A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER JANUARY 2016 CONTENTS
03 GLOBAL OVERVIEW
12 NORTH AMERICA 20 C&S AMERICA 28 EUROPE 36 MIDDLE EAST & AFRICA
44 ASIA-PACIFIC (excluding Japan) 52 JAPAN
60 LEAGUE TABLES 61 ABOUT MERRILL CORPORATION & MERRILL DATASITE 63 MERRILL CORPORATION CONTACTS GLOBAL OVERVIEW
QUARTERLY EDITION GLOBAL OVERVIEW
2015 has been an extraordinary year for M&A. With 16,837 transactions worth US$4.3tn announced Key Stats globally, total value rose 30.5% from last year, breaking 2014’s previous record of US$3.3tn, despite a drop in volume by 560 transactions from 17,397. High valuations also led 2015 to becoming the year of mega-deals, as well as broken records in several sectors and within the advisory space. 16,837 deals valued at US$4.3tn, up 30.5% by value with 560 fewer deals compared to 17,397 deals worth US$3.3tn in 2014 The year’s top deal was US-based Pfizer’s by 372 deals from 1,703. Falling commodities has advised on more than US$1.5tn in announcement that it would acquire Ireland- prices in 2015 made for attractive price tags, transactions. Skadden Arps Slate Meagher Top sector based Allergan for a staggering US$183.7bn particularly on energy targets; by the end of & Flom, the top legal advisor for 2015 and Energy, Mining & Utilities – making it the largest pharmaceutical the year, the price of oil had settled on a 12- the first to cross the trillion-dollar advisory saw 1,331 deals worth transaction and second-largest overall in year low of just over US$37 a barrel. threshold, advised on 294 transactions, US$637.7bn, down 5.3% M&A history. It is also the largest de facto tax 39 more than in 2014, and worth a total of by value compared to 1,703 inversion deal on record. Though expected to High valuations in 2015 also resulted in US$1.1tn, an 82.8% rise compared to the deals worth US$673.7bn complete by Q4 2016, the deal could go the several deals breaking value records within previous year. in 2014 way of US-based AbbVie’s US$54.4bn bid for their sectors: in Consumer, Anheuser-Busch Ireland-based Shire in 2014, which lapsed InBev’s US$79.6bn bid for SABMiller; in 2015 turned out to be not only a year known after three months due to changes in tax Industrials & Chemicals, E. I. du Pont de for mega-deals, but also for growing Top Financial Adviser regulations by the US Treasury Department. Nemours’ US$77bn bid for Dow Chemical; political and economic uncertainty; lingering Goldman Sachs ranked in Business Services, Dell’s US$63.3bn questions over issues including the euro’s first with 349 deals worth Broken records bid for EMC; and, in Technology, US-based future and the upcoming US presidential US$1.7tn compared The Pfizer/Allergan deal accounted for Hewlett Packard’s US$33.8bn spinoff of its election could impact M&A activity in 2016. to 376 deals worth 32% of Pharma, Medical & Biotech’s Enterprise business. Additionally, all top 10 Despite this, post-recession growth in North US$928.5bn in 2014 (PMB) activity, helping it to become the deals for 2015 qualify as megadeals, defined America, and particularly in the US, has year’s second-best performing sector with to be worth US$10+bn. driven a significant amount of M&A activity 1,366 transactions worth US$547.6bn and globally, with the year ending with strong job Top Legal Adviser accounting for 13.4% of market share, All-time advisory highs numbers, increased corporate confidence, Skadden Arps Slate rising in both value and volume from 2014. The advisory space also saw records broken. and the US’s first interest rate increase from Meagher & Flom ranked Energy, Mining & Utilities (EMU), however, The number one financial advisor, Goldman near-zero in seven years. It remains to be first with 298 deals worth was the leading sector, capturing 14.9% of Sachs, advised on 349 transactions and seen whether this year’s activity was merely US$1.1tn, compared market share with 1,331 transactions worth reached a peak value of US$1.7tn, a 78.7% a temporary frenzy, or the start of a new cycle to 255 deals worth US$637.7bn, despite value dropping 5.3% rise from 2014 despite advising on 27 fewer of growth. US$612.1bn in 2014 compared to US$673.7bn in 2014 and volume deals. This is the first time that any firm
GLOBAL 4 NORTH C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT OVERVIEW EUROPE JAPAN AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND
4,500 20,000 600 3,000
4,000
500 2,500 US$ 16,000 3,500 1,377.4bn
3,000 400 2,000 US$ 904.4bn 12,000 Number of deals Number of deals 2,500 US$ 1,058.8bn 300 1,500 US$ 2,000 US$ US$ US$ Value (US$bn) Value Value (US$bn) Value 478.2bn US$ 571.6bn 842.1bn 519.6bn US$ 756.4bn 8,000 712.1bn US$ US$ US$ 437.2bn 1,500 200 1,000 599.4bn 433.8bn US$ US$ US$ US$ 523.2bn 644.9bn 1,051.2bn US$ 399.3bn US$ US$ US$ 331.4bn 492.9bn US$ US$ US$ US$ 1,000 US$ 317.0bn US$ 963.1bn US$ 293.3bn 295.7bn 282.7bn 4,000 282.2bn 277.4bn 585.8bn US$ 248.7bn US$ US$ 100 500 565.7bn 432.8bn 559.2bn 500 US$ US$ US$ US$ US$ US$ 791.3bn 613.6bn 568.7bn 460.9bn 464.0bn 446.8bn 0 0 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
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REGIONAL BREAKDOWN AS A PROPORTION OF GLOBAL TOTAL M&A VALUE GLOBAL M&A SECTOR BREAKDOWN 2015
Energy, Mining & Utilities Value: US$637.7bn Number of deals: 1,331 Market share: 14.9% Europe North America US$1,099.7bn US$2,079.1bn 6,224 deals 5,442 deals 25.7% Pharma, Medical & Biotech 48.6% Value: US$574.6bn Asia-Pacific Number of deals: 1,366 (excluding Japan) US$927.8bn Market share: 13.4% 3,802deals Japan 21.7% US$61.6bn 396 deals 1.4% Consumer Africa & Value: US$516.5bn Middle East Number of deals: 2,015 C&S America US$47.3bn Market share: 12.1% US$63.1bn 429 deals 540 deals 1.1% 1.5% Financial Services Value: US$496.4bn Number of deals: 1,389 Market share: 11.6%
Key Industrials & Chemicals Region Value: US$474.8bn Value Value % Value Up/Down Number of deals: 3,137 (US$bn) change Volume Value market share Market share: 11.1% Cross-border $1,673.3 17.8% Domestic $2,605.4 40.2%
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TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$183.7bn US$ 120.3bn US$81.2bn US$77.8bn US$77.0bn
Announced Announced Announced Announced Announced 23-Nov-15 11-Nov-15 08-Apr-15 26-May-15 11-Dec-15 Bidder company Bidder company Bidder company Bidder company Bidder company Pfizer Inc Anheuser-Busch InBev NV Royal Dutch Shell Plc Charter Communications Inc E I du Pont de Nemours and Company Target company Target company Target company Target company Target company Allergan plc SABMiller Plc BG Group Plc Time Warner Cable Inc The Dow Chemical Company Dominant sector Dominant sector Dominant sector Dominant sector Dominant sector Pharma, Medical & Biotech Consumer Energy, Mining & Utilities Telecommunications Industrials & Chemicals Sell-side Financial Adviser Sell-side Financial Advisor Sell-side Financial Advisor Sell-side Financial Adviser Sell-side Financial Advisor JPMorgan; and Morgan Stanley Credit Suisse; Goldman Sachs; JPMorgan Goldman Sachs; Robey Warshaw; Allen & Company; Centerview Partners; Citi; Lazard; and Morgan Stanley Sell-side Legal Adviser Cazenove; Morgan Stanley; Perella Weinberg and Rothschild and Morgan Stanley Sell-side Legal Advisor Arthur Cox; Cleary Gottlieb Steen & Partners; and Robey Warshaw Sell-side Legal Advisor Sell-side Legal Advisor Cleary Gottlieb Steen & Hamilton; and Weil Hamilton; Latham & Watkins; Stikeman Sell-side Legal Advisor Freshfields Bruckhaus Deringer; King & Latham & Watkins; Paul Weiss Rifkind Gotshal & Manges (Advising FA: Simpson Elliott; and Weil Gotshal & Manges (Advising Bowman Gilfillan Africa Group; Cleary Wood Mallesons; and Mattos Filho Veiga Wharton & Garrison; and Skadden Arps Slate Thacher & Bartlett) FA: Cravath, Swaine & Moore; and Willkie Gottlieb Steen & Hamilton; Herbert Smith Filho Marrey Jr e Quiroga Advogados Meagher & Flom (Advising FA: White & Case) Buy-side Financial Advisor Farr & Gallagher) Freehills; Hogan Lovells International; Buy-side Financial Advisor Buy-side Financial Advisor Evercore Partners; and Goldman Sachs Buy-side Financial Adviser Centerview Linklaters; Loyens & Loeff; Macfarlanes; Bank of America Merrill Lynch; and Lazard Bank of America Merrill Lynch; Credit Suisse; Partners; Goldman Sachs; Guggenheim McDermott Will & Emery; Simpson Thacher Goldman Sachs; Guggenheim Partners; and Buy-side Legal Advisor & Bartlett; and Wachtell Lipton Rosen & Katz Buy-side Legal Advisor Skadden Arps Slate Meagher & Flom Partners; and Moelis & Company Allens; Cravath Swaine & Moore; De LionTree Advisors Buy-side Financial Advisor (Advising FA: Cravath Swaine & Moore; Buy-side Legal Adviser Brauw Blackstone Westbroek; Pinheiro Buy-side Legal Advisor and Debevoise & Plimpton) A&L Goodbody; Clifford Chance; Davies Bank of America Merrill Lynch; Barclays; Neto Advogados; Slaughter and May; and Kirkland & Ellis; and Wachtell Lipton Rosen Ward Phillips & Vineberg; Morgan Lewis & BNP Paribas; Deutsche Bank; Lazard; and Souza Cescon Barrieu & Flesch Advogados & Katz (Advising FA: DLA Piper; and Fried Bockius; Skadden Arps Slate Meagher & Standard Bank Group (Advising FA: Allen & Overy; and Ashurst) Frank Harris Shriver & Jacobson) Flom; Wachtell Lipton Rosen & Katz; and Buy-side Legal Advisor White & Case (Advising FA: Debevoise & Clifford Chance; Cravath Swaine & Moore; Plimpton) Freshfields Bruckhaus Deringer; Stibbe; Sullivan & Cromwell; and Webber Wentzel (Advising FA: Allen & Overy; Ashurst; and Davis Polk & Wardwell)
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TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$63.3bn US$55.9bn US$54.5bn US$50.5bn US$50.4bn
Announced Announced Announced Announced Announced 12-Oct-15 28-Sep-15 25-Mar-15 26-Jun-15 24-Jul-15 Bidder company Bidder company Bidder company Bidder company Bidder company Dell Inc Energy Transfer Equity LP Kraft Heinz Company eBay Inc (shareholders) Anthem Ince Target company Target company Target company Target company Target company EMC Corporation Williams Companies Inc Kraft Foods Group Inc PayPal Holdings Inc Cigna Corporation Dominant sector Dominant sector Dominant sector Seller company Dominant sector Business Services Energy, Mining Consumer eBay Inc Pharma, Medical Sell-side Financial Adviser & Utilities Sell-side Financial Adviser Dominant sector & Biotech Evercore Partners; Morgan Stanley; Sell-side Financial Adviser Centerview Partners Financial Services Sell-side Financial Adviser and Needham & Company Barclays; and Lazard Sell-side Legal Adviser Sell-side Financial Adviser Morgan Stanley Sell-side Legal Adviser Sell-side Legal Adviser McCarthy Tetrault; and Sullivan & Cromwell Allen & Company; and Goldman Sachs Sell-side Legal Adviser Morrison & Foerster; and Skadden Arps Slate Akin Gump Strauss Hauer & Feld; Cravath (Advising FA: Davis Polk & Wardwell) Sell-side Legal Adviser Cravath Swaine & Moore; Majmudar & Meagher & Flom (Advising FA: Debevoise & Swaine & Moore; and Gibson Dunn & Buy-side Financial Adviser Wachtell Lipton Rosen & Katz Partners; and Sidley Austin (Advising FA: Plimpton; and Weil Gotshal & Manges) Crutcher (Advising FA: Paul Weiss Rifkind Lazard Weil Gotshal & Manges) Buy-side Financial Adviser Wharton & Garrison; and Shearman Buy-side Financial Adviser & Sterling) Buy-side Legal Adviser Bank of America Merrill Lynch; Barclays; Cravath Swaine & Moore; Davies Ward Credit Suisse; and UBS Investment Bank Citi; Credit Suisse; Deutsche Bank; Goldman Buy-side Financial Adviser Phillips & Vineberg; Kirkland & Ellis; and Buy-side Legal Adviser Sachs; JPMorgan; Lazard; Moelis & Bank of America Merrill Lynch; Citi; Credit Paul Weiss Rifkind Wharton & Garrison White & Case (Advising FA: Gibson Dunn & Company; RBC Capital Markets; and UBS Suisse; Deutsche Bank; Goldman Sachs; Crutcher; and Latham & Watkins) Buy-side Legal Adviser Intrepid Partners; JPMorgan; Morgan Blake Cassels & Graydon; Hogan Lovells Stanley; RBC Capital Markets; and UBS International; Simpson Thacher & Bartlett; Investment Bank and Wachtell Lipton Rosen & Katz Buy-side Legal Adviser Latham & Watkins; and Wachtell Lipton Rosen & Katz (Advising FA: Alston & Bird; O’Melveny & Myers; and White & Case)
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TOP 20 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Goldman Sachs 1,659,591 349 928,533 78.7% 1 1 PwC 61,428 389 398 -9 2 3 Morgan Stanley 1,340,452 329 677,192 97.9% 2 2 Goldman Sachs 1,659,591 349 376 -27 3 4 JPMorgan 1,281,207 303 625,644 104.8% 3 5 Morgan Stanley 1,340,452 329 288 41 4 2 Bank of America Merrill Lynch 954,128 218 691,722 37.9% 4 3 KPMG 44,735 323 365 -42 5 5 Citi 787,268 222 605,088 30.1% 5 7 JPMorgan 1,281,207 303 274 29 6 9 Credit Suisse 728,801 191 426,622 70.8% 6 8 Rothschild 296,517 280 259 21 7 7 Lazard 720,846 207 469,232 53.6% 7 6 EY 24,521 268 285 -17 8 6 Barclays 621,733 173 498,556 24.7% 8 4 Deloitte 34,716 262 293 -31 9 8 Deutsche Bank 600,278 191 431,854 39.0% 9 9 Citi 787,268 222 240 -18 10 14 Centerview Partners 482,326 35 152,736 215.8% 10 11 Bank of America Merrill Lynch 954,128 218 222 -4 11 10 UBS Investment Bank 468,543 154 325,151 44.1% 11 10 Lazard 720,846 207 237 -30 12 45 Guggenheim Partners 356,607 24 27,158 1,213.1% 12 13 Credit Suisse 728,801 191 211 -20 13 35 Moelis & Company 327,299 102 46,488 604.1% 13 14 Deutsche Bank 600,278 191 204 -13 14 17 Evercore Partners 301,266 128 118,967 153.2% 14 12 Barclays 621,733 173 218 -45 15 11 Rothschild 296,517 280 234,154 26.6% 15 19 M&A International 10,214 159 137 22 16 16 RBC Capital Markets 227,885 113 128,398 77.5% 16 17 Houlihan Lokey 38,697 156 144 12 17 12 BNP Paribas 210,279 84 181,578 15.8% 17 15 UBS Investment Bank 468,543 154 161 -7 18 82 Robey Warshaw 202,038 3 11,416 1,669.8% 18 23 Lincoln International 5,481 135 115 20 19 20 HSBC 185,752 68 99,286 87.1% 19 21 Jefferies 89,543 130 130 0 20 53 Allen & Company 157,058 18 21,722 623.0% 20 20 Evercore Partners 301,266 128 134 -6
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TOP 20 GLOBAL LEGAL ADVISERS TOP 20 GLOBAL LEGAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Skadden Arps Slate Meagher & Flom 1,115,826 298 612,145 82.3% 1 1 DLA Piper 136,019 441 493 -52 2 20 Cravath, Swaine & Moore 968,017 96 214,273 351.8% 2 3 Kirkland & Ellis 397,097 386 359 27 3 10 Wachtell, Lipton, Rosen & Katz 770,420 118 376,459 104.6% 3 4 Jones Day 223,063 342 353 -11 4 4 Latham & Watkins 765,922 336 453,672 68.8% 4 2 Latham & Watkins 765,922 336 406 -70 5 2 Cleary Gottlieb Steen & Hamilton 746,582 115 551,720 35.3% 5 9 Skadden Arps Slate Meagher & Flom 1,115,826 298 255 43 6 3 Sullivan & Cromwell 720,404 152 532,423 35.3% 6 5 Baker & McKenzie 172,654 292 325 -33 7 5 Freshfields Bruckhaus Deringer 668,670 225 439,987 52.0% 7 7 White & Case 660,876 282 295 -13 8 7 White & Case 660,876 282 413,185 59.9% 8 11 Allen & Overy 240,914 260 255 5 9 6 Weil Gotshal & Manges 654,504 213 421,981 55.1% 9 6 Clifford Chance 493,288 236 302 -66 10 9 Davis Polk & Wardwell 616,823 153 382,894 61.1% 10 14 CMS 22,251 229 219 10 11 8 Simpson Thacher & Bartlett 526,590 144 401,606 31.1% 11 8 Linklaters 383,221 227 278 -51 12 29 Debevoise & Plimpton 515,722 101 158,399 225.6% 12 10 Freshfields Bruckhaus Deringer 668,670 225 255 -30 13 16 Clifford Chance 493,288 236 238,625 106.7% 13 16 King & Wood Mallesons 205,370 215 215 0 14 12 Kirkland & Ellis 397,097 386 293,992 35.1% 14 12 Weil Gotshal & Manges 654,504 213 253 -40 15 30 Gibson Dunn & Crutcher 392,522 112 145,178 170.4% 15 19 Hogan Lovells International 257,305 208 182 26 16 11 Linklaters 383,221 227 320,794 19.5% 16 13 Norton Rose Fulbright 102,124 207 233 -26 17 23 Stikeman Elliott 366,532 170 185,700 97.4% 17 22 Stikeman Elliott 366,532 170 148 22 18 28 Davies Ward Phillips & Vineberg 331,188 52 160,699 106.1% 18 23 Shearman & Sterling 291,317 156 144 12 19 14 Shearman & Sterling 291,317 156 239,883 21.4% 19 18 Herbert Smith Freehills 194,620 156 184 -28 20 18 Paul Weiss Rifkind Wharton & Garrison 280,347 122 226,424 23.8% 20 24 Davis Polk & Wardwell 616,823 153 141 12
GLOBAL 10 NORTH C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT OVERVIEW EUROPE JAPAN AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL Simple.
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Smart, Simple, Secure (ART) Mergermarket-LANDSCAPE.indd 2 14/10/2015 14:57 NORTH AMERICA
QUARTERLY EDITION NORTH AMERICA
North American M&A saw 5,402 deals in 2015 worth a record US$2.1tn. The region crossed Key Stats the US$1tn value threshold for the second year in a row, following 2014’s 5,904 deals worth US$1.5tn and with this year rising 36.4% in value compared to last, despite seeing 502 fewer deals. Average deal size also reached an all-time high this year of US$380.6m, 49.1% higher 5,402 deals valued at US$2.1tn, up 36.4% by value with 502 fewer deals than 2014’s average deal size and surpassing 2006’s previous record of US$300.7m. compared to 5,904 deals worth US$1.5tn in 2014 Q4 2015 was the highest-valued fourth quarter worth US$324.4bn and with 15.8% of North for 86.1% of North American outbound on Mergermarket record with 1,215 deals American M&A market share, but was down value with 1,142 deals worth US$408.9bn. Top sector worth US$546.9bn while Q3 2015 was the 21.4% in value compared to 2014 (709 deals Moreover, compared to 2014 (1,316 deals Energy, Mining & Utilities highest-valued of any quarter on record with worth US$412.7bn). Notably, the Defense worth US$312.9bn), 2015 outbound activity saw 494 deals worth 1,410 deals worth US$631.3bn. Combined, H2 sector increased 7,748% compared to last was up 51.8%. Inbound activity saw 795 US$324.4bn, down 21.4% 2015 saw 2,625 deals worth US$1.2tn, also a year with 9 deals worth US$14.4bn in 2015, deals worth US$378.8bn in 2015, the second by value compared to 709 record for any half-year period. due to Lockheed Martin’s US$9bn acquisition consecutive year value has increased and the deals worth US412.7bn of Sikorsky Aircraft Corporation and Harris second-highest on record, only behind the in 2014 Private equity buyouts increased in value Corporation’s US$4.6bn acquisition of Exelis. 765 deals worth US$421.2bn in 2007. 2015 for the sixth consecutive year with 937 deals was also up 3.9% by value compared to 2014 worth US$194.8bn, a 15% value increase The two largest deals in North America, (792 deals worth US$364.8bn). Top Financial Adviser from 2014 but far from the record set in Charter Communications’ US$77.8bn Goldman Sachs ranked 2007 with 1,111 deals worth US$457.4bn. acquisition of Time Warner Cable, and E. I. We may not see another record-breaking first with 238 deals worth This year’s buyout numbers may have been du Pont de Nemours’ US$77bn acquisition of year in 2016 for North American M&A, but US$1.1tn compared to 271 positively affected by last year’s sell-off Dow Chemical, were the third- and fourth- optimism is riding high for another solid deals worth US$722.0bn of 1,087 exits worth US$280.8bn, another largest deals announced in Mergermarket showing with the US economy doing relatively in 2014 Mergermarket record. Private equity firms history. Despite having the top two deals well, low unemployment, and dealmakers continued the trend in 2015 with 948 exits this year, the Telecommunications (with 43 pushing deals through before interest rates worth US$211.5bn, the second-highest deals worth US$124.2bn) and Industrials & rise further. There are concerns about the Top Legal Adviser valued annual total for exits on record, which Chemicals (with 852 deals worth US$240.2bn) continual drop in oil prices and the state of Skadden Arps Slate gives firms cash on hand to continue buying sectors ranked as the fifth- and eighth-largest the China’s economy affecting future M&A, Meagher & Flom ranked in 2016. by value, respectively. but it’s unclear how much it will affect North first with 216 deals worth American M&A in 2016. US$879.8bn compared Despite capturing only one of the top 10 2015 was also an active year for outbound to 202 deals worth deals, Energy, Mining & Utilities (EMU) was M&A activity with 1,232 outbound deals worth US$552.4bn in 2014 the leading sector by value with 494 deals a record US$474.9bn, with the US accounting
13 NORTH GLOBAL C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND
2,400 6,000 300 1,200
2,000 5,000 250 1,000
US$ 546.9bn
1,600 4,000 200 800 Number of deals Number of deals
US$ 410.1bn US$ 1,200 3,000 150 600 631.3bn US$ 280.8bn Value (US$bn) Value Value (US$bn) Value
US$ US$ US$ US$ 249.1bn 449.0bn US$ 800 212.4bn 2,000 100 400 347.3bn US$ 211.5bn US$ US$ 194.8bn 272.4bn US$ US$ US$ US$ US$ US$ 173.2bn 226.1bn 507.7bn US$ US$ 169.3bn US$ 156.1bn 155.5bn 336.8bn 144.3bn US$ 142.7bn US$ 264.2bn US$ US$ 130.3bn US$ 400 176.7bn US$ 414.0bn 50 112.9bn 200 1,000 107.2bn 218.7bn US$ US$ US$ 208.5bn 193.6bn 202.6bn US$ US$ US$ 370.2bn US$ US$ US$ 264.7bn 234.0bn 159.2bn 164.2bn 196.5bn 0 0 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
14 NORTH GLOBAL C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF NORTH AMERICA TOTAL M&A VALUE NORTH AMERICA M&A SECTOR BREAKDOWN 2015
Energy, Mining & Utilities Value: US$324.4bn Number of deals: 494 Market share: 15.8%
Pharma, Medical & Biotech Value: US$298.4bn Number of deals: 556 Market share: 14.5%
Canada US$81.9bn 616 deals Financial Services 4.0% Value: US$253.5bn Number of deals: 532 Market share: 12.3%
Technology Value: US$250.7bn Number of deals: 847 US Market share: 12.2% US$1,974.2bn 4,786 deals Key 96.0% Industrials & Chemicals Value Value % Up/Down Region (US$bn) change Value: US$240.2bn Value Number of deals: 852 Domestic $1,579.7 46.9% Volume Value market share Market share: 11.7% Inbound $378.8 3.9% Outbound $474.9 51.8%
15 NORTH GLOBAL C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$77.8bn US$77.0bn US$63.3bn US$55.9bn US$54.5bn
Announced Announced Announced Announced Announced 26-May-15 11-Dec-15 12-Oct-15 28-Sep-15 25-Mar-15 Bidder company Bidder company Bidder company Bidder company Bidder company Charter Communications Inc E I du Pont de Nemours and Company Dell Inc Energy Transfer Equity LP Kraft Heinz Company Target company Target company Target company Target company Target company Time Warner Cable Inc The Dow Chemical Company EMC Corporation Williams Companies Inc Kraft Foods Group Inc Dominant sector Dominant sector Dominant sector Dominant sector Dominant sector Telecommunications Industrials & Chemicals Business Services Energy, Mining & Utilities Consumer Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Allen & Company; Centerview Partners; Citi; Lazard; Morgan Stanley Evercore Partners; Morgan Stanley; and Barclays; Lazard Centerview Partners and Morgan Stanley Sell-side Legal Adviser Needham & Company Sell-side Legal Adviser Sell-side Legal Adviser Sell-side Legal Adviser Cleary Gottlieb Steen & Hamilton; and Weil Sell-side Legal Adviser Akin Gump Strauss Hauer & Feld; Cravath, McCarthy Tetrault; and Sullivan & Cromwell Latham & Watkins; Paul Weiss Rifkind Gotshal & Manges (Advising FA: Simpson Morrison & Foerster; and Skadden Arps Slate Swaine & Moore; and Gibson Dunn & (Advising FA: Davis Polk & Wardwell) Wharton & Garrison; and Skadden Arps Slate Thacher & Bartlett) Meagher & Flom (Advising FA: Debevoise & Crutcher (Advising FA: Paul Weiss Rifkind Buy-side Financial Adviser Meagher & Flom (Advising FA: White & Case) Buy-side Financial Adviser Plimpton; and Weil Gotshal & Manges) Wharton & Garrison; and Shearman Lazard & Sterling) Buy-side Financial Adviser Evercore Partners; and Goldman Sachs Buy-side Financial Adviser Buy-side Legal Adviser Bank of America Merrill Lynch; Credit Suisse; Buy-side Legal Adviser Bank of America Merrill Lynch; Barclays; Buy-side Financial Adviser Cravath, Swaine & Moore; Davies Ward Goldman Sachs; Guggenheim Partners; and Skadden Arps Slate Meagher & Flom Citi; Credit Suisse; Deutsche Bank; Goldman Bank of America Merrill Lynch; Citi; Credit Phillips & Vineberg; Kirkland & Ellis; and LionTree Advisors (Advising FA: Cravath, Swaine & Moore; Sachs; JPMorgan; Lazard; Moelis & Suisse; Deutsche Bank; Goldman Sachs; Paul Weiss Rifkind Wharton & Garrison Buy-side Legal Adviser and Debevoise & Plimpton) Company; RBC Capital Markets; and UBS Intrepid Partners; JPMorgan; Morgan Kirkland & Ellis; and Wachtell, Lipton, Rosen Investment Bank Stanley; RBC Capital Markets; and UBS & Katz (Advising FA: DLA Piper; and Fried Buy-side Legal Adviser Investment Bank Frank Harris Shriver & Jacobson) Blake, Cassels & Graydon; Hogan Lovells Buy-side Legal Adviser International; Simpson Thacher & Bartlett; Wachtell, Lipton, Rosen & Katz (Advising FA: and Wachtell, Lipton, Rosen & Katz Alston & Bird; Latham & Watkins; O’Melveny & Myers; and White & Case)
16 NORTH GLOBAL C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$50.5bn US$50.4bn US$40.5bn US$36.6bn US$36.5bn
Announced Announced Announced Announced Announced 26-Jun-15 24-Jul-15 27-Jul-15 03-Jul-15 10-Aug-15 Bidder company Bidder company Bidder company Bidder company Bidder company eBay Inc (Shareholders) Anthem Inc Teva Pharmaceutical Industries Ltd Aetna Inc Berkshire Hathaway Inc Target company Target company Target company Target company Target company PayPal Holdings Inc Cigna Corporation Allergan plc (generics business) Humana Inc Precision Castparts Corp Seller company Dominant sector Seller company Dominant sector Dominant sector eBay Inc Pharma, Medical & Biotech Allergan plc Financial Services Industrials & Chemicals Dominant sector Sell-side Financial Adviser Dominant sector Sell-side Financial Adviser Sell-side Financial Adviser Financial Services Morgan Stanley Pharma, Medical & Biotech Goldman Sachs Bank of America Merrill Lynch; Citi; and Sell-side Financial Adviser Sell-side Legal Adviser Sell-side Financial Adviser Sell-side Legal Adviser Credit Suisse Allen & Company; and Goldman Sachs Cravath, Swaine & Moore; Majmudar & JPMorgan Fried Frank Harris Shriver & Jacobson; Sell-side Legal Adviser Sell-side Legal Adviser Partners; and Sidley Austin (Advising FA: Weil Sell-side Legal Adviser Morris Nichols Arsht & Tunnell; and Skadden Cravath, Swaine & Moore; and Stoel Rives; Wachtell, Lipton, Rosen & Katz Gotshal & Manges) Cleary Gottlieb Steen & Hamilton; Latham & Arps Slate Meagher & Flom (Advising FA: (Advising FA: Alston & Bird) Buy-side Financial Adviser Watkins; Stikeman Elliott; and Weil Gotshal & Gibson Dunn & Crutcher) Buy-side Legal Adviser Credit Suisse; and UBS Investment Bank Manges (Advising FA: Debevoise & Plimpton) Buy-side Financial Adviser Munger Tolles & Olson Buy-side Legal Adviser Buy-side Financial Adviser Citi; and Lazard White & Case (Advising FA: Gibson Dunn & Barclays; and Greenhill & Co Buy-side Legal Adviser Crutcher; and Latham & Watkins) Buy-side Legal Adviser Davis Polk & Wardwell; Jones Day; Richards Davies Ward Phillips & Vineberg; De Brauw Layton & Finger; and Simpson Thacher & Blackstone Westbroek; Kirkland & Ellis; Bartlett (Advising FA: Cleary Gottlieb Steen & Sullivan & Cromwell; and Tulchinsky Stern Hamilton; and Shearman & Sterling) & Company
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TOP 20 NORTH AMERICA FINANCIAL ADVISERS TOP 20 NORTH AMERICA FINANCIAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Goldman Sachs 1,130,267 238 722,029 56.5% 1 1 Goldman Sachs 1,130,267 238 271 -33 2 6 Morgan Stanley 950,079 197 372,632 155.0% 2 3 Morgan Stanley 950,079 197 185 12 3 2 JPMorgan 943,616 192 461,055 104.7% 3 2 JPMorgan 943,616 192 189 3 4 4 Citi 637,137 133 421,686 51.1% 4 5 Bank of America Merrill Lynch 624,022 161 153 8 5 3 Bank of America Merrill Lynch 624,022 161 457,075 36.5% 5 7 Houlihan Lokey 34,954 141 132 9 6 8 Credit Suisse 564,296 127 278,371 102.7% 6 6 Citi 637,137 133 148 -15 7 10 Centerview Partners 477,892 31 152,651 213.1% 7 4 Barclays 453,947 132 164 -32 8 5 Barclays 453,947 132 397,755 14.1% 8 9 Credit Suisse 564,296 127 127 0 9 7 Lazard 438,637 110 302,642 44.9% 9 10 Deutsche Bank 311,667 115 126 -11 10 30 Guggenheim Partners 356,577 23 27,158 1,213.0% 10 8 Lazard 438,637 110 129 -19 11 11 UBS Investment Bank 337,425 67 141,719 138.1% 11 12 Jefferies 69,072 107 109 -2 12 9 Deutsche Bank 311,667 115 253,242 23.1% 12 13 Evercore Partners 274,475 101 108 -7 13 20 Moelis & Company 309,577 91 40,217 669.8% 13 19 KPMG 14,155 97 74 23 14 14 Evercore Partners 274,475 101 102,828 166.9% 14 11 RBC Capital Markets 220,577 96 125 -29 15 13 RBC Capital Markets 220,577 96 112,062 96.8% 15 16 Moelis & Company 309,577 91 88 3 16 34 Allen & Company 156,817 17 21,722 621.9% 16 14 Raymond James & Associates 18,071 88 93 -5 17 58 LionTree Advisors 110,977 14 7,174 1,446.9% 17 27 PwC 13,241 87 64 23 18 17 Rothschild 109,261 80 59,146 84.7% 18 17 William Blair & Company 18,962 84 78 6 19 18 Greenhill & Co 94,793 28 48,727 94.5% 19 24 Sandler O'Neill & Partners 18,478 84 70 14 20 12 Jefferies 69,072 107 132,722 -48.0% 20 20 Lincoln International 3,524 83 73 10
18 NORTH GLOBAL C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL LEAGUE TABLES
TOP 20 NORTH AMERICA LEGAL ADVISERS TOP 20 NORTH AMERICA LEGAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Skadden Arps Slate Meagher & Flom 879,779 216 552,410 59.3% 1 1 Kirkland & Ellis 372,364 353 337 16 2 4 Latham & Watkins 705,041 254 405,853 73.7% 2 2 Latham & Watkins 705,041 254 296 -42 3 14 Cravath, Swaine & Moore 680,024 87 211,322 221.8% 3 3 Jones Day 197,005 251 280 -29 4 6 Wachtell, Lipton, Rosen & Katz 673,681 111 366,843 83.6% 4 4 DLA Piper 111,285 247 256 -9 5 8 White & Case 630,250 152 340,130 85.3% 5 5 Skadden Arps Slate Meagher & Flom 879,779 216 202 14 6 5 Weil Gotshal & Manges 626,978 151 396,268 58.2% 6 10 Stikeman Elliott 258,740 158 143 15 7 3 Cleary Gottlieb Steen & Hamilton 568,871 83 445,852 27.6% 7 9 White & Case 630,250 152 145 7 8 23 Debevoise & Plimpton 502,298 91 154,646 224.8% 8 6 Weil Gotshal & Manges 626,978 151 183 -32 9 2 Sullivan & Cromwell 492,572 119 473,614 4.0% 9 17 Goodwin Procter 42,989 138 117 21 10 7 Simpson Thacher & Bartlett 461,271 114 363,884 26.8% 10 8 Morgan Lewis & Bockius 255,939 126 163 -37 11 9 Davis Polk & Wardwell 410,840 111 324,442 26.6% 11 22 Sullivan & Cromwell 492,572 119 107 12 12 26 Gibson Dunn & Crutcher 382,444 101 132,208 189.3% 12 14 Paul Weiss Rifkind Wharton & Garrison 268,017 116 136 -20 13 12 Kirkland & Ellis 372,364 353 224,494 65.9% 13 28 Hogan Lovells International 119,158 116 93 23 14 21 Davies Ward Phillips & Vineberg 324,466 51 160,699 101.9% 14 27 Sidley Austin 208,703 115 99 16 15 34 Clifford Chance 280,277 75 95,974 192.0% 15 13 Simpson Thacher & Bartlett 461,271 114 136 -22 16 13 Paul Weiss Rifkind Wharton & Garrison 268,017 116 211,539 26.7% 16 15 Cooley 24,907 114 125 -11 17 17 Fried Frank Harris Shriver & Jacobson 266,677 68 193,998 37.5% 17 31 Wachtell, Lipton, Rosen & Katz 673,681 111 86 25 18 18 Stikeman Elliott 258,740 158 184,043 40.6% 18 23 Davis Polk & Wardwell 410,840 111 107 4 19 15 Shearman & Sterling 257,962 106 201,952 27.7% 19 12 Norton Rose Fulbright 56,997 109 140 -31 20 51 Morgan Lewis & Bockius 255,939 126 46,814 446.7% 20 11 Baker & McKenzie 132,309 108 140 -32
19 NORTH GLOBAL C&S MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL C&S AMERICA
QUARTERLY EDITION C&S AMERICA
Slow investment flow in Central and South America (C&S America), caused by weak Key Stats economies and political instability, had a major negative impact on regional M&A activity this year. Latin American countries saw a total of 535 deals worth US$62.5bn in 2015, making it the weakest year for deals since 2005. Compared to the previous year, which accounted for 535 deals valued at US$62.5bn, down 52.3% by value with 88 fewer 623 transactions worth US$131.0bn, deal value dropped by 51.8% with 83 fewer deals. deals compared to 623 deals worth US$131.0bn in 2014
In 2015, C&S America accounted for 34 Organizacion Soriana, which acquired 160 value decreased by 35.4% with 40 fewer Top sector buyouts worth US$5.6bn, decreasing by retail stores from Controladora Comercial deals. Brazil, a regional power in Latin Consumer saw 80 deals 27.3% in comparison to the previous year, Mexicana, an operator of retail stores and America, experienced a series of political and worth US$13.7bn, up which accounted for a total of 61 deals worth restaurants, for US$2.7bn. economic difficulties in the past year. Growth 57.2% by value compared US$7.6bn. Exits experienced an even greater stagnation, unemployment, inflation, a weak to 104 deals worth drop in value, decreasing by 78.1% from 2015’s top deal came out of the Financial currency, and political scandals around state- US$8.7bn in 2014 US$10.3bn to US$2.3bn. Services sector. Brazil-based Banco owned company Petrobras have negatively Bradesco bought Brazil-based Banco influenced M&A activity in Brazil, as well as Consumer was the leading sector in 2015 Multiplo and HSBC Servicos e Participacoes in the rest of the Latin American region. Top Financial Adviser with 80 deals worth US$13.7bn, accounting from HSBC Holdings for US$5.2bn, Rothschild ranked first for 21.9% of market share. Compared to the accounting for 60.8% of Financial Services’ Mexico was the second-leading country in with 13 deals worth previous year, which saw 104 deals worth deal value. The acquisition was a significant C&S America in 2015, accounting for 26.4% US$15.9bn compared to US$8.7bn, annual deal value went up by strategic move for the company which will of regional market share value with 73 12 deals worth US$24.5bn 57.2%. The significant increase in deal value increase the coverage and service networks deals worth US$16.5bn. Compared to the in 2014 for the Consumer sector can be attributed for both parties throughout Brazil. previous year (84 deals worth US$21.1), deal to the second and third place transactions in value dropped by 21.7% with 11 fewer deals. the year’s top deals. The leading Consumer Brazil saw a total of 279 deals worth Thanks to the North American Free Trade Top Legal Adviser deal belongs to United Kingdom-based US$31.7bn in 2015, making it the country’s Agreement (NAFTA), Mexico maintains a very Skadden Arps Slate British American Tobacco, which acquired weakest year since 2005. Even though Brazil strong relationship with the United States. Meagher & Flom ranked a 24.7% stake in Brazil-based Souza Cruz continues to struggle with a prolonged The US, as their main trading partner as first with 21 deals worth SA, a tobacco and cigarette producer, for recession, it still accounted for 50.7% of well as their largest export market, positively US$9.0bn compared to 14 US$2.7bn. The second-largest Consumer total regional M&A value. Compared to affects Mexico’s overall economic outlook deals worth US$12.7bn deal ranking belongs to Mexico-based 2014 (324 deals worth US$49.0bn), deal and M&A activity along the way. in 2014
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C&S AMERICA M&A TREND C&S AMERICA PRIVATE EQUITY TREND
700 180 12 70
160 600 60 10 US$ 140 45.1bn 500 50 US$ 120 8 28.7bn US$ 28.4bn US$ Number of deals Number of deals 28.8bn US$ 400 40 100 32.4bn 6 US$ US$ US$ 37.9bn Value (US$bn) Value Value (US$bn) Value 80 US$ 46.0bn US$ 300 30 27.6bn 16.5bn US$ 24.6bn 10.3bn
60 4 US$ US$ US$ 8.5bn US$ US$ US$ 17.0bn 200 20 7.6bn US$ 7.6bn 18.3bn 23.0bn US$ US$ 6.8bn 40 47.1bn 39.9bn US$ US$ US$ 5.6bn 65.4bn US$ 22.8bn 2 21.4bn 100 US$ US$ 10 US$ 3.6bn US$ US$ 20 3.3bn 40.4bn US$ 2.9bn 2.8bn US$ US$ 11.8bn 2.3bn US$ US$ US$ 24.8bn 21.8bn 17.8bn US$ 1.3bn 10.9bn 0 0 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
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COUNTRY BREAKDOWN AS A PROPORTION OF C&S AMERICA TOTAL M&A VALUE C&S AMERICA M&A SECTOR BREAKDOWN 2015
Consumer Mexico US$16.5bn Bahamas Value: US$13.7bn 73 deals US$894.8m Number of deals: 80 26.4% 1 deal Market share: 21.9% 1.4%
Colombia US$2.8bn Energy, Mining & Utilities 38 deals Value: US$12.5bn 4.5% Number of deals: 69 Market share: 20.0%
Brazil US$31.7bn Financial Services Peru 279 deals Value: US$8.5bn US$2.2bn 50.7% 34 deals Number of deals: 44 3.6% Market share: 13.7%
Chile Pharma, Medical & Biotech US$5.5bn 42 deals Value: US$5.8bn 8.8% Number of deals: 29 Market share: 9.3% Argentina US$1.0bn Key 27 deals 1.6% Industrials & Chemicals Value Value % Up/Down Region (US$bn) change Value: US$5.2bn Value Number of deals: 85 Domestic $24.3 -45.4% Volume Value market share Market share: 8.2% Inbound $31.9 -60.2% Outbound $6.7 -72.7%
23 C&S GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$5.2bn US$2.7bn US$2.7bn US$2.3bn US$2.2bn
Announced Announced Announced Announced Announced 03-Aug-15 10-Sep-15 28-Jan-15 01-Oct-15 13-May-15 Bidder company Bidder company Bidder company Bidder company Bidder company Banco Bradesco SA British American Tobacco Plc Organizacion Soriana SAB de CV Teva Pharmaceutical Industries Ltd Owens-Illinois Inc Target company Target company Target company Target company Target company HSBC Bank Brasil SA – Banco Multiplo Souza Cruz SA (24.74% stake) Controladora Comercial Mexicana SAB de CV Representaciones e Investigaciones Medicas Vitro SAB de CV (food and beverage container Seller company Dominant sector (160 retail stores) SA de CV business) HSBC Holdings Plc Consumer Seller company Dominant sector Seller company Dominant sector Buy-side Financial Adviser Controladora Comercial Mexicana SAB de CV Pharma, Medical Vitro SAB de CV Financial Services Banco BTG Pactual; Deutsche Bank; Dominant sector & Biotech Dominant sector Sell-side Financial Adviser Rothschild; Santander Global Banking and Consumer Sell-side Financial Adviser Industrials & Chemicals Goldman Sachs; and HSBC Markets; and UBS Investment Bank Sell-side Financial Adviser Goldman Sachs Sell-side Financial Adviser Sell-side Legal Adviser Buy-side Legal Adviser Rothschild Sell-side Legal Adviser Alfaro, Davila y Rios Linklaters; and Pinheiro Guimaraes Mattos Filho, Veiga Filho, Rezende e Guerra Sell-side Legal Adviser Robles Miaja Abogados; and Skadden Arps Sell-side Legal Adviser Advogados – Advogados; and Ulhoa Canto (Advising FA: Santamarina y Steta Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton Marrey Jr. e Quiroga Advogados) Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Banco Bradesco BBI; JPMorgan; Internal Citi Deutsche Bank and Rothschild Buy-side Legal Adviser Buy-side Legal Adviser Buy-side Legal Adviser Buy-side Legal Adviser Galicia Abogados Greenberg Traurig Hogan Lovells International; Latham & Clifford Chance; and Lefosse Advogados Watkins; and Simpson Thacher & Bartlett (Advising FA: Fried Frank Harris Shriver & Jacobson)
24 C&S GLOBAL NORTH MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT AMERICA EUROPE JAPAN OVERVIEW AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$1.9bn US$1.6bn US$1.5bn US$1.5bn US$1.2bn
Announced Announced Announced Announced Announced 26-Jan-15 11-Dec-15 30-Jul-15 31-Jul-15 30-Jul-15 Bidder company Bidder company Bidder company Bidder company Bidder company AT&T Inc GP Investments Limited Almacenes Exito SA Infraestructura Energetica Nova SAB de CV Fundo de Investimento em Participacoes Target company Target company Target company Target company Multisetorial Plus II Comunicaciones Nextel de Mexico SA de CV BR Properties SA (75% stake) Companhia Brasileira de Distribuicao Gasoductos de Chihuahua S de RL de CV Target company Seller company Dominant sector (18.8% stake) (50% stake) Mineracoes Brasileiras Reunidas SA NII Holdings Inc Real Estate Seller company Seller company (36.4% stake) Dominant sector Sell-side Financial Adviser Casino Guichard Perrachon SA Petróleos Mexicanos Seller company TMT Banco BTG Pactual Dominant sector Dominant sector Vale SA Sell-side Financial Adviser Buy-side Financial Adviser Energy, Mining & Utilities Energy, Mining & Utilities Dominant sector Rothschild Banco Itau BBA Sell-side Financial Adviser Sell-side Financial Adviser Energy, Mining & Utilities Sell-side Legal Adviser Buy-side Legal Adviser BR Partners; Credit Agricole; and DC Advisor Banco Bilbao Vizcaya Argentaria Sell-side Legal Adviser Kramer Levin Naftalis & Frankel; Jones Day Shearman & Sterling Sell-side Legal Adviser Sell-side Legal Adviser Souza, Cescon, Barrieu & Flesch Advogados Buy-side Financial Adviser Darrois Villey Maillot Brochier; and Wachtell, Nader Hayaux y Goebel Buy-side Financial Adviser Goldman Sachs; and JPMorgan Lipton, Rosen & Katz Buy-side Financial Adviser Banco Bradesco BBI Buy-side Legal Adviser Buy-side Financial Adviser Credit Suisse Buy-side Legal Adviser Creel, Garcia-Cuellar, Aiza y Enriquez; and Bank of America Merrill Lynch; and Buy-side Legal Adviser Mattos Filho, Veiga Filho, Marrey Jr. e Sullivan & Cromwell Rothschild Mijares Angoitia Cortes y Fuentes Quiroga Advogados Buy-side Legal Adviser Gomez-Pinzon Zuleta Abogados; Hope, Duggan & Silva; Lefosse Advogados; Lloreda Camacho & Co; Uribe Henao Abogados; and White & Case (Advising FA: Philippi, Prietocarrizosa & Uría; and Skadden Arps Slate Meagher & Flom)
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TOP 15 C&S AMERICA FINANCIAL ADVISERS TOP 15 C&S AMERICA FINANCIAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 10 Rothschild 15,943 13 24,516 -35.0% 11Banco Itau BBA 8,237 32 58 -26 28Goldman Sachs 15,166 19 29,085 -47.9% 22Banco BTG Pactual 10,311 26 27 -1
34Banco BTG Pactual 10,311 26 37,770 -73% 34Goldman Sachs 15,166 19 20 -1
4 17 Banco Bradesco BBI 10,051 17 9,234 8.8% 4 21 Banco Bradesco BBI 10,051 17 7 10 53JPMorgan 9,977 8 38,179 -73.9% 59Bank of America Merrill Lynch 7,260 16 14 2 61Deutsche Bank 8,738 11 46,327 -81% 6 10 Citi 5,885 16 14 2 79Banco Itau BBA 8,237 32 26,227 -69% 75Morgan Stanley 2,805 16 18 -2 82Bank of America Merrill Lynch 7,260 16 40,635 -82% 8 11 Rothschild 15,943 13 12 1 9 30 HSBC 6,436 3 2,822 128.1% 98Deutsche Bank 8,738 11 15 -4 10 7 Citi 5,885 16 29,709 -80.2% 10 14 Banco Bilbao Vizcaya Argentaria 2,968 11 10 1 11 26 UBS Investment Bank 5,308 8 4,074 30.3% 11 12 PwC 597 11 12 -1 12 11 Santander Global Banking and Markets 4,471 9 23,888 -81.3% 12 3 Santander Global Banking and Markets 4,471 9 23 -14 13 6 Credit Suisse 4,374 8 34,887 -87.5% 13 16 BR Partners 2,922 9 10 -1 14 31 Banco Bilbao Vizcaya Argentaria 2,968 11 1,708 73.8% 14 19 M&A International 244 9 8 1 15 48 BR Partners 2,922 9 565 417.2% 15 6 JPMorgan 9,977 8 17 -9
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TOP 15 C&S AMERICA LEGAL ADVISERS TOP 15 C&S AMERICA LEGAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 18 Skadden Arps Slate Meagher & Flom 9,011 21 12,699 -29.0% 13Pinheiro Neto Advogados 4,475 43 40 3 Mattos Filho, Veiga Filho, Marrey Jr. e Mattos Filho, Veiga Filho, Marrey Jr. e 2 15 8,938 36 13,859 -35.5% 21 8,938 36 46 -10 Quiroga Advogados Quiroga Advogados 34Clifford Chance 8,835 12 28,506 -69% 37Baker & McKenzie 3,759 30 23 7
4 23 Lefosse Advogados 7,540 12 8,682 -13.2% Souza, Cescon, Barrieu & Flesch 46 4,531 25 23 2 Advogados 58Linklaters 7,220 8 22,176 -67.4% 52Machado Meyer Sendacz e Opice 2,492 24 42 -18 6 46 Pinheiro Guimaraes Advogados 5,810 9 3,239 79% 64Barbosa, Mussnich & Aragao 2,643 23 33 -10 Souza, Cescon, Barrieu & Flesch 76 4,531 25 22,651 -80% Advogados 7 15 Skadden Arps Slate Meagher & Flom 9,011 21 14 7 8 49 Mijares Angoitia Cortes y Fuentes 4,477 14 3,091 45% 89Demarest 1,776 21 19 2 97Pinheiro Neto Advogados 4,475 43 22,548 -80.2% 9 11 Tozzini Freire Teixeira e Silva Advogados 1,061 17 17 0 10 2 White & Case 3,856 16 32,056 -88.0% 10 8 White & Case 3,856 16 21 -5 11 30 Baker & McKenzie 3,759 30 7,212 -47.9% 11 13 Creel, Garcia-Cuellar, Aiza y Enriquez 3,393 15 15 0 12 12 Simpson Thacher & Bartlett 3,561 9 15,472 -77.0% 12 62 Azevedo Sette Advogados 164 15 5 10 13 29 Creel, Garcia-Cuellar, Aiza y Enriquez 3,393 15 7,356 -53.9% 13 18 Mijares Angoitia Cortes y Fuentes 4,477 14 12 2 14 61 Hogan Lovells International 3,261 7 2,300 41.8% 14 12 Jones Day 2,173 13 17 -4 15 25 Cleary Gottlieb Steen & Hamilton 2,950 4 8,232 -64.2% 15 21 Rodrigo Elias & Medrano 954 13 11 2
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QUARTERLY EDITION EUROPE
The M&A activity in Europe saw total deal values reaching US$1,099.0bn in 2015, which Key Stats represented an increase of 22.4% compared to 2014 when US$897.8bn worth of deals were recorded. The region kept a positive momentum from 2014 and generated a 25.7% share in global dealmaking activity, indicating overall healthy deal flow on a global scale. Q4 2015 registered the 6,200 deals valued at US$1,099.0bn, up 22.4% by value with 399 fewer second largest value after Q2 2007 (US$583.1bn) with US$468.9bn on Mergermarket record. deals compared to 6,599 deals worth US$897.8bn in 2014 The UK saw a remarkable 171% increase Inbound activity grew by 54.3% during this performance was highly influenced by the by value with 1,370 transactions valued at year with a total value of US$512.2bn from top European deal in which Pfizer agreed to US$425.3bn in 2015 compared to last year US$331.9bn in 2014. The investments acquire Allergan for US$183.7bn. Falling into Top sector figures of 1,407 deals worth US$156.9bn. from foreign companies was driven by the second place is the Consumer sector with Pharma, Medical & Biotech Historically, the UK has always been a key region’s traditional investor, the US, with US$199.9bn triggered by Anheuser-Busch saw 441 deals worth country for M&A investors but this year the 734 transactions worth US$350.0bn which InBev agreeing to acquire SABMiller for US$215.9bn, up 85.1% values accounted for a record market share represented a huge 61.2% increase by value US$120.3bn. by value compared to 459 in European M&A at 38.7%, significantly compared to 2014. deals worth US$116.6bn greater than the 17.5% in 2014. The country Europe managed to maintain its positive M&A in 2014 was targeted in five of the top ten European In Asia-Pacific, Hong Kong had the most trend even though the registered values are deals amounting to US$254.0bn, including remarkable increase in its European still slightly far from pre-crisis values. It will the recent agreement between SABMiller and investments with a 1,689.0% rise, from be essential to keep an eye on the Europe Top Financial Adviser Anheuser-Busch InBev to acquire the former US$1.3bn to US$23.4bn during 2014 and Central Bank’s monetary policy to see the Goldman Sachs ranked for US$120.3bn, and the deal announced by 2015, respectively. evolution of the Euro and its devaluation first with 143 deals worth Royal Dutch Shell last April to acquire BG with respect to other currencies as many US$719.9bn compared Group for US$81.2bn. On the other hand, outbound investments European companies are still holding back to 142 deals worth from Europe decreased by 27.6% during their investments abroad waiting for future US$475.5bn in 2014 Domestic activity in Europe had a slight rise 2015, with values dropping from US$371.7bn monetary policies. of 3.7% from US$565.9bn to US$586.8bn last year to US$269.0bn. Europe decreased during 2014 and 2015, respectively. During significantly its investments into US declining Top Legal Adviser the last year, inbound and outbound activity 18.2% from US$264.8bn to US$216.7bn Cravath, Swaine & Moore was noticeably divergently affected by the explained by the weaker Euro. ranked first with 28 deals weaker Euro - deals targeting European worth US$503.1bn companies increased while European The Pharma, Medical & Biotech sector company acquisitions abroad fell with the was the most important sector with 441 Euro’s diminished purchasing power. deals valued at US$215.9bn. This sector’s
29 GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND
1,200 200 1,200 7,000
1,000 6,000
1,000 US$ 150 468.2bn 5,000 800 US$ 210.5bn Number of deals Number of deals US$ 4,000 134.5bn 600 US$ US$ 100 800 251.1bn US$ 199.7bn 158.3bn US$ US$ Value (US$bn) Value Value (US$bn) Value US$ US$ 184.7bn 243.3bn 167.0bn 3,000 174.2bn US$ 153.8bn US$ US$ US$ US$ 400 112.0bn 147.8bn US$ 142.6bn 135.7bn US$ 130.9bn US$ US$ US$ 2,000 US$ US$ 152.2bn 309.2bn 115.1bn 243.4bn 257.9bn 50 US$ US$ 111.6bn US$ 600 US$ US$ US$ 96.2bn 94.0bn 94.2bn 187.8bn US$ 97.6bn 87.0bn 199.0bn 200 US$ 114.8bn 1,000 US$ US$ US$ US$ US$ US$ 184.5bn 171.9bn 178.5bn 188.2bn 127.6bn 136.2bn 0 0 400 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
30 GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF EUROPE TOTAL M&A VALUE EUROPE M&A SECTOR BREAKDOWN 2015
Pharma, Medical & Biotech Value: US$215.9bn Number of deals: 441 Market share: 19.6%
United Kingdom US$425.3bn 1,370 deals Consumer 38.7% Value: US$199.9bn Number of deals: 903 Market share: 18.2%
Energy, Mining & Utilities Ireland (Republic) Benelux US$201.7bn US$61.1bn Value: US$144.3bn 118 deals 531 deals Number of deals: 359 18.4% 5.6% Market share: 13.1%
Germany US$78.8bn Industrials & Chemicals 737 deals Value: US$110.8bn France 7.2% US$78.1bn Number of deals: 1,246 744 deals Market share: 10.1% 7.1% Key Financial Services Value Value % Up/Down Region (US$bn) change Value: US$92.6bn Iberia Italy Value Number of deals: 414 Domestic $586.8 20.9% US$43.5bn US$68.5bn Volume Value market share Market share: 8.4% Inbound $512.2 180.3% 428 deals 432 deals 4% 6.2% Outbound $269.0 102.8%
31 GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$183.7bn US$120.3bn US$81.2bn US$19.0bn US$18.2bn
Announced Announced Announced Announced Announced 23-Nov-15 11-Nov-15 08-Apr-15 05-Feb-15 02-Nov-15 Bidder company Bidder company Bidder company Bidder company Bidder company Pfizer Inc Anheuser-Busch InBev NV Royal Dutch Shell Plc BT Group Plc Visa Inc Target company Target company Target company Target company Target company Allergan plc SABMiller Plc BG Group Plc EE Limited Visa Europe Ltd Dominant sector Dominant sector Dominant sector Seller company Seller company Pharma, Medical & Biotech Consumer Energy, Mining & Utilities Orange SA; and Deutsche Telekom AG HSBC; Lloyds Banking Group Plc; Barclays Sell-side Financial Adviser Sell-side Financial Adviser Sell-side Financial Adviser Dominant sector Plc; Royal Bank of Scotland Group Plc; JPMorgan; Morgan Stanley Credit Suisse; Goldman Sachs; JPMorgan Goldman Sachs; Robey Warshaw; and Telecommunications Worldpay Limited; and PKO BP SA Sell-side Legal Adviser Cazenove; Morgan Stanley; Perella Weinberg Rothschild Sell-side Financial Adviser Dominant sector Arthur Cox; Cleary Gottlieb Steen & Partners; and Robey Warshaw Sell-side Legal Adviser Bank of America Merrill Lynch; Barclays; Citi; Financial Services Hamilton; Latham & Watkins; Stikeman Sell-side Legal Adviser Freshfields Bruckhaus Deringer; King & and Morgan Stanley Sell-side Financial Adviser Elliott; and Weil Gotshal & Manges (Advising Bowman Gilfillan Africa Group; Cleary Wood Mallesons; and Mattos Filho, Veiga Sell-side Legal Adviser Morgan Stanley; and UBS Investment Bank FA: Cravath, Swaine & Moore; and Willkie Gottlieb Steen & Hamilton; Herbert Smith Filho, Marrey Jr. e Quiroga Advogados Clifford Chance; and Norton Rose Fulbright Sell-side Legal Adviser Farr & Gallagher) Freehills; Hogan Lovells International; Buy-side Financial Adviser (Advising FA: Cleary Gottlieb Steen Freshfields Bruckhaus Deringer; Linklaters; Buy-side Financial Adviser Linklaters; Loyens & Loeff; Macfarlanes; Bank of America Merrill Lynch; and Lazard & Hamilton) and Allen & Overy Centerview Partners; Goldman Sachs; McDermott Will & Emery; Simpson Thacher & Bartlett; and Wachtell, Lipton, Rosen & Katz Buy-side Legal Adviser Buy-side Financial Adviser Buy-side Financial Adviser Guggenheim Partners; and Moelis & Allens; Cravath, Swaine & Moore; De Goldman Sachs; JPMorgan Cazenove; and Goldman Sachs; and JPMorgan Company Buy-side Financial Adviser Brauw Blackstone Westbroek; Pinheiro Perella Weinberg Partners Bank of America Merrill Lynch; Barclays; Buy-side Legal Adviser Buy-side Legal Adviser Neto Advogados; Slaughter and May; and Buy-side Legal Adviser Macfarlanes; Milbank Tweed Hadley & A&L Goodbody; Clifford Chance; Davies BNP Paribas; Deutsche Bank; Lazard; and Souza, Cescon, Barrieu & Flesch Advogados Standard Bank Group Freshfields Bruckhaus Deringer McCloy; Skadden Arps Slate Meagher & Ward Phillips & Vineberg; Morgan (Advising FA: Allen & Overy; and Ashurst) Flom; and Wachtell, Lipton, Rosen & Katz Lewis & Bockius; Skadden Arps Slate Buy-side Legal Adviser (Advising FA: Sullivan & Cromwell) Meagher & Flom; Wachtell, Lipton, Clifford Chance; Cravath, Swaine & Moore; Rosen & Katz; and White & Case Freshfields Bruckhaus Deringer; Stibbe; (Advising FA: Debevoise & Plimpton) Sullivan & Cromwell; and Webber Wentzel (Advising FA: Allen & Overy; and Davis Polk & Wardwell)
32 GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$15.6bn US$15.3bn US$15.1bn US$11.9bn US$11.9bn
Announced Announced Announced Announced Announced 15-Apr-15 24-Mar-15 14-Oct-15 24-Jun-15 06-Aug-15 Bidder company Bidder company Bidder company Bidder company Bidder company Nokia Oyj Hutchison Whampoa Limited Vonovia SE Royal Ahold NV Hutchison 3G Italy Investments Sarl Target company Target company Target company Target company Target company Alcatel-Lucent SA Telefonica UK Limited Deutsche Wohnen AG Delhaize Group SA Wind Telecomunicazioni SpA; and 3 Italia Spa Dominant sector Seller company Dominant sector Dominant sector Seller company Technology Telefonica SA Real Estate Consumer VimpelCom Ltd; and CK Hutchison Holdings Sell-side Financial Adviser Dominant sector Sell-side Financial Adviser Sell-side Financial Adviser Dominant sector Bank of America Merrill Lynch; Credit Telecommunications Citi; Deutsche Bank; Goldman Sachs; Perella Bank of America Merrill Lynch; Deutsche Telecommunications Agricole ; Credit Suisse; Goldman Sachs; Sell-side Financial Adviser Weinberg Partners; and UBS Investment Bank Bank; and Lazard Sell-side Financial Adviser Morgan Stanley; and Zaoui & Co UBS Investment Bank Sell-side Legal Adviser Sell-side Legal Adviser Goldman Sachs; HSBC; and Morgan Stanley Sell-side Legal Adviser Sell-side Legal Adviser Sullivan & Cromwell (Advising FA: Milbank Cravath, Swaine & Moore; and Linklaters Sell-side Legal Adviser Dittmar & Indrenius; Latham & Watkins; Herbert Smith Freehills Tweed Hadley & McCloy) (Advising FA: Fried Frank Harris Shriver & Allen & Overy; and Freshfields Bruckhaus Stikeman Elliott; and Sullivan & Cromwell Buy-side Financial Adviser Jacobson; and Ropes & Gray) Deringer (Advising FA: Wachtell, Lipton, Rosen & Katz) Buy-side Financial Adviser HSBC; and Moelis & Company Bank of America Merrill Lynch; Credit Suisse; Buy-side Financial Adviser Buy-side Financial Adviser JPMorgan; and Morgan Stanley Goldman Sachs; and JPMorgan Buy-side Legal Adviser Citi; Deutsche Bank; JPMorgan; and Buy-side Legal Adviser Buy-side Legal Adviser Societe Generale Baker & McKenzie; Freshfields Bruckhaus Deringer; and Linklaters Freshfields Bruckhaus Deringer; and Herbert Allen & Overy; and Simpson Thacher & Buy-side Legal Adviser Smith Freehills (Advising FA: Clifford Chance) Bartlett (Advising FA: Latham & Watkins; and Egorov, Puginsky, Afanasiev & Partners; Sullivan & Cromwell) Fangda Partners; Roschier; and Skadden Arps Slate Meagher & Flom
33 GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL LEAGUE TABLES
TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Goldman Sachs 719,915 143 475,475 51.4% 1 1 PwC 20,641 262 266 -4 2 2 JPMorgan 665,210 133 382,506 73.9% 2 3 Rothschild 226,239 242 220 22 3 3 Morgan Stanley 598,301 124 358,611 66.8% 3 2 KPMG 15,030 205 242 -37 4 4 Bank of America Merrill Lynch 434,963 96 327,275 32.9% 4 4 EY 14,878 196 217 -21 5 6 Lazard 330,289 131 279,094 18.3% 5 5 Deloitte 30,206 175 197 -22 6 5 Deutsche Bank 305,385 87 280,286 9% 6 7 Goldman Sachs 719,915 143 142 1 7 11 Barclays 299,491 83 168,020 78.2% 7 8 JPMorgan 665,210 133 129 4 8 35 Guggenheim Partners 231,532 6 17,666 1,210.6% 8 6 Lazard 330,289 131 149 -18 9 9 Rothschild 226,239 242 202,626 11.7% 9 9 Morgan Stanley 598,301 124 123 1 10 68 Moelis & Company 215,802 25 6,426 3,258.3% 10 13 Citi 170,440 101 98 3 11 48 Robey Warshaw 202,038 3 11,416 1,669.8% 11 12 Bank of America Merrill Lynch 434,963 96 99 -3 12 18 Centerview Partners 199,840 9 74,711 167.5% 12 17 M&A International 1,473 94 83 11 13 10 BNP Paribas 198,821 68 169,944 17.0% 13 11 Deutsche Bank 305,385 87 109 -22 14 8 Credit Suisse 177,169 67 247,943 -28.5% 14 14 Barclays 299,491 83 94 -11 15 7 Citi 170,440 101 255,523 -33.3% 15 10 BDO 1,521 80 111 -31 16 13 UBS Investment Bank 126,839 68 131,173 -3.3% 16 19 Lincoln International 3,265 69 65 4 17 142 Standard Bank Group 125,507 7 1,128 11,026.5% 17 15 BNP Paribas 198,821 68 87 -19 18 12 Perella Weinberg Partners 82,906 12 134,986 -38.6% 18 18 UBS Investment Bank 126,839 68 75 -7 19 16 HSBC 70,584 39 80,771 -12.6% 19 16 Credit Suisse 177,169 67 83 -16 20 21 Greenhill & Co 60,969 20 37,516 62.5% 20 20 UniCredit Group 21,883 63 56 7
34 GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL LEAGUE TABLES
TOP 20 EUROPE LEGAL ADVISERS TOP 20 EUROPE LEGAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 23 Cravath, Swaine & Moore 503,086 28 108,184 365.0% 1 1 DLA Piper 27,579 243 283 -40 2 2 Cleary Gottlieb Steen & Hamilton 458,364 55 314,331 45.8% 2 4 CMS 22,215 227 217 10 3 1 Freshfields Bruckhaus Deringer 445,330 165 355,729 25.2% 3 6 Allen & Overy 217,100 223 202 21 4 9 Clifford Chance 444,875 198 200,149 122.3% 4 2 Linklaters 289,172 205 237 -32 5 3 Skadden Arps Slate Meagher & Flom 395,484 92 275,030 43.8% 5 3 Clifford Chance 444,875 198 235 -37 6 8 Wachtell, Lipton, Rosen & Katz 348,759 24 210,810 65% 6 7 Baker & McKenzie 53,487 180 197 -17 7 5 Latham & Watkins 345,779 134 235,172 47.0% 7 8 White & Case 300,294 166 180 -14 8 4 Sullivan & Cromwell 342,189 48 249,406 37.2% 8 5 Freshfields Bruckhaus Deringer 445,330 165 207 -42 9 27 White & Case 300,294 166 92,001 226.4% 9 10 Jones Day 41,815 140 149 -9 10 11 Weil Gotshal & Manges 299,867 102 156,470 91.6% 10 9 Latham & Watkins 345,779 134 176 -42 11 14 Stikeman Elliott 297,501 35 147,402 101.8% 11 11 Hogan Lovells International 148,378 119 122 -3 12 6 Linklaters 289,172 205 225,711 28.1% 12 14 Eversheds 11,699 108 95 13 13 35 Debevoise & Plimpton 277,557 28 62,048 347.3% 13 13 Weil Gotshal & Manges 299,867 102 102 0 14 12 Davis Polk & Wardwell 254,742 44 155,073 64.3% 14 17 Skadden Arps Slate Meagher & Flom 395,484 92 83 9 15 30 A&L Goodbody 251,284 43 73,431 242.2% 15 12 King & Wood Mallesons 95,495 91 108 -17 16 15 Arthur Cox 242,428 37 143,688 68.7% 16 23 Squire Patton Boggs 3,222 86 81 5 17 19 Davies Ward Phillips & Vineberg 233,317 7 124,217 87.8% 17 28 Ashurst 106,569 82 68 14 18 10 Allen & Overy 217,100 223 182,372 19.0% 18 15 Herbert Smith Freehills 92,259 77 91 -14 19 67 Morgan Lewis & Bockius 208,028 33 26,915 672.9% 19 24 Loyens & Loeff 52,917 77 80 -3 20 68 De Brauw Blackstone Westbroek 206,246 60 25,951 694.8% 20 22 Cuatrecasas, Goncalves Pereira 8,308 76 81 -5
35 GLOBAL NORTH C&S EUROPE MIDDLE EAST ASIA- LEAGUE ABOUT CONTACT JAPAN OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL MIDDLE EAST & AFRICA
QUARTERLY EDITION MIDDLE EAST & AFRICA
The Middle East and Africa finished the year 20.9% behind 2014’s total M&A value, with 79 deals Key Stats announced in Q4 marking the lowest quarterly volume since Q3 2010 (65). The decline in targeted activity can largely be attributed to a decline in domestic M&A, which dropped 28.3% by value, with 35 fewer deals. Outbound activity, on the other hand, enjoyed a strong year, with a mammoth 142 428 deals valued at US$47.3bn, down 20.9% by value with 45 fewer deals worth US$75.4bn announced overtaking all annual deal values on record. deals compared to 473 deals worth US$59.8bn in 2014
Pharma, Medical & Biotech replaced Energy, in value compared to 2014 (62 deals, rate movements are pushing South African Mining & Utilities (EMU) as the top performing US$11.1bn), highlighting constancy in the companies to favour overseas acquisitions in Top sector sector by value due to the US$11.4bn sector despite the oil prices plummeting place of domestic, which fell to US$3.2bn in Pharma, Medical & acquisition of South Africa-based Medic- during 2015. The fall in oil prices hit 2015, down 74.7% by value compared to 2014 Biotech saw 27 deals worth Clinic by UAE-based Al Noor announced in companies hard financially during 2015, (95 deals, US$12.6bn), and its lowest annual US$14.6bn, up 2,469.8% by October, pushing annual deal value up to resulting in a decreased appetite for costly deal value since 2002 (US$1.0bn). value compared to 28 deals US$14.6bn (27 deals), its highest annual deal acquisitions. With the potential recovery of oil worth US$568.0bn in 2014 count on record. This flagship deal heavily prices in 2016, this is a trend to watch as the Deal activity targeting the Middle East influenced deal value targeting the Middle sector could experience a rebound in activity. decreased 11.7% by value annually to East and Africa in 2015. Without taking this US$20.2bn, down from 186 deals worth Top Financial Adviser deal into account, US$35.9bn-worth of deals South Africa’s appetite for overseas assets US$22.9bn recorded during 2014. Despite JP Morgan ranked first would mark lowest annual deal value since was a key trend seen in 2015, with the this trend, Mergermarket intelligence with 13 deals worth 2009 (US$32.9bn, 301 deals), reflecting a poor regional powerhouse investing in 24 deals predicts a pick-up in activity during 2016, US$55.3bn compared performing year for M&A targeting the region. worth US$8.8bn in outbound deals during as a growing population, combined with to 11 deals worth the year, an 188.8% increase by value increasingly westernised consumer habits, US$13.3bn in 2014 The Energy, Mining & Utilities sector compared to 2014 (25 deals, US$4.0bn), are putting pressure on the demand for continued its trend of being the backbone overtaking all annual deal values on record. goods and services in the food and healthcare of regional activity, with 61 deals worth Slow economic growth, a decreased demand sectors, particularly within growing markets Top Legal Adviser US$11.6bn representing a 4.5% increase for exports and unfavourable exchange such as the UAE. Latham & Watkins ranked first with 9 deals worth US$46.8bn
37 MIDDLE EAST GLOBAL NORTH C&S ASIA- LEAGUE ABOUT CONTACT EUROPE & AFRICA JAPAN OVERVIEW AMERICA AMERICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
MIDDLE EAST & AFRICA M&A TREND MIDDLE EAST & AFRICA PRIVATE EQUITY TREND
70 500 12 70
60 60 10 US$ 400 15.4bn
50 50 US$ US$ 12.8bn 24.3bn 8 US$ US$ US$ 300 Number of deals 20.7bn Number of deals 40 7.3bn 13.6bn 40 US$ US$ 8.2bn 19.1bn 6 US$ US$ 11.8bn US$ Value (US$bn) Value
Value (US$bn) Value 11.5bn 30 US$ 9.1bn 30 8.0bn US$ 200 10.5bn US$ US$ US$ 8.9bn 4 6.6bn 21.6bn 20 US$ 20 US$ 7.1bn US$ 19.3bn US$ US$ 13.5bn 100 US$ US$ 10.3bn 5.0bn US$ 4.8bn 25.4bn 2 US$ US$ 10 US$ 4.1bn US$ 10 19.8bn 3.9bn 3.7bn US$ 3.4bn US$ US$ US$ 2.4bn US$ US$ 12.3bn US$ 2.0bn US$ 1.9bn 9.0bn 8.8bn 7.2bn 1.5bn 0 0 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
38 MIDDLE EAST GLOBAL NORTH C&S ASIA- LEAGUE ABOUT CONTACT EUROPE & AFRICA JAPAN OVERVIEW AMERICA AMERICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF MIDDLE EAST & AFRICA TOTAL M&A VALUE MIDDLE EAST & AFRICA M&A SECTOR BREAKDOWN 2015
Pharma, Medical & Biotech Value: US$14.6bn
Israel Number of deals: 27 US$37.8bn Market share: 30.8% 44 deals 17.7% Egypt US$1.9bn Energy, Mining & Utilities 20 deals 4.1% Value: US$11.6bn Number of deals: 61 Market share: 24.6%
Nigeria United Arab Emirates US$3.2bn US$53.5bn 23 deals 327 deals Industrials & Chemicals 6.7% 21.1% Value: US$4.8bn Number of deals: 59 Market share: 10.1%
Technology Value: US$3.8bn Angola Number of deals: 51 US$1.9bn Market share: 8.0% 3 deals 4.0% Key Financial Services Value Value % Up/Down Region Value: US$2.8bn (US$bn) change South Africa Value Number of deals: 54 Domestic $30.1 28.3% US$16.4bn Volume 144 deals Value market share Market share: 5.9% Inbound $17.1 3.7% 34.7% Outbound $75.4 136.2%
39 MIDDLE EAST GLOBAL NORTH C&S ASIA- LEAGUE ABOUT CONTACT EUROPE & AFRICA JAPAN OVERVIEW AMERICA AMERICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$11.4bn US$3.2bn US$2.8bn US$1.8bn US$1.5bn
Announced Announced Announced Announced Announced 14-Oct-15 23-Dec-15 15-Jun-15 24-Aug-15 16-Feb-15 Bidder company Bidder company Bidder company Bidder company Bidder company Al Noor Hospitals Plc EQUATE Petrochemical Company KSC Emirates National Oil Company Limited Sonangol EP Cobalt International Energy Inc Target company Target company Target company Target company Target company Medi-Clinic Corporation Ltd MEGlobal International FZE Dragon Oil Plc (46.1% stake) Cobalt International Energy, Inc (Angola block Orascom Construction Limited Dominant sector Seller company Dominant sector 21/09) (40% stake); and Cobalt International Seller company Pharma, Medical & Biotech The Dow Chemical Company; and Energy, Mining & Utilities Energy, Inc (Angola block 20/11) (40% stake) OCI NV Sell-side Financial Adviser Petrochemical Industries Company KSC Sell-side Financial Adviser Seller company Dominant sector Morgan Stanley; Rand Merchant Bank Dominant sector Davy Corporate Finance; and Nomura Cobalt International Energy Inc Construction Sell-side Legal Adviser Industrials & Chemicals Holdings, Inc Dominant sector Sell-side Financial Adviser Cliffe Dekker Hofmeyr; Cravath, Swaine & Sell-side Financial Adviser Sell-side Legal Adviser Energy, Mining & Utilities Bank of America Merrill Lynch; Barclays; Moore; ENSafrica; and Slaughter and May HSBC Allen & Overy; and Mason Hayes Sell-side Legal Adviser EFG-Hermes Holding SAE; HSBC; Rabobank (Advising seller: Herbert Smith Freehills) Sell-side Legal Adviser & Curran Baker Botts NV; and Rothschild Buy-side Financial Adviser Shearman & Sterling Buy-side Financial Adviser Buy-side Legal Adviser Sell-side Legal Adviser Goldman Sachs; Jefferies; and Rothschild Barclays Norton Rose Fulbright Allen & Overy; and Zaki Hashem & Partners Buy-side Legal Adviser Buy-side Legal Adviser (Advising seller: Zulficar & Partners; and Linklaters; Webber Wentzel; and Ashurst Arthur Cox; and Freshfields Bruckhaus Latham & Watkins) Deringer
40 MIDDLE EAST GLOBAL NORTH C&S ASIA- LEAGUE ABOUT CONTACT EUROPE & AFRICA JAPAN OVERVIEW AMERICA AMERICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$1.1bn US$1.0bn US$800m US$700m US$700m
Announced Announced Announced Announced Announced 27-Apr-15 28-Jul-15 17-Jul-15 20-Mar-15 20-Mar-15 Bidder company Bidder company Bidder company Bidder company Bidder company Inpex Corporation Bright Dairy & Food Co Ltd Valeant Pharmaceuticals International Inc Sun International (South Africa) Limited Eroton Exploration & Production Company Target company Target company Target company Target company Limited ADCO Onshore Concession (5% stake) Tnuva Food Industries Ltd (76.73% stake) Amoun Pharmaceuticals Industries Co SAE Peermont Global Limited Target company Seller company Seller company Seller company Seller company Royal Dutch Shell (oil mining lease 18) Abu Dhabi National Oil Company Bright Food (Group) Co Ltd Citi Venture Capital International; Capital Mineworkers Investment Company (Pty) Ltd; (30% stake) Dominant sector Dominant sector International Private Equity Fund IV; and and Peermont Global Limited (creditors) Seller company Energy, Mining & Utilities Consumer Concord International Investment Group LP Dominant sector The Shell Petroleum Development Company of Nigeria Limited Sell-side Legal Adviser Buy-side Financial Adviser Dominant sector Leisure Shearman & Sterling BNP Paribas SA Pharma, Medical & Biotech Sell-side Financial Adviser Dominant sector Energy, Mining & Utilities Buy-side Legal Adviser Sell-side Financial Adviser Rand Merchant Bank Grandall Law Firm Goldman Sachs Sell-side Legal Adviser Sell-side Legal Adviser Bowman Gilfillan Africa Group; Kirkland Sarie-Eldin & Partners; and Baker & Ellis; Read Hope Phillips; and Webber & McKenzie Wentzel Buy-side Legal Adviser Buy-side Financial Adviser Matouk Bassiouny; and Skadden Arps Slate Investec Meagher & Flom Buy-side Legal Adviser Cliffe Dekker Hofmeyr (Advising seller: Glyn Marais Inc)
41 MIDDLE EAST GLOBAL NORTH C&S ASIA- LEAGUE ABOUT CONTACT EUROPE & AFRICA JAPAN OVERVIEW AMERICA AMERICA PACIFIC TABLES MERRILL MERRILL LEAGUE TABLES
TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 14JPMorgan 55,311 13 13,333 314.8% 15Standard Bank Group 5,704 20 15 5 22Barclays 46,811 10 18,769 149.4% 2 17 Morgan Stanley 24,749 16 8 8 3 76 Greenhill & Co 40,500 1 202 19,949.5% 38Rothschild 19,146 16 13 3 4 11 Goldman Sachs 26,684 13 7,024 279.9% 41EY 3,580 16 24 -8 58Morgan Stanley 24,749 16 10,214 142.3% 57PwC 3,619 15 15 0 67Rothschild 19,146 16 11,741 63.1% 62Rand Merchant Bank 17,143 14 20 -6 79Rand Merchant Bank 17,143 14 8,857 93.6% 74Investec 1,756 14 19 -5 8 43 Jefferies 12,683 7 621 1,942.4% 8 13 JPMorgan 55,311 13 11 2 9 13 Bank of America Merrill Lynch 9,322 10 5,676 64.2% 9 11 Goldman Sachs 26,684 13 12 1 10 3 Deutsche Bank 8,833 9 14,781 -40.2% 10 9 Citi 6,671 13 12 1 11 6 HSBC 6,866 12 12,095 -43.2% 11 14 HSBC 6,866 12 10 2 12 1 Citi 6,671 13 21,652 -69.2% 12 3 Barclays 46,811 10 19 -9 13 39 Nomura Holdings 6,039 3 763 691.5% 13 12 Bank of America Merrill Lynch 9,322 10 12 -2 14 16 Standard Bank Group 5,704 20 3,996 42.7% 14 15 Deutsche Bank 8,833 9 9 0 15 - Jamieson Corporate Finance 4,003 2 - - 15 10 KPMG 842 9 12 -3 16 40 PwC 3,619 15 761 375.6% 16 26 Jefferies 12,683 7 5 2 17 14 EY 3,580 16 5,328 -32.8% 17 32 Lazard 1,371 7 3 4 18 - Altium Capital 3,241 2 - - 18 25 Standard Chartered 833 6 5 1 19 59 QNB Capital 2,992 1 283 957.2% 19 20 BNP Paribas 1,829 5 7 -2 20 - Zaoui & Co 2,900 1 - - 20 21 Credit Suisse 1,628 5 6 -1
42 MIDDLE EAST GLOBAL NORTH C&S ASIA- LEAGUE ABOUT CONTACT EUROPE & AFRICA JAPAN OVERVIEW AMERICA AMERICA PACIFIC TABLES MERRILL MERRILL LEAGUE TABLES
TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 21 Latham & Watkins 46,828 9 3,274 1,330.3% 11Webber Wentzel 14,857 50 43 7 2 74 Sullivan & Cromwell 43,492 2 505 8,512.3% 22Cliffe Dekker Hofmeyr 18,816 36 40 -4 3 47 Kirkland & Ellis 41,902 5 1,150 3,543.7% 36Bowman Gilfillan Africa Group 1,958 33 29 4 4 123 Cleary Gottlieb Steen & Hamilton 41,795 5 185 22,491.9% 45ENSafrica 14,647 32 37 -5 5 105 Weil Gotshal & Manges 41,528 4 278 14,838.1% 54Allen & Overy 9,044 28 37 -9 6 128 Stikeman Elliott 41,050 5 181 22,579.6% 63Clifford Chance 6,911 24 39 -15 7 29 Debevoise & Plimpton 40,700 2 2,181 1,766.1% 78Norton Rose Fulbright 3,550 23 26 -3 8-Davies Ward Phillips & Vineberg 40,536 2 - - 8 12 White & Case 8,808 19 15 4 9 178 De Brauw Blackstone Westbroek 40,500 2 58 69,727.6% 9 14 Baker & McKenzie 3,710 18 14 4 10 86 Tulchinsky Stern & Company 40,500 1 370 10,845.9% 10 17 Meitar Liquornik Geva Leshem Tal & Co 2,013 18 12 6 11 1 Linklaters 20,316 15 20,011 1.5% 11 7 Freshfields Bruckhaus Deringer 14,110 17 26 -9 12 7 Cliffe Dekker Hofmeyr 18,816 36 9,516 97.7% 12 9 DLA Piper 1,841 17 24 -7 13 63 Cravath, Swaine & Moore 16,591 4 687 2,315.0% 13 13 Herzog, Fox and Neeman 1,663 16 15 1 14 12 Webber Wentzel 14,857 50 7,730 92.2% 14 28 Naschitz Brandes Amir & Co 1,405 16 7 9 15 14 ENSafrica 14,647 32 7,204 103.3% 15 10 Linklaters 20,316 15 20 -5 16 4 Freshfields Bruckhaus Deringer 14,110 17 13,006 8.5% 16 18 Yigal Arnon & Co 1,187 15 11 4 17 10 Slaughter and May 13,957 8 8,197 70.3% 17 36 Skadden Arps Slate Meagher & Flom 7,687 12 5 7 18 217 Ashurst 12,651 4 18 70,183.3% 18 15 Werksmans 450 12 13 -1 19 5 Herbert Smith Freehills 12,010 10 12,139 -1.1% 19 21 Hogan Lovells International 1,569 11 10 1 20 3 Allen & Overy 9,044 28 13,285 -31.9% 20 19 Herbert Smith Freehills 12,010 10 10 0
43 MIDDLE EAST GLOBAL NORTH C&S ASIA- LEAGUE ABOUT CONTACT EUROPE & AFRICA JAPAN OVERVIEW AMERICA AMERICA PACIFIC TABLES MERRILL MERRILL ASIA-PACIFIC (excluding Japan)
QUARTERLY EDITION ASIA-PACIFIC (excluding Japan)
2015 was a dramatic, record-breaking year for M&A activities targeting Asia-Pacific (excl. Japan). Key Stats It announced 3,797 deals worth US$927.8bn, the highest value on Mergermarket record, representing a 43.3% increase by deal value compared to last year (US$645.5bn). Meanwhile, the total number of deals also hit a historical high this year with 420 more deals than 2014 (3,377 deals). 3,797 deals valued at US$927.8bn, up 43.7% by value with 420 more deals compared to 3,377 deals worth US$645.5bn in 2014 Deals valued above US$5bn have Both outbound and inbound activities in Asia- were all targeting Australian infrastructure dominated the M&A landscape in 2015 Pacific (excl. Japan) reached a historical high assets. High confidence in the Australian with a total sum of US$301.8bn (27 deals) in 2015 with 492 outbound deals announced market will keep bolstering the performance Top sector in 2015, compared to US$195.4bn (14 totaling US$154.5bn, up 68.8% from last year of the entire region. Energy, Mining & Utilities deals) in 2014. The average deal size in (US$91.5bn). China was the main contributor saw 337 deals worth 2015 was US$281.3m, a 25.7% increase which coincided with its encouraging policies The total value from January to October of US$142.6bn, up 50.6% by Year-on-Year (YoY). of outbound investment. The acquisition done 2015 (US$706.2bn) has already surpassed the value compared to 374 deals by China targeting non-Asian companies annual value of 2014. This strong momentum worth US$94.6bn in 2014 Despite the commodity crisis, investors (US$55.6bn) was up 45.3% YoY, accounting for is expected to carry forward to 2016, where looked to deals as low commodity prices hit 36% of the total outbound value of the region. more acquisition of distressed assets and balance sheets. Energy, Mining & Utilities merge-to-survive transactions particularly in, Top Financial Adviser (EMU) of Asia-Pacific (excl. Japan) saw Inbound activities posted a YoY increase of but not limited to, the EMU sector along with Goldman Sachs ranked an uptick of deal value which 100 deals 20.1% from last year to US$105.4bn with the continuation of commodity crisis. Chinese first with 74 deals worth announced in Q4 2015 totaling US$59.4bn, 575 deals. Australia played a dominant investors are believed to be focusing more on US$191.0bn compared becoming the historical valued-high on role which accounted for 37.6% of the outbound investment due to the weakened to 73 deals worth Mergermarket record. EMU then dominated total inbound investment into Asia-Pacific RMB and rigorous economy. US$90.0bn in 2014 the region with 337 deals worth US$142.6bn, as a result of privatization push by local representing a 50.6% increase compared government and depreciated Australian to 2014 (US$94.6bn). It was followed by Dollar. In 2015, Australia attracted 135 deals Top Legal Adviser Financial Services with 294 deals worth from countries outside the region amounting Freshfields Bruckhaus US$106.8bn in total and Industrials and to US$39.6bn, over 1 times increment of Deringer ranked first Chemicals with 800 deals worth US$104.3bn value from last year (US$19.6bn). In addition, with 59 deals worth in total. the top three Asian inbound transactions US$202.6bn compared to 42 deals worth US$92.5bn in 2014
45 ASIA- GLOBAL NORTH C&S MIDDLE EAST LEAGUE ABOUT CONTACT EUROPE PACIFIC JAPAN OVERVIEW AMERICA AMERICA & AFRICA TABLES MERRILL MERRILL TREND GRAPHS
ASIA-PACIFIC M&A TREND ASIA-PACIFIC PRIVATE EQUITY TREND
1,000 4,000 90 400
900 80 3,500 350
800 US$ 70 302.1bn 3,000 300 700 60
2,500 Number of deals 600 Number of deals 250 US$ US$ 50 218.2bn 177.7bn 500 2,000 US$ 86.2bn 40 Value (US$bn) Value Value (US$bn) Value 200 400 US$ US$ US$ 1,500 67.0bn 140.3bn US$ US$ 116.5bn US$ 30 US$ 85.2bn 300 73.1bn 249.9bn 131.3bn US$ 150 US$ US$ 51.1bn US$ 1,000 US$ 116.9bn US$ 43.1bn 115.9bn US$ 20 US$ 200 US$ 105.0bn 42.7bn 169.9bn 35.8bn 92.8bn US$ US$ US$ US$ US$ US$ US$ 31.1bn 29.4bn 29.9bn 100 US$ 28.1bn US$ 79.4bn 81.2bn 107.8bn US$ 500 10 US$ 100 20.9bn 72.1bn 198.1bn 18.8bn US$ US$ US$ US$ US$ 117.0bn 66.7bn 87.5bn 82.7bn 69.1bn 0 0 0 50 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
46 ASIA- GLOBAL NORTH C&S MIDDLE EAST LEAGUE ABOUT CONTACT EUROPE PACIFIC JAPAN OVERVIEW AMERICA AMERICA & AFRICA TABLES MERRILL MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF ASIA-PACIFIC TOTAL M&A VALUE ASIA-PACIFIC M&A SECTOR BREAKDOWN 2015
Energy, Mining & Utilities Value: US$142.6bn Number of deals: 337 Market share: 15.4% South Korea US$87.5bn 363 deals 9.4% Financial Services Value: US$106.8bn Number of deals: 294
China Market share: 11.5% US$491.4bn 1,787 deals 53.0% Industrials & Chemicals
Taiwan Value: US$104.3bn US$13.4bn Number of deals: 800 60 deals India Market share: 11.2% 1.4% Hong Kong US$35.8bn US$140.8bn 405 deals 199 deals 3.9% 15.2% Consumer Singapore Value: US$96.4bn US$21.8bn Number of deals: 344 102 deals 2.4% Market share: 10.4% Key Australia US$100.4bn Technology Value Value % 468 deals Up/Down Value: US$95.3bn (US$bn) change 10.8% Region Number of deals: 595 Domestic $822.4 47.5% Value Market share: 10.3% Inbound $105.4 20.1% Volume Value market share Outbound $154.5 68.8%
47 ASIA- GLOBAL NORTH C&S MIDDLE EAST LEAGUE ABOUT CONTACT EUROPE PACIFIC JAPAN OVERVIEW AMERICA AMERICA & AFRICA TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$40.3bn US$34.9bn US$33.7bn US$24.4bn US$12.5bn
Announced Announced Announced Announced Announced 09-Jan-15 08-May-15 14-Oct-15 20-Apr-15 07-Nov-15 Bidder company Bidder company Bidder company Bidder company Bidder company Cheung Kong (Holdings) Limited CK Hutchison Holdings Limited China Tower Corporation Limited SK C&C Co Ltd China Yangtze Power Co Ltd Target company (shareholders) Target company Target company Target company Hutchison Whampoa Limited (50.03% stake) Target company China Mobile, China Telecom, China Unicom SK Holdings Co Ltd (68.18% stake) Sanxia Jinshajiang Chuanyun Hydroelectric Dominant sector Cheung Kong Property Holdings Limited (wireless tower assets) Dominant sector Power Co Ltd Consumer Seller company Seller company Energy, Mining & Utilities Seller company Sell-side Financial Adviser Cheung Kong (Holdings) Limited China Telecom Corporation Limited; China Buy-side Financial Adviser China Three Gorges Corporation; Sichuan Goldman Sachs; and Somerley Dominant sector Mobile Limited; and China Unicom (Hong Citi; Credit Suisse; Deutsche Bank; Goldman Energy Investment Group Co Ltd; and Yunan Kong) Limited Energy Investment Group Co Ltd Sell-side Legal Adviser Real Estate Sachs; Morgan Stanley; NH Investment & Commerce and Finance Law Offices; Sell-side Financial Adviser Dominant sector Securities; and PwC Dominant sector Freshfields Bruckhaus Deringer; Guantao HSBC; and The Anglo Chinese Group Telecommunications Buy-side Legal Adviser Energy, Mining & Utilities Law Firm; and Stikeman Elliott Sell-side Legal Adviser Sell-side Financial Adviser Bae Kim & Lee; Kim & Chang Buy-side Financial Adviser Buy-side Financial Adviser Freshfields Bruckhaus Deringer; Skadden China Securities; Morgan Stanley; and UBS CITIC Securities; and Huatai United HSBC; and The Anglo Chinese Group Arps Slate Meagher & Flom; Woo Kwan Sell-side Legal Adviser Securities Buy-side Legal Adviser Lee & Lo; Commerce and Finance Law AnJie Law Firm; Freshfields Bruckhaus Buy-side Legal Adviser Skadden Arps Slate Meagher & Flom; and Offices; and Guantao Law Firm (Advising FA: Deringer; Haiwen & Partners; Sullivan & Dacheng Law Offices Woo Kwan Lee & Lo (Advising FA: Linklaters) Linklaters) Cromwell; and Zhong Lun Law Firm Buy-side Financial Adviser China International Capital Corporation Buy-side Legal Adviser Commerce and Finance Law Offices
48 ASIA- GLOBAL NORTH C&S MIDDLE EAST LEAGUE ABOUT CONTACT EUROPE PACIFIC JAPAN OVERVIEW AMERICA AMERICA & AFRICA TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$11.3bn US$11.3bn US$9.6bn US$9.4bn US$8.8bn
Announced Announced Announced Announced Announced 17-Mar-15 26-May-15 24-Dec-15 17-Aug-15 18-Dec-15 Bidder company Bidder company Bidder company Bidder company Bidder company BHP Billiton Ltd (shareholders) Cheil Industries Inc (formerly known as PetroChina Pipelines Co Ltd Brookfield Infrastructure Partners LP China Cinda Asset Management Co Ltd Target company Samsung Everland Inc) Target company Target company Target company South32 Target company PetroChina United Pipelines Company Asciano Limited Nanyang Commercial Bank Seller company Samsung C&T Corporation Limited (50% stake) Dominant sector Seller company BHP Billiton Ltd Seller company Seller company Transportation BOC Hong Kong (Holdings) Limited Dominant sector Company name Taikang Asset Management Company; and Sell-side Financial Adviser Dominant sector Energy, Mining & Utilities Dominant sector Beijing Guolian Energy Industry Investment Goldman Sachs; Grant Samuel; and Gresham Financial Services Fund Sell-side Financial Adviser Other Advisory Partners Sell-side Financial Adviser Goldman Sachs; Grant Samuel; Gresham Sell-side Financial Adviser Dominant sector Sell-side Legal Adviser Bank of China International Holdings; and Advisory Partners; Investec; Simon Robertson Credit Suisse; and Goldman Sachs Energy, Mining & Utilities King & Wood Mallesons; and Osler, Hoskin Goldman Sachs Associates; and UBS Sell-side Legal Adviser Buy-side Financial Adviser & Harcourt Buy-side Financial Adviser Sell-side Legal Adviser Herbert Smith Freehills; Kim & Chang; and China International Capital Corporation; and Buy-side Financial Adviser Morgan Stanley Goldman Sachs King & Wood Mallesons; Cleary Gottlieb Wachtell, Lipton, Rosen & Katz Citi; and Macquarie Group Buy-side Legal Adviser Steen & Hamilton; ENSafrica; Herbert Smith Buy-side Financial Adviser Buy-side Legal Adviser Freshfields Bruckhaus Deringer Freehills; and Slaughter and May (Advising KPMG; Morgan Stanley; and Samsung Allens; Herbert Smith Freehills; Johnson FA: Gilbert + Tobin) Securities Winter & Slattery; Minter Ellison; and Torys Buy-side Legal Adviser Lee & Ko
49 ASIA- GLOBAL NORTH C&S MIDDLE EAST LEAGUE ABOUT CONTACT EUROPE PACIFIC JAPAN OVERVIEW AMERICA AMERICA & AFRICA TABLES MERRILL MERRILL LEAGUE TABLES
TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 16Goldman Sachs 190,990 74 90,026 112.1% 11PwC 40,334 109 124 -15 21Morgan Stanley 142,272 76 145,785 -2.4% 24EY 8,568 86 67 19 3 22 HSBC 131,597 24 19,418 577.7% 32KPMG 20,071 79 101 -22 4 15 JPMorgan 130,056 65 34,850 273.2% 48Morgan Stanley 142,272 76 56 20 57Citi 121,525 50 78,292 55.2% 53Goldman Sachs 190,990 74 73 1 6 11 Deutsche Bank 116,451 42 57,501 103% 6 12 JPMorgan 130,056 65 44 21 7 13 Credit Suisse 112,911 44 39,727 184.2% 79UBS Investment Bank 101,444 59 56 3 84UBS Investment Bank 101,444 59 108,178 -6.2% 86Citi 121,525 50 64 -14 95China International Capital 97,301 45 102,995 -5.5% 9 17 Huatai United Securities 50,122 50 34 16 10 2 Bank of America Merrill Lynch 78,379 28 123,823 -36.7% 10 18 Guotai Junan Securities 28,029 50 29 21 11 149 The Anglo Chinese Group 77,734 10 663 11,624.6% 11 24 Somerley 77,344 49 25 24 12 3 Somerley 77,344 49 113,778 -32.0% 12 11 Macquarie Group 52,052 48 50 -2 13 8 CITIC Securities 66,925 43 74,478 -10.1% 13 5 Deloitte 1,988 47 67 -20 14 14 Macquarie Group 52,052 48 37,437 39.0% 14 16 China International Capital 97,301 45 37 8 15 24 Huatai United Securities 50,122 50 15,840 216.4% 15 7 Credit Suisse 112,911 44 59 -15 16 21 Barclays 47,702 16 22,811 109.1% 16 13 CITIC Securities 66,925 43 42 1 17 26 PwC 40,334 109 14,668 175.0% 17 22 China Renaissance Partners 15,230 43 26 17 18 36 Evercore Partners 39,504 12 8,067 389.7% 18 14 Deutsche Bank 116,451 42 41 1 19 196 Centerview Partners 34,691 3 275 12,514.9% 19 20 Southwest Securities Company 25,995 41 27 14 20 18 Guotai Junan Securities 28,029 50 26,567 5.5% 20 28 GF Securities 25,363 40 23 17
50 ASIA- GLOBAL NORTH C&S MIDDLE EAST LEAGUE ABOUT CONTACT EUROPE PACIFIC JAPAN OVERVIEW AMERICA AMERICA & AFRICA TABLES MERRILL MERRILL LEAGUE TABLES
TOP 20 ASIA-PACIFIC LEGAL ADVISERS TOP 20 ASIA-PACIFIC LEGAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 15Freshfields Bruckhaus Deringer 202,648 59 92,465 119.2% 11King & Wood Mallesons 82,304 137 127 10 2 18 Skadden Arps Slate Meagher & Flom 152,908 56 24,942 513.1% 22Herbert Smith Freehills 107,250 90 112 -22 3 84 Commerce and Finance Law Offices 121,972 19 3,928 3,005.2% 34Kim & Chang 90,120 87 87 0 43Linklaters 114,403 55 98,638 16.0% 4 18 AZB & Partners 11,236 83 50 33 5 14 Herbert Smith Freehills 107,250 90 42,294 153.6% 59Grandall Law Firm 33,952 77 65 12 6 12 Kim & Chang 90,120 87 58,044 55% 6 17 Zhong Lun Law Firm 51,685 73 53 20 7 10 King & Wood Mallesons 82,304 137 64,782 27.0% 73Baker & McKenzie 28,847 72 104 -32 8 67 Guantao Law Firm 76,928 7 5,053 1,422.4% 8 16 Norton Rose Fulbright 30,047 62 54 8 9 24 Sullivan & Cromwell 76,723 18 18,940 305.1% 9 12 Fangda Partners 47,481 61 59 2 10 334 Woo Kwan Lee & Lo 75,151 2 121 62,008.3% 10 6 DLA Piper 10,486 61 71 -10 11 22 Davis Polk & Wardwell 67,710 30 20,242 234.5% 11 23 Freshfields Bruckhaus Deringer 202,648 59 42 17 12 28 Latham & Watkins 60,062 33 16,532 263.3% 12 7 Lee & Ko 29,313 59 69 -10 13 33 Zhong Lun Law Firm 51,685 73 13,206 291.4% 13 28 Skadden Arps Slate Meagher & Flom 152,908 56 37 19 14 4 Allen & Gledhill 49,212 24 94,478 -47.9% 14 10 Linklaters 114,403 55 61 -6 15 32 WongPartnership 48,121 28 13,362 260.1% 15 11 Minter Ellison 16,867 54 60 -6 16 19 Fangda Partners 47,481 61 24,383 94.7% 16 19 Bae Kim & Lee 39,557 53 48 5 17 111 Stikeman Elliott 43,748 8 2,582 1,594.3% 17 32 Khaitan & Co 7,414 52 32 20 18 65 Paul Weiss Rifkind Wharton & Garrison 41,717 10 5,215 699.9% 18 22 Shin & Kim 17,896 50 44 6 19 9 Kirkland & Ellis 40,954 37 70,330 -41.8% 19 13 Allens 33,827 47 58 -11 20 25 Bae Kim & Lee 39,557 53 17,597 124.8% 20 5 Clifford Chance 27,948 47 77 -30
51 ASIA- GLOBAL NORTH C&S MIDDLE EAST LEAGUE ABOUT CONTACT EUROPE PACIFIC JAPAN OVERVIEW AMERICA AMERICA & AFRICA TABLES MERRILL MERRILL JAPAN
QUARTERLY EDITION JAPAN
Japan-targeted M&A scaled a new height in 2015. Transaction value soared up to US$61.6bn Key Stats with 396 deals, nearly doubling the US$32.2bn record set in 2014, with only 5 more deals being announced. The significant growth in deal value this year was largely contributed by the number of mega-deals. 396 deals valued at US$61.6bn, up 91.6% by value with 5 more deals compared to 391 deals worth US$32.2bn in 2014 Inbound Outbound ever acquisition made by a Japanese insurer Last year witnessed an investment influx by The outbound dominance of M&A in on Mergermarket record (since 2001). foreign companies. Inbound deal value hit Japan has been on conspicuous display. Dai-ichi Life Insurance and Meiji Yasuda Top sector a record high of US$12bn, representing a At the close of 2015, the ever-rising Life Insurance, another two big Japanese Financial Services saw 34 54.2% increase from 2014 (US$7.8bn), which outbound deal volume marked the highest insurer, completed an aggregated US$10.7bn deals worth US$13.7bn, was also the highest valued year post crisis on Mergermarket record (since 2001), acquisition on the US soil, hoping to pursue up 341.9% by value (US$25.6bn in 2007). eventually reaching 295 announcements growth opportunity outside a shrinking compared to 31 deals with transactions worth US$89bn. domestic market. worth US$3.1bn in 2014 The US remained to be the most active buyer for Japanese companies. In 2015, the US Broken down by geography, US-based According to Mergermarket intelligence, the investments made in Japan were valued at entities accounted for 38%, or US$33.9bn, foreign acquisition in the insurance sector Top Financial Adviser US$9.4bn, accounting for one-fourth of the of Japanese overseas acquisitions in 2015 will continue to boom in the years to come. Morgan Stanley ranked total investment of the US companies made to become the most popular investment MS&AD Insurance Group Holdings, which first with 41 deals worth across Asia, which amounted to US$41.8bn. destination. The US insurance sector in acquired UK non-life insurer Amlin PLC for US$51.8bn compared As Abe’s Cabinet aims to cut corporate tax to particular saw some major billion-dollar a US$5.3bn in September, is seeking M&A to 35 deals worth below 30% in fiscal 2016 and a continuously investments from Japanese acquirers. opportunities in the US in 2016. Tokio Marine US$37.8bn in 2014 tumbling Yen, it is reasonable to believe that Tokio Marine’s US$7.5bn acquisition of HCC Holdings’s President was cited from an 2015 is merely the beginning of a reviving Insurance, announced in June, in what was interview that the company is now looking chapter for Japan’s inbound M&A. the largest M&A deal in 2015 undertaken by a for M&A targets in Latin America, including Top Legal Adviser Japanese company as well as the largest Mexico, and in Asia. Mori Hamada & Matsumoto ranked first with 90 deals worth US$32.7bn compared to 85 deals worth US$17.5bn in 2014
53 GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE ABOUT CONTACT EUROPE OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
JAPAN M&A TREND JAPAN M&A PRIVATE EQUITY TREND
90 500 20 50
80
US$ 400 21.5bn 40 70 15 US$ 16.2bn 60 US$ 6.8bn 300 30 Number of deals Number of deals US$ 50 US$ 21.7bn US$ 13.9bn US$ 32.6bn 10 19.6bn 40 Value (US$bn) Value Value (US$bn) Value US$ 33.3bn 200 20 US$ 30 7.3bn US$ US$ US$ 21.6bn US$ 26.3bn US$ 4.8bn US$ 11.4bn 11.2bn US$ 9.3bn 5 20 US$ US$ 17.2bn US$ 100 8.9bn 10 7.3bn US$ US$ 5.0bn US$ US$ 15.2bn US$ 7.4bn 9.2bn US$ US$ 6.4bn US$ 6.1bn US$ 10 5.0bn US$ 5.3bn 10.8bn 4.7bn US$ US$ US$ US$ 4.0bn 13.9n 14.1bn 12.3bn US$ US$ US$ 2.8bn 8.1bn 7.1bn 9.1bn 0 0 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume
54 GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE ABOUT CONTACT EUROPE OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TREND GRAPHS
COUNTRY BREAKDOWN AS A PROPORTION OF JAPAN TOTAL M&A VALUE JAPAN M&A SECTOR BREAKDOWN 2015
Financial Services Value: US$13.7bn Number of deals: 34 Market share: 22.3%
Consumer Value: US$13.1bn Number of deals: 80 Market share: 21.3%
Industrials & Chemicals Value: US$9.6bn Inbound Domestic Outbound Number of deals: 84 US$12.0bn US$49.6bn US$89.0bn Market share: 15.6% 54.2% 103.6% 67.0%
Leisure Value: US$7.3bn Number of deals: 24 Market share: 11.9% Key Real Estate Value: US$6.4bn Cross-border Value Number of deals: 10 Value change Market share: 10.3%
55 GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE ABOUT CONTACT EUROPE OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$5.0bn US$4.8bn US$4.8bn US$3.9bn US$3.6bn
Announced Announced Announced Announced Announced 29-Sep-15 28-Sep-15 15-Dec-15 15-Oct-15 17-Sep-15 Bidder company Bidder company Bidder company Bidder company Bidder company Japan Tobacco Inc NBCUniversal Media Sumitomo Mitsui Finance and Leasing FamilyMart Co Ltd Suzuki Motor Corporation Target company Target company Company Limited Target company Target company Natural American Spirit (ex-US business) USJ Co Ltd (51% stake) Target company UNY Group Holdings Co Ltd Suzuki Motor Corporation (19.9% stake) Seller company Seller company General Electric Company (leasing business Dominant sector Seller company Reynolds American Inc GS Capital Partners; MBK Partners Ltd; Owl in Japan) Consumer Volkswagen AG Dominant sector Creek Asset Management LP; PAG Capital; Seller company Sell-side Financial Adviser Dominant sector Consumer and Glenn Gumpel (president, USJ) General Electric Company Morgan Stanley; and Nomura Holdings Automotive Sell-side Financial Adviser Dominant sector Dominant sector Sell-side Legal Adviser Sell-side Financial Adviser Citi; JPMorgan; and Lazard Leisure Financial Services Jones Day; and TMI Associate Goldman Sachs; and Rothschild Sell-side Legal Adviser Sell-side Financial Adviser Sell-side Financial Adviser Buy-side Financial Adviser Buy-side Financial Adviser Jones Day Goldman Sachs JPMorgan; and Morgan Stanley Citi; KPMG; and Sumitomo Mitsui Financial Mizuho Financial Group; and Nomura Buy-side Legal Adviser Sell-side Legal Adviser Sell-side Legal Adviser Group Holdings Freshfields Bruckhaus Deringer; and Freshfields Bruckhaus Deringer; Mori Nagashima Ohno & Tsunematsu Buy-side Legal Adviser PwC legal Hamada & Matsumoto; Nagashima Ohno & Buy-side Financial Adviser Mori Hamada & Matsumoto Tsunematsu; Sidley Austin; Skadden Arps Slate Goldman Sachs; and Sumitomo Mitsui Meagher & Flom; and Nishimura & Asahi Financial Group Buy-side Legal Adviser Clifford Chance; and Davis Polk & Wardwell
56 GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE ABOUT CONTACT EUROPE OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL TOP DEALS
TOP 10 ANNOUNCED DEALS FOR 2015
Deal value Deal value Deal value Deal value Deal value US$3.0bn US$2.7bn US$2.5bn US$1.5bn US$1.5bn
Announced Announced Announced Announced Announced 27-May-15 06-Nov-15 21-Jan-15 27-May-15 27-Mar-15 Bidder company Bidder company Bidder company Bidder company Bidder company Nomura Real Estate Master Fund Inc Nippon Life Insurance Company Johnson Controls Inc Nomura Real Estate Master Fund Inc The Higo Bank Ltd Target company Target company Target company Target company Target company Nomura Real Estate Office Fund Mitsui Life Insurance Company Limited Johnson Controls – Hitachi Air Conditioning Nomura Real Estate Residential Fund Inc The Kagoshima Bank Dominant sector Seller company (60% stake) Dominant sector Dominant sector Real Estate Mitsui & Co Ltd; Sumitomo Mitsui Trust Bank Seller company Real Estate Financial Services Sell-side Financial Adviser Limited; Daiwa Securities SMBC Principal Hitachi Appliances Inc Sell-side Financial Adviser Sell-side Financial Adviser Morgan Stanley; and Sumitomo Mitsui Investment Co Ltd; Sumitomo Mitsui Banking Dominant sector Morgan Stanley; and Sumitomo Mitsui Daiwa Securities Group; and Nomura Financial Group Corporation; Mitsui Fudosan Co Ltd; Citibank Industrials & Chemicals Financial Group Holdings Singapore; Mitsui Sumitomo Insurance Co Sell-side Legal Adviser Ltd; and Nomura Financial Partners Co Ltd Sell-side Financial Adviser Sell-side Legal Adviser Sell-side Legal Adviser City-Yuwa Partners Greenhill & Co Kataoka & Kobayashi TMI Associates Dominant sector Buy-side Financial Adviser Financial Services Sell-side Legal Adviser Buy-side Financial Adviser Buy-side Financial Adviser Nomura Holdings Gomez-Acebo & Pombo Abogados; Lee and Nomura Holdings Mizuho Financial Group Sell-side Financial Adviser Li Attorneys at Law; and Morrison & Foerster Buy-side Legal Adviser Daiwa Securities Group; and Nomura Buy-side Legal Adviser Buy-side Legal Adviser Mori Hamada & Matsumoto; and Nagashima Holdings Buy-side Legal Adviser Mori Hamada & Matsumoto; and Nagashima Mori Hamada & Matsumoto Ohno & Tsunematsu Orrick Herrington & Sutcliffe Ohno & Tsunematsu Sell-side Legal Adviser Allens; and Mori Hamada & Matsumoto Buy-side Financial Adviser Citi; Morgan Stanley; and Sumitomo Mitsui Financial Group Buy-side Legal Adviser Nagashima Ohno & Tsunematsu
57 GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE ABOUT CONTACT EUROPE OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL LEAGUE TABLES
TOP 15 JAPAN FINANCIAL ADVISERS TOP 15 JAPAN FINANCIAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 1 Morgan Stanley 51,751 41 37,766 37.0% 1 3 Nomura Holdings 49,996 83 56 27 2 5 Nomura Holdings 49,996 83 13,232 277.8% 2 2 Sumitomo Mitsui Financial Group 21,557 67 58 9 3 3 Goldman Sachs 39,355 18 18,320 114.8% 3 1 Mizuho Financial Group 26,574 58 59 -1 4 9 JPMorgan 28,808 18 7,087 306.5% 4 5 Morgan Stanley 51,751 41 35 6 5 7 Mizuho Financial Group 26,574 58 8,880 199.3% 5 7 Daiwa Securities Group 8,363 35 28 7 6 8 Citi 22,579 16 8,306 171.8% 6 4 KPMG 6,833 34 36 -2 7 6 Sumitomo Mitsui Financial Group 21,557 67 9,250 133.0% 7 6 Deloitte 6,875 31 31 0 8 34 Lazard 19,443 11 520 3,639% 8 9 GCA Savvian 3,436 23 19 4 9 24 Bank of America Merrill Lynch 16,150 11 1,144 1,311.7% 9 8 PwC 1,407 23 20 3 10 14 Evercore Partners 15,193 8 4,360 248.5% 10 10 Goldman Sachs 39,355 18 17 1 11 19 Rothschild 13,475 8 1,834 634.7% 11 14 JPMorgan 28,808 18 8 10 12 - CITIC Securities 10,630 3 - - 12 16 Citi 22,579 16 7 9 13 - Somerley 10,357 2 - - 13 11 Frontier Management 556 16 15 1 14 17 Deutsche Bank 10,089 6 3,009 235.3% 14 20 Lazard 19,443 11 5 6 15 4 Credit Suisse 9,134 6 16,414 -44.4% 15 22 Bank of America Merrill Lynch 16,150 11 4 7
58 GLOBAL NORTH C&S MIDDLE EAST ASIA- JAPAN LEAGUE ABOUT CONTACT EUROPE OVERVIEW AMERICA AMERICA & AFRICA PACIFIC TABLES MERRILL MERRILL LEAGUE TABLES
TOP 15 JAPAN LEGAL ADVISERS TOP 15 JAPAN LEGAL ADVISERS
VALUE VOLUME
Ranking 2015 2014 Ranking 2015 2014 Value Value % Val. Value Deal count 2015 2014 Company Name Deal count 2015 2014 Company Name Deal count Deal count (US$m) (US$m) Change (US$m) Change 1 3 Mori Hamada & Matsumoto 32,650 90 17,540 86.1% 1 1 Mori Hamada & Matsumoto 32,650 90 85 5 2 1 Nishimura & Asahi 23,065 65 30,856 -25.2% 2 2 Nishimura & Asahi 23,065 65 52 13 3 8 Nagashima Ohno & Tsunematsu 21,930 41 9,146 139.8% 3 3 Nagashima Ohno & Tsunematsu 21,930 41 41 0 4 26 Sullivan & Cromwell 21,152 13 2,930 621.9% 4 4 Anderson Mori & Tomotsune 7,939 35 22 13 5 15 Freshfields Bruckhaus Deringer 20,672 10 5,010 312.6% 5 6 Oh-Ebashi LPC & Partners 576 24 19 5 6 12 Debevoise & Plimpton 18,805 7 5,757 226.6% 6 5 Baker & McKenzie 6,905 18 21 -3 7 10 Skadden Arps Slate Meagher & Flom 16,457 10 6,385 157.7% 7 7 Morrison & Foerster 9,207 17 18 -1 8 32 Simpson Thacher & Bartlett 15,510 5 1,934 702% 8 11 White & Case 4,811 14 12 2 9 29 Jones Day 12,142 6 2,497 386.3% 9 34 Sullivan & Cromwell 21,152 13 4 9 10 24 Linklaters 11,610 12 3,042 281.7% 10 8 TMI Associates 6,483 13 17 -4 11 23 Clifford Chance 10,898 12 3,193 241.3% 11 16 Linklaters 11,610 12 10 2 12 40 Herbert Smith Freehills 10,291 11 1,564 558.0% 12 13 Clifford Chance 10,898 12 11 1 13 18 Morrison & Foerster 9,207 17 4,152 121.7% 13 20 Herbert Smith Freehills 10,291 11 7 4 14 33 Ashurst 8,892 7 1,877 373.7% 14 9 Freshfields Bruckhaus Deringer 20,672 10 15 -5 15 11 Anderson Mori & Tomotsune 7,939 35 6,260 26.8% 15 14 Skadden Arps Slate Meagher & Flom 16,457 10 10 0
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The following notes pertain to data contained in this publication: Deals are included where the deal value is greater than or equal to US$5m. Wher e no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m. Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus. Mid-market is defined as US$10m - US$250m. 2015 refers to the period 01-Jan-15 to 31-Dec-15. 2014 refers to the period 01-Jan-14 to 31-Dec-14. Remark, the events and publications arm of The Mergermarket For a full version of the Mergermarket M&A deal database inclusion and league Group, offers a range of publishing, research and events services table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf. that enable clients to enhance their own profile, and to develop new business opportunities with their target audience.