QUARTERLY EDITION
A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER APRIL 2017 CONTENTS
03 WELCOME FROM MERRILL CORPORATION
04 GLOBAL OVERVIEW
13 NORTH AMERICA 21 C&S AMERICA 29 EUROPE 37 MIDDLE EAST & AFRICA
45 ASIA-PACIFIC (excluding Japan) 53 JAPAN
61 LEAGUE TABLES 62 MERRILL DATASITE 63 MERRILL CORPORATION: ABOUT AND SALES DIRECTORY WELCOME FROM MERRILL CORPORATION
Welcome to the April issue of the Monthly M&A Insider, brought to you by Merrill Corporation and Mergermarket.
The Monthly M&A Insider explores the global M&A market Strong finish Looking ahead, it is likely that we will see a continuation of with respect to the numbers, movements and trends, as well cautious resilience from global dealmakers. Buyers in China as revealing the top financial and legal advisers – globally and Despite a first quarter of mixed activity, final Q1 figures were and Europe in particular will continue to tread carefully as across six regions (North America, Central and South America, boosted by strong dealmaking in January and March. Among dealmakers come to terms with new regulations and the Europe, Middle East and Africa, Asia-Pacific and Japan). the highlights were: impact of Brexit negotiations. Meanwhile, in North America, the impact of the Trump administration seems to have done Looking back at the first quarter of 2017, we have seen a • Energy, Mining & Utilities posted the strongest little to deter activity. spike in global M&A deal value when compared to Q1 2016, performance, with M&A transactions in this sector making but a sharp decline in volume. This continues the trend of up 24.1% of all value for the quarter. Two of the three an increasing number of megadeals that started in Q4 2016 largest deals for the quarter involved pipeline operators, Sincerely, and finishes off Q1 on a high. After a strong January, and a helping to launch the sector to the top spot. slightly faltering February, market performance in March regained momentum. • The number of announced Consumer megadeals reached record heights, with three deals valued over US$10bn, Adam Pang Total deal value rose 8.9% versus Q1 2016 to reach US$678.5bn, resulting in the highest valued Q1 for this sector since Vice President, DataSite yet the number of deals dropped from 4,326 to 3,554. We still 2008 (395 deals, US$136.1bn). Merrill Corporation see many companies taking a wait-and-see approach to M&A due to regulatory swings in the US, Europe, and Asia. Chinese • Private equity buyout activity mirrored overall deal buyers in particular have slowed activity, thanks to increased trends with a rise in value over volume, while exits regulatory scrutiny from the Chinese government, while decreased overall. inbound European M&A has also backed off. • Three of the quarter’s top 10 deals were announced Political uncertainty in Europe appears to have affected activity in March, the largest of which was Intel Corporation’s from international dealmakers pursuing deals in the region, US$14.7m bid for Mobileye, a technology designer for while North American dealmakers have actually increased their driverless cars. activity across the pond, increasing their Q1 deal value by 16% in 2017 compared to Q1 2016.
MERRILL 3 GLOBAL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT WELCOME EUROPE JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL GLOBAL OVERVIEW
QUARTERLY EDITION GLOBAL OVERVIEW
In the first quarter of 2017, an intriguing shift occurred in global M&A. Total deal value rose 8.9% Key Stats from the same period last year to reach US$678.5bn – but the number of deals dropped sharply, from 4,326 to 3,554. These two figures reflect a continued increase in megadeals worldwide, combined with a greater sense of uncertainty among smaller buyers in the face of geopolitical 3,554 deals valued at US$678.5bn, up 8.9% by value with 772 fewer instability. Many companies are taking a wait-and-see approach to M&A due to regulatory swings deals compared to 4,326 deals worth in the US, Europe, and Asia. US$622.9bn in Q1 ‘16
Top sector Looking at activity by region, North America were 484 exits compared to 522 a year ago, it did not already own in Reynolds American. Energy, Mining & Utilities maintained its position as the leading and value stood at US$78bn, an 11.4% decline. In the Pharma, Medical & Biotech space, saw 293 deals worth destination for acquirers with 1,258 deals deals in an array of segments contributed US$163.8bn, up 90% by worth US$333.3bn. This represented 49.1% The Energy, Mining & Utilities sector saw the to the value figure, including American value compared to 338 of all value globally for the quarter. Europe most activity of any industry in Q1, with 293 Securities’ US$2.4bn acquisition of medical deals worth US$78.5bn also sustained its traditional advantage deals worth US$163.8bn. Reorganisation services provider Air Methods Corporation. in Q1 ‘16 in deal volume with 1,350 deals valued at by midstream companies continued to US$170bn. M&A value declined everywhere drive activity. Two of the three largest deals Cross-border activity kept up its unstoppable but in North America and Africa & the involved pipeline operators, ONEOK and rise, as deals between companies in different Top Financial Adviser Middle East, where there were 84 deals Williams Companies, which each bought countries increased 4% to US$336.6bn. Goldman Sachs ranked worth US$28.3bn. affiliated master limited partnerships (MLPs) This represented 49.6% of all global value. first with 70 deals worth for more than US$11bn. Overall, deals in the Four of the top five deals in the quarter were US$194.5bn, compared The trend in private equity buyouts mirrored energy sector represented 24.1% of all value cross-border in nature, including French to 50 deals worth that of overall M&A: value increased, by 9.2% in the quarter. lens-maker Essilor International’s US$25.4bn US$224.2bn in Q1 ‘16 to US$78.7bn, while volume declined, from purchase of Italy’s Luxottica Group. 680 to 576 deals. Major deals in the insurance The Consumer and Pharma, Medical and financial services sector drove value & Biotech sectors had the second- and Comparing the first quarter to previous years, Top Legal Adviser in particular. Two examples from March third-highest value totals, respectively. the value of US$678.5bn marked something Cravath, Swaine & Moore include KKR teaming with CDPQ to buy Three deals each worth more than US$17bn of a decline. Except for Q1 2016, it was the ranked first with 22 deals insurer USI Holdings for US$4.3bn and Vista contributed heavily to the Consumer total of weakest quarter in terms of value since Q1 worth US$163.1bn, Equity Partners acquiring fintech firm DH US$136bn. These included the largest deal 2014. At the same time, the volume of 3,554 compared to 17 deals Corporation for US$3.4bn. PE exits decreased of the quarter, British American Tobacco’s deals was the lowest since Q2 2013. worth US$107.7bn in somewhat both in volume and value: there US$60.7bn purchase of the remaining 57.83% Q1 ‘16
GLOBAL 5 MERRILL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT OVERVIEW EUROPE JAPAN WELCOME AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND
4,500,000 20,000 600,000 3,000
18,000 4,000,000
500,000 2,500 16,000 3,500,000 US$ 1,202,932 14,000 3,000,000 400,000 2,000 US$ US$ 822,899 12,000
1,013,315 Number of deals Number of deals 2,500,000 US$ 10,000 1,500 927,272 300,000 US$ US$ Value (US$m) Value Value (US$m) Value 2,000,000 US$ US$ 858,317 529,767 757,055 572,058 US$ 8,000 US$ 886,331 485,625 US$ 448,579 1,500,000 200,000 1,000 US$ US$ US$ US$ 6,000 US$ US$ 404,625 395,742 523,305 657,439 395,341 1,035,620 US$ US$ US$ US$ US$ 320,997 US$ 1,000,000 964,056 293,927 754,119 4,000 274,029 292,328 US$ US$ 100,000 500 565,581 560,237 500,000 2,000 US$ US$ US$ US$ US$ US$ 760,096 US$ US$ 566,829 622,902 678,486 465,690 447,077 78,763 78,094 0 0 0 0 2012 2013 2014 2015 2016 YTD 2017 2012 2013 2014 2015 2016 YTD 2017
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
GLOBAL 6 MERRILL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT OVERVIEW EUROPE JAPAN WELCOME AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
REGIONAL BREAKDOWN AS A PROPORTION OF GLOBAL TOTAL M&A VALUE GLOBAL M&A SECTOR BREAKDOWN Q1 2017
Energy, Mining & Utilities Value: US$163.8bn Number of deals: 293 Market share: 24.1% Europe North America US$170bn US$333.3bn 1,350 deals 1,258 deals 25.1% Consumer 49.1% Value: US$136.1bn Asia-Pacific Number of deals: 395 (excluding Japan) US$124.8bn Japan Market share: 20.1% 727 deals US$8.6bn 18.4% 10 deals 1.3% Pharma, Medical & Biotech Africa & Value: US$76.5bn Middle East Number of deals: 304 US$28.3bn C&S America Market share: 11.3% 84 deals US$13.1bn 4.2% 119 deals 1.9% Industrials & Chemicals Value: US$73.9bn Number of deals: 681 Market share: 10.9%
Key Financial Services Region Value: US$56.6bn Value Value % Value Up/Down Number of deals: 267 (US$bn) change Volume Value market share Market share: 8.3% Cross-border $336.6 4% Domestic $341.9 14.3%
GLOBAL 7 MERRILL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT OVERVIEW EUROPE JAPAN WELCOME AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$60,734m US$29,592m US$25,423m US$17,835m US$17,147m
Announced Announced Announced Announced Announced 17-Jan-17 26-Jan-17 19-Jan-17 10-Feb-17 01-Feb-17 Bidder company Bidder company Bidder company Bidder company Bidder company British American Tobacco Plc Johnson & Johnson Essilor International SA Reckitt Benckiser Group Plc ONEOK Inc Target company Target company Target company Target company Target company Reynolds American Inc (57.83% stake) Actelion Pharmaceuticals Ltd Luxottica Group SpA Mead Johnson & Company ONEOK Partners LP (60% stake) Dominant sector Dominant sector Dominant sector Dominant sector Dominant sector Consumer Pharma, Medical & Biotech Consumer Consumer Energy, Mining & Utilities Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Goldman Sachs; JPMorgan; and Lazard ALANTRA; Bank of America Merrill Lynch; Mediobanca Goldman Sachs; and Morgan Stanley Barclays Sell-side Legal Adviser and Credit Suisse Sell-side Legal Adviser Sell-side Legal Adviser Sell-side Legal Adviser Weil Gotshal & Manges; Moore & Van Allen; Sell-side Legal Adviser BonelliErede; Bredin Prat; and Cravath, Kirkland & Ellis (Advising FA: Cleary Gottlieb Andrews Kurth (Advising FA: Cleary Gottlieb Simpson Thacher & Bartlett; and Jones Day Niederer Kraft & Frey; Slaughter and May; Swaine & Moore Steen & Hamilton) Steen & Hamilton) (Advising FA: Kirkland & Ellis; and Skadden and Wachtell, Lipton, Rosen & Katz Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Arps Slate Meagher & Flom) Buy-side Financial Adviser Citi; and Rothschild Bank of America Merrill Lynch; Deutsche JPMorgan; and Morgan Stanley Buy-side Financial Adviser Citi; and Lazard Buy-side Legal Adviser Bank; HSBC; and Robey Warshaw Buy-side Legal Adviser Centerview Partners; Deutsche Bank; and Buy-side Legal Adviser Cleary Gottlieb Steen & Hamilton; and Buy-side Legal Adviser Skadden Arps Slate Meagher & Flom UBS Investment Bank Cravath, Swaine & Moore; Freshfields Jones Day Davis Polk & Wardwell; and Linklaters (Advising FA: Simpson Thacher & Bartlett) Buy-side Legal Adviser Bruckhaus Deringer; Gibson Dunn & (Advising FA: Clifford Chance) Herbert Smith Freehills; and Cravath, Swaine Crutcher (Advising Lazard); Homburger; & Moore (Advising FA: Davis Polk & Wardwell) and Sexton Riley
GLOBAL 8 MERRILL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT OVERVIEW EUROPE JAPAN WELCOME AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$14,670m US$13,240m US$12,668m US$11,358m US$10,222m
Announced Announced Announced Announced Announced 13-Mar-17 29-Mar-17 20-Mar-17 09-Jan-17 17-Jan-17 Bidder company Bidder company Bidder company Bidder company Bidder company Intel Corporation Cenovus Energy Inc Idea Cellular Limited Williams Companies Inc Safran SA Target company Target company Target company Target company Target company Mobileye NV ConocoPhillips (Canadian conventional Vodafone India Limited Williams Partners LP (32.24% stake) Zodiac Aerospace SA Dominant sector natural gas assets); and Foster Creek Seller company Dominant sector Dominant sector Industrials & Chemicals Christina Lake Oil Sands Partnership Vodafone Group Plc Energy, Mining & Utilities Defence (50% stake) Sell-side Financial Adviser Dominant sector Sell-side Financial Adviser Sell-side Financial Adviser Goldman Sachs; and Raymond James Seller company TMT Evercore Partners BNP Paribas; and Rothschild ConocoPhillips Company & Associates Sell-side Financial Adviser Sell-side Legal Adviser Sell-side Legal Adviser Sell-side Legal Adviser Dominant sector Bank of America Merrill Lynch; Kotak Baker Botts (Advising FA: Akin Gump Strauss Blake, Cassels & Graydon; Bredin Prat; and Morrison & Foerster (Advising FA: Milbank Energy, Mining & Utilities Investment Banking; Morgan Stanley; Hauer & Feld) Cravath, Swaine & Moore Tweed Hadley & McCloy) Sell-side Financial Adviser Robey Warshaw; Rothschild; and UBS Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Goldman Sachs Investment Bank Morgan Stanley Bank of America Merrill Lynch; and Lazard Citi; and Rothschild Sell-side Legal Adviser Sell-side Legal Adviser Buy-side Legal Adviser Buy-side Legal Adviser Buy-side Legal Adviser King & Spalding; and Osler, Hoskin & S&R Associates; Shardul Amarchand Gibson Dunn & Crutcher (Advising FA: BDGS Associes; Jones Day; and Linklaters Houthoff Buruma; Skadden Arps Slate Harcourt Mangaldas & Co; and Slaughter and May Shearman & Sterling) (Advising Bank of America Merrill Lynch) Meagher & Flom; and Yigal Arnon & Co Buy-side Financial Adviser Buy-side Financial Adviser (Advising FA: Sullivan & Cromwell; and White JPMorgan; and RBC Capital Markets Axis Capital; and Goldman Sachs & Case) Buy-side Legal Adviser Buy-side Legal Adviser Bennett Jones; Blake, Cassels & Graydon; AZB & Partners; Bharucha & Partners; and and Paul Weiss Rifkind Wharton & Garrison Vaish Associates
GLOBAL 9 MERRILL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT OVERVIEW EUROPE JAPAN WELCOME AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Goldman Sachs 194,489 70 224,222 -13.3% 1 9 Goldman Sachs 194,489 70 50 20 2 3 JPMorgan 153,749 55 132,065 16.4% 2 1 PwC 3,648 70 97 -27 3 2 Morgan Stanley 145,755 66 162,595 -10.4% 3 5 Morgan Stanley 145,755 66 59 7 4 10 Lazard 142,461 52 70,050 103.4% 4 6 JPMorgan 153,749 55 54 1 5 4 Citi 129,477 48 120,088 7.8% 5 4 EY 5,030 53 69 -16 6 8 Bank of America Merrill Lynch 119,713 40 91,130 31.4% 6 7 Lazard 142,461 52 54 -2 7 11 Deutsche Bank 99,656 26 65,079 53.1% 7 3 KPMG 13,715 51 91 -40 8 7 UBS Investment Bank 90,054 25 91,661 -1.8% 8 14 Citi 129,477 48 34 14 9 19 Rothschild 81,653 47 39,356 107.5% 9 2 Deloitte 2,603 48 91 -43 10 21 Centerview Partners 77,321 10 27,208 184.2% 10 8 Rothschild 81,653 47 53 -6 11 5 Credit Suisse 63,526 34 97,238 -34.7% 11 13 Bank of America Merrill Lynch 119,713 40 38 2 12 6 Barclays 60,720 39 95,229 -36.2% 12 11 Barclays 60,720 39 39 0 13 13 Evercore Partners 52,087 35 52,611 -1.0% 13 12 Houlihan Lokey 2,681 37 39 -2 14 18 RBC Capital Markets 38,665 30 39,616 -2.4% 14 21 Evercore Partners 52,087 35 26 9 15 46 Robey Warshaw 30,503 2 6,977 337.2% 15 10 Credit Suisse 63,526 34 44 -10 16 14 ALANTRA 30,451 16 48,128 -36.7% 16 16 RBC Capital Markets 38,665 30 33 -3 17 57 Mediobanca 26,765 4 4,954 440.3% 17 27 Deutsche Bank 99,656 26 20 6 18 12 HSBC 24,249 12 64,323 -62.3% 18 15 UBS Investment Bank 90,054 25 34 -9 19 111 Raymond James & Associates 16,220 23 807 1,909.9% 19 23 Raymond James & Associates 16,220 23 25 -2 20 26 Macquarie Group 15,407 13 12,641 21.9% 20 35 Stifel/KBW 5,385 23 16 7
GLOBAL 10 MERRILL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT OVERVIEW EUROPE JAPAN WELCOME AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 GLOBAL LEGAL ADVISERS TOP 20 GLOBAL LEGAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 4 Cravath, Swaine & Moore 163,115 22 107,714 51.4% 1 3 Kirkland & Ellis 129,720 89 89 0 2 11 Skadden Arps Slate Meagher & Flom 133,732 51 82,898 61.3% 2 1 DLA Piper 3,939 69 126 -57 3 5 Kirkland & Ellis 129,720 89 98,546 31.6% 3 2 Jones Day 110,035 68 106 -38 4 2 Simpson Thacher & Bartlett 111,809 34 132,652 -15.7% 4 5 Latham & Watkins 25,359 67 75 -8 5 6 Jones Day 110,035 68 87,643 25.5% 5 6 White & Case 42,616 59 73 -14 6 10 Cleary Gottlieb Steen & Hamilton 103,171 27 83,261 23.9% 6 4 Baker & McKenzie 11,091 55 76 -21 7 3 Davis Polk & Wardwell 102,638 26 121,738 -15.7% 7 12 Skadden Arps Slate Meagher & Flom 133,732 51 55 -4 8 15 Weil Gotshal & Manges 84,211 45 51,499 63.5% 8 8 Clifford Chance 38,946 46 66 -20 9 33 Herbert Smith Freehills 71,831 31 30,170 138.1% 9 18 Hogan Lovells International 12,045 46 46 0 10 - Moore & Van Allen 60,734 1 - 0.0% 10 15 Weil Gotshal & Manges 84,211 45 51 -6 11 34 Gibson Dunn & Crutcher 55,154 22 27,702 99.1% 11 13 Allen & Overy 15,265 41 53 -12 12 21 Slaughter and May 54,035 12 46,701 15.7% 12 31 Paul Weiss Rifkind Wharton & Garrison 42,190 40 32 8 13 27 Linklaters 47,586 39 36,861 29.1% 13 11 Linklaters 47,586 39 56 -17 14 30 Wachtell, Lipton, Rosen & Katz 45,252 14 33,865 33.6% 14 7 CMS 5,727 39 68 -29 15 8 Freshfields Bruckhaus Deringer 45,111 26 86,334 -47.7% 15 9 Morgan Lewis & Bockius 1,342 39 58 -19 16 9 Sullivan & Cromwell 43,924 29 86,186 -49.0% 16 22 Goodwin Procter 1,293 39 38 1 17 1 White & Case 42,616 59 153,127 -72.2% 17 21 Simpson Thacher & Bartlett 111,809 34 38 -4 18 39 Paul Weiss Rifkind Wharton & Garrison 42,190 40 20,650 104.3% 18 10 King & Wood Mallesons 20,106 32 57 -25 19 12 Clifford Chance 38,946 46 64,360 -39.5% 19 24 Eversheds Sutherland 3,853 32 37 -5 20 96 Bredin Prat 37,660 7 3,981 846.0% 20 25 Herbert Smith Freehills 71,831 31 36 -5
GLOBAL 11 MERRILL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT OVERVIEW EUROPE JAPAN WELCOME AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL Reaching the summit is 1,000,000,000 no small feat. PAGES UPLOADED 41,000+ MERRILL DATASITE VIRTUAL DATA ROOM PROJECTS SECURED SINCE 2003
This year, Merrill DataSite reached the 1 billion mark. + That’s 1 billion pages uploaded to our award-winning 31,000 M&A TRANSACTIONS virtual data room since 2004. SINCE 2003
Thousands of companies worldwide trust us to securely host their confidential information. Our single platform 20 exists to support your rapidly changing needs. TECHNOLOGY AWARDS IN THE PAST 8 YEARS Contact us to see how we can help you with your next transaction. 14 LANGUAGES SPOKEN merrillcorp.com
© Merrill Communications LLC. All rights reserved.
FINANCIAL TRANSACTIONS & REPORTING | MARKETING & COMMUNICATIONS FOR REGULATED INDUSTRY | CUSTOMER CONTENT & COLLABORATION SOLUTIONS NORTH AMERICA
QUARTERLY EDITION NORTH AMERICA
North America has long held pole position globally when it comes to M&A activity, and in Q1 2017 Key Stats it strengthened that position. The region had 1,226 deals worth a total of US$334bn in the quarter, which is 181 fewer deals but a 24.5% increase in value compared to last year. A significant number of megadeals drove this value total, especially by energy companies, which are adjusting their 1,226 deals valued at US$334.0bn, up 24.5% by value with 181 fewer balance sheets to cope with shifting market forces. deals compared to 1,407 deals worth US$268.4bn in Q1 ‘16
One area of dealmaking that declined assets from ConocoPhillips and Canadian US$90.8bn. The gains demonstrate that slightly both in volume and value was Natural Resources’ US$8.5bn purchase of a the US and Canada are still among the Top sector private equity M&A. There were 212 PE 60% stake in the Athabasca Oil Sands Project most attractive markets worldwide, despite Energy, Mining & Utilities buyouts worth US$33.3bn in the first from Royal Dutch Shell. Overall, transactions sluggish economic growth in both countries saw 115 deals worth quarter, representing a decrease of 49 deals in the EMU sector made up 33.5% of all North and political turmoil in the US. US$111.9bn, down 51% and a 1.8% decline in value year-over-year. American deal value in Q1. by value compared to 125 The three largest buyouts of the quarter all If the past is any guide, M&A activity will pick deals worth US$54.9bn came in March, including KKR and CDPQ’s The Consumer and Pharma, Medical & up now until the end of the year. In four of in Q1 ‘16 US$4.3bn purchase of US-based insurer Biotech sectors also had a strong quarter, the last five years, Q1 had the lowest deal USI Holdings and Vista Equity Partners’ placing second and third, respectively, in value of any quarter. One other notable data US$3.4bn acquisition of Canadian fintech terms of total value. The top overall deal of point compared to previous years is the low Top Financial Adviser firm DH Corporation. PE exits increased Q1 was in the Consumer industry: British deal volume in Q1 2017 – the total of 1,226 Morgan Stanley ranked somewhat, however, with 228 sales valued American Tobacco’s US$60.7bn bid for the transactions was the lowest number since first with 16 deals worth at US$44.5bn in aggregate. That is three remaining 57.83% of Reynolds American Q3 2013. US$58.1bn, compared to more deals and a 5.5% rise in value that it did not already own. In the healthcare 15 deals worth US$25.4bn compared to a year ago. industry, candy giant Mars expanded its in Q1 ‘16 presence in the pet care segment with its Dealmaking in the Energy, Mining & Utilities US$8.7bn purchase of animal-hospital industries kept up its rapid pace in March, operator VCA. Top Legal Adviser making it the top sector for North American Kirkland & Ellis ranked M&A in Q1. Six of the top ten deals of the Cross-border activity continued its precipitous first with 12 deals worth quarter were in the sector, among them two rise at the start of the year. Inbound activity US$31.1bn, compared to deals involving Canadian oil sands assets: went up 47.1% to US$120.3bn in value 36 deals worth US$35.7bn Cenovus Energy’s US$13.2bn acquisition of and outbound M&A increased 16.6% to in Q1 ‘16
14 NORTH MERRILL GLOBAL C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND
2,200 7,000 300,000 1,200
2,000
6,000 250,000 1,000 1,800 US$ 544,667 1,600 5,000 200,000 800 1,400 US$ US$ Number of deals Number of deals 371,197 504,846 4,000 1,200 US$ 523,020 150,000 US$ 600 291,188 1,000 Value (US$m) Value 3,000 (US$m) Value US$ US$ US$ US$ US$ 249,937 US$ 455,676 238,672 249,832 438,079 800 347,436 100,000 400 US$ US$ US$ 2,000 176,503 US$ 600 US$ 511,098 170,334 US$ US$ 161,065 US$ 337,822 US$ 155,581 165,291 US$ 264,098 US$ US$ 142,443 127,429 400 414,490 350,549 50,000 200 US$ US$ 1,000 208,478 192,948 US$ 200 US$ US$ US$ US$ 367,106 US$ US$ US$ 268,383 334,042 44,524 235,114 33,343 164,848 196,665 0 0 0 0 2012 2013 2014 2015 2016 YTD 2017 2012 2013 2014 2015 2016 YTD 2017
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
15 NORTH MERRILL GLOBAL C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF NORTH AMERICA TOTAL M&A VALUE NORTH AMERICA M&A SECTOR BREAKDOWN Q1 2017
Energy, Mining & Utilities Value: US$111.9bn Number of deals: 115 Market share: 33.5%
Consumer Value: US$85.8bn Number of deals: 103 Market share: 25.7%
Canada US$33.9bn 110 deals Pharma, Medical & Biotech 10.1% Value: US$33.6bn Number of deals: 136 Market share: 10.0%
Technology Value: US$24bn Number of deals: 212 United States Market share: 7.2% US$300.2bn 1,116 deals Key 89.9% Financial Services Value Value % Up/Down Region (US$bn) change Value: US$23.6bn Value Number of deals: 110 Domestic $186.8 35.3% Volume Value market share Market share: 7.1% Inbound $120.3 47.1% Outbound $90.8 16.6%
16 NORTH MERRILL GLOBAL C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$60,734m US$17,835m US$17,147m US$13,240m US$11,358m
Announced Announced Announced Announced Announced 17-Jan-17 10-Feb-17 01-Feb-17 29-Mar-17 09-Jan-17 Bidder company Bidder company Bidder company Bidder company Bidder company British American Tobacco Plc Reckitt Benckiser Group Plc ONEOK Inc Cenovus Energy Inc Williams Companies Inc Target company Target company Target company Target company Target company Reynolds American Inc (57.83% stake) Mead Johnson & Company ONEOK Partners LP (60% stake) ConocoPhillips (Canadian conventional Williams Partners LP (32.24% stake) Dominant sector Dominant sector Dominant sector natural gas assets); and Foster Creek Dominant sector Consumer Consumer Energy, Mining & Utilities Christina Lake Oil Sands Partnership Energy, Mining & Utilities (50% stake) Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Goldman Sachs; JPMorgan; and Lazard Goldman Sachs; and Morgan Stanley Barclays Seller company Evercore Partners ConocoPhillips Company Sell-side Legal Adviser Sell-side Legal Adviser Sell-side Legal Adviser Sell-side Legal Adviser Weil Gotshal & Manges; Moore & Van Allen; Kirkland & Ellis (Advising FA: Cleary Gottlieb Andrews Kurth (Advising FA: Cleary Gottlieb Dominant sector Baker Botts (Advising FA: Akin Gump Strauss Simpson Thacher & Bartlett; and Jones Day Steen & Hamilton) Steen & Hamilton) Energy, Mining & Utilities Hauer & Feld) (Advising FA: Kirkland & Ellis; and Skadden Buy-side Financial Adviser Buy-side Financial Adviser Sell-side Financial Adviser Buy-side Financial Adviser Arps Slate Meagher & Flom) Bank of America Merrill Lynch; Deutsche JPMorgan; and Morgan Stanley Goldman Sachs Morgan Stanley Buy-side Financial Adviser Bank; HSBC; and Robey Warshaw Buy-side Legal Adviser Sell-side Legal Adviser Buy-side Legal Adviser Centerview Partners; Deutsche Bank; and Buy-side Legal Adviser Skadden Arps Slate Meagher & Flom King & Spalding; and Osler, Hoskin & Gibson Dunn & Crutcher (Advising FA: UBS Investment Bank Davis Polk & Wardwell; and Linklaters (Advising FA: Simpson Thacher & Bartlett) Harcourt Shearman & Sterling) Buy-side Legal Adviser (Advising FA: Clifford Chance) Buy-side Financial Adviser Herbert Smith Freehills; and Cravath, Swaine JPMorgan; and RBC Capital Markets & Moore (Advising FA: Davis Polk & Wardwell) Buy-side Legal Adviser Bennett Jones; Blake, Cassels & Graydon; and Paul Weiss Rifkind Wharton & Garrison
17 NORTH MERRILL GLOBAL C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$8,792m US$8,500m US$6,620m US$6,287m US$4,893m
Announced Announced Announced Announced Announced 09-Jan-17 09-Mar-17 17-Jan-17 25-Jan-17 09-Jan-17 Bidder company Bidder company Bidder company Bidder company Bidder company Mars Incorporated Canadian Natural Resources Limited Exxon Mobil Corporation AltaGas Ltd Takeda Pharmaceutical Company Limited Target company Target company Target company Target company Target company VCA Inc The Athabasca Oil Sands Project (60% stake); BOPCO LP; and The Bass Family (Permian WGL Holdings Inc Ariad Pharmaceuticals Dominant sector Royal Dutch Shell plc (Peace River Complex Basin oil companies) Dominant sector Dominant sector Pharma, Medical & Biotech in-situ assets, including Carmon Creek, and Seller company Energy, Mining & Utilities Pharma, Medical & Biotech a number of undeveloped oil sands leases in The Bass Family Sell-side Financial Adviser Alberta) Sell-side Financial Adviser Sell-side Financial Adviser Barclays Dominant sector Goldman Sachs; Lazard; and JPMorgan Goldman Sachs; Lazard Seller company Energy, Mining & Utilities Sell-side Legal Adviser Royal Dutch Shell Plc Sell-side Legal Adviser Sell-side Legal Adviser Akin Gump Strauss Hauer & Feld; Borden Buy-side Legal Adviser Kirkland & Ellis (Advising FA: Cleary Gottlieb Paul Weiss Rifkind Wharton & Garrison; Ladner Gervais; and Potter Anderson & Dominant sector Davis Polk & Wardwell Steen & Hamilton; and Cravath, Swaine & and Willkie Farr & Gallagher (Advising FA: Corroon (Advising FA: Cleary Gottlieb Steen Energy, Mining & Utilities Moore) Simpson Thacher & Bartlett; and Sullivan & Hamilton) Sell-side Financial Adviser Buy-side Financial Adviser & Cromwell) Buy-side Financial Adviser JPMorgan; and Scotiabank JPMorgan; and TD Securities Buy-side Financial Adviser BDT & Company; and Morgan Stanley Sell-side Legal Adviser Buy-side Legal Adviser Evercore Partners Buy-side Legal Adviser McCarthy Tetrault Stikeman Elliott; and Vinson & Elkins Buy-side Legal Adviser McDermott Will & Emery; Simpson Thacher Cleary Gottlieb Steen & Hamilton; and Jones & Bartlett; and Skadden Arps Slate Meagher Day (Advising FA: Morrison & Foerster) & Flom
18 NORTH MERRILL GLOBAL C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 21 NORTH AMERICA FINANCIAL ADVISERS TOP 20 NORTH AMERICA FINANCIAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 4 Morgan Stanley 58,144 16 25,382 129.1% 1 2 Goldman Sachs 31,380 17 12 5 2 1 Goldman Sachs 31,380 17 43,104 -27.2% 2 1 Morgan Stanley 58,144 16 15 1 3 2 Barclays 26,811 11 29,686 -9.7% 3 5 JPMorgan 23,833 13 10 3 4 6 Deutsche Bank 25,703 4 18,873 36.2% 4 3 Barclays 26,811 11 11 0 5 5 Bank of America Merrill Lynch 25,556 6 24,711 3.4% 5 20 Citi 11,086 10 5 5 6 9 JPMorgan 23,833 13 16,929 40.8% 6 8 Lazard 2,563 10 9 1 7 25 HSBC 20,424 3 3,100 558.8% 7 10 Houlihan Lokey 521 10 9 1 8 - Robey Warshaw 17,835 1 - 0.0% 8 41 Moelis & Company 10,305 9 2 7 9 8 Citi 11,086 10 17,190 -35.5% 9 13 Bank of America Merrill Lynch 25,556 6 8 -2 10 26 Moelis & Company 10,305 9 2,811 266.6% 10 9 Credit Suisse 9,881 6 9 -3 11 16 Credit Suisse 9,881 6 6,971 41.7% 11 4 RBC Capital Markets 5,536 6 11 -5 12 3 RBC Capital Markets 5,536 6 27,340 -79.8% 12 16 Evercore Partners 4,983 6 7 -1 13 84 PJT Partners 5,385 2 45 11,866.7% 13 15 Rothschild 4,162 6 8 -2 14 12 Evercore Partners 4,983 6 12,500 -60.1% 14 31 BMO Capital Markets 4,962 5 3 2 15 29 BMO Capital Markets 4,962 5 1,608 208.6% 15 29 Wells Fargo Securities 1,886 5 3 2 16 47 Guggenheim Partners 4,665 3 340 1,272.1% 16 49 Stephens 549 5 2 3 17 10 Rothschild 4,162 6 14,464 -71.2% 17 12 Raymond James & Associates 455 5 9 -4 18 21 UBS Investment Bank 3,676 3 4,502 -18.3% 18 27 Harris Williams & Co 150 5 4 1 19 17 Mizuho Financial Group 3,437 2 6,279 -45.3% 19 14 Deutsche Bank 25,703 4 8 -4 20= - Cantor Fitzgerald 2,800 1 - 0.0% 20 17 Piper Jaffray & Co 260 4 7 -3 20= - Royal Bank of Canada 2,800 1 - 0.0%
19 NORTH MERRILL GLOBAL C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 NORTH AMERICA LEGAL ADVISERS TOP 20 NORTH AMERICA LEGAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Kirkland & Ellis 31,147 12 35,689 -12.7% 1 4 Latham & Watkins 8,815 19 21 -2 2 8 Davis Polk & Wardwell 24,846 5 18,028 37.8% 2 1 Kirkland & Ellis 31,147 12 36 -24 3 6 Skadden Arps Slate Meagher & Flom 22,940 10 21,700 5.7% 3 17 Simpson Thacher & Bartlett 20,981 11 9 2 4 4 Simpson Thacher & Bartlett 20,981 11 25,350 -17.2% 4 2 Jones Day 840 11 28 -17 5 17 Cleary Gottlieb Steen & Hamilton 18,499 4 10,730 72.4% 5 3 Skadden Arps Slate Meagher & Flom 22,940 10 21 -11 6 34 Linklaters 18,185 4 3,201 468.1% 6 32 Paul Weiss Rifkind Wharton & Garrison 10,486 9 6 3 7 90 Andrews Kurth 17,674 2 519 3,305.4% 7 9 Weil Gotshal & Manges 7,078 9 14 -5 8 10 Paul Weiss Rifkind Wharton & Garrison 10,486 9 14,299 -26.7% 8 18 Sullivan & Cromwell 6,867 9 9 0 9 27 Latham & Watkins 8,815 19 6,802 29.6% 9 24 Morrison & Foerster 4,199 9 8 1 10 50 Debevoise & Plimpton 7,796 3 2,178 257.9% 10 8 Morgan Lewis & Bockius 866 9 15 -6 11 11 Weil Gotshal & Manges 7,078 9 14,110 -49.8% 11 6 DLA Piper 113 9 17 -8 12 5 Sullivan & Cromwell 6,867 9 23,233 -70.4% 12 40 Blake, Cassels & Graydon 926 8 6 2 13 79 Wachtell, Lipton, Rosen & Katz 6,765 5 689 881.9% 13 11 Cooley 2,590 7 13 -6 14 7 Cravath, Swaine & Moore 6,560 3 20,513 -68.0% 14 68 Osler, Hoskin & Harcourt 3,731 6 3 3 15 67 Willkie Farr & Gallagher 6,376 5 1,138 460.3% 15 10 Gibson Dunn & Crutcher 2,938 6 14 -8 16 62 Vinson & Elkins 5,915 3 1,205 390.9% 16 22 Davis Polk & Wardwell 24,846 5 8 -3 17 40 Sidley Austin 4,726 3 2,800 68.8% 17 77 Wachtell, Lipton, Rosen & Katz 6,765 5 3 2 18 12 O'Melveny & Myers 4,407 4 13,521 -67.4% 18 27 Willkie Farr & Gallagher 6,376 5 7 -2 19 53 Morrison & Foerster 4,199 9 1,802 133.0% 19 48 Troutman Sanders 1,685 5 5 0 20 9 Stikeman Elliott 3,874 4 15,491 -75.0% 20 41 Paul Hastings 1,115 5 6 -1
20 NORTH MERRILL GLOBAL C&S MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL C&S AMERICA
QUARTERLY EDITION C&S AMERICA
M&A activity continued its decline in the struggling economies of Latin America in Q1 2017. Key Stats There were 111 deals worth US$13.1bn, compared to 140 deals valued at US$14.9bn in the same period a year ago. The historically strong sectors of Consumer and Energy, Mining & Utilities saw the most transactions, while Brazil and Mexico led all countries in terms of deal activity. 111 deals valued at US$13.1bn, down 12% by value with 29 fewer deals compared to 140 deals worth The Consumer industry had both the highest airport operator Fraport. Six of the top than a reflection of a larger trend. Indeed, US$14.9bn in Q1 ‘16 deal volume and value in Q1, with 17 deals ten deals in the quarter involved Brazilian seven of the ten largest deals in the quarter worth US$4.4bn. This value represented targets. In Mexico, the US$2.7bn deal still involved non-Latin American buyers. Top sector 33.2% of the total value in the region for the between Arca Continental and Coca-Cola These included the US$400m purchase Consumer saw 17 quarter. Two deals in the beverage segment made up most of the country’s US$3.3bn of Brazilian hydroelectric power operator deals worth US$4.4bn, made up most of this total: a US$2.7bn joint deal value in Q1. The only other significant Geração Paranapanema by China’s Sino-Latin up 243.7% by value venture between Mexican bottling firm Arca transaction was Canadian company Leagold American Production Capacity Cooperation compared to 22 deals Continental and Coca-Cola, and Heineken’s Mining Corporation’s US$350m purchase of Investment Fund. worth US$1.3bn in Q1 ‘16 US$1bn purchase of Kirin’s Brazilian division. Desarrollos Mineros San Luis from fellow Canadian miner Goldcorp. As Latin American countries continue to The Energy, Mining & Utilities sector battle the effects of low commodity prices, Top Financial Adviser had the second-most activity with 15 The private equity industry remains M&A activity seems likely to remain low in the Morgan Stanley ranked deals worth US$3.5bn, or 26.9% of all Q1 underdeveloped in Latin America, and there near term. For perspective, the Q1 2017 value first with 6 deals worth value. More than half of this came from a were just 11 buyouts worth US$308m in total of US$13.1bn is the third-lowest of any US$5.8bn, compared to US$1.9bn restructuring deal by Brazil’s the quarter. The value actually represented quarter since Q1 2010, and the volume of 111 2 deals worth US$2.7bn Vale, the world’s largest iron ore producer. an 8.3% increase over the year-previous deals is the lowest quarterly total over the in Q1 ‘16 Two deals by Canada’s Goldcorp in March period, but otherwise is the lowest amount same period. also contributed to the total – the miner since Q1 2013. In the largest deal of the paid US$260m for two separate 25% quarter, Singaporean sovereign wealth Top Legal Adviser stakes in Chile’s Cerro Casale mine. fund GIC Private Limited paid US$158m Mattos Filho, Veiga Filho, for Brazilian college Universidade Cruzeiro Marrey Jr e Quiroga The economy of Brazil dominated M&A do Sul. PE exits declined nearly ten-fold Advogados ranked activity in the first quarter, as is usually in value from US$2.1bn to US$284.4m first with 8 deals worth the case in the region. The country saw 64 and from 11 to seven transactions. US$2.2bn, compared to deals valued at US$8.1bn, including the 7 deals worth US$2.7bn US$477m acquisition of concessions in the Cross-border M&A declined in Q1, but this in Q1 ‘16 Fortaleza International Airport by German was more a result of low overall activity
22 C&S MERRILL GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
C&S AMERICA M&A TREND C&S AMERICA PRIVATE EQUITY TREND
700 150,000 11,000 70
10,000
600 60 9,000 120,000 US$ 28,490 8,000 500 50 US$ 32,400 7,000 Number of deals 90,000 Number of deals US$ 400 40 37,982 6,000 US$ US$ 16,508 US$ 25,428 20,295 5,000 US$ Value (US$m) Value Value (US$m) Value US$ 300 10,458 30 60,000 29,692 US$ US$ US$ 8,525 US$ 4,000 8,485 8,253 22,379 US$ US$ US$ US$ 47,064 38,128 6,927 US$ 20 39,906 200 3,000 6,149 US$ US$ 24,175 5,320 30,000 US$ 21,399 2,000 US$ 100 10 US$ 11,171 US$ 12,165 2,493 US$ US$ 1,000 US$ US$ US$ 1,935 US$ US$ 21,764 24,831 US$ US$ 17,794 US$ 1,275 308 284 11,155 14,897 13,107 0 0 0 0 2012 2013 2014 2015 2016 YTD 2017 2012 2013 2014 2015 2016 YTD 2017
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
23 C&S MERRILL GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF C&S AMERICA TOTAL M&A VALUE C&S AMERICA M&A SECTOR BREAKDOWN Q1 2017
Nicaragua US$54m Consumer Mexico 1 deal Value: US$4.4bn US$3.4bn 0.4% 11 deals Number of deals: 17 25.6% Market share: 33.2%
Energy, Mining & Utilities Value: US$3.5bn Colombia Number of deals: 15 US$82.5m 6 deals Market share: 26.9% 0.6% Brazil US$8.1bn Industrials & Chemicals 64 deals 61.8% Value: US$2.3bn Number of deals: 15 Market share: 17.3%
Business Services Chile Uruguay Value: US$874.2m US$1bn US$65m 11 deals Argentina 1 deal Number of deals: 14 7.9% US$402.4m 0.5% Market share: 6.7% 8 deals 3.1% Key Pharma, Medical & Biotech Value Value % Up/Down Region (US$bn) change Value: US$186.4m Value Number of deals: 7 Domestic $3 2.8% Volume Value market share Market share: 1.4% Inbound $5.4 36.8% Outbound $3 55.8%
24 C&S MERRILL GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$2,700m US$1,932m US$1,648m US$1,089m US$477m
Announced Announced Announced Announced Announced 08-Feb-17 20-Feb-17 21-Feb-17 13-Feb-17 16-Mar-17 Bidder company Bidder company Bidder company Bidder company Bidder company AC Bebidas S de RL de CV Valepar SA Ternium SA Heineken NV Fraport AG Target company Target company Target company Target company Target company Arca Continental SAB de CV (Beverage Vale SA (5.11% stake) Thyssenkrupp Companhia Siderurgica do Brasil Kirin Holdings SA Fortaleza International Airport (Concessions) businesses in Mexico, Argentina, Peru Dominant sector Atlantico Ltda Seller company Dominant sector and Ecuador); and Coca-Cola Southwest Energy, Mining & Utilities Seller company Kirin Holdings Company Limited Transportation Beverages LLC Buy-side Financial Adviser ThyssenKrupp AG Dominant sector Buy-side Financial Adviser Seller company Banco Bradesco BBI; and Morgan Stanley Dominant sector Consumer JPMorgan Arca Continental SAB de CV; and Coca-Cola Industrial products and services Refreshments USA Inc Buy-side Legal Adviser Sell-side Financial Adviser Demarest Sell-side Financial Adviser Morgan Stanley Dominant sector Citi; and Goldman Sachs Consumer Sell-side Legal Adviser Sell-side Legal Adviser Allen & Overy; and Tozzini Freire Teixeira e Linklaters; and Lobo & de Rizzo Advogados Silva Advogados (Advising FA: Freshfields Bruckhaus Buy-side Financial Adviser Deringer) Credit Suisse Buy-side Legal Adviser Buy-side Legal Adviser Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Davis Polk & Wardwell; and Mundie e Advogados; and Mitrani, Caballero Rosso Advogados Alba Francia Ojam & Ruiz Moreno Abogados
25 C&S MERRILL GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$401m US$400m US$350m US$260m US$260m
Announced Announced Announced Announced Announced 05-Jan-17 04-Jan-17 12-Jan-17 28-Mar-17 28-Mar-17 Bidder company Bidder company Bidder company Bidder company Bidder company Atmosfera Gesteo & Higienizacao de Sino-Latin American Production Capacity Leagold Mining Corporation Goldcorp Inc Goldcorp Inc Texteis SA Cooperation Investment Fund Co Ltd Target company Target company Target company Target company Target company Desarrollos Mineros San Luis SA De CV Cerro Casale mine (25% stake) Cerro Casale mine (25% stake) Lavebras Gestao de Texteis SA Geracao Paranapanema SA (33.33% stake) Seller company Seller company Seller company Seller company Seller company Goldcorp Inc Barrick Gold Corporation Kinross Gold Corporation DNA Capital; and Ricardo Faria (Private China Three Gorges Corporation Dominant sector Dominant sector Dominant sector investor) Dominant sector Energy, Mining & Utilities Energy, Mining & Utilities Energy, Mining & Utilities Dominant sector Energy, Mining & Utilities Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Business Services Sell-side Legal Adviser Scotiabank Credit Suisse Rothschild; and Scotiabank Sell-side Legal Adviser Tozzini Freire Teixeira e Silva Advogados; and Buy-side Financial Adviser Sell-side Legal Adviser Sell-side Legal Adviser Stocche Forbes Advogados White & Case LLP UBS Investment Bank Davies Ward Phillips & Vineberg Blake, Cassels & Graydon; and Osler Hoskin Buy-side Financial Adviser Buy-side Legal Adviser Buy-side Legal Adviser Buy-side Financial Adviser & Harcourt Euro Latina Finance Linklaters; and Machado Meyer Sendacz e Fasken Martineau Dumoulin TD Securities Buy-side Financial Adviser Opice Buy-side Legal Adviser Buy-side Legal Adviser TD Securities Tozzini Freire Teixeira e Silva Advogados Cariola Diez Perez-Cotapos Abogados; and Buy-side Legal Adviser (Advising FA: White & Case) McCarthy Tetrault Cariola Diez Perez-Cotapos Abogados; and McCarthy Tetrault
26 C&S MERRILL GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 C&S AMERICA FINANCIAL ADVISERS TOP 20 C&S AMERICA FINANCIAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 6 Morgan Stanley 5,820 6 2,663 118.6% 1 6 Banco Itau BBA 573 7 4 3 2 1 Credit Suisse 3,449 3 10,948 -68.5% 2 12 Morgan Stanley 5,820 6 2 4 3 4 Banco Bradesco BBI 2,506 6 3,703 -32.3% 3 2 Banco Bradesco BBI 2,506 6 5 1
4 20 Barclays 2,330 2 83 2,707.2% 4 7 Credit Suisse 3,449 3 3 0 5 3 Banco Bilbao Vizcaya Argentaria 2,294 2 4,689 -51.1% 5 - Rabobank 215 3 0 3 6 - Goldman Sachs 1,648 2 - 0.0% 6 3 Lazard 165 3 5 -2 7 11 Citi 1,648 1 1,050 57.0% 7 26 Barclays 2,330 2 1 1 8 - Scotiabank 610 2 - 0.0% 8 5 Banco Bilbao Vizcaya Argentaria 2,294 2 4 -2 9 12 JPMorgan 598 2 538 11.2% 9 - Goldman Sachs 1,648 2 0 2 10 13 Banco Itau BBA 573 7 514 11.5% 10 - Scotiabank 610 2 0 2 11 7 UBS Investment Bank 544 2 2,602 -79.1% 11 23 JPMorgan 598 2 1 1 12 - TD Securities 520 2 - 0.0% 12 22 UBS Investment Bank 544 2 1 1 13 - Euro Latina Finance 401 1 - 0.0% 13 - TD Securities 520 2 0 2 14 5 Rothschild 260 1 3,672 -92.9% 14 - PwC 230 2 0 2 15 - PwC 230 2 - 0.0% 15 21 KPMG 14 2 2 0 16 - Rabobank 215 3 - 0.0% 16 10 Artica Invest - 2 3 -1 17 2 Santander Global Corporate Banking 194 1 6,781 -97.1% 17 14 Citi 1,648 1 2 -1 18 14 BR Partners 192 1 173 11.0% 18 - Euro Latina Finance 401 1 0 1 19 9 Lazard 165 3 1,120 -85.3% 19 11 Rothschild 260 1 2 -1 20 43 Haitong Securities Co 146 1 - 0.0% 20 4 Santander Global Corporate Banking 194 1 4 -3
27 C&S MERRILL GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 C&S AMERICA LEGAL ADVISERS TOP 20 C&S AMERICA LEGAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change Mattos Filho, Veiga Filho, Marrey Jr e Mattos Filho, Veiga Filho, Marrey Jr e 1 9 2,195 8 2,914 -24.7% 1 5 2,195 8 7 1 Quiroga Advogados Quiroga Advogados 2= 13 Cravath, Swaine & Moore 2,100 1 1,070 96.3% 2 11 Machado Meyer Sendacz e Opice 824 8 5 3 2= - Dechert 2,100 1 - 0.0% Tozzini Freire Teixeira e Silva 3 2 2,042 7 11 -4 Advogados 2= 55 Galicia Abogados 2,100 1 43 4,783.7% 4 18 Lobo & de Rizzo Advogados 1,875 6 4 2 2= - Sidley Austin 2,100 1 - 0.0% 5 10 Demarest 417 6 5 1 6 3 Linklaters 2,048 2 6,244 -67.2% 6 6 Pinheiro Neto Advogados 292 5 7 -2 Tozzini Freire Teixeira e Silva 7 36 2,042 7 265 670.6% Advogados 7 - Blake, Cassels & Graydon 328 4 0 4 8 69 Lobo & de Rizzo Advogados 1,875 6 - 0.0% 8 12 Veirano Advogados 35 4 5 -1 9= - Freshfields Bruckhaus Deringer 1,648 1 - 0.0% 9 3 Baker & McKenzie 428 3 10 -7 Mitrani, Caballero, Rosso Alba, Francia, 10 16 Stocche Forbes Advogados 401 3 4 -1 9= - 1,648 1 - 0.0% Ojam & Ruiz Moreno Abogados Estudio Muniz, Ramirez, Perez-Taiman 11 - 18 3 0 3 11= 19 Allen & Overy 1,089 1 1,035 5.2% & Olaya Abogados 11= - Davis Polk & Wardwell 1,089 1 - 0.0% 12= 4 Barbosa, Mussnich & Aragao - 3 7 -4 11= 11 Mundie e Advogados 1,089 1 1,132 -3.8% 12= 28 Payet, Rey, Cauvi, Perez Abogados - 3 2 1 14 34 Machado Meyer Sendacz e Opice 824 8 290 184.1% Philippi Prietocarrizosa, Ferrero DU 12= 9 - 3 5 -2 & Uria 15 110 White & Case 588 2 - 0.0% 15 31 Linklaters 2,048 2 1 1 16= - Cariola Diez Perez-Cotapos Abogados 520 2 - 0.0% 16 110 White & Case 588 2 1 1 16= - McCarthy Tetrault 520 2 - 0.0% 17= - Cariola Diez Perez-Cotapos Abogados 520 2 0 2 18 1 Baker & McKenzie 428 3 7,872 -94.6% 17= - McCarthy Tetrault 520 2 0 2 19 10 Demarest 417 6 1,243 -66.5% 19 14 Lefosse Advogados 304 2 4 -2 20 46 Stocche Forbes Advogados 401 3 71 464.8% 20 46 Hogan Lovells International 106 2 1 1
28 C&S MERRILL GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT AMERICA EUROPE JAPAN WELCOME OVERVIEW AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL EUROPE
QUARTERLY EDITION EUROPE
High-valued deals pushed Europe’s M&A value to just 1.5% behind that of Q1 2016 (1,726 deals, Key Stats US$173.2bn). However, the first three months of the year saw just 1,350 deals worth a total of US$170.5bn targeting companies based in Europe, representing the lowest quarterly deal count since Q1 2013 (1,341 deals). The region’s share of global M&A value dipped slightly to 25.1%, in 1,350 deals valued at US$170.5bn, down 1.5% by value with 376 fewer comparison to 27.8% in the first quarter of 2016. deals compared to 1,726 deals worth US$173.2bn in Q1 ‘16 As companies become more discerning and bidders, including Tesco’s US$4.5bn proposed competition has pushed buyouts to their tactical regarding dealmaking in light of acquisition of food wholesaler Booker. strongest start to the year since 2012 (245 political changes, the average deal size has deals, US$26.6bn). The first quarter has seen Top sector increased to record levels. After the region On the other hand, investment into the UK private equity buyouts surge as the region Pharma, Medical & received three megadeals (>US$10bn) the from outside Europe has reduced 29.5% received 263 investments worth US$25.8bn, Biotech saw 96 deals worth figure hit US$378m, up from US$325m during by value to US$13.1bn across 88 deals. a 56.8% increase by value compared to at US$38.5bn, up 132.7% 2016 and the highest since 2007 (US$387m). This reflects a wider trend in the region as this point last year (273 deals, US$16.5bn). by value compared to 120 European inbound activity fell 55.7% in the deals worth US$16.6bn March saw British Prime Minister Theresa wake of political uncertainty. Dealmakers Johnson & Johnson secured the quarter’s in Q1 ‘16 May trigger the starting gun on the UK’s appear to be postponing deals due to the largest deal after agreeing to acquire withdrawal from the EU. Despite ambiguity upcoming Brexit negotiations, the Dutch going Swiss-based Actelion Pharmaceuticals for surrounding the future relationship with the to the polls, as well as French and German US$29.6bn, meaning that Pharmaceutical, Top Financial Adviser rest of the EU, the UK was the most targeted elections looming. Medical & Biotech was the most targeted Lazard ranked first country by volume, attracting 283 deals worth sector by value in Europe. The sector received with 29 deals worth US$38.3bn. May faces political questions on M&A targeting France in particular appears 96 deals worth US$38.5bn, a 132.7% increase US$121.5bn, compared numerous fronts with the upcoming Brexit to have suffered, experiencing a 72.6% drop by value in comparison to Q1 2016’s value to 33 deals worth negotiations and the growing prospect of a by value in activity from outside Europe – (120 deals, US$16.6bn). US$37.9bn in Q1 ‘16 second Scottish referendum closer to home. receiving 13 deals worth US$1.1bn. This represents the country’s lowest quarterly The first three months of 2017 have seen three The UK experienced a 134.9% rise in value value since Q1 2014 (US$4.7bn, 13 deals). megadeals (>US$10bn) targeting Europe – one Top Legal Adviser compared to Q1 2016 (US$28.4bn, 340 deals), German opportunities, however, appear to more than at this time last year. According Cravath, Swaine & Moore despite 57 fewer deals. This was largely driven be a more appetising prospect – growing by to Mergermarket intelligence, the political ranked first with 6 deals by increased domestic consolidation, as the 58.8% by value (US$9.1bn, 38 deals). uncertainty may lead to more care being taken worth US$130.1bn, likes of Standard Life and John Wood Group during deals and a greater emphasis on the compared to 5 deals pursued local targets. Four of the largest five As private equity firms consider how to due diligence and integration processes. worth US$93.8bn in Q1 ‘16 deals targeting the UK were conducted by UK invest their ample resources, increased
30 MERRILL GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND
1,000,000 180,000 1,400 8,000
160,000 7,000 1,200 US$ 800,000 214,255 140,000 US$ 6,000 290,203 1,000
US$ 120,000 259,093
US$ US$ 5,000 Number of deals 600,000 US$ Number of deals 251,081 209,849 800 158,734 100,000 US$ 176,495 4,000 US$ US$ US$ 175,438 Value (US$m) Value Value (US$m) Value 168,697 80,000 US$ US$ 165,346 600 400,000 113,273 158,590 US$ US$ 141,998 141,758 3,000 US$ US$ US$ 60,000 134,985 310,576 US$ 119,759 US$ 112,365 400 US$ US$ US$ 261,898 US$ 187,761 US$ 196,368 96,580 US$ 2,000 93,131 90,723 200,809 40,000 200,000
200 1,000 20,000 US$ US$ US$ US$ US$ US$ US$ 172,576 178,567 163,975 173,181 170,503 US$ 136,403 25,848 19,421 0 0 0 0 2012 2013 2014 2015 2016 YTD 2017 2012 2013 2014 2015 2016 YTD 2017
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
31 MERRILL GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF EUROPE TOTAL M&A VALUE EUROPE M&A SECTOR BREAKDOWN Q1 2017
Pharma, Medical & Biotech Value: US$38.5bn Number of deals: 96 Market share: 11.2%
Consumer
Germany Value: US$35.2bn US$13.7bn Number of deals: 187 174 deals Market share: 10.3% United Kingdom 17% US$38.3bn 283 deals 22.4% Energy, Mining & Utilities Value: US$19.2bn Number of deals: 82 Market share: 5.6%
Financial Services
France Switzerland Value: US$18.4bn US$14.9bn US$31.4bn Number of deals: 85 163 deals 31 deals Market share: 5.3% 18.4% 18.4% Key Industrials & Chemicals Value Value % Up/Down Region (US$bn) change Value: US$12.4bn Value Italy Number of deals: 280 Domestic $98.4 76.5% Volume US$29bn Value market share Market share: 3.6% Inbound $72.1 38.6% 90 deals 17% Outbound $103.1 89.8%
32 MERRILL GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$29,592m US$25,423m US$10,222m US$5,068m US$4,643m
Announced Announced Announced Announced Announced 26-Jan-17 19-Jan-17 17-Jan-17 23-Feb-17 06-Mar-17 Bidder company Bidder company Bidder company Bidder company Bidder company Johnson & Johnson Essilor International SA Safran SA Advent International Corporation Standard Life Plc Target company Target company Target company Target company Target company Actelion Pharmaceuticals Ltd Luxottica Group SpA Zodiac Aerospace SA STADA Arzneimittel AG Aberdeen Asset Management PLC Dominant sector Dominant sector Dominant sector Dominant sector Dominant sector Pharma, Medical & Biotech Consumer Defence Pharma, Medical & Biotech Financial Services Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser ALANTRA; Bank of America Merrill Lynch; Mediobanca BNP Paribas; and Rothschild Bank of America Merrill Lynch; and Credit Suisse; and JPMorgan Cazenove and Credit Suisse Sell-side Legal Adviser Sell-side Legal Adviser Morgan Stanley Sell-side Legal Adviser Sell-side Legal Adviser BonelliErede; Bredin Prat; and Cravath, Blake, Cassels & Graydon; Bredin Prat; and Sell-side Legal Adviser Freshfields Bruckhaus Deringer; and Niederer Kraft & Frey; Slaughter and May; Swaine & Moore Cravath, Swaine & Moore Hengeler Mueller Maclay Murray & Spens and Wachtell, Lipton, Rosen & Katz Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Citi; and Rothschild Bank of America Merrill Lynch; and Lazard Deutsche Bank; and Evercore Partners Goldman Sachs Citi; and Lazard Buy-side Legal Adviser Buy-side Legal Adviser Buy-side Legal Adviser Buy-side Legal Adviser Buy-side Legal Adviser Cleary Gottlieb Steen & Hamilton; and BDGS Associes; Jones Day; and Linklaters Freshfields Bruckhaus Deringer Slaughter and May Cravath, Swaine & Moore; Freshfields Jones Day (Advising Bank of America Merrill Lynch) Bruckhaus Deringer; Gibson Dunn & Crutcher (Advising Lazard); Homburger; and Sexton Riley
33 MERRILL GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$4,460m US$4,438m US$4,300m US$3,961m US$3,024m
Announced Announced Announced Announced Announced 27-Jan-17 24-Jan-17 10-Feb-17 13-Mar-17 31-Jan-17 Bidder company Bidder company Bidder company Bidder company Bidder company Tesco Plc Raiffeisen Bank International AG Blackstone Group LP John Wood Group Plc Chrysaor Holdings Limited Target company Target company Target company Target company Target company Booker Group Plc Raiffeisen Zentralbank Oesterreich AG Aon plc (Benefits outsourcing division) Amec Foster Wheeler Plc Shell UK Limited (North Sea assets) Dominant sector Seller company Seller company Dominant sector Seller company Consumer Raiffeisen-Landesbanken-Holding GmbH Aon plc Business Services Shell UK Limited Sell-side Financial Adviser Dominant sector Dominant sector Sell-side Financial Adviser Dominant sector JPMorgan Cazenove Financial Services Business Services Bank of America Merrill Lynch; Barclays; Energy, Mining & Utilities Sell-side Legal Adviser Buy-side Financial Adviser Sell-side Financial Adviser and Goldman Sachs Sell-side Financial Adviser Clifford Chance Citi Moelis & Company; and Morgan Stanley Sell-side Legal Adviser Bank of America Merrill Lynch; and Lazard Buy-side Financial Adviser Buy-side Legal Adviser Sell-side Legal Adviser Linklaters Sell-side Legal Adviser Barclays; Citi; and Greenhill & Co Schoenherr Rechtsanwaelte Paul Weiss Rifkind Wharton & Garrison Buy-side Financial Adviser Clifford Chance Buy-side Legal Adviser (Advising Moelis & Company); Sidley Austin; Credit Suisse; and JPMorgan Cazenove Buy-side Financial Adviser Freshfields Bruckhaus Deringer; and Torys; and Trilegal Buy-side Legal Adviser BMO Capital Markets; and Citi Macfarlanes (Advising Greenhill & Co) Buy-side Financial Adviser Slaughter and May Buy-side Legal Adviser Citi; and Credit Suisse Dechert; and White & Case Buy-side Legal Adviser Kirkland & Ellis
34 MERRILL GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 15 Lazard 121,478 29 220.3% 37,932 1 2 PwC 2,271 62 -3 65 2 1 Goldman Sachs 121,104 27 -3.7% 125,792 2 1 KPMG 3,052 35 -42 77 3 18 Bank of America Merrill Lynch 97,788 22 193.8% 33,283 3 4 EY 782 35 -17 52 4 4 Citi 91,324 23 42.0% 64,326 4 3 Deloitte 1,259 34 -23 57 5 9 Deutsche Bank 88,119 13 79.6% 49,063 5 5 Rothschild 54,566 33 -12 45 6 5 JPMorgan 86,664 20 38.0% 62,795 6 6 Lazard 121,478 29 -4 33 7 6 UBS Investment Bank 79,043 13 30.8% 60,418 7 12 Goldman Sachs 121,104 27 9 18 8 19 Centerview Partners 60,734 1 132.7% 26,099 8 8 Morgan Stanley 52,980 26 6 20 9 17 Rothschild 54,566 33 53.2% 35,610 9 23 Citi 91,324 23 10 13 10 2 Morgan Stanley 52,980 26 -53.5% 114,017 10 17 Bank of America Merrill Lynch 97,788 22 5 17 11 3 Credit Suisse 45,478 17 -31.0% 65,868 11 10 JPMorgan 86,664 20 1 19 12 28 Robey Warshaw 30,503 2 337.2% 6,977 12 15 Credit Suisse 45,478 17 0 17 13 10 ALANTRA 30,451 11 -36.6% 48,032 13 21 Clearwater International 57 17 3 14 14 34 Mediobanca 26,765 4 440.3% 4,954 14 30 ING 426 15 5 10 15 8 HSBC 22,255 8 -60.5% 56,342 15 11 Oaklins 39 14 -5 19 16 7 Barclays 14,667 12 -75.2% 59,210 16 31 Deutsche Bank 88,119 13 4 9 17 23 BNP Paribas 14,273 10 56.6% 9,117 17 16 UBS Investment Bank 79,043 13 -4 17 18 - Kotak Investment Banking 12,756 2 0.0% 0.0% 18 18 Barclays 14,667 12 -3 15 19 - Axis Capital 12,668 1 0.0% 0.0% 19 32 Evercore Partners 11,035 12 3 9 20 52 Scotiabank 11,300 3 812.0% 1,239 20 34 GCA Corporation 791 12 3 9
35 MERRILL GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 EUROPE LEGAL ADVISERS TOP 20 EUROPE LEGAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 2 Cravath, Swaine & Moore 130,137 6 38.8% 93,790 1 6 Baker & McKenzie 6,444 40 -9 49 2 19 Jones Day 100,551 24 160.5% 38,600 2 2 CMS 5,727 39 -27 66 3 17 Kirkland & Ellis 86,128 18 101.5% 42,737 3 1 DLA Piper 805 37 -34 71 4 3 Davis Polk & Wardwell 82,848 9 -9.2% 91,271 4 4 Linklaters 43,200 35 -19 54 5 31 Weil Gotshal & Manges 73,155 22 337.1% 16,735 5 3 Clifford Chance 31,148 35 -21 56 6 23 Skadden Arps Slate Meagher & Flom 66,399 14 122.8% 29,799 6 5 White & Case 16,979 34 -19 53 7 6 Simpson Thacher & Bartlett 65,266 10 0.0% 65,238 7 7 Allen & Overy 11,647 34 -9 43 8 27 Herbert Smith Freehills 62,691 14 219.5% 19,622 8 15 Hogan Lovells International 2,357 30 6 24 9 - Moore & Van Allen 60,734 1 - 0.0% 9 11 Eversheds Sutherland 580 27 -6 33 10 14 Slaughter and May 51,793 10 11.4% 46,510 10 12 Latham & Watkins 8,396 26 -3 29 11 4 Cleary Gottlieb Steen & Hamilton 47,784 12 -39.3% 78,683 11 9 Jones Day 100,551 24 -15 39 12 5 Freshfields Bruckhaus Deringer 43,523 22 -42.2% 75,344 12 14 Weil Gotshal & Manges 73,155 22 -2 24 13 20 Linklaters 43,200 35 18.0% 36,621 13 8 Freshfields Bruckhaus Deringer 43,523 22 -18 40 14 51 Bredin Prat 37,660 7 846.0% 3,981 14 25 Squire Patton Boggs 2,487 21 1 20 15 39 Gibson Dunn & Crutcher 34,707 8 295.3% 8,780 15 27 Kirkland & Ellis 86,128 18 0 18 16 28 Wachtell, Lipton, Rosen & Katz 34,121 4 95.7% 17,438 16 24 Cuatrecasas 1,958 18 -2 20 17 11 Homburger 32,362 8 -32.8% 48,128 17 171 Goodwin Procter 152 18 14 4 18 7 Clifford Chance 31,148 35 -49.8% 61,999 18 26 McDermott Will & Emery 621 17 -2 19 19= 101 Niederer Kraft & Frey 29,592 1 2,473.2% 1,150 19 22 Travers Smith 2,079 15 -5 20 19= - Sexton Riley 29,592 1 - 0.0% 20 53 Taylor Wessing 1,671 15 2 13
36 MERRILL GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE MERRILL CONTACT JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL MIDDLE EAST & AFRICA
QUARTERLY EDITION MIDDLE EAST & AFRICA
M&A activity targeting the Middle East & Africa (MEA) started 2017 with the third highest quarter Key Stats deal value on Mergermarket record (since 2001). There were 81 deals worth US$28.3bn announced during the first quarter, up 192.2% compared to Q1 2016 (109 deals, US$9.7bn), and the highest Q1 value on record. The high value was pushed by four deals above US$1bn, the highest number of 81 deals valued at US$28.3bn, up 192.2% by value with 28 fewer deals deals within this price bracket announced in Q1 since 2013, when four deals were also announced. compared to 109 deals worth US$9.7bn in Q1 ‘16
The quarter closed with a deal symbolising This is already the greatest value for the second highest outbound acquisition on the expanding tech-related activity into sector on Mergermarket record, having Mergermarket record for the country, and Top sector the region, specifically the strong Israeli overtaken all annual values. On the other resulted in Saudi Arabia outbound M&A Industrial & Chemicals technology sector, with Intel announcing the hand, Energy, Mining and Utilities (EMU) activity reaching the same point as 2015 and saw 11 deals worth US$14.7bn acquisition of Mobileye, a company is regaining momentum, being the most 2016’s full-year values. This is the highest US$17.9bn, up 9,223.4% developing software for driverless cars. This targeted sector by volume, with Q1 value quarterly value on Mergermarket record by value compared to is not only the highest-valued transaction into (US$7bn) reaching the highest quarterly since Q2 2007. 7 deals worth US$192m Israel, but also the third largest targeting the figure since Q3 2013 (US$8.5bn). in Q1 ‘16 region on Mergermarket record. The Aramco-Motiva Enterprises deal took Cross-border activity greatly intensified place in a context of falling oil prices, which Africa also attracted another notable in the first quarter of the year, with three is leading companies in the region to find Top Financial Adviser high-value deal with Exxon Mobil acquiring deals valued above US$1bn conducted by new ways to cut costs, expand market Citi ranked first with a 25% stake of Eni’s Rouvma gas field in bidders from outside the region. Inbound share, and diversify revenues. According to 6 deals worth US$20.1bn, Mozambique for US$2.8bn in March. This M&A activity accounted for 43 deals valued Mergermarket intelligence, healthcare is compared to 2 deals resulted in the highest first quarter on US$24.3bn, up 4.7x compared to Q1 2016 (53 another space likely to grow in the region worth US$740m in Q1 ‘16 Mergermarket record since 2013 for Africa, deals, US$5.1bn), and the highest quarterly during 2017, due to the fragmentation of despite 46 announced deals marking the value since Q4 2007 (53 deals, US$26.2bn). the sector and the regulation changes in lowest volume since Q3 2011 (45 deals). the UAE. In the same way, food & beverage Top Legal Adviser Outbound activity saw a 3.9x increase in retail sector may see acquisitions of small White & Case ranked These two deals reflected the most targeted value compared to the same period in 2016 restaurant concepts unable to face fixed first with 5 deals worth sectors by value and volume. As a result of (46 deals, US$2bn), with 34 deals worth costs due to falling customer spending US$18.6bn, compared to the Intel-Mobileye transaction, Industrial & US$7.7bn recorded, pushed up by the and hence dropping revenues. 5 deals worth US$1.7bn Chemicals was the highest sector by value, US$3.9bn acquisition of Motiva Enterprises in Q1 ‘16 with 11 deals worth US$17.9bn announced. by Aramco in March. The transaction is the
38 MIDDLE EAST MERRILL GLOBAL NORTH C&S ASIA- LEAGUE MERRILL CONTACT EUROPE & AFRICA JAPAN WELCOME OVERVIEW AMERICA AMERICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
MIDDLE EAST & AFRICA M&A TREND MIDDLE EAST & AFRICA PRIVATE EQUITY TREND
90,000 500 14,000 80
US$ 80,000 70 19,975 12,000
400 70,000 60 10,000
60,000 US$ 50 15,446 300 Number of deals Number of deals US$ 8,000 34,932 50,000 US$ 24,541 40 US$ US$ 20,717 US$ Value (US$m) Value Value (US$m) Value 40,000 13,673 6,000 12,042 US$ 200 20,309 30 US$ 30,000 9,687 US$ 9,494 4,000 US$ US$ US$ US$ 7,396 20 21,623 24,593 US$ 20,000 7,867 US$ 100 6,730 US$ US$ 19,311 US$ 13,500 US$ US$ 5,097 2,000 US$ US$ US$ 4,691 9,268 28,284 3,793 3,878 3,815 10 10,000 US$ US$ US$ US$ US$ US$ 2,415 12,421 US$ 1,910 US$ US$ 8,846 8,320 9,680 7,242 1,121 891 0 0 0 0 2012 2013 2014 2015 2016 YTD 2017 2012 2013 2014 2015 2016 YTD 2017
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
39 MIDDLE EAST MERRILL GLOBAL NORTH C&S ASIA- LEAGUE MERRILL CONTACT EUROPE & AFRICA JAPAN WELCOME OVERVIEW AMERICA AMERICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF MIDDLE EAST & AFRICA TOTAL M&A VALUE MIDDLE EAST & AFRICA M&A SECTOR BREAKDOWN Q1 2017
Industrials & Chemicals Value: US$17.9bn Israel Number of deals: 11 US$15.3bn Market share: 63.4% 20 deals 54.2% Saudi Arabia US$3.0bn Energy, Mining & Utilities 3 deals 10.7% Value: US$7.0bn Number of deals: 19 Market share: 24.9%
Financial Services Value: US$1.5bn Number of deals: 9 Market share: 5.4%
Technology Value: US$890m Number of deals: 12 Market share: 3.1% Mozambique US$2.8bn Key 1 deal 9.9% Business Services Value Value % Up/Down Region (US$bn) change Value: US$313m Value Number of deals: 11 Domestic $4.0 11.7% Volume Value market share Market share: 1.1% Inbound $24.3 374.3% Outbound $7.7 287.4%
40 MIDDLE EAST MERRILL GLOBAL NORTH C&S ASIA- LEAGUE MERRILL CONTACT EUROPE & AFRICA JAPAN WELCOME OVERVIEW AMERICA AMERICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$14,670m US$2,800m US$2,215m US$1,120m US$900m
Announced Announced Announced Announced Announced 13-Mar-17 09-Mar-17 21-Feb-17 08-Feb-17 22-Mar-17 Bidder company Bidder company Bidder company Bidder company Bidder company Intel Corporation Exxon Mobil Corporation Tronox Limited Group of Jordanian and Arab investors led by China Petroleum & Chemical Corporation Target company Target company Target company Sabih El-Masry Target company Mobileye NV Eni SpA (Rovuma Area 4 gas field) (25% stake) The National Titanium Dioxide Company Ltd Target company Chevron Corporation (Assets in South Africa Dominant sector Seller company (Titanium dioxide business) Arab Bank Group (19.83% stake) and Botswana) (75% stake) Industrials & Chemicals Eni SpA Seller company Seller company Seller company Sell-side Financial Adviser Dominant sector The National Titanium Dioxide Company Ltd Saudi Oger Limited Chevron Corporation Goldman Sachs; and Raymond James Energy, Mining & Utilities Dominant sector Dominant sector Dominant sector & Associates Sell-side Financial Adviser Industrials & Chemicals Financial Services Energy, Mining & Utilities Sell-side Legal Adviser Bank of America Merrill Lynch Sell-side Financial Adviser Buy-side Financial Adviser Sell-side Financial Adviser Morrison & Foerster (Advising FA: Milbank Sell-side Legal Adviser HSBC; and Perella Weinberg Partners QInvest Rothschild Tweed Hadley & McCloy) Linklaters Sell-side Legal Adviser Buy-side Legal Adviser Sell-side Legal Adviser Buy-side Financial Adviser Buy-side Legal Adviser Clifford Chance; and Russell McVeagh Baker & McKenzie Latham & Watkins Citi; and Rothschild BonelliErede; and Skadden Arps Slate Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Legal Adviser Meagher & Flom Credit Suisse; and JPMorgan Morgan Stanley Houthoff Buruma; Skadden Arps Slate Buy-side Legal Adviser Buy-side Legal Adviser Meagher & Flom; and Yigal Arnon & Co Kirkland & Ellis; and Willkie Farr & Gallagher DLA Piper (Advising FA: Sullivan & Cromwell; and White (Advising FA: Cravath, Swaine & Moore) & Case)
41 MIDDLE EAST MERRILL GLOBAL NORTH C&S ASIA- LEAGUE MERRILL CONTACT EUROPE & AFRICA JAPAN WELCOME OVERVIEW AMERICA AMERICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$900m US$872m US$820m US$650m US$496m
Announced Announced Announced Announced Announced 09-Jan-17 24-Mar-17 22-Jan-17 22-Mar-17 13-Feb-17 Bidder company Bidder company Bidder company Bidder company Bidder company Total E&P Uganda BV Assala Energy Holdings Ltd Saudi Basic Industries Corporation Amazon.com, Inc Glencore Plc Target company Target company Target company Target company Target company Tullow Oil Plc (Exploration Areas 1, 2 and 3A) Shell Gabon SA (75% stake); and Shell Saudi Arabia Petrochemical Co (50% stake) Souq.com Mutanda Mining Sarl (31% stake (21.57% stake) Upstream Gabon SA Seller company Seller company Seller company Seller company Seller company Royal Dutch Shell Plc Baillie Gifford; International Finance Fleurette Properties Limited Tullow Oil Plc Royal Dutch Shell Plc Dominant sector Corporation; Standard Chartered Private Dominant sector Dominant sector Dominant sector Industrials & Chemicals Equity Limited; Tiger Global Management Energy, Mining & Utilities LLC; and Naspers Limited Energy, Mining & Utilities Energy, Mining & Utilities Sell-side Financial Adviser Buy-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Lazard Dominant sector BMO Capital Markets Technology Bank of America Merrill Lynch; and Morgan Citi; and Lazard Buy-side Legal Adviser Stanley Linklaters Sell-side Legal Adviser Ashurst
42 MIDDLE EAST MERRILL GLOBAL NORTH C&S ASIA- LEAGUE MERRILL CONTACT EUROPE & AFRICA JAPAN WELCOME OVERVIEW AMERICA AMERICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 13 Citi 20,105 6 740 2,616.9% 1 14 Citi 20,105 6 2 4 2 4 Rothschild 16,561 5 1,246 1,229.1% 2 9 Rothschild 16,561 5 2 3 3 29 Goldman Sachs 15,320 2 160 9,475.0% 3 1 Lazard 2,721 5 5 0 4 - Raymond James & Associates 14,670 1 - 0.0% 4 3 PwC 848 5 4 1 5 15 Bank of America Merrill Lynch 3,700 2 500 640.0% 5 16 Morgan Stanley 2,700 4 2 2 6 1 Lazard 2,721 5 3,696 -26.4% 6 35 Goldman Sachs 15,320 2 1 1 7 18 Morgan Stanley 2,700 4 340 694.1% 7 24 Bank of America Merrill Lynch 3,700 2 1 1 8 7 Credit Suisse 2,215 1 1,118 98.1% 8 61 HSBC 1,850 2 1 1 9 61 HSBC 1,850 2 - 0.0% 9 23 JPMorgan 1,008 2 1 1 10 - QInvest 1,120 1 - 0.0% 10 - BMO Capital Markets 896 2 0 2 11= - GMP FirstEnergy 1,074 1 - 0.0% 11 19 Investec 66 2 2 0 11= - RBC Capital Markets 1,074 1 - 0.0% 12 - Raymond James & Associates 14,670 1 0 1 11= 11 UBS Investment Bank 1,074 1 920 16.7% 13 21 Credit Suisse 2,215 1 1 0 14 12 JPMorgan 1,008 2 837 20.4% 14 - QInvest 1,120 1 0 1 15 - BMO Capital Markets 896 2 - 0.0% 15= - GMP FirstEnergy 1,074 1 0 1 16 47 PwC 848 5 23 3,587.0% 15= - RBC Capital Markets 1,074 1 0 1 17 19 Perella Weinberg Partners 443 1 340 30.3% 15= 13 UBS Investment Bank 1,074 1 2 -1 18 - Cairn Merchant Partners 400 1 - 0.0% 18 27 Perella Weinberg Partners 443 1 1 0 19 - Scotiabank 300 1 - 0.0% 19 - Cairn Merchant Partners 400 1 0 1 20 32 Deutsche Bank 279 1 97 187.6% 20 - Scotiabank 300 1 0 1
43 MIDDLE EAST MERRILL GLOBAL NORTH C&S ASIA- LEAGUE MERRILL CONTACT EUROPE & AFRICA JAPAN WELCOME OVERVIEW AMERICA AMERICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 White & Case 18,620 5 1,727 978.2% 1 5 Herzog, Fox and Neeman 101 7 0 7 2 121 Skadden Arps Slate Meagher & Flom 17,470 2 - 0.0% 2 8 White & Case 18,620 5 0 5 3 16 Sullivan & Cromwell 15,251 2 1,080 1,312.1% 3 13 Shearman & Sterling 1,364 5 1 4 4= 69 Morrison & Foerster 14,710 2 46 31,878.3% 4 19 Latham & Watkins 1,177 5 2 3 4= - Yigal Arnon & Co 14,710 2 - 0.0% 5 17 Baker & McKenzie 1,201 4 1 3 6= - Houthoff Buruma 14,670 1 - 0.0% 6 - Allen & Overy 576 4 4 0 6= - Milbank Tweed Hadley & McCloy 14,670 1 - 0.0% 7 36 Eversheds Sutherland 94 4 2 2 8 25 Linklaters 3,877 3 770 403.5% 8 88 ENSafrica 89 4 3 1 9 - BonelliErede 2,800 1 - 0.0% 9 1 Bowmans 45 4 -5 9 10= 29 Clifford Chance 2,215 1 535 314.0% 10 14 Linklaters 3,877 3 -1 4 10= - Cravath, Swaine & Moore 2,215 1 - 0.0% 11 66 Davis Polk & Wardwell 710 3 2 1 10= 13 Kirkland & Ellis 2,215 1 1,118 98.1% 12 12 Herbert Smith Freehills 490 3 -1 4 10= - Russell McVeagh 2,215 1 - 0.0% 13 21 Werksmans 170 3 0 3 10= 126 Willkie Farr & Gallagher 2,215 1 - 0.0% 14 37 Hogan Lovells International 157 3 1 2 15 7 Shearman & Sterling 1,364 5 1,390 -1.9% 15 2 Webber Wentzel 68 3 -5 8 16 9 Baker & McKenzie 1,201 4 1,251 -4.0% 16 121 Skadden Arps Slate Meagher & Flom 17,470 2 1 1 17 63 Latham & Watkins 1,177 5 102 1,053.9% 17 27 Sullivan & Cromwell 15,251 2 0 2 18 3 Pinsent Masons 1,168 2 1,538 -24.1% 18= 76 Morrison & Foerster 14,710 2 1 1 19 - Watson, Farley & Williams 1,162 2 - 0.0% 18= - Yigal Arnon & Co 14,710 2 2 0 20 - Burstall Winger Zammit 1,074 1 - 0.0% 20 23 Pinsent Masons 1,168 2 0 2
44 MIDDLE EAST MERRILL GLOBAL NORTH C&S ASIA- LEAGUE MERRILL CONTACT EUROPE & AFRICA JAPAN WELCOME OVERVIEW AMERICA AMERICA PACIFIC TABLES DATASITE MERRILL ASIA-PACIFIC (excluding Japan)
QUARTERLY EDITION ASIA-PACIFIC (excluding Japan)
M&A activity for Q1 2017 in Asia-Pacific (excl. Japan) reached 729 deals valued at US$129bn, down Key Stats 7.4% by value with 88 fewer deals (US$139.3bn, 817 deals) compared to Q1 2016. Yet, overall value was still the third highest Q1 on Mergermarket record (since 2001), highlighting Asia-Pacific’s positive stance for dealmaking despite a decline in global M&A activity. 729 deals valued at US$129bn, down 7.4% by value with 88 fewer deals compared to 817 deals worth US$139.3bn in Q1 ‘16 Industrials & Chemicals continued to be Cross-border activity between Asia-Pacific to Q1 2016. The top deal of the quarter the most active sector in terms of deal (excl. Japan) and other countries had a was the US$12.7bn merger of Vodafone value and volume with 147 deals worth sluggish start to the year. Inbound M&A saw India with Idea Cellular, resulting in India Top sector US$22.5bn, accounting for 17.5% of overall 114 deals worth US$8.5bn, a decrease of recording the highest Q1 by value since Industrials & Chemicals deals in the region by value. This was fuelled 60.1% by value compared to Q1 2016. Similarly, 2013. Foreign money is pouring into India saw 147 deals worth by the US$2.8bn PE buyout of Hong Kong- outbound M&A from Asia-Pacific (excl. Japan) as the new government is now expected to US$22.5bn, down 4.5% based Yingde Gases Group in March, and experienced a considerable slowdown in the fast-track economic reforms, according to by value compared to 173 the US$1.7bn sale of South Korea-based beginning of the year with only 120 deals Mergermarket Intelligence. deals worth US$23.6bn Daesung Industrial Gases, which was the worth US$15.7bn – an 82.1% drop from Q1 in Q1 ‘16 top deal in February 2017. 2016 (US$87.4bn). A sharp decline in Chinese Private equity exits reached the highest Q1 outbound M&A appeared to be the main factor on record since 2009 with 43 deals valued Energy, Mining & Utilities, which saw 59 deals for this downward trend. China outbound fell at US$11bn. Technology remained the most Top Financial Adviser valued at US$22.1bn, closely followed with by 91.1% in value compared to Q1 2016, hitting dynamic sector for exit activities by deal Morgan Stanley ranked an impressive 3.2x rise by value compared the lowest Q1 figures available since 2011. volume, closing 10 deals worth US$2.5bn. first with 16 deals worth to Q1 2016 (US$6.9bn, 70 deals). Two of the Meanwhile, buyouts in the region had a US$35.1bn, compared top five deals were in this sector, namely Meanwhile, domestic and intra-regional comparatively slower start, seeing 79 deals to 18 deals worth the US$9.9bn takeover of Australia-listed M&A activity remained robust in this quarter. worth US$16.3bn, an 18.3% drop in value US$66.9bn in Q1 ‘16 Duet Group by a Cheung Kong Property With US$119.9bn across 611 deals, deal compared to Q1 2016. consortium and the US$3.1bn acquisition of value was up by 1.6% compared to Q1 2016. Australia-based Alinta Energy by Chow Tai This was the second-highest Q1 value on Top Legal Adviser Fook Enterprises. Thanks to these two deals, Mergermarket record (since 2001), only King & Wood Mallesons Australia became the most targeted country behind Q1 2015 (US$165.3bn, 642 deals). ranked first with 27 in this sector – surpassing China – by deal deals worth US$18.5bn, value and volume, contributing 72.2% to this India had a fantastic start to the year, with compared to 42 deals sector’s total value (US$16bn). deals increasing 95.8% by value compared worth US$86.8bn in Q1 ‘16
46 ASIA- MERRILL GLOBAL NORTH C&S MIDDLE EAST LEAGUE MERRILL CONTACT EUROPE PACIFIC JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA TABLES DATASITE MERRILL TREND GRAPHS
ASIA-PACIFIC M&A TREND ASIA-PACIFIC PRIVATE EQUITY TREND
1,000,000 4,000 100,000 400
900,000 90,000 3,500 350
800,000 80,000
US$ 3,000 300 295,808 700,000 70,000
2,500 250 60,000 Number of deals 600,000 US$ Number of deals 183,252
US$ US$ 500,000 171,399 162,530 2,000 50,000 200 US$ US$ Value (US$m) Value Value (US$m) Value 91,470 87,904 400,000 US$ 40,000 188,779 US$ US$ 1,500 US$ 150 115,064 139,147 72,509 US$ US$ 85,673 30,000 300,000 228,245 US$ US$ 55,254 100 1,000 US$ US$ 118,336 US$ US$ US$ 48,338 200,000 104,982 157,897 20,000 168,981 41,039 US$ US$ US$ 33,942 US$ US$ 31,587 29,637 50 81,150 107,624 US$ 500 100,000 10,000 US$ 194,723 US$ 19,064 US$ US$ US$ US$ US$ 139,300 16,299 US$ 113,899 128,963 10,986 83,110 68,810 0 0 0 0 2012 2013 2014 2015 2016 YTD 2017 2012 2013 2014 2015 2016 YTD 2017
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
47 ASIA- MERRILL GLOBAL NORTH C&S MIDDLE EAST LEAGUE MERRILL CONTACT EUROPE PACIFIC JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA TABLES DATASITE MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF ASIA-PACIFIC TOTAL M&A VALUE ASIA-PACIFIC M&A SECTOR BREAKDOWN Q1 2017
Industrials & Chemicals Value: US$22.5bn Number of deals: 147 Market share: 17.5%
Energy, Mining & Utilities Value: US$22.1bn Number of deals: 59 Market share: 17.1% China US$61.9bn 301 deals South Korea 48% US$8.6bn Telecommunications 65 deals Value: US$14.3bn 6.7% India Number of deals: 9 US$18.0bn Market share: 11.1% 78 deals Hong Kong 14% US$8.4bn 43 deals Technology 6.5% Value: US$13.5bn Number of deals: 91 Market share: 10.4%
Key Australia US$21.5bn Financial Services Value Value % 112 deals Up/Down Value: US$13.2bn (US$bn) change 16.7% Region Number of deals: 58 Domestic $119.9 1.6% Value Market share: 10.3% Inbound $8.5 60.1% Volume Value market share Outbound $15.7 82.1%
48 ASIA- MERRILL GLOBAL NORTH C&S MIDDLE EAST LEAGUE MERRILL CONTACT EUROPE PACIFIC JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$12,668m US$9,818m US$5,360m US$4,980m US$3,074m
Announced Announced Announced Announced Announced 20-Mar-17 16-Jan-17 12-Jan-17 02-Mar-17 16-Mar-17 Bidder company Bidder company Bidder company Bidder company Bidder company Idea Cellular Limited Consortium led by Cheung Kong Property Shenzhen Metro Group Co Ltd Undisclosed bidder Chow Tai Fook Enterprises Limited Target company Target company Target company Target company Target company Vodafone India Limited Duet Group China Vanke Co Ltd (15.31% stake) JD Finance (68.6% stake) Alinta Energy Limited Seller company Dominant sector Seller company Seller company Seller company Vodafone Group Plc Energy, Mining & Utilities China Resources Co Ltd JD.com Inc TPG Capital LP; Oaktree Capital Management Dominant sector Sell-side Financial Adviser Dominant sector Dominant sector LP; and Anchorage Advisors LLC TMT Gresham Advisory Partners; KPMG; and Real Estate Financial Services Dominant sector Sell-side Financial Adviser Macquarie Group Sell-side Financial Adviser Sell-side Financial Adviser Energy, Mining & Utilities Bank of America Merrill Lynch; Kotak Sell-side Legal Adviser China International Capital Corporation China Renaissance Partners Sell-side Financial Adviser Investment Banking; Morgan Stanley; Allens Sell-side Legal Adviser Sell-side Legal Adviser Lazard Robey Warshaw; Rothschild; and UBS Buy-side Financial Adviser Fangda Partners Skadden Arps Slate Meagher & Flom Sell-side Legal Adviser Investment Bank Morgan Stanley; Platinum Securities; and Herbert Smith Freehills Sell-side Legal Adviser Somerley Capital Buy-side Financial Adviser S&R Associates; Shardul Amarchand Buy-side Legal Adviser Highbury Partnership Mangaldas & Co; and Slaughter and May King & Wood Mallesons Buy-side Legal Adviser Buy-side Financial Adviser Allen & Overy Axis Capital; and Goldman Sachs Buy-side Legal Adviser AZB & Partners; Bharucha & Partners; and Vaish Associates
49 ASIA- MERRILL GLOBAL NORTH C&S MIDDLE EAST LEAGUE MERRILL CONTACT EUROPE PACIFIC JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$2,779m US$2,450m US$2,099m US$2,080m US$1,793m
Announced Announced Announced Announced Announced 07-Mar-17 24-Jan-17 10-Jan-17 09-Jan-17 05-Jan-17 Bidder company Bidder company Bidder company Bidder company Bidder company PAG Capital Yancoal Australia Limited Alibaba Group Holding Ltd The Carlyle Group; CITIC Limited; and CITIC China Mengniu Dairy Company Limited Target company Target company Target company Capital Holdings Limited Target company Yingde Gases Group Company Limited Coal & Allied Industries Limited Intime Retail (Group) Company Limited Target company China Modern Dairy Holdings Ltd Dominant sector Seller company (52.94% stake) McDonald’s (China) Company Limited (66.98% stake) Industrials & Chemicals Rio Tinto Limited Dominant sector Seller company Dominant sector Sell-side Financial Adviser Dominant sector Consumer McDonald’s Corporation Consumer Morgan Stanley; Rothschild; and The Anglo Energy, Mining & Utilities Sell-side Financial Adviser Dominant sector Sell-side Financial Adviser Chinese Group Sell-side Financial Adviser Somerley Capital Leisure Somerley Capital Buy-side Financial Adviser Deutsche Bank Sell-side Legal Adviser Sell-side Financial Adviser Buy-side Financial Adviser UBS Investment Bank Sell-side Legal Adviser Davis Polk & Wardwell Morgan Stanley DBS Bank; and UBS Investment Bank Buy-side Legal Adviser Allens; and Linklaters Buy-side Financial Adviser Sell-side Legal Adviser Buy-side Legal Adviser Fangda Partners (Advising Seller: Hogan Buy-side Financial Adviser China International Capital Corporation Cleary Gottlieb Steen & Hamilton Sullivan & Cromwell (Advising Seller: Hogan Lovells International) JPMorgan; and Morgan Stanley Buy-side Legal Adviser Buy-side Financial Adviser Lovells International) Buy-side Legal Adviser Fangda Partners; and Slaughter and May CITIC CLSA Securities ; CITIC Securities; and Baker & McKenzie; Gilbert + Tobin; Herbert JPMorgan Smith Freehills; King & Wood Mallesons; and Buy-side Legal Adviser MinterEllison Kirkland & Ellis; and Zhong Lun
50 ASIA- MERRILL GLOBAL NORTH C&S MIDDLE EAST LEAGUE MERRILL CONTACT EUROPE PACIFIC JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 4 Morgan Stanley 35,136 16 66,946 -47.5% 1 7 Goldman Sachs 21,422 18 14 4 2 3 Goldman Sachs 21,422 18 70,788 -69.7% 2 4 Morgan Stanley 35,136 16 18 -2 3 2 UBS Investment Bank 19,039 7 73,069 -73.9% 3 3 EY 3,020 16 19 -3 4 20 Rothschild 18,572 9 8,580 116.5% 4 8 KPMG 10,070 13 14 -1 5 13 Bank of America Merrill Lynch 17,217 5 16,305 5.6% 5 17 Haitong Securities 2,793 12 8 4 6 36 Somerley Capital 14,226 8 3,633 291.6% 6 13 Rothschild 18,572 9 11 -2 7 - Kotak Investment Banking 12,903 3 - 0.0% 7 5 Credit Suisse 2,494 9 16 -7 8 58 Axis Capital 12,707 3 1,028 1,136.1% 8 19 China Securities 2,082 9 8 1 9 - Robey Warshaw 12,668 1 - 0.0% 9 26 Somerley Capital 14,226 8 6 2 10 15 Macquarie Group 12,443 8 10,088 23.3% 10 22 Macquarie Group 12,443 8 7 1 11 18 Gresham Advisory Partners 10,414 4 9,426 10.5% 11 23 CITIC Securities 5,843 8 7 1 12 67 KPMG 10,070 13 745 1,251.7% 12 14 JPMorgan 5,690 8 10 -2 13 80 Platinum Securities Company 10,022 3 474 2,014.3% 13 10 Citi 5,432 8 12 -4 14 1 China International Capital Corporation 9,433 7 73,603 -87.2% 14 1 PwC 1,382 8 30 -22 15 27 China Renaissance Partners 6,645 5 5,799 14.6% 15 9 UBS Investment Bank 19,039 7 12 -5 16 21 CITIC Securities 5,843 8 8,132 -28.1% 16 6 China International Capital Corporation 9,433 7 14 -7 17 6 JPMorgan 5,690 8 62,047 -90.8% 17 2 Deloitte 395 7 19 -12 18 12 Citi 5,432 8 19,468 -72.1% 18 12 Lazard 5,303 6 11 -5 19 16 Lazard 5,303 6 9,607 -44.8% 19 51 Deutsche Bank 3,676 6 3 3 20 60 Deutsche Bank 3,676 6 919 300.0% 20 11 Huatai Securities 1,304 6 12 -6
51 ASIA- MERRILL GLOBAL NORTH C&S MIDDLE EAST LEAGUE MERRILL CONTACT EUROPE PACIFIC JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA TABLES DATASITE MERRILL LEAGUE TABLES
TOP 20 ASIA-PACIFIC LEGAL ADVISERS TOP 20 ASIA-PACIFIC LEGAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 King & Wood Mallesons 18,488 27 86,806 -78.7% 1 1 King & Wood Mallesons 18,488 27 42 -15 2 158 Slaughter and May 15,035 4 191 7,771.7% 2 6 Herbert Smith Freehills 7,212 19 20 -1 3 3 Fangda Partners 14,482 12 57,967 -75.0% 3 7 MinterEllison 3,632 16 19 -3 4 41 AZB & Partners 14,297 14 4,660 206.8% 4 5 Baker & McKenzie 5,050 15 20 -5 5 91 Shardul Amarchand Mangaldas & Co 13,093 7 936 1,298.8% 5 12 AZB & Partners 14,297 14 15 -1 6 189 S&R Associates 12,668 2 119 10,545.4% 6 17 Gilbert + Tobin 4,989 13 14 -1 7= 187 Bharucha & Partners 12,668 1 120 10,456.7% 7 8 Kim & Chang 4,277 13 18 -5 7= 56 Vaish Associates 12,668 1 2,504 405.9% 8 26 Bae Kim & Lee 1,279 13 10 3 9 16 Allens 12,639 4 18,756 -32.6% 9 14 Fangda Partners 14,482 12 14 -2 10 20 Herbert Smith Freehills 7,212 19 12,459 -42.1% 10 16 Clifford Chance 4,822 12 14 -2 11 31 Linklaters 5,823 8 7,224 -19.4% 11 24 Lee & Ko 4,181 12 10 2 12 104 Hogan Lovells International 5,761 5 735 683.8% 12 41 Latham & Watkins 2,216 11 7 4 13 61 Allen & Overy 5,154 8 2,195 134.8% 13 36 Shin & Kim 1,175 10 9 1 14 18 Skadden Arps Slate Meagher & Flom 5,137 5 14,442 -64.4% 14 35 Grandway Law Offices 2,655 9 9 0 15 19 Baker & McKenzie 5,050 15 13,036 -61.3% 15 50 Corrs Chambers Westgarth 336 9 6 3 16 15 Gilbert + Tobin 4,989 13 19,290 -74.1% 16 19 Norton Rose Fulbright 271 9 13 -4 17 38 Sullivan & Cromwell 4,827 7 5,541 -12.9% 17 21 Linklaters 5,823 8 11 -3 18 6 Clifford Chance 4,822 12 50,698 -90.5% 18 28 Allen & Overy 5,154 8 10 -2 19 7 Cleary Gottlieb Steen & Hamilton 4,623 3 49,946 -90.7% 19 34 Freshfields Bruckhaus Deringer 3,194 8 9 -1 20 42 Kim & Chang 4,277 13 4,456 -4.0% 20 29 Kirkland & Ellis 2,972 8 10 -2
52 ASIA- MERRILL GLOBAL NORTH C&S MIDDLE EAST LEAGUE MERRILL CONTACT EUROPE PACIFIC JAPAN WELCOME OVERVIEW AMERICA AMERICA & AFRICA TABLES DATASITE MERRILL JAPAN
QUARTERLY EDITION JAPAN
Japan’s outbound M&A activity soared in Q1 2017 with 66 announced transactions worth US$14.8bn, up Key Stats 65% by value compared to the same period in 2016 (US$9bn, 66 deals). Japanese corporates continued their spending spree overseas, highlighting the need for growth amid a stagnant home market. 95 deals valued at US$8.6bn, down 50.7% by value with 21 fewer The top two outbound deals in Q1 were Takeda airport operations, and consumer operations, Japan (USJ) boosted the Leisure sector deals compared to 116 deals worth Pharmaceutical’s US$4.9bn acquisition of according to Mergermarket intelligence. to become the second leading sector US$17.4bn in Q1 ‘16 US-based ARIAD Pharmaceuticals, and during Q1 2017. To date, the Leisure sector SoftBank’s US$3.3bn takeover of US- Meanwhile, Japan-targeted M&A fell short has announced 5 deals worth US$2.3bn, headquartered Fortress Investment Group. in Q1 2017 on year despite finishing strong in increasing 117x in deal value compared to Top sector As a result, the Pharma, Medical & Biotech 2016. There were 95 deals worth US$8.6bn tthe same period in 2016 (US$19m, five Industrials & Chemicals and Financial Services sectors became the targeting Japan during the quarter, down deals). saw 26 deals worth top two highest valued sectors by contributing 50.7% by value on 21 fewer deals compared US$2.8bn, down 31.0% 34.3% and 22.3%, respectively, to the overall to Q1 2016 (US$17.4bn, 116 deals). Japan‘s private equity (PE) activity was by value compared to 24 market. Meanwhile, Industrials & Chemicals another highlight. PE exits saw the second deals worth US$4.1bn in continued to be the most active outbound Despite the slow start, Japan-targeted most active Q1 on Mergermarket record Q1 ‘16 sector in terms of deal count, with 17 deals, M&A is expected to gain momentum (since 2001) in both deal value and deal which was on par with Q1 2016. during 2017 as there are several deals in count. There were 11 exit deals announced the pipeline. The ongoing sale of Toshiba’s in Q1 worth US$2.8bn, already exceeding Top Financial Adviser The US was the most attractive investment memory chip business, which is expected the annual value for all of 2016 (US$2.2bn) Goldman Sachs ranked destination of choice for Japanese to rake in up to US$18bn, has attracted and up 4.2x in value compared to Q1 2016 first with 7 deals worth dealmakers, with 24 deals worth US$10.2bn, initial bids from several bidders, according (US$532m, eight deals). This was primarily US$11.9bn, compared an increase of 80.1% by value compared to to Mergermarket intelligence. Another due to the US$2.3bn exit of USJ by GS Capital to 7 deals worth Q1 2016 (US$5.7bn, 25 deals) and reaching deal in the pipeline is the sale of Hitachi’s Partners, MBK Partners, MBG Holdings, Owl US$undisclosed in Q1 ‘16 the second highest Q1 deal value on stake in Hitachi Kokusai Electric, which Creek Asset Management and private investor Mergermarket record (since 2001). is nearing the finish line with KKR in pole Glenn Gumpel. At the same time, PE buyout position, as per Mergermarket intelligence. activity saw a revival with five deals worth US Top Legal Adviser Aside from the US, Japanese investors $2.1bn, up 2.1x from same period in 2016. Morrison & Foerster are also keen to expand to South East Asia Industrials & Chemicals was the most active This was driven by KKR’s US$1.3bn buyout of ranked first with 5 (SEA). Japanese corporates are increasingly sector in both deal count and deal value, with Hitachi Koki. PE will continue to be active this deals worth US$8.6bn, eyeing opportunities in markets such as 26 deals worth US$2.8bn, contributing 32.6% year on further corporate divestitures and the compared to 5 deals Vietnam, the Philippines, and Myanmar of the total market share. NBCUniversal’s sale of founder-backed companies, according worth US$1.9bn in Q1 ‘16 across various industries, including logistics, US$2.3bn acquisition of Universal Studios to Mergermarket intelligence.
54 MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE MERRILL CONTACT EUROPE WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
JAPAN M&A TREND JAPAN M&A PRIVATE EQUITY TREND
80,000 450 12,000 60
400 70,000 10,000 50 US$ 350 16,227 60,000 US$ 15,783 300 8,000 40 US$ 50,000 21,472 US$ Number of deals 13,905 Number of deals 250
US$ 40,000 6,000 US$ 30 16,976 11,447 Value (US$m) Value
200 (US$m) Value US$ 7,321 30,000 US$ US$ US$ US$ 21,569 8,945 26,285 US$ 9,305 150 4,000 US$ 20 US$ 4,747 7,617 13,490 US$ US$ 20,000 5,020 100 6,417 US$ US$ 15,242 US$ US$ 4,983 US$ US$ 9,081 2,000 4,706 10 10,764 3,963 US$ US$ 3,631 US$ 10,000 50 US$ US$ 17,384 US$ 2,754 2,579 US$ 14,093 US$ 2,191 US$ US$ US$ 2,090 9,134 8,050 7,073 8,573 0 0 0 0 2012 2013 2014 2015 2016 YTD 2017 2012 2013 2014 2015 2016 YTD 2017
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
55 MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE MERRILL CONTACT EUROPE WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF JAPAN TOTAL M&A VALUE JAPAN M&A SECTOR BREAKDOWN Q1 2017
Industrials & Chemicals Value: US$2.8bn Number of deals: 26 Market share: 32.6%
Leisure Value: US$2.3bn Number of deals: 5 Market share: 26.9%
Media Value: US$792m Inbound Domestic Outbound Number of deals: 7 US$4.2bn US$4.4bn US$14.8bn Market share: 9.2% 23% 68.5% 65%
Real Estate Value: US$593m Number of deals: 2 Market share: 6.9% Key Financial Services Value: US$469m Cross-border Value Number of deals: 5 Value change Market share: 5.5%
56 MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE MERRILL CONTACT EUROPE WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$2,268m US$1,306m US$616m US$536m US$424m
Announced Announced Announced Announced Announced 28-Feb-17 13-Jan-17 13-Feb-17 17-Mar-17 23-Feb-17 Bidder company Bidder company Bidder company Bidder company Bidder company NBCUniversal Media LLC Kohlberg Kravis Roberts & Co LP U-Next Co Ltd Sumitomo Realty & Development Co Ltd Japan Industrial Partners Inc Target company Target company Target company Target company Target company USJ Co Ltd (49% stake) Hitachi Koki Co Ltd Usen Corporation (65.33% stake) Sumitomo Real Estate Sales Co Ltd NEC TOKIN Corporation (Electromechanical Seller company Dominant sector Dominant sector (29.62% stake) devices business) GS Capital Partners; MBK Partners Inc; Industrials & Chemicals Media Dominant sector Seller company Owl Creek Asset Management LP; and Sell-side Financial Adviser Sell-side Financial Adviser Real Estate NEC TOKIN Corporation Glenn Gumpel (Private investor) Goldman Sachs; and Sumitomo Mitsui EY Sell-side Financial Adviser Dominant sector Dominant sector Financial Group Sell-side Legal Adviser Sumitomo Mitsui Financial Group Industrials & Chemicals Leisure Sell-side Legal Adviser Nishimura & Asahi Sell-side Legal Adviser Sell-side Financial Adviser Sell-side Financial Adviser Mori Hamada & Matsumoto Buy-side Financial Adviser Nakamura, Tsunoda & Matsumoto Nomura Holdings Goldman Sachs Buy-side Financial Adviser Daiwa Securities Group; and KPMG Buy-side Financial Adviser Sell-side Legal Adviser Sell-side Legal Adviser Morgan Stanley Buy-side Legal Adviser Daiwa Securities Group Jenner & Block; and Mori Hamada Freshfields Bruckhaus Deringer; Nagashima Buy-side Legal Adviser City-Yuwa Partners Buy-side Legal Adviser & Matsumoto Ohno & Tsunematsu; and Simpson Thacher Nishimura & Asahi; and Simpson Thacher Mori Hamada & Matsumoto & Bartlett & Bartlett Buy-side Legal Adviser Clifford Chance; and Davis Polk & Wardwell
57 MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE MERRILL CONTACT EUROPE WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2017
Deal value Deal value Deal value Deal value Deal value US$360m US$326m US$271m US$220m US$220m
Announced Announced Announced Announced Announced 24-Mar-17 21-Feb-17 24-Feb-17 10-Feb-17 31-Jan-17 Bidder company Bidder company Bidder company Bidder company Bidder company MBK Partners Inc Canon Inc ANA Holdings Inc Daio Paper Corporation Nojima Corporation Target company Target company Target company Target company Target company Tasaki & Co Ltd Toshiba Medical Finance Co Ltd (65% stake) Peach Aviation Limited (28.3% stake) Nisshinbo Paper Products Inc NIFTY Corporation Dominant sector Seller company Seller company Seller company Seller company Consumer Toshiba Corporation First Eastern Investment Group; and Nisshinbo Holdings Inc Fujitsu Limited Sell-side Financial Adviser Dominant sector Innovation Network Corporation of Japan Dominant sector Dominant sector PwC Financial Services Dominant sector Industrials & Chemicals Technology Sell-side Legal Adviser Sell-side Financial Adviser Transportation Sell-side Financial Adviser Sell-side Financial Adviser TMI Associates Nomura Holdings Buy-side Financial Adviser Deloitte Sumitomo Mitsui Financial Group Buy-side Financial Adviser Buy-side Financial Adviser Nomura Holdings Sell-side Legal Adviser Buy-side Financial Adviser Daiwa Securities Group Morgan Stanley Mori Hamada & Matsumoto Daiwa Securities Group Buy-side Legal Adviser Buy-side Financial Adviser Mori Hamada & Matsumoto Daiwa Securities Group
58 MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE MERRILL CONTACT EUROPE WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 15 JAPAN FINANCIAL ADVISERS TOP 15 JAPAN FINANCIAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 - Goldman Sachs 11,861 7 - 0.0% 1 6 Daiwa Securities Group 2,478 16 9 7 2 3 JPMorgan 8,593 3 5,771 48.9% 2 2 Sumitomo Mitsui Financial Group 2,778 15 15 0 3 23 Evercore Partners 8,193 3 241 3,299.6% 3 1 Nomura Holdings 1,413 11 21 -10 4 1 Morgan Stanley 6,085 5 11,649 -47.8% 4 - Goldman Sachs 11,861 7 0 7 5 8 Lazard 4,893 1 3,500 39.8% 5 5 Mizuho Financial Group 3,518 7 9 -2 6 4 Mizuho Financial Group 3,518 7 5,415 -35.0% 6 7 GCA Corporation 398 7 9 -2 7= - Guggenheim Partners 3,229 2 - 0.0% 7 13 PwC 386 6 3 3 7= - PJT Partners 3,229 2 - 0.0% 8 3 Morgan Stanley 6,085 5 13 -8 9 15 Barclays 3,174 3 1,179 169.2% 9 14 EY 697 5 3 2 10 6 Sumitomo Mitsui Financial Group 2,778 15 3,705 -25.0% 10 8 Plutus Consulting 202 4 6 -2 11 13 Daiwa Securities Group 2,478 16 1,632 51.8% 11 10 JPMorgan 8,593 3 3 0 12 18 KPMG 1,898 3 541 250.8% 12 27 Evercore Partners 8,193 3 1 2 13 2 Nomura Holdings 1,413 11 11,604 -87.8% 13 23 Barclays 3,174 3 1 2 14 20 Bank of America Merrill Lynch 1,260 1 452 178.8% 14 9 KPMG 1,898 3 4 -1 15 5 Credit Suisse 1,089 1 4,380 -75.1% 15 21 Citi - 3 1 2
59 MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE MERRILL CONTACT EUROPE WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
TOP 17 JAPAN LEGAL ADVISERS TOP 15 JAPAN LEGAL ADVISERS
VALUE VOLUME
Ranking Q1 2017 Q1 2016 Ranking Q1 2017 Q1 2016 Value Value % Val. Value Deal count Q1 2017 Q1 2016 Company Name Deal count Q1 2017 Q1 2016 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 19 Morrison & Foerster 8,622 5 1,902 353.3% 1 1 Mori Hamada & Matsumoto 3,662 13 25 -12 2= 22 Paul Weiss Rifkind Wharton & Garrison 8,193 2 1,429 473.3% 2 2 Nishimura & Asahi 2,482 10 16 -6 2= - Willkie Farr & Gallagher 8,193 2 - 0.0% 3 16 Allen & Overy 3,123 9 3 6 4 6 Sullivan & Cromwell 8,122 4 4,836 67.9% 4 4 Nagashima Ohno & Tsunematsu 989 9 10 -1 5 5 Simpson Thacher & Bartlett 6,766 3 4,929 37.3% 5 3 Anderson Mori & Tomotsune 240 6 12 -6 6 29 Davis Polk & Wardwell 6,657 4 1,000 565.7% 6 6 Morrison & Foerster 8,622 5 5 0 7 - Jones Day 4,933 2 - 0.0% 7 9 Sullivan & Cromwell 8,122 4 3 1 8 - Cleary Gottlieb Steen & Hamilton 4,893 1 - 0.0% 8 42 Davis Polk & Wardwell 6,657 4 1 3 9 1 Mori Hamada & Matsumoto 3,662 13 12,825 -71.4% 9 27 Clifford Chance 2,268 4 2 2 10 - Skadden Arps Slate Meagher & Flom 3,315 3 - 0.0% 10 5 Simpson Thacher & Bartlett 6,766 3 5 -2 11 34 Kirkland & Ellis 3,300 3 430 667.4% 11 - Skadden Arps Slate Meagher & Flom 3,315 3 0 3 12= - Cravath, Swaine & Moore 3,300 1 - 0.0% 12 45 Kirkland & Ellis 3,300 3 1 2 12= - Debevoise & Plimpton 3,300 1 - 0.0% 13 - Milbank Tweed Hadley & McCloy 2,085 3 0 3 12= - Weil Gotshal & Manges 3,300 1 - 0.0% 14 13 White & Case 1,348 3 3 0 15= - Elvinger Hoss & Prussen 3,229 2 - 0.0% 15 20 Freshfields Bruckhaus Deringer 696 3 2 1 15= - Mourant Ozannes 3,229 2 - 0.0% 15= - Wachtell, Lipton, Rosen & Katz 3,229 2 - 0.0%
60 MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE MERRILL CONTACT EUROPE WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE MERRILL LEAGUE TABLES
CLICK HERE TO ACCESS ALL REGIONAL LA AND FA LEAGUE TABLES
QUARTERLY EDITION Reaching the summit is 1,000,000,000 no small feat. PAGES UPLOADED 41,000+ MERRILL DATASITE VIRTUAL DATA ROOM PROJECTS SECURED SINCE 2003
This year, Merrill DataSite reached the 1 billion mark. + That’s 1 billion pages uploaded to our award-winning 31,000 M&A TRANSACTIONS virtual data room since 2004. SINCE 2003
Thousands of companies worldwide trust us to securely host their confidential information. Our single platform 20 exists to support your rapidly changing needs. TECHNOLOGY AWARDS IN THE PAST 8 YEARS Contact us to see how we can help you with your next transaction. 14 LANGUAGES SPOKEN merrillcorp.com
© Merrill Communications LLC. All rights reserved.
FINANCIAL TRANSACTIONS & REPORTING | MARKETING & COMMUNICATIONS FOR REGULATED INDUSTRY | CUSTOMER CONTENT & COLLABORATION SOLUTIONS MERRILL CORPORATION
ABOUT MERRILL CORPORATION SALES DIRECTORY
Merrill Corporation provides technology-enabled platforms for secure content NORTH AMERICA sharing, regulated communications and disclosure services. Clients trust Merrill’s Andover; Atlanta; Boston; Chicago; Dallas; Denver; Grove City; innovative applications and deep subject expertise to successfully navigate the secure Houston; Irvine; La Mirada; Los Angeles; Minneapolis; New York; sharing of their most sensitive content, perfect and distribute critical financial and Oregon City; Palo Alto; Philadelphia; Sartell; Seattle; St. Cloud; regulatory disclosures, and create customised communications across stakeholders. St. Paul; Toronto; Troy; Union; Washington DC With more than 3,800 people in 41 locations worldwide, clients turn to Merrill when Tel: 888 311 4100 their need to manage complex content intersects with the need to collaborate securely around the globe.
C&S AMERICA Mexico City Sao Paulo Tel: +52 55 9171 2237 Tel: +55 11 3895 8542
EUROPE AND MIDDLE EAST & AFRICA Frankfurt; London; Paris Tel: +44 20 3031 6300
ASIA-PACIFIC Chennai; Coimbatore; Hong Kong; Japan; Shenzhen; Singapore Tel: +44 20 3031 6300
63 CONTACT MERRILL GLOBAL NORTH C&S MIDDLE EAST ASIA- LEAGUE MERRILL EUROPE JAPAN MERRILL WELCOME OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES DATASITE Head of Research: Giovanni Amodeo Part of The Mergermarket Group Americas: Lana Vilner Asia-Pacific: Gerry Tee www.mergermarket.com Middle East & Africa: Kathleen VanAerden USA: 330 Hudson Street, 4th floor, New York, NY 10013, USA Head of Production: Ryan Pasquale t: +1 212 686-5606 f: +1 212 686-2664 [email protected]
United Kingdom: 10 Queen Street Place, London, EC4R 1BE, United Kingdom For advertising opportunities contact: Erik Wickman t: +44 (0)20 7059 6100 f: +44 (0)20 7059 6101 [email protected] Tel: + (1) 212 686 3329 Hong Kong: Suite 1602-06, Grand Millennium Plaza, 181 Queen’s Road, Central, Hong Kong [email protected] t: +852 2158 9700 f: +852 2158 9701 [email protected]
Global overview: Elizabeth Lim and Ezekiel Pfeifer North America: Ezekiel Pfeifer and Elizabeth Lim C&S America: Aram Hovsepian and Ezekiel Pfeifer Disclaimer This publication contains general information and is not intended to be comprehensive nor to provide financial, Europe: Jonathan Klonowski investment, legal, tax or other professional advice or services. This publication is not a substitute for such professional Middle East & Africa: Jessica Bodini advice or services, and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affect you or your business. Before taking any such decision, you should consult a qualified Asia-Pacific: Amy Wu professional adviser. While reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Merrill DataSite nor Mergermarket nor any of its subsidiaries or Japan: Yibei Xu any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.
The following notes pertain to data contained in this publication: Deals are included where the deal value is greater than or equal to US$5m. Wher e no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m. Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus. Mid-market is defined as US$10m - US$250m. Q1 2017 refers to the period 01-Jan-17 to 31-Mar-17. Q1 2016 refers to the period 01-Jan-16 to 31-Mar-16. Remark, the events and publications arm of The Mergermarket Group, offers a range of publishing, research and events services For a full version of the Mergermarket M&A deal database inclusion and league that enable clients to enhance their own profile, and to develop new table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf. business opportunities with their target audience.