Flashwire Advisor Quarterly
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FLSHWIRE US MONTHLY Flashwire Advisor Quarterly 2nd Quarter 2021 Top Advisors M&A Market Index 2 Deal Volume 4 Global 5 United States 7 US Middle Market 9 United States SPAC M&A 11 Europe 12 United Kingdom 14 Asia ex-Japan 16 Japan 18 US Activism and Defense 19 FactSet.com Copyright © 2021 FactSet Research Systems Inc. All rights reserved. 1 nd 2 Quarter 2021 Flashwire Advisor Quarterly The Global Mergers & Acquisitions Market Index $500.0 5,000 $441.2 $450.0 $429.7 4,500 $417.4 $400.0 $417.1 4,000 $384.8 $378.3 $342.7 $350.0 $366.8 3,500 $343.4 $300.0 $313.8 3,000 $271.3 $250.0 2,500 $233.6 $200.0 2,000 $161.7 $150.0 1,500 $142.2 $100.0 1,000 $50.0 500 $54.7 $62.9 2,662 1,948 2,087 2,809 3,156 2,728 3,188 3,446 3,395 4,369 3,554 3,271 4,159 3,562 3,250 3,331 $0.0 0 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Deal Volume Aggregate Deal Value The US Mergers & Acquisitions Market Index $350.0 2,000 $328.7 $323.1 1,800 $300.0 $295.5 1,600 $262.9 $255.0 $250.6 $250.0 1,400 $252.1 $247.1 1,200 $200.0 $203.3 $201.3 1,000 $150.0 $129.6 $155.0 800 $100.0 600 $60.9 400 $79.1 $50.0 $24.1 $24.6 200 954 653 705 944 1,079 1,040 1,191 1,380 1,266 1,721 1,617 1,381 1,612 1,421 1,414 1,475 $0.0 0 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Deal Volume Aggregate Deal Value FactSet.com Copyright © 2021 FactSet Research Systems Inc. All rights reserved. 2 Flashwire Advisor Quarterly 2nd Quarter 2021 The Europe Mergers & Acquisitions Market Index €250.0 2,000 1,800 €200.0 1,600 1,400 €150.0 € 142.9 1,200 € 136.6 € 133.9 1,000 € 125.1 € 130.8 € 105.2 €100.0 800 € 97.7 € 104.0 € 99.8 € 70.3 600 € 53.7 € 69.9 €50.0 400 € 51.6 € 57.4 € 14.9 € 16.2 200 1,127 748 869 1,187 1,461 939 1,337 1,459 1,415 1,704 1,436 1,338 1,858 1,349 1,294 1,258 €0.0 0 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Deal Volume Aggregate Deal Value The Asia Mergers & Acquisitions Market Index $180 1,600 $166.7 $160 1,400 $140 $133.1 1,200 $124.8 $120 1,000 $98.5 $100 $91.2 800 $89.8 $93.9 $80 $80.8 $82.0 $76.6 $74.1 600 $60 $56.3 $66.9 $53.3 400 $40 $33.5 $28.7 $20 200 768 651 638 867 824 879 919 842 1,003 1,338 807 856 1,124 1,017 835 922 $0 0 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Deal Volume Aggregate Deal Value FactSet.com Copyright © 2021 FactSet Research Systems Inc. All rights reserved. 3 Flashwire Advisor Quarterly 2nd Quarter 2021 Europe: Deal Volume by Country 1,800 1,600 1,659 1,400 1,382 1,320 1,305 1,315 1,331 1,200 1,096 1,000 941 800 868 876 802 804 806 817 807 729 762 780 738 760 699 699 600 694 601 530 400 453 464 200 0 2q19 3q19 4q19 1q20 2q20 3q20 4q20 1q21 2q21 France Germany United Kingdom Asia: Deal Volume by Country 1,600 1,400 1,351 1,200 1,223 1,069 1,000 1,017 983 998 938 800 872 730 690 681 659 639 657 600 615 598 530 532 400 372 387 371 338 348 358 338 283 295 298 273 274 264 259 200 259 237 216 141 0 2q19 3q19 4q19 1q20 2q20 3q20 4q20 1q21 2q21 Australia China/HK India Japan FactSet.com Copyright © 2021 FactSet Research Systems Inc. All rights reserved. 4 Flashwire Advisor Quarterly 2nd Quarter 2021 GLOBAL: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE Transaction Total Transaction Total Financial Advisor Value ($Mil) * Deals** Legal Advisor Value ($Mil) * Deals** 1. JPMorgan Chase & Co $734,143.1 250 1. Sullivan & Cromwell LLP $387,083.4 95 2. Goldman Sachs & Co. 723,234.9 241 2. Latham & Watkins LLP 321,898.4 283 3. Morgan Stanley 568,761.9 179 3. Wachtell, Lipton, Rosen & Katz 299,703.3 59 4. BofA Securities, Inc. 374,154.6 124 4. Simpson Thacher & Bartlett LLP 296,251.8 96 5. Citigroup 368,175.9 148 5. Kirkland & Ellis LLP 286,238.3 371 6. Barclays Plc 281,403.6 126 6. Skadden, Arps, Slate, Meagher & Flom 284,052.3 136 7. Credit Suisse 222,637.1 111 7. Cravath, Swaine & Moore LLP 240,837.8 44 8. Evercore, Inc. 204,587.4 72 8. Paul, Weiss, Rifkind, Wharton & Garrison 229,999.0 77 9. UBS Group AG 174,547.8 77 9. Weil, Gotshal & Manges LLP 174,584.5 109 10. Lazard 153,251.2 86 10. Fried, Frank, Harris, Shriver & Jacobson 143,389.1 43 11. RBC Capital Markets 147,447.9 72 11. Debevoise & Plimpton LLP 136,218.4 48 12. Deutsche Bank AG 143,033.4 58 12. White & Case LLP 134,102.5 95 13. Perella Weinberg Partners 131,336.7 36 13. Davis Polk & Wardwell LLP 133,786.3 56 14. Centerview Partners LLC 119,471.4 38 14. Goodwin Procter LLP 121,850.2 173 15. Jefferies LLC 119,145.5 135 15. Ropes & Gray LLP 121,162.4 75 16. Guggenheim Capital LLC 106,813.2 43 16. Torys LLP 111,096.2 17 17. Allen & Co., Inc. 106,683.8 10 17. Alston & Bird LLP 107,506.5 76 18. PJT Partners, Inc. 103,464.8 24 18. Herbert Smith Freehills LLP 106,979.2 87 19. LionTree LLC 88,952.8 17 19. Cooley LLP 104,844.0 123 20. Rothschild & Co 80,409.8 186 20. Freshfields Bruckhaus Deringer LLP 103,947.5 72 21. Société Générale SA 80,407.5 15 21. Gibson, Dunn & Crutcher LLP 103,662.6 89 22. Moelis & Co. 78,373.8 77 22. Blake, Cassels & Graydon LLP 101,539.6 64 23. Bank of Montreal 75,377.9 36 23. Sidley Austin LLP 95,931.3 68 24. PricewaterhouseCoopers 57,928.2 344 24. Cleary Gottlieb Steen & Hamilton LLP 91,548.4 58 25. The Toronto-Dominion Bank 56,979.5 23 25. Allen & Overy LLP 89,966.1 132 26. Wells Fargo & Co. 47,923.3 32 26. Wilmer Cutler Pickering Hale & Dorr LLP 89,443.8 17 27. Houlihan Lokey, Inc. 37,381.6 121 27. Clifford Chance LLP 88,629.1 78 28. Stifel/KBW 36,836.6 86 28. Goodmans LLP 84,650.0 15 29. BNP Paribas SA 34,547.3 47 29. Willkie Farr & Gallagher LLP 69,643.4 100 30. Ernst & Young Global Ltd. 34,510.6 197 30. Linklaters LLP 65,593.6 53 31. Cowen, Inc. 33,285.8 35 31. Vinson & Elkins LLP 65,052.1 59 32. BDT & Co. LLC 32,825.0 3 32. Dentons Rodyk & Davidson LLP 62,005.4 71 33. Piper Sandler Cos. 29,898.3 81 33. Shearman & Sterling LLP 61,586.0 67 34. Scotiabank 28,967.3 25 34. Proskauer Rose LLP 60,691.3 18 35. KPMG International Coop. 26,321.3 221 35. Hogan Lovells 60,432.5 92 36. HSBC Holdings Plc 25,928.9 25 36. Covington & Burling LLP 59,184.9 23 37. Canadian Imperial Bank of Commerce 24,999.0 4 37. Davies Ward Phillips & Vineberg LLP 57,162.0 9 38. Duff & Phelps LLC 23,744.7 21 38. Darrois Villey Maillot Brochier 53,775.0 8 39. Deloitte LLP 23,496.2 131 39. Hughes Hubbard & Reed LLP 53,508.3 11 40. Nomura Securities Co., Ltd. 22,704.4 42 40. Stikeman Elliott LLP 53,039.3 48 41. Macquarie Group 19,988.8 58 41. Morgan, Lewis & Bockius LLP 48,673.3 102 42. William Blair & Co. 19,791.0 101 42. Burnet, Duckworth & Palmer LLP 48,102.3 6 43. Qatalyst Group LP 18,842.8 6 43. A&L Goodbody 47,963.7 6 44. Robey Warshaw LLP 16,131.1 2 44. Norton Rose Fulbright LLP 47,844.4 47 45. Banco BTG Pactual SA 15,016.7 22 45. Dechert LLP 44,765.0 42 46. Raymond James Financial, Inc. 14,305.0 94 46. Paul Hastings LLP 42,326.9 79 47. BDO LLP 13,657.0 202 47. Wilson Sonsini Goodrich & Rosati 41,736.9 99 48. Discover Management Co. Ltd. 13,350.0 1 48. Slaughter & May Ltd. 40,932.8 23 49. Numis Corp.