Financial Rankings 2018 2018
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GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 2018 2018 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 Nageen Qasim +1-646-324-2878 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Ee Wen Tay +65-62-313404 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2018 Bloomberg Finance L.P. All rights reserved. 1 Global M&A Heat Map North America Eastern Europe USD 2.4T Western Europe USD 65.8B 1. Goldman Sachs & Co 31.7% USD 1.2T 1. JPMorgan Chase & Co 11.3% 2. Morgan Stanley 29.8% 1. Goldman Sachs & Co 27.7% 2. BNP Paribas 8.4% 3. JPMorgan Chase & Co 26.4% 2. Morgan Stanley 25.0% 3. Citigroup Inc 7.8% 3. JPMorgan Chase & Co 20.4% Asia Pacific USD 1.4T Middle East & Africa Middle East & Africa USD 1.Goldman Sachs & Co 19.3% USD 157.7B 2. Morgan Stanley 18.9% 126.1B1. Goldman 1. Goldman Sachs & Co Sachs 28.0%& 3. JPMorgan Chase & Co 16.3% Latin America Co2. JPMorgan 26.7% 2. Chase JPMorgan & Co Chase 23.5% USD 180.4B 3. Barclays 13.9% 1. Morgan Stanley 20.0% 2. Bank of America Merrill Lynch 14.6% 3. JPMorgan Chase & Co 13.4% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2018. 2 Global M&A Regional Review Global M&A: Premium Breakdown 1% 1% • Global M&A deal volume reached $3.9 trillion in 2018, representing a 15.9% increase compared to the 0-10% same period last year. 6% 10-25% • The financial sector was the most targeted sector in 2018 with $864.7 billion in announced transactions, 23% accounting for 22.1% of the total global volume for the year. AXA SA's $15.2 billion announced 25-50% acquisition of XL Group Ltd was the largest deal in the financial sector this year. 36% 50-75% • Deals with announced transaction values of over $1.0 billion accounted for 61.2% of the total deal activity in 2018. The consumer, non-cyclical sector was the most sought-after for these mega-deals, 75-100% 33% contributing $548.7 billion to the total volume. Takeda Pharmaceutical Co Ltd's $80.9 billion pending 100%+ acquisition of Shire Plc was the largest deal both globally and in the sector. Global M&A: Highlights of 2018 Global M&A: Industry Breakdown Total Amount % YoY Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 45,218 Financial $862.9 21.6% -3.3% 5/8/2018 Shire PLC Takeda Pharmaceutical Co Ltd - $80,971.7 Volume (Bln.) $3,921.7 Consumer Non-cyclical $792.3 19.8% 16.6% Avg Deal Size (Mln.) $86.7 Energy $449.1 11.2% 44.2% 3/8/2018 Express Scripts Holding Co Cigna Corp - $68,369.4 Communications $437.3 10.9% 18.3% Top Adviser Industrial $404.5 10.1% 9.2% 8/1/2018 Energy Transfer Operating LP Energy Transfer LP - $59,299.6 Goldman Sachs & Co Technology $364.9 9.1% 76.8% Number of deals 411 Consumer Cyclical $336.0 8.4% -3.6% 4/29/2018 Sprint Corp T-Mobile US Inc - $57,805.6 Volume (Bln.) $998.2 Basic Materials $176.2 4.4% 83.4% Global M&A Review | 2018 Avg Deal Size (Bln.) $2.4 Utilities $168.3 4.2% 20.0% 4/25/2018 Sky Ltd Comcast Corp - $50,714.3 Diversified $5.9 0.1% -68.1% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 14,000 Deal Type (Bln.) Deal Count Volume $1,200 12,000 Company Takeover $2,213.0 4.1% 21.4% $1,000 10,000 Cross Border $1,763.6 3.5% 15.1% $800 8,000 Private Equity $1,054.7 2.7% 12.7% $600 6,000 Asset sale $652.2 1.1% 5.8% $400 4,000 Tender Offer $336.0 -16.0% 5.1% Venture Capital $219.6 3.1% 42.9% $200 2,000 Spin-off $90.0 21.1% -11.5% $0 0 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 Minority purchase $528.5 5.5% 24.6% Majority purchase $337.5 -1.3% 8.0% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals 01/01/2018 - 12/31/2018 Cross Border Announced Deals 01/01/2018 - 12/31/2018 2018 2017 2018 2017 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 Goldman Sachs & Co LLC 1 25.5 998,244 411 1 22.9 2.6 Goldman Sachs & Co LLC 1 29.8 526,101 235 1 23.6 6.2 Morgan Stanley 2 23.5 921,330 315 3 17.5 6.0 Morgan Stanley 2 27.1 478,390 168 2 22.2 4.9 JPMorgan Chase & Co 3 19.7 774,219 325 2 18.2 1.5 JPMorgan Chase & Co 3 22.4 394,408 180 3 20.9 1.5 Citigroup Inc 4 15.3 599,964 260 4 15.7 -0.4 Citigroup Inc 4 17.8 314,480 144 4 17.2 0.6 Barclays PLC 5 14.0 550,535 206 5 10.6 3.5 Barclays PLC 5 17.1 302,140 101 11 8.1 9.1 Bank of America Merrill Lynch 6 11.8 462,565 206 7 10.5 1.3 Bank of America Merrill Lynch 6 14.1 248,333 112 5 14.8 -0.7 Evercore Inc 7 9.1 356,216 161 10 7.5 1.6 Evercore Inc 7 11.2 197,441 78 16 3.6 7.6 Lazard Ltd 8 8.7 340,823 221 6 10.5 -1.8 UBS AG 8 8.6 151,426 88 9 10.3 -1.7 Credit Suisse Group AG 9 8.3 326,855 194 9 8.0 0.3 Lazard Ltd 9 8.2 144,616 139 6 13.1 -4.9 Deutsche Bank AG 10 6.5 256,036 138 8 9.6 -3.1 Credit Suisse Group AG 10 7.9 139,064 99 8 11.5 -3.6 Centerview Partners LLC 11 6.5 255,331 53 11 7.4 -0.9 HSBC Bank PLC 11 7.7 135,825 33 13 4.2 3.5 UBS AG 12 5.4 211,715 145 12 6.3 -0.9 Rothschild & Co 12 6.8 120,532 223 10 10.2 -3.4 Rothschild & Co 13 5.0 195,178 326 13 6.2 -1.2 Deutsche Bank AG 13 6.7 118,187 77 7 11.8 -5.1 Sumitomo Mitsui Financial Group Inc 14 4.3 169,634 153 48 0.6 3.7 BNP Paribas SA 14 6.2 108,619 69 12 6.0 0.2 HSBC Bank PLC 15 4.0 158,596 52 21 2.3 1.7 Nomura Holdings Inc 15 5.7 100,838 62 22 2.8 3.0 RBC Capital Markets 16 4.0 157,380 133 19 2.6 1.4 Sumitomo Mitsui Financial Group Inc 16 5.0 87,426 18 52 0.6 4.3 BNP Paribas SA 17 4.0 156,235 103 14 3.6 0.4 Robey Warshaw LLP 17 4.9 86,198 4 24 2.3 2.6 PJT Partners Inc 18 3.5 135,839 27 32 1.2 2.2 Centerview Partners LLC 18 4.8 84,096 24 19 3.0 1.8 Nomura Holdings Inc 19 3.4 133,016 148 24 1.9 1.5 RBC Capital Markets 19 4.1 72,876 61 17 3.6 0.5 Moelis & Co 20 2.7 104,116 131 20 2.3 0.3 PJT Partners Inc 20 4.1 71,437 14 32 1.5 2.5 TOTAL 3,921,611 45,255 3,384,984 TOTAL 1,763,512 16,608 1,532,862 Global Private Equity Announced Deals 01/01/2018 - 12/31/2018 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 21.4 225,124 161 2 21.3 0.1 JPMorgan Chase & Co 2 21.1 222,406 133 3 17.6 3.5 Morgan Stanley 3 16.9 178,220 132 1 23.5 -6.6 Citigroup Inc 4 14.9 156,643 91 7 10.9 3.9 Bank of America Merrill Lynch 5 11.6 122,247 70 6 11.3 0.3 Barclays PLC 6 11.6 121,931 89 5 11.7 -0.1 Credit Suisse Group AG 7 9.1 95,985 80 4 12.9 -3.8 Deutsche Bank AG 8 9.1 95,621 59 13 5.4 3.7 Lazard Ltd 9 7.7 80,658 107 10 7.8 -0.2 RBC Capital Markets 10 6.7 70,489 58 15 4.7 2.0 Evercore Inc 11 5.4 57,339 77 9 7.9 -2.5 UBS AG 12 4.8 51,077 65 8 10.7 -5.8 Rothschild & Co 13 4.6 48,124 147 11 6.0 -1.4 Centerview Partners LLC 14 4.4 46,771 20 14 4.8 -0.4 Macquarie Group Ltd 15 4.4 46,403 48 19 2.4 2.0 TD Securities Inc 16 4.3 45,813 11 90 0.1 4.2 Jefferies LLC 17 4.0 41,772 96 18 3.3 0.7 Ernst & Young 18 3.0 31,141 156 20 2.4 0.6 HSBC Bank PLC 19 3.0 31,107 15 23 2.0 0.9 BMO Capital Markets Corp/Toronto 20 2.8 29,631 17 39 0.7 2.1 TOTAL 1,054,656 13,896 935,963 4 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • The Americas continued to be the most targeted region for M&A activity generating a deal volume of Country (Bln.) % of Total Change $2.0 trillion.