
1,452.6
▼
▼0.7
0.2▲
0.70.8
▼0.0
▲
0.4▼
0.2
0.3-
1.7
-16.6%
100.0
0.712.8
▲
▲
11.1
▼
0.50.3+1
-1
1.2
0.56.8
17.5
▼
-3+2
0.1
16
40.2
▲
-16.9%▼
-36.8 0.7
▲▼
-36.9
69.8
7.0
3.3 ▲
7,923.1
6.7
3
14
0.3
2
0.8
5
4
0.6
11
10
11
4
▲
▲10
1.6
-5.4%
# of
▼▲
Share Ch.2416.4
836
4.0
8.3 -1.5
5.4
7.1
4.15.3
23
5.1
46,776.7
7,227.7
5.1
5.331
6,776.7
5.2
22
7,096.76,923.7
28
-19
16*
4,124.9
6,776.75,317.6
2,030.523
PricewaterhouseCoopersErnst & Young LLP 16
21
Piper Jaffray Cos
Industry % Change from Same Period Last Year
92*Infrared Capital Partners Ltd
24
-20.7%
Jones Lang LaSalle IncJones Lang LaSalle Inc
134,269.7
22.9% ▲
29
Industry % Change from Last Quarter
Industry Total
13
8
53Jefferies LLC
15Credit Suisse
LazardMoelis & Co
Perella Weinberg Partners LPMacquarie Group 5.1
2,239.7
203,978.8
1.41,904.3
▼
▼
-
53
▲Societe Generale 16*
7.0
27411516*
4.7 146
Valence Group▼ 4.315*▼
▲ -2
▲0.2
▲-2 ▼
+3▲
1.5
▲0.3
23,227.720,982.9
0.21.0
▲
0.7
▲4.3 0.2
0.9
15.6
1315.5
17,757.4
8,094.6 6.0
11
11,158.6
Evercore Partners 11
69 20,777.2
8CitiDeutsche Bank
7
12
Barclays 13.2BNP Paribas SA 109
5.9
38
UBS
10
1.0
4.0
4.1 41▲3.0
2.5
-1.56.7 ▲
3 0.2
▲
4
101.0
1.5▲
5.3
-37.4
9.8
▲-37.4
▼
5.0 ▲
-254.7
81.5
0.51.7
▲
Commerzbank AG
229,488.0
▲
CITIC
▼
3.14.0
12,001.2
-11.3%
RBC Capital Markets14
-1-1
-7
▼
▼12
PricewaterhouseCoopers+4
0.4
▼0.2
▼
▼
0Rothschild & Co
6
3
▲ Credit Suisse
-6
-2
-27Deutsche Bank
Lazard
BNP Paribas SA
▼▲
19,154.5 18.419.9
▲-4.2
4,430.0
▲
20,655.8
4.34.3
3.3
7.9
0.4
▲ 8,244.5
▲
15*
2,240.62,429.1
UBS
0.2-
▲
▲
▲▲
1,301
▼33.7%
-241
3.8
-13 ▼
41
224,393.8
+2
▼-3 Morgan Stanley
▲
▼
Goldman Sachs & Co
JP Morgan
2017 Rank
Rank Value per Advisor (US$m)
1Sh (%)US$m
326,288.0
Bank of America Merrill Lynch7
2
Rank Value
43,208.46
Morgan Stanley
5
3Rothschild & Co
▲
▼-23.3%▲
Industry Total
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter ▼
Sh (%)2016 Rank
Any German Involvement Announced (AD35)
26,862.5
Financial Advisor
100.079,340.5
Market Market
66.3%-70.2%
Jan 1 – Sept 30
Market
-48
# of Deals
# of Deals per Advisor
Any German Involvement Completed (AF42)
▼
6.4
▼
10.2
20,778.3
16
4.0
59.2
15.1
10.5
10,397.9
249
▼
▲
-37.6%
2,556.0
▲
28,025.2
36
0.9
0.53.8
3.1
22.4
7.0
0.3
13.0▼-2
▼▼
0
-4
+1
-6
-4▲
▼
▲
0
6.12.7
0
3.1-
87.8▲
-3-
-1
70.6
39.1
▼35.9
-
▼
11
▼
▼
▲
4.1
20.0
100.041,266.0
-16.410.0
2
10
4,381.2
6.4
2.2
7
2.5%
14
5
7.9
3
2.96
14
▲
12
1
4.2-2.4
▲0.4
6-9.6
▼3.9
1.7
▼
1,805.1 ▲1,719.6 1.7 1.7
1.7
2.3
▼-3.31.3
0.40.4
▲30 2.3
▲
0.3
5 +3
4
0.4
+3
-15.6%26.1%
0.221.2▲ 41.1▼
▲
0.3
1,205.0
-0.7
-5.0%▲ ▼
0.1
1,669
▲
▼
-5.95
MarketSh (%)
-
MarketRank Value
4-
Change in
26
-21.7
-30.6
▼
37,680.029,896.1 28.8
8
Deals
19.620.032.2
16Goldman Sachs & Co
1.7
Industry Total
911.8
17.3 1▲
23,178.327.022.3
2218.2
-0.7
▼36.3
518.6
▲33
9
▼
0.9
11
Market
▲▼
15
-832
Deals# of
Sh (%)
-10.6%
1.2
0.5
0.1
0.8
1.7
0.5
1.1
0.7
0.2
1.2
1.2
221.013
Share Ch.
+3
0.3
# of Deals per Advisor
# of Deals
0.1
0.7
▲
0.4
710
* tie
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Deutsche Bank Credit Agricole CIB
International Finance Corp
▲1 0.1 +1 ▲2 0.2 0 -Santander 25 44 476.1 0.5 0.1
CITIC 23* - 549.2 0.5 0.5 ▲
3.2
▲-5.83.0
19
Financial Advisor
Jan 1 – Sept 30
# of Deals per Advisor Rank Value per Advisor (US$m)Market
Sh (%)Mediobanca
Market# ofDeals
0.6611 1.1
1.9 0.1
Goldman Sachs & Co
▼ -3.1
22.9
▲
▲
▲
32.8
▲
Market
30.018
1431.9 ▼19.9 10
MarketAdvisor
32.8 162.2 ▲ 5.2-2
Change in
Jan 1 – Sept 30
Sh (%)
# of Deals per Advisor
Sh (%)
3.1
3.4
Fees Share Ch.Sh (%)33.0
▲▼
▲1.4
▼
29.6
0.424.7
4.7
3.921.3 1.6
0.4
+4▲1.8
1.3▲
+4
0.5▼
▼
▼
6,286.2▲21.9
14.5
▲
22
11.9
2.5
3,559.6
▲1
0.5 110.6
0.8 ▲
▼0.80.8
1.30.9
▼
4211
+10.3
9-8.2
1.1 -2
▼▼
-3▼▲
0.6▼
4.5
49
63 ▲ BNP Paribas SA
10.66.4
0.3 -3
14
- -6
▲
1.8
-6
+1
2.1 -16
-160.5▼
1
6.3 ▼
▼
34
▼
32
-8
8
4
1.8
▼0.4
3
15.9
12.4-11.1
15.5
12.9
-21.9▲
2,922.23,266.1
1,745.8
19*
353.6-
26
22* 46-
25EnVent SpA
5524
351.546
1.8 0.3
▼
PricewaterhouseCoopers
▲Leonardo & Co
2 +10.3Roland Berger & Partner GmbHRobert W Baird & Co Inc
0.3
433.2433.2
619.71.6
-3636.9
2.3
21
32
0.3 -6
▼
0.2
▲
1318.0▼▲
112.333.6
▲
13
Leonardo & Co
14KPMGMorgan Stanley
2
Rank Value
34,675.3
Barclays
-The Raine Group LLC 21
20NomuraEquita SIM SpA
4,180.04,505.61013
573.8825.6
938.313191,333.2
998
-
- 549.2China International Capital Co
850.5
23*22
103 198 0Industry Total
Guotai Junan Securities
UniCredit 2,038.118Banca IMI (Intesa Sanpaolo)
-8.9
2.020
3,284.9
17
6,367.4
1011
10,179.9
12
4
16
-LionTree Advisors LLC
15 34
16,751.2
37
8
8,203.2
JP Morgan
Lazard
BNP Paribas SA
5AZ CapitalRothschild & Co
Bank of America Merrill Lynch 2178
9 25 11,200.8
7
Sh (%)
44,386.54
14 61,971.9
33.6
Any Italian Involvement Announced (AD36)
2016 Rank
2017 Rank
37,251.5
28.4
43.0
29,255.36
3
-
24.9
JP Morgan-4 Morgan Stanley
+7 ▲▲1.3
-3
360.1
0.14
▼
+11
51.5▲
2
8.0 -11.2
10.9 7.8-18.3
6.2 6.2
16.2
9.9
2.5-21.3
0.6
3.2
▼4.4 -6.9
0.5 ▲
2.3-5.8
2,351.32216
12
4.1
-2.2
100 0
-4.6
15
Rank Value per Advisor (US$m)
31.8
Credit Suisse
US$m▲
34.7
Mediobanca 67.8
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
1
-20.0
231 69,933.2
16.16,422.3 23.3
▲25,662.5
▲
Change in
+1
1
▲34.436.1
Market
29Goldman Sachs & Co
-29
-4
-5
-15
90.7
0.9
+4
4.2
0.1
1,735.4▼Banca IMI (Intesa Sanpaolo) 21
2.20.1
+1
▲
7▼▼ 22
0.9
+1
Citi
Financial Advisor▼
# of Deals
▼0.7
Deals
EMEA Rankings
▲
632 2 100 0
▼
0.2
0.10.8
▲
0.4
▲0.40.4
0.8
▲+1
0.42.6 0.4
▼0.3
-22
▲+1
▲
-19
10.7
14.2
▼
3.5
-6
# of
0.1
▼
0.8
▲1.0-26+3
12.7
5.2
2.6
12.76.8
4.7
1.9
7.5
29.7
12.01.7
▼0.2
2.8
0.3
0.3▼0.4
2.4▲
▼
▲0.7
2.0
▲
1.2
▼
0.6
▲
▲
2.4
2.22.0
▼
▼
3.8
▼
2.8
0.8
5.5
▲▲▼
0.94.84.8
0.4
▼▼
▲
9.0
0.8
1.1
4.713.3 2.1
▼
-819.6
Imputed Fees (US$m)
0.4
1.10.6
2.31.4
▲
▼
14
MarketShare Ch.
2.4
# of Deals
Lazard20.9
8,774.3-2 ▼
▲
29.48,093.3
Any Italian Involvement Completed (AF43)
2017 Rank
Market
2.19,033.1
Rank Value
98
10
7
13
10
8,259.4
2016 Rank
29
1
11
16
1
4
665
12.713
15
15-
4,000.3
3,499.4
2514
12
+7
4,274.2
Market
6,015.5
US$m
▼▼
0.1
▲▲1.7
27 514 4+5
100 0
+2
7641.3
2.3
1.6
0.9
▲
2.91
1.6-1.0 ▼2.3
▲
▼
0.10.1
0.3
-4
+2
1.21.3
▲1.31.3
2.3 ▲
-4.4
-21
13▲
7
2
1
2▲
636.9807.118
1,381.6 5.0
19* - 2.3
UBS
1.42.9
17
0.8
6
616
0.8-10.1
-57
▲
1.32.424
19Share Ch.
Rothschild & Co
KPMG
▲▲
Deutsche Bank
▼Bank of America Merrill Lynch
12.7
-1
-1
0.1 +1
+1
UniCredit
+57
+1
Industry Total
0.1 ▲
NomuraBNDES
▲▲
▼▼
Citi
▼
▼
Colombo & Associati
▲
▼
Credit Suisse 8
▲1
▼4,376.514.6
11-2.0
22*
18
Industry % Change from Same Period Last Year ▼
UBS Citi
Industry % Change from Last Quarter
0.8 ▲1 0.1 +1 ▲ 7.1 0.825 - 635.8 1.0 1.0 ▲
1.5
49
1.4
1.4▲
2.2
2.0
887.4Deutsche BankBNP Paribas SA
21*2019
1,378.6
-21.6%
▲
21*
▼
1,278.4
1.4
0.12.6
0.31.4
2.1
894.7
2.6
-14.3
0.80.3
2.6
▼
-14.2
33-
1,293.7
6
929.9
24
PricewaterhouseCoopers
▼
100.0
▼▼
837.1
Industry % Change from Same Period Last Year
Arma Partners LLP1.330
848.9
Foros▲Industry Total
1
1,188
▲
62,559.5
887.4
-9.1%▼-81.9%
▼
-104
-8.0%
0.21.0-2
+10▲
0.9 ▲
▲+1
0.1
-21.3
11-
-30.1
▼ 0.1 7.2
2.5 -4▲ 30
11 0.1▲
7.0
1.0
0.0
3.6
0.3
0.70.3
▼2.8
▼▲2.1
2.0
-0.3 ▼
+1 ▲1▲
0.5
0.2-18.5
22.4
▲▲
2.23▼
-3
6.2 0.40.8
8.4+1 ▲▼
+1-2
6
0.3
30.8
6
0.6
▼
0.5
0.2▼
▲
-2
13
▲
1
17.8
0.6
0.4
-8-6
▼
Rank Value per Advisor (US$m)
Any Nordic Involvement Completed (AF44)
-58.1%
FeesDeals
-46
2016 Rank Sh (%)
AdvisorMarketImputed Fees (US$m)
Jan 1 – Sept 30
▼
Sh (%)MarketChange in
-20.3%▼
998
6.1%
2017 Rank
▼Industry % Change from Same Period Last Year 83.2%
US$mRank Value2016
RankFinancial Advisor
▲
+2
-Financial Advisor
▼
16,570.919.7
0
-8
▲
▼7
Rothschild & Co
-0
11+1
SEB
43
10
8
5
0
6LazardGoldman Sachs & Co
UBS
Credit Suisse
9
14HSBC Holdings PLC 13DNB ASA
12Quayle Munro Ltd
15
102*2,395.7
2,467.2
1,650.0
72,455.4
▲▼
Carnegie
-
▲
▲
Moelis & Co16▲
28
-17
47
818
7,440.9
13
1,643.5
3,696.0
1,525.0
+1 Perella Weinberg Partners LP
Arctic Securities ASA
0.5
+1
+1Access Partners-1
+5 ▲+2
1
0.182
0.5
0.6
0.223 2
0.0
+4
+3+3
▼102*
-
1.4▲ 1.4
24
10.3
12
12,445.5
▲
▼
15 0.9 -
9
6
29,896.5
Market
Jan 1 – Sept 30
29.0
Any Nordic Involvement Announced (AD37)
Industry % Change from Last Quarter -77.2%
103,198.0Industry Total
▲
Morgan StanleyBank of America Merrill Lynch 6.9
15.9
8.631 1
7,980.8-12.88.58,823.0
5.1
10,666.4
16,393.5
29,520.7
16.1
Market
1.020,358.1
-17.5%
▲9
▼
Rank Value per Advisor (US$m)
▲14
▲
4.4 ▲▲
Share Ch.
11
10.9▲
7.2
▲
▼▲
▲
7.05.36.2
▲3.2
▲
2.4
6.2
2.4-1.9 ▼
▲7.26.2
Sh (%)
28.6
12.1
7.7
100.0
10.1
1
▲85
0.1
0.3
▲
3
0.31.7
2.0 2.0
▲
1.0
▲
1.71.3
1.71.8 1.8
1.7
▲
▲
2.1▲
1.2 0.7
100.0-0.9
1.2 0.1
▼-49.6%
+2
-
0.5▼
▲
886.9
0.2
▲
▲
▼1.1
▲1.82.9
9.621.8
-2-60.5
▼▼
0.40.3
2.51.0
0.6 0.1
▼
25
5
-3-5
0.31.1
▼
1.09.0▼0.5
-3
-2
-219.733.021.0
▼7
▲1.021.1
50.9
▼
▼▼
2.410
9.1 -17.7
5.9 -13.9-18.1
11.9▼
6
3
3.9
8.4
1
1219
Bank of America Merrill Lynch
7,606.9
5,243.5
532.9
-6.625 7,898.1 12.6
1411,164.9
2.4
2.5
0.30.8
632.2
# of Deals
100.0
3.7
5.721.7
39.4
2.5
0.7
2.2
2.4▼
1.8
1.0
2.44.7
10.6
-5.7%
100.0
▲0.4
0.2 ▼0.1
▲
▼
0.3
▼
4.9
▲
0.6 ▼
▼0.3
▼▼
1.8
Market
▼
▼0.90.6 ▲
0.2
▲0.5▼
▲
Share Ch.▼
1.64.4
3.8
0.4
24,463.2 39.1
7
3.9
4.1
0.8▲12.2
5,708.3
3.9
0.1 ▲+11,270.3
1,183.0 ▲1,221.0
1.2
1.2-18.3
▲1.21.2
▼
▼0.5
121
44
-4.6%▼
0.2
▲
1,060.0103,270.8
1.0
-18.5%Industry % Change from Last Quarter48.6%
2324
52
SEB
25 29
15114*36
Houlihan Lokey
20
OC & C Strategy Consultants
ABG Sundal CollierNC Advisory A/S
Arma Partners LLP
38-
-4
22
1,727.71,727.7
15
-6,372.0
13-
7,390.5
2,455.414
Nordea
Handelsbanken Capital MarketsGoldman Sachs & Co
14JP Morgan
36
6
2
45
17
8
5
Barclays 1625
28
-
9Rothschild & CoDeutsche Bank
7
10
DNB ASA
Messier & AssociesBain & Co
16
Industry % Change from Same Period Last Year
18*
46
1718*
114*-
1,809.5
21Cushman & Wakefield Inc
MHS Corporate11
3,279.4
10,395.9
Quayle Munro Ltd
12Lambert Energy Advisory Ltd
Lazard
2
2,132.7
1,276.61,294.6
2,022.6
3
-9
Nordea
1
▲
Morgan Stanley
+1
-3
+216.416.1
▼
▲
-26.3
▲2
▼4
17.910.5
1
▼
▲6.1
▼
-1.9%
▼Sh (%)
22.4▼2 4
Industry % Change from Last Quarter
# of
-7
-10.7%
Share Ch.US$m2017 Rank
-5.7%
Rank Value
▼
27,514.4
-21.6%
100.0
# of Deals per Advisor
20,586.2
MarketMarket
764
-210
▼▼
0.7
0.6
Industry Total
Jones Lang LaSalle Inc
▼-
▼
Change in Market
+57
0.1
Handelsbanken Capital Markets
0
▼
0.7 JP Morgan
Sh (%)# of
Deals
-1
0.711
2
0.7
-1
Industry Total
# of Deals
+4
0.1
# of Deals per Advisor
▲0.9
1
-78
-32.4%
1,612
2
0.4
-50.23
12
0.1
0.2
0.1
0.1
0.7
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com * tie 13
UBS China International Capital Co
-1
3,429.5
+2
-14.7
▲
1.214
▲ 5.73,253.0
30.8
-2.2
-6.4
+12
13
31.5
30.8 ▲ 1
-58.0
▲
-34.2-1.2
30.1
-18.6▼
▲
11
▲▲
30.1 2
150.9
# ofMarketFinancial Advisor
2016 Rank
Rank Value per Advisor (US$m)2017 Rank
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
70,571.62
48.0
31.0
33.2
30.8
34.5-16+8
-44,254.9
+332
44,254.9
9*
--4 9*
9*
-5 ▼ Industrial & Comm Bank China1.0
0.1 +1▲
+3▼
+4
0.60.6
▼
▼▲▲
▲
0.70.1 +2
▼
▲
▼-1.3 ▼
▲
▼
5.7
▲1
▼5.8
1 749 9120 100 0100 0Industry Total 143 603 0264+1▲
1 17212.3
▲16
32.00.3
0.7-
0.1
-9 ▼0.0
1.20.5 -
▲
▲+1 0.80.81.044.3 ▲▲+5
13.32.5
0 7.90.31.4
0.3
1.120.8
+10+4
16
▲
▲▲
▲
119 -16
▼
0.1
▼
▲28
▼
▲
1.4
1
▼
9
0.2
4.0
0.1
0.226
0.3
1.3
26.2
14-3.4 11
+15.8
+1
▼-1
0.9
Rank Value
▼Share Ch. Sh (%)
1.3US$m
50.5
Change in
▲
# of Deals per Advisor
Any Benelux Involvement Completed (AF47)
1JP Morgan49.14
Advisor
2 8.1
0.11.6
▼ 25
Fees
0.1
-0.8
19.4 ▲
12.4 ▲ 30 2.1
5
8
72,560.2
▼4 FTI Consulting Inc
16.9
Rank Value per Advisor (US$m)
Share Ch.Market
Sh (%)Market
▲22.2
18.1
-30.6
# of Deals
Goldman Sachs & CoMorgan Stanley
1.1
Jan 1 – Sept 30
Market
4.7
▲16
19.41.1▼
14
1615.718.1
9
DyalcoLazardBank of America Merrill Lynch▲1
+12
16
Ernst & Young LLP-0
15,469.0
Alantra Partners SA▲
15
Barclays
-China Construction Bank
Deutsche Bank
0.10.1
-1 Rothschild & Co
0.4-
+2▲
-Lakeside Capital Advisers LLC
115.922,817.6
9,765.3
6
514
10.8
7.812,049.9 8.4
5.8
9* 44,254.9 30.844,254.9
12.618,044.5
30.89*
6.8
5.820*20* - 8,310.6
3,388.02423
402.4
2.3
11,242.326
8,310.63.7
-
-
5,277.8
2.419
-1
-5
10
19
22 8TD Securities IncCiti
9-5
ING0.20.4
▼
-110
▼Macquarie Group
-
▼
138 622 1
1,631.35 -2
1 4261.2 -7
100 0
1,768.1 1
1.21,675.4
1.30.5
▼
31.2 ▲
▲ 1
▼
1.6
-2.3
0.10.1
0.3
▼
1,617.4
1.4▼
3▲
5▲
▲1.7 0.22
18▲▼
17
0.1Scotiabank▼
0.4
0.11
152.4
47
30.8-32.9
7.17.1
0.4▲
▲2.8
4.2▲
▲-
▲
4.93.4
102.8
0.4
0.6
▲7.0
30.830.8
30.8
44,254.9
+1
+4
+8 84.9▲
0
10.1
+1
+1
▲
▲ 7.0
30.8
31.6
▲-
16.0
30.8
▲
7.54
1.832.3▼ 1.5
0.4
26.5
0.5 +20 -
▲ ▲
▲
▼
Market
+2
Deals
+5
# of Deals
Imputed Fees (US$m)
▼
Market
140.8
Share Ch.6.3
74.4
110.0
Jan 1 – Sept 30
0.4
▲
0.4
0.3
Market
▼▲
0.0
▼
45.2
72.6
3.1▼
▼
4.8
0.8 ▼
0.9
▲
▲
▲
0.50.5
0.2
2.5▲
2.8 ▼
▼
▲
▲
0.4
▼▲
0.5
26.3
7.3
0.4
0.8
0.4
0.4
0.20.2
2.5
17
▼5.1
0.9
Sh (%)
1.2 4.3
9.4
2.6
0.5
53.75.9
▼
0.4
2.7
UBS
8
6CITIC
45,398.5
44,286.37
68*44,571.3
20Credit Suisse
HSBC Holdings PLC
1468,958.749,504.347,609.9
343
5
▲+5
▼▲
+2 ▲1.0
Deals24.7
-1
0.3 +3
Market
▼
19.73.1
8 23 21,693.2
26,888.7 19.4
2016 Rank
2
6
30,824.9
27,301.8
▲ 1.1
26,942.0
# of Deals per Advisor
+8
44
-17.3
US$m
15.922.2 -23.7
Sh (%)34,185.9
5
2Goldman Sachs & Co
Any Benelux Involvement Announced (AD40)
Citi
Rank Value
19Mediobanca
1
EMEA Rankings
3357
Rothschild & Co4
15
3
2017 RankFinancial Advisor
Bank of America Merrill Lynch
BNP Paribas SA
Morgan Stanley 7
-2
Lazard
10 3-
13 121*
6.4
TD Securities Inc
14
6.0
5.06.0
3.2
Scotiabank
4,490.8RBC Capital MarketsBMO Capital Markets
Evercore PartnersWells Fargo & Co
121*
Quayle Munro Ltd
CITIC
22
Houlihan Lokey1.8
-39.1
28
0.41.8
Industry Total
23
20
Jones Lang LaSalle Inc
21
9
45
38
4
15
1112
121*
5
6
3,537.3
8,376.2
2,455.4
107*
14
-
1
-
25,139.0
1.6
25
2,325.3
16 2,786.7
24
22
1819
34
Credit Suisse 16
OC & C Strategy Consultants
Nordea
Barclays 17Deutsche Bank
3,483.4
8,310.6
4,087.0
8,874.9
30,823.0
6,963.5
-5.8
▲
▲
-36.9
9
▼
6.06.0
4
16
2.6 -36.53.03.0
0.8
2
3.2
14.4
▲
5.02
0.6
▲10
▲
14
▲
2,254.3
19,887.6
2.02.5
JP Morgan
Sh (%)Change in # of
Industry % Change from Last Quarter ▼ ▼
Jan 1 – Sept 30 2017EMEA Inv. Announced M&A Target Sector by Value ($bil) Quarterly EMEA Cross Border Volume
-19.8%
1,749.9
-26.5% ▼▲
-120 100.0
12.8%▼
100.0
-12.2%▼
Industry Total
-29.5%
143,603.0
-61.4%Industry % Change from Last Quarter
-264 1,172
▼▼-9.7% ▼ Industry % Change from Same Period Last Year
* tie
Industry % Change from Same Period Last Year ▲3.2%
138,622.1 1,426100.0Industry Total
-37.7% -16.0%
$146.5
$117.2
$92.9
$91.9$86.0
$78.0
$68.7
$67.5
$58.2$38.1
$30.6 $26.3
Industrials Energy and Power Healthcare Real Estate
Consumer Staples High Technology Financials Consumer Products and Services
Materials Telecommunications Media and Entertainment Retail
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Inbound (US$b) Outbound (US$b) Number of deals
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China Securities Co Ltd 5,880.7 3 6.6 12628
1,491
RBC Capital Markets11,482.4
6,724.5 Goldman Sachs & Co 12.8
57,673.6
12117.52
6,386.3
VTB CapitalCITIC
Gram Capital
Jan 1 - Sept 30 2017
9
21.8
3
12.04
10
No. Deals
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
1,225
3
623.43
23.9
7.97.0
1
5
2
12
25.7
10
418,087.6
Announced M&A volume with Asian involvement for the first nine months of 2017 decreased by 4% compared to thesame period in 2016, accruing US$712.7 billion in value from 9,585 deals. With a combined market share of 47.5%,Real Estate, Industrials and Financials were the most active industries so far this year. Real Estate took an 17.8%market share, while Industrials and Financials had 16.9% and 12.8%, respectively.
The top announced Asian-involvement deal for the first nine months of 2017 was the acquisition of Singapore-basedGlobal Logistic Properties, Asia's biggest warehouse operator, by Nesta Investment Holdings, for $16.4 billion.
According to estimates, M&A advisory fees from completed transactions totaled US$4.8 billion during the first ninemonths of 2017, a 79% increase from the levels recorded during the same period in 2016. Goldman Sachs led the year-to-date fee rankings with US$153.7 million, followed by JP Morgan and CITIC, with US$139.4 million and US$134.5million, respectively.
China outbound activity in the first nine months of 2017 posted US$121.2 billion from 633 deals, only a 6% decrease innumber of transactions but a 27% decrease in value compared to the same period last year. Australia's outboundactivity was at US$13 billion from 156 deals, an increase of 39% in volume and only a 1% decrease in number of dealsfrom the same period in 2016.
5,189.9
1,465
Asia Pacific (ex-Japan) Deals Intelligence
High Technology
16,459.8
89,716.0
15.8
797 1
26,195.7
2Morgan StanleyCiti
Real Estate
IndustrialsWells Fargo & Co
Rank Val US$m126,472.3
Rank
13.02
Share
12.3
120,085.9 15,146.9 15,600.6
3
11
1Goldman Sachs & Co
Morgan Stanley
JP Morgan
28,747.2
Mkt.
China International Capital Co
China International Capital Co28,131.8 2UBS
91,276.8
Energy and Power
Financials
116.8
3 1
31.4
9,100.0 9,711.0
Asian M&A Down 4% I Real Estate Top Industry I Australia Outbound Up 39%
7,231.9
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
Asia Pacific (ex-Japan) M&A
Target (% Sought/Acquired)
Real Estate / Non ResidentialGlobal Logistic Properties Ltd (100%)
Industrials / Transportation & InfrastructureGuangzhou Wanxi RE Co Ltd 8,104.8China / China
Telecommunications / Telecommunications ServicesReal Estate / Other Real EstateHigh Technology / Electronics
13,742.4Vodafone Grp PLC-Vodafone Asts
9,100.0China / Hong Kong
8,384.8Hong Kong / Hong Kong6/29/2017 6/29/20177/27/2017 ista Luxemburg GmbH (100%) Lamarillo Sarl
16,421.1
Jan 1 - Sept 30 2017
Telecommunications / Wireless
Energy and Power / Oil & GasChina / Russian FedPending9/8/2017 Rosneft Oil Co (14.2%)8/22/2017
7/14/2017
China Cross Border Announced M&A
PendingGuangdong Intl Tr Invest-Asts (100%)
Pending
Asian Completed M&A by Region - Imputed Fees
11,255.8India / India 11,627.3
Telecommunications / Telecommunications ServicesIdea Cellular Ltd-Mobile Bus (100%)
Luxembourg / Germany 6,724.5
Orient Overseas(Intl)Ltd(OOIL) (100%)
3/20/2017 Pending
China CEFC Energy Co LtdInvestor Group
China Unicom (BVI) Ltd
7/9/2017 Intended
China Unicom (HK) Ltd (21.7%)Pending
Nesta Investment Holdings LtdLogicor Ltd (100%) China / United KingdomPending
Rank Date Acquiror / Target NationAcquiror
6/2/2017 China Investment Corp
Date Effective Target Macro / Mid IndustryTop Ten Any Asia (ex-Japan) Involvement Announced Deals
Rank Value (US$m)China / Singapore Industrials / Other Industrials
Real Estate / Other Real Estate
8/16/2017Sunac Real Estate Group Co Ltd
China / China 5,939.17/10/2017 Dalian Wanda Coml Ppty Co-Asts (100%) 6,500.1
PendingPending China / China
China United Network Commun (19.2%) Investor Group
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
% O
utbo
und
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
$0.8
$0.9
$1.0
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Impu
ted
Fees
(US
$b)
North Asia South Asia Southeast Asia Australasia
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Evercore Partners China Construction Bank
China International Capital Co 7
70
JP Morgan 8Industrial & Comm Bank China 9
Bank of America Merrill Lynch 5 10▼
▲46,869.311.540,379.4
25,937.713
9.2
71,063.8
5
-930
# of Deals per Advisor
9Credit Suisse
-88
1.5
54
8,574.0Industry Total
11,800.2
0.21.8
Sh (%)Market
-2.1
Asia (ex-Japan) Rankings
Kotak Mahindra Bank Ltd
Jan 1 - Sept 30
16
▲
-0.44.4
2017 Rank
0.3
0.2
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
▲
18.0
0.1
0.0
Any Asia (ex-Japan) Involvement Announced (AD25)
25China Securities Co Ltd 1.2
ING 22 221 11,337.4
17
Gram Capital 232.12.1-2.3
108100 0▲10,776.6 -- --
100 0
1.9+11
0.2-Banca IMI (Intesa Sanpaolo)
24▲2.1
▲0.0
+50.1▲ 9 +7▲
▲0.41.3 Macquarie Group▲
12,907.3 2.5▲0.1
-145
0.9VTB Capital 24 61 9,107.410,404.5 0.1▲ 3.51.5 10,976.80.8 ▼ 2.046 Great Wall Securities Co Ltd
▲ 0.07
1.6-9
▲ 2.50.0124
2 ▲+1 ▲ 6.4 0.12 0.1
▼87.01.4 -▲ 22 0.4 -5 0.0
1.82.6
28+10 -1.815,449.9GF Securities 29Citi
▲ 18▼ 0.5
0.3 ▲▼-6
Deutsche Bank 11,899.3 ▲1.7 0.119 281.40.9
2.0+212,088.7 Rothschild & Co1.7 1.5 3.417,463.5 1.2
Lazard 17+2 3.119 -97.6 0.0▼0.40.1 21
0.6▲-5
Robey Warshaw LLP 1742.7-318Axis Bank Ltd
13,000.4 1.8 1.896
0.1+2▼▲ 20
17 +217,537.6▼ 18
▲▲3.63.4 2.8
0.4▲ 69.4 0.81.47
20.6+30.3 83
560.0 3.1▲
0.2▲▼4 -51.3 JM Financial Group 18,166.4
58.0-30.3 1.2 ▼16 ▼22.4+4
0.1 ▲5
▲▲0.5
8
0.2
▼2.2Wells Fargo & Co 14 167 15,436.9
6Credit Suisse 15
1.98.60.0
▼44,254.91
-1▲ 7.1
▲ 5 0.1 2 0.00.2 -12 ▼ Dyalco
+32.7
2.00.723 19,313.5Rothschild & Co
PJT Partners Inc 2.2▼
Alantra Partners SA 8.6 ▲24411*14 9 24,917.6 4.9
0.013 ▲- 44,254.9 8.6 8.611*12
100
-30.2 ▲7.1
-0.1 ▼
+1▲+1 ▲
▲0.3▼ 13.50.2
0.1▲DBS Group Holdings 11 8.6-69 8.611*+5 44,254.9Lakeside Capital Advisers LLC
103 22,059.6 3.1 3.00.110
1120,020.8 ▲ 0.0
0.1 ▲ 0.2998 44,812.4▲1
8.8 8.6
58,796.8▼79 11-36 HSBC Holdings PLC0.8
7.7 ▲ 38-16 ▼ 1.40.7 +8 ▲ 101.6826 24.84.7 0.50.5 ▼1.2
▼+6 ▲
2.1▼0 - - 1.6-
129.9▼▲3.9
6.2 ▲17 0.3
0.634-10
13.9▼▲7.7 71.2
▼1.3 -261.5 1.4
5 75,937.5 2.7 1.8▼
14.8UBS 7
471,853.56 14.0
+844 0.83 76,916.561,197.8 8.6 0.3▼ ▲▲110.3 ▼
24-5.6-2.3 4
321
▼3.9 4.6▼ 15.0▼▲
3.2153.70.5
▼1.60.4 -10 ▼ 139.4 2.9+1316.4
84,517.91.0 2.85384,155.5 2.7
▲134.5▲
2JP Morgan 16.5 8.617.9
5
MarketChange in Advisor
▼2.7 3.3129.3
MarketShare Ch.Sh (%)
Market Market# of Deals FeesDeals Sh (%)
# ofShare Ch.
0.6▲2US$m
Morgan Stanley 32 ▼-1191,754.81
2016 Rank
-3.2Sh (%)
Market
5.8Financial Advisor
12.4Goldman Sachs & Co2
MarketFinancial Advisor
1 4 88,318.0US$m
0.2
0.0216
Rank Value per Advisor (US$m)Market
Share Ch.
Morgan Stanley
▲
50-6.2
Evercore Partners▲
41
0.3
0.8
▼
2.2VTB Capital
10
▼
Rank Value
0.6
80
-5
6▼22
Bank of America Merrill Lynch▼-2-11
74,696.2 -810.5
8.3
▼▼
Imputed Fees (US$m)
Sh (%)▲
Rank Value per Advisor (US$m)
0.31.5
▲
# of Deals
-16CITICChina International Capital Co 3 3 73,104.7
▼
-13.56
41,682.9 5.9
▲
2016 Rank
Rank Value
▼
+70.5
Change in # ofDeals
0.4
57
72559,243.9
42,324.0 5.9
-4.6
Citi7CITIC 1
5.7
▲-11.13.6 ▼
10
Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - Sept 30
# of Deals per Advisor
16
UBS 4
2
2017 Rank
2021
0 Arpwood Capital36 +4 ▲
0.4China Renaissance Partners 0.4Haitong Securities Co Ltd 20 34
-8Goldman Sachs & CoIndustrial & Comm Bank China▼
▼0.5
212
2.5 ▲
▲
0.2▼
330.03
▲
712 687 5
▲
▼
0.220
▲
5
1.7 35
15,424.7 -9.0
0.6
1.6
▲
13,062.6 ▲1.8
15,453.42.2
-
21 22 11,508.4 1.6 -0.4
+62.8
20
15
2223
▼
▼ 25
▲
23,691.2
1013,495.2
-1199
-0.14.5▼
6 014 100 0511 962 9
10,930.9
15,949.1
4.6
48
3.0
2062.1
9 585 5 269 4 802 6Industry Total
Morgan Stanley Robey Warshaw LLP
Rank Value per Advisor (US$m)
Industry % Change from Last Quarter▼
Industry Total
812,750.3
9,815.0
US$m
▼
Deutsche BankUBS
-
▲
1
-3.7%
-28 8.53.3-2 25.40.7
# of Deals
0 32.8
▲▲
14.1
▲
23.6
18.2
4 -15.4
9.0
Share Ch.
▲
16.9
7.1
▲
13.7
▼
Citi
21.0
1.521
▼
2.8
27
-
20 4.2
5.7386
2.7
Industry % Change from Last Quarter
600.0
5719
665.3804.0804.0-
1,053.9
Industry % Change from Same Period Last Year
22* 1.5▲
24 1,139.8 2.1
0.5
6.6
21,449.1
Market
-3.1
# of Deals per Advisor
▲▼
-108
-3.7%
100.0
Financial Advisor
7.9%
Sh (%) Share Ch.Market
Rank Value per Advisor (US$m)
Any Australian Involvement Announced (AD24)
Industry % Change from Same Period Last Year
6
Deutsche Bank5
US$m
UBS 2
2016 Rank
Macquarie Group 1 1
Rank Value
29.7
Change in 2017 Rank Deals
▼ 27 1.95
26
816
4.1
-8.110,980.5
7,843.910,090.9
4,997.8
12▼
0.8
▲
+6 ▲
63,204.8 4.4
▼-1
-9.7
3
2.0
6.9▲
8▲
12
+1+311
0.6 ▲
JP Morgan
1.0
5.91.2
18.2
Barclays▲
# of Deals per Advisor
0.614
18.6
Sh (%)66.0
Sh (%)
0.6
▲ 6 -3
7
7
0.7
9.3▲0.1
▼
-
-7.5%
6
▼Fees# of Deals
-262.625
# of
60.4
▲53.6Share Ch.
Advisor Market
6.0Financial Advisor Deals
Market2017 Rank
Change in Sh (%)MarketRank Value Market
▼Industry % Change from Last Quarter
▼ ▼2.8▼7.9
▼
Imputed Fees (US$m)
Jan 1 - Sept 30
-9.8%
100.0
Market
▲78.8%▼
Any Australian Involvement Completed (AF31)
▼
2016 Rank
-12.4%Industry % Change from Same Period Last Year -1.8%
1.3
1.2
1.3
1.225
Industry % Change from Same Period Last Year
▼903.0
0.111,418
+1
15.5%Industry % Change from Last Quarter
Industry Total 72,287.1
14
17
1.4
Rothschild & Co
Allier Capital
Ernst & Young LLP
Luminis Partners Pty LtdNomura
Punongbayan & Araullo
Barclays
Robey Warshaw LLPMoelis & Co
13
24Societe Generale
▼
Lazard
84
869.1-
-14.8%
870.2CITIC
Sh (%)
Jan 1 - Sept 30
6
18
7.4
▼▼
18.0 1.3
-1.1%
▼
Market
712,687.5
RBC Capital Markets
6.5
14.0
6,847.5
217
Evercore Partners
4
Goldman Sachs & Co 3
7
Credit Suisse
5,376.8
6,318.7
10
5,440.8
18
2
Deloitte 11
109
37Citi
Bank of America Merrill Lynch8
2.1
▲
7.5
10.1
▲
9.5
▲▼
0.4
15.213,029.1
8.7
12.4
-23.4-18.5
10.9
0.7
+3
+4
-0.7
0.5
10
0.86
1.57
21 ▲-
+2
7
Macquarie Group
Gresham Partners
Morgan Stanley
0
0.5
# of
▼
+4
▼
4+3
1.4▲
-6,014 100.0
▲
▼
7.8
2.2
4.8
0.70.3
▼
2.3
1.0
▼
▼
0.1▲
▲▲
0.6
▲
9.0
0.3
0.6
▲
▼
▲
1.4
▲
2.70.9
0.4
24.9 3.23.0
▲
0.9
39.0
7.723.6
17.25.0
22.0
▲+2 1.0
2.8
6
+1
+31611
70.1
1.11.7
1
15.0
+3
1 +1
0.6
4.7
7.50
-2
▼
1.2
-5
0.4+20.4
3.1
0.8
-2
1.1
+3
0.3
0.7 -5
▼
▲
▲
▼
+3
0.3
1.2 40.1
▲▲
▲ Highbury Partnership Pty Ltd▲
9.4%
CITIC
23
100.0
▲ 4
3-10.8
1,230.0
-14.6
▲
8.4
5.75
2.30.4
▼▼
3,100.03,102.1
▲19
8.4
2
4,929.07,604.1
-38.8
-
6.4
4,545.7
5-
RBC Capital Markets 89
Platinum SecuritiesBank of America Merrill Lynch 7
6
37
9,121.7
11
10,029.211,350.0
3
-39.9%
511,962.9
17,738.118.6
-15.3
1 28,952.02
-7 ▼ 45.5
9,585
23.3
▲ 359.1
5.7
7.0
910
3,764.6
Deloitte
Goldman Sachs & Co
18
3,476.0
3,100.0
▲
16 2,245.11,473.317 18
-2.01.0
▲▲
1,151.8
0.4 11▼▼
2.3Jefferies LLC
29 2.1▲ 14*-3
▲▲
0.4 Moelis & Co
▲1,917.2 ▲▼
0.9Ernst & Young LLP6
9
▲1,515.2
-
2.22.31515
16 411,647.21,575.3
5
0.1
0.4
+119
1,356.71,281.01,115.3
984.3
▲34
13
0.2
▲
▲18
1.3-
1.4
1.5
1.51.91.8
997.0 1.4
1.8
0.3▲
22
12119
17
▲▼
67
Evercore Partners2120
1.4 0.10.8
Nomura0.3▲ Sumitomo Mitsui Finl Grp Inc
22*▲▲
+1 20
3
-8
+11
0.6
-6
+1
▲
0.23
11
▲▼
▼5.4
Credit Suisse14*
▲ 0.1 ▲+114▲ 1.4
0.4
1.9▲
▲
▲0.7 ▲
▲
0.61.0
0.71.10.4
0.70.5
0.50.50.0
▲2.00.4
▲
1.2
-3.3
+2
11.51.2
6.50.5
54,037.6
8.3
1.5▼
1.1
▲2.1 ▲
1.0
1
4
15
4 0.6▲
7.4
+1 ▲
3.7 ▲
▲+1
+83100.0
-33.0%
1.1 ▲
▲
967
▼
100.0
-10.6%
+1
0.1
3
3.1
1
0.1 ▲▲
-30.3 5.10.1
5.7%▲
▲
▼
15.0
5,269 4,802.6
16.4%
+1-
4.1
775.1
1.9+7
Industry Total
1,948.4 ▼
▲0.22.6
0.6
▲
9 1213
▼3.2▲
▲0.2+5
9.20.8
0.1 JP Morgan
3
2.1
+184
Greenhill & Co, LLC
2,312.5 -18.51.4
▲
2.7
+5
2.7
25+1
+2
+242
Allier Capital
12
▲24Grant Samuel▲
14.9% ▲-6.7%
Industry Total
13-
▼-12.5% ▼
0.2
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Goldman Sachs & Co
1*
Any New Zealand Inv Announced (AD39)
Financial Advisor Deals▲
# ofMarket
113.711.2
▲4
2016 Rank
4 16.10
1.7
1
10.2-5.2
▲
3Cameron Partners Ltd5
10.29.9
24*284.0292.7
100.0
21.1
Industry % Change from Last Quarter 7.7%
# ofDeals
# of Deals per Advisor
▼469.7
▲6.1
Rank Value per Advisor (US$m)
Industry % Change from Same Period Last Year
Industry % Change from Same Period Last Year
11.0245.7
-59 7% ▼
2,230.0
251.0251.3
US$m
-
▼
7
Cameron Partners Ltd ▲3
Morgan Stanley
469.7
2017 Rank
4
UBS
Asia (ex-Japan) Buyside Financial Sponsor Activity
2017 Rank
Deutsche Bank
Industry Total
-
1*Rothschild & CoFinancial Advisor
3
1*
Nomura
Macquarie Group
3
3 1.7
174
Change in Market
+4
Any New Zealand Involvement Completed (AF46)
Market2016 Rank
▼
# of Deals
▼
Sh (%)Market
Share Ch.-
▲
0.0
Jan 1 - Sept 30
RBC Capital Markets
Industry Total
5.8 0.9
Sh (%)Sh (%) Share Ch.
1
MarketAdvisor
3.2
Market
1*
Jan 1 - Sept 30
Rank Value per Advisor (US$m) # of Deals per Advisor
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
▲11.3
+2
0.9
461.3
+211.9342.4 2.9
▼
4.44.4
▲
4.3
100.0
2.7
114
21.1
0.9 4.41.8
6*
4.1Sh (%)
▼▼ 3.2
5.8
54.4
+2
11.3
Share Ch.
100.0
11
▲
16.1
▲11.3
-9 5%
Imputed Fees (US$m)
Asia (ex-Japan) Rankings
Change in
▲
▲
+1-
2
0.6
▼
-12
-34 3%
2.4
1.8
▲
Market
Rank Value
Rank Value
2,872.3
2
-
▲4.4
0Sh (%)US$m
-38.7%
1
▲+1▲11.05 1
5.8
2.4
1.4
461.3
▼
-2
▲
16.1
-3.2%2.4%
5
# of Deals
2 -1 2.3
1
Market
-3
5.6 ▲▲
Fees
$10.0$1.0 $6.2 $9.0 $6.5
$19.1 $14.1 $19.9 $21.5$4.3
$6.8$13.3
$8.2
$17.6$42.0 $29.5
$15.0
$4.6$3.3
$10.5
$9.3$7.0
$31.9
$40.5
$17.3$51.7
$2.4$5.7
$7.3$10.5
$14.7
$45.6
$16.58.6%
13.5%
6.8%
10.3%
13.2%
7.9%
16.7%
20.8%
18.8%
17.9%
0%
5%
10%
15%
20%
25%
$0
$20
$40
$60
$80
$100
$120
$140
$160
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of WW FS Volume YTD
Industry % Change from Same Period Last Year▼
-59.7% ▼-52.2%
▼▼-2.6% ▼ -56.5%
-9.5%
* tie
▼ -34.3%Industry % Change from Last Quarter
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil) Australian Cross Border Announced M&A
18%
17%
13%12%
8%
8%
6%
5%4%
4%3%
Real Estate Industrials Financials
High Technology Energy and Power Materials
Telecommunications Consumer Staples Media and Entertainment
Consumer Products and Services Healthcare Retail
Government and Agencies
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
Out
boun
d
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Nomura
* tie
PricewaterhouseCoopers 550.0 3* 4.3 2
Daiwa Securities Group IncSumitomo Mitsui Finl Grp Inc 2563.1 4.4
12,706.4
Citi 4.3 1
56.5Evercore Partners
550.0 3*
3151
1
9 7
2 5.9
13,387.0 Industrials
2,201.3 3,107.7
2
747.4
31.4
151
7
6
23.2
1
474 12
2
22
31 419
Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Sept 30 2017Mkt.
Goldman Sachs & Co
5 43.8
Japan Deals Intelligence
17,930.0 18,116.5
28,832.2 1
Mitsubishi UFJ Morgan Stanley
High TechnologyNomura
Japanese M&A activity totaled US$120.7 billion during the first nine months of 2017, a 15% decrease from comparable2016 levels and the slowest first nine months volume since 2014. 22 Japanese involvement deals over US$1 billionwere announced during the first nine months of 2017, totaling US$62.3 billion in aggregate and down 31.1% comparedto the first nine months of 2016. Overall, 2,500 deals were announced during the three quarters of 2017, a 4.8%decrease in deal count compared to last year.
Deal making in the High Technology sector led the Japanese market, with deal volume totaling US$28.8 billion,accounting for a 23.9% market share.
Inbound activity hit a record high of US$31.6 billion during the first three quarters of 2017, a 255% increase fromcomparable 2016 levels. Bain Capital’s US$17.9 billion acquisition of Toshiba Memory Corp was the largest Japanesedeal to-date in 2017, and the sixth largest deal since 2000. The deal boosted Japan-targeted buyside financial sponsoractivity to 701% compared to the same period in 2016, recording US$26 billion in aggregate value, which was thehighest first nine months volume on record.
Outbound activity totaled US$52.1 billion during the first nine months of 2017, a 20.1% decrease compared to the firstnine months of 2016. Softbank’s US$3 billion investment to WeWork was the largest outbound deal announced duringthe third quarter.
Estimated M&A advisory fees from any Japanese involvement completed transactions totaled US$1.9 billion during thefirst three quarters of 2017 a 35 7% increase from comparable period in 2016
62.262.8
No. DealsRank
19,440.1 23
Share
NomuraFinancials
Mitsubishi UFJ Morgan Stanley
Goldman Sachs & Co
48.2
16.216.4
HealthcareGoldman Sachs & Co
7,787.5 3
Sumitomo Mitsui Finl Grp Inc
Real Estate
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
Japan M&AJapanese M&A Down 15% | Japanese Inbound Up 255% | Financial Sponsor Volume Up 701%
5,584.7
8,575.3 1
67.4
Rank Val US$m
Mitsubishi UFJ Morgan Stanley 2
1
2,167.0
17,796.9
JP Morgan
11,570.5
6,542.0 247.4 2
132 6,591.7 1 57.0 4
3 5,484.3 3
ARIAD Pharmaceuticals Inc (100%) Healthcare / Biotechnology
High Technology / Semiconductors
Any Japanese Involvement by Market
KK Pangea (%)Sunoco LP-Convenience Stores (100%)
Toshiba Memory Corp (100%) 17,930.0KK Pangea
Kiku Merger Co Inc
3,305.6Investor Group
Japan / JapanJapan / China
Financials / Other Financials
Jan 1 - Sept 30 2017
Fortress Investment Group LLC (100%)7-Eleven IncSoftBank Group Corp
5,310.3United States / United States
Rank Value (US$m)
Key Safety Systems Inc
USJ Co Ltd (49%) 2,262.1
United States / Japan
1,573.3Japan / Singapore
United States / Japan
3,019.4United States / United States
Japan / United States
Mitsui Sumitomo Insurance
Financials / Asset ManagementReal Estate / Non Residential
Japan / United States
NBCUniversal Media LLC United States / JapanFinancials / Insurance
3,000.0
1,600.0Industrials / Automobiles & Components
First Capital Insurance Ltd (97.7%)Pending
Pending
8/23/2017Media and Entertainment / Recreation & Leisure
Energy and Power / Oil & Gas
Acquiror / Target Nation
High Technology / Software
8/24/20172/14/2017 Pending
CompletedPending
6/26/2017
2/28/2017
Date EffectiveTop Ten Japanese Involvement Announced Deals
Didi Chuxing Technology Co Ltd (%) Investor GroupPending
4/28/2017
first three quarters of 2017, a 35.7% increase from comparable period in 2016.
Wework Cos Inc (%) SoftBank Group Corp
Any Japanese Involvement Announced M&A
AcquirorTarget (% Sought/Acquired)Rank Date Target Macro / Mid Industry
4,298.74/6/2017
Completed
PendingCompleted
9/20/2017
9/20/2017
Pending
1/9/2017
Takata Corp-Business (100%)
5,500.0
$34.0 $23.5 $35.2 $38.4 $37.0 $25.6$42.4 $51.0 $41.9 $30.9
$37.1
$21.6$19.2
$45.9 $41.2$32.8
$32.2$32.9
$30.4$33.7
$47.5
$42.4$50.3
$50.5$42.4
$32.6$24.0
$46.7 $69.6$56.1
$28.7
$38.8$30.3
$50.5$59.3
$35.2 $26.6
$65.2 $50.8
0
500
1,000
1,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals Q3
100
200
300
400
500
600
700
.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Domestic Value Inbound Value Outbound Value Outbound # Inbound # Domestic #
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18
Imputed Fees (US$m)
Financial Advisor
Citi
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
2017 Rank
Jan 1 - Sept 30
# of Deals# of 2017
Rank
Any Japanese Involvement Announced (AD19)
Rank Value per Advisor (US$m)Market
- 29
31.7+3
Deals2016 RankSh (%)
Change in Rank Value per Advisor (US$m)
Sh (%)
# of Deals per Advisor
11.734,667.0
203.871
-▲30.4
14210
Market2016 Rank
▼
38,230.836,644.4
US$m
14,084.8
Rank ValueSh (%)
▼▲
▲
28.7
7
0.2-1.1
7.2
9.2
2
23
13
Evercore Partners
Sumitomo Mitsui Finl Grp Inc
Bank of America Merrill Lynch 6 9
Daiwa Securities Group Inc
7
16
2.1
1
105
2.6
3.7
17
15
88,503.7
4
13,654.48,732.9
12
2,561.916
3
Lazard
14UBSCredit SuissePricewaterhouseCoopers
KPMG
4,414.0
0.2GCA Corp ▲Macquarie Group
4.7-19.1
Daiwa Securities Group Inc45.8 ▼ -5
15
Financial Advisor Share Ch.
# of Deals per Advisor
Japan Rankings
Share Ch.Market MarketAdvisor
Sh (%)MarketMarketMarket
Fees# of Deals# of
Share Ch.US$mRank Value
DealsMarket Change in
Sh (%)
6 23,004.7 20.033,234.5
127.3▼
6.7-13.6 ▼28.9-19 ▼
-7 ▼▲
1.2
12
2.8
104▼▼ 6.1
23▲+27▼
-171.4
-19
▲
▲
-16
-9
18.9
38.5
+3
▲
▲
4.0
52.7
4.9
▼
2.1
-17.9
5.6
81.9
60.0
5675.6
▼
-
▲
40.5
39.5
▼ ▼
1.1
2.1
2.8
4.3
0.3
3.2
▼
▲
▼
0.3
0.1
+10
-1▼
▼
▲
0.3
▼
0.2
3.3
0.3
0.1
+5
2.3
93.1
▲
2.2
0.9+10
0.5 0.4
▲
23
▲6
▼▲
1.40.4
18
1,447.0
0.318▼
2
1.6
1.123
▲1.0
2472 ▲ 9
▲
14.4▲
+1
+2 6 0
13.5
20.80.5 ▲
-20.11.0
0.24
▲2.3▼▼
0 1
0.1 +2
110.6
▼
19 28
0 3
▼
17
2
▲0.8
102.9 5.5
▼▼6.7
1.8
92.4 4.9 3.90.3
1.1
0.8
▲
0.8
▲3.1
▼▼
▲
105.6
43.8
▲0.1
41.8 2.2
▼
1.0
0.7
▲▲
▼▲
1.40.7
▼
0.7
▼
▼
2.5
0 3
2.0
1.1
0.8
0.8
10.7 10.4 ▲▲
20 13
-6.75.2
-34.2
11.212.311
▲
-32Lazard
0.2
▼10
12,298.212,922.9
381.9 Deutsche Bank-1115+8
4,040.23,092.6
3.4
6.98,313.0
6
5,676.86,998.5
26
13
2,996.5
290.3 ▲ 7
11.3
2.5
▲7.1
-2.6
Mizuho Financial Group
472.8
3.74,515.6 -6.111
▼
▼
125
45
18,146.811
Sumitomo Mitsui Finl Grp IncMizuho Financial Group
0.823
16,341.4 14.2
Ernst & Young LLP
9
21
8
12
JP Morgan
15
▲
59
Mitsubishi UFJ Morgan Stanley114
Nomura
Mitsubishi UFJ Morgan Stanley
8
▼7
4
1
-4.5 0.7-46
Goldman Sachs & Co20,110.7
2
12
-2.7
+4217.5
0
1
5-19.5
516,166.6
▼15.8
-5.99▼5.7
10-5 ▼
Bank of America Merrill Lynch▲Nomura▼Goldman Sachs & Co
-50.4
▼▼
110.1 -23
614,882.3
10
0.4
5.015
-6.113 ▲
9
1.012.9 +8-11.5 0.9▼
173 14.1
▼0.6
5.9
6.812
▲
51 3.00.6
0.6 -512.414,298.3
▼
11
0.8
14,095.6
9,567.20.7
0.3 ▲8
8.37.7
0.5+2-14 12
-60.9
▲6.20.2
1314
+67.3
12
284
0.03,645.2
▲
-8.88,411.9
15
0.6 ▲
20.81.1 0.9 -26
5.041.7
+2
2,118.52,097.4
2.118 29 2,139.9 1.8
1.8Moelis & Co 20 28Rothschild & Co 19 17 0.3
1.78
-2.4-1▼ Moelis & Co
▼ 1.3-1.0
▼▲ 0.2 -3
1.3 ▲1,239.917 ▼
Plutus Consulting Co LtdJefferies LLC
211.4
▼KPMGQatalyst Partners 1.1
0.933
Deutsche Bank 23 18 1,746.0 1.5▲1.5
-1.222 48*
▲0 9BMO Capital Markets 25* 0 929
1 080 0▲ Torreya Partners LLC0 0 0 90 9+1 25 ▲
15 1,835.3 1.5 ▼Centerview Partners LLC▲1,823.3 +3
-2.8 -8
1,869.0
0.2
21 0.8 -5 1.6
Plutus Consulting Co Ltd15 16
-
Any Japanese Involvement Completed (AF23)
▲
191.0
35 2,485.70.2
▼
2.4 1.1
-1.0
201
+2▲
241,170.94 0.2
▲ 0 1,161.9-3
106▼
1.28,815.2
▼
Credit Suisse▲
0.6Ernst & Young LLP0 25Rothschild & Co
▲1.01,200.0
5
0.0▼
22
1,573.3 -1.3
▲▲
27
▼
4 0.2Sumitomo Mitsui Trust Holdings
1.4
Houlihan Lokey
16
-
1,579.1
3.2
1.0
PricewaterhouseCoopers1.82,115.9
▲ 6
1 050 011.3Industrial & Comm Bank China1
14.51.2
-4 ▼
0.1
0.8-25 0.2+11.1
15.22120
25.50.81.4▲
Evercore Partners
▲
4+4
+322
Jan 1 - Sept 30
6,604.3
JP MorganCiti
5.7
Barclays
-20.0 ▼
Industry % Change from Same Period Last YearIndustry % Change from Same Period Last Year Industry % Change from Last QuarterIndustry % Change from Last Quarter
-Torreya Partners LLC 25* 69 1,050.0 0.9 0.9
▼▼-18.0%
▲+2 6.0
35.7%
Industry Total
Japanese Target Completed M&A Fees
Vi it htt //d i th t t i hi d d t L T bl
-6.3%
0.1
-41.4%
0.321,703
▲
▼
100.0
▲
-115
htt // th
1,888.40.3▲
100.0 2,500120,691.7
0.9▲ 1 0.0 0
Industry Total -125
BMO Capital Markets 25* - 0.9
* tie66.6%
-15.0%▼
1,080.0▲ -
-25.9%
▲
▼▼ -4.8%
-0.5%▼ ▼-60.7%
Torreya Partners LLC0.0 0.90.9+1 25100.0
▲114,971.4
Japanese Involvement Announced M&A Target Industry by Value
1,050.0 1
23.9%
14.7%
11.1% 10.5%
9.6%
5.7%
High Technology FinancialsIndustrials Real EstateHealthcare MaterialsEnergy and Power Consumer StaplesMedia and Entertainment Consumer Products and ServicesTelecommunications Retail
$217.7
$99.5
$241.4 $217.9$169.7
$220.2 $228.9$146.6 $141.7
$254.0
$179.7
$147.8
$254.3
$130.5 $208.9 $120.9 $84.6
$150.3
$259.0
$326.9
$159.8
$144.3
$149.6
$113.3
$225.5
$189.7$154.2
$93.8
$167.3
$174.4176.7
250.3
185.4
167.3
247.7
209.4
158.1216.8
184.5
0
100
200
300
400
500
600
700
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Num
ber o
f Dea
ls
Impu
teed
Fee
s (U
S$m
il)
4Q 3Q 2Q 1Q # of Deals Q3
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Any South Korea Involvement Completed (AF58)
South Korea M&AFirst Nine Months 2017 I Mergers & Acquisitions I Financial Advisors
53,624.4 100.0
Any South Korea Involvement Announced (AD51)
100.0-
758Industry TotalIndustry Total 59,151.413* 0.1
1,216Nomura 25 24 48.4 ▼ 00.1 -0.3 1
- 1 13* 0.133* 51.0 0 -Danske Bank 23 - 55.9
0.1 0.10.1 0.1
Macquarie Group 2413* 0.1▲ 1 1 ▲
2 ▲4 0.4KPMG 22 20 86.4 0.2 -0.5 ▼ 51 ▲13* 0.1Guosen Securities Co Ltd 21 - 186.5 0.3 0.3 ▲ 1
13* 0.10.3 0.3GF Securities 20 - 201.60.0 0.0
▲ 1 1 ▲Citi 19 12 220.3 0 -0.4 -1.0 ▼ 1 1 ▲Ikeda Konin Kaikeishi Jimusho 19 - 4.3 13* -- 1
13* 0.1▼ 113* 0.1
AGC Partners 18 28* 7.4 13* -0.0 0.0-2 ▼
Mizuho Financial Group 18 19 315.0 0.5 -0.3 0 -1 ▲13* -
- 1▲ 1
0 -Macquarie Group 17 - 51.0 0.1 0.1Daiwa Securities Group Inc 17 13 360.6 13* 0.1▼ 10.6 -0.8
1.0 -1.8 13* 0.1▼ 1 1 ▲13* -Standard Chartered PLC 16 9 586.3 -2 ▼ 0.4 0.4 ▲ 1Guosen Securities Co Ltd 16 - 186.5▲KPMG 15 19 290.2 0.5 -▲0.1 4*5* 0.3▼ 4 20 - 5Korea Development Bank 15 7 729.0 1.2 -2.3
2 400.6Bank of America Merrill Lynch 14 10 817.1 1.4 -0.5 9* 0.3▼ 3 2-5
▲7* 0.10.8 -1.8 ▼▼
3825.6 1.4 1.4 ▲ 1 1.51 ▲ 808.3 11* 0.7-16.3 ▼ 2The Raine Group LLC 12*
- 825.6 13* 0.1Deutsche Bank 12*13* 0.1
0.4▼ 51.8 -9.6938.6 4* -7 ▼▲ 1 7* 0.3
1 12 4Mirae Asset Daewoo Co Ltd
▼ 6▲
▲ 11.4 1.41 ▲
13*3 ▲- 1,021.9 1.9 1.9 3
-2.6Korea Development Bank 10 7CITIC 9* - 832.7Rothschild & Co 9* ▲
1.4 0.0 2.4 2.4- 1,280.3 ▲13* 0.42- 832.7 2* 0.7
1 1- 13* 0.1Mirae Asset Daewoo Co Ltd 8 6 923.3 -8.0
14* 832.7 0 -▼ 3 ▼Morgan Stanley 8* 5 1,280.3 -4
▲ 1▼ 1
Industrial & Comm Bank China 9*1 ▲1.6 -3.4
11* 0.2 -6▼ 1813* 0.89* 0.3
▼PricewaterhouseCoopers 7 3 1,722.8 1-9.7 0.1UBS 7 - 945.0 1.6 1.60 -Daiwa Securities Group Inc 6 11 1,787.9 7*1.4 0.1▲Ernst & Young LLP 6 8 1,193.1
2.3Morgan Stanley 5 1,337.832.0
-6.4 42.1-7.7
▼ 4▼-8.3
5* -1 ▼Goldman Sachs & Co 5 6 2,766.9 5.2 2.4-3.5 6▼0 -Samsung Securities 4 2 3,565.2 6.7 2* 0.42.7 ▼
-9.3 5*4.3 4
4
-JP Morgan 1* 12* 8,787.6 ▲ 2 0▼Samsung Securities 2 4 4,429.7 1* 14 0.8▲
10.3 ▲# of DealsDeals Rank
-3
0.30.6
3-3
0.716.4 16.4 ▲
0.3
0.11.4 1.41
-▲1.4 1.4 ▲
▲
Deals# of
5,909.8 10.0
13*
26 1
7
1,609.2
-1.5
0.5-5
33.3
811*
3
▼2
-26
8,787.65* Evercore Partners 1* -▼0.31
Market MarketRank ValueSh (%) Share Ch.
1.04.5
▲▲Goldman Sachs & Co 1
2
4 2Credit Suisse 3 1 2,520.3
▼
5Rank
2016 Rank
MarketUS$m
Rank Value per Advisor (US$m) Rank Value per Advisor (US$m)
2
Financial Advisor
PricewaterhouseCoopers
Change in
7.5 ▲
▼
-4 ▼
0.1 1
▼
Plutus Consulting Co Ltd 8*1,106.0▲
Bank of America Merrill Lynch 14
3.2▲2.4
2.1
8Credit Suisse 13 1
Market Change inMarketSh (%)
1 13*
Market
15.18,787.6
Sh (%) Share Ch.
Lazard ▲216.4 15.1 7*
Rank 2016 Rank
2017 RankFinancial Advisor
16.4
# of Deals
Ernst & Young LLP11
▲
Jan 1 - Sept 30 Jan 1 - Sept 30
# of 2017 Rank
# of Deals per Advisor # of Deals per Advisor
Sh (%) Value US$m
▼ ▼▼ ▼
Machinery
Miscellaneous Retail Trade
Top Ten South Korea Buyside Financial Sponsor Involvement Deals Jan 1 - Sept 30
4/17/20177/27/2017 Pending LS Mtron-CF & FCCL Bus Kohlberg Kravis Roberts & Co United States/South Korea 270.0
7/14/2017 Hugel Inc Leguh Issuer Designated United States/South Korea 312.5 Drugs3/24/2017 8/1/2017 Tasaki & Co Ltd Stardust Japan/Japan 360.64/17/2017 Pending Dongyang HC Co Ltd Leguh Issuer Designated United States/South Korea 416.5 Wholesale Trade-Durable Goods
Textile and Apparel Products5/18/2017 5/18/2017 Kyungnam Energy Co Ltd Prostar Capital Ltd United States/South Korea 445.5 Electric, Gas, and Water Distribution5/1/2017 6/19/2017 E Land Ltd Investor Group South Korea/South Korea 528.0
Transportation EquipmentCredit Institutions2/1/2017 Pending Hyundai Card Co Ltd Investor Group South Korea/South Korea 586.3
7/27/2017 Pending LS-Automotive Components Bus LS Automotive Tech Co Ltd South Korea/South Korea 675.0
Chemicals and Allied Products4/17/2017 Pending Double Down Interactive LLC DoubleUGames Co Ltd South Korea/United States 825.6 Prepackaged Software2/24/2017 3/24/2017 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry
Food and Kindred Products3/14/2017 Pending Kumho Tire Co Inc Qingdao Xingwei Intl Invest China/South Korea 832.7 Rubber and Miscellaneous Plastic Products9/28/2017 Intended Orion Corp Orion Holdings Corp South Korea/South Korea 834.8
InsuranceElectronic and Electrical Equipment4/1/2017 4/1/2017 Hyundai Heavy Inds-Electn Bus Shareholders South Korea/South Korea 930.8
4/17/2017 5/19/2017 KB Insurance Co Ltd KB Financial Group Inc South Korea/South Korea 1,059.5
Transportation Equipment6/28/2017 6/28/2017 Daewoo Shipbuilding & Marine KEXIM South Korea/South Korea 1,126.7 Transportation Equipment6/13/2017 8/2/2017 Hyundai Heavy Inds Co Ltd Hyundai Robotics Co Ltd South Korea/South Korea 1,268.0
Soaps, Cosmetics, and Personal-Care Products2/24/2017 3/24/2017 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3 Chemicals and Allied Products9/25/2017 Pending Carver Korea Co Ltd Unilever PLC United Kingdom/South Korea 2,703.7
Machinery6/1/2017 6/1/2017 Orion Corp-Food & Beverage Bus Shareholders South Korea/South Korea 2,908.7 Food and Kindred Products4/1/2017 4/1/2017 Hyundai-Robot & Invest Bus Shareholders South Korea/South Korea 4,207.4
Top Ten Any South Korea Involvement Announced Deals Jan 1 - Sept 30Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry
-13.9%-10.6%Industry % Change from Last Quarter-15.7%
50.5%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter -47.9% ▼Industry % Change from Same Period Last Year 23.3% ▲ ▲
-46.6% ▼-3.8%
* tie
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1212
1.31.3 -5
Prairie Capital Advisors IncRed Sun Capital Ltd
19*19*
17*-
▲▼▼ 7,940.2
0.51.6
14*18*18*
2.21.91.9
51*4
7 2.02.3
Houlihan LokeyBMO Capital Markets
Fairness Opinion Rankings†
14*
87
-2
23,329.551,738.164,061.5
1,104.414,565.7
66.0
2.760,977.5 16.310,232.1
55,105.1
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
.0 0.042.8 0.0
548.1 0.162,691.4 9.32516,733.1
▼87,483.8
▲
2.5-
9,056.9
5,681.1
2.9
Evercore Partners
4,812.4
0.4
1.3 39,750.6▼
+3
13
22* +5
422*
8 +6
-65.9
18 2.013.6
0.915 ▲
10,232.1
4,552.8
▲
1.8 ▲16
▲2.1
16-17 ▼
-1
91,809.1
2.6 -7
-3 ▼9,863.27,934.1
2.1
1
▼
+5
▼
▼25
2.8
2.3 -14
2.0 -91.9
+3
+6
▼
3* 5
21 198*
3* 9*0
52
7 37*
23
-192.8
JP Morgan0.8
+12 42.80.0 6*.0
6 198* 12
Sandler O'Neill Partners
14.1
0.0 ▼76,531.0
13.0
Sandler O'Neill Partners
3.8
Duff & Phelps
JP Morgan
Bank of America Merrill LynchStifel/KBW
60,977.555,105.1
-210
0.12.6
15.610,232.1
Morgan Stanley
1.519.6
5,943.2
Evercore PartnersPrairie Capital Advisors Inc
11-5-6
.0 0.023,329.51.5
14▲1.2
7*910
7* 12Stifel/KBW
1,704.420
1.714
China International Capital Co
17
14*
Stifel/KBW
1.8
7,578.0
China Securities Co Ltd
Bank of America Merrill Lynch
15*
12*Sandler O'Neill PartnersSomerley
8*
15*China Merchants Securities Co
12*
Haitong Securities Co Ltd
29* ▼
8
Goldman Sachs & Co171418
0.7
Stout Risius Ross Inc
CITICDuff & Phelps
6JP Morgan
8*-11
19
2.1
Bank of America Merrill LynchMorgan Stanley
19 2.1
212.2
6*
▼
▼▼▲
4.7
Chartwell Financial Advisory 12*20 ▼-196
4.14.1 -315
-1417
15 +5
2* 3 19 5.2
18
42.8-3 ▼
▼548.1
0.05.5 +12 ▲
2* 2 19 5.2 -11
0.0
Duff & Phelps
# of Market Change in
1 16# of Deals
-1.3
Market
Huatai Securities Co Ltd
Rank Value
.020US$mSh (%) Deals Sh (%)US$m
6,881.1 1.0
Rank Value
Chartwell Financial Advisory21 9* 30
Fairness Opinion Provider2016 Rank
3.3Stout Risius Ross Inc
Deals0
-15 1
4.94 5
2016 Rank
+6-14
2,057.76,299.9
Piper Jaffray Cos18*18*
10
-2
98
6*▼
▲▼
Barclays 10Goldman Sachs & Co
0.0▼-510 ▼
▲
3.76.2
-5 13.8-6
.0
14.776,531.0
1111
3.1
5,943.2 1.6▼
▼5.8-1
4.64.64.3
5.2 ▼
3.4
20.4
▼▼
-1-3
▼
▼+5-2
12*
6*1412
5
9
17
1515
18
+1232*
6*-14
-3
6*
19
-26*
▼
5.5-10
▲Sh (%)
Credit Suisse12*
Prairie Capital Advisors IncEvercore PartnersBarclays 2.7
3.3
1199
1819* 17*19*19*
121.6
Rank Value (US$m)
Worldwide Announced Fairness Opinion
Rank Value (US$m)MarketRank Value
# of Deals per Advisor
Jan 1 – Sept 30
# of Deals per AdvisorBased on Number of Transactions
Change in # of Market2017 Rank
Market2017 Rank
Jan 1 – Sept 30Any Americas Involvement Announced Fairness Opinion
Change in Sh (%) Sh (%)
Jan 1 – Sept 30Any US Involvement Announced Fairness Opinion
Rank Value (US$m)Based on Number of TransactionsBased on Number of Transactions
# of Deals per Advisor
26
DealsMarket
19Chartwell Financial AdvisoryFairness Opinion Provider
Stout Risius Ross Inc
# of Deals# of
Gram Capital
Fairness Opinion Provider US$m Sh (%)# of Deals2017 Rank
2016 Rank
1
Morgan Stanley
1
2
6.120
42*
5
155.8
KPMGGuotai Junan Securities
3
11Raymond James Financial Inc12*
7*6.0
13.20.4
16.42.5
3.010
▼-1▼
-7
2,658.5+1-1
17*
12*
1.1Citi
-42.51.5
51,738.11,501.7
64,061.5
▼▼▼
2.2Pendo Advisors LLC14*
▼ 5,943.2
14*14*14*0.7
0.3 Stephens Inc33* +4
Centerview Partners LLCLazard
888
2.22.2
UBS
18*18*22*
19*Deutsche BankCredit Suisse
37*33*
1212 1.3
-5+4
▼▲ 19,282.6
1.3 6,452.4
.0283.1
0.00.0
16.6
3.75.80.0▲
14,565.722,748.2
66.0 13*17
Credit SuissePendo Advisors LLCStephens IncCiti
Raymond James Financial Inc12*1117*28*40*
1213*13*13*
1419*19*
98888766
2.82.52.52.52.52.21.81.8
+2+4+6-2
+1+1
▲▲▲▼▲▲
2,057.720,943.1
9,024.03,793.3
17.10.33.90.00.55.62.41.0
Goldman Sachs & Co 19* 31* 12 111,654.01.3 +12
Piper Jaffray Cos
▲
▲▼
20*20*
66
1920*20*20*
+1+1
20*20*
66
1.61.61.61.6
0+1
9,024.03,793.3
19,762.816,326.7
-▲▲▲
1.05.14.2
Centerview Partners LLCLazardRobert A. Stanger & Co
19*50*
665
1.81.81.5
+1+1+4
16,326.7740.7
Houlihan Lokey
5.34.40.2
▲▲
19,762.8
▲22* 4 5 1.5 -15 ▼
RBC Capital Markets 22* 31* 5 1.5 +21,085.6 0.3
▲ 7,254.5 1.9
1.02.9
UBS
Industry TotalIndustry Total
Industry % Change from Same Period Last Year ▼ ▼Industry % Change from Last Quarter ▼ ▼
▲ 486.0 0.1DA Davidson & Co Inc 22* 50* 5 1.5 +4
100.0
11CSC Financial Co Ltd
TC Capital International Ltd17*
GF Securities
17*17*
▲ 1,061.5 0.52 1.9 +1Mediobanca 10* 28*
3* 10*3*
▲
5,310.3148.4845.4
48.81.47.80.7
Industry % Change from Last Quarter
0.6
2.3
-24.4%52.5%
JP Morgan
Lazard
MTS Health Partners LP
5,226.9Bank of America Merrill Lynch
4*-
148.8
--
4*4*
30
▲ 5,310.3▲
6 1.2 -6 0.4
8.3+11
+1
1
-1
+1
+14*
4*
8.3 +1
1
3*
1*
Any Japan Inv Announced Fairness Opinion
3*
Sumitomo Mitsui Finl Grp Inc
Ernst & Young LLP3.4Sh (%)
+1
- 1 8.3
8.3
8.3
1*
1
8.3 0
1
1*
2.90.0▲
▲ 48.8
6.1227.8
.05,310.31
8.3
▼
326
3,196.7 1.60
10*
3,019.48.3 0
0
10.3
+3 ▲
0
▼
▼6
775.2
Goldman Sachs & Co
8*
1.0
▼ 717.2
▼
▼
Sh (%)US$m
▼
-27.8
655.9 6.0
-61.9%
6
PricewaterhouseCoopers
-173.417 +6
2,658.5
4*
7
4,552.8▼ Chartwell Financial Advisory
+56.0-19
3.8
▲4,812.4
▲
26
1.41.4 -
▲
19
5.03.8
+518
34* 7
24* 7
-
+1212- 11
7
25
+3
▲
Industry Total
Industry % Change from Same Period Last Year 0.0%
+3
100.0
Industry % Change from Same Period Last Year -14.7%
# ofDeals
▼
Change in
33.3%
2.60.1
12 10,877.2
33.3% ▲-74.6%▲
-87
1,645.1 0.8
-
0Industry Total 100.0
13*
▼
0.41.4-6
283.1
7,578.02.43.71.3
21*
-
-▲2.2
75.03*-8.3
▲
+1
0
315.1▲
1 8.3 +1Morgan Stanley
661.1
1
Nomura 16.74* 3,019.4
# of DealsSh (%)
▲
3*3*-
1
▲
--
▲2Deals
2
2016 Rank
# of
16.7 +2-16.7
123.6 1.1
8.3
MarketMarket
▲
0.7
17*7
-16.8%
1.4
▼
21*
▲
503 204,781.5
▲
-
Industry % Change from Last Quarter
10*
5
13*
▲ 9,863.219
1.8
▲
9
▲
6,881.1▲
-11 3.98.2
4.8
16,733.1-77,934.1
▼
* tie
Industry Total
▼
205,514.2
-8.5%
107
-25.9% ▼
Dongxing Securities
Zhongtai Securities Co Ltd
Industry % Change from Last Quarter -59.6% ▼ -77.6%Industry % Change from Same Period Last Year
Deutsche Bank
Sinolink Securities Co Ltd
-10
2.2
+158*
▲
99 1.88
-19
0.9+6 1,170.4
1,826.8
1,356.0485.1
▼▲ 0.2
+8
716*
75*
5
2017 Rank
2 91
2016 Rank
Jan 1 – Sept 30Any EMEA Inv Announced Fairness Opinion
Market
8.4 +311.2
Change in Deals
12Sh (%) # of Deals
▼# of Deals
100.0
Industry % Change from Same Period Last Year
365
▼
-43
-34.6%
Market
Industry Total 374,274.8
Rank Value (US$m)
▼
Rank Value (US$m)
-30.9%
Rank Value
Jan 1 – Sept 30
391,015.3100.0-20
-5.8%
Change in # of Deals per Advisor
Industry % Change from Last Quarter ▼-32.2%-30.6%
Sh (%)
14.5
27.73
2016 Rank
4China Securities Co Ltd
7368.02
+3
Huatai Securities Co Ltd1
0.2
▲
Industry % Change from Same Period Last Year
3
Based on Number of Transactions
2017 Rank
-10.5%-22.8%
-23.7% -42.8%
▼
China International Capital Co
8*10
3.22 3.2
10* 16- 2.4
Huaxi Securities Co Ltd8 1.6Octal Capital Ltd
15*15*
1.6
Fairness Opinion ProviderKPMGMorgan Stanley
Bank of America Merrill Lynch
1
CITIC57,024.2▲
▲JP Morgan
-115897
# of
+4
-11.4%
6.5
2
Market
Based on Number of Transactions
Fairness Opinion ProviderUS$m
13*
# of Deals per Advisor
8
# of Deals per Advisor
Red Sun Capital Ltd
1
Guotai Junan SecuritiesChina Merchants Securities Co
Rank Value
Any Asia Pacific Inv Announced Fairness Opinion
15*16
Rank Value (US$m)
2.9Ledouble SA 5
6*
+8
-9
78*
3.73.7
65,420.9
6.5
-529,710.8
4*
Gram Capital
Haitong Securities Co Ltd4.7 3.87,865.9
21,087.7
Industry % Change from Last Quarter
▼ 4,650.1Guosen Securities Co Ltd 12
Somerley
10 2.0
-93.6
Sh (%)
▼ -63.9%
9,056.9
Rank ValueUS$m
5.2 4.4
Market
Jan 1 – Sept 30
Based on Number of Transactions
4*
4*
2017 RankFairness Opinion Provider
4*
4*
1*
4*
Evercore Partners
Plutus Consulting Co LtdGuosen Securities Co Ltd +1 186.5 1.7
897.0 100.00.8
6*6*9
UBSCredit SuisseGoldman Sachs & CoRothschild & Co
16*16*28*5*
4443
3.72.8
+2+2+3-1
2.831.8
2.4
▲▲▲▼
5,895.75,667.4
4,855.5
BarclaysCSC Financial Co Ltd
25*25*
17*-
1111 ▼
,55,724.7
5,226.91.21.2
+2-6
▲ 8.3
6,088.6 3.0Morgan Stanley 21* 24* 6 1.2 0
p1.5 +3 ▲ 23,408.2 6.3
,
10* - 2 1.9 +2
Moelis & Co 22* 40* 5
▲ 192.7 0.1Guotai Junan Securities 10* 16* 2 1.9 0Numis
Piper Jaffray Cos 10* - 2 1.9 +2+2 ▲ 960.0
- 573.8 0.3▲
▲ 15,283.3 7.4
2,222.0 1.1BMO Capital Markets 10* - 2 1.9Moelis & Co 10* - 2 1.9 +2
-2 ▼Citi 10* 16* 2 1.9 0
▲ .0
- 3,152.7 1.5Leonardo & Co 10* 5* 2 1.9Prairie Capital Advisors Inc 10* 28* 2 1.9 +1
Shenwan Hongyuan Securities Co
2,351.3 1.1
-
1,979.70.0
†Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness
DeloitteLazardSorgem Evaluation SASUDuff & Phelps
10*10*10*
-10*
-3*
2222
1.91.91.91.9
+2-1
+2-3
▲▼▲▼
2,607.92,846.8
582.3.0
1.31.40.30.0
0.5
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tablesopinions provided as part of a broader advisory mandate.21
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Announced league tables include all deals that were announced between January 1, 2016 and September 29, 2017 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on September 29, 2017.
Tel: +813 6441 1338
E-mail: [email protected]
Asia-Pacific & JapanKaori Motohashi
First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.E-mail: [email protected]
AmericasRobert LevineTel: +1 646 223 5682
EMEA
Tel: +44 (0) 20 7542 2246
E-mail: [email protected]
Ewelina JareckaDeals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyf
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.
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involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and theirrole. No fees are allocated to non-lead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated byFreeman Consulting in partnership with Thomson Reuters.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2017 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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