mergers & acquisitions review - thomson reuters...
TRANSCRIPT
MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS
Full Year 2012
Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
Americas Deals Intelligence
6
US Target Announced (AD2) 7
M&A Financial Advisory Review
First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors
1
Japan Deals Intelligence
Any European Involvement Announced (AD21)
Any Americas Involvement Completed (AF55)
17
17
18
18
Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
13
12
Any Italian Involvement Announced (AD36)
Any Nordic Involvement Announced (AD37)
Any European Involvement Completed (AF3)
https://www.thomsonone.com
10
12
12
Any French Involvement Announced (AD33)
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
Any Italian Involvement Completed (AF43)
20
20
19
Top Ten US Announced Deals
Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
20
19
15
Mergers & Acquisitions Criteria Summary
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
8
8
7
Any German Involvement Completed (AF42)
16
Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
16
Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53)
Any Benelux Involvement Completed (AF47)
10
Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
Any Spanish Involvement Announced (AD34)3
3
6
6
Any Japanese Announced Fairness Opinion13
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
20
21
21
22
21
20
11
12
13
13
Regional Contacts
Criteria Summary
Any EMEA Announced Fairness Opinion
11
14
Worldwide Announced (AD1)
20
10
18
Any Japanese Involvement Announced (AD19)
Any Asia Pacific Announced Fairness Opinion
2
2
8
Table of Contents
16
16Any Australian Involvement Announced (AD24)
9
1
Top Ten European Involvement Announced Deals
Thomson Reuters Soultions for the Deal the Deal
Making CommunityAny Asia (ex-Japan) Involvement Announced (AD25)
20
2
11
15
Fairness Opinion Rankings
Worldwide Announced Fairness Opinion
Any Americas Announced Fairness Opinion
Any USAnnounced Fairness Opinion
11
14
Any Nordic Involvement Completed (AF44)
Full Year 2012
FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEW
Spinoffs & Divestitures Push Worldwide M&A Up 2% to US$2.6 trillion l Cross Border M&A Up 6% l Goldman Sachs Top Advisor l Advisory Fees Down 13%
Global Deals Intelligence
Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity
https://www.thomsonone.com
RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY - The energy & power sector was most active
during full year 2012, commanding 18% of announced M&A, while the financials and real estate sectors accounted
for 13% and 11% of M&A activity, respectively. Consumer staples and retail deal making led all sectors as to
growth rate, up 71% and 38%, respectively, during full year 2012, while materials and high technology registered
declines of 22% and 18% over full year 2011.
BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO 2011 –Worldwide private equity-backed M&A activity
totalled US$321.4 billion during full year 2012. Private equity deal making in the energy & power, industrials and
financial sectors accounted for 40% of activity during full year 2012. Accounting for 12% of worldwide M&A during
2012, private equity-backed M&A was flat compared to 2011 levels.
COMPLETED ADVISORY FEES DOWN 13% YTD; UP 27% FROM Q3'12 - According to estimates from Thomson
Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$24.7 billion during full
year 2012, a 13% decrease from the comparable period in 2011. Deal activity in the Americas accounted for 58%
of the worldwide fee pool, while Europe, Middle East and Africa accounted for 28%. Asia Pacific and Japan
contributed 10% and 5%, respectively.
WORLDWIDE M&A UP 2%, SPINOFFS & DIVESTITURES ACCOUNT FOR 47% OF M&A - Bolstered by record
levels of spinoff and divestiture activity, the value of worldwide M&A totalled US$2.6 trillion during full year 2012, a
2% increase from comparable 2011 levels. Worldwide spinoffs and divestitures, which totalled US$1.2 trillion for full
year 2012, accounted for 47% of overall M&A activity this year, the highest annual percentage since records began
in 1980. Compared to the third quarter of 2012, the value of announced mergers & acquisitions increased 53%
during the fourth quarter of 2012.
EMERGING MARKETS ACCOUNT FOR 28% OF M&A; CROSS BORDER UP 6% – Accounting for over one-
quarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled
US$723.0 billion during full year 2012, a 9% increase from 2011. Cross Border M&A activity totalled US$944.1
billion during full year 2012, accounting for 36% of overall M&A volume and up 6% compared to full year 2011.
Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised
42% of cross-border deal volume during 2012.
Worldwide Completed M&A by Region - Imputed Fees
9.6%
10.6%
13.4% 12.9%
21.0% 18.6%
8.4%
6.0%
9.9%
12.7% 12.4%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% o
f G
lob
al M
&A
Ra
nk V
alu
e (
US
$b
)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
$0
$1
$1
$2
$2
$3
$3
$4
$4
$5
$5
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Imp
ute
d F
ee
s (
US
$b
)
Americas EMEA
Asia Pacific Japan
29.2% 26.7%
31.7% 33.7% 33.5%
45.0%
37.3%
27.0%
37.2%
35.0% 36.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% o
f G
lob
al M
&A
Ra
nk V
alu
e (
US
$b
)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
1
Western Europe
South East Asia4,741.9New Zealand
36,088.7
▼
▼
▼
Target Macro / Mid Industry
-12.5-5.8
-27.62,207
1,313
▼
▼
821▼
Consumer Staples / Food and BeverageEnergy and Power / Oil & Gas
Telecommunications / Wireless
Energy and Power / Oil & GasFinancials / Banks
Financials / Banks
Energy and Power / Oil & Gas
Materials / Metals & Mining
Canada / Canada
Real Estate / Residential
Jan 1 - Dec 31 2012
FROB
Intended
5/25/2012
12/5/2012
Consumer Staples / Food and Beverage
▼
Healthcare / Pharmaceuticals66,416.8
▼
▼
Worldwide Announced M&A Target Industry by Value
% Change
in Rank
Value
Mergers & Acquisitions
-20.4
▼
-1.81,553
1/1/2011 - 12/31/2011
994,672.9 ▼
▼
▼
▼
▼
▼
-73.3-1.0
6.8
-60.3
▼
▼
▼
72,312.41,145106,481.5
-19.5
10.6-22.1
490
United States 898,363.5
14,362.0
▲
7,381
▼
-5.2▲
▲
170
96,309.4
No.
Deals
10,618.84,966.5
7,993.2 29,885.0
882,129.9
502
1,451
2,040,637.3
Rank Val
US$m
% Change
in Rank
Value
South America
6,946
1,003
-2.2129
Target Region/Nation
North America
31,033.212,496.0
222.9 Mexico984,997.7
143-0.1 8,397
▲
8,934
861,085,322.3▼
181Central America▼
Rank Val
US$m
16012,80042,074
36,738.8
1,234,909.5
No.
Deals
12,651.9-5.2
-65.8195126
-15.810,400
-16.3
31,84928,449
Caribbean-10.4
▲
-4.6
-1.71.7
1,144,683.7
▼
223
10,7308,555
▼
-21.6-8.4
▼
▼
1,5912,175
11,185.0734
46.6 Canada 102,867.8▲
84,739.2Brazil 58,210.0
Middle East
▼
14,615.0
13,437.01,139
Chile37.7 ▲ 41,994.245.7 11,941.8
▲
Sub-Saharan AfricaNorth Africa
12.5
320 20,940.5
334▲ 333Africa/Middle East 771
512,680.6 -31.568,297.6
146
3,460.6
37,956.2
79
728
8,202
748,964.3
-6.0
3,281.9 70
-43.8
275
123,754.8
3,809
-30.2
▼
-26.0
613,855.3
▼
9,432
▼
-49.4
▼
-42.6
▲
-15.41,5826,383.7
6,162135,788.2
▼
-18.4132
2,82711,029 13,241
68,004.753,785.9
1,0871,229
402,160.6
2,073
1,118
61,774.2
Energy and Power / Oil & Gas
▲
▲
Japan / United States
Spain / Spain
90,725.749
13.6
▼
9.5-8.1167,850.3
15,859.4
560.8
-15.41,3439.4
98,363.6
-64.7
350 14,392.724917,366.5
683
429
65642,737.0
1,359756
47.8
Acquiror / Target Nation
1,318 ▲
▲
45,803.1Switzerland / Switzerland
10,660.4 1,613.3
Top Fifteen Worldwide Announced Deals
119,310.2
444,383.0
127,927.7
28,000.0
Central Asia103,057.5
39
Rank Value (US$m)
Japan
Acquiror
116,564.8657
1,088
135,108.9
Spain
Asia-Pacific
129,046.1
297,582.8
59,529.350,567.4
1,224
▲
78,000.8
Germany
South East AsiaMalaysia
1,189119
21,278.4
5,479
192.8
5,209.9
▲
Australia
▲
-44.646.1
-43.2New Zealand
▲
72,563.5
52,280.0
▼
▼
-1.4 ▼
Australasia▼-42.6
2,496
EuropeEastern Europe
94.3
▲
▲
United Kingdom0.3
▲
1,026
29.5
17.9
6.8
374.9
4,609143,476.6
123
9,838
494
11,427
North Africa531
21,986.2 551
25,040.2
110,824.53,544Europe
66,713.9
65,423.4Africa/Middle EastMiddle East
Sub-Saharan Africa
1,267
Eastern Europe600,938.7
United Kingdom
47,495.2
10.3
178
8,909.2
154
1,499
106
8,556.9
440
15,091.4 462
711,763.2
1,876.1
▲
▲
21,239.116,036
NK Rosneft'
83,259.3
300
ChinaSouth Korea
2,6682,410North AsiaSingapore
154,336.6
926
Target (% Sought/Acquired)
70,962.5
5,481
221.3
18,325.4401
2,320
444,318.9 10,212
1,329
20.1▲
610
Abbott Laboratories-Research (100%)
6.8
27,950.2
-19.5
1,120
▼
62 7712,965.446,751.2
2.8
▲12.3
United States / United States
36,748.0
1,503
Shareholders
874South Asia
-6.0
Americas
232,341.3
Asia-Pacific
South Asia▲
▼
217,478.5▲
Central America
Australasia
North AsiaChina
SingaporeMalaysia
9,384
49,950.1
912
22,015.5
67,821.0
28,723.4
17,057.4
3,4191,002
3,694140,157.142,800.4 45,550.8
363
4,957
South Korea
85,944.7
Bankia SA (%)
Alliance Boots GmbH (55%)
Pending
Date Effective
United States / United States
TNK-BP Ltd (50%)Russian Fed / Russian Fed
Freeport-McMoRan Copper & Gold
China Telecom Corp-3G Assets (100%)
Glencore International PLC
Grupo Modelo SAB de CV (49.7%)
25,686.0
TNK-BP Ltd (50%)
Xstrata PLC (65.9%)Shareholders
China / China20,093.418,047.3
▲
106,813.2
2/7/2012
12/26/2012
9/17/2012 10/1/2012
Pending
Kraft Foods Inc-N Amer Grocery (100%)
Rank Date
9,487.9
https://www.thomsonone.com
Spain / Spain 23,785.7
United States / SwitzerlandTelecommunications / Telecommunications Services
Energy and Power / Oil & GasRetail / Other Retailing
17,665.617,805.3
United States / United States
China Telecom Corp Ltd
CNOOC Canada Holding Ltd
Spain / Spain
Belgium / Mexico
4/12/2012
10/15/2012
8/22/2012
Shareholders
20,140.0
17,204.3
21,361.521,657.14/30/2012
SoftBank Corp
ConocoPhillips-Refining ,Mktg (100%)Banco Financiero y de Ahorros (100%)
1,439
157,359.1
Pending
Pending
Pending
Japan
Nexen Inc (100%)
9,288.8
Plains Expl & Prodn Co (100%)
6/29/2012
12/10/2012
12/21/2012 Bankia SA-Bad RE Assets (100%)
Central Asia1,8872,006
2.1
FROB
Anheuser-Busch Inbev
SAREBPending
Walgreen Co
Pending
Pending
481
1,856
1,444
438,206.2
Australia
Western Europe
Spain
73,473.2
103,668.3
Switzerland
Worldwide 37,9232,588,907.3Americas
11,341.5
North America
286
11,883
United States 8,119
2,395
Rank Val
US$m
1,214,223.8121
935,064.4
Chile
10,037
1,918
344
134,350.6129,606.5
641,632.6
766
720192
27,981.8
785,109.2 13,382
134,004.5
1,645
89,905.5
No.
Deals
Rank Val
US$m
2,424,490.4
Caribbean
1,518.8319
Worldwide
No.
Deals
▼
29
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
2,545,300.09,667
1/1/2012 -12/31/2012 1/1/2011 - 12/31/2011
2435,942.9
470.4
Target Region/Nation
Mexico
1/1/2012 -12/31/2012
Russian Fed / Russian FedNK Rosneft' 26,469.2
United States / United States
980,220.81,075,760.7
57,042.2South America
15,744.2
95,539.9109,758.1
72,781.514,416.5
140,027.4
6/19/2012
10/22/2012
Pending
1,075,091.7
Brazil91,847.7
Canada
Sprint Nextel Corp (70%)Pending
Pending
6/27/2012
7/23/2012
10/22/2012
Scorecard: Worldwide Announced M&A Jan 1 - Dec 31 Scorecard: Worldwide Completed M&A Jan 1 - Dec 31
17.9%
12.9%
10.9%
9.7% 9.5%
8.4%
8.2%
6.0%
4.6%
4.6%
4.1% 3.2%
Energy and Power Financials
Real Estate Materials
Industrials Consumer Staples
Healthcare High Technology
Telecommunications Media and Entertainment
Retail Consumer Products and Services
Government and Agencies
2
Rothschild Rothschild
* tie
688.2
-27
-3.1
Share Ch.
2.3
3.6
4.5
0.5
4.8 1.0
▼
0.8
Jan 1 - Dec 31Worldwide Completed (AF1)
Market
Imputed Fees (US$m)
▲0.56.8
Market
Sh (%)Fees
247 1,250.9
Change in
1.2
# of Deals
Market Advisor
-44 ▼
▼
0.8
1.1
-61
-52
1
▼0.5
37
19
Mizuho Financial Group
-3.0
16
Macquarie Group
-2.3
19 22
BNP Paribas SA
1.9
HSBC Holdings PLC 180.2 -25
+4
▼
16 ▼
11
309.2
79
2.755,234.6 82
▼
Lazard
320
0.8
184
13.0
-56
▼
235
10 11
4.4
-5
▲
▼8.2
213,833.09
202,039.0
39
1
Morgan Stanley
0.5
120
22
0.3
68
144,597.4
98,309.3
19.6
29.4
2
19.6
4,683
44
30.6
5,561 53
30 30.0
▲Industry % Change from Last Quarter 27.2%
49
24.642 31.2
2,479
https://www.thomsonone.com
48,350.7 324.42
34
11
2
Financial Advisor
4
1
Morgan Stanley
3
Bank of America Merrill Lynch
Deutsche Bank 7
8
378,783.4
5
470,669.9
5
2.617.4
27.7
Market
Sh (%)
-0.9
2012
Rank
351,663.1
▲426,880.5
444,260.2
252 0.7
0.613.6
17.2
16.5
▼-0.1 0.7
6
-2.5
271
0.8
14.6
285
# of Deals per Advisor
Worldwide Rankings
MarketChange in
+22
JP Morgan
Barclays
328,116.1
Goldman Sachs & Co
2
Rank Value
427
US$m
Rank Value
Citi
251,258.5
717,560.2
3.7
18.2
246,680.7
21.2
2744.9 ▲
3
Rank Value per Advisor (US$m)
60,291.1
▼
Market
2.1
354,502.8
2
65,886.3
75,256.7
2
IndustrialsGoldman Sachs & Co 1
23.31
67,393.2
23,480.6 8.3
282,525.33
20.2
10.0
29.5
65,641.7 26.6
76,799.2
74,141.3
12
-1.0
1.2
Credit Suisse
65,476.4
400,603.3 15.5
-0.3
114,029.7
212,157.2
170,997.8
▼
6.6 1.9
7.8 -2.8
8.3 -2.2
▼
Worldwide Announced (AD1)
334,309.6
6
4
8
3
2012
Rank
6
1
Financial Advisor
# of2011
Rank Deals
Market
Share Ch. # of Deals
2.7 1.1
Sh ($)
# of Deals per Advisor
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Rank Value per Advisor (US$m)
Jan 1 - Dec 31
3548,089.6 +75 ▲ JP Morgan
570,228.5
-1.8 5.1
21
Market
Sh (%)
27.9
Sh (%)
Goldman Sachs & Co
2011
Rank
# of
Share Ch.
▲
379,439.6 ▼
1.0
406,389.6
▼
Deals
▼19.9
-18
0.9
1,682.4
US$m
352
1.5 388 21.0
▲▲
▲
0.7 1
15.8
-8.4
▲
18.6
3.5
▲ 231
0.8
▲
▼ 1,174.7 ▼
0.41,114.3
▲+92 3
-24
+12
Credit Suisse 4
5
▼
Morgan Stanley
▲ Barclays 9
4-22 6Bank of America Merrill Lynch
-14 -0.1 -21
▼▼
▲265,011.8▼ 0.8
893.10.7
0.0
▼
216
192
3.0
0.6 -2311.7 ▲
▼13.4
2.7
321,608.7
-70
▲ 869.6
0.4274,192.0
3.5▲ +68
▼
0.6
224
▲ 245 ▼Deutsche Bank
238,130.45
7
10.8 223
▼ Citi
▲▼
-4.38
737.58
▼▼ 184
▲
677.5 0.1
-
0.8
▼
-7 2.8
562.1
-76 Lazard 220,035.1 0.3
11
1110
9
8.1164,584.6
13
10 0.0
234 0.8
95
▼
1.3
-2.0 0.0
574.7
Evercore Partners251
204
152,482.9
7.312
0
7
288
-14 149,672.0▼
0.7
-90
7.5
-7.4UBS
-
▼0.6
▼
0.3
176
▲
▼
▼1.2
▲
2.3 ▼
0.1
1.6
▲
0.5
1.3
+58
0.1 0.7 0.3
▲+24 391.7
172.5
▲
305.30.7 ▼193
0
2.00.6
180.3
85,859.6
0.9
▲
178 ▲
0.3 -2
0.7
492.3
-
0.7
20▲
▲0.1
105
5.1103,950.3
▼
▼
4.2
+49 ▲
14▲0.5191▲
Nomura
-40
+47
15
Centerview Partners LLC
13
2.531
RBC Capital Markets
12 -1.7
18
17
81,280.8 4.0
61,902.714 3.0
58,507.8 2.945
▼0.4▼ 0.397
▲ 147 ▲
-39
0.4
▼
0.10.5
▼ 131.5-22
▲
0.3
+40 108.7
-1.1 0.0
0.5 0.2▼
0 -0.4
21
Sumitomo Mitsui Finl Grp Inc
0.1 ▲
+4
+13
-0.3
20
81.248,805.2
48,543.4
0.052
▲ Jefferies & Co Inc85
20
0.2
+1647
▼
▼427.8 1.7
0.5
0.1
-40 0.3112.6
272.5
▲
▼
▼
0.2
0.4
+11
62
0.4
0.4124
-15
-5106
100
▲
0.1
-3.4
2.4
▲
119
0.3
0.22.3 0.6292.2+39 ▲
▼
+4
0.4▲
▼
▲
1.2
-13.2%
24,731.8
0.0
▲
100.02,040,637.3
0.2
100.0
▼▼-10.7%
28,454
▲
82
▲
0.5
64.9+6
-3,395
46
2.2
2.3
1.3 ▲
-0.3
0.8
1.8 0.8
46,731.7
53,136.1 2.6
2.4 ▲
46,547.0
▼
1.5
-0.2
44,208.8
25
Industry Total
15
24
30
37,109.247
▼
1.8 -2.1
23
+1 Itau Unibanco
240.2 -31 BMO Capital Markets
5.7%
22Societe Generale
▲
▼
Industry % Change from Same Period Last Year
Moelis & Co
111,394.4 24.0
37,918
▲
2
Share
▲
0.0
Jan 1 - Dec 31
-4,156
42
53.4%
▲
3
100.0
Rank
Mkt.
▼
464,027.0
-9.9%
19.6%
4,101
-15.8%
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
-0.2%
24
25 -
7546,018.2
1.8
15
Industry Total
50
3,095
Top WW Announced M&A Advisors by Target Industry
1.7%
Energy and PowerBarclays
Rank Val US$m
-0.4
114,229.6
2,588,907.3
No.
Deals
▼
11.8 ▲
+30
1341.0
0.3
Societe Generale
Industry % Change from Last Quarter ▲
45,803.1M Klein & Co LLC
Industry % Change from Same Period Last Year
93
22
▼-1.1
▲2.0
▲3.7
▼107,418.8 4.2 -0.3
95,888.6 2.216
Nomura
12 141,532.4
24
16
64,863.0
Centerview Partners LLC
14
29
22
Moelis & Co 23
0.4
▲
+10
104
139 ▲0.22.5
2.5
21
Greenhill & Co, LLC 20
▲
65,416.1
63,845.1
▲2.5
13
2.0
21
20
Mizuho Financial Group
7
0.1
▼
▲
0.7
22
70,926.0
82,255.6
▲
2.7
19
3.217
65,630.7
1.7
Citi
RBC Capital Markets
10
9
18
15BNP Paribas SA
Jefferies & Co Inc
UBS
▲
60
49 2.5
17
Evercore Partners 13
12
Real Estate
51,976.4
14
VTB Capital
BMO Capital Markets
5.5
HSBC Holdings PLC
Bank of America Merrill LynchMaterials
CitiCredit Suisse
FinancialsGoldman Sachs & CoCiti
Goldman Sachs & CoCitiBarclays
Morgan Stanley
Goldman Sachs & CoGleacher & Co Inc
Jan 1 - Dec 31 2012
546.4
373.0
266.7 323.2
254.7 289.5
238.3 277.1
149.2 164.0
62.8
17.2
55.2
71.9 38.9
20.1
38.2 20.1
66.4
66.4 28.0
28.0 28.0
28.0
26.5
26.5
26.5 26.5
26.5
26.5 26.5
26.5
45.8
45.8
45.8 45.8 45.8
45.8
45.8
36.1
20.1
20.1 20.1
20.1 20.1
$0
$100
$200
$300
$400
$500
$600
$700
Goldman Sachs & Co
Morgan Stanley
Barclays JP Morgan Citi Credit Suisse
Deutsche Bank
Bank of America Merrill Lynch
UBS Rothschild
Ra
nk V
alu
e (
US
$b
) Grupo Modelo/Anheuser-Busch Inbev
Kraft Foods/Shareholders
Xstrata/Glencore
TNK-BP/NK Rosneft' ($26.5 bil)
TNK-BP/NK Rosneft' ($28 bil)
Abbott Labs/Shareholders
Other Top 15 Deals
All Other Transactions
3
-
11.9x10.6x
10.3x 11.5x
11.3x
14.8x
12.2x
5.4x
19.9x14.5x
10.5x12.6x
6.7x
10.2x
33.8
Media and Entertainment
Real Estate
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.
* The data given refers to the time period 01/01/2012 - 12/31/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.
* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
6.4x -9.1x11.1x
2011
13.5x 11.5xAverage Industry Total
11.1x
2012 UP
2012 DOWN
12.6x
11.1x
10.9x
11.5x8.9x
16.6x
11.9x
12.6x
11.6x
10.9x
Industrials
9.8x
Consumer Products and Services 12.1x 9.9x
Consumer Staples
Energy and Power
12.0x
Materials
11.3x
13.2x
CanadaUSA
13.1x10.2x 12.1x
11.7x
11.5x
12.1x
8.5x
11.9x 8.9x
10.3x
21.8x
9.9x
13.1x
8.7x
10.8x
9.8x
16.5x
17.2x
16.5x 19.1x21.3x 22.2x 16.7x
11.5x
10.3x 11.3x
5.7x
9.0x
17.7x
14.7x6.2x
11.1x 11.3x5.4x
14.5x
13.7x10.9x
13.4x
15.9x 11.3x
13.6x
13.2x
12.8x
12.4x
5.4x
10.5x
11.0x
11.5x
26.9
6.5x
14.3x
Americas USA EMEA
23.6x
10.9x17.2x9.3x
10.5x13.2x
15.8x
11.0x10.5x8.9x 11.7x
9.0x13.7x
12.5x
12.3x 11.4x 8.5x10.8x
12.5x8.7x
16.5x 15.4x
13.9x
8.5x 8.3x12.6x
11.6x 13.9x 12.4x
15.5x
14.1x
11.3x
9.7x 12.7x
7.6x 13.8x13.8x 9.6x
11.4x8.1x
15.6x 12.4x
7.9x 20.8x
13.6x
12.9x
11.4x
14.4x13.6x
19.5x15.4x 11.4x12.4x
7.0x
13.0x 11.7x
12.5x 13.5x 14.1x
12.8x
9.9x
12.3x 10.9x 14.5x 12.0x
14.5x
10.4x
23.6x
9.1x
10.3x11.1x
31.8
12.8x
34.0
27.6
12.8x6.3x 6.3x
47.3
12.8x12.2x
47.339.2
25
30.8
UK
44.9
4235.8 49.3
92.8
57.8
58.148.7
35.8
60
12.9x
61.8
17.1
16.6
Asia ex. Japan
35.3
34.6
35.938.457.8
29.625.5 29.6
18.0
26.2 25.5
32.525.9
24.3 25.3
45.1
36.7
23.9
36.7
30.3
38.0
24.3
31.2
28.240.5 41.2
25.3
41.2
31.5
34.9 28.9
31 21.2
26.4
58.3 61.422.059.9
31.9
-
21.5
12.1
19.6
29.5 39.3 39.829.7
23.1
26.8
-
47.7
11.4
31.6
16.2
47.7
35.4 51.6
42.7
37.0
- -
-
52.4
43.7 38.5
37.242.8
61.2
22.829.636.9 31.1
23.6
26.4
-
38.6
42.7
41.6
31.2 27.6 40.7
18.4 48.3 33.1
-19.9
42.7 13.6
20.8
Japan
26.8
7.6x
15.9x
10.5x 15.3x
5.5x
13.7x
16.8x
6.8x
10.6x
24.5
35.0
21.7
17.228.6
34.0
24.321.8
21.3
10.3x
37.1
37.4
High Technology
Industrials
10.2x
Energy and Power
30.0
11.9x
38.1
30.6
51.8
Europe
25.7
42.0
44.234.3
26.8
36.8 41.1
15.5 52.0
46.9
25.6
13.2x
11.5x
32.7
41.4
12.5x
11.6x
11.7x
44.3
40.3
42.3
30.4
31.9
36.3
41.1
35.2
16.6x
25.8
29.1
50.1 33.5
28.6 24.6
30.4
Average Industry Total
37.2
35.2
Telecommunications 34.9
37.2
29.5 40.5
34.1Media and Entertainment
Retail
31.9
10.2x
31.2
31.2
29.5
10.6x
11.0x
33.0
32.5
30.8
11.7x
World
12.3x
Retail
9.1x
11.5x
World
Materials
30.0
34.2
Telecommunications
Real Estate
35.7
23.7
Consumer Staples
Consumer Products and Services
Financials
31.3
7.2x
Exit Multiple Matrix - Average Rank Value / EBITDA
7.7x
39.4
https://www.thomsonone.com
21.6
37.429.3 25.7
13.6x
33
-
9.7x
18.3x
19 24.9x 60.0
11.4x
39.4
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
28.239.5
29.4
59.1
35.5
12.5
31.922.719.9 11.4
34.728.4
19.2 36.8 32.3 8.4 46.6
22.330.829.2
25.626.2
28.621.5
13.6
27.4 13.3
16.4
21.639.4
51.2
29.6
42.1
39.5
36.1
36.9
30.5
65.4
25.8 11.3
12.3x
32.2 35.8
Canada
38.6
43.2
27.2
29.4
49.2 25.0
-
Worldwide M&A Matrix
UKEMEA
7.5x
13.4x
Japan
6.1x
Asia ex. JapanEurope
7.8x
12.9x
14.7x
10.3x
12.9x
Healthcare
11.7x
14.8x 14.5x
12.2x
11.9x
Healthcare
High Technology
10.5x
2012 UP
2012 DOWN
11.0x
13.8x
2011
13.6x
10.1x
Americas
Jan 1 - Dec 31
Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Dec 31
4
Rankings shown are as of the current quarter end in each calendar yearhttps://www.thomsonone.com
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Worldwide Announced Rankings* - A Decade in Review
*League Table positions reflect consolidation within the banking sector
1
2
3
4
5
6
7
8
9
10
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
1
2
3
4
5
6
7
8
9
10
Ra
nk
Goldman Sachs & Co
Morgan Stanley
Barclays
JP Morgan
Citi
Credit Suisse
Deutsche Bank
Bank of America Merrill Lynch
UBS
Rothschild
5
Overall M&A activity with US involvement decreased 3.8% from 2011, reaching US$1.2 trillion. The number of US-involved
M&A transactions decreased by 5.5%, dropping from 11,517 to 10,882 announced deals. Exclusive of the over $140 billion
of value attributed to spinoffs executed in 2012 (including 4 of the top 10 overall deals in the year), US-involved M&A activity
declined 11.9% over the course of 2012.
According to Thomson Reuters/Freeman Consulting estimates, the total fees from completed M&A activity in the Americas
reached $17.2 billion in 2012, a 6.9% decrease from the $18.9 billion earned last year.
Despite a 13.1% decrease in the number of announced M&A deals with Canadian involvement and an 8.7% decrease in
the number of completed M&A deals with Canadian involvement, the value of both announced and completed M&A activity
in Canada involvement surpassed 2011 totals by 38.7% and 12%, respectively.
The Energy & Power sector led the US market, with deal volume totaling US$173.4 billion, a 18.5% market share and a
32% decrease compared to last year. Healthcare placed second, with US$154.4 billion, a 16.5% share. By deal count,
High Technology was the most prolific sector, with 1,553 transactions.
On average, EBITDA multiples for Americas Targets during 2012 decreased to 12.2x from the 13.8x reported in 2011.
From an industry perspective, among US target transactions, average industry multiples ranged from 9.6x for
Telecommunications to 18.0x for Real Estate targets.
11/30/2012
9/28/2012
4/23/20121/23/2012 1/23/2012
9/28/2012
Americas Target Completed M&A Fees
4 24.2
Tyco International Ltd-ADT (100%)
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Overall US M&A Decreases 4%; Falls 12% Exclusive of Spinoff Value | Canadian Activity Up 36%
9 47.6
Americas M&A
62.4
14 22
286
477 2
8 61.5
21.9
United States / United States 10,191.3
United States / United States
United States / United StatesUnited States / United States
11,810.0
36,088.7
Switzerland / United States
17,204.3
21,657.1
10,570.8United States / United StatesReal Estate / REITs
Shareholders
Lehman Brothers Holdings IncNestle SA
IntercontinentalExchange Inc
United States / United States
Pfizer Nutrition (100%)
28.3
Freeport-McMoRan Copper & Gold
Pending NYSE Euronext (100%)Consumer Products and Services / Professional Services
Rank Date
Shareholders4/30/2012
Date Effective
10/15/2012 Sprint Nextel Corp (70%)
Abbott Laboratories-Research (100%)
12/20/2012
Archstone-Smith Trust (26.5%)
12/10/2012
Archstone Enterprise LP (100%)
10/1/2012 Kraft Foods Inc-N Amer Grocery (100%)Pending
Shareholders
9/17/2012
SoftBank Corp12/5/2012
Pending
Pending
Investor Group
4/12/2012
11/26/2012
ConocoPhillips-Refining ,Mktg (100%)
Plains Expl & Prodn Co (100%)
Financials / Brokerage
https://www.thomsonone.com
Top Ten US Announced Deals Jan 1 – Dec 31 2012
Pending20,140.0
Real Estate / REITs
Energy and Power / Oil & GasJapan / United States
Target (% Sought/Acquired) Acquiror
Energy and Power / Oil & Gas
Target Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation
Consumer Staples / Food and Beverage
United States / United States
United States / United States
Consumer Staples / Food and Beverage
11,850.0
66,416.8
16,306.1
Jan 1 – Dec 31 2012
Share
41.8
Telecommunications / Telecommunications Services
Shareholders
21
805 52.8
Healthcare / Pharmaceuticals
3
1
5 42.1
33.9
37.728 34.716
11
3
Mkt.
668
No.
Deals
23
123
12
28,276.6
83,025.9 28,116.123,480.620,072.0
127,592.921,177.4
Rank
123
38,002.0
80,679.8
81,499.173,534.133,761.9
90,314.3 56,316.555,526.3
Morgan StanleyGoldman Sachs & CoJP Morgan
Rank Val (US$m)
173,401.9 72,501.365,339.360,213.4
154,403.9
Goldman Sachs & CoCenterview Partners LLCEvercore Partners
Gleacher & Co IncBank of America Merrill LynchCiti
Credit SuisseJP MorganBarclays
Morgan StanleyBarclaysGoldman Sachs & Co
28 26.3 15
23
Energy and Power
Healthcare
Consumer Staples
Real Estate
Financials
US Announced Advisors by Target Industry Jan 1 - Dec 31 2012
US Target Announced M&A Target Industry by Value (US$ bil)
856 35.1 23
Americas Deals Intelligence
34.2
18.5%
16.5%
9.7%
8.9% 8.6%
7.9%
7.0%
5.9%
4.9%
Energy and Power Healthcare Consumer Staples
Real Estate Financials Industrials
High Technology Media and Entertainment Telecommunications
Materials Consumer Products and Services Retail
Government and Agencies
2.0 1.8 2.0 2.6 4.0 4.7 4.0
1.8 2.9 3.1 3.0
2.1 1.5 2.5
2.9
4.4
5.5
3.4
1.4
3.1 4.5
3.8 1.9 1.7
2.8
3.5
3.9
5.9
4.0
2.2
3.6
3.6
3.2
2.1 2.3
3.0
3.6
5.2
6.0
3.3
3.8
4.7 3.6
4.6
0
3,000
6,000
9,000
12,000
15,000
$0
$5
$10
$15
$20
$25
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
# o
f D
ea
ls
Imp
ute
d fe
es (
US
$m
)
4Q
3Q
2Q
1Q
YTD Number of Deals
6
RBC Capital Markets Deutsche Bank
Lazard Deutsche Bank
▲
▲
+5
24 -
Industry Total
▼
18,252.3
-4.6%
Blackstone Group LP 25 23 0.4
* tie
▲
-5.2%
100.0935,064.4
19.9%
-441
▲
Industry Total
Industry % Change from Last Quarter ▲
▲0.3%▼
41.0%
100.0
19.6%
6,951
26.2% 16.5%
0.5
Industry % Change from Same Period Last Year
▲
12,421.6 3233
-5.8%
+7▲1.4
-430
-1.8% ▼
25
100.0
▲▲ 0.8 0.389.0
11,542.7
0.0 -1.3 ▲ 15.84 0.1 -267
Macquarie Group
24Gleacher & Co Inc2▲ +2 ▲
▲ 0.4
-0.5 ▼
- 2219,544.8 2.2
▲
22
1.7
▼
120 1.7 +8 ▲ 0.2 ▲2.1
0.3
245.7
0.1
0.1▼2.2
14,609.80.4
13,349.0 1.5
29
2.2
BMO Capital Markets 23 25 20,879.0
+1Tudor Pickering & Co LLC 22 Tudor Pickering & Co LLC0.3 0 0.8
2.2 1.0
-0.2 ▼
23
22
Houlihan Lokey 23
▲
Gleacher & Co Inc 21 63 29,476.1 3.2
93.8
16-2.6
21 23,088.2 26
▼20,320.5 2.3▲ -24 0.0
▲
▲ 0.1 ▲80.8
89.2▼
0.7
0.8 0.212 20,632.4 2.3 -6.0 0.4 -1Rothschild 20▲ ▲0.13.4 2.4
Moelis & Co ▼ 45 0.60.5 0.5▲ 0.9 +16 1.7 ▲-1.4▲19 17 195.5▲34,267.6 3.7 Wells Fargo & Co
Mizuho Financial Group 20 27 31,413.1
0.2 +1
19 15 21,989.9 2.5
▲
+24
0.9 +18 ▲
▲
0.6217.7 1.9
0.3
38,045.6 4.1
1.62.6
91.7
26 12 183.8
+9▲36,663.4
▲0.81.2 ▲ ▲
▲ 0.80.32.8
22,536.4
39 193.9 17
▼0.413 33,421.7 3.8
▲
18
2.224,314.6
189.142
1.2 -5 327.8 2.8
0.6
80 ▼-2.9
4.7
-1.9 ▼Jefferies & Co Inc 150.5
UBS
-
Greenhill & Co, LLC 14 30 51,814.5 5.5 -10.5 ▼
0.035,280.9
Rothschild 15 12 45,133.8
0.1
1.6
0.1
▼3.9
69
239.8
7.4
▼25 1.6▲ 14 9
13 ▲
▲
3.9 ▲
-4034,212.9
1.4 ▲ 84
0.3
+15.9 4.0ForosUBS 13 10 55,577.1 43 ▼0.5
+3113 6.3
5
Centerview Partners LLC
0.7▼ RBC Capital MarketsJefferies & Co Inc 12
16
58,663.2 -1 ▲41,237.6 4.7 1.1 ▲ 1.283
8.4
2.112 17
6.7 3.0 18 74,152.5
1.0
1111 15 62,861.6 +5 ▲ Centerview Partners LLC▲
101,316.39 +90.0 ▲ 6673,167.9 7.8 -7.7 106
4.7 ▲ 0.517 0.2 +3 136.9 1.2▲
▲371.7 3.2
▲
0.53.1357.6 ▲
0.5124,840.4 +17 ▲1.391
0.911.5 ▲
2.1 ▲9
Bank of America Merrill Lynch 8 4▲
▼
75 0.9
▲
▲ 131,484.2
14.2
▲1.3
9.9 Lazard+32
10 11
10Evercore Partners 9 8 92,892.1
10
79
▼
▼1.8▼ 91 ▼ 495.51.3 -36 4.3
▲
Deutsche Bank 8 11 115,040.7 12.3
▼7
14.9 -9.2
0.11.0 -315.2 -7.0 ▼ 370.0721.4 -9 Citi 3.2
+22+9 ▲ 65
5▼
▲
Bank of America Merrill Lynch 7 4 136,548.7 14.6 -7.9 ▼
▼ 2.8 0.88 140,872.0 16.0 0.7 ▲ 325.8▲ 0.989 Evercore Partners 6
▼
1.1Citi 6 7 152,611.7 16.3 -4.1
18.3 -2.7 656.5▼ 1.0 Morgan Stanley-785 ▼95 1.4 -28
▲5.9 1.4
5.7 2.0 ▼
680.9
-18.219.9Credit Suisse 5 6 171,496.5 175,236.95 1
▲ 1.2 -3 ▼20.7 Credit Suisse 216,742.4 24.6 8.8 86
▲
1.7 +35 ▲Barclays
-4.9 ▼ 1.4 +1112
▲
JP Morgan 4 3 193,936.9
+3
26.1
▲
▼ 1.4
1.627.4 1142 -2.6 ▼241,503.6
5.5
▼805.6 7.0
▲
0.4
1.2631.4
1.6128
112 +61 223,123.9 23.9 -4.2 1208.16
Barclays 2 5 227,185.7
3
JP Morgan+30
▲
24.3 2.7
+17 ▲299,786.8 34.0 7.5 ▲
▲
Financial Advisor
2 235,374.9 1.68.8140 2.01 3158 1,012.31.9 +25 ▲ Goldman Sachs & Co
Market
Share Ch. Deals Sh (%) # of Deals
Market
25.2 -1.9 ▼
US$mDeals Sh (%) Share Ch.Sh (%)
Advisor
Fees
# of Change in 2012
Rank
2011
Rank
Rank Value Market Change in Market
# of Deals Sh (%)
2011
Rank
Market
US Target Announced (AD2) Jan 1 – Dec 31
MarketRank Value Market2012
Rank
Industry % Change from Same Period Last Year -7.7%
US Target Completed (AF2) Jan 1 – Dec 31
-7.3% ▼ -6.9% ▼
Industry % Change from Last Quarter 23.1%
▼
100.0
7.6% ▲▲
Imputed Fees (US$m)
▲
17,230.5
Rank Value per Advisor (US$m) # of Deals per Advisor
▲ 33.6%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter 29.6% ▲ 9.2%
Industry % Change from Same Period Last Year 0.1% ▲ -7.1% ▼
Industry Total -9201,292,079.6 11,7331,502,968.0 100.0 -1,106
▲
14,521 100.0
2.0 0.3
Industry Total
0.3 0.20.2 -11 ▼ 52.4 ▼1.9 ▲ 4 0.0 26 25,318.6HSBC Holdings PLC 25 28
▲
Gleacher & Co Inc 25 101 29,476.1 2.0
2.0 1.7
-3 ▼
72 25,765.1 0.3 0.1▲ 49.6▲ 23 0.2 +61.2 ▲ 16 0.1 Banco Bradesco SA 24+8 ▲
▲
Mizuho Financial Group 24 40 31,699.0 2.1
34 0.2 +4 ▲ 0.6 0.223 27,301.5 2.1 -0.1 0.2 +5 ▲ 108.4Scotiabank 23
0.7 0.30.2 +10 ▲ 125.0
▼ 28
▲
Nomura 23 32 31,905.4 2.1 0.7 ▲
▲ 26+7 ▲ Greenhill & Co, LLC 22
0.8 0.4
43 28,495.9
22 33,998.5 0.3 +3
2.2 1.52.2
▲
0.4 ▲
-4 ▼
38 0.3
38 0.3
TD Securities Inc 22 25 33,643.6
▲
HSBC Holdings PLC 21 27 36,000.9 2.4 0.7 ▲ ▲138.3
61 0.4 +27 ▲ ▲ 662.7 1.3
TD Securities Inc 21
Banco BTG Pactual SA 20
▲ 332.6 0.2
32 34,706.4 0.6 +19 0.7 0.2▲ 115.1
2.7 0.8 1.4 0.60.7 +31 ▲ 248.4▲ 81 ▲
Wells Fargo & Co 20 21 37,355.3 2.5 0.4 ▲
1.0 ▲ 28 0.2 25 34,916.1Moelis & Co 19
-
Perella Weinberg Partners LP 19 29 38,957.5 2.6
2.7 2.6
+13 ▲
119 35,280.9 0.1 0.0▲ 7.9▲ 6 0.1 +20.4 ▲ 84 0.6 Foros 18+26 ▲
▼
Moelis & Co 18 20 39,695.3 2.6
33 0.2 +17 ▲ 0.4 0.127 37,109.2 2.9 1.2 0.4 +6 ▲ 64.9Itau Unibanco 17
1.8 1.00.7 +2 ▲ 303.6
▲ 46
▲
Greenhill & Co, LLC 17 44 58,912.4 3.9 3.1 ▲
▲ 80+4 ▲ BMO Capital Markets 16
2.3 0.3
17 42,438.4
14 42,801.7 0.9 -14
3.3 0.44.3
▼
1.3 ▲
-6 ▼
84 0.6
113 0.8
BMO Capital Markets 16 15 64,313.0
▲
Jefferies & Co Inc 15 14 74,015.8 4.9 1.3 ▲ ▼398.9
114 0.8 +19 ▲ ▼ 845.1 -2.5
Jefferies & Co Inc 15
Rothschild 14
▼ 1063.3 -1.0
12 65,694.6 0.7 -2 1.4 0.1▼ 239.4
5.9 1.3 2.7 0.91.4 +57 ▲ 460.0▲ 165 ▲
Rothschild 14 12 93,617.5 6.2 -1.0 ▼
3.9 ▲ 22 0.2 13 75,654.6RBC Capital Markets 13
▼
Centerview Partners LLC 13 17 95,888.6 6.4
5.9 -7.7
+6 ▲
2.1 1.3▼ 365.2▼ 85 0.7 -63UBS 12-53 ▼ 8 76,666.3-3.1 ▼ 90 0.6
-3.3 ▼ ▲
UBS 12 10 101,588.0 6.8
101 0.7 +44 ▲ 1.0 0.518 85,818.0 6.6 3.7 0.2 +1 ▲ 172.1Centerview Partners LLC 11
3.0 0.21.0 +2 ▲ 523.5
▲ 19
2.1 0.6
- 117 ▲
Evercore Partners 11 9 107,438.7 7.2
0.7 +22
10.9 0.0
▲ 8011.2 0.89
1.2
+16 ▲ ▲ 362.6
9 140,963.0
10 144,873.8
3.0 ▲ 177
157
10+47 ▲
Evercore Partners-2.0 ▼
10 13 110,920.8 7.4
▲
Lazard 9 8 156,496.2 10.4 ▲1.1
▲ 133151 1.0 +30 ▲ Lazard 8 11 151,512.0 11.7 1.4 1.1 +5 487.2
13.8 -4.9 2.9 0.21.0 -24115 ▼
Deutsche Bank 8 11 192,666.0 12.8 2.8 0.2▲4.4 ▲
-2.2 ▼15.3
16.2
-4 ▼148 1.0 Citi 7Citi 7 7 230,039.0
▼141 1.2 -46 4.4
5 178,411.2 ▼ 505.1▼
209,332.4Bank of America Merrill Lynch 6 4 0.7▼ 759.51.2
855.0 ▼1.2 -12 5.0
-26 ▼ ▼-4.8
▲
Bank of America Merrill Lynch 6 4 234,631.2 15.6
171
-5.3 ▼ 167
1.91 218,887.6 16.9 -14.8 1.3 -70 ▼Morgan Stanley 5 ▼ 150
4.21.3 +28 ▲ 724.3265,389.3
Credit Suisse 5 5 235,645.9
1.0
15.7 -2.5
3
Barclays 151▼
▼
1.4
18.9 1.2
▲19.0
▼
▲0.5
-20
20.5 5.3
8.1 ▲▼ 5.41.3
6-4.2 ▼ 175JP Morgan 4 2 284,052.5 4-24
▲ 152+32 ▲ 7Credit Suisse 288,632.0 22.3
▼1,036.4 0.8▼ 168 1.4 -28 ▼ 6.0
932.2
23.6
Barclays 3 6 286,097.7
2
166 1.1
183 1.3
4.23 392,306.0
+1 ▲ 2 305,411.2
1
JP Morgan
▲30.4Goldman Sachs & Co▲262 1.826.6 0.6 ▲
21.1 -2.0
Goldman Sachs & Co 1 1 ▼
Market
Sh (%)
# of
Financial Advisor
Morgan Stanley 2 3 317,383.0 ▼
Rank Value Market
1.9 1,347.8 7.8
# of Deals
2012
Rank
2011
Rank
Change in
+12
Sh (%) Share Ch. DealsUS$m
Rank Value Market Market # of
Rank Value per Advisor (US$m)
2011
Rank
-18399,956.7
Share Ch.
2012
RankFinancial Advisor Sh (%)
Market
Share Ch.
219
3.2
Sh (%)Sh (%) # of Deals Fees
Advisor
Jan 1 – Dec 31Any Americas Involvement Announced (AD49) Jan 1 – Dec 31
Morgan Stanley 3
▲
RBC Capital Markets 16
10
▲
Market # of
Financial Advisor US$m Sh (%) Share Ch.
Goldman Sachs & Co 1
26
0.6
▼
0.2
882,129.9
+2
+11
▼
28,568.8 0.2
Wells Fargo & Co 18
3.9 0.318
34
24 36,170.1
2.5 0.3
14 0.4
3.1
0.7
18Perella Weinberg Partners LP
4 7
▲
78
-2.5
1.0
Moelis & Co
▲
134,063.1
▼
Qatalyst Partners
0.8
229,892.8
14
US$m
2
▲
+14
▲
Market
Imputed Fees (US$m)
Americas Rankings
▲
0.7
Market
-3.7
4.3
-5.9
38
0.2
▲
▲2.5 22
▼
57
The Raine Group LLC 20,140.0 0.0
+92.0
Industry % Change from Last Quarter
https://www.thomsonone.com
Industry % Change from Same Period Last Year
-29
+5
▼
17 Greenhill & Co, LLC
▲ 1.0
▼
Perella Weinberg Partners LP
+13
▲
+5
+14
+10
+19
Change in
16
Deals
66▲
Market
21
70
8,114
# of Deals per Advisor
115
4.8 ▲
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Rank Value per Advisor (US$m)
Any Americas Involvement Completed (AF55)
# of Deals per Advisor
7
Evercore Partners Deutsche Bank
National Bank of Canada Fin'l JP Morgan
20
26
▲
10,498.5
8 5.1
▼
-
▲
Deutsche Bank 17
▼
0.514,284.0 -2.1
2.6
15
6.6 ▼
7.5 3.3
23
▲2.1
0.4▼
▲
Rothschild 4.8
14
13
22
0.6
▲
0.7
-1
Change in
1.3
▼
+13
▲
+12▲
▲
Sh (%)
0.8
Morgan Stanley
-2.8
7
5.1Jefferies & Co Inc
JP Morgan
19
20,078.4
12
11,065.5
14
+10
-30
1.4 Credit Suisse
13.3
Imputed Fees (US$m)
2012
Rank
Greenhill & Co, LLC
-21
-11
▲
10
2 271,317.7
+9
+4
▲
10
-
0 https://www.thomsonone.com
Industry % Change from Same Period Last Year
0.0
Lazard
LionTree Advisors LLC 23
FirstEnergy Capital Corp 24
36
13 -1
-1.5
+1
Industry Total
25HSBC Holdings PLC
-438
15
11
0.9
20
14
6,814.3 0.93.122
0.5
11,040.5
▲
10,166.5 -1.1 ▼
3.5
0.3
4.7 0.6
10
-80.4
0
2.7
3
+38
23.2
Rank Value per Advisor (US$m)
JP Morgan
Rank Value Market Market
Financial Advisor US$m Sh (%) Share Ch.
▲13 11,639.417 ▲3.0 50.5
0.3
0.0 1.7
▲ 12 0.0 ▲ 30.4 1.0
+7
5.132
▲ 15
10,466.7
1.6 ▲
13
6.0
-
▲
0.7+5 ▲6.7Barclays
12
+76.0
-8.7 ▼
12
-5
-8-12.4
6
2.4
249,625.8
3
7
84.9
+3
12,934.8
0.0-1 ▼ 70.112,049.4
1.50.013 2.57.4 ▼
7
8
10
13
▲
74.4
0.0
142,902.4
11
Americas Rankings
▲
33.6▼
17,740.6 8.2
Any US Involvement Completed (AF48)
▲
▲
Jan 1 – Dec 31
12.6152,443.8
14,292.8 8.2
9
▲
▼-5.3
10.1
▼ ▼
-2▼
▲
11
38,069.5
6.3
33,998.5
10.4
2011
Rank
▲0.6
▲
▲
101.2
▼
9.9
▲▲
0.1
2.220
26
10.4
0.1
1.2
▼
▲
▲
109.7
3.4
3.8
▲
▼
▲
TD Securities Inc
90
▼
▲
0.3
▼
▲19 23,173.4 13.3 +12
Bank of America Merrill Lynch
27,713.4
▲
15.3
Credit Suisse24,656.4 11.3
22,702.8
4.8
0.7 +2481
# of Deals per Advisor
▲
▲
Canaccord Genuity 16 13
8
17 16,334.7
10
9Credit Suisse
Barclays
9
3.4
3.7
9
99.3
17,699.015 9.2
0.9
10.4 7.6 8
+11
-2
0.268.5▲
33
29
2.9
2.3
10
14
▼
GMP Capital Corp
▲
National Bank of Canada Fin'l
0.3
16
▲ 18,258.3▼ 1CIBC World Markets Inc
11
4.2
17
14
0.1
0.126,716.56Scotiabank18
7
▲
▲
+1
0.4+3 121.6 4.1▲
5 29,052.4 13.4 +7 ▲
▲ 33
-1.3 ▼15.955
2 1.74.7
2 29,300.4 13.5
+715.5 19.5
0.120
138.3
▲
Jan 1 – Dec 31
▲
21
Share Ch.
17
Deals
10.3
0.2
▼
0.1▼4 -2.3
+5
Sh (%)
63
0.1▲
0.9
13
Jefferies & Co Inc
78 ▲0.7 RBC Capital Markets
14100
+15
0.2 Centerview Partners LLC
Evercore Partners
▲
+3
▲
▲
▲
▼
Rothschild
-3.7
22
3.5
8.7 ▼
▲
10
133 1.2▼-3.5
9
8
105,359.2
124,515.1 10.3
Credit Suisse
Bank of America Merrill Lynch 7
206,417.7
118
6
178,478.3
15.9
17.0
7
Deutsche Bank
6
Foros
1.1
0.8
Lazard 9
Sh (%) Share Ch.
124.1
4 42,636.4
21.8
4.2
0.3 +33 ▲
▲
1.58.4
8.9
1.3
▲
▲
# of
▲
Fees
+1 ▲
▲
Market
# of Deals
Change in Market
15
18
17
Any Canadian Involvement Completed (AF49)
98 35,280.9 3.3 3.2 ▲
BMO Capital Markets
35.0%
2011
Rank Deals
Market
Financial Advisor
▲24
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)
Market
Sh (%)
2012
Rank
2012
Rank
▲ Industry % Change from Last Quarter
2011
Rank
Rank Value per Advisor (US$m)
0.7
76,043.5 247.3RBC Capital Markets 89
4.12▲
6.7
Market
+3 262.5
24.4
Any Canadian Involvement Announced (AD42)
Financial Advisor US$m
Rank Value
31 34.9
3 21.8 2.2
11.4
47,455.0
3.5
6
RBC Capital Markets
Goldman Sachs & Co
+2 3
# of Market
# of Deals
▲
+40
Market
Bank of America Merrill Lynch 6
7Scotiabank
Citi
5
33,643.6
CIBC World Markets Inc
TD Securities Inc
2
4
BMO Capital Markets
0.5 +4
1
-8.9
▼
-1.2 38
63
1.0
▼
1.3 038
94
▲
▲
-
0.6 +27
0.1
14.7
0.8
▲
▲
Morgan Stanley
4
16.9
-0.7
102
27
7
Market
2.1
Sh (%)
1.1
# of Deals
Change in
▲▲ 156
Sh (%)
-4
+8
2012
Rank
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
2
-0.2
157 25.2
▲
1.0
JP Morgan
Financial Advisor
Rank Value per Advisor (US$m)
28.0
22.6
20.7
19.9
US$m
Rank Value
Any US Involvement Announced (AD41)
2011
Rank Share Ch.
-6.64
-3.1 ▼
Market Market
# of Deals per Advisor
Jan 1 – Dec 31
Deals
# of Market
▲
# of Deals per Advisor
+32
1.4
225
Market
▼
0.7
116
6.9
1.4
8,181.3
Rank Value
9,776.8 21
6,566.3
+12
-14
2.3+3 0.1
6,866.2
▼
4.7
Rothschild
UBS
174,835.7
0.1
124
156
▼
-8.0 ▼
▼-2.6
▼-3.4
Barclays
▼
6.0 ▼ 1,247.22.1 -6 8.8
▲
28
-16
6.7-33 ▼
Imputed Fees (US$m)
Jan 1 – Dec 31
833.8
▼
5.6
▲
Share Ch.
1.7
2.0
▲
3.0
2.3
Sh (%)
20.3
▼
100.0
75.013 10,454.6
Canaccord Genuity
-
16▼ 10
GMP Capital Corp
-
Industry % Change from Last Quarter
▼
Evercore Partners
10.4%
23
+4 88
▲
-13.1%
30 5,845.3
Industry % Change from Last Quarter
* tie
20 18 8,065.7 3.7
5,054.5 2.3
100.0
6,579.0
+19
-2.5
0.9
33
▲
-10
49,186.3 22.6
14
Macquarie Group
11
10
16
Greenhill & Co, LLC 15
17
Mizuho Financial Group 20
-0.2
RBC Capital Markets 47,206.5
▲4.1
Barclays 3 5 250,390.0
192,891.1
4
240,692.6
Citi
Goldman Sachs & Co 1 1 339,072.3
3 274,022.6Morgan Stanley
5
2
-4
▼
123 1.1
▼1.3141
▼
2
Centerview Partners LLC
63,801.7 5.3
UBS
11 15
7.3
Rothschild 13
-4112 88,010.310 0.7
7.995,888.6
72
4.9 +6
0.0
58,912.4 4.9
14
-2.1
3.9
38
14 1.1
▼-2.3
12
▲
▼
Moelis & Co
5.2
Perella Weinberg Partners LP
19 19
21
37,355.3
Jefferies & Co Inc 13 63,015.3
18 0.2 +1327▲
38,662.5 3.218
1.3
0.6
38,112.0
Nomura
61Wells Fargo & Co
2.6 1.5
3.2
▲
1.1 ▲
3.1
2.3 ▲
0.6 ▲
31,699.0
21 25 31,574.4
2.4
30
2.6
+8
-30.0
15
4
0.332
Blackstone Group LP 23 27 25,370.1
Gleacher & Co Inc 22 86 29,476.1
24,617.7 2.0 ▲ 40
39 0.42.1 ▲0.7 +12
0.2 +1
0.4
0.2Tudor Pickering & Co LLC 25 23 23,423.2 1.9 ▲
0.222
11.1% ▲
27
100.0
-5.5%
-635
▼
10,882
8.0
23.0
Bank of America Merrill Lynch
Citi 6
+2
Industry Total 1,211,374.6
Industry % Change from Same Period Last Year -3.8% ▼
Change in Advisor Market# of Market
Deals Sh (%) # of Deals Fees Sh (%)
Goldman Sachs & Co 1 3 361,820.9 ▲
952.1-5.9 ▼ 146 1.6
Share Ch.
1.5194
▲▲ 4.9
▲118 1.3 ▼
4 6 247,172.3 142 1.55.6 ▲
5.9 1.4
785.9 5.5 2.0
0.7
▼
699.3
133
+25
Morgan Stanley 5 1 208,546.0 19.4 -15.5 1.4 -55
-93 1.0 -27 ▼ 450.7 3.2 0.05 155,486.1 14.5 -6.1
155,476.1 1.24 -58
▼
▼ 617.514.5 -9.2 ▼ 112 4.3 1.4 ▼
1.2 ▲ 71 0.8 +20 ▲ 341.6 2.4 0.7 ▲
Lazard 9 11 136,593.2 12.7 1.4 ▲ 423.4 3.0 0.2 ▲111 1.2 -3 ▼
0.2 ▲98 1.1 -3 ▼
16 85,818.0
453.1 3.2128,020.0 11.9 -0.2 ▼
0.2 +1 ▲ 172.18.0 4.6 ▲ 19 1.2 0.6 ▲
UBS 12 8 55,927.4 5.2 -8.7 ▼ 66 0.7 -57 ▼ 2.0288.5
▲ 92
1.3
▼96 1.0 -16 ▼
1.9
▼
0.5 ▲15 45,041.2 1.0 +20 ▲ 265.44.2 0.3
6 0.1 0.00.1 +2 ▲ 7.9
0.214 36,955.2 3.4 -1.3 2.6366.8▼
-
Moelis & Co 16 21 33,883.3 3.2 0.9 ▲ 240.3 1.7 0.8 ▲77 0.8 +27 ▲
0.1 ▲55 0.6 -5 ▼ 174.4 1.2
41 28,495.9
30,297.2 2.8
2.7
12 -5.3 ▼
0.3 +12 ▲ 125.02.0 ▲ 26 0.9 0.4 ▲
Wells Fargo & Co 19 19 22,681.8 2.1 -0.9 ▼ 1.5
0.6 ▲12 0.1 0 - 183.8
0.6 ▲
13 21,279.1
▲ 207.449 0.5 +17
24
0.2 0
Qatalyst Partners 20
Perella Weinberg Partners LP 21
1.322,536.4 2.1
2.0
0.2 ▲
- 87.7-3.1 ▼ 19 0.6 0.0 -
Tudor Pickering & Co LLC 22 25 19,879.8 1.9 0.1 ▲ 0.0 -23 0.3 +2 ▲ 95.7 0.7
Nomura 23 20 19,768.0 0.3 -3 ▼ 56.01.8 -0.6 ▼ 25 0.4 0.3 ▼
Blackstone Group LP 24 27 17,503.2 1.6 0.1 ▲ 0.0 -34 0.4 +11 ▲ 97.5 0.7
Macquarie Group 25 37 16,264.3 1.5 0.7 0.4 +6 ▲ 103.2▲ 40 0.7 0.1 ▲
14,260.6 100.0Industry Total 1,076,135.7
▲
9,175
Industry % Change from Same Period Last Year -8.5%
32.7% ▲
-8.6% ▼
▲
35,500.8
9.9%
▼
Advisor
# of Deals per Advisor
-633
-6.5% ▼
100.0
16.9%
BMO Capital Markets
8
8
US$m
1
Goldman Sachs & Co
2.6 0.8 ▲
1.8
▲0.1 +11
+1 ▲ 53.2 -
0.0 2.0 ▲
0.1 0.0
▼-19,837.4 4.5 2.1 17- 1.058.2Deutsche Bank ▲3.6
0.8
▼ 18
▲
Macquarie Group
3.9Evercore Partners 19 - 9,236.4 4.2 ▲0.34.2 +10
UBS 18 12 9,375.0
5.6
4.3
23 9,760.7
15
21
0.5
▼0.1 -118 1.6▼ 47.5 0.2
18 0.1▲Lazard
21 11 7,557.7 3.5 ▲0▼
▲
14.7
0.6▼
19 ▲ 60.117 0.82.0
45
+1
▲
16.20.0 ▲
0.20.5-1
20 ▲0.7 -
▲
4
0 3.8
21
6,579.0
4,092.3
1
24 5,911.4
5,262.1
▲
2.8
3.8 3.3
3.8
24
0.0
1.622
14
1.5
HSBC Holdings PLC▲
17 0.6 2.2
▲1.4
▲
0.03.4
+1 ▲▲
▲
▲
▲
2.03,517.425▲ ▲
SEB Enskilda▲
▲
-
100.0
3 0
▲
▲
7.8%69.3%
Industry % Change from Same Period Last Year
1.5 0.14
17.6%
0.1
67.0%
6
-8.7%
▲
-205 2,942.9
0.6▲ 0.6
0.0
18.0
- 6.1 0.2
10.4
2,147
-2
▲
0.45
0.0 +6
0.0
▼ 20.6%38.7% ▲
3.0
-3.0
Industry Total217,671.5
12.0%
2,905
▲
0.3+2
57*3.0 ▲
▼
▲
1
19
27 +7 Jefferies & Co Inc
LionTree Advisors LLC
Desjardins Securities Inc.
41.911
0.6
▼
▲
+6
9
0.0
8
Spain / Spain
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
26,469.2
26
45,803.1
Citi
Switzerland / Switzerland
Russian Fed / Russian FedRussian Fed / Russian Fed
United States / Switzerland6/27/20125/25/2012
Rank Date
2/7/201210/22/2012
Banco Financiero y de Ahorros (100%)
Pending Glencore International PLC
Top Ten EMEA Involvement Announced Deals
NK Rosneft'NK Rosneft'
6/19/2012 Retail / Other RetailingSpain / Spain
Walgreen Co
12/21/2012
Intended
Acquiror
TNK-BP Ltd (50%)
Morgan Stanley
10,594.9 61,862.7
Rank Value (US$m)
Barclays
Real Estate
Acquiror / Target Nation
61,379.1
10/22/2012 TNK-BP Ltd (50%)Pending
Xstrata PLC (65.9%)Target (% Sought/Acquired)Date Effective
Pending
Goldman Sachs & Co58,910.1
1
5,089.0
Goldman Sachs & Co8.12
152.1
236,068.7 27.4
Energy and Power / Oil & Gas
Jan 1 – Dec 31 2012
Target Macro / Mid Industry
3
47.3
9
3Financials
Citi
Goldman Sachs & Co
Goldman Sachs & Co
Citi
70,850.2
196,942.1
International Power PLC (40.93%) 12,855.9
Barclays
70,534.7
Real Estate / Residential25,686.0
50,582.5
Industrials
14
50.0
EMEA Deals Intelligence
FROBSAREBBankia SA-Bad RE Assets (100%)
17,805.3
Nomura
Energy and PowerRank Val US$m
93,959.5
130,868.5
3/29/2012
Grupo Modelo SAB de CV (49.7%)
11/30/2012
FROBPending
Pending
Electrabel SA6/29/2012
Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Dec 31 2012
Pending12/26/2012
5/21/2012
Alliance Boots GmbH (55%)6/29/2012 Belgium / MexicoAnheuser-Busch Inbev
Bankia SA (%) Spain / SpainBelgium / United Kingdom
Cooper Industries PLC (100%)
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
EMEA M&A
EMEA Announced M&A Rises 13% | Energy and Power Highest Valued Sector | Strong Fourth Quarter Buyside Sponsor Activity
Eaton Corp United States / Ireland-Rep
Financials / Banks21,361.520,093.4
28,000.0
12,240.3 Industrials / Other Industrials
Financials / Banks
Energy and Power / Oil & Gas
https://www.thomsonone.com
20
Energy and Power / Power
23,785.7
Credit Suisse
Materials / Metals & Mining
9
19 Materials 117,921.2 1,464
Citi 63,311.0 53.72
1,010
3.93
70,775.6
3
29,741.5 18.2
38.4
2
25.333,360.3
1
15.1
1235,746.3
35.6
47 35.9
Rank
Barclays35.8
Bank of America Merrill Lynch
47.5
Mkt.
1198,000.9
Share No. Deals
20
22 1,947
21 2,875
1,475
29
19
Consumer Staples / Food and Beverage
3
20 20
131,806.8
1
EMEA Involvement Announced Advisors by Target Industry Jan 1 - Dec 31 2012
Announced M&A activity with EMEA involvement totalled US$1.145 trillion in 2012, rising 13% from the full year 2011 totals.
Fourth quarter 2012 deal value was more than double the totals recorded in the third quarter. EMEA fees accumulated on
deals completed throughout 2012 fell short of 2011 totals, reaching only US$9.7 billion, a 27.2% decrease compared to last
year, according to estimates from Thomson Reuters/Freeman Consulting.
Energy and Power finished 2012 as the most active sector, with 1,475 deals grossing a combined US$198 billion, just edging
out Financials which accrued US$196.9 billion. Industrials finished third, with US$131.8 billion worth of activity.
EMEA Targeted buyside financial sponsor activity reached only US$87.3 billion, falling short of the US$99.1 billion reported last
year. However, fourth quarter totals in 2012 reached US$32.7 billion, accounting for the most activity in a single quarter since
the second quarter of 2011. Although 2012 totals lagged behind those seen in 2011, the market largely held onto annual
volume levels regained after the 2009 trough.
Acquirors on the London exchange were EMEA's most acquisitve companies in 2012, with 479 deals accounting for a
combined total of US$99.1 billion in offers. The US$46 billion Xstrata / Glencore transaction from the first quarter accounted
for a significant portion of this M&A activity.
11.9%
7.3%
16.0%
16.7%
19.2%
15.4%
9.3%
6.9%
12.4%
13.0% 10.3%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% o
f E
ME
A
Ra
nk V
alu
e (
US
$b
)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A $99.1
$67.5
$31.0
$25.9
$21.2
$12.1 $9.1
$8.3
London
Russian Trading System
Euronext Brussels
Frankfurt
New York
Zurich
Euronext Paris
Milan
Madrid
Johannesburg
9
Lazard Credit Suisse
Lazard Credit Suisse
196
-13
Rank Value per Advisor (US$m)
Market
Jan 1 – Dec 31Any EMEA Involvement Announced (AD47)
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
# of Deals per Advisor
1Goldman Sachs & Co
Share Ch.
▲
Rank Value
Any EMEA Involvement Completed (AF53)
Deutsche Bank
Morgan Stanley 24.8
5
7
175,843.0
164,980.2
JP Morgan 6
8
17
10
2011
RankFinancial Advisor
9
Societe Generale
BNP Paribas SA 13
Rothschild 9
15
11
14VTB Capital
12
Nomura
Credit Suisse
M Klein & Co LLC
HSBC Holdings PLC
UBS
Centerview Partners LLC
Evercore Partners
1
Bank of America Merrill Lynch
246,210.2
112,457.7
145,909.1
226,205.7Citi
Barclays 4
10
51,351.9
2
Jan 1 – Dec 31
Sh (%)FeesDeals
402.53 2
▼
267,474.5
3
5
8
4
14.4
6
7
15.4
9.8
▼6.5
1.8
▲
-2.4
▼
3.1
0.1
14
3.7
▲
▼
0.0
▼
28,784.0
35,826.9
2.6
-6.6
2.9
-4.2
32,568.4 2.8
2.9
▲
0.1
-4.8 ▼
0.0
▲ 5
74▼
Societe Generale▲
+1
RBC Capital Markets
Credit Agricole CIB
0.3
▼ Nomura
-2
17,378.0
21 2.4
1.8
Centerview Partners LLC
▼
▼0.2
0.0
Macquarie Group
23
24
25
▲
11
2.7
20Jefferies & Co Inc
0.0▲
2.3
0.1
▲
100.0
9.6
▲
0.2
22
ING 24
1,091,698.9
0.0
58
2.7
1912.2
▼Industry % Change from Same Period Last Year
Industry Total
22 2616,330.6
▼ 3419,120.4
0.8
▲2.2
▼
16,679.5
-1.3
1.6
2.1
▲
25 37 1.0 ▲ 4424,257.2
15,638
▲
Industry Total
▲Industry % Change from Last QuarterIndustry % Change from Last Quarter
12.6% ▲
100.0
▼
3.2
-15.5%
33
196
22
26
-1
+2
0.2
0.4
36.2
-97
100.0
▼
▼
451.8 4.8
▼
0.5
0.2
0.3
0.5 -40
0.0
112.6▲
27.4
▼
KPMG 19
34
13
11
36
88.6
66 1.9
62
98
Industry Total
▼
22
25,253.9
-6.1%
2.6
▲
14
-28
15▼
87,667.1
6.7
51,351.9
▲ 10.378,015.86UBS
50,974.3
11.4
74
4 -0.1Macquarie Group 21
2.8
20,707.3
-0.7
57
31
0.5 19
▲
▼
0.4 4239
-25
34
▲
3.0
21 103 33,305.2
22 32,318.4
-6.93.319
33,476.120
2.6
10
▲
23
42
3.1 2.9
42,362.0
4.2 4.2
12
3.1
35,826.9
15 -4.4
+15▲
18
-
14
2.7
45,803.1
44,877.0 4.1 0.0
14
-6.7
-6.9
41,227.3
-5.2
▼
63▼
0.0
3.0
▼
8.4
46,731.74.7 0.1 ▲
10
12Societe Generale+13
▲52
65,630.7 ▼
▼▲4.7 5.4 -5.2HSBC Holdings PLC
15.1 2.8
10.2
0.9
+4
▼
-10
4.2
90
-2.8
13.0 3.1
-2.0
96 -23
▲
0.6
+1058
0.6
1.5
133
0.4
▼
▲230▲
▼
Bank of America Merrill Lynch
▲
▼
-3.5
11
86,299.74
9
15.8 -0.4 ▼ -22118 11.9Citi0.8 90,020.08
183,440.9 93,349.213
73
79
16.8 5.7 ▲ 0.696
1381.2
20.2
18.7 ▲
+15
0.9
6.4 0.8 JP Morgan
8
160,198.0
▲
15.9 -6.8120,384.1
1.1
4.0136,777.698
24.5 ▲
9▼ 104,954.9
Rothschild
▲
-3
5
8.0
267,474.5
37.6
▲220,197.1
▲
7.222.4
5
Industry Total
Barclays
2
US$m
281,234.4
243,964.1
3
1
Financial Advisor
Citi 75
Industry % Change from Last Quarter
4
10
RBC Capital Markets
1
2011
Rank
24
Any European Inv Announced (AD21)
Deutsche Bank 3
Industry % Change from Same Period Last Year
410,724.4
Credit Agricole CIB
105
Renaissance Capital Group 22
21Lambert Energy Advisory Ltd
111,470.4
Ondra Partners
8
Morgan Stanley
Bank of America Merrill Lynch
JP Morgan 203,857.7
17
8
11
12
10
Goldman Sachs & Co
Rothschild
7
13
6 4
2.5
Jefferies & Co Inc 25
Sh (%)
9
1,145,415.7
2.2
Credit Suisse
6
UBS
Nomura
RBC Capital Markets
M Klein & Co LLC
Renaissance Capital Group
BNP Paribas SA
Credit Agricole CIB
HSBC Holdings PLC
Lambert Energy Advisory Ltd
Societe Generale
VTB Capital
Centerview Partners LLC
14 35
34
Evercore Partners
13
17
30
91,500.6
51,565.4
6.0
15
16
-28
6.2
▲
▲ 30,883.1
▼ BNP Paribas SA
16
▼
4.030,100.0
1.3
757,189.4
0.716,193.0
Ondra Partners
43 16,854.1
▲
23 28,021.3
▼
-2.5
-1.8
▼
▼
▼
▼
-1.6
-9.4
12.3 0.1
1.8
2.2
0.9
+11
-20
▼6.4 -8
▲
140
▲0.6
124
137 0.4
171,644.3
▲
0.1
40 +9
ING
44
▲
▲
6.3
-0.9 ▼
▲4.6
▲
▲
1
2.94.5
-2.7
4.0
▲
▲ 59
4.0
▼
-8
▼
65,630.7
9.1
90
99
22
69
3.3
43
-22
12.7
8.0
+9
▲
0.2
104,728.2
4.4
-1.9
5.7
+17
▼
▲
0.3
+13
0.291,500.6
89
7 -3.3
9
11.3
11.8
-9.2
93,448.0 83
80
0.6
0.6
0.9
-17
▼
▼
80
84
-43
252.1
▼
1.4
▼
▲
264.9
455.4
-2.1
▲
0.6
1
-0.3
-36
0.2
-50
117▼
Financial Advisor
Change in
▼
US$m
2011
Rank
217,848.0 27.6
1.0
-9.7
Share Ch.
129
Sh (%)
21.8
150
Sh (%)
▼
-4.3
3
Market Market# of
+23
-19
▲
▲
# of DealsUS$m
5.6421,885.3 0.5 Goldman Sachs & Co▲
Sh (%)Sh (%) Deals
36.8
283,456.1
Deutsche Bank
Morgan Stanley
208
164 +260.4
142 0.4
7.6
137,142.8
160,198.0
▲
3
172,037.9
8
2
4
4
124,181.7
10▼
2
15.7
Rothschild
▼
▲ JP Morgan
▲
6
-6.4
116
▼
-39
-490.8
3.7
▲
+5
0.5 0.9
4.7
20.3
292.5
4.1
13.6
110
▲
-22
▲
Rank Value per Advisor (US$m)
Market
587.8
Rank Value
▼4.7455.5
478.1 1.0
0.6
17.4
0.1▼
193
# of Deals per Advisor
Market
Imputed Fees (US$m)
1.0 ▼
MarketMarket
6.0
Market
1
2012
Rank
Change in
# of Deals
▼
# of2012
Rank
EMEA Rankings
Advisor
1.1
Share Ch.
▲
61
0.0
0.5 ▼
0.1
0.7
62
50
▲
▼
▲
Sberbank CIB
100.0
58
US$m
▲
-0.1
21.2
11.6
Industry % Change from Same Period Last Year
16,193.0
21
12
0.9
1.6
19,120.4
HSBC Holdings PLC
-1.216,330.6
Jan 1 – Dec 31
100.0 16,865
+1
-4 ▼
+5
0.4
▲
-32
2.1
2.1
2.2
0.82.1
28
37
22
16,679.5
11
14
21,457.7
46,731.7
41
16
21,057.8
52
RBC Capital Markets
50,974.3
-32
▲+4
Mediobanca
16
30,758.5
5.9
4.4
5.241,367.3
35,023.0
30,883.1 3.9
32
1.1
3.9
2.7
-6.6
35
-5.1 ▼
-0.7
6
46
-45
▼
13,482
# of Deals per Advisor
▼
Any European Involvement Completed (AF3)
103
22.7
▼
▲
-4
0.3
+7
-21
▼
▼
0.4
-2
0.5
-45 ▼
▲
0.2
127
0.2
▲
▼
▼
-96
-7
0.3
1.5
▼
0.3
▼
▲ 1.5
-
▼
0.0
▲
Imputed Fees (US$m)
▲
0.3
▲
▼
▲
0.6
140.3
0.6112.6
0.0
0.1
0.4
1.1
▲
▼
▼
▲
▼
Share Ch.
0.6
0.1
▲
▲
▼
▼
▲
▼
0.5
0.3
0.0
0.4
Sh (%)
-
▼
0.2
0.8
0.4
1.2
0.2
▲
▲
0.4
0.6
▼
36.2
100.0
▼-26.2%
-5.4%
44.6 -
27.3
0.9
▼
0.5+5
▼
▲
9,389.4
-16
-2,498
-7
-1
▼
▼
+2
0.1
80
0.1
50 0
60 0.5
0.6
▼
0.8
28.1212,880.4
2012
Rank Sh (%)
-16.4%
12,730
21
28
-5.7
13.9
-29.0%
-33
▲
▼
▼
MarketRank Value
0.6
-37
189
1.1
Market
Deals
789,271.1
24.9%
0.9
-4.0
▲
18.1
▼
▼
Rank Value per Advisor (US$m)
Share Ch.
-10.1
2011
Rank
5
3
22
-0.1
0.6
0.4
0.9
▼ 87
▼
116
1.0
82
-25
1.5
113
144
▲
# of Market
▼
0.8
▼
2.7
140.5
72.8
-2
▼
▼
3.8
1.5
0.2
0.4
0.3
0.3
0.6
Jefferies & Co Inc
▼
-10
0.7
-2
-9
402.0
Fees
471.0
1.6
188
-4
+3
▼
Advisor
566.0
-33
20.4%
44.6
9,770.8
▼
Change in
-9
-2,465
Market
-30 ▼
Jan 1 – Dec 31
-27.2%
6.0
Market
# of Deals
▼
Sh (%)
0.2
0.7
1.0101.8
72.8
36.2
0.5
36.2
28.1
28.1
0.3
▼
0.02.7
1.4
1.5
▼
-
2.7 ▼
▲
▼
2.6 ▲
▲
4.9
3.0
0.3
127 0.3
102
5+16
+13
184,763.9 16.1
7.0
0.9
99 -25
5.423.4
206,569.4
19.8
21.5
12.3
18.0 0.4
0.3
146 -5 Barclays 106,982.7
▼
-6.3
6.5
-5.6
89,623.5 ▼11.4
▼
9.9
▼
▲
▲
10 5
8
UBS 6
97,148.9
▼Citi
Lazard
11
101
7
89,151.2
78,350.8
▼
0.4
0.7
0.7
-2
13
15 -1.5 ▼ 50
▼ 308.8
309.2
265.9
1.53.2
▼ 1.1
0.13.2
▼
▼
▼
0.5 -40
▼
-44
-52
0.6 -39
0.3
0.3
1.5
1.2
0.1
0.0
0.5
0.3
0.2
0.4
140.5
112.6
0.4
0.7
1.2
0.3
0.3
0.9
149.8
0.5
-
▼
▼
▼
▼
▲
0.2
▲
0.5
▼
43.9
150.0-2
-50
-43
▼
▼ 287.4
118.7
-19
Mediobanca
12
15
PricewaterhouseCoopers
22
Centerview Partners LLC
Sberbank CIB
0.0
Morgan Stanley
▲
17
▼
57
0.1
-24
PricewaterhouseCoopers-8
0.2
Industry % Change from Last Quarter
Goldman Sachs & Co
▼
18
13
▲
▲
▲
1
BNP Paribas SA
Bank of America Merrill Lynch 9
▲
# of Deals
Change in
+24
+2
1
Financial Advisor
▲
-25
-2,705
+10
Sh (%)
1.3
6
▼
# of Deals per Advisor
0.2
+2
+1
0.6
5
0.0
0.2%
233
57
▲
▲
196
0.2
1.4%
▲
99.6
-43
0.0
19.7%
4.3
▼
5.0
428.4
286.0
1.5
302.3
-
260.3
242.1
4.6
2.6
▼
-23
1.0
1.5
-
149.8
43.9
1.5
1.1 ▼
▼
2.8
0.0
88.6
▲
3.1
▼
https://www.thomsonone.com
0.8
0.7
▲
1.2
▲
3.1
▲
260.9
-
2.8
1.0
33
1.5
0.2
20
22.4%
4.635,023.0
18
-28.6%
21,116.9
17
7
6.8
2.5
0.3
16
4.1
0.2
50
6
4
Deutsche Bank
Credit Agricole CIB
Nomura
10
12
15
Lazard
Barclays
7
6
▲
+3
▲
31
23
13
11
▼
▲
0.3
KPMG
25
-2,878
3
# of
159
Market
1.0 +25
+1
-15.5%
-13.8%
101.6%
2.0
Deals
▲
41
▼
▲
▲ 1
▼
9
6
3.9
-2
22
+3
0.3
11
0.1
▲
Rank Value
5
5.6
Market
141,643.9
164,800.3
172,255.1
104,393.2
118
+6
▲
2.2 51
Industry % Change from Same Period Last Year
98.1%
30
44,877.0 3.9
4.0
52,050.4
45,803.1
34
-16
4.0
23
18
41
45,692.3
19
17 14
33,476.1
12
33,305.2
20
2.2
23
25,073.1
67
0.9
Market
15
▲
▲
▼
25,253.9
35
1.7
Jefferies & Co Inc
▲
24
25.8
▲
Rank Value per Advisor (US$m)
2012
Rank Share Ch.
2
12.5%
▲
▲
▼
10
Credit Suisse Bank of America Merrill Lynch
* tie
Ondra Partners Credit Suisse
Lazard
Deutsche Bank
▼
-28.7%
7.5
30
8,391.2
17
11,089.3
26
12,974.0 -2.1
29
1
75
64
23
16
18
20
17
19
21
EMEA Rankings
Banco Bradesco SA 24
25 29
114
Centerview Partners LLC
11
37
Moelis & Co
-4
0.2
▲
5.2
6
24.6
Rank Value per Advisor (US$m)
61,355.3
22.3
▼
US$m
▼
▼
-15.9 ▼
6.1
-9.2
14.4
-3.6
▼
8
▼
3
4
18
▲
-
-8.3%
▲
47
27
-20.2
+6
0.3
▲
26
-239
0.1
0.6
3,826.5
1,932.4
RBC Capital Markets
▼
HSBC Holdings PLC 14▲
15
Societe Generale 24.4
-5.5%
21
2
29
▲
▼
▲
# of Deals per Advisor
11
-7
34
0.9 ▼-3
5 25,101.7
US$m
Rank Value
31,443.7
-2.8
1.4
343,907.5 100.0
7,230.1
7,047.9
1
2011
Rank
Market
2.1
2
34.8
# of Deals
Rank Value per Advisor (US$m)
32,419.4
▲
7.1
Imputed Fees (US$m)
3.2
4.9
40.0
22.4
6.5
1.6
5.1
4.4
▼0.6
▲
0.5
Market
▼
▲
▲
73.8
▼
▼
▼
63.1
▼
45.9
32.7
▼
2.3
2.8
▼
18.1
8.2
▼
27.3
71.3
▲
0.0
1.9
▼
▼ 0.1
4.5
1.018.9▼
0.6
▼
-15
+4
▼
-7
1.4
▼
0.2 0 -
0.5
-15
▲
-11
-39.3%
8.0
9.1
8,357.0Intesa SanPaolo
▼-60.8%
5
Credit Agricole CIB
8,059.5HSBC Holdings PLC
-0.2%
8,867.9
-46.4%
2.2
28
1,932.4
-22.9
7,097.5
▼
▼
15
16-8
0.8
0.2
-22 1.6
-3
-2
2.5
0.9
0.2
-11
-3
0.5
0.5
5.3 ▲
▲
0.4
30
10
8.3
▲17,613.6
13
18.6
0
-4
-7
-13
0.9
▲
10
20.5
22
11
17,153.8
▲
▼
8.3
6.4
▼
11,349.9
+23 0.2
0.7
0.5
-7.2 17
-5.2
7
18,160.9
15,524.916*
10
12
16,425.3
▲
41.2
▼
24,601.6
19
21
-46
▼-12
-
▼
Advisor
58
Change in # of
Deals
Barclays 4.5
▲
Credit Suisse
-2.4
▲
▼
21.8
14.7
54,510.4
Sh (%)
# of Deals per Advisor
22,728.2
27.0
▼
Market
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
-1.8
8
4.9
0.8
0.5
25.6
19.9
-1.2
▲
1
▼
JP Morgan
+1
0.0
2,140
▲
▲
▲
+2
▲
93,097.2
-11.1%
9.9% ▲
2.1 0 -
-
Industry % Change from Same Period Last Year
2,075.3
▼
1.7
-
-0.0
Credit Agricole CIB
Citi
5,342.1
8.0
1,585.5
100.0
17 4.4
19
6.74
16
15 6,241.0
Bank of America Merrill Lynch
-15
+813
Bank of America Merrill Lynch
HSBC Holdings PLC
▲
12
13
Ondra Partners
0.2
47
34
-35
+10
▲
▼
+2
BNP Paribas SA
3
0.1
0.1
28
-15
Financial Advisor
BNP Paribas SA
2012
Rank
131.8%Industry % Change from Last Quarter
1
▼
# of Deals
Market
Share Ch.
3
Citi
▲
▼
▼
3.0
0.1
3.4%
▲
Industry % Change from Same Period Last Year
Any French Involvement Announced (AD33)
▲
0.4
Market
Rothschild
2.0
-
▼
0.5
▲
▼0.9
▲0.5
▲0.3
44
Sh (%)
17
-17
0.9
-8.0%
0.1 1.1
-19
▲▲
▼
0.3
0.9 0.8
▼
▲
0.0
0.6
▲
0.1
19 1.0 ▼
-242.3
-61.2
-15
▼
-9.9
▼
▼
3,929.3
2.13.73,445.3
▼
-1
-9
▼
-13.2
-13
2.1
11,733.4 12.6
59.5%
-8
11
4.2
5.7
9,232.0
11,690.5
6
7,404.4
10 9.9
14
Banco Espirito Santo SA
Macquarie Group
4,075.788
82
1620
18
UBS
2.1
1,963.324
1,974.0
2.1
Qatar National Bank -
Beltone Investment Banking 1,932.4
Industry Total
23*
21
31
Industry % Change from Same Period Last Year
23*
▼
UniCredit 25*
▲Industry % Change from Last Quarter
* tie
Cairo Financial Investments Co
1,911
0.1.9▲
▼ 1.9
1,441.4 100.0
15 2.5
Beltone Investment Banking
88,544.9
-
100.0
24 2.4
▼
▼
2,119.9
Industry Total
Industry % Change from Last Quarter
https://www.thomsonone.com
14.5% ▲
6
-12.8%
5
0.3
0.0
▲
1.6 +9
0.6
11
JP Morgan
21,556.5
21.6
5 23.2
6 20,095.37Morgan Stanley
12,856.03210
Credit Suisse 99
Nomura
▼
18,358.4 12.4
8
13.8
12.6
19.7
12.2
▲
▼
7
20 17,017.78
15
14,212.7
18.3
-5.615.3
Goldman Sachs & Co
-0.8
-19.0
2.1
4.1
KPMG
22
-10.3
Messier & Associes
12
▼
▼
▼
▲
-10.0
▼
-4.3
-10.0
-5.9
▲
Financial Advisor
1
4.3 ▲
2.1
-6
Ondra Partners
2.1
6
-6.3
▲
35
3
1
2
+1
Macquarie Group
RBS
Standard Chartered PLC
UBS
1.8
12.3
3.1
Sh (%)
1.1
0.7
1.1
23
-7.3
0.9
0.1
▲
Market
57
Jan 1 – Dec 31
28.5
0.0
▼
3
57
▲
36
▲
▲
4
▼
2.3%
18
15
0.7
# of Deals per Advisor
+18
+8
+1 ▲
15 0.7
12
▼
0.5
2.3
10
▼
▼13
17
+2
▲
▼
0.6
24
50
23
25*
Ernst & Young LLP
0.3
▲
▲
0.1
-12
-314
0.1 +2
▲
Change in
+2
▼
▲
16
-12.5%
# of Deals
2.2
4 ▼
29.1
Market
Jan 1 – Dec 31
Share Ch.
Imputed Fees (US$m)
-
-21.2%
Advisor
100.0
1.554.6
-1 ▼
▼
▼
0.2
3,552.3
+1
▲
0.0
0.6
3.5 0.1
▲
▼
▲
0.3
▼
▼
0.8
▲
1.1
0.6
3.0
1.7
0.8 ▼0.2
▼
2.0
1.9
3.2
0.1 ▲
0.3
2.1
2.1
3.9
3.4
1.2
Fees
-13
0.14.8
Share Ch.
▼
269.6
Jan 1 – Dec 31
-7
Sh (%)
171.9
7.6
0.1 ▼
197.1
136.9
-1 ▼
▼
122.1
▼
0.1
▲
▼
120.4
89.8
170.3
-2
2.5
114.6
3.4
4.8
-28
-7
27.5
▼-4
-15
-9 ▼
33
30
0.1
70.1
▼
66.0
-27
-11
58.6
71.9
▲
▼
12.1
30.4
▼
▼
▼
-11
0.0
38.0
▼
-3
-4
19.9
+9
31.8
Sh (%)
▼
52.4
0.50.9
Market
▼
11.2 0.3
0.2
1.5
0.0
3.1
106.8
94.1 0.1
88.5 6.1
7.4 1.5
2.8
Share Ch.
36,760.1 -3.9
2.2 +8
58
Fees
1.1
0.2
▼
▼
▼
0.9 ▼
43.9
1.5
0.6
▲
0.3
▲
▼
1.2
▲
0.5 ▲
▼4.0
8.5
0.1
-
1.3
0.3
▲
1.3
▲1.3
▼
21.9 ▼
1.9
41.4
27.6
1.5
2.9
▼
13.6
3.6
0.6
0.3
0.5
0.6
▼
▲0.20.3
▼
▼
0.3
1.22.0
0.1
▲
-
▲
▼
2.2
0.9 0.2
0.0
▲
2,180.2
23
0.0
23.3
10.0
12.8
21.1
10
▼
9.4
2.6
▲
▼
9.5
-5.6
▼
19.4
3.9
-0.6
17.5
2.6
2.6
5.3
-3.4
▲
▼
-11.5
▲
2.5
-2.8
2 12 36,432.6
38.53 2.534,081.8
26.6
▼
8,598.9 ▲
4.4
-1.8 ▼
▲
7.418,539.1
4.2
-4.413
22,924.6
10,494.1
6.9
15,158.5
17,281.1
19,332.7
8
0.8
2011
Rank
12
10
1
55,707.9
Sh (%)
15.7
3
39
1
6
Rank Value Market
4
14
45,069.1
3
Any UK Involvement Completed (AF39)
Goldman Sachs & Co
+7 Morgan Stanley 2
Financial Advisor
▲
Rothschild
Evercore Partners
17.1 ▲ ▲
Any UK Involvement Announced (AD32)
# of
# of Deals
Rank Value per Advisor (US$m)
Sh (%)
2012
Rank
2.3
26
0.6
-4
+4
0.3
0.4
66
3,830
# of
▼
-0
1.5
+11
0.1 +2
0
0.3
0.1
▼-10
Market
BNP Paribas SA
▲
0.1
▲
Change in
▼
-202.7
-221
Lazard
-22.1
Industry % Change from Last Quarter
2011
Rank
-11
Deutsche Bank+4
Any French Involvement Completed (AF40)
48
▲
Rothschild
▲
▼
▼
21
5Societe Generale
Goldman Sachs & Co
Morgan Stanley
18
Mediobanca 14
Leonardo & Co
11
Houlihan Lokey
20
23
Macquarie Group
Citi
KPMG
22
13
17
19 18
9
13
4
10
Barclays
6
▼
▼
2
-22
Sh (%) Deals
12
RBC Capital Markets
10,196.2
4
20Moelis & Co
34
Macquarie Group
Nomura
2.7
23
3 49
2012
Rank
4422
▲
Industry Total
KPMG
Jefferies & Co Inc
12 25
17
17 110
Nomura
Lambert Energy Advisory Ltd
13
Ondra Partners
43,063.7
12
90 31,369.2
32,334.6
Renaissance Capital Group 15
31,855.2
4.8 ▲
7.7 -0.9
8.8
12.5
9.3 8.857 ▲
▲
26,571.4
9.1
▼Lazard 16
9.4
HSBC Holdings PLC 18
12,879.1
19
9 21,506.3
14
19
1420
25,149.5
BNP Paribas SA
6.3
19,413.7
-4.3
2.0
2.6
7.17.3
5.7
3.7
2.0
2.1
15
23
3
8,945.7
9,295.0
-1.13.0 ▼
16
1.2
45
▼
12
Share Ch.
Jan 1 – Dec 31
0.3
-1.6
33.8
▲
▼
10
▲
+1
0.6
-10
2012
RankShare Ch.
Market
Sh (%)
Market
Deals
Change in
Evercore Partners
3
JP Morgan
Financial Advisor
Market
34.7
US$m
119,314.4
Rank Value2011
Rank
Barclays 1 3
Goldman Sachs & Co 2 1
11
17.6
2
60,466.1UBS
10 55,293.711
17.4
5 93,600.9
93,622.6
97,990.6
8
6
79,115.7
95,281.24
5
10.6
1.3
76
1.1
▲
61
43
1.6
▼
▲
2.0
+2149
Deutsche Bank
Bank of America Merrill Lynch 4 10 27.2
Morgan Stanley 27.7
0.0 2.7▼13▲
18.0 0.2
95.3
5.668
▼
6.4
▼-3.8
JP Morgan 6
Nomura
-19.136,676.4
39,135.3
16.9 1.1
44
4
90.9
+9
2
7
11.1
27.2 10.8
▲+13
▲ 5
▲
▲
26.6 48Citi 6
Rothschild 7
17.2
Deutsche Bank
8 7
1.391,557.6
9.2
5
7 36,079.1▲
2.4
95
▲
8
2.5 ▲
25,338.6
-12
+7
10.1VTB Capital 9
▲ 34
23.0 -2.5
2.595* 59,693.7
13.0
▼ 9.824,380.6
-3.0
9
▼ UBS
Lazard
49,224.1
32,482.8
▲ 16+4
1.3
16.1
▼
0.1
▲
14.3 -8.3
6.0
9.6 0.8
24 0.1
10-13▲ 0.1
51
270.726
▼+11
-5
▲ 5
11
-9.7
▼
0.0
12
-4.4
7.7
-2.5
14
24 0.1
9.2
23
3
12
▼
32 0.1▼
0.0
3.4
+8
-418
▼
7,631.6
1.1 ▲
8,317.9
3.1
3.1
3.3
▲ 0.0 ▼
33.4
-1
-0.5
5
▼ 0.012
3
▲
▲
2.8
0.1
1.0
21
65
▼
22 29 18 0.1
0.11.5 -6
7,547.6
2.1
4,944.4 2.0
100.0
3.0
0.2
▲23
Ernst & Young LLP 24
Jefferies & Co Inc
5,174.4
2.7
0.1
6,803.7
24
249,770.6
25
Industry Total
PricewaterhouseCoopers 28
US$m
-13.8%
Market
3,206
# of Deals per Advisor
-278
MarketMarket
Sh (%)
27.8
Deals
▼
▼
# ofRank Value
-6.5%
▼
▼
22,663.1
42
10.5
Industry % Change from Same Period Last Year
Rank Value per Advisor (US$m)
3
41.51
20,586.2
▼
4
8
6
Barclays
18,677.1
▼
97
2,281.4
7.3
20
164*
-8.8 12
33 3,426.9
4.3
6,459.3
+1
10
1
-
▼▼-46
11
Deutsche Bank Santander
Bank of America Merrill Lynch Perella Weinberg Partners LP
Industry % Change from Same Period Last Year
* tie
▼
-1 0.1
Bank of America Merrill Lynch
3,734.9
78
▲
15
+3
611
-4
-50.7
-
+7
-6
# of Deals
0.816
2,079
1.122
▲
8
4
1
Rothschild
22,093.9
3
3
2
858
6
1.4
-14.2
32,016.8
7
2011
Rank
-17.7%▼
2012
Rank
36,039.4
Industry % Change from Last Quarter 177.3%
1Morgan Stanley
1.2
13
-10.7%
1.0
32
Any German Involvement Completed (AF42)
# of
22,029.8
20
US$m
▼
+2
▼
Change in
# of Deals per Advisor
16
0.2
▼
1.5
-18
-7
-13
# of Deals
-185
-1
0.2
▼
▼
0.6
2.0
0.7 +6
-6
8
-2
▼
4
1.2
▼
-2 ▼
14
Deals
# of
12
12
▼ 6
EMEA Rankings
7.815,205.9
532
25,582.1
16
5,314.7
4,807.5
25.2
▼
▼
24.8
4.4
Imputed Fees (US$m)
0.4
1.0
▼
Share Ch.
0.912.8
1.61.9
▼
▲
1.7
1.8
19.5
9.4
2.8
▲
8.9
3.5
1.1
0.4
2.0
▲
▼
0.4
0.1
▲0.3
▼
▲
0.7
100.0
▲
1.0
Market
Imputed Fees (US$m)
0.8
-0.0
1.8
5.2
▼1.53.040.7
4.1
▲
0.2
2.0
2.8
1.8
0.7
1.8
3.5
▼
▼1.2
0.2
0.1 ▲
▲
6.3
▼
Sh (%)
83.7 ▲
▼
70.5
▲
6.2
61.7
0.5
8.9
5.2
1.00.3
4.5
4.2
Share Ch.
▼
1.1 ▲
Fees
▼
Jan 1 – Dec 31
MarketMarket Advisor
-52.6%
93.3%
▼
▼
▼
▼
2.8
1.2
12.0
▼
▼
2
474.9
4,037.6
7,853.2
7,036.2
Market
5.3
Sh (%)
1.6
▼
6
-13.3
35,410.3
Any Spanish Inv Announced (AD34)
Goldman Sachs & Co
MarketMarket 2011
Rank
-17.1
31.0
+2
▼
Banco BTG Pactual SA
Citi
▲
-4.0
4
6,185.7
12
6,266.9 ▼
5,169.5
2,895.6
3.113 4,710.0
17
3.4
18 6 1.62,524.7 -6
-3▼
0.4
31.7
1.9
0.7
1.1
▼ 15
12
14
-3
-17 ▼
+8
3.3 132.82,554.7 ▲▼
3.7▼
▼
BBVA
▲
BNP Paribas SA
Societe Generale
3.1
9
6
5.2
▼
18 -4.7
2,316.811 -13.7
-0.6
2,404.8
14
7
18
3,958.6
▼
0.6
1.919
0.6
▼
24
0.8
▼
▼7
-2
2
16
2,847.3
Bank of America Merrill Lynch 14
Societe Generale 15
2,670.7
2,889.7
4
HSBC Holdings PLC 17
Morgan Stanley
10
11
12
Rothschild
13UBS
JP Morgan
2
6
-
9
8
Banco BTG Pactual SA
Mediobanca
BBVA
Santander
15
7
Fees
Market
Sh (%)
4
22
23,547.1 15.3
22,854.1
23,794.1
5
Share Ch.
▲
▲
Sh (%)
Change in
US$m Share Ch.
19.8
1
Market
Any Spanish Involvement Completed (AF41)
2012
Rank
2011
Rank
# of Deals per AdvisorRank Value per Advisor (US$m)
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Rank Value
11
Goldman Sachs & Co
Barclays
2 3
1
Financial Advisor
6,712.3
7,261.4
10
3
11,415.7
23,794.1
24,749.7
9Credit Agricole CIB
7,316.4 4.8
Nomura
99,361.4
15.5
Jan 1 – Dec 31
# of
▲ 0.8
Deals
-5
-2
1.3
9
6
7
▲7.4 1.313
-10.1
0.3
11
▼
1.414
-6
6
0
0.9 -1
▲
4
0.2
2
11
▼
▲
▼
+8
-9
1.1
3.9
4.1
19
5
AZ Capital
UBS
RBS
29
2.7
12
9.3
14.9
17,626.8
8
97
18.8
25*
9.0
8,718.1Macquarie Group
10
-5
0.5
1919
▲ 0.5
9
▼
0.9
▼
14
▼ Credit Suisse
+2
8.3
0.4
Lazard
13,962.3
8,379.4
0.9
11
▲
11
+40.7
▼
7,779.9▲
▲
4▼
▲
▲
0.1
0.25
7,721.8
▲
7.0
5.5
2 +2
5.5
▲2.94.2 -26
0.2
-23
▼ 97*
2.9
-4.8
-12.4
▼ 11-5.7
8
24
-
100.0
-9.8% ▼
▲+1
2.6
-6.9%
▲
-347
▼
-8.3%
▲
1,644
▼
-6 ▼
100.0
0.45.72.0
11.3%
0.5
0.00
0.11.3
-
21.4
1.6
▲+1
0.1
0.0
1.3 ▲
▼0.3
2.2 ▼
0.1
▲
14.7
0.0
▲
0.1 ▲
-
▲0.2
-0.0
1.6
-21.7
-
▲ 0.2
101.0
2.1
2.4
-
Morgan Stanley
▼
-5
▲
RBC Capital Markets
-2
+1
▼
+4
▼
JP Morgan
-8
Citi
-9
-10
Goldman Sachs & Co
-1
UBS
13
17
JP Morgan
Deloitte
Ernst & Young LLP 18
16
0.2
+11
▲
▲
Nomura
1 5.4
5.4- ▲
6
1.1
15
5,566.610
2.4
▼
-0
11
8
+223 2.3
1.414
17
Change in
Jan 1 – Dec 31
▼
Sh (%)
# of Deals per AdvisorRank Value per Advisor (US$m)
# of Deals US$m
▼ 4
Market
Financial Advisor
Credit Agricole CIB
HSBC Holdings PLC
46.1▲
▼
28.0
Citi 16.1 -2.6
64.5
0.4
-0.2
100*
2,730.0
4.6 4.6
1.9
0.4
6
▲
▲
Houlihan Lokey 21
25
Industry Total
Industry % Change from Same Period Last Year
Ernst & Young LLP
2,400.0
▲
-TAP Advisors LLC
115,917.6
2727
2,823.8 2.4
-
Jefferies & Co Inc
23Ernst & Young LLP
7.8
4.6
2.42,762.5
2,789.62,789.6 70.0
3 +2
5
▼Ondra Partners
7.0
+1
2311
22 2.4
24
5
+5
-1
0
▲
0.4
▲
2,873.4
-17.4%
35
- 1
2,695.6
1,970.6
▼
+1
9
1
1
20
▼
KPMG▲
0.4
19
20Nomura
BNP Paribas SA 3,308.416
21 3,140.0
MCF Corporate Finance GmbH 17*
Nordea 17*
73
100*
Evercore Partners 16
15HSBC Holdings PLC
RBC Capital Markets
Perella Weinberg Partners LP
9,247.1
8,062.1
12
-
22
-
Barclays -12.45
58*
14 84
13
Macquarie Group 11
7.9 3.4Barclays
5.7 ▲4.6 12.8
45.512 8.3
▲
0.3
▼
▼
0.9
0.2
▲
0.2
+6
▲
4 34,156.6
2
-27.8%
76,875.0
Rank Value
▲
25
Jan 1 – Dec 31
Share Ch.
Deutsche Bank
▼
29.0
Sh (%)
+14
1.3
Sh (%)Deals
1.2
▲
▲
3.1 27
1.57.3
▲
▲3 1
JP Morgan 4 2
6Rothschild 5
Deutsche Bank
7
9
8UBS
13.4
3 14,199.2
7
12.3
Lazard
Citi 6
6.3
8
10,719.4 9.3 -4.8
15,542.6
Credit Suisse
-5.7
▼
11.1
9 18
12,822.715 ▲
7.8
9,129.6
8.0
▲ 0.3
▲
▼
2012
Rank
Market Change in
10
0.3
▼
▼
0.0
8,062.1
▼
▲1.2
1.0
▲
0.8
Market
29.5
Rank Value per Advisor (US$m)
2011
Rank
0.2
# of Market
▼
-2.5%
# of Deals per Advisor
-289
2
▼
Industry Total 100.0154,048.0
-22.1%
1,016
Industry % Change from Same Period Last Year
AZ Capital 23 1.2
Credit Suisse 25
27
24
1,484.3
▼
▲
-2.2
12
-1
Itau Unibanco
+7
-3
8
Deutsche Bank
Rothschild
2
▼
▲
2
6
8,107.4
4,164.0
27
▲ 7
20
Lazard
Financial Advisor
5,360.9
93,563.6
3,583.6
2,730.0
42
21
2.1
81 5,172.5
▲
▲
https://www.thomsonone.com
1.1
38
28 20
12
8.6
26,040.9 22.5
16.3
9,838.3
▼
13
-9.2
8.5
7.0
-1.3
10
Morgan Stanley 33,610.1
31,468.1
0.1
9.0
27.2
22.8
10
26,416.5
1170.0%
Rank Value
US$m
1
▲
Any German Inv Announced (AD35)
Financial Advisor
Goldman Sachs & Co
2,629.65
1,867.2
2,043.2
Industry % Change from Last Quarter
Deloitte
69.1% ▲
1,773.237
-4.9
21PricewaterhouseCoopers 22
RBS
BNP Paribas SA
1,942.5
-3.0
20
1.3
▼
1.9
-17.9
-6.8
-11.5
1
+5
0.2
-10.1
-15.2
1.7
-15.0
-15.3
1.214.8
▲
▼
▼
+14
-6.8
-14.5
2.6
2
4.2
5.2
0.526.7
Market
Sh (%)
Advisor
▲
0.7
▼0.9 0.6
▼
5.3
5.6
1.3
▲3.8
▼
1.3
6,469.0
Industry Total
7
Bank of America Merrill Lynch
3
1,867.2
37
8
23
2.4
2.322 1,773.2
21
Industry % Change from Same Period Last Year
100.0
2,864.1
1,469.6
-15.1
3.0
4,925.2
4,126.6
Rank Value
1.9
6,783.0
5
9
2
24
21
5
10
23.6
-1.8
Share Ch.
14.7 ▲
▼
MarketMarket
27.3 ▲
▲
6.6
▲
1.9
-10.6 ▼
38.5
-3.2
Sh (%)
21
8.3
▲
3.7
34.2
23.6 -3.0
-16.0
▼
-17.9
▼
▼
▲
-13.8
▼
4,573.1 -6.8
5,166.7
3,907.0
5.5
4.9
4.2
4.0 4.0
4.2
7
▲3.8
20
-6.0
▼
-4
4
2
1.2
▲
3
0.4
15
▲
4
0.1
▲ 3.2
0.4 -67
0.2
▼
▲
0.5
0.4
0.2
0.6
1,357.8
0
2.129.0
0.3▲
8.8
2.4
0.2
-
3.7+1
▼
▲
▼
▲
+10
-3 ▼
+3
0.3
4.2 0.3
1.5
▼
▼
20.6
3.6
24.2▲
0.7
▲
-7
4.1 +1
0.4
▼
1.3
▼
▲
+2
0.2
▼-1
13.1
5.2
1.1
▼
▲
▲
0.9
▼
15.5
▼
▼
▼
0.7
5
▼
-19
3
4.8
11
-6.4
13
4.7
4.4 ▼
4.1
▼
▼ 0
24
15▼
14
Lincoln International
9
25
▲
Rank Value per Advisor (US$m)
5.3
▼
Societe Generale
MCF Corporate Finance GmbH
22
Industry % Change from Last Quarter
Industry Total
55
74
2.5Jefferies & Co Inc
-4.71525
TAP Advisors LLC
3,734.9
2.6
2.9
2.9
3.5
13 3.1
8
0.0
▲
14
Barclays
Market2012
Rank
17.4
14.2 ▲ -8
17
2
+9
0.5
6
0.2
# of Deals
-6
13
PricewaterhouseCoopers 6
▼
▲
0.7
10.2
▼
-1141
8.1 0.7
▼
9.2
-10.9 -2
-8.1
1.5
▼
8.8
3.2
8.4
5
-9
-11 ▼
13
▲
2.6
2.02.5
2.0
7.2
4.8
▼
0.7
-17.2
-5.4
3.5
5.6
▼
▲
▲1.5
▼
1.7
0.8
15.1
26.7
1.4 5.8
▼
▲
▼
0.7
6.1
2.7
1.4
-5
-8
3.2
0
3.9
-15
-
18.4
-2
7.2
▼
3.3
▼
3.4
1.5
1.2
17.9
0.3 ▲
▼
1.4
3.8
▼4.6 63,526.9
5.4
-14.5 ▼
17
-11.7
19 24
-2
4.8
6.4
-27.5
10.6
0.6
▼
KPMG 20 -9.7
1.4
1.3
27▼
40
2,120.1
▲
40
Ernst & Young LLP 21 1,952.7 1.330
-3.6
0.2
42
24 12▼ KPMG 1.91,493.0
2.31,763.416
2
85.2
▼
▼
▼
Sh (%)
120.8
35▼
▲
8.1
129.5
▼
▲
Deals
2
-10
+6
-3
-3
8
-4
0.7
7
1.9
0.8
-9
+1
▼
2
14 -2
18
+1
0.5
0.9
0.9
37.8
24.9
+3
48.2
0.1
0.7
1.2
0.2
▲
-9.2
4.0 0.23.9▼0.2
▲4,484.5 4
3,734.9 3.2
3.23,734.9 6.3
3.9 ▼-1.3
0.1
2.9
2.7
▼
18*
-2
RoelfsPartner0.5
18*
17
16
PricewaterhouseCoopers
Nordea
▲
HSBC Holdings PLC
33
Nomura 20
2,400.0
0.0
4.4%
-341-341
▼ ▲ ▼39.0%
-5.2% 2.6% ▲
-14.1%
Industry % Change from Last Quarter
▼
▲
12
▼
Credit Suisse KPMG
UBS Goldman Sachs & Co
3,535.8
0.1
0
18
Macquarie Group 4,501.8
7,554.3
5.9
5.1
Handelsbanken Capital Markets 15
1.2
16
3.7
5.9
12.4
7.0
0.6
▼
13.2
+6
+3
Sh (%)
▲
-5
-7
+5
0.4
-7
+4
13 0.8
+3
0.9
6
-5
4,378.2
1.5
0.6
▲5.0
▲ 1.6
5.7
▲
▲
▲
13.2
+4
0.6
+6
▼
12
0.6
-8
0.7
0.4
10
10
7
0.4
Citi
Nordea 13
8
10
-23.5
9
Barclays
-3.2
0.4
10
▲
▲
11
Morgan Stanley
Industry Total
▼
-31.0%-11.5%
Industry % Change from Last Quarter
▼
15.4%
▼-29.3%
8.0%-29.9% ▲▼ -15.6%
▲Industry % Change from Last Quarter
▲
https://www.thomsonone.com
▲
55.5%Industry % Change from Same Period Last Year
* tie
57.0% ▲
76,749.6 100.01,160.3-222
+1▲ ▲
▼
3,474.5 14.5
1
1,701100.0
1.8
Scotiabank+1
0.2
+1
0.2
0.2
0.1 +1
-
▲
0
0.1
1.8
1.8
▲
▲ National Bank of Canada Fin'l
▲Mitsubishi UFJ Financial Group
▲- 3,474.5
23*
4.523*
- 4.5
-
23* 1
4.5
-
4.5
3,474.5 0.1
▲
▲
0.2 0
3,734.9+1 61
4.5
▲ Perella Weinberg Partners LP
0.0
20*
Nomura1
▲3.6
4.6
0.23
0.0
+1 4.622 22
2
▼
▲
-1
1
4.2
0.1 3.2
4,246.1 5.5▲
20*
-
▲
21 1.2
04.9
81 4.9MCF Corporate Finance GmbH 3,734.9
5.7
-
19 31Carnegie
Evercore Partners ▲
▲0.4▲660 0.8▲5.6
12.2
▲
▲
11.0
1
0.2 +1 ▲
+7
+1 ▲
-
40.5
▼
▲1.6
3.5 ▲
1.09.8
6.5
4,275.8
17
4,043.9
Lazard
ABG Sundal Collier
5.5
▼ 16
5
45 4,973.4
29
+1
0.6
0.2
▼ 7,823.8
4
6.2 ▲
6.2 14 ▲18
8.4-10.3 6,434.2
▲
8,782.0
6
12 11.4
▲+2
16 5.7 ▲
10.2
0.5
21▼
▲
▲ 11
-1.8
0.712
▲
6▲
-5.0
▼
▼
9,819.6
14.0
12.8
8
13
1 9,526.7
9
15.8
SEB Enskilda
+8
10
10,157.2
41 2.4
▼
0.7
▼
11.0
0.6
▲
Share Ch. FeesDeals
AdvisorChange in
12 +3
-3
+7
-322.9
13,724.9
9
+2
+14 ▲
0
24 Mediobanca
Rothschild
Societe Generale
3.6
▲
-
9
8
▼
3
99,187.8 12.0
5.6
4,720.6
5,765.2
27.0
Goldman Sachs & Co 3
3.9
23
21,544.0
# of
12
19 16,121.7
Market
4
Deals
2432.0 ▲
17,710.0
▲38.0
Sh (%) Share Ch.
▲
19.6
34.4 25.3
Any Italian Involvement Completed (AF43)
▼
8▼
12
▲
20.1
▼
21.5
9-13.3
13.6
28
1.6
15
17.3 ▼
21
7
▼
-36.0
4.5
▼-52.4
-11
▲
▼4.2
+1
+6 ▲
3.0
5.5
1.8
Market
# of Deals per Advisor
EMEA Rankings
Advisor
# of Deals per Advisor
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
27
▼3.3 -9
-3
1.0
7 1.0
▼-14
7
4.0
22
-11
▼
▼
9
▲ Credit Suisse
10
▲
26 3.9 +2
Bank of America Merrill Lynch
UniCredit
-33.8 ▼ Deutsche Bank
▼
▼
Leonardo & Co
1.07
+412.5
-32.8
9.2
1
7
0.4
▲
-8
-1
3.7
+3
-4
0.6▲
10
0.1
0.32
4.6
3.6
3.6
-25.1
3.6
2.5
1.8
3.7 0.7
▼
3
▲ 5
1.5
1
▲
2
1.4
▲0.7
1.8
779.6 1.4
778.3 ▼
3.3
▲
▲
Banco Bradesco SA
26*
78.5%
22* -
21
100.0
BBVA
Itau Unibanco
25HSBC Holdings PLC
31
19
22*
Financial Advisor
13,406.8
-8.2
Rank Value
▲
-25.2%
54,209.8
-36.3
2.2
3.1
-12.2
▼
+3
1.9
+6
-3
25
+44
▼
▲5.7
▼
15
-221
1.0
6
8
▼
BNP Paribas SA
6.416
8,113.6
Barclays▼
▼
20.3
18.520.59,593.7
3,916.1
▲ ▲
▼
+13 -18.8
311
46.0
Market
14.5
# of Deals
+1
Market
4.2
▲
▼-4
Sh (%)
2.6
9
▲
▼
Fees
3.4▲
1.8
13
+4
37.5
34.1
17.2
▼-5
11.9
38.0
▼
0.5
1.6
▼
1.8
4.7
4.5
▲
▲
7.3
7.4
▲
5.1
0.6
1.1
5.4
2.3
▼
-11
-7 0.4
-14 26.5
2.2
6.5
5
15
1014
12 9,407.6
10,736.9
21
3,253.2
24
▲
HSBC Holdings PLC
0.3
▼ Itau Unibanco
22*+10.1 ▲
0.9
17
+1
Banco BTG Pactual SA
1,515.8
18Santander
▲
▲
5
▲
-4
24
# of Deals
▼
2,338.0
▲
Any Nordic Involvement Completed (AF44)
26*
Industry Total 46,842.2 506
BBVA
19
Banco Bradesco SA
Evercore Partners
LF Rothschild & Co
Citi
25
8.4
8
# of Deals per Advisor
Jan 1 – Dec 31
1
4
991.7
▼
991.7
15
1,174.2
-4
16
▲
2
7.6
0.4
13
▼
# of
Jan 1 – Dec 31
+1
18
-7.9
0.5
-8.6
-28.4
1,953.7-
23
Industry % Change from Last Quarter
Industry % Change from Same Period Last Year
Industry Total
▼ 11
-412
▼
Market
274.4%
▲
-7
2,221
2
US$m
14,695.1
Sh (%)
18.8
-2
-
3,474.5
▲
13
▼
UBS
4.5
-13
▲
▲
17.2
-0.9
4.5
21*
117*
2,913.0
4.5
21*
Any Nordic Involvement Announced (AD37)
14.4
16.6
13
26
▼
40
▼
11.8
10.6
-
3,474.5
4.5
25*
National Bank of Canada Fin'l
+1
10
▲
4.5
▲
21*
4.5
10
0.5
Deals
Market
Share Ch.
Market
0.5-12.6
673
6
Change in
-21.4%
▼
-189
# of
UniCredit
Evercore Partners
Citi
BNP Paribas SA
991.7
▼
11
20
17
Santander
Barclays
24
8
28
991.7
1,803.6
1.81.8
-29.3
Leonardo & Co 17 3,072.9
19
2,490.6
18Nomura 1,998.2
1,962.4
16
3,654.2515 6.7
10.5
12.4
7
16
6,713.0
17.0
14
26*
13
8.7
11Lazard
Societe Generale
6,416.7
13 5,700.1
9,223.7
Bank of America Merrill Lynch
Banco BTG Pactual SA
12
9
13,313.9 24.6
KPMG
JP Morgan 7,649.8
310
22
24
8
4
14.1
17.1
11,391.5
9,280.6
10,518.0
7
1
6
12
19.4Intesa SanPaolo
20.9
-30.2
1.25Deutsche Bank 14
Goldman Sachs & Co
US$m
Rothschild
11,313.2
15
4
Mediobanca 3
2
1
2011
Rank
2012
RankFinancial Advisor
Rank Value per Advisor (US$m)
14,641.6
-23.6
2
14.9
▲
▲
21.0
▲
▲
2.8
2
29.3
3.2
Lazard
13
37.8
▼
-6.7
-48.7
▼
▲
3.8
▲
-19.1
▼-11.1
-7.8
▲
2
11
0.1
2.4
7
1,108.7
43 1.9
779.6
1.3
6
11▲
▲3.7
10
▼
0.3
0.5
▲ 3
▲
28
▲
-3
▼
0.5
14.1
HSBC Holdings PLC
10,811.6
5
JP Morgan0.5
11
Financial Advisor
18.113,910.2
2012
Rank Sh (%)
27.120,776.73
Market
2.5
23.3
13,312.2
10,902.5
2.4
5.0
10,085.9
17.3
9,520.6
6.9
22*
1,953.7
20
2.1
1.0
33
2.1
4.2
0.9
21
-3
12
Change in
5.9
Deals
0.1 ▼-4
+1
+10.4
0.8
0.0
4
0.2
-2
-6
Bank of America Merrill Lynch
▲
▲
-1 Credit Suisse▼
4
+5
▼
▲
17
0.3
1
1
▲
-1.1
3
2.124.4
▲
0.1
0.2
▲
0.3
▲
0.8
1.0
0.8
3.5
1.1
▲0.2
▲
0.2
▼
▲
▼
▲
▲
0.9
1.9
▲
▲
▲
0.2
▲
▼0.7
2.1
▼
▼
▲0.3
2.8
9.0
18.6 0.7
▼
2.7
0.3
0.8
31.2
26.6
▲
4.8
3.3
▲
1.125
0.5
Rank Value
▲
▼
▼
11,067.8
108*
7
2
778.3
Deutsche Bank
14,982.7
12,109.1
5
3
▼
▲
0.9
▲
▼
0.5
0.4
0.5
▼
▼
▲
▼
26*
3,000.0
▲
Rank Value per Advisor (US$m)
1.7
-
43.0%
10,735.1
14.4
▲
14
2
31
20
2011
Rank
Rank Value
US$m
Rank Value per Advisor (US$m)
▼
-33.3
▲
▲
100.0
2.1
+9
▼
▲
Industry % Change from Last Quarter
6
25
0.410.9
0.5
0.2
2.1
▲5.6
▲
0.2
0.4
▼1.2
▼
▲
0.6
▼
▲
▲
▲
-
▲
0.0
▼
1.0
0.4
Market
4.1
0.8
1.4 0.3 0.3 ▲
0.4
0.7
0.84.1
0.4
23.6
33.6
3.3
15.8
Change in
6.2
▼
17.8
0.1
2.9
1.7
13.6
3.1
2.0
4.6
0.10.6
3.2
1.3
2.6
0.2
4.9
2.8
3.1
2.3
1.7
3.1
1.2
65.2
3.7
100.0
18.9
15.0
43.3
47.6
▼
1.2
Market
▲
Share Ch.
35.9
▲
57.0
20.1
1.3
2.6
0.2
-8
+1
-2
0.8
0.2
1.2
0.2
Market
▲
3.0
0.6
▼
▼-61.4
-20.4
16.3
▼
10.3
Imputed Fees (US$m)
3.5
▼
6.6
Jan 1 – Dec 31
7
Intesa SanPaolo
-
Rothschild
RBS
18
2012
Rank
-16.9
11 17,778.6
3.8
1.1
1.7
0.1
-11
Any Italian Involvement Announced (AD36)
Sh (%) Share Ch.
Market
US$m
Morgan Stanley ▲18,035.6
Rank Value
Share Ch.
Market
33.3
Sh (%)
2011
Rank
1.8
Market
Sh (%) # of Deals
Jan 1 – Dec 31
1
Market
7
1
9
1.3
Morgan Stanley18.2 +1
▼
Financial Advisor
23
3
2
1-19.8
-25.5
▲
▼
▼ 15
1.4
1.2
▼
7.2
8.9
▲
▼
1.7
▼
▲ 2
4
-
-2▼
0.4 0
0 3.8
.9
0.2
0.2
1 -
1
▲
2.4 0.5
▲
2.4
0.2 -1
▲
-1 1.8
0.2
+1
+1
1
0.8
0.2
▼
▼
3.439.6
-
-45.1%
-201
▲
▼
514.3
30.2
# of Deals
-28.4%Industry % Change from Same Period Last Year ▼-43.7% ▼
Market
-41.7%
-21.9%
▼
▼
Industry % Change from Same Period Last Year
▼
+4
0.5
4.5
Rabobank NV
100.0
3.7
4.5
3,474.5
21*
17
3,535.8
78,023.1
Scotiabank
20
Macquarie Group
Mitsubishi UFJ Financial Group
3,474.5-
3,734.9
5.2Lazard 16
18*
15
24
12
4
Nomura
ABG Sundal Collier
14
Perella Weinberg Partners LP 18*
MCF Corporate Finance GmbH
Bank of America Merrill Lynch
13
Handelsbanken Capital Markets
5.9
6,294.4
1.84,857.5
3,734.9
89
-
50 3,906.1
4.8
8
5,622.3
9.9
19
38 7.2
9.6
Credit Suisse 12
10
Barclays
4.8
13 7,516.3
14
8.1
11
3.7
▲9.7
9.3Citi 18 7,245.6
27 10,304.9
31 10.4
4.013.0
8,148.3
5
3
1
2012
Rank
2
4
2
3
2011
Rank
HSBC Holdings PLC
9
6
Nordea
7,586.4
10,141.6
7,719.8
9
6
Rothschild
1
8
Deutsche Bank
Morgan Stanley
5
JP Morgan
Goldman Sachs & Co
7
SEB Enskilda
5.0 4.5
1.2
4.8
4.7
4.5
4.8 ▲
▲
2
5
▲ 1
Industry Total
CIMB Group Sdn Bhd
-1.3
10.5
▼
-7
▼
-3.3
-15.3%▼
Imputed Fees (US$m)
Sh (%)
0.9
▼
35.8
12,909.9
13.2
11,208.0
-8.9 ▼
-2.4
▲
8.6
4.0
Sh (%)
-8
# of Deals per AdvisorRank Value per Advisor (US$m)
# of
1
Renaissance Capital Group
Macquarie Group
26*
26*
-
-
750.0 1.6
750.0
1 0.2
0.2
1.6 +1 ▲
▲ 1.4 0.3 0.3 ▲1.6 1.6 ▲ 1 +1
Malayan Banking Bhd - 2,913.0 3.7 3.725*
▲
0.0 +1 ▲
1
0.1 0
0.0
0.0
▲
13
UBS Credit Suisse
-45.9% ▼▼
2
Banco Espirito Santo SA
HSBC Holdings PLC
23 2.6
22
97* 2.4
3.0
49
1
12.9
12,856.0
▼
3.0
13 -13.6
▲
2.7 ▲
▲
-16.9
▼
▲
-13.9
12.0
16,400.4
▲
13,905.9
3.7
12.2
2
16-9.8
▲
-1.8
-28.4
▼
-15.5
13.6
1.0
3.554.3
# of
27.9
4
25.4
2
2011
Rank
-9.5
21
30.4
▲0.8
+1 ▲1.9
▼
-6
▼
▲
▲
3.9
2.1
-1
+3
0.6
0.9
▲
-1,134
Greenhill & Co, LLC
4.1
0.3 +1 ▲
0.4
7
-5.0 +6
▼ 41
-28.2%
-30.4%
3,095.4
▼▼
32,409.9
-6.3%
3
-31.4%▼
https://www.thomsonone.com
▼
▲
1.2
+2
1,215
▼-20.5% -21.7%▼
-708
1.1
100.0
▲ ▲
0.2
20.6
27.5
1,541.2
13.4
▼
+3 ▲
▲1.3 1.3
1.0 ▲
▼
+1 17.7
3,316.8 1.7
0.72.8
0.2
0.4
2.5 1.4
5
▼
69*
0.2
11▼
-1+5
24-1
▲
8
1.6 0.2
▲
0.5 ▲ 20
+3
+3
China Construction Bank
99
-1 ▼ 2.1 0.1
▲
Evercore Partners
2.2
2.1
▲
▲
0.50.5
0.4
0.3
21
+1
5
0.1
+2 ▲
1
▲ 4.5
▲
6.3 0.4
3
2
0.1 20.9
0
+2
1 0
0.1
8.20.2
-
1.3
1.9
21
1.6
+6
2
19
0.2
1.417
JP Morgan
0.7
1.4
2.1
1.923
22.0
▼
24.8
26
3
2012
Rank
+3
Fees
213 35,916.3
1.5
31,668.9
1
Sh (%)
Rank Value per Advisor (US$m)
Goldman Sachs & Co
Morgan Stanley -28.21
# of Deals
01.7
# of Deals per Advisor
Share Ch. Share Ch.
▼
Deals
Market Advisor
4.5
Sh (%)US$m Sh (%)
Market
Sh (%)
# of
Sh (%)# of Deals Financial Advisor
2011
Rank
28.0 +240.678,227.1
# of Deals per Advisor
▲26▲
Change in
Financial Advisor
Market Change in Market MarketRank Value
Deals
Rank Value
US$m
Jan 1 – Dec 31 Any Benelux Involvement Completed (AF47)
12-6.3
▲3.9
▼
-0.5
Market
Deutsche Bank
4
6.6▲
▲
69.7
101.6
1.7
Jan 1 – Dec 31
▲
1.1
0.82.3
6 Jefferies & Co Inc
-5.0% Industry % Change from Last Quarter
▲
0.11
Industry % Change from Same Period Last Year
* tie
Industry % Change from Last Quarter
27.0%
5
76
3
1
30.4
2 74,334.8
Morgan Stanley
38.6
11
Goldman Sachs & Co
JP Morgan 4 27.953,728.8
Lazard
Bank of America Merrill Lynch
1
58,487.0
EMEA Rankings
22.4
24.5
25.89 49,683.8
3.0
47,202.2
Any Benelux Inv Announced (AD40)
2012
Rank Share Ch.
2
▲
23
▲
▲
Rank Value per Advisor (US$m)
▲
▲8.4
▲
▲
▲ 21
2.0
Lazard
2.5
-2.9
1.7
1.9
38
29
26
▲
5.4 ▲
6.9
▼
1.1
1.4
0.1
-3
8.7
30
16
10.3
-15
-6 BNP Paribas SA
Bank of America Merrill Lynch
+6
+1 Nomura▲
▲
9 20,733.8▼
66*
17,369.1
▼
512
15,541.4
11 17,131.1 13.44
10
17*
▼
16
15
-9.5
▼
ING
4,147.0
▼
3.8
14Citi 14,728.3 11.6
10.9
4,947.8
3.3
3,164.9
-3.6
Industry % Change from Same Period Last Year
127,520.7
3.9
2.8
▼
2.4
Sberbank CIB
▼1.8
Industry Total
Societe Generale
3,515.9
Scotiabank
3,861.7
25
5,200.0
-1
-
UBS
13Centerview Partners LLC
18
▼
0
-1
▼
17
▼-14
+3
+5
+1 ▲
19
▼
1,499
2.1
0.3
▲
-4
12
▲0.3
0.6
▲
▲
8
32
▲
▲
4
▼
4 86*
Quarterly EMEA Cross Border Volume
▲
1.6
2.1
4
3,999.7
▼
-19.1%
1.2
2.0
10.1
2.0
100.0
Ondra Partners
3,506.5
Standard Chartered PLC
1.4
▼
▼91.6
66.8
59.4
65.6
▲
Imputed Fees (US$m)
Market
0.6
0.3
0.5
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
5.9
▲4.3
Market
-10
▼2.4
5.6
-12
▲1.8
-4
-7
▼
▼
1.3
▲
0.9
2.0
▼
1.8
32.4 1.8
▲11.6
0.2
0.3
1.4
0.1
2.4
30.2-23
0.6
▲
0.8
▲
▼
37.3
0.8-
86.6
0.21.8▼
▲
52.0▼
54.0
3.4
▼
4.3 ▲
▲27.5
17
26
15.7
▼
▲
-116.8
29,119.4
21.7
▼
23
▲
17
+5
-3
▼
6 22.8
▼27,703.6
-17.9
▼
28,092.5 1.4
2.1
1.016.3
14
8
6
+2
Barclays
+19
Rothschild
5▲
12
▲
35,591.5
60*
9
21,377.6
▼
-1.1
▼
Deutsche Bank▼
+1
▲+7
10
19
7
8
0.6
▼
1.3
1.5
▲
▼
▼
0.6
0.1
1.3
1
23
12
9
0.8
▼
Ondra Partners
7.2
0.5
▲
20
19
16
ING
6.7
-11.7
-15.8
18
- 12,856.0
24
13
Credit Suisse
5,438.9
19
2.7
RBS
17HSBC Holdings PLC
14
15
13
7
12
BNP Paribas SA 11 12
Rothschild
8 28,027.0
8
10
17
Barclays
2
18
3
9
Centerview Partners LLC
+1
9
▲
0.7 9
6.5
19▼10
5
23
26
37*
22 14
123*
100.0
Nomura
192,674.7
3,164.9Scotiabank
Santander 25
Industry Total
24
2,204.8
Societe Generale
7.4
96
Jefferies & Co Inc 5420
Sberbank CIB 21
Citi
123*Greenhill & Co, LLC
2.3
-2.4
14.6
2.34,414.8
15,627.0
14,198.7
5,797.7
5,141.5
2.8
3.0
20,566.6
13,951.1
21,206.4
6.7
8.1
11.0
10.7
-8.0
0.2
-1.2
-0.2
-12.6
6,229.0
2.8
12.5
3.2
4,407.8
23,990.5
4,344.2
EMEA Inv. Announced M&A Target Sector by Value ($bil) Jan 1 – Dec 31 2012
6
22
3.5
1.7
9
43,124.6
$198.0
$196.9
$131.8
$130.9
$117.9
$86.9
$55.4
$55.0
$53.3
$42.8 $40.6 $35.3
Energy and Power Financials Industrials
Real Estate Materials Consumer Staples
Retail Healthcare Telecommunications
High Technology Consumer Products and Services Media and Entertainment
Government and Agencies
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
# o
f D
ea
ls
Ra
nk V
alu
e (
US
$b
)
Inbound (US$b) Outbound (US$b) Number of deals
14
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Asia Pacific (ex-Japan) M&A
Asian M&A Recovers I Fees Earned Drop 29% I Australian M&A Value Halved
12,738.6
https://www.thomsonone.com
ONGC Videsh LtdPending4,970.5
India / Kazakhstan Energy and Power / Oil & GasFinancials / Banks
Rank Date Date Effective
7/23/2012Consumer Staples / Food and Beverage
NCOC BV (8.4%)
Morgan Stanley
Morgan Stanley
63,580.2 Financials35,678.3 Goldman Sachs & Co2
1
Energy and Power / Oil & GasPetronas Carigali Canada Ltd 5,865.5
2
Materials
3
18,035.5 Citi
637 No. DealsRank Val US$m
82,019.8 Share
Mkt.
Rank
64,143.7
19,965.6 23,531.1 BMO Capital Markets
RBC Capital Markets
30,037.7 Energy and Power
Goldman Sachs & Co
18,137.3
9
24.3
13
10
12.5
992
89.76
12,424.1
11
UBS
44.3
Morgan Stanley
28
HSBC Holdings PLC
51,911.4
China Telecom Corp Ltd 18,047.3
Acquiror / Target Nation
China / China
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
Acquiror
China Telecom Corp-3G Assets (100%)
Target (% Sought/Acquired) Target Macro / Mid Industry
Pending CNOOC Canada Holding Ltd Canada / Canada 17,665.6
TCC Assets Ltd
8/22/2012
Singapore / SingaporeNexen Inc (100%)
12,491.012/5/2012
6,090.6
Thailand / China
Alibaba Group Holding Ltd China / China
Financials / InsuranceInvestor GroupBritish Virgin / Singapore 9,219.3
9,385.9
Pending
Shareholders
PendingPending
9/13/2012 Pending
11/15/2012
12/12/2012
9/18/2012
OUE Baytown Pte Ltd
Asia Pacific (ex-Japan) Deals Intelligence
China Cross Border Announced M&A
5/20/2012
4/2/2012
6/28/201211/26/2012
Pending
9/1/2012
Bank Danamon Tbk PT (67.4%) DBS Group Holdings Ltd
Canada / Canada
Singapore / Indonesia
Progress Energy Resources Corp (100%)
3Consumer Staples 57,755.7
Goldman Sachs & Co
Telecommunications / Wireless
2Credit Suisse
6,459.8 7
8
Fraser & Neave Ltd (100%)
Consumer Products and Services / Professional Services
Ping An Insurance(Group)Co (15.6%)
7,100.0Fraser & Neave Ltd (69.6%) Consumer Staples / Food and BeverageAlibaba Group Holding Ltd (20%)
2
1,348 12,303.9 1
12.4
9
6,231.6
25,559.6
41,429
Morgan Stanley
Industrials / Automobiles & Components
Energy and Power / Oil & Gas
3
3
1
323,071.7
Rank Value (US$m)
Jan 1 - Dec 31 2012
10.9Citi
Asian Completed M&A by Region - Imputed Fees
5,630.0
23.7
36.6
40.0 8
10
8.9
20.019.5
2
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
18.4
32.7
7
Jan 1 - Dec 31 2012
Australian M&A activity amounted to US$88 billion, a 50% decline from the US$173 billion grossed in 2011. Australian
cross border activity totaled US$46.6 billion in 2012, falling far short of the US$88.9 billion accrued last year. Foreign
companies invested US$11.2 billion in the Australian Materials sector, representing 28.6% of inbound volume.
9/1/2012 South Korea / South Korea
Credit Suisse
Industrials
5,000.0
18,868.8
Hankook Tire Co Ltd-Tire Bus (100%)
22.1 5
M&A activity with Asian involvement in 2012 increased 16.7% over 2011, to US$488.9 billion, from the US$420.2 billion
recorded last year. Deals in the Energy & Power sector registered the highest value in 2012, accruing US$82 billion in
activity from 637 deals. The Materials sector reached US$64.1 billion in value, from a market-leading deal count of
1,429. Activity in the Financials sector amounted to US$63.6 billion from 992 deals.
Estimated buy-side and sell-side banking fees earned in the region totaled US$2.4 billion, a 25.5% decrease from totals
recorded last year, according to Thomson Reuters/Freeman Consulting. Goldman Sachs, the top earner, accumulated
US$141.4 million in fees, a 5.9% wallet share. Credit Suisse placed second, grossing US$119.5 million. Citi followed,
with US$110.4 million.
China outbound activity in the fourth quarter of 2012 decreased by 15.2% compared to the fourth quarter last year,
reaching US$18.1 billion. Despite being behind 2011 totals at the end of the third quarter, China cross border activity for
full-year 2012 reached US$96.7 billion, just surpassing the US$91 billion in activity recorded last year.
Citi
28.7
616 11,669.9
1
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
3Q
07
4Q
07
1Q
08
2Q
08
3Q
08
4Q
08
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
% O
utb
ou
nd
Ra
nk V
alu
e (
US
$b
)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
$0.5
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Imp
ute
d F
ee
s (
US
$b
)
North Asia South Asia Southeast Asia Australasia
15
China International Capital Co Bank of America Merrill Lynch
Greenhill & Co, LLC JP Morgan
4,971 2,415.0
0.8
0.5 -1 0.9
4.8
▼
▲
▼
0.1
0.4
1,764.1 61.5
7
▼
100.0
▲
10.0
0.5
4.2
6.8
3.0
▼
0.4 0.1
0.5
▲
▲
-1
1.7 +2
3.2 ▼
4▲
0.4
2.0
0.3
6-12.3
BMO Capital Markets
1.6Blackstone Group LP 43
▲
11
-
1.7
21
1.5
20
-11 0.1
100.0
2.11,871.6
18
▼
+5
0.3
▲ +4
0.4
1.3 ▲
0.6
https://www.thomsonone.com
▲
-11.9%
0.8
0.4
▲
* tie
0.4
0.89.7 ▼
▲
1.2
100.0
▲
▲
-53
14.3
0.6
▼
0.1
0.3
1.2 ▼
▼
▲
10.4
0.7
0.4
0.0
0.2
▼
0.3
▲
▲
0.2
-
-1.6
4.9
0.8 ▲
0.8
1.4▲
▼
20.2
40.3
19
-2.2
1.0
-13.3
4.5
5
124,407.4
▼1,443.0 19
+2
9 2,864.9
+5
KPMG
-6.5
4.2
16
Fort Street Advisers
0.3
39
▲ Bank of America Merrill Lynch 16
0.5
-6
37▼-16.6
▼
0.1 ▼
▲
▼
1.1
22
2,060.7
119*
2,184.3
6
32.4
▲
-6.4
▼
Evercore Partners
63
Gresham Partners 0.6
22
RBS
4 0.2
1,365.5
▲
24
9
1,897
Paradigm Capital Inc
Nomura 1,242.7
-
BMO Capital Markets
Haywood Securities Ltd.
Bank of America Merrill Lynch
20
Lazard
50
17 15
24
Grant Samuel
19
18
15
16 3
39*
▲
-5
1,925.2
1,310.8 +1
0.48
0.2
46
17
0.2
-11 ▼
18
25
-8
-2
-8.9
1.3 ▲ ▲
1,183.2
12 ▼-2
+3
1.5
23
JP Morgan
Canaccord Genuity
4
HSBC Holdings PLC
1.2
1021
59
▼
10
7.3
12
14
+1
6Deutsche Bank
5,245.5
4.8
13
▼
+2
-3.7%
4
1,369
-30.3
0.2
2
▼
2.2 ▲
-13.9
0.5
1.3
0.2
0.3
0.4
▲
6
0.9
▼
Industry Total
▼
8
0.6 ▼
0.6
11
0.9
0.4
17
7
-2
-29
11
51.0
▲
▲ Credit Suisse+4 ▲ 12
4
251 -17.0
▼ -7 ▼ 31.512.5
2 21,329.1
22 1.2
-5.1
4
-1.0
-7.0
0.95.0
▼
9,537.3
UBS
17
1 25,682.3
Macquarie Group 23.2
23.7
11,215.8
3
28.5
-14 Rothschild
11
-
Morgan Stanley-6
RBC Capital Markets
▼
73
8
10
7
▼
0
▲
+5
▼ 20
1,137.3
5.8
8
Moelis & Co
Grant Samuel
3,105.1
6,594.45
15
14
1,222.1
45.9%
▲
100.0
42
22
▼
3
1,205.5
▼ 14.5
-16.5%
1.025
-51.4%Industry % Change from Same Period Last Year
▲
-35.4%
0.4
▼
0.7
▼
▼
1.4
31.1%
1.4
Industry % Change from Last Quarter
-1
▼
16.7
-1
4
-6
7 0.5
0.3 -0
▲
2.6
2.7
2.8
31.9
1.144.5
34.0
1.4
+5
-0
0.7
0.9
-5
▲
43.5
▼ 3.6
▼
▲
3.6
-1
0.7
18.6
6
1.4
▼
▲
31.9 2.7
▼
1.7
3.1-6
-5 ▼
▼
1.5
1.1
-
1.4
2.2
▲
▲0.8
1.3
▼
3.7
43.5
▼
▲
▼
0.9
9
10
▲
-7
+5
▲
▼
0.0
0.1
▲
3.4
26.8
1.4
▼
▲
1.5
90,015.9
9,984.132
18
21
16
19
17
9,866.7
13
15
0.0
0.0
7,198.8
▲
2
22Barclays
Industry Total
CITIC
-27
▼
Lazard
-4
▲+4
+2
AMMB Holdings Bhd
▲
Goldman Sachs & Co
+9
7,301.2
8.6
24
Market
0.6
13,043.2
▼
0.3
-2
3,907.8
▼
▲
-23.3
-6.8
▼-12.4
8.3
4,940.7 -3.4
4,443.5
7,277.9
8.3
11,257.7
7,540.6
10,281.3
5.1Barclays
Morgan Stanley
RBC Capital Markets
Moelis & Co 11
27
UBS 2
10
13
Citi
4
8
3
9
6
7
Goldman Sachs & Co
5Rothschild
KPMG
2,444.7 ▼
17
14Aquasia Pty Ltd
Deutsche Bank
1
13
12 2,960.3
10
0.8
▲2.42,116.0
9
2.5 -0.4
▼
1.9
-1.1
12.8
Share Ch.
3.1
Market
-0.2
▼
Sh (%)
20
8,738
▲
8.0
-
▲4.6
▲
18
1.7
▼
Sh (%)
▲
11.7
7.6 8
-28.2
42
0.4
19
100.0
# of Deals
# of Deals per AdvisorRank Value per Advisor (US$m)
▲
Deals
▲
Any Australian Involvement Announced (AD24)
▼
▼
14.8
16.0 ▼
# of
-1,011
9.0%
51
▲
▲
0.6
9.2 ▲
2.2
0.9
-10.4%
1
▲ 66
+5 ▲ Morgan Stanley49
20
21
-
7,996.6
45
7.1%
307,771.6
5,391.9
10
Industry % Change from Same Period Last Year
1.6
▼
-49.1%
▼Wells Fargo & Co
4.6%
▲
41.2%
1.1
88,033.1
▼
3.4
4
▼
5 3,484.0
3
0.5
Industry % Change from Last Quarter
25
▼
-4.3
▲
Industry Total
Industry % Change from Same Period Last Year
26
982.9 Evercore Partners
-1.11,141.6 1.3 ▲
0.2
+1
+3
0
+83
1.21.3
23 1.5
3.5
1,384.5
1,491.1
-1.3
13
11-62 14,279.9
16
53
21
▲
21
481.5
48,913.0 10.0
0.8 21
Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 – Dec 31
# of Deals per Advisor
United Overseas Bank Ltd
RBC Capital Markets +14.4
▲
Imputed Fees (US$m)
▲
13.3
JP Morgan 6 8
Citi 4 3 64,959.7
Rank Value per Advisor (US$m)
Credit Suisse 3 6 68,469.0
▲ +18
0.8
Goldman Sachs & Co
- 9,288.0 1.9 4
3.2
▼
2.728
25
0.2
2012
Rank
2011
Rank
Rank Value Market
Rank Value per Advisor (US$m)
Market
Share Ch. Sh (%)
Market
US$m
MarketMarket Market # ofRank Value
Share Ch.# of Deals
# of
# of Deals FeesSh (%)
2012
Rank
2011
Rank Sh (%) Deals
141.4+7
Share Ch.
# of Deals per Advisor
Deals Sh (%)
Market
Financial Advisor
Change in
15.4
Financial Advisor
▲
MarketChange in Advisor
▲5.9 0.4
Sh (%)
20.6
Morgan Stanley 2 2 75,363.4
US$m
Goldman Sachs & Co 1 1 100,460.9 5815.547,835.3
+21 ▲ 2Credit Suisse 14.4 5.1 35
1.2▲1
5.1
9.7 0.976
4
0.21
13.3
44,303.0
0.8 4.23940,973.3 -1.2
▲
1.2
▲1.30.7 -13 ▼ 119.5 5.0
▼2.3 0.1▲ 10.4
▼▼ 102.1▼ -18
3.891.7▼▲
214.0 ▲
64
7.4
3.8
3
▲
4.5 ▲
4
2.8 -12
UBS
JP Morgan▼
-1633 0.76 31,897.50.7 +13
7UBS 5 4 54,966.7 11.2
6.67
40 0.5
8.5
5 29,061.0 9.4
Citi 3
Bank of America Merrill Lynch 5 41,305.0 8.5
26,108.3
8
6-241 0.5
-18
▲0.6 -10
4.6 1.0
3.3 0.4
▲-7 ▼▼-2.1 110.4
79.531 ▼▲1.4
-1.2 ▼
37 0.7
0.63220,243.6Deutsche Bank 7
13
0.2
80.4 -3 ▼ 18,465.2 0.6 -2 ▼ 53.6
▼-8 ▼ 66.5 1.42.8
17,457.40.4 -5
▲2.0 ▲ 28 2.2 0.8
▲7 35,066.8
10 38,917.7
5.7
HSBC Holdings PLC31
▲1.5
6.0HSBC Holdings PLC 8
Deutsche Bank 9 65.27.2 37 9Rothschild 9
▼-70.2
▼
-12
-0.2
16,524.9 5.4 -3.7 18 0.4
▼ 25 2.7 0.50.5 -2 ▼
10 20 24,582.6 5.0 3.0 2.6▼ 62.55 ▼10 0.8 ▼
39 23,531.1 3.7 ▲ China International Capital Co4.8 ▼BMO Capital Markets 11 1.314 0.1 ▼11.7
12 12 23,099.7 4.7
▼4.60.0
1.550 1.0
▲ 15 0.3 -9 0.5
36.3
18.91.6 ▲ -9 ▼13 0.3
0.2 ▲
2.0
+1 ▲0.5 -25 ▼ CIMB Group Sdn Bhd
▲▲ 7 0.1
0
Standard Chartered PLC
-DBS Group Holdings 14 41 18,190.0
▲
18 21,339.6
3.7 2.6
CIMB Group Sdn Bhd
0.1 ▼
12 15 10,806.6 3.5 0.4 ▲
3.2 0.8
Barclays 15 16 16,018.7 0.7 ▲3.3 0.4 1.3 0.9
1.2▲
▲ 25
2.4 ▲ 8
0.5
0.5
▲0.6
▲
29.6+40.2
+16 ▲
14
Malayan Banking Bhd
Moelis & Co
8,441.1
0.524 ▲
▲ 30.4+7
Rothschild 16 9 15,794.5 3.2
▲
230.3 0.5 ▲ 0.2
▲▲
2.7
2.6 2.6 +2 0.30.3219 11,136.1 2.3 0.0
12.58,189.6
Allen & Co Inc▲ 8,091.3 6.60.0
1.3
▼
+80.3
0.1▲ 8 +3 2.6
Standard Chartered PLC 17
40.8-18
0.3 ▼
52
-14
26
2.0 ▲-1.6 0.4 0.11.7▼▼ 18
9,423.8
18 12
19 11
9,833.4 Nomura
24
Moelis & Co
0.52.6-1.4 Macquarie Group1.9 ▼
▲ 8,007.2
Nomura 1.4-13 ▼
Ondra Partners 20 - 9,385.9 1.9
0.3 33.2 0.6
2.3 0.5 0.2 0.134
▲ 13
▲ 0.7
1.31.9 ▲
▲ KPMG▲
BMO Capital Markets
28
▼
+1 ▼4.7
1.2 ▲▲ 2 0.0 -6
▼-24
0.7
-2.9 ▼
2.3
0.36,490.3 2.1 13
31.87,085.9
0.6 -14 ▼KPMG 22 21 8,832.9 1.8 ▼ 53
011.30.2 23 ▲1.9-15 5,865.554-1.5
▼-10 ▼ 37.2 1.5
0.0
0.3
▼0.0Malayan Banking Bhd 23 13
1.7Allen & Co Inc
8,108.4 0.1- .6
24 - 8,091.3 0.0
▼ Scotiabank
-
25 50 7,695.5 1.6
2
0.9 0.328
1.7 ▲Societe Generale
+1125
0.11.8 +51.8
-14.3% ▼
0.8▲
0.6
-5,663100.0
24 ▲ 5
▼-25.5%
▲0.9 0.4311.8-4 ▼ 22.0▲1.1 ▲5,386.5
▼5.5
▼1.27.6
Market
5.9▼
▼ 8.5
▼
102.82.6
-23 71.51.8
Change in
Jan 1 – Dec 31
38.3%▲
Any Australian Involvement Completed (AF31)
▲
▼
Financial Advisor US$m
Rank Value per Advisor (US$m)
2012
Rank
MarketMarket2011
Rank
Industry % Change from Last Quarter
Advisor
▲
# of Deals per Advisor
0.5%
Share Ch.
Imputed Fees (US$m)
Deals
Market
Sh (%)
# of Change in Market
Share Ch.
▼
Fees# of Deals Sh (%)
-2 ▼
91.628 -13▼ 2.0
-9▼
9
14
13
36
0.710
0.9
10
0.7
1.0
▲
-8.9
-8.7
▲
▼
▲
8.0
-11.8
▼
4.7
1,432.1
10.6
7.5
7,192.9
6,735.0
3,751.2
9.4
8.0
8,174.4
4,348.5
-3.0
0.6
15
2.8
17 +6 ▲
6.96,201.0
8,457.3
24
1
5.6
3
Gresham Partners 6
Citi
6
4.4
▲
Azure Capital 22
Aquasia Pty Ltd
▲
2.3
2.2
-21.0
1.5
3
9
Macquarie Group 14,088.91 8
1.8
1,309.3
12
4.0
1,622.5
2
2012
Rank
2011
Rank
Rank Value
-
6
17
US$m
Market
19
7
Financial Advisor
▼
488,863.2
-3.2%
Industry % Change from Same Period Last Year
Industry Total
Industry % Change from Last Quarter
Somerley Ltd
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
19.2 0.8
▼16.7% -12.2%
Jan 1 – Dec 31
9.1
Rank Value
-5
Any Asia (ex-Japan) Inv Announced (AD25) Jan 1 – Dec 31
Asia (ex-Japan) Rankings
Credit Suisse
20,901.9
Sh (%)
16
▼
+1 ▲
0.7% -10.6%▲Industry % Change from Last Quarter
▼ 10.3% ▲
Itau Unibanco 5* - 522.2 9.1 9.1 ▲ 1 0.5
-57.5%
https://www.thomsonone.com
-10.7%
-6.8%
Industry % Change from Same Period Last Year -62.1%
* tie
4
3.0▼
8.3
-2
▼
2.0
7.7
Jan 1 – Dec 31
150100.0
Financial Advisor
-61.3% ▼
Asia (ex-Japan) Buyside Financial Sponsor Activity
▲
Australian Cross Border Announced M&A
9.6
-18 86.6
410.5%
Asia (ex-Japan) Rankings
▲
9
▼
▼700.8%
▲
15.8
▼
▲6.2
Sh (%)
5.214.0
Market
Share Ch.
▲
+20
3.4 0.7
▲
1.1
100.0
▼
-5
Market
▲
4
UBS 2,104.0
UBS
522.2
1
5*Credit Suisse 1
Goldman Sachs & Co 1,313.22
2011
Rank
36.7
US$m
22.9
2012
Rank
2012
Rank
Sh (%)
9
908.0
18.9
8
-48.5
2011
Rank
5,736.8
-3
Deals
6.0
0.5
# of Deals per Advisor
6.0
▲
Rank Value
▲
▲
100.0
US$m
▼
2
Industry Total
Industry % Change from Same Period Last Year
▲
Industry Total
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)
5,668.1
Advisor
▼
17 1,780.1 30.4
13.5
Share Ch.
27.7
First NZ Capital
Deutsche Bank
Macquarie Group
DealsShare Ch.
-17.0 ▼
+11.4
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
▼
27.1
Sh (%)
# of
3 5 1,083.3
2
▼
Jan 1 – Dec 31
Sh (%)
Any New Zealand Involvement Completed (AF46)
Imputed Fees (US$m)
Market
13.5
8.9
Fees
# of Deals
Market
12.1
▲
▼
-3
-1
0.3
9.1
Market
Change in
Change in
▼
Any New Zealand Inv Announced (AD39)
MarketRank Value
Market
Market
4
-1.0
8
1
# of
3 ▼
-1
-6
215
▲
-11.4
1.9
3.7
# of Deals per Advisor
-1
# of Deals
11.7
2.7
-1.5
7 15.4 0.6 ▼
2.0
2.7
3
▼
3
2,393.1 442.2
3
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)
6
2,456.2
19.11,083.3
* tie
1
Sh (%)
5
31.4
First NZ Capital
3
8
3Goldman Sachs & Co
Financial Advisor
Rank Value per Advisor (US$m)
874.7
43.3
Macquarie Group
4
▲
▼
Banco BTG Pactual SA - 522.2 9.1 1 0.5 +1 ▲5* 9.1
17%
15%
12%
10% 9%
7%
5%
4%
4% 3%
2% 2%
Energy and Power Materials Financials
Consumer Staples Industrials Real Estate
High Technology Telecommunications Media and Entertainment
Consumer Products and Services Healthcare Retail
Government and Agencies
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
1Q
08
2Q
08
3Q
08
4Q
08
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
Ou
tbo
un
d
Ra
nk V
alu
e (
US
$b
)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
0.9 1.4 3.4 6.5 8.2 3.8 14.0 1.5 7.6 15.1 8.8
% o
f A
sia
(e
x-J
ap
an
) V
olu
me
Ra
nk V
alu
e (
US
$b
)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of Asia (ex-Japan) Volume YTD
17
94.9
1 1 1
20,140.0 20,140.0
RothschildUBSThe Raine Group LLC
3*
On average, acquirors paid 10.3x EBITDA for Japanese targets in 2012, representing a decline of 2.5 "turns" from 2011
averages. Average bid premia (to 4-week prior stock price) for Japanese targets increased 0.8 percetage points over
2011—to 35.5%.
Mizuho Financial Group
* tie
Consumer Staples
Plutus Consulting Co Ltd
Nomura
Mitsubishi UFJ Morgan Stanley
Japanese outbound M&A reached a record high in 2012, with 679 deals accruing $85.9 billion, a 23.4% increase in
value compared to 2011. US target transactions accounted for approximately 64% of the total value. Three US-target
deals—SoftBank’s acquisition of Sprint Nextel, Marubeni’s acquisition of Gavilon Group, and Daikin Industries’
acquisition of Goodman Global Group—were included in the list of top ten deals with Japanese involvement in 2012.
Mizuho Financial Group
1
In 2012, announced M&A activity with Japanese involvement reached US$182.7 billion, a 1.3% decrease from the
US$185 billion of value recorded in 2011. In spite of the slight annual decline, the fourth quarter of 2012 recorded the
highest quarterly announced volume for Japanese deals since 2000, with deal value reaching US$60 billion.
SoftBank’s acquisition of a 70% interest in Sprint Nextel worth $20.1 billion was 2012’s largest Japanese announced
and cross-border transaction, as well as the eighth largest Japanese involvement deal in history.
Nomura30,805.9
1
9,452.5
3*3*
20,140.0
https://www.thomsonone.com
16,943.0
9
10,356.5 61.1
21,225.0
Healthcare / BiotechnologyJapan / United StatesMedia and Entertainment / Broadcasting
5/9/2012
1/29/2012
Intended
Target (% Sought/Acquired)Date Effective
5/29/2012
Pending
Daikin Industries Ltd
7,478.9
Sprint Nextel Corp (70%)10/15/2012
Goodman Global Group Inc (100%)7/12/2012
11/1/2012
12/14/2012
Aegis Group PLC (86.4%)10/1/2012
6/1/2012
Japanese Outbound M&A Target Nation Region
Rank Date
Japan / United States
Top Ten Japanese Involvement Announced Deals
Any Japanese Involvement Announced M&A
Jan 1 - Dec 31 2012
SoftBank Corp
Citi 20,814.1 Mizuho Financial Group
23
2
Mizuho Financial Group
Energy and Power
17,577.9
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Japan M&A
Japanese Announced M&A Down 1.3% | Outbound Deals & Japanese Fees Volume Reach Record High
20,140.0
20,818.2 1
62.9
Rank Val
US$m
2
JP Morgan
eAccess Ltd (100%)
Deutsche Bank
Bank of America Merrill Lynch
Acquiror / Target Nation
Industrials
9,907.3
TEPCO (75.73%)
SoftBank CorpTonenGeneral Sekiyu KK
Boston Biomedical Inc (100%)
3
Terra Firma Capital PartnersJapan / Japan
2,707.2
9,344.4
Japan Deals Intelligence
13,756.5
26 3
Rank
19,379.9
3 Telecommunications
2
Mkt.
Share
3 44.757.1
No. Deals
94.9
4,864.0 26
26
5
98.1
5
10
226
11
58.5
37.4
44.8 6
101
98.1
30.3
1
44.3
94.994.9
3*
2
20,140.0
Rank Value (US$m)
Energy and Power / Power
11/19/2012
Acquiror
12,612.0NDFMarubeni Corp
7/31/2012
2,630.0Dainippon Sumitomo Pharma Co
4,515.9Exxon Mobil (99%) 4,965.9
3,700.0Dentsu Inc 4,311.2
Investor Group
Pending
2/29/2012
Pending
Jupiter Telecommunications (28.6%)8/29/2012
4/25/2012
Gavilon Group LLC (100%)Annington Homes Ltd (100%)
Pending
10/24/2012
High Technology / Internet Software & ServicesJapan / Japan
United Kingdom / United Kingdom
Media and Entertainment / Advertising & Marketing
Energy and Power / Oil & Gas
Japan / United KingdomIndustrials / Other Industrials
Real Estate / Residential
Japan / Japan
Japan / Japan
Japan / United States
16 1
5,089.0
Jan 1 - Dec 31
13
Telecommunications / Telecommunications Services
Japan / United States
28
Goldman Sachs & CoMizuho Financial Group
Nomura 6,586.2
506
1
6,381.1
Target Macro / Mid Industry
Consumer Staples / Agriculture & Livestock5,600.0
25,312.6 3
30.2
44.1
Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Dec 31 2012
21,091.8 High Technology
27.7
17,590.9 440
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
# o
f D
ea
ls
Ra
nk V
alu
e (
US
$b
)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
# of Deals
0
50
100
150
200
250
300
350
400
0
10
20
30
40
50
60
2006 2007 2008 2009 2010 2011 2012
Ra
nk V
alu
e (
US
$b
)
# o
f D
ea
ls
Americas
Europe
Asia Pacific
Americas Number of Deals
Asia Pacific Number of Deals
Europe Number of Deals
18
Imputed Fees (US$m)
Financial Advisor
Mitsubishi UFJ Morgan Stanley
Nomura
Mizuho Financial Group
JP Morgan
Sumitomo Mitsui Finl Grp Inc
Bank of America Merrill Lynch
Goldman Sachs & Co
Daiwa Securities Group Inc
Deutsche Bank
Rothschild Barclays
Citi
GCA Savvian Group Corp
UBS
Credit Suisse
KPMG
Lazard
Rothschild
Macquarie Group
Credit Agricole CIB
Societe Generale
Jefferies & Co Inc
Sangyo Sosei Advisory Inc
Deloitte
RBC Capital Markets
Brown Brothers Harriman & Co
Industry Total
Industry % Change from Same Period Last Year Industry % Change from Same Period Last Year
Industry % Change from Last Quarter Industry % Change from Last Quarter
▲ ▼
4.9
12 2,762.1 1.3+28
+117 168,833.6
25
Japanese Involvement Announced M&A Target Industry by Value Japanese Target Completed M&A Fees
1.3
100.0
11.5%▲▼
2,029
5.6%
▲
+4
2,122.1
100.0
1.4 1.4
4.4%
▲
100.0 2,780182,703.5
* tie
41.4%
-1.3%
▲
▲
2.21.5
▲ 5.3%
Industry Total
1323
2,273.3- ▲+3
-6.92,556.1 1.5+21.7
Deloitte -5.8 -25 ▼ ▲61
2▲
▲ 0.1
0.1
Societe Generale -23* 31.73,140.3 24▲1.7 ▲ 13.30.2
+19
8.4+1
4
1 ▲
20.6▲2.3
RBC Capital Markets
21 - 4,229.4 2.3
22 - 3,729.4 2.0
+6
Credit Agricole CIB 23* - 3,140.3 1.7
2.0 5 0.2
Jefferies & Co Inc 2.3 -6 0.2
0.4+2
▲
7.2
22.31.6 1.6 ▲ 1.2+50.2
0.1
▲
1.9
3,140.3
1.2
▲
0.3▲
0.41.9
5▲
▲ 0.1 -3
3.0 0.5 -6
1.0 22.5
13
-20.4
Sangyo Sosei Advisory Inc 20 23
Credit Suisse 19 +2
▲4,515.9
2.718 43 5,689.6 3.1
-9.1
3.017 31 7,012.1 ▲
10 5,494.1 ▼
1.37 0.3 2.6 2.0
14.9
▲
▼+4
0.4
9
7,750.6
24
▼ 16▲ -3.9
0.9
5,377.0
3.8
18+6
21
2.4+6▼ 0.6
2.9
123.2
0.8
36
63▼
▲
-10.5
43.02.1 1.3 -8
7.43.43.5 ▲+2821 5,903.9
82 2.9 -8.1▲3.7
0.4
+40 ▲ 3.614 ▼
700.9 ▲2.3
169
+1 15▲
34.0▲
12
7,469.0
▼6 4.16,831.6
4.422
1.7+1 30.0▲
36.6+4
0.8
▲
0.6
0.8
41 2.0▲ +6
-10.1
1.9
10
7.7 ▲ 51 ▲+45
▼ ▼-221
▲1.0
10.5 +5 ▲
0.715
3.3
▼
+16
5
7 2
12 ▲
5.6
26.5 ▲
19.432,679.5
7
4 3
6
44,749.2
12448,805.2 28.9 15.5
▲
▲ +5
▲
▲
3
0.7
▲
-9
19
+1
▼
117
+315
4.2 -6
▲
▼
10 0.4 27.6
+434.6
20
93▲
6.1▲
▼
▲
1
▲37
▲
4
1.3
-5
5
-15.1 7.2147
53,779.9
+18
31.9 10.7 1.0
+41
+5
1
2
Goldman Sachs & Co
4
5
Mizuho Financial Group
Mitsubishi UFJ Morgan Stanley 3
30,470.8
5.9
16 21
Plutus Consulting Co Ltd
Nomura
2
9
4
22
Citi
Daiwa Securities Group Inc 15
8
9
16.7
5.8
32 15,318.0
10,691.4
8.4
11,130.811
14
10
5
15.4
199
25
8 2.9
5.1 ▲
-3.6 ▼
▲
21
59
▲1.0 +11
▲+4552 2.6
206.611.0
11.7 ▼
28,836.3▲
1 11
0.3
▲ 10
-10.8
6.8
-4.6
11.4
8.7
17.1
46,548.3
8
▲
▲
▲
▲
▲
▲
1.2
2.4
0.9
0.7
0.5
▲
60.1
6.0
▲3.1
2.0
62.3
1.3
35.3
131.1
▲
▼
0.6 ▲7.3
▲
56.4
3.5
2.0
108.2
4.5
1.4
0.2
1.3
▲
0.1
▲
0.9
▼
2.0
1.9
▲
0.1
154.4 8.6
▲
▲10.8
3.0
6.0 1.6
0.0 +1
29,084.3
11.0
-6
20,140.0
24,787.7
28,062.2
▼ +4
▼
The Raine Group LLC
18
-
10,674.2
4.2
-15.6
▲
GCA Savvian Group Corp
▲
3.4
▼1.9
▼
▼
0.0
19* -▼
17
81
13.1%
https://www.thomsonone.com
47 1.2
22 1.5 0.30.2 +42,674.2 ▲ 0.3
0.7
▲ +69
▲
1.6
3,140.3 2
1.9 0.11.9
24.0
2 5.6
5▲
-14.6%
2,773.3
6,022.2
14,719.4
36
21
19*
4,319.1
15
4,883.8
-
▲▼ 5.0%
1,794.9
▲
0.5
19.5% ▲
+209
▲
0.9
0.3
0.0
0.7
0.8
-
▲
▲
▼
-612.3
99.5
▲
▼
▲
-1
81.2
39 1.9
5.5
+11
37.9
25.5
63,898.9 21.5
145 107.9
▼
▲
-1 35.0
▲
▼ 193.5
▲34.611 7.1 ▲
1 59,166.5
111 58,459.2
2
5.0
5.5
+13 ▲
+58
# of Deals
MarketMarket Change in Market
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Sh (%) # of Deals
MarketAdvisor
Sh (%) Sh (%)
2011
Rank
Rank Value
Deals
Market
Any Japanese Involvement Completed (AF23)
Japan Rankings
US$m Fees
2012
Rank
Rank Value per Advisor (US$m)
Share Ch.
# of
Sh (%) Share Ch.
Market Change in # of
Any Japanese Involvement Announced (AD19)
Rank Value
Rank Value per Advisor (US$m)
Market2012
Rank
Jan 1 - Dec 31
131.8
1210.4
15.0
0.5
0.9
▲
9
13.6
0.8
Greenhill & Co, LLC ▲
US$m
Deutsche Bank
Financial Advisor
7
27,483.9
28,704.0
Sh (%)
15.9
15.7
6
7
8
34.9
19.9
Bank of America Merrill Lynch 12
13
14
19,005.8
KPMG
Barclays
▼
52,015.0 4.5
Sumitomo Mitsui Finl Grp Inc
JP Morgan
UBS 6 11 ▲
▼
▲
28.5
152-1.634.91
63,812.13
Market2011
Rank
138
▲
▼63,798.3
8.7
# of Deals per Advisor
4.0
36,316.8
-18.8
-0.3 ▼
Share Ch. Deals
# of Deals per Advisor
Jan 1 - Dec 31
16.9%
11.6%
11.5%
9.6% 9.3%
8.4%
8.2%
7.7%
6.5%
4.8% 3.3% 2.2%
Energy and Power Telecommunications High Technology
Industrials Consumer Staples Materials
Real Estate Financials Media and Entertainment
Healthcare Retail Consumer Products and Services
108.6 135.2 163.0 174.5
316.7 235.1 271.1
135.1
271.4 222.6 202.0
127.0 99.0
158.7 187.0
318.4
309.6 227.0
180.0
282.4
170.1 215.9 139.9 110.5
198.7
287.1
228.1
275.8
215.0
166.8
176.4
131.2
254.9
151.7 121.4
219.3
330.9
248.6 307.2
215.2
305.8
237.2
185.6
238.1
0
500
1000
1500
2000
2500
3000
$0
$200
$400
$600
$800
$1,000
$1,200
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Nu
mb
er o
f D
eals
Imp
ute
ed
Fe
es
(U
S$
mil)
4Q
3Q
2Q
1Q
YTD Number of Deals
19
Industry Total
Industry Total
https://www.thomsonone.com
4,515.9 12.4
2,338.9 6.4
291.0 0.8
138.8 0.4
22.3 0.1
1,515.3 4.2
1 2.9 -2 ▼
1 2.9 +1 ▲
+1 ▲
1 2.9 -2 ▼
6*
-
1 2.9 +1 ▲
1 2.9 +1 ▲
Deloitte
8*
8*
8*
8*
8*
8*
0.5
Aoyama Sogo Accounting Office
Duff and Phelps
Sandler O'Neill Partners
Goldman Sachs & Co
Daiwa Securities Group Inc
-
-
-
6*
- 3 1.1 +3 ▲ 1,024.1
0.0
7,746.7 2.8
1,447.3 0.5 Stephens Inc30* 5 1.4 0 -
49.233* 6 1.6 +2 ▲
23* 6 1.6 -1 ▼
-90 22*
22*
27*
Evans & Evans Inc
Canaccord Genuity
Stifel Financial Corp
10 1.4 0 -
916.2 0.2
3,247.3 0.6
195.8 0.0
11 1.5 +4 ▲
56* 11 1.5 +7 ▲
674.1 1.9
22*
24*
Huatai United Securities Co
Southwest Securities Co Ltd
Guangdong Securities
37*
20*
22*
4,515.9 12.4
4.1
735.9 2.0
0.0
5.9 0.0
2,338.9 6.4
1,685.0 4.6
22.3 0.1
298.9 0.8
1 2.9 -5 ▼
1 2.9 +1 ▲
1 2.9 +1 ▲
1 2.9 +1 ▲
1 2.9 +1 ▲
1 2.9 +1 ▲
1 2.9 -2 ▼
1 2.9 -1 ▼
0.1
8*
8*
8*
8*
8*
6*
11*
-
-
0.3
660.5 0.3
2,936.4 1.4
114.3 0.1+2 ▲
1.1 +3 ▲
687.4
148.7
-6 ▼
1.4 +2 ▲
1.1 -1 ▼
4
4
3
3
1.4
1.1
Jefferies & Co Inc
William Blair & Co
Wells Fargo & Co
Fig Partners LLC
Blackstone Group LP
11*
26*
56*
-
21*
21*
24*
24*
24*
34*
8*
1.6 -7 ▼
4,011.4 1.5
13,459.4 4.9
9,088.3 3.3
1.6 -1 ▼
1.6 +3 ▲
23*
41*
9*
6
6
6
22*
22*
22*
FirstEnergy Capital Corp
Scotiabank
Moelis & Co
Fairness Opinion rankings include fairness opinions provided as a standalone mandate as
well as fairness opinions provided as part of a broader advisory mandate.
Any EMEA Inv Announced
Fairness Opinion
Any Asia Pacific Inv Announced
Fairness Opinion
14* - 5
-
8*
8*
8*
Sumitomo Mitsui Finl Grp Inc
Any Americas Inv Announced
Fairness Opinion
Huaxi Securities Co Ltd
Frontier Management Inc
▲ 318.3
Goldman Sachs & Co
Jan 1 – Dec 31 Jan 1 – Dec 31
BMO Capital Markets
RBC Capital Markets
25*
3.7
23,441.5 4.6
4.1
328.5 0.1
Deutsche Bank
Houlihan Lokey
DBS Group Holdings
UBS
JP Morgan
Mizuho Financial Group
Nomura
Plutus Consulting Co Ltd
-66.7% ▼
-4 ▼
-34.1%
+4
0.1
1 2.9 -3
0.5
Industry % Change from Same Period Last Year -16.7% ▼
▼
Citi
Bank of America Merrill Lynch
▼
▼
0.2
▼
Industry Total 35 -7 36,367.1
15* 2 5.7 +1 ▲
4,962.4
58.9
11*
13.6
2 5.7 0 - 9.1 0.0
▼ 8,639.7 23.8
Greenhill & Co, LLC 4* - 2 5.7 +2 ▲
3 2 5 14.3 -2
48.4
2 6* 6 17.1 +3 ▲ 11,252.4 30.9
US$m Sh (%)
17,602.8
# of Deals
1 1 12 34.3 +3 ▲
Rank Value (US$m)
2012
Rank
2011
Rank
# of Market Change in Rank Value Market
Sh (%)
14*
4
18*
4*
Any Japan Inv Announced
Fairness Opinion
Jan 1 – Dec 31
Based on Number of Transactions
# of Deals per Advisor
Fairness Opinion Provider
6* 5
28*
4
1.9
18* 12* 4 1.5
4
272.8 0.4
72.5
4
18* 1.5 ▼
1 2.9
Industry % Change from Last Quarter -57.1% ▼
1,997.3 2.9
100.0
5,280.1 7.7
0.9
69,011.1
Industry % Change from Last Quarter -56.3% ▼ -74.0%
261
Industry % Change from Same Period Last Year -5.4% -16.5%
+4 ▲
▲
1.5 622.9
-2
1.5 +2
▼
18* - 1.5 ▲
-15
18* 35*
323.0 0.51.9
▲ 1,174.6 1.7
▲
+1
1.9
+5
51* 5 1.9 ▲ 1,373.6 2.0+4
51* 6 2.3
-3
14* 21* 5 +1
14*
11* +5 ▲
0.7
▼ 346.9 0.5
2,334.6 3.4
11* 6* 6 2.3
▲ 471.1+211* 21* 6 2.3
3 9 3.5
10
4,928.6
21* 8 3.1 +4
▼
▲
9
1.4
+9 ▲ 1,903.9 2.8
7.1
935.1
-3
-3
6* 51* 10 3.8
6* 2 10 3.8
3,247.3 4.7+7
-
916.2
▼
195.8 0.3
4,131.4 6.0
6* 4* 10 0
4*
4*
21* 11
10* 11
0.3+2
-65.4
4.2
3.8
4.2
+4 ▲
▲
4* 12
6* 18
2
1.3
4.6
30.7
▲ 222.2
Sh (%)
14
Sh (%) # of Deals US$m
6.8+9 4,683.1▲6.9
MarketRank Value
0.0
0.8
1.8
2.4
Market
21,189.5
Shenyin & Wanguo Securities
Market
4,091.8
73.3
▲ 46,388.3 19.9
Industry % Change from Last Quarter -34.3% ▼ -62.4%
Industry % Change from Same Period Last Year
▼
▼ 5.5% ▲
142,290.2 100.0-30
▲+3
0 -1.9
-11.2%
1.9
1.9
14* 15* 2.5
17* 11*
4
3
1.9
7,496.1
▲ 1,211.7 0.5
-2 ▼ 1,950.5
+1
+2
14* +4 ▲ 4,079.8 1.7
57,084.4 24.5
▲ 3.2
-
3.1
4.6
+3
-2 ▼ 4,854.5 2.1
▲ 35,688.4 15.3
+5
1,385.1
10,637.1
0.6
9,900.4 4.2
▲
▲
3.1
4*
79* 4.4
▲10* 3.15-
6.4
15* 5.0
9 +1
+5
8
8
14,064.5
5.0
6.0
+2
+1 ▲ 9,963.0 4.3
▲ 14,884.8
6.3 -5 113,206.9 48.5
-2
+1 ▲ 12,024.7
▼
▼
84*
4*
4* 5*
3
8
4 5.0
63,999.7
US$m
Rank Value
2
2.2
-
8
5.0
+8
5.2
511,618.0
▼ 25,924.3 5.1
1.9 -6 ▼
10
15
2012
Rank
3 7.6 0
10.1
2
10*
12,859.6 Stout Risius Ross Inc
Sh (%)
# of DealsSh (%)
2,073.0 0.4
▼4.8
6,024.8
4
2012
Rank
# of Market Change in Market
-4
3.7 2.5
US$m
4* 5
3 13*
Market
+11
2011
Rank
Change in
6*
2.619
▲3.3
-7 ▼
24
4*
18
19 2.6 -19 ▼
▲
10* 2.5 -2 ▼
18
6*
-5
-9
18 2.5 +9
-17
16
9 1610*
46,280.5
9 3 17 2.3
6* ▲
6* 20*
2.1 +7 ▲
14
9.0
▼
▼2.2
2.5
8,724.3
12.9
13,110.4
+3
3.2
6
12.5
1.2
0.9 ▲
35,346.2
11 3.0 +3Credit Suisse
2.4
3.09*
13.118,872.8 9*
-4 ▼7*
▲
11
18*
3,242.0
67,287.7
21,189.5
13.2 Goldman Sachs & Co
127,051.4 24.8
1.7
Houlihan Lokey
Sandler O'Neill Partners
36,018.5
Evercore Partners
Credit Suisse
Bank of America Merrill Lynch
3.3
2,057.2 0.8
3.2
Stout Risius Ross Inc
Fairness Opinion Provider
JP Morgan
Duff and Phelps
Barclays
Evercore Partners
Bank of America Merrill Lynch
11*
7* 12
RBC Capital Markets
China International Capital Co
Credit Suisse
+317*
12
1.9
14
1.9
1420*
▲
▲
17* 12
1.9
+413*
13,110.4
17* 17*
1.7
25*
1.7 +1
1.7
Perella Weinberg Partners LP▲
+3 ▲
17*
75,135.8 14.7
+1
17*
0.0
Deutsche Bank
-8 ▼
Greenhill & Co, LLC
Raymond James Financial Inc
13,845.3
0.6
2.7
▲
14,780.3
▼
12
2.9
▼
2.6
20* 222.21.7
100.0
Morgan Stanley
Deutsche Bank
13*
13*
14
32*
10*
UBS
13* 8Bank of America Merrill Lynch
12
4.8
-3
+1
7*Nomura
CITIC
TD Securities Inc
Lazard
KPMG
Duff and Phelps
11*Barclays
12
Barclays
Sandler O'Neill Partners
1.2
7*4,683.1
1
328.5
▲
▲
▼
4.1 8,724.3
3,242.0
3.2
+7
▲
8,917.8
0.1
▼
3 2* 22 6.0 -5
4
▼
Rank Value
52,402.0
Houlihan Lokey
19.1
2 9* 24 6.5 +11
22.6
Rank Value Market
US$m Sh (%)
1 2* 25 6.8 -21 35
Market
Deals Sh (%)
JP Morgan115,594.6
# of
Sh (%)
2011
Rank
▼
15
17
2011
Rank Deals
-2 ▼2
1
3.0
14 3.8
Morgan Stanley
Based on Number of Transactions
# of Deals per Advisor
Change in
# of Deals
4.6
Fairness Opinion Provider
12 18* 10
Duff and Phelps -17
5 18*
9* 5 11
2.7
4
+2
9
7.0
▲ 14,794.973*
13*
7 1.9
▼-13
13*
13,764.5 5.0
14,824.0
▼
+2
2.2
Morgan Stanley
-3
+8
▼
▼ 20,520.4 7.5
▲
19,290.3
Lazard
24,470.2
6.5
10*
16* 30*
▼
11* 8
9 2.4
15
-10
-50.0% ▼▼
16.6
7.0
8.8
5.0
16.6
100.0
3.2
Fairness Opinion Provider
8,826.1
Industry Total 212,776.9
1.6
16* 11*
16*
16*
278
7* 15* 10 3.6
▼
▼
15*
35,268.5
▲
+2 ▲
3.6
15,617.1 5.7
10,736.1
1.9
3.9
-12
107*
1.514 5.0
35,346.2
8.3
▼ 2,037.8
+2
-3
3,242.0▲
10,736.1
▼6
+3
Qilu Securities Co Ltd
9
6
-3
7
12
9
+2 ▲ 3,409.9
7
▼ 17,648.52.9 -14
15,617.1
▲
20.6
0.21 7* 24 8.6
8.3 -2
14
▼
1.0
7.9 8,917.8
16 5.8
-4
-18
3
Any US Inv Announced
Fairness Opinion
Southwest Securities Co Ltd
2 3 23
2 22
▼
2012
Rank
2011
Rank
# of Market Change in
Deals Sh (%) # of Deals
# of Deals per Advisor
MarketRank Value
Sh (%)
18,692.510* 5 8 2.9
+11
4.3
5 10
RBC Capital Markets 10* 18* 8 2.9
9 3.2
14 617,768.3
13* 18*
406.9
8.9
Perella Weinberg Partners LP
11*
4 8
5.4
▲
Greenhill & Co, LLC
Citi
Goldman Sachs & Co
13* 22*
274,157.5
13* 4,438.9
▲
1.9 -2
1.9
5,305.8 13* 34*
2.5
-23.2% -52.7%
+2 ▲
7
7.3
3
Industry Total
3
102
17* 15*PricewaterhouseCoopers
17* -
+57 2.5
7 2.5
▼ -43.7%
5.0
5,654.0+2
74,098.3
10*
Canaccord Genuity
23*
10*
1
1
16*
Industry % Change from Same Period Last Year
# of Deals per Advisor
-3
Rank Value (US$m)
Industry % Change from Last Quarter
+1
▼
1.9
1.9
Moelis & Co 17*
7
7
-4 Deutsche Bank
+5 ▲46*
+2 ▲
▲
-
-47.6%
▼
Citi
Industry % Change from Last Quarter -49.3%
7
24*
▼
Rank Value (US$m)
17
Industry % Change from Last Quarter
US$m
328.5
43,903.8
4.2
Sh (%)
31.7
▲
6.5
8,826.1 4.1
0.1
7
17*
0
2.5
2.5
4
23*
Industry Total
# of
Deals
16
Haitong Securities Co Ltd
Huatai United Securities Co
Guosen Securities Co Ltd
Guangdong Securities
2012
Rank
Based on Number of Transactions
# of Deals per Advisor
Deals
1 ▼
Change in
3
Morgan Stanley
1.9 ▼
-84
-3 ▼
▼-43.8%
370
2.5
2.2
2.2
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Fairness Opinion Rankings †
Rank Value (US$m)
Worldwide Announced
Fairness Opinion
Jan 1 – Dec 31
Based on Number of TransactionsBased on Number of Transactions
Sandler O'Neill Partners
Rothschild
# of Deals
2012
Rank
2
Stout Risius Ross Inc
Fairness Opinion Provider
JP Morgan
Houlihan Lokey 27
Jan 1 – Dec 31
7* 6
Rank Value (US$m)Rank Value (US$m)
2.1
-3 ▼ 17,669.0 8.3
# of Deals per Advisor
Jan 1 – Dec 31
13,764.5
Deutsche Bank
Barclays
* tie
5*Rothschild
3
+123*
3*
Houlihan Lokey
Grant Thornton
Jefferies & Co Inc
11*
RBS
14*
10*
-
-
-
5
Goldman Sachs & Co
UBS
Guotai Junan SecuritiesEvercore Partners
03.1
-
5
Greenhill & Co, LLC
Nomura 17* 3
5
Bank of America Merrill Lynch 9*
5*
4
5
16
Based on Number of Transactions
727
Credit Suisse
Fairness Opinion Provider
KPMG
JP Morgan
BDO
4*
17* 6* 12 1.7 -13
UBS
GF Securities
16*
BMO Capital Markets
12
17*
Citi
12
Industry % Change from Same Period Last Year -11.0%
-49.2%
Haitong Securities Co Ltd
Citi
Somerley Ltd
# of
Caitong Securities Co Ltd
Houlihan Lokey
China Galaxy Securities Co
Chinalion Securities Co Ltd
China Securities Co Ltd
China International Capital Co
KPMG
23*
▼
2011
Rank
-18.5%
Deals
National Bank of Canada Fin'l 2.7
▼
-84▼ -13.9%
7,377.9
1
100.0
-23.2% ▼
CITIC
Hollyhigh International
CIMB Group Sdn Bhd
Advisory Plus Co Ltd
0Stifel Financial Corp 19* 22* 5 1.8
4*
Industry % Change from Same Period Last Year
Keefe Bruyette & Woods Inc
9,088.3 4.3
-3
- 1,447.3 0.7
0.4
-7 ▼
19* 15* 5 1.8 838.1▼
- 1,174.1 0.6Piper Jaffray Cos 21* 26* 4 1.4 0
Morgan Stanley
KPMG
Barclays
4*
8*
8*
3*
-
6*
2
1
1
5.7
2.9
2.9
-4
+1
-2
9.4
0.0
0.5
▼
▲
▼
3,417.5
.0
169.5
▲ 710.3 2.0GCA Savvian Group Corp 8* - 1 2.9 +1
20
-
-
-
-
-
-
-
-
-
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and
unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are
reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any
involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
Japan
Tel: +813 6441 1158
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion
of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for
the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
Jason Pacannuayan
Akemi Mamiya
EMEA
Tel: +44 (0) 20 7542 3566
E-mail: [email protected]
Announced league tables include all deals that were announced between January 1, 2011 and December 31st, 2012 and of which Thomson Reuters was made aware. All current data
and previous year's data is as of 5:00pm EDT on December 31st, 2012.
https://www.thomsonone.com
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
time of announcement of terms.
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
allocated to syndicated members.
E-mail: [email protected]
Tel: +632 858 7262
E-mail: [email protected]
E-mail: [email protected]
Asia-Pacific
Full Year 2012 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
Serkan Tecimer
If you would like to participate in the submission
process, receive quarterly press releases, or have
questions about league table criteria please
contact:
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
AmericasRobert LevineTel: +1 646 223 5682
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2012 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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