Deal Drivers: Americas HY 2021

A spotlight on trends in 2021 Contents

Foreword: Key sectors primed and ready for sunny second half 03

Outlook: Americas heat chart 04

All sectors 05

Consumer 14

Energy, mining & utilities 19

Financial services 24

Industrials & chemicals 29

Pharma, medical & biotech 34

Telecoms, media & technology 39

About this report 44 Foreword: Key sectors primed and ready for sunny second half

In late 2020, key M&A markets in the Americas witnessed In Q2, some signs of normalization began to materialize in record-breaking activity as dealmakers shook off the worst of certain industries. After the whirlwind recovery of M&A markets the COVID-19 pandemic. This optimism carried through into in Q4 2020 and Q1 of this year, a slight regression towards the the early phases of this year, with more economies reopening mean should not come as surprising. However, dealmakers are and vaccination programs promising a return to normality. still in enviable positions with near record-breaking numbers.

After months of lockdowns, dealmaking in Q1 2021 continued This does not mean dealmakers can rest on their laurels. to benefit from the release of pent-up demand, the renewal of Economic recovery remains uneven in parts of the Americas, transactions postponed due to the pandemic, and an influx of and COVID-19 is not yet in the rear-view mirror. But there new M&A opportunities as corporates and investors began to are more reasons for optimism than for pessimism: the strict devise their post-COVID-19 strategies. rules on movement that governments introduced last year are unlikely to be reinstated; inoculations are becoming more widely distributed in developing economies; and new In the US, the induction of Joe Biden as treatments for coronavirus are in constant development. President gave consumers and dealmakers Dealmakers should ready themselves for a very busy second a sense of assurance that had been lacking half of 2021. for several years. Given the central role the US plays in regional and global M&A, all parties are likely to benefit from the higher degree of certainty and level-headedness that a Biden White House is expected to provide.

3 Outlook: Americas Heat chart based on potential companies for sale heat chart Canada US Western Midweastern US Southern US Northeastern US Brazil Latin America & Caribbean TOTAL

According to our forward-looking heat chart, which illustrates 21 363 222 405 502 45 30 1,588 the distribution of ‘companies for sale’ stories on the

Mergermarket intelligence tool, financial services is the TMT 41 373 103 247 322 48 17 1,151 industry in which dealmakers should expect to see the most activity in the Americas in the near term. It amassed 1,588 Pharma, medical & biotech 24 178 98 182 246 20 748 stories through the first six months of 2021 about financial services companies coming to market in the region, the most Industrials & chemicals 15 116 86 140 145 20 5 527 of any sector—representing almost 30% of the 5,429 ‘for sale’ stories reported overall. Consumer 16 110 57 96 106 34 9 428

The next most popular sector was technology, media and Business services 10 84 37 89 95 22 8 345 telecoms (TMT), which continues its scorching run from 2020 when consumers and companies alike relied so much on Energy, mining & utilities 30 38 22 38 42 41 12 223 technology as governments imposed stay-at-home orders during the pandemic. The industry accrued 1,151 ‘for sale’ stories in H1 2021, trailing behind financial services but still Leisure 36 13 28 32 8 2 119 far ahead of the third-place pharma, medical & biotech (PMB) sector, which had 748 such stories. Real estate 6 24 7 23 15 6 7 88

Unsurprisingly, given the size of its economy in general and its Transportation 3 13 6 18 16 16 2 74 rapid post-crisis resurgence, the US accounts for the largest share of activity by far. The four subregions that make up the Construction 2 8 3 10 17 19 59 Cold Warm Hot US in our heat chart contributed 4,868 ‘for sale’ stories in total, representing almost 90% of all stories from the Americas. Agriculture 14 10 8 4 4 6 2 48 Note: The Intelligence Heat Charts are based on ‘companies for sale’ tracked by Mergermarket in Defense 9 3 15 4 31 the respective regions between January 01, 2021 and June 30, 2021. Opportunities are captured according to the dominant geography and sector TOTAL 182 1,362 665 1,295 1,546 285 94 5,429 Source:of the Mergermarket potential target company. 4 All sectors Sailing on the wave of rip-roaring post-pandemic rebound

In value terms, the M&A figures logged in H1, and in particular Signs of normalization All sectors M&A activity, Q2, in the Americas represents a continuation of the heady In volume terms, however, Q2 saw a slight contraction 2018 - HY 2021 activity that began to be recorded in Q3 of last year. (1,923, a 15% decline from the preceding quarter’s 2,275 deal announcements), which could signify the beginning of The region’s economic fundamentals look robust. Every major the normalization of post-pandemic M&A activity. It might 2,500 900 economy and dealmaking hub is expected to enjoy strong be, for instance, that the pent-up demand of deals that had growth this year, with the International Monetary Fund (IMF) been postponed during the crisis has now been expended. 800 forecasting annual GDP expansion of 6% in the US and 5% in 2,000 700 both Canada and Mexico, according to its most recent World The ultra-buoyant figures from the end of 2020 were, in all Economic Outlook. likelihood, singular and exceptional. It is more probable that 600 H2 2021 will resemble the (still very upbeat) figures posted Deal value US$(bn) 1,500 Deals worth US$765bn in aggregate were announced in Q2 in 2019, when just under 2,000 deals were announced in the 500 2021 (up 16% from the preceding quarter), the antithesis of Americas per quarter. Moreover, some sectors—including TMT

Q2 last year, when just US$83bn worth of deals were logged, and financial services—appear poised to see a tremendous 400 Deal volume Deal as COVID-19 began to encircle the globe. amount of activity. 1,000 300

Of course, elements of that outlook remain 200 dependent on the pandemic, especially 500 if mutations of the COVID-19 virus prove 100

resistant to vaccines, which could lead to 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 recurring waves of infections. Dealmakers 2018 2019 2020 2021

can take some solace, though, in the idea Deal volume Deal value US$(bn) that political leaders are, after enduring the turmoil of 2020, highly unlikely to reinstate Source: Mergermarket any very strict restrictions on movement.

6 TMT’s red-hot record All sectors top sectors by value I HY 2021 The top sector in both volume and value terms, by far, was US$(m) TMT, with 1,233 deals announced in H1 2021 worth more than TMT 518,189 US$518bn in aggregate. Those figures, respectively, account Pharma, medical & biotech 178,057 for almost 30% of all deals announced and 36% of total value Industrials & chemicals 165,683 logged in H1 in the Americas. Financial services 147,235 Energy, mining & utilities 120,485 No other sector comes close to TMT, which continues its red-hot run from 2020, as corporates and investors look All sectors top sectors by volume I HY 2021 to improve their technological positions in an increasingly digitized world. In volume terms, second-place industrials & Deal count chemicals contributed less than half as many deals as TMT, TMT 1,233 with 596 announced. In value terms, the silver medalist was Industrials & chemicals 596 PMB, with US$178bn worth of deals, just one-third that of TMT. Business services 550 Pharma, medical & biotech 508 Financial services 359 Unsurprisingly, TMT was a key component of the top 10 deals announced in H1. It contributed three of the seven largest transactions, including the biggest, namely the All sectors top bidders by value I HY 2021 almost-US$100bn sale of Warner Media to Discovery, which US$(m) subsequently merged. The entertainment giant hopes to USA 1,073,700 become a dominant player in the ‘streaming wars’. Canada 130,995 Ireland (Republic) 51,446 Japan 28,351 Brazil 26,848

All sectors top bidders by volume I HY 2021

Deal count USA 3,030 Canada 380 Brazil 203 United Kingdom 124 France 40

7 Megadeals on track All sectors top 10 announced deals, HY 2021 The next largest deal fell in the PMB space, when a group of major PE firms—including Carlyle, Blackstone, and Hellman Announced Bidder company Target company Target Vendor company Deal value & Friedman, along with sovereign wealth fund GIC—moved to date dominant (US$m) acquire medical-supply company Medline. The transaction, sector which is thought to be worth US$34bn, would be one of the 1 17-May-21 Discovery, Inc. Warner Media, LLC TMT AT&T Inc. 96,153 biggest leveraged buyouts since the 2008 financial crisis. In light of the pandemic, a company like Medline, which produces 2 05-Jun-21 The Carlyle Group; Hellman & Friedman LLC; Medline Industries, Inc. Pharma, 34,000 Blackstone Group Inc.; GIC Private Limited medical & and distributes a wide array of medical products in more than biotech 125 countries, is extremely attractive. Two other PMB deals 21-May-21 Canadian National Railway Company Kansas City Southern Transportation 33,565 appeared in H1’s top-10 transactions. 3 4 10-Mar-21 AerCap Holdings N.V. GE Capital Aviation Services LLC Financial General Electric 31,149 The third largest deal through the first six months of this year services Company came in the otherwise quiet transportation sector, which 5 15-Mar-21 Rogers Communications Inc. Shaw Communications Inc. TMT 21,180 posted just 92 deal announcements (2% of the H1 total) worth US$60bn (4%). More than half of that value can be attributed 6 15-Apr-21 Thermo Fisher Scientific Inc. PPD, Inc. Pharma, Hellman & 20,976 medical & Friedman LLC to Canadian National Railway’s US$33bn acquisition of Kansas biotech City Southern, the US-based holding company that has 12-Apr-21 Microsoft Corporation Nuance Communications, Inc. TMT 19,322 railroad investments in the US, Mexico, and Panama. The deal 7 will create the first freight-rail network linking the US, Mexico, 8 22-Feb-21 Churchill Capital Corp IV Atieva, Inc. Industrials & 17,625 and Canada by connecting ports in the three countries. chemicals 9 29-Apr-21 Realty Income Corporation VEREIT, Inc. Real estate 17,035

10 11-May-21 Soaring Eagle Acquisition Corp. Ginkgo Bioworks, Inc. Pharma, 15,000 medical & biotech

Source: Mergermarket 8 All sectors M&A value split by deal size All sectors M&A volume split by deal size

2,000 8,000 7,000 1,500 6,000

5,000 1,000 4,000 Deal volume Deal Deal value US$(bn) value Deal 3,000

500 2,000

1,000 0 2018 2019 2020 HY 2021 0 2018 2019 2020 HY 2021 US$5m-US$250m US$251m-US$500m US$501m-US$2,000m Undisclosed US$5m-US$250m US$251m-US$500m US$2,001m-US$5,000m >US$5,001m US$501m-US$2,000m US$2,001m-US$5,000m >US$5,001m

Source: Mergermarket Source: Mergermarket Source: Mergermarket 9 All sectors PE buyouts All sectors PE exits

Based on announced buyouts, excluding those that lapsed or were Based on announced exits, excluding those that lapsed or were withdrawn, where the dominant location of the target is in the Americas. withdrawn, where the dominant location of the target is in the Americas.

700 250 450 160

400 140 600

200 350 120 500

300 100 150 Deal value US$(bn) Deal value US$(bn) 400 250

80

Deal volume Deal volume Deal 200 300 100 60 150

200 40 100 50

100 20 50

0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021 2018 2019 2020 2021

Deal volume Deal value US$(bn) Deal volume Deal value US$(bn)

Source: Mergermarket Source: Mergermarket Source: Mergermarket 10 All sectors league tables

Financial advisors by value Financial advisors by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 1 & Co 622,668 198 11 2 Goldman Sachs & Co 622,668 198 700 250 450 160 22 3 JPMorgan 586,035 187 22 4 JPMorgan 586,035 187 33 2 362,812 128 33 8 Morgan Stanley 362,812 128 400 44 8 Barclays 266,358 115 44 7 Jefferies 102,525 140 119 600 55 5 of America 255,294 98 55 10 Barclays 266,358 115 200 350 66 6 Citi 239,901 106 66 1 24,499 120 108 77500 7 166,856 98 77 12 Citi 239,901 106 88 10 141,396 61 88300 5 Bank of America 255,294 98 100 99 4 138,248 150 Deal value US$(bn) 75 99 18 Credit Suisse 166,856 Deal value US$(bn) 98 400 1010 73 Allen & Company 134,410 11 1010250 27 William Blair & Company 20,199 90 80

Deal volume Deal volume Deal 200 Legal300 advisors by value Legal advisors by volume 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 10 Simpson Thacher & Bartlett 378,157 96 11 1 Kirkland & Ellis 243,740 374 200 22 2 Wachtell, Lipton, Rosen & Katz 365,980 53 22 3 Latham & Watkins 228,175 40 221 100 33 16 White & Case 314,225 50 120 33 4 Goodwin Procter 74,374 172

44100 8 Cravath, Swaine & Moore 250,690 42 44 2 DLA Piper 31,589 171 20 50 55 1 Kirkland & Ellis 243,740 374 55 6 Sidley Austin 98,346 167 66 7 Sullivan & Cromwell 240,803 82 66 8 Ropes & Gray 101,869 126 0 0 0 0 77 Q1 3 Q2 LathamQ3 &Q4 WatkinsQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 228,175Q1 Q2 221 77 Q1 9 Q2 CooleyQ3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 47,038Q1 Q2 122 2018 2019 2020 2021 2018 2019 2020 2021 88 4 Skadden Arps Slate Meagher & Flom 190,373 110 88 16 White & Case 314,225 120 99 Deal13 volumePaul WeissDeal value Rifkind US$(bn) Wharton & Garrison 186,314 91 99 Deal15 volumeSkaddenDeal Arps value Slate US$(bn) Meagher & Flom 190,373 110 1010 44 Fried Frank Harris Shriver & Jacobson 172,929 42 1010 52 Orrick Herrington & Sutcliffe 30,777 109 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 11 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. Source: Mergermarket All sectors league tables—mid-market

Financial advisors by valuevalue—mid-market (US$5m-US$250m) Financial advisors by volumevolume—mid-market (US$5m-US$250m)

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 3 JPMorgan 3,487 21 11 4 2,547 23 700 250 450 160 22 10 /KBW 2,592 20 22 6 JPMorgan 3,487 21 33 19 Moelis & Company 2,573 21 33 32 Moelis & Company 2,573 21 400 44 8 Piper Sandler Companies 2,547 23 44 5 Stifel/KBW 2,592 140 20 600 55 9 Goldman Sachs & Co 2,038 13 55 12 Raymond James 1,766 18 200 350 66 11 Citi 1,906 13 66 2 Houlihan Lokey 1,789 120 15 77500 2 Jefferies 1,901 13 77 8 Canaccord Genuity Group 1,536 15 88 12 Morgan Stanley 1,837 9 88300 14 RBC Capital Markets 1,665 14 100 99 4 Evercore 1,792 150 Deal value US$(bn) 11 99 7 Bank of America 1,590 Deal value US$(bn) 14 400 1010 1 Houlihan Lokey 1,789 15 1010250 11 Goldman Sachs & Co 2,038 13 80

Deal volume Deal volume Deal 200 Legal300 advisors by valuevalue—mid-market (US$5m-US$250m) Legal advisors by volumevolume—mid-market (US$5m-US$250m) 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 63 Orrick Herrington & Sutcliffe 6,345 52 11 7 Sidley Austin 5,190 58 200 22 1 Latham & Watkins 6,014 51 22 1 DLA Piper 3,716 40 53 100 33 6 Kirkland & Ellis 5,629 50 40 33 71 Orrick Herrington & Sutcliffe 6,345 52

44100 12 Sidley Austin 5,190 58 44 4 Latham & Watkins 6,014 51 20 50 55 3 Goodwin Procter 5,149 38 55 11 Stikeman Elliott 4,048 43 66 46 Stikeman Elliott 4,048 43 66 6 Kirkland & Ellis 5,629 40 0 0 0 0 77 Q1 4 Q2 DLAQ3 PiperQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q13,716 Q2 53 77 Q1 3 Q2 GoodwinQ3 ProcterQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5,149Q1 Q2 38 2018 2019 2020 2021 2018 2019 2020 2021 88 2 Wilson Sonsini Goodrich & Rosati 2,615 25 88 2 Wilson Sonsini Goodrich & Rosati 2,615 25 99 Deal5 volumeCooleyDeal value US$(bn) 2,466 23 99 Deal19 volumeFaskenDeal Martineau value US$(bn) Dumoulin 1,866 25 1010 10 Skadden Arps Slate Meagher & Flom 2,440 19 1010 5 Cooley 2,466 23 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 12 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. Source: Mergermarket All sectors league tables—PR advisors

PRFinancial advisors advisors by value by value PRFinancial advisors advisors by volume by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 2 Joele Frank Wilkinson Brimmer Katcher 272,307 130 11 3 Joele Frank Wilkinson Brimmer Katcher 272,307 130 700 250 450 160 22 4 Brunswick Group 150,222 42 22 6 Abernathy MacGregor Group (AMO) 110,586 85 33 3 Finsbury Glover Hering 136,013 51 33 14 ICR 94,926 85 400 44 1 Sard Verbinnen & Co 114,054 84 44 1 Sard Verbinnen & Co 114,054 140 84 600 55 7 Abernathy MacGregor Group (AMO) 110,586 85 55 11 Prosek Partners 12,254 52 200 350 66 22 ICR 94,926 85 66 4 Finsbury Glover Hering 136,013 120 51 77500 9 Longview Communications & Public Affairs 54,878 39 77 2 Kekst CNC (Publicis) 30,972 44 88 13 Gladstone Place Partners 36,586 10 88300 7 Brunswick Group 150,222 42 100 99 30 Gasthalter & Co 33,922 150 Deal value US$(bn) 23 99 23 Longview Communications & Public Affairs 54,878 Deal value US$(bn) 39 400 1010 5 Kekst CNC (Publicis) 30,972 44 1010250 5 Lambert & Co 8,882 39 80

Deal volume Deal volume Deal 200 LegalPR advisors300 advisors by byvalue—mid-market value (US$5m-US$250m) LegalPR advisors advisors by byvolume—mid-market volume (US$5m-US$250m) 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 2 Sard Verbinnen & Co 2,474 17 11 5 ICR 2,177 23 200 22 9 ICR 2,177 23 22 2 Sard Verbinnen & Co 2,474 40 17 100 33 4 Abernathy MacGregor Group (AMO) 1,951 50 15 33 4 Abernathy MacGregor Group (AMO) 1,951 15

44100 1 Joele Frank Wilkinson Brimmer Katcher 1,641 13 44 1 Joele Frank Wilkinson Brimmer Katcher 1,641 13 20 50 55 10 Finsbury Glover Hering 1,449 13 55 9 Finsbury Glover Hering 1,449 13 66 8 Edelman 1,371 9 66 7 FTI Consulting 1,182 13 0 0 0 0 77 Q1 14 Q2 ProsekQ3 PartnersQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q11,280 Q2 9 77 Q1 8 Q2 EdelmanQ3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,371Q1 Q2 9 2018 2019 2020 2021 2018 2019 2020 2021 88 7 FTI Consulting 1,182 13 88 10 Prosek Partners 1,280 9 99 Deal- volumeGatewayDeal Investor value US$(bn) Relations 697 7 99 Deal- volumeGatewayDeal Investor value US$(bn) Relations 697 7 1010 29 Reevemark 531 5 1010 - Longview Communications & Public Affairs 487 7 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 13 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. Source: Mergermarket Consumer Consumers and dealmakers shaking off the shackles of COVID-19

The consumer sector was hit hard by the COVID-19 pandemic Staying abreast of changed behaviors and the imposition of stay-at-home orders in many countries. Consumer M&A activity, Taken together, these figures suggest that dealmakers are Conditions for consumer M&A in the Americas improved 2018 - HY 2021 now sufficiently comfortable with the idea of pursuing higher- markedly, however, in Q4 2020 (191 deals, the most in any value transactions. Equally, it may be the case that many quarter for the last few years, with those transactions worth dealmakers are being compelled in these still-challenging US$24bn in total), and those circumstances were largely 200 60 circumstances to make difficult but necessary decisions. After carried through into H1. the economic crunch of COVID-19, consumers may slowly be becoming less spendthrift and happily returning to stores, but 50 businesses must be aware of how behaviors have changed Despite a conspicuous drop in volume 150 due to the pandemic. from the end of 2020, the first six months 40 of this year did see an uptick in the Deal value US$(bn) The top bidder by volume and value in the consumer sector aggregate value of consumer deals logged in the Americas was, unsurprisingly, the US, involved in 100 30 209 deals worth more than US$38.6bn (68% of the total in the Americas—157 and 152 deals were volume and 65% of the aggregate value of consumer deals Deal volume Deal announced, respectively, in Q1 and Q2 in H1 2021). In second place in value terms were Swiss 2021, and in both cases the sum of those 20 bidders, responsible for US$7bn worth of deals (on just three transactions), up on third-place Brazilian bidders’ US$5.2bn deals’ values was US$30bn. 50 on 21 transactions. 10 Moreover, the figures for H1 2021 (309 deals worth US$60bn combined) compare favorably with those from pre-pandemic 0 0 H1 2019 (321 worth US$38bn), although they fall a little short Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 of the US$87bn logged from 326 deals during the same six- 2018 2019 2020 2021 month period in 2018. Deal volume Deal value US$(bn)

Source: Mergermarket

15 Healthy lifestyles Consumer top bidders by value I HY 2021 Swiss bidders’ presence near the top of that table reflects US$(m) their involvement in one of the largest consumer deals USA 38,614 of H1 in the Americas, specially the second largest deal. Switzerland 7,050 In that transaction, Swiss food-and-drink multinational Brazil 5,228 Nestlé acquired the core brands of The Bountiful Company, South Korea 2,148 a US-based manufacturer and distributor of nutritional Canada 1,666 supplements, from PE giant KKR for US$5.75bn. The deal is a major addition to the Swiss company’s presence in the Consumer top bidders by volume I HY 2021 burgeoning health and nutrition subsector. Deal count Besides the Nestlé deal, the very largest consumer transactions USA 209 from the Americas in H1 concerned US bidders acquiring US Canada 31 assets. The biggest consumer deal through the first six months Brazil 21 of the year saw PE house BDT Capital Partners acquire water United Kingdom 10 France 7 treatment company Culligan for US$6bn. Culligan is well known as a world leader in the making of water filtration products, including business-filtration systems. The provision of many of its products and services to businesses operates on a monthly or otherwise regular basis, which generates steady and recurring revenue, something that PE houses especially value.

16 Tech on the brain Consumer top 10 announced deals, HY 2021 The third largest deal, which also involved major PE players, saw Apollo Global agree to acquire The Michaels Companies, Announced Bidder company Target company Target Vendor company Deal value the US-based retailers of arts and crafts products, for date dominant (US$m) US$4.42bn. The deal will see Michaels be taken private, country as Apollo looks to capitalize on the momentum for crafts- 1 25-May-21 BDT Capital Partners, LLC Culligan International Company USA Advent International Corporation; 6,000 related products that built up during the pandemic, when Centerbridge Partners, L.P. consumers were trapped at home and in need of new things 2 30-Apr-21 Nestlé S.A. The Bountiful Company USA KKR & Co., Inc.; The Carlyle Group 5,750 to do or made redecorating plans while in lockdown. 3 03-Mar-21 Apollo Global Management, LLC The Michaels Companies, Inc. USA Bain Capital, L.P. 4,420 Looking ahead, the key trends for the consumer sector 4 16-Feb-21 Metropoulos & Co.; One Rock Nestlé Waters North America Inc. USA Nestlé S.A. 4,300 through the rest of 2021 will likely include business and Capital Partners, LLC portfolio optimization through the divestment of select 5 06-May-21 Hellman & Friedman LLC At Home Group Inc. USA 4,217 small and medium-sized assets that companies will try to shed as they rearrange their post-pandemic growth 6 11-Feb-21 Hormel Foods Corporation The Kraft Heinz Company (Nuts USA The Kraft Heinz Company 3,350 strategies. The reconfiguration of supply chains, too, Business) will be a priority, with more businesses realizing the 7 08-Feb-21 Raizen Energia S.A. Biosev S.A. Brazil Louis Dreyfus Company B.V. 2,719 benefits, including in sustainability terms, of onshoring and assembling shorter but more resilient networks. 8 11-May-21 Korean Federation of Community TaylorMade Golf Company, Inc. USA KPS Capital Partners, L.P. 1,710 Credit Cooperatives; Centroid Investment; The Nature Holdings Relatedly, as is the case in so many sectors in the light of Co., Ltd. the COVID-19 crisis, digitalization will increasingly come to 9 01-Feb-21 Blackstone Group Inc. Interior Logic Group, Inc. USA Platinum Equity, LLC; Littlejohn & 1,600 the fore as consumer companies look to improve their user Co., LLC experiences, especially online. Consumer investments in 10 17-Feb-21 Total Produce plc Dole Food Company, Inc. USA Castle & Cooke, Inc. 1,515 technology will invariably increase. (55% Stake)

Source: Mergermarket 17 Consumer league tables

Financial advisors by value Financial advisors by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 20 Morgan Stanley 18,680 8 11 2 Goldman Sachs & Co 14,645 12 700 250 450 160 22 1 Goldman Sachs & Co 14,645 12 22 33 Robert W. & Co 2,823 11 33 3 Citi 11,257 5 33 12 Deloitte 130 10 400 44 2 Credit Suisse 10,334 6 44 29 Barclays 2,530 140 9 600 55 4 JPMorgan 8,028 7 55 15 Jefferies 2,333 9 200 350 66 22 Evercore 5,750 4 66 1 Houlihan Lokey 2,309 120 9 77500 23 UBS Investment Bank 5,720 2 77 18 Morgan Stanley 18,680 8 88 5 Bank of America 5,708 8 88300 6 Bank of America 5,708 8 100 99 9 Perella Weinberg Partners 4,926 150 Deal value US$(bn) 4 99 3 - Deal value US$(bn) 8 400 1010 - RBC Capital Markets 4,504 5 1010250 4 JPMorgan 8,028 7 80

Deal volume Deal volume Deal 200 Legal300 advisors by value Legal advisors by volume 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 3 Simpson Thacher & Bartlett 21,012 7 11 6 Kirkland & Ellis 5,414 27 200 22 23 Paul Weiss Rifkind Wharton & Garrison 11,148 12 22 14 Paul Weiss Rifkind Wharton & Garrison 11,148 40 12 100 33 36 Ropes & Gray 10,344 50 12 33 7 Ropes & Gray 10,344 12

44100 10 Blake, Cassels & Graydon 10,131 7 44 1 Latham & Watkins 8,545 12 20 50 55 30 Latham & Watkins 8,545 12 55 3 DLA Piper 2,887 11 66 2 Davis Polk & Wardwell 8,150 6 66 20 Fasken Martineau Dumoulin 2,018 11 0 0 0 0 77 Q1102 Q2 WeilQ3 GotshalQ4 & MangesQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q17,983 Q2 6 77 Q118 Q2 WinstonQ3 &Q4 StrawnQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 916 Q2 11 2018 2019 2020 2021 2018 2019 2020 2021 88 5 Baker McKenzie 6,140 6 88 13 Gibson, Dunn & Crutcher 4,686 9 99 Deal- volumeProskauerDeal value US$(bn) 6,000 2 99 Deal28 volumeStikemanDeal Elliott value US$(bn) 3,175 8 1010 33 McCarthy Tetrault 5,937 4 1010 26 Sullivan & Cromwell 2,368 8 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 18 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the consumer sector. Source: Mergermarket Energy, mining & utilities Battle for assets demonstrates EMU’s drive for diversification

The energy, mining & utilities (EMU) industry seemed to suffer Making room for overseas demand through something of a rough patch in H1 2021, at least EMU M&A activity, As far as bidders were concerned, the leaders by value in the relatively speaking. After a rather buoyant Q4 2020, when 164 2018 - HY 2021 Americas in H1 2021 were, predictably, those from the US and EMU deals worth US$84bn were announced in the Americas, Canada, who combined to account for US$101bn worth of Q1 2021 saw deal volume and aggregate value in the sector EMU transactions over the first six months of the year, more decline to 155 transactions worth US$54bn. 200 150 than 80% of the total.

Yet it is notable that, after the US and Canada, the next six In the following quarter, the number of 120 most active bidders by value were all extra-regional, with deals continued to fall, down to 109, the 150 bidders from as far afield as Spain and South Korea making lowest quarterly total of the last few years moves for American assets. Bidders from the former were

Deal value US$(bn) involved in the seventh largest EMU transaction in the (with the exception of peak-pandemic 90 Americas in H1. In that deal, Basque company Iberdola, Q2 2020). The aggregate value of those 100 alongside the Qatar Investment Authority, agreed to acquire a EMU transactions did climb quarter-on- stake in Connecticut energy company AVANGRID for US$4bn. Deal volume Deal quarter to US$66bn, a respectable figure 60 by historical standards, but still down against Q2 2019 and 2018. 50 30

0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021

Deal volume Deal value US$(bn)

Source: Mergermarket

20 Tough competition EMU top bidders by value I HY 2021 But it was still very much domestic activity that drove EMU US$(m) M&A. Five of the nine largest deals in H1 involved US buyers USA 64,798 acquiring US assets, and three of the top eight were intra- Canada 36,405 Canada deals, including the two largest EMU transactions Spain 4,304 overall announced so far in 2021 in the Americas, and in both Singapore 2,745 those cases Inter Pipeline was the target company. United Arab Emirates 1,650

In the largest deal, Pembina Pipeline agreed to acquire Inter EMU top bidders by volume I HY 2021 Pipeline for almost US$13.5bn. The transaction will create one of Canada’s largest energy infrastructure companies and offers Deal count considerable upsides for shareholders of the merged company. USA 129 Canada 65 The Pembina-Inter deal came in early June, and was preceded Brazil 13 in early February by an unsolicited hostile takeover attempt United Kingdom 10 Spain 6 led by Brookfield Infrastructure Partners, which would have Chile 6 been worth around US$10.6bn. It was reported in mid-June that Brookfield was looking to revise its offer, but Inter’s board continued to recommend the Pembina deal unanimously.

21 EMU top 10 announced deals, HY 2021 Diversify or die After the Inter Pipeline imbroglio, the next largest transaction announced in H1 involved two US companies, as Cabot Oil Announced Bidder company Target company Target Vendor company Deal value & Gas agreed to merge with Cimarex Energy, a listed oil and date dominant (US$m) country gas exploration, development, and production company, in a deal worth just over US$9bn. Cabot Chairman Dan Dinges 1 01-Jun-21 Pembina Pipeline Corporation Inter Pipeline Ltd Canada 13,491 said: “The combination of Cabot and Cimarex will create a free 2 10-Feb-21 Brookfield Infrastructure Partners L.P. Inter Pipeline Ltd (80.48% Stake) Canada 10,641 cash flow focused, diversified energy company with the scale, inventory and financial strength to thrive across commodity 3 24-May-21 Cabot Oil & Gas Corporation Cimarex Energy Co. USA 9,041 price cycles.” Thomas Jorden, who will become the CEO of the combined entity, also emphasized the greater resiliency and 4 17-Feb-21 Energy Transfer L.P. Enable Midstream Partners L.P. USA 6,858 asset diversification that the deal facilitates.

5 18-Mar-21 PPL Corporation The Narragansett Electric USA National Grid Plc 5,166 The pursuit of greater resiliency and diversification are, in turn, Company likely to prove very important to other EMU industry players 08-Jun-21 Contango Oil & Gas Company Independence Energy, LLC USA 4,410 6 following an especially challenging 2020, given how violently the COVID-19 pandemic rocked world energy markets. Portfolio 7 12-May-21 Iberdrola S.A.; Qatar Investment AVANGRID, Inc. (20.1% Stake) USA 4,000 Authority optimization and consolidation, particularly in the oil and gas, will be a priority through the rest of 2021, as will the increasing 8 10-Feb-21 ARC Resources Ltd. Seven Generations Energy Ltd. Canada 3,720 emphasis that policymakers and regulators are placing on ESG 9 05-Apr-21 KKR & Co., Inc. Sempra Infrastructure Partners USA Sempra Energy 3,370 and renewable energy targets. (20% Stake) 10 13-Jan-21 New Fortress Energy LLC Hygo Energy Transition Ltd. Brazil Golar LNG Limited; Stonepeak 3,100 Infrastructure Partners

Source: Mergermarket 22 EMU league tables

Financial advisors by value Financial advisors by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 11 JPMorgan 70,132 19 11 15 JPMorgan 70,132 19 700 250 450 160 22 1 Goldman Sachs & Co 49,467 19 22 6 Goldman Sachs & Co 49,467 19 33 22 Barclays 40,214 10 33 13 Citi 21,607 18 400 44 8 TD Securities 28,499 11 44 17 Jefferies 9,056 140 17 600 55 - Robey Warshaw 24,973 2 55 9 RBC Capital Markets 17,446 16 200 350 66 6 Citi 21,607 18 66 5 BMO Capital Markets 13,830 120 14 77500 18 Credit Suisse 20,321 5 77 14 TD Securities 28,499 11 88 12 RBC Capital Markets 17,446 16 88300 3 Scotiabank 17,168 11 100 99 3 Scotiabank 17,168 150 Deal value US$(bn) 11 99 7 Barclays 40,214 Deal value US$(bn) 10 400 1010 7 BMO Capital Markets 13,830 14 1010250 21 CIBC World Markets 5,362 8 80

Deal volume Deal volume Deal 200 Legal300 advisors by value Legal advisors by volume 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 1 Cravath, Swaine & Moore 40,985 5 11 3 Vinson & Elkins 23,307 23 200 22 102 Skadden Arps Slate Meagher & Flom 38,039 11 22 11 White & Case 29,884 40 20 100 33 8 White & Case 29,884 50 20 33 4 Kirkland & Ellis 10,149 18

44100 81 Davis Polk & Wardwell 28,098 5 44 2 Latham & Watkins 18,533 17 20 50 55 62 Burnet Duckworth & Palmer 27,993 4 55 42 Stikeman Elliott 6,470 17 66 44 Herbert Smith Freehills 25,178 3 66 1 Baker Botts 21,827 15 0 0 0 0 77 Q1 45 Q2 DentonsQ3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 24,218Q1 Q2 7 77 Q1109 Q2 SkaddenQ3 ArpsQ4 SlateQ1 MeagherQ2 &Q3 Flom Q4 Q1 Q2 Q3 Q4 38,039Q1 Q2 11 2018 2019 2020 2021 2018 2019 2020 2021 88 12 Vinson & Elkins 23,307 23 88 6 Blake, Cassels & Graydon 16,079 11 99 Deal10 volumeGibson,Deal Dunn value & US$(bn) Crutcher 22,252 7 99 Deal13 volumeSidley DealAustin value US$(bn) 3,059 11 1010 7 Baker Botts 21,827 15 1010 8 Norton Rose Fulbright 1,199 11 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 23 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the EMU sector. Source: Mergermarket Financial services Strong start to 2021 sign of big things to come

For financial services M&A in the Americas, 2021 opened with Irish bidders bring home the bacon Financial services M&A activity, a bang. In Q1 dealmakers announced 192 transactions, the Bidders from the US contributed the largest share of deal 2018 - HY 2021 second highest quarterly total of the last three years, worth activity in the region by far in both volume and value terms. US$97bn in aggregate. The latter figure was up more than They accounted for 277 (almost 80%) of the 359 financial one-third from the US$71bn (on 182 deals) logged in the final services deals announced in the Americas in H1 2021, 200 100 quarter of last year. which together were worth almost US$90bn, or roughly 61% of the total.

Conditions tailed off a little, however, in Q2 2021, with deal 80 volume declining to 167—a figure roughly in line with other 150 Q2 totals from 2018 (176) and 2019 (174), and of course still That those two percentage figures are not up on peak-pandemic Q2 2020 (111)—and their aggregate nearer one another reflects the outsized Deal value US$(bn) 60 value falling by almost half quarter-on-quarter to US$50bn. presence of another group of bidders in American dealmaking in H1. On this 100 Though that quarterly sum remains strong by relative recent occasion, it was bidders from the Republic of volume Deal historical standards, the decline from Q1 is steep, and perhaps 40 indicates a normalization of financial sector dealmaking in the Ireland, who contributed more than US$31bn Americas following the release of pent-up demand after the — worth of activity with almost all that total 50 worst of the pandemic had already passed. coming from one deal. 20

0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021

Deal volume Deal value US$(bn)

Source: Mergermarket

25 Making transformative change FS top bidders by value I HY 2021 That leading Irish transaction happened to be the largest US$(m) financial services deal announced in H1 (and the fourth largest USA 89,642 across all sectors), as Dublin-headquartered AerCap Holdings, Ireland (Republic) 31,149 the world’s largest aircraft leasing company, moved to acquire Brazil 10,679 GE Capital Aviation Services, a US-based provider of fleet United Kingdom 7,025 financing and productivity solutions to the commercial aviation Canada 3,923 industry, from General Electric for US$31bn. FS top bidders by volume I HY 2021 For AerCap, the deal will help cement its status as an industry leader and bring in stronger revenues, cash flows, Deal count and earnings, as well as greater customer diversification. USA 277 For GE, the divestment will see the company concentrate on Canada 27 its industrial core of power, renewable energy, aviation, and Brazil 17 healthcare. As Larry Culp, GE’s CEO, put it in a press release, United Kingdom 8 Japan 4 “Today marks GE’s transformation to a more focused, simpler, and stronger industrial company.”

One can expect streamlining of this sort to be a major trend for larger financial services companies in the post-pandemic era, alongside the now ever-present factor of digital transformation and the rise of fintech.

26 Consolidation on the cards Financial services top 10 announced deals, HY 2021 The second largest financial services deal from H1 in the Americas sprang up in Brazil, when Hapvida, a provider Announced Bidder company Target company Target Vendor company Deal value of hospital management services, acquired Notre Dame date dominant (US$m) Intermedica Participacoes, a health insurance and dental country plan provider, for US$9.9bn from US PE house Bain Capital. 1 10-Mar-21 AerCap Holdings N.V. GE Capital Aviation Services LLC USA General Electric Company 31,149 If completed, the deal will create one of the world’s largest healthcare companies, in a country that has been hit terribly 2 27-Feb-21 Hapvida Participacoes e Notre Dame Intermedica Brazil Bain Capital, L.P. 9,908 Investimentos S.A. Participacoes S.A. hard by the pandemic, which killed more than one-quarter of a million people and put countless hospitals on the brink of ruin. 3 22-Feb-21 M&T Bank Corporation People's United Financial, Inc. USA 7,782

08-Mar-21 Apollo Global Management, LLC Athene Holding Ltd (65% Stake) Bermuda 7,391 The third largest financial services deal was intra-US (as in 4 fact were five other top-ten deals in the sector from H1). In a 5 11-May-21 Aurora Acquisition Corp. Better Mortgage Corporation USA L Catterton Management 6,900 transaction worth almost US$7.8bn, Buffalo-based M&T Bank Limited; Kleiner Perkins; agreed to acquire Northeastern competitor People’s United Pine Brook Road Partners LLC; IA Ventures; Financial. The merger will create the leading community- American Express focused commercial bank in that region of the US. Ventures; Activant Capital Group LLC; 9Yards Capital Looking ahead, the M&T-People’s United transactions is an 6 14-May-21 Apollo Capital Management, L.P.; Hertz Global Holdings, Inc. USA 5,916 Knighthead Capital Management; example of the sort of domestic consolidation of financial Certares L.P. services groups—from retail and insurers to asset 7 04-Mar-21 Reinvent Technology Partners Z Hippo Enterprises Inc. USA 5,522 and wealth managers—that dealmakers around the world are acting on. As companies come to grips with their post- 8 19-Apr-21 Webster Financial Corporation Sterling Bancorp USA 5,142 pandemic positions, one can expect more of the same, with financial services dealmaking—as our forward-looking heat 9 27-Jan-21 Massachusetts Mutual Life Great American Life Insurance USA American Financial 3,500 chart, which tracks ‘companies for sale’ stories, so clearly Insurance Company Company Group, Inc. illustrates—forecast to drive a considerable share of activity 10 24-Mar-21 BDT Capital Partners, LLC Acrisure, LLC USA 3,454 in H2 2021.

Source: Mergermarket 27 Financial services league tables

Financial advisors by value Financial advisors by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 3 Goldman Sachs & Co 59,130 20 11 1 Piper Sandler Companies 15,683 39 700 250 450 160 22 32 Citi 53,064 11 22 3 Stifel/KBW 19,544 23 33 2 Morgan Stanley 45,919 14 33 6 Goldman Sachs & Co 59,130 20 400 44 1 JPMorgan 39,416 19 44 2 JPMorgan 39,416 140 19 600 55 4 Evercore 34,699 6 55 5 Raymond James 3,343 16 200 350 66 10 PJT Partners 31,149 3 66 4 Morgan Stanley 45,919 120 14 77500 8 Barclays 27,827 11 77 21 Citi 53,064 11 88 - Banco Itau BBA 19,794 2 88300 10 Barclays 27,827 11 100 99 6 Stifel/KBW 19,544 150 Deal value US$(bn) 23 99 17 Stephens 1,895 Deal value US$(bn) 11 400 1010 11 Lazard 17,973 3 1010250 9 Houlihan Lokey 9,581 9 80

Deal volume Deal volume Deal 200 Legal300 advisors by value Legal advisors by volume 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 6 White & Case 50,744 8 11 1 Kirkland & Ellis 11,004 25 200 22 12 Sullivan & Cromwell 47,764 21 22 5 Alston & Bird 3,496 40 23 100 33 20 Paul Weiss Rifkind Wharton & Garrison 45,755 50 5 33 4 Skadden Arps Slate Meagher & Flom 23,824 22

44100 19 Cravath, Swaine & Moore 38,931 2 44 9 Sullivan & Cromwell 47,764 21 20 50 55 23 Freshfields Bruckhaus Deringer 32,126 4 55 3 Sidley Austin 13,945 15 66 27 Clifford Chance 31,821 5 66 12 Latham & Watkins 16,747 14 0 0 0 0 77 Q1 48 Q2 HerbertQ3 SmithQ4 FreehillsQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 31,649Q1 Q2 2 77 Q1 2 Q2 WillkieQ3 FarrQ4 & GallagherQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6,326Q1 Q2 13 2018 2019 2020 2021 2018 2019 2020 2021 88 112 A&L Goodbody 31,149 2 88 13 Simpson Thacher & Bartlett 19,312 12 99= Deal- volumeMcCannDeal FitzGerald value US$(bn) 31,149 1 99 Deal14 volumeWachtell,Deal Lipton, value US$(bn) Rosen & Katz 10,859 11 109= 35 NautaDutilh 31,149 1 1010 10 Debevoise & Plimpton 9,534 11 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 28 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the financial services sector. Source: Mergermarket Industrials & chemicals Exhaustive start to year leaves little room for growth

M&A activity in the industrials & chemicals (I&C) space Regression to the mean I&C M&A activity, followed, over the last several months, the same general trend This drop-off was informed in great part by a fall in the number 2018 - HY 2021 as other sectors, with the COVID-19 crash and subsequent of high-end transactions. Whereas 18 I&C deals worth more recuperation being followed by a release of pent-up demand than US$2bn were logged in Q1, only seven such deals were and then signs of normalization. announced in the next quarter. Historically, the total value of 350 120 deals posted in Q2 is on par with the pre-pandemic second

quarters of 2018 (US$53bn) and 2019 (US$54bn), though in 300 In I&C’s case, however, that trend seems both comparisons the volume statistics are down this year 100 to have been greatly compressed and (from 325 in Q2 2018, and 288 in Q2 2019). 250 intensified. The jump in activity between 80 Q4 2020 and Q1 2021 was very striking. The US dominated I&C proceedings in H1 2021, with bidders Deal value US$(bn) from that country contributing 464 deals, representing almost 200 Deal volume rose around 20% from 293 80% of all I&C transactions announced through the first six 60 announced transactions to 344. More months of this year. Combined, those were worth almost Deal volume Deal 150 remarkable still was the leap in aggregate US$100bn, over 90% of the aggregate value of all I&C deals deal volume, from US$39bn to US$110bn, in H1. 40 100 a more than threefold increase. Canada contributed the second largest number of 20 transactions after the US, but the distance between the two 50 The first three months of the year, evidently, were an incredibly figures is painfully stark—Canadian bidders were involved in fruitful period. That sort of pace would, even under the best of 43 I&C deals in H1, not even one-tenth of the deals led by their 0 0 circumstances, have been difficult to maintain. Sure enough, US counterparts. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 in Q2 2021, the I&C M&A market retracted—252 deals worth 2018 2019 2020 2021

US$56bn in aggregate were announced, representing a Deal volume Deal value US$(bn) decline of more than 25% and 100%, respectively, from Q1. Source: Mergermarket

30 I&C top bidders by value I HY 2021 Sustainability drive The US’s outsized presence in the I&C space was reflected, US$(m) too, in the sector’s top 10 deals from H1, as every targeted USA 99,559 Australia 3,241 company on that list was based in that country. In the very Canada 2,563 largest transaction, worth in excess of US$17bn, US-based Ireland (Republic) 1,650 special purpose acquisition company Churchill Capital Corp Germany 1,075 IV agreed to acquire Lucid Motors (formerly known as Atieva), a manufacturer of luxury electric vehicles that was founded in I&C top bidders by volume I HY 2021 2007 by a former Tesla executive.

Deal count That deal illustrates two key themes for dealmaking in 2021. USA 464 First, the massive impact of SPACs on the market, which may Canada 43 invite stricter oversight from regulators under President Biden’s Brazil 13 administration, in particular from Gary Gensler, the new chair Sweden 8 of the US Securities & Exchange Commission. And second, the United Kingdom 7 increasing appeal of electric vehicles and similar innovative France 7 and decarbonization-minded assets, given the attention which the Biden administration and other policymakers the world over are paying to sustainability initiatives.

Increasingly, companies’ ESG scores could be an integral part in the decision-making and due diligence processes that inform M&A strategies. As these principles become standardized and more habitual, it will be in the interest of corporates and investors to effectively articulate their sustainability priorities.

31 I&C top 10 announced deals, HY 2021 Life at the cutting edge In the second largest I&C deal announced in H1, industrial conglomerate Teledyne moved to acquire FLIR Systems Announced Bidder company Target company Target Vendor company Deal value for just under US$8bn. FLIR specializes in designing and date dominant (US$m) country manufacturing camera systems for various thermography and imaging applications, including in relation to drone 1 22-Feb-21 Churchill Capital Corp IV Atieva, Inc. USA 17,625 technology. With the increasing prevalence of drones and 2 04-Jan-21 Teledyne Technologies Incorporated FLIR Systems, Inc. USA 7,804 the utility of advanced image sensors, FLIR’s expertise and cutting-edge assets are expected to contribute immediately 3 26-Apr-21 Standard Industries Inc. W. R. Grace & Co. USA 6,323 to Teledyne’s bottom line.

4 05-Mar-21 TSG Consumer Partners, LLC; StepStone Mavis Tire Supply LLC USA Golden Gate Capital 6,000 The third largest I&C deal from the first six months of the year Group Inc.; BayPine saw roofing products company Standard Industries agree to 5 24-Feb-21 Reinvent Technology Partners Joby Aero, Inc. USA 5,000 acquire W. R. Grace & Co., a listed specialty chemicals and specialty materials company, for US$6.3bn. As the co-CEOs 28-May-21 Ali Group S.p.A. Welbilt, Inc. USA 4,668 6 of Standard Industries Holdings said when the deal was announced, it’s hoped that the acquisition will “usher in a new 21-Apr-21 The Middleby Corporation Welbilt, Inc. USA 4,331 7 era of innovation and growth”. 8 01-Mar-21 Vector Acquisition Corporation Rocket Lab USA, Inc. USA 3,960 Clearly, as this and the other headline I&C deals illustrate, 9 16-Feb-21 Regal Beloit Corporation Rexnord Corporation (Process & Motion USA Rexnord Corporation 3,690 staying at the cutting edge and not becoming complacent Control segment) (61.4% Stake) will be the modus operandi for corporates in the post- 10 11-May-21 Paper Excellence Canada Holdings Corp. Domtar Corporation USA 3,048 pandemic era.

Source: Mergermarket 32 I&C league tables

Financial advisors by value Financial advisors by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 3 Goldman Sachs & Co 45,376 27 11 10 Goldman Sachs & Co 45,376 27 700 250 450 160 22 5 Citi 40,838 16 22 18 Barclays 31,259 22 33 1 Morgan Stanley 38,664 15 33 4 Robert W. Baird & Co 2,073 21 400 44 13 Bank of America 33,575 18 44 19 JPMorgan 26,742 140 20 600 55 6 Barclays 31,259 22 55 1 Houlihan Lokey 5,063 20 200 350 66 9 JPMorgan 26,742 20 66 3 Lincoln International 523 120 19 77500 11 Credit Suisse 20,699 17 77 12 Bank of America 33,575 18 88 - Guggenheim Partners 19,151 2 88300 36 Credit Suisse 20,699 17 100 99 2 Evercore 17,446 150 Deal value US$(bn) 9 99 11 Citi 40,838 Deal value US$(bn) 16 400 1010 19 Jefferies 14,670 16 1010250 13 Jefferies 14,670 16 80

Deal volume Deal volume Deal 200 Legal300 advisors by value Legal advisors by volume 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 4 Kirkland & Ellis 41,862 56 11 1 Kirkland & Ellis 41,862 56 200 22 3 Davis Polk & Wardwell 33,258 10 22 2 Jones Day 5,342 40 28 100 33 26 Sullivan & Cromwell 33,026 50 18 33 11 Sidley Austin 12,208 25

44100 61 Weil Gotshal & Manges 28,043 13 44 3 Latham & Watkins 20,185 22 20 50 55 15 Latham & Watkins 20,185 22 55 15 Ropes & Gray 14,026 21 66 30 Simpson Thacher & Bartlett 17,340 10 66 35 Sullivan & Cromwell 33,026 18 0 0 0 0 77 Q1 5 Q2 Gibson,Q3 DunnQ4 & CrutcherQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16,279Q1 Q2 8 77 Q134 Q2 WhiteQ3 & CaseQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 9,599Q1 Q2 14 2018 2019 2020 2021 2018 2019 2020 2021 88 47 Ropes & Gray 14,026 21 88 20 Morgan Lewis & Bockius 6,442 14 99 Deal29 volumeSkaddenDeal Arps value Slate US$(bn) Meagher & Flom 13,224 9 99 Deal25 volumeStikemanDeal Elliott value US$(bn) 5,307 14 1010 44 Freshfields Bruckhaus Deringer 12,806 10 1010 18 Weil Gotshal & Manges 28,043 13 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 33 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the I&C sector. Source: Mergermarket Pharma, medical & biotech Well-heeled PMB investors racing for innovation-rich assets

Statistically, the PMB sector in the Americas Megadeals to the rescue proved to be something of an outlier in H1 PMB M&A activity, But the figures from Q2 2021 muddy the waters somewhat, 2021, going against the usual director of 2018 - HY 2021 with total PMB deal volumes dropping to 225 (a decline of around 20%), but the aggregate value of those deals M&A demonstrated in other industries. more than doubling the total from the previous quarter to 300 150 reach US$119bn. After following the general trend of activity at the end of 2020, with consecutive quarters of rising deal volume and value, That spike in value can be attributed, in spite of the decline in 250 PMB dealmaking could not keep up the pace in early 2021, 120 overall deals, to the fistful of mega transactions (those worth at least in terms of aggregate value. more than US$5bn), of which five were announced in Q2, versus just one in Q1. 200 Deal value in Q1 reached US$59bn, down markedly from Deal value US$(bn) 90 the almost US$100bn posted in the preceding quarter. Deal PE firms contributed mightily to these underlying figures, volume, however, did continue its upward trend in the first three 150 with buyouts and, in particular, exits hitting very high marks months of the year, rising to 283 from Q4 2020’s 266. On both in Q2. In both cases, the aggregate value of buyouts and Deal volume Deal counts, too, Q1 2021 outpaced the numbers recorded during 60 exits through the first six months of this year (US$60bn and the same period last year (230 deals worth just US$26bn). 100 US$51.4bn, respectively, with Q2 responsible for almost 80% of that combined activity) have already eclipsed the

30 annual totals posted in the preceding three years in the 50 region, evincing PE investors’ long-standing affinity for advanced healthcare assets, which one can expect to become increasingly popular in the post-pandemic era. 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021

Deal volume Deal value US$(bn)

Source: Mergermarket

35 PMB top bidders by value I HY 2021 PE firms soaring Each of the three largest PMB deals of H1 was announced in As is typical, American bidders dominated proceedings in Q2, and had a combined value of just under US$70bn (almost US$(m) PMB M&A, being involved in 372 transactions overall (more 40% of the regional total for the whole six-month period). USA 149,206 Ireland (Republic) 15,117 than 70% of all PMB deals announced in the region in H1) Switzerland 2,451 which were worth almost US$150bn in aggregate (84% of The biggest of those transactions saw PE giants Carlyle, Canada 2,141 the regional total). Of the remaining US$28bn worth of deals, Hellman & Friedman, and Blackstone partner with GIC, Germany 1,942 more than half (US$15bn) can be attributed to bidders from the sovereign wealth fund of Singapore, as they made an the Republic of Ireland, who were connected to the fourth and undisclosed majority investment in Medline Industries, the PMB top bidders by volume I HY 2021 ninth largest PMB deals announced in H1. No bidders from largest privately held manufacturer and distributor of medical any other country besides the US featured in the top 10 deals products and healthcare supplies in the US. The transaction is Deal count logged in the first six months of the year. expected to value Medline at an estimated price of US$34bn. USA 372 Brazil 41 Canada 38 United Kingdom 7 Sweden 5 France 5

36 PMB top 10 announced deals, HY 2021

All eyes on innovators Announced Bidder company Target company Target Vendor company Deal value In the second largest deal, also involving Hellman & Friedman, date dominant (US$m) on this occasion as the seller, scientific equipment maker country Thermo Fisher agreed to acquire PPD, a research and drug 1 05 Jun-21 The Carlyle Group; Hellman & Medline Industries, Inc. USA 34,000 Friedman LLC; Blackstone Group Inc.; development company, for just under US$21bn. The deal helps GIC Private Limited to cement Thermo Fisher’s reputation as a global leader in the 15 Apr-21 Thermo Fisher Scientific Inc. PPD, Inc. USA Hellman & Friedman LLC 20,976 high-growth clinical research subsector, and is expected to 2 realize total synergies for the company of around US$125m 3 11 May-21 Soaring Eagle Acquisition Corp. Ginkgo Bioworks, Inc. USA 15,000 within three years after closing. 4 24 Feb-21 ICON plc PRA Health Sciences, Inc. USA 12,123 The third largest PMB deal announced in the Americas in H1 is indicative of a major trend in M&A generally, as special 5 17 Jun-21 Danaher Corporation Aldevron, LLC USA EQT Partners AB; TA Associates 9,600 purpose acquisition company Soaring Eagle agreed to acquire Management, L.P. Ginkgo Bioworks for US$15bn. Ginkgo specializes in the 6 27 Apr-21 Humana Inc. Kindred at Home (60% USA TPG Capital L.P.; Welsh, Carson, 5,700 Stake) Anderson & Stowe ground-breaking field of synthetic biology, and is engaged in engineering new organisms to solve challenges across a range 7 12 Jan-21 STERIS plc Cantel Medical Corp. USA 4,422 of industries, from fuels to pharma. 8 04 Feb-21 VG Acquisition Corp 23andMe, Inc. USA 3,603 The future seems bright for PMB M&A in the Americas. 01 Feb-21 Horizon Pharma plc Viela Bio, Inc. USA 2,542 In the US and elsewhere, major PMB players and investors 9 who are hungry for innovation are building up robust deal 10 22 Feb-21 Fortress Value Acquisition Corp. II ATI Holdings, LLC USA 2,367 pipelines. They have abundant resources at hand to make H2 a lucrative period.

Source: Mergermarket 37 PMB league tables

Financial advisors by value Financial advisors by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 2 Morgan Stanley 90,183 15 11 2 Jefferies 8,550 23 700 250 450 160 22 1 JPMorgan 74,430 21 22 7 Goldman Sachs & Co 71,432 22 33 4 Goldman Sachs & Co 71,432 22 33 4 JPMorgan 74,430 21 400 44 16 Barclays 68,506 19 44 12 Barclays 68,506 140 19 600 55 5 61,324 8 55 11 Citi 28,499 16 200 350 66 3 Bank of America 50,938 7 66 10 Morgan Stanley 90,183 120 15 77500 - BDT & Company 34,000 1 77 19 William Blair & Company 3,420 14 88 6 Citi 28,499 16 88300 14 Houlihan Lokey 1,474 14 100 99 - Allen & Company 15,000 150 Deal value US$(bn) 1 99 49 Guggenheim Partners 12,642 Deal value US$(bn) 13 400 1010 93 UBS Investment Bank 14,009 3 1010250 6 Piper Sandler Companies 3,724 13 80

Deal volume Deal volume Deal 200 Legal300 advisors by value Legal advisors by volume 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 157 Simpson Thacher & Bartlett 64,576 5 11 1 Goodwin Procter 9,486 40 200 22 10 Wachtell, Lipton, Rosen & Katz 56,674 7 22 7 Kirkland & Ellis 26,405 40 32 100 33 23 Cravath, Swaine & Moore 47,631 50 8 33 2 McDermott Will & Emery 1,211 30

44100 44 Dechert 35,760 4 44 12 Arnall Golden & Gregory 220 29 20 50 55 11 Debevoise & Plimpton 34,047 8 55 5 Latham & Watkins 25,836 28 66 - Corrs Chambers Westgarth 34,000 1 66 4 Cooley 11,757 26 0 0 0 0 77 Q1 9 Q2 RopesQ3 & GrayQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 26,657Q1 Q2 23 77 Q1 9 Q2 RopesQ3 & GrayQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 26,657Q1 Q2 23 2018 2019 2020 2021 2018 2019 2020 2021 88 27 Kirkland & Ellis 26,405 32 88 6 DLA Piper 5,683 23 99 Deal12 volumeLathamDeal & Watkinsvalue US$(bn) 25,836 28 99 Deal8 volumeMcGuireWoodsDeal value US$(bn) 517 22 1010 18 White & Case 22,085 15 1010 11 Sidley Austin 4,186 21 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 38 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the PMB sector. Source: Mergermarket Telecoms, media & technology From strength to strength on surge of megadeals

Seen as the big winner from 2020, the TMT sector continues to Smashing expectations TMT M&A activity, surge, as the M&A figures from H1 2021 in the Americas can Taken as a whole, the aggregate value of TMT deals 2018 - HY 2021 attest to. announced in the Americas through the first six months of 2021 (US$518bn) surpasses the annual totals posted in The first three months of the year saw an increase in each of the last three years, and by a considerable margin. 700 300 dealmaking activity from the preceding quarter, with volume Whether such a pace can be maintained will define TMT up almost 15% (from 556 in Q4 2020 to 638) and aggregate M&A in H2. Though some degree of normalization should 600 value up by more than 20% (from US$181bn to US$221bn). perhaps be expected—after all, deals worth in excess of 250 This was followed by a slight decline in the number of deals scores of billions of dollars, as the market has seen in H1, announced, with 595 transactions logged in Q2, but total are uncommon—our forward-looking heat chart suggests 500 200 value continued to climb to just under US$300bn, an increase that the market will remain red-hot in the Americas. Deal value US$(bn) of around one-third from Q1. 400

Expectedly, US bidders contributed the lion’s share of activity 150 through the first six months of the year, being involved in 917 Deal volume Deal 300 This performance has prolonged the trend deals (almost three-quarters of all TMT transactions announced of record-breaking quarters for TMT from in the Americas in H1) worth US$433bn in aggregate (or 84% of 100 the middle of last year. The rush has been the regional total). 200 underpinned by an outpouring of very large 50 Nonetheless, though bidders from other parts of the world 100 and megadeals, with 17 transactions worth account for a considerably smaller portion of the pie, the more than US$5bn already announced this H1 figures do still attest to the international attention paid 0 0 year. In comparison, just four and eight deals towards American TMT assets. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 of that size were logged, respectively, in H1 2018 2019 2020 2021 2018 and H1 2019. Deal volume Deal value US$(bn)

Source: Mergermarket

40 Global appeal TMT top bidders by value I HY 2021 Buyers from Japan and Israel, both of which feature very US$(m) advanced domestic TMT expertise, were keen to involve USA 433,226 themselves in deals for American TMT companies, with the Canada 31,289 former contributing 20 transactions in the region in H1 worth Japan 22,123 US$22bn in total, including the seventh and tenth largest TMT United Kingdom 6,253 deals announced in the Americas during that period. Brazil 4,450

By dint of those deals, Japanese bidders contributed the third TMT top bidders by volume I HY 2021 highest total of deals by value, being bested for second place by their Canadian peers, who made 78 bids worth US$31bn. Deal count USA 917 The majority of that US$31bn stemmed from one intra- Canada 78 Canadian deal, the second largest TMT transaction announced United Kingdom 49 in the Americas through the first six months of 2021. In Brazil 47 Japan 20 March, Rogers Communications agreed to acquire Shaw Communications, a listed telecoms company engaged in providing cable telecoms, satellite video services, and data networking, for US$21.2bn. The deal will, in the words of the parties, create a “truly national network provider”, and is related to plans to connect remote and indigenous communities across Western Canada to high-speed internet.

41 TMT top 10 announced deals, HY 2021 Latest salvo in the streaming wars The two other largest TMT transactions, on either side of the Rogers-Shaw tie up, from H1 in the Americas were intra-US. Announced Bidder company Target company Target Vendor company Deal value In the third largest deal, software titan Microsoft moved date dominant (US$m) country to acquire Nuance Communication, a company providing speech and imaging solutions for businesses and consumers, 1 17-May-21 Discovery, Inc. Warner Media, LLC USA AT&T Inc. 96,153 in a US$19.3bn all-cash transaction. Building on a strong 2 15-Mar-21 Rogers Communications Inc. Shaw Communications Inc. Canada 21,180 pre-existing relationship between the two companies, the transaction will enable Microsoft to accelerate its industry 3 12-Apr-21 Microsoft Corporation Nuance Communications, Inc. USA 19,322 cloud strategy aimed at healthcare providers.

4 06-Jan-21 OptumInsight, Inc. Change Healthcare Inc. USA Blackstone Group Inc. 13,332 The Rogers-Shaw and Microsoft-Nuance deals, however, pale in comparison to the largest TMT deal announced in 5 07-Jan-21 SoFi Technologies, Inc. Social Finance, Inc. USA 12,934 H1 in the Americas, which also happens to be the largest deal announced across all sectors in the region. 6 26-Apr-21 Thoma Bravo, LLC Proofpoint, Inc. USA 11,256 For just over US$96bn, Discovery purchased and merged 7 31-Mar-21 Hitachi, Ltd. GlobalLogic, Inc. USA Canada Pension Plan 9,600 Investment Board; Partners with Warner Media, the latest salvo in the ‘streaming wars’ Group Holding AG as large, traditional US entertainment companies rush to 8 26-May-21 Amazon.com, Inc. Metro-Goldwyn-Mayer Studios Inc. USA Anchorage Capital Group, LLC 8,450 compete with rivals, including Netflix, Amazon Prime Video, and Disney+, to name just a few of the numerous online 9 22-Mar-21 Synnex Corporation Tech Data Corporation USA Apollo Global Management, LLC 7,241 video streaming services. The deal is expected to trigger a wave of consolidation in the US and beyond as the highly 10 23-Apr-21 Panasonic Corporation Blue Yonder, Inc. (80% Stake) USA Blackstone Group Inc.; New 7,100 Mountain Capital, LLC competitive players fight for scale and consumer attention.

Source: Mergermarket 42 TMT league tables

Financial advisors by value Financial advisors by volume

2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 11 1 Goldman Sachs & Co 320,673 68 11 2 JPMorgan 263,560 69 700 250 450 160 22 3 JPMorgan 263,560 69 22 1 Goldman Sachs & Co 320,673 68 33 25 LionTree Advisors 115,978 10 33 5 Morgan Stanley 89,961 44 400 44 31 Allen & Company 108,611 5 44 22 Credit Suisse 82,566 140 40 600 55 23 Perella Weinberg Partners 106,729 6 55 14 William Blair & Company 13,026 39 200 350 66 4 Morgan Stanley 89,961 44 66 3 Bank of America 88,360 120 34 77500 2 Bank of America 88,360 34 77 7 Moelis & Company 21,069 32 88 28 Lazard 82,986 14 88300 6 Evercore 58,088 31 100 99 11 Credit Suisse 82,566 150 Deal value US$(bn) 40 99 8 Canaccord Genuity Group 1,201 Deal value US$(bn) 30 400 1010 8 Barclays 65,817 25 1010250 16 Citi 50,921 29 80

Deal volume Deal volume Deal 200 Legal300 advisors by value Legal advisors by volume 100 60 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 2020HY 20212019HY 2020CompanyCompany Name name ValueValue (US$m) (US$m) DealDeal count count 150 11 28 Simpson Thacher & Bartlett 218,617 36 11 2 Kirkland & Ellis 113,726 136 200 22 40 Wachtell, Lipton, Rosen & Katz 207,805 16 22 4 Latham & Watkins 96,691 40 94 100 33 14 White & Case 147,712 50 37 33 3 Goodwin Procter 23,228 85

44100 10 Sullivan & Cromwell 134,964 26 44 1 DLA Piper 13,009 70 20 50 55 44 Fried Frank Harris Shriver & Jacobson 116,655 13 55 5 Cooley 19,246 69 66 4 Kirkland & Ellis 113,726 136 66 21 Orrick Herrington & Sutcliffe 15,164 68 0 0 0 0 77 Q1 25 Q2 DebevoiseQ3 Q4 & PlimptonQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 104,985Q1 Q2 8 77 Q1 8 Q2 SidleyQ3 AustinQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 22,771Q1 Q2 66 2018 2019 2020 2021 2018 2019 2020 2021 88 151 Fasken Martineau Dumoulin 100,374 25 88 6 Wilson Sonsini Goodrich & Rosati 15,231 56 99 Deal135 volumeAlstonDeal & Bird value US$(bn) 98,807 12 99 Deal7 volumeRopesDeal & Gray value US$(bn) 37,538 41 1010 1 Latham & Watkins 96,691 94 1010 11 Weil Gotshal & Manges 24,864 40 Source: Mergermarket Source: Mergermarket Source: Mergermarket The advisor league tables by value and volume have been run from 01/01/2021 to 30/06/2021 and exclude lapsed and withdrawn deals. 43 The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the TMT sector. Source: Mergermarket About this report Produced in partnership with Mergermarket, an Acuris company Editors (Acuris Studios): Julian Frazer, Yining Su

For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to: www.mergermarket.com/pdf/deal_criteria.pdf

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