An Acuris Company
Including league tables of financial advisors
June 2017 Global and regional M&A: H1 2017
Mergermarket.com An Acuris Company Table of contents
Regional M&A comparison 3 - Global 4 - Europe 8 - US 12 - Central & South America 16 - Asia -Pacific (excl. Japan) 20 - Japan 24 - Africa & Middle East 28 Global league tables 32 Europe league tables 33 Americas league tables 52 Asia-Pacific league tables 60 Africa & Middle Easter league tables 68 Private equity league tables 69 Criteria 81
Mergermarket.com Mergermarket Global and regional Regional M&A comparison 3 M&A: H1 2017
Regional M&A comparison
Below is a break down of each region’s cross border activity, together with the top sector
Global M&A C & S America $1.492tn, 8.4% vs. H1 2016 $25.2bn, -3.6% vs. H1 2016 Cross-border $703.8bn 27.8% Inbound $12.7bn -17.3% Energy, $267.9bn 51.9% Outbound $5.1bn -34% Mining & Utilities Consumer $6.3bn 124.8%
US Africa & Middle East $602.6bn, 2.4% vs. H1 2016 $38.4bn, 12.7% vs. H1 2016 $481.9bn 32.3% $654.4bn 44% Inbound $213bn 27.4% Inbound $32bn 36% 1% $14.4bn Outbound $199.7bn 101.5% Outbound $33.9bn 258.2% Consumer $141.6bn 5.3x Industrials $19.5bn 48x & Chemicals
Europe Japan $272.9bn 18.3% $481.9bn, 30.1% vs. H1 2016 $14.4bn, -53.5% vs. H1 2016
$38.4bn 2.6% Inbound $211.1bn 14.4% Inbound $5.6bn 57.9% Outbound $150.7bn 99.8% Outbound $33bn 95.2% $25.2bn 1.7% Industrials & $87.7bn -19.2% Industrials $4bn 58.5% Chemicals & Chemicals
Asia-Pacific (excl. Japan) $272.9bn, -7% vs. H1 2016
Inbound $38bn 5.7% Outbound $55.7bn 58.1% Energy, $45bn 89.7% *The % value on the map indicates market share in global M&A Mining & Utilities
Mergermarket.com Mergermarket Global and regional Global 4 M&A: H1 2017
Global
Global M&A in the first half of 2017 has seen a 8.4% increase As companies look to pursue their strategies of restructuring, by value despite 1,117 fewer deals on the same period last year. increase efficiency and upgrade technology, the Energy, Mining H1 2017 recorded US$ 1.49tn across 8,052 deals, compared to & Utilities sector has been the most targeted industry globally US$ 1.38tn with 9,169 deals. Companies have been looking at by value with US$ 267.9bn across 662 deals. This represents ‘future-proofing’ in the wake of rapid changes to technology a 51.9% growth over the equivalent period in 2016, which saw and politics to keep ahead of rivals. There have been 17 US$ 176.3bn (723 deals). An increase in larger deals, with 55 megadeals (> US$ 10bn) announced since the beginning of transactions above US$ 1bn announced in 2017 compared to the year, versus 14 such deals in H1 2016. 31 in H1 2016, formed the main reason for such lift, partially fuelled by some stabilisation of the oil prices. As faith in the market continues to grow, European M&A has surged ahead, securing a 32.3% share of the global value. With an abundance of ‘dry powder’ at hand, private equity Both the US (US$ 602.6bn, 2,446 deals) and Asia Pacific (exc. has had a stellar year. Buyouts are up 26.7% by value to US$ Japan) (US$ 272.9bn, 1,585 deals) saw their share drop to 240bn (1,420 deals) on this time last year and exits up 19.4% 40.4% and 18.3% from 42.8% and 21.3% respectively. Following to US$ 253.5bn (1,106 deals), following announcements political uncertainty across the continent earlier in the year, such as LogiCor (US$ 13.8bn) and Pharmaceutical Product European activity rose by 28.7% in Q2 to US$ 271.2bn (1,450 Development (US$ 9bn). The second quarter has been deals) compared to Q1 2017 (US$ 210.7bn, 1,641 deals). With particularly strong with the highest quarterly buyout value 3,091 announcements in H1 2017, dealmakers generated a (US$ 153.3bn) since Q2 2007 (US$ 362.9bn) and the highest substantial US$ 481.9bn-worth of deals in Europe representing exit value (US$ 166.1bn) on Mergermarket record (since 2001). a 30.1% increase on the same point in 2016 (US$ 370.5bn 3,732 deals).
Mergermarket.com Mergermarket Global and regional Global 5 M&A: H1 2017
Quarterly M&A activity H1 2017: $1.492tn
2007 Q1 Up in value; quarterly deal count (3,788) drops below 2008 H1 2017 VS. H1 2016 8.4% Q2 4,000 for the first time since Q3 2013 (3,713) 2009
2010 Q3 Q2 2017 vs. Q1 2017 0.9% Lowest quarterly value since Q1 2016 (US$ 622.9bn)
2011 Q4 Number of megadeals 17 Worth US$ 375.2bn. Three more than in H1 2016 2012 (> US$ 10bn)
2013 Regional Breakdown 2014
2015 Europe Q2 vs. Q1‘17 Highest H1 figure (US$481.9bn) 2016 $271.2bn (1,450 deals) 28.7% in Europe since 2014
2017 US Q2 vs. Q1‘17 Lowest Q2 value in the US since 2013 (US$ 176bn) 0 500 1000 1500 2000 2500 3000 3500 4000 $290.6bn (1,130 deals) 6.9% Value of deals (US$ bn) APac (exc. Japan) Q2 vs. Q1‘17 Lowest quarterly value since Q1 2014 (US$ 114bn) $134.8bn (771 deals) 2.3%
Sector Breakdown H1 2017 vs H1 2016 Most active sectors 300 EMU H1 vs. H1‘16 38% decrease compared to H2 2016 $267.9bn (662 deals) 51.9% (US$ 432.3bn, 831 deals) 250 Consumer H1 vs. H1‘16 As a result of six megadeals $253.1bn (894 deals) 162.7% (> US$ 10bn)this year 200 Industrials & Chemicals H1 vs. H1‘16 Lowest half-year value since H1 2015 (US$161bn) $210bn (1,542 deals) 5.8% 150
Value of deals (US$ bn) Value 100
50
0 EMU ConsumerIndustrials PMB Financial Tech Business Other & Chemicals Services Services
Mergermarket.com Mergermarket Global and regional Global 6 M&A: H1 2017
Top deals
Sector key Deal Ann. Bidder Bidder Target Target Target valute date company country company country sector (US$bn) Chemicals Pharma, Medical, Biotech Consumer Construction British United Reynolds American 60.6 17-Jan American USA Kingdom Inc (57.83% Stake) Tobacco Plc
45.5 01-Jun Praxair Inc USA Linde AG Germany
Abertis 33.2 15-May Atlantia SpA Italy Spain Infraestructuras SA
Johnson & Actelion 29.6 26-Jan USA Switzerland Johnson Pharmaceuticals Ltd
Essilor 25.4 16-Jan International France Luxottica Group SpA Italy SA
Mergermarket.com Mergermarket Global and regional Global 7 M&A: H1 2017
League tables by value
Rank Company name H1 2017 H1 2016 Regional ranking comparison
Value Value % Value Africa & H1 2017 H1 2016 Deal Count Europe US Asia-Pacific Japan (US$m) (US$m) change Middle East
1 1 Goldman Sachs & Co 449,448 148 417,465 7.7% 1 1 3 3 1
2 2 Morgan Stanley 296,754 128 309,844 -4.2% 5 2 1 2 4 Bank of America Merrill 3 4 283,848 93 202,415 40.2% 2 3 4 8 8 Lynch 4 5 Citi 277,485 102 186,999 48.4% 3 5 6 14 2
5 3 JPMorgan 264,069 150 212,372 24.3% 6 4 18 1 6
6 7 Credit Suisse 197,178 91 161,088 22.4% 7 6 20 11 13
7 11 Lazard 190,565 114 114,239 66.8% 4 7 26 7 10
8 10 UBS Investment Bank 156,373 67 122,777 27.4% 8 9 2 22 9
9 8 Deutsche Bank 155,965 58 137,361 13.5% 9 8 17 15 26
10 13 Rothschild 124,031 134 84,716 46.4% 10 17 8 55 3
11 6 Barclays 120,130 67 168,001 -28.5% 25 10 31 - 30
12 22 Centerview Partners 101,098 22 39,973 152.9% 12 11 43 - 7
13 63 Perella Weinberg Partners 85,611 17 8,187 945.7% 14 12 - - 28
14 9 Evercore Partners 82,357 79 134,039 -38.6% - 13 254 5 45
15 34 Macquarie Group 72,952 37 20,733 251.9% 13 14 7 - 17=
16 55 Mediobanca 68,239 15 9,958 585.3% 11 370 - - - 17 14 RBC Capital Markets 60,870 63 76,273 -20.2% 30 15 21 - 19=
18 35 Moelis & Company 44,115 45 19,691 124.0% 21 16 84 23 43
19 15 HSBC 42,916 25 72,142 -40.5% 15 21 89 - 11
20 17 ALANTRA 35,875 33 50,576 -29.1% 16 18 223 42 -
Mergermarket.com Mergermarket Global and regional Europe 8 M&A: H1 2017
Europe
European M&A in H1 has mirrored the global trend, with this Inbound investment has been a key driver of activity in H1 with year’s value up 30.1% to US$ 481.9bn (3,091 deals), despite 593 deals worth US$ 211.1bn announced so far this year – the 641 fewer deals compared to the same period last year when highest year-to-date value on Mergermarket record (since 3,732 deals worth US$ 370.5bn were announced. Confidence 2001) and 43.8% of total European M&A. Activity from outside appears to be growing in the European market following Europe has grown 14.4% by value with 34 deals valued at over the elections in France and the Netherlands, where populist US$ 1bn each. Following the introduction of regulations on candidates were beaten. The second quarter of the year has capital flight, Chinese investment into Europe has fallen to been particularly active, with Q2’s value (US$ 271.2bn) 28.7% US$ 25.6bn (59 deals), a 65.7% drop in value compared to the higher than in Q1 (US$ 210.7bn). The region now represents same period last year (86 deals, US$ 74.8bn). With 342 deals 32.3% of global M&A value, which stands at US$ 1.49tn, up from worth US$ 146bn, the US has been the most active investor, a 26.9% share at this point in 2016. accounting for a 69.2% of inbound activity by value.
The ‘fewer but larger deals’ trend seen in 2017 – particularly in Industrials & Chemicals once again led the way in Europe as Q2 – has been one of the main causes of the value increase. it became the most targeted sector by both value and deal Europe has received seven megadeals (> US$ 10bn) year-to- count. However, despite the tie-up between Praxair and Linde date, including four deals above US$ 20bn. This compares to (US$ 45.5bn), the largest European deal across all sectors in just four megadeals in the first half of 2016, which included the 2017, the industry stands 19.2% behind last year’s value of US$ US$ 45.9bn takeover of Syngenta by ChemChina. Four of the 108.6bn. With 648 deals worth US$ 87.7bn announced in H1 top five deals globally in 2017 targeted Europe, two of which 2017, the sector represents 18.2% of the region’s total value. were announced in Q2.
Mergermarket.com Mergermarket Global and regional Europe 9 M&A: H1 2017
Quarterly M&A activity H1 2017: $481.9bn 2007 Q1
2008 vs. H1 ‘16 Due to seven megadeals (> US$ 10bn) compared Q2 H1 2017 vs.H1 2016 30.1% to four in H1 2016 2009 Q3 2010 vs. Q1 ‘16 Following the takeovers of Linde Q2 2017 vs. Q1 2017 Q4 28.7% (US$ 45.5bn) and Abertis (US$ 33.2bn) 2011
2012 Highest European average deal value on Average deal size $453 2013 Mergermarket record (since 2001)
2014 European Inbound Activity 2015
2016 Overall vs. H1 ‘16 Highest year-to-date figure on Mergermarket $211.1bn (593 deals) 14.4% record, eclipsing 2008’s US$ 199.2bn 2017
0 500 1000 1500 2000 From China vs. H1 ‘16 The second highest year-to-date value and Value of deals (US$ bn) $25.6bn (59 deals) 65.7% deal count on record Sector Breakdown H1 2017 vs H1 2016 From USA vs. H1 ‘16 Highest H1 deal value since 2008 (US$ 152.2bn) 150 $146bn (342 deals) 97.3%
120 Sectors
Industrials & Chemicals vs. H1‘16 Third highest YTD value behind 2006 90 $87.7bn(648 deals) 19.2% (US$109.5bn) and 2016 (US$108.6bn)
Consumer vs. H1‘16 Following three Value of deals (US$ bn) Value 60 $80.5bn (397 deals) 3.6x megadeals in 2017
EMU vs. H1‘16 As a result of 17 deals worth over US$ 1bn in the sector 30 $53.3bn (176 deals) 60.8%
0 Industrials Consumer EMU PMB Financial Business Tech Other & Chemicals Services Services
Mergermarket.com Mergermarket Global and regional Europe 10 M&A: H1 2017
Top deals
Sector key Deal Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$bn) Chemicals Pharma, Medical, Biotech Consumer Construction
45.5 01-Jun Praxair Inc USA Linde AG Germany
Abertis 33.2 15-May Atlantia SpA Italy Infraestructuras Spain SA
Actelion Johnson & 29.6 26-Jan USA Pharmaceuticals Switzerland Johnson Ltd
Essilor Luxottica Group 25.4 16-Jan France Italy International SA SpA
Svenska Svenska Cellulosa Cellulosa Aktie- Essity Aktiebolag 19.3 23-Feb Sweden Sweden Aktie- bolaget SCA (publ) bolaget (Shareholders) SCA
Mergermarket.com Mergermarket Global and regional Europe 11 M&A: H1 2017
League table by value
Rank Company name H1 2017 H1 2016
H1 2017 H1 2016 Value (US$m) Deal Count Value (US$m) % Value change
1 1 Goldman Sachs & Co 284,443 62 177,177 60.5%
2 7 Bank of America Merrill Lynch 207,970 42 80,122 159.6%
3 3 Citi 175,178 46 97,401 79.9%
4 8 Lazard 158,203 71 78,355 101.9%
5 2 Morgan Stanley 156,688 57 159,009 -1.5%
6 6 JPMorgan 149,603 70 82,358 81.6%
7 4 Credit Suisse 142,212 40 91,367 55.6%
8 10 UBS Investment Bank 124,439 33 72,880 70.7%
9 5 Deutsche Bank 118,851 31 87,092 36.5%
10 9 Rothschild 93,736 111 74,997 25.0%
11 31 Mediobanca 68,239 15 9,958 585.3%
12 19 Centerview Partners 62,423 5 26,099 139.2%
13 57 Macquarie Group 52,910 14 3,995 1224%
14 36 Perella Weinberg Partners 51,784 5 7,909 554.7%
15 12 HSBC 38,612 19 62,089 -37.8%
16 14 ALANTRA 35,815 26 50,480 -29.1%
17 184 AZ Capital 34,470 4 267 12810%
18 20 BNP Paribas 32,073 31 24,335 31.8%
19 22 Credit Agricole 31,230 20 13,807 126.2%
20 40 Robey Warshaw 30,503 2 6,977 337.2%
Mergermarket.com Mergermarket Global and regional US 12 M&A: H1 2017
US
Structural changes around the globe have begun to break By deal count it was Technology which finished H1 2017 with down and reshape not only traditional political identities but the most deals – 447 worth US$ 43.5bn. Of total deal count, also long-standing industries, brought on by the ever-growing Software was responsible for 74.5% of Technology’s overall prevalence of technology in our daily lives. Despite geopolitical activity, whilst accounting for 61.6% of the sector’s total value, uncertainty, the US economy has remained strong, with low with deals spanning the cloud computing, cybersecurity, inflation, a steady jobs rate, and two interest rate raises in H1 fintech, and autonomous vehicle spaces. With its burgeoning 2017. US M&A in the first half of the year reached US$ 602.6bn imprint on such long-standing sectors as Financial Services, with 2,446 deals, an uptick in value of 2.4% from H1 2016 (US$ Industrials, and Medical, the number of Tech deals is only 588.5bn, 2,677 deals) and fall in deal count of 231. With more expected to increase. activity expected in the pipeline, what has given dealmakers pause is the increasing unpredictability of the administration’s Geopolitical concerns also had an effect on cross-border policy agenda as well as its political future. activity. With Brexit negotiations underway, UK bids for US companies reached US$ 91.1bn, their largest half-year values The top deal of Q2 was Becton, Dickinson and Company’s US$ on Mergermarket record since H1 1999 (US$ 122.5bn, 53 deals) 23.6bn bid for C.R. Bard, which drove up Pharma, Medical & and 18.3x the total value in H1 2016 (US$ 5bn, 72 deals). In fact, Biotech (PMB) value by 31.4%. This was not enough, however, the UK’s inbound M&A investment accounted for 42.8% of all for PMB to regain its H1 2016 crown as top sector, which this US inbound activity for H1, which in turn also hit a record high year went to Consumer. The latter reached a record US$ of US$ 213bn, representing an increase of 27.4% in value over 141.6bn, up 427.1% in value over the same period last year. In the H1 2016 (US$ 167.2bn, 486 deals). spotlight was Amazon’s US$ 13.5bn June bid for Whole Foods. Though not the largest deal in the sector by far, it is widely expected to have massive implications for Retail, blurring the lines between Consumer and Technology.
Mergermarket.com Mergermarket Global and regional US 13 M&A: H1 2017
Quarterly M&A activity H1 2017: $602.6bn
2007 Q1 2008 23.8% above 10-year H1 2017 vs. H1 2016 2.4% Q2 average H1 value (US$486.6bn) 2009
2010 Q3 Share in H1 Global M&A 40.4% On par with 10-year average H1 share (38.8%) 2011 Q4
2012 Amazon/Whole Foods EBITDA Largest grocery deal in multiple US$ 13.5bn the past decade 2013 9.9x
2014 Cross-border activity 2015
2016 US inbound vs. H1 ‘16 Highest H1 inbound US$ 213bn (468 deals) 27.4% value on record 2017
0 500 1000 1500 2000 US inbound from the UK vs. H1 ‘16 Highest half-year value since H1 1999 Value of deals (US$ bn) US$ 91.1bn (73 deals) 18.3x (US$122.5bn, 53 deals) Sector Breakdown H1 2017 vs H1 2016 US inbound from China vs. H1 ‘16 Second-lowest H1 value since 2011 (US$ 1.1bn, nine deals) 150 US$ 6.3bn (34 deals) 80.2%
120 Top sectors
Consumer vs. H1‘16 Highest half-year value on record 90 US$ 141.6bn(225 deals) 427.1%
EMU vs. H1‘16 Highest H1 value after 60 US$ 119.6bn(192 deals) 29% 2011 (US$ 133.6bn, 152 deals) Value of deals (US$ bn) Value
PMB vs. H1‘16 Lowest H1 value since 2013 (US$ 52.5bn, 181 deals) 30 US$ 98.8bn (244 deals) 15%
0 EMU Consumer Industrials PMB Financial Tech Business Other & Chemicals Services Services
Mergermarket.com Mergermarket Global and regional US 14 M&A: H1 2017
Top deals
Deal Sector key Ann. Bidder Bidder Target Target value date company country company sector (US$bn) Energy, Mining & Utilities Pharma, Medical, Biotech Consumer Reynolds British American Tobacco United 60.6 17-Jan American Inc Plc Kingdom (57.83% Stake)
23- Becton Dickinson and 23.6 USA CR Bard Inc Apr Company
10- United Mead Johnson & 17.8 Reckitt Benckiser Group Plc Feb Kingdom Company
01- ONEOK Partners 17.1 ONEOK Inc USA Feb LP (60% Stake)
16- Whole Foods 13.5 Amazon.com Inc USA Jun Market Inc
Mergermarket.com Mergermarket Global and regional US 15 M&A: H1 2017
League table by value
Rank Company name H1 2017 H1 2016
H1 H1 Value Deal Value % Value 2017 2016 (US$m) Count (US$m) change
1 1 Goldman Sachs & Co 352,350 106 288,981 21.9%
2 2 Morgan Stanley 229,953 86 175,035 31.4%
3 4 Bank of America Merrill Lynch 213,726 66 147,344 45.1%
4 7 JPMorgan 205,373 97 127,166 61.5%
5 5 Citi 188,445 74 138,502 36.1%
6 10 Credit Suisse 140,296 58 63,043 122.5%
7 9 Lazard 130,167 54 66,141 96.8%
8 8 Deutsche Bank 117,746 34 102,379 15.0%
9 15 UBS Investment Bank 115,284 35 38,520 199.3%
10 3 Barclays 106,737 55 149,310 -28.5%
11 14 Centerview Partners 101,098 22 39,973 152.9%
12 33 Perella Weinberg Partners 85,357 15 7,847 987.8%
13 6 Evercore Partners 78,619 70 130,367 -39.7%
14 42 Macquarie Group 54,110 18 4,723 1045%
15 11 RBC Capital Markets 47,184 45 62,267 -24.2%
16 21 Moelis & Company 40,069 34 17,794 125.2%
17 18 Rothschild 35,844 46 28,113 27.5%
18 275 ALANTRA 33,330 9 26 128092%
19 16 Jefferies 31,744 54 31,980 -0.7%
20 27 PJT Partners 26,768 17 12,101 121.2%
Mergermarket.com Mergermarket Global and regional Central & South America 16 M&A: H1 2017
Central and South America
Central and South America’s dealmaking activity fell 3.6% in Brazil was the main driver for M&A activity in the region, value in H1 2017 to US$ 25.2bn with 256 deals compared to H1 finishing H1 2017 with US$ 13.8bn and 134 deals, a rise in 2016 (US$ 26.1bn, 260 deals), with this year marking its second- value of 20.2% over H1 2016 (US$ 11.5bn. 118 deals) though lowest H1 value since 2005 (US$ 17.7bn, 137 deals). Total deal a 66.7% fall in value from H2 2016 (US$ 41.4bn, 163 deals) value was also 47.9% below the 10-year average of US$ 48.3bn. before corruption allegations had engulfed President Michel Riddled with persistent corruption scandals and political unrest, Temer. Mexico, the region’s second-most dominant economy, the region has been struggling to recover from the economic continued to make an incremental comeback in the first half of downturn caused by a fall in oil prices several years ago. the year with US$ 5.1bn and 29 deals, up 25.6% from H2 2016 (US$ 4.1bn, 49 deals) and up 106.6% from H1 2016 (US$ 2.5bn, 43 deals), which in turn had seen a 75.6% fall in value from H1 The top deal in the second quarter was Brazil’s Itau Unibanco’s 2015 (US$ 10.1bn, 45 deals). US$ 2bn acquisition of a 49.9% stake in domestic Financial Services company XP Investimentos CCTVM in May. The seventh-largest deal overall in the sector over the last five Inbound M&A fell 17.3% in H1 2017 by value to US$ 12.7bn years, the transaction is an exit for one US private equity firm with 135 deals, the second-lowest for a first half year since and two based in Brazil. XP is one of the largest firms in Brazil, 2009 (US$ 6bn, 78 deals). However, this year has seen some with offices across the country and around the globe, and has multinationals divesting regional operations, partly due to also filed an IPO which is expected to take place later this year. political and economic instability. Japan’s Kirin sold its Brazil Its relative success and growing global presence is one of the business to Dutch giant Heineken for US$ 1.1bn, with the latter few bright spots emerging from the region despite domestic planning to consolidate with its existing Brazilian operations. troubles. Germany’s ThyssenKrupp also offloaded its Brazilian subsidiary to Argentinian steel products firm Ternium for US$ 1.6bn. With Central and South America’s ongoing woes, more divestments could be on the way.
Mergermarket.com Mergermarket Global and regional Central & South America 17 M&A: H1 2017
Quarterly M&A activity H1 2017: $25.2bn
2007 Q1 H1 2017 value is 47.9% below the 10-year H1 2017 vs. H1 2016 3.6% 2008 Q2 average (US$ 48.3bn)
2009 Q3 Second-lowest Q2 value since 2005 Q2 2017 vs. Q2 2016 5.6% 2010 (US$ 10bn, 74 deals) Q4 2011 Second-lowest H1 share 2012 Share in Global M&A 1.7% in half a decade after 2015 (1.3%) 2013
2014 Top countries
2015 Brazil vs. H1 ‘16 Third-lowest H1 value 2016 US$ 13.8bn (134 deals) 20.2% since 2005 (US$ 3.2bn)
2017 Mexico vs. H1 ‘16 Second-lowest H1 value 0 50 100 150 200 US$ 5.1bn (29 deals) 106.6% in half a decade after 2016 (US$ 2.5bn) Sector Breakdown H1 2017 vs H1 2016
Argentina vs. H1 ‘16 Third-highest H1 value in half a decade 12 US$ 1.9bn (21deals) 15.8%
10 Top sectors
8 Consumer vs. H1‘16 First H1 as top sector since US$ 6.3bn (40 deals) 124.8% H1 2013 (US$ 10.9bn, 51 deals)
6 EMU vs. H1‘16 Second-lowest H1 since US$ 5.4bn (47 deals) 49.7% 2005 (US$ 2.6bn, 19 deals) Value of deals (US$ bn) Value 4
Industrials & Chemicals vs. H1‘16 6.1% above five-year H1 average (US$ 3bn) US$ 3.2bn (39 deals) 18.1% 2
0 EMU Consumer Industrials PMB Financial Tech Business Other & Chemicals Services Services
Mergermarket.com Mergermarket Global and regional Central & South America 18 M&A: H1 2017
Top deals
Deal Target Sector key Ann. Bidder Bidder Target Target Seller value coun- date company country company sector company (US$m) try Consumer Financial Services Industrials Construction Arca Continental SAB de Arca Continental CV (Beverage businesses SAB de CV; AC Bebidas S in Mexico, Argentina, 2,700 08-Feb Mexico Mexico and Coca-Cola de RL de CV Peru, Ecuador); and Refreshments Coca-Cola Southwest USA Inc Beverages LLC General Atlantic LLC; Dyna III Fundo de Itaú Unibanco XP Investimentos CCTVM 1,982 11-May Brazil Brazil Investimento em Holding SA SA (49.9% Stake) Participacoes; and XP Controle Participacoes SA
Thyssenkrupp ThyssenKrupp 1,648 21-Feb Ternium SA Argentina Companhia Siderurgica Brazil AG do Atlantico Ltda
Kirin Holdings 1,089 13-Feb Heineken NV Netherlands Brasil Kirin Holdings SA Brazil Company Limited
Magenta OHL Mexico SAB de CV 1,085 14-Jun Infraestructura Spain Mexico (41.99% Stake) SL
Mergermarket.com Mergermarket Global and regional Central & South America 19 M&A: H1 2017
League table by value
Rank Company name H1 2017 H1 2016
H1 H1 Value Deal Value % Value 2017 2016 (US$m) Count (US$m) change 1 3 Morgan Stanley 3,888 7 5,187 -25.0%
2 10 Banco BTG Pactual 3,538 9 2,575 37.4%
3 1 Credit Suisse 3,535 5 12,010 -70.6%
4 7 Citi 3,533 4 3,121 13.2%
5 21 JPMorgan 2,810 4 1,014 177.1%
6 9 Banco Itau BBA 2,714 12 2,780 -2.4%
7 12 Barclays 2,330 2 1,783 30.7%
8 4 Banco Bilbao Vizcaya Argentaria 2,316 5 4,689 -50.6%
9 11 Lazard 2,265 11 1,923 17.8%
10 15 Goldman Sachs & Co 2,186 4 1,700 28.6%
11 8 UBS Investment Bank 1,663 3 2,822 -41.1%
12 6 Rothschild 1,395 3 3,672 -62.0%
13 5 Banco Bradesco BBI 1,161 10 4,318 -73.1%
14 61 Bank of America Merrill Lynch 1,033 3 - -
15= - CIBC World Markets 960 1 - -
15= - CITIC Securities 960 1 - -
17 - Cowen Group 775 1 - -
18 - Rabobank 640 3 - -
19 - Scotiabank 610 2 - -
20 2 Santander Global Corporate Banking 591 2 7,682 -92.3% Mergermarket Global and regional Asia-Pacific (excl. Japan) 20 M&A: H1 2017
Asia-Pacific (excl. Japan)
Asia-Pacific (ex. Japan) recorded 1,585 deals valued at US$ In comparison to H1 2016, Asia-Pacific’s outbound deal value 272.9bn in the first half of 2017. This represents a 7% decrease decreased by 58.1% to only US$ 55.7bn across 268 deals. by deal value compared to the same period last year (US$ Tightened outbound M&A control imposed by Chinese 293.5bn, 1,724 deals). China, which accounted for 49.1% of regulators have dampened the deal flow from China (112 deals, Asian deals, experienced a drop of 23.8% by value with only US$ 35.5bn), with a significant impact on large ticket deals. The US$ 134bn across 675 deals announced, contrasting with H1 country alone saw 27 fewer deals into Europe in the first half of 2016’s US$ 175.9bn-worth of deals (774 transactions) when the 2017, with deal value dropping by 65.7% to US$ 25.6bn across country contributed a 59.9% share of the region’s M&A. 59 deals, contrasting H1 2016’s record US$ 74.8bn across 86 deals, when the US$ 45.9bn ChemChina - Syngenta deal was announced. The Energy, Mining & Utilities (EMU) sector, representing 16.5% market share by value in H1 2017, was the most active sector in the region with US$ 45bn-worth of deals across 136 With regulations restricting capital outflow, China has seen transactions. Australia outperformed all other countries in Asia a shift back towards domestic activity with deals between by value with over 50.4% of EMU dealmaking in the region, Chinese bidders and targets comprising eight of the top 20 totalling 31 transactions worth US$ 22.6bn. Three of the top deals in the region. The largest of these saw a consortium five EMU deals in Asia featured Australian targets, including of 11 investors acquire a 14.74% stake in Hengda Real Estate the acquisition of a 50.4% stake in Endeavour Energy for US$ Group for US$ 5.8bn, the fourth biggest deal in Asia Pacific so 5.6bn in May. far this year. Domestic deals accounted for 69% of Chinese dealmaking, compared to 56.3% in the first half of 2016.
Mergermarket.com Mergermarket Global and regional Asia-Pacific (excl. Japan) 21 M&A: H1 2017
Quarterly M&A activity H1 2017: $272.9bn 2007 Q1
2008 Q2 H1 2017 vs. H1 2016 7% Lowest half-year value since H2 2013 (US$233.2bn) 2009 Q3 2010 Down from 21.3% in H1 2016, and lowest YTD Share of global deal value 18.3% Q4 share since 2013 (17.5%) deals) 2011
2012 Number of deals over 47 In comparison to 59 in H1 2016 2013 US$1bn
2014 Chinese Activity 2015
2016 China vs. H1 ‘16 Lowest half-year value $134bn (675 deals) 23.8% 2017 since H1 2014 (US$125.7bn)
0 200 400 600 800 1000 % of Asia Value of deals (US$ bn) Pacific activity by value 49.1% Down from 59.9% in the first half of 2016 Sector Breakdown H1 2017 vs H1 2016
100 Real Estate vs. H1 ‘16 $26.1bn (33 deals) 51.1% As a result of six deals worth over US$ 1bn
80 Sector Breakdown
60 EMU vs. H1‘16 Driven by three of the $45bn (136 deals) 89.7% largest five deals in the region in 2017
Industrials & Chemicals vs. H1‘16 40 Despite 42 fewer deals
Value of deals (US$ bn) Value $41.9bn (328 deals) 5.6% compared to H1 2016 (370 deals, US$ 39.7bn)
Technology vs. H1‘16 20 Lowest half-year since $34.2bn (217 deals) 35.3% H2 2014 (US$ 22.5bn, 211 deals)
0 EMU Industrials Tech Real EstateFinancial Consumer Business Other & Chemicals Services Services
Mergermarket.com Mergermarket Global and regional Asia-Pacific (excl. Japan) 22 M&A: H1 2017
Top deals
Deal Sector key Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$bn) Energy, Mining & Utilities TMT Real Estate Vodafone 12.7 03-Mar Idea Cellular Limited India Vodafone India Limited India Group Plc
Consortium led by 9.8 16-Jan Hong Kong Duet Group Australia Cheung Kong Property
Refinery & Petrochemical Petroliam Saudi Integrated Development 7.0 28-Feb Saudi Arabian Oil Co Malaysia Nasional Arabia (RAPID) project (50% Berhad Stake) Investor group led by Hengda Real Estate Maanshan Maowen 5.8 01-Jun China Group Co Ltd (14.74% China Technology Industrial Park Stake) Co Ltd Investor group led by Government Endeavour Energy 5.6 11-May Macquarie Infrastructure Australia Australia of New (50.4% Stake) and Real Assets South Wales
Mergermarket.com Mergermarket Global and regional Asia-Pacific (excl. Japan) 23 M&A: H1 2017
League table by value
Rank Company name H1 2017 H1 2016
H1 H1 Value Deal Value % Value 2017 2016 (US$m) Count (US$m) change
1 2 Morgan Stanley 59,417 24 99,411 -40.2%
2 5 UBS Investment Bank 43,903 19 78,850 -44.3%
3 1 Goldman Sachs & Co 42,057 31 102,947 -59.1%
4 13 Bank of America Merrill Lynch 41,415 15 30,004 38.0%
5 15 CITIC Securities 23,822 21 21,159 12.6%
6 12 Citi 21,959 16 36,278 -39.5%
7 18 Macquarie Group 21,006 19 14,199 47.9%
8 25 Rothschild 19,178 15 9,708 97.5%
9 3 China International Capital Corporation 17,062 17 92,266 -81.5%
10 47 Somerley Capital 16,785 14 4,444 277.7%
11 110 The Anglo Chinese Group 15,336 5 668 2195.8%
12= 71 PJT Partners 13,765 1 1,915 618.8%
12= 128 Wells Fargo Securities 13,765 1 424 3146.5%
14 90 Axis Capital 12,990 6 1,081 1101.7%
15 - Kotak Investment Banking 12,903 3 - -
16 - Robey Warshaw 12,668 1 - -
17 23 Deutsche Bank 11,812 9 11,378 3.8%
18 6 JPMorgan 11,444 21 70,661 -83.8%
19 72 KPMG 10,901 29 1,840 492.4%
20 4 Credit Suisse 10,731 20 84,024 -87.2%
Mergermarket.com Mergermarket Global and regional Japan 24 M&A: H1 2017
Japan
In the first half-year of 2017 Japan’s M&A activity, at US$ 14.4bn, 2015 (154 deals). Looking forward to the second half year, reached its lowest year-to-date figure in a decade, accounting companies remain interested in overseas acquisitions. Daichi for a value drop of 53.5% compared to H1 2016 (US$ 30.9bn). Sankyo Healthcare has been seeking companies in the eye This fall was mainly caused by a 64% value decrease on the top drop industry while Mitsui Chemicals is willing to spend over five deals in H1 2017 (US$ 6.2bn) versus H1 2016 (US$ 17.1bn). US$ 3bn on overseas expansion, according to Mergermarket However, deal count (213 deals) showed continued strength intelligence. securing the same amount of deals seen in H1 2016. Private Equity buyouts have reached US$ 3.3bn across 19 The Industrial & Chemicals (I&C) sector, the most active sector deals to record their highest first six months since 2011 (US$ by deal count in H1 2017 (51 deals), saw its value plummet by 4.3bn). Despite deal count shrinking compared to H1 2016 (US$ 58.5% to US$ 4bn in comparison to H1 2016 (US$ 9.7bn, 43 791m, 26 deals), total deal value increased by 4.2x following deals). I&C accounted for a market share of 28.1% by value two investments worth over US$ 1bn each by KKR. The first driven by Kohlberg Kravis Roberts & Co’s acquisition of Hitachi half of 2017 was also a strong period for Japan’s private equity Koki Co for US$ 1.3bn. exits with 20 deals worth US$ 3.2bn announced, the highest year-to-date count since 2013 (25 deals). Total exit value saw a Japan’s outbound dealmaking jumped 95.2% by value so far 424.5% growth from H1 2016 (US$ 620m, 14 deals), the second this year (US$ 33m, 145 deals) compared to H1 2016 (US$ highest H1 figure on Mergermarket record (since 2001) behind 16.9bn, 138 deals). Deal count hit its second highest point 2011 (US$ 12bn, 12 deals). in H1 2017, and was only nine deals short of the record in H1
Mergermarket.com Mergermarket Global and regional Japan 25 M&A: H1 2017
Quarterly M&A activity H1 2017: $14.4bn Q1 2007 Q2 2008 H1 2017 vs. H1 2016 53.5% Compared to US$ 30.9bn (213 deals) in H1 2016
2009 Q3 Japan Q2 vs. Q1 ‘17 Lowest quarterly value 2010 Q4 US$ 5.5bn (94 deals) 38.8% since Q3 2014 (US$ 5bn, 93 deals) 2011
2012 US$ Average deal value 120m Lowest H1 value since 2002 (US$ 104m)
2013
2014 PE Buyouts 2015
2016 H1 2017 vs. H1 ‘16 Highest H1 value since US$ 3.3bn (19 deals) 4.2x 2011 (19 deals, US$ 4.3bn) 2017
0 20 40 60 80 100 Value of deals (US$ bn) Buyouts over US$ 250m 4 Compared to 1 in the first six months of 2016 Sector Breakdown H1 2017 vs H1 2016 10 Bus. Services vs. H1 ‘16 Most targeted sector by PE firms this year by deal count 5 deals (US$ 10m) +3
8 Sector Breakdown
6 Industrials & Chemicals vs. H1‘16 In comparison to US$ 9.7bn across 43 deals in H1 2016 $4bn (51deals) 58.5%
4 Leisure 16.4% Share of total Japanese M&A Value of deals (US$ bn) Value $2.4bn (12 deals)
2 Technology vs. H1‘16 Compared to 30 deals worth US$ 4.2bn in H1 2016 $2.1bn (26 deals) 49.8%
0 Industrials Leisure Tech Real EstateConstructionConsumerFinancial Other & Chemicals Services
Mergermarket.com Mergermarket Global and regional Japan 26 M&A: H1 2017
Top deals
Deal Sector key Ann. Bidder Bidder Target Target Seller value date company country company sector company (US$m) GS Capital Partners; MBK Leisure Industrials TMT Construction Partners Inc; Owl Creek NBCUniversal Media Asset Management LP; Glenn 2,268 28-Feb USA USJ Co Ltd (49% Stake) LLC Gumpel (Private Investor); and MBG Holdings Limited Liability Co Kohlberg Kravis 1,306 13-Jan Roberts USA Hitachi Koki Co Ltd & Co LP Kohlberg Kravis Hitachi Kokusai Electric 1,118 24-Apr Roberts USA Inc (48.33% Stake) & Co LP
Panasonic PanaHome Corporation 850 21-Apr Japan Corporation (45.82% Stake)
Usen Corporation 616 13-Feb U-Next Co Ltd Japan (65.33% Stake)
Mergermarket.com Mergermarket Global and regional Japan 27 M&A: H1 2017
League table by value
Rank Company name H1 2017 H1 2016
H1 H1 Value Deal Value % Value 2017 2016 (US$m) Count (US$m) change 1 9 JPMorgan 12,949 5 6,051 114.0%
2 1 Morgan Stanley 9,336 9 28,951 -67.8%
3 31 Goldman Sachs & Co 8,941 6 390 2193%
4 10 Sumitomo Mitsui Financial Group 8,880 33 5,069 75.2%
5 27 Evercore Partners 8,367 3 521 1506%
6 2 Nomura Holdings 8,111 31 22,871 -64.5%
7 6 Lazard 5,748 5 6,781 -15.2%
8 4 Bank of America Merrill Lynch 5,192 3 9,052 -42.6%
9 3 Mizuho Financial Group 4,801 16 19,286 -75.1%
10 8 Daiwa Securities Group 3,063 24 6,109 -49.9%
11 7 Credit Suisse 2,207 3 6,383 -65.4%
12 23 KPMG 2,086 5 786 165.4%
13 20 GCA Corporation 1,319 14 958 37.7%
14 15 Citi 1,319 5 3,055 -56.8%
15 11 Deutsche Bank 1,245 1 3,886 -68.0%
16 13 Plutus Consulting 1,052 5 3,603 -70.8%
17= - BMO Capital Markets 1,050 1 - -
17= 58 Torreya Partners 1,050 1 42 2400%
19 57 PwC 967 13 46 2002%
20 53 EY 728 7 73 897.3%
Mergermarket.com Mergermarket Global and regional Africa & Middle East 28 M&A: H1 2017
Africa & Middle East
In the opening six months of 2017, M&A activity in the Middle MEA outbound M&A has soared to US$ 33.9bn (72 deals), East & Africa (MEA) has seen a mixed start, with 173 deals worth behind the record half-year figure of US$ 54.7bn (76 deals) in US$ 38.4bn announced. While the region stands 12.7% ahead 2007 and nearly four times higher than H1 2016 (US$ 9.5bn). of H1 2016’s value (228 deals, US$ 34bn), activity in Q2 (68 The Middle East has been the main driver of outbound activity deals, US$ 8.2bn) dropped 72.7% by value in comparison to Q1 outside the region this year with 50 deals worth US$ 32.3bn, (105 deals, US$ 30.1bn). Only one of the region’s top 5 deals around 5x the equivalent value of H1 2016 (56 deals, US$ in 2017 was announced in Q2: South-Africa-based Vodacom 6.4bn). UAE-based firms conducted the two largest outbound Group’s US$ 2.6bn acquisition of a 34.94% stake in Safaricom. deals with the acquisitions of US-based Pharmaceutical Product Development (US$ 9.1bn) and Irish firm AWAS Aviation Capital (US$ 7.5bn) by ADIA/GIC Private Limited and Dubai The aforementioned deal between Vodacom Group and Aerospace Enterprise respectively. Kenya-based Safaricom became the largest announcement in the telecommunications sector in the Middle East & Africa since 2014 when Algerian firm FNI acquired 51% of Orascome The Energy, Mining & Utilities sector has enjoyed a strong first Telecom Algerie for US$ 2.6bn. The acquisition of a 34.94% half of 2017 in MEA and has been the most targeted sector by stake in Safaricom also became the largest deal in Kenya on deal count. H1 2017 has seen four deals valued at over US$ Mergermarket record (since 2001), leaving the country’s total 500m, two more than in H1 2016, including Exxon’s US$ 2.8bn activity so far this year at US$ 2.9bn (13 deals). acquisition of a 25% stake in the Rovuma Area 4 gas field – the largest deal so far this year. The sector remains second by
value in the region, following the US$ 15bn takeover of Israel- based Mobileye in the Industrials & Chemicals sector.
Mergermarket.com Mergermarket Global and regional Africa & Middle East 29 M&A: H1 2017
Quarterly M&A activity H1 2017: $38.4bn Q1 2007 Q2 vs. H1 ‘16 Highest year-to-date value on 2008 H1 2017 vs. H1 2016 12.7% Mergermarket record (since 2001) 2009 Q3
2010 Up from 2.5% in H1 2016. Q4 % of global M&A 2.6% Highest year-to-date figure since 2013 (3.4%) 2011
2012 US$ Highest average in MEA Average deal value 322m 2013 on Mergermarket record
2014
2015 Africa: $13bn
2016 vs. H1 ‘16 Deal count (94 deals) dips under 100 in a 2017 H1 2017 vs. H1 2016 26.2% half-year for the first time since H1 2012 0 20 40 60 80 100 Value of deals (US$ bn) US inbound vs. H1 ‘16 Value has already surpassed the annual 2016 figure Sector Breakdown H1 2017 vs H1 2016 $4bn (8 deals) 12x (US$ 3.6bn)
25 EMU vs. H1 ‘16 Highest year-to-date value since 2013 US$ 7.6bn (29 deals) 2.8x (US$11.1bn, 26 deals)
20
Middle East: $25.4bn
15 vs. H1‘16 H1 2017 vs. H1 ‘16 Highest H1 value on Mergermarket record 54.4%
10 Investment outside MEA vs. Q1‘16 Already surpassed 2016’s full year value Value of deals (US$ bn) Value Q2 - $32.3bn (50 deals) 5x ($23.7bn, 99 deals)
5 Outbound deals over 5 Worth US$ 28.5bn. US$ 1bn Compared to two during 2016 (US$ 14.8bn)
0 Industrials EMU Financial Telecoms Tech PMB Business Other & Chemicals Services Services
Mergermarket.com Mergermarket Global and regional Africa & Middle East 30 M&A: H1 2017
Top deals
Deal Sector key Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$m) Energy, Mining & Utilities Industrials TMT Chemicals Financial Services Intel 14,993 13-Mar USA Mobileye NV Israel Corporation
Eni S.p.A. Exxon Mobil (Rovuma Area 4 2,800 09-Mar USA Mozambique Eni SpA Corporation gas field) (25% Stake)
Vodacom Safaricom South Vodafone 2,578 15-May Group Limited Kenya Africa Group Plc Limited (34.94% Stake)
The National The National Titanium Dioxide Tronox Titanium 2,215 21-Feb USA Company Ltd Saudi Arabia Limited Dioxide (Titanium dioxide Company Ltd business) Group of Jordanian and Arab Arab Bank Group Saudi Oger 1,120 08-Feb investors Jordan Jordan (19.83% Stake) Limited led by Sabih El- Masry
Mergermarket.com Mergermarket Global and regional Africa & Middle East 31 M&A: H1 2017
League table by value
Rank Company name H1 2017 H1 2016
H1 H1 Value Deal Value % Value 2017 2016 (US$m) Count (US$m) change
1 6 Goldman Sachs & Co 35,315 7 3,209 1001%
2 2 Citi 21,217 7 9,334 127.3%
3 4 Rothschild 17,807 12 5,504 223.5%
4 19 Morgan Stanley 17,558 6 830 2015%
5 - Raymond James & Associates 14,993 1 - -
6 5 JPMorgan 11,287 7 4,506 150.5%
7 - Centerview Partners 9,329 2 - -
8 22 Bank of America Merrill Lynch 5,076 4 613 728.1%
9 11 UBS Investment Bank 4,161 4 1,633 154.8%
10 1 Lazard 2,721 5 9,371 -71.0%
11 101 HSBC 2,695 4 - -
12 38 Deloitte 2,647 2 266 895.1%
13 12 Credit Suisse 2,215 1 1,384 60.0%
14 29 William Blair & Company 1,695 3 375 352.0%
15 - Scotiabank 1,200 2 - -
16 - QInvest 1,120 1 - -
17= - Banco Bilbao Vizcaya Argentaria 1,111 1 - -
17= 73 Macquarie Group 1,111 1 21 5191%
19= - GMP Securities 1,074 1 - -
19= 17 RBC Capital Markets 1,074 1 940 14.3%
Mergermarket.com Mergermarket Global and regional Global league tables 32 M&A: H1 2017
Global league tables
Global by deal value Global by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 1 Goldman Sachs & Co 449,448 148 7.7% 1 2 PwC 10,182 151 -50
2 2 Morgan Stanley 296,754 128 -4.2% 2 8 JPMorgan 264,069 150 35
3 4 Bank of America Merrill Lynch 283,848 93 40.2% 3 7 Goldman Sachs & Co 449,448 148 25
4 5 Citi 277,485 102 48.4% 4 4 Rothschild 124,031 134 -13
5 3 JPMorgan 264,069 150 24.3% 5 3 Deloitte 10,250 134 -53
6 7 Credit Suisse 197,178 91 22.4% 6 5 EY 10,152 132 -8
7 11 Lazard 190,565 114 66.8% 7 1 KPMG 16,697 131 -73
8 10 UBS Investment Bank 156,373 67 27.4% 8 6 Morgan Stanley 296,754 128 -6
9 8 Deutsche Bank 155,965 58 13.5% 9 9 Lazard 190,565 114 1
10 13 Rothschild 124,031 134 46.4% 10 12 Citi 277,485 102 13
11 6 Barclays 120,130 67 -28.5% 11 14 Bank of America Merrill Lynch 283,848 93 9
12 22 Centerview Partners 101,098 22 152.9% 12 10 Credit Suisse 197,178 91 -5
13 63 Perella Weinberg Partners 85,611 17 945.7% 13 11 Houlihan Lokey 12,424 81 -14
14 9 Evercore Partners 82,357 79 -38.6% 14 16 Evercore Partners 82,357 79 8
15 34 Macquarie Group 72,952 37 251.9% 15 15 UBS Investment Bank 156,373 67 -8
16 55 Mediobanca 68,239 15 585.3% 16 13 Barclays 120,130 67 -18
17 14 RBC Capital Markets 60,870 63 -20.2% 17 22 Jefferies 33,242 65 5
18 35 Moelis & Company 44,115 45 124.0% 18 28 Stifel/KBW 10,735 64 21
19 15 HSBC 42,916 25 -40.5% 19 17 RBC Capital Markets 60,870 63 -6
20 17 ALANTRA 35,875 33 -29.1% 20 20 Lincoln International 1,815 62 1
Mergermarket.com Mergermarket Global and regional Europe league tables 33 M&A: H1 2017
Europe league tables
Europe by deal value Europe by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Count H1 H1 Value Deal Value 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 2 PwC 6,424 114 -32 1 1 Goldman Sachs & Co 284,443 62 60.5% 2 4 Rothschild 93,736 111 -16 2 7 Bank of America Merrill Lynch 207,970 42 159.6% 3 1 KPMG 5,125 91 -74 3 3 Citi 175,178 46 79.9% 4 3 Deloitte 5,700 90 -38 4 8 Lazard 158,203 71 101.9% 5 5 EY 3,936 89 -19 5 2 Morgan Stanley 156,688 57 -1.5% 6 6 Lazard 158,203 71 -5 6 6 JPMorgan 149,603 70 81.6% 7 16 JPMorgan 149,603 70 30 7 4 Credit Suisse 142,212 40 55.6% 8 8 Goldman Sachs & Co 284,443 62 14 8 10 UBS Investment Bank 124,439 33 70.7% 9 10 Morgan Stanley 156,688 57 10 9 5 Deutsche Bank 118,851 31 36.5% 10 12 Citi 175,178 46 4 10 9 Rothschild 93,736 111 25.0% 11 14 Bank of America Merrill Lynch 207,970 42 1 11 31 Mediobanca 68,239 15 585.3% 12 13 Credit Suisse 142,212 40 -2 12 19 Centerview Partners 62,423 5 139.2% 13 20 Lincoln International 890 36 3 13 57 Macquarie Group 52,910 14 1224.4% 14 17 Clearwater International 811 35 -4 14 36 Perella Weinberg Partners 51,784 5 554.7% 15 11 Oaklins 800 34 -11 15 12 HSBC 38,612 19 -37.8% 16 15 UBS Investment Bank 124,439 33 -8 16 14 ALANTRA 35,815 26 -29.1% 17 22 Grant Thornton 310 33 2 17 184 AZ Capital 34,470 4 12810% 18 21 Deutsche Bank 118,851 31 -1 18 20 BNP Paribas 32,073 31 31.8% 19 9 BNP Paribas 32,073 31 -17 19 22 Credit Agricole 31,230 20 126.2% 20 35 GCA Corporation 2,078 31 12 20 40 Robey Warshaw 30,503 2 337.2%
Mergermarket.com Mergermarket Global and regional Europe league tables 34 M&A: H1 2017
UK by deal value UK by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Goldman Sachs & Co 146,221 28 635.0% 1 2 Rothschild 25,841 52 12
2 7 UBS Investment Bank 102,921 16 777.0% 2 15 Goldman Sachs & Co 146,221 28 14
3 9 JPMorgan Cazenove 95,157 28 793.5% 3 18 JPMorgan Cazenove 95,157 28 14
4 4 Deutsche Bank 83,134 7 463.9% 4 4 Deloitte 3,729 24 -6
5 6 Lazard 76,566 19 521.2% 5 3 PwC 4,342 23 -12
6 3 Morgan Stanley 69,205 19 269.4% 6 1 KPMG 877 22 -20
7 1 Bank of America Merrill Lynch 65,966 20 192.3% 7 8 Grant Thornton 254 22 1 Bank of America 8 14 65,966 20 6 8 - Centerview Partners 61,267 2 - Merrill Lynch
9 8 Citi 32,633 16 180.4% 9 7 Lazard 76,566 19 -7
10 - Robey Warshaw 30,503 2 - 10 11 Morgan Stanley 69,205 19 4
11 13 HSBC 26,561 10 305.1% 11 5 EY 1,145 19 -10
12 5 Rothschild 25,841 52 78.6% 12 27 GCA Corporation 2,049 17 7 Clearwater 13 13 771 17 2 13 16 Credit Suisse 18,929 10 278.4% International
14 - PJT Partners 15,111 4 - 14 16 UBS Investment Bank 102,921 16 2
15 51 Wells Fargo Securities 14,795 4 1659% 15 17 Citi 32,633 16 2
Mergermarket.com Mergermarket Global and regional Europe league tables 35 M&A: H1 2017
Ireland by deal value Ireland by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 47 IBI Corporate Finance 167 6 5 1 4 Morgan Stanley 7,800 2 -78.4%
2 13 KPMG 133 5 3 2 1 Goldman Sachs & Co 7,560 2 -85.4%
3 12 Davy Corporate Finance 17 4 2 3 11 JPMorgan 2,196 2 100.7%
4 6 Goodbody Corporate Finance 206 3 0 4= - Guggenheim Partners 2,196 1 -
5 1 PwC 117 3 -1 4= - Moelis & Company 2,196 1 -
6 5 Deloitte 5 3 0 6 - Greenhill & Co 300 1 -
7 3 Morgan Stanley 7,800 2 -1 7= 30 Canaccord Genuity 273 1 600.0%
8 2 Goldman Sachs & Co 7,560 2 -1 7= 26 Houlihan Lokey 273 1 340.3%
9 20 JPMorgan 2,196 2 1 9 38 Goodbody Corporate Finance 206 3 2475.0%
10 38 Stifel/KBW 196 2 1 10 35 Stifel/KBW 196 2 1206.7%
11 - EY 143 2 2 11 47 IBI Corporate Finance 167 6 -
12 4 Evercore Partners 139 2 -1 12 - Michel Dyens & Co 160 1 -
13 22 Piper Jaffray & Co 79 2 1 13 - EY 143 2 -
14 - PKF O’Connor, Leddy & Homes - 2 2 14 5 Evercore Partners 139 2 -99.6%
15= - Guggenheim Partners 2,196 1 1 15 22 KPMG 133 5 30.4%
15= - Moelis & Company 2,196 1 1
Mergermarket.com Mergermarket Global and regional Europe league tables 36 M&A: H1 2017
DACH by deal value DACH by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 14 Bank of America Merrill Lynch 91,077 9 290.9% 1 3 PwC 343 21 -5
2 2 Credit Suisse 84,685 16 28.0% 2 2 Deloitte 180 21 -5
3 15 Citi 57,226 12 148.2% 3 6 Rothschild 4,898 20 -1
4 3 Goldman Sachs & Co 52,020 14 -19.7% 4 16 JPMorgan 13,770 17 6
5 1 Morgan Stanley 51,713 11 -26.8% 5 11 Lincoln International 173 17 3
6 27 Macquarie Group 45,517 2 1641% 6 5 Credit Suisse 84,685 16 -6
7 20 Perella Weinberg Partners 45,517 1 661.8% 7 24 GCA Corporation 1,356 16 9
8 12 Lazard 31,770 7 2.3% 8 4 EY 677 16 -8
9 6 ALANTRA 29,952 10 -39.3% 9 1 KPMG 154 15 -17
10 36 Moelis & Company 15,198 2 1092% 10 15 Goldman Sachs & Co 52,020 14 3
11 4 JPMorgan 13,770 17 -77.6% 11 7 Citi 57,226 12 -5
12 5 UBS Investment Bank 12,844 5 -74.8% 12 14 Morgan Stanley 51,713 11 -1
13 13 Deutsche Bank 7,891 9 -68.5% 13 12 ALANTRA 29,952 10 -3
14 16 Rothschild 4,898 20 -73.2% 14 18 Bank of America Merrill Lynch 91,077 9 -1
15 19 BNP Paribas 2,570 3 -67.6% 15 10 Deutsche Bank 7,891 9 -5
Mergermarket.com Mergermarket Global and regional Europe league tables 37 M&A: H1 2017
Germany by deal value Germany by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 9 Credit Suisse 53,400 6 375.6% 1 3 Deloitte 15 16 0
2 5 Goldman Sachs & Co 51,162 10 170.1% 2 2 Rothschild 3,522 15 -1
3 2 Morgan Stanley 50,266 7 123.5% 3 5 PwC 194 14 -1
4 3 Bank of America Merrill Lynch 49,730 5 121.6% 4 8 Lincoln International 173 13 1
5 20 Macquarie Group 45,517 2 1641% 5 21 GCA Corporation 406 12 6
6 12 Perella Weinberg Partners 45,517 1 661.8% 6 6 EY 272 11 -2
7 6 Citi 11,836 8 -33.9% 7 11 Goldman Sachs & Co 51,162 10 1
8 8 JPMorgan 11,270 10 -11.0% 8 19 JPMorgan 11,270 10 4
9 4 Deutsche Bank 7,030 7 -66.1% 9 1 KPMG - 9 -10
10 27 Moelis & Company 4,843 1 279.8% 10 7 Citi 11,836 8 -4
11 7 Rothschild 3,522 15 -77.3% 11 12 Morgan Stanley 50,266 7 -1
12 40 Nomura Holdings 2,078 1 250.4% 12 10 Deutsche Bank 7,030 7 -3
13 1 Lazard 1,929 4 -92.7% 13 30 ACXIT Capital Partners 701 7 2
14 10 BNP Paribas 1,699 2 -78.6% 14 16 DC Advisory 642 7 0
15 - Banco BTG Pactual 1,648 1 - 15 39 Roedl & Partner 9 7 3
Mergermarket.com Mergermarket Global and regional Europe league tables 38 M&A: H1 2017
France by deal value France by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 1 Rothschild 57,761 35 56.1% 1 1 Rothschild 57,761 35 -24
2 18 Citi 46,972 12 1009% 2 3 Lazard 41,341 25 -4
3 3 Lazard 41,341 25 99.7% 3 2 BNP Paribas 28,529 21 -11
4 45 Mediobanca 31,236 4 5942% 4 4 Natixis 21,503 18 -7
5 5 Credit Agricole 29,655 17 132.6% 5 6 Credit Agricole 29,655 17 -3
6 7 BNP Paribas 28,529 21 138.1% 6 7 Deloitte 123 16 -1
7 4 Goldman Sachs & Co 25,021 8 66.6% 7 27 Citi 46,972 12 7
8 9 Natixis 21,503 18 100.0% 8 8 Societe Generale 17,629 12 -3
9 16 Deutsche Bank 19,098 8 250.3% 9 13 EY - 11 0
10 8 Societe Generale 17,629 12 48.4% 10 5 KPMG 156 10 -14
11 2 Bank of America Merrill Lynch 15,164 4 -31.2% 11 17 Morgan Stanley 11,544 9 1
12 14 HSBC 13,947 4 129.8% 12 12 DC Advisory 364 9 -2
13 6 Morgan Stanley 11,544 9 -4.3% 13 9 Lincoln International 298 9 -3
14 - Zaoui & Co 8,420 2 - 14 15 PwC 183 9 0
15 10 JPMorgan 7,147 6 -4.3% 15 21 Cambon Partners 33 9 2
Mergermarket.com Mergermarket Global and regional Europe league tables 39 M&A: H1 2017
Benelux by deal value Benelux by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 - JPMorgan 29,923 10 - 1 10 Lazard 13,408 18 8
2 1 Goldman Sachs & Co 21,910 10 37.1% 2 6 ING 3,939 18 4
3 3 Morgan Stanley 20,013 9 127.4% 3 2 Deloitte 446 18 1
4 9 Lazard 13,408 18 109.5% 4 5 PwC 393 17 2
5 5 Bank of America Merrill Lynch 12,949 6 73.3% 5 3 Rothschild 4,165 16 0
6 - Scotiabank 11,900 3 - 6 7 EY 167 15 3
7 8 Citi 8,828 7 29.5% 7 1 KPMG 2,123 13 -6
8 22 Evercore Partners 4,543 4 549.0% 8 17 Oaklins 57 11 5
9 10 Rothschild 4,165 16 -32.5% 9 - JPMorgan 29,923 10 10
10 30 ING 3,939 18 727.5% 10 9 Goldman Sachs & Co 21,910 10 0
11 - ALANTRA 3,405 2 - 11 28 Morgan Stanley 20,013 9 6
12 - Quayle Munro 3,285 1 - 12 8 Rabobank 413 9 -2
13 - Jefferies 3,222 5 - 13 22 Credit Suisse 2,581 8 4 Capitalmind Corporate 14 4 Credit Suisse 2,581 8 -66.3% 14 15 78 8 1 Finance Advisory 15 - TD Securities 2,500 1 - 15 23 Citi 8,828 7 3
Mergermarket.com Mergermarket Global and regional Europe league tables 40 M&A: H1 2017
Iberia by deal value Iberia by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 11 Citi 39,124 11 1246% 1 3 PwC 792 19 -5
2 20 Mediobanca 36,452 6 2559% 2 1 Deloitte 218 19 -10
3 34 AZ Capital 34,470 4 12810% 3 2 KPMG 276 14 -13
4 2 Goldman Sachs & Co 34,379 3 189.8% 4 12 Citi 39,124 11 6
5 8 Credit Suisse 33,177 3 431.3% 5 4 EY 533 11 -7
6 4 Deutsche Bank 12,551 7 27.8% 6 9 Rothschild 5,921 10 4
7 7 JPMorgan 6,982 8 -6.6% 7 41 JPMorgan 6,982 8 7
8 16 Rothschild 5,921 10 229.1% 8 10 Morgan Stanley 5,733 8 3
9 1 Morgan Stanley 5,733 8 -58.7% 9 6 Banco Bilbao Vizcaya Argentaria 1,832 8 -3
10 5 BNP Paribas 4,043 6 -55.7% 10 20 Deutsche Bank 12,551 7 4
11 69 Natixis 3,880 2 - 11 43 Mediobanca 36,452 6 5
12 22 UBS Investment Bank 2,952 3 212.7% 12 11 BNP Paribas 4,043 6 1
13 3 Santander Global Corporate Banking 2,764 6 -76.5% 13 5 Santander Global Corporate Banking 2,764 6 -5
14 14 Bank of America Merrill Lynch 2,352 3 6.8% 14 35 Arcano Partners 1,294 6 4
15 23 Barclays 1,904 1 116.1% 15 25 Montalban 304 6 3
Mergermarket.com Mergermarket Global and regional Europe league tables 41 M&A: H1 2017
Spain by deal value Spain by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 11 Citi 39,124 11 1316.5% 1 2 PwC 792 19 -4
2 19 Mediobanca 36,452 6 2559% 2 3 Deloitte 199 17 -3
3 34 AZ Capital 34,470 4 12810% 3 1 KPMG 262 13 -11
4 2 Goldman Sachs & Co 34,379 3 189.8% 4 13 Citi 39,124 11 7
5 8 Credit Suisse 33,177 3 431.3% 5 4 EY 533 11 -7
6 4 Deutsche Bank 11,483 6 16.9% 6 8 Rothschild 4,853 9 3
7 7 JPMorgan 5,914 7 -20.9% 7 10 Morgan Stanley 5,733 8 3
8 1 Morgan Stanley 5,733 8 -58.7% 8 36 JPMorgan 5,914 7 6
9 16 Rothschild 4,853 9 169.8% 9 5 Banco Bilbao Vizcaya Argentaria 1,266 7 -4
10 68 Natixis 3,880 2 - 10 39 Mediobanca 36,452 6 5
11 5 BNP Paribas 2,975 5 -67.4% 11 18 Deutsche Bank 11,483 6 3
12 22 UBS Investment Bank 2,952 3 212.7% 12 33 Arcano Partners 1,294 6 4
13 3 Santander Global Corporate Banking 2,656 5 -77.4% 13 22 Montalban 304 6 3
14 14 Bank of America Merrill Lynch 2,352 3 6.8% 14 11 BNP Paribas 2,975 5 0
15 23 Barclays 1,904 1 116.1% 15 6 Santander Global Corporate Banking 2,656 5 -5
Mergermarket.com Mergermarket Global and regional Europe league tables 42 M&A: H1 2017
Italy by deal value Italy by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value 2017 2016 (US$m) Count change H1 H1 Value Deal Count 2017 2016 (US$m) Count change 1 1 Mediobanca 60,762 9 524.1% 1 1 KPMG 1,883 18 -20 2 9 Citi 60,669 5 901.1% 2 6 PwC 902 13 1 3 8 Goldman Sachs & Co 35,287 5 425.6% 3 3 Rothschild 30,055 12 -2 4 43 Credit Suisse 34,802 3 22209% 4 7 EY 1,047 12 1 5 - AZ Capital 33,177 1 - 5 2 UniCredit Group 1,486 11 -13 6 3 Rothschild 30,055 12 278.4% 6 9 Deloitte 1,531 10 1 7 5 Deutsche Bank 8,062 5 6.1% 7 4 Mediobanca 60,762 9 -3 8 13 JPMorgan 4,757 6 50.6% 8 11 Lazard 1,190 9 2 9 4 Bank of America Merrill Lynch 4,429 5 -43.2% 9 8 Fineurop Soditic 45 7 -3 10 17 Morgan Stanley 2,877 4 21.4% 10 - Grant Thornton - 7 7 11 11 Banca IMI/Intesa Sanpaolo 2,358 5 -51.7% 11 18 JPMorgan 4,757 6 1 12 25 Barclays 1,904 1 147.0% 12 - DVR Capital 1,068 6 6 13 19 KPMG 1,883 18 18.2% 13 10 Vitale & Co 49 6 -2 14 30 Deloitte 1,531 10 157.3% 14 30 K Finance - 6 3 15 6 UniCredit Group 1,486 11 -79.9% 15 22 Citi 60,669 5 1
Mergermarket.com Mergermarket Global and regional Europe league tables 43 M&A: H1 2017
Nordics by deal value Nordics by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 4 Bank of America Merrill Lynch 21,561 4 75.3% 1 1 PwC 714 33 -8
2 5 Handelsbanken Capital Markets 19,389 7 61.5% 2 3 Danske Bank Corporate Finance 3,505 20 3
3 52 ABG Sundal Collier Holding 9,049 13 2617% 3 2 EY 761 20 -6
4 10 Goldman Sachs & Co 7,797 6 11.8% 4 6 ABG Sundal Collier Holding 9,049 13 -1
5 3 Morgan Stanley 7,327 6 -42.5% 5 5 KPMG 198 12 -4
6 17 JPMorgan 6,974 8 131.9% 6 13 Pareto Securities 2,444 11 2
7 11 Nordea 6,224 7 2.1% 7 7 SEB 1,381 10 -3
8 21 UBS Investment Bank 6,210 3 254.0% 8 8 Deloitte 12 9 -4
9 14 Lazard 5,708 5 49.6% 9 26 JPMorgan 6,974 8 3
10 130 Arma Partners 5,551 2 - 10 9 Rothschild 1,473 8 -3
11 23 Deutsche Bank 3,937 1 151.4% 11 10 Handelsbanken Capital Markets 19,389 7 -4
12 22 Danske Bank Corporate Finance 3,505 20 117.7% 12 16 Nordea 6,224 7 -1
13 - Quayle Munro 3,285 2 - 13 27 Arctic Securities 2,426 7 2
14 32 Pareto Securities 2,444 11 150.9% 14 4 Carnegie Investment Bank 622 7 -9
15 25 Arctic Securities 2,426 7 57.1% 15 17 Clearwater International 9 7 -1
Mergermarket.com Mergermarket Global and regional Europe league tables 44 M&A: H1 2017
Denmark by deal value Denmark by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 - Deutsche Bank 3,937 1 - 1 1 PwC 537 9 -1
2 - Goldman Sachs & Co 2,066 2 - 2 4 Clearwater International 9 7 -1
3 5 FIH Partners 1,508 4 41.5% 3 16 Atrium Partners 982 5 3
4 13 JPMorgan 1,335 2 280.3% 4 2 Danske Bank Corporate Finance 603 5 -3
5= 36 Bank of America Merrill Lynch 1,269 1 - 5 3 Deloitte 5 5 -3
5= - NC Advisory 1,269 1 - 6 - Nordic M&A - 5 5
5= 48 UBS Investment Bank 1,269 1 - 7 7 FIH Partners 1,508 4 1
8 8 Rothschild 1,127 4 103.4% 8 13 Rothschild 1,127 4 2
9 - Credit Suisse 1,068 2 - 9 9 Handelsbanken Capital Markets - 4 1
10 32 Atrium Partners 982 5 - 10 8 KPMG 119 3 0
11 - MTS Health Partners 797 1 - 11 12 BDO 51 3 0
12 14 Danske Bank Corporate Finance 603 5 81.1% 12 5 SEB 23 3 -3 Capitalmind Corporate Finance 13 16 PwC 537 9 109.8% 13 - - 3 3 Advisory 14 20 Carnegie Investment Bank 450 2 345.5% 14 - Goldman Sachs & Co 2,066 2 2
15 21 Barclays 230 1 127.7% 15 26 JPMorgan 1,335 2 1
Mergermarket.com Mergermarket Global and regional Europe league tables 45 M&A: H1 2017
Norway by deal value Norway by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 15 ABG Sundal Collier Holding 9,015 9 3907% 1 1 Pareto Securities 2,444 11 3
2 - Arma Partners 5,551 2 - 2 6 Danske Bank Corporate Finance 2,272 10 4
3= - Lazard 5,338 1 - 3 2 ABG Sundal Collier Holding 9,015 9 1
3= 4 Morgan Stanley 5,338 1 409.4% 4 7 Arctic Securities 2,426 7 2
5 5 Pareto Securities 2,444 11 153.8% 5 4 EY 431 7 -1
6 2 Arctic Securities 2,426 7 57.1% 6 3 PwC 89 6 -2
7 6 DNB Markets 2,402 5 221.6% 7 - Steinvender - 6 6
8 28 Danske Bank Corporate Finance 2,272 10 - 8 8 DNB Markets 2,402 5 0
9 - BNP Paribas 1,024 2 - 9 12 KPMG 21 3 0
10 3 Swedbank 636 1 -51.6% 10 - Translink Corporate Finance 11 3 3
11 27 EY 431 7 - 11= 24 DHT Corporate Services - 3 1
12= - Jefferies 300 1 - 11= 44 Weibull - 3 2
12= - Scotiabank 300 1 - 13 - Arma Partners 5,551 2 2
14 - Credit Suisse 237 1 - 14 - BNP Paribas 1,024 2 2
15 - Mooreland Partners 213 1 - 15 - Rothschild 195 2 2
Mergermarket.com Mergermarket Global and regional Europe league tables 46 M&A: H1 2017
Sweden by deal value Sweden by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 2 Handelsbanken Capital Markets 19,389 5 62.4% 1 1 PwC 64 19 -7
2 9 Bank of America Merrill Lynch 19,310 1 473.7% 2 2 EY 330 11 -1
3 12 JPMorgan 5,639 5 109.9% 3 14 SEB 1,358 7 2
4 - Quayle Munro 3,285 1 - 4 45 IMAP Sweden - 7 5
5 7 Morgan Stanley 1,537 4 -61.9% 5 10 Danske Bank Corporate Finance 633 6 0
6 6 Goldman Sachs & Co 1,400 2 -74.1% 6 5 KPMG 79 6 -3
7 3 SEB 1,358 7 -87.7% 7 3 Handelsbanken Capital Markets 19,389 5 -4
8 1 Rothschild 1,278 3 -90.9% 8 19 JPMorgan 5,639 5 1
9 17 Credit Suisse 1,241 4 -30.1% 9 17 Livingstone Partners - 5 0
10 - FIH Partners 1,135 2 - 10 18 Morgan Stanley 1,537 4 0
11 - Atrium Partners 982 1 - 11 33 Credit Suisse 1,241 4 2
12= 5 Citi 959 1 -83.9% 12 15 Swedbank 408 4 -1 13 4 Carnegie Investment Bank 91 4 -5 12= - Nomura Holdings 959 1 - 14 13 BDO 51 4 -2 14= 18 UBS Investment Bank 861 1 -45.4% 15 27 Grant Thornton 41 4 1 14= - Wells Fargo Securities 861 1 -
Mergermarket.com Mergermarket Global and regional Europe league tables 47 M&A: H1 2017
Finland by deal value Finland by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 6 Nordea 6,224 6 183.4% 1 6 Danske Bank Corporate Finance 2,162 8 4
2 13 Goldman Sachs & Co 4,331 2 508.3% 2 5 Nordea 6,224 6 2
3 25 UBS Investment Bank 4,080 1 2192.1% 3 62 PwC 30 6 5
4 11 Danske Bank Corporate Finance 2,162 8 163.0% 4 8 Aventum Partners 128 5 2
5 22 Pareto Securities 1,859 3 482.8% 5 15 Sisu Partners 461 4 2
6 1 Bank of America Merrill Lynch 982 2 -88.6% 6 33 Pareto Securities 1,859 3 2
7 - Summa Capital 862 1 - 7 16 Rothschild 296 3 1
8 - Motilal Oswal Investment Advisors 731 1 - 8 12 Globalscope Partners 63 3 0
9= - ABG Sundal Collier Holding 527 1 - 9 2 PCA Corporate Finance 45 3 -3
9= - DNB Markets 527 1 - 10 - Aalto Capital Group 21 3 3
11 15 Sisu Partners 461 4 14.7% 11 - CountOn Corporate Finance - 3 3
12 23 Rothschild 296 3 -5.4% 12 26 Goldman Sachs & Co 4,331 2 1
13 32 Access Partners 215 2 347.9% 13 20 Bank of America Merrill Lynch 982 2 1
14 12 Aventum Partners 128 5 -83.6% 14 17 Access Partners 215 2 0
15 56 ICECAPITAL Securities 74 2 - 15 56 ICECAPITAL Securities 74 2 1
Mergermarket.com Mergermarket Global and regional Europe league tables 48 M&A: H1 2017
Turkey by deal value Turkey by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 4 Morgan Stanley 1,911 2 177.4% 1 13 Morgan Stanley 1,911 2 1
2 - Erste Group Bank 1,441 1 - 2 8 Unlu & Co 340 2 0
3 27 Rothschild 917 1 - 3 - Raiffeisen Bank International 124 2 2
4 8 UniCredit Group 470 1 104.3% 4 9 IS Investment Securities 79 2 0
5 9 Unlu & Co 340 2 47.8% 5 3 Deloitte 64 2 -1
6 22 Alpacar Associates 340 1 - 6 10 Odin Financial Advisors 34 2 0
7 - Raiffeisen Bank International 124 2 - 7 - Erste Group Bank 1,441 1 1
8 10 IS Investment Securities 79 2 -28.2% 8 27 Rothschild 917 1 0
9 1 Deloitte 64 2 -91.2% 9 7 UniCredit Group 470 1 -1
10 12 Odin Financial Advisors 34 2 -66.3% 10 22 Alpacar Associates 340 1 0
11 - Singhi Advisors 19 1 - 11 - Singhi Advisors 19 1 1
12= - Grant Thornton 8 1 - 12= - Grant Thornton 8 1 1
12= - Hannam & Partners (Advisory) 8 1 - 12= - Hannam & Partners (Advisory) 8 1 1
14= - European Growth Management (EGM) 6 1 - 14= - European Growth Management (EGM) 6 1 1
14= - Garanti Securities 6 1 - 14= - Garanti Securities 6 1 1
Mergermarket.com Mergermarket Global and regional Europe league tables 49 M&A: H1 2017
CEE by deal value CEE by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 3 VTB Capital 2,265 8 57.3% 1 1 EY 740 11 -5
2 1 Rothschild 1,860 5 -5.2% 2 5 PwC 73 10 -2
3 52 Deutsche Bank 1,850 1 - 3 8 VTB Capital 2,265 8 4
4 7 JPMorgan 1,656 3 105.0% 4 2 KPMG 466 8 -5
5= 19 Jamieson Corporate Finance 1,369 1 416.6% 5 3 Rothschild 1,860 5 -7
5= - Pekao Investment Banking 1,369 1 - 6 4 Deloitte 52 4 -8
5= 5 UBS Investment Bank 1,369 1 13.8% 7 9 JPMorgan 1,656 3 -1
8 9 Morgan Stanley 1,241 2 68.4% 8 39 Globalscope Partners 22 3 2
9 32 Societe Generale 1,196 2 1740% 9 12 Morgan Stanley 1,241 2 -1
10 23 EY 740 11 383.7% 10 42 Societe Generale 1,196 2 1
11 11 KPMG 466 8 -9.7% 11 6 UniCredit Group 395 2 -8
12 - Taihe Capital 450 1 - 12 - SUMMA Advisers 231 2 2
13 6 UniCredit Group 395 2 -61.9% 13 - Bank Zachodni WBK 153 2 2
14 15 Bank of America Merrill Lynch 354 1 -13.4% 14 - Taiga Capital 15 2 2
15 - SUMMA Advisers 231 2 - 15 - Mazars 7 2 2
Mergermarket.com Mergermarket Global and regional Europe league tables 50 M&A: H1 2017
Poland by deal value Poland by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 15 Rothschild 1,411 3 550.2% 1 7 KPMG 407 4 0
2= 14 Jamieson Corporate Finance 1,369 1 416.6% 2 6 Rothschild 1,411 3 -1
2= 3 JPMorgan 1,369 1 103.1% 3 4 Deloitte 52 3 -1
2= - Pekao Investment Banking 1,369 1 - 4 - Bank Zachodni WBK 153 2 2
2= 6 UBS Investment Bank 1,369 1 161.8% 5 34 EY 108 2 1
6 - Societe Generale 1,196 1 - 6= - CIC Corporate Finance - 2 2
7 19 KPMG 407 4 324.0% 6= 1 PwC - 2 -5
8 - Bank Zachodni WBK 153 2 - 8= 18 Jamieson Corporate Finance 1,369 1 0
9 - China Merchants Securities 118 1 - 8= 9 JPMorgan 1,369 1 -1
10 34 EY 108 2 - 8= - Pekao Investment Banking 1,369 1 1
11 36 Haitong Securities 104 1 - 8= 10 UBS Investment Bank 1,369 1 -1
12 5 Deloitte 52 3 -91.7% 12 - Societe Generale 1,196 1 1
13 29 Azimutus 38 1 - 13 - China Merchants Securities 118 1 1
14= - Baltic Partners 20 1 - 14 36 Haitong Securities 104 1 0
14= - CAG 20 1 - 15 29 Azimutus 38 1 0
Mergermarket.com Mergermarket Global and regional Europe league tables 51 M&A: H1 2017
Russia by deal value Russia by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 2 VTB Capital 2,265 7 57.3% 1 1 VTB Capital 2,265 7 3
2 - Deutsche Bank 1,850 1 - 2 - Morgan Stanley 1,241 2 2
3 - Morgan Stanley 1,241 2 - 3 5 EY 102 2 0 4 - Taiga Capital 15 2 2 4 - Taihe Capital 450 1 - 5 - Deutsche Bank 1,850 1 1 5 - Bank of America Merrill Lynch 354 1 - 6 - Taihe Capital 450 1 1 6 - JPMorgan 287 1 - 7 - Bank of America Merrill Lynch 354 1 1 7 11 EY 102 2 - 8 - JPMorgan 287 1 1 8= - RBC Capital Markets 54 1 - 9= - RBC Capital Markets 54 1 1 8= 3 Rothschild 54 1 -95.8% 9= 2 Rothschild 54 1 -2 10 15 PwC 27 1 -
Mergermarket.com Mergermarket Global and regional Americas league tables 52 M&A: H1 2017
Americas league tables
Americas by deal value Americas by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 1 Goldman Sachs & Co 355,231 112 17.9% 1 2 Goldman Sachs & Co 355,231 112 26
2 2 Morgan Stanley 231,761 94 27.7% 2 1 JPMorgan 220,075 105 18
3 6 JPMorgan 220,075 105 60.2% 3 4 Morgan Stanley 231,761 94 15
4 5 Bank of America Merrill Lynch 216,040 69 45.0% 4 11 Citi 191,053 76 22
5 4 Citi 191,053 76 24.6% 5 3 Houlihan Lokey 10,066 73 -10
6 9 Credit Suisse 142,691 63 62.6% 6 7 Evercore Partners 79,119 72 9
7 11 Lazard 140,932 68 104.8% 7 10 Bank of America Merrill Lynch 216,040 69 12
8 8 Deutsche Bank 118,197 35 8.9% 8 8 Lazard 140,932 68 7
9 13 UBS Investment Bank 116,947 38 129.6% 9 9 Credit Suisse 142,691 63 4
10 3 Barclays 107,741 57 -32.9% 10 18 Stifel/KBW 10,448 58 17
11 15 Centerview Partners 101,098 22 152.9% 11 5 Barclays 107,741 57 -12
12 37 Perella Weinberg Partners 85,357 15 987.8% 12 12 Jefferies 32,266 57 4
13 7 Evercore Partners 79,119 72 -39.8% 13 6 RBC Capital Markets 53,564 55 -9
14 26 Macquarie Group 55,801 22 249.8% 14 15 Raymond James & Associates 18,671 52 4
15 10 RBC Capital Markets 53,564 55 -27.5% 15 14 Rothschild 37,432 50 -1
Mergermarket.com Mergermarket Global and regional Americas league tables 53 M&A: H1 2017
US by deal value US by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 1 Goldman Sachs & Co 352,350 106 21.9% 1 2 Goldman Sachs & Co 352,350 106 26
2 2 Morgan Stanley 229,953 86 31.4% 2 1 JPMorgan 205,373 97 12
3 4 Bank of America Merrill Lynch 213,726 66 45.1% 3 4 Morgan Stanley 229,953 86 14
4 7 JPMorgan 205,373 97 61.5% 4 11 Citi 188,445 74 27
5 5 Citi 188,445 74 36.1% 5 3 Houlihan Lokey 10,066 71 -8
6 10 Credit Suisse 140,296 58 122.5% 6 6 Evercore Partners 78,619 70 11
7 9 Lazard 130,167 54 96.8% 7 7 Bank of America Merrill Lynch 213,726 66 11
8 8 Deutsche Bank 117,746 34 15.0% 8 10 Credit Suisse 140,296 58 7
9 15 UBS Investment Bank 115,284 35 199.3% 9 15 Stifel/KBW 10,448 58 18
10 3 Barclays 106,737 55 -28.5% 10 5 Barclays 106,737 55 -6
11 14 Centerview Partners 101,098 22 152.9% 11 9 Lazard 130,167 54 3
12 33 Perella Weinberg Partners 85,357 15 987.8% 12 8 Jefferies 31,744 54 2
13 6 Evercore Partners 78,619 70 -39.7% 13 14 Rothschild 35,844 46 6
14 42 Macquarie Group 54,110 18 1046% 14 12 Raymond James & Associates 18,005 46 1
15 11 RBC Capital Markets 47,184 45 -24.2% 15 13 RBC Capital Markets 47,184 45 3
Mergermarket.com Mergermarket Global and regional Americas league tables 54 M&A: H1 2017
US North East by deal value US North East by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 1 Goldman Sachs & Co 160,895 56 68.2% 1 3 Goldman Sachs & Co 160,895 56 17
2 2 Bank of America Merrill Lynch 136,705 42 134.9% 2 4 Morgan Stanley 130,007 52 15
3 6 Morgan Stanley 130,007 52 203.5% 3 1 JPMorgan 40,755 45 -1
4 5 Citi 123,204 40 180.7% 4 6 Bank of America Merrill Lynch 136,705 42 11
5 7 Credit Suisse 116,604 39 233.4% 5 12 Citi 123,204 40 19
6 23 Perella Weinberg Partners 78,464 11 1010% 6 7 Credit Suisse 116,604 39 11
7 33 Macquarie Group 52,551 9 2043% 7 2 Houlihan Lokey 8,731 39 -2
8 14 Lazard 50,220 29 195.4% 8 8 Jefferies 19,343 31 4
9 3 Barclays 46,292 29 -18.9% 9 9 Evercore Partners 25,007 30 4
10 4 JPMorgan 40,755 45 -15.7% 10 10 Lazard 50,220 29 4
11 196 ALANTRA 33,330 8 - 11 5 Barclays 46,292 29 -5
12 10 UBS Investment Bank 29,608 19 -6.8% 12 18 William Blair & Company 3,610 27 10
13 9 Deutsche Bank 25,247 24 -23.6% 13 13 Deutsche Bank 25,247 24 3
14 8 Evercore Partners 25,007 30 -27.0% 14 11 Rothschild 9,043 24 2
15 22 PJT Partners 21,257 13 179.0% 15 19 Raymond James & Associates 1,106 24 7
Mergermarket.com Mergermarket Global and regional Americas league tables 55 M&A: H1 2017
US Mid West by deal value US Mid West by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 5 Morgan Stanley 50,207 19 -12.9% 1 3 JPMorgan 40,686 29 11
2 1 Goldman Sachs & Co 49,127 22 -56.0% 2 1 Houlihan Lokey 1,588 28 6
3 6 Bank of America Merrill Lynch 42,387 14 -8.3% 3 2 Goldman Sachs & Co 49,127 22 3
4 9 JPMorgan 40,686 29 18.6% 4 14 Morgan Stanley 50,207 19 9
5 8 Deutsche Bank 27,979 8 -23.6% 5 10 Robert W. Baird & Co 2,357 18 5
6 3 Citi 27,949 17 -61.4% 6 8 Citi 27,949 17 3
7 32 Credit Suisse 27,736 15 2686% 7 13 Barclays 21,070 17 6
8 4 Barclays 21,070 17 -68.7% 8 36 Credit Suisse 27,736 15 11
9 19 Moelis & Company 18,491 11 353% 9 12 Jefferies 13,108 15 3
10= - HSBC 17,835 1 - 10 9 Lazard 6,013 15 1
10= - Robey Warshaw 17,835 1 - 11 17 William Blair & Company 1,762 15 5
12 11 Centerview Partners 14,117 7 -15.1% 12 15 Bank of America Merrill Lynch 42,387 14 4
13 17 Jefferies 13,108 15 173.4% 13 4 Lincoln International 677 14 -3
14 14 Rothschild 10,710 10 67.6% 14 7 Evercore Partners 3,650 12 -2
15 74 RBC Capital Markets 8,975 11 8875% 15 20 Moelis & Company 18,491 11 2
Mergermarket.com Mergermarket Global and regional Americas league tables 56 M&A: H1 2017
US South by deal value US South by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 1 Goldman Sachs & Co 144,587 38 16.9% 1 2 Goldman Sachs & Co 144,587 38 7
2 6 JPMorgan 135,109 35 223.3% 2 8 Evercore Partners 49,295 36 12
3 18 UBS Investment Bank 87,994 17 1095% 3 3 JPMorgan 135,109 35 5
4 35 Centerview Partners 87,779 10 4712% 4 13 Citi 54,358 31 11
5 4 Deutsche Bank 80,768 16 81.3% 5 4 Barclays 64,123 29 0
6 12 Lazard 75,452 19 238.6% 6 5 Morgan Stanley 68,912 28 1
7 9 Morgan Stanley 68,912 28 105.5% 7 11 Jefferies 17,149 27 4
8 3 Barclays 64,123 29 14.1% 8 6 Raymond James & Associates 1,960 27 0
9 7 Citi 54,358 31 42.5% 9 9 Bank of America Merrill Lynch 51,246 26 3
10 2 Bank of America Merrill Lynch 51,246 26 -14.7% 10 1 Houlihan Lokey 3,502 26 -9
11 11 Evercore Partners 49,295 36 117.4% 11 23 William Blair & Company 3,348 26 13
12 10 Credit Suisse 30,842 25 -0.7% 12 7 Credit Suisse 30,842 25 1
13 5 RBC Capital Markets 29,462 22 -32.0% 13 16 Piper Jaffray & Co 3,408 25 7
14 20 Moelis & Company 26,012 18 290.9% 14 10 RBC Capital Markets 29,462 22 -1
15 88 TD Securities 19,782 5 9742% 15 14 Stifel/KBW 6,719 22 3
Mergermarket.com Mergermarket Global and regional Americas league tables 57 M&A: H1 2017
US West by deal value US West by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 2 Goldman Sachs & Co 69,585 33 -7.9% 1 4 Goldman Sachs & Co 69,585 33 4
2 11 Citi 37,465 21 46.0% 2 2 JPMorgan 32,380 31 -1
3 8 Evercore Partners 32,430 28 15.6% 3 3 Houlihan Lokey 2,106 30 0
4 3 JPMorgan 32,380 31 -41.4% 4 5 Evercore Partners 32,430 28 5
5 1 Morgan Stanley 32,142 22 -57.7% 5 9 Stifel/KBW 3,218 26 8
6 5 Barclays 26,264 18 -22.7% 6 1 Morgan Stanley 32,142 22 -12
7 4 Bank of America Merrill Lynch 23,744 13 -35.1% 7 14 Jefferies 7,122 22 8
8 43 Rothschild 20,918 8 1642% 8 13 Citi 37,465 21 7
9 9 Credit Suisse 17,272 16 -35.6% 9 28 William Blair & Company 7,877 20 12
10 31 Moelis & Company 15,893 14 336.4% 10 20 Lazard 11,824 19 9
11 37 Raymond James & Associates 15,842 12 744.5% 11 6 Barclays 26,264 18 -3
12 13 Centerview Partners 13,410 6 2.6% 12 7 Credit Suisse 17,272 16 -2
13 21 Lazard 11,824 19 87.4% 13 8 Piper Jaffray & Co 1,941 16 -2
14 12 RBC Capital Markets 11,056 12 -54.6% 14 15 Moelis & Company 15,893 14 1
15 14 Guggenheim Partners 9,795 6 -17.2% 15 10 Bank of America Merrill Lynch 23,744 13 -2
Mergermarket.com Mergermarket Global and regional Americas league tables 58 M&A: H1 2017
Canada by deal value Canada by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change 1 2 JPMorgan 42,978 17 47.1% 1 1 RBC Capital Markets 30,533 23 -3
2 1 Goldman Sachs & Co 32,071 14 -27.4% 2 2 Deloitte 1,418 21 1
3 10 RBC Capital Markets 30,533 23 81.3% 3 5 BMO Capital Markets 9,208 20 7
4 7 Barclays 24,557 8 17.1% 4 6 TD Securities 24,129 19 6
5 18 TD Securities 24,129 19 192% 5 8 JPMorgan 42,978 17 6
6 11 Bank of America Merrill Lynch 18,604 9 14.2% 6 7 Goldman Sachs & Co 32,071 14 2
7 9 Scotiabank 18,567 10 2.7% 7 27 Evercore Partners 11,286 12 6
8 3 Lazard 16,505 6 -35.3% 8 3 CIBC World Markets 10,098 11 -7
9 12 Citi 12,254 7 -23.7% 9 11 Scotiabank 18,567 10 0
10 4 Morgan Stanley 12,000 7 -51.8% 10 12 Credit Suisse 10,764 10 1
11 38 Evercore Partners 11,286 12 1133% 11 4 National Bank Financial 3,471 10 -4
12 6 Credit Suisse 10,764 10 -50.2% 12 17 Bank of America Merrill Lynch 18,604 9 1
13 8 CIBC World Markets 10,098 11 -46.4% 13 13 Macquarie Group 4,964 9 0
14 13 BMO Capital Markets 9,208 20 -40.8% 14 24 Raymond James & Associates 865 9 2
15 - Centerview Partners 8,544 5 - 15 16 Barclays 24,557 8 0
Mergermarket.com Mergermarket Global and regional Americas league tables 59 M&A: H1 2017
C&S America by deal value C&S America by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 3 Morgan Stanley 3,888 7 -25.0% 1 2 Banco Itau BBA 2,714 12 2
2 10 Banco BTG Pactual 3,538 9 37.4% 2 3 Lazard 2,265 11 2
3 1 Credit Suisse 3,535 5 -70.6% 3 4 Banco Bradesco BBI 1,161 10 2
4 7 Citi 3,533 4 13.2% 4 5 Banco BTG Pactual 3,538 9 1
5 21 JPMorgan 2,810 4 177.1% 5 7 Morgan Stanley 3,888 7 2
6 9 Banco Itau BBA 2,714 12 -2.4% 6 10 Credit Suisse 3,535 5 1
7 12 Barclays 2,330 2 30.7% 7 8 Banco Bilbao Vizcaya Argentaria 2,316 5 0 8 4 Banco Bilbao Vizcaya Argentaria 2,316 5 -50.6% 8 20 PwC 471 5 2 9 11 Lazard 2,265 11 17.8% 9 6 Citi 3,533 4 -2 10 15 Goldman Sachs & Co 2,186 4 28.6% 10 19 JPMorgan 2,810 4 1 11 8 UBS Investment Bank 1,663 3 -41.1% 11 37 Goldman Sachs & Co 2,186 4 3 12 6 Rothschild 1,395 3 -62.0% 12 17 Artica Invest - 4 0 13 5 Banco Bradesco BBI 1,161 10 -73.1% 13 23 UBS Investment Bank 1,663 3 1 14 61 Bank of America Merrill Lynch 1,033 3 - 14 18 Rothschild 1,395 3 0 15= - CIBC World Markets 960 1 - 15 61 Bank of America Merrill Lynch 1,033 3 2 15= - CITIC Securities 960 1 -
Mergermarket.com Mergermarket Global and regional Aisa-Pacific league tables 60 M&A: H1 2017
Asia-Pacific league tables
Asia-Pacific(excl. Japan) by deal value Asia-Pacific(excl. Japan) by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Morgan Stanley 59,417 24 -40.2% 1 4 EY 5,378 42 6
2 5 UBS Investment Bank 43,903 19 -44.3% 2 7 Goldman Sachs & Co 42,057 31 -1
3 1 Goldman Sachs & Co 42,057 31 -59.1% 3 1 PwC 2,595 30 -25
4 13 Bank of America Merrill Lynch 41,415 15 38.0% 4 5 KPMG 10,901 29 -7
5 15 CITIC Securities 23,822 21 12.6% 5 3 Morgan Stanley 59,417 24 -12
6 12 Citi 21,959 16 -39.5% 6 18 CITIC Securities 23,822 21 6
7 18 Macquarie Group 21,006 19 47.9% 7 14 JPMorgan 11,444 21 2
8 25 Rothschild 19,178 15 97.5% 8 22 Haitong Securities 7,723 21 9
9 3 China International Capital Corporation 17,062 17 -81.5% 9 6 Credit Suisse 10,731 20 -13
10 47 Somerley Capital 16,785 14 277.7% 10 9 UBS Investment Bank 43,903 19 -7
11 110 The Anglo Chinese Group 15,336 5 2196% 11 15 Macquarie Group 21,006 19 0 China International Capital 12 11 17,062 17 -4 12= 71 PJT Partners 13,765 1 618.8% Corporation 12= 128 Wells Fargo Securities 13,765 1 3147% 13 2 Deloitte 719 17 -27
14 90 Axis Capital 12,990 6 1102% 14 8 Citi 21,959 16 -11
15 - Kotak Investment Banking 12,903 3 - 15 12 Bank of America Merrill Lynch 41,415 15 -6
16 - Robey Warshaw 12,668 1 - 16 16 Rothschild 19,178 15 -4
17 23 Deutsche Bank 11,812 9 3.8% 17 10 Huatai Securities 8,736 15 -10
18 6 JPMorgan 11,444 21 -83.8% 18 28 Somerley Capital 16,785 14 4
19 72 KPMG 10,901 29 492.4% 19 19 China Securities 7,368 14 0
20 4 Credit Suisse 10,731 20 -87.2% 20 13 Lazard 8,428 13 -7
Mergermarket.com Mergermarket Global and regional Asia-Pacific league tables 61 M&A: H1 2017
Asia (excl. Australasia & Japan) by deal value Asia (excl. Australasia & Japan) by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 1 Morgan Stanley 56,967 22 -41.9% 1 4 EY 4,572 33 4
2 3 Goldman Sachs & Co 38,337 22 -58.2% 2 1 PwC 2,371 24 -24
3 12 Bank of America Merrill Lynch 36,798 11 28.7% 3 2 Morgan Stanley 56,967 22 -10
4 5 UBS Investment Bank 32,439 12 -52.6% 4 7 Goldman Sachs & Co 38,337 22 -3
5 15 CITIC Securities 23,822 21 12.6% 5 17 CITIC Securities 23,822 21 7
6 13 Citi 20,425 13 -11.5% 6 21 Haitong Securities 7,723 21 9
7 23 Rothschild 18,881 12 108.2% 7 5 KPMG 10,630 20 -8 China International Capital 8 2 17,062 17 -81.5% Corporation 8 10 China International Capital Corporation 17,062 17 -4 9 44 Somerley Capital 16,785 14 277.7% 9 8 Huatai Securities 8,736 15 -10
10 105 The Anglo Chinese Group 15,336 5 2196% 10 6 Credit Suisse 8,651 15 -12
11= 67 PJT Partners 13,765 1 618.8% 11 12 JPMorgan 7,705 15 -3
11= 124 Wells Fargo Securities 13,765 1 3147% 12 27 Somerley Capital 16,785 14 4
13 87 Axis Capital 12,990 6 1101.7% 13 18 China Securities 7,368 14 0
14 - Kotak Investment Banking 12,903 3 - 14 3 Deloitte 719 14 -17
15 - Robey Warshaw 12,668 1 - 15 11 Citi 20,425 13 -6
Mergermarket.com Mergermarket Global and regional Asia-Pacific league tables 62 M&A: H1 2017
Australasia by deal value Australasia by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 1 Macquarie Group 20,795 17 48.2% 1 1 Macquarie Group 20,795 17 -1
2 10 Morgan Stanley 12,268 4 470.6% 2 3 KPMG 10,222 13 4
3 5 UBS Investment Bank 11,503 9 6.7% 3 6 Goldman Sachs & Co 5,642 11 3
4 7 Gresham Advisory Partners 10,437 4 7.3% 4 8 EY 1,032 11 4
5 21 KPMG 10,222 13 2575.9% 5 9 UBS Investment Bank 11,503 9 3
6= - Platinum Securities Company 9,818 1 - 6 23 RBC Capital Markets 9,241 8 6
6= - Somerley Capital 9,818 1 - 7 31 JPMorgan 4,755 8 7
6= - The Anglo Chinese Group 9,818 1 - 8 4 PwC 230 8 -1
9 16 RBC Capital Markets 9,241 8 963.4% 9 16 Moelis & Company 478 6 3
10 9 Deutsche Bank 9,030 5 163.7% 10 14 Deutsche Bank 9,030 5 2
11 3 Goldman Sachs & Co 5,642 11 -56.2% 11 12 Bank of America Merrill Lynch 4,698 5 1
12 14 Lazard 5,042 3 301.1% 12 25 Nomura Holdings 3,166 5 3
13 8 JPMorgan 4,755 8 -49.6% 13 7 Credit Suisse 2,080 5 -2
14 13 Bank of America Merrill Lynch 4,698 5 234.6% 14 2 Deloitte 58 5 -10
15 29 Nomura Holdings 3,166 5 1276.5% 15 11 Morgan Stanley 12,268 4 -1
Mergermarket.com Mergermarket Global and regional Asia-Pacific league tables 63 M&A: H1 2017
Greater China by deal value Greater China by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Morgan Stanley 34,148 13 -60.2% 1 11 CITIC Securities 23,695 20 7
2 14 CITIC Securities 23,695 20 16.3% 2 19 Haitong Securities 7,687 20 9
3 3 Goldman Sachs & Co 23,388 15 -72.5% 3 3 China International Capital Corporation 17,062 17 -4
4 12 Bank of America Merrill Lynch 21,429 5 -5.6% 4 5 Goldman Sachs & Co 23,388 15 -2
5 4 UBS Investment Bank 19,331 9 -71.0% 5 1 Huatai Securities 8,736 15 -10
6 1 China International Capital Corporation 17,062 17 -81.5% 6 21 Somerley Capital 16,785 14 4
7 15 Citi 16,954 7 -7.7% 7 10 China Securities 7,368 14 0
8 32 Somerley Capital 16,785 14 277.7% 8 2 Morgan Stanley 34,148 13 -9
9 84 The Anglo Chinese Group 15,336 5 2196% 9 30 Guotai Junan Securities 4,237 11 4
10= 53 PJT Partners 13,765 1 618.8% 10 14 GF Securities 3,329 11 -2
10= 102 Wells Fargo Securities 13,765 1 3147% 11 15 Gram Capital 2,748 11 -2
12 37 Platinum Securities Company 10,529 4 180.6% 12 22 China Merchants Securities 2,919 10 1
13 65 KPMG 10,211 6 713.6% 13 6 UBS Investment Bank 19,331 9 -7
14 - Macquarie Group 10,071 3 - 14 56 Nomura Holdings 4,587 9 6
15 133 Gresham Advisory Partners 9,818 1 4859% 15 196 Dongxing Securities 1,907 8 7
Mergermarket.com Mergermarket Global and regional Asia-Pacific league tables 64 M&A: H1 2017
India by deal value India by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 7 Bank of America Merrill Lynch 13,399 2 804.7% 1 1 EY 1,792 15 1
2 6 Rothschild 13,115 5 780.2% 2 9 Axis Capital 12,990 6 2
3 10 Axis Capital 12,990 6 1102% 3 4 Avendus Capital 413 6 0
4 16 Morgan Stanley 12,918 2 1409% 4 6 KPMG 243 6 1
5 - Kotak Investment Banking 12,903 3 - 5 8 Rothschild 13,115 5 1
6 17 UBS Investment Bank 12,668 2 1573% 6 2 PwC 57 5 -6
7= 26 Goldman Sachs & Co 12,668 1 5505% 7 - Kotak Investment Banking 12,903 3 3
7= - Robey Warshaw 12,668 1 - 8 26 JPMorgan 3,269 3 1
9 25 JPMorgan 3,269 3 1172% 9 3 JM Financial 510 3 -3
10 4 EY 1,792 15 -8.6% 10 11 Citi 451 3 0
11= - Deutsche Bank 1,415 1 - 11 10 Deloitte 162 3 -1
11= 70 RBC Capital Markets 1,415 1 - 12 15 o3 Capital Advisors 53 3 0
11= - The Valence Group 1,415 1 - 13 12 Bank of America Merrill Lynch 13,399 2 -1
14= 57 Motilal Oswal Investment Advisors 731 1 4469% 14 21 Morgan Stanley 12,918 2 0
14= - Nordea 731 1 - 15 22 UBS Investment Bank 12,668 2 0
Mergermarket.com Mergermarket Global and regional Asia-Pacific league tables 65 M&A: H1 2017
South Korea by deal value South Korea by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 1 Credit Suisse 2,872 4 -50.8% 1 1 PwC 2,215 16 -4
2 7 Mirae Asset Daewoo 2,455 5 10.1% 2 3 EY 1,686 8 0
3 9 Goldman Sachs & Co 2,290 3 90.7% 3 2 Deloitte 472 7 -7
4 2 PwC 2,215 16 -54.3% 4 5 KPMG 236 7 2
5 22 NH Investment & Securities 1,816 5 949.7% 5 13 KR & Partners 126 7 5
6 4 EY 1,686 8 -47.1% 6 15 Mirae Asset Daewoo 2,455 5 4
7 6 Samsung Securities 1,547 5 -46.0% 7 24 NH Investment & Securities 1,816 5 4
8 - KB Securities 1,208 2 - 8 7 Samsung Securities 1,547 5 2
9 5 Morgan Stanley 897 2 -71.5% 9 4 Credit Suisse 2,872 4 -1
10 - Rothschild 832 1 - 10 9 Goldman Sachs & Co 2,290 3 0
11= - Deutsche Bank 826 1 - 11 - KB Securities 1,208 2 2
11= - Raine Group 826 1 - 12 6 Morgan Stanley 897 2 -2
13 11 Bank of America Merrill Lynch 688 2 -24.8% 13 17 Bank of America Merrill Lynch 688 2 1
14 8 Korea Development Bank 640 2 -62.2% 14 8 Korea Development Bank 640 2 -1
15 24 Standard Chartered 582 1 298.6% 15 21 JPMorgan 416 2 1
Mergermarket.com Mergermarket Global and regional Asia-Pacific league tables 66 M&A: H1 2017
Japan by deal value Japan by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 9 JPMorgan 12,949 5 114.0% 1 3 Sumitomo Mitsui Financial Group 8,880 33 7
2 1 Morgan Stanley 9,336 9 -67.8% 2 1 Nomura Holdings 8,111 31 -12
3 31 Goldman Sachs & Co 8,941 6 2193% 3 2 Daiwa Securities Group 3,063 24 -2
4 10 Sumitomo Mitsui Financial Group 8,880 33 75.2% 4 4 Mizuho Financial Group 4,801 16 -9
5 27 Evercore Partners 8,367 3 1506% 5 8 GCA Corporation 1,319 14 -1
6 2 Nomura Holdings 8,111 31 -64.5% 6 18 PwC 967 13 9
7 6 Lazard 5,748 5 -15.2% 7 6 Deloitte 581 10 -7
8 4 Bank of America Merrill Lynch 5,192 3 -42.6% 8 5 Morgan Stanley 9,336 9 -12
9 3 Mizuho Financial Group 4,801 16 -75.1% 9 10 EY 728 7 -1
10 8 Daiwa Securities Group 3,063 24 -49.9% 10 43 Goldman Sachs & Co 8,941 6 5
11 7 Credit Suisse 2,207 3 -65.4% 11 14 JPMorgan 12,949 5 1
12 23 KPMG 2,086 5 165.4% 12 20 Lazard 5,748 5 2
13 20 GCA Corporation 1,319 14 37.7% 13 9 KPMG 2,086 5 -5
14 15 Citi 1,319 5 -56.8% 14 37 Citi 1,319 5 4
15 11 Deutsche Bank 1,245 1 -68.0% 15 7 Plutus Consulting 1,052 5 -10
Mergermarket.com Mergermarket Global and regional Asia-Pacific league tables 67 M&A: H1 2017
South East Asia by deal value South East Asia by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Morgan Stanley 10,004 7 17.4% 1 2 Credit Suisse 2,729 9 -1
2 14 Citi 3,221 3 -0.5% 2 9 EY 713 8 2
3 25 DBS Bank 3,004 3 246.9% 3 5 Morgan Stanley 10,004 7 0
4 1 Credit Suisse 2,729 9 -70.1% 4 12 JPMorgan 1,299 7 3
5 32 Barclays 1,959 2 305.6% 5 4 RHB Investment Bank 543 7 -1
6 26 Lazard 1,700 3 114.6% 6 6 Goldman Sachs & Co 551 6 -1
7 10 JPMorgan 1,299 7 -72.7% 7 23 Affin Hwang Capital 436 6 3
8 11 Bank of America Merrill Lynch 1,282 2 -71.1% 8 1 CIMB Group 1,005 5 -7
9 18 CIMB Group 1,005 5 -26.1% 9 7 Maybank Investment Bank 866 5 -2
10= - Banca IMI/Intesa Sanpaolo 952 1 - 10 18 Kenanga Investment Bank 298 4 0
10= - Santander Global Corporate Banking 952 1 - 11 41 Mercury Securities 149 4 2
12= 12 Rothschild 900 1 -77.8% 12 14 Citi 3,221 3 -1
12= 20 Scotiabank 900 1 -26.7% 13 17 DBS Bank 3,004 3 -1
14 4 Maybank Investment Bank 866 5 -87.7% 14 29 Lazard 1,700 3 1
15 51 EY 713 8 409.3% 15 3 Deloitte 85 3 -6
Mergermarket.com Mergermarket Global and regional Africa & Middle East 68 M&A: H1 2017 league tables
Africa & Middle East league tables
Africa & Middle East by deal value Africa & Middle East by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 6 Goldman Sachs & Co 35,315 7 1001% 1 4 Rothschild 17,807 12 5
2 2 Citi 21,217 7 127.3% 2 12 PwC 948 9 5
3 4 Rothschild 17,807 12 223.5% 3 20 Goldman Sachs & Co 35,315 7 5
4 19 Morgan Stanley 17,558 6 2015% 4 7 Citi 21,217 7 2
5 - Raymond James & Associates 14,993 1 - 5 13 JPMorgan 11,287 7 4
6 5 JPMorgan 11,287 7 150.5% 6 10 Morgan Stanley 17,558 6 1
7 - Centerview Partners 9,329 2 - 7 2 KPMG 242 6 -4
8 22 Bank of America Merrill Lynch 5,076 4 728.1% 8 3 Lazard 2,721 5 -3
9 11 UBS Investment Bank 4,161 4 154.8% 9 27 Bank of America Merrill Lynch 5,076 4 2
10 1 Lazard 2,721 5 -71.0% 10 9 UBS Investment Bank 4,161 4 -1
11 101 HSBC 2,695 4 - 11 101 HSBC 2,695 4 3
12 38 Deloitte 2,647 2 895.1% 12 6 EY 462 4 -2
13 12 Credit Suisse 2,215 1 60.0% 13 30 William Blair & Company 1,695 3 1
14 29 William Blair & Company 1,695 3 352.0% 14 8 Jefferies 309 3 -2
15 - Scotiabank 1,200 2 - 15 11 Rand Merchant Bank 281 3 -1
16 - QInvest 1,120 1 - 16 5 Investec 224 3 -3
17= - Banco Bilbao Vizcaya Argentaria 1,111 1 - 17 - Centerview Partners 9,329 2 2
17= 73 Macquarie Group 1,111 1 5191% 18 18 Deloitte 2,647 2 -1
19= - GMP Securities 1,074 1 - 19 - Scotiabank 1,200 2 2
19= 17 RBC Capital Markets 1,074 1 14.3% 20 - BMO Capital Markets 896 2 2
Mergermarket.com Mergermarket Global and regional Private equity league tables 69 M&A: H1 2017
Private equity league tables
Global (buyouts+exits) by deal value Global (buyouts+exits) by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 1 Goldman Sachs & Co 78,645 45 69.9% 1 1 Rothschild 12,830 46 -8
2 2 Morgan Stanley 62,978 35 77.6% 2 4 Goldman Sachs & Co 78,645 45 13
3 9 Bank of America Merrill Lynch 62,756 23 212.9% 3 11 William Blair & Company 7,799 40 16
4 4 Citi 45,874 21 40.9% 4 9 Morgan Stanley 62,978 35 6
5 11 JPMorgan 42,854 34 179.5% 5 6 PwC 4,600 35 3
6 7 Credit Suisse 32,473 25 13.7% 6 18 JPMorgan 42,854 34 15
7 6 Deutsche Bank 25,373 19 -13.6% 7 10 Jefferies 10,942 30 2
8 3 Barclays 21,275 17 -36.3% 8 7 Houlihan Lokey 7,003 28 -3
9 12 UBS Investment Bank 17,479 20 27.1% 9 2 KPMG 1,406 27 -8
10 31 Wells Fargo Securities 16,320 5 655.6% 10 5 Lazard 12,715 26 -6
11 - Centerview Partners 14,621 4 - 11 15 EY 2,535 26 5
12 34 PJT Partners 14,003 3 597.0% 12 13 Credit Suisse 32,473 25 4
13 15 Moelis & Company 13,498 16 60.1% 13 14 Robert W. Baird & Co 2,731 25 4
14 5 RBC Capital Markets 13,320 13 -58.1% 14 3 Deloitte 810 24 -9
15 10 Rothschild 12,830 46 -19.5% 15 22 Bank of America Merrill Lynch 62,756 23 7
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Gloabal
Mergermarket.com Mergermarket Global and regional Private equity league tables 70 M&A: H1 2017
US (buyouts+exits) by deal value US (buyouts+exits) by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 1 Goldman Sachs & Co 38,361 24 -0.9% 1 20 William Blair & Company 7,718 32 18
2 12 Bank of America Merrill Lynch 37,890 14 436.8% 2 2 Jefferies 10,275 25 6
3 9 JPMorgan 30,580 20 198.0% 3 50 Goldman Sachs & Co 38,361 24 2
4 4 Morgan Stanley 25,758 19 -2.8% 4 62 JPMorgan 30,580 20 9
5 7 Credit Suisse 23,099 16 26.4% 5 1 Houlihan Lokey 3,580 20 -5
6 6 Deutsche Bank 15,754 12 -23.3% 6 6 Morgan Stanley 25,758 19 2
7 - Centerview Partners 14,621 4 - 7 28 Credit Suisse 23,099 16 7
8 2 Barclays 14,506 13 -49.1% 8 10 Robert W. Baird & Co 1,377 16 3
9 11 Moelis & Company 13,286 13 70.7% 9 33 Harris Williams & Co 1,158 15 1
10 3 RBC Capital Markets 13,070 11 -50.7% 10 35 Bank of America Merrill Lynch 37,890 14 9
11 8 Jefferies 10,275 25 -35.0% 11 15 Piper Jaffray & Co 1,671 14 4
12 5 Citi 8,341 7 -64.5% 12 21 Stifel/KBW 709 14 8
13 10 UBS Investment Bank 8,304 10 -6.4% 13 47 Barclays 14,506 13 0
14 18 William Blair & Company 7,718 32 200.9% 14 14 Moelis & Company 13,286 13 2
15 34 Guggenheim Partners 6,597 1 934.0% 15 23 Raymond James & Associates 615 13 2
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US
Mergermarket.com Mergermarket Global and regional Private equity league tables 71 M&A: H1 2017
Europe (buyouts+exits) by deal value Europe (buyouts+exits) by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 5 Citi 32,306 9 308.5% 1 1 Rothschild 9,091 40 -7
2 7 Goldman Sachs & Co 31,544 11 344.9% 2 3 PwC 4,549 31 4
3 6 Morgan Stanley 28,829 9 302.2% 3 2 KPMG 1,304 21 -9
4 2 Bank of America Merrill Lynch 18,594 4 60.6% 4 5 Deloitte 766 20 0
5= 41 Wells Fargo Securities 13,765 1 1333.9% 5 6 EY 925 17 -1
5= 22 PJT Partners 13,765 1 585.2% 6 7 DC Advisory 1,071 14 0
7 4 Deutsche Bank 9,619 7 21.3% 7 43 GCA Corporation 314 13 9
8 1 Rothschild 9,091 40 -34.2% 8 4 Lazard 8,301 12 -8
9 21 BNP Paribas 8,724 7 318.2% 9 23 Goldman Sachs & Co 31,544 11 4
10 3 Lazard 8,301 12 -19.0% 10 11 Clearwater International 756 11 -2
11 80 Credit Agricole 7,521 4 6220% 11 9 Natixis 3,863 10 -3
12 12 JPMorgan 7,237 9 59.3% 12 18 Citi 32,306 9 1
13 9 Credit Suisse 6,719 5 31.4% 13 19 Morgan Stanley 28,829 9 1
14 98 Arma Partners 5,551 3 8063% 14 24 JPMorgan 7,237 9 2
15 11 UBS Investment Bank 5,350 7 9.7% 15 27 Robert W. Baird & Co 1,354 9 2
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe
Mergermarket.com Mergermarket Global and regional Private equity league tables 72 M&A: H1 2017
Asia-Pac (buyouts+exits) by deal value Asia-Pac (buyouts+exits) by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 7 Bank of America Merrill Lynch 6,154 4 572.6% 1 43 EY 887 8 7
2 56 UBS Investment Bank 3,825 3 - 2 5 Goldman Sachs & Co 3,606 6 3
3 15 Goldman Sachs & Co 3,606 6 604.3% 3 12 Bank of America Merrill Lynch 6,154 4 3
4 - Lazard 3,338 2 - 4 - Macquarie Group 2,713 4 -
5 - Macquarie Group 2,713 4 - 5 53 KPMG 102 4 3
6 14 JPMorgan 2,496 2 371.8% 6 56 UBS Investment Bank 3,825 3 2
7 29 CITIC Securities 2,164 2 1527% 7 - Avendus Capital 233 3 -
8 1 Credit Suisse 1,674 2 -67.6% 8 - Lazard 3,338 2 -
9 41 DBS Bank 1,066 1 1838% 9 18 JPMorgan 2,496 2 1
10 - Allier Capital 930 1 - 10 31 CITIC Securities 2,164 2 1
11 42 EY 887 8 1513% 11 2 Credit Suisse 1,674 2 -3
12 - Nomura Holdings 600 1 - 12 26 Citi 251 2 1
13 39 Standard Chartered 582 1 870.0% 13 28 Moelis & Company 102 2 1
14 - Mirae Asset Daewoo 573 1 - 14 9 PwC 51 2 0
15 6 Morgan Stanley 531 1 -52.0% 15 34 KR & Partners 16 2 1
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)
Mergermarket.com Mergermarket Global and regional Private equity league tables 73 M&A: H1 2017
Global buyouts by deal value Global buyouts by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Citi 28,042 14 19.0% 1 10 EY 1,834 22 12
2 7 Bank of America Merrill Lynch 24,718 8 217.5% 2 1 PwC 1,651 19 -5
3 3 Deutsche Bank 18,829 12 -10.7% 3 27 Morgan Stanley 18,745 16 12
4 15 Morgan Stanley 18,745 16 453.6% 4 3 KPMG 865 16 -4
5 5 Goldman Sachs & Co 17,590 15 8.2% 5 5 Goldman Sachs & Co 17,590 15 3
6 4 Barclays 17,175 14 -16.0% 6 2 Deloitte 299 15 -7
7 6 Credit Suisse 16,441 13 72.9% 7 9 Citi 28,042 14 4
8 12 JPMorgan 13,708 9 223.2% 8 7 Barclays 17,175 14 3
9 1 RBC Capital Markets 8,550 8 -67.6% 9 16 Credit Suisse 16,441 13 6
10 32 BNP Paribas 6,561 3 551.5% 10 12 Deutsche Bank 18,829 12 3
11 18 UBS Investment Bank 6,430 9 198.5% 11 44 Jefferies 5,115 12 10
12 8 Lazard 6,174 8 1.5% 12 8 Rothschild 5,118 11 0
13 - Arma Partners 5,551 3 - 13 18 JPMorgan 13,708 9 3
14 - LionTree Advisors 5,201 2 - 14 19 UBS Investment Bank 6,430 9 3
15 25 Rothschild 5,118 11 265.3% 15 17 Macquarie Group 4,361 9 2
*Based on advisors to bidder on buyout deals with the target dominant geography being Global
Mergermarket.com Mergermarket Global and regional Private equity league tables 74 M&A: H1 2017
US buyouts by deal value US buyouts by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 8 Bank of America Merrill Lynch 18,894 5 362.7% 1 1 Barclays 10,406 10 0
2 - Morgan Stanley 11,797 9 - 2 14 Jefferies 4,941 10 8
3 5 Goldman Sachs & Co 11,562 8 -17.6% 3 - Morgan Stanley 11,797 9 9
4 17 JPMorgan 11,299 6 968.0% 4 2 Goldman Sachs & Co 11,562 8 0
5 2 Barclays 10,406 10 -49.1% 5 3 RBC Capital Markets 8,550 8 3
6 4 Deutsche Bank 10,384 7 -36.5% 6 - William Blair & Company 875 8 8
7 6 Credit Suisse 9,051 7 24.9% 7 7 Deutsche Bank 10,384 7 4
8 1 RBC Capital Markets 8,550 8 -60.9% 8 5 Credit Suisse 9,051 7 3
9 3 Citi 8,031 6 -58.5% 9 28 JPMorgan 11,299 6 5
10 - LionTree Advisors 5,201 2 - 10 4 Citi 8,031 6 2
11 15 Jefferies 4,941 10 202.9% 11 8 Bank of America Merrill Lynch 18,894 5 2
12 25 Perella Weinberg Partners 4,913 2 2914% 12 16 Houlihan Lokey 1,920 4 2
13 - Intrepid Partners 4,300 2 - 13 6 UBS Investment Bank 1,181 4 0 SunTrust Robinson Humphrey Capital 14 18 Houlihan Lokey 1,920 4 102.1% 14 56 1,400 3 2 Markets SunTrust Robinson Humphrey Capital 15 56 1,400 3 - 15 31 Nomura Holdings 900 3 2 Markets
*Based on advisors to bidder on buyout deals with the target dominant geography being US
Mergermarket.com Mergermarket Global and regional Private equity league tables 75 M&A: H1 2017
Europe buyouts by deal value Europe buyouts by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Citi 15,035 5 276.1% 1 1 PwC 1,651 19 0
2 3 Deutsche Bank 8,445 5 119.4% 2 6 EY 450 14 5
3 20 BNP Paribas 6,561 3 551.5% 3 4 Deloitte 299 14 3
4 4 Lazard 5,910 6 62.6% 4 8 Rothschild 5,118 11 3
5 - Credit Suisse 5,737 4 - 5 2 KPMG 770 11 -5
6 - Arma Partners 5,551 3 - 6 3 Lazard 5,910 6 -5
7 16 Rothschild 5,118 11 348.6% 7 14 Citi 15,035 5 0
8 - Zaoui & Co 5,108 1 - 8 17 Deutsche Bank 8,445 5 1
9 11 Goldman Sachs & Co 4,080 3 113.8% 9 13 Clearwater International 756 5 -1
10 - Nordea 4,080 1 - 10 39 Grant Thornton - 5 3
11 - ING 3,727 4 - 11 - Credit Suisse 5,737 4 4
12 - BMO Capital Markets 3,501 2 - 12 - ING 3,727 4 4
13 81 Barclays 3,341 3 - 13 15 Natixis 1,593 4 -1
14 - Sycomore Corporate Finance 1,668 2 - 14 21 Morgan Stanley 1,566 4 1
15 5 PwC 1,651 19 -52.8% 15 44 ALANTRA 1,157 4 2
*Based on advisors to bidder on buyout deals with the target dominant geography being Europe
Mergermarket.com Mergermarket Global and regional Private equity league tables 76 M&A: H1 2017
Asia-Pac buyouts by deal value Asia-Pac buyouts by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 5 Bank of America Merrill Lynch 5,824 3 536.5% 1 - EY 661 7 7
2 26 UBS Investment Bank 3,709 2 - 2 6 Goldman Sachs & Co 1,948 4 2
3 - Macquarie Group 2,623 3 - 3 8 Bank of America Merrill Lynch 5,824 3 2
4 15 CITIC Securities 2,164 2 1527% 4 - Macquarie Group 2,623 3 3
5 8 JPMorgan 2,080 1 293.2% 5 - KPMG 95 3 3
6 9 Goldman Sachs & Co 1,948 4 499.4% 6 26 UBS Investment Bank 3,709 2 1
7 22 DBS Bank 1,066 1 1838% 7 16 CITIC Securities 2,164 2 1
8= - Allier Capital 930 1 - 8 10 JPMorgan 2,080 1 0
8= 2 Credit Suisse 930 1 -58.9% 9 22 DBS Bank 1,066 1 0
10 - EY 661 7 - 10= - Allier Capital 930 1 1
11 - Nomura Holdings 600 1 - 10= 3 Credit Suisse 930 1 -1
12 20 Standard Chartered 582 1 870.0% 12 - Nomura Holdings 600 1 1
13 - Mirae Asset Daewoo 573 1 - 13 20 Standard Chartered 582 1 0
14 - Somerley Capital 290 1 - 14 - Mirae Asset Daewoo 573 1 1
15 - Lazard 264 1 - 15 - Somerley Capital 290 1 1
*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)
Mergermarket.com Mergermarket Global and regional Private equity league tables 77 M&A: H1 2017
Global exits by deal value Global exits by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Goldman Sachs & Co 61,055 30 103.2% 1 1 Rothschild 7,712 35 -8
2 1 Morgan Stanley 44,233 19 37.9% 2 5 William Blair & Company 6,924 32 9
3 7 Bank of America Merrill Lynch 38,038 15 210.1% 3 7 Goldman Sachs & Co 61,055 30 10
4 9 JPMorgan 29,146 25 162.7% 4 15 JPMorgan 29,146 25 12
5 10 Citi 17,832 7 98.1% 5 8 Robert W. Baird & Co 2,462 22 2
6 22 Wells Fargo Securities 16,320 4 655.6% 6 2 Houlihan Lokey 4,215 20 -7
7 3 Credit Suisse 16,032 12 -15.8% 7 4 Morgan Stanley 44,233 19 -6 8 9 Lazard 6,541 18 0 8 - Centerview Partners 14,413 3 - 9 3 Jefferies 5,827 18 -8 9 26 PJT Partners 13,765 1 585.2% 10 16 Piper Jaffray & Co 2,234 17 5 10 17 Moelis & Company 13,342 11 243.0% 11 27 PwC 2,949 16 8 11 8 UBS Investment Bank 11,049 11 -4.7% 12 17 Bank of America Merrill Lynch 38,038 15 4 12 5 Rothschild 7,712 35 -46.9% 13 11 Harris Williams & Co 1,158 15 0 13 204 Credit Agricole 7,521 3 - 14 6 Lincoln International 416 15 -7 14 18 William Blair & Company 6,924 32 104.0% 15 14 Raymond James & Associates 796 13 -1 15 219 Guggenheim Partners 6,597 1 -
*Based on advisors to target/seller on exit deals with the target dominant geography being Global
Mergermarket.com Mergermarket Global and regional Private equity league tables 78 M&A: H1 2017
US exits by deal value US exits by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 2 Goldman Sachs & Co 26,799 16 8.6% 1 6 William Blair & Company 6,843 24 10
2 5 JPMorgan 19,281 14 109.5% 2 5 Goldman Sachs & Co 26,799 16 2
3 14 Bank of America Merrill Lynch 18,996 9 538.5% 3 1 Houlihan Lokey 1,660 16 -7
4 - Centerview Partners 14,413 3 - 4 3 Jefferies 5,334 15 -2
5 4 Credit Suisse 14,048 9 27.4% 5 8 Robert W. Baird & Co 1,377 15 3
6 1 Morgan Stanley 13,961 10 -47.3% 6 9 JPMorgan 19,281 14 4
7 12 Moelis & Company 13,286 10 309.4% 7 7 Harris Williams & Co 1,158 14 1
8 7 UBS Investment Bank 7,123 6 6.1% 8 14 Piper Jaffray & Co 1,254 11 3
9 15 William Blair & Company 6,843 24 166.8% 9 19 Stifel/KBW 709 11 6
10 - Guggenheim Partners 6,597 1 - 10 10 Raymond James & Associates 415 11 1
11 10 Deutsche Bank 5,370 5 27.9% 11 2 Morgan Stanley 13,961 10 -7
12 3 Jefferies 5,334 15 -62.4% 12 11 Moelis & Company 13,286 10 1
13 9 RBC Capital Markets 4,520 3 -2.8% 13 13 Lazard 1,076 10 2
14 8 Evercore Partners 4,512 5 -17.9% 14 34 Bank of America Merrill Lynch 18,996 9 7
15 6 Barclays 4,100 3 -49.0% 15 15 Credit Suisse 14,048 9 4
*Based on advisors to target/seller on exit deals with the target dominant geography being US
Mergermarket.com Mergermarket Global and regional Private equity league tables 79 M&A: H1 2017
Europe exits by deal value Europe exits by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 4 Goldman Sachs & Co 27,464 8 430.0% 1 1 Rothschild 3,973 29 -10
2 9 Morgan Stanley 27,263 5 579.9% 2 9 PwC 2,898 12 4
3 2 Bank of America Merrill Lynch 18,594 4 111.5% 3 4 DC Advisory 632 10 -1
4 11 Citi 17,271 4 341.6% 4 2 KPMG 534 10 -4
5= 16 PJT Partners 13,765 1 585.2% 5 91 GCA Corporation 293 10 9
5= 25 Wells Fargo Securities 13,765 1 1334% 6 19 Goldman Sachs & Co 27,464 8 3
7 123 Credit Agricole 7,521 3 - 7 35 JPMorgan 7,237 8 5
8 19 JPMorgan 7,237 8 283.1% 8 13 Robert W. Baird & Co 1,085 7 0
9 75 ABG Sundal Collier Holding 5,338 4 8797% 9 15 William Blair & Company 81 7 0
10 1 Rothschild 3,973 29 -68.7% 10 5 Lazard 2,391 6 -3
11 6 UBS Investment Bank 3,810 4 -21.9% 11 8 Natixis 2,270 6 -2
12 49 Quayle Munro 3,285 1 1108% 12 21 Evercore Partners 2,015 6 1
13 48 PwC 2,898 12 965.4% 13 12 Jamieson Corporate Finance 1,731 6 -1
14 22 Oloryn Partners 2,628 2 99.1% 14 6 Deloitte 467 6 -3
15 3 Lazard 2,391 6 -63.9% 15 16 Clearwater International - 6 -1
*Based on advisors to target/seller on exit deals with the target dominant geography being Europe
Mergermarket.com Mergermarket Global and regional Private equity league tables 80 M&A: H1 2017
Asia-Pac exits by deal value Asia-Pac exits by deal count
Rank Company name H1 2017 Rank Company name H1 2017
H1 H1 Value Deal Value H1 H1 Value Deal Count 2017 2016 (US$m) Count change 2017 2016 (US$m) Count change
1 - Lazard 3,074 1 - 1 18 Goldman Sachs & Co 1,658 2 1
2 17 Goldman Sachs & Co 1,658 2 786.6% 2 - Citi 251 2 2
3 1 Credit Suisse 744 1 -74.4% 3 - Avendus Capital 198 2 2
4 4 Morgan Stanley 531 1 -39.5% 4 - PwC 51 2 2
5 - JPMorgan 416 1 - 5 21 KR & Partners 16 2 1
6 - Bank of America Merrill Lynch 330 1 - 6 - Miles Advisory Partners - 2 2
7 - Citi 251 2 - 7 - Lazard 3,074 1 1
8= 25 EY 226 1 310.9% 8 1 Credit Suisse 744 1 -2
8= 10 Fort Street Advisers 226 1 -27.3% 9 6 Morgan Stanley 531 1 0
10 - Rothschild 200 1 - 10 - JPMorgan 416 1 1
11 - Avendus Capital 198 2 - 11 - Bank of America Merrill Lynch 330 1 1
12 - Rippledot Capital 118 1 - 12= 26 EY 226 1 0
13 - UBS Investment Bank 116 1 - 12= 12 Fort Street Advisers 226 1 0
14 - Tata Capital 109 1 - 14 - Rothschild 200 1 1
15 - First NZ Capital 91 1 - 15 - Rippledot Capital 118 1 1
*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)
Mergermarket.com Mergermarket Global and regional Criteria 81 M&A: H1 2017
Criteria
All data is based on transactions over US$ League tables: based on the dominant Inbound 5m and is based on Mergermarket’s M&A geography of the target, bidder, seller, and Global/US/Japan: The dominant geography of deals database. Deals with undisclosed deal excludes lapsed and withdrawn bids. the target is X, and the dominant geography of values are included where the target’s turnover Private equity buyout league tables based the bidder is any other country excluding X. exceeds US$ 10m. Deals where the stake on financial advisors advising the bidder only Europe/Asia/Africa & Middle East: The acquired is less than 30% will only be included on buyout deals and excludes lapsed and dominant geography of the target is X, and the if the value is greater than US$100m. withdrawn bids. Private equity exit league dominant geography of the bidder is any other tables based on financial advisors advising the Full deal inclusion criteria can be found here. region excluding X. target/seller on exit deals and excludes lapsed M&A Trends and Top Deals correct as of 9am and withdrawn bids. Private equity buyout and Outbound (GMT), 03-Jul-2017. Cut off date 30-Jun-2017. exit combined league tables based on financial Global/US/Japan: The dominant geography of League tables correct as of 9am (GMT), 04- advisors advising the bidder on buyout deals the bidder is X, and the dominant geography Jul-2017. Cut off date 30-Jun-2017. AND the target/seller on exit deals, excluding of the target is any other country excluding X. lapsed and withdrawn bids. Equal rankings are Trend data: based on the dominant geography Europe/Asia/Africa & Middle East: The based on having both identical values and deal of the target and excludes lapsed and dominant geography of the bidder is X, and counts reported in one table. withdrawn bids. the dominant geography of the target is any Global cross-border: based on the dominant other region excluding X. Sector trends based on the dominant sector geography of the target and bidder company of the target. being based in different regions.
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