Including League Tables of Financial Advisors

Home , Centerview Partners, GCA Corporation, Huatai Securities, Piper Sandler Companies

An Acuris Company

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report 1Q-3Q20 Including League Tables of Financial Advisors

mergermarket.com An Acuris Company

Content

Overview 03

Global 04

Global Private Equity 10

Europe 16

US 21

Latin America 26

Asia Pacific (excl. Japan) 31

Japan 36

Middle East & Africa 41

M&A and PE League Tables 46

Criteria & Contacts 80

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 1Q-3Q20

Global Overview Regional M&A Comparison

North America USD 722.5bn -47.0% vs. YTD19 Inbound USD 106.7bn -46.1% Outbound USD 229.5bn -13.3% Technology USD 198.3bn 7.0%

Latin America USD 25.6bn -59.6% vs. YTD19 Inbound USD 7.4bn -81.4% Outbound USD 1.7bn -75.9% Energy, Mining & USD 5.7bn -78.1% 25.2% Utilities 38.9% Europe USD 467.2bn -20.7% vs. YTD19 4.3% Inbound USD 175.4bn -30.2% Outbound USD 102.2bn -48.0% Technology USD 85.1bn 57.5%

MEA USD 69.1bn -47.3% vs. YTD19 Inbound USD 23.8bn -41.6% Outbound USD 7.4bn -22.5% 3.7% Energy, Mining & USD 34.0bn 32.3% Utilities 1.4% 26.5% APAC (ex. Japan) USD 493.1bn 22.7% vs. YTD19 Inbound USD 84.6bn 3.9% Outbound USD 34.3bn -51.0% Energy, Mining & USD 130.6bn 218.0% Utilities

Global M&A USD 1.86tn -28.0% vs. 1Q-3Q19 Japan USD 79.7bn 174.0% vs. YTD19 The % values on the map indicate Inbound USD 1.1bn -4.4% Cross-border USD 711.7bn -36% vs. 1Q-3Q19 market shares by value in global M&A Outbound USD 28.9bn -57.9% Top sector: Technology USD 343.8bn 12.3% vs. 1Q-3Q19 Telecoms USD 42.6bn 644321.0%

mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 1Q-3Q20 Global

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 49.1 23-Jul China Oil & Gas PetroChina China Energy Mining Pipeline Network Company Limited & Utilities Corporation (Oil & Gas USD 891.4bn pipelines assets) 40.4 29-Sep Nippon Telegraph NTT DoCoMo, Inc. Japan Telecoms and Telephone (33.79% Stake) Global deal value in 3Q20 Corporation 38.5 13-Sep NVIDIA SVF Holdco (UK) United Kingdom Technology Corporation Limited 35.6 09-Mar Aon plc Willis Towers United Kingdom Financial Watson Public Services Limited Company 34.8 23-Jul China Chengtong China Oil & Gas China Energy Mining Holdings Group Pipeline Network & Utilities Limited; National Corporation Council for (48.74% Stake) Social Security Fund; China 139.5% 256% Reform Holdings Corporation Ltd.; Silk Road Increase in global deal Increase in the number Fund Co., Ltd. ; China Insurance value over 2Q20 of USD 5bn+ deals Investment Company Ltd; quarter on quarter China Investment International Limited

mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report 1Q-3Q20

Global

By the end of the first half, 2020 showed it was more than USD 402.2bn in deal value in 3Q20—up 425.4% quarter on that saw a positive reversal in fortunes, with total disclosed capable of living up to its reputation as being a really, really, quarter—and with 1,036 total transactions, up 22.2%. deal values rising to USD 168.6bn (up 115%) on 286 deals (up bad year. Dealmakers’ mettle was tested not only by harsh 13%) quarter on quarter. In 2Q20, EMU deals had declined Europe and Asia-Pacific, too, saw significant increases in economic conditions but the upending of daily life. Although 67.6% by value and 33.9% by volume compared to the first overall disclosed deal values as both geographies saw M&A professionals may have been down, they were never out. quarter. their own very large deals. Deals in Europe were driven by A stunning resurgence in activity in 3Q20 was driven by the technology while deals in Asia-Pacific by China’s liberalizing of Private equity advances its global market share. In 2Q20 largest and most complex deals. its oil and gas market and take private deals of Hong Kong- private equity recorded its highest global market share Large deals, those with disclosed values of USD 5bn or listed companies. The total volume of deals was down in both compared to corporate buyers on record, accounting for more, skyrocketed 256% quarter over quarter, reaching 32 regions, however. almost one-fifth of all deals by volume. An abundance of transactions totalling USD 451.3bn in 3Q20. Not since 4Q15 dry powder enabled private equity to take advantage of the The largest announced US transaction was Marathon have so many large deals been announced. The two largest downturn, and in the third quarter, PE continued to raise its Petroleum’s divestiture of Speedway to 7-Eleven for USD 21bn. deals included PetroChina selling off major pipeline assets for activity level to 700 deals (vs 638 in 2Q20) and increase The deal was nearly equalled by Analog’s USD 20.3bn bid USD 49.1bn to PipeChina and the acquisition of NTT DoCoMo the total deal value to USD 140.9bn—a 46.3% increase over for Maxim and Gilead’s USD 19.4bn offer for Immunomedics. by Nippon Telegraph and Telephone Corporation for USD the USD 95.7bn of the previous quarter. Such a tempo of Europe’s top deal was USD 38.5bn NVIDIA-ARM combination 40.4bn. dealmaking resulted in private equity improving its global and Asia saw PetroChina’s [HKG:0857; SHA:601857] pipeline market share by volume to 20, the highest quarterly figure on Such large deals were a major contributor to an overall 139.5% divestiture to PipeChina for USD 49.1bn. record for 3Q20. Year to date, private equity’s market share quarter-on-quarter increase in deal value to USD 891.4bn, Threats and opportunities remain. The anemic number of now stands at 19.7%, which is also all time high. from USD 372.2bn in 2Q20. And even managed to eclipse deals could be a sign that although dealmakers have forged 3Q19, which saw just USD 677.4bn. The increase in large deals ahead, plenty of uncertainty remains in global economy. drove average valuations per deal in the Americas to levels Pandemic infection numbers have declined in some regions not seen in two decades. “The overall anemic deal while surging in others. Brexit looms large on the horizon Despite the valiant effort, the increase in large deals could in Europe, which could have a deleterious impact on M&A. volume could be a sign that, not erase a difficult first half. Year to date, 2020 has seen The US presidential election and civil/social unrest create USD 1.86 trillion in deals compared to USD 2.58 trillion for the a number of question marks, including possible changes although dealmakers have same period in 2019, representing a 27.9% decline. The first in tax laws spurring some business owners to pursue sales half was marked by a large number of lapsed and cancelled processes. Meanwhile, geopolitical tensions between the US forged ahead with high- deals because of the uncertainty over COVID-19 as well as and China has driven ByteDance’s minority stake sale of TikTok financial distress that led to a lack of overall activity and lower to Oracle [NASDAQ:ORCL] and Walmart [NYSE:WMT]. value transactions, plenty numbers. TMT emerges as top sector. As the pandemic accelerated The total number of M&A deals continued their falling the uptake and rollout of online remote services in response of uncertainty remains in trendline. The third quarter saw just 3,494 total deals, to the pandemic, technology media and telecom (TMT) was representing a drop of 31.6% compared to 3Q19 (5,106 deals). one of the busier sectors in 2Q20 globally. In the third quarter, the global economy.” Year to date, total deal volumes are lower by 26.7% in 2020 it fully emerged as the most active for deals with 760 deals compared to 2019, with 11,214 total deals versus 15,306 last totalling USD 301.2bn. That total could reach even higher with year. the possible divestiture of TikTok by ByteDance, which could be worth as much as USD 60bn. Industrial and Chemicals Mark Druskoff, Data-Driven Americas rebounds sharply and big deals span the retained strength quarter over quarter with 633 transactions globe. Of all global regions, the Americas saw the largest (up 23% vs. 2Q20) and totalling USD 101bn (up 233%). The Content Coordinator jump in deal value, driven by the US. After seeing the most comeback kid in 3Q20 was Energy, Mining & Utilities (EMU) dramatic declines in 2Q20, the country snapped back with Mergermarket Global & Regional Global Analysis 6 M&A Report 1Q-3Q20

3,494 -26.7% Total number of deals Decline of global deal volume USD 49.1bn globally in 3Q20 year to date compared to 2019 Value of largest deal of the quarter - PetroChina’s sale of major pipeline assets 425.4% 46.3% 19.7% Increase in US deal value quarter on quarter Increase in PE deal values YTD PE global market share compared to 2Q20 by deal count

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 1Q-3Q20

Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend 2006 - 3Q20

25000 4000

3500 731.6 1200.4 757.9

810.3 20000 3000 826.3 1099.1 959.6 957.4

851.8 Deal Count 2500 790.2

460.5 871.4 677.4 480.3 839.4 2000 755.1 570.1 15000 677.8 866.5 718.1 Deal Value (USD bn) (USD Value Deal 713.4 685.4 604.2 1083.5 1500 1283.7 569.2 976.0 891.4 524.4 656.8 1041.7 776.0 491.2 758.2 962.0 326.9 741.7 1000 678.9 588.6 10000 567.0 560.4 372.2 396.1 431.2 948.8 924.3 500 749.1 804.6 762.5 625.6 768.5 592.3 608.6 571.3 593.7 421.0 462.0 465.8 443.8

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 5000

Q1 Q2 Q3 Q4

Deal Count

mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 1Q-3Q20

Chart title 1 Chart title 1 ChartRegional title 2 Share of Global M&A By Value ChartGlobal title Sector 2 Breakdown Trend 2006 - 3Q20 1Q-3Q19 - 1Q-3Q20

1000 100 9.6% 9.5% 900 90

11.6% 800 27.7% 80

700 70

600 60 35.9% 32.3%

500 50 bn ) (USD Value Deal 891.1

Share of Global M&A Global of Share 400 40

300 30 585.4

415.3 396.3 30.4% 200 347.8 20 343.8 43.0% 280.5 306.2 258.5 221.0 231.8 100 10 157.2

0 0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Technology Energy, Mining Industrials Financial Pharma, Medical Other & Utilities & Chemicals Services & Biotech

US Europe Asia Rest of the World 2019 2020

mergermarket.com Mergermarket Global & Regional Global Analysis 9 M&A Report 1Q-3Q20

Global League tables

Financial advisor league table by value

Ranking 1Q-3Q20 1Q-3Q19 Regional ranking comparison

1Q-3Q 1Q-3Q Company name Value Deal % Value Value Europe US Asia Japan Middle Latin 2020 2019 (USDm) count change (USDm) Pacific East & America Africa 1 1 Goldman Sachs & Co 544,328 201 -45.1% 991,052 1 1 3 4 6 7 2 3 Morgan Stanley 487,626 175 -36.3% 765,158 2 2 5 1 11 8 3 2 JPMorgan 336,261 164 -57.0% 781,572 3 3 7 13 3 5 4 6 Bank of America 253,284 143 -51.8% 526,014 7 4 8 8 5 1 5 7 Credit Suisse 233,038 81 -16.3% 278,393 4 5 14 29 - 2 6 4 Citi 198,077 109 -66.3% 588,505 9 7 12 17 1 11 7 18 UBS Investment Bank 194,798 93 66.3% 117,112 6 10 4 19 24 20 8 11 Lazard 150,026 112 -12.7% 171,909 8 9 26 50 39 16 9 17 Rothschild & Co 143,448 150 17.8% 121,762 5 13 28 51 2 27 10 5 Evercore 137,163 107 -75.5% 559,576 18 6 50 - 16 21 11 28 Nomura Holdings 132,996 75 228.2% 40,527 20 16 13 2 19 17 12 8 Barclays 132,345 87 -48.4% 256,292 12 8 16 18 12 - 13 54 China International Capital Corporation 131,068 44 714.8% 16,086 95 118 1 - - - 14 16 Deutsche Bank 102,745 40 -17.3% 124,251 10 12 40 - 14 - 15 12 Jefferies 91,937 129 -45.6% 169,041 17 14 54 65= 18 54= 16 24 Deloitte 83,823 266 75.1% 47,873 49 76 9 3 50 24 17 38 CITIC Securities 80,982 30 168.3% 30,187 - - 2 - - - 18 14 Centerview Partners 79,253 31 -45.9% 146,524 28 11 66 15 40 - 19 15 HSBC 70,762 33 -46.6% 132,517 13 36 10 - 4 - 20 13 Moelis & Company 68,058 63 -56.9% 157,951 61 15 23 - 7= 54=

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 10 M&A Report 1Q-3Q20 Global Private Equity - Buyouts

Buyouts - Quarterly Breakdown (2016-3Q20) Buyouts - Top Five Deals (1Q-3Q20)

Value Deal Details 600 4000 (USDbn)

153.8 127.3 Announce- Bidder Company Target Company Target Target 480 132.9 3200 ment Geography Sector Date Deal Count 138.4 18.8 27-Feb Cinven Partners LLP; ThyssenKrupp Germany Industrials 129.4 134.1 360 2400 Advent International Elevator AG & 149.6 Corporation; and Chemicals 140.9 RAGStiftung 108.1 240 179.9 1600 11.0 12-Jul Hellman & Friedman LLC; MultiPlan Inc USA Business 180.5 Deal Value (USD bn) (USD Value Deal HarbourVest Partner Services 170.0 95.7 LLC; Leonard Green & 129.0 Partners; GIC Private 120 800 Limited; Partners Group 139.7 139.0 Holding 90.5 120.8 73.4 10.1 23-Jun Consosrtium comprising ADNOC Gas United Arab Energy, 0 0 OTPP; Brookfield; Snam; Pipeline Assets LLC Emirates Mining & 2016 2017 2018 2019 2020 GIC; NH Investment & (49% Stake) Utilities Securities; and Global Infrastructure Partners Q1 Q3 Deal Count 9.2 31-Aug Kohlberg Kravis Roberts Fibercop Italy Telecoms Q2 Q4 & Co; Telecom Italia SpA; and Fastweb SpA 7.6 15-Jun Ocean Link Partners; 58.com Inc China Technology Buyouts 1Q-3Q20 1Q-3Q19 Change Warburg Pincus and General Atlantic Deal Value USD 375.6bn USD 435.4bn -13.7%

Deal Count 2,208 Deals 2,860 Deals -652

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 11 M&A Report 1Q-3Q20 Global Private Equity - Exits

Exits - Quarterly Breakdown (2016-3Q20) Exits - Top Five Deals (1Q-3Q20)

Value Deal Details 600 3000 (USDbn)

500 114.4 Announced Seller Target Target Target Bidder 156.5 2400 133.9 Date Company Company Geography Sector Company

Deal Count 38.5 13-Sep SoftBank Investment SVF Holdco (UK) United Technology NVIDIA 400 125.5 155.5 Advisers Limited Kingdom Corporation 1800 139.2 110.4 300 112.4 14.8 05-Aug Kleiner Perkins; Livongo Health Inc USA Technology Teladoc Health 228.6 General Catalyst Inc 192.9 139.0 1200 Partners; 7wire Deal Value (USD bn) (USD Value Deal 200 164.7 Ventures 124.7 37.7 600 100 11.2 06-Aug Thoma Bravo LLC Ellie Mae Inc USA Technology Intercontinental 144.4 Exchange Inc 95.9 101.5 106.1 99.1

0 0 11.0 12-Jul Hellman & Friedman MultiPlan Inc USA Business Churchill 2016 2017 2018 2019 2020 LLC; HarbourVest Services Capital Corp III Partners LLC; Leonard Green & Q1 Q3 Deal Count Partners; GIC Private Q2 Q4 Limited; Partners Group Holding

8.4 16-Sep Bombardier Inc; Bombardier Germany Industrials & Alstom SA Caisse de Depot Transportation Chemicals Exits 1Q-3Q20 1Q-3Q19 Change et Placement du GmbH Quebec Deal Value USD 365.5bn USD 393.7bn -7.2%

Deal Count 1,268 Deals 1,860 Deals -592

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 12 M&A Report 1Q-3Q20

Buyouts - Activity & Multiples

Global Buyout Activity Median EBITDA Multiple Trend - Key Sectors Deal Volume Quarterly Breakdown

1200 17.2x 17.6x 16.3x 16.4x

13.5x 13.0x 2018 12.0x 1000 2019 Technology 2020

2017 11.3x

800 10.5x 9.6x 10.0x 10.0x 9.9x 2007 Industrials & 8.6x 9.0x 7.8x 600 Chemicals 2006 2008 Deal Count Deal

400 2010 16.7x 14.3x Business 12.9x 2009 12.1x Services 11.2x 10.8x 200 10.9x 10.0x

0 15.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12.3x 11.5x Consumer 10.7x 9.5x 9.6x 9.4x 2017 - 2020 2006 - 2010 9.1x

15.9x Pharma, 15.0x 15.1x 13.9x Medical & 11.9x 12.0x 12.1x Biotech 11.3x

2013 2014 2015 2016 2017 2018 2019 2020 YTD mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 13 M&A Report 1Q-3Q20

Buyouts - Regional Breakdown

Regional Breakdown - Market Share (%) by Deal Count

USA EMEA USD 141.1bn Deal Value 38.9% USD 144.8bn 40.5% Deal Value 859 Deal Count 895 Deal Count

Asia-Pacific USD 78.1bn 16.7% Deal Value 368 Americas Deal Count (excl. USA) USD 11.6bn Deal Value 3.9% 86 Deal Count

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 14 M&A Report 1Q-3Q20

Global Private Equity League tables

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

Q1-Q3 Q1-Q3 Company name Value Deal % Value Value Q1-Q3 Q1-Q3 Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 8 Credit Suisse 48,277 10 69.9% 28,407 1 1 PwC 9,439 49 -16 65 2 6 Goldman Sachs & Co 41,437 25 23.2% 33,635 2 3 EY 1,846 28 -16 44 3 11 UBS Investment Bank 36,056 14 106.5% 17,461 3 4 KPMG 1,597 27 -8 35 4 5 Citi 28,893 8 -19.9% 36,057 4 6 Goldman Sachs & Co 41,437 25 0 25 5 10 Rothschild & Co 26,354 18 48.3% 17,768 5 2 Deloitte 2,425 25 -33 58 6 7 JPMorgan 20,727 16 -32.7% 30,807 6 13 Rothschild & Co 26,354 18 1 17 7 114 goetzpartners 20,012 3 27694.4% 72 7 9 JPMorgan 20,727 16 -3 19 8 2 Bank of America 19,916 16 -59.4% 48,994 8 12 Bank of America 19,916 16 -1 17 9 96 Bain & Company 18,941 2 11174.4% 168 9 14 UBS Investment Bank 36,056 14 -2 16 10 1 Morgan Stanley 17,729 12 -68.5% 56,271 10 7 RBC Capital Markets 15,204 14 -8 22 11 9 RBC Capital Markets 15,204 14 -26.1% 20,579 11 17 Jefferies 3,973 14 -1 15 12 3 Deutsche Bank 11,693 8 -70.5% 39,654 12 22 Houlihan Lokey 1,658 14 2 12 13 12 PwC 9,439 49 -32.2% 13,923 13 11 Morgan Stanley 17,729 12 -5 17 14 4 Barclays 8,815 10 -75.8% 36,419 14 23 Alantra 743 11 -1 12 15 60 BNP Paribas 8,772 7 1281.4% 635 15 19 Credit Suisse 48,277 10 -4 14 16 160 Centerview Partners 7,227 3 - - 16 5 Barclays 8,815 10 -16 26 17 21 Nomura Holdings 5,769 7 -6.7% 6,184 17 16 Evercore 4,824 9 -6 15 18 17 Mediobanca 5,657 6 -33.0% 8,439 18 18 Daiwa Securities Group / DC Advisory 584 9 -6 15 19 26 Societe Generale 5,462 4 62.5% 3,361 19 15 GCA Corporation 12 9 -7 16 20 13 Evercore 4,824 9 -64.4% 13,548 20 10 Citi 28,893 8 -10 18

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 15 M&A Report 1Q-3Q20

Global Private Equity League tables

Global Exits league table by value Global Exits league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 5 Goldman Sachs & Co 87,503 27 115.3% 40,639 1 3 Jefferies 47,147 44 -4 48 2 9 Morgan Stanley 84,674 37 265.2% 23,183 2 13 Morgan Stanley 84,674 37 9 28 3 4 Jefferies 47,147 44 -9.8% 52,259 3 2 Rothschild & Co 16,569 32 -17 49 4 2 Bank of America 39,180 16 -45.5% 71,854 4 6 Houlihan Lokey 4,467 30 -11 41 5 278 Raine Group 38,700 2 - - 5 7 Goldman Sachs & Co 87,503 27 -11 38 6 - Zaoui & Co 38,500 1 - - 6 14 Evercore 20,347 24 -3 27 7 6 JPMorgan 33,937 18 13.2% 29,987 7 10 Raymond James 2,145 23 -11 34 8 8 Barclays 31,301 10 28.7% 24,320 8 16 JPMorgan 33,937 18 -8 26 9 16 UBS Investment Bank 26,532 12 154.7% 10,418 9 4 William Blair & Company 4,960 18 -29 47 10 3 Citi 21,684 17 -63.0% 58,679 10 23 Citi 21,684 17 -1 18 11 1 Evercore 20,347 24 -72.8% 74,724 11 15 KPMG 819 17 -10 27 12 13 Rothschild & Co 16,569 32 29.5% 12,798 12 12 Piper Sandler Companies 552 17 -12 29 13 10 Credit Suisse 15,669 11 -10.8% 17,570 13 17 Bank of America 39,180 16 -9 25 14 17 Centerview Partners 12,675 5 40.5% 9,019 14 8 Lazard 7,884 16 -18 34 15 37 Daiwa Securities Group / DC Advisory 8,083 12 247.8% 2,324 15 1 Lincoln International 2,085 16 -39 55 16 14 Lazard 7,884 16 -31.2% 11,463 16 9 Robert W. Baird & Co 1,113 16 -18 34 17 24 Jamieson Corporate Finance 7,385 8 42.0% 5,202 17 11 PwC 2,454 15 -16 31 18 20 Moelis & Company 6,546 9 14.9% 5,697 18 29 UBS Investment Bank 26,532 12 -1 13 19 225 Callisto 5,833 4 - - 19 19 Daiwa Securities Group / DC Advisory 8,083 12 -12 24 20 - National Bank Financial 5,670 2 - - 20 24 Credit Suisse 15,669 11 -6 17

mergermarket.com Mergermarket Global & Regional Europe Analysis 16 M&A Report 1Q-3Q20 Europe

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 164.6bn 38.5 13-Sep NVIDIA Corporation SVF Holdco (UK) United Kingdom Technology (USA) Limited European M&A value in Q3 - up 54.8% on 2Q20 35.6 09-Mar Aon plc Willis Towers United Kingdom Financial Services (UK) Watson Public Limited Company

18.8 27-Feb Cinven Partners LLP; ThyssenKrupp Germany Industrials & Advent International Elevator AG Chemicals Corporation; RAG- Stiftung (USA) -20.7% 7 17.5 26-May Siemens AG Siemens Energy Germany Energy, Mining & (Shareholders) AG Utilities

YTD decrease in European European deals worth M&A to USD 467.2bn at least USD 5bn in Q3, 12.4 07-May Virgin Mobile Inc./ Virgin Media Inc; United Kingdom Telecoms so far this year up from three in 2Q20 Telefonica O2 Europe Telefonica O2 Plc JV Europe Plc

mergermarket.com Mergermarket Global & Regional Europe Analysis 17 M&A Report 1Q-3Q20

Europe

With life slowly returning towards ‘normal’, dealmakers in USD 131.3bn spent by private equity firms this year represents ARM deal and a strong first quarter this year. The NVIDIA/ Europe have started to see a recovery in the M&A market 28.1% of the total European M&A value, its highest share on ARM deal, accounts for over a quarter of this year’s value, with a number of high-profile deals announced in 3Q20, Mergermarket record. European deal-making was much less however. Without it, M&A would be at its lowest point since following several subdued months of activity. With COVID-19 resilient than the US, which had a series of blockbuster deals 2014. Despite this, the UK remains the most active European with cases beginning to rise once again, however, fears over announced over the summer. Across the Atlantic, there were country by both value and volume, accounting for 59.7% of the economic fallout of the pandemic and the possibility of ten deals worth at least USD 10bn in the third quarter, versus the European deal count so far this year. more stringent measures returning to many countries could just one in Europe. As a result, Europe represented just 18.5% Tech investment remains resilient limit deal-making once again in the fourth quarter. Brexit, too, of the global M&A value in Q3, compared to 33.1% in the first looms. three months of the year. Tech M&A is now the most active sector by value so far this year, helped along by the NVIDIA/ARM deal, and second In 3Q20, Europe saw 1,244 deals worth a combined USD While higher-valued deals have started to rise, the small and by deal count. In total USD 85.1bn has been spent in the 164,6bn, up 54.8% by value over 2Q20 (USD 106.4.3bn). mid-market has remained low. In 3Q, 1,187 deals worth USD European tech sector in 2020 across 769 deals. The need September saw four deals worth more than USD 5bn 500m or less were announced, worth a disclosed USD 25.6bn for innovative assets has also led to a sizeable jump in the announced, including the largest deal to target Europe so – below the second quarter’s figures (1,159 deals, USD 26.6bn). sector’s share of European M&A this year, with 18.5% of all far this year: NVIDIA’s USD 38.5bn proposed acquisition of Overall, deals below USD 500m have reached a combined deals targeting tech, up from 14.2% in FY 2019. While overall UK-based ARM and one of the largest deals globally. This USD 82.3bn this year, the lowest YTD value since 2009 (USD M&A in Europe looks set to remain low in the final quarter compares positively to just three deals above the USD 5bn 77.5bn). of the year, the tech sector remains an area of growth and mark in July and August combined. The first two months of Brexit concerns return should continue to be active. 3Q20 mirrored a quiet second quarter, when large parts of the continent were under lockdown, with corporates Dealmakers may also be faced with yet more geopolitical displaying a clear reluctance for any large-scale spending. headwinds in the coming months with Brexit uncertainty once As a result, European M&A stands at USD 467.2bn in the first again on the horizon. Talks between the EU and the UK are “With life slowly returning nine months of the year, down 20.7% compared to YTD 2019 continuing ahead of the deadline at the end of the year. There (USD 589.6bn) and at its lowest YTD value since 2010 (USD are, however, growing concerns that a ‘no-deal’ scenario is towards ‘normal’, dealmakers 392.2bn). becoming increasingly possible, which would heap an even greater burden onto companies already dealing with the in Europe have started PE buoys activity while small and mid-cap remains subdued economic fallout of the pandemic. There have already been Meanwhile, private equity buyout activity targeting European a number bankruptcy cases in the UK, including the likes of to see a recovery” targets have seen a slight jump in the last three months, with Virgin Atlantic, ED&F Man and Byron, and distressed M&A a total of USD 44bn deployed by sponsors such as the USD looks set to rise further in the coming months. If talks were to 3.8bn acquisition of Elsan by KKR and Ardian and EQT’s USD stall, M&A in the UK could see a significant slowdown, akin to 1.5bn acquisition of Idealista. The high-levels of dry-powder the fall in activity prior to the referendum in 2016. Jonathan Klonowski, continue to fuel investment, with buyouts hitting USD 100bn UK M&A currently stands at USD 148.3bn so far this year, 19.7% at this point in the year for the fourth successive year. The Research Editor (EMEA) ahead of YTD 2019 (USD 123.9bn), after the aforementioned mergermarket.com Mergermarket Global & Regional Europe Analysis 18 M&A Report 1Q-3Q20

USD 82.3bn 145.6% -45.6%

Combined value of deals woth Increase in Telecoms versus Fall in consumer M&A versus less than USD 500m - its YTD19 YTD19 lowest YTD value since 2009

USD 85.1bn 28.5% 18.5% Value of European tech M&A in Private equity buyout share European share of global M&A - 2020, up by 57.5% on YTD 19 of total European M&A down from 33.1% in 1Q20 this year – its highest on Mergermarket record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 19 M&A Report 1Q-3Q20

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2015 - 3Q20 1Q-3Q19350 - 1Q-3Q20

300 1000 10000

900 172.0 9000 250 800 8000

293.5 196.3 170.5 7000 700 212.5 200 198.5 Deal Count 600 6000 346.0 167.1 Deal Value (USD bn) (USD Value Deal 179.8 150 500 170.0 5000 180.4 367.5 Deal Value (USD bn) (USD Value Deal 400 4000 164.6 100 269.6 300 263.5 3000 199.7 264.6 106.4 135.1 200 2000 50 85.1 82.1 276.0 71.9 70.6 54.1 50.7 67.4 100 209.6 1000 43.7 164.1 175.0 196.3 154.9 29.5 20.6 0 0 0 Technology Industrials Financial Telecoms Energy, Other 2015 2016 2017 2018 2019 2020 & Chemicals Services Mining & Utilities

Q1 Q2 Q3 Q4 2019 2020

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 20 M&A Report 1Q-3Q20

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 274,111 79 -10.0% 304,432 1 1 PwC 13,683 178 -125 303 2 2 Morgan Stanley 164,185 59 -33.1% 245,556 2 2 Deloitte 5,723 171 -130 301 3 3 JPMorgan 154,504 80 -29.3% 218,487 3 3 KPMG 5,966 153 -84 237 4 11 Credit Suisse 110,638 24 37.3% 80,594 4 4 EY 8,450 152 -50 202 5 8 Rothschild & Co 101,583 124 -4.0% 105,869 5 5 Rothschild & Co 101,583 124 -62 186 6 12 UBS Investment Bank 98,968 49 31.2% 75,413 6 8 JPMorgan 154,504 80 -13 93 7 5 Bank of America 88,344 56 -42.6% 153,927 7 6 Goldman Sachs & Co 274,111 79 -36 115 8 7 Lazard 86,715 69 -25.2% 115,888 8 7 Lazard 86,715 69 -45 114 9 6 Citi 75,180 45 -39.7% 124,720 9 9 Oaklins 1,109 61 -25 86 10 15 Deutsche Bank 61,346 15 15.9% 52,941 10 12 Morgan Stanley 164,185 59 -16 75 11 14 BNP Paribas 59,359 38 3.2% 57,496 11 18 Bank of America 88,344 56 -5 61 12 10 Barclays 49,428 33 -41.5% 84,455 12 26 UBS Investment Bank 98,968 49 0 49 13 16 HSBC 48,431 22 34.5% 35,996 13 14 Clearwater International 605 49 -19 68 14 53 Societe Generale 45,683 25 622.9% 6,319 14 20 Alantra 3,990 46 -13 59 15 - Zaoui & Co 41,954 3 - - 15 13 Citi 75,180 45 -28 73 16 847 Raine Group 38,620 3 - - 16 27 Jefferies 35,614 44 -5 49 17 13 Jefferies 35,614 44 -38.3% 57,733 17 11 Lincoln International 874 44 -34 78 18 4 Evercore 35,497 34 -76.9% 153,979 18 10 BDO 453 42 -43 85 19 50 LionTree Advisors 33,076 9 383.0% 6,848 19 23 Daiwa Securities Group / DC Advisory 14,220 40 -11 51 20 21 Nomura Holdings 29,586 23 24.7% 23,719 20 21 BNP Paribas 59,359 38 -16 54

mergermarket.com Mergermarket Global & Regional US Analysis 21 M&A Report 1Q-3Q20 US

Value Deal Details (USDbn)

Announcement Bidder Company Bidder Target Target Sector Date Geography Company 21.0 01-Aug 7-Eleven Inc USA Speedway Consumer USD 402bn Total US M&A by value in 3Q20 20.3 12-Jul Analog Devices USA Maxim Technology Inc Integrated Products

19.4 12-Sep Gilead Sciences USA Immunomedics Pharma, Inc Medical & Biotech -46% 18.9 10-Mar United USA OTIS Worldwide Industrials & 425% Technologies Corporation Chemicals Corporation (Shareholders) Increase by value of US M&A Year-to-date decline by activty between Q2 and Q3 value of overall US M&A compared to 1Q-3Q 2019 16.1 22-Sep Gores Holdings USA United Shore Financial IV Inc Financial Services Services

mergermarket.com Mergermarket Global & Regional US Analysis 22 M&A Report 1Q-3Q20

After a difficult first half, the US M&A market bifurcated with announced in February. Raytheon’s spinoffs were part of the SPACs are primed for an acquisition spree. Special Purpose several high-value transactions coming to market as overall regulatory requirements to close its USD 89bn merger with Acquisition Companies (SPACs), have raised at least USD deal count underwhelmed. As the pandemic took hold in the United Technologies, announced in 2019. 37bn so far in 2020, the highest amount on record going US, there was an initial decline in new deal announcements, back to 1995, according to data from Dealogic. This has Deal count remains depressed. While there appears to have as well as a spike in deal withdrawals and terminations, already translated into some ten-figure transactions this been a recovery for deals worth at least USD 1bn, activity for between March and April. However, activity began to rebound year, including Advantage Solutions, Open Door Labs, and deals below that threshold shows the depressed environment in May as restrictions lessened and dealmakers adapted to QuantumScape Corporation. More significant SPAC M&A can dealmakers currently face. Activity in that range appears to remote working. be expected in the months ahead, as more and more such have plateaued after declining between March and April. companies list and the average deal value approaches USD Activity through the year has been tumultuous. Between Technology leads activity, doubles market share; business 1bn. Q1 and Q2, overall US M&A declined 65% by value and services waned, halving market share. Technology M&A, roughly 45% by number of deals. However, the market Targets could abound. There are a significant number (803 deals worth USD 197bn in 1Q-3Q20), increased by value rebounded more than 400% by value between the second of companies that have recently come to market or are despite seeing 176 fewer deals compared to the same period and third quarter, with 1036 deals announced worth USD expected to in Q4. The pandemic caused a surge in last year, (979 deals worth USD 180.5bn in 1Q-3Q19). As a 402bn. The total deal value increased 38% over the same corporate restructuring proceedings, which is expected to result, Technology M&A made up 28% of all activity in the US period in 2019, which recorded USD 291bn in deal value. Deal lead to a rise in distressed M&A in the short term. The retail by value, up from 14% in 1Q-3Q19. count in 3Q20 declined 37% with 581 fewer deals compared sector, hit hard by long-lasting social distancing measures, to the same period last year. In the business services sector, year-to-date activity, (5046 has a few notable brands going through a restructuring, deals worth USD 38.6bn in 1Q-3Q20), declined 77% by value according to Debtwire, including Modells, J. Crew Group, Despite the apparent rebound, year-to-date activity remains compared to last year, (695 deals worth USD 165bn in 1Q- Neiman Marcus, and J.C. Penney. In 3Q20, GNC Holdings down 46% by value over 30% with 1,353 fewer deals. Year to 3Q19). Business Services has made up 5.5% of M&A in the and Brooks Brothers were two of the first US retailers to be date there has been 3,412 deals worth USD 696bn compared US in so far this year, down from almost 13% in 1Q-3Q 2019. acquired out of bankruptcy processes started earlier this to 4,765 deals worth USD 1.285tn announced in 1Q-3Q19. year. Corporate sellers have come back to market, are actively Large deals have returned. At least 19 deals of each more pursuing deals. Corporate divestment activity, (50 deals Meanwhile, the upcoming US Presidential election brings than USD 5bn worth a combined USD 217bn were announced worth USD 19.5bn announced in 1Q-3Q20) are up slightly by the prospect of more market disruption companies will have between July and September across a few sectors. value compared to the same period last year, (51 deals worth to navigate. Business owners are weighing possible tax law The largest deal so far this year is 7-Eleven’s USD 21bn USD 18.6bn announced in 1Q-3Q19). Corporates seemingly changes were power to shift hands in the upcoming US proposed acquisition of Speedway (Consumer) announced pressed pause on any disposals at the onset of the national elections and concluding a sale now might be in their in August. The next largest deal was Analog Devices’ USD pandemic, as no deals were announced in April throughout best interest. 20.3bn proposed acquisition of Maxim Integrated Products the US. In Q3, at least 16 corporate divestitures have been (Technology), announced in July, and Gilead Sciences’ USD announced in the US, worth a combined USD 7.3bn. The 19.4bn bid for Immunomedics (Pharma, Medical, & Biotech), largest being Altice USA’s 49.9% stake sale of its LightPath “Activity began to rebound in announced in September. fiber enterprise business to Morgan Stanley Infrastructure, for Before 3Q20, the previous three largest deals for the year USD 1.6bn announced in July. May as restrictions lessened and were struck pre-Covid, Raytheon Technologies Corporation While corporate divestment activity remained flat compared dealmakers adapted to remote spun out Carrier Global Corporation (Industrials & Chemicals) to last year, activity has been declining YoY since 2015. and OTIS Worldwide Corporation (Industrials & Chemicals) on Looking ahead, a number of corporate assets are currently working.” the NYSE to shareholders in early March for a combined USD on the block, including Switzerland-based Nestlé SA’s Nestlé 31bn, and Morgan Stanley’s announced acquisition of ETrade Waters North America, and J.M Smucker’s Crisco division. Financial Corporation (Financial Services) for USD 13bn Phil Segal Head Analyst (Americas)

mergermarket.com Mergermarket Global & Regional US Analysis 23 M&A Report 1Q-3Q20

USD 21bn 28% -77% Value of largest deal, Market share by value of Year-to-date decline by value Technology M&A, of Business Services M&A 7-Eleven’s acquisition of Speedway up from 14% in 1Q-3Q 2019 compared to 1Q-3Q 2019

USD 217bn 4.4% 23% Value of deals above Year-to-date increase Year-to-date decline by value of by value of corporate deals under USD 1bn compared USD 5bn announced in 3Q20 divestments compared to to 1Q-3Q 2019 1Q-3Q 2019

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 24 M&A Report 1Q-3Q20

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2015 - 3Q20 1Q-3Q19 - 1Q-3Q20

600

2000 7000 550

500 1750 6000 1,120.0 450 510.8 1500 308.3 5000 400 322.3 Deal Count 1250 502.7 350 414.3 290.9 4000 71.8 308.1 465.2 386.8 300 1000 559.3 Deal Value (USD bn) (USD Value Deal

Deal Value (USD bn) (USD Value Deal 3000 250 391.4 296.9 750 518.1 200 469.3 423.6 2000 500 402.2 150 293.7 234.8 327.2 197.2 182.2 100 1000 180.5 76.5 150.5 250 417.5 475.5 118.3 357.5 100.5 254.9 325.2 50 89.5 217.2 75.9 50.7 41.3 0 0 0 2015 2016 2017 2018 2019 2020 Technology Industrials Financial Pharma, Medical Consumer Other & Chemicals Services & Biotech

Q1 Q2 Q3 Q4 2019 2020

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 25 M&A Report 1Q-3Q20

US League tables

US league table by value US league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2020 (USDm) count change (USDm) 2020 2020 (USDm) count change count 1 1 Goldman Sachs & Co 362,430 147 -55.6% 815,591 1 1 Goldman Sachs & Co 362,430 147 -30 177 2 3 Morgan Stanley 333,545 119 -45.1% 608,085 2 4 Morgan Stanley 333,545 119 0 119 3 2 JPMorgan 190,624 99 -70.3% 641,723 3 2 Houlihan Lokey 23,772 111 -33 144 4 6 Bank of America 187,744 103 -47.2% 355,845 4 5 Jefferies 63,864 105 -8 113 5 7 Credit Suisse 143,456 55 -39.2% 235,983 5 8 Bank of America 187,744 103 4 99 6 4 Evercore 129,400 90 -76.1% 542,369 6 3 JPMorgan 190,624 99 -42 141 7 5 Citi 111,733 64 -74.8% 443,179 7 7 Evercore 129,400 90 -11 101 8 8 Barclays 107,087 68 -50.8% 217,479 8 10 Raymond James 5,561 72 -17 89 9 14 Lazard 105,281 63 3.3% 101,960 9 6 Barclays 107,087 68 -38 106 10 27 UBS Investment Bank 89,998 43 217.5% 28,350 10 11 Piper Sandler Companies 8,441 65 -22 87 11 13 Centerview Partners 78,476 28 -45.8% 144,903 11 9 Citi 111,733 64 -26 90 12 16 Deutsche Bank 66,135 29 -29.2% 93,473 12 12 Lazard 105,281 63 -22 85 13 21 Rothschild & Co 64,256 58 83.0% 35,111 13 22 Rothschild & Co 64,256 58 -4 62 14 11 Jefferies 63,864 105 -60.8% 162,848 14 16 Credit Suisse 143,456 55 -23 78 15 12 Moelis & Company 63,610 51 -57.7% 150,474 15 19 Stifel/KBW 16,906 52 -17 69 16 53 Nomura Holdings 54,654 22 627.3% 7,515 16 18 Moelis & Company 63,610 51 -18 69 17 472 Raine Group 39,530 6 - - 17 15 Deloitte 3,049 47 -32 79 18 - Zaoui & Co 38,500 1 - - 18 29 UBS Investment Bank 89,998 43 3 40 19 17 Wells Fargo Securities 30,605 17 -55.7% 69,028 19 13 Lincoln International 2,186 43 -39 82 20 31 Mizuho Financial Group 30,241 6 38.0% 21,909 20 17 PwC 8,877 42 -35 77

mergermarket.com Mergermarket Global & Regional Latin America Analysis 26 M&A Report 1Q-3Q20 Latin America

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography 3,113 07-Sep Telefonica Oi SA (mobile Brazil Telecoms Brasil SA; TIM business) -81% Participacoes SA; Claro Telecom Participacoes SA Decline in inbound activity by

2,833 23-Sep Localiza Rent a Companhia de Brazil Financial Services value compared to Q1-Q3 2019 Car SA Locacao das Americas

2,403 23-Jul ENEVA SA AES Tiete Energia Brazil Energy, Mining & SA Utilities

1,067 11-Aug StoneCo Ltd Linx SA Brazil Technology -43% -12%

Drop in buyout activity Drop in exit activity by value compared by value compared 825 02-Mar Hypera SA Takeda Brazil Pharma, Medical & to Q1-Q3 2019 to Q1-Q3 2019 Pharmaceutical Biotech Company Limited (Latin American OTC business)

mergermarket.com Mergermarket Global & Regional Latin America Analysis 27 M&A Report 1Q-3Q20

Latin America

Latin America faced an uphill battle this year with the effects Brazil moves forward, Mexico stays behind. Brazil-based “In the past, the region has been of COVID-19 slowing economies, which caused M&A activity targets accounted for most of the activity in 2020. Year in the region to pause the first half of the year. In the past, the to date, the country had 222 deals announced, worth resilient to global trends, however, region has been resilient to global trends, however, 2020 has a combined deal value of USD 20.2bn—a 38% decline proven to be a tougher fight. compared to the same period last year (285 deals worth a 2020 has proven to be a tougher combined USD 32.4bn). In contrast, Mexico activity dropped Kick start in activity. 87% by deal value in the first three quarters. The country fight.” After Latin America M&A was brought to halt in Q2, the region saw 34 deals worth USD 632m, compared to 47 deals worth saw an influx of deals in the third quarter. Activity grew an USD 4.8bn in 2019. Brazil’s ability to push M&A forward during order of magnitude by value with 117 deals worth USD 16.7bn a lockdown could be the result of the country’s pledge to in 3Q20 compared to 80 deals worth USD 1.3bn in 2Q20. commit 8.6% (USD 159bn) of its GDP to counteract the Viviana Balan, Although activity increased in the most recent quarter, year- impacts of COVID. In contrast, Mexico has pledged 1% (13bn) to-date activity through the first three quarters of 2020 of the country’s GDP to similar efforts. Research Relationship dropped 60% by value compared to the same period last year Telecommunications and technology sectors thrive. (343 deals worth a combined USD 25.6bn vs 522 deals worth Manager (Americas) a combined USD 63.4bn). Telecoms and technology were two of three sectors in the region that did not see a decline in activity by value in 2020 The third quarter also saw the four largest deals in the region, compared to 2019. The telecoms sector saw a 39% jump the largest being Oi’s proposed sale of its mobile business. by deal value with 5 deals worth USD 3.6bn in the first three Telefonica Brasil, TIM Participacoes and Claro Telecom quarters compared to the same period last year, which saw Participacoes agreed to acquire the mobile business in 14 deals worth USD 2.6bn. This increase comes from Oi’s sale September, which was valued at USD 3.1bn. Oi had been under of its mobile business. Although a smaller uptick in activity, bankruptcy protection since 2016 and had announced its plan the technology sector saw a 6% increase by deal value with to sell assets in 2019. 50 deals worth USD 3.4bn compared to 63 deals worth USD Local activity fills the void. 3.2bn last year. The largest deal in the technology sector, StoneCo’s acquisition of Linx, was announced in the third The bulk of the transactions in the region occurred quarter and was valued at USD 1.1bn. domestically with 220 deals worth a combined USD 18.1bn having an investor based in Latin America. A push for deals Looking ahead, M&A in the region is expected to move was seen in Q3, with 82 deals worth USD 13.9bn accounted for forward at its current pace. However, it is unlikely that the in the quarter. This rebound was not enough to bring activity region will see activity levels reach previous year record highs. to previous levels, as domestic activity dropped 22% by value in the first three quarters compared to the same period in 2019 (294 deals worth USD 23.3bn). mergermarket.com Mergermarket Global & Regional Latin America Analysis 28 M&A Report 1Q-3Q20

USD 3.1bn USD 5.7bn 39% Deal value for the acquisition Energy, Mining & Utilities Increase by value of combined deal value the Telecoms sector of Oi SA by Telefonica Brasil, so far this year compared to Q1-Q3 2019 Tim Participacoes, and Claro

USD 1.6bn -61% USD 632m Combined deal value of M&A Combined deal value Decline in US inbound of outbound activity activity by value compared activity in Mexico so far this year so far this year to Q1-Q3 2019

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 29 M&A Report 1Q-3Q20

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2016 - 3Q20 1Q-3Q19 - 1Q-3Q20

100 800 30

90 27 700

80 24 44.4 21.9 600 301.1 70 21 19.3 16.7

29.2 500 Deal Count 60 18 9.7 283.8 27.9 50 400 15 Deal Value (USD bn ) (USD Value Deal 26.2 22.6 Deal Value (USD bn) (USD Value Deal 30.1 25.3 40 21.5 23.1 300 12

30 9 22.9 200 11.5 13.9 20 12.1 16.7 6 28.2 100 . 10 7.2 7.2 14.9 14.6 1.3 11.9 12.6 3 5.7 7.6 3.8 3.6 3.2 3.4 2.6 0 0 1.6 1.8 2015 2016 2017 2018 2019 2020 0 Energy, Mining Financial Telecoms Technology Business Other & Utilities Services Services

Q1 Q2 Q3 Q4 2019 2020

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 30 M&A Report 1Q-3Q20

Latin America League tables

Latin America league table by value Latin America league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 3 Bank of America 7,715 8 -58.1% 18,431 1 1 Banco Itau BBA 3,410 18 -15 33 2 20 Credit Suisse 7,426 5 149.2% 2,980 2 5 BR Partners 6,896 17 3 14 3 1 BR Partners 6,896 17 -65.3% 19,848 3 8 Banco Bradesco BBI 813 12 -1 13 4 14 Banco BTG Pactual 5,389 11 -9.5% 5,955 4 2 Banco BTG Pactual 5,389 11 -16 27 5 19 JPMorgan 3,668 7 22.8% 2,988 5 4 Deloitte 152 9 -7 16 6 12 Banco Itau BBA 3,410 18 -46.8% 6,414 6 6 Bank of America 7,715 8 -5 13 7 7 Goldman Sachs & Co 2,329 5 -76.1% 9,759 7 14 JPMorgan 3,668 7 -2 9 8 4 Morgan Stanley 1,623 5 -90.8% 17,720 8 3 Santander Corporate Investment Banking 781 6 -14 20 (SCIB) 9 22 Scotiabank 982 5 -23.4% 1,282 9 15 Credit Suisse 7,426 5 -4 9 10 17 Banco Bradesco BBI 813 12 -78.2% 3,724 10 9 Goldman Sachs & Co 2,329 5 -7 12 11 5 Citi 795 4 -92.8% 11,068 11 11 Morgan Stanley 1,623 5 -5 10 12 11 BNP Paribas 791 3 -88.7% 6,996 12 16 Scotiabank 982 5 -4 9 13 2 Santander Corporate Investment Banking 781 6 -95.8% 18,779 (SCIB) 13 10 Rothschild & Co 94 5 -6 11 14 81 Core Assessoria Financeira 656 1 - - 14 13 Vinci Partners 93 5 -5 10 15 - Standard Bank Group 648 1 - - 15 7 Citi 795 4 -9 13 16 8 Lazard 613 3 -93.5% 9,474 16 47 EY 483 4 2 2 17 41 Nomura Holdings 613 1 72.7% 355 17 19 BNP Paribas 791 3 -4 7 18 - LionTree Advisors 500 1 - - 18 18 Lazard 613 3 -4 7 19 82 EY 483 4 - - 19 25 PwC 76 3 -2 5 20 6 UBS Investment Bank 350 1 -96.7% 10,626 20 12 Oaklins 65 3 -7 10

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 31 M&A Report 1Q-3Q20 Asia Pacific (excl. Japan)

Value Deal Details (USD bn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 49.1 23-Jul China Oil & Gas Pipeline PetroChina Company Limited China Energy, Network Corporation (Oil & Gas pipeline assets) Mining & USD 236.9bn Utilities Asia Pacific (excl. Japan) 34.8 23-Jul China Chengtong Holdings China Oil & Gas Pipeline China Energy, Group Limited; National Network Corporation Mining & M&A value in 3Q20, largest Council for Social Security (48.74% Stake) Utilities Fund; China Reform 3Q value on record Holdings Corporation Ltd.; Silk Road Fund Co Ltd; China Insurance Investment Company Ltd; China Investment International Limited 18.4 30-Apr Huishang Bank Baoshang Bank (Beijing, China Financial Chengdu, Ningbo & Services USD Shenzhen branches) 76.3% 12.2 21-Aug Nippon Paint Holdings Nippon Paint Holdings Co Ltd China Industrials & Co Ltd (49% Stake Asia JV); Chemicals 39.2bn Neave Limited Inbound M&A value into Q3 increase in M&A activity 10.6 09-Mar Charoen Pokphand Foods Tesco Stores (Thailand) Limited; Thailand Consumer China in 2020 YTD by value versus 3Q19 Public Company Limited; Tesco Stores (Malaysia) CP ALL Plc; Charoen Sdn Bhd Pokphand Holding Co Ltd

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 32 M&A Report 1Q-3Q20

Asia Pacific (excl. Japan)

Megadeals on the rise driven by geopolitics and PipeChina, generated APAC ex Japan’s largest deal in the The fourth largest transaction leading up to 3Q20 was Nippon regulation. In our 1H20 Global & Regional M&A Report, first nine months of 2020 – PetroChina’s USD 49.1bn sale of Paint Holdings’ acquisition of the stakes it didn’t own yet in the we pointed to several factors and predicted that an M&A its major pipeline assets. Separately, Sinopec also announced Asian joint ventures it operates with Singapore-based paint recovery was already being seen in APAC excl. Japan. On plans to sell some of its oil and gas pipeline assets in three company Wuthelam Group for USD 12.2bn last August through the value front, we could not have been more right: 3Q20 separate deals to PipeChina for USD 6.7bn, USD 5.9bn and a share placement to Wuthelam Group, which became the recorded the highest third quarter value on Mergermarket USD 4.4bn, respectively. controlling shareholder in Nippon Paint Holdings as a result. record, generating USD 236.9bn across 819 deals and showing The deal might trigger consolidation among small and mid- The reforms are intended to provide market access a 76.3% year-on-year increase in value. tier players in Asia’s paints and coating industry, which is to small, non-state-owned oil and gas producers and predominantly scale-driven. The recovery in the third quarter lifted regional M&A value in distributors. CNOOC is the only major state-owned oil and 2020 YTD (USD 492.8bn across 2406 deals), outpacing that gas producer yet to announce an asset sale to PipeChina but The fifth and sixth largest deals during the first nine months of last year’s corresponding period (USD 401.8bn across 2763 it agreed an asset management transfer with PipeChina in of the year were announced in the first quarter – Thailand’s deals). April without disclosing details of the transaction. Meanwhile, conglomerate CP Group acquisition of Tesco’s businesses PipeChina received a USD 34.8bn equity injection from six in Thailand and Malaysia for USD 10.6bn and the USD 8bn Meanwhile, in 3Q20, deal count fell by 15.8% year-on-year shareholders including China Chengtong Holdings Group, the merger of two Singapore’s CapitaLand REITs. as mega deals regained the spotlight due China’s massive National Council for Social Security Fund and China Reform reorganization of the economy toward a more market-oriented M&A trends in the near future are expected to be increasingly Holdings, and this was the second largest deal in the first nine system. Eight deals generated USD 124.3bn – accounting shaped by geopolitics. The US government’s escalating months of 2020 in APAC ex Japan. for 52.5% of total deal value during the third quarter. The two pressure on Chinese firms is leading to longer and more largest transactions in 3Q20 were also the top deals in the Take private deal-making continues amid low valuations. complex due diligence procedures as global banks try to first nine months of 2020. Low valuations remain a major driver for take privates manage risks and identify which companies will get caught in on the Hong Kong stock exchange. Haier Smart Home regulators’ crosshairs. Inbound M&A value into China in 2020 The ChemChina-Sinochem deal, an internal restructuring not is taking private its Hong Kong-listed subsidiary Haier YTD (USD 39.2bn) has exceeded outbound transaction value included in Mergermarket M&A data, which was confirmed in Electronics [HKG:1169] in a USD 6.7bn deal with the aim to (USD 10.5bn), reversing the direction of investment flows September and will create a colossus with combined revenue merge with it and then relist the entire group on the Hong recorded in the corresponding period in 2019, when inbound of CNY 1trn (USD 146.6bn), further illustrates that trend. Kong Stock Exchange. The transaction follows a series of activity’s value (USD 25.1bn) was far behind that of outbound Market-oriented policies reshape Chinese energy giants. announced privatizations earlier this year including Wheelock (USD 40.130bn). The Chinese government’s efforts to liberalize the oil and gas [HKG:0020] valued USD 6.16bn, Bitauto Holdings’ subsidiary Chinese investment encounter increasingly high regulatory market played therefore a key role in boosting deal-making Yixin Group [HKG:2858] (USD 3.86bn), Li & Fung [HKG:0494] barriers in the US and Europe while, at the same time, China activity in the Energy, Mining & Utilities, which recorded the (USD 1.85bn) and Huadian’s offer for its Hong Kong-traded opens up its market to foreign investors. However, an EU- largest sector deal value in the first three quarters of the year subsidiary Fuxin [HKG:0816] (USD 829m). China bilateral investment treaty currently being negotiated by – USD 130.5bn across 224 deals – equal to a 3.2x year-on- China may also see a flurry of M&A deals among its small Brussels and Beijing might revive China M&A outbound toward year increase in deal value despite a 10% drop in deal count and medium-sized commercial banks, as part of a wider Europe if approved. The fall or spike in regional tensions will over the same period. The pipeline deals also contributed to government effort to mitigate financial risk amid rising non- also play a greater role in determining the direction of intra- lift China’s share of APAC ex Japan’s total M&A value to 64.7% performing loans. In late April, troubled Baoshang Bank Asian investment flows and whether a large-scale shift of in 2020 YTD (up from 47.2% over the same period in 2019). transferred its business, assets and liabilities outside Inner supply chains out of China materializes. China’s pipeline reforms, which would lead to transfer of Mongolia to Huishang Bank [HKG: 3698] in a deal valued USD assets from national oil companies to the newly created 18.4bn – the third largest deal in 2020 YTD.

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 33 M&A Report 1Q-3Q20

USD USD 49.1bn 130.6bn 8 Energy, Mining & deals account for 52.5% of Utilities sector records total deal value during 3Q20 PetroChina’s sale of its major largest deal value in pipeline assets, the largest deal 2020 YTD in APAC ex Japan in 2020 YTD

USD 34.8bn 6 64.7% 48.74% stake acquisition in China Oil deals above USD 5bn in China’s share of APAC ex Japan’s & Gas Pipeline Network Corporation APAC ex Japan in 3Q20 total M&A value in 1Q-3Q20 (PipeChina) by a group of investors, the second largest deal year-to-date

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 34 M&A Report 1Q-3Q20

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2014 - 3Q20 1Q-3Q19 - 1Q-3Q20

150

1000 5000

120

800 4000

292.4 90

196.5 Deal Count 600 251.3 3000 Deal Value (USD bn ) (USD Value Deal 179.5 152.8 141.1 172.9 130.6 160.1 60 126.3 Deal Value (USD bn) (USD Value Deal 400 2000 172.9 182.7 236.9 134.4 232.8 90.0 217.5 69.2 56.8 144.6 113.8 30 200 148.6 1000 53.6 133.2 49.6 47.3 45.5 41.1 43.6 196.1 141.5 157.2 153.7 136.8 122.6

0 0 0 2015 2016 2017 2018 2019 2020 Energy, Mining Industrials Financial Technology Consumer Others & Utilities & Chemicals Services

Q1 Q2 Q3 Q4 2019 2020

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 35 M&A Report 1Q-3Q20

Asia Pacific (excl. Japan) League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 18 China International Capital Corporation 131,068 44 714.8% 16,086 1 1 PwC 12,971 69 -55 124 2 8 CITIC Securities 80,982 30 168.3% 30,187 2 4 EY 10,793 60 5 55 3 1 Goldman Sachs & Co 79,359 34 52.0% 52,220 3 3 Deloitte 27,748 58 -6 64 4 9 UBS Investment Bank 77,570 24 185.9% 27,134 4 2 KPMG 5,347 45 -37 82 5 4 Morgan Stanley 54,851 39 42.3% 38,553 5 9 China International Capital Corporation 131,068 44 14 30 6 20 China Securities 50,703 11 262.2% 14,000 6 6 Morgan Stanley 54,851 39 4 35 7 5 JPMorgan 45,463 27 31.1% 34,678 7 5 Goldman Sachs & Co 79,359 34 -1 35 8 2 Bank of America 33,511 25 -35.3% 51,761 8 8 CITIC Securities 80,982 30 -1 31 9 15 Deloitte 27,748 58 49.5% 18,564 9 14 JPMorgan 45,463 27 1 26 10 14 HSBC 25,016 15 16.2% 21,534 10 7 Citi 20,707 27 -4 31 11 48 Guotai Junan Securities 20,759 13 497.9% 3,472 11 13 Bank of America 33,511 25 -1 26 12 3 Citi 20,707 27 -48.9% 40,492 12 11 UBS Investment Bank 77,570 24 -4 28 13 19 Nomura Holdings 18,057 15 21.8% 14,829 13 16 Credit Suisse 16,545 19 -5 24 14 7 Credit Suisse 16,545 19 -48.4% 32,060 14 15 Macquarie Group 7,324 17 -8 25 15 27 Somerley Capital 15,320 16 57.2% 9,745 15 24 Somerley Capital 15,320 16 2 14 16 16 Barclays 13,133 8 -25.5% 17,623 16 10 Rothschild & Co 5,863 16 -12 28 17 17 PwC 12,971 69 -20.3% 16,268 17 20 HSBC 25,016 15 -2 17 18 22 EY 10,793 60 -8.1% 11,749 18 43 Nomura Holdings 18,057 15 8 7 19 97 Greenhill & Co 10,622 3 1345.2% 735 19 12 Huatai Securities 2,454 15 -12 27 20 - The Quant Group 10,576 1 - - 20 18 Guotai Junan Securities 20,759 13 -6 19

mergermarket.com Mergermarket Global & Regional Japan Analysis 36 M&A Report 1Q-3Q20 Japan

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 77.6bn 40.4 29-Sep Nippon Telegraph and NTT DoCoMo Japan Telecommunication Telephone Corporation Inc (33.79% Stake) YTD value targeting Japan - up 2.7x on YTD 19 4.9 31-Jan Hitachi Ltd Hitachi Japan Industrials & High-Tech Chemicals Corporation (48.27% Stake)

3.0 19-May Sony Corporation Sony Financial Japan Financial Services Holdings Inc (28.41% Stake)

2.8 24-Sep Mitsubishi UFJ Lease & Hitachi Capital Japan Financial Services Finance Company Limited Corporation (95.8% Stake) 11 5.2x 2.3 24-Aug Blackstone Group LP Takeda Japan Pharma, Medical & Consumer Biotech Number of deals above Increase in M&A in 3Q20 Healthcare Company USD 1bn, worth a (USD 55bn) versus Limited combined USD 54.1bn 3Q19 (USD 10.6bn)

mergermarket.com Mergermarket Global & Regional Japan Analysis 37 M&A Report 1Q-3Q20

Japan

Larger transactions dominated Japan dealmaking activity with pledged to revitalize regional economies and to encourage 2020 YTD thanks to large-sized deals. Japan Inc is still looking M&A totaling USD 77.6bn across 306 deals in 1Q-3Q20, a 2.67x regional bank consolidation. To pave the way for further at outbound opportunities in the consumer staple segment surge in terms of deal value year-on-year, despite recording a consolidation, new legislation will take effect in November (food and beverages, household and personal products), 7.55% drop in deal count over the same period. Japan recorded exempting Japanese regional banks from the national anti- especially in regions with growing consumer demand such as 11 deals above USD 1bn, accounting for USD 54.09bn or 69.7% monopoly law for 10 years. Financial conglomerate SBI Holdings Southeast Asia. However due to uncertainties resulting from of total deal value during the period. said it will seek to expand the number of local banks under its the pandemic and the difficulty of executing in-person due banking coalition from four to 10. As of March 2020, there were diligence, dealmakers may review targets more cautiously. In 3Q20 alone, Japan M&A deal value increased 5.19x year- 64 top-tier regional banks and 38 second-tier regional banks on-year to USD 54.95bn, while deal count decreased by 19.6% in Japan, according to the Regional Banks Association of Japan to 86 deals over the same period. M&A activity during the and The Second Association of Regional Banks. third quarter was largely driven by dealmaking in two sectors – Telecommunications and Pharma Medical & Biotech – which Domestic transactions announced in 3Q20 totaled USD 51.9bn accounted for 71.4% and 5.4%, respectively, of total deal value. across 75 deals – compared with USD 7.9bn across 71 deals “Dealmaking volumes in the in 2Q20 – signaling an increase in M&A activity. Hitachi’s The Telecommunications sector generated USD 40.75bn [TYO:6501] acquisition of a 48.27% stake it did not have in Financial Services sector across two deals representing a 6165.8x surge in deal value Hitachi High-Tech Corporation [TYO:8036] for USD 4.89bn compared with the same period a year before. This increase was one major domestic deal made by a large conglomerate may increase going forward in deal value was driven by Nippon Telegraph and Telephone’s in 2020 YTD. Domestic consolidation across several sectors (NTT) [TYO:9432] announced plans of a tender offer to acquire including consumer, leisure, and transportation accelerated as Prime Minister Yoshihide all the stake it did not have in NTT Docomo [TYO:9437] for as a result of the COVID-19 pandemic changing consumption about USD 40.3bn. This deal also represents the largest deal in behaviors. Larger companies are now considering divestitures Suga has pledged to Japan for 2020 YTD. This sector may gain momentum in terms of non-core assets to address short-term cash flow issues. of deal flow as newly appointed Prime Minister Yoshihide Suga revitalize regional economies backs his predecessor’s pledge to cut mobile fees. Meanwhile, Japanese companies are reviewing their international operations amid exacerbating geopolitical tensions between The Pharma, Medical & Biotech sector generated USD 3.1bn and to encourage regional the US and China. Several corporates are taking a “wait-and- across 12 deals in 3Q20, compared with the same period a see” stance on the possibility of shifting their supply chains year prior that saw USD 17m across six deals. The surge in deal bank consolidation” outside of China. The Japanese government recently included value was largely driven by Blackstone’s acquisition of Takeda India and Bangladesh as countries eligible for subsidies as part Consumer Healthcare, a subsidiary of Takeda Pharmaceutical of its JPY 23.5bn (USD 2.2bn) subsidy program to incentivize [TYO:4502], for USD 2.3bn. This was also the largest private Japanese businesses to move production out of China and equity buyout deal and the second-largest inbound deal Tack Kang, Japan diversify the nation’s supply chain. during the third quarter. The transaction is part of a wave of non-core asset divestitures by Japanese blue-chip companies Outbound deals generated USD 15.2bn across 25 deals for Content Manager and is expected to continue over the mid-term. 3Q20 representing a 3.4x surge in deal value despite 23 fewer deals compared with 2Q20 (USD 4.5bn over 48 deals). The third Dealmaking volumes in the Financial Services sector may quarter recorded the largest quarterly outbound deal value in increase going forward as Prime Minister Yoshihide Suga has mergermarket.com Mergermarket Global & Regional Japan Analysis 38 M&A Report 1Q-3Q20

USD 15.2bn +17.9% 14.1% YTD increase in Industrials & Tech share of Japanese M&A deal Outbound M&A in 3Q20 - up Chemicals M&A value despite 27 count in 2020 - up from 12.4% in 3.4x versus 2Q20 (USD 4.5bn) fewer deals YTD 19

USD 37 USD 7.5bn 51.9bn Value of financial services M&A this year, accounting for 9.7% of the value Value of domestic consolidation in Number of inbound deals into Japan 3Q20 this year - already ahead of both FY 18 and FY 19 figures

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 39 M&A Report 1Q-3Q20

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2014 - 3Q20 1Q-3Q19 - 1Q-3Q20

80 500

400 15.2 60 35.6 30 41.2 Deal Count 300 55.0 Deal Value (USD bn ) (USD Value Deal 22.8 40 11.4 16.4 20 42.6 Deal Value (USD bn) (USD Value Deal 200 21.6

14.0 19.7 13.3 10.6

20 9.6 10 100 9.1 8.6 10.5 16.2 5.5 17.1 10.3 13.0 7.8 7.5 9.1 9.0 9.1 8.0 6.6 5.5 3.9 1.6 2.0 2.6 0 0 0 2015 2016 2017 2018 2019 2020 Telecom- Industrials Financial Pharma, Medical Consumer Others munications & Chemicals Services & Biotech

Q1 Q2 Q3 Q4 2019 2020

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 40 M&A Report 1Q-3Q20

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Morgan Stanley 97,772 19 234.3% 29,251 1 2 Nomura Holdings 72,175 41 -2 43 2 2 Nomura Holdings 72,175 41 162.5% 27,494 2 1 Deloitte 63,653 31 -20 51 3 5 Deloitte 63,653 31 319.1% 15,187 3 5 Sumitomo Mitsui Financial Group 6,949 29 1 28 4 4 Goldman Sachs & Co 47,766 10 133.0% 20,497 4 6 Morgan Stanley 97,772 19 -8 27 5 31 Plutus Consulting Co 44,179 10 4903.3% 883 5 4 Mizuho Financial Group 3,490 18 -14 32 6= - Raine Group 38,500 1 - - 6 8 GCA Corporation 1,238 13 -6 19 6= - Zaoui & Co 38,500 1 - - 7 3 Daiwa Securities Group / DC Advisory 3,611 12 -21 33 8 9 Bank of America 19,449 8 209.0% 6,294 8 7 PwC 1,978 11 -15 26 9 8 Sumitomo Mitsui Financial Group 6,949 29 -18.9% 8,566 9 10 EY 1,489 11 -1 12 10 21 Daiwa Securities Group / DC Advisory 3,611 12 23.7% 2,919 10 9 Goldman Sachs & Co 47,766 10 -2 12 11 3 Mizuho Financial Group 3,490 18 -83.6% 21,319 11 11 Plutus Consulting Co 44,179 10 1 9 12 10 PwC 1,978 11 -65.7% 5,773 12 17 Frontier Management 844 10 2 8 13 11 JPMorgan 1,517 3 -72.8% 5,570 13 19 Bank of America 19,449 8 2 6 14 19 EY 1,489 11 -50.5% 3,009 14 23 Oaklins 668 8 3 5 15 - Centerview Partners 1,295 2 - - 15 12 KPMG 172 7 -2 9 16 23 GCA Corporation 1,238 13 -41.9% 2,130 16 - IR Japan 659 5 5 0 17 20 Citi 1,189 4 -60.0% 2,971 17 16 YAMADA Consulting Group 498 5 -3 8 18 14 Barclays 1,049 4 -74.1% 4,049 18 21 Citi 1,189 4 -2 6 19 12 UBS Investment Bank 1,013 3 -80.0% 5,067 19 20 Barclays 1,049 4 -2 6 20 27 AGS Consulting 891 2 -11.0% 1,001 20 26 Lincoln International 88 4 0 4

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 41 M&A Report 1Q-3Q20 Middle East & Africa

Value Deal Details (USDbn)

Announcement Bidder Target Target Target Sector Date Company Company Geography 20.3 29-Apr Abu Dhabi National Energy Abu Dhabi Power United Arab Energy, Mining & USD 6.2bn Company PJSC Corporation PJSC (Water Emirates Utilities and electricity generation, transmission, and distribution assets) MEA M&A value in Q3 -

10.1 23-Jun Consosrtium comprising ADNOC Gas Pipeline United Arab Energy, Mining & the lowest quarterly figure OTPP; Brookfield; Snam; Assets LLC (49% Stake) Emirates Utilities GIC; NH Investment & Securities; and Global since 3Q15 (USD 6.1bn) Infrastructure Partners

9.8 01-Mar Kuwait Finance House Ahli United Bank BSC Bahrain Financial Services

2.9 22-May PT Indofood CBP Sukses Pinehill Company Limited Saudi Arabia Consumer USD Makmur TBK 69.1bn 4

2.7 17-Feb Port & Free Zone World FZE DP World PLC (19.55% United Arab Transport YTD M&A value in MEA Number of deals worth at Stake) Emirates - down 47.3% versus least USD 500m in Q3 YTD 19 (USD 131.1bn)

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 42 M&A Report 1Q-3Q20

Middle East & Africa

The Middle East & Africa (MEA) stayed unfortunately immune In the other direction, outbound M&A remained at a historic country could see a further fall in investment. to the recovery being seen in 3Q20 globally. Deals targeting low. Deals conducted by MEA-based bidders outside the While the vast majority of sectors have seen a noticeable the Middle East & Africa (MEA) continued to decline, falling region have fallen to USD 7.5bn (65 deals) so far this year, slowdown in activity due to the pandemic, financial services to its lowest point in five years. In total, just 57 deals worth a down 22.5% in comparison to YTD 2019 (USD 9.6bn) to has remained a fairly robust area for dealmakers. The 25 deals combined USD 6.2bn were announced in 3Q20, the lowest its lowest YTD value since 2004 (USD 3.1bn). The largest recorded in the sector so far this year represents an 11.8% quarterly value since 3Q15 (USD 6.1bn). outbound deal in the third quarter of 2020 saw QIA invest share of the YTD MEA deal count, up from 9.4% in 2019. There USD 250m, along with East Ventures and BRI Ventures, in With many corporates cutting high-profile spending in such were eight deals recorded in the sector in Q3, including Al Indonesian online travel agency Traveloka. uncertain times, M&A in MEA has suffered. Just four deals Jazira Takaful Taawuni’s agreement to acquire listed Saudi worth at least USD 500m were announced in 3Q20, including Energy, tech, and financial services lead the way Arabian insurance firm Solidarity Saudi Takaful for USD 67m in Industries Qatar’s USD 1bn investment into Qatar Fertiliser. August. After a turbulent year in the commodity markets, energy, The third quarter figures signify a sizeable decline from the mining & utilities has continued to see interest despite the opening half of 2020 in which more than USD 60bn was uncertainty, recording USD 34bn this year. This accounts for spent. Despite the low third quarter, the USD 69.1bn spent in “While the vast majority 49.2% of the region’s total M&A, with inbound investment MEA so far this year represents the third highest YTD figure on continuing to drive activity in the sector. The largest energy Mergermarket record. of sectors have seen a deals in Q3 saw both Lukoil and Woodside Petroleum both COVID curtails cross-border M&A acquire a 40% stake in Cairn Energy’s Senegalese offshore noticeable slowdown assets for USD 300m each. A significant fall in foreign investment into MEA was key to the downturn in 3Q, with inbound M&A plummeting to just USD The tech sector, meanwhile, remains the most active sector in activity due to the 2.3bn across 21 deals, after hitting at least USD 10bn in six of this year by deal count despite a slowdown in Q3. There have the previous ten quarters. US-based companies remain the been a total 43 tech deals announced in MEA this year worth pandemic, financial services most active investors into the region, conducting 36 deals so USD 3.4bn. Consequently, tech accounts for 20.4% of all far this year, representing 37.1% of the total YTD inbound deal deals targeting the MEA region in 2020, up from a 17.4% share has remained fairly robust” count (97 deals). during 2019. Tech remains particularly active in Israel, with continued interest from foreign investors in innovative assets. The largest inbound deal in 3Q20 saw French giant Air For example, Apple acquired Israeli augmented reality firm Liquide acquire Sasol’s oxygen production site in Secunda Camerai for an undisclosed consideration in mid-August. Jonathan Klonowski, for USD 507m. While overall inbound M&A plummeted in 3Q, investment from Europe remained fairly steady with 12 deals While activity has fallen from recent years, Israel continues to recorded. This represents more than half the inbound deals be the most active country in the MEA region by deal count, into MEA in 3Q20, with the Netherlands and the UK being the recording 66 deals worth a combined USD 7.2bn. However, two most active European countries with three and five deals with tighter lockdown measures being introduced following a respectively. substantial rise in coronavirus cases, there are concerns the mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 43 M&A Report 1Q-3Q20

USD 2.3bn 49.2% 43 Energy, mining & utilities Number of tech deals in MEA this year, share of M&A value the most active sector so far Foriegn investment into MEA in Q3 targeting MEA

36 -22.5% USD 12.8bn MEA financial services M&A this year

Number of deals conducted Fall in outbound M&A versus by US-based bidder in 2020 YTD 19 (USD 9.6bn) to USD - the most active foreign 7.5bn this year investor

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 44 M&A Report 1Q-3Q20

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2014 - 3Q20 1Q-3Q19 - 1Q-3Q20

200 600

175 60

480 150

12.7

125 11.5 Deal Count 360 40 Deal Value (USD bn ) (USD Value Deal 24.0

100 73.6 Deal Value (USD bn) (USD Value Deal 22.5 240 75 6.2 17.2 10.9 20 35.4 50 12.5 95.5 17.3 34.0 41.6 120 20.7 10.0 25.7 17.0 25 6.1 24.8 12.8 14.1 29.8 9.5 21.3 7.0 8.7 17.9 7.0 4.2 8.6 9.7 4.8 4.6 3.6 0 0 0 2015 2016 2017 2018 2019 2020 Energy, Mining Financial Industrials Technology Consumer Other & Utilities Services & Chemicals

Q1 Q2 Q3 Q4 2019 2020

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 45 M&A Report 1Q-3Q20

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 3 Citi 44,665 6 -47.6% 85,267 1 18 Standard Bank Group 2,161 18 12 6 2 11 Rothschild & Co 25,040 9 370.4% 5,323 2 5 PwC 607 13 0 13 3 1 JPMorgan 21,958 5 -76.8% 94,469 3 4 Rothschild & Co 25,040 9 -4 13 4 4 HSBC 11,516 4 -85.7% 80,809 4 3 Citi 44,665 6 -9 15 5 2 Bank of America 11,039 4 -87.2% 86,252 5 2 EY 1,063 6 -14 20 6 5 Goldman Sachs & Co 10,694 3 -86.7% 80,165 6 1 JPMorgan 21,958 5 -15 20 7= 40 First Abu Dhabi Bank 10,100 1 1753.2% 545 7 15 KPMG 10,086 5 -2 7 7= - Mizuho Financial Group 10,100 1 - - 8 13 Morgan Stanley 5,426 5 -2 7 7= 8 Moelis & Company 10,100 1 -20.1% 12,635 9 16 Barclays 3,822 5 -1 6 10 46 KPMG 10,086 5 2402.7% 403 10 22 PSG Capital 166 5 1 4 11 6 Morgan Stanley 5,426 5 -92.8% 75,106 11 9 HSBC 11,516 4 -6 10 12 13 Barclays 3,822 5 -21.9% 4,895 12 7 Bank of America 11,039 4 -7 11

13 - Somerley Capital 2,931 1 - - 13 20 BNP Paribas 296 4 -1 5 14 15 Deutsche Bank 2,718 1 -17.2% 3,283 14 6 Goldman Sachs & Co 10,694 3 -9 12 15 37 Standard Bank Group 2,161 18 266.9% 589 15 29 Evercore 1,738 3 0 3 16 28 Evercore 1,738 3 78.3% 975 16 12 Jefferies 1,532 3 -5 8 17 - NH Investment & Securities Co 1,684 1 - - 17 42 Canaccord Genuity Group 614 3 1 2 18 12 Jefferies 1,532 3 -69.9% 5,083 18 - Java Capital 572 3 3 0 19 - Nomura Holdings 1,422 1 - - 19 11 Lazard 216 3 -5 8 20 - Stifel/KBW 1,189 2 - - 20 43 Global M&A Partners 177 3 1 2

mergermarket.com Mergermarket Global & Regional League Tables 46 M&A Report 1Q-3Q20

M&A Rankings by deal value and deal count for a wide range of regions

M&A and PE Financial Advisory League Tables

mergermarket.com Mergermarket Global & Regional League Tables 47 M&A Report 1Q-3Q20

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 544,328 201 -45.1% 991,052 1 1 PwC 29,561 273 -183 456 2 3 Morgan Stanley 487,626 175 -36.3% 765,158 2 2 Deloitte 83,823 266 -167 433 3 2 JPMorgan 336,261 164 -57.0% 781,572 3 3 KPMG 20,464 210 -132 342 4 6 Bank of America 253,284 143 -51.8% 526,014 4 4 EY 19,376 210 -68 278 5 7 Credit Suisse 233,038 81 -16.3% 278,393 5 5 Goldman Sachs & Co 544,328 201 -59 260 6 4 Citi 198,077 109 -66.3% 588,505 6 8 Morgan Stanley 487,626 175 -21 196 7 18 UBS Investment Bank 194,798 93 66.3% 117,112 7 7 JPMorgan 336,261 164 -51 215 8 11 Lazard 150,026 112 -12.7% 171,909 8 6 Rothschild & Co 143,448 150 -75 225 9 17 Rothschild & Co 143,448 150 17.8% 121,762 9 12 Bank of America 253,284 143 -10 153 10 5 Evercore 137,163 107 -75.5% 559,576 10 15 Jefferies 91,937 129 -9 138 11 28 Nomura Holdings 132,996 75 228.2% 40,527 11 10 Houlihan Lokey 24,542 129 -45 174 12 8 Barclays 132,345 87 -48.4% 256,292 12 9 Lazard 150,026 112 -62 174 13 54 China International Capital Corporation 131,068 44 714.8% 16,086 13 11 Citi 198,077 109 -45 154 14 16 Deutsche Bank 102,745 40 -17.3% 124,251 14 17 Evercore 137,163 107 -17 124 15 12 Jefferies 91,937 129 -45.6% 169,041 15 22 UBS Investment Bank 194,798 93 -4 97 16 24 Deloitte 83,823 266 75.1% 47,873 16 14 Barclays 132,345 87 -56 143 17 38 CITIC Securities Co 80,982 30 168.3% 30,187 17 19 Raymond James 6,623 87 -23 110 18 14 Centerview Partners 79,253 31 -45.9% 146,524 18 18 Oaklins 5,925 87 -28 115 19 15 HSBC 70,762 33 -46.6% 132,517 19 16 Credit Suisse 233,038 81 -44 125 20 13 Moelis & Company 68,058 63 -56.9% 157,951 20 13 Lincoln International 2,460 78 -66 144

mergermarket.com Mergermarket Global & Regional League Tables 48 M&A Report 1Q-3Q20

EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

mergermarket.com Mergermarket Global & Regional League Tables 49 M&A Report 1Q-3Q20

EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 110,417 24 11.6% 98,981 1 4 Rothschild & Co 20,157 46 -15 61 2 2 Morgan Stanley 103,763 22 51.4% 68,548 2 2 PwC 3,060 43 -32 75 3 5 JPMorgan Cazenove 63,605 34 42.2% 44,723 3 3 Deloitte 1,422 40 -29 69 4 10 Credit Suisse 50,941 8 45.7% 34,971 4 1 KPMG 1,332 38 -46 84 5 14 Citi 43,579 24 102.6% 21,508 5 9 JPMorgan Cazenove 63,605 34 0 34 6 11 UBS Investment Bank 39,252 13 14.5% 34,276 6 7 EY 2,380 30 -9 39 7 - Raine Group 38,620 3 - - 7 14 Jefferies 11,697 28 0 28 8 - Zaoui & Co 38,500 1 - - 8 5 Goldman Sachs & Co 110,417 24 -23 47 9 3 Barclays 30,478 17 -50.4% 61,509 9 26 Citi 43,579 24 6 18 10 4 Bank of America 24,354 23 -60.1% 61,057 10 19 Bank of America 24,354 23 -3 26 11 18 HSBC 22,043 9 70.0% 12,970 11 18 Morgan Stanley 103,763 22 -5 27 12 53 LionTree Advisors 20,416 3 880.1% 2,083 12 8 Lazard 15,879 21 -15 36 13 6 Rothschild & Co 20,157 46 -54.6% 44,399 13 22 Alantra 545 19 -2 21 14 15 Deutsche Bank 16,047 6 -10.5% 17,928 14 11 BDO 405 18 -14 32 15 9 Lazard 15,879 21 -57.9% 37,710 15 17 Clearwater International 225 18 -10 28 16 67 Societe Generale 12,213 4 888.1% 1,236 16 10 Barclays 30,478 17 -15 32 17 51 Greenhill & Co 11,806 7 434.9% 2,207 17 15 Daiwa Securities Group / DC Advisory 5,500 17 -11 28 18 7 Jefferies 11,697 28 -73.6% 44,234 18 20 Houlihan Lokey 1,022 16 -8 24 19 - The Quant Group 10,576 1 - - 19 6 Grant Thornton 237 16 -25 41 20 8 Evercore 9,826 15 -77.3% 43,294 20 12 Evercore 9,826 15 -16 31

mergermarket.com Mergermarket Global & Regional League Tables 50 M&A Report 1Q-3Q20

EMEA Advisory League tables

Ireland league table by value Ireland league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal Count Deal 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change count 2020 2019 (USDm) count change count 1 6 Citi 3,300 1 -65.3% 9,504 1 4 Deloitte 745 10 2 8 2 - Financial Technology Partners 825 1 - - 2 6 PwC 45 6 0 6 3 21 Deloitte 745 10 135.8% 316 3 2 IBI Corporate Finance 10 6 -3 9 4= - BMO Capital Markets 734 1 - - 4 - CAPNUA Corporate Finance 341 4 4 0 4= 4 Evercore 734 1 -99.2% 86,506 5 1 KPMG 105 4 -10 14 6 31 EY 556 2 263.4% 153 6 33 PJT Partners 113 3 2 1 7 12 Bank of America 550 2 -70.1% 1,842 7 - Focus Capital Partners 9 3 3 0 8 30 Jefferies 488 2 163.8% 185 8= - Key Capital - 3 3 0 9 7 Lazard 448 1 -95.2% 9,418 8= 13 Morgan Stanley - 3 0 3 10 - CAPNUA Corporate Finance 341 4 - - 10 18 EY 556 2 -1 3

DACH league table by value DACH league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 2 Goldman Sachs & Co 78,370 23 57.2% 49,869 1 1 EY 3,744 39 -30 69 2 3 JPMorgan 75,446 22 75.8% 42,928 2 3 PwC 85 33 -19 52 3 5 Credit Suisse 59,968 12 72.2% 34,818 3 2 Deloitte 1,320 29 -25 54 4 4 UBS Investment Bank 54,857 23 45.1% 37,811 4 4 KPMG 362 29 -16 45 5 8 Rothschild & Co 49,128 26 97.7% 24,853 5 5 Rothschild & Co 49,128 26 -13 39 6 11 Deutsche Bank 49,005 7 236.8% 14,552 6 8 GCA Corporation 273 25 -3 28 7 7 Lazard 43,764 14 74.3% 25,106 7 6 Goldman Sachs & Co 78,370 23 -6 29 8 1 Bank of America 35,253 16 -42.3% 61,053 8 16 UBS Investment Bank 54,857 23 8 15 9 23 BNP Paribas 33,616 16 850.4% 3,537 9 11 JPMorgan 75,446 22 0 22 10 28 HSBC 31,731 9 1205.8% 2,430 10 28 Livingstone Partners 48 18 8 10

mergermarket.com Mergermarket Global & Regional League Tables 51 M&A Report 1Q-3Q20

EMEA Advisory League tables

Germany league table by value Germany league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 67,576 18 70.3% 39,688 1 1 EY 2,381 29 -28 57 2 2 JPMorgan 59,321 14 78.3% 33,270 2 3 PwC 80 26 -8 34 3 6 Credit Suisse 45,661 6 157.4% 17,742 3 6 Rothschild & Co 42,081 20 -4 24 4 14 UBS Investment Bank 42,951 10 713.6% 5,279 4 7 GCA Corporation 216 19 -3 22 5 11 Rothschild & Co 42,081 20 579.6% 6,192 5 9 Goldman Sachs & Co 67,576 18 -2 20 6 4 Lazard 41,293 11 95.1% 21,160 6 23 Livingstone Partners 48 18 8 10 7 8 Deutsche Bank 38,527 4 236.2% 11,461 7 2 Deloitte 1,211 17 -20 37 8 19 BNP Paribas 31,150 12 957.4% 2,946 8 4 KPMG 315 17 -15 32 9 3 Bank of America 23,839 10 -26.0% 32,228 9 12 Carlsquare 91 16 1 15 10 - HSBC 22,333 6 - - 10 10 JPMorgan 59,321 14 -4 18 11 56 Jefferies 20,580 7 9297.3% 219 11 8 Lincoln International 92 14 -7 21 12 18 Macquarie Group 20,439 6 529.1% 3,249 12 25 BNP Paribas 31,150 12 3 9 13 77 goetzpartners 20,068 9 27772.2% 72 13 11 Lazard 41,293 11 -6 17 14 31 Nomura Holdings 18,864 2 1794.0% 996 14 44 UBS Investment Bank 42,951 10 5 5 15 - Bain & Company 18,834 1 - - 15 17 Bank of America 23,839 10 -1 11 16 35 Commerzbank 17,519 7 2978.9% 569 16 39 Raymond James 550 10 4 6 17 78 Berenberg Bank 17,519 1 24231.9% 72 17= 31 ACXIT Capital Partners - 10 2 8 18 69 Societe Generale 16,515 3 16091.2% 102 17= 36 Saxenhammer & Co Corporate Finance - 10 3 7 19 7 Morgan Stanley 8,229 8 -46.5% 15,381 19 40 goetzpartners 20,068 9 3 6 20 5 Citi 7,342 4 -65.0% 20,974 20 20 IMAP M&A Consultants 56 9 -2 11

mergermarket.com Mergermarket Global & Regional League Tables 52 M&A Report 1Q-3Q20

EMEA Advisory League tables

Switzerland league table by value Switzerland league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal Count Deal 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change count 2020 2019 (USDm) count change count 1 6 JPMorgan 15,020 6 3.8% 14,471 1 5 UBS Investment Bank 12,426 16 6 10 2 4 Credit Suisse 14,307 8 -16.5% 17,126 2 9 KPMG 47 13 6 7 3 1 UBS Investment Bank 12,426 16 -61.8% 32,532 3 4 EY 1,363 11 0 11 4 2 Bank of America 10,904 5 -62.2% 28,825 4 3 Credit Suisse 14,307 8 -5 13 5 15 Deutsche Bank 10,478 3 204.9% 3,436 5 7 GCA Corporation 196 8 0 8 6 5 Goldman Sachs & Co 9,696 4 -36.8% 15,339 6 15 The Corporate Finance Group 11 7 2 5 7 99 Morgan Stanley 8,643 4 - - 7 1 PwC 5 7 -8 15 8 90 HSBC 8,300 2 - - 8 13 JPMorgan 15,020 6 1 5 9 28 LionTree Advisors 7,159 2 2005.6% 340 9 12 Bank of America 10,904 5 0 5 10 3 Rothschild & Co 5,942 5 -68.0% 18,541 10 2 Rothschild & Co 5,942 5 -9 14

Austria league table by value Austria league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal Count Deal 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change count 2020 2019 (USDm) count change count 1= 1 JPMorgan 1,105 2 -69.0% 3,561 1 1 Deloitte - 9 -3 12 1= 7 Rothschild & Co 1,105 2 820.8% 120 2= 6 JPMorgan 1,105 2 0 2 3= 2 Goldman Sachs & Co 1,098 1 -54.8% 2,430 2= 15 Rothschild & Co 1,105 2 1 1 3= 3 HSBC 1,098 1 -54.8% 2,430 4 5 UniCredit Group 42 2 -1 3 5= - Bank of America 510 1 - - 5 34 Lincoln International 7 2 1 1 5= - Barclays 510 1 - - 5= 5 Citi 510 1 -54.9% 1,131

mergermarket.com Mergermarket Global & Regional League Tables 53 M&A Report 1Q-3Q20

EMEA Advisory League tables

France league table by value France league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 6 Rothschild & Co 35,947 55 71.5% 20,961 1 1 Rothschild & Co 35,947 55 -24 79 2 29 Societe Generale 29,919 19 982.5% 2,764 2 8 KPMG 1,619 24 1 23 3 8 Goldman Sachs & Co 29,314 13 54.7% 18,951 3 7 PwC 554 21 -6 27 4 2 Morgan Stanley 17,992 10 -50.2% 36,114 4 2 Lazard 15,988 20 -22 42 5 1 BNP Paribas 17,911 16 -52.7% 37,859 5 12 Societe Generale 29,919 19 -1 20 6 4 Lazard 15,988 20 -51.3% 32,821 6 9 Deloitte 2,006 19 -4 23 7 12 JPMorgan 15,427 13 11.9% 13,783 7 4 BNP Paribas 17,911 16 -16 32 8 210 Callisto 12,414 6 - - 8 3 Credit Agricole 7,209 16 -25 41 9 5 Bank of America 10,445 5 -54.3% 22,867 9 5 EY 1,171 15 -14 29 10 - Cardinal Partners SAS 10,128 2 - - 10 17 Lincoln International 129 15 -1 16 11 11 HSBC 9,609 10 -34.7% 14,705 11 27 Goldman Sachs & Co 29,314 13 2 11 12 3 Citi 7,587 3 -78.0% 34,481 12 21 JPMorgan 15,427 13 -1 14 13 7 Credit Agricole 7,209 16 -62.8% 19,393 13 25 Capitalmind Corporate Finance Advisory 547 13 1 12 14 - National Bank Financial 6,261 2 - - 14 14 Clearwater International 181 12 -5 17

15 14 UBS Investment Bank 5,670 4 -23.1% 7,376 15 6 Natixis 1,399 11 -17 28 16 - Rockefeller Capital Management 5,670 1 - - 16 11 Oaklins 284 11 -11 22 17 56 Centerview Partners 5,450 2 523.6% 874 17 20 Morgan Stanley 17,992 10 -4 14 18 - Santander Bank Polska 4,350 1 - - 18 38 HSBC 9,609 10 3 7 19 36 RBC Capital Markets 4,193 5 141.5% 1,736 19 23 Daiwa Securities Group / DC Advisory 1,620 10 -2 12 20 35 Nomura Holdings 4,190 7 103.8% 2,056 20 10 Cambon Partners 137 10 -13 23

mergermarket.com Mergermarket Global & Regional League Tables 54 M&A Report 1Q-3Q20

EMEA Advisory League tables

Benelux league table by value Benelux league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 3 Goldman Sachs & Co 19,202 10 5.0% 18,279 1 1 Deloitte 300 35 -26 61 2 13 JPMorgan 15,958 15 102.4% 7,883 2 6 GCG 82 20 -7 27 3 5 Bank of America 13,688 9 -7.5% 14,793 3 3 KPMG 5 20 -20 40 4 22 Evercore 10,107 6 206.3% 3,300 4 5 EY 19 19 -9 28 5 2 Rothschild & Co 9,380 12 -52.2% 19,620 5 9 Rabobank - 16 -7 23 6 1 Lazard 7,350 13 -74.5% 28,776 6 21 JPMorgan 15,958 15 4 11 7 9 Centerview Partners 7,020 1 -31.3% 10,219 7 10 Lazard 7,350 13 -6 19 8 18 Morgan Stanley 5,370 9 4.5% 5,141 8 7 ING 395 13 -11 24 9 7 BNP Paribas 5,165 9 -58.5% 12,441 9 2 PwC 145 13 -28 41 10 122 Daiwa Securities Group / DC Advisory 4,467 8 - - 10 4 Rothschild & Co 9,380 12 -18 30

Iberia league table by value Iberia league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 6 JPMorgan 18,582 7 213.4% 5,929 1 1 PwC 6,530 39 -31 70 2 2 Morgan Stanley 16,847 6 131.9% 7,264 2 3 EY 1,971 22 -5 27 3 10 Citi 15,027 6 215.6% 4,762 3 2 Deloitte 731 20 -26 46 4 - LionTree Advisors 12,907 3 - - 4 4 KPMG 264 12 -9 21 5 1 Rothschild & Co 9,410 8 -3.1% 9,711 5 7 Rothschild & Co 9,410 8 -4 12 6 3 Goldman Sachs & Co 8,730 5 27.3% 6,856 6 6 Santander Corporate Investment Banking 4,166 8 -8 16 (SCIB) 7 16 Bank of America 6,658 4 237.1% 1,975 7 18 JPMorgan 18,582 7 0 7 8 4 PwC 6,530 39 -2.4% 6,693 8 - Evercore 2,823 7 7 0 9 22 Barclays 6,140 3 340.1% 1,395 9 10 Lazard 2,141 7 -4 11 10 11 BNP Paribas 5,850 4 42.5% 4,106 10 5 Arcano Partners 105 7 -11 18

mergermarket.com Mergermarket Global & Regional League Tables 55 M&A Report 1Q-3Q20

EMEA Advisory League tables

Spain league table by value Spain league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 7 JPMorgan 17,441 6 228.6% 5,307 1 1 PwC 6,344 38 -24 62 2 10 Citi 15,027 6 215.6% 4,762 2 3 EY 505 19 -7 26 3 2 Morgan Stanley 14,614 5 101.2% 7,264 3 2 Deloitte 673 18 -20 38 4 - LionTree Advisors 12,907 3 - - 4 5 KPMG 264 11 -4 15 5 3 Goldman Sachs & Co 8,730 5 27.3% 6,856 5 9 Rothschild & Co 7,177 7 -3 10 6 1 Rothschild & Co 7,177 7 -26.1% 9,711 6 6 Santander Corporate Investment Banking 4,021 7 -7 14 (SCIB) 7 15 Bank of America 6,658 4 237.1% 1,975 7 - Evercore 2,823 7 7 0 8 4 PwC 6,344 38 -0.8% 6,393 8 4 Arcano Partners 105 7 -10 17 9 51 Barclays 6,140 2 6102.0% 99 9 19 JPMorgan 17,441 6 0 6 10 11 BNP Paribas 5,850 4 42.5% 4,106 10 15 Citi 15,027 6 -2 8 11 28 Nomura Holdings 5,449 5 493.6% 918 11 8 Lazard 1,987 6 -5 11 12 5 Santander Corporate Investment Banking 4,021 7 -33.9% 6,082 (SCIB) 12 13 Morgan Stanley 14,614 5 -3 8 13 - Millennium Investment Banking 3,082 1 - - 13 14 Goldman Sachs & Co 8,730 5 -3 8 14 - Evercore 2,823 7 - - 14 27 Nomura Holdings 5,449 5 1 4 15 6 Lazard 1,987 6 -65.1% 5,701 15 10 AZ Capital 1,676 5 -5 10 16 64 Duff & Phelps 1,825 2 3702.1% 48 16 22 Daiwa Securities Group / DC Advisory 1,199 5 0 5 17 9 AZ Capital 1,676 5 -65.3% 4,835 17 20 Banco Bilbao Vizcaya Argentaria 609 5 -1 6 18 59 Jefferies 1,507 4 2022.5% 71 18 33 GBS Finance 178 5 2 3 19 - BDT & Company 1,507 1 - - 19 16 Norgestion 74 5 -3 8 20 23 CaixaBank 1,200 3 -0.3% 1,204 20 39 Bank of America 6,658 4 2 2

mergermarket.com Mergermarket Global & Regional League Tables 56 M&A Report 1Q-3Q20

EMEA Advisory League tables

Italy league table by value Italy league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 2 Goldman Sachs & Co 18,268 8 52.4% 11,989 1 3 KPMG 1,677 39 -2 41 2 4 EQUITA S.I.M 15,455 7 112.6% 7,270 2 1 Deloitte 1,137 29 -22 51 3 1 Mediobanca 13,882 13 -1.5% 14,099 3 6 EY 668 24 -2 26 4 9 Rothschild & Co 12,703 8 184.5% 4,465 4 2 PwC 4,599 22 -23 45 5 14 Lazard 11,712 5 269.2% 3,172 5 4 Mediobanca 13,882 13 -17 30 6 24 Vitale & Co 10,194 12 820.0% 1,108 6 8 Vitale & Co 10,194 12 -6 18 7 11 JPMorgan 7,198 5 107.4% 3,470 7 10 Fineurop Soditic 310 11 0 11 8 5 UBS Investment Bank 7,086 8 1.0% 7,017 8 15 Goldman Sachs & Co 18,268 8 1 7 9= 39 Credit Suisse 5,941 1 1678.7% 334 9 7 Rothschild & Co 12,703 8 -12 20 9= 10 Morgan Stanley 5,941 1 68.6% 3,524 10 13 UBS Investment Bank 7,086 8 0 8 11 8 PwC 4,599 22 -20.8% 5,810 11 5 UniCredit Group 667 8 -22 30 12 7 IMI - Intesa Sanpaolo 3,705 6 -41.2% 6,305 12 18 Clairfield International 213 8 1 7 13 6 Bank of America 3,569 5 -45.9% 6,593 13 27 Oaklins 146 8 3 5 14 - Nomura Holdings 2,332 4 - - 14 16 EQUITA S.I.M 15,455 7 0 7 15 45 Colombo & Associati 2,013 3 624.1% 278 15 23 UBI Banca 171 7 1 6 16 - Zaoui & Co 1,956 1 - - 16 12 IMI - Intesa Sanpaolo 3,705 6 -4 10 17 25 BNP Paribas 1,896 3 72.2% 1,101 17 19 Alantra 356 6 -1 7 18 - Deutsche Bank 1,763 1 - - 18 9 Lazard 11,712 5 -8 13 19 3 KPMG 1,677 39 -82.2% 9,436 19 21 JPMorgan 7,198 5 -1 6 20= - Canson Capital Partners 1,519 1 - - 20 25 Bank of America 3,569 5 0 5

20= 21 Credit Agricole 1,519 1 4.3% 1,456

mergermarket.com Mergermarket Global & Regional League Tables 57 M&A Report 1Q-3Q20

EMEA Advisory League tables

Nordics league table by value Nordics league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 21,064 14 -56.2% 48,124 1 3 EY 1,890 38 -1 39 2 4 JPMorgan 13,026 14 -51.2% 26,719 2 2 Deloitte 1,741 36 -16 52 3 3 Citi 12,170 4 -55.8% 27,546 3 1 PwC 1,496 35 -33 68 4 55 LionTree Advisors 9,200 3 3655.1% 245 4 5 Carnegie Investment Bank 2,525 30 3 27 5 7 Barclays 7,854 5 -59.6% 19,441 5 6 ABG Sundal Collier Holding 2,348 18 -8 26 6 29 Arctic Securities 6,840 11 290.9% 1,750 6 8 Danske Bank 1,948 18 -6 24 7 2 Morgan Stanley 6,784 7 -77.3% 29,930 7 4 KPMG 141 17 -13 30 8 10 Nordea 5,966 10 -58.7% 14,443 8 14 DNB Markets 1,383 15 1 14 9 14 Evercore 5,861 5 -49.5% 11,614 9 20 Oaklins 571 15 3 12 10 11 SEB 5,533 13 -60.6% 14,028 10 7 Goldman Sachs & Co 21,064 14 -11 25 11 45 UBS Investment Bank 4,835 6 1356.3% 332 11 25 JPMorgan 13,026 14 4 10 12 15 Jamieson Corporate Finance 4,067 2 -62.0% 10,705 12 21 Pareto Securities 367 14 3 11 13 62 Arma Partners 3,685 5 1761.1% 198 13 9 SEB 5,533 13 -10 23 14 18 Jefferies 3,636 5 -53.8% 7,869 14 16 Rothschild & Co 851 12 -1 13 15 17 Lazard 3,626 6 -54.5% 7,968 15 13 Nordhaven Corporate Finance 42 12 -4 16 16 30 PJT Partners 3,451 2 99.0% 1,734 16 27 Arctic Securities 6,840 11 1 10 17 59 Poyry Capital 3,451 1 1427.0% 226 17 22 Clearwater International 65 11 0 11 18 9 Credit Suisse 2,628 4 -82.1% 14,653 18 11 Nordea 5,966 10 -6 16 19 22 Carnegie Investment Bank 2,525 30 -50.8% 5,128 19 12 BDO - 9 -7 16 20 24 ABG Sundal Collier Holding 2,348 18 -41.3% 3,999 20 38 Translink Corporate Finance 6 8 1 7

mergermarket.com Mergermarket Global & Regional League Tables 58 M&A Report 1Q-3Q20

EMEA Advisory League tables

Denmark league table by value Denmark league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal Count Deal 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change count 2020 2019 (USDm) count change count 1 1 Citi 3,300 1 -76.6% 14,076 1 2 PwC 498 16 -3 19 2 8 JPMorgan 2,321 3 -60.2% 5,832 2 3 EY 590 12 -1 13 3 2 Goldman Sachs & Co 1,627 4 -85.8% 11,448 3 1 Deloitte 324 9 -11 20 4 12 Nordea 1,405 3 -65.1% 4,027 4 5 Clearwater International 59 9 0 9 5 5 Danske Bank 1,126 8 -85.3% 7,685 5 4 Danske Bank 1,126 8 -3 11 6 3 Barclays 1,102 3 -87.7% 8,960 6 12 ABG Sundal Collier Holding 133 6 1 5 7 11 FIH Partners 828 4 -79.6% 4,052 7 71 Oaklins 115 5 4 1 8= - Accuracy 828 1 - - 8 11 Goldman Sachs & Co 1,627 4 -1 5 8= 39 Atrium Partners 828 1 1066.2% 71 9 7 FIH Partners 828 4 -3 7 8= 13 Credit Suisse 828 1 -76.0% 3,443 10 6 KPMG 103 4 -3 7

Norway league table by value Norway league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal Count Deal 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change count 2020 2019 (USDm) count change count 1 2 Goldman Sachs & Co 9,200 3 26.9% 7,248 1 1 ABG Sundal Collier Holding 2,215 13 -4 17 2 - LionTree Advisors 9,200 2 - - 2 3 DNB Markets 1,159 13 1 12 3 8 Citi 8,870 2 136.5% 3,750 3 17 Deloitte 254 13 8 5 4 15 Arctic Securities 6,840 11 290.9% 1,750 4 4 Arctic Securities 6,840 11 1 10 5 10 Barclays 5,563 2 57.2% 3,539 5 8 Carnegie Investment Bank 702 11 3 8 6 12 ABG Sundal Collier Holding 2,215 13 -25.9% 2,989 6 6 Pareto Securities 284 9 0 9 7 - JPMorgan 1,548 3 - - 7 15 Danske Bank 369 7 2 5 8 18 DNB Markets 1,159 13 158.7% 448 8 13 EY 264 6 0 6 9 - Societe Generale 1,100 1 - - 9 2 PwC 947 5 -9 14 10 32 PwC 947 5 1686.8% 53 10 11 SEB 618 5 -2 7

mergermarket.com Mergermarket Global & Regional League Tables 59 M&A Report 1Q-3Q20

EMEA Advisory League tables

Sweden league table by value Sweden league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 3 JPMorgan 8,571 8 -59.0% 20,887 1 3 EY 629 19 -2 21 2 1 Goldman Sachs & Co 8,049 9 -71.0% 27,785 2 1 PwC 1,377 18 -18 36 3 2 Morgan Stanley 6,326 6 -71.1% 21,892 3 7 Carnegie Investment Bank 1,823 17 4 13 4 6 Evercore 5,861 5 -49.5% 11,614 4 2 Deloitte 1,163 16 -12 28 5 11 SEB 4,915 8 -33.0% 7,335 5 4 Goldman Sachs & Co 8,049 9 -8 17 6 9 Jamieson Corporate Finance 4,067 2 -59.8% 10,106 6 6 KPMG 38 9 -7 16 7 17 Jefferies 3,636 3 35.2% 2,690 7 15 JPMorgan 8,571 8 1 7 8 19 Lazard 3,499 3 62.7% 2,150 8 5 SEB 4,915 8 -8 16 9 - Arma Partners 3,411 1 - - 9 22 Oaklins 226 8 1 7 10 15 Carnegie Investment Bank 1,823 17 -44.1% 3,261 10 12 BDO - 8 0 8

Finland league table by value Finland league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Value 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change (USDm) 1 1 Nordea 4,229 4 -56.3% 9,668 1 8 EY 459 9 3 6 2= 3 Goldman Sachs & Co 3,451 1 -8.0% 3,750 2 5 Nordhaven Corporate Finance 19 8 0 8 2= - PJT Partners 3,451 1 - - 3 6 Carnegie Investment Bank 47 6 -1 7 2= 22 Poyry Capital 3,451 1 1427.0% 226 4 7 Nordea 4,229 4 -2 6 2= - UBS Investment Bank 3,451 1 - - 5 4 MCF Corporate Finance 126 4 -4 8 6 5 SEB 1,958 3 -44.9% 3,554 6 1 PwC 22 4 -10 14 7 2 Morgan Stanley 1,958 1 -75.0% 7,827 7 10 SEB 1,958 3 -2 5 8= 4 Barclays 1,519 1 -58.4% 3,649 8 - Valor Partners 438 3 3 0 8= - Fenchurch Advisory Partners 1,519 1 - - 9 29 Oaklins 82 3 1 2 8= - JPMorgan 1,519 1 - - 10 41 Evli Bank 27 3 2 1 8= - Numis Securities 1,519 1 - -

mergermarket.com Mergermarket Global & Regional League Tables 60 M&A Report 1Q-3Q20

EMEA Advisory League tables

CEE league table by value CEE league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 4 JPMorgan 15,145 5 342.2% 3,425 1 3 PwC 92 18 -3 21 2 51 Societe Generale 12,158 2 26330.4% 46 2 4 EY 540 15 -5 20 3 6 Goldman Sachs & Co 10,626 4 235.1% 3,171 3 1 Deloitte 157 15 -9 24 4 19 BNP Paribas 8,577 5 1005.3% 776 4 7 VTB Capital AO 6,939 10 2 8 5 3 Rothschild & Co 7,849 3 122.5% 3,528 5 2 KPMG 242 10 -12 22 6 5 Credit Suisse 7,808 1 131.0% 3,380 6 6 Citi 6,677 6 -5 11 7 10 VTB Capital AO 6,939 10 251.5% 1,974 7 5 UniCredit Group 537 6 -6 12 8 1 Citi 6,677 6 -44.6% 12,053 8 17 JPMorgan 15,145 5 1 4 9 22 Lazard 4,771 2 969.7% 446 9 33 BNP Paribas 8,577 5 3 2 10 29 Santander Bank Polska 4,467 4 1631.4% 258 10 19 Goldman Sachs & Co 10,626 4 0 4 11 9 UBS Investment Bank 2,454 4 24.3% 1,975 11 22 Santander Bank Polska 4,467 4 0 4 12 - Cushman & Wakefield 1,114 1 - - 12 20 UBS Investment Bank 2,454 4 0 4 13 - HSBC 1,098 1 - - 13 116 SUMMA Advisers 32 4 3 1 14 18 Evercore 722 1 -9.8% 800 14 10 Rothschild & Co 7,849 3 -4 7 15 55 mInvestment Banking 709 2 2626.9% 26 15 8 Sberbank OAO 622 3 -5 8 16 15 Sberbank OAO 622 3 -40.5% 1,045 16 12 Clairfield International 458 3 -3 6 17 17 EY 540 15 -32.9% 805 17 11 Oaklins - 3 -4 7 18 23 UniCredit Group 537 6 22.6% 438 18 42 Societe Generale 12,158 2 0 2 19 26 Clairfield International 458 3 44.9% 316 19 13 Lazard 4,771 2 -3 5 20= 2 Bank of America 458 1 -94.1% 7,801 20 24 mInvestment Banking 709 2 -2 4 20= 25 Morgan Stanley 458 1 11.7% 410

mergermarket.com Mergermarket Global & Regional League Tables 61 M&A Report 1Q-3Q20

EMEA Advisory League tables

Poland league table by value Poland league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 - JPMorgan 5,893 2 - - 1 1 PwC - 6 -5 11 2 8 Santander Bank Polska 4,467 4 1631.4% 258 2 6 Santander Bank Polska 4,467 4 0 4 3= - Lazard 4,350 1 - - 3 12 Deloitte - 4 1 3 3= - Societe Generale 4,350 1 - - 4 - JPMorgan 5,893 2 2 0 5 3 Goldman Sachs & Co 2,212 2 135.1% 941 5 20 Goldman Sachs & Co 2,212 2 1 1 6 1 UBS Investment Bank 2,001 2 35.7% 1,475 6 19 UBS Investment Bank 2,001 2 1 1 7= - Citi 1,114 1 - - 7 8 mInvestment Banking 709 2 -2 4 7= - Cushman & Wakefield 1,114 1 - - 8 5 Clairfield International 458 2 -2 4 9 - HSBC 1,098 1 - - 9 10 EY 119 2 -1 3 10 19 mInvestment Banking 709 2 2626.9% 26 10 4 Rothschild & Co 41 2 -2 4

Russia league table by value Russia league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 5 VTB Capital 6,939 10 251.5% 1,974 1 1 VTB Capital 6,939 10 2 8 2 1 Citi 5,327 4 26.4% 4,216 2 3 Citi 5,327 4 -1 5 3 9 Sberbank 622 3 -40.5% 1,045 3 2 Sberbank 622 3 -5 8 4 15 Goldman Sachs & Co 606 1 355.6% 133 4= 11 Advance Capital - 2 0 2 5= - Bacchus Capital 288 1 - - 4= 24 PwC - 2 1 1 5= - Standard Bank Group 288 1 - - 6 10 Goldman Sachs & Co 606 1 -1 2 7 - Hagberg & Aneborn Fondkommission 120 1 - - 7= - Bacchus Capital 288 1 1 0 8 17 EY 86 1 273.9% 23 7= - Standard Bank Group 288 1 1 0 9 - Numis Securities 15 1 - - 9 - Hagberg & Aneborn Fondkommission 120 1 1 0 10 - CrestPrecise CIS 7 1 - - 10 12 EY 86 1 -1 2

mergermarket.com Mergermarket Global & Regional League Tables 62 M&A Report 1Q-3Q20

EMEA Advisory League tables

Turkey league table by value Turkey league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1= - Aream & Co 1,800 1 - - 1= - Development and Investment Bank of Turkey 524 4 4 0 (TKYB) 1= 8 Morgan Stanley 1,800 1 990.9% 165 1= 25 KPMG 524 4 3 1 3 - UBS Investment Bank 530 1 - - 3 19 Industrial Development Bank of Turkey (TSKB) 111 3 2 1 4= - Development and Investment Bank of Turkey 524 4 - - (TKYB) 4 - Citi 450 2 2 0 4= 25 KPMG 524 4 - - 5 1 Pragma Corporate Finance 65 2 -4 6 6= - Alantra 478 1 - - 6 2 EY 45 2 -2 4 6= - Rothschild & Co 478 1 - - 7 3 PwC - 2 -2 4 8 - Citi 450 2 - - 8= - Aream & Co 1,800 1 1 0 9 2 Dome Group 407 1 0.5% 405 8= 14 Morgan Stanley 1,800 1 0 1 10 - Alfa Investment 168 1 - - 10 - UBS Investment Bank 530 1 1 0

Africa league table by value Africa league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 17 Standard Bank Group 2,161 18 266.9% 589 1 3 Standard Bank Group 2,161 18 12 6 2 - Nomura Holdings 1,422 1 - - 2 10 PwC 507 10 6 4 3 4 JPMorgan 1,298 3 -68.3% 4,092 3 8 PSG Capital 166 5 1 4 4 25 EY 1,000 2 192.4% 342 4 5 Rothschild & Co 313 4 -1 5 5 - Alpen Capital (ME) 1,000 1 - - 5 14 BNP Paribas 296 4 1 3 6 33 Barclays 923 2 315.8% 222 6 7 JPMorgan 1,298 3 -1 4 7 - Robey Warshaw 575 1 - - 7 - Java Capital 572 3 - - 8 - Java Capital 572 3 - - 8 34 Rand Merchant Bank 78 3 2 1 9 20 PwC 507 10 13.4% 447 9 1 EY 1,000 2 -6 8 10 22 Rothschild & Co 313 4 -18.7% 385 10 15 Barclays 923 2 -1 3

mergermarket.com Mergermarket Global & Regional League Tables 63 M&A Report 1Q-3Q20

Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 364,667 151 -55.5% 819,874 1 1 Goldman Sachs & Co 364,667 151 -34 185 2 3 Morgan Stanley 335,103 124 -47.1% 632,908 2 4 Morgan Stanley 335,103 124 -9 133 3 2 JPMorgan 200,908 107 -69.3% 654,976 3 3 Houlihan Lokey 23,772 113 -33 146 4 6 Bank of America 200,167 111 -47.2% 379,026 4 7 Bank of America 200,167 111 0 111 5 7 Credit Suisse 143,955 58 -41.2% 244,913 5 5 Jefferies 70,162 111 -3 114 6 4 Evercore 129,980 93 -76.1% 543,978 6 2 JPMorgan 200,908 107 -52 159 7 5 Citi 123,132 68 -72.8% 451,888 7 10 Evercore 129,980 93 -11 104 8 8 Barclays 113,616 71 -49.9% 226,608 8 13 Raymond James 6,105 75 -22 97 9 14 Lazard 106,415 68 0.0% 106,455 9 8 Barclays 113,616 71 -40 111 10 19 UBS Investment Bank 102,229 48 111.5% 48,340 10 9 Citi 123,132 68 -37 105 11 13 Centerview Partners 78,476 28 -46.2% 145,777 11 12 Lazard 106,415 68 -29 97 12 22 Rothschild & Co 74,212 68 91.5% 38,746 12 20 Rothschild & Co 74,212 68 -5 73 13 11 Jefferies 70,162 111 -56.9% 162,848 13 15 Piper Sandler Companies 8,489 68 -19 87 14 16 Deutsche Bank 66,135 29 -30.3% 94,880 14 6 Deloitte 3,335 67 -46 113 15 12 Moelis & Company 63,610 53 -57.8% 150,684 15 14 Credit Suisse 143,955 58 -29 87 16 57 Nomura Holdings 56,689 24 620.3% 7,870 16 11 PwC 9,302 58 -41 99 17 541 Raine Group 39,530 6 - - 17 21 Stifel/KBW 17,005 54 -18 72 18 - Zaoui & Co 38,500 1 - - 18 22 Moelis & Company 63,610 53 -18 71 19 17 Wells Fargo Securities 30,605 17 -55.7% 69,028 19 28 UBS Investment Bank 102,229 48 -1 49 20 32 Mizuho Financial Group 30,241 6 38.0% 21,909 20 18 KPMG 3,190 45 -37 82

mergermarket.com Mergermarket Global & Regional League Tables 64 M&A Report 1Q-3Q20

Americas Advisory League tables

US league table by value US league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 362,430 147 -55.6% 815,591 1 1 Goldman Sachs & Co 362,430 147 -30 177 2 3 Morgan Stanley 333,545 119 -45.1% 608,085 2 4 Morgan Stanley 333,545 119 0 119 3 2 JPMorgan 190,624 99 -70.3% 641,723 3 2 Houlihan Lokey 23,772 111 -33 144 4 6 Bank of America 187,744 103 -47.2% 355,845 4 5 Jefferies 63,864 105 -8 113 5 7 Credit Suisse 143,456 55 -39.2% 235,983 5 8 Bank of America 187,744 103 4 99 6 4 Evercore 129,400 90 -76.1% 542,369 6 3 JPMorgan 190,624 99 -42 141 7 5 Citi 111,733 64 -74.8% 443,179 7 7 Evercore 129,400 90 -11 101 8 8 Barclays 107,087 68 -50.8% 217,479 8 10 Raymond James 5,561 72 -17 89 9 14 Lazard 105,281 63 3.3% 101,960 9 6 Barclays 107,087 68 -38 106 10 27 UBS Investment Bank 89,998 43 217.5% 28,350 10 11 Piper Sandler Companies 8,441 65 -22 87 11 13 Centerview Partners 78,476 28 -45.8% 144,903 11 9 Citi 111,733 64 -26 90 12 16 Deutsche Bank 66,135 29 -29.2% 93,473 12 12 Lazard 105,281 63 -22 85 13 21 Rothschild & Co 64,256 58 83.0% 35,111 13 22 Rothschild & Co 64,256 58 -4 62 14 11 Jefferies 63,864 105 -60.8% 162,848 14 16 Credit Suisse 143,456 55 -23 78 15 12 Moelis & Company 63,610 51 -57.7% 150,474 15 19 Stifel/KBW 16,906 52 -17 69 16 53 Nomura Holdings 54,654 22 627.3% 7,515 16 18 Moelis & Company 63,610 51 -18 69 17 472 Raine Group 39,530 6 - - 17 15 Deloitte 3,049 47 -32 79 18 - Zaoui & Co 38,500 1 - - 18 29 UBS Investment Bank 89,998 43 3 40 19 17 Wells Fargo Securities 30,605 17 -55.7% 69,028 19 13 Lincoln International 2,186 43 -39 82 20 31 Mizuho Financial Group 30,241 6 38.0% 21,909 20 17 PwC 8,877 42 -35 77

mergermarket.com Mergermarket Global & Regional League Tables 65 M&A Report 1Q-3Q20

Americas Advisory League tables

US North East league table by value US North East league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 3 Goldman Sachs & Co 213,456 88 -30.3% 306,205 1 1 Goldman Sachs & Co 213,456 88 -10 98 2 1 Morgan Stanley 206,472 79 -40.5% 347,188 2 4 Morgan Stanley 206,472 79 16 63 3 7 Bank of America 129,082 57 4.8% 123,219 3 9 Jefferies 41,591 66 11 55 4 5 JPMorgan 100,865 45 -61.0% 258,427 4 2 Houlihan Lokey 18,862 60 -15 75 5 14 Lazard 85,993 37 70.5% 50,435 5 6 Bank of America 129,082 57 1 56 6 17 Credit Suisse 82,376 35 122.3% 37,063 6 8 Evercore 75,822 53 -2 55 7 4 Evercore 75,822 53 -73.8% 289,884 7 3 JPMorgan 100,865 45 -27 72 8 23 UBS Investment Bank 68,011 26 269.7% 18,397 8 14 Lazard 85,993 37 -2 39 9 11 Centerview Partners 63,764 15 -32.0% 93,717 9 7 Citi 49,815 37 -18 55 10 24 Rothschild & Co 54,442 31 204.1% 17,900 10 12 Credit Suisse 82,376 35 -6 41

US Mid West league table by value US Mid West league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 55,622 27 -81.2% 295,747 1 2 Houlihan Lokey 5,692 28 -13 41 2 2 JPMorgan 44,399 20 -82.6% 254,971 2 1 Goldman Sachs & Co 55,622 27 -19 46 3 5 Credit Suisse 43,744 16 -67.3% 133,939 3 11 Jefferies 14,795 24 -3 27 4 4 Morgan Stanley 43,447 15 -78.7% 204,060 4 4 William Blair & Company 4,717 21 -13 34 5 7 Barclays 37,929 13 -65.8% 111,024 5 9 Stifel/KBW 1,607 21 -8 29 6 3 Evercore 37,475 20 -83.4% 225,302 6 3 JPMorgan 44,399 20 -16 36 7 18 Moelis & Company 36,504 14 259.9% 10,142 7 7 Evercore 37,475 20 -10 30 8 9 Citi 28,916 13 -63.3% 78,842 8 19 Raymond James 1,621 20 1 19 9 6 Bank of America 25,725 19 -79.1% 122,985 9 13 Bank of America 25,725 19 -4 23 10 171 Nomura Holdings 22,200 5 - - 10 5 Robert W. Baird & Co 1,038 17 -15 32

mergermarket.com Mergermarket Global & Regional League Tables 66 M&A Report 1Q-3Q20

Americas Advisory League tables

US South league table by value US South league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 7 Credit Suisse 79,222 22 -23.1% 103,017 1 2 Houlihan Lokey 8,289 55 -9 64 2 1 Goldman Sachs & Co 78,123 52 -73.9% 299,586 2 1 Goldman Sachs & Co 78,123 52 -12 64 3 2 JPMorgan 76,307 41 -67.3% 233,269 3 3 Jefferies 40,943 45 -11 56 4 8 Morgan Stanley 70,625 40 -19.5% 87,768 4 6 JPMorgan 76,307 41 -6 47 5 4 Evercore 45,903 33 -70.8% 157,115 5 9 Morgan Stanley 70,625 40 -1 41 6 6 Barclays 43,365 25 -61.7% 113,263 6 10 Bank of America 31,507 37 -2 39 7 9 Jefferies 40,943 45 -52.4% 86,074 7 5 Piper Sandler Companies 5,845 35 -13 48 8 3 Bank of America 31,507 37 -82.2% 176,565 8 8 Evercore 45,903 33 -11 44 9 22 Moelis & Company 26,094 23 122.9% 11,704 9 4 Raymond James 1,396 32 -20 52 10 5 Citi 23,485 21 -84.9% 155,821 10 7 Barclays 43,365 25 -22 47

US West league table by value US West league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 3 Morgan Stanley 197,150 48 96.2% 100,507 1 1 Goldman Sachs & Co 174,172 59 5 54 2 1 Goldman Sachs & Co 174,172 59 16.6% 149,439 2 5 Morgan Stanley 197,150 48 9 39 3 4 Bank of America 92,846 41 37.6% 67,463 3 4 Jefferies 31,775 46 6 40 4 2 JPMorgan 88,527 41 -15.7% 105,061 4 13 Bank of America 92,846 41 12 29 5 7 Citi 53,006 21 12.4% 47,150 5 2 JPMorgan 88,527 41 -9 50 6 10 Lazard 51,624 19 66.0% 31,092 6 12 Evercore 35,245 32 2 30 7 5 Credit Suisse 51,155 19 -10.4% 57,120 7 7 Barclays 36,295 30 -5 35 8 15 Centerview Partners 41,142 12 80.8% 22,754 8 3 Houlihan Lokey 2,210 28 -19 47 9 14 Moelis & Company 39,811 25 65.3% 24,089 9 9 Raymond James 2,528 27 -6 33 10 6 Deutsche Bank 39,431 17 -17.2% 47,622 10 14 Moelis & Company 39,811 25 -2 27

mergermarket.com Mergermarket Global & Regional League Tables 67 M&A Report 1Q-3Q20

Americas Advisory League tables

Canada league table by value Canada league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 47 Rothschild & Co 18,783 8 1516.4% 1,162 1 5 PwC 349 16 -9 25 2 1 Morgan Stanley 16,637 7 -75.9% 69,020 2 18 National Bank Financial 13,959 15 2 13 3 5 Jefferies 14,259 9 -62.8% 38,375 3 6 Scotiabank 7,422 15 -8 23 4 23 National Bank Financial 13,959 15 82.0% 7,668 4 1 Deloitte 210 14 -21 35 5 14 UBS Investment Bank 13,095 6 -43.3% 23,099 5 11 BMO Capital Markets 7,919 13 -5 18 6 7 Citi 12,595 7 -57.8% 29,828 6 2 CIBC World Markets 6,461 12 -15 27 7 11 JPMorgan 11,672 5 -54.0% 25,368 7 3 RBC Capital Markets 4,790 11 -15 26 8 6 Bank of America 10,814 6 -71.4% 37,856 8 22 Jefferies 14,259 9 0 9 9 - Societe Generale 9,159 2 - - 9 20 Houlihan Lokey 2,210 9 -3 12 10 2 Goldman Sachs & Co 8,421 6 -84.6% 54,644 10 58 Rothschild & Co 18,783 8 6 2 11 13 BMO Capital Markets 7,919 13 -66.1% 23,340 11 8 TD Securities 4,876 8 -12 20 12 20 Scotiabank 7,422 15 -23.6% 9,717 12 13 Raymond James 619 8 -7 15 13 4 Barclays 6,798 6 -84.6% 44,234 13 7 Canaccord Genuity Group 247 8 -14 22 14 16 CIBC World Markets 6,461 12 -60.8% 16,481 14 4 Morgan Stanley 16,637 7 -18 25 15 - Rockefeller Capital Management 5,670 1 - - 15 15 Citi 12,595 7 -6 13 16 3 TD Securities 4,876 8 -89.2% 45,257 16 26 Cormark Securities 779 7 0 7 17 12 RBC Capital Markets 4,790 11 -80.8% 24,967 17 10 KPMG 12 7 -12 19 18 56 Nomura Holdings 4,248 3 446.7% 777 18 24 UBS Investment Bank 13,095 6 -2 8 19 49 HSBC 4,080 3 288.9% 1,049 19 19 Bank of America 10,814 6 -6 12 20 15 Credit Suisse 3,644 5 -78.3% 16,808 20 14 Goldman Sachs & Co 8,421 6 -8 14

mergermarket.com Mergermarket Global & Regional League Tables 68 M&A Report 1Q-3Q20

Americas Advisory League tables

Latin America league table by value Latin America league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

mergermarket.com Mergermarket Global & Regional League Tables 69 M&A Report 1Q-3Q20

Americas Advisory League tables

Brazil America league table by value Brazil America league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 4 Bank of America 7,512 7 -46.4% 14,027 1 3 BR Partners 6,896 17 3 14 2 1 BR Partners 6,896 17 -65.3% 19,848 2 1 Banco Itau BBA 3,313 15 -16 31 3 16 Banco BTG Pactual 5,342 9 24.6% 4,289 3 4 Banco Bradesco BBI 813 12 -1 13 4 11 Banco Itau BBA 3,313 15 -44.5% 5,972 4 2 Banco BTG Pactual 5,342 9 -13 22 5 29 JPMorgan 2,813 5 472.9% 491 5 6 Bank of America 7,512 7 -3 10 6 7 Goldman Sachs & Co 2,114 4 -70.2% 7,083 6 29 JPMorgan 2,813 5 3 2 7 3 Morgan Stanley 1,623 4 -88.8% 14,437 7 7 Vinci Partners 93 5 -5 10 8 17 Banco Bradesco BBI 813 12 -78.2% 3,724 8 17 Goldman Sachs & Co 2,114 4 0 4 9 8 BNP Paribas 791 3 -88.5% 6,880 9 12 Morgan Stanley 1,623 4 -1 5 10 48 Core Assessoria Financeira 656 1 - - 10 15 Deloitte 107 4 -1 5

mergermarket.com Mergermarket Global & Regional League Tables 70 M&A Report 1Q-3Q20

Asia Pacific Advisory League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

mergermarket.com Mergermarket Global & Regional League Tables 71 M&A Report 1Q-3Q20

Asia Pacific Advisory League tables

Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 14 China International Capital Corporation 131,068 44 714.8% 16,086 1 3 EY 10,709 55 8 47 2 6 CITIC Securities 80,982 30 168.3% 30,187 2 1 PwC 12,292 47 -43 90 3 18 UBS Investment Bank 73,894 14 442.1% 13,631 3 6 China International Capital Corporation 131,068 44 14 30 4 3 Goldman Sachs & Co 69,722 21 113.0% 32,741 4 4 Deloitte 26,861 35 -10 45 5 17 China Securities 50,703 11 262.2% 14,000 5 7 Morgan Stanley 45,982 32 3 29 6 2 Morgan Stanley 45,982 32 35.1% 34,039 6 2 KPMG 4,988 31 -21 52 7 5 JPMorgan 40,744 22 29.8% 31,388 7 5 CITIC Securities 80,982 30 -1 31 8 4 Bank of America 28,389 16 -10.7% 31,798 8 12 JPMorgan 40,744 22 0 22 9 13 Deloitte 26,861 35 67.0% 16,088 9 8 Citi 18,722 22 -5 27 10 9 HSBC 23,857 14 10.8% 21,534 10 10 Goldman Sachs & Co 69,722 21 -2 23 11 40 Guotai Junan Securities 20,759 13 497.9% 3,472 11 11 Credit Suisse 15,199 17 -6 23 12 1 Citi 18,722 22 -49.8% 37,300 12 13 Bank of America 28,389 16 -4 20 13 96 Nomura Holdings 17,011 12 3158.8% 522 13 22 Somerley Capital 15,320 16 2 14 14 21 Somerley Capital 15,320 16 57.2% 9,745 14 9 Huatai Securities 2,454 15 -12 27 15 8 Credit Suisse 15,199 17 -30.5% 21,872 15 21 UBS Investment Bank 73,894 14 0 14 16 16 PwC 12,292 47 -14.1% 14,315 16 15 HSBC 23,857 14 -3 17 17 12 Barclays 12,133 7 -25.3% 16,241 17 14 Guotai Junan Securities 20,759 13 -6 19 18 25 EY 10,709 55 31.3% 8,158 18 19 China Renaissance Holdings 2,965 13 -3 16 19= 319 Greenhill & Co 10,576 1 - - 19 59 Nomura Holdings 17,011 12 7 5 19= - The Quant Group 10,576 1 - - 20 17 China Securities 50,703 11 -6 17

mergermarket.com Mergermarket Global & Regional League Tables 72 M&A Report 1Q-3Q20

Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 2 Goldman Sachs & Co 11,126 16 -46.9% 20,952 1 4 Deloitte 887 24 3 21 2 13 Morgan Stanley 9,666 9 55.7% 6,209 2 1 PwC 679 22 -14 36 3 7 Macquarie Group 7,324 16 -35.4% 11,345 3 5 Goldman Sachs & Co 11,126 16 0 16 4 14 JPMorgan 5,169 7 2.0% 5,070 4 3 Macquarie Group 7,324 16 -5 21 5 4 UBS Investment Bank 5,135 14 -65.7% 14,978 5 6 UBS Investment Bank 5,135 14 -1 15 6 1 Bank of America 5,122 9 -75.9% 21,283 6 2 KPMG 359 14 -20 34 7 30 Moelis & Company 4,567 7 366.0% 980 7 8 Morgan Stanley 9,666 9 -1 10 8 18 Citi 3,099 6 -2.9% 3,192 8 13 Bank of America 5,122 9 2 7 9 - Millennium Investment Banking 3,082 1 - - 9 16 JPMorgan 5,169 7 2 5 10 8 Credit Suisse 2,992 5 -70.6% 10,188 10 14 Moelis & Company 4,567 7 0 7 11 3 Rothschild & Co 2,926 6 -82.5% 16,681 11 11 EY 892 7 -1 8 12 - The Bank Street Group 2,900 1 - - 12 24 Citi 3,099 6 2 4 13 16 Grant Samuel 2,546 4 -40.8% 4,300 13 7 Rothschild & Co 2,926 6 -7 13 14 21 Jefferies 1,738 6 -33.4% 2,610 14 18 Jefferies 1,738 6 1 5 15 32 HSBC 1,159 1 25.3% 925 15 20 Cameron Partners 1,071 6 1 5 16 - Cushman & Wakefield 1,114 1 - - 16 40 Miles Advisory Partners 73 6 3 3 17 43 Cameron Partners 1,071 6 171.8% 394 17 57 Credit Suisse 2,992 5 4 1 18 6 Lazard 1,046 5 -91.0% 11,642 18 23 Lazard 1,046 5 1 4 19 5 Nomura Holdings 1,046 3 -92.7% 14,307 19 29 Luminis Partners 710 5 1 4 20= 12 Deutsche Bank 1,028 1 -87.6% 8,262 20 120 Hartleys 560 5 4 1 20= - Jarden Securities 1,028 1 - - 20= 126 Oaktower Partnership 1,028 1 - -

mergermarket.com Mergermarket Global & Regional League Tables 73 M&A Report 1Q-3Q20

Asia Pacific Advisory League tables

Greater China league table by value Greater China league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 4 China International Capital Corporation 131,068 44 714.8% 16,086 1 2 China International Capital Corporation 131,068 44 14 30 2 1 CITIC Securities 80,982 30 168.3% 30,187 2 1 CITIC Securities 80,982 30 -1 31 3 12 UBS Investment Bank 62,065 9 686.9% 7,887 3 5 Deloitte 12,947 16 -2 18 4 10 Goldman Sachs & Co 54,724 13 541.3% 8,533 4 11 Somerley Capital 12,389 15 1 14 5 5 China Securities 50,703 11 262.2% 14,000 5 3 Huatai Securities 2,454 15 -12 27 6 17 Morgan Stanley 21,237 11 256.1% 5,963 6 13 Goldman Sachs & Co 54,724 13 1 12 7 26 Guotai Junan Securities 20,759 13 497.9% 3,472 7 4 Guotai Junan Securities 20,759 13 -6 19 8 18 Bank of America 18,005 10 240.6% 5,286 8 31 Citi 7,758 13 8 5 9 68 Nomura Holdings 14,069 6 2595.2% 522 9 8 China Renaissance Holdings 2,965 13 -3 16 10 20 Deloitte 12,947 16 176.9% 4,675 10 6 China Securities 50,703 11 -6 17 11 7 Somerley Capital 12,389 15 27.1% 9,745 11 17 Morgan Stanley 21,237 11 3 8 12 3 HSBC 10,785 9 -38.3% 17,485 12 25 Bank of America 18,005 10 4 6 13 23 JPMorgan 10,119 5 156.5% 3,945 13 12 Haitong Securities 3,244 10 -3 13 14 60 Platinum Securities Company 9,748 4 1357.1% 669 14 16 UBS Investment Bank 62,065 9 1 8 15 73 Houlihan Lokey 7,967 4 1512.8% 494 15 10 HSBC 10,785 9 -5 14 16 6 Citi 7,758 13 -28.8% 10,901 16 35 CEC Capital 775 7 2 5 17 35 PwC 6,728 5 238.1% 1,990 17 18 Shenwan Hongyuan Group 638 7 -1 8 18 111 The Anglo Chinese Group 6,157 1 3564.9% 168 18 92 EY 459 7 5 2 19 82 Minsheng Securities 5,750 3 1370.6% 391 19 77 Nomura Holdings 14,069 6 4 2 20 - Lianchu Securities 5,495 2 - - 20 21 China Merchants Securities 4,090 6 -1 7

mergermarket.com Mergermarket Global & Regional League Tables 74 M&A Report 1Q-3Q20

Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 10 Morgan Stanley 22,283 16 697.2% 2,795 1 1 EY 7,784 33 3 30 2 16 Bank of America 9,741 4 533.8% 1,537 2 9 Morgan Stanley 22,283 16 8 8 3 5 EY 7,784 33 18.8% 6,551 3 2 JM Financial 5,046 11 -4 15 4 13 Citi 6,006 6 166.5% 2,254 4 4 RBSA Advisors 5,043 8 -4 12 5 17 JPMorgan 5,686 5 309.7% 1,388 5 12 Citi 6,006 6 0 6 6 2 JM Financial 5,046 11 -47.9% 9,680 6 8 Avendus Capital 616 6 -3 9 7 9 RBSA Advisors 5,043 8 0.1% 5,036 7 25 JPMorgan 5,686 5 3 2 8 8 Deloitte 4,867 3 -8.9% 5,343 8 22 Bank of America 9,741 4 1 3 9 4 ICICI Securities 3,803 4 -48.8% 7,431 9 5 ICICI Securities 3,803 4 -7 11 10 35 Metta Capital 3,386 1 1520.1% 209 10 86 Nomura Holdings 2,362 4 3 1

South Korea league table by value South Korea league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 PwC 4,468 33 -64.2% 12,473 1 1 PwC 4,468 33 -29 62 2 8 JPMorgan 3,217 6 31.8% 2,440 2 2 KPMG 3,102 17 -2 19 3 6 KPMG 3,102 17 -33.2% 4,642 3 4 Deloitte 979 11 2 9 4 - KB Securities 2,401 4 - - 4 5 EY 1,265 7 -2 9 5 4 Goldman Sachs & Co 1,949 1 -64.1% 5,423 5 9 JPMorgan 3,217 6 2 4 6 3 Credit Suisse 1,658 6 -71.0% 5,724 6 6 Credit Suisse 1,658 6 -2 8 7 2 Citi 1,605 2 -76.4% 6,813 7 36 KR & Partners 261 6 5 1 8 13 EY 1,265 7 62.6% 778 8 - KB Securities 2,401 4 4 0 9 - ZTF Securities Co 1,100 1 - - 9 10 Samsung Securities 790 4 0 4 10 26 BDA Partners 1,016 2 886.4% 103 10 20 NH Investment & Securities 490 3 2 1

mergermarket.com Mergermarket Global & Regional League Tables 75 M&A Report 1Q-3Q20

Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

South East Asia league table by value South East Asia league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 2 JPMorgan 21,722 6 -7.3% 23,436 1 4 Deloitte 8,626 12 2 10 2 5 Goldman Sachs & Co 13,326 8 -23.7% 17,473 2 8 EY 1,201 10 2 8 3 12 UBS Investment Bank 12,634 6 133.9% 5,401 3 18 Goldman Sachs & Co 13,326 8 4 4 4 14 HSBC 11,736 4 200.4% 3,907 4 2 Morgan Stanley 2,771 7 -5 12 5= 6 Barclays 10,576 1 -29.5% 15,009 5 7 KPMG 154 7 -2 9 5= - Greenhill & Co 10,576 1 - - 6 10 JPMorgan 21,722 6 0 6 5= - The Quant Group 10,576 1 - - 7 14 UBS Investment Bank 12,634 6 1 5 8 9 Credit Suisse 10,168 5 -10.5% 11,367 8 5 Citi 5,780 6 -3 9 9 16 Deloitte 8,626 12 164.8% 3,257 9 6 Credit Suisse 10,168 5 -4 9 10 18 ANZ Bank 8,007 1 169.7% 2,969 10 1 PwC 236 5 -8 13

mergermarket.com Mergermarket Global & Regional League Tables 76 M&A Report 1Q-3Q20

Private Equity Advisory League tables*

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 8 Credit Suisse 48,277 10 69.9% 28,407 1 1 PwC 9,439 49 -16 65 2 6 Goldman Sachs & Co 41,437 25 23.2% 33,635 2 3 EY 1,846 28 -16 44 3 11 UBS Investment Bank 36,056 14 106.5% 17,461 3 4 KPMG 1,597 27 -8 35 4 5 Citi 28,893 8 -19.9% 36,057 4 6 Goldman Sachs & Co 41,437 25 0 25 5 10 Rothschild & Co 26,354 18 48.3% 17,768 5 2 Deloitte 2,425 25 -33 58 6 7 JPMorgan 20,727 16 -32.7% 30,807 6 13 Rothschild & Co 26,354 18 1 17 7 114 goetzpartners 20,012 3 27694.4% 72 7 9 JPMorgan 20,727 16 -3 19 8 2 Bank of America 19,916 16 -59.4% 48,994 8 12 Bank of America 19,916 16 -1 17 9 96 Bain & Company 18,941 2 11174.4% 168 9 14 UBS Investment Bank 36,056 14 -2 16 10 1 Morgan Stanley 17,729 12 -68.5% 56,271 10 7 RBC Capital Markets 15,204 14 -8 22

US Buyouts league table by value US Buyouts league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 5 Goldman Sachs & Co 27,336 13 22.5% 22,320 1 4 Goldman Sachs & Co 27,336 13 1 12 2 8 Credit Suisse 22,300 6 59.3% 14,003 2 5 Jefferies 2,990 9 -2 11 3 6 Citi 12,760 4 -38.4% 20,702 3 13 UBS Investment Bank 6,995 8 1 7 4 1 Deutsche Bank 9,930 6 -72.2% 35,705 4 12 JPMorgan 4,983 8 1 7 5 15 UBS Investment Bank 6,995 8 117.7% 3,213 5 39 Houlihan Lokey - 8 6 2 6 11 RBC Capital Markets 5,175 7 -47.6% 9,883 6 3 RBC Capital Markets 5,175 7 -6 13 7 7 JPMorgan 4,983 8 -71.9% 17,753 7 8 Bank of America 4,961 7 -1 8 8 3 Bank of America 4,961 7 -82.1% 27,702 8 2 Evercore 3,390 7 -6 13 9 - Centerview Partners 4,930 2 - - 9 10 William Blair & Company 3,250 7 -1 8 10 - Connaught 4,800 1 - - 10 9 Credit Suisse 22,300 6 -2 8

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 77 M&A Report 1Q-3Q20

Private Equity Advisory League tables*

Europe Buyouts league table by value Europe Buyouts league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 10 UBS Investment Bank 28,643 5 235.7% 8,533 1 1 PwC 7,787 28 -16 44 2 1 Rothschild & Co 23,995 16 44.4% 16,620 2 3 EY 1,786 24 -13 37 3 4 Credit Suisse 23,977 3 84.2% 13,017 3 4 KPMG 634 22 3 19 4 73 goetzpartners 20,012 3 27694.4% 72 4 2 Deloitte 1,424 18 -26 44 5 63 Bain & Company 18,941 2 11174.4% 168 5 8 Rothschild & Co 23,995 16 4 12 6 5 JPMorgan 14,709 6 24.1% 11,854 6 10 Alantra 743 11 -1 12 7 9 Goldman Sachs & Co 12,592 9 36.0% 9,262 7 16 Goldman Sachs & Co 12,592 9 0 9 8 2 Bank of America 12,309 5 -20.8% 15,548 8 7 Daiwa Securities Group / DC Advisory 374 8 -5 13 9 3 Morgan Stanley 10,877 4 -20.2% 13,624 9 6 GCA Corporation - 7 -9 16 10 6 PwC 7,787 28 -33.0% 11,617 10 11 JPMorgan 14,709 6 -5 11

Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 - Oaklins 3,860 1 - - 1 1 PwC 1,119 13 0 13 2 1 Bank of America 2,281 3 -60.3% 5,744 2 3 Deloitte 1,001 6 -1 7 3 22 Macquarie Group 1,817 1 1111.3% 150 3 2 KPMG 963 5 -3 8 4 6 Goldman Sachs & Co 1,509 3 -15.0% 1,776 4 5 Bank of America 2,281 3 0 3 5 8 PwC 1,119 13 -19.3% 1,386 5 6 Goldman Sachs & Co 1,509 3 0 3 6 11 JPMorgan 1,035 2 -13.8% 1,200 6 16 JPMorgan 1,035 2 1 1 7 15 Deloitte 1,001 6 20.9% 828 7 - China International Capital Corporation 618 2 2 0 8 13 KPMG 963 5 -12.6% 1,102 8 25 DBS Bank 472 2 1 1 9 3 Jefferies 687 1 -68.8% 2,200 9 - KB Securities 332 2 2 0 10 - China International Capital Corporation 618 2 - - 10 4 EY 60 2 -4 6

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 78 M&A Report 1Q-3Q20

Private Equity Advisory League tables*

Global Exits league table by value Global Exits league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

US Exits league table by value US Exits league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 9 Morgan Stanley 65,308 26 334.7% 15,022 1 5 Jefferies 37,831 28 -2 30 2 4 Jefferies 37,831 28 -14.4% 44,200 2 12 Morgan Stanley 65,308 26 8 18 3 2 Bank of America 37,335 11 -35.7% 58,077 3 2 Houlihan Lokey 3,065 22 -12 34 4 7 Barclays 28,865 8 43.4% 20,136 4 4 William Blair & Company 4,372 15 -16 31 5 6 Goldman Sachs & Co 28,760 11 35.6% 21,209 5 8 Robert W. Baird & Co 1,113 15 -10 25 6 8 JPMorgan 23,206 9 28.9% 17,999 6 11 Evercore 13,623 14 -5 19 7 14 UBS Investment Bank 18,900 4 114.4% 8,816 7 7 Raymond James 1,472 14 -12 26 8 12 Credit Suisse 13,982 7 51.7% 9,215 8 6 Piper Sandler Companies 516 14 -13 27 9 1 Evercore 13,623 14 -81.1% 71,907 9 14 Bank of America 37,335 11 -4 15 10 13 Centerview Partners 12,675 4 40.5% 9,019 10 10 Goldman Sachs & Co 28,760 11 -9 20

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 79 M&A Report 1Q-3Q20

Private Equity Advisory League tables*

Europe Exits league table by value Europe Exits league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 1 Goldman Sachs & Co 56,381 12 228.3% 17,174 1 1 Rothschild & Co 14,069 28 -12 40 2= - Raine Group 38,500 1 - - 2 4 KPMG 682 15 -4 19 2= - Zaoui & Co 38,500 1 - - 3 9 Jefferies 8,316 14 1 13 4 30 Morgan Stanley 18,017 7 1109.2% 1,490 4 12 Goldman Sachs & Co 56,381 12 1 11 5 4 Rothschild & Co 14,069 28 30.5% 10,781 5 5 Lazard 4,019 10 -6 16 6 3 JPMorgan 10,399 6 -6.2% 11,088 6 3 PwC 2,073 9 -10 19 7 14 Jefferies 8,316 14 152.2% 3,298 7 19 Raymond James 673 9 1 8 8 31 Daiwa Securities Group / DC Advisory 7,638 6 453.1% 1,381 8 42 Clearwater International 210 9 5 4 9 34 UBS Investment Bank 7,632 8 540.8% 1,191 9 28 UBS Investment Bank 7,632 8 2 6 10 5 Citi 7,587 3 -5.6% 8,036 10 11 Alantra - 8 -4 12

Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count

Ranking 1Q-3Q20 1Q-3Q19 Ranking 1Q-3Q20 1Q-3Q19

1Q-3Q 1Q-3Q Company name Value Deal % Value Value 1Q-3Q 1Q-3Q Company name Value Deal Count Deal 2020 2019 (USDm) count change (USDm) 2020 2019 (USDm) count change count 1 16 Citi 3,344 4 685.0% 426 1 1 PwC 381 5 -5 10 2= 12 Goldman Sachs & Co 1,817 1 142.3% 750 2 18 Citi 3,344 4 3 1 2= - Grant Samuel 1,817 1 - - 3 32 EY 642 4 3 1 4 25 Standard Chartered 886 1 608.8% 125 4 - KR & Partners 127 3 3 0 5 32 EY 642 4 2691.3% 23 5 - Rippledot Capital 487 2 2 0 6 - Rippledot Capital 487 2 - - 6 - JPMorgan 332 2 2 0 7= - Luminis Partners 418 1 - - 7 23 Macquarie Group 159 2 1 1 7= 4 Morgan Stanley 418 1 -69.4% 1,367 8 2 KPMG 137 2 -4 6 9 11 PwC 381 5 -49.9% 761 9= 9 Goldman Sachs & Co 1,817 1 -1 2 10 - JPMorgan 332 2 - - 9= - Grant Samuel 1,817 1 1 0

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional Criteria & Contacts 80 M&A Report 1Q-3Q20

Criteria Contacts Research Editor (Asia) Commercial All data is based on transactions over USD 5m and is Production Riccardo Ghia [email protected] Americas based on the Mergermarket’s M&A deals database. Global Editorial Analytics +852 2158 9704 Kurt Viehl Director [email protected] Beranger Guille Japan Content Manager +1 212 390 7812 Deals with undisclosed deal values are included where [email protected] Tack Kang +44 20 3741 1186 [email protected] Asia the target’s turnover exceeds USD 10m. Deals where +81 3 6262 5709 Laurence Edwards Head of Research (Asia) [email protected] the effective stake acquired is less than 30% will only Gerry Tee Junior Graphics Designer +852 2158 9771 [email protected] Carmen Wong +852 2158 9741 [email protected] Head of Sales (EMEA) be included if the value is greater than USD 100m. +852 2158 9770 Manuel Ritter Head of Research (EMEA) Manuel [email protected] Full deal inclusion criteria can be found here. Andrea Putaturo +44 20 3741 1296 [email protected] Trend data: Based on the dominant Top deals: Based on the dominant geography +44 20 3741 1274 Head of New Business (EMEA) geography of the target company and of the target company. Enrico Cattarossi excludes lapsed and withdrawn bids. Sector Deputy Head of Research (EMEA) League tables: Based on the dominant Enrico [email protected] trends based on the dominant sector of the Marie-Laure Keyrouz +44 20 3741 1329 geography of the target, bidder or seller, and target. [email protected] excludes lapsed and withdrawn bids. Private +44 20 3741 1282 Global cross-border M&A: Based on the equity buyout league tables are based on dominant geography of the target and bidder advisors advising the bidder only on buyout Data-driven Content Coodinator company being in a different region. deals with target dominant geography being Mark Druskoff [email protected] the country/region and excludes lapsed and Inbound: Global/US/Japan: The dominant withdrawn bids. Private equity exit league geography of the target is X and the dominant Global PE Specialist tables based on advisors advising the target/ Deal Submissions Press Relations geography of the bidder is any other country Mate Taczman seller on exit deal with target dominant [email protected] excluding X. Europe/Asia/Africa & Middle East: geography being the country/region and +44 20 3741 1361 Americas Global The dominant geography of the target is X excludes lapsed and withdrawn bids. Jason Loria Lindsay Spivak and the dominant geography of the bidder is Research Editor (EMEA) [email protected] [email protected] any other region excluding X. All values are in USD Jonathan Klonowski +1 646 378 3122 +1 212-390-7801 M&A Trends and Top Deals correct as of 9am [email protected] Outbound: Global/US/Japan: The dominant (GMT), 30-Sep-2020. +44 20 3741 1293 Asia EMEA geography of the bidder is X and the John Capulong Lauren Loveday dominant geography of the target is any other Cut off date 29-Sep-2020 Head Analyst (Americas) [email protected] [email protected] country excluding X. Europe/Asia/Africa & Philip Segal +852 2158 9723 +44 20 3741 1126 League Tables correct as of 9am (GMT), Middle East: The dominant geography of the [email protected] 01-Oct-2020. Cut off date 30-Sep-2020. +1 212 574 7877 EMEA bidder is X and the dominant geography of Michael Richards the target is any other region excluding X. Research Relationship [email protected] Manager (Americas) +44 20 3741 1423 Viviana Balan [email protected] +1 646 378 3145 mergermarket.com Mergermarket Global & Regional 81 M&A Report 1Q-3Q20

Mergermarket is an Acuris company

In M&A, information is the most valuable currency. Mergermarket reports EMEA Americas Asia on deals 6-24 months before they become public knowledge, giving our 10 Queen Street Place 1501 Broadway 9/F Standard Chartered Bank subscribers a powerful competitive advantage. With the largest network Building London 8th Floor of dedicated M&A journalists and analysts, Mergermarket offers the most 4-4A Des Voeux Road comprehensive M&A intelligence service available today. Our reporters EC4R 1BE New York are based in 67 locations across the Americas, Europe, Asia-Pacific, the Central United Kingdom NY 10036 Middle East and Africa. Hong Kong +44 203 741 1000 +1 212 390 7812 [email protected] [email protected] + 852 2158 9790 [email protected]

mergermarket.com