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Monthly M&A Insider April 2014 – Q1 Edition

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QUARTERLY EDITION A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER APRIL 2014 GLOBAL OVERVIEW LATIN AMERICA NORTH AMERICA ASIA-PACIFIC EUROPE MIDDLE EAST & AFRICA ABOUT MERRILL CORPORATION & MERRILL DATASITE MERRILL CORPORATION CONTACTS Monthly M&A Insider | April GLOBAL OVERVIEW If one were to judge from Q1 2014 deal numbers, M&A activity is looking like it is gearing up for a rebound or at least a notable uptick from 2013. The first quarter of the year saw overall M&A activity rise 39% in terms of deal value to US$625.4bn and 2% in terms of deal volume to 3,380 compared with the same period last year. In Q1 2013, there were 3,304 transactions worth US$449.7bn. One factor driving up total deal value is that the average transaction size rose 36% to US$185m in Q1 2014 from US$136m in Q1 2013. Aside from the overall rise in dealmaking activity, there were also attractive exit opportunities resulting from a strong IPO market a few key trends worth noting that occurred over this period. and the demand for quality targets from cash-rich corporates and other private equity firms with plenty of committed capital Global exits to spend. As we’ve mentioned in previous editions, private equity exits have Sector surge been on the rise, a trend that has continued in the first quarter of 2014. The overall deal value of exits rose significantly quarter- The global pharma, medical and biotech consolidated sectors over-quarter in Q1 2014 to US$113.6bn from US$36.5bn. This is showed a significant uptick quarter-over-quarter, boosting the highest overall value of total exits in a single quarter since Q2 their share of the market to 10% in Q1 2014 from merely 3.2% 2011, when global exits rose to US$114.3bn. The number of these a year ago. The combined sectors saw a 13% rise in terms of transactions also rose 13% over the first quarter of 2014 to 392 deal count to 260 from 230 and a huge leap in terms of deal from 347 in Q1 2013. value to US$62.4bn from US$14.2bn. Most of the increase in value came from Dublin-based drug manufacturer Actavis Inc’s Driving up the numbers were some high-profile exits, the largest $23bn acquisition of Forest Laboratories, which makes drugs of which was Facebook’s US$16bn purchase of WhatsApp, for neurological and gastrointestinal conditions. This deal shows a mobile messaging application. The social networking site that M&A is a way for generic drug manufacturers like Actavis to announced in February that it is buying the technology start up achieve growth by acquiring specialty drug companies. from US-based private equity firm Sequoia Capital. Another large exit in the first quarter was Vodafone’s roughly US$10bn Technology is another sector that saw an uptick in terms of acquisition of Spanish cable company Grupo Cooperativo ONO both deal value and volume in the first quarter. The number of from a group of private equity firms that includes Providence deals in this sector rose in the first quarter by 20% to 398 deals Equity Partners. worth roughly US$58.3bn from 332 transactions worth US$35bn in Q1 2013. The increased use of mobile devices, connectivity Currently many private equity firms want to exit out of their solutions and cloud storage has driven companies to seek maturing investments that they had made at the top of the technological advances and growth in these areas through M&A. market between 2006 and 2007. This trend has been aided by Head of Research: Elias Latsis Global overview: Demis Memedoski and Karen Sibayan Editor: Laura Resetar Latin America: Fabio Lopes and Raquel Mozzer North America: Lana Vilner and Urna Chakraborty For advertising opportunities contact: Asia-Pacific: Brandon Taylor and Jeffrey Chung Erik Wickman Tel: + (1) 212 686 3329 Europe: Damien Julliard and Alan Nasrat [email protected] Middle East & Africa: Marie-Laure Keyrouz and Thomas Buckley Monthly M&A Insider | April | 01 LEAGUE TABLES TOP 20 GLOBAL FINANCIAL ADVISERS VALUE Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 5 Morgan Stanley 214,996 54 62,767 243% 2 1 JPMorgan 178,331 54 134,028 33.1% 3 2 Goldman Sachs 135,388 76 129,468 4.6% 4 6 Barclays 127,083 45 58,891 115.8% 5 7 Citi 122,467 38 56,957 115.0% 6 3 Bank of America Merrill Lynch 112,946 49 89,927 25.6% 7 10 Centerview Partners 89,593 8 48,079 86.3% 8 62 Allen & Company 84,777 5 2,841 2,884% 9 4 Credit Suisse 69,545 38 73,911 -5.9% 10 - Paul J. Taubman 68,492 1 - - 11 12 Deutsche Bank 68,354 32 41,295 65.5% 12 8 Lazard 47,730 50 50,396 -5.3% 13 16 Rothschild 36,883 46 25,580 44.2% 14 20 Greenhill & Co 31,656 7 10,987 188% 15 11 UBS Investment Bank 29,566 23 43,447 -31.9% 16 81 Mizuho Financial Group 26,663 16 1,998 1,234% 17 24 BNP Paribas 26,582 20 8,952 197% 18 17 RBC Capital Markets 21,078 23 24,048 -12.4% 19 124 ABN AMRO Bank 16,776 11 557 2,912% 20 52 EY 15,811 47 3,478 355% Source: Mergermarket TOP 20 GLOBAL FINANCIAL ADVISERS VOLUME Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 PwC 13,955 93 91 2 2 3 Goldman Sachs 135,388 76 65 11 3 4 Morgan Stanley 214,996 54 61 -7 4 5 JPMorgan 178,331 54 56 -2 5 6 Deloitte 2,677 54 54 0 6 8 Lazard 47,730 50 51 -1 7 2 KPMG 7,098 50 72 -22 8 14 Bank of America Merrill Lynch 112,946 49 34 15 9 7 EY 15,811 47 53 -6 10 9 Rothschild 36,883 46 51 -5 11 10 Barclays 127,083 45 40 5 12 11 Citi 122,467 38 40 -2 13 13 Credit Suisse 69,545 38 36 2 14 17 Deutsche Bank 68,354 32 27 5 15 19 Houlihan Lokey 11,013 25 25 0 16 15 UBS Investment Bank 29,566 23 31 -8 17 27 RBC Capital Markets 21,078 23 18 5 18 24 Macquarie Group 4,642 22 21 1 19 34 Lincoln International 514 21 17 4 20 29 BNP Paribas 26,582 20 18 2 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global. GLOBAL OVERVIEW Monthly M&A Insider | April | 02 LEAGUE TABLES TOP 20 GLOBAL LEGAL ADVISERS VALUE Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 19 Simpson Thacher & Bartlett 140,891 33 30,533 361% 2 12 Skadden Arps Slate Meagher & Flom 135,598 47 39,184 246% 3 6 White & Case 132,059 52 57,724 129% 4 1 Davis Polk & Wardwell 100,294 32 88,813 12.9% 5 10 Willkie Farr & Gallagher 79,360 23 47,888 65.7% 6 39 Paul Weiss Rifkind Wharton & Garrison 76,104 19 10,193 647% 7 4 Freshfields Bruckhaus Deringer 69,516 44 63,322 9.8% 8 8 Weil Gotshal & Manges 69,151 40 52,053 32.8% 9 2 Latham & Watkins 66,498 66 85,823 -22.5% 10 14 Clifford Chance 48,442 48 36,238 33.7% 11 11 Kirkland & Ellis 44,854 75 41,798 7.3% 12 7 Sullivan & Cromwell 39,323 22 52,925 -25.7% 13 15 Linklaters 38,482 34 35,274 9.1% 14 3 Wachtell, Lipton, Rosen & Katz 32,557 11 70,898 -54.1% 15 41 Cleary Gottlieb Steen & Hamilton 30,078 17 9,488 217% 16 21 Fried Frank Harris Shriver & Jacobson 28,536 14 29,316 -2.7% 17 131 Arthur Cox 25,145 7 1,778 1,314% 18 16 Ropes & Gray 24,333 24 33,639 -27.7% 19 472 William Fry 23,142 2 55 41,976% 20 225 Fenwick & West 21,475 20 634 3,287% Source: Mergermarket TOP 20 GLOBAL LEGAL ADVISERS VOLUME Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 3 Kirkland & Ellis 44,854 75 68 7 2 1 DLA Piper 15,817 69 85 -16 3 4 Latham & Watkins 66,498 66 66 0 4 7 Jones Day 7,931 60 62 -2 5 8 White & Case 132,059 52 55 -3 6 13 Clifford Chance 48,442 48 46 2 7 11 Skadden Arps Slate Meagher & Flom 135,598 47 50 -3 8 10 Freshfields Bruckhaus Deringer 69,516 44 51 -7 9 9 King & Wood Mallesons 18,246 44 52 -8 10 5 Allen & Overy 18,245 43 64 -21 11 15 Weil Gotshal & Manges 69,151 40 39 1 12 16 O'Melveny & Myers 12,626 38 36 2 13 2 Baker & McKenzie 10,890 35 69 -34 14 6 Linklaters 38,482 34 62 -28 15 12 CMS 1,161 34 50 -16 16 49 Simpson Thacher & Bartlett 140,891 33 16 17 17 21 Davis Polk & Wardwell 100,294 32 31 1 18 14 Hogan Lovells International 16,611 31 43 -12 19 52 Cooley 3,726 30 16 14 20 80 Sidley Austin 21,450 27 12 15 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and include lapsed and withdrawn deals.
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