global & regional m&a report q1-q3 2019 - mergermarket

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report Q1-Q3 2019Including League Tables of Financial Advisors

An Acuris Company

mergermarket.com

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

Content

Overview 03

Global 04

Global Private Equity 09

Europe 14

US 19

Latin America 24

Asia Pacific (excl. Japan) 29

Japan 34

Middle East & Africa 39

M&A and PE League Tables 44

Criteria & Contacts 79

An Acuris Company

mergermarket.com


mergermarket.com

MEA USD 125.1bn 141.7% vs. YTD 18 Inbound USD 38.8bn 13.6% Outbound USD 9.3bn -61.3%Ind. & Chem. USD 71.2bn 6.3x

Europe USD 573.5bn -29.4% vs. YTD 18 Inbound USD 248.3bn -34% Outbound USD 187.1bn 20.2%PMB USD 146.3bn 6.1%

Latin America USD 56.3bn 3.2% vs. YTD 18 Inbound USD 35bn 38.2% Outbound USD 4.8bn 12.8%EMU USD 20.5bn 57.3%

North America USD 1.32tn -0.4% vs. YTD 18 Inbound USD 197.3bn 3.9% Outbound USD 268.3bn -7%PMB USD 230.8bn 3.8x

APAC (ex. Japan) USD 383.5bn -28.5% vs. YTD 18 Inbound USD 78.8bn 1.3% Outbound USD 72.4bn -29.5%Ind. & Chem. USD 85.6bn -4.2%

Global Overview Regional M&A Comparison

Japan USD 33.6bn 8.6% vs. YTD 18 Inbound USD 11.3bn 5.7x Outbound USD 67.6bn -48.1%Technology USD 12.8bn 70.3%

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

Global M&A USD 2.49tn -11.4% vs. YTD 18

Cross-border USD 911.4bn -14.6% vs. YTD 18

Top sector: PMB USD 405.8bn 51.1% vs. YTD 18

53%

2.3%15.3%

1.3%

23%

5%

Mergermarket 3Global OverviewGlobal & Regional M&A Report 3Q19

4Mergermarket

mergermarket.com

Global

Value(USDbn)

Deal Details

AnnouncementDate

Bidder Company Target Company Target Geography

Target Sector

89.5 03-Jan Bristol-Myers Squibb Company

Celgene Corporation

USA Pharma, Medical & Biotech

88.9 09-Jun United Technologies Corporation

Raytheon Company

USA Defence

86.3 25-Jun AbbVie Allergan Republic of Ireland

Pharma, Medical & Biotech

70.4 27-Mar Saudi Arabian Oil Co

Saudi Basic Industries Corporation (70% Stake)

Saudi Arabia Industrials & Chemicals

54.4 09-May Occidental Petroleum Corporation

Anadarko Petroleum Corporation

USA Energy, Mining & Utilities

USD 2.49tn Value of global M&A in 1Q-3Q 2019, down 11.4% on last year

USD 262.9bn

Lowest quarterly US M&A value since 1Q16

(USD 254.6bn)

USD 424.6m

Average disclosed deal value, the highest on record

Mergermarket Global AnalysisGlobal & Regional M&A Report 3Q19

The slowdown in dealmaking spread to the US market in 3Q19, causing global M&A to drop 11.4% YTD on last year to USD 2.49tn (across 13,304 deals). Activity was particularly subdued in the difficult to interpret third quarter of the year, when USD 622.2bn worth of deals were struck globally, down 21.2% on 3Q18 (USD 789.7bn) and with 1,164 fewer deals than last year.

The US market, which had so far seemed immune to the global downward trend at play since the middle of last year, is starting to be impacted. At USD 262.9bn in 3Q19, US M&A has fallen to its lowest quarterly value since 1Q16 (USD 254.6bn). Worth USD 1.25tn YTD, US M&A is still marginally up on the same period last year (USD 1.23tn), just about retaining a 50% YTD share of global M&A activity, down from 52.5% in 1H19.

Marred by the trade and tech war between Washington and Beijing and persistent political instability in Hong Kong, YTD M&A activity in Asia is down 26.5% over last year to USD 417.2bn. China and Hong Kong accounts for only 7.8% of global M&A activity so far this year, down from 11.4% last year and a far cry from 2015, when they were responsible for 15.6% of the total global value of deals. In fact, the largest deal of the year so far in the region was struck between Japan and Australia with Asahi’s AUD 16bn (USD 11.3bn) acquisition of Australia-based brewery Carlton & United Breweries (CUB) from Anheuser-Busch InBev in July.

After an abysmal performance in 1H19, Europe has enjoyed a very relative recovery over the summer, with the value of deals in 3Q19 reaching USD 166.5bn across 1,551 transactions down only 2.3% compared to 3Q18 (USD 170.5bn across 1,974 deals). YTD, European M&A is still down 29.4% compared to the same period last year.

The largest deal of the quarter, London Stock Exchange’s USD 27bn acquisition of US-based financial data provider Refinitiv,

which will be going through severe merger control scrutiny, is only the tenth largest deal of the year so far. But it exemplifies the strength of European outbound M&A, which at USD 187.1bn is up more than 20% on last year and at its highest YTD level since 2016.

It also serves as a reminder that in spite or perhaps because of slowing global economic growth, which, according to a recent Organisation for Economic Cooperation and Development (OECD) report, could, in 2019, be the weakest since the 2008 financial crisis, appetite for large transformative deals is still strong among corporates. So far this year, 31 megadeals (> USD 10bn) took place, only the second time since 2008, that more than 30 such deals are recorded within the first nine months of the year.

With regards to large deals, the Pharma, Medical & Biotech (PMB) sector never fails to deliver and managed to put three deals in this quarter’s global top 10, including the creation of a mighty generic drugs maker through the combination of US-based Mylan and Pfizer’s Upjohn, which is itself expected to engage in M&A, as reported.

Whether they are motivated by the desire to get more growth, or a way to secure future survival, deals are getting larger. On the back of the longest equity bull market in history, and amid persistently low interest rates, corporates have ample cash reserves and appealing debt financing options at their disposal to pursue M&A. This context and the growing feeling that it will not last forever are pushing valuations up. At USD 424.6m YTD, the average size of deal with a disclosed value is up from USD 380.1m in 2018, and the highest on Mergermarket record by some margin.

Private equity’s unquenchable thirst has been another source of great consolation for global dealmakers. With a disclosed

USD 394.1bn spent by private equity firms so far this year, buyout activity is not too far from the record levels seen this time last year (USD 457.7bn).

European private equity firms have been showing particularly strong interest for North American assets. Six buyouts above USD 1bn have already been conducted by European sponsors on North American soil this year, five of which in 3Q19. Deals such as BC Partners’ acquisition of a 51% stake in Canada, Montreal-based security services group Garda World Security in July or Permira’s take-private of US-based life sciences company Cambrex in August have helped take the cross-border buyout activity between the two continents to record levels.

Global

Global AnalysisGlobal & Regional M&A Report 3Q19

Mergermarket

“Whether they are motivated by the desire to get more growth, or a way to secure future survival, deals are getting larger”

Beranger Guille, Global Editorial Analytics Director

5

https://www.mergermarket.com/intelligence/view/2878794

Mergermarket.com

7.8% -21.2%

-29.4% USD 622.2bn

Value of Global M&A in 3Q19, down 21.2% on last

year

European M&A value YTD decrease on last year

Global share of China and Hong Kong M&A, down from

11.4% the previous year

Global M&A value decrease from 3Q18 to 3Q19

31 Number of megadeals

(> USD 10bn) announced so far this year

USD 27bn Value of LSE-Refinitiv deal,

the largest deal in 3Q19

Mergermarket 6

mergermarket.com



Chart title 1Chart title 2


0

100

200

300

400

500

600

700

800

900

1000

1100

OtherBusiness Services

TechnologyEnergy, Mining & Utilities

Industrials & Chemicals


Dea

l Val

ue (U

SDbn

)

268.6366.5

391.7391.7 523.1

331.4

284.2

307.6257.5

226.9

1093.8

854.7

2018 2019

0

500

1000

1500

2000

2500

3000

3500

4000

2019201820172016201520140

3000

6000

9000

12000

15000

18000

21000

1,120.0

741.6

570.9

1,199.8

869.8

912.7

756.8

715.4

763.2

789.7

Dea

l Val

ue

(US

Db

n)

Deal C

ount

952.2959.5

753.9

948.1

1079.3

629.5

860.5

1,040.5

761.5

838.5

826.2

963.2

960.0

622.2

Q3Q2 Q4Q1

Deal Count

Global Quarterly Breakdown Trend2014 - 2019

Global Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19

Mergermarket 7

mergermarket.com



Mergermarket 8

mergermarket.com

Global Analysis

Ranking 3Q19 3Q18 Regional ranking comparison

3Q19 3Q18 Company name Value (USDm)

Deal count

% Value change

Value (USDm)

Europe US Asia Pacific

Japan Middle East & Africa

Latin America

1 1 Goldman Sachs & Co 981,313 259 15.5% 849,790 1 1 2 4 3 4

2 3 JPMorgan 790,938 210 17.6% 672,574 3 2 6 11 1 19

3 2 Morgan Stanley 764,274 188 -4.1% 796,696 2 3 4 1 5 3

4 4 Citi 581,529 154 -4.3% 607,569 7 5 3 18 6 2

5 7 Evercore 559,497 120 55.0% 360,877 4 4 23 13 27 24

6 5 Bank of America Merrill Lynch 512,472 149 15.9% 442,279 5 6 1 20 4 1

7 9 Credit Suisse 288,538 116 -10.2% 321,255 10 7 7 92 18 18

8 6 Barclays 251,945 137 -32.6% 373,593 12 8 16 14 11 -

9 16 RBC Capital Markets 188,365 80 92.0% 98,124 36 9 144 - 17 39

10 14 PJT Partners 171,506 30 14.8% 149,337 9 10 128 - 122 15

11 8 Lazard 167,975 166 -51.1% 343,812 6 14 18 7 9 14

12 20 Jefferies 162,904 131 91.1% 85,236 14 11 32 28 10 76

13 11 Centerview Partners 147,875 41 -26.0% 199,707 23 12 44 - 21 -

14 27 HSBC 135,457 43 87.7% 72,180 16 32 13 15 2 12

15 13 UBS Investment Bank 127,036 98 -17.9% 154,737 11 27 9 12 15 8

16 10 Deutsche Bank 126,922 78 -57.9% 301,566 13 15 11 24 16 -

17 12 Rothschild & Co 116,808 208 -37.4% 186,603 8 25 5 8 12 16

18 60 Dyal Co 102,889 2 380.3% 21,420 - 13 - - - -

19 107 Klein and Company 75,893 4 1314.1% 5,367 100 58 - - 7 -

20 23 Moelis & Company 70,940 79 -11.8% 80,466 35 17 54 21 8 56

Global League tables

Financial advisor league table by value

Global & Regional M&A Report 3Q19


Buyouts 3Q19 3Q18 Change

Deal Value USD 394.1bn USD 457.7bn -13.9%

Deal Count 2,467 Deals 2,860 Deals -393

0

120

240

360

480

600

201920182017201620150

800

1600

2400

3200

4000

Dea

l Val

ue (

US

D b

n)

Deal C

ount

Q1 Deal Count

Q2

Q3

Q4

108.6

124.6

103.5

65.7 73.6

122.6

107.9

129.5

130.3

168.2

152.5

90.6

138.4

111.4

180.3

138.9 112.5

172.8

108.8

Buyouts - Quarterly Breakdown (2015-2019) Buyouts - Top Five Deals (3Q19)

Mergermarket 9

mergermarket.com

Global Private Equity - Buyouts

Value(USDbn)

Deal Details

AnnouncementDate


Target Sector

14.1 08-May EQT Partners - Digital Colony Partners consortium

Zayo Group Holdings, Inc

USA Telecommuni-cation

13.4 02-Jun Blackstone Group GLP Pte Ltd (US Logistics Assets)

USA Real Estate

11.8 04-Feb Hellman & Friedman - Blackstone Group consortium

Ultimate Software Group Inc

USA Technology

10.2 10-May IFM Investors Buckeye Partners, LP


10.1 16-May EQT Partners - Abu Dhabi Investment Authority consortium

Nestle Skin Health SA

Switzerland Pharma, Medical & Biotech


Global Private Equity Analysis


Exits - Top Five Deals (3Q19)

0

100

200

300

400

500

600

20192018201720162015

Dea

l Val

ue (

US

D b

n)

Deal C

ount

0

600

1200

1800

2400

3000

Q1 Deal Count

Q2

Q3

Q4

127.3

120.3

143.7

109.7 95.2

125.1

112.2

127.0

152.9

164.6

111.7

137.8

94.8

155.2

191.1

103.2 136.2

130.6

95.4

Exits - Quarterly Breakdown (2015-2019)

Exits 3Q19 3Q18 Change

Deal Value USD 326.2bn USD 449.4bn -19.4%

Deal Count 1,711 Deals 1,950 Deals -239

Mergermarket 10

mergermarket.com

Global Private Equity - Exits

Value(USDbn)

Deal Details

AnnouncementDate

Seller Company

Target Company

Target Geography

Target Sector

Bidder Company

38.5 16-Jan Kohlberg Kravis Roberts & Co

First Data Corporation

USA Business Services

Fiserv, Inc

27 01-Aug Blackstone Group; CPPIB; GIC; Thomson Reuters Corporation

Refinitiv USA Business Services

London Stock Exchange Group Plc

8.1 14-Jan Temasek Holdings Pte

Ascendas-Singbridge Pte Ltd

Singapore Real Estate CapitaLand Limited

6.7 02-May Apax Partners LLP; CPPIB; PSP Investments

Acelity USA Pharma, Medical & Biotech

3M Company

5.6 24-Jun Altamir Amboise; Apax Partners SAS

Altran Technologies SA

France Business Services

Capgemini SA




European investors targeting North American assets (1Q-3Q periods)

0 10 20 30 40 50 60

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

Dea

l Co

unt

Buyouts above USD 1bn Number of Buyouts

Buyouts - Investors’ activity

Number of buyouts above USD 1bn conducted by European sponsors on

North American soil in 2019

6

Value of transatlantic buyouts in North America by European

investors YTD 2019

USD 28.4bn

Share of North American buyout value across global buyout value (YTD 2019)

47.8%

Mergermarket 11

mergermarket.com

Mergermarket Global & Regional M&A Report 3Q19



Buyouts - Regional Breakdown

Mergermarket 12

mergermarket.com

Mergermarket

39.4%

Deal Value

Deal Count

Americas(excl. USA)

USD 26.4bn

106

4.3%

Deal Value

Deal Count

USA USD 165.9bn

97143.4%

12.9% Deal Value

Deal Count

Asia-PacificUSD 62.6bn

318

Deal Value

Deal Count

EMEAUSD 139.2bn

1,072

Regional Breakdown - Market Share (%) by Deal Count




Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 8 PwC 15,370 80 23 57

2 6 Lincoln International 1,244 65 -2 67

3 1 Goldman Sachs & Co 71,485 63 -21 84

4 3 Rothschild & Co 26,340 62 -7 69

5 13 Jefferies 58,612 61 11 50

6 5 Deloitte 2,978 58 -9 67

7 4 William Blair & Company 9,638 56 -13 69

8 10 KPMG 2,740 51 -4 55

9 16 Barclays 58,850 49 5 44

10 2 Houlihan Lokey 4,197 48 -23 71

11 11 JPMorgan 63,805 43 -8 51

12 15 Harris Williams - 43 -4 47

13 14 Lazard 21,568 42 -7 49

14 12 EY 2,535 42 -9 51

15 29 Bank of America Merrill Lynch 116,860 41 16 25

16 7 Morgan Stanley 72,367 40 -25 65

17 9 Robert W. Baird & Co 5,388 40 -15 55

18 21 Evercore 87,601 38 2 36

19 23 Raymond James 1,424 37 3 34

20 32 Piper Jaffray & Co 1,419 37 18 19

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 5 Bank of America Merrill Lynch 116,860 41 133.6% 50,017

2 3 Citi 91,156 34 22.5% 74,415

3 6 Evercore 87,601 38 132.8% 37,636

4 2 Morgan Stanley 72,367 40 -39.9% 120,354

5 1 Goldman Sachs & Co 71,485 63 -45.4% 130,845

6 4 JPMorgan 63,805 43 -1.6% 64,854

7 7 Barclays 58,850 49 56.5% 37,603

8 16 Jefferies 58,612 61 133.7% 25,083

9 8 Credit Suisse 49,355 31 32.8% 37,174

10 9 Deutsche Bank 48,114 22 29.5% 37,158

11 19 Canson Capital Partners 31,000 2 82.4% 17,000

12 13 UBS Investment Bank 27,982 28 -10.3% 31,209

13 11 Rothschild & Co 26,340 62 -16.6% 31,595

14 15 RBC Capital Markets 22,948 34 -19.7% 28,568

15 14 Lazard 21,568 42 -25.8% 29,081

16 246 Qatalyst Group 17,477 7 - -

17 70 TD Securities 16,964 7 775.8% 1,937

18 53 PwC 15,370 80 367.5% 3,288

19 10 Macquarie Group 11,830 25 -62.7% 31,754

20 97 HSBC 10,889 8 1103.2% 905

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

Global Private Equity League tables

Mergermarket 13

mergermarket.com




Value(USDbn)

Deal Details

AnnouncementDate


Target Sector

86.3 25-Jun AbbVie Allergan Republic of Ireland Pharma, Medical & Biotech

26.9 28-Feb Novartis (Shareholders)

Alcon Switzerland Pharma, Medical & Biotech

10.4 31-Jul EssilorLuxottica GrandVision Netherlands Consumer

10.1 16-May A consortium led by EQT Partners AB and Abu Dhabi Investment Authority

Nestle Skin Health Switzerland Pharma, Medical & Biotech

7.6 20-Aug Elanco Animal Health Incorporated

Bayer Animal Health

Germany Pharma, Medical & Biotech

Mergermarket 14

mergermarket.com

Europe Analysis

Europe

Private equity buyout share of European M&A,

the second highest percentage on record

22.4%


Value of YTD European M&A, down 29.4% versus YTD 2018

USD 573.5bn

European share of global M&A, down from 27.4% in 2018

23%


Mergermarket 15

mergermarket.com

Europe

Europe AnalysisGlobal & Regional M&A Report 3Q19

With growing concerns over the Eurozone economy, resulting in the ECB announcing another round of stimulus, European M&A has taken a downturn, supported only by the ongoing strength of the private equity market. Mirroring wider global activity, dealmaking targeting Europe fell 29.4% versus Year-To-Date (YTD) 2018. The largest deal in Europe in the third quarter saw EssilorLuxottica acquire Grand Vision for USD 10.4bn. The deal is one of a number in the retail and leisure spaces announced in Q3 pointing to defensive consolidation in under-performing sectors more severely exposed to an economic downturn.

Following a strong second quarter, foreign investment into Europe has again fallen, demonstrating the lack of confidence many have in conducting high-profile acquisitions in Europe in the current climate. Takeovers by Chinese investors continue to drop, plummeting to the lowest YTD value since 2013 (USD 4.5bn) as political pressure curtails dealmaking. Just USD 7.5bn has been spent so far this year, down 60.9% versus the equivalent period last year.

Despite a clear fall from Q2, US investment into Europe remains robust and is on course to reach one its highest annual totals on Mergermarket record. Europe continues to be a key destination for US firms looking to invest abroad, accounting for 67.2% of activity outside the country by value.

Deals in the opposite direction also appear to be on the rise, pushing outbound M&A higher, following a slow 2018. The third quarter saw LSE’s USD 27bn acquisition of Refinitiv, the largest deal from Europe into the US since the USD 60.6bn tie-up between BAT and Reynolds American in early 2017.

With many corporates sitting on their hands due to lack of confidence in the market, private equity has seen its influence grow in 2019. The USD 128.5bn (1,025 deals) of European

buyouts announced so far this year accounts for 22.4% of total activity, ahead of all annual figures bar 2006 (25.3%).

Take-privates remain a key avenue for buyout firms and, due to the vast amounts of dry-powder available, there appears little sign the trend is coming to a halt. The YTD deal count (USD 37.1bn, 25 deals) has reached its highest point since 2007 (31 deals) while the combined value has already surpassed the 2018 full-year total (USD 35.2bn). This includes Advent’s USD 5.2bn offer for UK-based defence company Cobham.

Take-privates were prevalent in the UK where private equity firms have taken advantage of the fall in sterling to acquire international assets. The proposed Cobham takeover is a prime example, given a large proportion of the firm’s revenues derive from work in the United States.

Foreign investment has also begun to see an uptick as, in a similar vein to the months following the 2016 referendum, cheaper UK assets have been targeted. Recent transactions include the USD 6.1bn tie-up between Takeaway.com and Just Eat, and CK Asset Holdings’ USD 5.5bn acquisition of Greene King.

Overall the UK has seen mixed activity so far this year, down 43.8% by value versus YTD 2018, with many corporates deciding to delay investments while the current political situation and the threat of a no deal Brexit scenario persists.

Germany, which suffered a 0.1% decrease in GDP in Q2 and may be on course to hit a recession, saw an uptick in M&A value in Q3 – driven by private equity interest in large-cap assets. Buyouts targeting the country have reached USD 23.4bn this year, the second highest YTD value on record, only behind 2007 (USD 27.3bn). As a result, buyouts account for a 43.2% share of the country’s overall M&A value, the highest

YTD share on record. The weakening of German firms may result in a rise in interest in large and upper-mid cap assets, while activity the Mittlestand remains fairly subdued. The pipeline points to private equity interest in a number of high-profile situations, including BASF’s construction chemicals unit and Thyssenkrupp’s elevator business.

Meanwhile political uncertainty continues to hamper Italian M&A (USD 26.7bn), falling 48.9% versus the equivalent period in 2018 (USD 52.3bn). Dealmakers, however, may be cautiously optimistic that the formation of a new coalition will bring greater confidence to the market.

Despite the buoyant private equity activity, European dealmakers will continue to worry about the state of M&A with the seemingly unrelenting geopolitical upheaval appearing to affect investment. While private equity looks set to stay healthy it remains unclear how corporates will react in the fourth quarter, and into 2020.

“With many corporates sitting on their hands due to lack of confidence in the market, private equity has seen its influence grow”

Jonathan Klonowski, Research Editor (EMEA)


Mergermarket.com

-43.8%Drop in UK M&A

(USD 114.5bn) versus the equivalent period last year

(USD 203.8bn)

Fall in European inbound M&A value (USD 248.3bn) down from

USD 376.4bn in YTD 2018

-34%

Rise in tech M&A value (USD 49.8bn) versus the equivalent period last year (USD 38.9bn)

Increase in PMB M&A (USD 146.3bn) to its highest YTD

value on record

Value of European investment into the USA, already ahead of the full-

year 2018 value (USD 127.9bn)

USD 130.1bn +28.1%+6.1%

Value of German buyouts this year, the second highest

YTD value on record

USD 23.4bn

16

mergermarket.com

Mergermarket Europe AnalysisGlobal & Regional M&A Report 3Q19




2018 2019

0

100

200

300

400

500

600

700

800

900

1000

2019201820172016201520140

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

293.3

262.6

214.1

202.9

147.7

199.6

179.8

174.6

166.5

Dea

l Val

ue

(US

Db

n)

Deal C

ount

199.7

195.4

209.4

269.0

163.6

179.8

309.5

180.5

275.0

366.4

170.5

165.8

259.2

166.5

Q3Q2 Q4Q1

Deal Count

Europe Quarterly Breakdown Trend2014 - 2019

Europe Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19

0

50

100

150

200

250

300

350

400

OtherConsumerTechnologyEnergy, Mining & Utilities



Dea

l Val

ue

(US

Db

n)

373.1

193.3

44.531.8

49.838.9

114.3

63.376.3

116.2

146.3137.9

17

mergermarket.com

Mergermarket Europe AnalysisGlobal & Regional M&A Report 3Q19


Europe League tables

Europe league table by value

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 PwC 25,254 242 -17 259

2 1 Deloitte 14,963 209 -70 279

3 5 KPMG 6,812 170 -43 213

4 3 Rothschild & Co 101,029 169 -45 214

5 4 EY 7,699 153 -61 214

6 8 Goldman Sachs & Co 300,580 115 -1 116

7 7 Lazard 116,909 112 -7 119

8 9 JPMorgan 228,744 92 -15 107

9 13 Citi 116,868 76 1 75

10 11 Morgan Stanley 244,558 73 -6 79

11 10 Oaklins 896 73 -14 87



14 21 Barclays 83,612 61 9 52

15 19 ALANTRA 4,098 58 1 57

16 16 Clearwater International 2,084 52 -11 63

17 29 Grant Thornton 194 52 6 46

18 15 UBS Investment Bank 84,929 51 -13 64

19 26 Evercore 154,172 50 3 47

20 17 Daiwa Securities Group / DC Advisory 2,562 48 -12 60

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 300,580 115 -23.6% 393,525

2 2 Morgan Stanley 244,558 73 -25.5% 328,339

3 3 JPMorgan 228,744 92 -29.6% 324,939

4 7 Evercore 154,172 50 -13.0% 177,286

5 6 Bank of America Merrill Lynch 142,136 61 -20.7% 179,200

6 5 Lazard 116,909 112 -38.6% 190,283

7 4 Citi 116,868 76 -60.4% 294,932

8 8 Rothschild & Co 101,029 169 -35.9% 157,532

9 18 PJT Partners 99,515 9 56.9% 63,441

10 11 Credit Suisse 92,391 44 -9.4% 101,995

11 15 UBS Investment Bank 84,929 51 19.6% 71,001

12 10 Barclays 83,612 61 -33.0% 124,794

13 9 Deutsche Bank 59,587 39 -53.1% 127,053

14 28 Jefferies 53,929 46 90.4% 28,318

15 14 BNP Paribas 49,679 46 -32.3% 73,372

16 27 HSBC 38,681 26 17.4% 32,947

17 - Canson Capital Partners 31,000 2 - -

18 13 Nomura Holdings 27,733 21 -67.8% 86,057

19 12 Robey Warshaw 27,000 1 -69.1% 87,249

20 34 PwC 25,254 242 30.2% 19,402

Europe league table by deal count

Mergermarket 18

mergermarket.com

Europe AnalysisGlobal & Regional M&A Report 3Q19


Value(USDbn)

Deal Details

AnnouncementDate


Target Sector

89.5 03-Jan Bristol-Myers Squibb Company

Celgene Corporation

USA Pharma, Medical & Biotech

88.9 09-Jun United Technologies Corporation

Raytheon Company

USA Defence

54.4 09-May Occidental Petroleum Corporation

Anadarko Petroleum Corporation


42.6 18-Mar Fidelity National Information Services

Worldpay USA Business Services

41.3 08-Mar DuPont de Nemours (Shareholders)

Dow USA Industrials & Chemicals

Mergermarket 19

mergermarket.com

US Analysis

US


Year-do-date Deal value increase in Pharma, Medical

& Biotech, compared to the same period in 2018

137%

Total combined deal value in the US year-to-date, the second

highest on Mergermarket record

USD 1.24bn

Average deal size of disclosed deals 1Q-3Q

(Highest on Mergermarket record)

USD 838m


Mergermarket 20

mergermarket.com

US Analysis

US


Driven by mega deals, the average deal size among disclosed deals increased 39% in the US compared to the same period last year. Through 3Q19, the average deal size of disclosed deals in the US was USD 831m, compared to USD 596m for average disclosed deal values through 3Q18.

Overall, activity in the US through the third quarter increased by value compared to the same period last year, despite seeing a decrease in the numbers of deals announced. So far in 2019, the US has seen 4,057 deals announced worth a combined USD 1.25tn, compared to 4,787 deals announced worth a combined USD 1.23tn from 1Q-3Q 2018.

Activity in 3Q declined by both count and value, with 1,206 deals worth a combined USD 262.9bn, down32% by value from the same period last year, (1,565 deals announced worth a combined USD 387bn in 3Q18).

Small and mid-market deals appear to be most affected by the decline, with over 75% of activity by value in 3Q deriving from deals worth at least USD 1bn. Out of a total 1148 deals announced in 3Q worth a combined USD 262.9bn, there were 50 deals worth at least USD 1bn which combined are worth USD 199bn.

Deals in the Pharmaceutical, Medical, and Biotech sectors led activity by value in the US, with 444 deals worth a combined USD 229bn announced so far this year. Dealmakers started 2019 with expectations that deals would unfold in the space, with big pharma companies eyeing a large pipeline of attractive potential targets, this news service reported in February.

Activity in the sectors marks the highest on record (since 2001), slightly above the previous peak seen in 2015, (457 deals worth a combined USD 224bn). Activity was led by Bristol-Myers Squibb’s announced merger with Celgene Corporation

for USD 89.5bn. In August, Celgene announced it would sell operations related to the Otezla drug to Amgen, for USD 13.4bn, in connection with the merger. In another blockbuster merger in the pharmaceutical space, Pfizer announced at the end of July it would merge its Upjohn unit with rival Pharmaceutical giant Mylan in a Reverse Morris Trust transaction worth USD 24.6bn.

In a media deal years in the making, CBS and Viacom announced in August they will recombine 14 years after their split in 2005, in a deal worth USD 20bn. As over-the-top (OTT) content providers such as Netflix, Amazon and Hulu have presented an increased threat in the media entertainments space, traditional players have been pursuing consolidations as a defensive strategy. The deal – which has been in the works for some time – faced some early challenges in the board room, this news service reported last year.

Outside investors have continued to make large acquisitions in the US, with 204 deals announced in 3Q worth a combined USD 82.5bn. Inbound deals were led by the London Stock Exchange’s USD 27bn acquisition of Refinitiv, the US-based financial data provider, announced on August 1. The transaction, the largest deal announced in the US in 3Q19, marks the second-largest inbound deal from the UK on record, behind the 57.83% stake acquisition of tobacco giant Reynolds American, by British American Tobacco in 2017 for USD 60.6bn.

Overall, there have been 697 inbound deals announced so far in 2019 worth a combined USD 228bn, up 8% by value compared to the same period last year, (839 inbound deals announced worth a combined 211.2bn in 1Q-3Q 18).

Looking ahead, M&A activity by value can be expected to increase compared to 2018 and could potentially surpass the highest activity in the country on record, (5,462 deals worth a combined USD 1.8tn in 2015). However, market conditions are

facing a large amount of uncertainty that could cause declines in M&A activity. Global currency values and trade policies are among things expected to see changes between the third and fourth quarter which could factor into economic sentiment as more investors believe we are entering an end of cycle economic period.

“Amid sluggish global economic growth and Federal Reserve rate cuts in already historically low interest rate conditions, despite strong year-to-date activity, the third quarter saw a significant slowdown”

Philip Segal,Head Analyst (Americas)


Mergermarket.com

50Deals worth at least USD 1bn

announced in 3QActivity by value of deals in 3Q

worth > USD 1bn

76%

Value of the Celgene-Bristol-Myers Squibb deal, the largest

transaction announced YTD 2019

Combined Technology deal value 1Q-3Q 2019

Combined value of Mega deals (> 10bn) in 3Q19

USD 96bnUSD

89.5bn

Deal Value of Brookfield Infrastructure acquisition of Genesee & Wyoming, the largest Transport buyout in US

USD 8.7bn

USD 165bn

Mergermarket 21

mergermarket.com

US AnalysisGlobal & Regional M&A Report 3Q19




0

50

100

150

200

250

300

350

400

OtherIndustrials & Chemicals

Energy, Mining & Utilities

Business Services

TechnologyPharma, Medical & Biotech

De

al V

alu

e (

US

Db

n)

228.8

96.6

161.7 164.8

184.8

160.9

284.5

153.1

112.8

145.6

384.7392.5

2018 2019

0

250

500

750

1000

1250

1500

1750

2000

201920182017201620152014

262.9

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000

6500

508.8

391.2

219.8

509.5

463.6

472.9

509.9294.9

412.2

293.6

387.1

Dea

l Val

ue

(US

Db

n)

Deal C

ount

321.1

325.7

416.9

421.1

326.8

254.6

502.6

469.1

357.1

424.7

346.9

389.6

Q3Q2 Q4Q1

Deal Count

US Quarterly Breakdown Trend2014 - 2019

US Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19

22

mergermarket.com

Mergermarket US AnalysisGlobal & Regional M&A Report 3Q19


US League tables

US league table by value US league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 815,285 177 -43 220

2 2 JPMorgan 646,282 137 -20 157

3 3 Houlihan Lokey 12,321 116 -25 141

4 4 Morgan Stanley 602,169 112 -27 139

5 8 Jefferies 156,782 108 3 105

6 6 Barclays 213,566 102 -11 113

7 7 Evercore 542,321 96 -11 107


9 5 Citi 437,270 89 -39 128

10 9 Raymond James 5,842 85 -12 97

11 17 Lazard 96,164 82 7 75

12 16 William Blair & Company 14,521 79 3 76

13 10 Credit Suisse 241,920 76 -20 96

14 13 Piper Jaffray & Co 4,429 76 -3 79


16 29 PwC 5,294 66 20 46

17 15 Moelis & Company 62,454 65 -11 76

18 14 Stifel/KBW 14,646 65 -12 77

19 19 Rothschild & Co 30,793 61 -10 71

20 12 Robert W. Baird & Co 14,074 61 -24 85

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 815,285 177 46.9% 554,852

2 3 JPMorgan 646,282 137 51.8% 425,651

3 2 Morgan Stanley 602,169 112 13.8% 529,214

4 7 Evercore 542,321 96 103.2% 266,863

5 5 Citi 437,270 89 33.1% 328,650


7 8 Credit Suisse 241,920 76 -2.6% 248,392

8 4 Barclays 213,566 102 -36.2% 334,580

9 15 RBC Capital Markets 175,948 60 156.8% 68,522

10 12 PJT Partners 163,552 27 15.0% 142,167

11 17 Jefferies 156,782 108 131.3% 67,776

12 10 Centerview Partners 146,254 39 -23.9% 192,069

13 40 Dyal Co 102,889 2 380.3% 21,420

14 9 Lazard 96,164 82 -51.9% 199,839

15 11 Deutsche Bank 93,853 44 -45.9% 173,527

16 39 Wells Fargo Securities 64,121 34 165.6% 24,139

17 16 Moelis & Company 62,454 65 -7.9% 67,781

18 22 Guggenheim Partners 59,784 28 6.1% 56,348

19 36 BMO Capital Markets 44,425 37 60.2% 27,725

20 31 TD Securities 42,026 16 40.9% 29,830

Mergermarket 23

mergermarket.com

US AnalysisGlobal & Regional M&A Report 3Q19


Mergermarket 24

mergermarket.com

Latin America Analysis

LatinAmerica


Value(USDm)

Deal Details

AnnouncementDate


Target Sector

8,641 05-Apr ENGIE SA; Caisse de Depot et Placement du Quebec; Engie Brasil Energia

Transportadora Associada de Gas (90% Stake)

Brazil Energy, Mining & Utilities

4,715 24-Jul Companhia Brasileira de Distribuicao

Almacenes Exito Colombia Consumer

4,200 25-Jan The Boeing Company

Embrae (commercial aviation business) (80% Stake)

Brazil Industrials & Chemicals

1,728 06-Jun Sonae Sierra Brasil

Aliansce Shopping Centers

Brazil Real Estate

1,701 23-Jul Banco Santander, Grupo Financiero Santander(16.68% Stake)

Mexico Financial Services

Increase in Latin American buyouts by value

102%

Value of the largest deal announced in Latin America in 3Q19 –

Companhia Brasileira de Distribuicao acquisition of Almecenes Exito

USD 4.7bn

Increase in inbound deals by value compared to last year

38%


Mergermarket 25

mergermarket.com


Latin America

Propelled by inbound activity, Latin American M&A has been healthy so far in 2019. Overall, Latin America saw 442 deal announced worth a combined USD 56.3bn, relatively flat compared to the same period last year, (493 deals announced worth a combined 58.1bn in 1Q-3Q 2018). Inbound activity went from making up around 44% of all activity by value in 1Q-3Q 2018 to over 60% of all activity in the region. So far this year, there have been 199 inbound deals worth a combined USD 35bn, up over 38% by value compared to 1Q-3Q 2018, (208 inbound deals worth a combined USD 25.3bn).

Deals in Latin America’s biggest sector, Energy, Mining, and, Utilities, have made up 36% of all activity by value so far this year, with 65 deals announced worth a combined USD 20.5bn. Activity in the sector is up over 60% by value compared to the same period last year, despite a slight decline in deal count. A lot of activity in the sector has come from Brazil-based Petroleo Brasileiro, which continued to make significant divestitures in Q3.

Petrobras’ divestments have accounted for over 20% of all M&A activity by value in the region so far this year. In Q3, the company made four divestments worth a combined USD 1.8bn. Since the beginning of the year Petrobras made ten disposals worth a combined USD 12.5bn, in line with the company’s 2019-2013 Business and Management Plan.

Colombia proved to be an attractive market for dealmakers outside the country, seeing the most inbound activity on Mergermarket record year-to-date. The outlook on Colombia’s economy is generally positive in the short and medium term, with growing consumer spending and lower effective corporate tax rates expected to support sentiment. Out of the 45 deals announced worth a combined USD 8.5bn in Colombia this year, only 13 deals worth under USD 600m

involved domestic bidders. In July, Companhia Brasileira de Distribuicao, a Brazil-based retail conglomerate acquired a 55.3% stake in Almacenes Exito, a Colombia-based supermarket chain operator from France-based Casino Guichard Perrachon, for USD 4.7bn. In September, Brookfield Infrastructure Partners sold its 99.2% stake in Colombian electrical power company Empresa De Energia De Boyaca, to Canada-based Northland Power for USD 795m.

Buyouts in Latin America saw an increase compared to last year, with 41 buyouts worth a combined USD 4bn, nearly doubling by value over fewer deals, (53 buyouts worth a combined USD 2bn). The largest buyout in Latin America during the third quarter was the USD 500m buyout of Laboratorios Sanfer, the Mexico-based pharmaceutical company announced in August by Canada’s Caisse de Depot et Placement du Quebec.

Softbank Group ramped up acquisitions in Brazil in the third quarter, participating in three buyouts in the country worth a combined USD 600m. While the Japan-based institution had previously made only two acquisitions in Brazil, so far in 2019 Softbank has made six acquisitions in the country worth a combined USD 1bn.

In a post-election year when six Latin American countries held presidential elections, a robust M&A market in 2019 had been somewhat anticipated. Looking ahead, and despite a slowing economic growth on the continent, Latin America should, in the short term at least, continue to be a source of value for investors both domestically and abroad.


“In a post-election year when six Latin American countries held presidential elections, a robust M&A market in 2019 had been somewhat anticipated”

Philip Segal,Head Analyst (Americas)


Mergermarket.com

32Total inbound deals into

Colombia YTD (highest on record)

Increase in YTD combined deal value in Colombia compared to

last year

555.5%

Value of Real Estate transactions in Latin America

YTD

Increase by value consumer deals YTDCombined deal value of

Petrobras divestments

USD 12.5bn USD 2bn62%

Largest buyout in Latin America: Laboratorios Sanfer

acquisition by Caisse de Depot

USD 500m

Mergermarket 26

mergermarket.com






0

5

10

15

20

OtherTechnologyIndustrials & Chemicals

Financial Services

ConsumerEnergy, Mining & Utilities

13.1

6.2

20.5

3.45.0

10.1

22.2

4.8

1.63.2

11.612.7

Dea

l Val

ue

(US

Db

n)

2018 2019

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

2019201820172016201520140

100

200

300

400

500

600

700

800

19.5

11.4

24.812.2

24.2

16.5

21.8

13.8

44.4

14.1

21.1

Dea

l Val

ue

(US

Db

n)

Deal C

ount

25.3

18.1

27.7

9.3

14.9

30.1

29.4

11.9

38.1

28.6

39.918.0

Q3Q2 Q4Q1

Deal Count

Latin America Quarterly Breakdown Trend2014 - 2019

Latin America Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19

27

mergermarket.com




Latin America League tables

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

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 Banco BTG Pactual 5,950 26 3 23

2 1 Banco Itau BBA 5,146 26 2 24

3 10 Citi 15,840 15 7 8

4 8 Goldman Sachs & Co 13,133 13 3 10


6 14 Rothschild & Co 3,385 12 5 7

7 17 Santander Global Corporate Banking 11,123 10 3 7

8 7 Morgan Stanley 15,088 9 -2 11

9 29 BR Partners 12,150 9 6 3

10 13 Deloitte 1,119 9 1 8

11 21 Greenhill & Co 647 9 4 5

12 30 Scotiabank 1,052 8 5 3

13 5 Oaklins 1,016 8 -6 14

14 11 Vinci Partners 620 8 0 8

15 9 JPMorgan 1,448 7 -2 9

16 3 Banco Bradesco BBI 1,892 6 -9 15

17 4 Credit Suisse 1,585 6 -9 15

18 - Credit Agricole 11,140 5 5 0

19 16 KPMG 1,043 5 -2 7

20 19 BNP Paribas 805 5 0 5

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 7 Citi 15,840 15 184.6% 5,565

3 4 Morgan Stanley 15,088 9 -13.9% 17,518

4 6 Goldman Sachs & Co 13,133 13 84.6% 7,115

5 31 BR Partners 12,150 9 2892.6% 406

6 - Credit Agricole 11,140 5 - -

7 26 Santander Global Corporate Banking 11,123 10 1975.2% 536

8 49 UBS Investment Bank 9,265 4 13135.7% 70

9 5 Banco BTG Pactual 5,950 26 -38.7% 9,705

10 - Inverlink 5,510 3 - -

11 3 Banco Itau BBA 5,146 26 -78.1% 23,510

12 23 HSBC 4,978 3 759.8% 579

13 - Corredores Davivienda 4,715 1 - -

14 15 Lazard 3,888 4 119.4% 1,772

15 - PJT Partners 3,557 1 - -

16 16 Rothschild & Co 3,385 12 219.9% 1,058

17 2 Banco Bradesco BBI 1,892 6 -92.0% 23,587

18 12 Credit Suisse 1,585 6 -43.5% 2,806

19 8 JPMorgan 1,448 7 -72.3% 5,219

20= - Astoria Capital Partners 1,266 2 - -

20= - Riza Capital 1,266 2 - -

Mergermarket 28

mergermarket.com




Value(USDbn)

Deal Details

AnnouncementDate


Target Sector

11.3 19-Aug-19 Asahi Group Holdings Ltd

CUB Pty Ltd Australia Consumer

8.1 14-Jan-19 CapitaLand Limited

Ascendas-Singbridge Pte Ltd

Singapore Real Estate

6.8 26-Feb-19 Hanergy Mobile Energy Holding Group Limited

Hanergy Thin Film Power Group Limited (32.49% Stake)

Hong Kong SAR Energy, Mining & Utilities

6.0 08-Mar-19 ArcelorMittal SA; Nippon Steel Corporation

Essar Steel India Ltd

India Industrials & Chemicals

5.8 26-Jan-19 Henan Shuanghui Investment and Development Co Ltd

Henan Luohe City Shuanghui Industrial Group Co Ltd

China Consumer

Mergermarket 29

mergermarket.com

Asia Pacific(excl. Japan)


Asia Pacific (excl. Japan) Analysis

Australia’s outbound M&A value year-on-year increase

in terms of deal value

80.7%

Asia Pacific (excl. Japan) M&A value in 1Q-3Q19, the

lowest value since 2013

USD 383.5bn

Share of global market M&A in 1Q-3Q19, compared

to 19% in 1Q-3Q18

15.4%


Mergermarket 30

mergermarket.com


Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan recorded USD 118.7bn across 786 deals in 3Q19, equal to a 25.8% decrease year-on-year in terms of value (3Q18: USD 160bn; 1067 deals) in line with the downward trend in the first half of the year. The first three quarters of 2019 generated 2471 deals valued USD 383.5bn, the lowest activity since 2013.

However, the largest deal of the year so far materialised over the last quarter – the AUD 16bn (USD 11.3bn) acquisition of Australia-based brewery Carlton & United Breweries (CUB) by Japan’s Asahi from Anheuser-Busch InBev. This transaction contributed to a surge in dealmaking value in the consumer sector during 3Q19, which jumped year-on-year by 80.1% to USD 21bn (3Q18: USD 11.7bn) despite a 40.7% decrease in deal count (3Q19: 67 deals; 3Q18: 113 deals).

The CUB mega deal cemented Japan’s entrenched position as the most active M&A inbound dealmaker in Australia. Bank of Japan’s low interest rate and lower competition from Chinese players amid a Sino-US trade war provide more M&A opportunities for Japanese bidders.

China and Hong Kong – the largest M&A market in APAC excl. Japan – continued their lacklustre performance in 3Q19, generating USD 52.7bn across 381 deals (3Q18: 84.9bn; 521 deals). The region recorded USD 194.5bn across 1170 deals from January to September 2019, equal to a year-on-year decrease of 35.4% in terms of value and 21.8% in terms of deal count.

The trade and tech war waged by Washington against Beijing and persistent political instability in Hong Kong, led YTD US investment into China and Hong Kong to decrease by 46.3% in value to USD 5.2bn and 52.4% in deal count vs last year. Meanwhile, US outbound investment to Japan increased 7.8x in value to USD 9.8bn over the same period.

India, a poor performer in the first half of 2019, reversed its downward trend in 3Q19 generating USD 17.3bn, a year-on-year 52.1% increase in deal value. Infrastructure deals have been an M&A growth engine for the second largest M&A market in APAC ex Japan. In July, a consortium led by Brookfield Infrastructure acquired India’s Tower Infrastructure Trust for USD 3.66bn. However, India aggregated 1Q-3Q19 results (USD 52.7bn; 288 deals) are still lagging behind those of the same period in 2018 (USD 82.4bn; 343 deals).

South East Asia, which hogged the limelight with a stellar performance in the first half of the year, slowed down the pace of its M&A activity in 3Q19 generating USD 18.4bn across 84 deals, equal to a year-on-year 13.9% decrease in value and a 25.7% decrease in volume (3Q18: USD 21.3bn across 113 deals).

Private equity buyout activity in APAC excl. Japan edged up in 3Q19 compared to 2Q19 but remained weak as previously predicted. YTD, private equity buyouts almost halved in value year-on-year to 57.3bn (1Q18-3Q18: 104.4bn) and decreased 30.9% in deal count to 286 deals (1Q18-3Q18: 414 deals).

With 32 deals valued USD 9.5bn, private equity exits activity recorded its worst 3Q performance since 2014 and the worst quarter performance since 2Q17. The largest PE exit in 3Q19 was India’s hotel chain owner and operator Oravel Stays USD 2bn sale to private investor Ritesh Agarwal. YTD, just 124 private equity exits valued USD 40.75bn were logged in, equal to a 38.3% year-on-year decrease in deal count and a 60.1% decrease in value.

While Chinese outbound activity is still dragged down by stricter domestic regulatory controls and a continuous crackdown in the US and the EU on Chinese acquisitions, Australian outbound M&A surged in deal value by 80.7%

year-on-year to USD 26.04bn over the same period, turning Australian into the largest outbound dealmaking market in APAC excl. Japan. In May, IFM Investors acquired US-based liquid petroleum products pipeline operator Buckeye Partner for USD 10.2bn. In August, Macquarie Infrastructure and Real Assets (MIRA) bought German chemicals firm Currenta for USD 3.9bn. And in June, MIRA acquired a 39% stake in UK-based gas distributor Cadent Gas for USD 2.5bn.

The outbound landscape could have been shaken up if the USD 36bn proposed acquisition of the London Stock Exchange by the Hong Kong Stock Exchange had materialised. However, the London Stock Exchange rejected the potential deal and observers have been skeptical on whether about its chance to be revived, especially due to political and regulatory reasons.


“China and Hong Kong, the largest market in APAC continued their lacklustre performance in 3Q19”

Riccardo Ghia,Research Editor (APAC)


Mergermarket.com

USD 57.3bn Value of PE buyouts in

1Q-3Q19, the lowest value since 2014

Value of PE exits in 1Q-3Q19

USD 40.8bn

Consumer M&A value year-on-year increase in 3Q19

(best performing sector)

Mega deal above USD 10bn (Carlton & United Breweries)

Value of the CUB - Asahi transaction, the largest deal in 1Q-3Q19

USD 11.4bn 80.1% 1

Value decrease in US outbound investment to China and

Hong Kong (1Q-3Q19)

46.3%

Mergermarket 31

mergermarket.com






0

40

80

120

160

200

OtherTechnologyConsumerEnergy, Mining & Utilities

Financial Services


Valu

e o

f d

eals

(U

SD

bn

)

85.6

89.4

60.248.5

64

38.833.2 45.3

89.5

42.6

199.9

122.7

2018 2019

0

100

200

300

400

500

600

700

800

900

2019201820172016201520140

500

1000

1500

2000

2500

3000

3500

4000

4500

123.9

293.6

232.6

217.5

170.3

144.1

249.2

182.8

140.9 149.4158.7

194.9

160.1

Valu

e o

f d

eals

(U

SD

bn

)

Deal co

unt

149.1

173.4

178.5

141.4

152.8

195.9

168.9

114.9

115.4

118.8

Q3Q2 Q4Q1

Deal Count

Asia Pacific (excl. Japan) Quarterly Breakdown Trend2014 - 2019

Asia Pacific (excl. Japan) Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19

32

mergermarket.com




Asia Pacific (excl. Japan) League tables

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

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 PwC 13,484 105 22 83

2 1 KPMG 13,709 59 -28 87

3 3 Deloitte 18,237 48 -34 82

4 4 EY 8,881 47 -24 71

5 5 Goldman Sachs & Co 48,606 34 -19 53

6 9 Morgan Stanley 38,244 33 -2 35

7 15 CITIC Securities 29,214 31 4 27

8 6 Citi 40,290 29 -18 47


10 17 Huatai Securities 23,978 26 2 24

11 16 Bank of America Merrill Lynch 50,942 25 -1 26

12 10 Rothschild & Co 32,629 25 -10 35

13 8 JPMorgan 32,084 24 -11 35

14 13 Macquarie Group 12,112 23 -7 30

15 12 Credit Suisse 30,854 22 -9 31

16 11 China International Capital Corporation 17,825 22 -10 32

17 30 Guotai Junan Securities 3,466 19 8 11

18 27 HSBC 22,334 18 5 13

19 18 Deutsche Bank 24,769 17 -5 22

20 21 China Securities 11,625 15 -5 20

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 1 Goldman Sachs & Co 48,606 34 -55.0% 108,009

3 2 Citi 40,290 29 -45.2% 73,480

4 4 Morgan Stanley 38,244 33 -42.0% 65,937

5 16 Rothschild & Co 32,629 25 95.1% 16,727

6 3 JPMorgan 32,084 24 -51.5% 66,089

7 18 Credit Suisse 30,854 22 97.4% 15,634

8 12 CITIC Securities 29,214 31 27.7% 22,885


10 - Wells Fargo Securities 25,008 6 - -

11 6 Deutsche Bank 24,769 17 -46.6% 46,417

12 21 Huatai Securities 23,978 26 68.7% 14,212

13 20 HSBC 22,334 18 55.5% 14,360

14 13 Deloitte 18,237 48 -14.4% 21,308

15 7 China International Capital Corporation 17,825 22 -59.4% 43,952

16 9 Barclays 17,507 12 -49.6% 34,709

17 37 Nomura Holdings 17,177 9 215.6% 5,442

18 19 Lazard 16,096 14 9.5% 14,697

19 14 KPMG 13,709 59 -27.3% 18,855

20 34 PwC 13,484 105 138.5% 5,653

Mergermarket 33

mergermarket.com




Mergermarket 34

mergermarket.com

Japan


Japan Analysis

Value(USDm)

Deal Details

AnnouncementDate


Target Sector

5,193 16-Aug Fortress Investment Group LLC

Unizo Holdings Company Limited

Japan Real Estate

4,154 08-May SoftBank Corp Yahoo Japan Corporation (31.75% Stake)

Japan Technology

3,755 12-Sep Yahoo Japan Corporation

ZOZO Inc (50.1% Stake)

Japan Technology

2,200 01-Jul Applied Materials, Inc

Kokusai Electric Corporation

Japan Technology

1,215 06-Aug Kirin Holdings Company, Ltd

Fancl Corporation (32.94% Stake)

Japan Industrials & Chemcials

USD 5.2bn Value of the potential combination

Unizo-Fortress, the largest deal targeting Japan in 3Q19

8.6% 44.8% Year-to-date increase in Japan M&A by value

(USD 33.6bn, 320 deals) compared to YTD 2018 (USD 31bn, 348 deals)

Share of outbound transactions targeting

the US in 3Q19 (USD 11.9bn, 14 deals)


Mergermarket 35

mergermarket.com

M&A activity in Japan is gaining momentum despite growing geopolitical uncertainty and global economic concerns. The first three quarters of 2019 generated 320 deals worth USD 33.6bn, equal to a year-on-year 8.6% increase in value. These positive results stand in stark contrast with most of APAC excl. Japan, which has been adversely affected by an ongoing trade confrontation between Washington and Beijing.

US-based Fortress Investment Group’s USD 5.2bn tender offer for Unizo Holdings Company is expected to be the largest Japan-targeted deal in YTD 2019 if completed, turning Real Estate into the second largest sector in Japan in 3Q19 in terms of deal value (USD 5.2bn; four deals). Meanwhile, the Technology sector remained the most active sector in terms of deal value both in 3Q19 (USD 6.1bn; 12 deals) and in YTD 2019 (USD 12.8bn; 39 deals).

Buoyant outbound activity was once again driven by loose monetary policy and the search for investment opportunities overseas amid low domestic growth. Japanese outbound dealmaking recorded a 29.6% increase in terms of deal value in YTD 2019 (USD 67.6bn, 243 deals) compared to YTD 2018 (USD 52.2bn after excluding the USD 78.1bn Takeda-Shire deal, 235 deals). Asahi Group’s USD 11.3bn takeover of Australian brewing manufacturer Carlton & United Breweries (CUB) was the largest outbound deal since the beginning of the year, turning the Consumer sector into the sector with the highest values in outbound dealmaking in 3Q19.

Outbound dealmaking activity in Financial services (USD 11bn, seven deals) remained brisk in 3Q19 as Japanese financial institutions continue to search for profit in higher-interest rate regions since their ultra-low interest rates at home slashed its loan income.

US is a favourable destination due to less competitions from

Chinese bidders, which also continued to be the largest outbound destination for Japan in terms of both deal value and deal count (USD 11.9bn, 14 deals) in 3Q19, representing 44.8% of total outbound activity. Financial Services sector M&A deals accounted for 83.2% of total outbound deals to the US in 3Q19, with Tokyo Century Corporation’s USD 9.9bn acquisition of 75.5% stake of Aviation Capital Group leading the outbound deal value to the US.

Inbound activities skyrocketed to USD 11.3bn across 28 deals in YTD 2019, 5.7x larger compared to YTD 2018 (USD 2bn, 23 deals). US bidders contributed USD 9.8bn to YTD 2019 inbound deal values. Japan outperformed China to become the most popular Asian destination of outbound investment for US companies, shifting focus from China (USD 3.6bn across 14 deals in YTD 2019, equal to a 63.2% decrease year-on-year versus USD 9.6bn, 41 deals in YTD 2018) amid tense trade negotiations between the world’s two largest economies. Meanwhile, Japanese inbound investment from the US increased by 8.8x in YTD 2019 (USD 9.76bn, 13 deals) compared to YTD 2018 (USD 1.11bn, seven deals).

The Japanese government is expected to tighten restrictions on foreign inbound investment on high-tech sectors due to national security concerns. Foreign bidders will be increasingly subjected to screening from the government, which will have the power to block deals related to the acquisition of at least a 10% stake in domestic targets in certain sectors. The proposed regulation, which is already in place in the defence sector, is expected to be expanded to 20 more industries including computer circuits and semiconductors.

According to Mergermarket Intelligence, Japan’s Ministry of Economy, Trade and Industry unveiled a new set of guidelines in June 2019 to improve corporate governance and address

conflict of interest arising from cross-ownership among Zaibatsu in Japan, by forcing listed parent conglomerates to restructure their subsidiaries through a series of spin-off and buyouts. Japanese private equity buyout investments surged by 7.3x in YTD 2019 (USD 5.3bn, 32 deals) compared to YTD 2018 (USD 719m, 40 deals) in terms of deal value. Private equity exits also skyrocketed during the last quarter, recording USD 2.3bn worth of deals across 7 deals in 3Q19 alone, more than the entire fiscal year in 2018 (USD 1.7bn, 26 deals) by deal value. The largest exit was led by KKR’s USD 2.2bn sale of Kokusai Electric Corporation to Applied Materials in 3Q19.

Buyout activities in Japan are expected to gain even stronger momentum. Bain Capital will set up a new buyout fund in Japan targeting mid-sized cap companies as private equity investment has been encouraged by negative interest rates and the government’s determination in improving corporate governance, while Carlyle Group is also expecting to raise its fourth private equity fund worth USD 1.8bn.


“M&A activity in Japan is gaining momentum despite growing geopolitical uncertainty”

Joji Sekinuma, Analyst (APAC)

Japan

Japan Analysis


Mergermarket.com

Increase in PE Buyouts value in YTD 2019 (USD 5.3bn)

versus YTD 2018 (USD 719m)

7.3x Increase in Inbound M&A value

in YTD 2019 (USD 11.3bn, 28 deals) versus YTD 2018

(USD 2bn, 23 deals)

5.7x

Increase in Industrials & Chemicals M&A value, (USD

5.9bn), versus YTD 2018 (USD 4.5bn)

Increase in tech M&A value (USD 12.8bn), versus YTD

2018 (USD 7.5bn)Value of PE Exit deals in 3Q19, more

than the whole 2018 (USD 1.7bn)

USD 2.3bn 29.9%70.3%

Value of YTD outbound M&A, up 29.6% compared to the equivalent period in 2018

(USD 52.2bn excluding Takeda-Shire)

USD 67.6bn

Mergermarket 36

mergermarket.com


Japan Analysis




0

1

2

3

4

5

6

7

8

9

10

11

12

13

OtherFinancial Services

Pharma, Medical

& Biotech

ConsumerIndustrials & Chemicals

Technology

7.5

12.9

4.5 5.9

4.8

2.7

0.3

2.4

2.11.6

11.7

8.3

Valu

e o

f d

eals

(U

SD

bn

)

2018 2019

0

10

20

30

40

50

60

70

80

201920182017201620152014

14.9

0

50

100

150

200

250

300

350

400

450

500

9.4

10.6 5.5

14.1

15.2

17.1

17.1

7.59.0

19.7

11.4 16.3

13.3

8.6

9.1

Valu

e o

f d

eals

(U

SD

bn

)

Deal co

unt

35.3

21.6

9.1

9.1

5.1

7.1

11.3

Q3Q2 Q4Q1

Deal Count

Japan Quarterly Breakdown Trend2014 - 2019

Japan Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19

37

mergermarket.com


Japan Analysis


Japan League tables

Japan league table by value Japan league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 Deloitte 15,434 45 14 31

2 1 Nomura Holdings 27,391 42 -12 54

3 6 Daiwa Securities Group / DC Advisory 8,041 33 5 28

4 3 Mizuho Financial Group 21,626 32 -9 41

5 2 Sumitomo Mitsui Financial Group 13,953 30 -13 43

6 5 Morgan Stanley 34,835 28 -1 29

7 12 PwC 5,766 25 15 10

8 7 GCA Corporation 2,130 15 -10 25

9 8 Goldman Sachs & Co 20,192 12 -1 13

10 24 EY 2,954 9 5 4

11 25 Rothschild & Co 13,073 8 5 3

12 9 JPMorgan 5,611 8 -4 12

13 14 Plutus Consulting Co 858 8 1 7

14 10 KPMG 401 8 -4 12

15 11 Frontier Management 353 8 -2 10

16 23 Lazard 13,439 7 3 4

17 19 AGS Consulting 1,001 7 2 5

18 15 YAMADA Consulting Group Co 913 7 0 7

19 32 Barclays 4,049 6 4 2

20 17 Citi 2,972 6 0 6

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 3 Morgan Stanley 34,835 28 -78.1% 159,248

2 5 Nomura Holdings 27,391 42 -72.4% 99,329

3 6 Mizuho Financial Group 21,626 32 -73.9% 82,942

4 2 Goldman Sachs & Co 20,192 12 -88.0% 167,868

5 17 Deloitte 15,434 45 248.9% 4,424

6 8 Sumitomo Mitsui Financial Group 13,953 30 -80.7% 72,114

7 29 Lazard 13,439 7 1577.8% 801

8 18 Rothschild & Co 13,073 8 513.8% 2,130

9 16 Daiwa Securities Group / DC Advisory 8,041 33 37.4% 5,853

10 48 PwC 5,766 25 3085.6% 181

11 1 JPMorgan 5,611 8 -96.7% 170,992


13 4 Evercore 4,506 3 -96.8% 140,445

14 14 Barclays 4,049 6 -75.5% 16,500

15 87 HSBC 3,501 1 - -

16 92 Macquarie Group 3,019 2 - -

17 54 Grant Samuel 3,019 1 2153.0% 134

18 7 Citi 2,972 6 -96.3% 80,816

19 32 EY 2,954 9 429.4% 558


Mergermarket 38

mergermarket.com


Japan Analysis


Mergermarket 39

mergermarket.com

Middle East & Africa


Middle East & Africa Analysis

Value(USDbn)

Deal Details

AnnouncementDate

Bidder Company

Target Company

Target Geography

Target Sector

70.4 27-Mar Saudi Arabian Oil Co

Saudi Basic Industries Corporation (70% Stake)

Saudi Arabia Industrials & Chemicals

8.8 05-May Total SA Anadarko Petroleum Corporation (Algerian assets in the Berkine basin) (24.5% Stake); Anadarko Petroleum Corporation (Assets in Ghana in Jubilee field) (27% Stake); Anadarko Petroleum Corporation (Assets in Ghana in TEN fields) (19% Stake); Anadarko Petroleum Corporation (Assets in Mozambique in Area 1) (26.5% Stake)

Mozambique Energy, Mining & Utilities

4.0 24-Feb Kohlberg Kravis Roberts & Co LP; BlackRock Inc

ADNOC Oil Pipelines LLC (40% Stake)

United Arab Emirates

Energy, Mining & Utilities

4.0 29-Jan Abu Dhabi Commercial Bank

Union National Bank United Arab Emirates

Financial Services

3.4 24-Jun Fuhrer Family; Searchlight Capital Partners, LP

B Communications Ltd (36.89% Stake)

Israel Technology

Value of Private Equity exits in 2019, surpassing all annual values since 2014

USD 8.3bn

Value invested into MEA in 2019, 2.4x higher versus YTD 18

USD 125.1bn

Number of deals above USD 500m in 3Q19, with

three above USD 1bn

6


Mergermarket 40

mergermarket.com

The Middle East & Africa (MEA) region has experienced a slowdown in M&A during Q3, with 82 deals worth USD 9.4bn being recorded, representing the lowest quarterly value since 3Q15 (USD 6.1bn, 119 deals).

The dip in dealmaking contrasts with a blockbuster H1, when 220 transactions amounting to USD 115.7bn were announced, driven by the USD 70bn SABIC deal. The Year-to-date (YTD) figures stand at 125.1bn and 302 deals, 2.4x higher value-wise compared to the same period in 2018 (USD 51.8bn, 337 deals) despite 35 fewer deals.

The largest transaction struck in Q3 saw PepsiCo acquire South African food manufacturer Pioneer Food Group for USD 1.8bn, in a push to improve its presence within the region. The deal follows a tough year for local food producers, which have been struggling amid a slower retail environment and dry weather which has hit produce.

Other high-profile deals in Africa include Total’s acquisition of Anadarko’s African assets for USD 8.8bn in Q2, whereby the French firm cements its position in the continent while also gaining greater exposure to LNG. Lukoil has also increased its interests in the region with the acquisition of a 25% stake in one of New Age’s marine licenses in Congo for USD 800m.

As a result, Africa as a whole has seen USD 19bn change hands across 147 deals, marking the strongest YTD value figure since 2016 (USD 24.3bn, 214 deals) despite registering a decrease in volume compared to previous years (YTD 2018: 171 deals; YTD 2017: 204 deals), pointing to higher valuations on announced deals.

So far this year 12 deals above the USD 1bn mark were announced across MEA, three of them in Q3, compared to

the same number in Q2 and six in Q1. In 2018 there were 16 such transactions.

Moving forward, ongoing situations include Dana Gas’ plans to offload its assets in Egypt, which are valued at more than USD 500m, and Exxon Mobile’s intended divestment of its oil and gas fields in Nigeria, which could fetch up to USD 3bn. Orion Oil are also pursuing a 40% stake in the Mengo-Kundji-Bindi (MKB) block onshore Congo (Brazzaville), likely valued in the region of USD 700-USD 800m.

In the Middle East (excl. Israel) 65 transactions have been recorded so far this year worth a total value of USD 94.7bn, out of which eleven deals and USD 2bn are attributable to Q3. Heightened geopolitical tensions appear to have resulted in a dip in both value and volume in comparison to Q1 (USD 89.3bn, 35 deals) and Q2 (USD 3.4bn, 19 deals).

The third largest deal in Q3 was the exit by Oman’s Renaissance Services and Singapore’s Affirma Capital from UAE’s Topaz Energy and Marine, which was acquired by DP World for USD 1.1bn. The transaction is intended to improve DP World marine logistics capabilities.

Elsewhere in the UAE, ADNOC agreed to sell a further 6% stake in its oil pipelines network to GIC for USD 600m, bringing its holding down to 51%. The deal follows a string of divestments made earlier this year by ADNOC, worth a combined USD 10.6bn.

Interest in the technology sector continues to drive Israeli M&A, which has reached 90 deals worth USD 11.3bn so far this year. Salesforce conducted the largest deal this quarter, acquiring ClickSoftware from Francisco Partners for USD 1.4bn. The deal was announced after Salesforce completed

the purchase of US data analytics firm Tableau for USD 15bn.

Looking ahead, dealmakers will closely follow how regional tensions unfold, while monetary policy, particularly in the US will remain a factor, given the reliance of local currencies on the US dollar and the possible effect on oil prices.


Middle East & Africa


“The Middle East & Africa (MEA) region has experienced a slowdown in M&A during Q3...Looking ahead, dealmakers will closely follow how regional tensions unfold, while monetary policy, particularly in the US will remain a factor”

Mohamed Rais, Research Analyst (EMEA)


Mergermarket.com

2019 African M&A value, its highest YTD value since

2016

USD 19bnValue of M&A from Asia,

Americas and Europe into the UAE, the highest figure on

record

USD 15bn

Value of PepsiCo’s acquisition of Pioneer Food, the largest South

African deal this year

Number of deals targeting the tech sector, up from 40

in YTD 2019Value of foreign investment into MEA this year, already ahead of the

full-year 2018 value (USD 38.1bn)

USD 38.8bn USD 1.8bn57

2019 private equity buyout value, already higher than full-

year 2017 and 2018 figures

USD 10.7bn

Mergermarket 41

mergermarket.com






0

9

18

27

36

45

54

63

72

OtherTelecomsFinancial Services

TechnologyEnergy, Mining & Utilities


11.4

71.2

13.7

24.9

6.44.2

6.94.81.9 4.3

15.811.5

Dea

l Val

ue

(US

Db

n)

2018 2019

0

15

30

45

60

75

90

105

120

135

150

2019201820172016201520140

52

105

157

210

262

315

367

420

472

525

20.7

9.4

24.5

9.616.9

24.8

34.9

9.7

17.1

10.0

Dea

l Val

ue

(US

Db

n)

Deal C

ount

22.1

10.9

29.7

12.3

8.6

6.119.4

7.6

17.7

17.7

95.1

20.6

9.4

Q3Q2 Q4Q1

Deal Count

Middle East & Africa Quarterly Breakdown Trend2014 - 2019

Middle East & Africa Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19

42

mergermarket.com




Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 JPMorgan 92,427 19 5 14

2 9 Citi 74,013 14 8 6

3 1 Rothschild & Co 4,517 12 -6 18

4 3 PwC 1,125 12 -3 15

5 7 Goldman Sachs & Co 78,944 11 2 9

6 18 HSBC 79,557 9 5 4


8 10 Lazard 11,292 9 3 6

9 2 EY 169 9 -9 18

10 34 Moelis & Company 12,635 8 6 2

11 26 Jefferies 5,081 8 5 3

12 5 Morgan Stanley 74,854 6 -5 11

13 23 Deutsche Bank 2,478 6 3 3

14 21 Deloitte 1,593 6 2 4

15 17 Barclays 4,779 5 1 4

16 - Nedbank Capital 1,011 5 5 0

17 25 Investec 1,010 5 2 3

18 22 UBS Investment Bank 2,846 4 1 3

19 13 Credit Suisse 1,992 4 -1 5

20 - PSG Capital 1,882 4 4 0

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 3 JPMorgan 92,427 19 711.0% 11,397

2 10 HSBC 79,557 9 1576.6% 4,745

3 1 Goldman Sachs & Co 78,944 11 385.7% 16,255


5 2 Morgan Stanley 74,854 6 390.6% 15,258

6 9 Citi 74,013 14 1415.4% 4,884

7 - Klein and Company 70,364 1 - -

8 40 Moelis & Company 12,635 8 3510.0% 350

9 17 Lazard 11,292 9 420.8% 2,168

10 34 Jefferies 5,081 8 565.9% 763

11 8 Barclays 4,779 5 -7.3% 5,158

12 6 Rothschild & Co 4,517 12 -27.3% 6,215

13 - Radhan 3,369 1 - -

14 - Mediobanca 3,240 1 - -


16 22 Deutsche Bank 2,478 6 86.9% 1,326

17 69 RBC Capital Markets 2,249 3 2711.3% 80

18 13 Credit Suisse 1,992 4 -46.2% 3,702

19 - PSG Capital 1,882 4 - -

20 - Intrepid Partners 1,850 1 - -

Mergermarket 43

mergermarket.com




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

M&A and PE Financial Advisory League Tables

Mergermarket 44

mergermarket.com


League Tables

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 PwC 40,461 372 16 356

2 1 Deloitte 41,685 315 -90 405

3 5 Goldman Sachs & Co 981,313 259 -27 286

4 3 KPMG 20,441 245 -89 334

5 7 JPMorgan 790,938 210 -22 232

6 4 EY 16,007 210 -92 302

7 6 Rothschild & Co 116,808 208 -44 252

8 8 Morgan Stanley 764,274 188 -31 219

9 10 Lazard 167,975 166 -10 176

10 9 Citi 581,529 154 -51 205


12 11 Houlihan Lokey 15,532 141 -31 172

13 14 Barclays 251,945 137 -6 143

14 19 Jefferies 162,904 131 11 120


16 18 Evercore 559,497 120 -10 130

17 12 Credit Suisse 288,538 116 -33 149

18 21 Raymond James 7,292 106 -12 118



Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 981,313 259 15.5% 849,790

2 3 JPMorgan 790,938 210 17.6% 672,574

3 2 Morgan Stanley 764,274 188 -4.1% 796,696

4 4 Citi 581,529 154 -4.3% 607,569

5 7 Evercore 559,497 120 55.0% 360,877


7 9 Credit Suisse 288,538 116 -10.2% 321,255

8 6 Barclays 251,945 137 -32.6% 373,593


10 14 PJT Partners 171,506 30 14.8% 149,337

11 8 Lazard 167,975 166 -51.1% 343,812

12 20 Jefferies 162,904 131 91.1% 85,236


14 27 HSBC 135,457 43 87.7% 72,180


16 10 Deutsche Bank 126,922 78 -57.9% 301,566

17 12 Rothschild & Co 116,808 208 -37.4% 186,603

18 60 Dyal Co 102,889 2 380.3% 21,420

19 107 Klein and Company 75,893 4 1314.1% 5,367

20 23 Moelis & Company 70,940 79 -11.8% 80,466

Mergermarket 45

mergermarket.com


League Tables


EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 PwC 25,254 242 -17 259

2 1 Deloitte 14,963 209 -70 279

3 5 KPMG 6,812 170 -43 213

4 3 Rothschild & Co 101,029 169 -45 214

5 4 EY 7,699 153 -61 214

6 8 Goldman Sachs & Co 300,580 115 -1 116

7 7 Lazard 116,909 112 -7 119

8 9 JPMorgan 228,744 92 -15 107

9 13 Citi 116,868 76 1 75

10 11 Morgan Stanley 244,558 73 -6 79

11 10 Oaklins 896 73 -14 87



14 21 Barclays 83,612 61 9 52

15 19 ALANTRA 4,098 58 1 57

16 16 Clearwater International 2,084 52 -11 63

17 29 Grant Thornton 194 52 6 46


19 26 Evercore 154,172 50 3 47

20 17 Daiwa Securities Group / DC Advisory 2,562 48 -12 60

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 300,580 115 -23.6% 393,525

2 2 Morgan Stanley 244,558 73 -25.5% 328,339

3 3 JPMorgan 228,744 92 -29.6% 324,939

4 7 Evercore 154,172 50 -13.0% 177,286


6 5 Lazard 116,909 112 -38.6% 190,283

7 4 Citi 116,868 76 -60.4% 294,932

8 8 Rothschild & Co 101,029 169 -35.9% 157,532

9 18 PJT Partners 99,515 9 56.9% 63,441

10 11 Credit Suisse 92,391 44 -9.4% 101,995


12 10 Barclays 83,612 61 -33.0% 124,794

13 9 Deutsche Bank 59,587 39 -53.1% 127,053

14 28 Jefferies 53,929 46 90.4% 28,318

15 14 BNP Paribas 49,679 46 -32.3% 73,372

16 27 HSBC 38,681 26 17.4% 32,947


18 13 Nomura Holdings 27,733 21 -67.8% 86,057

19 12 Robey Warshaw 27,000 1 -69.1% 87,249

20 34 PwC 25,254 242 30.2% 19,402

Mergermarket 46

mergermarket.com


League Tables



UK league table by value UK league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 PwC 4,627 65 6 59

2 1 Rothschild & Co 42,107 58 -32 90

3 3 KPMG 2,082 55 -10 65

4 2 Deloitte 1,805 48 -25 73

5 6 Goldman Sachs & Co 95,565 46 0 46

6 10 Lazard 34,244 35 1 34

7 7 JPMorgan Cazenove 50,957 34 -8 42

8 14 Barclays 61,109 32 4 28

9 12 Grant Thornton 188 31 -2 33

10 15 Evercore 43,130 30 3 27

11 16 Morgan Stanley 68,883 27 1 26

12 22 Jefferies 44,076 27 5 22



15 11 EY 1,573 25 -8 33

16 9 Houlihan Lokey 2,851 24 -11 35

17 28 Lincoln International 440 21 0 21


19 18 Macquarie Group 7,883 20 -6 26

20 24 ALANTRA 1,536 20 -2 22

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 95,565 46 -22.1% 122,737

2 2 Morgan Stanley 68,883 27 -40.7% 116,168

3 4 Barclays 61,109 32 -31.8% 89,592


5 5 JPMorgan Cazenove 50,957 34 -41.8% 87,611

6 17 Jefferies 44,076 27 103.9% 21,621

7 7 Evercore 43,130 30 -36.6% 68,080

8 8 Rothschild & Co 42,107 58 -32.1% 62,039

9 14 Credit Suisse 41,186 17 58.1% 26,044


11 12 Lazard 34,244 35 10.1% 31,098


13 6 Robey Warshaw 27,000 1 -69.1% 87,249

14 13 Deutsche Bank 24,149 15 -18.9% 29,789

15 9 Citi 21,439 18 -64.9% 61,017

16 118 TD Securities 16,125 2 4846.3% 326

17 26 HSBC 12,970 13 83.4% 7,073

18 10 PJT Partners 10,889 4 -81.8% 59,894

19 22 Mediobanca 9,868 3 27.4% 7,743


Mergermarket 47

mergermarket.com


League Tables



Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 EY 3,279 50 -1 51

2 3 Deloitte 618 48 10 38

3 4 PwC 11,204 40 4 36

4 2 KPMG 1,247 37 -7 44

5 5 Rothschild & Co 23,413 35 3 32

6 6 Goldman Sachs & Co 52,146 30 1 29

7 11 GCA Corporation 828 25 2 23

8 7 Lincoln International 345 25 -2 27

9 19 Lazard 29,549 24 9 15

10 8 JPMorgan 53,628 23 -1 24

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 8 JPMorgan 53,628 23 5.6% 50,792

3 1 Goldman Sachs & Co 52,146 30 -58.9% 126,727


5 12 Credit Suisse 45,242 16 99.3% 22,695

6 2 Citi 29,722 16 -64.8% 84,445

7 5 Lazard 29,549 24 -51.3% 60,663

8 6 Rothschild & Co 23,413 35 -59.5% 57,843

9 10 Morgan Stanley 21,683 9 -50.5% 43,771

10 4 Deutsche Bank 21,166 14 -65.7% 61,660

DACH league table by value DACH league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 5 KPMG 369 13 6 7

2 7 Goldman Sachs & Co 101,071 8 3 5

3 8 JPMorgan 90,163 7 2 5

4 1 IBI Corporate Finance 93 6 -5 11

5 12 PwC - 6 2 4

6 79 Investec 68 5 4 1

7 2 Davy Corporate Finance 1,888 4 -4 8

8 39 Barclays 330 4 3 1

9 48 Houlihan Lokey 236 4 3 1

10 4 Deloitte 148 4 -3 7

Ireland league table by value

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 Goldman Sachs & Co 101,071 8 24.9% 80,898

2 3 JPMorgan 90,163 7 13.6% 79,350

3 1 Morgan Stanley 87,720 3 4.8% 83,733

4 5 Evercore 87,006 3 10.7% 78,618

5 - PJT Partners 86,270 1 - -

6 4 Citi 9,700 2 -87.7% 78,737

7 10 Lazard 9,614 3 300.6% 2,400

8 85 Robert W. Baird & Co 7,700 1 - -

9 28 Wells Fargo Securities 1,906 2 707.6% 236

10 14 Davy Corporate Finance 1,888 4 113.3% 885

Ireland league table by deal count

Mergermarket 48

mergermarket.com


League Tables



Germany league table by value Germany league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 EY 2,030 42 8 34

2 5 Deloitte 526 34 10 24

3 4 PwC 284 28 4 24

4 2 KPMG 1,025 26 -3 29

5 14 Goldman Sachs & Co 41,978 21 9 12

6 6 Rothschild & Co 4,712 21 -1 22

7 8 GCA Corporation 794 21 2 19


9 7 UniCredit Group 258 19 -2 21

10 9 JPMorgan 37,668 18 4 14

11 26 Lazard 25,597 17 8 9

12 18 Carlsquare 16 15 4 11


14 21 Citi 18,877 11 1 10

15 11 Macquarie Group 7,552 11 -2 13

16 23 Daiwa Securities Group / DC Advisory 155 11 1 10

17 25 Deutsche Bank 11,773 10 1 9

18 16 IMAP M&A Consultants - 10 -2 12

19 37 MCF Corporate Finance 11 9 2 7

20 52 Oaklins 7 9 5 4

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 41,978 21 -50.7% 85,219

2 10 JPMorgan 37,668 18 23.9% 30,411


4 5 Lazard 25,597 17 -51.0% 52,197

5 15 Credit Suisse 21,805 6 250.1% 6,228

6 6 Citi 18,877 11 -63.1% 51,136

7 9 Morgan Stanley 15,381 8 -56.7% 35,539

8 2 Deutsche Bank 11,773 10 -79.7% 57,998


10 73 Duff & Phelps 7,691 2 6152.8% 123

11 14 Macquarie Group 7,552 11 -42.3% 13,078

12 8 Perella Weinberg Partners 6,440 5 -86.2% 46,646

13 - Guggenheim Partners 6,356 1 - -

14 45 Allen & Company 5,603 1 699.3% 701

15 32 Nomura Holdings 5,299 3 209.3% 1,713

16 30 HSBC 4,920 1 182.6% 1,741

17 3 Rothschild & Co 4,712 21 -91.1% 53,171

18 18 Barclays 4,316 7 10.5% 3,906

19 16 Jamieson Corporate Finance 2,884 2 -46.3% 5,374

20 - FIH Partners 2,600 2 - -

Mergermarket 49

mergermarket.com


League Tables



Austria league table by value Austria league table by deal count

Switzerland league table by value Switzerland league table by deal count

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)



3 5 Credit Suisse 23,487 12 77.7% 13,217

4 3 JPMorgan 20,773 6 -19.4% 25,781

5 15 Rothschild & Co 18,581 13 262.1% 5,132

6 1 Goldman Sachs & Co 15,326 10 -63.1% 41,508

7 18 Evercore 13,985 6 217.3% 4,407

8 9 Lazard 11,229 8 32.6% 8,466

9 43 PwC 10,920 11 5252.9% 204

10 2 Citi 10,845 5 -63.0% 29,320

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 11 Rothschild & Co 18,581 13 4 9


3 7 Credit Suisse 23,487 12 0 12

4 6 PwC 10,920 11 -2 13

5 1 Goldman Sachs & Co 15,326 10 -7 17

6 16 Lazard 11,229 8 2 6

7 5 EY 1,143 7 -6 13

8 32 Lincoln International - 7 4 3

9 9 JPMorgan 20,773 6 -3 9

10 20 Evercore 13,985 6 2 4

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 - HSBC 7,350 2 - -

2 - Lazard 4,981 3 - -

3= 16 Bank of America Merrill Lynch 4,920 1 18122.2% 27

3= 46 Perella Weinberg Partners 4,920 1 - -

3= 6 UBS Investment Bank 4,920 1 99.2% 2,470

6 5 JPMorgan 3,561 2 30.6% 2,726

7 37 Goldman Sachs & Co 2,430 2 - -

8 - Moelis & Company 2,430 1 - -

9 1 Citi 1,131 1 -83.1% 6,676

10 21 KPMG 120 6 - -

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Deloitte - 10 1 9

2 9 KPMG 120 6 3 3

3 - Lazard 4,981 3 3 0

4 4 EY 106 3 -1 4

5 - HSBC 7,350 2 2 0

6 6 JPMorgan 3,561 2 -1 3

7 37 Goldman Sachs & Co 2,430 2 1 1

8= - ACXIT Capital Partners - 2 2 0

8= 3 MP Corporate Finance - 2 -3 5

8= 11 PwC - 2 0 2

Mergermarket 50

mergermarket.com


League Tables



France league table by value France league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Rothschild & Co 20,359 69 -14 83

2 2 Lazard 32,165 42 -6 48

3 7 Credit Agricole 21,417 32 6 26

4 5 BNP Paribas 30,569 24 -6 30

5 13 EY 447 24 2 22

6 4 Natixis 4,029 23 -11 34

7 11 PwC 3,449 19 -5 24

8 14 Societe Generale 2,760 19 1 18

9 6 KPMG 645 18 -12 30

10 19 Oaklins 100 16 2 14


12 50 Edmond de Rothschild Corporate Finance 1,457 15 10 5

13 37 ALANTRA 1,092 15 8 7

14 3 Deloitte 57 15 -28 43

15 20 Morgan Stanley 36,418 13 0 13

16 17 Clairfield International - 13 -3 16

17 8 JPMorgan 14,119 12 -12 24

18 10 Cambon Partners 619 12 -12 24

19 34 Degroof Petercam 521 12 4 8

20 16 Clearwater International 420 12 -4 16

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 3 Morgan Stanley 36,418 13 16.4% 31,285

2 2 Lazard 32,165 42 -14.8% 37,743

3 6 BNP Paribas 30,569 24 82.6% 16,743

4 8 Citi 25,985 9 91.2% 13,589

5 13 Credit Agricole 21,417 32 173.7% 7,826

6 4 Rothschild & Co 20,359 69 -25.5% 27,322

7 5 Goldman Sachs & Co 18,951 11 10.8% 17,097


9 1 JPMorgan 14,119 12 -72.3% 50,940

10 12 HSBC 13,177 6 51.1% 8,721

11 212 ING 11,439 7 - -

12 43 Santander Global Corporate Banking 9,574 4 780.8% 1,087

13 181 BR Partners 8,641 1 - -


15 16 Deutsche Bank 6,699 6 50.7% 4,445

16 14 Evercore 4,906 4 -5.7% 5,202

17= - Corredores Davivienda 4,715 1 - -

17= - Inverlink 4,715 1 - -

19= - Allen & Company 4,400 1 - -

19= 56 Wells Fargo Securities 4,400 1 694.2% 554

Mergermarket 51

mergermarket.com


League Tables



Benelux league table by value Benelux league table by deal count

Iberia league table by value Iberia league table by deal count

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 2 Lazard 26,526 18 14.5% 23,158

2 12 Rothschild & Co 17,700 29 93.3% 9,158

3 5 Citi 17,385 14 21.8% 14,276

4 6 Goldman Sachs & Co 13,104 11 -4.7% 13,753

5 25 Nomura Holdings 13,104 4 633.7% 1,786


7 27 ING 12,386 24 676.6% 1,595

8 13 BNP Paribas 12,347 7 207.0% 4,022

9 48 Centerview Partners 10,219 2 1683.4% 573

10 23 Deloitte 9,712 43 399.1% 1,946

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 23 Rothschild & Co 9,482 12 210.7% 3,052

2 1 Goldman Sachs & Co 7,427 9 -87.4% 58,965

3 2 Citi 6,026 10 -89.5% 57,124

4 7 JPMorgan 6,025 7 -87.4% 47,806

5 6 Santander Global Corporate Banking 5,978 16 -87.6% 48,276

6 16 PwC 5,847 48 -36.5% 9,206

7 5 Morgan Stanley 5,735 8 -88.8% 51,044

8 8 Lazard 5,701 11 -87.4% 45,259

9 9 AZ Capital 4,996 11 -88.7% 44,316

10 33 Banco Bilbao Vizcaya Argentaria 4,584 6 161.3% 1,754

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Deloitte 9,712 43 -27 70

2 7 PwC 2,463 37 12 25

3 3 KPMG 213 34 3 31

4 4 Rothschild & Co 17,700 29 2 27

5 9 ING 12,386 24 3 21

6 - GCG 19 24 24 0

7 5 Oaklins 193 22 -5 27

8 6 Rabobank 2,336 21 -6 27

9 2 EY 931 21 -12 33

10 8 Lazard 26,526 18 -3 21

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 PwC 5,847 48 -11 59

2 2 Deloitte 2,091 28 -23 51

3 3 EY 1,141 22 -19 41

4 15 Arcano Partners 1,619 17 9 8


6 7 ALANTRA 762 13 2 11

7 10 Rothschild & Co 9,482 12 3 9

8 9 Lazard 5,701 11 2 9

9 24 AZ Capital 4,996 11 6 5

10 4 KPMG 89 11 -18 29

Mergermarket 52

mergermarket.com


League Tables



Spain league table by value Spain league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 PwC 5,826 42 -15 57

2 2 Deloitte 1,525 25 -17 42

3 3 EY 1,141 22 -16 38

4 16 Arcano Partners 945 16 9 7


6 19 Lazard 5,701 11 5 6

7 8 ALANTRA 762 11 1 10

8 9 Rothschild & Co 9,482 10 1 9

9 11 Citi 6,026 10 2 8

10 24 AZ Capital 4,829 10 5 5

11 5 Goldman Sachs & Co 7,427 9 -1 10

12 39 Eurohold 86 9 6 3

13 13 Morgan Stanley 5,735 8 1 7

14 4 KPMG 22 8 -16 24

15 28 Norgestion - 7 2 5

16 23 JPMorgan 5,403 6 1 5

17 21 Banco Bilbao Vizcaya Argentaria 4,584 6 0 6

18 44 CaixaBank 1,572 6 4 2


20 30 Mediobanca 2,583 5 1 4

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 23 Rothschild & Co 9,482 10 210.7% 3,052

2 1 Goldman Sachs & Co 7,427 9 -87.3% 58,605

3 2 Citi 6,026 10 -89.5% 57,124

4 16 PwC 5,826 42 -36.5% 9,173

5 6 Santander Global Corporate Banking 5,775 14 -87.8% 47,512

6 5 Morgan Stanley 5,735 8 -88.7% 50,747

7 8 Lazard 5,701 11 -87.2% 44,388

8 7 JPMorgan 5,403 6 -88.5% 46,950

9 9 AZ Capital 4,829 10 -89.1% 44,316

10 32 Banco Bilbao Vizcaya Argentaria 4,584 6 161.3% 1,754

11 87 BNP Paribas 3,707 4 - -

12 26 Nomura Holdings 2,892 4 17.2% 2,467

13 10 Mediobanca 2,583 5 -93.9% 42,169

14 - HSBC 2,558 1 - -


16= - China International Capital Corporation 1,974 1 - -

16= - Shenwan Hongyuan Group Co 1,974 1 - -

18 - Macquarie Group 1,966 2 - -


20 - PJT Partners 1,795 1 - -

Mergermarket 53

mergermarket.com


League Tables



Italy league table by value Italy league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 PwC 5,562 40 8 32

2 2 KPMG 2,886 31 1 30

3 4 Mediobanca 15,255 29 2 27

4 5 Deloitte 1,200 28 2 26

5 3 UniCredit Group 2,332 24 -6 30

6 8 Rothschild & Co 4,939 18 -1 19

7 10 Vitale & Co 1,108 18 2 16

8 6 EY 420 18 -8 26

9 9 Banca IMI/Intesa Sanpaolo 7,497 11 -8 19

10 7 Lazard 3,172 11 -8 19

11 21 Fineurop Soditic 882 11 4 7



14 14 Ethica Corporate Finance 237 8 -1 9

15 11 Goldman Sachs & Co 11,989 7 -8 15

16 12 EQUITA S.I.M 7,270 7 -6 13

17 24 BNP Paribas 1,099 7 1 6

18 22 K Finance 272 7 0 7

19 39 ALANTRA 269 7 4 3


Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 2 Mediobanca 15,255 29 -76.4% 64,695

2 1 Goldman Sachs & Co 11,989 7 -82.9% 69,969

3 15 Banca IMI/Intesa Sanpaolo 7,497 11 -42.2% 12,974

4 13 EQUITA S.I.M 7,270 7 -70.5% 24,664



7 25 PwC 5,562 40 31.5% 4,231

8 14 Rothschild & Co 4,939 18 -62.5% 13,175

9 8 JPMorgan 4,562 6 -90.0% 45,578

10 6 Morgan Stanley 4,090 2 -91.2% 46,229

11 59 HSBC 3,383 2 645.2% 454

12 19 Moelis & Company 3,240 1 -65.8% 9,475

13 3 Lazard 3,172 11 -94.2% 54,546

14 7 KPMG 2,886 31 -93.7% 46,087

15 9 Societe Generale 2,627 5 -93.9% 42,982

16 24 Barclays 2,547 6 -63.7% 7,019

17 22 UniCredit Group 2,332 24 -69.7% 7,709

18 34 Evercore 1,775 2 -8.7% 1,945

19 44 Credit Agricole 1,456 2 63.6% 890

20 4 Citi 1,341 2 -97.3% 50,479

Mergermarket 54

mergermarket.com


League Tables



Nordics league table by value Nordics league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 PwC 12,378 59 -8 67

2 3 Deloitte 2,012 47 10 37

3 2 EY 1,616 36 -5 41

4 9 ABG Sundal Collier Holding 3,259 26 7 19

5 20 Goldman Sachs & Co 48,219 25 14 11

6 6 Carnegie Investment Bank 4,300 25 5 20

7 14 Danske Bank 12,743 24 10 14

8 5 SEB 13,859 21 0 21

9 4 KPMG 948 21 -2 23

10 10 Citi 27,046 16 -1 17

11 21 Nordhaven Corporate Finance 5 16 5 11

12 12 Nordea 12,558 15 -1 16

13 26 Morgan Stanley 29,987 13 4 9

14 8 DNB Markets 4,428 13 -6 19


16 11 Rothschild & Co 19,497 12 -5 17

17 40 Jefferies 7,926 11 5 6

18 13 Pareto Securities 3,699 11 -4 15

19 61 Grant Thornton - 11 7 4

20 15 JPMorgan 26,814 10 -3 13

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 9 Goldman Sachs & Co 48,219 25 207.0% 15,704

2 5 Morgan Stanley 29,987 13 53.6% 19,529

3 8 Citi 27,046 16 56.4% 17,291

4 7 JPMorgan 26,814 10 48.2% 18,096

5 10 Rothschild & Co 19,497 12 82.2% 10,699

6 4 Deutsche Bank 19,464 6 -2.6% 19,992

7 6 Barclays 19,441 9 2.9% 18,885

8 68 Credit Suisse 14,651 5 4849.7% 296

9 2 SEB 13,859 21 -37.3% 22,119

10 35 Danske Bank 12,743 24 526.8% 2,033

11 20 BNP Paribas 12,706 7 233.4% 3,811

12 1 Nordea 12,558 15 -43.3% 22,151

13 18 PwC 12,378 59 189.3% 4,279


15 14 Evercore 11,021 4 97.1% 5,591

16 13 Lazard 7,957 7 27.1% 6,260

17 17 Jefferies 7,926 11 80.3% 4,397

18 28 SpareBank 1 Markets 6,853 9 161.7% 2,619

19 34 DNB Markets 4,428 13 105.0% 2,160

20 23 Carnegie Investment Bank 4,300 25 36.6% 3,148

Mergermarket 55

mergermarket.com


League Tables



Denmark league table by value Denmark league table by deal count

Norway league table by value Norway league table by deal count

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 16 SEB 7,480 7 473.6% 1,304

2 3 Goldman Sachs & Co 7,248 4 85.5% 3,908

3 9 SpareBank 1 Markets 6,853 9 161.7% 2,619

4 24 Jefferies 6,332 3 895.6% 636

5 6 Morgan Stanley 5,582 3 63.2% 3,420

6 4 BNP Paribas 4,500 1 18.7% 3,792

7 8 Nordea 4,217 6 29.2% 3,263

8 41 Danske Bank 3,831 5 10845.7% 35

9 25 DNB Markets 3,787 11 506.9% 624

10 13 Citi 3,750 2 133.8% 1,604

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 Deloitte 389 17 2 15

2 1 PwC 1,254 14 -2 16

3 4 EY 461 13 3 10

4 6 Danske Bank 7,432 10 3 7

5 20 KPMG 77 7 4 3

6 3 Clearwater International 37 7 -6 13

7 10 Nordic M&A - 7 2 5

8 8 Citi 14,076 6 1 5

9 11 FIH Partners 4,052 6 2 4

10 12 Carnegie Investment Bank 589 6 2 4

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 ABG Sundal Collier Holding 2,769 17 4 13

2 4 PwC 53 12 0 12

3 3 DNB Markets 3,787 11 -2 13

4 5 Arctic Securities 1,750 10 1 9

5 7 SpareBank 1 Markets 6,853 9 1 8

6 1 Pareto Securities 3,676 9 -5 14

7 16 Carnegie Investment Bank 1,200 8 4 4

8 18 Nordhaven Corporate Finance 5 8 4 4

9 12 SEB 7,480 7 2 5

10 30 Nordea 4,217 6 4 2

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 5 Citi 14,076 6 64.0% 8,585

2 7 Goldman Sachs & Co 11,448 5 110.5% 5,438

3 3 Barclays 8,960 2 -31.5% 13,087


5 14 Danske Bank 7,432 10 331.3% 1,723

6 39 BNP Paribas 6,750 2 35426.3% 19

7 9 Rothschild & Co 6,305 4 54.1% 4,092

8 11 JPMorgan 5,832 3 91.0% 3,054

9 13 Lazard 5,807 3 163.4% 2,205

10 20 FIH Partners 4,052 6 555.7% 618

Mergermarket 56

mergermarket.com


League Tables



Sweden league table by value Sweden league table by deal count

Finland league table by value Finland league table by deal count

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 3 Goldman Sachs & Co 27,880 17 101.9% 13,806

2 10 Morgan Stanley 21,949 9 212.2% 7,030

3 4 JPMorgan 20,982 7 56.9% 13,372

4 2 Deutsche Bank 19,464 6 29.9% 14,981

5 - Credit Suisse 11,208 3 - -

6 14 PwC 11,107 34 173.2% 4,065

7 8 Rothschild & Co 11,060 6 52.4% 7,255

8 11 Evercore 11,021 3 116.0% 5,103

9 6 Citi 9,220 7 -0.3% 9,248

10 1 SEB 7,181 14 -62.5% 19,128

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 PwC 11,107 34 -4 38

2 3 Deloitte 1,595 26 7 19

3 2 EY 1,305 18 -8 26

4 15 Goldman Sachs & Co 27,880 17 9 8

5 4 SEB 7,181 14 -4 18

6 6 Carnegie Investment Bank 2,691 11 -1 12

7 10 KPMG 419 10 0 10


9 24 Danske Bank 1,011 9 3 6

10 68 Grant Thornton - 9 7 2

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 4 Nordea 8,060 6 279.5% 2,124

2 - Morgan Stanley 7,827 3 - -

3 - Goldman Sachs & Co 3,750 1 - -

4 11 Barclays 3,649 3 1961.6% 177

5 2 SEB 3,539 4 26.5% 2,798

6 - Citi 3,539 2 - -

7 46 Bank of America Merrill Lynch 2,297 2 - -

8 - ABG Sundal Collier Holding 2,198 1 - -

9 - Handelsbanken Capital Markets 1,576 2 - -

10= - Deutsche Bank 1,576 1 - -

10= 55 Lazard 1,576 1 - -

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 PwC 19 13 1 12

2 32 Danske Bank 1,434 8 7 1


4 10 Nordhaven Corporate Finance - 8 3 5

5 2 KPMG 452 7 -4 11

6 18 Nordea 8,060 6 4 2

7 13 Carnegie Investment Bank 565 6 2 4

8 12 EY 68 6 2 4

9 8 Initia Corporate Finance 58 6 0 6

10 5 Access Partners 328 5 -1 6

Mergermarket 57

mergermarket.com


League Tables



CEE league table by value CEE league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 5 PwC 883 18 5 13

2 1 Deloitte 1,199 17 -7 24

3 3 KPMG 658 15 -4 19

4 2 EY 782 12 -11 23

5 11 Citi 10,204 11 6 5


7 6 Rothschild & Co 3,354 6 -4 10

8 4 UniCredit Group 221 6 -7 13

9 10 VTB Capital 810 5 0 5

10 16 Lazard 452 5 1 4

11 27 VCP Capital Partners Unternehmensberatungs

80 5 3 2

12 7 Oaklins - 5 -2 7

13 8 JPMorgan 3,673 4 -1 5


15 9 Goldman Sachs & Co 1,147 4 -1 5

16 19 Sberbank 805 4 1 3

17 - Renaissance Capital 593 4 4 0

18 107 Patria Corporate Finance 297 4 3 1

19 13 Santander Bank Polska 251 4 -1 5

20 - Credit Suisse 5,195 3 3 0

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 15 Citi 10,204 11 366.8% 2,186

2 80 Bank of America Merrill Lynch 5,698 7 - -


4 2 JPMorgan 3,673 4 -28.1% 5,112

5 1 Rothschild & Co 3,354 6 -36.7% 5,296


7 102 Macquarie Group 2,010 2 - -


9 - BTIG 1,209 1 - -

10 30 Deloitte 1,199 17 359.4% 261

11 4 Goldman Sachs & Co 1,147 4 -72.4% 4,162

12 27 PwC 883 18 168.4% 329

13 7 VTB Capital 810 5 -77.1% 3,530

14 5 Sberbank 805 4 -80.0% 4,025

15 - Evercore 800 1 - -

16 22 EY 782 12 7.4% 728

17 3 BNP Paribas 776 2 -83.0% 4,572

18 38 KPMG 658 15 366.7% 141

19 - Renaissance Capital 593 4 - -

20 - Danske Bank 475 2 - -

Mergermarket 58

mergermarket.com


League Tables



Russia league table by value Russia league table by deal count

Turkey league table by value Turkey league table by deal count

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 4 Citi 4,464 5 346.4% 1,000

3 3 JPMorgan 3,319 3 89.8% 1,749

4 - Bank of America Merrill Lynch 3,168 3 - -


6 - BTIG 1,209 1 - -

7 12 Deloitte 1,160 2 1060.0% 100

8 2 VTB Capital 810 5 -77.1% 3,530

9 1 Sberbank 805 4 -80.0% 4,025

10 - Evercore 800 1 - -

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 6 Citi 4,464 5 3 2

2 1 VTB Capital 810 5 0 5

3 4 Sberbank 805 4 1 3

4 - Renaissance Capital 593 4 4 0

5 11 JPMorgan 3,319 3 2 1

6 - Bank of America Merrill Lynch 3,168 3 3 0

7 - Credit Suisse 4,841 2 2 0

8 15 Deloitte 1,160 2 1 1

9 8 Goldman Sachs & Co 133 2 0 2

10 3 Advance Capital - 2 -2 4

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 3 Pragma Corporate Finance 222 5 1 4

2 13 PwC 112 4 2 2

3 2 Raiffeisen Bank International 112 3 -1 4

4 10 IS Investment Securities - 3 1 2

5 - Bank of America Merrill Lynch 585 2 2 0

6 9 Unlu & Co 404 2 0 2

7 17 Barclays 214 2 0 2

8 27 Deloitte 38 2 1 1

9= 16 3 Seas Capital Partners - 2 0 2

9= 1 EY - 2 -4 6

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 - Bank of America Merrill Lynch 585 2 - -

2 - Dome Group 405 1 - -

3 8 Unlu & Co 404 2 -18.9% 498

4 11 Pragma Corporate Finance 222 5 146.7% 90

5 25 Barclays 214 2 - -

6 - EDNAM Capital 180 1 - -

7 - Financial Technology Partners 165 1 - -

8 - Credia Partners 137 1 - -

9 16 PwC 112 4 387.0% 23

10 2 Raiffeisen Bank International 112 3 -95.1% 2,265

Mergermarket 59

mergermarket.com


League Tables



Africa league table by value Africa league table by deal count

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 8 Lazard 9,400 5 1,314 615.4%

2 1 JPMorgan 3,865 3 3,833 0.8%

3 - PSG Capital 1,882 4 - -

4 25 Moelis & Company 1,850 2 350 428.6%

5 - Intrepid Partners 1,850 1 - -

6= 17 Centerview Partners 1,815 1 862 110.6%

6= - UBS Investment Bank 1,815 1 - -

8 - Nedbank Capital 1,011 5 - -

9 12 Investec 1,010 5 1,106 -8.7%

10= - Bank of America Merrill Lynch 975 2 - -

10= 4 Evercore 975 2 2,437 -60.0%

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 - EY 100 6 - -

2 10 Lazard 9,400 5 3 2

3 - Nedbank Capital 1,011 5 - -

4 11 Investec 1,010 5 3 2

5 3 Rothschild & Co 201 5 9 -4

6 - PSG Capital 1,882 4 - -

7 2 Standard Bank Group 729 4 9 -5

8 1 PwC 447 4 10 -6

9 7 JPMorgan 3,865 3 4 -1

10 - HSBC 523 3 - -

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 - Radhan 3,369 1 - -

2 - Citi 3,073 5 - -

3 5 JPMorgan 2,627 3 6,168 -57.4%

4 - RBC Capital Markets 2,249 3 - -

5 1 Goldman Sachs & Co 1,679 2 9,097 -81.5%

6 - Jefferies 1,200 3 - -

7 - Lazard 1,195 2 - -

8 - Credit Suisse 850 1 - -

9 11 UBS Investment Bank 631 1 684 -7.7%

10 - Blair Franklin Capital Partners 564 1 - -

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 - Citi 3,073 5 - -

2 3 JPMorgan 2,627 3 3 0

3 - RBC Capital Markets 2,249 3 - -

4 - Jefferies 1,200 3 - -

5 24 PwC 236 3 1 2

6 - Schwartz Investment House 44 3 - -

7 1 Goldman Sachs & Co 1,679 2 5 -3

8 - Lazard 1,195 2 - -

9 - ROTH Capital Partners 207 2 - -

10 16 Canaccord Genuity Group 150 2 1 1

Israel league table by deal count Israel league table by deal count

Mergermarket 60

mergermarket.com


League Tables


Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 820,126 186 -46 232

2 2 JPMorgan 658,036 153 -14 167

3 3 Morgan Stanley 625,862 126 -26 152

4 4 Houlihan Lokey 12,321 116 -29 145

5 9 Jefferies 156,782 109 3 106


7 6 Barclays 222,695 107 -10 117

8 5 Citi 446,267 104 -40 144

9 7 Evercore 543,853 99 -16 115

10 11 Raymond James 6,645 93 -11 104

11 14 Lazard 100,378 91 8 83

12 8 Credit Suisse 249,932 83 -29 112

13 12 Deloitte 19,216 83 -12 95


15 25 PwC 6,172 80 15 65

16 19 Piper Jaffray & Co 4,429 76 -3 79

17 23 RBC Capital Markets 186,519 74 0 74


19 16 Rothschild & Co 34,428 72 -8 80

20 21 Stifel/KBW 16,014 68 -9 77

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 2 Goldman Sachs & Co 820,126 186 43.8% 570,299

2 3 JPMorgan 658,036 153 47.8% 445,178

3 1 Morgan Stanley 625,862 126 9.6% 570,998

4 7 Evercore 543,853 99 101.6% 269,830

5 4 Citi 446,267 104 27.8% 349,100


7 8 Credit Suisse 249,932 83 -3.2% 258,273

8 6 Barclays 222,695 107 -34.8% 341,377


10 12 PJT Partners 169,089 28 14.4% 147,754

11 17 Jefferies 156,782 109 131.0% 67,862


13 43 Dyal Co 102,889 2 380.3% 21,420

14 9 Lazard 100,378 91 -51.4% 206,603

15 11 Deutsche Bank 95,260 50 -47.1% 180,118


17 16 Moelis & Company 62,651 67 -9.4% 69,115




Mergermarket 61

mergermarket.com


League Tables



US league table by value US league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 815,285 177 -43 220

2 2 JPMorgan 646,282 137 -20 157

3 3 Houlihan Lokey 12,321 116 -25 141

4 4 Morgan Stanley 602,169 112 -27 139

5 8 Jefferies 156,782 108 3 105

6 6 Barclays 213,566 102 -11 113

7 7 Evercore 542,321 96 -11 107


9 5 Citi 437,270 89 -39 128

10 9 Raymond James 5,842 85 -12 97

11 17 Lazard 96,164 82 7 75


13 10 Credit Suisse 241,920 76 -20 96

14 13 Piper Jaffray & Co 4,429 76 -3 79


16 29 PwC 5,294 66 20 46

17 15 Moelis & Company 62,454 65 -11 76

18 14 Stifel/KBW 14,646 65 -12 77

19 19 Rothschild & Co 30,793 61 -10 71

20 12 Robert W. Baird & Co 14,074 61 -24 85

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 815,285 177 46.9% 554,852

2 3 JPMorgan 646,282 137 51.8% 425,651

3 2 Morgan Stanley 602,169 112 13.8% 529,214

4 7 Evercore 542,321 96 103.2% 266,863

5 5 Citi 437,270 89 33.1% 328,650


7 8 Credit Suisse 241,920 76 -2.6% 248,392

8 4 Barclays 213,566 102 -36.2% 334,580


10 12 PJT Partners 163,552 27 15.0% 142,167

11 17 Jefferies 156,782 108 131.3% 67,776


13 40 Dyal Co 102,889 2 380.3% 21,420

14 9 Lazard 96,164 82 -51.9% 199,839

15 11 Deutsche Bank 93,853 44 -45.9% 173,527


17 16 Moelis & Company 62,454 65 -7.9% 67,781



20 31 TD Securities 42,026 16 40.9% 29,830

Mergermarket 62

mergermarket.com


League Tables



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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Morgan Stanley 341,360 59 5.5% 323,562

2 5 Citi 312,510 54 101.5% 155,095

3 2 Goldman Sachs & Co 305,427 99 17.9% 259,137

4 10 Evercore 289,437 53 192.3% 99,013

5 4 JPMorgan 264,005 70 40.9% 187,414



8 34 Dyal Co 102,889 2 826.9% 11,100

9 6 Barclays 99,173 53 -20.2% 124,353


Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 293,833 47 20.9% 243,077

2 4 JPMorgan 254,930 35 133.4% 109,205

3 7 Evercore 225,215 28 149.3% 90,350

4 2 Morgan Stanley 202,963 27 -2.9% 209,021

5 8 Credit Suisse 133,802 19 52.7% 87,652


7 9 Barclays 109,157 27 46.6% 74,480

8 10 PJT Partners 89,105 6 20.7% 73,852

9 12 Citi 81,345 20 16.4% 69,882


Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 305,427 99 -30 129

2 3 JPMorgan 264,005 70 -12 82

3 2 Morgan Stanley 341,360 59 -31 90

4 4 Houlihan Lokey 6,193 55 -19 74

5 5 Citi 312,510 54 -17 71


7 9 Evercore 289,437 53 -4 57

8 6 Barclays 99,173 53 -11 64

9 8 Jefferies 53,142 51 -9 60


Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 293,833 47 -15 62

2 9 JPMorgan 254,930 35 8 27


4 2 Houlihan Lokey 3,363 33 -9 42

5 3 Robert W. Baird & Co 8,838 31 -10 41


7 18 Evercore 225,215 28 7 21

8 4 Morgan Stanley 202,963 27 -7 34

9 5 Barclays 109,157 27 -6 33

10 15 Stifel/KBW 7,115 27 4 23

Mergermarket 63

mergermarket.com


League Tables



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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 295,139 63 41.0% 209,261

2 4 JPMorgan 233,534 47 45.0% 161,095


4 6 Evercore 156,178 40 51.8% 102,853

5 3 Citi 146,207 32 -9.9% 162,215

6 2 Barclays 111,492 45 -40.0% 185,749

7 8 Credit Suisse 105,524 33 17.5% 89,791

8 11 Jefferies 86,048 54 109.5% 41,072

9 5 Morgan Stanley 81,679 38 -38.5% 132,749

10 41 Centerview Partners 52,502 9 813.4% 5,748

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 3 Goldman Sachs & Co 151,336 55 1.2% 149,574

2 1 Morgan Stanley 105,750 39 -44.1% 189,229

3 2 JPMorgan 103,861 48 -40.4% 174,266


5 4 Credit Suisse 56,103 21 -56.1% 127,929

6 5 Deutsche Bank 47,622 16 -51.0% 97,134

7 11 Citi 47,050 20 -28.5% 65,805



10 9 Barclays 29,752 35 -57.2% 69,486

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 295,139 63 -7 70

2 5 Jefferies 86,048 54 -1 55

3 3 Houlihan Lokey 4,632 54 -9 63

4 9 Raymond James 3,138 50 6 44

5 2 JPMorgan 233,534 47 -16 63

6 7 Barclays 111,492 45 -2 47

7 13 Piper Jaffray & Co 2,352 41 4 37

8 6 Evercore 156,178 40 -9 49


10 8 Morgan Stanley 81,679 38 -6 44

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 151,336 55 -12 67

2 4 JPMorgan 103,861 48 1 47

3 2 Morgan Stanley 105,750 39 -15 54

4 3 Houlihan Lokey 2,379 39 -13 52

5 8 Jefferies 13,782 38 5 33

6 9 Barclays 29,752 35 3 32

7 16 Piper Jaffray & Co 1,355 32 5 27

8 22 Lazard 26,901 31 13 18


10 5 Raymond James 3,003 30 -16 46

Mergermarket 64

mergermarket.com


League Tables



Canada league table by value Canada league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 Deloitte 2,481 30 -5 35


3 4 CIBC World Markets 16,565 25 -5 30

4 17 Morgan Stanley 63,732 22 10 12

5 3 Scotiabank 9,087 21 -13 34

6 9 Canaccord Genuity Group 2,558 21 0 21

7 5 TD Securities 45,244 20 -7 27

8 24 JPMorgan 25,179 18 10 8

9 1 BMO Capital Markets 24,085 18 -21 39

10 12 PwC 548 17 1 16

11 16 Raymond James 1,514 15 0 15

12 10 Goldman Sachs & Co 54,671 14 -3 17

13 15 National Bank Financial 7,673 13 -2 15

14 20 EY 192 13 2 11


16 8 Citi 29,444 12 -9 21

17 26 Credit Suisse 15,890 12 4 8

18 21 Lazard 8,251 12 2 10

19 14 Barclays 44,234 11 -4 15

20 6 KPMG 44 10 -14 24

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 8 Morgan Stanley 63,732 22 75.8% 36,251

2 1 Goldman Sachs & Co 54,671 14 -3.8% 56,828

3 5 TD Securities 45,244 20 -5.0% 47,627

4 9 Barclays 44,234 11 37.8% 32,102


6 17 Jefferies 32,572 8 115.4% 15,125

7 4 Citi 29,444 12 -40.4% 49,397

8 18 Evercore 29,122 8 107.1% 14,065

9= 15 Canson Capital Partners 27,000 1 58.8% 17,000

9= - Robey Warshaw 27,000 1 - -

11 12 JPMorgan 25,179 18 14.9% 21,923


13 6 BMO Capital Markets 24,085 18 -39.3% 39,706


15 10 CIBC World Markets 16,565 25 -46.6% 31,031

16 19 Credit Suisse 15,890 12 20.5% 13,188

17 45 Fort Capital 13,930 5 1125.2% 1,137


19 63 Perella Weinberg Partners 10,201 3 2450.3% 400

20 - Sandler O'Neill & Partners 9,635 1 - -

Mergermarket 65

mergermarket.com


League Tables



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

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 Banco BTG Pactual 5,950 26 3 23

2 1 Banco Itau BBA 5,146 26 2 24

3 10 Citi 15,840 15 7 8

4 8 Goldman Sachs & Co 13,133 13 3 10


6 14 Rothschild & Co 3,385 12 5 7


8 7 Morgan Stanley 15,088 9 -2 11

9 29 BR Partners 12,150 9 6 3

10 13 Deloitte 1,119 9 1 8

11 21 Greenhill & Co 647 9 4 5

12 30 Scotiabank 1,052 8 5 3

13 5 Oaklins 1,016 8 -6 14

14 11 Vinci Partners 620 8 0 8

15 9 JPMorgan 1,448 7 -2 9

16 3 Banco Bradesco BBI 1,892 6 -9 15

17 4 Credit Suisse 1,585 6 -9 15

18 - Credit Agricole 11,140 5 5 0

19 16 KPMG 1,043 5 -2 7

20 19 BNP Paribas 805 5 0 5

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 7 Citi 15,840 15 184.6% 5,565

3 4 Morgan Stanley 15,088 9 -13.9% 17,518

4 6 Goldman Sachs & Co 13,133 13 84.6% 7,115

5 31 BR Partners 12,150 9 2892.6% 406


7 26 Santander Global Corporate Banking 11,123 10 1975.2% 536


9 5 Banco BTG Pactual 5,950 26 -38.7% 9,705

10 - Inverlink 5,510 3 - -

11 3 Banco Itau BBA 5,146 26 -78.1% 23,510

12 23 HSBC 4,978 3 759.8% 579

13 - Corredores Davivienda 4,715 1 - -

14 15 Lazard 3,888 4 119.4% 1,772

15 - PJT Partners 3,557 1 - -

16 16 Rothschild & Co 3,385 12 219.9% 1,058

17 2 Banco Bradesco BBI 1,892 6 -92.0% 23,587

18 12 Credit Suisse 1,585 6 -43.5% 2,806

19 8 JPMorgan 1,448 7 -72.3% 5,219

20= - Astoria Capital Partners 1,266 2 - -

20= - Riza Capital 1,266 2 - -

Mergermarket 66

mergermarket.com


League Tables


Asia Pacific Advisory League tables

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

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 PwC 13,484 105 22 83

2 1 KPMG 13,709 59 -28 87

3 3 Deloitte 18,237 48 -34 82

4 4 EY 8,881 47 -24 71

5 5 Goldman Sachs & Co 48,606 34 -19 53

6 9 Morgan Stanley 38,244 33 -2 35


8 6 Citi 40,290 29 -18 47




12 10 Rothschild & Co 32,629 25 -10 35

13 8 JPMorgan 32,084 24 -11 35

14 13 Macquarie Group 12,112 23 -7 30

15 12 Credit Suisse 30,854 22 -9 31



18 27 HSBC 22,334 18 5 13

19 18 Deutsche Bank 24,769 17 -5 22


Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 1 Goldman Sachs & Co 48,606 34 -55.0% 108,009

3 2 Citi 40,290 29 -45.2% 73,480

4 4 Morgan Stanley 38,244 33 -42.0% 65,937

5 16 Rothschild & Co 32,629 25 95.1% 16,727

6 3 JPMorgan 32,084 24 -51.5% 66,089

7 18 Credit Suisse 30,854 22 97.4% 15,634




11 6 Deutsche Bank 24,769 17 -46.6% 46,417


13 20 HSBC 22,334 18 55.5% 14,360

14 13 Deloitte 18,237 48 -14.4% 21,308


16 9 Barclays 17,507 12 -49.6% 34,709

17 37 Nomura Holdings 17,177 9 215.6% 5,442

18 19 Lazard 16,096 14 9.5% 14,697

19 14 KPMG 13,709 59 -27.3% 18,855

20 34 PwC 13,484 105 138.5% 5,653

Mergermarket 67

mergermarket.com


League Tables



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

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 PwC 12,073 77 20 57

2 3 EY 7,874 42 -18 60

3 1 KPMG 12,541 38 -25 63

4 2 Deloitte 16,007 34 -28 62


6 12 Morgan Stanley 33,730 27 1 26

7 6 Citi 37,381 26 -10 36


9 5 Goldman Sachs & Co 29,222 23 -15 38


11 16 Credit Suisse 20,666 21 1 20


13 9 JPMorgan 28,391 19 -8 27


15 23 HSBC 22,334 18 6 12

16 13 Rothschild & Co 16,234 15 -11 26



19 46 JM Financial 9,337 14 8 6

20 17 Somerley Capital 9,693 13 -6 19

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 2 Citi 37,381 26 -35.3% 57,753

2 5 Morgan Stanley 33,730 27 -23.0% 43,820


4 1 Goldman Sachs & Co 29,222 23 -61.8% 76,416


6 3 JPMorgan 28,391 19 -50.7% 57,546


8 19 HSBC 22,334 18 60.8% 13,892

9 23 Credit Suisse 20,666 21 84.7% 11,190


11 6 Deutsche Bank 16,501 9 -46.4% 30,761

12 16 Rothschild & Co 16,234 15 9.7% 14,803

13 9 Barclays 16,125 9 -29.2% 22,769

14 11 Deloitte 16,007 34 -20.9% 20,248



17 12 KPMG 12,541 38 -29.7% 17,842

18 33 PwC 12,073 77 129.8% 5,253

19 22 China Securities 11,625 15 -4.5% 12,177

20 29 Somerley Capital 9,693 13 56.2% 6,204

Mergermarket 68

mergermarket.com


League Tables



Australasia league table by value Australasia league table by deal count

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 PwC 1,462 30 1 29

2 2 KPMG 1,402 23 -4 27

3 3 Macquarie Group 11,816 19 -7 26

4 4 Deloitte 2,633 16 -9 25

5 7 Goldman Sachs & Co 20,930 15 -2 17


7 13 Rothschild & Co 16,670 12 2 10

8 12 Morgan Stanley 6,209 10 0 10

9 18 Deutsche Bank 8,268 8 0 8

10 20 Gresham Advisory Partners 1,319 8 0 8


12 21 Moelis & Company 980 7 0 7

13 16 JPMorgan 5,473 6 -3 9

14 53 Baker Tilly International 75 6 3 3

15 41 Jefferies 2,610 5 2 3

16 11 EY 1,007 5 -7 12

17 25 Greenhill & Co 735 5 -1 6

18 36 Sternship Advisers 252 5 1 4

19 - William Blair & Company 1,726 4 4 0

20 32 Barclays 1,382 4 0 4

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 2 Goldman Sachs & Co 20,930 15 -35.4% 32,391

3 25 Rothschild & Co 16,670 12 754.9% 1,950


5 26 Nomura Holdings 14,307 2 690.9% 1,809

6 3 Macquarie Group 11,816 19 -62.6% 31,595

7 13 Lazard 11,358 3 63.2% 6,960

8= 14 Credit Suisse 10,188 1 52.2% 6,694

8= 139 Evercore 10,188 1 - -

8= - Intrepid Partners 10,188 1 - -

8= - Wells Fargo Securities 10,188 1 - -

12 7 Deutsche Bank 8,268 8 -52.0% 17,217

13 4 Morgan Stanley 6,209 10 -73.3% 23,267

14 11 JPMorgan 5,473 6 -38.0% 8,823

15 18 Grant Samuel 3,436 3 29.7% 2,649

16 6 Citi 2,909 3 -83.2% 17,276

17 19 Deloitte 2,633 16 1.6% 2,592

18 24 Jefferies 2,610 5 24.3% 2,099

19 15 Jamieson Corporate Finance 2,510 1 -53.3% 5,374

20 - Centerview Partners 2,200 1 - -

Mergermarket 69

mergermarket.com


League Tables



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

Ranking 3Q19 3Q18


Deal count

Count change

Deal count





5 30 HSBC 18,285 15 9 6


7 16 PwC 1,301 14 3 11

8 9 Somerley Capital 9,693 13 -6 19

9 2 Deloitte 2,532 13 -18 31

10 5 Goldman Sachs & Co 7,127 12 -13 25

11 3 China Renaissance Holdings 4,362 12 -17 29

12 46 Haitong Securities 3,483 12 8 4

13 11 JPMorgan 3,764 11 -4 15

14 13 KPMG 2,033 11 -1 12

15 60 ZTF Securities 2,090 10 7 3

16 26 Shenwan Hongyuan Group Co 4,605 9 2 7

17 25 China Merchants Securities 9,080 8 1 7


19 12 Morgan Stanley 6,113 8 -4 12

20 179 Huarong Securities 2,404 8 7 1

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)



3 20 HSBC 18,285 15 207.2% 5,952


5 13 China Securities 11,625 15 -4.5% 12,177

6 54 Credit Suisse 11,544 7 924.3% 1,127

7 3 Citi 10,901 5 -70.8% 37,343

8 19 Somerley Capital 9,693 13 56.2% 6,204

9 23 China Merchants Securities 9,080 8 65.7% 5,481


11 2 Goldman Sachs & Co 7,127 12 -82.0% 39,583

12 - TC Capital International 6,864 2 - -

13 192 BaoQiao Partners Capital 6,820 1 10392.3% 65

14 35 Rothschild & Co 6,671 5 174.8% 2,428

15 101 Tianfeng Securities 6,394 4 1535.3% 391

16 4 Morgan Stanley 6,113 8 -75.5% 24,975


18 30 Shenwan Hongyuan Group Co 4,605 9 25.7% 3,663

19 10 China Renaissance Holdings 4,362 12 -66.5% 13,031

20 125 Huaxi Securities 4,058 3 1504.0% 253

Mergermarket 70

mergermarket.com


League Tables



India league table by value India league table by deal count

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 7 JM Financial 9,337 13 -7.2% 10,062

2 8 Deloitte 8,795 7 -6.0% 9,354

3 5 EY 6,266 27 -40.5% 10,528

4 26 RBSA Advisors 4,610 11 309.1% 1,127

5 44 Ambit 4,063 5 3124.6% 126

6 39 ICICI Securities 3,625 9 1332.8% 253

7 18 Kotak Investment Banking 3,241 3 28.8% 2,517

8 11 Morgan Stanley 2,736 7 -50.3% 5,506

9 6 KPMG 2,256 10 -77.8% 10,168

10 22 Axis Capital 1,859 4 18.5% 1,569

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 9 PwC 11,118 54 231.7% 3,352

2 4 KPMG 9,024 16 118.3% 4,133

3 - China International Capital Corporation 5,800 1 - -

4 3 Credit Suisse 5,696 8 13.2% 5,033

5 7 Citi 5,599 8 60.5% 3,489

6 5 Goldman Sachs & Co 5,423 6 44.0% 3,765

7 1 Morgan Stanley 5,220 7 -31.9% 7,662

8 16 Deloitte 2,978 8 111.7% 1,407

9 15 Deutsche Bank 2,168 2 39.0% 1,560

10 14 Samsung Securities 1,844 3 16.2% 1,587

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 EY 6,266 27 0 27

2 10 JM Financial 9,337 13 7 6

3 50 RBSA Advisors 4,610 11 10 1

4 2 KPMG 2,256 10 -9 19

5 22 ICICI Securities 3,625 9 5 4

6 14 Deloitte 8,795 7 2 5


8 3 Avendus Capital 552 7 -9 16

9 23 Singhi Advisors 165 6 2 4

10 6 PwC 82 6 -2 8

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 PwC 11,118 54 15 39

2 2 KPMG 9,024 16 -11 27

3 6 Credit Suisse 5,696 8 1 7

4 12 Citi 5,599 8 4 4

5 4 Deloitte 2,978 8 -7 15

6 3 EY 776 8 -8 16



9 10 JPMorgan 1,388 4 0 4

10 7 Samsung Securities 1,844 3 -2 5

Mergermarket 71

mergermarket.com


League Tables



Japan league table by value Japan league table by deal count

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 3 Morgan Stanley 34,835 28 -78.1% 159,248

2 5 Nomura Holdings 27,391 42 -72.4% 99,329

3 6 Mizuho Financial Group 21,626 32 -73.9% 82,942

4 2 Goldman Sachs & Co 20,192 12 -88.0% 167,868

5 17 Deloitte 15,434 45 248.9% 4,424

6 8 Sumitomo Mitsui Financial Group 13,953 30 -80.7% 72,114

7 29 Lazard 13,439 7 1577.8% 801

8 18 Rothschild & Co 13,073 8 513.8% 2,130

9 16 Daiwa Securities Group / DC Advisory 8,041 33 37.4% 5,853

10 48 PwC 5,766 25 3085.6% 181

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 2 Morgan Stanley 24,791 11 14.2% 21,706


3 10 JPMorgan 22,236 5 297.2% 5,598

4 1 Citi 19,781 10 -12.0% 22,489

5 24 Goldman Sachs & Co 18,916 5 863.1% 1,964

6 39 Barclays 15,009 5 2271.1% 633


8 3 Deutsche Bank 13,400 2 -22.2% 17,218

9 5 Rothschild & Co 8,439 7 -15.8% 10,024

10 8 Credit Suisse 7,801 7 21.3% 6,429

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 Deloitte 15,434 45 14 31

2 1 Nomura Holdings 27,391 42 -12 54


4 3 Mizuho Financial Group 21,626 32 -9 41

5 2 Sumitomo Mitsui Financial Group 13,953 30 -13 43

6 5 Morgan Stanley 34,835 28 -1 29

7 12 PwC 5,766 25 15 10

8 7 GCA Corporation 2,130 15 -10 25

9 8 Goldman Sachs & Co 20,192 12 -1 13

10 24 EY 2,954 9 5 4

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 5 Morgan Stanley 24,791 11 1 10

2 37 PwC 1,420 11 8 3


4 7 Citi 19,781 10 2 8

5 4 EY 825 8 -5 13

6 3 Rothschild & Co 8,439 7 -6 13

7 6 Credit Suisse 7,801 7 -3 10

8 1 KPMG 2,058 7 -8 15

9 2 Deloitte 1,797 7 -7 14


Mergermarket 72

mergermarket.com


League Tables


Private Equity Advisory League tables*

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

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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 3 Citi 91,156 34 22.5% 74,415

3 6 Evercore 87,601 38 132.8% 37,636

4 2 Morgan Stanley 72,367 40 -39.9% 120,354

5 1 Goldman Sachs & Co 71,485 63 -45.4% 130,845

6 4 JPMorgan 63,805 43 -1.6% 64,854

7 7 Barclays 58,850 49 56.5% 37,603

8 16 Jefferies 58,612 61 133.7% 25,083

9 8 Credit Suisse 49,355 31 32.8% 37,174

10 9 Deutsche Bank 48,114 22 29.5% 37,158

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 17 Evercore 85,095 30 769.6% 9,786

3 5 Citi 68,975 17 95.6% 35,265

4 1 Morgan Stanley 48,324 21 -40.5% 81,279

5 12 Jefferies 47,017 41 186.6% 16,405

6 7 Barclays 43,535 36 70.7% 25,507

7 2 Goldman Sachs & Co 37,829 32 -47.3% 71,736

8 3 JPMorgan 35,683 20 -8.2% 38,865

9 13 Deutsche Bank 35,375 14 142.3% 14,597

10 8 Credit Suisse 24,418 16 19.5% 20,442

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 8 PwC 15,370 80 23 57


3 1 Goldman Sachs & Co 71,485 63 -21 84

4 3 Rothschild & Co 26,340 62 -7 69

5 13 Jefferies 58,612 61 11 50

6 5 Deloitte 2,978 58 -9 67


8 10 KPMG 2,740 51 -4 55

9 16 Barclays 58,850 49 5 44

10 2 Houlihan Lokey 4,197 48 -23 71

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 8 Jefferies 47,017 41 7 34


3 5 Harris Williams - 37 -2 39

4 9 Barclays 43,535 36 3 33

5 15 Piper Jaffray & Co 1,395 33 14 19


7 2 Goldman Sachs & Co 37,829 32 -15 47

8 3 Houlihan Lokey - 32 -13 45

9 16 Evercore 85,095 30 12 18

10 4 Robert W. Baird & Co 1,207 30 -11 41

Mergermarket 73

mergermarket.com


League Tables



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

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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Goldman Sachs & Co 29,839 21 -11.5% 33,729

2 6 JPMorgan 27,222 20 22.9% 22,142

3 2 Rothschild & Co 23,203 49 -21.8% 29,687


5 13 Credit Suisse 22,355 8 171.5% 8,234

6 3 Citi 18,832 12 -36.2% 29,512

7 8 Lazard 18,245 25 6.0% 17,205

8 35 PwC 13,230 53 360.0% 2,876

9 7 Deutsche Bank 11,739 7 -39.9% 19,527

10 12 Macquarie Group 10,101 14 11.7% 9,041

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)


2 23 HSBC 4,796 3 455.7% 863

3 1 Morgan Stanley 3,274 4 -86.3% 23,894

4 64 Jefferies 2,545 3 - -


6 34 KPMG 2,077 10 626.2% 286

7 2 Goldman Sachs & Co 2,047 4 -90.4% 21,363

8 11 Citi 1,664 4 -45.8% 3,069

9 7 Credit Suisse 1,522 3 -71.4% 5,329

10 86 Shenwan Hongyuan Group Co 1,338 1 - -

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 PwC 13,230 53 14 39

2 1 Rothschild & Co 23,203 49 -10 59

3 2 Deloitte 1,688 44 -7 51

4 6 EY 2,085 35 0 35

5 3 KPMG 663 33 -8 41


7 8 Lazard 18,245 25 -6 31

8 16 ALANTRA 1,901 23 4 19

9 11 GCA Corporation 644 22 -6 28

10 12 Goldman Sachs & Co 29,839 21 -6 27

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 PwC 984 17 7 10

2 7 KPMG 2,077 10 3 7

3 9 Deloitte 1,161 7 1 6

4 4 EY 393 5 -4 9

5 1 Morgan Stanley 3,274 4 -7 11

6 3 Goldman Sachs & Co 2,047 4 -5 9

7 10 Citi 1,664 4 -1 5

8 31 Daiwa Securities Group / DC Advisory - 4 2 2


10 23 HSBC 4,796 3 1 2

Mergermarket 74

mergermarket.com


League Tables



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

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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 1 Morgan Stanley 50,678 16 -16.6% 60,739


3 6 Deutsche Bank 41,107 12 68.5% 24,391

4 12 Barclays 35,544 24 106.4% 17,219

5 3 Citi 34,998 18 -25.0% 46,645

6 5 JPMorgan 33,276 17 2.7% 32,387

7 9 Credit Suisse 32,713 15 58.4% 20,654

8 2 Goldman Sachs & Co 32,225 26 -44.9% 58,515


10 14 Rothschild & Co 17,587 14 25.3% 14,032

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 2 Morgan Stanley 34,796 7 -19.2% 43,074

2 10 Deutsche Bank 32,855 8 213.3% 10,487


4 8 Barclays 24,413 15 65.9% 14,713

5 4 Citi 20,633 9 -18.9% 25,440

6 5 JPMorgan 17,684 6 -26.5% 24,065

7 1 Goldman Sachs & Co 16,620 12 -64.0% 46,130

8 7 Credit Suisse 14,003 8 -12.5% 15,996

9 16 Evercore 13,188 12 258.9% 3,675

10 86 Qatalyst Group 11,790 1 - -

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 5 PwC 12,746 53 23 30

2 1 Deloitte 1,742 40 2 38

3 4 EY 1,404 37 1 36

4 3 KPMG 1,447 29 -7 36

5 2 Goldman Sachs & Co 32,225 26 -10 36

6 11 Barclays 35,544 24 5 19


8 7 Citi 34,998 18 -3 21


10 9 JPMorgan 33,276 17 -2 19

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 3 Barclays 24,413 15 1 14

2 1 Goldman Sachs & Co 16,620 12 -10 22

3 16 Evercore 13,188 12 7 5


5 7 Jefferies 5,417 10 -1 11

6 13 Citi 20,633 9 2 7

7 8 Deutsche Bank 32,855 8 -2 10


9 2 Credit Suisse 14,003 8 -6 14

10 4 Morgan Stanley 34,796 7 -5 12

Mergermarket 75

mergermarket.com


League Tables



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

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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 71 Credit Suisse 17,320 5 5229.2% 325

2 2 Rothschild & Co 16,467 10 17.4% 14,032

3 10 JPMorgan 15,592 11 128.8% 6,815


5 6 Goldman Sachs & Co 13,565 10 34.6% 10,080

6 5 Citi 11,442 5 -7.3% 12,345

7 46 PwC 11,263 35 923.0% 1,101

8 35 Lazard 11,208 9 484.1% 1,919

9 22 Macquarie Group 9,588 7 187.5% 3,335


Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 PwC 11,263 35 16 19

2 1 Deloitte 1,016 31 -1 32

3 2 EY 1,011 31 6 25

4 3 KPMG 377 16 -8 24

5 7 GCA Corporation 265 13 -1 14


7 12 JPMorgan 15,592 11 2 9

8 16 ALANTRA 1,258 11 4 7

9 8 Rothschild & Co 16,467 10 -2 12

10 10 Goldman Sachs & Co 13,565 10 -1 11

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 2 PwC 563 10 4 6

2 3 KPMG 1,070 6 0 6

3 1 EY 393 5 -2 7

4 10 Deloitte 717 4 1 3



7 5 Citi 1,238 3 -1 4

8 - Jefferies 2,200 2 2 0



Ranking 3Q19 3Q18


Deal count

Count change

Deal count


2 - Jefferies 2,200 2 - -


4 2 Morgan Stanley 1,907 2 -82.3% 10,746

5 5 Goldman Sachs & Co 1,776 3 -23.0% 2,305

6 11 Credit Suisse 1,390 2 16.2% 1,196

7 15 HSBC 1,295 2 70.2% 761

8 6 Citi 1,238 3 -46.0% 2,291

9 - Samsung Securities 1,165 1 - -

10 26 KPMG 1,070 6 497.8% 179

Mergermarket 76

mergermarket.com


League Tables



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

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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 14 Evercore 74,053 25 427.3% 14,043


3 4 Citi 56,158 16 102.2% 27,770

4 9 Jefferies 49,659 47 174.3% 18,103

5 1 Goldman Sachs & Co 39,260 37 -45.7% 72,330

6 3 JPMorgan 30,529 26 -6.0% 32,467


8 8 Barclays 23,306 25 14.3% 20,384

9 2 Morgan Stanley 21,689 24 -63.6% 59,615

10 11 Credit Suisse 16,642 16 0.7% 16,520

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 15 Evercore 71,907 18 1076.7% 6,111


3 10 Citi 48,342 8 392.0% 9,825

4 5 Jefferies 41,600 31 232.7% 12,502


6 2 Goldman Sachs & Co 21,209 20 -17.2% 25,606

7 7 Barclays 19,122 21 77.2% 10,794

8 4 JPMorgan 17,999 14 21.6% 14,800

9 1 Morgan Stanley 13,528 14 -64.6% 38,205

10 94 TD Securities 12,150 2 - -

Ranking 3Q19 3Q18


Deal count

Count change

Deal count


2 2 Rothschild & Co 8,753 48 -9 57

3 10 Jefferies 49,659 47 12 35


5 9 Harris Williams 10,579 40 3 37

6 6 Goldman Sachs & Co 39,260 37 -11 48

7 4 Houlihan Lokey 2,873 37 -15 52

8 5 Robert W. Baird & Co 4,578 34 -16 50

9 14 Raymond James 699 32 5 27

10 12 Lazard 10,360 31 0 31

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 4 Harris Williams 8,747 34 0 34

2 8 Jefferies 41,600 31 8 23


4 2 Houlihan Lokey 2,129 30 -7 37


6 13 Piper Jaffray & Co 1,060 27 10 17

7 3 Robert W. Baird & Co 867 25 -12 37

8 7 Raymond James 352 25 0 25

9 12 Barclays 19,122 21 2 19

10 6 Goldman Sachs & Co 21,209 20 -5 25

Mergermarket 77

mergermarket.com


League Tables



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

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

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

Ranking 3Q19 3Q18


Deal count

% Value change

Value (USDm)

1 2 Goldman Sachs & Co 16,274 11 -31.2% 23,649

2 5 JPMorgan 11,630 9 -24.1% 15,327

3 3 Citi 7,390 7 -57.0% 17,167

4 6 Lazard 7,037 16 -54.0% 15,286


6 4 Rothschild & Co 6,736 39 -57.0% 15,655

7 7 Credit Suisse 5,035 3 -36.3% 7,909

8 9 Deutsche Bank 4,487 4 -26.7% 6,123

9 - PJT Partners 4,179 2 - -

10 25 Robert W. Baird & Co 3,711 9 123.0% 1,664

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 1 Rothschild & Co 6,736 39 -8 47

2 5 PwC 1,967 18 -2 20


4 8 KPMG 286 17 0 17

5 7 Lazard 7,037 16 -1 17

6 6 Deloitte 672 13 -6 19

7 14 ALANTRA 643 12 0 12

8 13 William Blair & Company 384 12 0 12

9 9 Goldman Sachs & Co 16,274 11 -5 16

10 19 Jefferies 3,298 11 1 10

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 6 PwC 421 7 3 4

2 37 KPMG 1,007 4 3 1

3 9 Deloitte 444 3 0 3



6 33 ICICI Securities 1,311 2 1 1

7 22 China International Capital Corporation 1,255 2 1 1

8 50 Avendus Capital 205 2 1 1

9 38 HSBC 3,501 1 0 1

10 - Shenwan Hongyuan Group Co 1,338 1 1 0

Ranking 3Q19 3Q18


Deal count

Count change

Deal count

1 36 HSBC 3,501 1 3332.4% 102

2 2 Morgan Stanley 1,367 2 -89.6% 13,148

3 - Shenwan Hongyuan Group Co 1,338 1 - -

4 31 ICICI Securities 1,311 2 948.8% 125


6 35 KPMG 1,007 4 841.1% 107

7= - Harris Williams 1,000 1 - -

7= - William Blair & Company 1,000 1 - -

9 - Reimei Global Advisors 508 1 - -

10 41 Deloitte 444 3 825.0% 48

Mergermarket 78

mergermarket.com


League Tables


Mergermarket 79Criteria & ContactsGlobal & Regional M&A Report 3Q19

Criteria Contacts

mergermarket.com

All data is based on transactions over USD 5m and is

based on the Mergermarket’s M&A deals database.

Deals with undisclosed deal values are included where

the target’s turnover exceeds USD 10m. Deals where

the effective stake acquired is less than 30% will only

be included if the value is greater than USD 100m.

Full deal inclusion criteria can be found here.

Trend data: Based on the dominant geography of the target company and excludes lapsed and withdrawn bids. Sector trends based on the dominant sector of the target.

Global cross-border M&A: Based on the dominant geography of the target and bidder company being in a different region.

Inbound: Global/US/Japan: The dominant geography of the target is X and the dominant geography of the bidder is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X and the dominant geography of the bidder is any other region excluding X.

Outbound: Global/US/Japan: The dominant geography of the bidder is X and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X and the dominant geography of the target is any other region excluding X.

Top deals: Based on the dominant geography of the target company.

League tables: Based on the dominant geography of the target, bidder or seller, and excludes lapsed and withdrawn bids. Private equity buyout league tables are based on advisors advising the bidder only on buyout deals with target dominant geography being the country/region and excludes lapsed and withdrawn bids. Private equity exit league tables based on advisors advising the target/seller on exit deal with target dominant geography being the country/region and excludes lapsed and withdrawn bids. Private equity buyout and exit combined league tables are based on advising the bidder on buyout deals AND the target/seller on exit deals, excluding lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.

All values are in USD M&A Trends and Top Deals correct as of 10am (GMT), 29-Sep-2019. Cut off date 29-Sep-2019

League Tables correct as of 10am (GMT), 01-Oct-2019. Cut off date 30-Sep-2019.

Deal Submissions

Americas Jason [email protected]+1 646 378 3122

Asia John [email protected]+852 2158 9723

EMEA Michael [email protected]+44 20 3741 1294

Commercial

Americas Kurt [email protected]+1 212 390 7812

Asia Laurence [email protected]+852 2158 9771

EMEA Ben [email protected]+44 20 3741 1007

Production

Global Editorial Analytics Director

Beranger [email protected]+44 20 3741 1186

Head of Research (Asia)

Gerry [email protected]+852 2158 9741

Head of Research (EMEA) Andrea [email protected]+44 20 3741 1274

Research Editor (APAC)

Riccardo [email protected]+852 2158 9704

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

Deputy Head of Research (EMEA)

Marie-Laure [email protected]+44 20 3741 1282

Global PE Specialist

Mate [email protected]+44 20 3741 1361

Press Relations

Americas Lindsay [email protected]+1 212-390-7801

Asia

Candy [email protected]+852 2158 9706

EMEA Ioiana [email protected]+44 203 741 1391

Research Analyst (EMEA)

Mohamed [email protected]+44 20 3741 1190

Head Analyst (Americas) Philip [email protected]+1 212 574 7877

Analyst (APAC) Joji [email protected]+852 2158 9796

http://www.mergermarket.com/pdf/deal_criteria.pdf

In M&A, information is the most valuable currency. Mergermarket reports on deals 6-24 months before they become public knowledge, giving our subscribers a powerful competitive advantage. With the largest network of dedicated M&A journalists and analysts, Mergermarket offers the most comprehensive M&A intelligence service available today. Our reporters are based in 67 locations across the Americas, Europe, Asia-Pacific, the Middle East and Africa.

Mergermarket is an Acuris company

EMEA10 Queen Street Place

London

EC4R 1BE

United Kingdom

+44 203 741 1000

[email protected]

Americas1501 Broadway

8th Floor

New York

NY 10036

+1 212 390 7812

[email protected]

Asia16/F, Grand Millennium Plaza

181 Queen’s Road Central

Hong Kong

+ 852 2158 9790

[email protected]

Mergermarket 80

mergermarket.commergermarket.com



global & regional m&a report q1-q3 2019 - mergermarket

Documents