Global and regional M&A: Q1-Q3 2016 Including league tables of financial advisors
Global
Europe
US
C & S America
Asia-Pacific
Japan
Africa & Middle East
M&A League tables
PE league tables
Criteria Regional M&A comparison
n n n
n n n
n
The alue on the map indicates market share in global M&A Global M&A . tn - . s. -
Cross- b order . bn . Industrials & . bn . Chemicals
US Europe Asia-Pacific (excl. Japan) . bn - . s. - . bn - . s. - . bn - . s. -
Inbound . bn . Inbound . bn . Inbound . bn . utbound . bn . utbound . bn . utbound . bn . Energy . bn . Industrials . bn . Technology . bn . Mining & & Chemicals Utilities C & S America Africa & Middle East Japan . bn + . s. - . bn + . s. - . bn + . s. -
Inbound . bn . Inbound . bn . Inbound . bn . utbound . bn . utbound . bn . utbound . bn . Energy . bn . Financial . bn . Industrials . bn . Mining & Ser ices & Chemicals Utilities
Global and regional M&A: Q1-Q3 2016 2 www.mergermarket.com Global
uu Global M&A dealmaking in 2016 has not been able to achieve the dizzying heights reached in 2015, with political uncertainty, increased regulation and decreased confidence on boards all weighing down on activity. To-date in 2016, 12,283 deals worth US$ 2.2tn represents a 20.2% value decrease compared to the same period in 2015 (US$ 2.8tn, 13,263 deals). Although M&A activity is down compared to the two preceding years, deal value has experienced two quarterly value increases this year, with Q3 (US$ 812.9bn) increasing 8.8% compared to Q2 (US$ 747.2bn).
uu Industrials & Chemicals has been the most targeted sector globally, with 2,313 deals worth US$ 416.8bn representing a 41.1% value increase compared to the same period in 2015 (US$ 295.4bn), and the highest YTD value since 2007 (US$ 411.8bn). A record seven mega-deals worth US$ 183.6bn pushed sector value to reach a post-crisis high. According to Mergermarket intelligence, a string of mega-mergers in the sector are set to create a myriad of M&A opportunities for private equity buyers and sellers.
uu Acquisitive Chinese buyers remain a key driver of M&A globally, with 201 deals worth US$ 141.2bn so far this year targeting firms outside of the Asia-Pacific region overtaking all annual deal values and volumes on Mergermarket record (since 2001). Chinese dealmakers are the dominant force behind Asia-Pacific's outbound activity (434 deals, US$ 162.9bn), accounting for a record 84.7% of deal value, and 46.3% of deal count. The most targeted sectors by Chinese dealmakers were Industrials & Chemicals (64 deals, US$ 68.5bn) and Technology (29 deals, US$ 24.0bn), which recorded year-on-year value increases of 498.4% and 297.2%, respectively.
uu Despite concerns surrounding Brexit, the immediate drop in sterling following the referendum vote caused opportunistic dealmakers to engage in a bargain hunt for UK assets. This was seen in Japan-based Softbank’s US$ 30.2bn acquisition of UK-based Tech firm ARM holdings - the highest valued deal targeting a UK company this year - announced in July. As a result of a few big-ticket deals, Q3 inbound activity into the UK (US$ 49.3bn, 121 deals) jumped 283.0% by value compared to Q2 (US$ 12.9bn, 159 deals).
uarterly M&A acti ity - : . tn alue of deals (US bn)
801.5 1,280.0 852.0 734.4 Total . - Lowest - alue s. . since ( . tn) 593.2 678.2 684.9 458.8 Total . -
420.9 396.4 327.6 570.1 Total . Second consecuti e s. . uarterly alue increase 461.2 432.1 492.9 713.3 Total . this year
614.6 586.4 599.6 479.4 Total . Mega-deals Down from deals vs. YTD ‘15 mega-deals worth . . bn TD 465.0 565.5 523.0 757.5 Total . . bn
446.8 560.0 645.6 571.4 Total . Industrials & Chemicals 567.0 963.9 856.5 868.5 Total . - ighest year-to-date 759.4 1,039.0 957.5 1,205.0 Total . s. . period since - ( . bn) 639.9 747.2 812.9 Total . ighest year-to-date Mega-deals vs. YTD ‘15 Sector breakdown - s - alue and count on deals . record (since ) $295.4bn . . bn Industrials s & Chemicals $416.8bn . A erage ighest year-to-date a erage alue on record $423.3bn . deal si e m Energyd icMailn &ing Biote ch & Utilities $321.9bn .
. Technology $273.7bn $297.1bn . Cross-border acti ity Pharma Medical $335.4bn . & Biotech $228.6bn . China outbound vs. FY ‘15 ertakes all annual $354.8bn . Financial Ser ices . alues on record $223.0bn (excl. As-Pac) . . bn Business Ser ices $134.6bn . China ighest share on $162.6bn . outbound record $279.1bn . of As-Pac Consumer $155.1bn . UK inbound - ighest uarterly alue $659.5bn . ther vs. Q2 ‘16 in $394.8bn . deals . . bn * % indicates market share
Global and regional M&A: Q1-Q3 2016 3 www.mergermarket.com Global
Top deals Deal Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$bn)
65.3 14-Sep Bayer AG Germany Monsanto Company USA
China National Chemical 45.9 03-Feb China Syngenta AG Switzerland Corporation
40.7 06-Sep Enbridge Inc Canada Spectra Energy Corp USA
Republic of 35.2 11-Jan Shire Plc Baxalta Inc USA Ireland
ARM Holdings Plc (98.55% United 30.2 18-Jul SoftBank Group Corp Japan Stake) Kingdom
Sector key Industrials & Chemicals Pharma, Medical, Biotech Energy, Mining & Utilities Technology
League table by value
Rank Company name Q1-Q3 2016 Q1-Q3 2015 Regional ranking comparison
Asia- Africa & Q1-Q3 Q1-Q3 Value Deal Value % Value Pacific C&S Europe US Japan Middle 2016 2015 (US$bn) Count (US$bn) change (excl. America East Japan) 1 1 Goldman Sachs 602.2 185 829.7 -27.4% 1 1 2 7 5 14 2 3 Morgan Stanley 501.0 176 684.7 -26.8% 2 2 7 4 29 7 Bank of America Merrill 3 4 378.0 128 566.0 -32.7% 5 3 14 11 35 8 Lynch 4 6 Credit Suisse 369.5 140 479.6 -23.0% 3 6 3 14 2 2 5 2 JPMorgan 349.1 183 654.0 -46.6% 7 5 5 12 7 3 6 7 Barclays 294.0 129 288.2 2.0% 11 4 36 20 13 17 7 5 Citi 282.1 132 511.7 -44.9% 9 7 10 13 3 11 8 11 UBS Investment Bank 231.0 115 202.6 14.0% 8 14 4 8 1 12 9 9 Lazard 193.2 150 375.4 -48.5% 6 12 19 6 4 15 10 15 Rothschild 191.3 209 238.0 -19.6% 4 11 26 17 6 9 11 8 Deutsche Bank 190.2 95 270.5 -29.7% 10 9 21 16 28 18 12 17 Evercore Partners 187.4 106 120.4 55.6% 14 8 99 33 24 29 13 16 RBC Capital Markets 176.8 104 76.0 132.6% 25 10 65 - 22 25 China International Capital 14 44 126.6 35 24.7 413.5% 17 24 1 18 - - Corporation 15 12 HSBC 94.4 36 150.3 -37.2% 12 50 6 47 36 31 16 13 Guggenheim Partners 76.9 16 168.3 -54.3% 119 13 - - - - 17 38 Wells Fargo Securities 74.3 49 27.9 166.9% 66 15 127 19 34 - 18 10 Centerview Partners 70.7 26 269.9 -73.8% 27 17 62 24 9 - 19 - Ducera Partners 65.3 3 - - 13 16 - - - - 20 29 BMO Capital Markets 64.1 32 51.3 25.0% 278 18 85 - - 55
Global and regional M&A: Q1-Q3 2016 4 www.mergermarket.com Europe
uu European M&A is facing challenges due a wave of macro-economic uncertainty sweeping across the continent, with Brexit, the upcoming Italian referendum, French and German national elections all affecting dealmakers' confidence. The climate of instability seemed to put a dampener on M&A during Q3 (1,323 deals, US$ 154.1bn), with value dropping 19.7% compared to Q2 (1,851 deals, US$ 191.9bn), and deal count dropping to its lowest since Q3 2012 (1,274). As a result, year-to-date M&A value (4,810 deals, US$ 529.4bn) stands 11.6% behind the same period in 2015 (5,004 deals, US$ 599.1bn), with deal count decreasing only 3.9% (194 deals).
uu The Technology sector has seen strong year-to-date activity, with 484 deals worth US$ 59.0bn increasing 16.8% by value compared to the previous record in 2015 (524 deals, US$ 50.6bn), and reaching its highest year-to-date value on Mergermarket record (since 2001). According to Mergermarket intelligence, M&A will be a route for tech companies to capture growth in a constrained economic environment, with fintech, mobile computing, healthcare IT and security technology noted as areas to watch.
uu Fuelled by healthy balance sheets and a stable domestic economy, German dealmakers have been investing larger sums outside of their borders. Bolstered by the long-awaited US$ 65.3bn Bayer/Monsanto deal, the value of German outbound M&A excluding Europe (79 deals, US$ 89.5bn) has already overtaken 2015’s annual total (100 deals, US$ 9.5bn) by 2.5x, without taking into account this monumental deal. German bidders have also been active within Europe, with 157 deals worth US$ 49.3bn overtaking 2015’s annual total (US$ 17.5bn) by 181.3%.
uu The immediate drop in sterling following Brexit caused opportunistic dealmakers to engage in a bargain hunt for UK assets. Japan- based Softbank’s US$ 30.2bn acquisition of UK-based Tech firm ARM holdings - the highest valued deal targeting a UK company this year - was a clear example of this trend. Q3 inbound activity into the UK (US$ 49.3bn, 121 deals) consequently stands 283% ahead of Q2 2016 (US$ 12.9bn, 159 deals), as a result of a few high-profile deals, despite accounting for 38 fewer transactions.
uarterly M&A acti ity - : . bn alue of deals (US bn)
265.6 583.9 383.9 286.6 Total 1,519.9 - . Second consecuti e s. year-to-date alue Total 1,003.9 295.7 203.3 287.6 217.2 - decrease
122.5 77.9 79.1 188.2 Total 467.7 of global Up from . in - M&A - the lowest TD 127.8 114.9 152.2 243.5 Total 638.3 share on record
185.0 243.5 167.0 134.6 Total 730.1 Lowest uarterly alue s. . since ( . bn) 172.1 187.7 113.0 251.0 Total 723.7
136.3 199.2 147.2 158.5 Total 641.2 Sector breakdown 178.5 309.8 209.2 212.9 Total 910.4 Industrials & Total 889.5 vs. FY ‘15 ertaking all annual 163.8 260.9 174.3 290.5 Chemicals deal alues since deals . ( . bn) 183.3 191.9 154.1 Total 529.4 . bn
Financial vs. YTD ‘15 Second consecuti e Sector breakdown - s - . year-to-date alue Ser ices increase with deals . . bn Industrials $71.7bn & Chemicals $131.9bn . ighest year-to-date Technology vs. YTD ‘15 alue on record $64.6bn . Financial Ser ices deals . $90.6bn . . bn $50.5bn . Technology $59.0bn . Cross-border acti ity Pharma Medical $27.8bn . & Biotech $44.9bn . Germany ertaking all annual vs. FY 2015 Energy Mining $121.8bn . outbound totals on record & Utilities $43.1bn . deals . x . bn $28.3bn . Business Ser ices Germany into $31.8bn . ertaking all annual rest of Europe vs. FY 2015 totals since $69.9bn . deals . ( . bn) BusiConsumerness Ser ices $25.7bn . . bn alue higher than $164.5bn . UK inbound - ther vs. Q2 2016 total with deal count $103.0bn . . bn dropping by .
* % indicates market share
Global and regional M&A: Q1-Q3 2016 5 www.mergermarket.com Europe
Top deals Deal Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$bn)
China National Chemical 45.9 03-Feb China Syngenta AG Switzerland Corporation
ARM Holdings Plc (98.55% United King- 30.2 18-Jul SoftBank Group Corp Japan Stake) dom
Credit Agricole - Regional 20.4 21-Jul Sacam Mutualisation France France Credit Agricole SA Banks (25% Stake)
Westdeutsche Genossen- 19.4 12-Apr DZ Bank AG Germany Germany schafts-Zentralbank
Republic of 16.2 25-Jan Johnson Controls Inc US Tyco International plc Ireland
Sector key Industrials & Chemicals Technology Financial Services
League table by value
Rank Company name Q1-Q3 2016 Q1-Q3 2015
Q1 - Q3 Q1 - Q3 Value Deal Value % Value 2016 2015 (US$m) Count (US$m) change 1 1 Goldman Sachs 267,121 71 297,906 -10.3% 2 2 Morgan Stanley 217,933 60 286,877 -24.0% 3 10 Credit Suisse 179,419 54 101,323 77.1% 4 5 Rothschild 176,142 177 203,279 -13.3% 5 4 Bank of America Merrill Lynch 166,937 58 241,208 -30.8% 6 6 Lazard 143,663 98 201,397 -28.7% 7 3 JPMorgan 129,162 71 264,131 -51.1% 8 14 UBS Investment Bank 127,567 56 49,776 156.3% 9 9 Citi 115,230 59 118,555 -2.8% 10 8 Deutsche Bank 110,069 46 130,755 -15.8% 11 7 Barclays 93,045 53 135,481 -31.3% 12 16 HSBC 80,262 27 42,347 89.5% 13 - Ducera Partners 65,339 1 - - 14 20 Evercore Partners 61,213 36 27,631 121.5% 15 11 Robey Warshaw 51,954 3 81,704 -36.4% 16 94 ALANTRA 51,645 48 55 2,659% 17 700 China International Capital 46,518 2 - - 18= - CCB International 45,860 1 - - 18= - China CITIC Bank 45,860 1 - - 18= - Dyalco 45,860 1 - -
Global and regional M&A: Q1-Q3 2016 6 www.mergermarket.com US
uu US M&A activity continued to be relatively resilient throughout the third quarter, in spite of government action on matters such as antitrust and uncertainty over the upcoming presidential election, along with the added expectation of an interest rate hike by year’s end. The US recorded its fifth-highest value on record (since 2001) for the Q1-Q3 period, following peak highs seen in the 2006/2007 pre-crisis and 2014/2015 recovery periods. Total value rose 17.4% in Q3 to US$ 384.8bn over Q2 (US$ 327.9bn), although the overall Q1- Q3 period fell 29.6% to US$ 962.4bn when compared to the record-breaking US$ 1.4tn value achieved in YTD 2015.
uu Of the top five global transactions in the year-to-date, the US was home to three, including the highest valued deal of the year: Germany-based Bayer’s US$ 65.3bn bid for US-based Monsanto. As a result the US captured 43.8% of global market share, more than any other region. This was 46.2% more than Europe, which took the second-highest share (24.1%), and double that of Asia-Pacific (excluding Japan). Market uncertainty in Europe stemming from Brexit, along with a downturn in Asia following a blistering start to the year, resulted in the US taking the lion's share of global deal activity.
uu Inbound activity fell slightly by only 0.8% to US$ 359.2bn from US$ 361.6bn in YTD 2015. This was the second-highest Q1-Q3 value on record after 2015’s peak. Attractive valuations due to low commodities led Canada, on the hunt for bargains within the Energy, Mining & Utilities (EMU) sector, to become the top foreign bidder targeting US companies, investing a record US$ 103.6bn in the year-to-date, a 39.3% increase in value over YTD 2015 (US$ 74.4bn). Simultaneously, 67.3% of Canada's inbound activity focused on the EMU sector.
uu EMU was the top sector in the US in the year-to-date, reaching US$ 190.6bn in value – a 20.4% increase over the same period last year (US$ 158.3bn). However, the period’s most notable sector was Industrials & Chemicals, as a result of the aforementioned Bayer/ Monsanto deal, which jumped to second place this year with US$ 173.5bn from fifth last year with US$ 133.8bn, a 29.7% rise in value.
uarterly M&A acti ity - : . bn alue of deals (US bn)
352.9 502.7 258.3 229.7 Total 1,343.5 - . Third-highest - alue s. in the post-financial crisis 146.2 268.1 264.4 78.7 Total 757.4 period after & - 199.2 186.5 98.7 205.8 Total 690.3 Third-highest alue on s. . record 147.2 181.0 155.4 246.2 Total 729.8
249.3 187.9 208.3 192.9 Total 838.4 - Largest regional market share in global share by alue globally 128.9 190.3 235.5 316.2 Total 871.0 M&A 179.7 177.2 317.0 230.7 Total 904.6 Cross-border acti ity 219.0 389.1 421.2 342.4 Total 1,371.7
US domestic vs. Q1-Q3 Second-largest - 356.6 466.7 543.1 535.6 Total 1,902.0 2015 . bn drop by alue on record . after 249.8 327.9 384.8 Total 962.4
US inbound vs. Q1-Q3 2015 Second-highest - Sector breakdown - s - . bn alue on record after . Energy Mining $158.3bn . & Utilities $190.6bn . vs. Q1-Q3 Fourth-highest - US outbound 2015 $133.8bn . drop by alue on record Industrials . bn . & Chemicals $173.5bn .
Pharma Medical $273.3bn . & Biotech $152.1bn . Industrials & Chemicals $150.3bn . Technology $141.1bn . ighest - alue on $74.8bn . - Business Ser ices record $100.0bn . s. . - $101.3bn . Consumer Consumer $61.1bn . Share in US Second-highest - share by alue since $206.5bn . M&A Financial Ser ices $45.0bn . $268.0bn . Bayer ther Se enth-largest US deal $98.9bn . Monsanto n on record
* % indicates market share
Global and regional M&A: Q1-Q3 2016 7 www.mergermarket.com US
Top deals Deal Ann. Bidder Bidder Target Target Seller value date company country company sector company (US$bn)
65.3 14-Sep Bayer AG Germany Monsanto Company
40.7 06-Sep Enbridge Inc Canada Spectra Energy Corp
Republic of 35.2 11-Jan Shire Plc Baxalta Inc Ireland
29.9 28-Apr Abbott Laboratories USA St Jude Medical Inc
25.5 13-Jun Microsoft Corporation USA LinkedIn Corporation
Sector key Industrials & Chemicals Energy, Mining & Utilities Pharma, Medical & Biotech Business Services
League table by value
Rank Company name Q1-Q3 2016 Q1-Q3 2015
Q1 - Q3 Q1 - Q3 Value Deal Value % Value 2016 2015 (US$m) Count (US$m) change 1 2 Goldman Sachs 406,541 122 492,902 -17.5% 2 3 Morgan Stanley 333,819 100 423,016 -21.1% 3 6 Bank of America Merrill Lynch 273,049 86 376,163 -27.4% 4 8 Barclays 241,759 95 245,444 -1.5% 5 1 JPMorgan 227,428 133 497,068 -54.2% 6 5 Credit Suisse 222,147 79 382,526 -41.9% 7 4 Citi 215,184 77 395,608 -45.6% 8 15 Evercore Partners 184,221 93 104,103 77.0% 9 12 Deutsche Bank 136,950 54 135,922 0.8% 10 22 RBC Capital Markets 125,707 68 41,017 206.5% 11 17 Rothschild 95,183 63 74,977 26.9% 12 9 Lazard 95,128 73 211,321 -55.0% 13 10 Guggenheim Partners 76,860 16 168,258 -54.3% 14 13 UBS Investment Bank 74,907 53 132,148 -43.3% 15 24 Wells Fargo Securities 73,889 47 27,576 167.9% 16 - Ducera Partners 65,339 3 - - 17 7 Centerview Partners 60,732 25 267,078 -77.3% 18 27 BMO Capital Markets 56,409 20 21,997 156.4% 19 28 Qatalyst Group 56,022 10 15,380 264.3% 20 19 Jefferies 50,525 76 59,933 -15.7%
Global and regional M&A: Q1-Q3 2016 8 www.mergermarket.com Central & South America
uu Central & South America is exhibiting signs of a modest recovery after the sharp downturn that began in 2015 against a backdrop of falling commodity prices and deepening corruption scandals. In the year-to-date, the region recorded 363 deals worth US$ 49.7bn, an 8.7% uptick in value from YTD 2015’s 424 deals worth US$ 45.8bn. Similarly, Q3 2016 saw a 10.5% increase in value to 114 deals worth US$ 24.8bn from 157 deals worth US$ 22.4bn in Q3 2015.
uu Brazil, the region’s largest economy, concluded its trial against former president Dilma Rousseff with her impeachment in August. Interim president Michel Temer will remain in office until the current presidential term expires in 2018. In the month following Rousseff’s trial, the country's M&A activity posted its highest gains in value since 2013, increasing 166.7% to US$ 8.7bn across 19 deals over last September’s US$ 3.3bn across 17 deals. In Q3, value rose 10.0% to US$ 16.2bn over Q3 2015 (US$ 14.7bn).
uu Mexican M&A rose again slowly after taking a plunge at the end of 2015, having been hard hit by falling oil prices and changes in US monetary policy. Value rose 165.5% in Q3 2016 (US$ 2.2bn) over Q3 2015 (US$ 844m), though YTD 2016 recorded only US$ 4.7bn overall, a 57.2% decline from YTD 2015 (US$ 11bn). Of Q3’s value, 38.0% was due to a domestic deal: Infraestructura Energetica Nova’s US$ 852m bid for the Ventika Wind Power Project, indicating a growing interest in alternative energy investments. However, with an economy closely tied to that of the US, uncertainty over the latter’s looming presidential election and a potential further increase in interest rates could affect Mexico's M&A for the rest of the year.
uu Inbound M&A into the region has gained some ground, increasing 25.7% in value so far this year to US$ 26.7bn from US$ 21.2bn in YTD 2015. While incoming deals from the neighboring US fell 56.3% in value to US$ 4.3bn over YTD 2015 (US$ 9.9bn), bids from China rose 4.1x to a record US$ 3.8bn over YTD 2015 (US$ 932m). However, it was Canada that gave a surprise boost to the region's inbound activity, up 16.7x to US$ 11.3bn – also a record – from US$ 677m in YTD 2015, 46.0% of which was due to the Brookfield Infrastructure Partners' led US$ 5.2bn buyout of a 90% stake in Brazil-based midstream company Nova Transportadora do Sudeste.
uarterly M&A acti ity - : . bn alue of deals (US bn)
12.3 18.6 20.4 32.6 Total 83.8 - Second-lowest - s. . alue in the post-financial 29.9 22.9 10.9 38.4 Total 102.1 crisis period - 12.1 18.6 25.8 18.0 Total 74.5 Fifth-highest total s. . alue on record Total 166.9 65.4 27.6 28.8 45.1
40.4 18.3 46.0 28.8 Total 134.0 Share in Up from . in - Americas M&A 21.8 47.1 16.5 32.4 Total 117.7
17.8 21.4 22.4 25.4 Total 87.0 Top targets
24.8 39.9 37.9 28.5 Total 131.2 Bra il ighest increase since 11.2 12.2 22.4 23.1 Total 68.8 vs. Q1-Q3 . bn 2015 - . 14.6 10.3 24.8 Total 49.7
Chile Fifth-highest - alue vs. Q1-Q3 Sector breakdown - s - . bn 2015 on record . Energy Mining $8,403m .
& Utilities . $21,909m vs. Q1-Q3 Mexico 2015 Largest - drop in alue since $11,380m . . bn . Consumer $7,949m .
$1,458m . Business Ser ices $4,939m . Inbound acti ity $7,332m . Financial Ser ices $3,948m . Canada ighest - alue on $4,334m . vs. Q1-Q3 Industrials inbound 2015 record & Chemicals $3,315m . . bn
$1,710 m . Transport ighest - alue on $2,251m . China vs. Q1-Q3 inbound 2015 record
$1,643 m . . Construction . bn $1,510m . US vs. Q1-Q3 Lowest - alue $9,491m . 2015 ther since $3,904m . inbound . . bn * % indicates market share
Global and regional M&A: Q1-Q3 2016 9 www.mergermarket.com Central & South America
Top deals Deal Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$bn) A consortium led by Nova Transportadora do 5.2 23-Sep Brookfield Infrastructure Canada Brazil Petroleo Brasileiro SA Sudeste SA (90% Stake) Partners LP
Brookfield Renewable 4.7 13-Jan Canada Isagen SA (57.61% Stake) Colombia Government of Colombia Energy Partners LP
El Puerto de Liverpool SAB Inversiones R Matriz Lim- 3.0 07-May Mexico Ripley Corp SA Chile de CV itada
2.6 19-Feb BM&FBovespa SA Brazil Cetip SA Brazil
Statoil Brasil Oleo & Gas 2.5 29-Jul Brazil Block BM-S-8 (66% Stake) Brazil Petroleo Brasileiro SA Ltda
Sector key Energy, MIning, Utilities Consumer Financial Services
League table by value
Rank Company name Q1-Q3 2016 Q1-Q3 2015
Q1 - Q3 Q1 - Q3 Value Deal Value % Value 2016 2015 (US$m) Count (US$m) change 1 11 Santander Global Banking and Markets 26,464 12 4,025 557.5% 2 8 Credit Suisse 12,862 6 4,832 166.2% 3 3 JPMorgan 9,976 7 11,471 -13.0% 4 6 Banco BTG Pactual 9,725 15 6,853 41.9% 5 5 Banco Bradesco BBI 8,732 13 8,302 5.2% 6 13 Banco Itau BBA 8,053 21 3,078 161.6% 7 9 Morgan Stanley 6,776 8 4,571 48.2% 8 10 Bank of America Merrill Lynch 4,963 4 4,170 19.0% 9 1 Rothschild 4,904 5 15,028 -67.4% 10 12 Banco Bilbao Vizcaya Argentaria 4,873 6 3,252 49.8% 11 15 Citi 4,235 9 2,474 71.2% 12 14 UBS Investment Bank 3,438 4 2,931 17.3% 13 21 BNP Paribas 3,334 9 1,500 122.3% 14 2 Goldman Sachs 3,201 3 11,844 -73.0% 15 20 Lazard 2,192 9 1,534 42.9%
Global and regional M&A: Q1-Q3 2016 10 www.mergermarket.com Asia-Pacific (excl. Japan)
uu M&A activity targeting Asia-Pacific (excl. Japan) has remained robust, despite experiencing a decrease compared to a record 2015. A total of 2,557 deals worth US$ 485.0bn have been announced so far in 2016, which although representing an 18.3% decrease by value compared to Q1-Q3 2015 (2,717 deals, US$ 593.9bn), still reached the second highest year-to-date period on Mergermarket record (since 2001). Asian dealmakers have continued to be dominant on the global scene, with deal value targeting the region accounting for 22.0% of global M&A, its highest share on record.
uu Asia-Pacific (excl. Japan)’s outbound activity (434 deals, US$ 166.9bn) achieved a new record during Q3 by overtaking 2015’s annual total, and thereby overtaking all annual deal values on Mergermarket record. Activity was heavily bolstered by Chinese activity, with 201 deals worth US$ 141.2bn accounting for a record 84.7% of Asia’s outbound deal value and 46.3% of deal count.
uu In an attempt to snap up Western technologies, Chinese dealmakers spent the majority of their investment in Europe (112 deals, US$ 80.1bn) and the US (60 deals, US$ 40.5bn), posting year-on-year value increases of 173.3% and 244.5% compared to FY 2015, respectively. The most targeted sectors for European and US assets were Industrials & Chemicals (60 deals, US$ 63.1bn), and Technology (27 deals, US$ 19.3bn), both already overtaking all annual values on Mergermarket record.
uu India’s M&A activity (278 deals, US$ 46.0bn) has reached its highest on record, up 36.2% by value compared to the whole of 2015 (US$ 33.8bn, 419 deals), with Q3 alone (98 deals, US$ 27.7bn) reaching the highest quarterly value on record. The highest valued deal of the year – Grasim Industries’ US$ 8.0bn acquisition of Aditya Birla Novo – resulted in Telecommunications (five deals, US$ 16.0bn) overtaking all annual deal values targeting the sector on record. According to Mergermarket intelligence, targeted government policies have led to consolidation within the sector.
uarterly M&A acti ity - : . bn alue of deals (US bn)
85.1 91.1 75.4 91.8 Total 343.4 Second highest - . s. year-to-date on record 75.1 125.9 56.6 90.2 Total 347.8 following ( . bn) -
45.8 76.8 66.2 105.8 Total 294.7 Share of ighest share on record global deal despite drop in deal 66.8 71.3 92.8 132.1 Total 362.9 alue alue
87.5 79.4 115.8 73.1 Total 355.9 Second consecuti e s. . alue increase this year 83.1 81.2 105.0 85.6 Total 354.9 69.0 107.8 118.2 115.1 Total 410.0 Asia-Pacific outbound 114.2 169.5 139.7 218.6 Total 641.9 utbound 195.1 233.7 165.0 296.0 Total 890.0 vs. FY 2015 ertaking all annual deals . alues on record . bn 148.5 164.3 172.3 Total 485.0 China Also o ertaking all vs. FY 2015 outbound annual alues on record . Sector breakdown - s - . bn with deals
$65.5bn . Technology ighest share on record $85.4bn . China of As-Pac up from . in Industrials $71.9bn . outbound & Chemicals $68.4bn . $50.7bn . Financial Ser ices $63.8bn . China outbound - targets
$32.8bn . Transport $44.0bn . Europe vs. FY 2015 Third consecuti e yearly deals . . ump in deal alue Energy Mining $83.1bn . . bn & Utilities $37.4bn .
$82.8bn . ertaking all annual Real Estate US vs. FY 2015 alues on record $33.5bn . deals . . bn $82.5bn . Consumer $31.2bn . 1 Industrials & Both the highest deal 1 $124.5bn . Chemicals vs. FY 2015 alue and deal count ther on record $121.3bn . deals x . bn * % indicates market share
Global and regional M&A: Q1-Q3 2016 11 www.mergermarket.com Asia-Pacific (excl. Japan)
Top deals Deal Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$bn)
China Petroleum Capital China National Petroleum 11.3 06-Sep Jinan Diesel Engine Co Ltd China China Co Ltd Corporation
Consortium for Asciano led 9.4 15-Mar Canada Asciano Limited Australia by CPPIB GIP
Wuhan Iron and Steel Com- 8.7 22-Sep Baoshan Iron & Steel Co Ltd China China pany Limited
8.0 11-Aug Grasim Industries Limited India Aditya Birla Nuvo Limited India
Maanshan Dingtai Rare An investor group led by 7.7 23-May Earth & New Materials Co China SF Holding (Group) Co Ltd China - Wang Wei (Private investor) Ltd Sector key Financial Services Transport Industrials & Chemicals Telecommunications
League table by value
Rank Company name Q1-Q3 2016 Q1-Q3 2015
Q1-Q3 Q1-Q3 Value Deal Value % Value 2016 2015 (US$m) Count (US$m) change
1 21 China International Capital 126,567 35 24,646 413.5% 2 1 Goldman Sachs 119,687 47 136,979 -12.6% 3 4 Credit Suisse 99,406 44 96,919 2.6% 4 11 UBS Investment Bank 89,757 40 51,027 75.9% 5 7 JPMorgan 78,702 28 82,979 -5.2% 6 2 HSBC 67,421 15 108,497 -37.9% 7 6 Morgan Stanley 66,107 42 90,238 -26.7% 8 13 CITIC Securities 53,726 29 42,143 27.5% 9 - China CITIC Bank 49,300 2 - - 10 3 Citi 48,282 40 100,858 -52.1% 11 - ALANTRA 47,870 6 - - 12 369 CCB International 47,075 7 17 276,812% 13 - Dyalco 45,860 1 - - 14 8 Bank of America Merrill Lynch 44,422 28 81,612 -45.6% 15 20 Huatai United Securities 28,852 40 26,095 10.6% 16 40 China Securities 28,684 26 5,792 395.2% 17 51 EY 18,352 51 3,354 447.2% 18 25 Gresham Advisory Partners 17,092 6 18,095 -5.5% 19 27 Lazard 17,022 23 16,156 5.4% 20 14 PwC 16,413 71 37,504 -56.2%
Global and regional M&A: Q1-Q3 2016 12 www.mergermarket.com Japan
uu Japan’s stagnating economy has led to a wave of consolidations as companies look towards defensive tactics to survive. As a result, domestic deals have driven total activity, rising to US$ 40.3bn (266 deals), up 36.7% by value compared to the same period in 2015, and the highest year-to-date figure since 2012 (US$ 46.2bn). As a result, domestic activity now comprises a 90.5% share of total Japanese M&A (US$ 44.5bn, 293 deals), the highest proportion of domestic deals since 2009 (91.3%).
uu The largest deal of the year - the US$ 6.3bn merger between TonenGeneral Sekiyu and JX Holdings - is a clear example of this defensive corporate strategy which has dominated Japanese dealmaking during 2016. As a result, Energy, Mining & Utilities is now the second most targeted sector by value (US$ 6.8bn, five deals), up 310.1% compared to the same period in 2015 (US$ 1.6bn, four deals). According to Mergermarket intelligence, the Ministry of Economy, Trade and Industry has been calling for sector consolidation to cope with a shrinking demand for natural resources.
uu Due to a relative lack of mega-deals, Japanese outbound M&A has failed to live up to the heights seen in 2015. So far in 2016 there have been eight deals worth over US$ 1bn by Japanese firms acquiring abroad, down from a record 19 deals during the same period in 2015. Year-to-date a total of 199 outbound deals worth US$ 61.1bn have been recorded, marking a 20.6% drop in value compared to the same period in 2015 (236 deals, US$ 77.0bn).
uu A large proportion of Japan’s total outbound M&A can be accounted for by Softbank’s US$ 30.2bn acquisition of UK-based semiconductor design company ARM, comprising 49.3% of total Japanese outbound activity. A plummeting sterling (£) and post- Brexit rise in yen (¥) helped Softbank to secure the deal less than a month after the UK’s decision to leave the European Union. As a result of this deal, Q3 (US$ 44.3bn, 64 deals) reached its highest outbound M&A value on Mergermarket record (since 2001).
uarterly M&A acti ity - : . bn alue of deals (US bn)
26.1 18.0 11.9 32.2 Total 88.2 - ighest year-to-date s. . figure since 17.3 10.8 15.5 12.2 Total 55.8 - ( . bn)
10.6 14.1 24.1 29.7 Total 78.5 A erage deal ighest a erage deal alue m alue since 13.9 7.3 33.3 6.8 Total 61.4 ( . m)
12.1 17.2 32.6 21.5 Total 83.4 deals worth . bn s. . this uarter 14.1 26.3 13.9 16.2 Total 70.5 8.1 15.2 4.7 7.3 Total 35.4 Cross-border acti ity 7.1 10.8 5.0 9.3 Total 32.2
Domestic ighest proportion since 9.1 9.1 21.6 21.5 Total 61.3 share of M&A ( . ) 17.4 13.4 13.7 Total 44.5 utbound . bn down from TD Sector breakdown - s - M&A . s record of . bn
Industrials $9,283m . & Chemicals $12,173m . utbound Down from deals o er $8,736m . bn in TD Consumer deals o er $6,780m . bn
Energy Mining $1,649m . & Utilities $6,764m . Sector breakdown Pharma Medical $1,035m . & Biotech $6,710m . Industrials & Also the most targeted $4,855m . vs. YTD ‘15 Real Estate Chemicals sector in TD $4,008 m . deals . . bn $389m . Transport $2,779m . Energy Mining As a result of the highest & Utilities vs. YTD ‘15 alued deal targeting the . . $1,512m deals country Technology $1,726m . . bn $12,386m . PMB Compared to deals ther vs. YTD’15 worth US . bn in TD $3,584m . deals . bn . . * % indicates market share
Global and regional M&A: Q1-Q3 2016 13 www.mergermarket.com Japan
Top deals Deal Ann. Bidder Bidder Target Target Seller value date company country company sector company (US$m)
6,269 31-Aug JX Holdings Inc Japan TonenGeneral Sekiyu K.K.
Toshiba Medical Systems 5,916 17-Mar Canon Inc Japan Toshiba Corporation Corporation
Daihatsu Motor Company Ltd 3,259 29-Jan Toyota Motor Corporation Japan (48.8% Stake)
Nippon Steel & Sumitomo Nisshin Steel Co Ltd (42.8% 2,981 13-May Japan Metal Corporation Stake)
Hon Hai Precision Industry Co Ltd; Foxconn Technology Pte 2,542 30-Mar Taiwan Sharp Corporation (66% Stake) Ltd; and SIO International Hold- ings Limited
Sector key Energy, Mining & Utilities Pharma, Medical & Biotech Industrials & Chemicals Consumer League table by value
Rank Company name Q1-Q3 2016 Q1-Q3 2015
Q1-Q3 Q1-Q3 Value Deal Value % Value 2016 2015 (US$m) Count (US$m) change 1 4 Mizuho Financial Group 56,951 40 24,995 127.8% 2 11 Sumitomo Mitsui Financial Group 47,118 49 12,163 287.4% 3 17 Daiwa Securities Group 44,706 36 4,984 797.0% 4 2 Morgan Stanley 43,192 27 31,496 37.1% 5 29 Raine Group 38,765 3 1,200 3,130% 6 6 Lazard 36,556 3 17,214 112.4% 7 1 Goldman Sachs 35,695 5 34,582 3.2% 8 18 UBS Investment Bank 31,490 3 3,891 709.3% 9 3 Nomura Holdings 31,158 60 30,947 0.7% 10 - Robey Warshaw 30,165 1 - - 11 9 Bank of America Merrill Lynch 18,085 6 12,710 42.3% 12 5 JPMorgan 14,004 8 19,537 -28.3% 13 8 Citi 9,926 4 12,754 -22.2% 14 14 Credit Suisse 6,383 5 9,134 -30.1% 15 30 Plutus Consulting 5,620 20 1,053 433.7%
Global and regional M&A: Q1-Q3 2016 14 www.mergermarket.com Africa & Middle East
uu The Middle East & Africa is the fastest growing region in terms of M&A deal value year-on-year, with 288 deals worth US$ 65.3bn representing a 146.8% rise compared to the same period in 2015 (US$ 26.5bn, 366 deals), and overtaking all annual values since 2007 (US$ 88.2bn). The region has also seen the highest average deal value on Mergermarket record (since 2001) at US$ 340.1m, eclipsing 2015’s figure of US$ 118.6m, itself a 10 year low.
uu South African companies appear to be favouring M&A over organic growth, both domestically and abroad. A greater amount of consolidation in a stumbling market has helped to increase South Africa’s domestic deal value by 4.1x so far this year to US$ 8.6bn (44 deals), up from US$ 2.1bn (73 deals) during the same period in 2015. South African companies have driven the region’s outbound activity, accounting for 37.6% of overseas deal value. Two high profile deals took place in Q3, with Steinhoff’s US$ 3.8bn acquisition of US-based Mattress Firm and its US$ 640m purchase of UK-based Poundland.
uu Chinese dealmakers have driven investment into the region, with deal value rocketing 712% to US$ 14.6bn (13 deals), compared to US$ 1.8bn (eight deals) during the same period in 2015. Accounting for 45.6% of inbound activity, the 2016 figure has already overtaken all annual totals on Mergermarket record, beating 2013’s total of US$ 9.1bn (eight deals). The largest Chinese acquisition of 2016 saw a consortium led by Chongqing New Century Cruise acquiring Israel-based Playtika for US$ 4.4bn.
uu As a result of the largest deal of the year - National Bank of Abu Dhabi’s US$ 14.8bn acquisition of First Gulf Bank - taking place in Q3, Financial Services led the industry ranking in the first three quarters of 2016. The sector has experienced a surge in value to reach US$ 16.8bn (30 deals), up from US$ 2.0bn (46 deals) during the same period in 2015. Consumer took second position, with 51 deals worth US$ 14.0bn increasing 6.1x compared to the same period in 2015 (US$ 2.3bn, 53 deals), while deal count remained consistent.
Quarterly M&A activity Q1 Q2 Q3 Q4 - : . bn Value of deals (US$bn)
2007 19.9 12.6 20.9 34.8 Total 88.2 - ighest year-to-date s. figure on record 2008 13.0 12.9 11.4 14.6 . Total 52.0 -
2009 5.5 4.0 15.5 7.8 Total 32.9 A erage deal ighest a erage deal alue m alue on record 2010 25.4 8.0 8.2 12.8 Total 54.4
2011 19.8 6.6 11.5 7.4 Total 45.3 ighest uarter alue s. since ( . bn) . 2012 8.8 13.5 9.5 20.7 Total 52.6 2013 12.3 21.6 13.7 15.4 Total 63.0 Cross-border acti ity 2014 7.2 19.3 9.5 24.4 Total 60.4
Inbound M&A Up from . bn with 2015 8.3 9.2 8.9 20.3 vs. YTD ‘15 Total 46.7 deals deals . . bn 2016 9.6 23.7 31.9 Total 65.3 Chinese vs. FY ‘15 Representing . of in estment Sector breakdown - s - . x total inbound deal alue . bn with deals $1,966m . Financial Ser ices $16,814m . South Africa deals worth . bn in line with s . bn $2,292m . in regional Consumer with only $13,957m . outbound
Industrials $1,194m . & Chemicals $7,673m . Sector breakdown $3,222m . Technology $7,484m . Financial Due to the largest deal $121m . Ser ices vs. YTD ‘15 Transport of the year . x $5,490m . deals . bn Energy Mining $10,144m . & Utilities $5,257m . Consumer Compared to . bn deals vs. YTD ‘15 with deals in TD . x $449m . . bn Telecommunications $2,144m .
$7,064m . Industrials & Despite a fall in deal ther vs. YTD’15 count by $6,480m . Chemicals deals . x * % indicates market share . bn
Global and regional M&A: Q1-Q3 2016 15 www.mergermarket.com Africa & Middle East
Top deals Deal Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$m)
National Bank of Abu Dhabi United Arab United Arab 14,841 03-Jul First Gulf Bank PJSC Emirates Emirates
Bidvest Group Limited 5,793 14-Apr South Africa Bid Corporation Limited South Africa Bidvest Group Limited (Shareholders)
United Arab Shipping Government of Qatar; and 5,400 28-Jun Hapag-Lloyd AG Germany Kuwait Company (S.A.G.) Public Investment Fund
A Consortium Led by Caesars Entertainment 4,400 30-Jul Chongqing New Century China Playtika Ltd Israel Corporation Cruise Co Ltd
ADAMA Agricultural Solu- China National 3,936 14-Sep Hubei Sanonda Co Ltd China Israel tions Ltd Agrochemical Corporation
Sector key Financial Services Consumer Transport Technology Industrials & Chemicals
League table by value
Rank Company name Q1-Q3 2016 Q1-Q3 2015
Q1-Q3 Q1-Q3 Value Deal Value % Value 2016 2015 (US$m) Count (US$m) change 1 33 UBS Investment Bank 17,398 8 770 2,160% 2 26 Credit Suisse 16,338 3 1,628 903.6% 3 8 Citi 9,414 6 5,884 60.0% 4 28 Lazard 9,331 8 1,371 580.6% 5 5 Goldman Sachs 8,218 5 9,756 -15.8% 6 13 Rothschild 7,838 12 3,948 98.5% 7 1 JPMorgan 7,559 7 51,457 -85.3% 8 10 Standard Bank Group 6,897 11 5,326 29.5% 9= 19 Centerview Partners 4,400 1 2,117 107.8% 9= 67 Code Advisors 4,400 1 170 2,488% 9= - Raine Group 4,400 1 - - 12 - Guotai Junan Securities 3,936 1 - - 13 2 Barclays 3,879 5 45,771 -91.5% 14 37 Jefferies 3,053 8 561 444.2% 15= - Citi Orient Securities 2,650 1 - - 15= - Ping An Securities Company 2,650 1 - - 17 - Societe Generale 2,369 3 - - 18 39 Houlihan Lokey 1,890 3 459 311.8% 19 18 Moelis & Company 1,650 3 2,300 -28.3% 20 36 Java Capital 1,373 3 598 129.6%
Global and regional M&A: Q1-Q3 2016 16 www.mergermarket.com Global league tables
Global by deal value Global by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Goldman Sachs 602,172 185 -27.4% 1 1 PwC 27,668 251 -74
2 2 Morgan Stanley 501,044 176 -26.8% 2 2 KPMG 17,165 240 -30
3 4 Bank of America Merrill Lynch 378,041 128 -32.7% 3 8 Rothschild 191,320 209 2
4 6 Credit Suisse 369,477 140 -23.0% 4 6 Deloitte 16,711 204 -17
5 3 JPMorgan 349,082 183 -46.6% 5 3 Goldman Sachs 602,172 185 -69
6 8 Barclays 294,027 129 2.0% 6 5 JPMorgan 349,082 183 -38
7 5 Citi 282,052 132 -44.9% 7 7 EY 22,704 182 -32
8 12 UBS Investment Bank 230,970 115 14.0% 8 4 Morgan Stanley 501,044 176 -65
9 7 Lazard 193,203 150 -48.5% 9 10 Lazard 193,203 150 -14
10 11 Rothschild 191,320 209 -19.6% 10 13 Credit Suisse 369,477 140 -1
11 9 Deutsche Bank 190,188 95 -29.7% 11 9 Citi 282,052 132 -32
12 16 Evercore Partners 187,396 106 55.6% 12 15 Barclays 294,027 129 0
13 21 RBC Capital Markets 176,820 104 132.6% 13 11 Bank of America Merrill Lynch 378,041 128 -35
14 41 China International Capital 126,567 35 413.5% 14 16 Houlihan Lokey 20,972 121 4
15 14 HSBC 94,424 36 -37.2% 15 17 UBS Investment Bank 230,970 115 10
Global and regional M&A: Q1-Q3 2016 17 www.mergermarket.com Europe league tables
Europe by deal value Europe by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Goldman Sachs 267,121 71 -10.3% 1 3 KPMG 13,744 196 19
2 2 Morgan Stanley 217,933 60 -24.0% 2 2 Rothschild 176,142 177 -7
3 10 Credit Suisse 179,419 54 77.1% 3 1 PwC 12,388 176 -41
4 5 Rothschild 176,142 177 -13.3% 4 4 EY 4,940 134 -24
5 4 Bank of America Merrill Lynch 166,937 58 -30.8% 5 5 Deloitte 8,657 133 -9
6 6 Lazard 143,663 98 -28.7% 6 7 Lazard 143,663 98 -5
7 3 JPMorgan 129,162 71 -51.1% 7 6 Goldman Sachs 267,121 71 -37
8 14 UBS Investment Bank 127,567 56 156.3% 8 8 JPMorgan 129,162 71 -30
9 9 Citi 115,230 59 -2.8% 9 18 BNP Paribas 41,958 67 18
10 8 Deutsche Bank 110,069 46 -15.8% 10 9 Morgan Stanley 217,933 60 -37
11 7 Barclays 93,045 53 -31.3% 11 10 Citi 115,230 59 -18
12 16 HSBC 80,262 27 89.5% 12 12 Bank of America Merrill Lynch 166,937 58 -14
13 - Ducera Partners 65,339 1 - 13 14 BDO 574 58 -5
14 20 Evercore Partners 61,213 36 121.5% 14 19 UBS Investment Bank 127,567 56 7
15 11 Robey Warshaw 51,954 3 -36.4% 15 23 Credit Suisse 179,419 54 7
16 94 ALANTRA 51,645 48 2,659% 16 13 Barclays 93,045 53 -10
17 700 China International Capital 46,518 2 - 17 11 M&A International 562 51 -26
18= - CCB International 45,860 1 - 18 29 ALANTRA 51,645 48 18
18= - China CITIC Bank 45,860 1 - 19 16 Lincoln International 1,824 48 -6
18= - Dyalco 45,860 1 - 20 15 Deutsche Bank 110,069 46 -14
Global and regional M&A: Q1-Q3 2016 18 www.mergermarket.com Europe league tables
UK by deal value UK by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Goldman Sachs 93,911 24 -47.6% 1 1 Rothschild 35,176 64 -18
2 13 UBS Investment Bank 63,084 21 127.7% 2 5 KPMG 1,855 54 4
3 5 Lazard 62,287 37 -37.9% 3 2 PwC 4,920 46 -18
4 7 Robey Warshaw 44,977 2 -45.0% 4 4 Deloitte 3,001 38 -13
5 3 Bank of America Merrill Lynch 43,063 20 -70.2% 5 11 Lazard 62,287 37 6
6 6 JPMorgan Cazenove 42,187 24 -50.8% 6 7 EY 1,501 35 -8
7 4 Rothschild 35,176 64 -75.0% 7 16 BDO 410 31 8
8 10 Deutsche Bank 32,082 14 -18.6% 8 10 Grant Thornton 365 26 -6
9 2 Morgan Stanley 31,911 19 -79.4% 9 9 Barclays 29,299 25 -12
10 44 Mizuho Financial Group 30,512 2 771.8% 10 3 Goldman Sachs 93,911 24 -34
11 41 Sumitomo Mitsui Financial Group 30,502 2 725.3% 11 6 JPMorgan Cazenove 42,187 24 -22
12= 154 Daiwa Securities Group 30,165 1 24,032% 12 23 Evercore Partners 12,935 22 4
12= - Raine Group 30,165 1 - 13 22 UBS Investment Bank 63,084 21 3
14 8 Barclays 29,299 25 -46.7% 14 12 Bank of America Merrill Lynch 43,063 20 -9
15 23 RBC Capital Markets 26,541 15 169% 15 28 Clearwater International 117 20 3
Ireland by deal value Ireland by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 16 Citi 53,719 4 653.2% 1 13 Citi 53,719 4 0
2 4 Goldman Sachs 51,865 3 70.9% 2 6 Morgan Stanley 38,302 4 -3
3 2 Barclays 51,385 2 -2.9% 3 3 JPMorgan 3,608 4 -7
4 5 Morgan Stanley 38,302 4 89.4% 4 4 Goldman Sachs 51,865 3 -8
5 21 Evercore Partners 35,619 3 806.8% 5 43 Evercore Partners 35,619 3 2
6 9 Deutsche Bank 35,361 2 289.1% 6 47 Centerview Partners 18,500 3 2
7 31 Centerview Partners 18,500 3 2,024% 7 16 Jefferies 2,459 3 -1
8 18 Lazard 16,278 2 188.8% 8 21 PwC 76 3 0
9 1 JPMorgan 3,608 4 -95.0% 9 10 Investec 20 3 -2
10 - MTS Health Partners 2,728 2 - 10 1 IBI Corporate Finance - 3 -13
11 27 Jefferies 2,459 3 -0.2% 11 12 Barclays 51,385 2 -2
12= - PJT Partners 2,188 1 - 12 19 Deutsche Bank 35,361 2 -1
12= 29 Wells Fargo Securities 2,188 1 68.6% 13 14 Lazard 16,278 2 -2
14 20 Leerink Partners 1,571 2 -68.3% 14 - MTS Health Partners 2,728 2 -
15 7 Bank of America Merrill Lynch 1,486 2 -88.0% 15 42 Leerink Partners 1,571 2 1
Global and regional M&A: Q1-Q3 2016 19 www.mergermarket.com Europe league tables
Germanic by deal value Germanic by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 10 Credit Suisse 133,721 26 623.1% 1 1 KPMG 1,182 44 -3
2 4 Bank of America Merrill Lynch 104,883 15 209.2% 2 5 Rothschild 92,700 39 5
3 8 Rothschild 92,700 39 259.1% 3 2 EY 1,594 37 -6
4 3 Goldman Sachs 91,022 18 114.4% 4 3 PwC 2,930 34 -3
5 2 Morgan Stanley 89,950 15 52.3% 5 19 Credit Suisse 133,721 26 13
6 1 JPMorgan 77,638 19 30.8% 6 4 Deloitte 2,106 25 -11
7 11 UBS Investment Bank 69,013 18 330.7% 7 12 Lazard 49,660 23 5
8 21 HSBC 66,166 9 1,111% 8 18 Globalscope Partners 136 22 8
9 - Ducera Partners 65,339 1 - 9 14 Lincoln International 221 21 5
10 43 ALANTRA 50,322 20 3,641% 10 26 ALANTRA 50,322 20 10
11 12 Lazard 49,660 23 259.4% 11 10 Citi 27,151 20 0
12= - CCB International 45,860 1 - 12 7 JPMorgan 77,638 19 -4
12= - China CITIC Bank 45,860 1 - 13 13 Deutsche Bank 41,955 19 2
12= - China International Capital 45,860 1 - 14 11 Goldman Sachs 91,022 18 0
12= - Dyalco 45,860 1 - 15 17 UBS Investment Bank 69,013 18 3
Germany by deal value Germany by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 8 Bank of America Merrill Lynch 102,593 11 510.7% 1 3 Rothschild 87,431 30 5
2 3 Morgan Stanley 87,643 10 227.5% 2 1 KPMG 1,129 26 -10
3 7 Rothschild 87,431 30 361.9% 3 2 EY 281 23 -11
4 10 Credit Suisse 77,423 11 748.2% 4 13 Globalscope Partners 136 22 9
5 - Ducera Partners 65,339 1 - 5 4 PwC 2,569 21 -4
6 11 Lazard 42,512 13 457.2% 6 15 Lincoln International 42 17 5
7 2 Goldman Sachs 41,080 14 44.5% 7 5 Deloitte 112 16 -5
8 4 Deutsche Bank 37,615 15 60.9% 8 10 Deutsche Bank 37,615 15 1
9 1 JPMorgan 27,895 12 -42.4% 9 11 Citi 19,089 15 1
10 5 Perella Weinberg Partners 20,787 4 -5.0% 10 16 Goldman Sachs 41,080 14 5
11 29 HSBC 19,351 5 1,271% 11 14 Lazard 42,512 13 1
12 6 Citi 19,089 15 -1.1% 12 6 JPMorgan 27,895 12 -6
13 21 UBS Investment Bank 18,461 5 515.2% 13 7 GCA 397 12 -6
14 218 Societe Generale 18,222 3 - 14 21 Bank of America Merrill Lynch 102,593 11 4
15 9 Barclays 16,939 9 33.2% 15 29 Credit Suisse 77,423 11 5
Global and regional M&A: Q1-Q3 2016 20 www.mergermarket.com Europe league tables
France by deal value France by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 6 Rothschild 56,409 68 109.4% 1 1 Rothschild 56,409 68 -4
2 2 Lazard 35,530 36 3.9% 2 3 BNP Paribas 20,279 44 19
3 12 Credit Agricole 35,059 27 93.1% 3 2 Lazard 35,530 36 1
4 5 Morgan Stanley 33,276 8 8.1% 4 13 Natixis 8,480 30 16
5 8 Goldman Sachs 30,395 16 27.4% 5 8 KPMG 1,929 30 12
6 11 Credit Suisse 29,358 8 39.4% 6 5 Credit Agricole 35,059 27 3
7 3 Bank of America Merrill Lynch 22,033 8 -35.4% 7 11 Deloitte 565 23 7
8 7 BNP Paribas 20,279 44 -17.7% 8 10 JPMorgan 12,817 18 2
9 1 JPMorgan 12,817 18 -63.7% 9 9 Lincoln International 596 17 -1
10 4 Societe Generale 12,128 16 -62.0% 10 17 Goldman Sachs 30,395 16 5
11 22 Natixis 8,480 30 281.8% 11 4 Societe Generale 12,128 16 -8
12 19 HSBC 6,700 9 -2.0% 12 6 DC Advisory 387 16 -7
13= - JayDee Partners 6,155 1 - 13 23 EY 365 12 3
13= - Maybank Investment Bank 6,155 1 - 14 7 PwC 192 12 -9 Edmond de Rothschild Corporate 15 - Evercore Partners 5,794 3 - 15 29 168 12 5 Finance
Benelux by deal value Benelux by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 4 Goldman Sachs 17,057 14 -84.1% 1 1 KPMG 1,864 30 0
2 1 Morgan Stanley 10,396 6 -91.1% 2 3 PwC 193 21 -7
3 36 UBS Investment Bank 10,086 3 796.5% 3 7 Rothschild 7,117 20 -1
4 10 Credit Suisse 7,819 7 -67.2% 4 9 Deloitte 363 20 1
5 5 Rothschild 7,117 20 -92.1% 5 4 Rabobank 415 16 -10
6 17 Citi 7,093 5 41.9% 6 12 Goldman Sachs 17,057 15 1
7= 14 LionTree Advisors 6,977 1 -11.2% 7 2 ING 476 15 -14
7= 6 Robey Warshaw 6,977 1 -91.4% 8 5 Lazard 6,940 13 -11
9 3 Lazard 6,400 12 -94.1% 9 13 BNP Paribas 4,636 13 1
10 12 Deutsche Bank 5,916 5 -68.7% 10 6 EY 1,119 12 -10
11 8 BNP Paribas 4,636 13 -86.7% 11 83 Houlihan Lokey 457 12 10
12 168 Greenhill & Co 4,030 3 - 12 14 BDO 34 11 -1
13 134 Accuracy 2,754 8 - 13 22 Nielen Schuman 80 10 1
14= 7 JPMorgan 2,754 1 -95.4% 14 15 M&A International 170 9 -2
14= - Perella Weinberg Partners 2,754 1 - 15 79 Accuracy 2,754 8 6
Global and regional M&A: Q1-Q3 2016 21 www.mergermarket.com Europe league tables
Iberia by deal value Iberia by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 6 Goldman Sachs 18,633 4 76.1% 1 3 KPMG 1,648 28 -6
2 17 BNP Paribas 16,101 9 726.1% 2 1 PwC 3,872 26 -20
3 2 Morgan Stanley 15,200 6 10.8% 3 4 EY 408 22 -5 Santander Global Banking and 4 20 11,986 10 701.2% 4 2 Deloitte 964 21 -14 Markets 5 7 Deutsche Bank 11,955 4 43.1% 5 16 Banco Bilbao Vizcaya Argentaria 8,874 14 8
6 26 Banco Bilbao Vizcaya Argentaria 8,874 14 917.7% 6 97 ALANTRA 526 13 12 Santander Global Banking and 7 3 Citi 8,420 7 -31.1% 7 18 11,986 10 5 Markets 8 8 Credit Suisse 7,039 3 12.3% 8 13 BNP Paribas 16,101 9 2
9 38 AZ Capital 5,150 6 2,596% 9 6 Rothschild 2,304 9 -3
10 11 PwC 3,872 26 -8.8% 10 42 Haitong Securities 906 9 7
11 25 HSBC 3,485 3 280.9% 11 9 Citi 8,420 7 -2
12 9 Bank of America Merrill Lynch 3,283 4 -47.1% 12 5 Morgan Stanley 15,200 6 -6
13 - Credit Agricole 3,250 5 - 13 30 AZ Capital 5,150 6 3
14 1 Lazard 2,801 6 -82.6% 14 8 Lazard 2,801 6 -4
15 14 Societe Generale 2,487 1 -8.7% 15 - Credit Agricole 3,250 5 -
Spain by deal value Spain by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 6 Goldman Sachs 18,292 3 73.7% 1 3 KPMG 1,580 24 -10
2 17 BNP Paribas 16,101 9 770.3% 2 4 EY 408 22 -1
3 2 Morgan Stanley 15,200 6 10.8% 3 1 PwC 3,472 19 -21
4 7 Deutsche Bank 11,955 4 59.7% 4 2 Deloitte 951 18 -16 Santander Global Banking and 5 27 11,314 9 2,238% 5 14 Banco Bilbao Vizcaya Argentaria 8,721 13 7 Markets 6 21 Banco Bilbao Vizcaya Argentaria 8,721 13 900.1% 6 82 ALANTRA 495 11 10
7 4 Citi 8,275 6 -30.0% 7 13 BNP Paribas 16,101 9 3 Santander Global Banking and 8 8 Credit Suisse 7,039 2 12.3% 8 19 11,314 9 5 Markets 9 31 AZ Capital 5,150 6 2,596% 9 6 Rothschild 1,963 8 -4
10 20 HSBC 3,485 3 280.9% 10 5 Morgan Stanley 15,200 6 -6
11 12 PwC 3,472 19 -9.7% 11 9 Citi 8,275 6 -2
12 - Credit Agricole 3,250 4 - 12 26 AZ Capital 5,150 6 3
13 9 Bank of America Merrill Lynch 3,130 3 -49.5% 13 8 Lazard 2,791 5 -5
14 1 Lazard 2,791 5 -82.6% 14 22 Sabadell Corporate Finance 229 5 1
15 13 Societe Generale 2,487 1 -8.7% 15 23 Deutsche Bank 11,955 4 1
Global and regional M&A: Q1-Q3 2016 22 www.mergermarket.com Europe league tables
Italy by deal value Italy by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 3 Deutsche Bank 10,431 6 -52.3% 1 10 KPMG 6,881 47 36
2 7 Lazard 10,172 11 -42.6% 2 1 UniCredit Group 9,014 28 4
3 8 Mediobanca 9,736 12 -39.7% 3 6 Rothschild 9,101 19 6
4 11 Rothschild 9,101 19 -24.7% 4 20 EY 1,274 19 13
5 14 UniCredit Group 9,014 28 15.8% 5 3 Banca IMI/Intesa Sanpaolo 8,134 17 -1
6 5 Bank of America Merrill Lynch 8,282 7 -55.2% 6 7 PwC 1,880 16 3
7 19 Banca IMI/Intesa Sanpaolo 8,134 17 114.4% 7 21 Fineurop Soditic 597 13 7
8 4 JPMorgan 7,988 7 -60.1% 8 2 Mediobanca 9,736 12 -9
9 12 KPMG 6,881 47 -25.0% 9 9 Lazard 10,172 11 0
10 6 Citi 6,060 4 -66.0% 10 11 UBS Investment Bank 3,214 10 0
11 20 EQUITA S.I.M. 5,848 6 58.2% 11 4 Vitale & Co 3,020 10 -6
12 18 Nomura Holdings 5,057 5 24.1% 12 15 Deloitte 951 10 2
13 - Colombo & Associati 4,170 1 - 13 27 ALANTRA 251 10 6
14 2 Goldman Sachs 4,150 4 -86.9% 14 25 BNP Paribas 3,603 8 3
15 1 Morgan Stanley 4,008 7 -87.4% 15 17 Bank of America Merrill Lynch 8,282 7 0
Nordics by deal value Nordics by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 15 Rothschild 14,942 14 293.7% 1 1 PwC 2,958 47 -5
2 7 Bank of America Merrill Lynch 14,926 9 2.1% 2 2 EY 198 28 -1
3 13 SEB 13,886 18 46.3% 3 6 Danske Bank Corporate Finance 2,213 22 8
4 4 Morgan Stanley 13,399 7 -32.2% 4 5 Carnegie Investment Bank 5,584 19 3
5 28 Handelsbanken Capital Markets 12,676 15 1,074% 5 11 ABG Sundal Collier Holding 921 19 9
6 2 Goldman Sachs 10,222 10 -54.1% 6 9 SEB 13,886 18 7
7 - Centerview Partners 9,933 1 - 7 4 KPMG 747 17 1
8 21 Nordea 8,870 12 436.9% 8 3 Deloitte 634 16 -3
9= 25 Mizuho Financial Group 8,600 1 616.7% 9 16 Handelsbanken Capital Markets 12,676 15 7
9= 26 Raine Group 8,600 1 616.7% 10 10 Rothschild 14,942 14 4
11 3 Citi 7,430 10 -65.7% 11 21 Clearwater International 168 14 7
12 5 Lazard 5,833 8 -69.2% 12 8 Nordea 8,870 12 0
13 46 Carnegie Investment Bank 5,584 19 1,447% 13 29 Swedbank 2,202 12 7
14 18 Jefferies 5,213 8 130.3% 14 43 DNB Markets 1,152 12 8
15 6 JPMorgan 4,362 8 -73.8% 15 17 BDO 129 12 4
Global and regional M&A: Q1-Q3 2016 23 www.mergermarket.com Europe league tables
Denmark by deal value Denmark by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 12 Nordea 3,216 4 692.1% 1 7 Clearwater International 112 12 6
2 17 JPMorgan 1,284 2 395.8% 2 1 PwC 463 11 -7
3 55 Jefferies 1,160 2 - 3 2 Deloitte 357 11 -3
4 7 Evercore Partners 1,139 1 13.7% 4 5 Danske Bank Corporate Finance 349 11 4
5= 5 Lazard 1,080 1 -0.5% 5 13 SEB 626 8 5
5= 4 Moelis & Company 1,080 1 -11.2% 6 10 BDO 13 7 2
7 25 FIH Partners 1,066 3 773.8% 7 4 Carnegie Investment Bank 101 5 -4
8 24 Citi 993 1 700.8% 8 3 EY 38 5 -7
9 3 Goldman Sachs 932 1 -72.5% 9 8 Nordea 3,216 4 -1
10 1 SEB 626 8 -86.6% 10 14 Handelsbanken Capital Markets 84 4 1
11 2 Rothschild 555 3 -84.2% 11 12 FIH Partners 1,066 3 -1
12 10 PwC 463 11 -30.6% 12 11 Rothschild 555 3 -1
13 - Piper Jaffray & Co 440 3 - 13 - Piper Jaffray & Co 440 3 -
14 14 Deloitte 357 11 9.2% 14 16 KPMG 352 3 0
15 35 KPMG 352 3 540% 15 24 ABG Sundal Collier Holding 60 3 1
Norway by deal value Norway by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 6 Arctic Securities 2,485 8 52.0% 1 2 ABG Sundal Collier Holding 813 12 3
2 23 Swedbank 2,162 8 2,637% 2 1 PwC 164 12 2
3 4 Goldman Sachs 1,602 5 -24% 3 10 DNB Markets 1,152 11 7
4 21 Carnegie Investment Bank 1,236 6 1,112% 4 5 EY - 9 2
5 25 DNB Markets 1,152 11 2,033.3% 5 8 Arctic Securities 2,485 8 3
6 - Morgan Stanley 1,048 2 - 6 17 Swedbank 2,162 8 6
7 5 SEB 931 4 -44.3% 7 3 Danske Bank Corporate Finance 575 8 1
8 10 ABG Sundal Collier Holding 813 12 106.9% 8 4 Pareto Securities 448 7 0
9 - Barclays 727 3 - 9 6 Carnegie Investment Bank 1,236 6 -1
10 1 Danske Bank Corporate Finance 575 8 -79.0% 10 20 Alpha Corporate Finance 182 6 4
11 - Citi 575 1 - 11 13 Goldman Sachs 1,602 5 2
12 2 Pareto Securities 448 7 -81.5% 12 15 SEB 931 4 2
13= - JM Financial 401 1 - 13 - Barclays 727 3 -
13= - Kotak Investment Banking 401 1 - 14 52 KPMG 335 3 2
15 - Bank of America Merrill Lynch 385 2 - 15 11 M&A International - 3 -1
Global and regional M&A: Q1-Q3 2016 24 www.mergermarket.com Europe league tables
Sweden by deal value Sweden by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 5 Rothschild 14,076 9 326.5% 1 1 PwC 2,370 26 2
2 28 Handelsbanken Capital Markets 12,616 12 3,944% 2 2 EY 198 14 3
3 8 SEB 11,155 8 255.9% 3 13 Handelsbanken Capital Markets 12,616 12 7
4 - Centerview Partners 9,933 1 - 4 9 Carnegie Investment Bank 4,900 12 6
5 6 Goldman Sachs 8,620 6 161.2% 5 7 KPMG 24 10 4
6 37 Bank of America Merrill Lynch 5,941 5 3,708% 6 10 Rothschild 14,076 9 4
7 80 Carnegie Investment Bank 4,900 12 - 7 33 Livingstone Partners 134 9 6
8 11 Nordea 4,802 6 237.9% 8 3 M&A International 74 9 1
9 7 Morgan Stanley 4,683 5 49.1% 9 11 SEB 11,155 8 3
10 4 Lazard 4,432 6 26.2% 10 4 Danske Bank Corporate Finance 467 7 0
11 2 Citi 3,818 5 -48.0% 11 49 HDR Partners 141 7 5
12 12 JPMorgan 3,619 5 403.3% 12 21 United Bankers Group - 7 3
13 32 Jefferies 3,509 4 1,416% 13 35 Goldman Sachs 8,620 6 4
14 116 Pangea Property Partners 3,126 1 - 14 5 Nordea 4,802 6 -1
15 15 PwC 2,370 26 313.6% 15 6 Lazard 4,432 6 0
Finland by deal value Finland by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1= 6 Bank of America Merrill Lynch 8,600 1 -40.0% 1 8 PCA Corporate Finance 44 8 4
1= 19 Mizuho Financial Group 8,600 1 616.7% 2 44 Nordea 3,930 5 4
1= 3 Morgan Stanley 8,600 1 -48.2% 3 1 PwC 82 5 -5
1= 20 Raine Group 8,600 1 616.7% 4 5 SEB 2,105 4 0
5 33 Nordea 3,930 5 4,579% 5 19 Citi 2,044 4 2
6 14 SEB 2,105 4 13.0% 6 12 Danske Bank Corporate Finance 822 4 1
7 2 Citi 2,044 4 -90.4% 7 7 Aventum Partners 782 4 0
8 - Moelis & Company 1,453 2 - 8 3 EY 20 4 -2
9= 8 Credit Suisse 1,275 1 -91.1% 9 18 MCF Corporate Finance - 4 1
9= - Perella Weinberg Partners 1,275 1 - 10 15 Advium Corporate Finance 334 3 0
11 12 Danske Bank Corporate Finance 822 4 -88.8% 11 16 Evli Bank 44 3 0
12 30 Aventum Partners 782 4 501.5% 12 2 KPMG 36 3 -4
13 5 JPMorgan 743 2 -95.3% 13= 6 Access Partners - 3 -1
14= 4 Goldman Sachs 712 1 -95.7% 13= 72 Translink Corporate Finance - 3 2
14= - Jefferies 712 1 - 15 - Moelis & Company 1,453 2 -
Global and regional M&A: Q1-Q3 2016 25 www.mergermarket.com Europe league tables
Turkey by deal value Turkey by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 17 Deloitte 728 2 363.7% 1 5 Pragma Corporate Finance 60 5 0
2 3 Goldman Sachs 689 2 -47.0% 2 22 EY 231 3 2
3= 10 Citi 689 1 28.1% 3 12 Deloitte 728 2 0
3= 6 Morgan Stanley 689 1 -25.1% 4 17 Goldman Sachs 689 2 1
5 2 JPMorgan 342 1 -73.7% 5 13 KPMG 250 2 0
6 18 KPMG 250 2 96.9% 6 3 IS Investment Securities 110 2 -3
7 13 EY 231 3 -38.4% 7 7 Odin Financial Advisors 101 2 -1
8 1 Societe Generale 223 1 -85.6% 8 - Alpacar Associates 46 2 -
9 8 IS Investment Securities 110 2 -84.3% 9 4 PwC - 2 -3
10 - Stamford Partners 110 1 - 10= 20 Citi 689 1 0
11 24 Odin Financial Advisors 101 2 -8.2% 10= 18 Morgan Stanley 689 1 0
12 - MP Corporate Finance 101 1 - 12 9 JPMorgan 342 1 -1
13 - Standard Chartered 86 1 - 13 6 Societe Generale 223 1 -2
14 33 Pragma Corporate Finance 60 5 - 14 - Stamford Partners 110 1 -
15 29 ALANTRA 50 1 16.3% 15 - MP Corporate Finance 101 1 -
CEE by deal value CEE by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 15 Rothschild 1,944 10 77.7% 1 1 EY 153 15 -9
2 14 Morgan Stanley 1,693 3 19.3% 2 4 KPMG 1,320 13 0
3 45 Sberbank 1,630 1 2,133% 3 2 UniCredit Group 1,065 13 -2
4= - Bridge Street Advisors 1,365 1 - 4 3 PwC 306 13 -1
4= 34 Jefferies 1,365 1 934.1% 5 6 Deloitte 662 11 1
6 17 KPMG 1,320 13 41.3% 6 5 Rothschild 1,944 10 -2
7 6 UniCredit Group 1,065 13 -59.6% 7 9 JPMorgan 944 6 0
8 9 Bank of America Merrill Lynch 1,016 3 -56.5% 8 42 Trigon Group 696 6 4
9 1 JPMorgan 944 6 -91.1% 9 - HSH Nordbank 315 4 -
10 11 UBS Investment Bank 783 2 -64.0% 10 25 Morgan Stanley 1,693 3 0
11 69 Trigon Group 696 6 7,633% 11 12 Bank of America Merrill Lynch 1,016 3 -2
12 30 Deloitte 662 11 207.9% 12 11 VTB Capital 421 3 -2
13 2 VTB Capital 421 3 -93.1% 13 24 Lazard 227 3 0
14 10 Goldman Sachs 409 2 -82.5% 14 7 Citi 160 3 -6
15 - HSH Nordbank 315 4 - 15 113 Swedbank 124 3 2
Global and regional M&A: Q1-Q3 2016 26 www.mergermarket.com Europe league tables
Poland by deal value Poland by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Bank of America Merrill Lynch 1,016 2 -44.1% 1 2 PwC 299 7 1
2 7 KPMG 713 5 31.3% 2 19 Trigon Group 696 6 4
3 32 Trigon Group 696 6 7,633% 3 3 UniCredit Group 670 6 1
4 4 JPMorgan 674 2 -55.6% 4 6 KPMG 713 5 1
5 8 UniCredit Group 670 6 28.6% 5 1 Deloitte 623 4 -2
6 15 Deloitte 623 4 730.7% 6 - HSH Nordbank 315 4 -
7 - Goldman Sachs 409 1 - 7 13 Rothschild 217 4 2
8 - Morgan Stanley 328 2 - 8 12 Bank of America Merrill Lynch 1,016 2 0
9 - HSH Nordbank 315 4 - 9 22 JPMorgan 674 2 1
10 33 PwC 299 7 3,638% 10 - Morgan Stanley 328 2 -
11 - Jamieson Corporate Finance 265 1 - 11 - Haitong Securities 52 2 -
12 6 Rothschild 217 4 -60.2% 12 16 Saski Partners 30 2 0
13 - Quayle Munro 214 1 - 13= 7 Azimutus - 2 -2
14 - Lazard 131 1 - 13= 18 DC Advisory - 2 0
15 9 UBS Investment Bank 103 1 -76.2% 15 - Goldman Sachs 409 1 -
Russia by deal value Russia by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 21 Sberbank 1,630 1 2,132.9% 1 2 VTB Capital 421 3 -2
2 10 Rothschild 1,280 2 219.2% 2 31 UniCredit Group - 3 2
3 1 VTB Capital 421 3 -93.1% 3 3 Rothschild 1,280 2 -3
4 12 KPMG 300 2 0% 4 15 KPMG 300 2 1
5 6 Citi 160 2 -89.5% 5 6 Citi 160 2 0
6 - Scotiabank 125 2 - 6 - Scotiabank 125 2 -
7 - Ingenious Corporate Finance 35 1 - 7 1 Sberbank 1,630 1 -7
8 - The Sputnik Group 27 1 - 8 - Ingenious Corporate Finance 35 1 -
9= - ALANTRA 10 1 - 9 - The Sputnik Group 27 1 -
9= 25 Gazprombank 10 1 - 10= - ALANTRA 10 1 -
9= - Stockdale Securities 10 1 - 10= 25 Gazprombank 10 1 0
10= - Stockdale Securities 10 1 -
Global and regional M&A: Q1-Q3 2016 27 www.mergermarket.com Americas league tables
Americas by deal value Americas by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Goldman Sachs 419,602 129 -18.6% 1 3 JPMorgan 246,583 139 -9
2 3 Morgan Stanley 377,996 112 -14.0% 2 1 Goldman Sachs 419,602 129 -54
3 6 Bank of America Merrill Lynch 298,056 93 -21.9% 3 2 Morgan Stanley 377,996 112 -45
4 8 Barclays 271,321 106 6.9% 4 7 Barclays 271,321 106 3
5 5 Credit Suisse 248,499 89 -37.0% 5 6 Houlihan Lokey 18,270 105 -5
6 2 JPMorgan 246,583 139 -51.9% 6 14 Evercore Partners 185,182 96 21
7 4 Citi 231,146 87 -43.8% 7 16 RBC Capital Markets 158,591 96 27
8 15 Evercore Partners 185,182 96 70.2% 8 4 Bank of America Merrill Lynch 298,056 93 -29
9 18 RBC Capital Markets 158,591 96 125.4% 9 8 Credit Suisse 248,499 89 -12
10 11 Deutsche Bank 142,896 61 -7.5% 10 5 Citi 231,146 87 -23
11 16 Rothschild 102,304 74 10.7% 11 9 Lazard 98,066 83 -14
12 9 Lazard 98,066 83 -55.3% 12 11 Jefferies 51,825 80 -7
13 13 UBS Investment Bank 87,359 58 -37.3% 13 15 Rothschild 102,304 74 3
14 10 Guggenheim Partners 76,860 16 -54.3% 14 17 Raymond James & Associates 7,419 66 -1
15 27 Wells Fargo Securities 73,889 47 167.9% 15 18 Moelis & Company 35,960 63 -3
US by deal value US by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Goldman Sachs 406,541 122 -17.5% 1 3 JPMorgan 227,428 133 -7
2 3 Morgan Stanley 333,819 100 -21.1% 2 1 Goldman Sachs 406,541 122 -42
3 6 Bank of America Merrill Lynch 273,049 86 -27.4% 3 2 Morgan Stanley 333,819 100 -41
4 8 Barclays 241,759 95 -1.5% 4 5 Houlihan Lokey 17,315 99 -9
5 1 JPMorgan 227,428 133 -54.2% 5 7 Barclays 241,759 95 -1
6 5 Credit Suisse 222,147 79 -41.9% 6 12 Evercore Partners 184,221 93 21
7 4 Citi 215,184 77 -45.6% 7 4 Bank of America Merrill Lynch 273,049 86 -27
8 15 Evercore Partners 184,221 93 77.0% 8 8 Credit Suisse 222,147 79 -12
9 12 Deutsche Bank 136,950 54 0.8% 9 6 Citi 215,184 77 -23
10 22 RBC Capital Markets 125,707 68 206.5% 10 10 Jefferies 50,525 76 -8
11 17 Rothschild 95,183 63 26.9% 11 9 Lazard 95,128 73 -17
12 9 Lazard 95,128 73 -55.0% 12 22 RBC Capital Markets 125,707 68 15
13 10 Guggenheim Partners 76,860 16 -54.3% 13 20 Rothschild 95,183 63 7
14 13 UBS Investment Bank 74,907 53 -43.3% 14 15 Raymond James & Associates 7,306 63 0
15 24 Wells Fargo Securities 73,889 47 167.9% 15 17 Stifel/KBW 15,224 62 2
Global and regional M&A: Q1-Q3 2016 28 www.mergermarket.com Americas league tables
US North East by deal value US North East by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Goldman Sachs 126,718 60 -55.8% 1 1 Goldman Sachs 126,718 60 -31
2 3 JPMorgan 106,263 60 -57.7% 2 3 JPMorgan 106,263 60 -11
3 6 Bank of America Merrill Lynch 93,691 49 -52.5% 3 5 Houlihan Lokey 7,771 54 -1
4 10 Barclays 93,489 51 -35.0% 4 8 Barclays 93,489 51 3
5 4 Credit Suisse 81,284 47 -65.0% 5 2 Morgan Stanley 68,472 50 -28
6 18 Evercore Partners 78,573 45 190.6% 6 6 Bank of America Merrill Lynch 93,691 49 -4
7 1 Morgan Stanley 68,472 50 -77.4% 7 7 Credit Suisse 81,284 47 -5
8 14 Deutsche Bank 63,161 35 13.2% 8 19 Evercore Partners 78,573 45 20
9 12 UBS Investment Bank 60,510 30 -33.5% 9 10 Jefferies 30,809 42 -2
10 5 Citi 60,222 35 -73.8% 10 9 Deutsche Bank 63,161 35 -11
11 20 RBC Capital Markets 46,140 28 89.0% 11 4 Citi 60,222 35 -25
12 24 Wells Fargo Securities 36,309 21 89.6% 12 11 Lazard 24,857 35 -8
13 21 Jefferies 30,809 42 40.5% 13 15 Rothschild 16,909 34 6
14 7 Centerview Partners 28,884 9 -83.8% 14 18 UBS Investment Bank 60,510 30 5
15 8 Guggenheim Partners 27,249 9 -82.9% 15 12 Moelis & Company 14,007 30 -7
US Mid West by deal value US Mid West by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Morgan Stanley 133,710 19 -18.0% 1 3 Goldman Sachs 130,514 32 -9
2 9 Goldman Sachs 130,514 32 55.5% 2 8 Houlihan Lokey 3,483 31 4
3 6 Bank of America Merrill Lynch 120,430 17 17.5% 3 2 JPMorgan 42,511 30 -14
4 13 Evercore Partners 81,870 17 235.3% 4 9 Citi 80,493 22 -2
5 5 Citi 80,493 22 -22.4% 5 5 Barclays 76,763 21 -7
6 10 Barclays 76,763 21 18.1% 6 18 Piper Jaffray & Co 1,646 21 4
7 39 Rothschild 74,574 14 4,076% 7 17 Robert W. Baird & Co 2,508 20 2
8 3 Credit Suisse 72,686 9 -39.7% 8 14 Raymond James & Associates 1,137 20 1
9 - Ducera Partners 65,339 1 - 9 11 Lincoln International 689 20 -3
10 15 Deutsche Bank 43,232 16 115.2% 10 1 Morgan Stanley 133,710 19 -25
11 2 JPMorgan 42,511 30 -71.6% 11 19 Moelis & Company 9,759 18 2
12 12 Guggenheim Partners 41,967 3 71.8% 12 6 Bank of America Merrill Lynch 120,430 17 -10
13 7 Lazard 29,062 15 -66.3% 13 21 Evercore Partners 81,870 17 3
14 4 Centerview Partners 23,325 7 -79.2% 14 12 Jefferies 5,589 17 -5
15 34 Scotiabank 12,533 3 381.7% 15 7 William Blair & Company 1,295 17 -10
Global and regional M&A: Q1-Q3 2016 29 www.mergermarket.com Americas league tables
US South by deal value US South by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Goldman Sachs 176,675 41 1.0% 1 4 JPMorgan 88,571 50 4
2 8 Barclays 132,972 44 87.6% 2 10 Barclays 132,972 44 8
3 4 Credit Suisse 99,707 34 -18.1% 3 1 Goldman Sachs 176,675 41 -21
4 18 RBC Capital Markets 95,005 34 425.4% 4 7 Evercore Partners 44,870 41 -1
5 3 Citi 94,178 30 -37.0% 5 13 Jefferies 24,406 38 5
6 6 Morgan Stanley 89,357 32 7.7% 6 2 Houlihan Lokey 8,701 38 -14
7 2 JPMorgan 88,571 50 -41.5% 7 8 Raymond James & Associates 5,222 38 -3
8 7 Bank of America Merrill Lynch 87,211 28 5.4% 8 6 Credit Suisse 99,707 34 -8
9 9 Deutsche Bank 67,069 19 18.2% 9 18 RBC Capital Markets 95,005 34 12
10 17 Wells Fargo Securities 59,415 26 195.9% 10 5 Morgan Stanley 89,357 32 -12
11 27 BMO Capital Markets 52,570 8 448.3% 11 9 Lazard 28,595 32 -4
12 10 Evercore Partners 44,870 41 20.3% 12 11 Citi 94,178 30 -4
13 13 UBS Investment Bank 33,320 17 35.5% 13 3 Bank of America Merrill Lynch 87,211 28 -20
14 5 Lazard 28,595 32 -68.9% 14 14 Stifel/KBW 10,904 27 0
15 24 Jefferies 24,406 38 119.7% 15 16 Wells Fargo Securities 59,415 26 3
US West by deal value US West by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Goldman Sachs 122,448 45 -13.4% 1 2 JPMorgan 102,639 58 12
2 6 Morgan Stanley 106,602 47 25.1% 2 4 Morgan Stanley 106,602 47 7
3 1 JPMorgan 102,639 58 -29.3% 3 1 Goldman Sachs 122,448 45 -7
4 3 Bank of America Merrill Lynch 59,397 28 -57.9% 4 5 Houlihan Lokey 4,510 38 -1
5 17 Qatalyst Group 54,219 9 262.2% 5 10 Evercore Partners 50,941 35 7
6 4 Credit Suisse 51,795 30 -52.0% 6 9 Credit Suisse 51,795 30 2
7 11 Evercore Partners 50,941 35 -1.8% 7 3 Bank of America Merrill Lynch 59,397 28 -12
8 9 Deutsche Bank 39,370 18 -43.9% 8 6 Barclays 36,002 28 -3
9 7 Centerview Partners 39,205 18 -50.5% 9 7 Moelis & Company 20,164 24 -7
10 10 Allen & Company 37,440 7 -36.4% 10 17 Piper Jaffray & Co 3,825 23 2
11 8 Barclays 36,002 28 -48.9% 11 12 Citi 31,091 22 -2
12 5 Citi 31,091 22 -70.2% 12 15 Lazard 29,208 22 0
13 22 Guggenheim Partners 30,148 9 257.3% 13 11 Jefferies 18,061 22 -6
14 15 RBC Capital Markets 30,112 21 23.8% 14 16 RBC Capital Markets 30,112 21 0
15 16 Lazard 29,208 22 89.3% 15 20 Stifel/KBW 1,786 21 4
Global and regional M&A: Q1-Q3 2016 30 www.mergermarket.com Americas league tables
Canada by deal value Canada by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 4 Morgan Stanley 107,910 14 223.3% 1 1 RBC Capital Markets 81,609 37 8
2 6 Goldman Sachs 85,675 15 225.5% 2 21 Deloitte 2,796 23 13
3 15 Barclays 82,925 15 616.4% 3 6 National Bank Financial 10,284 21 3
4 3 RBC Capital Markets 81,609 37 88.7% 4 8 TD Securities 10,436 20 3
5 7 Credit Suisse 61,975 12 153% 5 3 BMO Capital Markets 58,922 18 -4
6 2 BMO Capital Markets 58,922 18 23.7% 6 11 Goldman Sachs 85,675 15 1
7 8 Citi 56,713 7 141.9% 7 23 Barclays 82,925 15 7
8 1 JPMorgan 43,032 15 -24.4% 8 9 JPMorgan 43,032 15 0
9 9 Bank of America Merrill Lynch 37,795 12 118.3% 9 7 Morgan Stanley 107,910 14 -3
10 12 CIBC World Markets 33,027 13 105.1% 10 10 GMP Securities 2,655 14 -1
11 29 Lazard 26,153 11 730.8% 11 2 CIBC World Markets 33,027 13 -11
12 - Wells Fargo Securities 22,454 4 - 12 16 Scotiabank 18,612 13 2
13 11 Scotiabank 18,612 13 14.5% 13 13 Credit Suisse 61,975 12 0
14 18 Macquarie Group 12,607 10 56.4% 14 15 Bank of America Merrill Lynch 37,795 12 1
15 33 UBS Investment Bank 10,577 7 337.8% 15 17 Lazard 26,153 11 0
C&S America by deal value C&S America by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change Santander Global Banking and 1 11 26,464 12 557.5% 1 3 Banco Itau BBA 8,053 21 4 Markets 2 8 Credit Suisse 12,862 6 166.2% 2 1 Banco BTG Pactual 9,725 15 -5
3 3 JPMorgan 9,976 7 -13.0% 3 14 Banco Bradesco BBI 8,732 13 6 Santander Global Banking and 4 6 Banco BTG Pactual 9,725 15 41.9% 4 15 26,464 12 5 Markets 5 5 Banco Bradesco BBI 8,732 13 5.2% 5 8 Citi 4,235 9 -2
6 13 Banco Itau BBA 8,053 21 161.6% 6 13 BNP Paribas 3,334 9 1
7 9 Morgan Stanley 6,776 8 48.2% 7 18 Lazard 2,192 9 4
8 10 Bank of America Merrill Lynch 4,963 4 19.0% 8 4 Morgan Stanley 6,776 8 -5
9 1 Rothschild 4,904 5 -67.4% 9 10 M&A International 135 8 -1
10 12 Banco Bilbao Vizcaya Argentaria 4,873 6 49.8% 10 11 JPMorgan 9,976 7 -1
11 15 Citi 4,235 9 71.2% 11 22 Credit Suisse 12,862 6 2
12 14 UBS Investment Bank 3,438 4 17.3% 12 12 Banco Bilbao Vizcaya Argentaria 4,873 6 -2
13 21 BNP Paribas 3,334 9 122.3% 13 17 BR Partners 1,482 6 1
14 2 Goldman Sachs 3,201 3 -73.0% 14 16 KPMG 945 6 0
15 20 Lazard 2,192 9 42.9% 15 5 Rothschild 4,904 5 -7
Global and regional M&A: Q1-Q3 2016 31 www.mergermarket.com Asia-Pacific league tables
Asia-Pacific(excl. Japan) by deal value Asia-Pacific(excl. Japan) by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 21 China International Capital 126,567 35 413.5% 1 1 PwC 16,413 71 -20
2 1 Goldman Sachs 119,687 47 -12.6% 2 3 EY 18,352 51 -14
3 4 Credit Suisse 99,406 44 2.6% 3 6 Deloitte 6,833 49 3
4 11 UBS Investment Bank 89,757 40 75.9% 4 5 Goldman Sachs 119,687 47 -1
5 7 JPMorgan 78,702 28 -5.2% 5 11 Credit Suisse 99,406 44 11
6 2 HSBC 67,421 15 -37.9% 6 4 Morgan Stanley 66,107 42 -8
7 6 Morgan Stanley 66,107 42 -26.7% 7 2 KPMG 3,017 41 -26
8 13 CITIC Securities 53,726 29 27.5% 8 8 UBS Investment Bank 89,757 40 3
9 - China CITIC Bank 49,300 2 - 9 9 Citi 48,282 40 4
10 3 Citi 48,282 40 -52.1% 10 7 Huatai United Securities 28,852 40 1
11 255 ALANTRA 47,870 6 43,418% 11 21 China International Capital 126,567 35 13
12 369 CCB International 47,075 7 276,812% 12 12 Macquarie Group 15,466 34 1
13 - Dyalco 45,860 1 - 13 20 Rothschild 14,433 30 5
14 8 Bank of America Merrill Lynch 44,422 28 -45.6% 14 17 CITIC Securities 53,726 29 0
15 20 Huatai United Securities 28,852 40 10.6% 15 10 JPMorgan 78,702 28 -6
Global and regional M&A: Q1-Q3 2016 32 www.mergermarket.com Asia-Pacific league tables
Asia (excl. Australasia & Japan) by deal value Asia (excl. Australasia & Japan) by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 19 China International Capital 126,567 35 413.5% 1 1 PwC 15,941 59 -9
2 1 Goldman Sachs 107,620 36 -10.0% 2 4 EY 18,181 46 3
3 4 Credit Suisse 81,999 36 -10.5% 3 6 Huatai United Securities 28,852 40 1
4 21 UBS Investment Bank 78,875 34 278.0% 4 3 Morgan Stanley 58,242 37 -7
5 7 JPMorgan 69,276 27 -15.3% 5 5 Goldman Sachs 107,620 36 -3
6 2 HSBC 67,421 15 -37.9% 6 15 Credit Suisse 81,999 36 13
7 5 Morgan Stanley 58,242 37 -33.6% 7 17 China International Capital 126,567 35 13
8 12 CITIC Securities 53,726 29 27.5% 8 24 UBS Investment Bank 78,875 34 17
9 - China CITIC Bank 49,300 2 - 9 11 Deloitte 6,297 34 4
10 230 ALANTRA 47,870 6 43,418% 10 2 KPMG 2,878 33 -19
11 321 CCB International 47,075 7 276,812% 11 12 CITIC Securities 53,726 29 0
12 - Dyalco 45,860 1 - 12 13 Citi 34,716 28 0
13 9 Bank of America Merrill Lynch 42,364 23 -41.6% 13 9 JPMorgan 69,276 27 -3
14 3 Citi 34,716 28 -62.4% 14 23 China Securities 28,684 26 8
15 18 Huatai United Securities 28,852 40 10.6% 15 10 GF Securities 11,746 26 -4
Australasia by deal value Australasia by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 14 Credit Suisse 18,498 11 232.8% 1 3 Macquarie Group 15,466 34 12
2 4 Gresham Advisory Partners 17,092 6 -5.5% 2 5 Deloitte 653 16 -3
3 2 Macquarie Group 15,466 34 -38.0% 3 7 Goldman Sachs 14,554 13 2
4 3 Goldman Sachs 14,554 13 -21.9% 4 1 PwC 472 13 -14
5 10 Citi 13,566 12 57.1% 5 12 Citi 13,566 12 4
6 5 Grant Samuel 12,479 8 -8.7% 6 8 Credit Suisse 18,498 11 0
7 1 UBS Investment Bank 11,194 9 -63.5% 7 6 KPMG 1,149 10 -5
8 25 JPMorgan 9,698 2 725.4% 8 4 UBS Investment Bank 11,194 9 -12
9 15 Morgan Stanley 7,865 5 205.8% 9 15 Grant Samuel 12,479 8 2
10 - Flagstaff Partners 7,275 2 - 10 10 Gresham Advisory Partners 17,092 6 -3
11 11 Deutsche Bank 3,534 5 -55.9% 11 16 Morgan Stanley 7,865 5 -1
12 9 Bank of America Merrill Lynch 2,058 5 -77.2% 12 13 Deutsche Bank 3,534 5 -2
13 26 RBC Capital Markets 1,864 4 66.1% 13 19 Bank of America Merrill Lynch 2,058 5 0
14 - China Renaissance Partners 1,594 1 - 14 14 Rothschild 640 5 -2
15 24 KPMG 1,149 10 -12.6% 15 2 EY 171 5 -18
Global and regional M&A: Q1-Q3 2016 33 www.mergermarket.com Asia-Pacific league tables
Greater China by deal value Greater China by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 10 China International Capital 126,567 35 413.5% 1 1 Huatai United Securities 28,852 40 1
2 2 Goldman Sachs 92,036 23 16.3% 2 9 China International Capital 126,567 35 13
3 12 UBS Investment Bank 73,592 23 263.1% 3 6 CITIC Securities 49,773 27 -2
4 17 Credit Suisse 65,479 20 310.9% 4 13 China Securities 28,684 26 8
5 1 HSBC 60,145 9 -39.7% 5 5 GF Securities 11,746 26 -4
6 7 JPMorgan 59,382 17 43.8% 6 4 Morgan Stanley 40,688 25 -6
7 6 CITIC Securities 49,773 27 18.1% 7 8 Goldman Sachs 92,036 23 -1
8 - China CITIC Bank 49,300 2 - 8 16 UBS Investment Bank 73,592 23 8
9 203 ALANTRA 47,844 5 88,500% 9 18 Haitong Securities 11,173 23 8
10 231 CCB International 47,075 7 276,812% 10 20 Credit Suisse 65,479 20 6
11 - Dyalco 45,860 1 - 11 12 China Merchants Securities 14,469 19 1
12 5 Morgan Stanley 40,688 25 -12.8% 12 19 PwC 9,084 19 4
13 8 Huatai United Securities 28,852 40 10.6% 13 14 KPMG 2,361 19 3
14 27 China Securities 28,684 26 395.2% 14 11 JPMorgan 59,382 17 -2
15 9 Bank of America Merrill Lynch 26,997 13 4.4% 15 7 Southwest Securities 11,452 17 -11
India by deal value India by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 JM Financial 14,828 15 197.3% 1 1 EY 14,185 24 -4
2 8 EY 14,185 24 559.8% 2 4 PwC 2,520 16 5
3 18 Kotak Investment Banking 11,774 4 1,375% 3 6 JM Financial 14,828 15 7
4 10 Standard Chartered 11,041 7 696.6% 4 2 Avendus Capital 609 11 -10
5 6 Bank of America Merrill Lynch 9,470 4 309.4% 5 33 ICICI Securities 3,301 10 8
6 33 SBI Capital Markets 8,731 5 4,594% 6 32 Standard Chartered 11,041 7 5
7 7 Goldman Sachs 7,733 4 256.9% 7 5 Citi 6,533 7 -1
8 1 Citi 6,533 7 -0.3% 8 3 KPMG 183 7 -13
9 15 Arpwood Capital 4,654 3 430.1% 9 19 Deloitte 507 6 2
10 3 Morgan Stanley 4,028 3 16.8% 10 53 SBI Capital Markets 8,731 5 4
11 - DH Consultants 3,332 2 - 11 20 Rothschild 1,910 5 1
12 22 ICICI Securities 3,301 10 628.7% 12 12 Axis Capital 1,241 5 0
13 44 Ambit Corporate Finance 3,172 3 3,632% 13 8 Kotak Investment Banking 11,774 4 -3
14 - CITIC Securities 3,172 1 - 14 46 Bank of America Merrill Lynch 9,470 4 3
15 30 PwC 2,520 16 781.1% 15 7 Goldman Sachs 7,733 4 -3
Global and regional M&A: Q1-Q3 2016 34 www.mergermarket.com Asia-Pacific league tables
South Korea by deal value South Korea by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Credit Suisse 5,833 5 -85.1% 1 1 PwC 5,095 21 -10
2 6 PwC 5,095 21 -83.5% 2 3 Deloitte 3,592 15 -1
3 2 Morgan Stanley 4,199 5 -88.8% 3 10 EY 3,703 12 6
4 25 EY 3,703 12 890.1% 4 - KR & Partners 378 6 -
5 22 Deloitte 3,592 15 539.1% 5 2 KPMG 282 6 -13
6 9 Samsung Securities 2,857 4 -77.1% 6 13 Credit Suisse 5,833 5 1
7 - Lazard 2,809 3 - 7 6 Morgan Stanley 4,199 5 -2
8 3 Goldman Sachs 2,573 5 -93.1% 8 9 Goldman Sachs 2,573 5 -1
9 24 Mirae Asset Daewoo 2,383 2 497.2% 9 7 Samsung Securities 2,857 4 -3
10 16 Korea Development Bank 1,694 3 13.7% 10 - Lazard 2,809 3 -
11 18 Mizuho Financial Group 1,174 1 17.4% 11 16 Korea Development Bank 1,694 3 0
12 23 Nomura Holdings 1,032 2 105.6% 12 31 Daiwa Securities Group 726 3 2
13 15 Bank of America Merrill Lynch 915 1 -51.0% 13 18 Mirae Asset Daewoo 2,383 2 -1
14 - China International Capital 895 1 - 14 15 Nomura Holdings 1,032 2 -2
15 12 JPMorgan 828 2 -79.4% 15 8 JPMorgan 828 2 -5
Japan by deal value Japan by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 4 Mizuho Financial Group 56,951 40 127.8% 1 1 Nomura Holdings 31,158 60 1
2 11 Sumitomo Mitsui Financial Group 47,118 49 287.4% 2 2 Sumitomo Mitsui Financial Group 47,118 49 -6
3 17 Daiwa Securities Group 44,706 36 797.0% 3 3 Mizuho Financial Group 56,951 40 -7
4 2 Morgan Stanley 43,192 27 37.1% 4 6 Daiwa Securities Group 44,706 36 13
5 29 Raine Group 38,765 3 3,130% 5 4 Morgan Stanley 43,192 27 0
6 6 Lazard 36,556 3 112.4% 6 17 Plutus Consulting 5,620 20 13
7 1 Goldman Sachs 35,695 5 3.2% 7 7 Deloitte 1,809 20 -3
8 18 UBS Investment Bank 31,490 3 709.3% 8 9 GCA 1,248 19 1
9 3 Nomura Holdings 31,158 60 0.7% 9 5 KPMG 887 11 -15
10 - Robey Warshaw 30,165 1 - 10 16 EY 159 9 1
11 9 Bank of America Merrill Lynch 18,085 6 42.3% 11 12 JPMorgan 14,004 8 -4
12 5 JPMorgan 14,004 8 -28.3% 12 15 Bank of America Merrill Lynch 18,085 6 -3
13 8 Citi 9,926 4 -22.2% 13 81 YAMADA Consulting Group 1,365 6 5
14 14 Credit Suisse 6,383 5 -30.1% 14 11 Frontier Management 854 6 -8
15 30 Plutus Consulting 5,620 20 433.7% 15 8 PwC 46 6 -13
Global and regional M&A: Q1-Q3 2016 35 www.mergermarket.com Asia-Pacific league tables
South East Asia by deal value South East Asia by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 10 Goldman Sachs 14,888 9 314.8% 1 2 CIMB Group 1,655 17 5
2 2 Credit Suisse 12,857 12 -64.6% 2 3 RHB Investment Bank 1,284 13 2
3 27 Morgan Stanley 9,677 6 1,009% 3 15 Credit Suisse 12,857 12 8
4 33 Standard Chartered 8,836 5 1,099% 4 6 EY 7,575 10 3
5 7 JPMorgan 7,998 6 -76.8% 5 4 Goldman Sachs 14,888 9 1
6 60 EY 7,575 10 3,845% 6 1 PwC 492 9 -4
7 - SBI Capital Markets 7,376 1 - 7 63 UBS Investment Bank 4,486 8 7
8 34 Maybank Investment Bank 6,970 6 874.8% 8 26 Morgan Stanley 9,677 6 3
9 - BNP Paribas 6,625 4 - 9 9 JPMorgan 7,998 6 0
10 - Credit Agricole 6,470 3 - 10 13 Maybank Investment Bank 6,970 6 1
11 32 JayDee Partners 6,239 3 736.3% 11 7 Bank of America Merrill Lynch 5,901 6 0
12 12 HSBC 5,975 4 159.8% 12 24 Deloitte 1,768 6 2
13 1 Bank of America Merrill Lynch 5,901 6 -86.1% 13 27 Standard Chartered 8,836 5 2
14 45 Rothschild 5,427 5 1,220% 14 43 Rothschild 5,427 5 3
15 - Natixis 5,020 2 - 15 16 Citi 3,236 5 1
Global and regional M&A: Q1-Q3 2016 36 www.mergermarket.com Africa & Middle East league tables
Africa & Middle East by deal value Africa & Middle East by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 33 UBS Investment Bank 17,398 8 2,160% 1 13 Rothschild 7,838 12 4
2 26 Credit Suisse 16,338 3 903.6% 2 7 Investec 1,359 12 1
3 8 Citi 9,414 6 60.0% 3 2 Standard Bank Group 6,897 11 -4
4 28 Lazard 9,331 8 580.6% 4 16 KPMG 1,033 9 3
5 5 Goldman Sachs 8,218 5 -15.8% 5 3 EY 192 9 -4
6 13 Rothschild 7,838 12 98.5% 6 61 UBS Investment Bank 17,398 8 7
7 1 JPMorgan 7,559 7 -85.3% 7 18 Lazard 9,331 8 3
8 10 Standard Bank Group 6,897 11 29.5% 8 25 Jefferies 3,053 8 4
9= 19 Centerview Partners 4,400 1 107.8% 9 8 JPMorgan 7,559 7 -3
9= 67 Code Advisors 4,400 1 2,488% 10 5 Morgan Stanley 830 7 -4
9= - Raine Group 4,400 1 - 11 9 Citi 9,414 6 -4
12 - Guotai Junan Securities 3,936 1 - 12 11 Goldman Sachs 8,218 5 -4
13 2 Barclays 3,879 5 -91.5% 13 12 Barclays 3,879 5 -3
14 37 Jefferies 3,053 8 444.2% 14 19 Standard Chartered 928 5 0
15= - Citi Orient Securities 2,650 1 - 15 1 PwC 153 5 -11
15= - Ping An Securities Company 2,650 1 -
Global and regional M&A: Q1-Q3 2016 37 www.mergermarket.com Private equity league tables
Global (buyouts+exits) by deal value Global (buyouts+exits) by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Goldman Sachs 73,301 49 -12.2% 1 4 Rothschild 21,417 75 20
2 10 Barclays 60,698 32 104.9% 2 1 Goldman Sachs 73,301 49 -14
3 7 Credit Suisse 43,426 35 1.0% 3 11 Houlihan Lokey 6,106 45 5
4 1 Morgan Stanley 42,898 35 -58.0% 4 9 Jefferies 24,006 44 -2
5 12 RBC Capital Markets 37,464 23 76.7% 5 2 PwC 7,441 43 -18
6 16 Evercore Partners 33,813 32 156.1% 6 8 KPMG 2,849 42 -5
7 5 Deutsche Bank 32,830 22 -36.8% 7 13 Lazard 16,364 41 3
8 4 Citi 30,859 22 -42.8% 8 7 William Blair & Company 4,846 41 -7
9 6 Bank of America Merrill Lynch 26,816 24 -48.4% 9 21 Deloitte 3,094 39 12
10 13 Jefferies 24,006 44 21.6% 10 5 Lincoln International 1,872 37 -14
11 9 UBS Investment Bank 23,083 35 -26.4% 11 12 Credit Suisse 43,426 35 -4
12 11 Rothschild 21,417 75 -8.9% 12 3 Morgan Stanley 42,898 35 -25
13 3 JPMorgan 18,588 27 -75.6% 13 19 UBS Investment Bank 23,083 35 7
14 14 Lazard 16,364 41 -16.3% 14 24 Robert W. Baird & Co 3,466 33 8
15 25 Moelis & Company 15,324 22 139.2% 15 15 EY 2,571 33 -3
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Global
US (buyouts+exits) by deal value US (buyouts+exits) by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 9 Barclays 54,872 21 155.0% 1 3 Houlihan Lokey 3,635 34 3
2 2 Goldman Sachs 47,093 29 8.6% 2 4 Goldman Sachs 47,093 29 -1
3 10 RBC Capital Markets 33,790 13 96.4% 3 7 Jefferies 17,076 27 1
4 1 Morgan Stanley 33,393 22 -54.2% 4 1 William Blair & Company 3,340 23 -16
5 12 Evercore Partners 28,515 19 232.5% 5 2 Morgan Stanley 33,393 22 -12
6 4 Credit Suisse 26,254 17 -25.6% 6 12 Barclays 54,872 21 -1
7 7 Citi 23,669 11 -4.1% 7 8 Harris Williams & Co 2,057 21 -5
8 6 Deutsche Bank 22,839 9 -19.3% 8 15 Robert W. Baird & Co 1,597 21 4
9 13 Jefferies 17,076 27 105.4% 9 14 Evercore Partners 28,515 19 0
10 8 UBS Investment Bank 16,881 18 -26.0% 10 6 Lincoln International 700 19 -8
11 5 Bank of America Merrill Lynch 15,832 10 -48.2% 11 22 UBS Investment Bank 16,881 18 7
12 25 Moelis & Company 14,116 18 370.8% 12 18 Moelis & Company 14,116 18 5
13 3 JPMorgan 9,090 14 -77.6% 13 11 Piper Jaffray & Co 2,225 18 -5
14 65 Rothschild 4,250 9 2,573% 14 5 Credit Suisse 26,254 17 -10
15 11 Macquarie Group 3,998 7 -76.6% 15 13 JPMorgan 9,090 14 -6
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US
Global and regional M&A: Q1-Q3 2016 38 www.mergermarket.com Private equity league tables
Europe (buyouts+exits) by deal value Europe (buyouts+exits) by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Goldman Sachs 23,480 14 -23.7% 1 1 Rothschild 16,647 64 16
2 4 Rothschild 16,647 64 -21.0% 2 2 PwC 4,039 35 -11
3 8 Lazard 12,901 26 0.7% 3 3 KPMG 2,829 34 0
4 7 Bank of America Merrill Lynch 9,569 11 -37.4% 4 11 Lazard 12,901 26 8
5 6 Deutsche Bank 8,724 9 -45.2% 5 7 Deloitte 1,848 24 0
6 41 BNP Paribas 8,125 10 372.4% 6 4 EY 867 24 -6
7 3 Morgan Stanley 6,708 8 -72.2% 7 5 DC Advisory 882 21 -7
8 5 Citi 5,680 7 -65.1% 8 8 Lincoln International 1,172 18 -6
9 1 JPMorgan 5,311 8 -84.0% 9 73 Natixis 2,577 17 14
10 13 HSBC 5,292 5 -28.2% 10 23 William Blair & Company 1,131 15 6
11 9 Jefferies 5,136 13 -54.4% 11 9 Goldman Sachs 23,480 14 -8
12 17 UBS Investment Bank 4,812 13 -16.3% 12 25 BDO 188 14 5
13 19 Barclays 4,448 10 -14.5% 13 17 Clearwater International 128 14 1 Santander Global Banking and 14 108 4,273 1 1,887% 14 12 Jefferies 5,136 13 -5 Markets 15 12 PwC 4,039 35 -55.9% 15 19 UBS Investment Bank 4,812 13 2
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe
Asia-Pac (buyouts+exits) by deal value Asia-Pac (buyouts+exits) by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 8 Credit Suisse 14,021 9 718.5% 1 5 Credit Suisse 14,021 9 4
2 - Gresham Advisory Partners 7,265 2 - 2 - Deloitte 1,169 9 -
3 11 Morgan Stanley 2,107 3 36.0% 3 9 EY 1,583 5 1
4 - JPMorgan 1,671 3 - 4 3 PwC 1,351 4 -3
5 30 EY 1,583 5 565.1% 5 4 Goldman Sachs 660 4 -2
6 20 Barclays 1,378 1 96.6% 6 13 Morgan Stanley 2,107 3 1
7 12 PwC 1,351 4 -10.4% 7 - JPMorgan 1,671 3 -
8 - Deloitte 1,169 9 - 8 27 Daiwa Securities Group 726 3 2
9 37 Jefferies 1,154 1 578.8% 9 8 UBS Investment Bank 90 3 -1
10 - JM Financial 1,147 2 - 10 2 Macquarie Group 42 3 -4
11 3 Bank of America Merrill Lynch 915 1 -73.7% 11 - Gresham Advisory Partners 7,265 2 -
12 21 Korea Development Bank 878 1 27.1% 12 - JM Financial 1,147 2 -
13 2 Deutsche Bank 799 2 -89.2% 13 7 Deutsche Bank 799 2 -2
14 18 Daiwa Securities Group 726 3 -22.8% 14 1 Citi 575 2 -5
15 5 Goldman Sachs 660 4 -78.1% 15 16 China International Capital 529 2 0
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)
Global and regional M&A: Q1-Q3 2016 39 www.mergermarket.com Private equity league tables
Global buyouts by deal value Global buyouts by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 11 RBC Capital Markets 30,891 14 194.9% 1 1 PwC 5,983 32 1
2 4 Deutsche Bank 24,565 12 -4.9% 2 9 Deloitte 2,760 27 11
3 13 Barclays 23,560 17 175.2% 3 2 KPMG 2,504 25 1
4 6 Citi 21,856 13 9.3% 4 3 EY 1,082 19 -4
5 5 Goldman Sachs 16,693 15 -23.0% 5 12 Barclays 23,560 17 3
6 7 Credit Suisse 16,467 11 -13.2% 6 18 Lazard 7,630 17 5
7 3 Bank of America Merrill Lynch 10,763 10 -62.3% 7 13 Rothschild 1,726 17 3
8 36 Moelis & Company 8,261 4 639.6% 8 10 Goldman Sachs 16,693 15 0
9 1 Morgan Stanley 8,254 5 -75.5% 9 21 Evercore Partners 5,029 15 6
10 12 Lazard 7,630 17 -21.4% 10 20 RBC Capital Markets 30,891 14 5
11 - Gresham Advisory Partners 7,265 2 - 11 11 Citi 21,856 13 -1
12 9 UBS Investment Bank 7,020 13 -52.2% 12 16 UBS Investment Bank 7,020 13 1
13 29 PwC 5,983 32 256.1% 13 6 Macquarie Group 5,766 13 -3
14 2 Macquarie Group 5,766 13 -80.4% 14 4 Deutsche Bank 24,565 12 -5
15 8 JPMorgan 5,326 8 -69.8% 15 28 BDO 104 12 6
*Based on advisors to bidder on buyout deals with the target dominant geography being Global US buyouts by deal value US buyouts by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 10 RBC Capital Markets 29,140 10 337.5% 1 5 Barclays 22,588 13 5
2 14 Barclays 22,588 13 552.6% 2 14 RBC Capital Markets 29,140 10 6
3 9 Citi 19,512 7 145.9% 3 7 UBS Investment Bank 5,720 10 3
4 6 Deutsche Bank 18,639 5 58.2% 4 9 Goldman Sachs 14,312 9 3
5 8 Goldman Sachs 14,312 9 65.4% 5 10 Evercore Partners 2,104 8 2
6 4 Bank of America Merrill Lynch 9,557 7 -43.6% 6 16 Citi 19,512 7 4
7 - Moelis & Company 8,261 4 - 7 4 Bank of America Merrill Lynch 9,557 7 -1
8 5 UBS Investment Bank 5,720 10 -53.1% 8 3 Deutsche Bank 18,639 5 -4
9 1 Morgan Stanley 5,592 2 -80.4% 9 2 Credit Suisse 5,130 5 -5
10 2 Credit Suisse 5,130 5 -70.2% 10 8 Jefferies 2,631 5 -2
11 - China CITIC Bank 3,440 1 - 11 52 KPMG - 5 4
12 3 Macquarie Group 3,135 4 -81.7% 12 - Moelis & Company 8,261 4 -
13 13 Jefferies 2,631 5 -35.8% 13 6 Macquarie Group 3,135 4 -3
14 15 Lazard 2,446 2 38.7% 14 12 PwC 2,051 4 -1
15 43 PJT Partners 2,250 2 - 15 22 Houlihan Lokey 950 4 1
*Based on advisors to bidder on buyout deals with the target dominant geography being US
Global and regional M&A: Q1-Q3 2016 40 www.mergermarket.com Private equity league tables
Europe buyouts by deal value Europe buyouts by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 3 Lazard 5,184 14 -34.7% 1 2 PwC 3,767 26 6
2 7 Deutsche Bank 5,030 5 -20.4% 2 3 KPMG 2,484 18 -1 Santander Global Banking and 3 57 4,273 1 1,887.4% 3 7 Lazard 5,184 14 5 Markets 4 27 PwC 3,767 26 240.6% 4 5 Deloitte 1,538 14 1
5 11 UniCredit Group 3,631 9 -20.1% 5 6 Rothschild 1,516 13 1
6 5 JPMorgan 2,654 4 -62.7% 6 1 EY 708 13 -7
7 23 KPMG 2,484 18 34.8% 7 28 BDO 104 10 6
8 9 Morgan Stanley 2,433 2 -48.5% 8 9 UniCredit Group 3,631 9 3
9 141 Natixis 2,155 7 - 9 60 Fineurop Soditic 575 8 6
10 140 Mediobanca 2,146 4 - 10 141 Natixis 2,155 7 6
11 1 Goldman Sachs 1,908 3 -83.9% 11 - Liberty Corporate Finance 796 7 -
12 13 Citi 1,769 4 -50.4% 12 35 Accuracy - 7 4
13 12 RBC Capital Markets 1,548 3 -59.4% 13 61 ALANTRA 246 6 4
14 25 Evercore Partners 1,544 3 36.9% 14 4 DC Advisory 228 6 -8
15 29 Deloitte 1,538 14 62.1% 15 29 Deutsche Bank 5,030 5 2
*Based on advisors to bidder on buyout deals with the target dominant geography being Europe Asia-Pac buyouts by deal value Asia-Pac buyouts by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 6 Credit Suisse 10,897 4 565.7% 1 - Deloitte 1,169 8 -
2 - Gresham Advisory Partners 7,265 2 - 2 4 Credit Suisse 10,897 4 0
3 - JPMorgan 1,372 2 - 3 6 Goldman Sachs 473 3 0
4 - Deloitte 1,169 8 - 4 33 EY 374 3 2
5 - JM Financial 1,147 2 - 5 - Gresham Advisory Partners 7,265 2 -
6 3 Bank of America Merrill Lynch 915 1 -73.7% 6 - JPMorgan 1,372 2 -
7 2 Deutsche Bank 799 1 -89.2% 7 - JM Financial 1,147 2 -
8 1 Citi 575 2 -93.2% 8 2 Citi 575 2 -2
9 - Arctic Securities 575 1 - 9 - Daiwa Securities Group 553 2 -
10 - Daiwa Securities Group 553 2 - 10= - Evercore Partners 165 2 -
11 8 Goldman Sachs 473 3 -59.1% 10= 5 PwC 165 2 -2
12 33 EY 374 3 4,056% 12 1 Macquarie Group 42 2 -3
13 - CITIC Securities 276 1 - 13 7 Bank of America Merrill Lynch 915 1 -1
14 - Guorong Securities 255 1 - 14 3 Deutsche Bank 799 1 -3
15 - Soochow Securities 241 1 - 15 - Arctic Securities 575 1 -
*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)
Global and regional M&A: Q1-Q3 2016 41 www.mergermarket.com Private equity league tables
Global exits by deal value Global exits by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Goldman Sachs 56,608 34 -8.5% 1 5 Rothschild 19,691 58 17
2 8 Barclays 37,138 15 76.3% 2 4 William Blair & Company 4,336 40 -2
3 1 Morgan Stanley 34,644 30 -49.4% 3 7 Jefferies 21,375 38 5
4 12 Evercore Partners 28,784 17 160.6% 4 8 Houlihan Lokey 4,993 37 4
5 6 Credit Suisse 26,959 24 12.3% 5 1 Goldman Sachs 56,608 34 -14
6 11 Jefferies 21,375 38 70.3% 6 16 Robert W. Baird & Co 3,466 32 10
7 9 Rothschild 19,691 58 -3.1% 7 3 Morgan Stanley 34,644 30 -14
8 10 UBS Investment Bank 16,063 22 -3.6% 8 2 Lincoln International 1,693 29 -16
9 7 Bank of America Merrill Lynch 16,053 14 -31.4% 9 14 Credit Suisse 26,959 24 1
10 3 JPMorgan 13,262 19 -77.4% 10 11 Lazard 8,734 24 -2
11 4 Citi 9,003 9 -73.5% 11 10 Harris Williams & Co 2,697 23 -5
12 15 Lazard 8,734 24 -11.2% 12 20 UBS Investment Bank 16,063 22 6
13 5 Deutsche Bank 8,265 10 -68.4% 13 6 JPMorgan 13,262 19 -19
14 47 BNP Paribas 7,248 6 294.8% 14 21 Moelis & Company 7,063 18 2
15 21 Moelis & Company 7,063 18 33.5% 15 12 Piper Jaffray & Co 2,961 18 -7
*Based on advisors to target/seller on exit deals with the target dominant geography being Global US exits by deal value US exits by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 2 Goldman Sachs 32,781 20 -5.6% 1 2 Houlihan Lokey 2,685 30 2
2 5 Barclays 32,284 8 78.8% 2 1 William Blair & Company 3,340 23 -11
3 1 Morgan Stanley 27,801 20 -37.4% 3 8 Jefferies 14,445 22 3
4 12 Evercore Partners 26,411 11 250.0% 4 6 Goldman Sachs 32,781 20 -4
5 4 Credit Suisse 21,124 12 16.9% 5 5 Morgan Stanley 27,801 20 -4
6 15 Jefferies 14,445 22 242.8% 6 4 Harris Williams & Co 2,057 20 -5
7 9 UBS Investment Bank 11,161 8 5.2% 7 11 Robert W. Baird & Co 1,597 20 4
8 3 JPMorgan 9,090 13 -70.3% 8 3 Lincoln International 700 16 -11
9 8 Bank of America Merrill Lynch 6,275 3 -54.0% 9 16 Moelis & Company 5,855 14 1
10 22 Moelis & Company 5,855 14 95.3% 10 7 Piper Jaffray & Co 1,975 14 -9
11 10 RBC Capital Markets 4,650 3 -55.9% 11 10 JPMorgan 9,090 13 -3
12 7 Deutsche Bank 4,200 4 -74.6% 12 9 Credit Suisse 21,124 12 -5
13 6 Citi 4,157 4 -75.2% 13 15 Evercore Partners 26,411 11 -2
14 107 Rothschild 4,140 6 - 14 19 Raymond James & Associates 1,583 11 1
15 14 William Blair & Company 3,340 23 -36.4% 15 17 Lazard 905 11 -1
*Based on advisors to target/seller on exit deals with the target dominant geography being US
Global and regional M&A: Q1-Q3 2016 42 www.mergermarket.com Private equity league tables
Europe exits by deal value Europe exits by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 3 Goldman Sachs 21,572 11 13.8% 1 1 Rothschild 15,131 51 15
2 4 Rothschild 15,131 51 -16.0% 2 6 KPMG 345 16 1
3 10 Bank of America Merrill Lynch 9,278 9 19.3% 3 9 DC Advisory 654 15 1
4 12 Lazard 7,717 12 58.5% 4 19 William Blair & Company 621 14 6
5 36 BNP Paribas 7,118 5 500.7% 5 4 Lincoln International 993 13 -5
6 8 Jefferies 5,136 12 -37.1% 6 15 Lazard 7,717 12 3
7 15 UBS Investment Bank 4,812 12 36.7% 7 10 Jefferies 5,136 12 0
8 2 Morgan Stanley 4,275 6 -78.0% 8 18 UBS Investment Bank 4,812 12 4
9 11 HSBC 3,971 4 -19.4% 9 5 Goldman Sachs 21,572 11 -6
10 5 Citi 3,911 3 -69.2% 10 25 Robert W. Baird & Co 1,869 11 5
11 6 Deutsche Bank 3,694 4 -61.6% 11 14 EY 159 11 1
12 19 Barclays 3,476 6 24.6% 12 67 Natixis 422 10 8
13 1 JPMorgan 2,657 4 -89.8% 13 12 Deloitte 310 10 -1
14 25 Numis Securities 2,544 2 35.4% 14 48 Bank of America Merrill Lynch 9,278 9 6
15 7 Jamieson Corporate Finance 2,504 9 -73.3% 15 8 Jamieson Corporate Finance 2,504 9 -5
*Based on advisors to target/seller on exit deals with the target dominant geography being Europe Asia-Pac exits by deal value Asia-Pac exits by deal count
Rank Company name Q1-Q3 2016 Rank Company name Q1-Q3 2016
Q1-Q3 Q1-Q3 Value Deal Value Q1-Q3 Q1-Q3 Value Deal Count 2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 27 Credit Suisse 3,124 5 4,010.5% 1 28 Credit Suisse 3,124 5 4
2 6 Morgan Stanley 1,878 2 21.2% 2 8 Morgan Stanley 1,878 2 0
3 - Barclays 1,378 1 - 3 5 EY 1,209 2 -1
4 18 EY 1,209 2 427.9% 4 4 PwC 1,186 2 -1
5 8 PwC 1,186 2 -14.7% 5 31 Fort Street Advisers 386 2 1
6 24 Jefferies 1,154 1 578.8% 6 1 Avendus Capital 170 2 -2
7 - Korea Development Bank 878 1 - 7 9 UBS Investment Bank 90 2 0
8 31 Fort Street Advisers 386 2 554.2% 8 - Raymond James & Associates - 2 -
9 - The Anglo Chinese Group 382 1 - 9 - Barclays 1,378 1 -
10 13 China International Capital 338 1 -60.8% 10 25 Jefferies 1,154 1 0
11 1 JPMorgan 299 1 -84.6% 11 - Korea Development Bank 878 1 - BOCOM International Holdings 12 - 275 1 - 12 - The Anglo Chinese Group 382 1 - Company 13 - Golden Sun Securities 236 1 - 13 11 China International Capital 338 1 -1
14 25 Kotak Investment Banking 210 1 66.7% 14 7 JPMorgan 299 1 -1 BOCOM International Holdings 15= - Capital Fortunes 195 1 - 15 - 275 1 - Company 15= - Moelis & Company 195 1 -
*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan) Global and regional M&A: Q1-Q3 2016 43 www.mergermarket.com Criteria
All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.
Full deal inclusion criteria can be found here.
M&A Trends and Top Deals correct as of 9am (GMT), 30-Sep-2016. Cut off date 29-Sep-2016. League tables correct as of 6pm (GMT), 30-Sep-2016. Cut off date 29-Sep-2016.
Trend data: based on the dominant geography of the target and excludes lapsed and withdrawn bids. Sector trends based on the dominant sector of the target.
League tables: based on the dominant geography of the target, bidder, seller, and excludes lapsed and withdrawn bids. Private equity buyout league tables based on financial advisors advising the bidder only on buyout deals and excludes lapsed and withdrawn bids. Private equity exit league tables based on financial advisors advising the target/seller on exit deals and excludes lapsed and withdrawn bids. Private equity buyout and exit combined league tables based on financial advisors advising the bidder on buyout deals AND the target/seller on exit deals, excluding lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.
Global cross-border: based on the dominant geography of the target and bidder company being based in different regions.
Inbound Global/US/Japan: The dominant geography of the target is X, and the dominant geography of the bidder is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X.
Outbound Global/US/Japan: The dominant geography of the bidder is X, and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.
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Global and regional M&A: Q1-Q3 2016 44 www.mergermarket.com