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An Acuris Company Finding the opportunities in mergers and acquisitions Global & Regional M&A Report 1H19 Including League Tables of Financial Advisors mergermarket.com An Acuris Company Content Overview 03 Global 04 Global Private Equity 09 Europe 14 US 19 Latin America 24 AsiaPacific (excl. Japan) 29 Japan 34 Middle East & Africa 39 M&A and PE League Tables 44 Criteria & Contacts 79 mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 1H19 Global Overview Regional M&A Comparison North America USD 1,000.6bn +10.4% vs. 1H ‘18 Inbound USD 124.4bn +10.2% Outbound USD 183.9bn -10.6% PMB USD 174.1bn +129.3% Latin America USD 35.8bn -27% vs. 1H ’18 Inbound USD 24.0bn +19.5% Outbound USD 4.6bn +34.8% EMU USD 15.5bn +35.4% 21.7% 55.6% Europe USD 391.0bn -38.8% vs. 1H ‘18 1.0% Inbound USD 178.1bn -36.7% Outbound USD 125.0bn -11.5% PMB USD 133.5bn +3.9% MEA USD 113.5bn +222% vs. 1H ‘18 Inbound USD 32.2bn +41.2% Outbound USD 5.8bn -64.6% Ind. & Chem. USD 70.9bn +7.6% 6.3% 14.4% 2.0% APAC (ex. Japan) USD 241.0bn -36% vs. 1H ‘18 Inbound USD 40.4bn -28.5% Outbound USD 41.2bn -25.0% Ind. & Chem. USD 56.6bn -18.2% Japan USD 18.1bn +2.4% vs. 1H ’18 Inbound USD 3.9bn +114.3% Global M&A USD 1800.0bn -11.0% vs. 1H 2018 Outbound USD 42.6bn -58.7% Technology USD 6.3bn +2.0% Cross-border USD 594.7bn -22.0% vs. 1H 2018 The % values on the map indicate Top sector: PMB USD 326.4bn +45.5% vs. 1H 2018 market shares in global M&A mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 1H19 Global Value Deal Details (USDbn) Announcement Bidder Company Target Company Target Target Sector Date Geography USD 1.8tn 89.5 03-Jan Bristol-Myers Celgene USA Pharma, Squibb Company Corporation Medical & Biotech Value of global M&A in 1H19, down by 11% compared to 1H18 88.9 06-Jun United Raytheon USA Defence Technologies Company Corporation 86.3 25-Jun AbbVie Allergan plc Republic of Pharma, Ireland Medical & Biotech USD 24 70.4 27-Mar Saudi Arabian Saudi Basic Saudi Arabia Industrials & 957.3bn Oil Co Industries Chemicals Corporation (70% Stake) Value of US M&A in 1H19, up Number of mega-deals by 14.6% compared to 1H18 (> USD 10bn), v. 27 54.4 09-May Occidental Anadarko USA Energy, Mining announced in 1H18 Petroleum Petroleum & Utilities Corporation Corporation mergermarket.com Mergermarket Global & Regional Global Analysis M&A Report 1H19 Global Down 11% on 1H18 but up 17% on 2H18 by value, global M&A into three separate specialised companies more than three recorded in the previous two quarters (USD 111bn in 4Q18 and activity would appear to have found its post-peak cruising years after the merger of Dow Chemical and El du Pont de USD 111.5bn in 1Q19). speed in 1H19, recording USD 1.80tn worth of deals (across Nemours. Three mega-buyouts have already been struck in the US so 8,201 transactions). But beneath the surface and the headline In April, Swiss pharmaceutical group Novartis finalized the far this year - the same number as for the whole of 2018 – numbers, deep currents affecting the global economy have spin-off of Alcon almost ten years after it bought the US- including two large cross-border take-private deals in 2Q19: started to shift M&A trends in new directions. based eye care business from Nestlé. In May, Nestlé itself the USD 14.2bn acquisition fiber networks operator Zayo Perhaps the most significant shift lies in the geographical sold Nestlé Skin Health, the unit it created after buying Group by a EQT/Digital Colony Partners consortium and the distribution of dealmaking. At 53.2% so far this year, the US out L’Oréal’s stake in their Galerma joint venture in 2014, USD 10.2bn acquisition of midstream oil and gas pipeline takes its largest share of global M&A value on Mergermarket to a consortium led by EQT and the Abu Dhabi Investment operator Buckeye Partners by Australian IFM Investors. record. This has as much to do with strong levels of activity in Authority (ADIA) for USD 10.1bn. In a persistently low interest rates environment globally, the US – up 14.6% by value from the comparable period last The search for scale presided over the largest deal in 2Q19. megafunds are being raised on both sides of the Atlantic year – as with the weak performances of both Europe and United Technologies’ USD 88.9bn merger with Raytheon will and Goldman Sachs is reportedly planning a big push in the Asia – down 38.8% and 34.2% respectively. create the third-largest Aerospace and Defence company by private equity space - all factors pointing towards private In fact, all but one - AbbVie’s USD 86.3bn acquisition of sales, behind Boeing and Airbus. It could also lead mid-tier equity taking an ever-larger share of global M&A activity in Allergan - top 10 deals struck in 2Q19 have targeted US- players such as Mercury Systems, Kratos and Curtiss-Wright the coming quarters. based companies and six of those were the result of domestic to consider M&A to better compete for large government consolidation among US-based corporations. contracts. Amid heightened geopolitical risks and rising protectionism While the merits of breaking up Big Tech are debated, M&A in “Several large companies, globally, domestic M&A accounted for 67% of the overall the Technology sector reached new highs, driven by private activity in 1H19 compared to a yearly average of 61.3% since equity and the growing demand for data analytics and cloud sometimes under activist 2010. Worth a combined USD 5.9bn over 43 deals in 1H19, services from business of all sizes. In June, Salesforce bought Chinese outbound investment into the US and Europe was Tableau Software for USD 15bn just a week after Alphabet pressure, are using M&A particularly subdued, reaching lows not seen since 2009. announced its USD 2.6bn acquisition of Looker. to strengthen their grip Perhaps a sign that de-globalisation forces are starting to With 1,307 deals so far this year, the Technology sector permeate corporate strategies, several large companies, globally was responsible for 15.9% of deal activity by volume on their home markets” sometimes under activist pressure, are using M&A to in 1H19, its highest half-yearly share on record. The sector strengthen their grip on their home markets or focus on their has notably become private equity’s favourite hunting ground, core businesses. accounting for 23.2% of all global buyouts so far this year, up from only 12.8% in 2013. Global demergers reached their third-highest value on record, Beranger Guille, Global with 11 deals worth USD 98.3bn in 1H19. Chief among them is Although not reaching 2Q18 record levels (USD 180.1bn), at the USD 63.2bn split of chemicals conglomerate DowDuPont USD 133.6bn, global buyout value in 2Q19 surpassed that Editorial Analytics Director Mergermarket Global & Regional Global Analysis 6 M&A Report 1H19 USD 88.9bn 67% 14.4% Value of the United Technologies Share of global Global share of – Raytheon merger, the largest domestic M&A Asian (ex-Japan) M&A Defence deal on record USD 326.4bn USD 98.3bn USD 443m Value of the Pharma, Medical Value of global demergers Average disclosed value of & Biotech (PMB) M&A, highest PE buyouts globally half yearly value on record mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 1H19 Chart title 1 Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend ChartGlobal title Sector 2 Breakdown Trend 2014 - 2019 1H18 - 1H19 900 4000 21000 800 3500 18000 1,199.6 1,120.0 700 742.2 3000 826.1 15000 600 961.3 950.9 2500 794.9 Count Deal 12000 500 870.1 Deal Value (USDbn) Value Deal 2000 839.7 879.2 713.7 400 805.2 Deal Value (USDbn) Value Deal 9000 1500 1,077.4 583.4 899.2 300 1,041.7 755.1 963.3 6000 1000 742.8 200 326.4 329.6 3000 296.1 500 945.7 900.8 280.2 244.1 759.6 761.2 100 224.3 202.6 628.7 190.0 570.8 181.2 160.0 0 0 2014 2015 2016 2017 2018 2019 0 Pharma, Medical Industrials Energy, Technology Business Other & Biotech & Chemicals Mining & Utilities Services Q1 Q2 Q3 Q4 1H18 1H19 Deal Count mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 1H19 Global League tables Financial advisor league table by value Ranking 1H19 1H18 Regional ranking comparison 1H19 1H18 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin (USDm) count change (USDm) Pacific East & America Africa 1 1 Goldman Sachs & Co 699,061 158 3.4% 675,971 3 1 2 3 3 2 2 3 JPMorgan 678,490 137 30.0% 521,935 1 2 3 6 1 19 3 2 Morgan Stanley 599,561 125 -7.3% 647,020 2 3 4 1 6 1 4 4 Citi 486,628 105 21.5% 400,584 10 5 5 27 5 4 5 6 Evercore 416,478 88 40.5% 296,369 13 4 18 9 16 16 6 5 Bank of America Merrill Lynch 374,703 88 17.4% 319,283 5 6 1 4 4 11 7 8 Credit Suisse 239,240 80 -2.1% 244,342 6 7 7 72 17 29 8 10 Barclays 190,319 97 -9.3% 209,780 12 8 11 7 10 - 9 17 RBC Capital Markets 153,164 52 117.2% 70,510 43 9 283 - 11 - 10 13 PJT Partners 138,807 20 -6.1% 147,835 4 10 - - - 9 11 27 Jefferies 112,736 90 97.0% 57,234 16 11 40 26 9 61 12 9 Deutsche Bank 101,209 55 -55.8% 228,769 11 14 9 20 18 - 13 24 HSBC 99,175 27 57.6% 62,945 18 40 15 11 2 35 14 15 UBS Investment Bank 92,601 61 13.7% 81,417 9 24 6 8 34 =9 15 7 Lazard 90,220 101 -67.7% 279,686 7 15 30 16 19 7 16 49 Dyal Co 89,489 1 317.8% 21,420 - 12 - - - - 17 11 Centerview Partners 87,896 28 -53.4% 188,681 17 13 54 - - - 18 - Klein and Company 74,593 3 - - - 46 - - 7 - 19 12 Rothschild & Co 70,396 123 -54.2% 153,693 8 27 14 18 13 12 20 50 Wells Fargo Securities 46,308 21 120.4% 21,009 22 16 8 - - - mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 9 M&A Report 1H19 Global Private Equity - Buyouts Buyouts - Quarterly Breakdown (2015-2019) Buyouts - Top Five Deals (1H19) Value Deal Details 600 4000 (USDbn) 111.0 Announcement Bidder Company Target Company Target Target Sector 480 129.3 3200 Date Geography Deal Count Deal 14.1 08-May EQT Partners - Zayo Group USA Telecommuni- 138.5 Digital Colony Holdings, Inc cation 360 129.3 2400 Partners 124.0 152.4 consortium 103.1 240 108.2 180.1 1600 13.4 02-Jun Blackstone Group GLP Pte.
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    ‘Musical Chairs’ Q2 2021 CREDIT P. 2–6 | INVESTMENT BANKING P. 7–11 | PRIVATE EQUITY P. 12–15 EUROPEAN CREDIT MOVES Finance team and previously also in the bank’s Financial Sponsors Credit Risk team. Luke Lemon, who joined CREDIT: BANKS Citi from Lloyds’s Leveraged Finance Capital Markets team earlier this year, is also a member of the new ABN AMRO has promoted Vi Davda to Head of DCM – portfolio group. UK, part of its efforts to expand its business across UK FIG and Corporate clients. Davda’s previous position Citi has promoted Samad Sirohey to Head of Debt at the bank was Head of DCM FIG. Financing – CEEMEA from his previous role as Head of DCM – CEEMEA. Sirohey will continue to report to Will CaixaBank has hired Fernando Cuesta as Head of Weaver, Head of DCM – EMEA. Iman Abdel Khalek, DCM, based in Madrid. Cuesta will work alongside the Head of DCM – MENA and Tommaso Ponsele, MD in Head of Syndicate Lorenz Altenburg, and both he and the CEEMEA Capital Markets team, will become Co- Altenburg will report to Eugenio Tubio, Head of DCM & Heads of DCM – CEEMEA and report to Sirohey and FICC Sales. Cuesta was previously an MD focusing on Weaver. The bank has also promoted Zain Zaidi to Long-Term Funding and Treasury at Bankia in Madrid Head of Loans – CEEMEA from his role as an MD in and replaces MD Ainhoa Landa, who is transferring to the Loans team. Zaidi will continue to report to Paul the corporate banking division of CaixaBank to focus Gibbs and Toby Ali, Co-Heads of EMEA Loans & on TMT, Commodities & Services.
  • International Smallcap Separate Account As of July 31, 2017

    International Smallcap Separate Account As of July 31, 2017

    International SmallCap Separate Account As of July 31, 2017 SCHEDULE OF INVESTMENTS MARKET % OF SECURITY SHARES VALUE ASSETS AUSTRALIA INVESTA OFFICE FUND 2,473,742 $ 8,969,266 0.47% DOWNER EDI LTD 1,537,965 $ 7,812,219 0.41% ALUMINA LTD 4,980,762 $ 7,549,549 0.39% BLUESCOPE STEEL LTD 677,708 $ 7,124,620 0.37% SEVEN GROUP HOLDINGS LTD 681,258 $ 6,506,423 0.34% NORTHERN STAR RESOURCES LTD 995,867 $ 3,520,779 0.18% DOWNER EDI LTD 119,088 $ 604,917 0.03% TABCORP HOLDINGS LTD 162,980 $ 543,462 0.03% CENTAMIN EGYPT LTD 240,680 $ 527,481 0.03% ORORA LTD 234,345 $ 516,380 0.03% ANSELL LTD 28,800 $ 504,978 0.03% ILUKA RESOURCES LTD 67,000 $ 482,693 0.03% NIB HOLDINGS LTD 99,941 $ 458,176 0.02% JB HI-FI LTD 21,914 $ 454,940 0.02% SPARK INFRASTRUCTURE GROUP 214,049 $ 427,642 0.02% SIMS METAL MANAGEMENT LTD 33,123 $ 410,590 0.02% DULUXGROUP LTD 77,229 $ 406,376 0.02% PRIMARY HEALTH CARE LTD 148,843 $ 402,474 0.02% METCASH LTD 191,136 $ 399,917 0.02% IOOF HOLDINGS LTD 48,732 $ 390,666 0.02% OZ MINERALS LTD 57,242 $ 381,763 0.02% WORLEYPARSON LTD 39,819 $ 375,028 0.02% LINK ADMINISTRATION HOLDINGS 60,870 $ 374,480 0.02% CARSALES.COM AU LTD 37,481 $ 369,611 0.02% ADELAIDE BRIGHTON LTD 80,460 $ 361,322 0.02% IRESS LIMITED 33,454 $ 344,683 0.02% QUBE HOLDINGS LTD 152,619 $ 323,777 0.02% GRAINCORP LTD 45,577 $ 317,565 0.02% Not FDIC or NCUA Insured PQ 1041 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 07-17 Not Insured by any Federal Government Agency Informational data only.