The Comprehensive Review of Mergers and Acquisitions in the Americas Region

The comprehensive review of mergers and acquisitions in the Americas region

HY 2020 Deal Drivers Americas

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See how Mergermarket Deal Drivers Americas HY 2020 3 Contents Contents

The comprehensive Foreword 04 Life Sciences & Healthcare 48 Americas Heat Chart 05 Latin America 54 review of mergers All Sectors 06 About Datasite 62 and acquisitions in Financial Services 18 Industrials, Manufacturing & Engineering 24 the Americas region Energy, Mining, Oil & Gas 30 throughout the Consumer 36 first half of 2020. Technology, Media & Telecom 42

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 4 Foreword

Foreword

Welcome to the half-year 2020 edition of Deal In Latin America, where Covid-19 has also The industrials, manufacturing & engineering Drivers Americas, published by Mergermarket in continued to take a heavy toll, a similar trend (IME) sector also proved relatively resilient in association with Datasite. This report provides is in evidence. In value terms, Latin American the face of Covid-19, taking up 21% of overall a detailed review of mergers and acquisitions M&A totaled US$8.1bn during the first half, deal value and 16% of volume. (M&A) activity and trends across North and down 77% from US$35.4bn during the first six Looking forward, the outlook for the second Mark Williams Latin America during the first half of the year. months of 2019. That reflected a 36% decline half of the year and beyond remains clouded Chief Revenue Officer, in deal volumes from 318 to 202. Inevitably, M&A activity was heavily impacted by the uncertainties of the Covid-19 pandemic, Americas, Datasite by the Covid-19 pandemic that had such It should be pointed out that 2019 was a with November’s US Presidential election also dramatic effects on markets worldwide during particularly busy year for M&A activity in looming large. Until the virus is in retreat, a the first half of 2020 — and particularly in the the Americas — North American deal values resurgence to pre-pandemic levels of M&A second quarter. North America recorded reached their third highest total since activity is unlikely, though the fiscal and 2,435 M&A transactions during the first half, 2008, while Latin America was also buoyant. monetary stimulus planned by governments with two-thirds of those deals taking place Nevertheless, the decline in activity during throughout the region will in time provide a during the first three months of the year. the first half of 2020 would be considered supportive backdrop for dealmaking activity. Overall, deal volumes in H1 were down 31% remarkable in ordinary circumstances; the on 2019. In value terms, North American devastating effect of the Covid-19 crisis is dealmaking totaled US$291.7bn during the all too clear. first half, a 72% fall from the US$1.04trn This is not to suggest every area of the market recorded during the same period of 2019. has been affected in the same way. In North Both the US and Canada registered similar America, the technology, media & telecom drop-offs in M&A activity. In the US, there (TMT) sector accounted for more M&A activity were 2,229 deals worth US$275.3bn during than any other during the first half — 26% the first half, down from 3,176 and US$996.1bn by volume and 29% by value. And while respectively in 2019. In Canada, deal volumes TMT activity did fall compared to 2019 — and values totaled 206 and US$16.3bn by 15% and 52% in volume and value terms respectively, down from 352 and US$44.26bn respectively — this was a much more modest last year. rate of decline than the market as a whole.

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 5 Heat Chart

Americas Heat Chart

Our forward-looking Heat Chart tracks the “companies for Heat Chart based on potential companies for sale sale” stories that appeared on the Mergermarket intelligence tool in the first six months of 2020. In this edition, the Sector West South Northeast Midwest LatAm Canada Total data suggests that the TMT sector is set to be the most Technology, Media & Telecom 321 216 211 104 99 34 985 active in terms of deal count in the second half of this year, followed by the life sciences & healthcare sector. Life Sciences & Healthcare 119 127 105 68 32 33 484 While this is in line with previous editions, amidst the Industrials, Manufacturing & Engineering 56 75 62 62 30 27 312

Covid-19 pandemic, these two sectors’ resilience takes on Business Services 69 79 67 35 29 15 294 a new significance. The TMT sector has fared remarkably well during the crisis and digital technologies saw greater Consumer 73 64 40 28 51 38 294 adoption thanks to lockdown measures around the world. Financial Services 65 41 57 26 44 14 247

The life sciences & healthcare sector, too, is set to benefit from Energy, Mining, Oil & Gas 44 40 22 13 43 40 202 investment throughout 2020, as the pandemic has shone a light on the importance of the industry. Given that many listed Leisure 21 22 12 8 10 9 82 firms in the industry have seen their share prices rise in recent Transportation 15 10 9 6 24 8 72 months, they could be in a good position to make acquisitions Other 14 16 11 13 1 55 and investments, both to expand their intellectual property portfolio and to integrate supply chains. PE firms, which have in Real Estate 9 7 11 2 11 2 42 recent years begun to invest more in the life sciences sector, Agriculture 10 6 4 2 8 7 37 could accelerate their penetration of the market as well. Construction 2 3 4 1 15 9 34 Looking at regional differences, the West of the US — a hub for the technology sector — is set to be active. Outside of the Defense 6 7 8 1 22

US, Latin America’s TMT sector can be expected to show Total 824 713 623 369 397 236 3,162 resilient dealmaking. Hot Warm Cold

140 80 20

120 60 10

100 40 1

Note: The Intelligence Heat Charts are based on ‘companies for sale’ tracked by Mergermarket in the respective regions between 01/01/2020 and 06/30/2020. Opportunities are captured according to the dominant geography and sector of the potential target company. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 6 All Sectors

Part of the Acuris report on global M&A activity

All Sectors

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 7 All Sectors

All Sectors Overview

North America experienced a dramatic IME was the next busiest sector during the first PepsiCo’s US$3.85bn acquisition of energy decline in M&A activity during the first half half of the year, accounting for 21% and 16% of drink brand Rockstar was the biggest deal in the of 2020 amid the Covid-19 pandemic. Deal deal volumes and values respectively. In total, sector by some margin during the first half. value during the first six months of the year there were 395 deals in the sector across H1, totaled US$291.7bn — a dramatic 72% decline worth US$62.2bn — a decline of 32% and 48% on the US$1.04trn recorded during the same respectively, compared to the same period period of 2019. Deal volumes were also down last year. Activity in the sector was dominated significantly to 2,435 in the first half, compared by United Technologies’ spin-offs of two to 3,528 a year ago. This more modest decline subsidiaries, OTIS Worldwide and Carrier Global. in percentage terms — 31% — suggests larger In the financial services sector, deal volumes fell deals were particularly likely to fall victim to the 27% during the first half of the year, with deal virus’s effects on the market. values down 52%. Morgan Stanley’s US$13bn Every sector of the market recorded declining acquisition of ETrade Financial, announced in M&A activity, whether measured in terms of February, is the only deal in the sector to have deal value or volume, underpinning the huge topped out above US$10bn so far in 2020. impact that Covid-19 has had on appetite for In both life sciences & healthcare and energy, dealmaking. The decline began in the first mining, oil & gas (EMOG), deal values fell by quarter of the year before accelerating at pace over 80% during the first half of the year. during the second quarter: North America However, the former sector saw deal volumes recorded just 816 deals worth US$70.4bn in hold up more strongly, with the number of April, May and June of 2020, compared to transactions down by only 23% compared 1,805 deals worth US$541.4bn in the same to a year ago; significant deals included period a year ago. Gilead Sciences’ US$4.4bn purchase of the TMT shows resiliency antibodies specialist Forty Seven. In EMOG, Amid this deterioration, some sectors did deal volumes fell 47%, as volatility in global prove more robust. The TMT sector, which energy commodity prices proved a difficult accounted for 26% of all North American M&A environment in which to pursue transactions. by volume in the first half and 29% by value, Finally, the consumer sector registered a 35% saw deal numbers fall only 15% from 749 to fall in deal volumes compared to 2019, but deal 636, though the decline in value terms, a 52% values dipped only 43% — a relatively modest drop to US$83.4bn, was more significant. rate of decline compared to most other sectors.

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 8 All Sectors

Top deals

Top 20 Announced Deals for Half Year Ending 30 June 2020 — North American Targets All Sectors

Announced Status Bidder Company Target Company Sector Vendor Company Deal Value Date (US$m) 2-Mar-20 L Xerox Holdings Corporation HP Inc Technology, Media 35,526 & Telecom 11-Mar-20 C United Technologies Corporation (Shareholders) OTIS Worldwide Corporation Industrials, Manufacturing Raytheon Technologies Corporation 18,949 & Engineering 20-Feb-20 P Morgan Stanley ETrade Financial Corporation Financial Services 13,026

11-Mar-20 C United Technologies Corporation (Shareholders) Carrier Global Corporation Industrials, Manufacturing Raytheon Technologies Corporation 11,911 & Engineering 12-Jan-20 L Woodward Inc Hexcel Corporation Industrials, Manufacturing 7,434 & Engineering 24-Feb-20 P Intuit Inc Credit Karma Inc Technology, Media Silver Lake Partners; Tiger Global Management; Susquehanna Growth Equity 7,100 & Telecom LLP; Felicis Ventures LLC; 500 Startups; Ribbit Capital LP; and CapitalG 10-Jun-20 P Just Eat Takeaway.com NV Grubhub Inc Technology, Media 7,020 & Telecom 10-Feb-20 L Simon Property Group Inc Taubman Centers Inc Real Estate 6,821

18-Feb-20 C Franklin Resources Inc Legg Mason Inc Financial Services 5,471

13-Jan-20 P Visa Inc Plaid Technologies Inc Technology, Media Index Ventures; Kleiner Perkins; Norwest Venture Partners; New Enterprise 5,300 & Telecom Associates; Spark Capital Partners LLC; Public Sector Pension Investment Board; Felicis Ventures LLC; Andreessen Horowitz LLC; GV; Goldman Sachs Investment Partners LP; Citi Ventures Inc; and American Express Ventures 25-May-20 P Regeneron Pharmaceuticals Inc Regeneron Pharmaceuticals Inc (9.66% stake) Life Sciences & Sanofi SA 5,000 Healthcare 10-Mar-20 P Veritas Capital Fund Management LLC DXC Technology Company (US State and Local Technology, Media DXC Technology Company 5,000 Health and Human Services) & Telecom 2-Mar-20 C Gilead Sciences Inc Forty Seven Inc Life Sciences & 4,386 Healthcare 13-Jan-20 C WESCO International Inc Anixter International Inc Industrials, Manufacturing 4,357 & Engineering 22-Jan-20 C Consortium led by funds managed by Stone Point Capital and Further Global Duff & Phelps LLC Financial Services Permira Advisers LLP 4,200

11-Mar-20 C PepsiCo Inc Rockstar Inc Consumer 3,850

20-Feb-20 P Northview Apartment Real Estate Investment Trust Consortium Northview Apartment Real Estate Investment Trust Real Estate 3,653

21-Jan-20 P Danfoss A/S Eaton Corporation (Hydraulics business) Industrials, Manufacturing Eaton Corporation 3,300 & Engineering 27-Jan-20 C South State Corporation CenterState Bank Corp Financial Services 3,213

2-Mar-20 C Magna International Inc; T. Rowe Price Associates Inc; Silver Lake Partners; Alphabet Waymo LLC Technology, Media 3,000 Inc (parent of Google Inc among others); Canada Pension Plan Investment Board; & Telecom AutoNation Inc; Fidelity Management & Research Company; Mamoura Diversified Global Holding PJSC; Andreessen Horowitz LLC; and Perry Creek Capital

C= Completed; P= Pending; L= Lapsed Mergermarket Deal Drivers Americas HY 2020 9 All Sectors

Mix of deals by geographic region Mix of deals by geographic region Value Deal count

Based on announced deals, excluding those that lapsed or were withdrawn. Geographic region is Based on announced deals, excluding those that lapsed or were withdrawn. Geographic region is determined with reference to the dominant location of the target. determined with reference to the dominant location of the target.

7.6% 4.9%

30.2% 31%

24.2%

27.8%

1.8% 6.1% 2.9%

3.1% 4.8%

5.5% 1.8% 24.9% 22.3% 1.1%

USA Canada Western Europe USA Canada Western Europe Northern Europe Central & Eastern Europe Southern Europe Northern Europe Central & Eastern Europe Southern Europe

Asia Pacific RoW Asia Pacific RoW

mergermarket.com mergermarket.com Mergermarket of the target is inthe US &Canada. Industry sector is based onthe dominant industry of the target. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Value Mix of deals by industry sector Value (US$bn) 60 90 40 50 30 80 20 70 10 0 US$ 62.2 Industrials, Manufacturing & Engineering US$ 43.6 Financial Services US$ 16.8 Business Services 20.5 US$ Consumer Deal Drivers Americas US$ Energy, Mining, Oil & Gas 17.6 US$ 83.4 Technology, Media & Telecom US$ Leisure 5.5 US$ Transportation 3.9 US$ 29.8 Life Sciences & Healthcare All Sectors 2020 HY US$ Construction 1.9 US$ Real Estate 5.3 US$ Agriculture 0.9 US$ N/D Defense of the target is inthe US &Canada. Industry sector is based onthe dominant industry of the target. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Deal count Mix of deals by industry sector Number of deals 600 400 500 300 200 700 100 0 395 Industrials, Manufacturing & Engineering

Financial Services 214 359 Business Services

Consumer 184

Energy, Mining, Oil & Gas 125 636 Technology, Media & Telecom

Leisure 40

Transportation 54 305 Life Sciences & Healthcare

Construction 89

Real Estate 17

Agriculture 14

Defense 3 10 Mergermarket Deal Drivers Americas HY 2020 11 All Sectors

Buyouts Exits

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in the US & Canada. of the target is in the US & Canada.

550,000 2,500 350,000 1,400

500,000 2,250 300,000 1,200

450,000 2,000

400,000 250,000 1,000 17,50

350,000 1,500 200,000 800 Volume 300,000 Volume

1,250 US$ 250,000 502,881 Value (US$m) Value Value (US$m) Value US$ US$ 150,000 US$ 600 US$ 1,000 298,198 300,067 US$ 442,706 287,545 US$ 421,844 US$ 269,988 200,000 US$ 257,403 US$ 384,258 US$ US$ 371,914 369,934 240,665 750 100,000 400 150,000

500 100,000 50,000 200 US$ US$ 50,000 122,804 250 73,087

0 0 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

Value Deal count Value Value count

mergermarket.com mergermarket.com Mergermarket Based ondominant location of target and bidder and excludes all buyouts. Value Transatlantic deals

Value (US$m) 200,000 100,000 150,000 50,000 Total American/European North deals AmericanNorth bidderacquiring a European target European bidderacquiring American aNorth target 0 Q1 Q2 US$ xxx 2014 Q3 Q4 US$ xxx Q1 Q2 US$ xxx 2015 Q3 Deal Drivers Americas Q4 Q1 Q2 US$ xxx 2016 Q3 Q4 Q1 Q2 US$ xxx 2017 Q3 Q4 Q1 US$ xxx Q2 All Sectors 2020 HY 2018 Q3 Q4 Q1 US$ xxx Q2 2019 Q3 Q4 Q1 2020 Q2 Based ondominant location of target and bidder and excludes all buyouts. Deal count Transatlantic deals Number of deals 400 300 200 Total American/European North deals AmericanNorth bidderacquiring a European target European bidderacquiring American aNorth target 350 250 100 150 50 0 Q1 Q2 US$ xxx 2014 Q3 Q4 US$ xxx Q1 Q2 US$ xxx 2015 Q3 Q4 Q1 Q2 US$ xxx 2016 Q3 Q4 Q1 Q2 US$ xxx 2017 Q3 Q4 Q1 US$ xxx Q2 2018 Q3 Q4 Q1 US$ xxx Q2 2019 Q3 Q4 Q1 2020 Q2 12 Mergermarket Deal Drivers Americas HY 2020 13 All Sectors

M&A split by deal size M&A split by deal size Value Deal count

2,000 8,000

47 78 53 1,750 7,000 37 325 70 75 295 281 44 31 63 325 240 68 77 95 227 1,500 6,000 269 272 261 251 220 263 US$ 1,107.6 US$ 2,392 1,962 696.5 US$ 1,250 US$ US$ 937.5 5,000 536.1 2,297 725.5 US$ 2,102 585.5 2,272 2,548 1,000 4,000 Value (US$bn) Value US$ US$ deals of Number 284.8 281.1 750 US$ 3,000 US$ 251.9 US$ US$ 317.3 6 261.6 237.1 19 77 4,244 76 500 US$ US$ 2,000 3,975 641 349.6 3,649 US$ 376.8 3,447 US$ US$ US$ 3,237 340.3 US$ 2,939 285.5 272.5 302.6 63.5 US$ US$ 66.5 250 115.4 US$ 1,000 US$ US$ US$ 122.5 US$ 1,616 87.2 103.5 92.1 94.3 US$ US$ 30.6 US$ US$ US$ 79 191.6 US$ US$ US$ 140.9 154.1 163.8 US$ 134.6 132.2 52.1 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

$5m – $250m $251m – $500m $501m – $2,000m Value not disclosed $5m – $250m $251m – $500m $2,001m – $5,000m > $5,001m $501m – $2,000m $2,001m – $5,000m > $5,001m

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 14 All Sectors

Quarterly M&A activity Quarterly M&A activity Value Deal count

550,000 2,000

500,000 1,800

450,000 1,600

400,000 1,400

350,000 1,200

300,000

1,000

Value (US$m) Value 250,000 Number of deals of Number

800 200,000

600 150,000

400 100,000

50,000 200

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020

Deal value Moving average trend line Deal count Moving average trend line

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 15 All Sectors

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 1 Goldman Sachs & Co 158,324 76 1 1 Goldman Sachs & Co 158,324 76

2 4 Morgan Stanley 134,381 64 2 3 Houlihan Lokey 20,184 73

3 2 JPMorgan 102,897 67 3 2 JPMorgan 102,897 67

4 6 Bank of America 90,371 66 4 8 Bank of America 90,371 66

5 3 Evercore 63,122 57 5 5 Morgan Stanley 134,381 64

6 5 Citi 57,343 39 6 6 Jefferies 15,950 59

7 16 Lazard 51,268 35 7 4 Evercore 63,122 57

8 8 Barclays 49,951 44 8 17 Piper Sandler Companies 7,220 49

9 26 Rothschild & Co 47,925 37 9 7 Barclays 49,951 44

10 18 UBS Investment Bank 47,165 28 10 10 Raymond James 1,942 44

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 1 Wachtell, Lipton, Rosen & Katz 121,204 35 1 1 Kirkland & Ellis 96,799 188

2 2 Kirkland & Ellis 96,799 188 2 4 Latham & Watkins 66,251 139

3 13 Latham & Watkins 66,251 139 3 3 Goodwin Procter 25,336 122

4 6 Skadden, Arps, Slate, Meagher & Flom 63,918 56 4 2 DLA Piper 12,063 116

5 3 Davis Polk & Wardwell 63,674 51 5 8 Ropes & Gray 29,319 95

6 5 Simpson Thacher & Bartlett 61,253 46 6 14 Sidley Austin 25,896 91

7 19 Freshfields Bruckhaus Deringer 58,392 32 7 5 Jones Day 22,211 91

8 4 Sullivan & Cromwell 57,067 44 8 9 Wilson Sonsini Goodrich & Rosati 42,672 88

9 37 Willkie Farr & Gallagher 56,028 63 9 12 Morgan Lewis & Bockius 11,447 75

10 14 White & Case 50,533 57 10 6 Cooley 14,904 69

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 16 All Sectors

League tables

Financial advisors by value — mid-market (US$5m – US$250m) Financial advisors by deal count — mid-market (US$5m – US$250m)

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 3 Houlihan Lokey 2,591 23 1 12 Raymond James 1,999 25

2 20 Raymond James 1,999 25 2 5 Houlihan Lokey 2,591 23

3 1 Jefferies 1,978 13 3 13 PwC 1,476 22

4 2 JPMorgan 1,963 13 4 3 Stifel/KBW 1,637 19

5 8 Piper Sandler Companies 1,832 16 5 10 Deloitte 1,586 19

6 13 Lazard 1,700 13 6 7 Canaccord Genuity Group 1,162 19

7 4 Bank of America 1,645 13 7 6 Piper Sandler Companies 1,832 16

8 10 Stifel/KBW 1,637 19 8 - Sandler O'Neill & Partners 1,575 16

9 7 Goldman Sachs & Co 1,621 12 9 1 Jefferies 1,978 13

10 15 Deloitte 1,586 19 10 4 JPMorgan 1,963 13

The financial advisor mid-market league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. Legal advisors by value — mid-market (US$5m – US$250m) Legal advisors by deal count — mid-market (US$5m – US$250m)

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 4 Latham & Watkins 4,460 38 1 3 Wilson Sonsini Goodrich & Rosati 3,635 51

2 6 Goodwin Procter 3,790 44 2 1 DLA Piper 3,358 45

3 1 Wilson Sonsini Goodrich & Rosati 3,635 51 3 2 Goodwin Procter 3,790 44

4 2 DLA Piper 3,358 45 4 4 Latham & Watkins 4,460 38

5 5 Kirkland & Ellis 2,763 25 5 6 Kirkland & Ellis 2,763 25

6 3 Cooley 2,731 21 6 24 Sidley Austin 1,791 23

7 10 Ropes & Gray 2,197 22 7 25 Ropes & Gray 2,197 22

8 33 Paul, Weiss, Rifkind, Wharton & Garrison 2,081 15 8 5 Cooley 2,731 21

9 7 Jones Day 1,825 17 9 14 Morgan Lewis & Bockius 1,457 19

10 19 Skadden, Arps, Slate, Meagher & Flom 1,815 14 10 8 Jones Day 1,825 17

The legal advisor mid-market league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 17 All Sectors

League tables

PR advisors by value PR advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 7 Finsbury Hering Schuppener GPG 72,326 36 1 1 Sard Verbinnen & Co 48,474 73

2 1 Joele Frank, Wilkinson Brimmer Katcher 48,757 53 2 2 Kekst CNC (Publicis) 39,457 56

3 2 Sard Verbinnen & Co 48,474 73 3 3 Joele Frank, Wilkinson Brimmer Katcher 48,757 53

4 4 Brunswick Group 42,935 35 4 4 Finsbury Hering Schuppener GPG 72,326 36

5 3 Kekst CNC (Publicis) 39,457 56 5 6 Brunswick Group 42,935 35

6 25 Community Group 22,548 5 6 7 FTI Consulting 13,526 31

7 8 Edelman 19,910 18 7 5 Abernathy MacGregor Group (AMO) 14,746 30

8 5 Abernathy MacGregor Group (AMO) 14,746 30 8 8 Lambert & Co 461 26

9 10 FTI Consulting 13,526 31 9 16 BackBay Communications 80 26

10 13 Longview Communications & Public Affairs 9,824 5 10 12 Prosek Partners 8,396 21

The PR advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. PR advisors by value — mid-market (US$5m – US$250m) PR advisors by deal count — mid-market (US$5m – US$250m)

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 1 Sard Verbinnen & Co 2,104 18 1 1 Sard Verbinnen & Co 2,104 18

2 2 Joele Frank, Wilkinson Brimmer Katcher 1,934 15 2 2 Joele Frank, Wilkinson Brimmer Katcher 1,934 15

3 10 FTI Consulting 1,322 11 3 4 FTI Consulting 1,322 11

4 4 Kekst CNC (Publicis) 1,188 9 4 8 Kekst CNC (Publicis) 1,188 9

5 3 Brunswick Group 837 5 5 3 ICR 528 8

6 11 Abernathy MacGregor Group (AMO) 779 7 6 11 Abernathy MacGregor Group (AMO) 779 7

7 - Stern Investor Relations 646 6 7 - Stern Investor Relations 646 6

8 8 ICR 528 8 8 5 Brunswick Group 837 5

9 16 Longview Communications & Public Affairs 518 2 9 9 Finsbury Hering Schuppener GPG 418 5

10 6 Maitland (AMO) 468 4 10 7 Maitland (AMO) 468 4

The PR advisor mid-market league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover all sectors. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 18 Financial Services

Part of the Acuris report on global M&A activity

Financial Services

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 19 Financial Services

Financial Services Overview

While financial services is less exposed to the direct impacts of Covid-19 than other Deal volumes in the sector fell from 293 in the industries, increased risk aversion and financial market volatility nonetheless muted appetite first half of last year to 214 in 2020, a decline for M&A during the first half of 2020. Deal volumes in the sector fell from 293 in the of 27%. first half of last year to 214 in 2020, a decline of 27%. Deal values fell more significantly, Private equity (PE) continued its trend of firms, for example — rather than depending slipping 52% from US$91bn a year ago to investing in the financial services industry — on investment return and margin. Well-funded US$43.7bn in the first six months of this year. a field it previously avoided — accounting for PE will continue to seek out opportunities, with Still the second quarter slowdown in financial a number of the largest deals during the valuations likely to become more attractive. services was less marked than in other first half. The biggest such deal of all saw a sectors — and some major deals did go consortium led by Stone Point Capital and through, with strategic buyers continuing Further Global acquire consultancy Duff & to pursue M&A opportunities to further Phelps for US$4.2bn. Seller Permira Advisers, their ambitions. Morgan Stanley’s US$13bn which had acquired the asset two years before acquisition of the online broking firm Etrade for US$1.75bn will retain a significant stake. Financial — the biggest deal in the sector Looking forward, Covid-19 continues to during the first half — was a good example, cloud the outlook for financial services M&A. providing the former with access to new The pandemic directly threatens profitability technologies that it now hopes to roll out in many areas of the industry — potentially across its operations worldwide; the deal also increasing non-performing loans, for provided Morgan Stanley with some insulation example, and creating significant liabilities against the Covid-19 crisis, with Etrade proving for insurers. More broadly, an extended low resilient during the market volatility that the interest rate environment limits potential virus triggered. returns, particularly in more mature markets. Franklin Resources’ US$5.5bn purchase of However, M&A activity will continue. The Legg Mason — the second biggest first-half pandemic increases the imperative for digital transaction in financial services — was another transformation, potentially driving interest important strategic deal. The acquisition gives in fintech businesses. Many institutions may Franklin much-improved global distribution also look to shift towards businesses that and presence across geographies, products generate commission income — payments and channels. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 20 Financial Services

Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 — North American Targets Financial Services Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (US$m)

20-Feb-20 P Morgan Stanley ETrade Financial Corporation 13,026

18-Feb-20 C Franklin Resources Inc Legg Mason Inc 5,471

22-Jan-20 C Consortium led by funds managed by Stone Point Capital and Further Global Duff & Phelps LLC Permira Advisers LLP 4,200

27-Jan-20 C South State Corporation CenterState Bank Corp 3,213

2-Mar-20 C WillScot Corporation Mobile Mini Inc 2,731

18-Feb-20 L Ally Financial Inc CardWorks Inc Parthenon Capital Partners; Reverence Capital Partners LP; and Don Berman (Private investor) 2,650

7-Feb-20 C Fidelity National Financial Inc FGL Holdings Inc (92.38% stake) Blackstone Group LP 2,565

11-May-20 C BlackRock Inc BlackRock Inc (1.72% stake) PNC Financial Services Group Inc 1,100

4-Feb-20 C Andra AP-fonden; AustralianSuper Pty Ltd; QIC Limited; and Railways Pensions Generate Capital Inc (Undisclosed stake) 1,000 Investments Limited

7-Jan-20 C Thomas H. Lee Partners LP; and Cannae Holdings Inc AmeriLife Group LLC J.C. Flowers & Co LLC 1,000

29-Jun-20 P Empower Retirement Personal Capital Corporation Venrock; CrossLink Capital Inc; Institutional Venture Partners; Corsair Capital LLC; 1,000 Jump Capital; and Propel Venture Partners

3-Feb-20 C Pacific Premier Bancorp Inc Opus Bank 975

10-Jun-20 P Aquiline Capital Partners LLC; Dragoneer Investment Group LLC; and SkyKnight Capital StarStone US Holdings Inc (Undisclosed stake) Enstar Group Limited 630

04-May-20 C TSG Consumer Partners, LLC; Sequoia Capital; New Enterprise Associates; Institutional Robinhood Markets, Inc. (Undisclosed stake) 600 Venture Partners; Ribbit Capital, L.P.; Unusual Ventures; 9Yards Capital

21-Jan-20 P FB Financial Corporation Franklin Financial Network Inc 585

C= Completed; P= Pending; L= Lapsed

mergermarket.com mergermarket.com Mergermarket Value M&A splitby deal size Value (US$bn) 240 150 180 210 120 60 90 30 $2,001m –$5,000m $5m –$250m 0 2014 20.5 US$ US$ US$ US$ 25.4 19.3 8.7 144.4 2015 US$ US$ US$ US$ 31.4 19.2 14.7 US$ 6.8 Deal Drivers Americas > $5,001m $251m –$500m 2016 US$ US$ US$ US$ US$ 38.9 10.6 14.1 10 14 2017 80.8 20.3 US$ US$ US$ US$ US$ 33.8 19.1 9.3 $501m –$2,000m 2018 US$ US$ US$ US$ 37.4 27.2 14.3 11.1 Financial Services 2020 HY 2019 110.7 US$ US$ US$ US$ 32.8 25.3 13.6 US$ 8.1 H1 2020 US$ US$ 18.5 12.7 US$ US$ US$ 2.5 3.8 6.1 Deal count M&A splitby deal size Number of deals 600 400 500 300 200 650 550 450 350 250 100 150 $501m –$2,000m Value not disclosed 50 0 2014 266 211 16 19 5 2015 255 276 16 19 8 8 $2,001m –$5,000m $5m –$250m 2016 256 221 28 14 12 1 2017 239 247 33 32 23 3 6 > $5,001m $251m –$500m 2018 263 239 32 28 8 2019 343 199 20 29 8 8 H1 2020 156 38 2 7 7 4 21 mergermarket.com Mergermarket of the target is inthe US &Canada. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Value Quarterly M&Aactivity Value (US$m) 100,000 90,000 60,000 40,000 50,000 30,000 80,000 20,000 70,000 10,000 Deal value 0 Q1 Q2 2014 Q3 Q4 Moving average trend line Q1 Q2 2015 Q3 Deal Drivers Americas Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 Financial Services 2020 HY 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Q1 2020 Q2 of the target is inthe US &Canada. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Deal count Quarterly M&Aactivity Number of deals Deal count 100 160 140 180 120 60 40 80 20 0 Q1 Q2 2014 Q3 Q4 Moving average trend line Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Q1 2020 Q2 22 Mergermarket Deal Drivers Americas HY 2020 23 Financial Services

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 5 JPMorgan 26,776 13 1 19 Piper Sandler Companies 5,418 18

2 9 Morgan Stanley 24,823 11 2 6 JPMorgan 26,776 13

3 1 Goldman Sachs & Co 11,398 9 3 2 Stifel/KBW 6,465 12

4 13 Bank of America 8,732 7 4 8 Morgan Stanley 24,823 11

5 6 Evercore 8,389 9 5 3 Raymond James 226 11

6 11 Stifel/KBW 6,465 12 6 4 Goldman Sachs & Co 11,398 9

7 97 Ardea Partners 5,784 8 7 7 Evercore 8,389 9

8 4 Barclays 5,714 6 8 42 Ardea Partners 5,784 8

9 - Broadhaven Capital Partners 5,656 3 9 22 Bank of America 8,732 7

10 - PJT Partners 5,631 3 10 29 Houlihan Lokey 4,706 7

The financial advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sector: Financial Services. Legal advisors by value Legal advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 7 Skadden, Arps, Slate, Meagher & Flom 27,826 13 1 1 Kirkland & Ellis 10,744 23

2 20 Davis Polk & Wardwell 19,128 6 2 7 Willkie Farr & Gallagher 10,434 16

3 13 Weil, Gotshal & Manges 15,232 9 3 2 Skadden, Arps, Slate, Meagher & Flom 27,826 13

4 5 Kirkland & Ellis 10,744 23 4 12 Sidley Austin 8,726 13

5 27 Willkie Farr & Gallagher 10,434 16 5 14 Weil, Gotshal & Manges 15,232 9

6 9 White & Case 9,702 8 6 10 Sullivan & Cromwell 7,951 9

7 18 Latham & Watkins 8,957 7 7 9 Alston & Bird 1,171 9

8 25 Sidley Austin 8,726 13 8 17 Goodwin Procter 480 9

9 2 Wachtell, Lipton, Rosen & Katz 8,052 7 9 22 White & Case 9,702 8

10 1 Sullivan & Cromwell 7,951 9 10 5 Latham & Watkins 8,957 7

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sector: Financial Services. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 24 Industrials, Manufacturing & Engineering

Part of the Acuris report on global M&A activity

Industrials, Manufacturing & Engineering

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 25 Industrials, Manufacturing & Engineering

Industrials, Manufacturing & Engineering Overview

IME was the second busiest sector for North American M&A activity during the first half of There were 297 IME deals worth US$57.8bn the year. Nevertheless, at 395 deals, volume during the first six months of 2020 was 32% during the first three months of 2020, but below last year’s total of 584. Deal values fell even more precipitously, from US$119.9bn in this fell to 98 deals worth US$4.5bn during the first half of 2019 to US$62.2bn during the same period of 2020. the second quarter. Covid-19 has impacted the sector in different ways, for both good and bad. Leading industrials announced in June 2019. The combined entity undergoing dramatic transformation, the have had to cope with significant supply chain is now focused on aerospace and defense. chemicals industry remains fragmented and disruption and enormous volatility in global in need of consolidation, and manufacturing Competition in the aerospace and defense demand; many manufacturers were forced to is now looking even harder for new ways to sector is intense, with original equipment halt production for periods during the first half. manage supply chain risk. manufacturers and tier one suppliers focused Chemicals businesses, meanwhile, have seen on scale, investment and innovation. This was demand for some products fall sharply, but also the thinking behind the mooted merger experienced soaring sales in other areas. between Woodward and Hexcel Corporation, Against this backdrop, M&A slowed though the deal, which would have been worth dramatically during the second quarter US$7.4bn, was abandoned in the second of 2020 in particular. There were 297 IME quarter as Covid-19 wreaked havoc in the deals worth US$57.8bn during the first three aerospace sector. months of 2020, but this fell to 98 deals worth PE has also continued to seek opportunities in US$4.5bn during the second quarter. IME. First-half examples include Stone Canyon’s The biggest deals of the first half were led by US$2bn purchase of Kissner Group, one of a major restructuring at United Technologies, North America’s leading producers and suppliers which spun off its spin-off of its OTIS Worldwide of salt, while in the petrochemicals subsector, and Carrier Global businesses, into new, India’s PE-backed Haldia Petrochemicals paid independent publicly traded companies. US$2.7bn for Lummus Technology. The two deals were worth US$19bn and In the short term, deal activity in the sector US$11.9bn, respectively, and was prompted is likely to remain muted, but looking further by the US$88.9bn merger between United ahead, the fundamentals for M&A remain in Technologies and Raytheon, which was place. Subsectors such as automotive are mergermarket.com Mergermarket Deal Drivers Americas HY 2020 26 Industrials, Manufacturing & Engineering

Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 — North American Targets Industrials, Manufacturing & Engineering Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (US$m)

11-Mar-20 C United Technologies Corporation (Shareholders) OTIS Worldwide Corporation Raytheon Technologies Corporation 18,949

11-Mar-20 C United Technologies Corporation (Shareholders) Carrier Global Corporation Raytheon Technologies Corporation 11,911

12-Jan-20 L Woodward Inc Hexcel Corporation 7,434

13-Jan-20 C WESCO International Inc Anixter International Inc 4,357

21-Jan-20 P Danfoss A/S Eaton Corporation (Hydraulics business) Eaton Corporation 3,300

21-Jan-20 C Rhone Capital LLC; and The Chatterjee Group Lummus Technology Inc 2,725

3-Feb-20 C Stone Canyon Industries Holdings LLC Kissner Group Metalmark Capital LLC; Demetree Meridian Holdings LLC; and Silverhawk Capital Partners 2,000

6-Feb-20 C Howmet Aerospace Inc (Shareholders) Arconic Corp Howmet Aerospace Inc 1,635

28-Jan-20 P Stanley Black & Decker Inc Consolidated Aerospace Manufacturing LLC Tinicum Incorporated 1,300

26-Jun-20 P Amazon.com Inc Zoox Inc Threshold Ventures; Lux Capital; Blackbird Ventures Pty Ltd; Visionnaire Ventures; ARCHina 1,200 Capital Management LLC; and AID Partners

21-Feb-20 C KYOCERA Corporation AVX Corporation (28.02% stake) 1,031

4-Feb-20 C Leidos Holdings Inc L3Harris Technologies Inc (Security & detection systems) L3Harris Technologies Inc 1,000

06-Jan-20 P Warburg Pincus Accudyne Industries BC Partners Limited; The Carlyle Group 1,000

24-Jun-20 P GFL Environmental Inc Portfolio of vertically integrated solid waste collection, transfer, 864 recycling and disposal assets

20-Jan-20 C Caisse de Depot et Placement du Quebec; Fonds de Solidarite FTQ; Canam Group Inc American Industrial Partners LLC 643 and Placements CMI Inc

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 27 Industrials, Manufacturing & Engineering

M&A split by deal size M&A split by deal size Value Deal count

250 1,400

225 3 1,200 13 51 5 39 200 1 7 8 49 3 7 43 34 9 12 27 1,000 41 6 31 175 34 8 34 US$ US$ 37 320 136.4 156.2 US$ 30 248 US$ 103.3 317 150 US$ 31.1 36.3 800 294 369 310 125 US$ 29.9 US$ US$

Value (US$bn) Value 46.7 36.3 deals of Number 600 100 US$ US$ 23.9 26 US$ US$ 38.4 2 75 22.5 3 US$ 400 784 785 10 US$ 48.7 689 12 54.2 US$ 73 US$ 643 52.4 576 576 50 US$ US$ 47.4 US$ 37.4 28.7 30.9 US$ 200 15.9 US$ US$ US$ US$ US$ 295 25 US$ 12.6 15 10.4 11.4 10.3 13.9 US$ US$ 4.7 US$ US$ 10.8 26.3 US$ US$ US$ US$ 19 20.8 US$ 16.5 18.7 16.1 5.5 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

$5m – $250m $251m – $500m $501m – $2,000m Value not disclosed $5m – $250m $251m – $500m $2,001m – $5,000m > $5,001m $501m – $2,000m $2,001m – $5,000m > $5,001m

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 28 Industrials, Manufacturing & Engineering

Quarterly M&A activity Quarterly M&A activity Value Deal count

110,000 325

300 100,000

275 90,000

250 80,000 225

70,000 200

60,000 175

150 Value (US$m) Value 50,000 Number of deals of Number

125 40,000

100 30,000 75

20,000 50

10,000 25

Deal value Moving average trend line Deal count Moving average trend line

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 29 Industrials, Manufacturing & Engineering

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 1 Goldman Sachs & Co 54,702 9 1 2 Houlihan Lokey 1,372 21

2 5 Morgan Stanley 43,439 11 2 1 Lincoln International 1,420 12

3 3 Evercore 34,846 7 3 43 Piper Sandler Companies 460 12

4 172 UBS Investment Bank 30,192 6 4 3 Morgan Stanley 43,439 11

5 13 Rothschild & Co 29,149 11 5 26 Rothschild & Co 29,149 11

6 8 Lazard 22,859 5 6 9 Robert W. Baird & Co 926 11

7 2 JPMorgan 21,623 5 7 8 Goldman Sachs & Co 54,702 9

8 152 Nomura Holdings 19,692 2 8 12 Deloitte 189 9

9 11 Deutsche Bank 19,084 2 9 41 GCG 37 9

10= - Bain & Company 18,834 1 10 11 Evercore 34,846 7

10= - goetzpartners 18,834 1

10= 145 Macquarie Group 18,834 1

The financial advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the following sectors: Automotive; Chemicals & Materials; Industrials — electronics; automation and products and services; and Manufacturing — other. Legal advisors by value Legal advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 29 Wachtell, Lipton, Rosen & Katz 45,481 7 1 2 Jones Day 6,094 33

2 14 Freshfields Bruckhaus Deringer 30,983 9 2 1 Kirkland & Ellis 27,572 32

3 159 King & Wood Mallesons 30,860 2 3 3 Latham & Watkins 4,580 19

4 9 Kirkland & Ellis 27,572 32 4 23 Winston & Strawn 3,443 12

5 28 Allen & Overy 23,907 3 5 6 McGuireWoods 854 11

6 149 NautaDutilh 21,668 4 6 28 Norton Rose Fulbright 9,710 10

7 21 Linklaters 19,734 3 7 29 McDermott Will & Emery 150 10

8 46 White & Case 19,692 7 8 37 Freshfields Bruckhaus Deringer 30,983 9

9 - Yulchon 18,834 2 9 5 DLA Piper 2,942 9

10 10 Cleary Gottlieb Steen & Hamilton 10,640 6 10 9 Ropes & Gray 1,630 9

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and cover the following sectors: Automotive; Chemicals & Materials; Industrials — electronics; automation and products and services; and Manufacturing — other. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 30 Energy, Mining, Oil & Gas

Part of the Acuris report on global M&A activity

Energy, Mining, Oil & Gas

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 31 Energy, Mining, Oil & Gas

Energy, Mining, Oil & Gas Overview

Covid-19 represented something of a perfect storm for the EMOG sector: a sudden In the short to medium-term, a significant stop in economic activity worldwide sent demand for commodities plunging but gave M&A recovery looks off the agenda in the producers no time to adjust supply. Prices of key commodities therefore tumbled — the EMOG sector. Bloomberg Commodity Index, which tracks 23 commodities, fell 20%, with oil prices down by Elsewhere, renewable energy producers least until a global economic recovery is in around 36%. continue to position themselves for the evidence. Nonetheless, the energy transition In this environment, M&A activity in the sector inevitable increase in demand for cleaner could prompt some activity in renewables, as fell more sharply than in any other. Deal volumes electricity as the world continues to seek to well as disposals of carbon-intensive assets, during the first half of 2020 reached only 135 curb carbon emissions. Brookfield Renewable especially as costs of producing green energy deals, down 43% on last year’s total of 237. Deal Energy took a majority stake in Terraforma have fallen. values recorded a remarkable decline of 89%, Power last year, but the first half saw it agree from US$155.4bn in the first half of 2019 to to buy out the remaining 35% of the company US$17.6bn in the same period of 2020. in a transaction worth US$1.4bn. The first half of 2020 saw just four deals The final billion-dollar-plus deal of the first half announced in the sector that were worth was Eversource Energy’s US$1.1bn acquisition more than US$1bn. These were led by the of assets from Columbia Gas of Massachusetts. US$1.8bn merger of Equitrans Midstream and The deal consolidates Eversource’s position as EQM Midstream Partners in a deal aimed at the largest energy company in New England. simplifying the corporate structure of the In the short to medium-term, a significant M&A former business, which already owned a recovery looks off the agenda in the EMOG significant stake in the latter. sector. Even before the Covid-19 pandemic Other significant deals included SSR Energy struck, deal activity was slowing after several Mining’s US$1.8bn acquisition of Alacer Gold strong years, with investors shifting to a focus Corporation, which runs a gold mine in Turkey. on profitability and increased return. While The deal will expand SSR’s international reach supply-side measures have helped to stabilize beyond the Americas for the first time, in a prices in some areas of the industry — and gold marketplace where gold is one of the few continues to perform strongly — a significant commodities to have recorded positive price bounce-back appears to remain some way growth during 2020. off, further diminishing appetite for M&A, at mergermarket.com Mergermarket Deal Drivers Americas HY 2020 32 Energy, Mining, Oil & Gas

Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 — North American Targets Energy, Mining, Oil & Gas Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (US$m)

27-Feb-20 C Equitrans Midstream Corporation EQM Midstream Partners LP (41.51% stake) 1,762

11-May-20 P SSR Mining Inc Alacer Gold Corp 1,757

16-Mar-20 C Brookfield Renewable Energy Partners LP TerraForm Power Inc (38% stake) 1,413

26-Feb-20 P Eversource Energy Columbia Gas of Massachusetts NiSource Inc 1,100

7-May-20 C Elliott Management Corporation; and Bluescape Energy Partners LLC CenterPoint Energy Inc 725

23-Mar-20 C Endeavour Mining Corporation SEMAFO Inc 698

6-Apr-20 P Southwest Generation LLC Mankato Energy Center LLC Xcel Energy Inc 680

7-May-20 C Capital Research and Management Company; FMR LLC; and MFS Investment Management CenterPoint Energy Inc (7.71% stake) 675

30-Jan-20 C CNX Resources Corporation CNX Midstream Partners LP 565

4-May-20 P National Fuel Gas Company Royal Dutch Shell PLC (Appalachia shale gas assets) Royal Dutch Shell Plc 541

30-Mar-20 C Morgan Stanley Infrastructure Inc Seven Seas Water Corporation Culligan International Company 500

6-Feb-20 C Hydro Quebec Innergex Renewable Energy Inc (19.9% stake) 497

24-Feb-20 C Energy Capital Partners LLC Symmetry Energy Solutions LLC CenterPoint Energy Inc 400

18-Feb-20 C Crestone Peak Resources ConocoPhillips Company (Niobrara assets) ConocoPhillips Company 380

27-Jan-20 P WEC Energy Group Inc Invenergy LLC (Blooming Grove Wind Farm) (80% stake) Invenergy LLC 345

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 33 Energy, Mining, Oil & Gas

M&A split by deal size M&A split by deal size Value Deal count

400 800

350 700 16 57 9

12 13 66 13 300 US$ 600 13 17 US$ 59 157 195.7 66 9 71 11 73 500 41 250 US$ 48 7 173.2 51 US$ 13 151.3 49 53 200 US$ 400 125.4 US$ 37 US$ 106.7 421 Value (US$bn) Value 69.1 Number of deals of Number US$ 315 63.5 341 301 150 300 US$ 38.7 US$ 280 189 41 US$ US$ US$ 37.5 44.1 100 77.1 200 US$ US$ 64.2 US$ 81.8 US$ 65.6 9 US$ 49.7 US$ 8 50 29.6 57.9 100 US$ 165 167 US$ US$ 148 161 144 64 US$ 29 US$ US$ 128 17 20 9.4 US$ 19.1 US$ 3.3 US$ US$ US$ US$ 15 US$ 38.5 US$ 44 21.6 23.7 27 25.8 12.5 5 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

$5m – $250m $251m – $500m $501m – $2,000m Value not disclosed $5m – $250m $251m – $500m $2,001m – $5,000m > $5,001m $501m – $2,000m $2,001m – $5,000m > $5,001m

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 34 Energy, Mining, Oil & Gas

Quarterly M&A activity Quarterly M&A activity Value Deal count

140,000 220

200

120,000 180

160 100,000

140

80,000 120

Value (US$m) Value 100 60,000 deals of Number

40,000 60

40 20,000

Deal value Moving average trend line Deal count Moving average trend line

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 35 Energy, Mining, Oil & Gas

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 3 Citi 12,807 5 1 1 Evercore 3,263 10

2 19 Moelis & Company 11,500 4 2 13 Scotiabank 3,608 8

3= 1 Bank of America 10,100 1 3 10 BMO Capital Markets 2,655 8

3= - First Abu Dhabi Bank 10,100 1 4 36 National Bank Financial 3,183 7

3= - Mizuho Financial Group 10,100 1 5 14 Lazard 1,681 6

6 25 Scotiabank 3,608 8 6 17 Houlihan Lokey 314 6

7 6 Evercore 3,263 10 7 5 Citi 12,807 5

8 17 Morgan Stanley 3,191 4 8 2 Goldman Sachs & Co 2,798 5

9 28 National Bank Financial 3,183 7 9 6 Barclays 680 5

10 76 Nomura Holdings 2,826 3 10 27 Moelis & Company 11,500 4

The financial advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sector: Energy; Mining; and Utilities — other. Legal advisors by value Legal advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 10 Latham & Watkins 13,632 12 1 5 Baker Botts 2,796 15

2 25 Simpson Thacher & Bartlett 11,718 3 2 3 Latham & Watkins 13,632 12

3= - Al Tamimi & Company 10,100 1 3 1 Vinson & Elkins 1,115 9

3= 76 Ashurst 10,100 1 4 2 Kirkland & Ellis 4,359 8

5 31 Linklaters 5,992 3 5 11 McCarthy Tetrault 3,377 8

6 26 Kirkland & Ellis 4,359 8 6 30 Jones Day 2,382 8

7 32 McCarthy Tetrault 3,377 8 7 9 Blake, Cassels & Graydon 414 8

8 - Richards Layton & Finger 3,175 2 8 7 White & Case 2,608 7

9 12 Baker Botts 2,796 15 9 21 Fasken Martineau DuMoulin 2,408 6

10 9 White & Case 2,608 7 10 23 Dentons 1,963 6

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sector: Energy; Mining; and Utilities — other. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 36 Consumer

Part of the Acuris report on global M&A activity

Consumer

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 37 Consumer

Consumer Overview

Consumer-facing businesses were impacted by the Covid-19 crisis in very different Competition for assets in the consumer ways. Food and drinks manufacturers and retailers did not necessarily suffer any drop in industry should sustain at least some M&A demand — in fact, demand increased sharply in certain categories — but did face significant during the second half of 2020 and beyond. supply chain challenges. By contrast, non-food consumer businesses saw greatly 15 largest transactions announced in the reduced demand, as most businesses were consumer sector during the first half of the unable to operate from physical premises. year. In the biggest such deal, Apollo Global One consequence was a dramatic shift to Management paid US$1.75bn for a minority e-commerce in many segments. stake in the US supermarket group Albertsons, Some businesses in the sector did continue ahead of its IPO. Like many food retailers, the to pursue long-term strategic goals. The company benefited from strong sales during biggest first-half deal of all saw PepsiCo the pandemic. agree to pay US$3.85bn for Rockstar, in a Elsewhere in PE, Kohlberg Kravis Roberts made bet on the growing energy drinks market. two investments in the consumer sector during Similarly, Mondelez announced the US$1.2bn the first half, paying US$750m to buy beauty acquisition of Give and Go Prepared Foods, brands from the cosmetics company Coty and the Canadian bakery group that specializes US$500m to take a stake in the food service in products such as chocolate brownies, in company US Foods. KKR is one of several PE a deal that is in effect a bet that consumer firms to have pledged to continue investing in demand for indulgent products will continue new assets during the downturn. to grow. Nestlé Health Science’s US$700m purchase of Vital Proteins, the lifestyle and Given such intent, competition for assets in wellness platform, provides a third example the consumer industry should sustain at least of giant consumer businesses seeking to some M&A during the second half of 2020 expand in markets and subsectors where and beyond, particularly as declining valuations consumer preferences are developing fast. and an increase in distressed asset sales offer opportunities; there is also likely to be further Moreover, strategic buyers have continued interest in emerging brands in fast-developing to face tough competition from PE, with the segments, such as plant-based foods. latter on the bidding side in seven of the

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 38 Consumer

Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 — North American Targets Consumer Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (US$m)

11-Mar-20 C PepsiCo Inc Rockstar Inc 3,850

20-May-20 C Apollo Global Management LLC Albertsons Companies Inc (Undisclosed Stake) 1,750

5-Jun-20 P Collier Creek Holdings Utz Quality Foods LLC 1,560

25-Feb-20 C Mondelez International Inc Give and Go Prepared Foods Corp Thomas H. Lee Partners LP 1,200

2-Jan-20 C The Coca-Cola Company Fairlife LLC (57.5% stake) Select Milk Producers Inc 1,000

6-Mar-20 C US Foods Holding Corp. Smart Foodservice Stores LLC Apollo Global Management LLC 970

13-Jan-20 C Primo Water Corporation Primo Water Holdings LLC 760

11-May-20 P Kohlberg Kravis Roberts & Co LP Coty Inc 750

10-Jun-20 P Nestlé Health Science SA Vital Proteins LLC 700

20-Feb-20 L Sycamore Partners Victoria's Secret (55% stake) L Brands Inc 670

26-May-20 C Apax Partners LLP; and Periphas Capital LP KAR Auction Services Inc 550

27-Feb-20 P Legrand SA Focal Point LLC 531

21-Apr-20 P Kohlberg Kravis Roberts & Co LP US Foods Inc 500

16-Mar-20 C Temasek Holdings Pte Ltd; Horizon Ventures LLC; Qatar Investment Authority; Khosla Ventures; Mirae Asset Impossible Foods Inc 500 Global Investments Co Ltd; Peter Jackson (Private investor); and Mindy Kaling (Private investor)

19-Feb-20 C CITIC Capital Partners Limited ScentAir Technologies Inc Parthenon Capital Partners 438

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 39 Consumer

M&A split by deal size M&A split by deal size Value Deal count

200 700

5 5 4 3 180 22 9 9 12 22 600 7 24 5 5 17 23 3 2 160 27 26 4 19 26 19 171 16 500 140 169 181 US$ 104.5 182 US$ 169 158 120 84 US$ 110.3 400

100 US$ US$ 65.5 Value (US$bn) Value 23.4 deals of Number 300 80 US$ 18.3 US$ US$ US$ 25.8 426 60 29.8 30.5 US$ US$ 400 1 8.1 12.4 200 388 US$ 347 348 9 15.8 344 US$ US$ 8 14.8 46 40 35.3 US$ US$ US$ 28.4 23.3 US$ 26.9 US$ US$ 3.9 100 US$ 26.9 19.9 US$ 20 8.8 US$ US$ US$ 120 US$ 6.6 10.2 11.3 US$ US$ 3.5 6.5 US$ 5.5 US$ US$ US$ 9.2 16.2 US$ US$ US$ 9.5 12.5 11.7 12.7 9.7 3.9 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

$5m – $250m $251m – $500m $501m – $2,000m Value not disclosed $5m – $250m $251m – $500m $2,001m – $5,000m > $5,001m $501m – $2,000m $2,001m – $5,000m > $5,001m

mergermarket.com mergermarket.com Mergermarket of the target is inthe US &Canada. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Value Quarterly M&Aactivity Value (US$m) 100,000 60,000 90,000 40,000 50,000 30,000 80,000 20,000 70,000 10,000 Deal value 0 Q1 Q2 2014 Q3 Q4 Moving average trend line Q1 Q2 2015 Q3 Deal Drivers Americas Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 Consumer 2020 HY 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Q1 2020 Q2 of the target is inthe US &Canada. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Deal count Quarterly M&Aactivity Number of deals Deal count 100 160 140 180 120 60 40 80 20 0 Q1 Q2 2014 Q3 Q4 Moving average trend line Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Q1 2020 Q2 40 Mergermarket Deal Drivers Americas HY 2020 41 Consumer

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 5 Goldman Sachs & Co 10,092 9 1 4 Goldman Sachs & Co 10,092 9

2 18 Credit Suisse 8,810 6 2 1 Houlihan Lokey 1,643 9

3 4 Citi 6,204 4 3 13 JPMorgan 5,860 7

4 11 JPMorgan 5,860 7 4 28 Credit Suisse 8,810 6

5 7 Bank of America 4,428 5 5 2 Lazard 612 6

6 2 Centerview Partners 4,350 2 6 25 KPMG 314 6

7= - AFW LP 3,330 2 7 26 Lincoln International 95 6

7= - Vicente & Partners 3,330 2 8 12 Bank of America 4,428 5

9= 36 Perella Weinberg Partners 2,580 1 9 21 Jefferies 2,127 5

9= 53 UniCredit Group 2,580 1 10 11 Evercore 1,044 5

The financial advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sector: Consumer — retail, food and other. Legal advisors by value Legal advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 7 Davis Polk & Wardwell 6,096 7 1 3 Latham & Watkins 1,660 13

2 4 Gibson, Dunn & Crutcher 5,600 5 2 18 Baker McKenzie 4,613 8

3 72 Simpson Thacher & Bartlett 4,894 6 3 13 Davis Polk & Wardwell 6,096 7

4 2 Skadden, Arps, Slate, Meagher & Flom 4,780 7 4 8 Skadden, Arps, Slate, Meagher & Flom 4,780 7

5 35 Baker McKenzie 4,613 8 5 6 Morgan Lewis & Bockius 3,439 7

6 - King & Spalding 3,850 2 6 1 Kirkland & Ellis 2,749 7

7 24 Morgan Lewis & Bockius 3,439 7 7 60 Ropes & Gray 1,062 7

8 16 Kirkland & Ellis 2,749 7 8 15 White & Case 261 7

9 47 McDermott Will & Emery 2,580 4 9 29 Simpson Thacher & Bartlett 4,894 6

10= - Akol Avukatlik Burosu 2,580 1 10 53 Wachtell, Lipton, Rosen & Katz 2,155 6

10= - Alston & Bird 2,580 1

10= - Gleiss Lutz 2,580 1

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sector: Consumer — retail, food and other. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 42 Technology, Media & Telecom

Part of the Acuris report on global M&A activity

Technology, Media & Telecom

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 43 Technology, Media & Telecom

Technology, Media & Telecom Overview

The TMT sector has not been immune to the effects of the Covid-19 pandemic, recording Covid-19 pandemic has underlined the need for significantly reduced M&A activity during the first half of the year. But it was still the busiest accelerated digital transformation and an embrace sector for transactions in the first half of 2020, accounting for 26% of all North American of e-commerce, which should boost the appetite M&A by volume and for 29% by value. Overall, TMT volumes fell from 749 deals in for dealmaking in TMT. the first half of 2019 to 636 during the same period of this year, a decline of 15%. Deal Intuit paid US$7.1bn for Credit Karma, which transformation and an embrace of e-commerce, values fell more significantly, by 52% from has quickly built an active user base of millions which should boost the appetite for dealmaking US$123.4bn in 2019 to US$83.4bn in 2020. of customers who use it to check their credit in TMT. PE and venture capital remain scores and identify good credit deals. Cards enthusiastic investors, and many of the world’s The volatility of financial markets and the giant Visa paid US$5.3bn for Plaid, a start-up largest tech corporations, including Facebook, broader macroeconomic backdrop has simply that develops APIs to help developers share Apple, Microsoft and Amazon, have all made not provided sufficiently solid foundations for banking and financial information. investments or acquisitions in 2020. all the TMT dealmaking that might otherwise have gone ahead this year — particularly with The sector has also seen consolidation in areas valuations stretched in many areas of the market where businesses are approaching maturity. by several years of strong M&A and IPO activity. For example, Europe’s Just Eat Takeaway announced the acquisition of its US rival The biggest announced deal of the year so Grubhub in a US$7.3bn deal that will create far provides a case study in this uncertainty. the world’s largest food delivery company; talks In early March, Xerox announced a US$35bn between Grubhub and Uber had previously hostile bid for HP in a deal that would have faltered amid anti-trust concerns. brought two of the best-known names in technology together. Within a month, however, Deal activity is set to continue in TMT during Xerox felt compelled to withdraw the offer, the second half of the year and beyond, citing the uncertainties of the global health particularly as a reduction in valuation multiples crisis. for the first time in several years could provide opportunities for investors — though the same However, more modest deals did go ahead, phenomenon is set to keep exits at a reduced with established technology companies level. Moreover, the Covid-19 pandemic has looking to acquire start-ups with proven underlined the need for accelerated digital technologies. The financial software giant mergermarket.com Mergermarket Deal Drivers Americas HY 2020 44 Technology, Media & Telecom

Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 — North American Targets Technology, Media & Telecom Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (US$m)

2-Mar-20 L Xerox Holdings Corporation HP Inc 35,526

24-Feb-20 P Intuit Inc Credit Karma Inc Silver Lake Partners; Tiger Global Management; Susquehanna Growth Equity LLP; Felicis 7,100 Ventures LLC; 500 Startups; Ribbit Capital LP; and CapitalG

10-Jun-20 P Just Eat Takeaway.com NV Grubhub Inc 7,020

13-Jan-20 P Visa Inc Plaid Technologies Inc Index Ventures; Kleiner Perkins; Norwest Venture Partners; New Enterprise Associates; 5,300 Spark Capital Partners LLC; Public Sector Pension Investment Board; Felicis Ventures LLC; Andreessen Horowitz LLC; GV; Goldman Sachs Investment Partners LP; Citi Ventures Inc; and American Express Ventures

10-Mar-20 P Veritas Capital Fund Management LLC DXC Technology Company (US state and local health and DXC Technology Company 5,000 human services)

2-Mar-20 C Magna International Inc; T. Rowe Price Associates Inc; Silver Lake Partners; Alphabet Waymo LLC 3,000 Inc (parent of Google Inc among others); Canada Pension Plan Investment Board; AutoNation Inc; Fidelity Management & Research Company; Mamoura Diversified Global Holding PJSC; Andreessen Horowitz LLC; and Perry Creek Capital

15-Jan-20 C Harvest Partners LLC MRI Software LLC TA Associates Management LP; and GI Partners 3,000

13-Mar-20 P Macquarie Infrastructure and Real Assets Cincinnati Bell Inc 2,900

4-Feb-20 C Koch Equity Development LLC Infor Inc Golden Gate Capital 2,335

18-Feb-20 P AlpInvest Partners BV; Ontario Teachers' Pension Plan; and STG Partners LLC RSA Security LLC Dell Technologies Inc 2,075

27-Feb-20 C Stonepeak Infrastructure Partners Xplornet Communications Inc Sandler Capital Management; and Catalyst Investors LP 2,000

20-Jan-20 C BAE Systems Inc Collins Aerospace (Global positioning system (GPS) business) Collins Aerospace 1,925

6-Feb-20 P Advent International Corporation ForeScout Technologies Inc Amadeus Capital Partners Limited 1,488

26-Mar-20 C Microsoft Corporation Affirmed Networks Inc Bessemer Venture Partners; Charles River Ventures; Matrix Partners; Lightspeed Venture 1,350 Partners; Qualcomm Ventures; Eastward Capital Partners LLC; Centerview Capital Holdings LLC; Vodafone Ventures; and Deutsche Telekom Capital Partners Management GmbH

25-Feb-20 C Salesforce.com Inc Vlocity Inc Kennet Partners Limited; Sutter Hill Ventures; Bessemer Venture Partners; Telecommunications 1,330 Development Fund; Salesforce Ventures; and Wildcat Venture Partners LP

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 45 Technology, Media & Telecom

M&A split by deal size M&A split by deal size Value Deal count

450 1,800

10 12 400 1,600 8 12 58 56 5 61 73 12 55 350 1,400 5 58 4 27 9 12 63 43 19 43 510 300 US$ 1,200 44 36 559 US$ 170.2 41 257.4 US$ 519 178 250 1,000 US$ 439 140.2 551 US$ 511 US$ 121.1 Value (US$bn) Value 200 96.1 800 Number of deals of Number

2 6 US$ US$ 20 150 88.8 30.6 US$ 600 US$ 40.4 25 US$ 37.8 186 37.4 943 US$ 895 61.7 US$ US$ US$ 801 100 74.1 14.1 400 732 US$ US$ 58.6 58.2 US$ US$ 66.9 53.8 607 600 32.9 US$ US$ US$ US$ US$ 21.5 397 50 US$ US$ 26.1 28.4 US$ 200 19.1 16.7 23.2 US$ 17.5 21.9 10.3 US$ US$ US$ US$ US$ US$ US$ 37.1 33.6 28.6 32.5 36.5 36.1 15.7 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

$5m – $250m $251m – $500m $501m – $2,000m Value not disclosed $5m – $250m $251m – $500m $2,001m – $5,000m > $5,001m $501m – $2,000m $2,001m – $5,000m > $5,001m

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 46 Technology, Media & Telecom

Quarterly M&A activity Quarterly M&A activity Value Deal count

200,000 500

180,000 450

160,000 400

140,000 350

120,000 300

100,000 250 Value (US$m) Value Number of deals of Number

80,000 200

60,000 150

40,000 100

20,000 50

Deal value Moving average trend line Deal count Moving average trend line

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 47 Technology, Media & Telecom

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 1 Goldman Sachs & Co 46,026 25 1 2 Goldman Sachs & Co 46,026 25

2 3 Bank of America 41,060 23 2 5 Morgan Stanley 39,842 25

3 4 Morgan Stanley 39,842 25 3 8 Bank of America 41,060 23

4 2 JPMorgan 22,051 20 4 4 JPMorgan 22,051 20

5 14 Barclays 14,089 11 5 3 Raymond James 736 18

6 19 Evercore 12,279 12 6 9 Canaccord Genuity Group 816 13

7 15 Citi 11,260 8 7 7 Evercore 12,279 12

8 10 Qatalyst Group 9,820 5 8 12 Moelis & Company 4,457 12

9 57 Houlihan Lokey 8,820 10 9 16 GCA Corporation 300 12

10 39 Centerview Partners 8,315 3 10 10 Barclays 14,089 11

The financial advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sectors: Computer — software, hardware and semiconductors; Telecommunications — hardware; Internet/e-Commerce; Media; and Telecommunications — carriers. Legal advisors by value Legal advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 63 Willkie Farr & Gallagher 44,400 20 1 2 Goodwin Procter 16,149 62

2 2 Wachtell, Lipton, Rosen & Katz 38,464 5 2 1 Kirkland & Ellis 25,243 61

3 28 Shearman & Sterling 36,069 5 3 3 DLA Piper 1,972 50

4 12 King & Spalding 35,676 4 4 6 Latham & Watkins 25,370 46

5 30 Wilson Sonsini Goodrich & Rosati 33,367 43 5 5 Wilson Sonsini Goodrich & Rosati 33,367 43

6 6 Latham & Watkins 25,370 46 6 15 Sidley Austin 5,561 35

7 3 Kirkland & Ellis 25,243 61 7 4 Cooley 5,235 33

8 15 Davis Polk & Wardwell 23,365 23 8 11 Ropes & Gray 15,724 32

9 25 Paul Weiss Rifkind Wharton & Garrison 21,922 18 9 9 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 821 26

10 8 Skadden, Arps, Slate, Meagher & Flom 21,535 16 10 28 Davis Polk & Wardwell 23,365 23

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sectors: Computer — software, hardware and semiconductors; Telecommunications — hardware; Internet/e-Commerce; Media; and Telecommunications — carriers. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 48 Life Sciences & Healthcare

Part of the Acuris report on global M&A activity

Life Sciences & Healthcare

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 49 Life Sciences & Healthcare

Life Sciences & Healthcare Overview

While the life sciences & healthcare sector sits at the center of the global response to Even before the pandemic, analysts predicted big Covid-19, M&A value in the sector declined sharply during the first half. Total deal value fell pharma would look to do more bolt-on deals in key by 83% from US$176bn in the first half of 2019 to US$29.6bn in the first six months of 2020. sectors, moving away from megadeals; the virus is Volumes fared better, declining by 23% on last year’s first-half figure of 395. likely to firm up that trend. This drop in value, however, can be attributed to a lack of mega transactions like last year’s Elsewhere, PE and venture capital continue in the mid-market and further deal activity blockbuster US$87.7bn acquistion of Celgene to back the sector. For example, Sana in specialist areas such animal health and by Bristol-Myers Squibb. Biotechnology was able to raise US$700m medical devices. PE, with its substantial from a consortium of investors including stores of dry powder, is set to provide stiff By contrast, the biggest deal of the year so the Canada Pension Plan Investment Board, competition to corporate dealmakers. far was much smaller. Biotech firm Regeneron while Bezos Expeditions and Montagu agreed in May to buy back US$5bn of its own There may also be specific opportunities Private Equity agreed to pay US$490m stock from French partner Sanofi. The deal in Covid-19-linked vaccine and treatment for the sports and reconstructive surgery gives Sanofi additional firepower as it seeks to developments, as well as vertical integration implants divisions of RTI Surgical Holdings. invest in priority areas of its business, including plays as healthcare businesses seek to secure oncology and rare diseases. Even before the The biggest PE deal of all during the first half of supply chains. However, we are unlikely to see pandemic, analysts predicted big pharma the year was TSG Consumer Partners’ purchase the kinds of megadeals of recent years — deals would look to do more bolt-on deals in key of veterinary clinic chain Pathway Vet Alliance such as the US$87.8bn Bristol-Myers Squibb/ sectors, moving away from megadeals; the from Morgan Stanley Investment Management Celgene deal, the US$86.3bn AbbVie/Allergan virus is likely to firm up that trend. for US$2bn. The deal is the latest in a series of deal or the US$78.2bn Takeda/Shire deal — in deals in the veterinary sector, which is seen as the near to medium-term. Gilead Sciences’ US$4.4bn purchase of Forty a defensive play in an economic downturn. Seven fits that pattern, adding strength to its oncology business, where it has made a Looking forward, this kind of dealmaking series of acquisitions in recent years. Similarly, looks set to remain the pattern for the Alexion Pharmaceuticals US$1.5bn purchase of foreseeable future, with big pharma focusing Portola Pharmaceuticals will add to its growing on bolt-on opportunities rather than portfolio of rare disease-focused activities. transformative transactions, consolidation

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 50 Life Sciences & Healthcare

Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 — North American Targets Life Sciences & Healthcare Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (US$m)

25-May-20 C Regeneron Pharmaceuticals Inc Regeneron Pharmaceuticals Inc (9.66% stake) Sanofi SA 5,000

2-Mar-20 C Gilead Sciences Inc Forty Seven Inc 4,386

15-Mar-20 C TSG Consumer Partners LLC Pathway Vet Alliance Morgan Stanley Private Equity 2,000

5-May-20 C Alexion Pharmaceuticals Inc Portola Pharmaceuticals Inc 1,511

10-Jan-20 C Eli Lilly and Company Dermira Inc Bay City Capital LLC; and New Enterprise Associates 1,304

30-Apr-20 P Molina Healthcare Inc Magellan Complete Care Magellan Health Services Inc 850

11-Jun-20 P Novo Nordisk A/S Corvidia Therapeutics Inc HBM BioVentures AG; Sofinnova Partners; Venrock; Andera Partners SCA; 725 and Apple Tree Partners

23-Jun-20 C Baillie Gifford & Co Ltd; Canada Pension Plan Investment Board; Flagship Pioneering; Sana Lifesciences Inc 700 Alaska Permanent Fund Corporation; ARCH Venture Partners; Public Sector Pension Investment Board; Altitude Life Science Ventures; F-Prime Capital Partners; Bezos Expeditions LLC; GV; and Omega Fund Management LLC

4-May-20 C The Menarini Group Stemline Therapeutics Inc 642

9-Jun-20 C Chr. Hansen Holding A/S UAS Laboratories LLC Lakeview Equity Partners LLC 530

26-May-20 P Shionogi & Co Ltd Tetra Therapeutics Inc (50% stake) 500

30-Mar-20 C GlaxoSmithKline Plc; and Hillhouse Capital Management Ltd Lyell Immunopharma Inc 493

13-Jan-20 C Montagu Private Equity LLP RTI Surgical Holdings Inc (OEM, sports and reconstructive surgery Surgalign Holdings Inc 490 implants divisions)

9-Apr-20 P Prime Healthcare Services Inc St. Francis Medical Center 350

2-Mar-20 C Webster Equity Partners Retina Consultants of America 350

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 51 Life Sciences & Healthcare

M&A split by deal size M&A split by deal size Value Deal count

300 800 4 8 6 9 24 275 36 31 700 22 10 5 250 32 10 9 8 46 36 7 25 225 600 24 18 7 28 7 282 275 200 29 24 US$ 500 US$ 227 148.5 179.1 175 265 US$ 261 141.9 150 400 245 US$ US$ Value (US$bn) Value 57.7 109.2 deals of Number 125 2 300 7 US$ 8 100 36.6 US$ US$ 111 33.2 36.6 US$ US$ US$ 414 413 75 29.1 27.4 200 US$ 20.6 361 25.2 317 301 US$ US$ US$ US$ 50 44.1 30.7 US$ 249 32.4 US$ 46.4 37.9 US$ US$ 9.4 26.4 13.5 7.7 100 177 US$ US$ US$ US$ US$ 25 11.3 US$ US$ 13.2 9 11.3 6.6 7.8 3.4 US$ US$ US$ US$ US$ US$ US$ 17.9 16.8 14 15.3 19.9 17.5 9.3 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

$5m – $250m $251m – $500m $501m – $2,000m Value not disclosed $5m – $250m $251m – $500m $2,001m – $5,000m > $5,001m $501m – $2,000m $2,001m – $5,000m > $5,001m

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 52 Life Sciences & Healthcare

Quarterly M&A activity Quarterly M&A activity Value Deal count

150,000 225

200

125,000

175

100,000 150

125

75,000 Value (US$m) Value

Number of deals of Number 100

50,000 75

25,000

Deal value Moving average trend line Deal count Moving average trend line

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 53 Life Sciences & Healthcare

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 4 Goldman Sachs & Co 19,181 8 1 1 Jefferies 3,749 13

2 1 JPMorgan 18,008 8 2 24 Bank of America 8,936 10

3 2 Morgan Stanley 14,336 5 3 3 Goldman Sachs & Co 19,181 8

4 10 Barclays 12,995 5 4 2 JPMorgan 18,008 8

5 7 Moelis & Company 12,835 3 5 21 SVB Leerink 2,034 8

6 21 Lazard 12,374 4 6 4 KeyBanc Capital Markets 485 6

7 11 Bank of America 8,936 10 7 33 Stifel/KBW 293 6

8 9 Centerview Partners 6,222 4 8 13 Morgan Stanley 14,336 5

9 5 Citi 5,890 4 9 11 Barclays 12,995 5

10 13 Jefferies 3,749 13 10 10 Evercore 1,529 5

The financial advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sectors: Biotechnology; Medical; and Pharmaceuticals. Legal advisors by value Legal advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 2 Wachtell, Lipton, Rosen & Katz 16,985 3 1 1 Goodwin Procter 7,641 31

2 46 Sullivan & Cromwell 12,762 4 2 2 Wilson Sonsini Goodrich & Rosati 1,243 27

3 - De Brauw Blackstone Westbroek 12,375 4 3 3 McDermott Will & Emery 1,069 27

4 89 Mintz, Levin, Cohn, Ferris, Glovsky & Popeo 12,352 6 4 7 Cooley 7,515 18

5 33 Freshfields Bruckhaus Deringer 12,170 2 5 8 Latham & Watkins 2,052 18

6 188 NautaDutilh 12,025 2 6 5 Kirkland & Ellis 1,461 18

7= 65 Gleiss Lutz 11,985 2 7 4 Ropes & Gray 6,704 17

7= - Hengeler Mueller 11,985 2 8 9 DLA Piper 1,110 15

7= 7 Simpson Thacher & Bartlett 11,985 2 9 6 McGuireWoods - 15

10= 85 Linklaters 11,985 1 10 30 Morgan Lewis & Bockius 365 11

10= 148 Yulchon 11,985 1

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a North American (US & Canada) bidder, target or vendor and are based on the following sectors: Biotechnology; Medical; and Pharmaceuticals. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 54 Latin America

Part of the Acuris report on global M&A activity

Latin America LA

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 55 Latin America

Latin America Overview

Like its North American neighbors, Latin America saw a marked decline in M&A activity Almost all of the largest deals in the region were during the first quarter of 2020, followed by a slump in the second quarter. In the first three announced during the first quarter of the year, months of the year, the region recorded 138 deals worth US$7.81bn, but in the second with no transaction worth more than US$300m three months, this fell to 64 deals worth only US$984m. Overall deal volumes and values unveiled in the second quarter. were down 77% and 36% respectively in H1 compared to the same period of 2019. survive. Elsewhere, Brazil’s strong consumer strong international interest in Latin American During the second quarter, Latin America market attracted the attention of a Japanese energy and natural resources businesses and a became one of the worst affected regions of consortium which paid US$656m for consumer fast-growing consumer sector. Until the virus is the globe by Covid-19, with Brazil accounting goods company Santher-Fábrica de Papel under control, however, deal activity is likely to for more cases of the virus than any country Santa Therezinha, while its increasingly remain muted. other than the US. Mexico, Peru and Chile influential technology sector hosted the all also faced significant difficulties as well. US$646m sale of Grupo ZAP to Bom Negocio Clearly, the Covid crisis has been a major in the online advertising subsector. impediment to M&A activity. Such deals reflect the shape of dealmaking Almost all of the largest deals in the region in Latin America during the first half of the were announced during the first quarter of year, with consumer, EMOG, life sciences & the year, with no transaction worth more than healthcare and technology, media & telecom US$300m unveiled in the second quarter. accounting for the most significant shares of Moreover, some of the leading first-quarter both deal volumes and values. deals fell victim to the crisis — including the Looking forward, the potential for M&A activity biggest first-half transaction of all in Latin in the region to bounce back remains limited America, with Amherst Holdings terminating a by its ongoing struggle to get to grips with the US$2.3bn deal to buy Front Year Residential Covid-19 pandemic, with infections and deaths amid turmoil in the real estate sector. continuing to rise rapidly well into the third However, the next biggest deal, the US$825m quarter. In the medium to longer-term, there are sale of 18 products by Japan’s Takeda reasons to be more optimistic, including political Pharmaceuticals to Brazil’s Hypera Pharma did reforms in many countries across the region,

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 56 Latin America

Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 — Latin America (Based On Target)

Announced Status Bidder Company Target Company Sector Vendor Company Deal Value Date (US$m)

18-Feb-20 L Amherst Holdings LLC Front Yard Residential Corp Real Estate 2,240

2-Mar-20 P Hypera SA Takeda Pharmaceutical Company Limited Life Sciences & Healthcare Takeda Pharmaceutical Company Limited 825 (Latin American OTC business)

27-Feb-20 C Marubeni Corporation; and Daio Paper Corporation Santher-Fábrica de Papel Santa Terezinha SA Consumer SOL – Fundo de Investimento em Partipacoes Multiestrategia 656

3-Mar-20 P Bom Negocio Atividades de Internet Ltda ZAP Technology, Media & Telecom 648

12-Feb-20 C Undisclosed bidder Viacao Itapemirim SA Transportation Al Maktoum family 500

16-Feb-20 P Carrefour SA Makro (30 stores, 14 gas stations) Consumer Makro Atacadista SA 454

31-Jan-20 C Royal Dutch Shell Plc; and Equinor ASA Bandurria Sur Block (49% stake) Energy, Mining, Oil & Gas Schlumberger Limited 355

23-Mar-20 C Global Forest Partners LP; and Public Sector Pension Investment Board Masisa SA (Forest assets in Chile) Agriculture Masisa SA 350

16-Mar-20 P Bancolombia Panama SA Grupo Agromercantil Holding SA (40% Stake) Financial Services BAM Financial Corporation 289

23-Apr-20 C Digital Colony Management LLC Scala Data Centers SA Business Services UOL Diveo SA 280

7-Feb-20 P Mitsubishi Materials Corporation Mantoverde Copper Mine (30% stake) Energy, Mining, Oil & Gas Mantos Copper SA 263

18-Feb-20 P Bunge Limited Imcopa (Soy plants) Consumer 244

6-Feb-20 P Grupo SBF SA Nike do Brasil Comercio e Participacoes Consumer NIKE Inc 212

19-Feb-20 P Orica Limited EXSA SA Industrials, Manufacturing & Engineering Grupo Breca 203

14-Feb-20 P Hospital Esperanca SA Hospital Alianca SA (80% stake) Life Sciences & Healthcare Companhia de Participacoes Alianca da Bahia 184

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers Americas HY 2020 57 Latin America

M&A split by deal size M&A split by deal size Value Deal count

140 800

1 5 700 1 29 2 3 120 16 32 US$ 5 35.2 4 27 30 1 8 1 29 27 4 600 30 4 23 100 30 20 30

US$ 292 20.1 500 US$ 309 US$ 8.6 80 30.2 301 US$ 6.6 US$ 259 US$ US$ 250 9 15.3 US$ 400 315 17.7 18.5 US$

Value (US$bn) Value 15.4 US$ 60 14.9 US$ deals of Number 10.4 US$ 300 28.1 US$ US$ US$ 30.5 28.9 US$ US$ 17.7 40 29.2 24.8 3 200 5 US$ 362 15.1 US$ 322 74 12.6 293 299 US$ US$ US$ 284 7.6 US$ 11.6 12.5 241 20 12.1 100 US$ US$ US$ US$ 2.1 22.8 US$ US$ US$ 1.9 120 18.9 US$ 18.3 21.5 15.1 17.6 US$ 4.1 0 0 2014 2015 2016 2017 2018 2019 H1 2020 2014 2015 2016 2017 2018 2019 H1 2020

$5m – $250m $251m – $500m $501m – $2,000m Value not disclosed $5m – $250m $251m – $500m $2,001m – $5,000m > $5,001m $501m – $2,000m $2,001m – $5,000m > $5,001m

mergermarket.com mergermarket.com Mergermarket of the target is inLatin America. Industry sector is based onthe dominant industry of the target. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Value Mix of deals by industry sector Value (US$m) 1,000 1,400 1,600 1,800 1,200 600 400 800 200 0 US$ 406 Industrials, Manufacturing & Engineering US$ 263 Financial Services US$ 530 Business Services US$ 1,731 Consumer Deal Drivers Americas 1,345 US$ Energy, Mining, Oil & Gas 1,214 US$ Technology, Media & Telecom US$ Leisure 68 US$ 753 Transportation 1,289 US$ Life Sciences & Healthcare Latin America 2020 HY US$ 109 Construction US$ Real Estate 42 US$ Agriculture 415 US$ N/D Defense of the target is inLatin America. Industry sector is based onthe dominant industry of the target. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Deal count Mix of deals by industry sector Number of deals 30 20 35 25 10 15 0 5

Industrials, Manufacturing & Engineering 19

Financial Services 14

Business Services 20

Consumer 25

Energy, Mining, Oil & Gas 34

Technology, Media & Telecom 32

Leisure 5

Transportation 16

Life Sciences & Healthcare 23

Construction 8

Real Estate 2

Agriculture 3

Defense 1 58 mergermarket.com Mergermarket of the target is inLatin America. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Value Quarterly M&Aactivity Value (US$m) 40,000 30,000 20,000 45,000 35,000 25,000 10,000 15,000 5,000 Deal value 0 Q1 Q2 2014 Q3 Q4 Moving average trend line Q1 Q2 2015 Q3 Deal Drivers Americas Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 Latin America 2020 HY 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Q1 2020 Q2 of the target is inLatin America. Based onannounced deals, excluding those that lapsed orwere withdrawn, where the dominant location Deal count Quarterly M&Aactivity Number of deals Deal count 200 250 100 225 150 125 175 50 25 75 0 Q1 Q2 2014 Q3 Q4 Moving average trend line Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Q1 2020 Q2 59 Mergermarket Deal Drivers Americas HY 2020 60 Latin America

League tables

Financial advisors by value Financial advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 2 BR Partners 1,286 6 1 1 Banco Itau BBA 525 13

2 5 Bank of America 1,043 3 2 10 Deloitte 140 8

3 18 JPMorgan 1,003 2 3 13 BR Partners 1,286 6

4= 24 BNP Paribas 656 1 4 18 Banco Bradesco BBI 246 6

4= 71 Core Assessoria Financeira 656 1 5 5 Santander Corporate Investment Banking (SCIB) 189 4

6 - Standard Bank Group 648 1 6 2 Banco BTG Pactual 95 4

7 7 Banco Itau BBA 525 13 7 8 Bank of America 1,043 3

8 1 Morgan Stanley 519 3 8 6 Morgan Stanley 519 3

9 72 EY 454 3 9 72 EY 454 3

10 10 UBS Investment Bank 350 1 10 14 Scotiabank 330 3

The financial advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and exclude lapsed and withdrawn deals. The tables are based on advice to a Central and South American bidder, target or vendor. Excludes: Bahamas, Belize, Dominica, French Guyana, Guyana, Haiti, Puerto Rico, Saint Kitts, Surinam, Turks & Caicos, US Virgin Islands. Legal advisors by value Legal advisors by deal count

H1 2020 H1 2019 Company Name Value Number H1 2020 H1 2019 Company Name Value Number (USD m) of Deals (USD m) of Deals

1 80 Debevoise & Plimpton 2,305 3 1 1 Pinheiro Neto Advogados 1,056 24

2= 14 Gibson, Dunn & Crutcher 2,240 2 2 4 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 1,951 18

2= 128 Weil, Gotshal & Manges 2,240 2 3 2 Demarest Advogados 404 11

4 4 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 1,951 18 4 22 Cescon, Barrieu, Flesch & Barreto Advogados 1,305 10

5 44 Cescon, Barrieu, Flesch & Barreto Advogados 1,305 10 5 13 Baker McKenzie 1,048 10

6 6 Cleary Gottlieb Steen & Hamilton 1,237 3 6 9 Brigard & Urrutia 81 9

7 3 White & Case 1,118 8 7 7 White & Case 1,118 8

8 1 Pinheiro Neto Advogados 1,056 24 8 60 Creel Garcia-Cuellar Aiza y Enriquez SC 185 8

9 76 Baker McKenzie 1,048 10 9 10 Veirano Advogados 104 8

10= - Abreu Advogados 1,000 1 10 11 DLA Piper 131 7

10= - MLGTS Morais Leitao Galvao Teles Soares Da Silva & Associados 1,000 1

The legal advisor league tables by value and volume have been run from 01/01/2020 to 06/30/2020 and include lapsed and withdrawn deals. The tables are based on advice to a Central and South American bidder, target or vendor. Excludes: Bahamas, Belize, Dominica, French Guyana, Guyana, Haiti, Puerto Rico, Saint Kitts, Surinam, Turks & Caicos, US Virgin Islands. mergermarket.com Marketing your deal in a remote-working M&A world

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Criteria Advertising Opportunities

The following notes pertain to data contained in this publication: Transactions exclude property transactions and restructurings Simon Elliott where the ultimate shareholders’ interests are not changed. [email protected] Deals are included where the deal value is greater than or equal +44 20 3741 1060 to US$5m. Mid-market is defined as US$5m - US$250m.

Where no deal value has been disclosed, deals are included if All data included is correct as of July 13, 2020. the turnover of the target is greater than or equal to US$10m. League Tables correct as of July 27, 2020. North America = US & Canada. Top deals correct as of July 13, 2020. Industry section charts, top deals, and graphs are based on the dominant geography being North America or Latin America. For a full version of the Mergermarket M&A deal database inclusion and league Geographic section charts and graphs are based on the table criteria, go to: dominant target geography. www.mergermarket.com/pdf/deal_criteria.pdf

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