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Global & Regional M&A Report 1Q20

Including League Tables of Financial Advisors

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Content

Overview 03

Global 04

Global Private Equity 10

Europe 16

US 21

Latin America 26

Asia Pacific (excl. Japan) 31

Japan 36

Middle East & Africa 41

M&A and PE League Tables 46

Criteria & Contacts 78

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 1Q20

Global Overview Regional M&A Comparison

North America USD 228.6bn -54.2% vs. 1Q19 Inbound USD 36.3bn -15.7% Outbound USD 73.9bn 14.8% Industrials & USD 57.5bn -12.9% Chemicals Latin America USD 8.7bn -49.8% vs. 1Q19 Inbound USD 5.5bn -56.3% Outbound USD 0.9bn 69.8% Real Estate USD 2.3bn n/a 35.4%

40.6% Europe USD 199.4bn 30.1% vs. 1Q19 2.3% Inbound USD 77.5bn 63.8% Outbound USD 30.9bn -39.9% Financial USD 54.7bn 5.2x Services MEA USD 9.4bn -90.1% vs. 1Q19 Inbound USD 3.8bn -77.9% Outbound USD 2.5bn -25.3% Transport USD 2.9bn 19.4x 1.7% 18.5% 1.5% APAC (ex. Japan) USD 103.2bn -31.8% vs. 1Q19 Inbound USD 106.8bn -14.4% Outbound USD 101.2bn -22.7% Real Estate USD 16.9bn 22.8%

Japan USD 13bn 62.7% vs. 1Q19 Inbound USD 1.4bn -31.4% Global M&A USD 563.7bn -35.7% vs. 1Q19 Outbound USD 8.7bn -49.0% Industrials & USD 6.0bn 3.2x Cross-border USD 191.3bn 27.7% vs. 1Q19 The % values on the map indicate Chemicals Top sector: Ind. & Chem. USD 130.2bn 38.4% vs. 1Q19 market shares in global M&A

mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 1Q20 Global

Value Deal Details (USD bn) USD 563.7bn Announcement Bidder Company Target Company Target Target Sector Date Geography 35.6 09-Mar Aon plc Willis Towers United Kingdom Financial Watson Public Services Limited Company Value of global M&A in 1Q20, down 39.1% year-on-year

18.8 27-Feb Cinven Partners ThyssenKrupp Germany Industrials & LLP; Elevator AG Chemicals Advent International Corporation; RAG-Stiftung 17.3 11-Mar United OTIS Worldwide USA Industrials & Technologies Corporation Chemicals Corporation (Shareholders) USD 8 13.0 20-Feb Morgan Stanley ETrade Financial USA Financial Corporation Services 35.6bn

Number of megadeals Value of Aon/Willis (>USD 10bn) in 1Q20 Towers Watson merger, 11.0 03-Mar Thermo Fisher QIAGEN NV Germany Pharma, Scientific Inc Medical & the largest deal of 1Q20 Biotech

mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report 1Q20

Global

Global deal making has been brought to a halt in the past few turmoil caused by COVID-19 have created an environment that New decade, new sectors. The sector landscape for weeks, and activity is likely to remain subdued in the next few is not conducive to Xerox continuing to pursue an acquisition private equity buyouts has shifted significantly since 2008. months. Although the nature of the current crisis is different of HP,” Xerox said in a statement on 31 March. This year is Technology has grown into the most active space for to the last global financial crisis, dealmakers evaluating the unlikely to repeat the megadeals (> USD 10bn) frenzy of institutional investors, accounting for 22.3% of all buyouts in current M&A outlook will inevitably look back at 2008 for 2019, when 38 such deals were announced. Only eight were volume last year, compared to just 8% in 2008. And while the similarities, differences and lessons learnt. announced globally so far in 2020, down from eleven in 1Q19 Industrial and Chemicals sector has seen its market share and 14 in 1Q18. The last one to-date, the pending USD 35bn decrease from 24.8% in 2008 to 19.1% in 2019, assets in the It will get worse before it gets better. After nearly ten years tie-up between insurance giants Aon and Willis Towers Watson space are still among financial sponsors’ favourite targets. of growth, global M&A activity in 1Q20 is down 39.1% by value was announced on 9 March. That same day, the government The two largest buyouts of March perhaps offer a glimpse on 1Q19 to USD 563.7bn over 3,685 transactions, and back of Italy drastically restricted the movement of its population of where future opportunities may lie for dealmakers. KKR to levels not seen since the first half of 2013. Both the overall by imposing a national quarantine, a measure implemented by bought London-listed utility Pennon Group’s energy-from- value and number of deals are comparable to those of 1Q08 many other countries in the world. waste unit Viridor for GBP 4.2bn in a deal commanding an (USD 592.3bn across 3,744 transactions). That first quarter 18.5x EV/EBITDA multiple. And in the US, IT services group DXC of 2008 saw the bailout of New York-based investment bank Private Equity’s resilience to be tested. Prior to the storm Technology agreed to sell its healthcare technology business Bear Stearns in March, a prelude to the international banking that gripped financial markets a few weeks ago, private to Veritas Capital for USD 5bn in cash. The Technology, crisis, which culminated six months later with the collapse of equity activity had enjoyed a rather robust start to the year, Business Services and Pharma, Medical & Biotech spaces, Lehman Brothers. The 2009 annus horribilis followed, which leading to the same level of activity in 1Q20 global buyout which have increasingly been targeted since 2008, are likely marked the bottom of the last M&A cycle, and the only year value compared to 1Q19 (USD 120.5bn against USD 120.4bn). to continue to attract strong interest, whilst the disaffection since 2004 to record less than USD 2tn in deal value (USD With the primary market for leveraged loans temporarily shut for the Consumer or Financial Services sectors deepens. 1.71tn) and less than 10,000 deals globally (9,963). Last time down, the number of buyouts has dramatically decreased in around, it took until 4Q10 for deal making to go back to the past month, and Private Equity’s ability to deploy capital prerecession levels and until 2014 to return to the peak of will be further tested in the quarters to come. In 2019, more 2007 in volume. Because they impede site visits and physical than one out of four global deal had a private equity firm on “Current market volatility will face to face meetings, social distancing measures needed to either side of the negotiation table. Similarly, in 2007, buyouts contain the COVID-19 virus will be particularly disruptive to represented 27% of the overall M&A value in the US and further dent the confidence mid-market M&A. Dozens of private equity auctions have been Europe but by 2009, that proportion had plummeted to just put on hold or postponed and many owners of family-owned 14%. But buyout activity is likely to remain more resilient this needed to embark on businesses will retire one or two years later than planned. time around. Financial sponsors still sit on record amounts of dry powder and, with the crisis first affecting the corporate Wait and see. In the short term, the current market volatility bold strategic moves” side rather than financial institutions, trust in private equity will further dent the confidence needed to embark on bold firms should not be expected to vanish as it did in 2008. strategic moves. The largest US deal of the year so far, Xerox’s Valuations will nonetheless be impacted. The median EBITDA [NYSE:XRX] USD 35.5bn hostile bid for rival printer maker HP buyout multiple, which has already declined to 11.1x in 1Q20 [NYSE:HPQ], launched in early March, has lapsed. “The current Beranger Guille, Global (from 12.1x in FY19), is likely to see further downward pressure global health crisis and resulting macroeconomic and market in the coming quarters. Editorial Analytics Director Mergermarket Global & Regional Global Analysis 6 M&A Report 1Q20

18.5% 11.1x

APAC share of global M&A Global median private equity in 1Q20 EV/EBITDA multiple, down USD 120.5bn from 12.1x in FY 19 Total value of private equity buyout in 1Q20, the same level as 1Q19 (USD 120.4bn) USD 191.4bn USD 5bn 40.6% Global value of cross-border M&A, down 27.6% versus 1Q19 Value of the largest buyout in North American share of global March, DXC Technology’s sale M&A in 1Q20 of its healthcare technology business to Veritas Capital

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 1Q20

Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend 2006 - 1Q20

25000 4000

3500 1,200.9 731.6 1,200.9 755.6 755.6 20000 809.8 3000 811.8 1099.1 826.3 960.3 955.1 960.3 955.1

851.8 792.5 Deal Count 2500 792.5 15000 675.6 869.8 460.4 675.3 869.8 480.3 838.8 2000 717.7 755.2 570.1 717.7 678.1 866.0 866.0

Deal Value (USD bn) (USD Value Deal 713.4 685.9 10000 1283.7 1082.2 600.1 1082.2 1500 569.2 989.1 988.4 1,040.9 524.4 656.7 1,040.9 776.0 758.2 758.2 491.6 963.2 742.5 327.4 742.5 1000 678.9 588.7 567.0 560.2 5000 396.1 432.9 955.1 947.5 924.9 500 749.1762.5 804.6 762.5 763.9 592.2 617.0 571.3 625.6 563.7 421.0 461.2 465.5 443.8

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0

Q1 Q2 Q3 Q4

Deal Count

mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 1Q20

Chart title 1 Chart title 1 ChartRegional title 2 Share of Global M&A By Value ChartGlobal title Sector 2 Breakdown Trend 2006 - 1Q20 1Q19 - 1Q20

400 100 7.2% 9.5% 350 90

11.6% 19.4% 80 300

70 250

60 35.9% 35.4%

200 50 bn ) (USD Value Deal 316.8 Share of Global M&A Global of Share 40 150

30 211.2 100 182.4 36.6% 20 130.2 154.2 43.0% 125.0 79.3 50 110.3 77.1 10 39.3 35.6 27.1 0 0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Industrials & Financial Technology Pharma, Medical Real Estate Other Chemicals Services & Biotech

US Europe Asia Rest of the World 2019 2020

mergermarket.com Mergermarket Global & Regional Global Analysis 9 M&A Report 1Q20

Global League tables

Financial advisor league table by value

Ranking 1Q20 1Q19 Regional ranking comparison

1Q20 1Q19 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin (USDm) count change (USDm) Pacific East & America Africa 1 2 Goldman Sachs & Co 202,843 61 -38.1% 327,694 1 1 5 18= 7= 2= 2 3 Morgan Stanley 163,055 61 -44.7% 294,870 2 2 12 2 - 9 3 1 JPMorgan 132,078 61 -63.0% 356,515 3 3 1 11 6 6 4 15 Rothschild & Co 68,353 59 62.6% 42,028 4 10 66 30 1 25 5 7 Credit Suisse 66,314 28 -46.5% 123,990 7 13 3 37= - 1 6 14 UBS Investment Bank 59,926 27 6.4% 56,308 5 7 4 13 14= - 7 8 Barclays 59,632 37 -47.2% 112,880 6 6 2 26= 4 -

8 6 Evercore 56,272 40 -72.5% 204,757 24 4 37 - 12 17= 9 16 Lazard 53,236 35 34.4% 39,619 8 5 11 - - 30= 10 4 Citi 52,838 36 -80.7% 274,173 11 8 18 18= 2= 15 11 5 Bank of America 39,528 35 -83.6% 240,565 10 9 39 7 - 5 12 21 Deutsche Bank 33,509 14 28.5% 26,070 9 11 42 - 2= 2= 13 43 Nomura Holdings 30,661 25 369.8% 6,526 13 12 24 1 5 - 14 32 BNP Paribas 21,598 13 97.6% 10,932 12 34 - 14= - 7= 15 69 Macquarie Group 20,478 14 560.8% 3,099 14 14 40 - - - 16 553 goetzpartners 18,890 6 - - 15 15 - - - - 17 - Bain & Company 18,834 1 - - 16 16 - - - - 18 13 Centerview Partners 17,925 13 -71.6% 63,164 69 17 - 8 14= - 19 11 HSBC 17,337 14 -79.6% 85,123 21 - 7 - - - 20 9 Moelis & Company 16,994 26 -84.3% 108,267 18 18 17 - - 32=

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 10 M&A Report 1Q20 Global Private Equity - Buyouts

Buyouts - Quarterly Breakdown (2016-1Q20) Buyouts - Top Five Deals (1Q20)

Value Deal Details 600 4000 (USD bn)

158.6 114.1 Announcement Bidder Company Target Company Target Target Sector 480 132.3 3200 Date Geography

Deal Count 18.8 27-Feb Cinven Partners ThyssenKrupp Germany Industrials & 138.6 LLP; Advent Elevator AG Chemicals 129.2 127.9 360 2400 International 149.6 Corporation; RAG-Stiftung 107.8 240 179.7 1600 6.0 26-Feb Blackstone Group iQ Student United Kingdom Leisure 179.0 Deal Value (USD bn) (USD Value Deal 169.0 LP Accommodation Limited 125.4 120 800 139.2 120.4 120.5 90.5 73.4 5.5 04-Feb Ceva Sante Ceva Sante Animale France Pharma, Animale SA Medical & 0 0 2016 2017 2018 2019 2020 Consortium Biotech

Q1 Q3 Deal Count 5.0 10-Mar Veritas DXC Technology USA Technology Capital Fund Company (U.S. Q2 Q4 Management, State and Local LLC Health and Human Services)

5.0 09-Jan Insight Partners Veeam Software AG Switzerland Technology Buyouts 1Q20 1Q19 Change

Deal Value USD 120.5bn USD 120.4bn +0.1%

Deal Count 692 Deals 875 Deals -183

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 11 M&A Report 1Q20 Global Private Equity - Exits

Exits - Quarterly Breakdown (2016-1Q20) Exits - Top Five Deals (1Q20)

Value Deal Details 600 3000 (USD bn)

500 113.8 Announcement Seller Target Target Target Bidder 155.5 2400 124.7 Date Company Company Geography Sector Company

Deal Count 8.2 17-Feb Bombardier Inc; Bombardier Germany Industrials & Alstom SA 400 125.5 155.9 Caisse de Depot Transportation Chemicals 1800 et Placement du GmbH 139.1 108.3 Quebec 300 112.1

192.6 141.2 1200 7.1 24-Feb Consortium Credit Karma Inc USA Technology Intuit Inc Deal Value (USD bn) (USD Value Deal 200 164.6 comprising Silver 124.9 Lake Partners; and Tiger Global 600 Management 100 140.1 97.1 103.7 95.0 93.4 5.3 13-Jan VC consortium Plaid USA Technology Visa Inc 0 0 comprising Index Technologies Inc 2016 2017 2018 2019 2020 Ventures; Kleiner Perkins; Norwest Venture Partners; Q1 Q3 Deal Count New Enterprise Associates Q2 Q4

5.0 09-Jan Canada Pension Veeam Software Switzerland Technology Insight Plan Investment AG Partners Exits 1Q20 1Q19 Change Board

Deal Value USD 93.4bn USD 140.1bn -33.3%

Deal Count 607 Deals 471 Deals -136 4.2 22-Jan Permira Advisers Duff & Phelps USA Financial Consortium LLP LLC Services led by Stone Point Capital and Further mergermarket.com Global Mergermarket Global & Regional Global Private Equity Analysis 12 M&A Report 1Q20

Buyouts - Activity & Multiples

Global Buyout Activity Global Buyout Multiple Deal Volume Quarterly Breakdown Median EBITDA Multiple - Annual Breakdown

1200

14x 2018 1000 2019 12x 2017

800 2020 10x

2007

600 8x 2006 2008 Deal Count Deal 6x 400 2010

4x 2009 200 2x

0 0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD

2017 - 2020 2006 - 2010 2006 - 2020 YTD

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 13 M&A Report 1Q20

Buyouts - Regional Breakdown

Regional Breakdown - Market Share (%) by Deal Count

USA EMEA USD 43.7bn Deal Value 44.2% USD 57.2bn 38.6% Deal Value 306 Deal Count 267 Deal Count

Asia-Pacific USD 12.6bn 13.3% Deal Value 92 Americas Deal Count (excl. USA) USD 6.8bn Deal Value 3.9% 27 Deal Count

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 14 M&A Report 1Q20

Global Private Equity League tables

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 UBS Investment Bank 26,217 6 189.6% 9,052 1 1 PwC 728 12 -12 24 2 25 Rothschild & Co 18,834 4 2174.6% 828 2 29 Goldman Sachs & Co 12,401 8 5 3 3 90 goetzpartners 18,834 2 - - 3 7 RBC Capital Markets 7,647 7 0 7 4 - Bain & Company 18,834 1 - - 4 10 UBS Investment Bank 26,217 6 1 5 5 67 Goldman Sachs & Co 12,401 8 - - 5 21 JPMorgan 10,493 6 3 3 6 15 JPMorgan 10,493 6 597.7% 1,504 6 4 Alantra 389 6 -3 9 7 1 Bank of America 7,834 5 -57.1% 18,251 7 5 EY 25 6 -3 9 8 29 RBC Capital Markets 7,647 7 1300.5% 546 8 8 Bank of America 7,834 5 -1 6 9 8 Citi 6,033 2 54.7% 3,900 9 6 Jefferies 2,075 5 -2 7 10 5 Morgan Stanley 5,858 2 -27.1% 8,039 10 37 Houlihan Lokey 658 5 3 2 11 19 Societe Generale 4,988 2 303.6% 1,236 11 2 Deloitte 120 5 -12 17 12 - BNP Paribas 4,594 3 - - 12 33 Rothschild & Co 18,834 4 2 2 13 7 Credit Suisse 4,500 3 0.0% 4,500 13 3 KPMG 31 4 -8 12 14 - CIBC World Markets 3,653 1 - - 14 - BNP Paribas 4,594 3 3 0 15 11 Lazard 2,725 1 48.3% 1,837 15 19 Credit Suisse 4,500 3 0 3 16 - Union Square Advisors 2,500 1 - - 16 26 Evercore 1,488 3 0 3 17 6 Jefferies 2,075 5 -66.9% 6,277 17 - William Blair & Company 1,000 3 3 0 18 33 TD Securities 1,826 1 369.4% 389 18 11 Barclays 658 3 -2 5 19 - Sycomore Corporate Finance 1,775 1 - - 19 39 Daiwa Securities Group / DC Advisory 555 3 1 2 20= 9 Deutsche Bank 1,763 1 -41.4% 3,009 20 59 Fineurop Soditic 90 3 2 1 20= 10 Mediobanca 1,763 1 -15.7% 2,091

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 15 M&A Report 1Q20

Global Private Equity League tables

Global Exits league table by value Global Exits league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Goldman Sachs & Co 18,301 8 211.6% 5,873 1 1 Rothschild & Co 7,395 17 0 17 2 2 Citi 17,038 9 -59.5% 42,089 2 8 Houlihan Lokey 3,765 15 2 13 3 12 UBS Investment Bank 14,273 6 205.4% 4,674 3 2 Jefferies 3,529 15 0 15 4 6 Barclays 9,536 4 8.4% 8,793 4 12 Piper Sandler Companies 549 11 0 11 5 3 Evercore 9,056 8 -77.9% 40,974 5 5 Morgan Stanley 8,981 10 -3 13 6 4 Morgan Stanley 8,981 10 -17.7% 10,907 6 7 William Blair & Company 4,395 10 -3 13 7 10 Rothschild & Co 7,395 17 39.4% 5,306 7 6 Harris Williams 2,690 10 -3 13 8 23 Jamieson Corporate Finance 6,262 6 445.9% 1,147 8 3 Lincoln International 2,045 10 -5 15 9 13 Lazard 5,852 5 44.8% 4,042 9 21 Citi 17,038 9 3 6 10 - National Bank Financial 5,535 2 - - 10 15 Goldman Sachs & Co 18,301 8 -2 10 11 - Rockefeller Capital Management 5,535 1 - - 11 13 Evercore 9,056 8 -2 10 12 39 HSBC 4,995 3 927.8% 486 12 9 Raymond James 769 8 -4 12 13 7 Credit Suisse 4,735 7 -42.0% 8,158 13 14 Credit Suisse 4,735 7 -3 10 14 11 William Blair & Company 4,395 10 -11.4% 4,960 14 90 Clearwater International 178 7 6 1 15 32 Houlihan Lokey 3,765 15 457.8% 675 15 4 KPMG 17 7 -7 14 16 14 Jefferies 3,529 15 -11.0% 3,966 16 22 UBS Investment Bank 14,273 6 0 6 17 5 JPMorgan 3,250 2 -66.7% 9,753 17 24 Jamieson Corporate Finance 6,262 6 0 6 18 8 Harris Williams 2,690 10 -57.3% 6,295 18 26 Canaccord Genuity Group 294 6 0 6 19 - BNP Paribas 2,436 2 - - 19 35 Stifel/KBW 154 6 2 4 20 35 PJT Partners 2,436 1 291.6% 622 20 23 Lazard 5,852 5 -1 6

mergermarket.com Mergermarket Global & Regional Europe Analysis 16 M&A Report 1Q20 Europe

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 199.4bn 35.6 09-Mar Aon plc Willis Towers United Kingdom Financial Services Watson Public Limited Company Value of M&A targeting Europe in 1Q20 18.8 27-Feb Cinven Partners LLP; ThyssenKrupp Germany Industrials & Advent International Elevator AG Chemicals Corporation; RAG- Stiftung

11.0 03-Mar Thermo Fisher QIAGEN NV Germany Pharma, Medical & Scientific Inc. Biotech USD +30.2% 10.1 03-Feb Worldline SA Ingenico Group France Business Services SA 56.8bn Increase by value versus Value of private equity 1Q19 thanks to high- buyouts in 1Q20, the 8.2 17-Feb Alstom SA Bombardier Germany Industrials & profile deals prior to the highest YTD figure on Transportation Chemicals GmbH COVID-19 outbreak Mergermarket record

mergermarket.com Mergermarket Global & Regional Europe Analysis 17 M&A Report 1Q20

Europe

European M&A looks set to see a dramatic fall in the second with cash. KKR’s USD 5bn takeover of recycling firm Viridor many were worried the economy was already on the brink of quarter, following a relatively active start to the year before announced in mid-March demonstrated that there may still a downturn and a widespread global recession is now all but the coronavirus pandemic hit. With several European be targets for opportunistic buyers in the coming months. inevitable. With the economy hit by volatile financial markets, countries now under lockdown, the inevitable hit to the Sectors immune to the current crisis, or even those thriving rising unemployment and a lack of consumer spending, economy has grind dealmaking to a halt, and activity is likely such as hygiene assets should see continued interest. There a sizeable downturn in M&A is on the horizon. Economic to remain subdued in the coming months. On the face of it, has already been a reported increase in the valuation of sentiment has fallen dramatically recently and firms are likely M&A targeting Europe had a strong start to 2020 despite hygiene products manufacturer Schuelke, which is being sold to pause any high-profile for the foreseeable future. many worries over the economy coming into the year. Driven by Air Liquide. There was a clear fall in exits in March, with 2009 saw a 69.5% fall in M&A from the pre-crisis highs of by high-profile defensive consolidation and continued USD 3.9bn (43 deals) announced. Given the decline in overall 2007 and a similar such fall cannot be excluded this time blockbuster private equity investment, the continent recorded dealmaking and the prolonged uncertainty the market faces, around. Valuations, particular those in tech, have been at sky- USD 199.4bn (1,387 deals) in 1Q20, a 30.2% increase on 1Q19 exits are set to remain muted for the coming months. high levels for a number of years, and a correction appears (USD 153.2bn). This was mainly driven by the USD 35.6bn tie- Coronavirus impacts Chinese investment and Italian likely. Although opportunistic buyers may still find targets in up between insurance giants Aon and Willis Towers Watson M&A. The clearest impact of COVID-19 on the first quarter’s key sectors, the economic difficulties will lead to an inevitable announced in March – the largest European deal of 2020. statistics was the downturn in Chinese investment into Europe. short-term collapse in dealmaking, while corporate M&A Strong buyout activity prior to the pandemic. Private There were just 12 deals worth USD 1.4bn by Chinese firms into strategies will need to be adjusted in the medium to long- equity buyouts have reached USD 56.8bn across 258 deals, Europe in 1Q20, the lowest number of deals in a quarter since representing the highest first quarter value on Mergermarket 2Q13. This represents a dramatic decrease from the highs of “Although opportunistic record and a 72.3% increase on 1Q19 (USD 33bn). Buyouts 1Q16 when almost USD 50bn was spent by Chinese investors, accounted for 28.5% of the 1Q20 European M&A value – up including ChemChina’s takeover of Syngenta. buyers may still find from 22.2% in 2019. Meanwhile, Italy, the European country hit hardest by the virus, Sponsors have continued to deploy high levels of dry-powder, has also started to see a downturn in M&A activity with foreign targets in key sectors, with several multi-billion dollar deals announced in the investment in particular slowing. The country has received first quarter. The largest saw Thyssenkrupp sell its elevator USD 10.3bn across 89 deals, largely driven by the USD 5bn economic difficulties business to Advent, Cinven and RAG-Stiftung for USD 18.8bn deal between Intesa San Paolo and Ubi Banca, the latest deal in late February, following a lengthy auction process. The in Italy’s ongoing banking consolidation. Foreign investment will lead to an inevitable deal represents the largest European buyout since 2007 and into the country has reached a standstill, with only USD 2.6bn only the fourth above the USD 10bn mark since the 2008 spent by foreign firms in the country this year and six deals collapse in dealmaking” financial crisis. Blackstone’s USD 6bn acquisition of iQ student in March. Inbound M&A in 2019 reached just USD 14bn amid accommodation was also announced in late February, one of worries over the economy and political instability and given nine buyouts worth at least USD 1bn conducted in 1Q20. the current crisis, 2020 could see a further fall towards record lows. Jonathan Klonowski, While March was a particularly quiet month for sponsors, with just USD 6.4bn announced, private equity firms remain awash Inevitable downturn on the horizon. Prior to the outbreak, Research Editor (EMEA) mergermarket.com Mergermarket Global & Regional Europe Analysis 18 M&A Report 1Q20

USD 2.6bn 12 17.8%

Foreign investment into Italy in 1Q20 Number of Chinese investments Tech share of European M&A into Europe in 1Q20

USD 50.1bn -39.9% 9 Value of European financial services Fall in European outbound Number of buyouts worth at least M&A, up from USD 10.6bn in 1Q19 M&A (USD 31bn) versus 1Q19 USD 1bn in 1Q20

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 19 M&A Report 1Q20

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2015 - 2020 1Q1960 - 1Q20

1000 10000 50

900 166.8 9000

800 8000 40

293.5 195.8 172.1 700 203.1 7000 199.8 Deal Count 600 6000 30 166.9 Deal Value (USD bn) (USD Value Deal 179.8 500 168.7 5000 180.2 366.7 Deal Value (USD bn) (USD Value Deal 400 4000 20

269.4 262.9 300 265.3 3000 199.6 55.3 54.6 10 50.1 200 2000 35.6 31.3 32.1 283.3 10.6 22.0 209.4 19.4 100 174.9 199.4 1000 17.7 164.1 153.2 12.6 11.4 0 0 0 Financial Industrials Pharma, Medical Technology Business Other 2015 2016 2017 2018 2019 2020 Services & Chemicals & Biotech Services

Q1 Q2 Q3 Q4 1Q19 1Q20

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 20 M&A Report 1Q20

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 123,327 24 173.1% 45,156 1 2 PwC 1,137 53 -33 86 2 7 Morgan Stanley 88,758 27 255.3% 24,982 2 1 Deloitte 1,793 50 -49 99 3 6 JPMorgan 76,727 30 150.7% 30,601 3 5 Rothschild & Co 62,141 49 -7 56 4 4 Rothschild & Co 62,141 49 97.1% 31,527 4 4 EY 1,356 47 -12 59 5 3 UBS Investment Bank 51,066 14 20.2% 42,482 5 3 KPMG 1,787 44 -20 64 6 10 Barclays 43,129 18 103.5% 21,194 6 18 JPMorgan 76,727 30 11 19 7 9 Credit Suisse 41,171 6 77.2% 23,238 7 12 Morgan Stanley 88,758 27 6 21 8 5 Lazard 33,150 22 6.3% 31,181 8 7 Goldman Sachs & Co 123,327 24 -9 33 9 12 Deutsche Bank 23,355 6 52.6% 15,303 9 16 Clearwater International 343 23 3 20 10 1 Bank of America 23,315 20 -59.2% 57,199 10 6 Lazard 33,150 22 -17 39 11 8 Citi 21,839 14 -9.9% 24,247 11 8 Oaklins 310 21 -8 29 12 14 BNP Paribas 21,075 12 104.6% 10,301 12 17 Bank of America 23,315 20 1 19 13 32 Nomura Holdings 20,085 5 566.2% 3,015 13 19 Alantra 1,875 20 1 19 14 49 Macquarie Group 19,518 8 1263.9% 1,431 14 11 Barclays 43,129 18 -5 23 15 279 goetzpartners 18,890 6 - - 15 15 Lincoln International 748 15 -5 20 16 - Bain & Company 18,834 1 - - 16 25 UBS Investment Bank 51,066 14 -1 15 17 40 Societe Generale 16,697 9 755.8% 1,951 17 10 Citi 21,839 14 -11 25 18 20 Moelis & Company 11,203 6 57.6% 7,107 18 31 Daiwa Securities Group / DC Advisory 1,631 14 1 13 19 43 Greenhill & Co 10,903 7 510.8% 1,785 19 26 Jefferies 1,534 13 -2 15 20 - Cardinal Partners SAS 10,128 2 - - 20 22 BNP Paribas 21,075 12 -5 17

mergermarket.com Mergermarket Global & Regional US Analysis 21 M&A Report 1Q20 US

Value Deal Details (USD bn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 43.6bn 17.3 11-Mar United OTIS Worldwide USA Industrials & Technologies Corporation Chemicals Corporation (Shareholders) Total value leveraged buyout activity in 1Q20 vs 13.0 20-Feb Morgan Stanley ETrade Financial USA Financial Corporation Services USD 54.7bn in 1Q19

10.4 11-Mar United Carrier Global USA Industrials & Technologies Corporation Chemicals Corporation (Shareholders) USD 7.4 12-Jan Woodward Inc Hexcel USA Industrials & 36% Corporation Chemicals 48.8bn

US market share of Total deal value PE Global M&A (down Exits in 1Q20 7.1 24-Feb Intuit Inc Credit Karma Inc USA Technology from 51% in 1Q19) (down 44% by value compared to USD 86.4bn in 1Q19)

mergermarket.com Mergermarket Global & Regional US Analysis 22 M&A Report 1Q20

Uncertainty in the global markets, already riled by political predominant role in defining market activity. There have been providers to syndicate on a large buyout. This could also lead and economic tensions in 2019, was exacerbated by the three mega deals worth USD 40.1bn announced so far this year, to more consortium-type deals, as private equity firms look for COVID-19 public health emergency. As the virus spread from compared to eight worth a combined USD 287bn announced ways to finance deals. On the other hand, private credit lenders Asia to Europe and the Americas through the end of 1Q, in 1Q19. Although such deals have been rumored, such as are remaining dedicated to closing middle-market transactions, companies became increasingly apprehensive about making Intercontinental Exchange’s reported bid to takeover eBay, according to sister product Debtwire. If financing becomes major decisions and M&A activity slowed down. If this quarter’s Mergermarket’s sister product DealReporter is not currently easier and valuations come down, private equity could turn its decline isn’t exclusively attributable to the COVID-19 pandemic, tracking any public target mega deals in its expected deals focus on middle market companies. it is sure to play out into 2Q20 figures. The current situation database. Deals worth USD 2bn or below have also been Parallels to pre-recession activity. In the years leading up has given dealmakers pause, the economic fallout from social trending downward. The mid-market deal flow continued to to the stock markets crashed in mid-2008, the US saw record distancing isn’t yet known and we have already seen record decrease in 1Q20, (367 deals worth USD 78.4bn), down 20% M&A activity. In 2005, the US M&A market topped USD 1tn declines among the major stock averages and indexes. compared to 1Q19 (536 deals worth USD 102bn). In FY 2019, for the first time, and that level was sustained for three years the US saw 2,077 deals worth USD 449bn, down about 20% US M&A market decline accelerates. While the COVID-19 before activity declined over 40% in 2008. Close to a decade by both value and count from FY 2018, (2,629 deals worth USD Pandemic has certainly thrown a wrench into the US M&A later, the adage ‘history doesn’t repeat itself, but it often 557bn). market, overall activity had already declined 40% by value rhymes,’ may prove true. From 2014-2019, M&A boomed on the between the first and second half of2019 . That trend continued Private Equity hangs on. LBO’s declined to a lesser degree back of one of the longest bull markets in history. So far this into 1Q20: activity for the quarter, (1,255 deals worth USD than corporate transactions by value as financial sponsors year, M&A activity has declined nearly 50%, giving dealmakers 206bn in 1Q20), was down 57% by value compared to the continue to seek opportunities to deploy capital. For example a taste of the kind of M&A environment they could have to same period last year, (1,524 deals worth USD 476bn in 1Q19). in March, it was reported TSG Consumer Partners agreed to navigate over the next few months and perhaps years. M&A Looking ahead, the Coronavirus has gotten in the way of basic acquire Pathway Vet Alliance, the veterinary hospital operator, activity can be expected to decline further this year, with deals deal logistics, and has delayed sales processes, which is bound in a secondary buyout from Morgan Stanley Private Equity, being disrupted and postponed because of coronavirus. It’s to hit overall M&A activity in the coming months. for USD 2bn, in an auction launched late last year. Still, overall currently difficult to have a positive outlook for the rest of the buyout activity shrunk by as much as 23% by value. M&A year. Even if the virus is contained quickly, the most optimistic Four out of the top five sectors by value declined markets have slowed as investors evaluate the complete impact timetables are measured in weeks, and may result in negative significantly. M&A in the Financial Services, Industrials & of the Coronavirus pandemic, but private equity firms are sitting GDP growth through the first half of the year. The unpredictable Chemicals, Pharma, Medical & Biotech (PMB), and Consumer on record amounts of dry powder, and could be well positioned nature of today’s environment is likely to stall M&A markets for sectors dropped by high double-digit figures. M&A in the to make acquisitions. Last year was a robust year for take the foreseeable future. technology sector, (266 deals worth USD 47bn in 1Q20), saw private transactions (25 deals worth USD 94bn), but so far this a 5% increase in activity by value compared to 1Q19, (307 “The unpredictable nature of year we have only seen one—Bayou City Energy Management’s deals worth USD 44.7bn). In March, the USD 35bn mega USD 320m buyout of Alta Mesa Resources out of insolvency. deal between Xerox and HP got hostile, with Xerox launching today’s environment is likely Looking further into 2020, we may see private equity act more a tender offer to acquire all outstanding shares. Xerox had in equity markets, as public markets have been turbulent and to stall M&A markets for the been pursuing HP since November 2019, but later in March companies have seen significant market cap reductions, so announced that it would postpone presentations and meetings distressed or not, take private transactions could be more foreseeable future.” regarding the takeover due to the Coronavirus. Although they appealing. remain committed to the deal, on the last day of the quarter they terminated the offer. LBO financing will be challenging. On one hand, primary issuance in the High Yield bond and leveraged loan markets Fewer Mega Deals. Mega deals (>USD 10bn) dominated Philip Segal, are currently on hold. This could play out on the upper end headlines last year, but so far in 2020 are playing a less of LBOs, if sponsors have a hard time finding a group of debt Head Analyst (Americas) mergermarket.com Mergermarket Global & Regional US Analysis 23 M&A Report 1Q20

USD 515m 44 USD Average disclosed deal value 12.2 bn Number of transactions worth Total value PMB M&A (compared to USD 845m in 1Q19) at least USD 1bn announced in (lowest quarterly level since 1Q20 vs 55 in 1Q19 1Q13)

USD 8.6bn -61% -57% Total deal value in the Energy, Mining, & Utilities (EMU) sector, lowest Decline in Strategics M&A Decline in Domestic M&A activity compared to 1Q19 activity compared to 1Q19 quarterly level since 4Q 2008.

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 24 M&A Report 1Q20

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2015 - 1Q20 1Q19 - 1Q20

150

2000 7000 135

1750 6000 120 1,120.0 509.5 1500 105 306.8 5000 325.9 301.1

Deal Count 90 1250 502.7 292.2 4000 413.5 283.8 71.8 308.1 463.6 387.7 75 1000 138.0 134.0 Deal Value (USD bn) (USD Value Deal

Deal Value (USD bn) (USD Value Deal 3000 60 391.4 296.7 750 522.4 519.8 469.2 423.6 45 2000 500 74.5 293.6 327.3 65.2 30 55.8 44.7 46.7 1000 40.8 39.1 250 417.0 475.5 357.5 15 254.9 321.2 206.0 19.0 12.2 11.2 0 0 0 2015 2016 2017 2018 2019 2020 Industrials & Technology Financial Pharma, Medical Consumer Other Chemicals Services & Biotech

Q1 Q2 Q3 Q4 1Q19 1Q20

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 25 M&A Report 1Q20

US League tables

US league table by value US league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 128,591 46 -42.6% 224,203 1 1 Goldman Sachs & Co 128,591 46 -4 50 2 4 Morgan Stanley 100,117 44 -50.4% 201,753 2 6 Morgan Stanley 100,117 44 11 33 3 1 JPMorgan 89,451 38 -64.3% 250,757 3 3 Jefferies 9,703 40 5 35 4 3 Evercore 54,028 35 -73.3% 202,399 4 2 JPMorgan 89,451 38 0 38 5 16 Lazard 42,487 21 150.3% 16,974 5 4 Houlihan Lokey 6,742 36 1 35 6 9 Barclays 36,858 28 -63.0% 99,665 6 5 Evercore 54,028 35 1 34 7 30 UBS Investment Bank 36,695 15 565.4% 5,515 7 10 Piper Sandler Companies 6,725 30 2 28 8 5 Citi 36,461 24 -81.0% 192,245 8 8 Barclays 36,858 28 -3 31 9 6 Bank of America 34,551 28 -71.0% 119,295 9 12 Bank of America 34,551 28 2 26 10 24 Rothschild & Co 27,887 21 149.2% 11,192 10 20 Stifel/KBW 7,327 25 5 20 11 18 Deutsche Bank 27,548 9 71.9% 16,022 11 7 Citi 36,461 24 -8 32 12 40 Nomura Holdings 19,701 4 609.4% 2,777 12 21 Lazard 42,487 21 2 19 13 7 Credit Suisse 19,338 20 -82.9% 112,782 13 18 Rothschild & Co 27,887 21 0 21 14 50 Macquarie Group 19,064 4 1250.1% 1,412 14 13 Credit Suisse 19,338 20 -5 25 15 - goetzpartners 18,834 2 - - 15 16 Moelis & Company 16,336 20 -3 23 16 - Bain & Company 18,834 1 - - 16 25 Canaccord Genuity Group 523 19 4 15 17 11 Centerview Partners 17,148 10 -72.1% 61,543 17 15 Lincoln International 1,443 18 -6 24 18 8 Moelis & Company 16,336 20 -84.1% 102,563 18 14 Robert W. Baird & Co 1,440 17 -7 24 19 27 Wells Fargo Securities 10,390 6 8.3% 9,590 19 11 Raymond James 1,093 17 -10 27 20 15 PJT Partners 9,944 9 -59.5% 24,578 20 28 UBS Investment Bank 36,695 15 4 11

mergermarket.com Mergermarket Global & Regional Latin America Analysis 26 M&A Report 1Q20 Latin America

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography

2,240 18-Feb Amherst Front Yard US Virgin Real Estate Holdings, LLC Residential Corp. Islands USD 3.2bn Deal Value of Latin America domestic activity 825 02-Mar Hypera SA Takeda Brazil Pharma, Pharmaceutical Medical Company Limited & Biotech (lowest since 1Q02) (Latin American OTC business)

648 03-Mar Bom Negocio ZAP Brazil TMT Atividades de Internet Ltda USD

523 27-Feb Marubeni Santher -Fabrica Brazil Consumer 70% Corporation; de Papel Santa 5.5bn Daio Paper Terezinha SA Corporation Combined deal value Increase in outbound of inbound activity activity compared to 1Q19 500 12-Feb Undisclosed Viacao Itapemirim Brazil Transportation bidder SA

mergermarket.com Mergermarket Global & Regional Latin America Analysis 27 M&A Report 1Q20

Latin America

Following two shaky years of political unrest, Latin America The US take a step back; Japan seeks opportunities. saw weak activity in its first quarter of 2020. After a strong Inbound activity from the US declined 61% in value with 14 “Historically, M&A in Latin America 2019, a decent 1Q20 was expected. However, recent deals worth a combined USD 2.5bn compared to 1Q19 (21 has been somewhat protected protests in Bolivia, Chile, and Ecuador have fueled a wave of deals worth USD 6.5bn). In contrast, inbound activity from uncertainty. Overall activity fell by 50% by value in 1Q20 with Japan jumped 364% in value with 5 deals worth USD 911m from downward global trends. 113 deals worth USD 8.7bn (vs. 158 deals worth USD 17.3bn compared to 2 deals worth USD 214m in 1Q19. One of the in 1Q19). In countries such as Brazil and Colombia, this was a deals, announced in January, was Softbank Group’s acquisition As the coronavirus spreads, the slower first quarter by value than in 2009. of Mexico-based Alphacredit Capital for USD 125m. Last year, Softbank announced a USD 5bn Latin America fund and plans region could see further declines to invest USD 1bn in the region in 2020. Latin America has not seen the worst yet. The region was in M&A activity in the months hit by COVID-19 later than other parts of the world, and still saw activity decrease along with global trends. As the Top sectors decline; PMB gains momentum. Most sectors ahead.” coronavirus spreads, the region could see further declines in saw a sharp decline this quarter compared to 1Q19. Industrials M&A activity in the months ahead. Historically, M&A in Latin & Chemicals dropped 92% by value while Energy, Mining America has been somewhat protected from downward global and Utilities (EMU) dropped 66% by value compared to trends. During the 2008 economic recession, figures dropped 1Q19. Global trends have affected EMU companies such as at a smaller percentage than the rest of the world. Although Petrobras. The volatility of oil prices has pushed Petrobras to Latin America activity declined in 2009, it quickly bounced pull out USD 8bn from credit lines and COVID-19 has forced Viviana Balan, back. The region had its strongest year on Mergermarket the company to postpone refinery sale deadlines. Research Relationship record in 2010, taking a 14% share of global M&A by volume. Sectors such as Technology, EMU, and Telecom thrived after Manager (Americas) the recession. By contrast, the Pharma, Medical, and Biotech (PMB) sector had its strongest first quarter for the region by value on Mergermarket record with 11 deals worth USD 1.2bn. Activity Private Equity firms nearly disappear. Buyout activity spiked over 10x by value compared to 1Q19 (13 deals worth experienced its slowest quarter since 2013, after a record USD 120m). Brazil-based Hypera SA’s USD 825m acquisition year for buyouts in the region in 2019. Buyouts in 1Q20 (9 of Japan-based Takeda Pharmaceutical’s Latin America OTC deals worth USD 197m) dropped 82% by value compared to business was the largest deal in the sector and the second 1Q19 (10 deals worth USD 1bn). Exit activity had its slowest largest deal in the region in 1Q20. The spike in the PMB first quarter since 2010, with 7 deals worth USD 44m. Activity sector was not related to COVID-19, however the novel virus dropped 83% compared to 1Q19 (9 deals worth USD 251m), as could impact M&A activity in the sector and others such global exit activity also declined. as healthtech, telecomputing platforms, and food delivery services. mergermarket.com Mergermarket Global & Regional Latin America Analysis 28 M&A Report 1Q20

-48% USD 1.2bn -93%

Drop in Latin America strategics Combined deal value Decline in combined deal compared to 1Q19 of Pharma, Medical, value in Construction & Biotech sector sector compared to 1Q19

-83% USD USD 1.3bn 363m Combined deal value of Drop in Chile activity Deal Value of Mexico activity Consumer sector (lowest since 1Q19) (lowest since 2Q18)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 29 M&A Report 1Q20

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2015 - 1Q20 1Q19 - 1Q20

100 800 12

90 11 700

10 80 20.7 44.4 600 9 70 301.1 19.2 18.2 8 29.4 500 Deal Count 60 7 28.6 283.8 9.3 50 400 6 Deal Value (USD bn ) (USD Value Deal 10.8

Deal Value (USD bn) (USD Value Deal 30.2 25.3 40 5 21.2 24.2 300

4 30 22.9 200 3 11.5 13.8 20 12.2 27.8 2 3.4 100 . 10 14.9 14.1 17.3 11.9 2.3 8.7 1 1.9 1.3 1.6 1.2 1.2 1.0 1.1 0 0 0 0.1 2015 2016 2017 2018 2019 2020 0 Real Estate Consumer Pharma, Medical Energy, Mining Technology Other & Biotech & Utilities

Q1 Q2 Q3 Q4 1Q19 1Q20

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 30 M&A Report 1Q20

Latin America League tables

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 25 Credit Suisse 2,240 2 853.2% 235 1 6 Banco Itau BBA 491 8 3 5 2= - Deutsche Bank 2,240 1 - - 2 22 BR Partners 986 3 1 2 2= 1 Goldman Sachs & Co 2,240 1 -69.1% 7,240 3 4 Morgan Stanley 519 3 -3 6 4 24 BR Partners 986 3 257.2% 276 4 18 Banco Bradesco BBI 246 3 1 2 5 20 Bank of America 825 1 58.7% 520 5 11 Credit Suisse 2,240 2 -2 4 6 9 JPMorgan 648 1 -37.1% 1,031 6 52 EY 454 2 1 1 7= 15 BNP Paribas 523 1 -35.0% 805 7 9 Scotiabank 299 2 -2 4 7= 51 Core Assessoria Financeira 523 1 - - 8 3 Citi 203 2 -5 7 9 3 Morgan Stanley 519 3 -79.8% 2,567 9 1 Santander Corporate Investment Banking 189 2 -7 9 (SCIB) 10 5 Banco Itau BBA 491 8 -66.6% 1,470 10 5 Deloitte 80 2 -4 6 11 52 EY 454 2 - - 11 13 Oaklins 65 2 -1 3 12 13 Scotiabank 299 2 -69.4% 976 12 8 Banco BTG Pactual 48 2 -3 5 13 - RBC Capital Markets 263 1 - - 13 57 PwC 29 2 1 1 14 14 Banco Bradesco BBI 246 3 -72.4% 890 14 7 Rothschild & Co 25 2 -3 5 15 2 Citi 203 2 -97.0% 6,718 15= - Financiera de Desarrollo Nacional - 2 2 0 16 4 Santander Corporate Investment Banking 189 2 -91.7% 2,264 (SCIB) 15= - Lazard - 2 2 0 17= 8 Evercore 140 1 -87.8% 1,151 17= - Deutsche Bank 2,240 1 1 0 17= - Prisma Capital 140 1 - - 17= 2 Goldman Sachs & Co 2,240 1 -6 7 19 - VACE Partners 136 1 - - 19 20 Bank of America 825 1 -1 2 20 - Handelsbanken Capital Markets 118 1 - - 20 17 JPMorgan 648 1 -1 2

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 31 M&A Report 1Q20 Asia Pacific (excl. Japan)

Value Deal Details (USD bn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 10.6 09-Mar Charoen Tesco Stores Thailand Consumer Pokphand (Thailand) USD 103.2bn Foods Public Limited; Company Tesco Stores Limited; CP ALL (Malaysia) Sdn Plc; Charoen Bhd Asia Pacific (excl. Japan) M&A Pokphand Holding Co value in 1Q20, the lowest 8.0 22-Jan CapitaLand Mall CapitaLand Singapore Real Estate Trust Commercial quarterly value since 1Q13 Trust

6.2 27-Feb Admiral Power Wheelock Hong Kong SAR Real Estate Holdings & Company Limited (32.51% Stake) 4.1 27-Feb Sichuan Railway Sichuan Road & China Construction Investment Bridge Co, Ltd Group Co (9.74% Stake) 18.3% 54.2% 2.4 04-Mar Tencent Tianjin Xiaowu China TMT Holdings Ltd; Information SB China Technology Co, Share of global market Decrease in PE buyout value Venture Capital Ltd Co, Ltd; M&A in 1Q20 in 1Q20 compared to 1Q19 Sequoia Capital China; Hillhouse Capital Management Ltd

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 32 M&A Report 1Q20

Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan generated USD 103.2bn The coronavirus outbreak is also accelerating political will expand a pilot scheme to enable high-tech start-ups to across 616 deals in 1Q20, recording a 32% year-on-year destabilization in Hong Kong, which is still a critical platform borrow money more easily from overseas. India accounted for decrease in deal value and the lowest quarterly value since for mainland companies to get exposure to international three out of the top five PE exit deals in 1Q20, which include 1Q13. Having regained some momentum in 4Q19 amid an capital markets amid persistent tensions with the US. The crisis the largest transaction in the quarter – Krishnapatnam Port unstable truce in the US-China trade war, dealmaking will test the central and local government’s ability to maintain Company’s sale of a 75% stake to Adani Ports and Special suddenly grind to a halt due to the coronavirus outbreak order ahead of the legislative election in September 2020, Economic Zone for USD 1.6bn. that originated in China and later spread to Japan and South reassure international investors and defend the HKD-USD peg. Real estate bonanza driven by consolidation, Tesco deal Korea. The coronavirus outbreak will undoubtedly disrupt the The resumption of IPO deals in Hong Kong such as JD.com’s lifts consumer sector. The real estate sector recorded both natural flow of M&A deals and economic activity at large this secondary listing and Tencent Holdings-backed WeDoctor will the highest deal value (USD 16.9bn across 28 deals) – mainly year. Hopes of a quick recovery in APAC seem to fade as be key to such efforts. Following the coronavirus epidemic, due to activity in Southeast Asia – and the second largest the pandemic spread to other major economies across the the Trump administration has greater chances to succeed in deal in APAC excl. Japan in 1Q20. Two CapitaLand REITs – world. China and Hong Kong, the largest contributors to M&A accomplishing its long-standing goal of convincing Western CapitaLand Commercial Trust (CCT) and CapitaLand Mall activity in Asia and the first area to be hit by the coronavirus companies to diversify their operations and shift their supply Trust (CMT) – have proposed a USD 8bn merger to form the epidemic, have seen their combined deal value in 1Q20 chain to Asian countries other than China, which might result third largest REIT in Asia-Pacific and the largest in Singapore, plunge to 35.8% year-on-year to USD 51.3bn, while volume in M&A deals. extending the wave of consolidation in the sector. Consumer declined 32.5% to 268 transactions over the same period. PE activity freezes amid coronavirus crisis. Private equity ranked second in value (USD 16.1bn across 54 deals), largely Cash-starved Chinese companies under M&A pressure. activity in APAC excl. Japan has been disproportionately hit due to the largest deal in the region in APAC ex Japan in the The coronavirus crisis might create M&A opportunities for compared to dealmaking by strategic players. PE buyout first quarter – Thailand’s conglomerate CP Group acquisition dealmakers in the coming months as cash-starved Chinese dealmaking in 1Q20 (USD 9.4bn across 74 deals) recorded of Tesco’s businesses in Thailand and Malaysia for USD 10.6bn. companies seek to weather the storm. At the moment, a 54.2% year-on-year decrease in deal value – the smallest companies are vying for emergency loans but equity quarterly deal value since 4Q13, while PE exits in 1Q20 injections are also to be expected. Transportation companies generated just USD 4.8bn across 27 deals (1Q19: USD 17.3bn “Hopes of a quick recovery – in particular airlines – and tourism-related businesses will across 41 deals). PE buyouts figures would be even smaller if be among the most affected players by the current crisis the USD 2.4bn investment in real estate brokerage firm Ke.com in APAC seem to fade as and the pressure might result in growing consolidation. The and USD 1bn investment in China’s real estate rentals portal crisis also hit particularly hard business operating in the real Ziroom – which were both announced in March 2020 but the pandemic spread to estate, offline retail, entertainment and automotive sectors. already completed in November 2019 – were to be excluded. Banks will be in need of equity injections to fight a potential other major economies” Meanwhile, Chinese regulators try to facilitate exits jump in non-performing loans. China is set to see further and revive investment in startups. The China Securities consolidation among its lenders as smaller banks such as Regulatory Commission (CSRC) is seeking to unlock capital Chongqing Rural Commercial Bank have been hit with liquidity for startups by easing lock-up restrictions on venture capital problems due to the economic slowdown, which has been Riccardo Ghia, funds’ pre-IPO investments in listed Chinese companies, while greatly accelerated by the pandemic. China’s State Administration of Foreign Exchange (SAFE) Research Editor (APAC) mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 33 M&A Report 1Q20

USD 10.6bn 4 72.3% Deals above USD 5bn Year-on-Year decline in value for PE exits Sale of Tesco’s businesses in Thailand and Malaysia, the largest deal in APAC (excl. Japan)

USD USD USD 16.9bn 9.4bn 4.8bn Deals in real estate, sector recording PE buyout deal value in 1Q20 PE exits deal value in 1Q20 largest deal value in 1Q20

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 34 M&A Report 1Q20

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2014 - 1Q20 1Q19 - 1Q20

1000 5000 50

800 4000 40 294.2

195.8 Deal Count 600 250.3 3000 30 Deal Value (USD bn ) (USD Value Deal 179.4 152.8 170.3 181.2 160.5 Deal Value (USD bn) (USD Value Deal 400 2000 172.8 182.9 20 124.2 132.2 232.7 52.8 217.3 30.7

200 168.9 149.4 144.9 120.9 1000 10 16.9 17.8 36.9 12.5 17.8 13.8 16.1 15.0 14.3 10.1 196.1 136.8 141.5 157.2 151.7 114.9 103.2

0 0 0 2014 2015 2016 2017 2018 2019 2020 Real Estate Consumer Financial Industrials Technology Others Services & Chemicals

Q1 Q2 Q3 Q4 1Q19 1Q20

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 35 M&A Report 1Q20

Asia Pacific (excl. Japan) League tables

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 JPMorgan 20,222 11 66.2% 12,170 1 1 PwC 1,495 16 -20 36 2 63 Barclays 11,728 4 2489.0% 453 2 5 EY 1,270 15 1 14 3 26 Credit Suisse 11,321 8 205.7% 3,703 3 15 JPMorgan 20,222 11 5 6 4 3 UBS Investment Bank 11,294 5 -26.8% 15,425 4 2 Deloitte 519 11 -11 22 5 7 Goldman Sachs & Co 11,276 5 -1.8% 11,484 5 3 KPMG 1,762 10 -10 20 6 155 Greenhill & Co 10,668 2 30 6 27 Credit Suisse 11,321 8 4 4 7 13 HSBC 8,911 5 23.9% 7,192 7 16 RBSA Advisors 5,122 7 1 6 8 - ANZ Bank 8,007 1 - - 8 6 Huatai Securities 1,597 7 -6 13 9 - The Anglo Chinese Group 6,157 1 - - 9 21 Citi 3,107 6 1 5 10 2 CITIC Securities 5,901 5 -67.1% 17,912 10 23 Macquarie Group 760 6 1 5 11 31 Lazard 5,811 3 124.7% 2,586 11 9 UBS Investment Bank 11,294 5 -5 10 12 16 Morgan Stanley 5,601 4 -16.7% 6,726 12 10 Goldman Sachs & Co 11,276 5 -4 9 13 - Callisto 5,525 1 - - 13 19 HSBC 8,911 5 0 5 14 81 Minsheng Securities 5,489 2 2069.6% 253 14 7 CITIC Securities 5,901 5 -7 12 15 - Lianchu Securities 5,394 1 - - 15 65 Barclays 11,728 4 2 2 16 21 RBSA Advisors 5,122 7 26.8% 4,038 16 4 Morgan Stanley 5,601 4 -10 14 17 151 Moelis & Company 3,325 4 9679.4% 34 17 158 Moelis & Company 3,325 4 3 1 18 35 Citi 3,107 6 44.1% 2,156 18 213 Nomura Holdings 1,663 4 3 1 19 85 SBI Capital Markets 2,942 2 1179.1% 230 19 12 JM Financial 897 4 -4 8 20 - The Bank Street Group 2,900 1 - - 20 - Messis Capital 108 4 4 0

mergermarket.com Mergermarket Global & Regional Japan Analysis 36 M&A Report 1Q20 Japan

Value Deal Details (USD m)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 13bn 4,886 31-Jan Hitachi Ltd Hitachi Japan Industrials & Chemicals High-Tech Corporation (48.27% Stake) Value of Japan M&A, 62.7%

858 05-Feb Polaris Capital Sogo Medical Japan Pharma, Medical & increase on 1Q19 Group Co Ltd Holdings Co Ltd Biotech (90.86% Stake)

858 23-Jan Bain Capital LP Showa Aircraft Japan Industrials & Chemicals Industry Co Ltd

784 20-Jan Maeda Maeda Road Japan Construction Corporation Construction Co Ltd (26.46% Stake) 31.4% 11.2% 605 02-Mar Noritsu Koki Co AlphaTheta Japan Consumer Ltd Corporation Decrease in inbound Japan share of M&A value versus 1Q19 APAC M&A value

mergermarket.com Mergermarket Global & Regional Japan Analysis 37 M&A Report 1Q20

Japan

As the coronavirus pandemic continues to grow, a global ticket deals. USD 8.7bn (56 deals) worth of transactions were significant decrease with 6 exits worth USD 730m, a 52.8% economic slowdown is inevitable in the coming months. But announced in 1Q20, 59.4% less than the average quarterly drop in value versus 1Q19. Looking ahead, private equity M&A activity in Japan is yet to feel the full impact of the outbound deal value for the past decade (USD 21.3bn). funds may see opportunities arising from the recession, as ongoing crisis. Japan M&A activity recorded USD 13bn across Electronic component manufacturer KYOCERA’s USD 1bn cash current inflated target valuations will go through readjustment, 111 deals in 1Q20, the highest level for a first quarter since offer for its South Carolina-based peer AVX was the only deal according to Mergermarket intelligence. Lower stock prices 2016. This represented a 68.1% drop in value compared to surpassing the USD 1bn mark. and appreciation of the Japanese yen could also present a the outstanding 4Q19 but a 62.7% increase versus 1Q19. The good timing for funds to deploy their dry powder. Deals in the But outbound M&A could rebound. Geographically, country accounted for 11.2% of the total Asia Pacific value, pipeline include the sale of LIXIL VIVA, the home improvement Japanese investment into the US dropped almost half in both the second highest quarterly share of APAC M&A since 2016 center operator by its parent LIXIL Group, which is attracting value and volume in 1Q20 (USD 4.4bn, 18 deals) in comparison behind 4Q19 (18.4%). international private equity firms including KKR, MBK Partners to 1Q19 (USD 7.7bn, 30 deals). Amid the COVID-19 outbreak and Goldman Sachs. Business restructuring on the horizon. Hitachi’s USD and turbulent global economic circumstances, Japanese 4.9bn-tender offer for the remaining 48.27% stake in Hitachi dealmakers withheld spending on overseas assets temporarily High-Tech was the largest Japanese deal in 1Q20 and but the outlook for Japan’s outbound M&A in the long run contributed to the Industrials & Chemicals sector being the remains positive given Japan’s development needs and “M&A activity in Japan is most active sector of the quarter with USD 6bn worth of deals advantageous financial environment. Australia, in particular, across 19 transactions. The deal is another notable move of is expected to attract more Japanese investments across a yet to feel the full impact the manufacturer’s strategy to aggressively restructure its wider variety of sectors in 2020, according to Mergermarket business, following its sales of a 51% stake in Hitachi Chemical intelligence. Japanese dealmakers are shifting part of their of the ongoing crisis” to Showa Denko (USD 9bn) and its diagnostic imaging-related interest from sectors like traditional energy and infrastructure business to FUJIFILM Holdings (USD 1.6bn) last December. to areas like financial services, consumer, tourism and Prior to the COVID-19 pandemic, many Japanese companies alternative energy. were proactively reviewing their business portfolios and Danni Sun, Lukewarm inbound M&A appetite. On the other hand, planning divestments. Sectors like Consumer, Leisure and inward investments saw a 31.4% dip in value to USD 1.4bn in Business Services could be hit more severely by the current Senior Research Analyst comparison to 1Q19, with nine such deals announced versus crisis, which could result in an uptick in divestments but also in 11 in 1Q19. The Japan government’s decision to postpone postponements or cancellations of pending deals. (APAC) the 2020 Tokyo Olympics until 2021 due to the coronavirus Greater focus on domestic M&A. Appetite for domestic outbreak is likely to cast a shadow on the country’s economic high-profile assets continue to be strong, and 1Q20 domestic forecast since billions of Yens have already been spent by M&A has exceeded outbound activity for the second the government and sponsors. Domestic consumption is also consecutive quarter. Domestic deal value recorded a 93.5% dwindling since the consumption tax hike last October. increase YoY to USD 11.7bn while volume dropped 5 deals to Opportunities exist for private equity. The private equity 102. In the current situation, and depending on the progress space recorded 16 buyouts worth a total of USD 2.3bn in of the pandemic in the coming months, this trend could 1Q20, five deals more but a 23.2% value decrease compared accelerate. Japan’s outbound activity showed a significant to 1Q19. Out those 16 deals, 14 were conducted by domestic drop to a level unseen since 2016 due to the absence of big- private equity firms. Meanwhile, the exit market witnessed a mergermarket.com Mergermarket Global & Regional Japan Analysis 38 M&A Report 1Q20

USD USD USD 1bn 4.9bn 6bn KYOCERA/AVX, the largest Hitachi/Hitachi High-Tech Industrials & Chemicals M&A deal, the largest deal value, the most active sector outbound deal in 1Q20 in 1Q20 in 1Q20

USD 23.2% 93.5% 8.7bn Decrease in buyout value versus 1Q19 Increase in domestic M&A Value of outbound M&A, value versus 1Q19 59.4% less than the average quarterly outbound value for the past decade

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 39 M&A Report 1Q20

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2014 - 1Q20 1Q19 - 1Q20

80 500

400 15.2 60 35.6 6 Deal Count 40.9 300 Deal Value (USD bn ) (USD Value Deal 22.8 40 11.4 16.3 4 Deal Value (USD bn) (USD Value Deal 200 21.6 9.4 14.0 19.7 13.3 10.1

20 5.1 2 100 10.6 9.1 8.6 10.9 5.5 6.0 2.5 1.9 1.8 17.1 13.0 1.4 0.5 1.7 9.1 9.0 1.2 1.1 7.1 9.1 8.0 1.1 1.1 1.0

0 0 0 2014 2015 2016 2017 2018 2019 2020 Industrials Financial Technology Consumer Pharma, Medical Others & Chemicals Services & Biotech

Q1 Q2 Q3 Q4 1Q19 1Q20

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 40 M&A Report 1Q20

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Nomura Holdings 9,012 18 104.1% 4,416 1 3 Nomura Holdings 9,012 18 6 12 2 1 Morgan Stanley 6,473 5 22.6% 5,280 2 5 Sumitomo Mitsui Financial Group 2,187 14 4 10 3 12 Deloitte 5,078 8 282.7% 1,327 3 7 Mizuho Financial Group 2,081 9 1 8 4 9 Sumitomo Mitsui Financial Group 2,187 14 49.8% 1,460 4 6 Deloitte 5,078 8 -2 10 5 7 Daiwa Securities Group / DC Advisory 2,126 6 39.6% 1,523 5 1 Daiwa Securities Group / DC Advisory 2,126 6 -8 14 6 13 Mizuho Financial Group 2,081 9 70.2% 1,223 6 4 Morgan Stanley 6,473 5 -5 10 7 44 Bank of America 1,430 2 - - 7 8 GCA Corporation 913 5 -2 7 8 - Centerview Partners 1,295 2 - - 8 10 Plutus Consulting 359 4 -1 5 9 14 GCA Corporation 913 5 -11.4% 1,030 9 - IR Japan 429 3 3 0 10 34 AGS Consulting 891 2 1137.5% 72 10 44 Bank of America 1,430 2 1 1 11 4 JPMorgan 854 2 -79.7% 4,212 11 - Centerview Partners 1,295 2 2 0 12 - BR Partners 825 1 - - 12 36 AGS Consulting 891 2 1 1 13 18 UBS Investment Bank 759 2 84.7% 411 13 9 JPMorgan 854 2 -3 5 14= - BNP Paribas 523 1 - - 14 25 UBS Investment Bank 759 2 1 1 14= - Core Assessoria Financeira 523 1 - - 15 2 PwC 236 2 -10 12 16 21 Sangyo Sosei Advisory 464 1 67.5% 277 16 16 YAMADA Consulting Group 186 2 -1 3 17 - IR Japan 429 3 - - 17= 18 Barclays 152 2 0 2 18= 24 Citi 384 1 67.0% 230 17= - JM Financial 152 2 2 0 18= 6 Goldman Sachs & Co 384 1 -77.8% 1,732 19 11 EY 96 2 -2 4 20 16 Plutus Consulting 359 4 -51.8% 745 20 21 Rothschild & Co 46 2 0 2

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 41 M&A Report 1Q20 Middle East & Africa

Value Deal Details (USD m)

Announcement Bidder Target Target Target Sector Date Company Company Geography 2,718 17-Feb-20 Port & Free Zone DP World PLC (19.55% Stake) United Arab Transport USD 9.5bn World FZE Emirates

1,547 05-Mar-20 United Brands Al-Eqbal Company for Jordan Financial Services Value of M&A targeting the Of Shisha Bidco Investment PLC Limited Middle East & Africa in 1Q20, 1,000 08-Mar-20 Qatar Petroleum Qatar Fertiliser Company Qatar Industrials a 90.1% decrease compared (P.S.C.) (25% Stake) & Chemicals to 1Q19 value (USD 95.4bn) 1,000 23-Jan-20 Sonangol E.P. Unitel S.A. (25% Stake); Angola Telecoms Multitel - Servicos de telecomunicacoes Lda (40% Stake) USD 533 29-Jan-20 Comtech Gilat Satellite Networks Ltd. Israel Telecoms -25.5% 3.8bn Fall in M&A value versus Inbound M&A in 1Q20 4Q19 (USD 12.6bn) - the lowest quarterly value since 4Q18

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 42 M&A Report 1Q20

Middle East & Africa

Middle East & African M&A activity had a subdued start to the value in comparison to the USD 3.4bn (37 deals) spent in the Mid-stream gas deals, however, may still be attractive to year mirroring a global slowdown as dealmakers adjust to the first quarter of 2019. investors. ADNOC, which sold a 40% stake in its oil pipelines coronavirus pandemic and fears over an inevitable economic for USD 4bn last year, is reportedly selling a 49% stake in Israeli M&A falters. Israeli M&A, which has seen a significant downturn grow. The global reduction in M&A, coupled with its natural gas pipelines. Six suitors remain involved in the increase in cross-border activity in recent years suffered a trouble in the energy markets resulted in a total of USD 9.5bn auction, although there remains concerns the process may be clear reduction in the first quarter with just USD 1.4bn (21 conducted in the MEA region in the first three months of postponed. deals) worth of dealmaking recorded in 1Q20. This represents 2020, the lowest quarterly value since 3Q15 (USD 6.1bn). a 57.4% drop by value versus the opening quarter of 2019 Amid the unprecedented outbreak of the coronavirus Slowdown in big-ticket cross-border M&A. There appears (USD 3.3bn) and the lowest quarterly value since 4Q16 (USD pandemic, global M&A, and specifically cross-border M&A to be a clear decline in the number of firms willing to conduct 1.1bn). activity, has taken a noticeable downturn and a result high-profile deals in such unprecedented circumstances, with the Middle East & Africa has suffered. Together with the US investment into the country, which has been a key just six deals worth over USD 500m in 1Q20. The largest deal plummeting oil price, dealmaking in the region looks set driver behind the uptick in Israeli M&A in recent years, fell so far this year in MEA saw Port & Free Zone World acquire to experience a prolonged downturn with M&A processes dramatically in 1Q20. There was just USD 943m spent by US a 19.55% stake in UAE-based logistics firm DP World for adjusted and spending largely on hold while the uncertainty investors across nine deals, the lowest quarterly value since USD 2.7bn, announced in mid-February. Given the ongoing remains. 4Q18 (USD 331m). Last year saw a record number of US deals uncertainty it appears that the region will continue to see into Israel and the third successive year over USD 10bn at historically low levels of investment in the short term. USD 10.6bn (44 deals). With widespread quarantine measures in place in many “Dealmaking in the region Technology remains the most active sector by deal count with countries, global cross-border M&A has seen a sizeable fall in ten deals worth USD 344m announced so far this year. This the opening quarter of the year. In the MEA region, just USD looks set to experience included Insight Partners’ USD 125m investment for a 10% 3.8bn was spent by foreign investors on assets in 1Q20, the stake in Israeli game developer Moon Active, announced in lowest quarterly value since 4Q18 (USD 3bn). The USD 1.5bn a prolonged downturn” late January. acquisition of Jordan-based cigarette manufacturer Al-Eqbal Company in early March was the largest foreign investment Energy market uncertainty to hit 2020 dealmaking. of the first quarter. This follows a number of strong years, Meanwhile the natural resources sector has been hit by a with 2019 inbound M&A reaching a total USD 49.4bn across perfect storm. There has been a clear fall in demand for oil Jonathan Klonowski, 218 announced deals, the second highest annual value and given the coronavirus outbreak and the subsequent lack of volume on Mergermarket record. travel, combined with the failed production curbing agreement Research Editor (EMEA) between OPEC and Russia, which has driven oil prices down Outbound M&A has taken a similar hit so far this year, with to historically low levels. As a result, ongoing situations have just 20 deals conducted outside the region by MEA-based been adversely affected as recent valuations became largely investors worth a combined USD 2.5bn. This represents the irrelevant. lowest quarterly value since 2004 and a 25.3% decrease by

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 43 M&A Report 1Q20

USD 2.5bn 10 8 Number of tech deals in Number of business services deals in 1Q20 - the most active 1Q20 Value of outbound M&A by MEA- sector in MEA based firms - the lowest quarterly value since 4Q18 (USD 2.3bn)

6 -57.4% USD 362m Value of energy, mining & utlities Number of deals worth at Fall in Israeli M&A compared to least USD 500m targeting 1Q19 M&A in 1Q20 (nine deals) MEA in 1Q20

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 44 M&A Report 1Q20

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2014 - 1Q20 1Q19 - 1Q20

150 600

12.6 60 11.4 120 480

23.9 Deal Count 90 360 40 Deal Value (USD bn ) (USD Value Deal 22.0 Deal Value (USD bn) (USD Value Deal 60 17.2 240 10.9 35.1 95.4 12.3 17.3 20

20.7 10.0 30 120 17.0 6.1 24.8

9.5 29.8 70.9 2.8 17.8 2.1 1.6 1.5 10.6 7.8 0.6 5.4 1.0 8.6 9.7 9.4 0.1 0.4 0 0 0 2015 2016 2017 2018 2019 2020 Transport Telecoms Industrials Financial Energy, Mining Other & Chemicals Services & Utilities

Q1 Q2 Q3 Q4 1Q19 1Q20

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 45 M&A Report 1Q20

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 28 Rothschild & Co 2,804 3 781.8% 318 1 7 PwC 501 7 2 5 2= 6 Citi 2,718 1 -96.2% 71,121 2 9 Rothschild & Co 2,804 3 -1 4 2= 15 Deutsche Bank 2,718 1 90.7% 1,425 3 11 Barclays 2,120 3 0 3 4 9 Barclays 2,120 3 -49.2% 4,173 4 1 JPMorgan 723 2 -5 7 5 - Nomura Holdings 1,455 1 - - 5 - Evercore 300 2 2 0 6 1 JPMorgan 723 2 -99.1% 81,862 6 66 Global M&A Partners 132 2 1 1 7= - Alnitak & Co 533 1 - - 7 2 EY 65 2 -5 7 7= 2 Goldman Sachs & Co 533 1 -99.3% 76,691 8= 8 Citi 2,718 1 -3 4 7= 10 Jefferies 533 1 -87.2% 4,155 8= 13 Deutsche Bank 2,718 1 -2 3 7= - Quilty Analytics 533 1 - - 10 - Nomura Holdings 1,455 1 1 0 11 19 PwC 501 7 -27.7% 693 11= - Alnitak & Co 533 1 1 0 12 - Evercore 300 2 - - 11= 3 Goldman Sachs & Co 533 1 -5 6

13 - Financial Technology Partners 237 1 - - 11= 12 Jefferies 533 1 -2 3 14= - Centerview Partners 200 1 - - 11= - Quilty Analytics 533 1 1 0 14= 53 Standard Bank Group 200 1 1566.7% 12 15 - Financial Technology Partners 237 1 1 0 14= - UBS Investment Bank 200 1 - - 16= - Centerview Partners 200 1 1 0 17 43 Alantra 134 1 135.1% 57 16= 55 Standard Bank Group 200 1 0 1 18 66 Global M&A Partners 132 2 - - 16= - UBS Investment Bank 200 1 1 0 19 16 Houlihan Lokey 105 1 -88.7% 933 19 48 Alantra 134 1 0 1 20= - Lincoln International 100 1 - - 20 17 Houlihan Lokey 105 1 -1 2 20= 46 Schwartz Investment House 100 1 127.3% 44

mergermarket.com Mergermarket Global & Regional League Tables 46 M&A Report 1Q20

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

M&A and PE Financial Advisory League Tables

mergermarket.com Mergermarket Global & Regional League Tables 47 M&A Report 1Q20

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 202,843 61 -38.1% 327,694 1 1 PwC 3,557 83 -52 135 2 3 Morgan Stanley 163,055 61 -44.7% 294,870 2 2 Deloitte 7,324 70 -64 134 3 1 JPMorgan 132,078 61 -63.0% 356,515 3 5 Goldman Sachs & Co 202,843 61 -17 78 4 15 Rothschild & Co 68,353 59 62.6% 42,028 4 7 Morgan Stanley 163,055 61 0 61 5 7 Credit Suisse 66,314 28 -46.5% 123,990 5 8 JPMorgan 132,078 61 2 59 6 14 UBS Investment Bank 59,926 27 6.4% 56,308 6 4 EY 2,641 61 -19 80 7 8 Barclays 59,632 37 -47.2% 112,880 7 6 Rothschild & Co 68,353 59 -15 74 8 6 Evercore 56,272 40 -72.5% 204,757 8 3 KPMG 2,152 53 -40 93 9 16 Lazard 53,236 35 34.4% 39,619 9 15 Jefferies 9,851 45 4 41 10 4 Citi 52,838 36 -80.7% 274,173 10 11 Houlihan Lokey 7,296 44 -2 46 11 5 Bank of America 39,528 35 -83.6% 240,565 11 14 Evercore 56,272 40 -2 42 12 21 Deutsche Bank 33,509 14 28.5% 26,070 12 13 Barclays 59,632 37 -8 45 13 43 Nomura Holdings 30,661 25 369.8% 6,526 13 10 Citi 52,838 36 -14 50 14 32 BNP Paribas 21,598 13 97.6% 10,932 14 9 Lazard 53,236 35 -16 51 15 69 Macquarie Group 20,478 14 560.8% 3,099 15 12 Bank of America 39,528 35 -10 45 16 553 goetzpartners 18,890 6 - - 16 24 Piper Sandler Companies 6,809 33 4 29 17 - Bain & Company 18,834 1 - - 17 16 Lincoln International 2,168 30 -9 39 18 13 Centerview Partners 17,925 13 -71.6% 63,164 18 18 Oaklins 506 29 -7 36 19 11 HSBC 17,337 14 -79.6% 85,123 19 17 Credit Suisse 66,314 28 -9 37 20 9 Moelis & Company 16,994 26 -84.3% 108,267 20 22 UBS Investment Bank 59,926 27 -4 31

mergermarket.com Mergermarket Global & Regional League Tables 48 M&A Report 1Q20

EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 123,327 24 173.1% 45,156 1 2 PwC 1,137 53 -33 86 2 7 Morgan Stanley 88,758 27 255.3% 24,982 2 1 Deloitte 1,793 50 -49 99 3 6 JPMorgan Cazenove 76,727 30 150.7% 30,601 3 5 Rothschild & Co 62,141 49 -7 56 4 4 Rothschild & Co 62,141 49 97.1% 31,527 4 4 EY 1,356 47 -12 59 5 3 UBS Investment Bank 51,066 14 20.2% 42,482 5 3 KPMG 1,787 44 -20 64 6 10 Barclays 43,129 18 103.5% 21,194 6 18 JPMorgan Cazenove 76,727 30 11 19 7 9 Credit Suisse 41,171 6 77.2% 23,238 7 12 Morgan Stanley 88,758 27 6 21 8 5 Lazard 33,150 22 6.3% 31,181 8 7 Goldman Sachs & Co 123,327 24 -9 33 9 12 Deutsche Bank 23,355 6 52.6% 15,303 9 16 Clearwater International 343 23 3 20 10 1 Bank of America 23,315 20 -59.2% 57,199 10 6 Lazard 33,150 22 -17 39 11 8 Citi 21,839 14 -9.9% 24,247 11 8 Oaklins 310 21 -8 29 12 14 BNP Paribas 21,075 12 104.6% 10,301 12 17 Bank of America 23,315 20 1 19 13 32 Nomura Holdings 20,085 5 566.2% 3,015 13 19 Alantra 1,875 20 1 19 14 49 Macquarie Group 19,518 8 1263.9% 1,431 14 11 Barclays 43,129 18 -5 23 15 279 goetzpartners 18,890 6 - - 15 15 Lincoln International 748 15 -5 20 16 - Bain & Company 18,834 1 - - 16 25 UBS Investment Bank 51,066 14 -1 15 17 40 Societe Generale 16,697 9 755.8% 1,951 17 10 Citi 21,839 14 -11 25 18 20 Moelis & Company 11,203 6 57.6% 7,107 18 31 Daiwa Securities Group / DC Advisory 1,631 14 1 13 19 43 Greenhill & Co 10,903 7 510.8% 1,785 19 26 Jefferies 1,534 13 -2 15 20 - Cardinal Partners SAS 10,128 2 - - 20 22 BNP Paribas 21,075 12 -5 17

mergermarket.com Mergermarket Global & Regional League Tables 49 M&A Report 1Q20

EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 7 Goldman Sachs & Co 61,417 12 380.5% 12,782 1 4 PwC 477 20 3 17 2 5 Morgan Stanley 48,366 8 248.0% 13,899 2 2 Rothschild & Co 4,671 15 -7 22 3 4 Credit Suisse 36,407 2 144.8% 14,871 3 19 JPMorgan 18,418 13 6 7 4 8 UBS Investment Bank 19,764 3 78.7% 11,058 4 3 KPMG 9 13 -9 22 5 3 JPMorgan 18,418 13 23.7% 14,885 5 8 Goldman Sachs & Co 61,417 12 1 11 6 6 Barclays 18,119 8 39.8% 12,957 6 18 Bank of America 14,745 9 2 7 7 2 Bank of America 14,745 9 -11.4% 16,636 7 11 EY 324 9 -1 10 8 18 Greenhill & Co 10,788 3 538.3% 1,690 8 15 Alantra 190 9 1 8 9 21 Citi 8,083 7 404.2% 1,603 9 1 Deloitte 111 9 -16 25 10 9 Evercore 7,069 7 -34.0% 10,704 10 20 Morgan Stanley 48,366 8 1 7 11 24 RBC Capital Markets 6,984 7 352.3% 1,544 11 9 Barclays 18,119 8 -2 10 12 30 Societe Generale 6,763 2 447.2% 1,236 12 5 Lazard 2,463 8 -6 14 13 14 Wells Fargo Securities 6,033 1 1.6% 5,936 13 13 Clearwater International 156 8 -1 9 14 1 Rothschild & Co 4,671 15 -78.5% 21,748 14 17 Grant Thornton 26 8 0 8 15 - Rockefeller Capital Management 2,900 1 - - 15 25 Citi 8,083 7 1 6 16 28 HSBC 2,563 5 83.7% 1,395 16 6 Evercore 7,069 7 -6 13 17 - Union Square Advisors 2,500 1 - - 17 33 RBC Capital Markets 6,984 7 3 4 18 12 Lazard 2,463 8 -72.3% 8,906 18 67 Canaccord Genuity Group 898 7 5 2 19 83 BNP Paribas 2,185 2 2085.0% 100 19 12 Houlihan Lokey 840 7 -2 9 20= - Callisto 1,775 1 - - 20 29 HSBC 2,563 5 0 5 20= - Sycomore Corporate Finance 1,775 1 - -

mergermarket.com Mergermarket Global & Regional League Tables 50 M&A Report 1Q20

EMEA Advisory League tables

Ireland league table by value Ireland league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal Count Deal 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 - Citi 3,300 1 - - 1 - Davy Corporate Finance 140 2 2 0 2 - Jefferies 400 1 - - 2 - Grant Thornton 46 2 2 0 3 - Davy Corporate Finance 140 2 - - 3 - Key Capital - 2 2 0 4 - Global M&A Partners 132 1 - - 4 - Citi 3,300 1 1 0 5= - PJT Partners 113 1 - - 5 - Jefferies 400 1 1 0 5= - Sawaya Partners 113 1 - - 6 - Global M&A Partners 132 1 1 0 7 - RBC Capital Markets 102 1 - - 7= - PJT Partners 113 1 1 0 8 - Alantra 50 1 - - 7= - Sawaya Partners 113 1 1 0 9 - Unlu & Co 47 1 - - 9 - RBC Capital Markets 102 1 1 0 10 - Grant Thornton 46 2 - - 10 - Alantra 50 1 1 0

DACH league table by value DACH league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Goldman Sachs & Co 42,392 10 81.1% 23,410 1 2 KPMG 243 14 -5 19 2 6 JPMorgan 41,680 8 238.2% 12,323 2 5 Rothschild & Co 32,753 11 0 11 3 10 Rothschild & Co 32,753 11 469.7% 5,749 3 1 Deloitte 189 11 -8 19 4 2 UBS Investment Bank 25,609 6 -26.7% 34,935 4 4 Goldman Sachs & Co 42,392 10 -2 12 5 128 Morgan Stanley 21,974 8 - - 5 18 JPMorgan 41,680 8 4 4 6 4 Lazard 21,648 5 30.2% 16,625 6 128 Morgan Stanley 21,974 8 7 1 7 9 Deutsche Bank 21,150 3 256.5% 5,933 7 23 Carlsquare 14 8 4 4 8 - Nomura Holdings 19,725 3 - - 8 8 Bank of America 6,518 7 -1 8 9 121 Macquarie Group 19,469 4 - - 9 3 EY 289 7 -11 18 10 111 goetzpartners 18,890 5 - - 10 12 UBS Investment Bank 25,609 6 0 6

mergermarket.com Mergermarket Global & Regional League Tables 51 M&A Report 1Q20

EMEA Advisory League tables

Germany league table by value Germany league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 JPMorgan 36,680 6 395.2% 7,407 1 2 KPMG 243 9 -5 14 2 1 Goldman Sachs & Co 32,811 7 64.4% 19,952 2 6 Rothschild & Co 27,311 8 0 8 3 9 Rothschild & Co 27,311 8 799.0% 3,038 3 16 Carlsquare 14 8 4 4 4 13 UBS Investment Bank 25,207 4 904.3% 2,510 4 4 Goldman Sachs & Co 32,811 7 -2 9 5 2 Lazard 21,648 5 54.4% 14,022 5 28 JPMorgan 36,680 6 4 2 6 8 Deutsche Bank 20,289 2 499.4% 3,385 6 105 Morgan Stanley 16,974 6 5 1 7 99 Macquarie Group 19,469 4 - - 7 12 Bank of America 4,082 6 1 5 8 90 goetzpartners 18,890 5 - - 8 3 Deloitte 80 6 -6 12 9 - Nomura Holdings 18,864 2 - - 9 8 GCA Corporation - 6 -1 7 10 - Bain & Company 18,834 1 - - 10 10 Lazard 21,648 5 -1 6 11 105 Morgan Stanley 16,974 6 - - 11 90 goetzpartners 18,890 5 4 1 12 7 Barclays 11,218 2 190.8% 3,857 12 26 Raymond James 419 5 2 3 13 23 Moelis & Company 10,970 2 5002.3% 215 13 1 EY 104 5 -10 15 14 - Societe Generale 8,200 1 - - 14 5 PwC 22 5 -4 9 15 4 Citi 6,170 2 -27.0% 8,453 15 35 Livingstone Partners 20 5 3 2 16= - National Bank Financial 5,535 1 - - 16 52 UBS Investment Bank 25,207 4 3 1 16= - Rockefeller Capital Management 5,535 1 - - 17 99 Macquarie Group 19,469 4 3 1 18 3 Bank of America 4,082 6 -55.5% 9,179 18 9 Lincoln International 70 4 -3 7 19 - HSBC 3,415 3 - - 19 18 IMAP M&A Consultants - 4 0 4 20 12 Jamieson Corporate Finance 3,062 1 22.0% 2,510 20 - HSBC 3,415 3 3 0

mergermarket.com Mergermarket Global & Regional League Tables 52 M&A Report 1Q20

EMEA Advisory League tables

Switzerland league table by value Switzerland league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal Count Deal 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 5 Goldman Sachs & Co 9,581 3 15.8% 8,271 1 7 KPMG - 6 3 3 2 10 Rothschild & Co 5,442 3 110.0% 2,591 2 6 Deloitte 109 4 1 3 3= 4 JPMorgan 5,000 2 -48.6% 9,729 3 5 Goldman Sachs & Co 9,581 3 0 3 3= - Morgan Stanley 5,000 2 - - 4 10 Rothschild & Co 5,442 3 1 2 5 - Barclays 3,297 3 - - 5 - Barclays 3,297 3 3 0 6 6 Credit Suisse 3,264 2 -45.8% 6,018 6 1 UBS Investment Bank 402 3 -2 5 7= 2 Bank of America 2,436 1 -91.5% 28,825 7 3 EY 185 3 -1 4 7= 16 BNP Paribas 2,436 1 315.7% 586 8= 9 JPMorgan 5,000 2 0 2 7= - PJT Partners 2,436 1 - - 8= - Morgan Stanley 5,000 2 2 0 10= 8 Citi 1,917 1 -54.9% 4,250 10 2 Credit Suisse 3,264 2 -3 5 10= - Raphael Financial Advisory 1,917 1 - -

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France league table by value France league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Rothschild & Co 33,363 25 333.1% 7,704 1 1 Rothschild & Co 33,363 25 4 21 2 - Goldman Sachs & Co 22,794 5 - - 2 7 PwC 256 9 0 9 3 6 BNP Paribas 13,837 5 448.9% 2,521 3 30 HSBC 9,691 8 5 3 4 7 Morgan Stanley 11,997 4 407.5% 2,364 4 27 Clearwater International 181 8 4 4 5 24 JPMorgan 11,325 4 2178.7% 497 5 13 Societe Generale 10,734 7 1 6 6 80 Barclays 10,811 3 - - 6 2 Lazard 8,091 6 -12 18 7 31 Societe Generale 10,734 7 2631.3% 393 7 46 Daiwa Securities Group / DC Advisory 1,570 6 4 2 8 - Cardinal Partners SAS 10,128 2 - - 8 6 EY 479 6 -3 9 9 11 HSBC 9,691 8 565.6% 1,456 9 - Goldman Sachs & Co 22,794 5 5 0 10 - Callisto 8,648 4 - - 10 9 BNP Paribas 13,837 5 -3 8 11 1 Lazard 8,091 6 -6.1% 8,618 11 3 Credit Agricole 642 5 -12 17 12 51 Citi 7,452 2 6930.2% 106 12 25 Lincoln International 555 5 1 4 13 - National Bank Financial 6,126 2 - - 13 8 Deloitte 477 5 -4 9 14= - Rockefeller Capital Management 5,535 1 - - 14 11 Alantra 352 5 -3 8 14= 5 UBS Investment Bank 5,535 1 114.4% 2,582 15 21 Morgan Stanley 11,997 4 0 4 16 152 Sycomore Corporate Finance 1,925 2 - - 16 69 JPMorgan 11,325 4 3 1 17 - Raphael Financial Advisory 1,917 2 - - 17 - Callisto 8,648 4 4 0 18 44 Daiwa Securities Group / DC Advisory 1,570 6 818.1% 171 18 24 KPMG 1,504 4 0 4 19 53 KPMG 1,504 4 1419.2% 99 19 10 Natixis 383 4 -4 8 20 - Zaoui & Co 1,498 1 - - 20 4 Oaklins 228 4 -6 10

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Benelux league table by value Benelux league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Rothschild & Co 3,864 6 -18.7% 4,755 1 1 Deloitte 189 16 -8 24 2 2 Goldman Sachs & Co 3,605 3 -42.7% 6,290 2 6 GCG 25 9 1 8 3 20 Bank of America 3,497 5 275.2% 932 3 15 Oaklins - 7 1 6 4 31 HSBC 2,330 2 379.4% 486 4 3 Rothschild & Co 3,864 6 -8 14 5 9 JPMorgan 2,116 4 -26.0% 2,861 5 5 EY 19 6 -4 10 6 - Callisto 2,067 2 - - 6 2 KPMG - 6 -12 18 7 29 BNP Paribas 1,775 2 208.7% 575 7 31 Bank of America 3,497 5 3 2 8= - Societe Generale 1,775 1 - - 8 16 ABN AMRO Bank - 5 0 5 8= - Sycomore Corporate Finance 1,775 1 - - 9 17 JPMorgan 2,116 4 0 4 10 7 Morgan Stanley 1,474 4 -60.1% 3,693 10 8 Morgan Stanley 1,474 4 -3 7

Iberia league table by value Iberia league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 12 JPMorgan 1,452 3 -1.3% 1,471 1 1 PwC 604 14 -6 20 2 24 Deutsche Bank 1,053 2 311.3% 256 2 3 EY - 7 -3 10 3= 3 Citi 975 1 -69.8% 3,229 3 2 Deloitte 477 4 -14 18 3= 2 Goldman Sachs & Co 975 1 -71.8% 3,453 4 11 KPMG - 4 0 4 3= 14 Societe Generale 975 1 -21.1% 1,236 5 30 JPMorgan 1,452 3 2 1 6 4 Santander Corporate Investment Banking 931 3 -65.2% 2,677 6 5 Santander Corporate Investment Banking 931 3 -4 7 (SCIB) (SCIB) 7 9 Rothschild & Co 885 3 -53.3% 1,897 7 13 Rothschild & Co 885 3 0 3 8 25 Daiwa Securities Group / DC Advisory 861 2 258.8% 240 8 - Clearwater International 6 3 3 0 9= 32 Barclays 861 1 769.7% 99 9= 37 GBS Finance - 3 2 1 9= 15 Nomura Holdings 861 1 -6.2% 918 9= - Jefferies - 3 3 0

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Spain league table by value Spain league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 11 JPMorgan 1,452 3 -1.3% 1,471 1 1 PwC 418 13 -4 17 2 - Deutsche Bank 1,053 2 - - 2 3 EY - 7 -3 10 3= 3 Citi 975 1 -69.8% 3,229 3 2 Deloitte 477 4 -12 16 3= 2 Goldman Sachs & Co 975 1 -71.8% 3,453 4 13 KPMG - 4 1 3 3= 14 Societe Generale 975 1 -21.1% 1,236 5 30 JPMorgan 1,452 3 2 1 6 4 Santander Corporate Investment Banking 931 2 -65.2% 2,677 6 16 Rothschild & Co 885 3 1 2 (SCIB) 7= 35 GBS Finance - 3 2 1 7 8 Rothschild & Co 885 3 -53.3% 1,897 7= - Jefferies - 3 3 0 8 23 Daiwa Securities Group / DC Advisory 861 2 258.8% 240 9 - Deutsche Bank 1,053 2 2 0 9= 30 Barclays 861 1 769.7% 99 10 5 Santander Corporate Investment Banking 931 2 -5 7 9= 15 Nomura Holdings 861 1 -6.2% 918 (SCIB) 11 - Perella Weinberg Partners 672 2 - - 11 21 Daiwa Securities Group / DC Advisory 861 2 0 2 12 5 BNP Paribas 538 2 -73.7% 2,046 12 - Perella Weinberg Partners 672 2 2 0 13 12 Deloitte 477 4 -64.5% 1,344 13 14 BNP Paribas 538 2 0 2 14 51 Credit Agricole 477 1 - - 14= 4 Arcano Partners - 2 -6 8 15 17 PwC 418 13 -52.3% 877 14= - Clearwater International - 2 2 0 16 - Rubicon Partners 256 1 - - 14= 36 Houlihan Lokey - 2 1 1 17 7 Lazard 224 1 -88.4% 1,937 14= 20 Mediobanca - 2 0 2 18= 34 Lincoln International 100 1 35.1% 74 18= 7 Citi 975 1 -4 5 18= - Schwartz Investment House 100 1 - - 18= 9 Goldman Sachs & Co 975 1 -3 4 20 - CCB International 87 1 - - 18= 31 Societe Generale 975 1 0 1

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Italy league table by value Italy league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 27 JPMorgan 14,563 4 5748.6% 249 1 6 EY 443 9 1 8 2 6 Rothschild & Co 12,012 4 496.1% 2,015 2 2 KPMG 31 8 -5 13 3 2 Goldman Sachs & Co 9,050 2 135.1% 3,849 3 1 Deloitte 120 7 -10 17 4 8 Barclays 9,050 1 818.8% 985 4 10 Vitale & Co 187 5 1 4 5 1 Mediobanca 7,003 2 59.2% 4,398 5 81 UBI Banca 173 5 4 1 6 7 EQUITA S.I.M 5,368 2 391.6% 1,092 6 37 JPMorgan 14,563 4 3 1 7= 5 Morgan Stanley 5,240 1 61.7% 3,240 7 7 Rothschild & Co 12,012 4 -2 6 7= 31 UBS Investment Bank 5,240 1 2946.5% 172 8 20 Fineurop Soditic 310 4 2 2 9 18 Banca IMI/Intesa Sanpaolo 1,862 2 436.6% 347 9 78 Scouting Capital Advisors 220 3 2 1 10 19 Lazard 1,802 2 459.6% 322 10= 43 Alantra - 3 2 1 11= 9 BNP Paribas 1,763 1 93.9% 909 10= 26 Oaklins - 3 1 2 11= - Deutsche Bank 1,763 1 - - 12 11 Goldman Sachs & Co 9,050 2 -1 3 11= - Di Tanno e Associati 1,763 1 - - 13 4 Mediobanca 7,003 2 -8 10 14 28 UniCredit Group 465 2 96.2% 237 14 8 EQUITA S.I.M 5,368 2 -3 5 15 17 EY 443 9 23.4% 359 15 9 Banca IMI/Intesa Sanpaolo 1,862 2 -3 5 16 29 Fineurop Soditic 310 4 44.9% 214 16 18 Lazard 1,802 2 0 2 17 - Centerview Partners 264 1 - - 17 5 UniCredit Group 465 2 -7 9 18 78 Scouting Capital Advisors 220 3 - - 18 3 PwC 220 2 -9 11 19 13 PwC 220 2 -65.5% 638 19 44 Banca Akros 187 2 1 1 20 - Greenhill & Co 212 1 - - 20 - Jefferies 134 2 2 0

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Nordics league table by value Nordics league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 14 JPMorgan 4,506 2 406.3% 890 1 3 EY 312 15 -1 16 2 - Morgan Stanley 4,046 4 - - 2 1 PwC 89 13 -15 28 3 4 Citi 3,300 1 -24.3% 4,359 3 2 Deloitte 245 12 -5 17 4 99 Jamieson Corporate Finance 3,062 1 - - 4 7 Carnegie Investment Bank 759 9 2 7 5 16 Credit Suisse 2,328 2 297.3% 586 5 6 Oaklins 82 8 0 8 6 1 BNP Paribas 1,198 1 -75.8% 4,953 6 14 Arctic Securities 172 5 1 4 7= - Accuracy 828 1 - - 7 103 Nordhaven Corporate Finance 19 5 4 1 7= - Atrium Partners 828 1 - - 8 25 Clearwater International 6 5 2 3 7= 22 FIH Partners 828 1 142.1% 342 9= 11 DNB Markets - 5 0 5 10 11 Carnegie Investment Bank 759 9 -39.5% 1,255 9= 17 KPMG - 5 1 4 11 - Evercore 722 1 - - 11 - Morgan Stanley 4,046 4 4 0 12 7 Barclays 545 1 -78.2% 2,500 12 18 Pareto Securities 98 4 0 4 13 63 Clairfield International 477 2 - - 13 32 Houlihan Lokey 49 4 2 2 14 - Aream & Co 400 1 - - 14 5 Danske Bank 113 3 -5 8 15 21 EY 312 15 -11.9% 354 15= - Bryan, Garnier & Co - 3 3 0 16 47 Alantra 250 1 338.6% 57 15= 48 Livingstone Partners - 3 1 2 17 9 Deloitte 245 12 -83.0% 1,441 15= - SJ Corporate - 3 3 0 18 10 Arctic Securities 172 5 -87.3% 1,355 18 30 JPMorgan 4,506 2 0 2 19 13 SpareBank 1 Markets 165 2 -82.3% 930 19 56 Credit Suisse 2,328 2 1 1 20= 76 MCF Corporate Finance 126 2 - - 20 20 Clairfield International 477 2 -2 4

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Denmark league table by value Denmark league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal Count Deal 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 28 Citi 3,300 1 - - 1 1 PwC 23 4 -4 8 2= - Accuracy 828 1 - - 2 2 EY 18 4 -2 6 2= - Atrium Partners 828 1 - - 3 5 Clearwater International - 4 1 3 2= - Credit Suisse 828 1 - - 4= 4 Danske Bank 39 2 -1 3 2= 8 FIH Partners 828 1 142.1% 342 4= 3 Deloitte 39 2 -2 4 6 - Barclays 545 1 - - 7= 23 Clairfield International 458 1 - - 7= - Morgan Stanley 458 1 - - 9= 1 Danske Bank 39 2 -98.9% 3,641 9= 10 Deloitte 39 2 -76.2% 164

Norway league table by value Norway league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Arctic Securities 172 5 -87.3% 1,355 1 2 Arctic Securities 172 5 1 4 2 2 SpareBank 1 Markets 165 2 -82.3% 930 2 30 Deloitte 67 4 3 1 3 8 Pareto Securities 98 3 -53.6% 211 3 5 DNB Markets - 4 0 4 4 22 Danske Bank 74 1 - - 4 4 Pareto Securities 98 3 -1 4 5 30 Deloitte 67 4 - - 5 18 Carnegie Investment Bank - 3 2 1 6 - Grant Samuel 42 1 - - 6 8 SpareBank 1 Markets 165 2 -1 3 7 - Piper Sandler Companies 36 2 - - 7 - Piper Sandler Companies 36 2 2 0 8= - Mangold Fondkommission 6 1 - - 8= 3 EY - 2 -2 4 8= - Sedermera Fondkommission 6 1 - - 8= - Nordhaven Corporate Finance - 2 2 0 10 13 Danske Bank 74 1 -1 2

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Sweden league table by value Sweden league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 64 JPMorgan 4,506 2 - - 1 3 EY 269 9 2 7 2 - Morgan Stanley 3,588 3 - - 2 2 Deloitte 139 8 -4 12 3 63 Jamieson Corporate Finance 3,062 1 - - 3 1 PwC 44 8 -7 15 4 7 Credit Suisse 1,500 1 156.0% 586 4 5 Carnegie Investment Bank 759 6 1 5 5 3 BNP Paribas 1,198 1 -11.7% 1,356 5 7 Oaklins - 4 -1 5 6 5 Carnegie Investment Bank 759 6 -11.3% 856 6 - Morgan Stanley 3,588 3 3 0 7 - Evercore 722 1 - - 7 16 Houlihan Lokey 49 3 1 2 8 - Aream & Co 400 1 - - 8= - Bryan, Garnier & Co - 3 3 0 9 18 EY 269 9 50.3% 179 8= 15 KPMG - 3 1 2 10 - Alantra 250 1 - - 8= 23 Livingstone Partners - 3 1 2

Finland league table by value Finland league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Value (USDm) count change (USDm) (USDm) count change (USDm) 1 24 MCF Corporate Finance 126 2 - - 1 20 EY 25 5 4 1 2 - Nordea 126 1 - - 2 3 Carnegie Investment Bank 47 3 1 2 3 27 Oaklins 82 2 - - 3 26 Nordhaven Corporate Finance 19 3 2 1 4 1 Carnegie Investment Bank 47 3 -94.1% 796 4= 12 Deloitte - 3 2 1 5 - HLP Corporate Finance 46 1 - - 4= - SJ Corporate - 3 3 0 6 20 EY 25 5 - - 6 24 MCF Corporate Finance 126 2 1 1 7 8 PwC 22 2 -42.1% 38 7 27 Oaklins 82 2 1 1 8 7 Aventum Partners 22 1 -71.4% 77 8 1 PwC 22 2 -4 6 9 26 Nordhaven Corporate Finance 19 3 - - 9 - Livingstone Partners - 2 2 0 10= - Clairfield International 19 1 - - 10 - Nordea 126 1 1 0 10= - Springboard Corporate Finance 19 1 - -

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CEE league table by value CEE league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 VTB Capital 1,701 3 -36.6% 2,685 1 1 Deloitte 701 5 -5 10 2 1 Citi 1,579 1 -71.0% 5,454 2 4 PwC - 4 -1 5 3 18 JPMorgan 1,444 1 527.8% 230 3 6 VTB Capital 1,701 3 -1 4 4 - Cushman & Wakefield 1,114 1 - - 4 2 EY 18 3 -3 6 5 - HSBC 1,098 1 - - 5 29 mInvestment Banking 709 2 1 1 6 - Evercore 722 1 - - 6 14 UBS Investment Bank 453 2 0 2 7 28 mInvestment Banking 709 2 2626.9% 26 7 27 Lazard 421 2 1 1 8 10 Deloitte 701 5 -41.5% 1,199 8= 7 KPMG - 2 -2 4 9 19 BNP Paribas 701 1 252.3% 199 8= 9 Rothschild & Co - 2 -2 4 10= 31 Clairfield International 458 1 - - 8= 3 UniCredit Group - 2 -4 6 10= - Morgan Stanley 458 1 - - 11 5 Citi 1,579 1 -3 4 12 8 UBS Investment Bank 453 2 -69.3% 1,475 12 24 JPMorgan 1,444 1 0 1 13 23 Lazard 421 2 665.5% 55 13 - Cushman & Wakefield 1,114 1 1 0 14 - Santander Bank Polska 44 1 - - 14 - HSBC 1,098 1 1 0 15 14 EY 18 3 -96.7% 549 15 - Evercore 722 1 1 0

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Poland league table by value Poland league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 - Cushman & Wakefield 1,114 1 - - 1 6 Deloitte 701 3 0 3 2 - HSBC 1,098 1 - - 2 13 mInvestment Banking 709 2 1 1 3 11 mInvestment Banking 709 2 2626.9% 26 3 2 Rothschild & Co - 2 -1 3 4 13 Deloitte 701 3 - - 4 - Cushman & Wakefield 1,114 1 1 0 5 - BNP Paribas 701 1 - - 5 - HSBC 1,098 1 1 0 6= 12 Clairfield International 458 1 - - 6 - BNP Paribas 701 1 1 0 6= - Morgan Stanley 458 1 - - 7= 5 Clairfield International 458 1 -2 3 8 - Santander Bank Polska 44 1 - - 7= - Morgan Stanley 458 1 1 0 9 4 EY 18 1 -96.5% 511 9 - Santander Bank Polska 44 1 1 0 10 7 EY 18 1 -1 2

Africa league table by value Africa league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 - Nomura Holdings 1,455 1 - - 1 1 PwC 401 5 2 3 2 - JPMorgan 723 2 - - 2 - JPMorgan 723 2 - - 3 3 PwC 401 5 -10.3% 447 3 - Nomura Holdings 1,455 1 - - 4 24 Barclays 348 1 - - 4 24 Barclays 348 1 0 1 5 - Financial Technology Partners 237 1 - - 5 - Financial Technology Partners 237 1 - - 6= - Centerview Partners 200 1 - - 6= - Centerview Partners 200 1 - - 6= 20 Standard Bank Group 200 1 1566.7% 12 6= 20 Standard Bank Group 200 1 0 1 6= - UBS Investment Bank 200 1 - - 6= - UBS Investment Bank 200 1 - - 9 - Alantra 134 1 - - 9 - Alantra 134 1 - - 10 21 PSG Capital 43 1 290.9% 11 10 21 PSG Capital 43 1 0 1

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Americas league table by value Americas league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 137,641 48 -39.2% 226,393 1 1 Goldman Sachs & Co 137,641 48 -6 54 2 3 Morgan Stanley 100,571 46 -52.2% 210,391 2 3 Morgan Stanley 100,571 46 5 41 3 1 JPMorgan 99,670 41 -61.4% 258,246 3 6 Jefferies 9,703 42 7 35 4 4 Evercore 54,468 37 -73.2% 203,200 4 2 JPMorgan 99,670 41 -3 44 5 25 Rothschild & Co 46,442 27 277.9% 12,290 5 5 Evercore 54,468 37 2 35 6 8 Barclays 45,908 29 -56.4% 105,202 6 7 Houlihan Lokey 6,742 37 2 35 7 16 Lazard 43,008 24 115.0% 20,002 7 14 Piper Sandler Companies 6,773 32 4 28 8 20 UBS Investment Bank 42,230 16 165.4% 15,914 8 9 Barclays 45,908 29 -4 33 9 5 Citi 42,199 26 -78.3% 194,663 9 12 Bank of America 35,376 29 0 29 10 6 Bank of America 35,376 29 -72.7% 129,457 10 15 Rothschild & Co 46,442 27 3 24 11 19 Deutsche Bank 27,548 9 71.9% 16,022 11 4 Citi 42,199 26 -12 38 12 41 Nomura Holdings 21,156 5 575.5% 3,132 12 23 Stifel/KBW 7,327 25 4 21 13 7 Credit Suisse 19,338 20 -83.7% 118,344 13 21 Lazard 43,008 24 2 22 14 52 Macquarie Group 19,064 5 1003.9% 1,727 14 8 PwC 592 23 -12 35 15 - goetzpartners 18,834 2 - - 15 18 Moelis & Company 16,336 22 -1 23 16 - Bain & Company 18,834 1 - - 16 20 Canaccord Genuity Group 672 21 -2 23 17 11 Centerview Partners 17,148 10 -72.5% 62,417 17 13 Credit Suisse 19,338 20 -9 29 18 9 Moelis & Company 16,336 22 -84.1% 102,563 18 16 Robert W. Baird & Co 1,643 18 -6 24 19 - Societe Generale 13,947 3 - - 19 17 Lincoln International 1,443 18 -6 24 20 63 National Bank Financial 11,676 9 888.7% 1,181 20 11 Raymond James 1,110 18 -12 30

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US league table by value US league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 8 Goldman Sachs & Co 103,407 30 151.7% 41,088 1 6 Morgan Stanley 84,987 34 17 17 2 4 Morgan Stanley 84,987 34 -16.7% 102,040 2 1 Goldman Sachs & Co 103,407 30 4 26 3 2 JPMorgan 70,162 19 -57.5% 164,908 3 7 Jefferies 8,404 27 10 17 4 3 Evercore 44,799 25 -67.4% 137,451 4 3 Evercore 44,799 25 5 20 5 14 Lazard 34,631 14 430.5% 6,528 5 9 Bank of America 18,733 20 5 15 6 18 UBS Investment Bank 33,867 10 585.0% 4,944 6 2 JPMorgan 70,162 19 -1 20 7 9 Barclays 24,309 11 -26.2% 32,934 7 8 Houlihan Lokey 4,458 19 3 16 8 20 Rothschild & Co 21,930 12 428.6% 4,149 8 15 Credit Suisse 15,551 15 3 12 9 13 Deutsche Bank 21,817 5 144.4% 8,926 9 5 Citi 11,305 15 -2 17 10 32 Nomura Holdings 19,701 3 1359.3% 1,350 10 22 Piper Sandler Companies 846 15 6 9

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Bank of America 15,099 8 -83.0% 88,981 1 1 Goldman Sachs & Co 14,624 11 -6 17 2 1 Goldman Sachs & Co 14,624 11 -88.1% 122,532 2 7 Houlihan Lokey 4,519 11 0 11 3 8 Citi 12,872 7 -73.3% 48,287 3 15 Jefferies 491 11 4 7 4 16 Lazard 10,586 8 77.6% 5,960 4 10 Stifel/KBW 791 10 1 9 5 3 Evercore 8,620 5 -92.1% 108,884 5 4 Robert W. Baird & Co 375 9 -4 13 6 2 JPMorgan 6,088 8 -94.7% 115,802 6 11 Bank of America 15,099 8 0 8 7 5 Credit Suisse 5,585 6 -93.9% 91,386 7 27 Lazard 10,586 8 4 4 8 7 Barclays 4,829 5 -92.6% 65,364 8 2 JPMorgan 6,088 8 -6 14 9 22 Houlihan Lokey 4,519 11 154.0% 1,779 9 18 Piper Sandler Companies - 8 1 7 10 4 Morgan Stanley 4,460 5 -95.2% 92,539 10 9 Citi 12,872 7 -3 10

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 25,237 18 -80.5% 129,328 1 1 Goldman Sachs & Co 25,237 18 -4 22 2 5 Morgan Stanley 22,200 15 -65.1% 63,597 2 3 Houlihan Lokey 4,520 17 -1 18 3 3 JPMorgan 16,961 15 -79.6% 83,035 3 5 Jefferies 5,188 16 -1 17 4 6 Evercore 13,974 12 -76.3% 58,842 4 8 Piper Sandler Companies 5,124 16 1 15 5 8 Credit Suisse 9,082 9 -80.6% 46,727 5 4 Morgan Stanley 22,200 15 -2 17 6 7 Bank of America 8,153 9 -84.4% 52,112 6 13 JPMorgan 16,961 15 3 12 7 12 PJT Partners 6,571 3 -71.0% 22,625 7 9 Evercore 13,974 12 -1 13 8 40 Stifel/KBW 6,517 9 759.8% 758 8 15 Harris Williams 3,350 11 2 9 9 18 Guggenheim Partners 6,200 3 70.8% 3,631 9 2 Raymond James 668 10 -8 18 10 20 Deutsche Bank 5,731 4 99.3% 2,875 10 16 Credit Suisse 9,082 9 1 8

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 30,212 19 -34.5% 46,142 1 1 Goldman Sachs & Co 30,212 19 3 16 2 4 JPMorgan 24,860 16 63.6% 15,192 2 5 Jefferies 5,468 17 6 11 3 20 Morgan Stanley 17,166 12 512.0% 2,805 3 4 JPMorgan 24,860 16 5 11 4 18 Barclays 14,187 11 398.8% 2,844 4 19 Morgan Stanley 17,166 12 6 6 5 2 Citi 13,644 6 -33.7% 20,583 5 10 Barclays 14,187 11 2 9 6 15 Centerview Partners 10,378 5 150.1% 4,150 6 3 Houlihan Lokey - 10 -3 13 7 22 PJT Partners 7,907 3 320.6% 1,880 7 12 Evercore 4,417 9 1 8 8 5 Qatalyst Group 7,540 2 -45.5% 13,827 8 2 Piper Sandler Companies 2,321 9 -5 14 9 13 Lazard 7,281 5 -23.7% 9,544 9 11 Moelis & Company 1,724 9 1 8 10 25 UBS Investment Bank 6,463 5 402.6% 1,286 10 41 Stifel/KBW 2,996 8 5 3

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Canada league table by value Canada league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 23 National Bank Financial 11,676 8 888.7% 1,181 1 20 National Bank Financial 11,676 8 5 3 2 - Rothschild & Co 8,959 3 - - 2 8 PwC 205 8 1 7 3 - Societe Generale 8,959 2 - - 3 13 Scotiabank 5,187 7 1 6 4 6 Morgan Stanley 7,056 5 -54.5% 15,518 4 5 BMO Capital Markets 4,516 7 -1 8 5 3 Citi 6,178 3 -65.5% 17,905 5 2 RBC Capital Markets 3,013 6 -4 10 6 2 Goldman Sachs & Co 5,760 4 -69.1% 18,626 6 1 Morgan Stanley 7,056 5 -6 11 7= - Rockefeller Capital Management 5,535 1 - - 7 3 Deloitte 151 5 -4 9 7= 7 UBS Investment Bank 5,535 1 -62.2% 14,628 8 9 Goldman Sachs & Co 5,760 4 -2 6 9 27 Scotiabank 5,187 7 650.7% 691 9 6 CIBC World Markets 3,923 4 -4 8 10 9 JPMorgan 5,000 1 -59.2% 12,257 10 23 Houlihan Lokey 1,210 4 1 3 11 5 BMO Capital Markets 4,516 7 -71.6% 15,926 11 - Rothschild & Co 8,959 3 3 0 12 - HSBC 4,015 3 - - 12 10 Citi 6,178 3 -3 6 13 15 CIBC World Markets 3,923 4 -28.1% 5,456 13 - HSBC 4,015 3 3 0 14 10 Credit Suisse 3,200 3 -67.2% 9,766 14 12 Credit Suisse 3,200 3 -3 6 15 16 RBC Capital Markets 3,013 6 -42.2% 5,214 15 4 Canaccord Genuity Group 149 3 -6 9 16 28 Evercore 2,000 1 239.0% 590 16 14 Raymond James 92 3 -3 6 17 4 TD Securities 1,826 2 -88.8% 16,343 17 39 Piper Sandler Companies 48 3 1 2 18 - Nomura Holdings 1,455 1 - - 18= 17 Barclays - 3 -1 4 19 - Greentech Capital Advisors 1,413 1 - - 18= 28 Jefferies - 3 1 2 20 46 Houlihan Lokey 1,210 4 980.4% 112 20 - Societe Generale 8,959 2 2 0

mergermarket.com Mergermarket Global & Regional League Tables 67 M&A Report 1Q20

Americas Advisory League tables

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

mergermarket.com Mergermarket Global & Regional League Tables 68 M&A Report 1Q20

Asia Pacific Advisory League tables

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

mergermarket.com Mergermarket Global & Regional League Tables 69 M&A Report 1Q20

Asia Pacific Advisory League tables

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 JPMorgan 20,222 10 127.7% 8,880 1 1 PwC 1,307 14 -15 29 2 11 Goldman Sachs & Co 11,227 3 57.0% 7,153 2 7 EY 1,232 13 1 12 3 7 UBS Investment Bank 11,158 3 46.0% 7,642 3 23 JPMorgan 20,222 10 6 4 4 165 Barclays 10,728 3 - - 4 2 Deloitte 519 8 -8 16 5 24 Credit Suisse 10,703 7 189.0% 3,703 5 25 Credit Suisse 10,703 7 3 4 6 172 Greenhill & Co 10,576 1 - - 6 15 RBSA Advisors 5,122 7 1 6 7 10 HSBC 8,911 5 23.9% 7,192 7 3 Huatai Securities 1,597 7 -6 13 8 - ANZ Bank 8,007 1 - - 8 4 KPMG 1,716 6 -7 13 9 - The Anglo Chinese Group 6,157 1 - - 9 17 HSBC 8,911 5 0 5 10 2 CITIC Securities 5,901 5 -67.1% 17,912 10 5 CITIC Securities 5,901 5 -7 12 11 30 Lazard 5,811 2 131.0% 2,516 11 178 Nomura Holdings 1,663 4 3 1 12 - Callisto 5,525 1 - - 12 8 JM Financial 897 4 -4 8 13 74 Minsheng Securities 5,489 2 2069.6% 253 13 - Messis Capital 108 4 4 0 14 - Lianchu Securities 5,394 1 - - 14 13 Goldman Sachs & Co 11,227 3 -3 6 15 21 RBSA Advisors 5,122 7 26.8% 4,038 15 12 UBS Investment Bank 11,158 3 -3 6 16 77 SBI Capital Markets 2,942 2 1179.1% 230 16 165 Barclays 10,728 3 2 1 17 17 Morgan Stanley 2,701 3 -49.6% 5,358 17 6 Morgan Stanley 2,701 3 -9 12 18 35 China International Capital Corporation 2,443 3 17.6% 2,077 18 20 China International Capital Corporation 2,443 3 -2 5 19 33 Citi 2,166 2 0.5% 2,156 19 - Arpwood Capital 1,515 3 3 0 20 22 Somerley Capital 1,739 1 -55.3% 3,888 20 9 China Securities 661 3 -4 7

mergermarket.com Mergermarket Global & Regional League Tables 70 M&A Report 1Q20

Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 32 Moelis & Company 3,066 3 8917.6% 34 1 7 Macquarie Group 760 5 0 5 2= 8 Morgan Stanley 2,900 1 62.2% 1,788 2 - Citi 941 4 4 0 2= - The Bank Street Group 2,900 1 - - 3 1 KPMG 46 4 -4 8 4 - Cushman & Wakefield 1,114 1 - - 4 36 Moelis & Company 3,066 3 2 1 5 - Credit Suisse 1,008 2 - - 5 18 Grant Samuel 729 3 1 2 6 15 Barclays 1,000 1 120.8% 453 6 13 JPMorgan 450 3 1 2 7 - Citi 941 4 - - 7 3 Deloitte - 3 -4 7 8 10 Macquarie Group 760 5 -34.4% 1,158 8 - Credit Suisse 1,008 2 2 0 9 17 Grant Samuel 729 3 111.9% 344 9 2 PwC 188 2 -6 8 10 20 Blackpeak Capital 618 1 149.2% 248 10 5 UBS Investment Bank 136 2 -3 5 11 4 JPMorgan 450 3 -86.3% 3,290 11 4 Goldman Sachs & Co 49 2 -4 6 12 - J.B. North & Co 390 1 - - 12 - Jones Lang LaSalle 46 2 2 0 13 26 PwC 188 2 93.8% 97 13 16 EY 38 2 0 2 14 13 Houlihan Lokey 182 1 -75.7% 749 14 - CBRE Group 29 2 2 0 15 - Highbury Partnership 165 1 - - 15 - Robert W. Baird & Co 15 2 2 0 16 2 Bank of America 137 1 -98.0% 6,955 16 - Miles Advisory Partners - 2 2 0 17 1 UBS Investment Bank 136 2 -98.5% 9,258 17= 8 Morgan Stanley 2,900 1 -3 4 18= - Adelaide Equity Partners 129 1 - - 17= - The Bank Street Group 2,900 1 1 0 18= - Hartleys 129 1 - - 19 - Cushman & Wakefield 1,114 1 1 0 20 34 Greenhill & Co 92 1 206.7% 30 20 26 Barclays 1,000 1 0 1

mergermarket.com Mergermarket Global & Regional League Tables 71 M&A Report 1Q20

Asia Pacific Advisory League tables

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 HSBC 7,413 3 4.6% 7,086 1 1 Huatai Securities 1,597 7 -6 13 2 - The Anglo Chinese Group 6,157 1 - - 2 2 CITIC Securities 5,901 5 -7 12 3 2 CITIC Securities 5,901 5 -67.1% 17,912 3 - Messis Capital 108 4 4 0 4 50 Minsheng Securities 5,489 2 2069.6% 253 4 10 HSBC 7,413 3 -1 4 5 - Lianchu Securities 5,394 1 - - 5 7 China International Capital Corporation 2,443 3 -2 5 6 15 China International Capital Corporation 2,443 3 17.6% 2,077 6 28 Credit Suisse 1,480 3 1 2 7= 32 Citi 1,857 1 189.7% 641 7 4 China Securities 661 3 -4 7 7= 16 Morgan Stanley 1,857 1 0.7% 1,845 8 36 ZTF Securities 417 3 1 2 9 10 Somerley Capital 1,739 1 -55.3% 3,888 9 6 Deloitte 267 3 -3 6 10 1 Huatai Securities 1,597 7 -92.5% 21,355 10 9 Haitong Securities 173 3 -2 5 11 13 Credit Suisse 1,480 3 -56.1% 3,371 11 34 Minsheng Securities 5,489 2 0 2 12 - Trinity Corporate Finance 1,405 2 - - 12 - Trinity Corporate Finance 1,405 2 2 0 13 40 Platinum Securitiesmpany 1,216 2 172.0% 447 13 52 Platinum Securitiesmpany 1,216 2 1 1 14 - Altus Capital 1,193 2 - - 14 - Altus Capital 1,193 2 2 0 15 4 China Merchants Securities 970 2 -87.6% 7,801 15 24 China Merchants Securities 970 2 0 2 16 42 Deutsche Bank 735 1 88.5% 390 16 75 Goldman Sachs & Co 651 2 1 1 17 41 Bank of America 730 1 87.2% 390 17 30 JPMorgan 643 2 0 2 18 3 China Securities 661 3 -93.2% 9,770 18 5 China Renaissance Holdings 400 2 -5 7 19 71 Goldman Sachs & Co 651 2 665.9% 85 19 51 Houlihan Lokey 323 2 1 1 20 28 JPMorgan 643 2 -18.7% 791 20 85 Kingston Corporate Finance 320 2 1 1

mergermarket.com Mergermarket Global & Regional League Tables 72 M&A Report 1Q20

Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 RBSA Advisors 5,122 7 26.8% 4,038 1 1 EY 1,053 11 0 11 2 23 SBI Capital Markets 2,942 2 1179.1% 230 2 3 RBSA Advisors 5,122 7 1 6 3 - Arpwood Capital 1,515 3 - - 3 2 JM Financial 897 4 -3 7 4= - HSBC 1,498 1 - - 4 - Arpwood Capital 1,515 3 3 0 4= 9 KPMG 1,498 1 -23.8% 1,966 5 28 SBI Capital Markets 2,942 2 1 1 4= - Zaoui & Co 1,498 1 - - 6 27 IDBI Capital Market Services 1,281 2 1 1 7 - Nomura Holdings 1,455 1 - - 7 15 Alvarez & Marsal Holdings 745 2 0 2 8 17 IDBI Capital Market Services 1,281 2 192.5% 438 8 - Barclays 152 2 2 0 9 11 EY 1,053 11 -24.3% 1,391 9 5 Avendus Capital 73 2 -3 5 10 - Evercore 950 1 - - 10= - HSBC 1,498 1 1 0 10= 4 KPMG 1,498 1 -5 6 10= - Zaoui & Co 1,498 1 1 0

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 PwC 1,307 12 -80.4% 6,682 1 1 PwC 1,307 12 -7 19 2 17 JPMorgan 936 3 3644.0% 25 2 17 JPMorgan 936 3 2 1 3 8 Samsung Securities 593 2 -12.3% 676 3 2 KPMG 198 3 -1 4 4 9 Credit Suisse 446 2 -21.9% 571 4 3 Deloitte 102 3 -1 4 5 - J.B. North & Co 390 1 - - 5 7 Samsung Securities 593 2 0 2 6 - Sumitomo Mitsui Financial Group 267 1 - - 6 10 Credit Suisse 446 2 1 1 7 - Financial Technology Partners 237 1 - - 7 14 EY 179 2 1 1 8 7 KPMG 198 3 -76.4% 838 8 22 KR & Partners 70 2 1 1 9 14 EY 179 2 297.8% 45 9 - J.B. North & Co 390 1 1 0 10 - Korea Development Bank 123 1 - - 10 - Sumitomo Mitsui Financial Group 267 1 1 0

mergermarket.com Mergermarket Global & Regional League Tables 73 M&A Report 1Q20

Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 JPMorgan 18,643 4 131.2% 8,064 1 16 JPMorgan 18,643 4 3 1 2= - Barclays 10,576 1 - - 2 15 Deloitte 167 4 2 2 2= 10 Goldman Sachs & Co 10,576 1 918.9% 1,038 3 6 Morgan Stanley 844 2 -1 3 2= - Greenhill & Co 10,576 1 - - 4= - CIMB Group 83 2 2 0 2= 8 UBS Investment Bank 10,576 1 541.0% 1,650 4= - Mercury Securities 83 2 2 0 6= - ANZ Bank 8,007 1 - - 6 12 ING 59 2 0 2 6= 27 Credit Suisse 8,007 1 5965.9% 132 7= - M&A Securities 47 2 2 0 8= - Callisto 5,525 1 - - 7= - Pickering Pacific 47 2 2 0 8= 6 Lazard 5,525 1 156.6% 2,153 9= - Barclays 10,576 1 1 0 10 - Cushman & Wakefield 1,114 1 - - 9= 9 Goldman Sachs & Co 10,576 1 -1 2 9= - Greenhill & Co 10,576 1 1 0 9= 4 UBS Investment Bank 10,576 1 -2 3 mergermarket.com Mergermarket Global & Regional League Tables 74 M&A Report 1Q20

Private Equity Advisory League tables*

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

US Buyouts league table by value US Buyouts league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 33 Goldman Sachs & Co 6,566 4 - - 1 33 Goldman Sachs & Co 6,566 4 3 1 2 36 Lazard 2,725 1 - - 2 9 JPMorgan 2,431 4 2 2 3 - Union Square Advisors 2,500 1 - - 3 10 UBS Investment Bank 2,395 4 2 2 4 8 JPMorgan 2,431 4 81.4% 1,340 4 1 Jefferies 2,075 4 -1 5 5 13 UBS Investment Bank 2,395 4 235.0% 715 5 13 Evercore 1,488 3 1 2 6 3 Jefferies 2,075 4 -58.0% 4,941 6 16 Bank of America 1,143 3 2 1 7 23 Evercore 1,488 3 - - 7 - William Blair & Company 1,000 3 3 0 8 9 Bank of America 1,143 3 -3.7% 1,187 8 5 PwC 33 3 0 3 9 - William Blair & Company 1,000 3 - - 9 21 Robert W. Baird & Co - 3 2 1 10 6 Credit Suisse 1,000 1 -41.2% 1,700 10 - Cowen Group 427 2 2 0

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 75 M&A Report 1Q20

Private Equity Advisory League tables*

Europe Buyouts league table by value Europe Buyouts league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 UBS Investment Bank 23,822 2 185.7% 8,337 1 1 PwC 394 6 -10 16 2 - Rothschild & Co 18,834 4 - - 2 3 Alantra 389 6 -3 9 3= - Bain & Company 18,834 1 - - 3 4 EY 25 5 -3 8 3= 65 goetzpartners 18,834 1 - - 4 - Rothschild & Co 18,834 4 4 0 5 29 JPMorgan 8,062 2 4815.9% 164 5 24 Goldman Sachs & Co 5,835 4 2 2 6 1 Bank of America 6,691 2 -41.6% 11,451 6 2 Deloitte 120 4 -8 12 7 18 Citi 6,033 1 1220.1% 457 7 5 KPMG 31 4 -2 6 8 47 Goldman Sachs & Co 5,835 4 - - 8 28 RBC Capital Markets 5,646 3 1 2 9 51 RBC Capital Markets 5,646 3 - - 9 - BNP Paribas 4,594 3 3 0 10 - Morgan Stanley 5,000 1 - - 10 18 Houlihan Lokey 658 3 1 2

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal Count Deal 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 - Samsung Securities 435 1 - - 1 1 PwC 201 2 -2 4 2 7 PwC 201 2 41.5% 142 2 - Samsung Securities 435 1 1 0 3 - Highbury Partnership 165 1 - - 3 - Highbury Partnership 165 1 1 0 4= - Grant Samuel 69 1 - - 4= - Grant Samuel 69 1 1 0 4= - Virtova Capital Management 69 1 - - 4= - Virtova Capital Management 69 1 1 0 6= 2 Deloitte - 1 -2 3 6= - Metro Ascent Capital - 1 1 0

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 76 M&A Report 1Q20

Private Equity Advisory League tables*

Global Exits league table by value Global Exits league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

US Exits league table by value US Exits league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Goldman Sachs & Co 17,950 5 263.9% 4,932 1 4 Houlihan Lokey 2,565 13 3 10 2 2 Citi 8,404 3 -79.5% 40,948 2 10 Jefferies 3,000 9 1 8 3 11 UBS Investment Bank 7,900 3 86.8% 4,229 3 6 William Blair & Company 4,395 8 -1 9 4 4 Barclays 7,100 2 -18.3% 8,694 4 2 Harris Williams 2,690 8 -2 10 5 3 Evercore 5,675 3 -85.9% 40,303 5 1 Piper Sandler Companies 513 8 -3 11 6 5 Morgan Stanley 4,818 6 -40.4% 8,088 6 7 Lincoln International 1,420 7 -2 9 7 8 William Blair & Company 4,395 8 -11.4% 4,960 7 11 Morgan Stanley 4,818 6 -1 7 8 22 Lazard 3,865 3 636.2% 525 8 12 Goldman Sachs & Co 17,950 5 -1 6 9 10 Credit Suisse 3,535 4 -27.7% 4,890 9 15 Credit Suisse 3,535 4 0 4 10 7 JPMorgan 3,250 2 -43.2% 5,726 10 3 Robert W. Baird & Co 438 4 -6 10

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 77 M&A Report 1Q20

Private Equity Advisory League tables*

Europe Exits league table by value Europe Exits league table by deal count

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Citi 7,452 2 553.1% 1,141 1 1 Rothschild & Co 4,860 14 1 13 2 55 UBS Investment Bank 6,373 3 18644.1% 34 2 60 Clearwater International 178 7 6 1 3= - National Bank Financial 5,535 1 - - 3 2 KPMG - 6 -4 10 3= - Rockefeller Capital Management 5,535 1 - - 4 9 Jefferies 529 5 1 4 5 19 HSBC 4,995 3 927.8% 486 5 28 Arma Partners 144 5 3 2 6 1 Rothschild & Co 4,860 14 -8.4% 5,306 6 15 Jamieson Corporate Finance 3,062 4 1 3 7 8 Morgan Stanley 3,520 2 136.2% 1,490 7 10 Raymond James 419 4 0 4 8 18 Jamieson Corporate Finance 3,062 4 530.0% 486 8 5 PwC 29 4 -1 5 9 - BNP Paribas 2,436 2 - - 9 8 Deloitte 19 4 0 4 10= 45 Barclays 2,436 1 2360.6% 99 10 6 GCA Corporation - 4 -1 5 10= 15 PJT Partners 2,436 1 291.6% 622

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

Ranking 1Q20 1Q19 Ranking 1Q20 1Q19

1Q20 1Q19 Company name Value Deal Count Deal 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 - Citi 539 1 - - 1 - Citi 539 1 1 0 2= - EY 123 1 - - 2= - EY 123 1 1 0 2= - Korea Development Bank 123 1 - - 2= - Korea Development Bank 123 1 1 0 4 - FTI Consulting 59 1 - - 4 - FTI Consulting 59 1 1 0 5 - Macquarie Group 30 1 - - 5 - Macquarie Group 30 1 1 0 6= 13 PwC 23 1 - - 6= 13 PwC 23 1 0 1 6= - Veda Capital 23 1 - - 6= - Veda Capital 23 1 1 0 8 6 KPMG 17 1 -92.2% 219 8 2 KPMG 17 1 -1 2 9= - Goldman Sachs & Co - 1 1 0 9= - GP Bullhound - 1 1 0

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional Criteria & Contacts 78 M&A Report 1Q20

Criteria Contacts

Head Analyst (Americas) EMEA All data is based on transactions over USD 5m and is Production Philip Segal Michael Richards Global Editorial Analytics [email protected] [email protected] based on the Mergermarket’s M&A deals database. Director +1 212 574 7877 +44 20 3741 1423

Deals with undisclosed deal values are included where Beranger Guille Research Relationship Commercial [email protected] Manager (Americas) the target’s turnover exceeds USD 10m. Deals where +44 20 3741 1186 Americas Viviana Balan Head of Research (Asia) [email protected] Kurt Viehl the effective stake acquired is less than 30% will only +1 646 378 3145 [email protected] Gerry Tee +1 212 390 7812 be included if the value is greater than USD 100m. [email protected] Senior Research Analyst +852 2158 9741 (APAC) Asia Full deal inclusion criteria can be found here. Head of Research (EMEA) Danni Sun Laurence Edwards

Trend data: Based on the dominant geography League tables: Based on the dominant [email protected] [email protected] Andrea Putaturo +86 21 3857 7025 +852 2158 9771 of the target company and excludes lapsed geography of the target, bidder or seller, and [email protected] and withdrawn bids. Sector trends based on excludes lapsed and withdrawn bids. Private +44 20 3741 1274 Research Analyst (APAC) EMEA the dominant sector of the target. equity buyout league tables are based on advisors advising the bidder only on buyout Research Editor (APAC) Shiyue Ran Ben Rumble Global cross-border M&A: Based on the deals with target dominant geography being [email protected] [email protected] dominant geography of the target and bidder the country/region and excludes lapsed and Riccardo Ghia +86 21 3857 7039 +44 20 3741 1007 company being in a different region. [email protected] withdrawn bids. Private equity exit league +852 2158 9704 Junior Graphics Designer Press Relations Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ geography of the target is X and the dominant seller on exit deal with target dominant Research Editor (EMEA) Carmen Wong Americas geography of the bidder is any other country geography being the country/region and [email protected] excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Jonathan Klonowski +852 2158 9770 Lindsay Spivak The dominant geography of the target is X and [email protected] [email protected] All values are in USD the dominant geography of the bidder is any +44 20 3741 1293 Deal Submissions +1 212-390-7801 M&A Trends and Top Deals correct as of 9am other region excluding X. (GMT), 01-Apr-2020. Deputy Head of Research (EMEA) Americas Asia Outbound: Global/US/Japan: The dominant Cut off date 30-Mar-2020 Marie-Laure Keyrouz geography of the bidder is X and the dominant Jason Loria Candy Tam [email protected] [email protected] geography of the target is any other country League Tables correct as of 10am (GMT), [email protected] +44 20 3741 1282 +1 646 378 3122 +852 2158 9706 excluding X. Europe/Asia/Africa & Middle East: 01-Apr-2020. Cut off date 31-Mar-2020. The dominant geography of the bidder is X Global PE Specialist Asia EMEA and the dominant geography of the target is any other region excluding X. Mate Taczman John Capulong Lauren Loveday [email protected] [email protected] [email protected] Top deals: Based on the dominant geography +44 20 3741 1361 +852 2158 9723 +44 20 3741 1126 of the target company. mergermarket.com Mergermarket Global & Regional 79 M&A Report 1Q20

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In M&A, information is the most valuable currency. Mergermarket reports EMEA Americas Asia on deals 6-24 months before they become public knowledge, giving our 10 Queen Street Place 1501 Broadway 16/F, Grand Millennium Plaza subscribers a powerful competitive advantage. With the largest network London 8th Floor 181 Queen’s Road Central of dedicated M&A journalists and analysts, Mergermarket offers the most comprehensive M&A intelligence service available today. Our reporters EC4R 1BE New York Hong Kong are based in 67 locations across the Americas, Europe, Asia-Pacific, the United Kingdom NY 10036 Middle East and Africa. +44 203 741 1000 +1 212 390 7812 + 852 2158 9790 [email protected] [email protected] [email protected]

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