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Financial Rankings 1Q 2017 Q1 2017

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Financial Rankings 1Q 2017 Q1 2017 GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1Q 2017 Q1 2017 GLOBAL M&A FINANCIAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review 4. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 5. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 8. EMEA M&A Regional Review Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal 9. EMEA M&A League Tables trends. 12. APAC M&A Regional Review 13. APAC M&A League Tables Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 16. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Meaghan Burke +1-646-324-1537 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Ee Wen Tay +65-6231-3404 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2017 Bloomberg Finance L.P. All rights reserved. Global M&A Heat Map Western Europe Eastern Europe USD 278.4B USD 11.7B 1. Morgan Stanley 16.4% North America 1. Bank of America Merrill Lynch 34.3% 2. Citigroup Inc 28.7% 2. Deutsche Bank AG 15.9% USD 441.2B 3. VTB Capital ZAO 10.3% 1. Morgan Stanley 24.4% 3. Lazard Ltd 22.1% 2. Goldman Sachs & Co 22.9% 3. JP Morgan Chase & Co 19.2% Asia Pacific USD 234.8B 1. Goldman Sachs & Co 14.4% 2. Morgan Stanley 13.5% Middle East & Africa 3. UBS AG 9.3% Latin America & Caribbean USD 19.6B USD 45.0B 1. Lazard Ltd 13.6% 1. Credit Suisse Group AG 40.3% 2. Goldman Sachs & Co 12.6% 2. Morgan Stanley 10.5% 3. Morgan Stanley 11.5% 3. Barclays PLC 5.7% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for Q1 2017. 2 Global M&A Regional Review Global M&A: Premium Breakdown • The global merger and acquisition activity reached $729.0 billion in Q12017, representing the lowest 2% 3% 0% quarterly volume since Q12014. Johnson & Johnson’s announced acquisition of Actelion Ltd for $29.8 0‐10% 12% billion was the largest transaction for the period. 10‐25% • Private equity transactions reached a Q12017 volume of $174.4 billion, accounting for 23.9% of the global 2017 volume for the period. Advent International Corp’s pending acquisition of STADA Arzneimittel AG for $5.3 25‐50% 37% billion was the largest announced private equity buyout for the quarter. 50‐75% Q1 • Asset sales targeting the energy sector have increased 239.8% in volume year‐on‐year to $39.1 billion. 46% 75‐100% Royal Dutch Shell PLC’s announced sale of its Athabasca oil sands project to Canadian Natural Resources Ltd | for $8.26 billion was the largest global energy asset sale in Q12017. 100%+ Global M&A: Highlights of Q1 2017 Global M&A: Industry Breakdown Total Amount % YoY Review Summary Date TargetAcquirer Seller Value Industry (Bln.) % of Total Change Number of deals 9,783 Financial $173.0 23.4% 17.2% 1/26/2017 Actelion Ltd Johnson & Johnson ‐ $29,762.2 Volume (Bln.) $729.0 Consumer Non‐cyclical $147.5 20.0% ‐5.1% Avg Deal Size (Mln.) $74.5 Energy $115.3 15.6% 142.4% 2/10/2017 Mead Johnson Nutrition Co Reckitt Benckiser Group PLC ‐ $17,809.8 M&A Consumer Cyclical $88.0 11.9% ‐26.0% Top Adviser Industrial $62.3 8.4% ‐18.6% 2/1/2017 ONEOK Partners LP ONEOK Inc ‐ $17,378.2 Morgan Stanley Communications $50.7 6.9% 16.4% Number of deals 74 Utilities $41.5 5.6% 3.7% 1/16/2017 Luxottica Group SpA Essilor International SA Delfin Sarl $16,608.8 Volume (Bln.) $141.1 Technology $36.8 5.0% ‐23.3% Global United Kingdom of Avg Deal Size (Bln.) $1.9 Basic Materials $19.8 2.7% ‐76.0% 3/31/2017 Bradford & Bingley assets Multiple Acquirers Great Britain and $14,699.3 Northern Ireland Diversified $4.0 0.5% ‐38.2% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 12,000 Deal Type (Bln.) Deal Count Volume $1,200 10,000 Company Takeover $390.8 ‐4.9% ‐14.3% $1,000 Cross Border $353.1 1.2% 0.9% 8,000 $800 Private Equity $174.4 1.1% 3.4% 6,000 $600 Asset Sale $166.3 18.1% 58.4% 4,000 $400 Tender Offer $103.4 28.0% 14.6% Venture Capital $24.4 ‐0.3% ‐30.1% $200 2,000 Spin‐off $2.7 ‐2.0% ‐89.8% $0 0 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 Minority Purchase $89.1 2.2% ‐3.2% Majority Purchase $50.5 11.8% ‐10.7% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals 01/01/2017 ‐ 03/31/2017 Cross Border Announced Deals 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 19.4 141,119 74 2 24.7 ‐5.3 Bank of America Merrill Lynch 1 25.0 88,205 24 14 10.5 14.4 Goldman Sachs & Co 2 18.1 132,053 75 1 32.2 ‐14.1 Goldman Sachs & Co 2 24.2 85,370 48 1 40.9 ‐16.7 Citigroup Inc 3 16.2 118,219 51 5 16.5 ‐0.2 Citigroup Inc 3 22.6 79,827 27 10 14.6 8.0 Bank of America Merrill Lynch 4 16.2 117,887 43 7 13.0 3.2 Morgan Stanley 4 22.1 78,146 41 2 37.9 ‐15.8 JPMorgan Chase & Co 5 14.3 104,376 55 3 20.2 ‐5.9 Lazard Ltd 5 18.7 65,927 34 4 24.1 ‐5.5 Rothschild & Co 6 11.6 84,519 61 13 6.4 5.2 JPMorgan Chase & Co 6 16.3 57,607 25 3 27.6 ‐11.3 Lazard Ltd 7 11.4 82,923 55 4 17.2 ‐5.8 Rothschild & Co 7 15.1 53,423 39 16 9.9 5.2 Credit Suisse Group AG 8 10.2 74,059 37 8 12.6 ‐2.5 Credit Suisse Group AG 8 11.8 41,731 16 5 21.4 ‐9.5 Barclays PLC 9 9.0 65,492 44 6 15.0 ‐6.0 Robey Warshaw LLP 9 8.8 31,082 3 ‐‐8.8 BNP Paribas SA 10 5.6 40,666 16 37 1.1 4.5 ALANTRA 10 8.5 29,890 8 49 0.4 8.0 Evercore Partners Inc 11 5.5 39,832 33 14 6.4 ‐0.9 BNP Paribas SA 11 8.3 29,179 9 36 1.3 6.9 UBS AG 12 5.3 38,406 31 10 10.2 ‐4.9 Deutsche Bank AG 12 8.1 28,693 12 11 13.9 ‐5.8 RBC Capital Markets 13 5.0 36,145 31 18 4.3 0.6 UBS AG 13 7.5 26,430 19 6 18.7 ‐11.3 Deutsche Bank AG 14 4.5 32,895 22 9 11.5 ‐7.0 RBC Capital Markets 14 6.3 22,335 10 29 2.2 4.1 Robey Warshaw LLP 15 4.3 31,082 3 94 0.2 4.1 HSBC Bank PLC 15 6.2 21,774 8 9 15.9 ‐9.7 ALANTRA 16 4.1 29,890 11 84 0.2 3.9 Barclays PLC 16 4.7 16,686 15 8 16.3 ‐11.6 HSBC Bank PLC 17 3.5 25,780 11 12 9.7 ‐6.2 Mediobanca SpA 17 4.7 16,609 1 ‐‐4.7 Centerview Partners LLC 18 2.7 19,914 13 17 5.8 ‐3.1 Kotak Mahindra Bank Ltd 18 4.0 13,978 6 136 0.0 3.9 Mediobanca SpA 19 2.3 16,609 1 48 0.8 1.5 Evercore Partners Inc 19 3.8 13,375 13 15 10.3 ‐6.5 Raymond James & Associates Inc 20 2.2 15,717 24 113 0.1 2.1 Axis Bank Ltd 20 3.8 13,272 2 96 0.1 3.7 TOTAL 729,091 9,786 747,037 TOTAL 353,279 3,599 350,074 Global Private Equity Announced Deals 01/01/2017 ‐ 03/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 24.0 41,767 29 11 8.3 15.6 Credit Suisse Group AG 2 16.7 29,098 9 5 15.2 1.5 Goldman Sachs & Co 3 12.9 22,452 24 1 26.1 ‐13.2 Citigroup Inc 4 12.4 21,604 17 6 13.1 ‐0.7 JPMorgan Chase & Co 5 12.2 21,222 22 3 18.0 ‐5.8 Barclays PLC 6 11.9 20,768 17 4 16.4 ‐4.5 Bank of America Merrill Lynch 7 8.8 15,365 12 2 18.9 ‐10.1 Centerview Partners LLC 8 7.2 12,619 8 54 0.3 7.0 Rothschild & Co 9 7.2 12,520 27 16 6.1 1.1 RBC Capital Markets 10 6.4 11,209 14 8 11.9 ‐5.5 UBS AG 11 5.9 10,327 10 9 11.3 ‐5.4 Lazard Ltd 12 4.1 7,171 20 10 10.5 ‐6.4 Moelis & Co 13 4.1 7,100 8 27 1.2 2.9 Deutsche Bank AG 14 3.7 6,495 8 7 13.1 ‐9.3 Evercore Partners Inc 15 3.4 5,940 10 42 0.6 2.9 AlixPartners LLP 16 2.7 4,763 2 ‐‐2.7 HSBC Bank PLC 17 2.7 4,716 3 21 1.8 0.9 Societe Generale SA 18 1.9 3,372 1 59 0.2 1.7 Highbury Partnership Pty Ltd 19 1.8 3,080 1 ‐‐1.8 BMO Capital Markets 20 1.7 2,914 3 46 0.5 1.2 TOTAL 174,396 2,801 168,702 4 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • Total deal volume in the Americas declined 7.2% in Q12017 to $340.4 billion compared to the same Country (Bln.) % of Total Change period last year.
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