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REUTERS / Andrew Kelly
MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS
Full Year 2016Full Year 2016
Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Americas Deals Intelligence
M&A Financial Advisory ReviewFull Year 2016 | Mergers & Acquisitions | Financial Advisors
1
Japan Deals Intelligence
Any European Involvement Announced (AD21) 17
17
18
18
Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
Any European Involvement Completed (AF3) 10
12
12
Any French Involvement Announced (AD33)
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
19
Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
19
Any Spanish Involvement Announced (AD34)3
3
6
6
11
12
11
Worldwide Announced (AD1)
20
10
18
Any Japanese Involvement Announced (AD19)
2
2
Table of Contents
1
20
2
11
Fairness Opinion Rankings
Worldwide Announced Fairness Opinion
11
Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
6
US Target Announced (AD2) 7
Any Americas Involvement Completed (AF55)
13
12
Any Italian Involvement Announced (AD36)
Any Nordic Involvement Announced (AD37)
Any Italian Involvement Completed (AF43)
20
20
Top Ten US Announced Deals20
15
Mergers & Acquisitions Criteria Summary
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
8
8
7
Any German Involvement Completed (AF42)
16
Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
16
Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53)
Any Benelux Involvement Completed (AF47)
10
Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
Any Japanese Announced Fairness Opinion13
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
20
21
21
22
21
20
13
13
Regional Contacts
Criteria Summary
Any EMEA Announced Fairness Opinion
14
Any Asia Pacific Announced Fairness Opinion
8
16
16Any Australian Involvement Announced (AD24)
9
Top Ten European Involvement Announced Deals
Thomson Reuters Soultions for the Deal the Deal Making Community
Any Asia (ex-Japan) Involvement Announced (AD25)
20
15
Worldwide Announced Fairness Opinion
Any Americas Announced Fairness Opinion
Any USAnnounced Fairness Opinion
14
Any Nordic Involvement Completed (AF44)
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Full Year 2016 FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEWWorldwide M&A Hits US$3.7 trillion for 3rd Largest Annual Period On Record l Deals Over US$5 billion Fall 30% l Cross-Border M&A Percentage at 8-Year High
Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE DEAL MAKING FALLS 16%, NUMBER OF DEALS UP 1%- Worldwide M&A activity totaled US$3.7trillion during full year 2016, a 16% decrease from full year 2015 levels and third largest annual period for worldwidedeal making since records began in 1980. Just over 100 deals with a value greater than $5 billion were announcedduring full year 2016, their combined value down 30% compared to a year ago. Overall, 46,055 worldwide dealswere announced during full year 2016, a 1% increase compared to last year.
DEAL MAKING ROSE 50% DURING FOURTH QUARTER - The value of worldwide M&A announced during thefourth quarter of 2016 totaled US$1.2 trillion, an increase of 50% compared to the third quarter of this year. Sevenof the top 10 deals announced during full year 2016 were announced during the fourth quarter.
UNITED STATES M&A FALLS 17%; ASIA PACIFIC DEALS DOWN 22% - M&A activity for United States targetstotaled US$1.7 trillion during full year 2016, a decrease of 17% compared to the level of activity seen during 2015.With US$896.3 billion in announced deals during the full year 2016, Asia Pacific M&A fell 22% compared to a yearago. Asia Pacific targets accounted for 25% of worldwide M&A, compared to 21% for Europe.
ENERGY & POWER, TECH, MATERIALS LEAD BALANCED SECTOR MIX - Deal making in the Energy & Powersector totaled US$608.0 billion during full year 2016, an increase of 15% compared to 2015 levels, whileTechnology M&A decreased 15% by value, but decreased just 1% by number of deals. Materials deal makingincreased 14% compared to a year ago. Six of 12 major industry sectors each accounted for at least 10% of fullyear M&A the most balanced annual sector breakdown since records began in 1980
$2
$3
$4
$5
Impu
ted
Fees
(US
$b)
Americas EMEA Asia Pacific Japan
Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity
year M&A, the most balanced annual sector breakdown since records began in 1980.
INBOUND US AND OUTBOUND CHINA M&A POWERS CROSS-BORDER M&A TO 8-YEAR HIGH – Powered by record levels of outbound M&A from Chinese acquirors and inbound M&A for US assets, cross-border M&A activitytotaled US$1.4 trillion during full year 2016, accounting for 38% of overall M&A volume and the highest annualpercentage since full year 2008.
COMPLETED M&A ADVISORY FEES DOWN 3% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totaled US$30.0 billion during full year 2016, a 3%decrease from 2015.
$203.9
$78.4$15.9 $32.3 $64.9 $62.9
$117.4 $148.0 $163.7$76.5
$318.6
$82.6
$24.7$60.5
$87.7 $79.9
$80.1$118.9
$132.4
$150.3
$163.2
$57.4
$35.6
$73.9
$70.5 $100.1$82.8
$137.0$166.6
$136.2
$113.8
$35.9
$52.9
$100.5
$106.3 $99.6$110.6
$112.3
$255.3
$147.613.0%
7.1% 8.7%
14.5%
19.5%
11.7%
17.1%
13.0%
19.1%
11.9%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A
$0
$1
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
$405.7$258.1
$113.5 $175.9 $234.2 $172.6 $132.1$239.6 $272.1 $311.8
$641.5
$367.3
$111.4$203.8
$247.5$272.9
$167.0
$384.7 $336.1 $282.0
$371.4
$326.1
$147.4
$272.5$204.4 $203.8
$179.8
$314.6 $421.6$347.8
$430.8
$156.5
$165.9
$258.5 $196.5 $250.0
$222.6
$305.6
$464.6$461.1
49.4%
31.0%
27.3%
37.2% 36.0%
29.5%
34.4% 35.4%
34.8%
38.3%
0%
10%
20%
30%
40%
50%
60%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b)
Q2 Volume (US$b) Q1 Volume (US$b)
% of YTD Global M&A
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2007 2008 2009 2010 2011 2012 2013 2014 2015 20162007 2008 2009 2010 2011 2012 2013 2014 2015 2016
1
Western Europe
-31.5137.4
10.4 ▲
▲▼
2,578▲
Worldwide Announced M&A Target Industry by ValueScorecard: Worldwide Announced M&A
1,255
1/1/2015 - 12/31/2015
1,613,369.4 ▼▼
▼▼
% Change in Rank Value
▼▼
▼
-30.9-2.5
-39.2
-34.5
14.0
▼
-0.3
▲
▼▼
43,117.683253,511.8
-36.8
-34.7312.4
518
United States 1,522,431.4
5,289.6
▼9,225
▲
-34.4▲▼
103
90,938.0
No. Deals
12,155.812,179.7
11,283.8 16,338.5
1,518,450.9
425
1,140
3,235,363.6
Rank Val US$m
% Change in Rank Value
South America
9,513
744
-66.5137
Target Region/Nation
North America-66.4 Mexico
1,573,754.9160
-16.2 10,653▼
10,480
1,659,076.4▼
165Central America▼
11,642▼
Americas
17,604.918,605.019,186.0
4,368,010.9
Rank Val US$m
12813,19945,707
No. Deals
80-2.6
-31.020287
-2.911,601
64.1
35,81934,504
Caribbean-32.3
▼
-16.8
-15.0-16.1
1,703,091.1
▼
126
11,79610,287
▲21.2
250.8▲
▼
1,0301,509
21,814.1622
-2.8 Canada 55,304.0▼60,986.0
Brazil 27,268.6▲
19,607.1
22,396.31,323
Chile-0.8 ▼ 45,490.9
147.8Africa/Middle East
21,474.2▲
Sub-Saharan AfricaNorth Africa
4.3
343 38,370.7
344▲ 260776
759,291.2 8.938,969.3
109
4,665.8
69,628.4
124
964
3,058.5 129442
157,937.4
3,007
-48.9
110,518.0
▲-12.7
▼
9,960
697,110.8
79.1
12,662▼
2,386
13,793
35,388.4 718801 706 3
10,786
7 866
652,475.22,106
14 6
44,635.6
7987 804
2,702
684 833 0
Eastern Europe
374,946.72,180
Asia Pacific63,396.675,719.7France▲
720,321.9
▼Italy▲
52.6
▼
▼United Kingdom-54.4
▲39.1Europe
▼
▼
431
-16.3
49.5
3,612
174
2,671
2,701
Eastern Europe
1,577
15,824
394,636.868,741.5
89,940.0
12,21212,00558,027.8
865,885.4
North AfricaMiddle East
-12.615,298662
20,234.45,388.7
51,534.9 -60.8
21 7
76,933.4396
Europe
149
Africa/Middle East
3,604.5582
1,187
7.71 144 251 8 13 011
83,500.2
111
1,749,575.0
83,741.1
11,027
Americas12,987.2
13 334
204
12,542
Central America
South America79,474.6
3,293
1,670,100.4
935512
104,899.42,338
2,533
47,168.6
1,515
Middle East
20,204.7Sub-Saharan Africa
Canada
Western Europe80,723.1
756,497.4
76,292.9
France
North America
675,774.2
Germany
Chile 21,440.5
Asia Pacific
United Kingdom
Worldwide 46,0553,666,378.5
1,647
Rank Val US$m
81,724.1United States
Caribbean
6,785.6
Brazil
Target Region/Nation
Mexico
807,857.6180,133.7
124
50,148.4
6,112.5
2,006,784.9
51,037.1
2,088,509.0
1/1/2016 - 12/31/2016 1/1/2015 - 12/31/2015
1937,484.1
20,199.1168245
1,853,787.4
22,355.0
2,181,087.1Worldwide
13,792
No. Deals
No. Deals
Rank Val US$m
3,333,207.1
38,922.6
896 282 7
1/1/2016 - 12/31/2016
Mergers & Acquisitions
Jan 1 - Dec 31 Scorecard: Worldwide Completed M&A Jan 1 - Dec 31
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
16.6%
13.3%
10.7%
10.0% 9.8%
9.6%
7.8%
7.5%
5.1%
3.2%3.2%3.1%
South East Asia
High Technology / SemiconductorsHealthcare / Healthcare Equipment & Supplies
Industrials / Machinery
Media and Entertainment / Motion Pictures / Audio VisualMaterials / Chemicals
Consumer Staples / Tobacco
24,617.522,874.2 Media and Entertainment / Broadcasting12/9/2016
12/8/2016Pending
LinkedIn Corp (100%) United States / United StatesUnited States / United Kingdom
8,142.6New Zealand
Sky Plc (61.7%)6/13/2016
Target Macro / Mid Industry
▲▲▼
▼▲
202.9
▼▼
High Technology / E-commerce / B2B
Energy and Power / Oil & Gas
Materials / Chemicals
High Technology / Semiconductors
Telecommunications / Wireless
Energy and Power / Oil & Gas
Energy and Power / Oil & Gas
Materials / Chemicals
Jan 1 - Dec 31 2016
CNAC Saturn (NL) BV
Pending
2/3/2016
1/25/2016United States / United States
AT&T IncAcquiror / Target Nation
NXP Semiconductors NV (100%)Netherlands / Switzerland
▲
▲
-11.48971,077 -10.0
1,851.7
801,706.384,180.2
7,866 -14.6
865,288.4
78,982.0
7,804
151
3,014
66.5-18.1
22.945,335.6 1,265
4,776
Singapore8,805.7
298
442,614.0▼
5.5419,681.1
23,242.0
1,130
49
646,445.7
-54.922.9
1,620
300 -3.2
996
-91.6
4,638
Australia
1,265
▼
-16.4
▼-22.2-31.5 ▼
40.561,670.6
684,833.0994▲98,043.7
63,874.0
Central Asia86,672.2
49
Rank Value (US$m)Acquiror
75,721.3
1,2551225,608.7861
Asia-Pacific
70,001.4
▼Australasia
▲
South East Asia
4.61,449-21.7
3,714.1
1,144,251.8 13,011
1,211
228.4
23.9
87,638.1
57,154.5
429.083,518.1Japan
56
▼
Top Fifteen Worldwide Announced Deals
5,117.6Japan
2128,620
60
87,069.11,571
▼
North AsiaChina 545,491.0
657,016.3
57,242.0
2,350
30,151.7
958,901.9
551.1
8,495
6.9
4001,878
30,009.1
-8.6189
45,335.6
▲
89,201.83,184
100
204
183 Thailand
▼
▼
South Asia 55,736.9
-7.3
▲
North Asia
40,254.9ChinaSouth Korea
22,490.0
529,482.4
55,736.9
▼
Australasia
6,1011,431
701,015.3
1,194
8,913.1 New Zealand▲
Syngenta AG (100%)Pending
65,938.6South AsiaCentral Asia -64.7
Pending
10/21/2016
10/27/2016
▲
Linde AG (100%)
Microsoft Corp
107,501.0Bayer AG
1,595
United States / United States
Spectra Energy Corp (100%)
United Kingdom / United States
United States / United States
▼1,255
Baker Hughes Inc (100%)
99,853.3
10/31/2016
Monsanto Co (100%)57,757.551,425.7
United States / United States
Sunoco Logistics Partners LPEnergy Transfer Partners LP (100%)
31,680.5
Enbridge Inc
46,596.5
Praxair Inc
Germany / United StatesTime Warner Inc (100%)
United States / GermanyLevel 3 Communications Inc (100%)
ARM Holdings PLC (99.28%)
43,144.5Canada / United States
Reynolds American Inc (57.8%)
42,698.1
45,895.1Qualcomm Inc
CenturyLink Inc
Abbott LaboratoriesJapan / United Kingdom
30,466.3
21st Century Fox Inc
Tyco International PLC9/2/2016
SoftBank Group Corp
Johnson Controls Inc (100%)Pending4/28/2016
34,441.3
St Jude Medical Inc (100%)30,750.77/18/2016
United Kingdom / United StatesGE Oil & Gas10/31/2016Pending United States / United States
9/6/2016Pending
Pending
12/20/2016
Pending
5/23/2016
11/21/2016Intended
118.71,189-34.3
Thailand
5,958
13,334102,509.8
27,820.12,068
448
1,246
10/22/2016
Asia-Pacific
12,196.6
Pending
Australia
South Korea
2,444
93,716.8
70,818.0
Rank Date Date Effective
Singapore
1,452
British American Tobacco PLC
Target (% Sought/Acquired)
896,282.7
Pending
1,559.6
Ireland-Rep / United States 27,700.7
9/5/2016
Energy and Power High Technology
Materials Industrials
Real Estate Financials
Media and Entertainment Healthcare
Consumer Staples Consumer Products and Services
Retail Telecommunications
Government and Agencies
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2
Deutsche Bank
Market
2,495.9
Change in
0.9Share Ch.Sh (%)
8.3
264214
7.2
3.1
3.2
0.36.2 0.3
1.9
# of
Worldwide Completed (AF1)
Market
▼ 6.9 ▲
# of DealsMarket Advisor
▼ ▼1.1
0.80.10.30.3
+2+8
8
11+5
-5
▲
-18▲▼
7Citi
523,301.489-8 Deutsche Bank
▼12
293,809.510
▼
▼
135
11
Centerview Partners LLC
-3 Rothschild & Co
▼UBS
-80
370
7
20 0.0▲0.3
-3
120.4
15943
8 0.0-1-5 1.9
-0.5
14
JP Morgan
3.2
Jan 1 - Dec 31
Worldwide Rankings
2015 RankFinancial Advisor Deals
Imputed Fees (US$m)
1 ▼Sh ($)
849,988.4 -4.8 0.7
2016 Rank
Rank Value per Advisor (US$m)
Goldman Sachs & Co# of Deals-58
Jan 1 - Dec 31
0.8Financial Advisor
2843.1
1
Change in
9.5
20.0
7 8
5
-0.6
4 656,502.8
Rank Value # of
25.1
321▼
▼
▼333 0.7
1
-49
420,047.2
Market
Lazard 8
3
Citi45
Bank of America Merrill Lynch
Allen & Co Inc
Evercore Partners
Rothschild & Co
343,680.511310,801.3265,102.1
Centerview Partners LLC
21
8.5
13.2
18
5.0
346,720.1
261,301.0
9
143,366.51639
HSBC Holdings PLC
21
▼
25China International Capital Co
▼
0 2
0.1
-19
153
-2.9 0.5
0.6
0.1
-6.8
235
358
-3.3
226
-4.8
▼
181
▼232
345
▼▼
0.5 Bank of America Merrill LynchJP Morgan
94
US$m DealsShare Ch.26.9
Sh (%)
# of Deals per Advisor
▼
MarketMarket Rank Value Market2016 Rank
Rank Value per Advisor (US$m)
Share Ch.
2 335.9
994,566.5▼ ▲
2.630.7
Fees300
US$m
-120.910.8
▲1,162,672.9Sh (%)Sh (%)
# of Deals per Advisor
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
-82
Market2015 Rank
961.61,869.9
185 -51
▲
▼0.8
-76298 2,076.9
0.71.2
18.1
2 829,279.8 ▲
10.0▲
25.6
19.7812,815.9
▲0.50.5 ▼5.9
910.91.2
18.1566 585,047.4Lazard
940.60.60.6
▲241198
3.50.5 -26
▲▼
2.9
-53 0.4586,969.53.0▲ -5635,974.0 181
▼0.4▼
15.6 144▼ Credit Suisse ▼▲ 187
505,852.2▼ 0.4
▲3.816.2
▲
▲5.3
+6
▼▼ 0.5▼
1,049.7876.9 0.1578.4
0.24.5
▲-70 1.9
558.948 +10
▲913.5-1-3 548.7
13.00.76.7
▲0.1
158▲ ▲
293,103.610 9.1
2.3▼
1.83.12.19.1
▲
0.5315
▲▲
1360.9
0.0 ▲
0.20.4
+10.0
▼
108.30.3
+6+1 ▲
0.7 ▲
0.4 ▲3▲
5.0
79▲
0.20.2
10
8.3269,026.199.2
684.30.4 ▲6.9
170,567.1 5.380
15BNP Paribas SA
16222,031.9 6.614
13
▲ 15
Evercore Partners
LionTree Advisors LLCRobey Warshaw LLP
▲3.417
169,758.85.0
Guggenheim Securities LLC
▲16 5.3
27▼ 5.2 2311118▼ Industrial & Comm Bank China 4.9158,375.3 ▲
-7▼
▲▼
▼ 0.9
150.4
124▲ 0.1
254.9-4 0.0
▼0.10.6
0.4
▲1.5
187.2 -0.5 0.2
439.1-150.3
▼0.3107
167,749.0
4.830
RBC Capital Markets
21
19 155,387.4Moelis & Co
-▲
29▲20
-9▲0.8
3 536 ▲1.5443.0136,462.7 3.04.2 ▲
▲ Allen & Co Inc ▲1 7+20+2
114 150 3 ▼79 3 0 3 0 19 ▲+10 0
0.3+200.4129 0.3
▲-1.1
0.1
▲
1 5▼▲
17-6
0.0 00.2
71
▼56
0.6
3.0
-1.3
▲
2.333
1.779
▲
986,766.5
18 184,944.213
732,783.8
499,584.2 13.67
3
Barclays522,670.70.5
14.317.9
Morgan StanleyGoldman Sachs & Co
▼
-3.7
▲▼
▼23.2
-4.4
7.1 ▼
Worldwide Announced (AD1)
▼-1.5
▼
-7.09.4
2Morgan Stanley1
-78
-1.4
2
484,348.0BarclaysCredit Suisse 6
+160.5
-5
40
12
15
912
10
16
17Wells Fargo & Co
55
UBS6
1011
19
17
Perella Weinberg Partners LPRBC Capital Markets
6.11.0
1314
223,506.6
3.7 ▲175,567.5 4.8
2 694 845 7
3.83.9
2.8102,887.699,121.0
110,115.6140,564.0
2.7Qatalyst PartnersGuggenheim Securities LLC 20
* tie
▼
2.565
34,504
0.1
39 29.0
▼
21
25.7
-0.2%0.8%
57 19.82
28.1
1
Goldman Sachs & CoJP Morgan
32
3,710
3
38
15 56
33
9.4
6,402
39 17.213.5
3,499 14.413.5
12
Industry % Change from Last Quarter -1.3%
62,871.9
6,739
21
Materials
Morgan Stanley
Industry % Change from Last Quarter
35100.0
23 7333
Goldman Sachs & Co
176,085.7
162,696.5
96,143.2
24
156,428.2
Rank Val US$mEnergy and Power
170,896.0Goldman Sachs & Co
JP Morgan
33.9
1
124,422.1
249,344.5
Real Estate
128,603.4
Industry % Change from Same Period Last Year
486,628.9High Technology
Industrials
▼
17 33,777.1 3
20 51,794.948,479.2
Bank of America Merrill Lynch2
22
35.1
359,128.7
1
0.2
Jan 1 - Dec 31
Goldman Sachs & CoMorgan Stanley
3
21 29 3.5▲ Allen & Co Inc ▲1.7+2090,497.1
114,150.3 ▼79.3 0.3254.2
0.1▲1.72.8 0.9
+1 ▲
9
0.2+10
▲+1▲
0.0
276.6560.151 0.4
100.0
0.90.1
0.2-▼
0.00.2
▲▲
29,967.5▼
-1,3150.2
▼
-7 0.5+29
156.4
▼
▲ 43.4
-2.9%▼
2.2 -3.9 ▼0.90.6 ▲
2.4 ▲ 0.2
-7.8%▲
0.2 +4 HSBC Holdings PLC 69,506.413
▼
64
-3.7%3.1%
Greenhill & Co, LLC
▲▲
Industry % Change from Same Period Last Year
Wells Fargo & Co
Industry Total
CITIC26
22232425
608,011.0
▲
▲46,055
Share
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
No. Deals
+3483,666,378.5
48.9% ▲
Rank
▲
▲
100.03,235,363.6
+3▲0.1
-2.9%
78,713.681,505.4
34
40
0.7
1.5
2.1▲▲
39
3,320
67
Top WW Announced M&A Advisors by Target Industry
-16.1%
110
Mkt.
0.7
▲0.4
71199
+301.4
2.4+14
34
404422
Wells Fargo & Co 2.694,845.7
2.0
86,606.186,954.8Mizuho Financial Group 2.4
78,777.8Macquarie Group 74,909.3
2.2China CITIC Bank Corp LtdBMO Capital Markets
164,843.7
148,959.7
Qatalyst Partners
Industry Total†25
Credit Suisse
366,602.2
Morgan Stanley
37.9Morgan Stanley41.3
Barclays
3393,533.3
1
33 31.632
Goldman Sachs & Co
Jan 1 - Dec 31 2016
102,675.5 21.1
16
637.67
479.16 454.91 420.22 286.16 251.18 293.31
196.07 208.58 230.17 154.30
244.7
199.5
66.0 64.9
77.6 137.9 139.6
92.9 30.8 22.9 110.8
46.6
46.6
46.6
46.6
51.4 51.4
57.8
57.8
57.8 57.8 57.8
63.9
63.9 63.9
107.5
107.5 107.5
107.5
$0
$200
$400
$600
$800
$1,000
$1,200
Goldman Sachs & Co
Morgan Stanley
JP Morgan Bank of America
Merrill Lynch
Citi Credit Suisse Barclays Lazard UBS Deutsche Bank
Evercore Partners
Ran
k Va
lue
(US
$bil)
Time Warner Inc/AT&T Inc
Monsanto Co/Bayer AG
Reynolds American Inc/British American Tobacco PLC
Energy Transfer Partners LP/Sunoco Logistics Partners
Sygenta AG/CNAC Saturn
Other Top 15 Deals
All Other Transactions
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3
11.9x
Consumer Staples
Consumer Products and Services
15.7x
Healthcare
12.2x
High Technology
13.2x
15.7x
12.2x
11.6x
12.7x
11.1x
Energy and Power
15.8x
Materials
11.8x
14.2x
10.6x
13.1x 15.3x
9.0x12.6x
22.6x19.7x
13.1x
25.4x
11.5x
-
12.2x
20.2x14.7x13.7x 11.9x 12.9x
17.1x
16.9x
11.8x
16.8x
13.4x
9.7x 13.2x
13.0x
13.9x 16.4x
-13.7x
12.5x
18.3x
16.1x
17.2x 20.9x
11.4x6.6x
11.3x
4.2x
9.9x
15.6x 11.7x
-14.1x9.3x
18.4x 11.7x15.0x
19.5x 14.1x
18.4x
12.6x
14.3x
23.3x18.0x
9.5x11.9x
9.6x
18.3x
15.7x
10.9x13.0x
11.6x 15.8x
13.6x 13.3x
16.1x
11.7x
17.2x13.2x
13.2x25.0x
19.3x11.3x
11.3x
12.8x 17.3x17.5x
13.6x 12.2x
11.7x
12.9x
18.7x12.9x
16.9x14.5x 18.7x
12.9x
13.7x
17.3x12.3x
15.0x
11.4x11.6x
14.2x 14.2x
11.8x
13.6x
12.0x
19.2x 17.3x
15.2x15.2x16.0x
6.0x
17.9x17.9x 9.2x
11.1x
23.9x14.2x 18.4x
16.7x16.7x
18.4x20.7x 9.4x
4.7x8.5x
-
9.4x
27.5x 19.9x8.0x
11.3x
4.7x
14.3x
11.9x
-
9.3x
17.1x10.0x
11.4x20.5x
12.0x 13.3x
UK
15.9x
13.0x
-
8.9x 14.1x
11.7x 15.8x
17.1x
11.5x
24.1x
8.0x
14.2x
17.6x
World
Industrials 13.3x14.2x
15.9x
18.4x 11.8x
12.9x
3.5x
14.5x
31.4x
8.3x
8.3x
12.9x
10.9x
20.9x 22.2x
8.5x 9.0x
11.4x
13.3x
Telecommunications
Real Estate
Media and Entertainment
Retail
14.5x
11.8x
14.7x
13.8x
Exit Multiple Matrix - Average Rank Value / EBITDA
Canada
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
13.0x
8.6x
USA
11.2x
14.2x 22.9x
19.3x
19.1x
13.2x
15.0x 23.3x
Japan
9.8x
Asia ex. JapanEurope
13.5x
9.3x
14.6x
11.9x
EMEAAmericas
Worldwide M&A Matrix
2016 UP 2016 DOWN 2015
Jan 1 - Dec 31
13.3x14.8x
11.4
28.2
14.5x
50.1
UK
25.3
Real Estate 16.0
35.5 35.4
23.0 23.0
15.2x
36.327.2
13.1x
EMEA2015
46.5
18.0x17.4x 18.0x13.7x12.3x
24.9
32.8
24.5
34.2
19.8
29.5 19.6
24.0
39.2
43.0
32.5
23.9
39.9
16.6
34.1
28.1
49.9
23.9
23.344.9
-
-
39.1
24.2
21.6
41.7
44.7
41.1
42.2
32.144.7
28.8
26.440.1
28.5
47.3
35.9
30.6
-
52.7
17.4
26.0
27.7
28.8-
44.7
Europe
13.1x
41.6
32.7
17.1
28.0
27.8
27.928.4
100.0
35.9
-
28.420.0
24.7
25.9
32.8 29.0
9.425.017.325.1
29.8
20.925.5
39.3 23.840.5
44.9
17.8
31.5
18.4
19.9
24.9
17.4
Japan
24.4
Asia ex. Japan
13.3x13.0x
41.1
23.6
41.1
45.9
20.8
26.1
26.322.1
20.8
11.3x
44.8
56.124.5
52.77.4
61.3
7.4
54.4
24.3
34.1
36.0
USA
10.5x16.3x 11.8x
25.339.6
36.6
40.7
37.8
38.8
38.5
31.935.6
Americas Canada
27.0
Healthcare
Consumer Products and Services
42.0
31.0
41.431.8
24.0Energy and Power
27.8
Average Industry Total
29.1
23.9
High Technology
Industrials
26.4
26.0
27.5 36.6
Media and Entertainment
26.3
Telecommunications 24.6
Materials
25.5
26.2
28.2
Retail
27.8
27.1
23.8
26.3
27.1
30.3
29.7
39.9
28.230.8
33.4 18.232.0
35.8
36.4
38.3
31.033.5
27.1
15.0x
25.9
35.5
2016 UP 2016 DOWN
38.825.1
32.1
Financials
38.4
-22.924.0
-
27.4
Average Industry Total
18.3
23.019.0
29.8
27.118.4
28.2
39.225.6 23.8
24.5
22.4 17.8
39.213.8
45.6
17.1
37.0 31.6
23.9
28.5
19.119.9
18.9
18.332.2
18.526.7
67.5 22.6
32.7
31.5
35.6
42.5
27.6
2330.2
32.5
45.6
26.9
13.8
31.5
24.1
12.329.6
26.1
39.0
21.127.8
20.2
26.1
24.5
23.533.8 30.8
-24.3
26.2
- -
25.229.5
34.3
World
22.647.7Consumer Staples
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2015 - 12/31/2016 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Dec 31
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Full Year 2016 | Mergers & Acquisitions | Financial Advisors
Worldwide Announced Rankings* - A Decade in Review
1
2
3
4
1
2
3
4
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Bank of America Merrill Lynch
* League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year
5
6
7
8
9
102007 2008 2009 2010 2011 2012 2013 2014 2015 2016
5
6
7
8
9
10
Ran
k
Citi
Credit Suisse
Barclays
Lazard
UBS
Deutsche Bank
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5
136,145.5
US Announced Advisors by Target Industry Jan 1 - Dec 31 2016
Bank of America Merrill Lynch
Rank Val (US$m)327,224.9 148,755.5144,973.7Barclays
Americas Deals Intelligence
Energy and Power
High Technology
Media and Entertainment
Healthcare
Real Estate
Goldman Sachs & Co
Guggenheim Securities LLC
Morgan Stanley
JP MorganMorgan Stanley
Goldman Sachs & CoQatalyst PartnersBarclays
Bank of America Merrill Lynch
1
117,104.1297,276.4 122,696.3102,675.584,848.8
170,158.5 17 3
2
124,511.4122,157.1113,709.1
12
2
3
Rank
1
Mkt.
770
No. Deals
44.317 21
14
791 28.534.5
8
11
38.1
1,20614
13
39.812 2
3929
64,490.2
Goldman Sachs & Co 42,804.5
Share
45.5
66.8371.8
35.8
61,739.559,974.8
1Evercore Partners161,895.7
19
2,03241.3
Americas M&AFull Year 2016 | Mergers & Acquisitions | Financial Advisors
Americas M&A down 13% | Energy & Power Volume Drives US Activity | Canadian Activity Increases 8%
39
20.7
16 37.1
36,329.4Bank of America Merrill Lynch
2 26.7 8 7 28,109.8 3
1
Americas M&A volume during 2016 decreased 12.8% from comparable 2015 levels, accruing US$2.2 trillion in activityfrom 17,146 announced deals. According to estimates from Thomson Reuters/Freeman Consulting, fees generated fromcompleted deals in the Americas totaled US$20.7 billion, a 5.5% decrease from fees earned duirng 2015.
US Targeted M&A also saw a decrease, down 16.8% compared to announced M&A during 2015. US-targeted volumeaccrued a total of US$1.7 trillion during 2016 from 11,061 deals.
The Energy & Power sector led the US market, with deal volume totaling US$327.2 billion, accounting for a 19.6% market share. High Technology followed, accruing US$297.3 billion for an 17.8% share of the market. Media & Entertainmentrounded out the top 3 sectors, with US$170.2 billion and a 10.2% share of the market.
Accumulating US$250.9 billion in transaction value, announced Canadian Involvement activity increased 8.4% from thetotals reached during 2015. Completed Canadian Involvement activity was down 28.6% compared to 2015, accruingUS$156.6 billion from 1,849 deals.
In the Americas, Energy & Power, Healthcare, Real Estate and Retail were the only sectors that saw an increase in exitmultiples during 2016. Overall average EBITDA multiples across industries in the Americas saw a decrease during 2016,settling at 13.3x compared to 15x during 2015.
73.2
31.4 10 JP Morgan
US Target Announced M&A Target Industry by Value (US$ bil)
Acquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – Dec 31 2016
Jan 1 – Dec 31 2016
57,757.5
Target (% Sought/Acquired) Acquiror Target Macro / Mid Industry
British American Tobacco PLCGermany / United States
United Kingdom / United StatesMonsanto Co (100%) Bayer AG
Intended
4/28/2016
Pending
Energy Transfer Partners LP (100%)Pending
10/22/2016Rank Date Date Effective
Reynolds American Inc (57.8%)
Pending Time Warner Inc (100%)5/23/201610/21/2016
Pending
Pending St Jude Medical Inc (100%) Abbott Laboratories
10/27/2016
Level 3 Communications Inc (100%)43,144.5
10/31/2016
NXP Semiconductors NV (100%)
Tyco International PLC
High Technology / SemiconductorsUnited States / United StatesSunoco Logistics Partners LPUnited States / United States
United Kingdom / United States
Qualcomm Inc
United States / United States31,680.5
Energy and Power / Oil & GasCanada / United States34,441.3
30,466.3
United States / United StatesGE Oil & GasCenturyLink Inc
United States / United States
9/2/2016 Johnson Controls Inc (100%) 27,700.7
Pending
45,895.1
Rank Value (US$m)
11/21/2016Pending
Media and Entertainment / Motion Pictures / Audio VisualMaterials / Chemicals63,874.0
107,501.0
10/31/2016 Baker Hughes Inc (100%)
Pending9/6/2016
AT&T Inc
Enbridge IncSpectra Energy Corp (100%)
51,425.7
Ireland-Rep / United States1/25/2016
Consumer Staples / TobaccoEnergy and Power / Oil & Gas
US Buyside Financial Sponsor Activity (Any Buyside Financial Sponsor Involvement)
Industrials / Machinery
Telecommunications / WirelessEnergy and Power / Oil & Gas
Healthcare / Healthcare Equipment & Supplies
19.6%
17.8%
10.2% 9.7%8.2%
8.0%
7.6%
6.4%4.4%
Energy and Power High Technology Media and Entertainment Healthcare
Real Estate Industrials Materials Consumer Staples
Financials Telecommunications Consumer Products and Services Retail
Government and Agencies
112.5
17.5 11.3 25.8 26.7 77.9 82.8
115.6
29.9
193.0
28.7 33.5 33.5 34.8
33.3 47.5
46.8
65.2
91.2
18.3
13.6
28.4 26.6
52.9
44.4 51.7
93.2
72.6
20.4
25.2
39.4 64.7
56.9
60.9 43.3
156.3
62.3
52.2%
27.3%
41.9% 42.2%45.7%
50.0%55.4%
43.7%
57.4%
45.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Rnk
Val
US$
bil
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of WW FS Volume YTD
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Deutsche Bank Lazard
DealsMarketMarket
# of Deals per Advisor # of Deals per Advisor
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
Any Americas Involvement Completed (AF55)
US$m
Imputed Fees (US$m)Market Market Change in 2016
RankFinancial Advisor # of Deals▼1.7
Sh (%)Advisor
Sh (%) DealsUS$m
Americas Rankings
Rank Value per Advisor (US$m)2015 Rank
33.8 -3.8 ▼
MarketShare Ch.
# of
Jan 1 – Dec 31Any Americas Involvement Announced (AD49) Jan 1 – Dec 31
Rank ValueShare Ch. Financial Advisor
MarketRank Value Market MarketShare Ch.
9.3
Rank Value per Advisor (US$m)
0.21 728,886.3 1.5206
# of
769.5
▼1 ▲38.6 1,916.7
2016 Rank
2015 Rank
7.7▼1.0
Sh (%) Sh (%)Sh (%) # of Deals Fees
▲-62
Change in
30.5 0.4Goldman Sachs & Co▼244 1.4
-47194-38
Morgan Stanley3 3 582,085.9
Goldman Sachs & Co 1667,095.02 2741,073.7
▲1,595.9 0.2▲ 1771 -64
▲ 29.9 9.7517,272.5
Morgan Stanley3
25.0
563,724.0
-1324.9
1.3-2.2
1.0▼
JP Morgan27.426.6 135+13 ▲
4239 1.4 3
1.1 ▼Bank of America Merrill Lynch
Bank of America Merrill Lynch 4 5 545,582.0JP Morgan
▲0.1-34
26.6 -3.8▼▼ 3.7
▼5 4 450,682.8
1.5
20.6 -4.1 ▼▲ 171 ▼ 22.8
▼ Barclays 54 7.41.4 -13 ▼ 1,532.9502,447.0 204
1.07 489,323.6 25.9 13.1 1.0 +4 ▲138▲Barclays 6 7 446,777.4 20.4
1502.5 ▲ 167
Citi1.0
802.4 ▲0.9 -23 3.9+26 ▲ ▲5.9Citi 6 5 0.3▼ 722.1
8 397,867.6 ▼ 645.5▲470,144.4
7Credit Suisse 7 6 363,885.8▼119 0.8 -47 3.5
▼-4.2 ▼16.6
24.9-2 ▼150 0.9 Credit Suisse ▼
Centerview Partners LLC 8 9 261,301.0 11.9 2.6 0.3▲-2.4 544.421.1 9.3 3.1 0.20.8 -30115
10 309,775.7 16.4 6.3 0.3 +12▼0.8
▲ 4743 0.3 +1 ▲ Centerview Partners LLC 8
10 10 250,838.1 11.5
▲Evercore Partners 9 11 258,247.7 11.8
-1.4 ▼ 85144
10-45 ▼Deutsche Bank-0.4 ▼ 9
0.5+23 ▲ ▼ 357.2
6 286,558.99 300,132.6 0.5 -57
15.2 -1.2▲ 7515.9 4.7 1.7 0.7▼ 126 -
Lazard 11 8 239,659.6 10.9 Evercore Partners 112.9 0.00.9 -8 ▼ 591.0
▲ 115 2.8 0.914 242,951.0 12.9 8.4 0.8 +9 ▲ 585.5 ▲RBC Capital Markets 12 14 163,347.6 7.5
143 0.8 -9 ▼0.7 ▲ 124 0.7
-6.1 ▼UBS 12+9 ▲ 11 173,650.4 1.4 0.2▼ 297.3▲ 67 0.5 -8 ▲
Perella Weinberg Partners LP 13 38 161,669.7 7.49.2 2.8
+5 ▲18 0.1 18 167,749.0Guggenheim Securities LLC 13 -UBS 14 12 153,160.4 7.0 -4.6 ▼
6.7 ▲ 8.9 6.0 0.9 0.00.2 -3 ▼ 187.2▲ 230.1 0 0.5 0.3- 96.5
RBC Capital Markets 15LionTree Advisors LLC 14
▲ 1018.1 2.347 162,297.782 0.5 -1 ▼ ▲ 98.6 8.1 ▲
Allen & Co Inc 15 16 143,366.5 6.6 0.9 ▲ ▲434.0131 0.8
8 0.0Rothschild & Co 16 18 127,837.0
0.7 -97.1 5.55.8
▼1.1 ▲
-4 ▼+5 ▲ Moelis & Co 16
2.1 0.527 134,589.112 153,405.1
▲Qatalyst Partners 17 32 102,675.5 4.7 3.8 ▲
▲ 119Allen & Co Inc 17
2.0 0.60.8 +28 ▲ 420.4▲ 9 0.4 0.121 114,150.3 6.1 3.3 0.1 +2 ▲ 79.3 ▼
Guggenheim Securities LLC 18 13 99,121.0 4.515 0.1 -1 ▼
-2.5 ▼ 33 0.2 Rothschild & Co 18+4 ▲ 13 92,559.8 1.7 0.1▼ 340.8▼ 109 0.8 -2 ▲Wells Fargo & Co 19 26 93,557.2 4.3
4.9 -0.2+18 ▲68 0.4 26 86,145.6Greenhill & Co, LLC 19 ▲
BMO Capital Markets 20 23 78,694.8 3.6 1.0 ▲2.4 ▲ 4.6 2.9 1.1 0.60.3 +13 ▲ 230.8▲ 41
0.4 0 1.3 0.3- 272.2Needham & Co LLC 21Wells Fargo & Co 20
▲ 143.7 3.517 81,265.667 0.4 +3 ▲ ▲ 544.3 1.3 ▲
Ducera Partners LLC 21 - 64,199.0 2.9 2.9 ▲ -17.8147 0.9
4 0.0Jefferies LLC 22 22 63,429.2
0.1 -82.6 -1.22.9
▼0.1 ▲
+4 ▲+20 ▲ Jefferies LLC 22
0.1 0.015 49,865.579 68,768.8
▲Moelis & Co 23 17 50,824.5 2.3 -2.7 ▼
▼ 128PJT Partners LP 23
2.3 0.20.9 +1 ▲ 479.1▲ 46 0.8 0.325 43,999.6 2.3 0.5 0.3 +22 ▲ 160.8 ▲
PJT Partners LP 24 24 47,919.2 2.2127 0.7 +29 ▲
-0.2 ▼ 57 0.3 Qatalyst Partners 24+19 ▲ 30 43,256.1 1.2 0.4▼ 241.6▲ 11 0.1 -5 ▼CIBC World Markets Inc 25 30 41,301.3 1.9
2.3 1.0-12 ▼ ▲0.9 ▲ 31 0.2 23 38,040.5BNP Paribas SA 25 402.0 0.1 0.6 0.10.3 -8 ▼ 115.0▲
†Note: Industry Totals include multiple competing bids for the same Target.
Lazard Deutsche Bank
†Note: Industry Totals include multiple competing bids for the same Target.
9117
11,061
Industry % Change from Same Period Last Year
1.5Sandler O'Neill Partners 29,415.3
90
27 65,057.1
110
3.3
▼
-15
16-2Allen & Co Inc
-4.0+16
35
▲Moelis & Co
+5
16
▲
+5+7
-0.5 169100.0
14
▲▲
-3.7
▲
Market # of
0.4
7
2
▼
Wells Fargo & Co
129,115.4
1,518,450.9
Needham & Co LLC
▲
10 10
6.9
▲
299,378.7
452,036.6
-2.818
0.8
▲
-3
0.7
0.3
60
▲
▲
▲ 0.10.3
5.0
- 64,199.0▲0.3▲
+768
46▲ -33▼ 1.5
0.3▲48,768.2Ducera Partners LLC 21 3.8419.2
3.812
1.2
▲
1
JP Morgan 3Morgan Stanley 2 2
Industry % Change from Last Quarter
Wells Fargo & Co▼
0.4
4.6%
Financial Advisor US$m Sh (%) Share Ch.Goldman Sachs & Co
0.513
Qatalyst Partners 16
18 25 90,667.1
517,775.5
Bank of America Merrill Lynch 4 5 471,485.1
Guggenheim Securities LLC28
Centerview Partners LLC 9 9
98,249.7 +3
BMO Capital Markets 20
▲7.5%
+20
7.1
+165.4
-0.4
30
3.3
, ,Industry Total100.0 +55217,146 100.0Industry Total† -2491,886,528.9 14,1512,190,294.0
▲ 1.2%Industry % Change from Same Period Last Year -12.8% ▼ 3.3% ▲
Rank Value per Advisor (US$m) # of Deals per Advisor
▲ -6.2%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter 73.3%▼
100.0
-1.3% ▼▼
Imputed Fees (US$m)
▼
20,694.8
Industry % Change from Same Period Last Year -8.1%
US Target Completed (AF2) Jan 1 – Dec 31
-1.7% ▼ -5.5% ▼Industry % Change from Last Quarter -19.6%
Sh (%)2015 Rank
Market
US Target Announced (AD2) Jan 1 – Dec 31
MarketRank Value Market2016 Rank Fees
# of Change in 2016 Rank
2015 Rank
Rank Value Market Change in Market# of Deals
Market
36.6 -4.7 ▼US$mDeals Sh (%) Share Ch.Sh (%)
Advisor
1,591.31.5 -14 ▼ Goldman Sachs & Co
MarketShare Ch. Deals Sh (%) # of DealsFinancial Advisor
1 611,192.2 2.110.1141 1.51 1167 ▼31.0 -2.6
-37 ▼634,042.7 41.8 0.7 ▲▼-19▼
+183 517,353.5 31.0 0.51.2136
171 4.3▲ 10314.97▲1,418.6 9.0▲
1.41.2672.7
1.432.4 1315 12.3 ▲491,856.4 ▼-729.8
▼▲ 1.5
▲1.1 +103
Morgan Stanley▲Barclays
3.4 ▲ 1.1 -1120 0.9 -28 ▼28.2 Bank of America Merrill Lynch 451,308.3 29.7 7.2 884 3 604.66.028.4Citi 5 4 408,101.4 431,401.75 4
▼3.8 2.13.5 0.6 ▼559.8▼ 0.8 Citi-1594 ▼75 0.8 -36
1.1Barclays 6 7 372,055.6 22.3 1.5 ▲ 12124.4 -4.5
0.22 427,154.0 28.1 -4.3 ▲ 1,245.5▼ 1.6 +6 ▼Credit Suisse 7 6 293,604.2 17.6 -5.6 ▼
7.9+25 ▲ 1499▼
JP Morgan 6349,424.2Credit Suisse 0.60.7 -2023.0 11.5 ▲ 436.768 2.8 ▼
Evercore Partners 8 10 244,556.5 14.6▼7
19.7 7.8 ▲0.5▲ 45 ▲ 524.50.5 +18 3.3226,829.7
1039
▼16.9
▲0.813.6 Lazard+2
Centerview Partners LLC 8 8120 1.1▲
▼257,195.9 -14
▲▼ ▼0.87369
0.516.0 ▼-2.6 ▼ ▼423.9 2.7
▲0.71.4224.8 ▼0.6
10.0 ▲ 1.099 1.0 +9 518.7 3.3▲242,785.98 -367.0 ▲ 46216,158.7 12.9 -6.8 91
11 11 175,432.7 -27 ▼ Evercore Partners▼ 0.5 15.41.112 15
10.5 -2.2 55 233,251.90.1
11 12143,091.5 -41.6 ▼167,377.5 11.0 7.1 ▲ 0.215 8.6
8.0
Deutsche Bank0.1▼ Guggenheim Securities LLCAllen & Co Inc 12
UBS 13 12 132,931.1 48 10.1▲0.4 +1▼ +29175.196.510.7LionTree Advisors LLC
-536
20 ▼
Perella Weinberg Partners LP 15 32 118,971.6▲80 0.3▲ 14 11
0.61.3
0.1▼9.1UBS
13 162,297.7 ▲-8
▲RBC Capital Markets 14 16 122,586.4 7.3 2.6 ▲
0.3▲
65 ▼6.21.1
3.8 ▲RBC Capital Markets 150.1137,468.9
▼23
3.9113,875.3
208.3370.7 -3 264.90.4
▲0.213 130,639.2 8.6▲▲8.5 1.0
1.7
▲0.41.6 ▲ ▲▲ 0.50.1▲ 8
102,675.5 6.2
1.75.376.1
17 50 261.4+25.9+17 ▲
▲0.6355.1 2.20.218 7.517
0.5 +219 20 70,005.0 4.6 +6
81,037.4▲2.5▲19 23 167.6▲82,933.1 5.0 Greenhill & Co, LLCRothschild & Co ▲ 26 0.32.2 0.5▲ 0.3 +10 1.1
4.5 4.3 0.13.9 2.5 +537 56 68,768.820 -6 -▲ 0.2 ▲111.9
15.8▼0.70.1 0.0
3.2▲ +44 0.0 21▲ 25Rothschild & Co 281.721 54,516.5
+7▲ 9744,929.2 3.014 2.7
2.7 -3.1-1.5 ▼
2122
Qatalyst Partners 23▼
17 44,705.3-5Jefferies LLC 22 Jefferies LLC1.0 +9
1.1 ▲0.3
0.9▲1.843,256.10.941,240.1 2.7
961.0
▲10 0.1 -6 ▼ 0.6 ▼1.5
1.0237.7
BNP Paribas SA24PJT Partners LP▼
3025▼100.0
0.2 ▲0.4 ▲ 140.839 0.4 +21▼ 0.2 0.033.7
15,820.7
-0.3% ▲
0.1
Industry % Change from Same Period Last Year
-5
3.1%
100.0▲2.2
+288
▼-0.2%▼-9.9%▼▼ ▼-0.3%
9,513
▲
Industry Total
Industry % Change from Last Quarter -20.9%
33
86.8%
-725,508.9
Moelis & Co 23 2.919
26
▼
▲▼-16.8%
24
1,670,100.433,438.9
Industry TotalHoulihan Lokey 25
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* tie
7
Lazard Lazard
49,081.3
BNP Paribas SAIndustry Total 4712 008100 0
▲18 924 1 100 01 744 791 3
0.80.2 -9 ▼ 77.0▲ 27 0.4 0.4
42 0.3 +20 ▲ 150.0 0.81.3 1.3 ▲
PJT Partners LP 24 21 42,039.9 2.4 0.4 ▲43,256.1 0.1 -5 ▼ 241.62.5 1.0 ▲ 11
▲122 1.0 +3 ▲ 461.8 2.448,070.5 2.8 -1.214
▼ 2.40.10.1 -8 0.11.5 1.5 ▲+2
▼ 17.8▲85 0.7
1.4 ▲- 272.254 0.4
▲▲ 287.3
1.2 ▲Wells Fargo & Co 19 17 81,265.6 4.7
▲1.4
▲ 227.53.0 ▲ 37 1.20.3 +100
0.4 ▲9 0.1 +2 ▲ 79.3 0.42.1 ▲108 0.9 +20 ▲
▲Moelis & Co 16 24 131,345.8 7.5 5.8 ▲ 397.8 2.1
1.70.6 +5 ▲ 318.00.5
1.70.596.5
▲18 167,749.0 0.2 -3 ▼ 187.29.6 6.3 231.5
▲9 0.1 +2 ▲1.0
▲1.0
57 -9 ▼ 1.5275.23.0+11 ▲ 572.1 3.0 ▲
UBS 12 11 169,455.2 9.7 3.10.90.5
-53 ▼
13.8 9.2 ▲ 108114 0.9 -8 ▼ 562.6 3.0
1.6 ▲3.0 ▲
▲Deutsche Bank 9 10 277,605.8 15.9 6.4 ▲ 306.7 1.6
▲6.4 ▲ 47 0.4 +13 ▲ 544.4 2.9 2.9
▼21.7 10.1 ▲378,109.6 0.8 -23 559.3 3.098 3.0▲100 0.8 -51 ▼ 665.9 3.5 3.5
1260
761.0195 1.6 7.9
▲5 7 478,825.3 27.4 4.0▲
8.2▲ 9.8
7.914.0 1.0 +3 4.0▲
1,500.8
9.8192 1,861.71.6Sh (%) # of Deals Fees Sh (%) Share Ch.
▲▼
# of Market
-47Share Ch.
-48▲ 160 ▼1.310.54.3
825.7
+617-34
1.3
PJT Partners LP
22
25
Jefferies LLC
Sandler O'Neill Partners
Moelis & Co 23 170.4
3.91.0
▲
17
▲▲
203.7
-31
▲
65 0.5
▲
6
28.1
449,190.0 5.5
-2.31.0
50 +18
▼
4
489,646.2
▲
9.3
79,065.4 4.5
8.8
1
130
137155
533,418.3▲
241,368.9
1.1
0.8
▼
14▲
Centerview Partners LLC 17.8
▼
▲162,297.7LionTree Advisors LLC
▲
▲
106
4
13
15.8 -2.2
42
Evercore Partners+4
12
- 3.23.44.6
0.1
22
67,629.164,199.0
33
▲1.1
17 102,675.516
Qatalyst Partners
2127
99,121.018Wells Fargo & Co
Allen & Co Inc 15 143,366.5RBC Capital Markets 15Rothschild & Co 18
-4.3
6.116
14
121,006.3128,982.0
0.97.26.5
1.9
352,332.4
161,669.7 7.3229,376.5
43
75
12.9 ▼
▼130
-2.5
11.5811
8.1-1.3
-0.511.9236,328.2
Deutsche Bank
UBS 13 12 150,559.9 7.6Perella Weinberg Partners LP
1112 34
-4.320.821.9
7
▼▲
▼
▼
17.76
3.2
2.42.5
-0.2116▼-2.8
19Guggenheim Securities LLC
252.7
5.2
3.2
2.5
315.0
20Ducera Partners LLC
90,895.2BMO Capital Markets
Jefferies LLC 22
2.0
62,609.7
4.2▼
0.0
46
▲
▼
▲
67▲
0.4
16Rothschild & Co
Qatalyst Partners1428
25
0.7
21
23
▲▼
0.2
▲736.1▼ 3.9▲
1.4
▲▼
+19151
+3
+5-4
+4
224
94
-2
+17
44
142
▲
0.5 +170.3
0.1
0.5
▼
# of Deals per Advisor
-4.1▲
DealsRank Value
# of Deals
1.1
-4231.2
5 -12
-39
0.3
276,387.5
4 2-9
1.2
▲
Market
1.6Sh (%)
-23
Change in
+10
▼
1.0
0.9
5
JP Morgan
-3
Any US Involvement Announced (AD41)
Goldman Sachs & Co
4
-0.7 ▼
Market
571,141.225.0498,454.4
-1.8JP Morgan
# of
2322
US$mFinancial Advisor
Bank of America Merrill Lynch
174
MarketSh (%)
▼1 730,659.32 620,232.3Morgan Stanley
1
Imputed Fees (US$m)2015 Rank
# of Deals per Advisor
▲
Rank Value Market MarketMarket
1.3
-3.4
3.91,546.8
-
8.2Morgan Stanley3
714,010.8
12432
MarketChange in Advisor
496,179.1 28.4330.6
36.7
0.8
Rank Value per Advisor (US$m)
28.7
2016 Rank
2015 Rank
23 47,106.937
3
0.3 34,864.8 2.0 0.424 ▲25 1.5
1 990 549 8
▲Greenhill & Co, LLC
0.829,415.3
RBC Capital Markets 7.8
17Allen & Co Inc 3.3
136,772.513
114,150.3
68,768.8
20
77
6.5
3.7
18 23 86,131.9 4.9
8
414,566.9
0.9
▲+27
Centerview Partners LLC 261,301.0
5
Evercore Partners 9 10 256,379.7
6Citi
Credit Suisse
436,487.7
9
10▲
▲
▲
▲
Needham & Co LLC 66▲
+22
100 0
135 1.0
-1
14 176
11
7
▼
CitiCredit Suisse
▼
+4
▼Financial Advisor
8
6
309,775.7
Americas Rankings
Share Ch.
Jan 1 – Dec 31
Industry Total
13.1
▲
US$m
10
Jan 1 – Dec 31
40.91
Rank Value per Advisor (US$m)
Any US Involvement Completed (AF48)
DealsSh (%)
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
74
1.6 Bank of America Merrill Lynch
Guggenheim Securities LLC▼
15
▼
▲
2016 Rank
Goldman Sachs & Co
9
13▲
▼
Barclays
0.5
0.10.7
15
1.0 +23▲+23
▼
▲+10
8
▲
Barclays
-6.4
4
▲
▼
CIBC World Markets Inc BMO Capital Markets
-28.6%
Evercore Partners17.32
2.4▲
▲0
-8▼
0.36,110.2
-
2.2+4
6,383.2 2.5 -1.4
▲
-10.1
▲▼17
Industry Total0.0 +10.0
0.09 0.40+4
20 ▲30
Guggenheim Securities LLC
National Bank of Canada Fin'l8
2,4712,882.525
1
0.6
Industry Total
Moelis & Co
+1 ▲
▼ 161.5 ▲
▼0.6
-13.0%
▲
▲0.6
6.3▲ 37.1 1.6
0.30.30.411
-1.1%-7.7%
▲
-154▲
Industry % Change from Same Period Last Year ▼▼
2,292.8
▼▼▼
1,849
▲
100.0
13 +5▲-
100.0
2.01.8
▲0.8▲
0.02.4
-0.30.80.0 +4 1.19
Jefferies LLC2.1
▼89 26.1
24
22
4,030.854
-12.2
2.62.5
3,099.6
+3
1.8
61.4
2146
0 24
▲23
Peters & Co Ltd 0.0-
3,256.9▲
2.01.9
▲
41.715 0.2Macquarie Group
▲54.60.1 ▼
1.11.50 3,879.9
18▲
34.20.9▼
19 --0.0 +317 1.7▲ 39.5 0.0Rothschild & Co
▼-2
14
9 7,937.7
0.0-1.0▼▼
-0.317
15215
Citi
6,010.1▲18
1.519.5▲- 5.0
0.0 0.9 ▼0.0 0.1
2.5 0.2 ▲0.2
▼ 57.2
▲Fees129.2▼0.016 -3
Deals
31,860.5
▼
# of Deals per Advisor
-20.3%
Share Ch.
-2.2
▼
▼15.7
# of
▼-2.7% ▼
-2.5% -7.1%
-47
▼
12,008
Industry % Change from Same Period Last Year -4.2% -0.4%
100.0
▼
18,924.1 100.01,744,791.3
Industry % Change from Same Period Last Year -13.3% ▼
+617
7.6BarclaysMorgan Stanley
3.1
1.6
Deutsche Bank
Banco Bradesco SA19 13 -3.7
250,862.7
26.6
55
Industry % Change from Last Quarter
* tie
Industry % Change from Same Period Last Year 8.4%▲3.3%
0.0%-60.9%
-
▲
-4.222
-1
2.1
0.1-1.2
101*▲
-
14
Stifel/KBW
Any Canadian Involvement Completed (AF49)
16▲
Moelis & Co
-
Zaoui & Co
5▲
2.4
TD Securities Inc
22
1.7
0.8
▲10
2335
▼
20.3
0.0 -115
-4
3
28,453.9 18.2
JP Morgan
03
-15▼
▲
▼
16
29+5
14
3,675.2▲
0.1
3.8
5.3%-17.8%
64.16,456.5
5.6
156,636.8
22
11.8
-5.95.6
5.1 ▼
0.9
4.6% ▲
Industry % Change from Last Quarter
Sh (%)
0.8
8,702.0
0.9
35.7
BMO Capital Markets 3 66,791.4
85,265.5
▲84,231.0 18.3
▲3 87,755.1
Credit Suisse
1
152
467
89,590.6▲
Citi
5Goldman Sachs & CoJP Morgan
2
33.634.0435.0
US$mUS$m
19.5RBC Capital Markets
▲30.0▲
5 Morgan Stanley98,945.1
2016 Rank
Jan 1 – Dec 31
27.71Share Ch.
39.4 25.1 43,373.3Sh (%)
Market
0.4%
Market MarketMarket
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)Rank Value
Industry % Change from Last Quarter
Any Canadian Involvement Announced (AD42)
1,990,549.8
Jan 1 – Dec 31
▲87.4%
2015 Rank
MarketRank Value
▼▼ 103.0
0.85.6
1.1
Market Advisor
▼▲
# of Deals
-8
Sh (%)Change in
Imputed Fees (US$m)
1.313
Share Ch.Sh (%)
4.521.1 -90.0
Sh (%)2016 RankFinancial Advisor
4
▲12 4Goldman Sachs & Co
▲
7▲
3.18.3RBC Capital Markets-13.8
0.10.0 4.6
3.2▲0.0
▼36
72.9-13
105.8191.3
627
7
-1-
+1
16.3
314.2
3.7-1 ▼
+2
▲ 21,998.1Barclays 0.00.0
14.0116
111*
Peters & Co Ltd
Bank of America Merrill Lynch
Bank of America Merrill Lynch
21,587.4▲ 10CIBC World Markets Inc▲
Stifel/KBW
17▲
Deutsche Bank
▼
16
Macquarie Group
3,856.6
2.1
Wells Fargo & Co0.4
-18,931.7
6
12+7
18,209.911
10,058.59,588.3
▲
4.29
97.121,528.2
3.82.1
1013.7
▲
-11.912.1 87.4
8
Wells Fargo & Co 11 -910
48,864.89 47.7▲ 519.5
100.0
7
Financial Advisor
175
14,176
3.8▲
1
2015 Rank# of Deals
10
+5
-4
▲
15.4
▲▲0.1
0.9140.6
▼2.11.1
-3
▼0.7
▲
▼
1.5
▲▲
83.6
13.713.8
5.8
0.0
▼
▼
9
▼
▼-4.5
41.6▲
35
33,084.9
30,503.9 ▲
1.8
▼2 22
▲
67.60.1
1.5+11 ▲ 49.015,609.61.40.013 3.011.6 -1.2 ▼
34-3
-134.8
▲ ▲
▼1.2+2 ▼8.4Credit Suisse
12
-146.4-9.8 ▼
16
6.1
10.0
10-0.6
9.0
0.50.0 3.8
▼ 18 0.1 ▼ 69.0 3.00 ▲13 13,136.78 --2.9 86.2
18
0.1
16,144.5
▼
8,702.0
Industry Total
+5▲
▼
0.0
0.83.5 0.2
380.7
920
+7-0.1
▲
9.6
31
1.1▲+3
1.6
3.5 ▲
1.9 ▲
1.53,935.0
Jefferies LLC
21 61 5,190.0
1.7
Industry Total▼
2
20+2
4,885.9 0.42.0
2.56,194.5 2.5
4,340.223 14
2574
20 6 5,413.2Santander
100.0
Guggenheim Securities LLC 2422
0
1.3 -8
0
Change in
0.9
25,454.7
42
Lazard▼ Scotiabank▼
+40.8
10.225,624.7
41,301.3
21.0
10.516.5
26,232.4▲
6
1.4▲
▲
20
0.2
20
# of
+6
# of Deals per Advisor
Deals
23
+1
Market
-12
▲
+6
▲
▼
10,506.327
9.1
5.7
11 17,302.2
59,239.8 23.652,562.2
1.5▼
▼
0.4
6.42.8
TD Securities IncNational Bank of Canada Fin'l
14 12
10.5
12.2
Scotiabank
Rothschild & Co 17
Rank Value per Advisor (US$m)Market
Lazard
15
6.913
4.2
▲31
89.4
12
8
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
8
18 20.33
Jan 1 - Dec 31
68.9
4 1
28.2
29.9
27.3
52,827.3
40,238.9 1
2
69.4
Mkt.Rank Val US$m Rank
351.9117,270.2
1156,800.4 Credit Suisse
103,331.3
Morgan Stanley
38,488.6
2
2
225,826.2
37,411.5 3
39,021.0
125,224.3
Announced M&A activity with EMEA involvement totaled US$1.3 trillion from 18,772 deals in 2016, down 8.7% compared to theUS$1.4 trillion reached last year.
Estimated fees accumulated on EMEA deals completed in 2016 were up 2.6% from last year, totaling US$12.5 billion, accordingto estimates from Thomson Reuters/Freeman Consulting.
The Materials sector led the EMEA marketplace, with 1,363 deals totaling a combined US$225.8 billion, including the acquisitionof Monsanto Co by Bayer AG, which was the largest European deal of the year, valued at US$63.9 billion. Energy and Poweraccrued US$189.6 billion, and Financials yielded US$142.9 billion of activity.
Financial sponsors were more active this year compared to 2015. EMEA-targeted buyside financial sponsor activity reachedUS$156.1 billion in 2016, up 18.5% from the US$131.7 billion reported in the last year.
Acquirors listed on the Frankfurt Stock Exchange were EMEA's most acquisitive companies for 2016, with a combined total ofUS$103.7 billion in offers.
UBS
121,890.4
Materials
14,277.8 15,038.6
3
2,351 6
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
EMEA M&AEMEA Announced M&A Down 9% | Materials Highest Valued Sector | Financial Sponsor Activity Increases
EMEA Deals Intelligence
9 13
EMEA Involvement Announced Advisors by Target Industry
189,619.4
5
25 28.8
Goldman Sachs & Co3
45.8
Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Dec 31
36,031.4
1,363 Share
18
No. Deals
1,352
21
2,068
31.9
142,856.3
3
15
26.638,002.0
29
Morgan Stanley
Centerview Partners LLC
High Technology
Goldman Sachs & Co
Lazard
Energy and Power
FinancialsBank of America Merrill Lynch
Morgan Stanley
Morgan Stanley
Credit Suisse
Goldman Sachs & Co67,977.3
Industrials
15
2,902 Goldman Sachs & Co
2
12
16
21,013.3
60,411.8 35.9
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
18 42.2
UBS
149.346.8
Materials / Chemicals
Tyco International PLC
Financials / Brokerage13,897.8Utd Arab Em / Utd Arab Em
46,596.5
14,131.4
Jan 1 – Dec 31 2016
2/23/2016
Status
7/3/2016
High Technology / Semiconductors
Top Ten EMEA Involvement Announced Deals
Financials / BanksNational Bank of Abu Dhabi (25%) First Gulf Bank PJSCLondon Stock Exchange Grp PLC (100%) Deutsche Boerse AG
Pending
7/18/2016
20,060.2
Energy and Power / Oil & Gas
Industrials / Machinery
Baker Hughes Inc (100%)
United States / United Kingdom
SoftBank Group CorpIreland-Rep / United States
31,680.5United Kingdom / United States
Financials / BanksMedia and Entertainment / Broadcasting
27,700.7
Germany / United Kingdom
Sky Plc (100%)
Japan / United KingdomCompleted
ARM Holdings PLC (99.28%)
Pending* Undisclosed
GE Oil & Gas
Monsanto Co (100%)
30,750.7
Reynolds American Inc (57.8%)
Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Dec 31
Rank Value (US$m)Acquiror / Target Nation
British American Tobacco PLC
Rank Date Target (% Sought/Acquired)
22,874.2Completed Credit Agricole-Regional Banks (25%) SACAM Mutualisation
Pending 21st Century Fox IncFrance / France
Intended
2/17/2016
10/21/2016
12/9/2016
United Kingdom / United States
Completed
Pending
5/23/2016
CNAC Saturn (NL) BV
1/25/2016
Pending
Johnson Controls Inc (100%)
Pending
Syngenta AG (100%)2/3/201610/31/2016
Target Macro / Mid Industry
Netherlands / Switzerland
g p ( y p y)
Germany / United StatesAcquirorBayer AG 63,874.0
Materials / Chemicals57,757.5 Consumer Staples / Tobacco
$75.2
$27.1$4.0 $15.6 $21.9 $18.3 $25.7
$47.2$28.5 $19.2
$85.6
$44.2
$9.0$16.5
$38.9$24.1
$33.3
$43.4
$38.2 $48.4
$54.1
$29.7
$14.4
$36.6
$23.9
$27.2$24.6
$31.2
$28.3 $37.5
$69.7
$25.0
$18.9
$29.0$22.1
$26.8
$33.7
$44.2
$36.7
$51.0
17.2%
10.3%
7.5%
13.7%14.3%
11.3%
18.7%18.2%
14.0%
18.7%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
% o
f EM
EA
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A
$103.7
$96.0
$38.8
$26.6
$16.8
$15.7$14.7
$14.2$12.7 $10.9
Frankfurt London
New York Swiss Stock Exchange
New York Zurich
Nasdaq Madrid
OMX Stockholm BMFBOVESPA
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
9
Centerview Partners LLC
3.646,596.5
1 273 805 8
52,366.751,224.8
3.7
3.8
46,596.53.7
80104
46,596.548,794.8
1.846,087.6 ▲
14 59,553.5
5.022
55,603.0 4.4
4.863,646.360,696.7-
4.711 0.0
▲+10.1
-▼
▼
0.3
+2
-6▲
-1
0.0
0.1+40.0
0.0 +1
0.0-14
0.0
18 772+10.1660
50 30,571.9Industry Total
46,734.263
3425▲▲
24▲
35,186.8
Deloitte
Societe Generale23
2.8-The Raine Group LLC0.9
22
▼
0.2
▲
112.5
▲
275.0
64.8 0.1
▲
0.60.9 ▼
0.6
-0.2
0.1
23.7
-2 77.8
▼
0.8
1.9
0.2
▲
99.21.8
-1▼-10
0.10.1
2.2
2.7338.7
0.5 -3
94 Deutsche Bank
410,844.9
▲
77
74
▼-8
0.00.0
50.2 -8 Lazard
+5-13
272,582.0
233,525.5 ▼0.2
0.4▼
-117884
21.4
48
21
232,781.1 18.3 Barclays17.6 10.5
▼0.2
Centerview Partners LLC86
78.1
132.7
382.1
▼
▼243.0+9
0.2
0.3
7
▲17.7
28.84.623.73.0
▲
0.9
0.60.7
▲1.1
1.9
▼-0.1
0.5
0.6
0.5
0.70.5
3.1
--912 543 9
0.0
-0.3+1 ▲
0.3
0.0
0
0.0
0.0
39.3
-2-▲
72.8
▼
0.2
36.9
2.32
100 0
+22.4
1 4341.1 0.3
0.3
▲-2
+1▼
-1.62.1
43 ▼▼▲
16
13
▲2.8
20 4.1
13
3.83.7
35,150.7 2.8165
1 251 956 3
+4
4.4
1.1
15 212
5
▲
240.347
48
8
0.1
▲▼-32▲
0.3
0.1▲
0.3
+7
+30.0
0.60.1
-3296.3
▲772.9
231.3
▼-36
0.7
▼
0.7
▼1.0
▲
-0.1
232.8
-▲
▲
▲▲
6.2
▲
▲2.4
656.1
0.05.6700.0 -0.75.5
5.2381.7 0.43.0
1.70.3
▼-0.2-0.2
3.7466.0
▼
▲
▲
▼
Change in
+1
Fees
Imputed Fees (US$m)
-1.6Sh (%) # of Deals
Any EMEA Involvement Completed (AF53)
Share Ch.MarketChange in AdvisorMarket
▼Sh (%) Sh (%)
6.5
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
Sh (%)
Any EMEA Involvement Announced (AD47)
2016 Rank
MarketSh (%)
# of# of Deals per AdvisorRank Value per Advisor (US$m)
2015 RankDeals
MarketShare Ch.
▼558,580.4 ▲ 0.810.5 -42116
2016 Rank
521,528.1 41.7
DealsShare Ch.Rank Value
1
MarketUS$m
Market
-44685.2120
17.8▼▲ -22
112▼
56▼ 4
3124143
Bank of America Merrill Lynch3
810.4
0.80.7▲-300.3
-28
2JP Morgan▼
▼
0.3▼▼
0.3
1Morgan StanleyGoldman Sachs & Co
2466,452.2423,793.8 14.3 ▲
37.3-14
44.6
33.9 0.69411.9
161359,903.3
+1612.9 ▲
296,555.3
32.8▲17.6 -8
263 1.7▲▼▼
0.50.6
74▲
3
11166,050.6192,480.7
19
887
114
16.8
-5.4
26
10
9
8469
6
13
104
12
15▼ Citi
▲
3.01115.413.3 ▲92,818.2
190,787.2
▲5.0 ▲-457.1 -7.1 0.2
-25Rothschild & Co
▲Robey Warshaw LLP
15.9
+11 20.4222,031.9198,741.1
▼-9.1
+1
▼▲
0.2
5.096
+20.00.2
7
▼▲
255,363.68▼ 325 ▲
Industrial & Comm Bank China
BNP Paribas SA
63,874.0
7.3 56
▲2.2
4.0
Credit Agricole CIB
N+1
Dyalco
BNP Paribas SAChina Construction Bank 22*
2922*
20
25
546*22* -
-
Industry Total
Lakeside Capital Advisers LLC
921
100 0
▲▼
▲
0
HSBC Holdings PLCGuggenheim Securities LLC
3.83.8
-9.4
119
3.73.7 13.7
3.7
-10.4▲
▲
53
11
-
▲▼
244
4▼
▲
4Credit Agricole CIB 19
8.4
4.1
4.8-5.0
▼
+1
Mizuho Financial Group
21
▲
47,004.3▼
+1
100 0
▲
78 4.7
-4.6
▲
▲ 16
52,536.1 4.2
3251,221.7
17
UBS9.8
Evercore Partners
18 58,884.2Greenhill & Co, LLC
122,980.7
17
15
Perella Weinberg Partners LP
12 104,552.3
15 -1.24.922
14.3
4
10
235,281.65
223,888.316.5
5
7
12
8
Bank of America Merrill Lynch 6UBS
JP MorganMorgan Stanley
Credit SuisseLazard
7
127,008.5167,963.9
▼▼
13.2 14
-59510.0 -13.611
-7
113
-2.5
3.0Credit Suisse
0.7
1.985
0.1
19
17
10
8
17
China International Capital Co
Ducera Partners LLC
12
14
Deutsche Bank
16China CITIC Bank Corp Ltd
Citi 13
15
15Rothschild & Co
913
Barclays
18Industrial & Comm Bank China
HSBC Holdings PLC
182,207.6
23
4
6
Robey Warshaw LLP
Perella Weinberg Partners LP
-15.0▼
▼▲
▼
6.4-12.6
18.318.5
1
2015 Rank US$m
# of Deals per Advisor
-9.6
26.61Goldman Sachs & Co
339,248.4▼
32
Financial Advisor# of Deals
Jan 1 – Dec 31
Market
Jan 1 – Dec 31
210,537.3
Rank Value Market
464,376.9 -2.5
▲
36.5 142
▲▼
14
Financial Advisor
Rank Value per Advisor (US$m)
▲
-9.5
-1.6
12.3
# of
EMEA Rankings
-0.6
-0.9
▼
7.6▼
81,395.361,567.1
13.2
▲4.1
164,780.8
6.5
▲
Centerview Partners LLC Centerview Partners LLC
46,596.5
10.314.1
Bank of America Merrill Lynch6
13
Credit Suisse
Deutsche Bank
UBS 7
9
12HSBC Holdings PLC
38.1
1,273,805.8
15.3
Sh (%)Market
17.4
71.3%
455,326.8
MarketUS$m
Jan 1 – Dec 31
# of Deals per Advisor
-2.4207,933.48
Rank Value per Advisor (US$m)
89,635.5123,244.5
10 7.1
▼
-12.0
63,874.0
182,194.46167,963.9
1784,237.9
7
5.3
3.93.9
1
63,646.314
511*
21
9
-5.7
48,618.919 51,224.8
▲
3.9
20
14
16
18
21
-
-
15
17
4.34.7 -10.34.74.8
4.711 55,603.0
4.1
▼-0.1▲
32.9
56,783.556,296.7
-11.448,335.7 4.1
0.7+1
-5620.5
3
72.8
-1,2750.0 -
4.1
-▲
100.0
0.3
23
3.0
▲
3.9
▼ 1180.6▼0.4
3.8 3
0.5▼
47
0.3+1▼
0.9
0.777.80
▲
0.2 ▼-0.1
▲0.7
0.10.0
▲
▲
-
0.3▲0.10.1
18,772
-10.0%
-660
-3.4%
# ofDeals
Change in
▼▼
Sh (%)Market
▼▲
▼
+1
+3
▼▼
▲
▲
Perella Weinberg Partners LP
19Credit Agricole CIB
16
# of Deals
▲
▲
Citi
▲
▲
▼
15Industrial & Comm Bank China
Lazard
10
1213
6
Bank of America Merrill Lynch
Industry Total
-30
2016 RankFinancial Advisor
Industry % Change from Last Quarter
Morgan Stanley▼ 2
Industry % Change from Same Period Last Year
▼ 11.2
2015 Rank
Goldman Sachs & Co
Rank Value per Advisor (US$m)
Share Ch.
17
+1
-8.1%
1+1
▼
20
▲
-0.6
-
-17.0%
+1▼
▼
0
▼
▼
355.7
▲42.0
-11
▲
.2
2.0%
▼
2.6%-2.5%
MarketSh (%)
0.8
0.6
1.1
1.8
0.8
+8
0.1
0.8
-25
-390.6
-4
+15
+3
0.50.5
0.0
-32
-9
▲
0.1
14,479
-2
31
-30
-11 ▼
▲
-+10
▼▼
▲
-▼
+1
▼ 75
8
20
▲ 1343
▲-1.0
7.0
17.1
2.5
▲
19.1▲
▼
20.8
▲
3.5
16.26.4
16.1 -4.914.3
25.527.3
▲
93112157
▲
▲
73
14.535.4
36.4
296,542.0316,532.2
241,722.3
11044.0▲
▲Deals
# ofMarket
▲19.2
Market
258
79
3
▲ 5
15▼▲
81
▲
-30
0.3
0.30.1
0.0
0.10.5
1.1
47
0.5
0.3
0.2162
1 0.0
44
0.6%
11,887.6
78.1 0.4▲
-12 0.0
▲
▼+1
53.6
64.8
0.7
▲
▲
-
▼-0.33.0
2.8 ▲
▲0.1
2.3
Jan 1 – Dec 31
12,543.9
Share Ch.
▼5.5
▼▲
▲5.2
0.6
1.2
0.70.8
1.9
▲
0.2
737.0
231.3
-0.6
Market
-▲
0.0
▲
Market
102.7
2.0
241.8
19.8
231.8
▼
2.00.5
0.7
-0.5
Imputed Fees (US$m)
▼6.5
-0.1
-1.6
▼
▼
0.2
Sh (%)
2.0
681.6
6.22.5296.1
3.9
100.0-1,434
0.8
HSBC Holdings PLC
72163,711.9
# of Deals per Advisor
▼
1,251,956.3
2.6
6
2.5
2.3-1.6
13
4.0
10.1
18.1
410,534.4
2.1100.0
21.6%
23,859.5
Industry % Change from Same Period Last Year
+1▲
30,151.6
3.0
▲
0.51483
1
0.3
0.1
0.0
▲
▲▼
-8.07.5
3.9
1.8
5.4▲
▲China International Capital Co
N+1
22*
Credit Agricole CIB
97
46,596.577
Lakeside Capital Advisers LLC22*
BNP Paribas SA
46,596.522*
1,193,993.3
38.3%
2717,652
16
-25 46,087.6
34The Raine Group LLC
23
46,734.2
-35,186.8
103,900.3
61,567.1 5.381,205.8
4.132
30,750.7
10.4
4.3
9.0
4.550,108.3
14.1
46.7
36.3
Any European Involvement Completed (AF3)
-16.7%
15,212
4.4% ▲
Rank Value
20.1% -8.6% ▼▲
165,874.7
421,640.516.5
Sh (%)
186,999.4
62
14UBS
338,188.4
22Mizuho Financial Group
Industry % Change from Same Period Last Year
China Construction Bank
Industry Total
-
3.9
12
111310
Rothschild & Co
▲▲
▲2.71.0
-0.4
Industry % Change from Last Quarter
2.7
17.4%
1,161,158.3
▲0▲
▲
1
▲
53
-20.0
0.3
3.9 ▲
0.0
▼▲
18
Evercore PartnersChina CITIC Bank Corp Ltd
26
17
5.4
▼ +1
0.1+1
Ducera Partners LLCPerella Weinberg Partners LPIndustrial & Comm Bank China
91
4 0.0
0.5
0.072.3
Barclays
2015 Rank
2Goldman Sachs & Co
JP Morgan
Citi
2016 Rank
45 4
Robey Warshaw LLP
Lazard
8
Rank Value
▲-8.7%
Industry % Change from Last Quarter
1Financial Advisor
1Morgan Stanley 2
Industry Total
-10.85 19.7
100.0
▼Industry % Change from Same Period Last Year
265,971.6
15
-10229,550.2
9.8 ▲5.4 ▲
0.6
Deutsche Bank218,742.1209,008.5 17.5
▼-13.8-7
+10.5
110▼ Barclays
4
▼
317
0.7
-9.8 0.5
-13.9-9.8
1.0175
-41
-24
▼
▼5189
3
-2
+2
Credit Suisse
+7
BNP Paribas SA
▲Robey Warshaw LLP
-7
+122.3 ▼ 0.8 -10
-27 510,446.1422,893.8
US$m
7
542,436.2
2
10
33
5
1 1
▼
222,031.9
7
98Rothschild & Co
▲
JP Morgan
▼
▼
12120,210.7
5
8
11198,741.1
42
4119
28.3
19.2
Any European Involvement Announced (AD21)
234,971.13
1.8
134
8882
0.5▼
133 0.8
18.3
-2.9 ▼Share Ch.
119112
100.0
# of Deals768.7-39
Change in Fees
Advisor
▼▼
2.5299.3
5.7-9
▲ 649.2
462.0▼▼
621.7
-0.7
▲▼▲
+1
113
▲13.3
4.5
21Societe Generale
1522
23
47,004.3
52,536.1
Guggenheim Securities LLC-4.4
19
0.0
-11+1
* tie
2425▲
1.9%
1.90.0
100.00.3
Industry % Change from Last Quarter ▲
Dyalco
-0.1%
Industry Total
DeloitteMediobanca50
▼3.4%
0.0
▲
-1.5 270.4
99.2
332.58.1
▼
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10
Robey Warshaw LLP Centerview Partners LLC
Deloitte
11.9-2
20,369.6 -0.7
▲
2.2
6.0
▲1.3
7.68.0
5.4
-17.01.8100 0
8.0
-2.8
9.08.0
83 8,269.4
▼
7.0
8,558.8
3.8
Industry Total
23,264.05.3
2.72.9
0.7
-0.110,241.4
12,311.5
3.814,779.3
27,120.65.6
-20.4
93,099.3
▲
-17.6-24.8
14.4
4.0
-12.716.1
▲
62,049.6
117,555.8118,867.5
▲
3124.1
33.6129,743.2
▼
▲
▼
20
▲▼
37▼
113
6
▲▲
▲
123▲
▼0.1
2.318
0.1▲
▼-4.1
▼ 190.0
279
▲ 1
▲-10+1
0.1
6.2 6.2
6.5
5.9▲
0.0
3.0
▲
-19
▲ 0.1
+14+6
0.026
▲
Perella Weinberg Partners LP 420▼
▲10.72332
3
-20.10.0
BNP Paribas SA
▲
+1+60.7+4
▲
▲▲16.4
14
1612 18.8
97.6
▼-12
0.9+10.1 ▲
0.7
451.3
Robey Warshaw LLP0.731
JP Morgan
Bank of America Merrill Lynch
▼-4
1.2▼
30.830.4
146 0.1
124,642.1-0.2121,578.5 ▼Deutsche Bank 4
Morgan Stanley113
▲10.9
-19.7▲
87
57
Rothschild & Co 11
UBSCenterview Partners LLC
10
Barclays9Bank of America Merrill Lynch
6
8
32.331.5
2.5
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
56Lazard0.8
50
9
3.63.2
-15.556.7
17.0
4
565,606.3
7.2
▼
19.3
2556
231*13,897.8
0.4▼ 164 170
6,848.46
21Macquarie Group
25
3.2
LionTree Advisors LLCRBC Capital Markets
4221
10,991.1
12,352.82112
2.6
The Raine Group LLC
386 198 7
20
Societe Generale15
17
20
Greenhill & Co, LLC
Citi
29,263.6HSBC Holdings PLC
NumisPerella Weinberg Partners LP
17PJT Partners LP 16
18
RBC Capital Markets 15
Mizuho Financial Group
19
232612
22Evercore PartnersLionTree Advisors LLC 24BNP Paribas SA 25
184
-2
0.5
30,759.830,750.7
▼
▲
▼
▼
0.3
2
4▼
▼
-1
42
29
3
▲
3
12
6
1
Any UK Involvement Announced (AD32)
910
22
18
8
21
15
2322
177
11
UBS
Industrial & Comm Bank China
13Credit Suisse
10
3.5
19The Raine Group LLCMizuho Financial Group
Citi 16
20Greenhill & Co, LLC
1718
Industry Total
17
21 60HSBC Holdings PLC 11
15Nomura 11,782.2
521 000 1
2423
1.6
11 0.017,046.7 3.318,406.4
0.3
6.5
6.60.3
1.8
5.60.7
99.2
257.94.05.5
133.4310.2
▲
▼
▼
-▼
30.4
35.6
159.0
▲1
186.5
Change in Advisor
388.7-17-3 4.9
303.1 0.4
Jan 1 – Dec 31
Share Ch.8.3
2218,844.6
Share Ch.
23.3
▲0.5▲8.2
Market
0.40.4
1.73.7
▲2.1
0.0
▲
2.2
-0.3 ▼
▲
▲▼-0.2
▲▲
▲
0.1
-
0.0▲-
0.6
3.4
▲1.3
2.5116.7
▲
51.4
23.9
▲
-1.0
▼
1.9
0.5
▲
0.690.738.2 0.8
0.2
0.20.5
0.7
0.14 669 1
22.6
31.4
70.0+3
0
-11
7.0
▼-1
▼1
▼
-1▼
+3
-7+2
-39 ▼
-10
-15 ▼
-26-0
▼
0.6-4
0.7
1.0
0.50.2
0.0
1.1
0.60.1
0
▲
34
+3
+4
1
2.7
▼-
▼
0.1▼
▲43.1
7
Any UK Involvement Completed (AF39)
125
# of Deals per Advisor
7Deutsche Bank 8
29.5
50.842.6
Barclays
Rothschild & Co
222,031.96
# of
19 21.9
395
0.10.0
3 394100 0
-
▲
8,670.8
▼
▼
141.6▲27.4
▼
▼
▼
▲▼
▲
▼
-8
▼381.8
Imputed Fees (US$m)Market
+1
-17
▲+1
+9
Fees
0.8
172.5
55 +80.142
▲
-4
38
0.03
-6
+7
▼
0.1 -160.1
0.1
0.0 0
-2
-8
0.3
0.0
2.2
39.7
-19.4
▲▲
33▲40
5944
2.762
0.00.1
114,127.4
21.5
67,653.2
3
0.19.1
26,251.9
18.8
13.085,577.6
6.333,729.0
10.2
153,740.1
112,109.8
29
-2.2
0.4▼
▼-9
▼
35.2
19.834.7
-4.6
21.5
▲
Evercore Partners
111,832.9
32,583.732,042.4
Market Market
264,897.7 34
-18▲▲
342,170.4Sh (%)
▲
▲ 0.1Deals
-1.4Share Ch.Sh (%)# of Deals
50 ▼-27
180,633.2
33
▲
18.2
55,793.4
- 5.93.75.0
30,750.7
▲
31.8
▲
▼-2.9
53.6 34.0
190,428.0
52.9
20.336.6
0.0
0.1
1.5
0.7
0.5
▼-0.7
0.0
▲
▲
▲
100 0
3.0
-0.5
1.1
0.6
Jan 1 – Dec 31
65.7
Market
54.32Goldman Sachs & Co
Sh (%)Market
# of Deals Financial Advisor
# of Deals per Advisor
Financial Advisor US$m
-10.5
9
34,546.1
Goldman Sachs & Co
-1314
55,603.0
19
36
JP Morgan
Rank Value per Advisor (US$m)
16
0.2Lazard4
▼
▼
-0.3
1.725
5
Rank Value per Advisor (US$m)
6
282,968.9
2015 Rank
1
275,605.4279,102.7
1US$m
2016 Rank
Rank Value
EMEA Rankings
2016 Rank Sh (%)
Market Change in Market # ofRank Value2015 Rank Sh (%)Deals
23
Morgan Stanley
* tie
Societe Generale Deutsche Bank
UniCredit
▼Industry % Change from Last Quarter
Deals
▼
17
-383
Market
Any French Involvement Announced (AD33)
100.0
Goldman Sachs & Co
Market
-10.2▲
Industry Total
▼
▼
-11.5%
2,948
3
-2
0
▼
8,808.7
11.5
▼
▲
5.6
1▲16 0.5
▲
-0.7
18
-22.3
15▲
-24.1-2.330,651.1
16.6
16,662.010.5
17,911.210.6
17,988.411.311.4
2015 Rank
1
35,992.7
24,455.514
6
2
US$m
5
1141.1
109
11
6
64,603.340.73
55,650.0
18
▲▲
Sumitomo Mitsui Finl Grp Inc13▲
16Natixis
▼
157,156.1
Industrial & Comm Bank China 19 6,536.0
▲
8
Credit Suisse
+4
▼
Barclays
▼
LazardJP Morgan
15
13
+9
Deals
61 Rothschild & Co▲
-10
Share Ch.11.1
-14
4,170
Sh (%)
Industry % Change from Last Quarter
386,198.7
Industry % Change from Last Quarter
Financial Advisor
Industry % Change from Same Period Last Year
2015 Rank
2 10
Rank Value
24 14
1 4
2016 Rank
6
Rothschild & Co
3
Market
Jan 1 – Dec 31
-9.4%
0.2 ▲44,832.0
▲Lazard
▲
40.629.3
▼
BNP Paribas SA
123
Societe Generale
-21.9
1.6
3014.6
0.5
▲
37,062.7 -11.3
▼
JayDee Partners Ltd
+3-7 ▼
▼
UBS
617.9
28.7
19.323.7
▲42,644.1
27,955.8
-5
63,450.3
MediobancaMessier & Associes 20
21
HSBC Holdings PLC
Malayan Banking Bhd
23
-184
41
-4.2%
Rank Value per Advisor (US$m)
US$m
-35.7%
▲45,849.8
# of
12
11.5
Industry Total
Industry % Change from Same Period Last Year
72,402.4
521,000.1
▼
Financial Advisor
-41.5%
3.4 ▲
-1.5%
Share Ch.
# of Deals per Advisor
▼
Change in
-17.9%
5.6
12
14 727
11,711.8▲
17
15.6
3.716,478.4
2.4
13
15
4.2
7.517
3.230
-
▲0.50.8
0.2
-0.20.1
-
0.10.1
0.1
0.0
▲0.1
-0.00.0
▼▼
▲1.5
▲
0.4
0.9
▲
0.7
-0.2
▲
3.42.2
▲
▼▼0.1
5.4
0.4
2.2
4.5 -2.3 ▼
2.1
1.0 ▲0.8
▼-0.1
▲
▲
▼
▼0.3
-2.40.5
0.1
Market
2.3292.2 13.3
76.9
4,669.1
-2.4
▲
17.9 ▲12
116-4.9+2
Market
▲
+15▼1972
▼
14
▼39 -3▲
2,469.61.8
-53.1%
▼
Industry % Change from Same Period Last Year
29
# of Deals
▲
Change in
1.30.9
MarketSh (%)
3.8
▼
▼▼▼
+7
-9.6%
▼▲
1▲
▲
-0.6
29 6,259.3
▼22183*
▲
BNP Paribas SA
8Deutsche Bank
30,228.111
▼▼
4▲
12
25,128.6
9
3
23
8
5109
20,482.2
Evercore Partners
JP Morgan
Industry % Change from Same Period Last Year
HSBC Holdings PLC
24
JayDee Partners Ltd
BDO
38
Credit Suisse
Bank of America Merrill Lynch
11
18
Natixis
156,351.2
24
Malayan Banking Bhd 21*0.4
0.0
0.2
0.1
71.9
1
▼▼-38.5%
54
3,716.4 2.4
27
Industry % Change from Last Quarter
2.4 -0.1
* tie
13Mediobanca
20
17Nomura
-
Barclays
Industrial & Comm Bank China 21*21*
Santander
RBC Capital Markets 19
25
1410,138.2
15 6,825.36,455.66116
13
3315 6.1
13.1
9,488.73.4
-4.86.5
9.17.0
8
0.1-5
Zaoui & Co
-15.8 ▲
0.2
0.30.70.311
52
730.8
+1
+1
+4
1.6
0.4 ▼
1024
Goldman Sachs & Co 3
12-22
-3
26
-13 49,696.6▼
26,018.7
34,727.7▼
8 42,908.3
16
1
Credit Agricole CIB
▼
▲ 0.4 -5
3.9
Bank of America Merrill Lynch0.5
▲
▼
3.5
15
21.9▼ Morgan Stanley
9
-13
Citi4
0.6
-395
35.4
3,394100.0
+12
MarketSh (%)
46.1
▼
Rank Value
Any French Involvement Completed (AF40)
▼
# of Deals per Advisor
0.4Morgan Stanley
27.3
1Citi
4.4
5Credit Agricole CIB
7716.115.6
6.4
-21.7
-16.5
24,316.8
14,260.810,871.8
-15.4
-13.3
6,445.0
3,716.4
4,715.33,716.4
2.4
5,048.6 3.23.0
10-9.04.1
52.32.5
4.0
4.1
▲
3.9
2.4
▼
2.7
▲
1.6
87Benedetto, Gartland & Co, Inc.
-
15
2.4
0 -▼▲
+3
100.0
-2
25
2.3
3,825.4
24
6
▲-
+3
12
Industry Total
1.92,889.9 1.8692,987.6
100.0
▲
▼
3,262+4 ▲
▼
+9 1.8▲
-19.5%-9.0%
1.9 2,819.7
4
+1
▼
22
28
0.20.2
▲0.2
2016 Rank
1.3
1.8
Rank Value per Advisor (US$m)# of
-2-4
1335
31.6
-7.1%
46,009.8 -150.4
0.62.4
1.2 63.6
▼
98.7▼
13
22.922.1
▼▼
0.46.8
74.4
▲
0.5 ▲
47.8150.1
-50.6-4
0.30.5
7
2.2
▲▲
2.41.1
-321
1.2
1.4%
+1
100.0
-
0.4
▼0.0 -0.4.02,199.3
▲1.3
8.816.8
0.8
0.0
-
▲
2.8
0.0
-▲
-
▲1.9
1.641.5
▼
-
▲49.1
▲+1
+3
+2
▼-5
32.7
+1
0
▲
46.973.171.7
60.9
119.3
22.2
▼
▲1.9
2.42.9
▼
▼
51.9
3.33.3
▼
Sh (%)Fees
▼12.0%
AdvisorImputed Fees (US$m)
Market
-15.8%
Sh (%) # of Deals
▼
Share Ch.
100.0
-4
90.4%
0.1-0
0
0.20.1
Jan 1 – Dec 31
0-6
-▼
▼
-10.2
63,960.7
515.6
▼
0.10.3
-16.7
10
2
6.1
19.5
27.329.3 -6.7
-26.2
2
-12.5
1
-4.053
▼
6
2.3
▲
▼
-15.9%
1.6
0.0
3
0.26
46
2.95,092.3
0 3,568.5
1.6▼
0.00.010.1
3,716.4-1
Duff & Phelps▲
▼ ▲
Industry Total
-18.9%-14.2%
10-
▼
▼
+10
https://www.thomsonone.com
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11
PricewaterhouseCoopers Morgan Stanley
-2.9
▼
1 032
16.3
-9.7
4.9▲▼
▼▲
679 1 100 0100 0
24.2
1.0▲
-4.2
▲6
0.4
1 015
0
-41.5
▼4
-38
105
12.6
4.1
0.6
Industry Total 47 605 1
19
0.9
4.74.6
12 5.92,798.24.9
1331
24
2,284.651
3,129.0
2,336.3
1,910.9
23
4.8
6.6
2.3-2.8
6.1
2,227.3
3
15
▼▲
▲
▼ 10.2 3.5▲
23.5
-
-17 ▼
▼2.4
0 7.8
5
-
2.71.3
20.0-
▼
1
72
30.2
7.0
-8
-7
8 -4
-3
▼
418.519.9
11.3
42.4
4.5
2.9
10
0.4
14
# of
0.5
# of Deals per Advisor
+2
▲
▼-30.80.4 9.0 0.7 ▲0.8
-5.74
9.5
5.1
Deals
9,403.0
2,879.0398
▲▼
▲
0.5
15.8
12.5
0.10.3
48
4
Sh (%)
-28.7
7.5
Rank Value per Advisor (US$m)
11.3
14.7
▲5 8.0
45
▲11
4.84.72,309.2
Credit Agricole CIB +45577
1.63.3
Societe GeneraleHSBC Holdings PLC
9
12 6
411Macquarie Group
3Deloitte
5.0
Lazard
Rothschild & Co
Santander
2016 Rank
19.88,657.5
912,453.8
Any Spanish Involvement Completed (AF41)
6,544.3
2
6
3.1▲
▼Credit Suisse
4
175
+1
Deutsche Bank
▼-5-5
▲
Citi▲
Ernst & Young LLP
JP MorganBNP Paribas SA
1
0.8
1716
8
-1.0▲
-6.4
▼
85▲
Industry Total 100 053 592 0 49
14RBC Capital MarketsPricewaterhouseCoopers
13
+4
-1
-7
KPMG
108.9
29
▲
8,499.3
▲
0.9
5▲
15,243.914,036.5 11
3BNP Paribas SA
Rank Value per Advisor (US$m)
Any Spanish Involvement Announced (AD34)
Morgan Stanley 5 11,582.7
8.712.66
6.55.5
3,747.3
4.9
9.31613
7
US$m
7Santander
1 148
26.2
6,756.0
0.44.3
4,988.0
12.29Deutsche Bank
Financial AdvisorMarket
8Sh (%)
22.0
2015 Rank
21
2016 Rank
1.07.5
Deals
Bank of America Merrill Lynch 45 14.5JP Morgan
# of Deals28.4
20 ▼-2
10
8Citi 6
1338AZ Capital 9
7
Bank of America Merrill LynchBBVA
▼AZ CapitalGoldman Sachs & Co
▲▼
+4
▼
+71.5
-14
0.40.7
▲-13 ▼
Rank ValueSh (%)
0.7
# of
▼
Change in Market
-7Share Ch.
Goldman Sachs & Co
# of Deals per AdvisorMarket
21127
10
21.6 ▲
▲
15.9
9.37.0
0.410.65,681.4
5
7,749.8
▼
107
MarketShare Ch.
▼
-11.29.6
▲
▲▲
▲
15 ▲
8▼-2.914.0
14.6116,645.2
5,960.8
▼3,902.64,858.5
88.210.2
3.0
-1
+1-6.65.7
1.812.5
-1.6
5.1
▲1.913.8 2.0
3.73.3
Sh (%)Market
0.9▲3.6
▼
▼1.2
3.0
▲▼
0.4
Jan 1 – Dec 31
Market
-0.31.9
-0.3
▼
0.60.21.1 ▲
2.1
▼
▼
▼
+31.1
2.1 ▲
1.3▲
▲
0.8
0▼
0.4▲
+1
0
▲+16
-1.4
-1.9▲▼
6.224.3
9.13.3
▼
0.914.7
Advisor
▼ 2.2 -0.8
17.52.718.41.7
MarketSh (%)
0.1Share Ch.
Change in
▲Fees
2.6# of Deals
▲
EMEA Rankings
19
8.23,764.1 7.9
14.6
3,500.9 7.4
6,959.17,000.0
US$m
33
26.2
18.27,526.0
1
10
2015 Rank
-2
1.3
3.6
Imputed Fees (US$m)
Financial AdvisorMarket
Jan 1 – Dec 31
Rank Value
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
220
17
18
2324
15
2021
800.9- ▲25
UBSBanca IMI (Intesa Sanpaolo)
22▼▼
▼▲▼▼
3,879.6
7
14
2,178.0
2.7
3.6-29.1
-0.2
0.5
0.74.03.52.6
0.1
16-0.7 34
1
▼1,678.61,220.7
+6+1+9-6
+1
0.7▲▲ 4.0
0.60.5
▼▲
26.9
2.91.8
▼▲
0.22.5
-2.52.7
-0.30.5
Credit Suisse
19.4▲▲▼▲
12.4
-▲
Deloitte
BBVARothschild & CoLazardCredit Agricole CIBHSBC Holdings PLCNomura
0Banca IMI (Intesa Sanpaolo)Societe GeneraleKPMGErnst & Young LLPErneholm & Haskel AB
19202122
MediobancaLeonardo & Co
1112131415161718
2324*24*
1841-
2415
2259*
3,473.72,927.72,642.62,284.62,149.41,850.01,827.411
-
3231710
1.5800.916
1,811.21,754.31,571.41,526.11,307.4
4.34.0
676.3
2.4
1.3
-2.3-6.2
-16.03.43.32.9
3.4
1.4-2.4
-3.1
676.31.3
1.9-13.8-19.8
4.32.2
3.5
2.9 -7.4▼▼
-2.01.5
▲▼▼▲▲▼ 1
▼▲▼▲
4535
▼▼▲
0.4565
61
52
1.41.10.60.40.20.1
5.70.50.13.9 -38
-6
+5-3-7
▲+4-4
▲▼
+1
▼▲+1
-10.10.1
3.0
▼-1.3
0.1111 1.71.7Erneholm & Haskel AB
▼0
-10
Industry % Change from Last Quarter
Lazard Rothschild & Co
Evercore Partners
Industry % Change from Same Period Last Year
1,032 679.1 100.0100.0
▼
Sh (%)
1.1
0.3
0.9
0.1
0.1
0.2
0.618
▼
-1,015
▼
0.3
# of Deals per Advisor
# of Deals15
+10
Change in
3
0.5
3
Deals
-2.0%-42.1%
3.7 ▲2.0
0.48
▲
10
1.1
38
3▲▼▼
18
0.6110.6
2123.1
Market# of
0.913.3
▼35.2
12
54.0
25,074.7
20,718.8
12
19.1
Goldman Sachs & Co
+16
+1
0.8
-14.5
-▲
18.933.134.7
39.1
▲ 5
Industry Total 47,605.1
2.6
-10.8
12.8
▲
14.7
21
-7.4
-1.3
Rothschild & Co44.5Credit Suisse
▼
▲
1.5
0.1
-1.11.4
▲
1,904.1 1.8▼ 24
1.3
▼-24.9%-6.8%-28.4% ▼
1,908
▲11 0.6
0.11.3
2 +2+10 ▲
▼▲
1
0.23
0
-4-2
▲1.11.92,008.2▲
▲
2,100.0 ▼2,066.3 1.9 1.9
-2.22.62.8
649
6
1.9 2
3.53.2
15
▲
8 ▲7.027,486.9
15.5
2.1
25.9
6Credit Agricole CIB
▼
2019
-7.7▼3,773.2
-
21.5
Share Ch.2015 Rank
Bank of America Merrill Lynch-0.8
2
Market
13.5
38,175.930,649.4 28.2
Rank Value
3
2016 Rank Sh (%)
-3.3%▼
3
-46.9%
▼
Any German Involvement Completed (AF42)
▼
-5
Jan 1 – Dec 31
-
83.6
+2
▼
96.1
60.4
▲
-5▼
+2
84.2
26.32.31.9
-2
6.8▲
32.5▲ 3.1
-9
-2
+1
+3 53.4
-19▲
▲
▲
+8
▼
15.0
14.9
9.73.7
+3▲+5
▼▼
16.312.5
0.67.38.3
43.9
4.7
1.2
-
-3.6%
3.0▲
-10.9%
Deals # of Deals
Jan 1 – Dec 31
Market MarketFinancial Advisor
▼-46.5%
# of Deals per AdvisorChange in
Industry Total
2016 Rank
2015 Rank
Any German Involvement Announced (AD35)
115,492.0
Sh (%)US$m
Industry % Change from Last Quarter -8.5%
489,897.7
Morgan Stanley
Industry % Change from Same Period Last Year
10
100.053,592.0
Rank Value
▼
Rank Value per Advisor (US$m)
139,893.6
-62.6%
51Bank of America Merrill Lynch
5
44.63
Goldman Sachs & Co3
2115,426.5
46
+2
-0
-139
5.2
▼
0.3
0.8%▼
-
28,156.2
6.6
7
9.6
3.23,459.82,994.994
Lazard
▲▲
+10 25.3
21.7
16,806.8
6
71
60+416
▲▲
▲ 13,837.7-8
Barclays▼ 9
JP Morgan▲
▲
Deutsche Bank
4Citi
Perella Weinberg Partners LP▲▲
Credit Suisse
China International Capital Co
0.5
4,014.2
HSBC Holdings PLC+4
0.2
▲
1740 2,769.9
22
Sh (%)
+6
-40.70.9
▲
▲15
-49
4,065.0
▼
▲
▲
UBS14
▲
8
4,519.8
204,574.1
7.0
6.6
10
6.6
▲
1.7-
▲
1.8
18▼0.5-3.3
Ernst & Young LLP+1+1
+3
4,310.0
7.3
6,820.7
Centerview Partners LLC
7
▲
12
1.7
1.72
7
12
JP Morgan 21.9Deutsche Bank 29
8.0
9
BNP Paribas SA 0.2
-
Barclays 11
6- 61,345.6
8Perella Weinberg Partners LPDucera Partners LLC
1737,881.5
24.6
123.7
56,803.7
23,658.2 ▲
85,787.963,874.0
0.70.3
▲
0.9
▲3.7 0.2
2.0
24.6
▲0.2
▲0 -
+1▲
3.8
▲0.73.75.2 14
4Deloitte▲ 3.7
15▲35
▲
ABN AMRO Bank
3.74,040.0 3.0
▲
1016
5.4▼Citi 18
24.6
7- 13,897.8
39
19
6.6
Robey Warshaw LLP 17
4,519.8
RBC Capital Markets
1.8
13
43
21HSBC Holdings PLC
15Societe Generale
Commerzbank AGBerenberg Bank 27 ▼
▲
5.9
-8.77.0 ▲
23.7
101.0
▲4.5Valence Group
825105*
259,222.9
113.7%
1.6
21
4,045.7Industry Total
24
123.2%
-
Industry % Change from Same Period Last Year
105*Ernst & Young LLP
Industrial & Comm Bank China
▲
Credit Agricole CIB
Industry % Change from Last Quarter
-
5,104.7
26
Valence Group 4,430.02322
17,205.117,174.0
CITIC
2.0
20,616.3
4,657.0
37
2.6
105*14,017.9
17,803.6
5.4
4.5
-3.338,327.6
5.9
14.8 -8.7
6.9
14.6
7.39.1
▼
▲▲
Share Ch.16
-42.2%
▼▼
0.1
1 0.0
# of Market
1
12
423.7
53
1.4
▲
▲
0.0
33
▲
31.3 0.6
▲
0.1
13.3 ▲
0.3
21
0.1
2
110.9
▲2,417
▲
▲-10.1%
1.2
▲
0.90.3
-0.211.6
▼
0.21.1
0.2
1.3
1,418.81.22.8
0.00.1
▲
0.5▲
0.4
-0.3
18.2 1.1
▼-0.81.1
-▼
0.0
▲
1.1
0.5
0.3
▼-0.4
▲
100.0
▼
0.8 0.5 ▲
1.4108,598.6 100.0Industry Total+18
▲
▲
+181,500.0
21▼2.4 77
▲
59 -14+7 1,570.4
Moelis & Co 2524
MediobancaPricewaterhouseCoopers
Houlihan Lokey+2
▲+7▲+2
▲▲
3 ▲+2
80.37 +1
+2
0.5
0.3
0.9
+10.614
22+5+1
+12▼
22
2.2 ▲+14
0.24
40.2
1,148
69.7
▲
59.2-2.8
0.0
▲1.6
▼0
Fees
0.4
104.8
▼
-8
4.35.9
0.4 ▲
-▲1.3
0.01.7 ▲
-4.4
▼
▼
5.9
4.9
▼
-0.8
▲
▼4.2
Imputed Fees (US$m)
7.4
MarketShare Ch.Sh (%)
Advisor Market
-1.9
▼
21 4
US$m
Rank Value per Advisor (US$m)
Industry % Change from Same Period Last Year ▼
MarketFinancial Advisor
ING7
10
23,546.7
12.79
3.8 3.810,418.5
6
5
4323
-
4,095.1
22 32
9.4%Industry % Change from Last Quarter
UBS
12
8
21
11
13
-44.4% -39.2%
95
-4
16
42,115.1Morgan Stanley 38.8
109*▲
17
0.3
* tie
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
12
Rothschild & Co Itau Unibanco
Nomura
Credit Suisse
▲7.2▲13,361.8
-3.5Banco BTG Pactual SA
22
728
▼
▲3.0
▼▲
▼
▲
0
Banca IMI (Intesa Sanpaolo)
-22.4
▲
-
0.11.6
▲Industry Total
LazardMediobanca
JP Morgan
50
5.0
65
1Morgan Stanley
+24.10.2
101
1.70.6
▲
2.6
KPMG
▼
Citi▲
21
Rothschild & Co+5+51
-5
16
13
11
12
4.37.3
UniCredit17
BDT & Co LLC
3,204.422▲
1.52421
Barclays33
6
8.6
13
16▲
10
11
▼
100 0
5,998.8
5.6
6.5
2.0
-9.3
2.5
92 143 5
5,110.3
6.4
0.63.2
1.3
1.11.6
1.0
0.4-18.2
6.0
-3
▲-27.4
2.5 ▲
▼
+2
▲-3
+51 017
▼14 +71.4
1.0
6
0.1
87
144
▼▼
-16
0.6
▲6,281.7+53
6,715.4+10
Goldman Sachs & Co
HSBC Holdings PLC▼
▲ +1
1.1
10UBS 11
9
1015
314
Rank Value
98
1
13.9
36,712.85
Any Italian Involvement Completed (AF43)
2016 Rank
Market
1.4
19
US$m
7
15,465.4
14
11.9
-20.816,258.5
12,834.5
17.6
Sh (%)Market Market
Share Ch.
Rank Value per Advisor (US$m)
Deals# of
▼-0.8
0.9
▲▼
Change in
1.3-0.4
0.5
1.40.7
1.7
-1.4
4.0
1.0
0.8
10.2
47.2
11.4
17.47.5
9.2
4.7
▼7.2
2.9
16.3
▲▼
0.4▲
▼-0.7
▼
0.1
▲
▲
1.6
13.1
20.1
1.1
0.5
1.1
▲
0.3
-92.339.6
28.71.414.1
11.119.1
2.52.7
3.5
▲
3.1
▼0.7-1-5
+658.6
Imputed Fees (US$m)
2.00.5
-5 4.8
▲
▲39.6
▲
1.9
-5
+6 ▲0.6
▼+4
▼
1.1
1.9
▼▲
-0.2
-1.62.0
▲3.9
5.4
1 004 2
▲
3.8
100 0
▲
▲3.9
▲
-
0.4
0.0▲0.1
-4.63.6
3 38.8
EMEA Rankings
▲
▲-8
-9.5
▼
Financial Advisor
+4
▼
8.41.1
-7
13
▼
▲
+1
+2
0
+11
+5
+7
▲
▲
▲
0.80.5
4.2
▼
▲ 3▲
12,472.81151
27.625.5
Market
6
-2.6
2.1 15
Deals
7
-5.5
2.9
31▼
322,399.9
1
7.1
11.5
3.2
1.9
5.9
3.2
6.9
3.6
4.5
-17.4
2.5-11.7
10.6
12.4
16.4
13.8 -16.215.2
16.6
4.4
0.3
1Mediobanca 5 26,289.9
-9.8Bank of America Merrill LynchMorgan Stanley
Financial Advisor▲
# of Deals
29.5
Rank Value per Advisor (US$m)
Banco BTG Pactual SA12,701.0
4
6
2016 Rank
Deutsche Bank
34.6US$m
3 20,991.0
Itau Unibanco12,819.1 16.919,389.0
16.7
2015 Rank
2
Rank Value
7UniCredit
5
Any Italian Involvement Announced (AD36)
JP Morgan
11,518.9
1415
8
8,724.9
Lazard
KPMG
9 41011
9,405.610,490.2
Equita SIM SpA 16
10
14NomuraUBS
15 22
12
12 5,373.95,387.12313
5,206.45,120.124
268
44
Citi 4,699.118BNP Paribas SA 4,459.0
3,414.3
17
Ernst & Young LLP3,499.4
2.32,459.2
7.1
6.7-17.9
4.6
0.21.2
+1231 204RBC Capital Markets
75 959 3Industry Total11.9
Societe GeneraleVitale & Co SpA 1,743.4
-Colombo & Associati
3324
Leonardo & Co 1623
1920
22
8,026.7
Banca IMI (Intesa Sanpaolo) 21 92,702.53,335.7
▲
▼
16.2
▼
49-2.7▼▼
534
Goldman Sachs & Co 2
▼▲
Share Ch.
▼
▲
▲11
11.6
4
23
5,571.95,859.718 12
5,512.5Equita SIM SpA
293.5
2.1
0.2
2339 ▲
10.2-2.20.7
▲+79
2,270.71357Vitale & Co SpA
241,886.4
2,299.3
2019
Ernst & Young LLPBNP Paribas SA
25Leonardo & Co
-14.46.1
9
12,701.0
8,910.9
7.38.49.5
12,130.9
7,711.3
9.7
-18.2
-17.48,755.3
0.613.2
-17.2-24.3
0.60.5
0.414.5
13.6
6.8 ▼
▲
6
11
-
36
38.1
0
5
▲
43
+4
7
+1
19
0.1
-2
▼
▲0.3 +2
0.9 -10
610▼
▲ +50.80.7
▲ 108 -
▲
-50.9▼
▼+1
-9.3
+2
3.6
-111.0
-18.0
194.6
▼
25 ▲
6.2
▲
-47
1,432.2100 0
▲▼
▲
29
2.4 312
0
-
15,837.9▼16.8
13.8
▼ +121.010
Fees
▼
▲
54.2
▼ +3▲1.4
1.4▼
▲
▲▼
▲
▼
36.1
-0.947.7
5.8
3.9
# of Deals per AdvisorMarketAdvisor Market
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
4.2
Jan 1 – Dec 31
Sh (%)-2.2 ▼
+6
Share Ch.Sh (%)42.5+5
29.4 ▼-0.3
39.8 147.2 ▲
25-14.0
▼-11.2
-2.9
17.2
24.926.8
27
14
-5
6 27,084.5
22,980.924,706.7▲
▼8+2
2
2
0.8▼ Deutsche Bank
0.44
▲
Bank of America Merrill Lynch1.6
10
-2 ▼▲
Change in Market# of
34
1.2
# of Deals
+91915
Jan 1 – Dec 31
# of Deals per Advisor
2.8
MarketSh (%)Sh (%)
Credit Agricole CIB
14
2015 Rank
Industry % Change from Same Period Last Year ▲
China CITIC Bank Corp Ltd Societe Generale
Industry % Change from Last Quarter
# of# of Deals per Advisor
0.4
0.3
0.6
0.3
+195
14.9%
2,246
13
▼▲
1.4
8
+3
16
1
0.7+8
0.0 0
0.2
▲
Goldman Sachs & Co+2
0.7
0.8
Change in
0.6Sh (%)
Industry Total
Itau Unibanco
▼▲
-11.5 +15
▲▲
▲
Industry Total 100.092,143.5
▼▲
+5
▲
-8.2%
1019,755.9
# of Deals per Advisor
8.4%
▲16.4
# of
1,017
+642.3▲
Rank Value
▲
20,479.97
17.65
21.8%
Imputed Fees (US$m)
▲Sh (%)
44.0▲
55.426.4
▲3.73.6
▲
▲
▲32.8
▲
9.1%
▲
11
Bank of America Merrill Lynch 1
24.4Morgan Stanley
13.7
▲2
▲
3
+2
JP Morgan
1
▲
5,231.6
3,030.93,073.0
5,152.6
22
Goldman Sachs & Co 7
11,883.68
5
14
Carnegie9*
6,802.2
9,917.1
1718
2056
4,288.2
UBSLazard
BarclaysPangea Property Partners AB
16
Industry % Change from Same Period Last Year
19
Centerview Partners LLC
12The Raine Group LLC
Handelsbanken Capital Markets 3138
-
5
39
9*Mizuho Financial Group
36
9*
12
6
33*
423
1 4
10.1
Morgan Stanley
7JP Morgan
Rothschild & CoSEB
Nordea
18,234.52
3,491.93,412.2
26
-7,433.9
1325
-
8,600.0
Deutsche Bank20
Credit Suisse
Jefferies LLCMoelis & Co
Citi
60
828
22
6,248.315
23
21
2324
1
Arctic Securities ASA
25 62
26.1%Industry % Change from Last Quarter18.3%
HSBC Holdings PLC 2,450.998,688.3
2
9.5%▲
0.1
▲
▲1
2,961.0
2,500.0 ▲2,638.7
-14.5
2.5
0.1 ▲+1
18.0
0.1
21,581.5 28.1
Advisor Market
▲
Share Ch.▲
2.0
▼
▲1.05.1 ▲
0.8
▲
▲
0.3
0.30.6
1.14.0
▲▲
0.5
▼
2.6
▲
8.8
▲
0.3▼
0.1
▲0.2
-0.7
2.1▼
5.0
12.7
3.7
▲
3.8
0.9
▼
0.8
3.0
40.4
6.6
1.8
1.20.3
1,004.2
# of Deals
100.0
1.8
3.8
Market
25.8
0.7
12
▲19
926.7
18.4
18.4
20.2
24.3
12
17,036.0
218.418.9
19.021.4 5.0
19.7+1
+40.3
22.2▲
10
3
▼2.7
-1.41.5
▼-0.1
-0.6
-172.941.5
▼
▲▲
+3+13
0.30.3
0.3
▲2.4
▲
▲▲
2.42.1
18.9
5▲ 12.0
29.920.0
+2+6
0.2
2
-0.6▼
▲
▲
-0+10.1
1.17.0
+2
▲
0.6▼
1.7+3
▲
12.518.5
8.7%
100.01,104.518
-25.8
100.02.2
3.02.7
▼
2.5
0.9
-19.8
▲
3.1
3.54.4 1.1
3.1
▼5.3▼
3.12.80.5
0.2
73.56
▼10
▼# of Deals
▲0.4
DealsShare Ch.
16,719.1Bank of America Merrill Lynch
318.77.5
Sh (%)
8.78.7
▲▲
▲6.9 1.0
+1
0.3
0.0
9
+1
5.2
▲
-21.2
▲4.4 ▲3.7
▲▲
13.2
10
4.3 3317
16
▼
▼
13.916.9
18.5
6.3
6.5
8,600.07.58.78,600.08.7
130.5%
9.1
-2.3
10.7-10.0
-2.7
-2.0
16,361.9
Industry % Change from Same Period Last Year
▼
13
2016 Rank
Any Nordic Involvement Announced (AD37)
US$mRank Value2015
RankFinancial Advisor
3.0
21,733.7
Market
Jan 1 – Dec 31
22.0
12.0
16.613,065.1
16,658.016.9
0.8
+9
0
+123
-2
-2+1
▲
419
▼34
-
70.0
232.5
22
1 0.0
18
50.4
10.0
-
+8
+3 ▲-1
▲
▼▼
-4
+4 Carnegie
0.4
+3
+2
Danske BankNordea
Ernst & Young LLP
Barclays
▲▲
18,629.9
2017
22
2818
10
8
1514
338* 15,463.8
9,917.138*
4
16,444.7
10 18,718.8
21
5
3,128.6
14,118.614,484.415,092.4
-
9
13 2613,779.612,947.7
-
6Deutsche Bank
11,655.0Rothschild & Co
UBS▲
▲
Centerview Partners LLC16
LazardCiti
Market
Credit Suisse
12Credit Agricole CIB
▲
-7
Zaoui & Co
52
0
Handelsbanken Capital Markets-6
▼
SEB
▲11 -
-
1,204
▲
▲-11.2%
Industry % Change from Last Quarter
+5
Market
1.5%▲
75,959.3Industry Total
Rank Value per Advisor (US$m)MarketMarket
Industry % Change from Last Quarter
Jan 1 – Dec 31
▲
Sh (%)MarketChange in
FeesDeals
+79
2015 Rank Sh (%)Financial Advisor
167.5%
Rank Value per Advisor (US$m)
Any Nordic Involvement Completed (AF44)
67.7%
US$m Share Ch.2016 Rank
▼▲
100.0
11.4%
2,583.4
▲
3
▲
1.6
▲▲
-1
26
▲
14
0.1
91.2▲
15 +2
1
0.6
▲
0.6
0.4
0▲
4.66▲
0.1▲
-
▲▲+4
▲ -0.4
+1
2.8
11.7
4.10.7
4.1
0.9
0.42.1
612.9 ▲
20.2 1.41.9
14.1 0.6
21.5
1.3
0.6
9.9+1
7▲
0.4 +3▲19 -21.2
13.3
▲28.8
+2▲ 0.1 3.4
-1.0 31
0.7 ▲1.1
▲3.3
11▲
0.32.12.9
-3
+4+13
▼
▲+80
5.2%-23.1% ▼
-0.8
1.9
▼Industry Total
5
251,632
▲
76,721.5
2,307.0
-8.5▲
1,804.2
-24.9%14.4%
-3.5
2,301.3
2.113
▼▲Industry % Change from Same Period Last Year
22
3,491.9
Itau Unibanco 21Arctic Securities ASA
162019 44 2,769.9
KPMG
Jefferies LLC
▲
▲20.5
14.7
▲
18.0
4.5
7.0
12.5
▼
1
▲
▼
0.60.719.5
-8.2% ▼
3,107.3
-0.6
0.915.216.9
100.0
▼
241,569.6
74
3.4
3.0
4.1
2,500.0
2.4
3.6
4
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13
China Construction Bank Centerview Partners LLC
Change in # of
▲N+1
8,600.0
46,596.5
7.19.2
153.1
▼1
19
▲
15
19 -15
▼0.7
0.01
0.0
▲
10.6 -54.4-25.410.6
1.9
1
-10.3
25.9
-
-44.2
15
Sh (%)
# of Deals per Advisor
2.2
▼
▲
25.9
3
▲
22,964.9
16,609.4
46,596.5
19,123.7
46,596.5
58,907.0
139*
8
Morgan Stanley
Mizuho Financial Group
Bank of America Merrill Lynch
5.44.8
25*
9,788.1
16 12,712.19
139*
18,993.7
46,596.5
11,326.2
12
298*
6
5
34
-28.9
2.9
48
5.06.3
16
The Raine Group LLC
24
Deutsche Bank
Lazard
22*
1819
LionTree Advisors LLC
17
22*
20
Robey Warshaw LLP
2138
AZ CapitalEvercore Partners
-
Barclays
15
8*8* -
Rothschild & Co
3
Citi
Dyalco
14
25.9
26,718.225.9
25.9
14.925.9
12.8
Lakeside Capital Advisers LLC8* -
-
13 4
25.9
187
-1
Industrial & Comm Bank China47,485.3
China International Capital Co
China CITIC Bank Corp Ltd
HSBC Holdings PLC
Any Benelux Involvement Announced (AD40)
3
2016 RankFinancial Advisor
1UBS
EMEA Rankings
-1
Credit Suisse4
56,296.7
2Goldman Sachs & Co
Rank Value
13JP Morgan
5
2
26.7
US$m
18.10.90.7
25.9
▼ 0.9
8* 11 46,596.5
48,050.6 26.7
2015 Rank
22
6
62,018.8
57,175.8
Deals37.5
+7
0.7 -13
Market
▲
31.8
0▲+1
▲▼
0 -2
248,086.1224,650.2212,924.7
543
Morgan Stanley
Robey Warshaw LLP▲
1
Lazard
8
6Deutsche Bank
191,281.2
129,929.77
5
33.5
1.1
1.5
10.00.7
0.0
1.6
3.4233.6
73.4
3.2
-1.1
-0.5
1.6
-0.81.3
Jan 1 – Dec 31
Sh (%)
1.2 5.5
-1.40.7
2.5 ▲2.5
0.3
▲0.6 ▲
▼
▼
▼
-0.8
▼▲
-2.1 ▼
-1.5
▼
▲
▼
5.1
1.4▲
▲
0.0
▼
24.9
36.1
0.4▲
-
32.4
0.4▲
2.5
▲
6.8
126.0
186.7
AdvisorFees
MarketImputed Fees (US$m)
▼▲ ▼
▼
▲
Market
-3
Deals
5.9135.2▼ 10.3
3.2
36.4
0.1 +2-7 ▼
-13
15.0-6
▼ 28.7
37.7
14.3 +15
▲0
56.9
1.2 0 7.5-
55.4-
+5
-2.645
-1
136,196.0
0.2
-4
-1
▼
3.4
▲
--
▼
0.3-0.5
16.5
76.5
0.2
0.3
▲3.9
▼ 98.9155.6
4.3▲
▲18,108.5 5.3
▲0.7
0.712
120.2
0.318
18
5.9▲
PJT Partners LP 16
▼
▼17
1.3 -1+6-50.6
2.1
0.0
▼
4,273.1
-46.8▲
6▼
12▼
▲
123.6 ▼
▲ 1
▲
4.8
2.4
6,408.8 1
3.36,408.8
3.6
▲
-45.2▲
2
0.9 +2
5,903.81 -1
2.4 0+4
00.0
0.0
Evercore Partners0.60.0
2423 51
+4+1
▼Santander
▲
▲
▲UBS▲
-
19
22 31ABN AMRO BankJefferies LLC-
4,671.01.2
9,571.518
6,027.11.6
36
139*
5,417.1
97 1.4
21
0.61.82120 16 6,211.2
1.4
1.8
13 54,073.1 15.792,955.0
6.723,223.7
26.912 8
2.2
15
HSBC Holdings PLC
8.529,285.9
7,463.5
25
111415
ING2.8
0.0
-14
+1 Industrial & Comm Bank China
6+1
▼
20,327.5
BNP Paribas SA
0.1
▼ 4 0.20.3
Barclays▼1
626.4
31.3
23.3
0.0▲25.0
▲3
31.3
-3.5
34.5 33.0▲32.8
-36.5 ▼
8.2Share Ch.# of Deals # of Deals
Jan 1 – Dec 31
Sh (%) Share Ch.Market
-29.4
Rank Value per Advisor (US$m)
▲1
3.0AZ Capital-
67,465.3
Market
257,055.9
2016 Rank
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
25
MarketSh (%)
185.2
Market
▼
# of Deals per Advisor
Any Benelux Involvement Completed (AF47)
74.5
Change in Rank Value
3 ▲Share Ch. Sh (%)
1.1
0.4
10.3
1948.7 22
0
8.1
0.71.9
3
9
18
0.1
1.131
1.8
0.2
2.7
0.9
-3.031 +2
29
▲
0.2
▲
▼3
▲
6
▲
+10
1
▲
▼-
-
12
▲
▼
0.1
+41.1
+1 16.90.10.7
0.3
▲-5 0.40.9-0.324.6 ▼▼-7
21.5
0.3
-0.1 ▼0.6
1.40.7 ▲
▲11.2▲
1121.3
Industry Total 345 115 70▲
1 646 +94100 0 2 277 2
-1
▲0.8 ▲
▼
▼
-1.0
+13.65.3
27
Credit Suisse+25 ▲
Guggenheim Securities LLC
Perella Weinberg Partners LP63Citi▼
42
-
▼ 20 1.0
▲
0.1
▲▲▲
+3
-49
111,657.7
9124,510.713
30+1 10
1136.132.4
0
Bank of America Merrill Lynch
Rothschild & Co
7
10129,683.5
71.9
39.5
61.7
73.0
37.6
65.1
1JP Morgan2Goldman Sachs & Co 4 251,917.9
US$mFinancial Advisor2015 Rank
Rank Value per Advisor (US$m)
152
49.3▲ 1.3
# ofMarket
29.3 0.5
▲
▲
1.6
▲
▲
25.0 ▲
▲
48.6
4
▲
18
55.4
29.9 ▲ 3
44.0
3
0.2
-5
0.46
-
-2
30.9
100 0
30.5
0.1
-0.24,948.4
6.04,273.10 1 0Santander 25* 67 4 273 1 2 4 2 3
Industry % Change from Last Quarter ▲ ▼108.0% -10.0%
Industry Total 100.0▲ 2
179,772.9 2,026
* tie
Industry % Change from Same Period Last Year ▼ 347.2%Industry % Change from Same Period Last Year
-54.1% Industry % Change from Last Quarter▲2.8%
Industry Total
97.7%
345,115.7-25
1,646
▼▲▲▲
+94100.0
-4.1%▲
15.5%▼
2,277.2
77.7%-22.0%
100.0
Quarterly EMEA Cross Border Volume Jan 1 – Dec 31 2016EMEA Inv. Announced M&A Target Sector by Value ($bil)
0.1 0 -Santander 25 67 4,273.1 2.4 2.3
$225.8
$189.6
$142.9
$125.2$121.9
$118.1
$98.1
$75.3
$63.0$39.1 $38.7 $32.7
Materials Energy and Power Financials
Industrials High Technology Consumer Staples
Real Estate Healthcare Media and Entertainment
Consumer Products and Services Retail Telecommunications
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2009 2010 2011 2012 2013 2014 2015 2016
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Inbound (US$b) Outbound (US$b) Number of deals
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14
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
Asia Pacific (ex-Japan) M&AAsian M&A Down 8% I Materials Top Industry I Goldman Sachs Highest Fees
34,037.5
HSBC Holdings PLC
29.613,014.8
16.6
CITICChina International Capital Co
3 3
10.6
6,865.4 8,059.8
China CITIC Bank Corp Ltd24,047.3
3
1CITIC
JP Morgan
Goldman Sachs & Co
24,862.3
Mkt.Rank
39.62
Share
33.4
148,186.3 51,687.9 52,555.7 Goldman Sachs & Co
China International Capital CoMaterials
High TechnologyIndustrial & Comm Bank China
Rank Val US$m157,189.1
Asia Pacific (ex-Japan) Deals Intelligence
Financials
62,231.4
135,487.9
5.6
1,344 1
21,976.7
Announced M&A volume with Asian involvement for full year 2016 decreased by 8% compared to the same period in2015, accruing US$1.1 trillion in value from 13,363 deals, the highest number of deals on record. Meanwhile, 7,768deals were completed this year valued at US$745.8 billion, down 9.9% in value from the same period last year. With acombined 42% market share, Materials followed by High Technology and Industrials were the most active industries sofar this year.
The top announced Asian-involvement deal for 2016 was the US$46.6 billion acquisition of Syngenta, a Swiss biotech,by CNAC Saturn, a subsidiary of China state-owned China National Chemical. The biggest deal from the fourth quarterof 2016 in Asia, was the acquisition of India's Essar Oil for US$12.9 billion by Petrol Complex (a subsidiary of PJSCRosneft Oil).
According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions inAsia totaled US$3.9 billion during the full year of 2016, a 9.5% increase from the levels recorded during the same period in 2015. Goldman Sachs took the top share of wallet with US$348.4 million, followed by Morgan Stanley and JPMorgan, with US$258.6 million and US$203.2 million, respectively.
China outbound activity in 2016 doubled from 2015, posting US$220.9 billion from 906 deals, a 45% increase innumber of transactions. Meanwhile, Australia's outbound activity this year was at US$18.7 billion from 313 deals, adecrease of 28% in volume and 9% in deals from the same period in 2015.
27,049.8
2,034 16
Goldman Sachs & CoReal Estate
8
27
218.4
12
2
3
2,088
3
816.23
16.8
23.219.5
1
Jan 1 - Dec 31 2016
8
14.8
8
32.96
6
No. Deals
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
28,695.5
Morgan Stanley
146,912.9 IndustrialsMorgan Stanley
1013,014.1 122,500.8
143
71513.8
1,000
1,686
China Securities Co Ltd24,943.0 18,668.1
China International Capital Co 18.4
Samsung Electronics Co Ltd3/23/2016
Pending South Korea / United States 8,787.69/14/2016 YTO Express Co Ltd (100%) Dalian Dayang Trands Co Ltd China / China 8,780.7
Harman Intl Industries Inc (100%)11/14/2016
Industrials / Transportation & Infrastructure
Singapore / India
46,596.5Rank Value (US$m)
Netherlands / Switzerland Materials / ChemicalsAcquiror
Top Ten Any Asia (ex-Japan) Involvement Announced DealsTarget Macro / Mid Industry
5/23/20162/3/2016
China Cross Border Announced M&A
CNAC Saturn (NL) BVSF Holding (Group) Co Ltd (100%) China / China12/23/2016
Rank Date Acquiror / Target Nation
9/23/201611/1/2016 Yum China Holdings Inc (100%)
9/6/2016 12/26/2016
Baoshan Iron & Steel Co LtdShareholders
Petrol Complex Pte Ltd
Energy and Power / Oil & GasHong Kong / Australia 9,721.2
Pending
Asian Completed M&A by Region - Imputed Fees
12,907.3China / China
China / China 14,482.9Energy and Power / Oil & Gas
CNPC Capital Co Ltd (100%)
Pending
12/4/2016
11/1/2016Materials / Metals & Mining
Financials / Other Financials
Jan 1 - Dec 31 2016
Industrials / Transportation & InfrastructureHigh Technology / Electronics
DUET Group (100%) Cheung Kong Infrastructure11/1/201610/6/2016 Pending CIT Group Inc-Commercial Air (100%) Avolon Holdings Ltd 10,000.0
Maanshan Dingtai Rare Earth & 16,830.8Jinan Diesel Engine Co Ltd
10,372.6
Syngenta AG (100%)
10,028.2Ireland-Rep / United States
China / China Retail / Transportation & InfrastructureWuhan Iron&Steel Co Ltd (100%)
10/15/2016 Essar Oil Ltd (49%)Pending
Date Effective Target (% Sought/Acquired)
Industrials / Transportation & Infrastructure
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
% O
utbo
und
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Impu
ted
Fees
(US
$b)
North Asia South Asia Southeast Asia Australasia
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15
CITIC HSBC Holdings PLC
100 0Industry Total 7 768 3 913 013 363
9 1.350.4
▼1.9
3
745 831 2
13,794.5
17,125.2
2.7
15
-12
15
2223
▲
-3.76.7
▼
▼
+1538
28
0.0
-10
▼
9
8
21 43 18,104.7 1.7 1.1
6.7 ▲1.2
▲
1 073 910 2
▼
▲
▲
42,694.3 -3.5
0.5
0.6▲
1.3
1.6
0China International Capital CoHuatai Securities Co Ltd-
-8-18
CITIC
2.0 0.4Evercore Partners 0.1China Merchants Securities Co 20 38 2.2
72
▲25
0.3
81
▼
▲
▲
Haitong Securities Co Ltd50 2021
+3 Guosen Securities Co LtdDeutsche Bank
Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - Dec 31
# of Deals per Advisor
13
Morgan Stanley 4 2
2
Lakeside Capital Advisers LLC +14.3▲
Credit Suisse7China CITIC Bank Corp Ltd 316 0.5
10.1
-4.7
0.3
86,606.1 8.1
▲4.2▼
46
0.4108,770.7
48,926.6
Rank Value per Advisor (US$m)2016 Rank
2015 Rank
Rank Value
▼
-10.5
Change in Imputed Fees (US$m)
Sh (%)▼
JP Morgan 3 11 110,495.3
▲137,472.0 -4
14China Renaissance PartnersBank of America Merrill Lynch
0.455
▲+1 3.4
64
8.37.0 34
4.6 ▲
25,318.7
3.2 ▲
# of Deals# of
20,382.4
49
1
19,405.2Rothschild & Co▼
5012.8 ▼
Rank Value per Advisor (US$m)Market
Share Ch.
Goldman Sachs & Co13.1China International Capital Co
1
MarketFinancial Advisor
1 4 140,564.0US$m
-3Share Ch.Sh (%)Financial Advisor
0.7▼1US$m
Goldman Sachs & Co 55
MarketMarket Market# of Deals FeesDeals Sh (%)
57▼
MarketChange in Advisor
▲8.9 3.6348.4
Market
14.1104,945.51
# ofRank ValueShare Ch.
2015 Rank Sh (%)
5.2 0.4562
-7.5▼ 2Morgan Stanley 12.9 -5.8
10.696,385.3
0.8 1.16578,713.6 4.4▼
43.4▲ 0.1▼0.10.7 -16 ▼ 258.6 6.6
▲-3.8 0.3▼ 9.2▼▲
2.8108.4+29
▲▼1410.3 ▲
684.7
-3.9 43
UBS 5 14 97,201.6 9.1+747 0.64 68,507.4
51,789.7 6.9JP Morgan 12
1749,856.66▲89,358.2
▲6.7
▼0.5 -305.2 2.7
5 0.2 0.1▲+11
6.4▲▼-0.2 203.2
9.536 ▼▲2.8
-0.2 ▼46 0.6
1.4105Industrial & Comm Bank China 710
0.380.8 -11 ▼
13▲ ▲-10 ▼ 134.8 0.63.5
▼0.5 +5 ▲ 102.1
0.8▼
-5 ▼-3.2 ▼ 37 2.6 0.6
49 153.3-6.4 3.90.65.641,570.1
▲43 6+11 Citi0.3113
5.2 ▼26 +35 37,601.3▼ 10 5.0 -7.6
38,404.5
4.6 ▲ ▲ 0.20.4 ▼ 0.3
+1710 9 64,410.0 6.0 0.0
0.11956
17China Construction Bank 11 5.0-171 5.011+7 37,280.1China CITIC Bank Corp Ltd▼1.9▲ 74.8
1.50.6
▲3.9
1.5 ▲57.8
-0.1 ▼74.5
25,939.350 ▲+13 ▲ 152.4▲
-812 307 48,540.5
0.1 ▲201313* ▲▼
- 46,596.54.3 4.3
4.54.3
N+1▲ 1 0.0 31 0.4
0.1 +5 ▲ Credit Suisse 12 11 30,351.9 4.1 -2.90.14.23.5
0.6▼
▼4.0Dyalco 13* - 46,596.5
50.8-61.2 ▲
37▲
▼1.3▼ 91.0-90.3 2.3 ▼24 ▼
38,629.5 3.6 2516 ▼▼42 -26-0.8 Lazard35
81.3+130.3 30
190.3 -0.9▼
0.3▼▼
2.62.5 -1.8
2.1▲ 95.2 0.42.40.5-8▼▲ 20
17 +418,850.4▼ 18
Citi 171.6-118China Securities Co Ltd
36,464.0 3.4 -3.118
▲8.7 0.2▼0.30.4 33
2.3▲-5 1.3
China Dvlp Bank Sec Co Ltd -+3 2.3190.10.0
0.2+231,550.2 China Merchants Securities Co2.9 0.2 2.518,504.5
0.2Lazard 28,530.6 ▲2.7 0.819 24 ▲ 2▼ 0.5
0.0 ▲▲+1318▼15,667.0-4 ▼ 2.1
39+29 -1.616,667.6 -12.0-7.6 ▼▼ 23 0.3 -21 2.7
0.3
▲+17 ▲ 7.1 0.231 0.2▲ 0.457
1.6+11
▲ 1.70.016
30.5▼ 31.61.6 14,385.2-1.4 ▲ -2.345 PricewaterhouseCoopers
6Rothschild & Co 23 17
1.4VTB Capital 24 75 17,099.617,401.9
-0.21.6 GF Securities▲
15,181.8 2.0▼0.8
+3▼-8.4
-0.6
-360.7▲ 36 028 0.0
+9430.5
8Somerley24
7 677100 0▼0.5 -0.820.0▲13,605.7
100 0
1.91.80.4
+593
0.0
Any Asia (ex-Japan) Involvement Announced (AD25)
25Ernst & Young LLP 1.6
China Dvlp Bank Sec Co Ltd 22 - 17,451.8
270.0
0.2
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
▲
8.8
0.5
0.0
Asia (ex-Japan) Rankings
Huatai Securities Co Ltd
Jan 1 - Dec 31
16
▲
-12.01.1
2016 RankSh (%)
Market
0.11.6
15
17,085.2Industry Total
21,551.8
Industrial & Comm Bank China 8HSBC Holdings PLC 9
Bank of America Merrill Lynch 15 5
China Securities Co Ltd
3
+1462
# of Deals per Advisor
9UBS
+3012 72,012.6
71,367.4
47,546.8
Deals
JP Morgan Bank of America Merrill Lynch
78+28
▼
1,954.9 1.6▲
Nomura 0.6
▼4.9
3.73.8
12
Rothschild & Co
5,968.8 -2.31.8
100.0
0.8+1
Industry Total
4,660.7 ▲
▲0.2+1
Industry Total
▲
94,622.5
49+3Moelis & Co 25+5
Greenhill & Co, LLC
▲
▼24Luminis Partners Pty Ltd
956.323 5
-3.0%-6.8%
-3▲
13.7
889.8
7,768 3,913.0
14.3▼
-
▼-4 2.6
5.80.7
7.4
0.4
-1.2%
0.3
▼▼
1,179
-
1,076.4
906.20.9 ▼
Industry % Change from Same Period Last Year ▲
7100.0 100.0
3.8%
-37-1
9.0% ▲
5 ▼0.1
▲▼
1.7% ▲
1.1
11
5
41
2 0.8-
-2
2.9
▲▲
0.3
14.5
0.4
-8.3%
-
-
▼
-
0.1
0.01.3
▲
0
0.0
▼
0.2
0.00.70.2
-
1.4
2.1
1.3▼
▲
14.6▲ 0.3 ▲+37▼ 0.6 ▲ 8.9
-4.5
0.4
0.12.1
+60.9▼
0.14,666.7
2,481.5
Industrial & Comm Bank China
Tudor Pickering & Co LLC7 12Grant Samuel 13
+3+2
1
+2
+1
China Renaissance Partners
Ernst & Young LLP23
▼▲
+5 20RBC Capital Markets
-3
Barclays20.2
▼▼
▼
-5
▲▲▼
0.8
202120
1.0 0.10.6
3Highbury Partnership Pty LtdLazard
▲0.9
0.2▲
22
111419
18
6.042
-1.1
1.1
1.31.31.3
1,274.0 1.0
107
10
0.1
▲
▲
11
89
1,583.51,582.91,292.1
2,971.21,983.6
2.3 0.4
Fort Street AdvisersLazard
-5.4
▲▲
Industrial & Comm Bank China 1.62.46115
16 31* 4
-2
29*
- 3.7▲ 15+4
14▲4,545.7
-0.3
1.7
12
▲
0.2
0
1541
▲
KPMG
18
▼1.3▼
1.7
-0.4
▼
201,443.4 1.5
0.2 11▲▼
2.12.1
- 1,961.8
19 1.0
▲ 16 2,314.02,020.717 16
▲ 1213.0
2.6
7.97,692.4
2,908.8-
7,472.2
2.9 ▼▲
4.9
▲-0.4
-2.9
2,709.33.1
2
-1 ▼ 47.8
13,363
-0.6 ▼
16.5
4
6
36,306.58.7
14.4
1 44,977.3
15,057.514,422.1
1.95
4
3
17,180.921,551.3
3
5
8
6Citi 8
10Deutsche BankMorgan Stanley 7
0.9
38
910
1,583.51.1
11 2.5
1.01.0
47.1%
▲
0.8
0
1.6
0.3 +3
▲
▲
+12
▲
7.4▲
0.7
+1
0.200.4
22.4
0.3
-2
▲ 7▲▲
+4
9 0
1.3
19
▼
15
9
+2
+117
40.8 41.1
1.8
30.5
0.60.1▲
▲ 3.01.3
7.31.8
-
0▲-
0.7▼
65.0 6.0
0
▲
0.2
▲
0.10.6
▼
0.0
0.2
1.2
1.00.2
▲
1.7
▲
0.5-
▲▼
1.3
2.1
▼
▲
11.7
0.3
2.3
13.6
19.838.1
-11.2
▼
+32.014
3.5▲
2.8
4.4
▲100.6
3.8
49.8%
745,831.2
+1
# of Deals▲
# of
9 -▼
0
26
Macquarie Group
Gresham Partners
UBS
-12
1.5
73
+1
+4
16.3
0.9
12
0.419
0.516
1.1
25.335,177.9
14.1
-0.9
-5.88.6
17.0
240.7
13.2
10.5
▲
14.1
▼▲
▲
30,899.0
20,703.224,977.7
10.0
▲▼
28.9
2.0
▲
19
4
Flagstaff Partners Pty Ltd 11
89
18RBC Capital Markets
Bank of America Merrill Lynch8
10,130.65
Deutsche Bank
12,145.8
17,242.5
10
16,052.7
Credit Suisse
5.1
20.5
17,245.7
77
Citi
4
Gresham Partners 13
DealsMarket
▲
1,073,910.2
-6.5 ▼4.31.4
4.6%
231,075.0
100.0
Greenhill & Co, LLC 17
726.4
0.9
17
Ernst & Young LLP
13
24Investec
▲
14Robey Warshaw LLPBarclays
Evercore Partners
Grant Samuel
China Renaissance PartnersMoelis & Co
7,262.0
30.3
6.0 3
0.6
0.5%Industry % Change from Last Quarter
Industry Total 121,926.6
165.4%
▲956.3
0.461,714
0.625
Industry % Change from Same Period Last Year
0.8
0.6
-2.6754.6
-9.9%
Sh (%)
Jan 1 - Dec 31
1.2%Industry % Change from Same Period Last Year
-7,677100.0
Market
▲9.5%▲
Any Australian Involvement Completed (AF31)
▲ ▲
Imputed Fees (US$m)
Jan 1 - Dec 31
84.4%▲
Industry % Change from Last Quarter
▲ -0.0▲3.8
Share Ch.Financial Advisor DealsMarket2016
RankChange in Advisor
Sh (%)Market2015
Rank# ofMarketRank Value Market
▲47.52
# of Deals per Advisor
1.8%
6
▲Fees# of Deals
+265.160
24
Sh (%)167.6
Sh (%)
0.80.5
12
26
1.0
22.3-
6
▲
-6 ▼-6 ▲▼
▲▲18.2
125.7
-1-1.0
0.6 JP Morgan▲-3
+2100.4
▼
Morgan Stanley
70.8
8.3▲
6▲4.0▼
9
1
12
63
3
12
20.4
# of Deals per Advisor
Macquarie Group 1 2
Rank Value
50.5
Change in 2016 Rank
61,536.7
Market
Industry % Change from Same Period Last Year
6
Goldman Sachs & Co5
US$m
UBS 2
2015 RankFinancial Advisor
19.5%
Sh (%) Share Ch.Market
Rank Value per Advisor (US$m)
100.0
▲▼
+593
12.0%▲-8.1%
+27
▼▲
0.7
-8
Any Australian Involvement Announced (AD24)
0.1
18.8
4.9
9
11
Industry % Change from Last Quarter
0.821 1,239.0
1,161.2
-6.89819
4422 1.2-0.5
▲-7.50.7
US$m
8.1
15.2 8.3
▲
18 5.7
8.9
Share Ch.
Goldman Sachs & CoCredit Suisse
▲
Flagstaff Partners Pty Ltd
0.51.4
15.9
3.212,278.6
15.67.9+2 85.12.2
▲30.622.8
17.6
▲13
38.4128,945.7
15,579.6
▼
11.9
Rank Value per Advisor (US$m)
Industry % Change from Last Quarter▼
Industry Total
https://www.thomsonone.com * tie
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16
Sh (%)
6.7+3▲▲
0.5%
4.8
▼▲ 12 7.4 +7
Market
7.2
▲KPMG 6 8 596.4
2,278.0
-
▲
Deutsche Bank
984.1
2,168.0
US$mMarketRank Value
10,260.8
8.0
2,255.2
▲
20.81
Rank Value
▲
5.93.6 5.7
▲
0.6
▼
3.6
▼
-23
2 2%
▼
+1-
▲
# of Deals per Advisor
0.8
-12 4%
104.3
Imputed Fees (US$m)
Asia (ex-Japan) Rankings
▲
21.2
Change in
▲
MarketShare Ch.
9 21.2
▲12.6
Sh (%)
Industry % Change from Last Quarter
+1
100.0
-
-34.2
2,174.0
0
162
2
+1
100.0
+4 4.61.9
3.8
3.50.1
▲7.5
▲
1 +1 3.83.9
+14 2.53
7 -4
11.4
13.2 ▲▲
▲13.212.6
▲
MarketAdvisor
20.7
Market
19.8 9.9Fees
-
Jan 1 - Dec 31
Rank Value per Advisor (US$m)
20.0 2.5
Sh (%)Sh (%) Share Ch.
Rothschild & Co
Industry Total
21.1
# of Deals
▲
Sh (%)Market
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
# of
2015 Rank
Share Ch.▼4.3
3.14.6
▲
100.0
4
Deals
# of Deals per Advisor
▼
▲
1
0.4
31.7%-1.6%
1
1
30.3
0.4
Jan 1 - Dec 31
249
Change in Market# of Deals
-4
Any New Zealand Involvement Completed (AF46)
Market2015 Rank
239.3%
5
Goldman Sachs & CoFinancial Advisor
3
2016 Rank
Citi
Industry Total
Northington Partners Ltd
2016 Rank
4
Northington Partners Ltd
Asia (ex-Japan) Buyside Financial Sponsor Activity
2
Rank Value per Advisor (US$m)
▲
11.4940.0984.1
US$m
-848.4
-4 6% ▼
7,442.0
Industry % Change from Same Period Last Year
25*Cameron Partners Ltd
17UBS 1,547.9
▲
Industry % Change from Same Period Last Year
9.6UBS
512.0
9.674
0
1.2
2
8.221.1
▲
3
▲22.2
# of
31,230.2
18.119.1
▲-
8
Any New Zealand Inv Announced (AD39)
Financial Advisor2
Craigs Investment Partners Ltd
1Deals
$3.1$9.6
$3.5 $6.1 $8.9 $6.1$12.8 $13.8
$20.7$4.0$4.2
$6.6$13.3
$8.2
$17.2
$40.7 $32.0
$6.8$5.1 $3.3
$8.1
$10.0
$6.5
$31.8
$40.7
$16.4
$6.7 $17.3$5.7
$6.2
$10.3
$13.9
$37.9
$15.8
3.0%
7.8%
9.9% 10.6%
8.1%
11.2%
8.0%
14.7%
18.5%
16.6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$0
$20
$40
$60
$80
$100
$120
$140
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of WW FS Volume YTD
Australian Cross Border Announced M&A
Industry % Change from Last Quarter
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)* tie
▼ 2.2%-12.4%-4.9% ▼ 53.0% ▲
▲30.3% ▲-4.6% ▼Industry % Change from Same Period Last Year
15%
14%
14%
12%12%
10%
6%
4%4%
4%3%
Materials High Technology Industrials
Financials Real Estate Energy and Power
Media and Entertainment Retail Healthcare
Consumer Staples Consumer Products and Services Telecommunications
Government and Agencies
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
Out
boun
d
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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17
Mitsubishi UFJ Morgan Stanley
* tie
15.5 10
190 8,822.6 1 59.2 9
3 Mitsubishi UFJ Morgan Stanley
14,910.8
6,620.6 2
1
3,266.4
26,760.1
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
Japan M&AJapanese M&A Down 2% | High Technology Volume Drives Japanese M&A Activity | Outbound Highest On Record
5,662.5
11,776.2 1
75.9
Rank Val US$m
Mizuho Financial Group 26,474.0 3
Nomura
Consumer Staples
Nomura
44.0
17.520.4
HealthcareNomura
Industrials
Daiwa Securities Group Inc
Mitsubishi UFJ Morgan Stanley
53.766.6
No. DealsRank
44,831.7 23
Share
Japan Deals Intelligence
31,729.7 39,350.7
59,094.5 1
Lazard
High TechnologyMizuho Financial Group
Japanese M&A volume for full year 2016 registered a 1.5% decrease from comparable 2015 levels, accruing US$192.1billion in activity, the third strongest full year period for Japanese M&A on record after 1999’s US$242.4 billion and2015’s US$194.9 billion. 3,394 Japanese involvement deals were announced in 2016 -149 deals more than wereannounced in 2015, marking the highest deal count on record.
The High Technology sector led the Japanese market in 2016, with deal volume totaling US$59.1 billion, accounting for30.8% market share and a 263.2% increase compared to 2015. Industrials followed, accruing US$26.8 billion for a13.9% share of the market, primarily driven by CK Holdings’s US$4.3 billion acquisition of Calsonic Kansei Corp. Outbound activity continued to drive the Japanese M&A market, reaching a new record high with total value worthUS$95.3 billion, a 9.3% increase compared to 2015. Deal count also posted a new record high, totaling 758 announceddeals, 12 deals more compared to the same period last year. Asahi Group Holdings’s US$7.8 billion acquisition ofPlzansky Prazdroj was the largest outbound deal during the fourth quarter and the second largest Food and BeverageJapanese involvement deal on record.
Japanese Domestic market activity totaled US$67.5 billion, registering a 7.7% decrease compared to 2015. DomesticHealthcare deals posted significant gains, accruing US$9.5 billion, a 428.8% increase compared to 2015. Canon’sUS$5.9 billion acquisition of Toshiba Medial Systems was the largest domestic healthcare deal in 2016.
Any Japanese involvement Completed M&A activity totaled US$176.6 billion from 2,251 deals. Total estimated advisoryfees according to Thomson Reuters/Freeman Consulting reached US$1 7 billion
Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Dec 31 2016Mkt.
The Raine Group LLC
36 24.2
2
612 26
2
11
5 220
21.2
466
12
28
20.718,650.0 Real Estate
3,800.3 3,865.1
2
11,556.8 17,669.5
2
14 65.410,654.0 60.3
44.4Sumitomo Mitsui Finl Grp Inc 2,314.8 3
3267
1
2
10,654.0 2*
LazardDeutsche BankRothschild & Co 60.3 13
2*
8,600.0
Daihatsu Motor Co Ltd (48.73%)
8/31/2016
Pending
PendingPending
10/5/2016
7/18/2016
Pending
12/13/20166,300.6
AcquirorTarget (% Sought/Acquired)Rank Date Target Macro / Mid Industry
Any Japanese Involvement Announced M&A
Calsonic Kansei Corp (100%) CK Holdings
fees, according to Thomson Reuters/Freeman Consulting, reached US$1.7 billion.
Date EffectiveTop Ten Japanese Involvement Announced Deals
Supercell Oy (84.3%) Halti SACompleted
6/21/2016
Completed
Intended
2/25/2016
11/22/20163/17/2016 Completed
PendingCompleted
1/29/2016
7/21/2016 Industrials / Machinery
Energy and Power / Petrochemicals
Acquiror / Target Nation
High Technology / Software
3,450.3Industrials / Automobiles & Components
Sharp Corp (72.32%) Investor Group
Healthcare / Healthcare Equipment & SuppliesIndustrials / Machinery
Japan / Japan
Komatsu America Corp United States / United StatesHigh Technology / Electronics
4,287.8
Sompo Japan Nipponkoa Ins Inc
Japan / United KingdomLuxembourg / Finland
Toyota Motor Corp
Joy Global Inc (100%) 3,623.6
Japan / Bermuda
3,131.6Taiwan / JapanJapan / Japan
5,901.7Japan / Japan
Japan / Japan
Financials / Insurance
Jan 1 - Dec 31 2016
Toshiba Medical Systems Corp (100%)JX Holdings IncCanon Inc
7,774.2Japan / Czech Republic
Rank Value (US$m)
Endurance Specialty Holdings (100%)TonenGeneral Sekiyu KK (100%)
ARM Holdings PLC (99.28%) 30,750.7SoftBank Group Corp
Asahi Group Holdings Ltd
6,276.4
Plzensky Prazdroj As (100%) Consumer Staples / Food and Beverage
High Technology / Semiconductors
Any Japanese Involvement by Market
$50.1$34.0 $23.5 $35.2 $38.4 $37.0 $25.6
$42.4 $51.0 $41.8
$31.0$37.1
$21.6$19.2
$45.9 $41.2$32.8
$32.1$33.0
$30.4
$28.7 $47.5
$42.4$50.3
$50.6$42.4
$32.6$24.0
$45.6 $69.6
$51.9 $28.7
$38.8$30.2
$50.4$59.3
$35.2 $26.6
$65.2 $50.3
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals Q4
100
200
300
400
500
600
700
.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Domestic Value Inbound Value Outbound Value Outbound # Inbound # Domestic #
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18
Imputed Fees (US$m)
Financial Advisor
Bank of America Merrill Lynch
Jan 1 - Dec 31
7,508.8
CitiThe Raine Group LLC
4.3
JP Morgan
3.0 ▲KPMG
▲
17+9
+113
0.2+21.7
25.02120
11.61.50.7▲
14.60.4
-11 ▼
0.1
0.9+3
▼ 39
2 012 560-4.4KPMG41
2.6
Deloitte
16
41
4,549.3
3.5
1.1
Plutus Consulting Co Ltd3.45,907.7
2,424.4 ▼1.3
▲▲
31
▲
5 0.1Houlihan Lokey
▲0.92,390.0
4
1.8▲
22
0.524,337.5
▼
Credit Suisse▲
0.6Daiwa Securities Group Inc+10 15Bank of America Merrill Lynch
242,076.510 0.3
▼ -24 1,923.2+7
14▲
139*1.4
93
+1▼
Any Japanese Involvement Completed (AF23)
▼
163.4
- 8,600.0-6.5
▲
-10.0 0.8
4,908.2
0.5
57 1.7 +13 2.8
Evercore Partners15 22
▲
32 2,940.4 1.5 ▲Barclays▼2,710.5 -3
0.9 +5
Moelis & Co1 2 0 21 132 25 ▲19
1 854 9▼ 32Deloitte 25 20 1 1 ▼3 2
Houlihan Lokey 23 102 2,630.4 1.4▼1.4
1.422 11
Moelis & CoEvercore Partners
21-6.4
▲Deutsche BankWells Fargo & Co 1.7
1.613▲
▲ 0.1 +30.4 ▲3,055.0
13 ▼0.3
1.69
-5.0+1▼ PricewaterhouseCoopers
▲ 2.5-2.5
Wells Fargo & Co 20 150*Credit Suisse 19 18 4,549.5
3,055.0
4.518 30 7,831.6 4.1
2.41.9 ▲
15.75.4 0.4 +9
14.014.5
-2456
-2.56,181.0
▲
1.48,528.3
14+3
0.6▼-2.1
2.5
1314
+24.8
5
0.7
0.2 ▼69
14.113.8
3.1-9-8 12
0.07.6 -718.031,799.9
▲
10
1.0
30,750.7
24,975.9
6 20.7
▲0.4
17.4
3.615
▲
1 0.0
5.118.6 -69.1 0.3▲
115632,861.3
1
0.6
0.06
17.28 ▲
9*
3.8
▲▼
220.1 -74
0.1128
+2 ▲
Nomura▲Lazard▼Sumitomo Mitsui Finl Grp Inc
-6
1
109.1
536,506.8
▲25.4
15.814▼ 4.5
+17Mitsubishi UFJ Morgan Stanley
47,942.12
101
8.2
+227.2
-8
Mitsubishi UFJ Morgan Stanley15
Mizuho Financial Group
Lazard
8
▲7
4
3
-1.023.2
Rothschild & Co
9
12
1
16
Nomura
20
▼
8
45
44,777.82
Goldman Sachs & CoMizuho Financial Group
1.523
40,982.6
Robey Warshaw LLP
74-6.1
9.518,328.1 4.111
▲
▼
1
11,742.1
17-9.9 ▼ 8
20.4
6.1
▲16.7
-6.0
16,613.414,807.2
8.7
16.030,750.7
19
24,898.226,247.0
9
6▲
9*28,416.130,750.7
172.2 Rothschild & Co+5-+4
0.99.9
16.0
17.417.458
▲
+1UBS
4.1
16.1 10.4 ▲▲
7 23
1.0
▲
▲
1.5
0 5
3.3
0.9
1.3
0.2
▲▲
▼▲
0.60.6
▼
1.0
▲
1.5
1.1
▲
64.4
116.2
▲0.9
16.3
0.21.8
4.0
1.1
▲
0.4
▲1.3
▲▲
▲1.8
204.4 12.1
▼▲6.3
2.3
125.3 7.4
▲
17
12
110.6
▼
19 20
1 5
▲6.9▼▼
0 5
0.1 -1▲
-21-3.91.2
1.534▲
22.6▼
+5
+4 25 6
17.2
16.30.423
▼1.2
2498 ▲ 8
18
4,371.7
1.49▼
3
0.2
1.0
-2.4 1.7
▼
34
▼7
▼▲
1.50.3
0.5
0.4
1.3
-48
49.0
80.3
▲
0.1
0.3+9
0.3
2.9
+6
-6▲
▲
▼
0.8
▼
0.4
▲
0.5
1.3
3.6
3.3
0.3
1.3
▲
▲
▼
152.6
▼
▼
▼
22.6
22.7
▲9.0
60.6
4.7
▲
1.3
1.9
3.8
55.0
22.6
12 +3
▼
-
-2
+1
25.1
56.2
0
▲
▲
183▲▲ 8.1
52▼-2▲
-12.3+13 ▲
+8 ▲▼
0.6
12
5.74 52,632.1 29.8
73,798.0106.4
▲0.7
20.0 ▼41.8US$m
Rank ValueDeals
Market Change in Sh (%)
MarketMarketMarketFees# of Deals
# ofShare Ch.Financial Advisor Share Ch.
# of Deals per Advisor
Japan Rankings
Share Ch.Market MarketAdvisor
Sh (%)
13.0-9.1
Robey Warshaw LLP14013.7 ▼ -38
21
0.0Plutus Consulting Co Ltd ▲China CITIC Bank Corp Ltd
Sumitomo Mitsui Finl Grp Inc
14Deutsche BankCitiJP Morgan
Barclays
17,000.2
32,076.0
1
39,125.338,885.9
12
10,989.216
3
5.7
-
103
7.7
8.9
17
15
8
43
13
UBS
The Raine Group LLC
Goldman Sachs & Co 6 5
Daiwa Securities Group Inc
7
7
▲▼
▲
23.3
4
-8.620.5
20.3
14.7
10-
Market2015 Rank
▲
70,616.657,340.5
US$m
39,350.7
Rank ValueSh (%)
20.544,784.2
51-8.0193
▲▼29.9
2
Sh (%)Change in
Rank Value per Advisor (US$m)
Sh (%)
# of Deals per AdvisorMarket
14.8 21
36.8-11
Deals2015 Rank
Jan 1 - Dec 31
# of Deals# of 2016
Rank
Any Japanese Involvement Announced (AD19)
Rank Value per Advisor (US$m)2016 Rank
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter
176,590.9
Japanese Involvement Announced M&A Target Industry by Value
2,012.5 41 Moelis & Co1.2 0.21.1-32 25100.0
▲
▼▲▼ 4.6%
-4.2%▲
▼-47.3%
* tie
-27.7%-1.5%
▼
1,854.9▼ 32
30.0%
Industry Total +149Deloitte 25 20 1.1 ▼
100.0 3,394192,055.2-3.2 0.5
htt // th
1,692.7
▲
100.0
▲
+26▲12
2,2511.50.5
-14.7%10.0%
Industry Total
Japanese Target Completed M&A Fees
Vi it htt //d i th t t i hi d d t L T bl
1.2%
▲+4 25.6
-9.9% ▼ ▼
30.8%
13.9%
9.7%9.2%
7.8%
7.3%
High Technology Industrials Real Estate
Consumer Staples Healthcare Energy and Power
Financials Materials Media and Entertainment
Retail Telecommunications Consumer Products and Services
$190.7 $214.4
$99.5
$241.6 $214.7$170.2
$218.9 $226.5$142.1 $139.8
$271.9$179.7
$147.0
$237.9
$130.5 $203.3 $118.9 $83.3
$141.3
$258.5
$208.1
$158.6
$144.1
$149.9
$107.0
$223.9$188.7
$149.2
$89.3
$159.6
253.5
176.7
244.1
181.1
166.3
239.7
209.4
155.3
215.1
167.3
0
100
200
300
400
500
600
700
800
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Num
ber o
f Dea
ls
Impu
teed
Fee
s (U
S$m
il)
4Q 3Q 2Q 1Q # of Deals YTD
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▼72,380.5
18.1
6.48.70.0
▲▲
53,357.21.41.41.4
+3+1-3
33*24*14*
666
BMO Capital MarketsQatalyst PartnersPendo Advisors LLC
18*18*18*
0.51.38.98.30.0
4,640.610,920.377,490.772,380.5
18.1
▼-▼▲▼
-20-1
+1-3
1.41.21.21.21.2
76666
17*26*21*30*17*
19*21*21*21*21*
Jefferies LLCUBSCenterview Partners LLCQatalyst PartnersPendo Advisors LLC▼ 3,872.51.1 -655* 15Great Wall Securities Co Ltd 24*
6.39.3
20.08.40.2
25.012.5
0.6▼▼
167,470.570,588.7
1,720.1208,595.5104,234.5
4,640.652,786.877,490.7
▼▼▲▲-▼
1.41.4
-6-3
+2+50-1-3-1
3.33.02.82.32.11.6
14*19*
14131210
9766
71012*24*14*17*
Centerview Partners LLC
11*131415161718*18*
Bank of America Merrill LynchRaymond James Financial IncCitiLazardJefferies LLCCredit Suisse
138,985.7
+2
8.124.0
6.4
.010.8
0.03,740.4
85,042.60.36.60.3
1.51.5
+120
▲-
Evercore PartnersPrairie Capital Advisors Inc
21*31
2120
▲
70,588.7208,595.5
56,110.6
-4+4
Lazard21*
1310
9
2.62.01.8BMO Capital Markets
26*
▼ 11,859.7
141516*1.0
0.44,858.8
219,636.46,123.7
3,740.410,029.7
1,743.8.0
167,470.5
▼▼▲
-2-15+3
+14-6
▲
412*
1.20.20.0
19.22.82.8
3.614
10
11*
17.1Citi
14140.8
-Chartwell Financial Advisory11*
KPMGSandler O'Neill Partners
6
JP Morgan
Fairness Opinion Provider US$m Sh (%)
Gram Capital
5*
2
10.143
4
54
DealsMarket
40Duff & PhelpsFairness Opinion Provider
JP Morgan
# of Deals# of
Jan 1 – Dec 31Any US Involvement Announced Fairness Opinion
Rank Value (US$m)Based on Number of TransactionsBased on Number of Transactions
# of Deals per Advisor
Jan 1 – Dec 31 Jan 1 – Dec 31Any Americas Involvement Announced Fairness Opinion
Change in Sh (%) Sh (%)
# of Deals per AdvisorBased on Number of Transactions
Change in # of Market2016 Rank
Market2016 Rank
Rank Value (US$m)
Worldwide Announced Fairness Opinion
Rank Value (US$m)MarketRank Value
# of Deals per Advisor
14
5*5*
▼
18
Houlihan Lokey 18*18* 43*18*21
21
Chartwell Financial Advisory
3
8*8*6
Bank of America Merrill Lynch7
Stifel/KBWHoulihan LokeyRaymond James Financial Inc
7
▲
5.4-13
▼Sh (%) # of Deals
2016 Rank
2015 Rank
1 19.4
-1132
90
+2
19*
214.9
20+12
4.74.5
▲
▲+511
5*1919
8
4.0
▼7.3+4
31
21
23
+3-
▼+14 0.0
▲3,740.4
4.9
▲
4.51.217 -15
3.3-Goldman Sachs & Co
11*10
0.4148,278.8 17.7
▼-24
▲
▼▲
+3
100.0-28
104,234.554,071.0
Industry Total 835,874.8
-1-3
JP Morgan
Deals0
+14* 8
4.64* 5
2015 Rank
0.7
Rank Value
Duff & Phelps21 1 57
Fairness Opinion Provider2015 Rank
4.2Duff & Phelps
Rank Value
3,900.844US$mSh (%) Deals Sh (%)US$m
8,927.3
Stout Risius Ross Inc
# of Market Change in
1 1# of Deals
-9.2
Market
11.88.8 -11 ▼
3 2 31 6.2 -13
0.42 3 40 8.0
23
103,064.2-1 ▼
▲645.9
▲
4.6
21 +34.24.2 +1421
+423166,819.5
▼
▲▲
GF Securities 941 ▼-56 6*
0.8 6*35 2.6
42
China Merchants Securities CoChina Securities Co Ltd
21*CITIC
11-1
30
2.3
Evercore PartnersBarclays
Stout Risius Ross Inc
16* ▼
8
Goldman Sachs & Co261427
1.2
Huatai Securities Co LtdMorgan Stanley
China International Capital Co
15*
13Guotai Junan SecuritiesCiti
9*
15*Guosen Securities Co Ltd
12
1.5111.6
21
Haitong Securities Co Ltd
17
3
+4
+1
▲
▲-4
10,761.4
12,744.8▼
2.8
3.0
▼645.9
182,279.90.1
20▼14.2-26 9
1011*
Evercore Partners
0.016.0
19Houlihan LokeyStifel/KBW0.43.8
4.0
Stout Risius Ross Inc
Morgan Stanley
Prairie Capital Advisors IncBarclays
12,744.8153,296.0
0.119.2
1.5Sandler O'Neill Partners
17.6
2.9 ▲138,985.7
4.1
.0Prairie Capital Advisors Inc
Morgan Stanley
8* 319* 12 318 2
77 8*
45
+511
Sandler O'Neill Partners2.4
-3 36,578.7
4 28*3 24*
+305
2.0 +41.9
22
231.7
5
▼
-16
▼
-47
3.7
3.1 -4
4.0
▼
30,945.2
2.2
9,800.6
03.5
53,514.4
3.3 +29
12.0
28 2.14.2
0.9
2.3
▲
1.7 ▲23
153,296.0▼
-33
13
33* -13
1526*
18*
-7
+17
Barclays
15,947.5
0.5
21,371.5▲
52,142.3
▼
1.7▲
118,536.7
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
3,900.8 0.5103,064.2 12.3
645.9 0.17,231.7 0.6501.5
160,168.9 19.212,744.8
138,985.7 16.6.0 0.0
9,866.0.0
1.5 -12
427
Fairness Opinion Rankings†
34*
98Credit Suisse
RBC Capital Markets 5.8
16*1819*
1.81.61.4
14*12*
7
▼▼▲ 50,889.1
12.06.2
Stifel/KBWBank of America Merrill Lynch
2223
21*18*
1918
1.41.3
+5-2
▲▼
Industry TotalIndustry Total
Industry % Change from Same Period Last Year ▼ ▼Industry % Change from Last Quarter ▼ ▲
▲JP Morgan 19* 22* 11 1.3 +1 18,192.7 4.7
690.30.20.1
1,567.6+5
▼▲
-46
1.21.2
621*
14*80*
21*0.30.30.2
Cormark Securities IncNational Bank of Canada Fin'l
▲▼▲
,4,130.04,044.92,123.6
1.11.11.1
+8-3
+10
28*69*21*
151515
Sinolink Securities Co LtdChangjiang Securities Co LtdShenwan Hongyuan Securities Co
24*24*24*
12.64.20.80.2
▲▼▲▲
37,634.812,587.0
507.02.52.5
+2-8
+2+2
321*21*
5544
6*8*8*
BarclaysBank of America Merrill LynchHoulihan LokeyLeonardo & Co
15*
1,362.0 100.0
2.115 1.8
▲
-26
30,945.2
Sh (%)Sh (%)
▼ 102.4%
52,142.3▼45 -4
Industry % Change from Last Quarter
▼ 8,022.4Citi 11*
China International Capital Co
▼-24.8%
21,371.5
Rank ValueUS$m
5.6
Rank Value (US$m)
4.44.24.9
+10
-4
45*
3.23.2
2,280.0
JP Morgan
1
Guotai Junan SecuritiesHaitong Securities Co Ltd
Rank Value
Any Asia Pacific Inv Announced Fairness Opinion
Morgan Stanley 4*6*
Based on Number of Transactions
Fairness Opinion ProviderUS$m
11*
# of Deals per Advisor
14
# of Deals per Advisor
7.6
-4.0
5
China Merchants Securities Co
-1891,362
# ofFairness Opinion ProviderKPMGDuff & Phelps
Rothschild & Co
1
GF Securities
China Securities Co Ltd3,408.5▼
▲
* tie11 15 1.8 -6
▲Shenwan Hongyuan Securities Co
14 1.7Dongxing Securities
Guosen Securities Co Ltd
20
2.8
28
35Huatai Securities Co Ltd
910
-6.7%-24.1%
-14.3% 47.4%
1.5
-13
Based on Number of Transactions
2016 Rank
56
15*
4.4
12*4,390.32
-8
Gram Capital15*
4.5
Sh (%)
0.0
1.14
2015 Rank
-12.2%
-23.5%▼Industry % Change from Last Quarter
▼▲ 1.0
870,040.8
-6.2%
Market
Jan 1 – Dec 31
-15.7%
Rank Value (US$m)
4,130.04,044.9
Industry % Change from Same Period Last Year
# of Deals
100.0
Industry % Change from Same Period Last Year
500
▼
-36
-15.9%
2
Market2015 Rank
Change in Deals
18Sh (%) # of Deals
▼13
18.2 +4
11.4
CITIC
2016 Rank
5
Jan 1 – Dec 31Any EMEA Inv Announced Fairness Opinion
Market
4* 6*3
715*
122
7
0.6
15 1.8-31.8
▼ 0.5+7 2,371.2
2,123.6
-4433*
▼
15
17* 45*New Times Securities Co Ltd
Southwest Securities Co Ltd 17* 3,706.6
-33158
-24.6% ▼
Northeast Securities Co Ltd
Changjiang Securities Co LtdIndustry % Change from Last Quarter 7.5% ▲ 8.2%Industry % Change from Same Period Last Year
Industry Total
▼
297,709.6
-17.3%
▼ 9,800.642
1.97,231.7▲
-5 13.58.0
2.5
5.5
1.8
3.29 3.42 278 23
Industry % Change from Same Period Last Year -11.4%
Great Wall Securities Co Ltd
11*11*
33* 15
1312*
Industry % Change from Last Quarter -15.3% ▼ -0.3%
Industry Total 100.0
▼
837
3,872.5▼ 6,123.7
53,514.4▲36,578.7 9.4
13.84.1
0.11.3-9
4
7
11*
-3.5%▼
-108
1,863.6 0.5
5.0 ▼
1.01.6
# ofDeals
▲
Change in Market
-4
15,947.5
5.4
1.3
50 +306.0+2947
+8
387,185.2
-31
1.61.6 ▲
▲
41
416.2
82.810,761.4
▲
7
19,240.0
-33
▼
6
+43.630
▼
+17
100.2% ▲▼
6.5
+4 ▲ 13,498.4
▲
▼
▼
1.0
Nuada Ltd 19* 62* 11
3 13
11 ▼
†Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.
2,606.9 0.7+8
2.0
▼
+8 ▲
11 1.3 -32 ▼ 7,729.3
1.1
4 2.5 +4CITIC 8* -
Somerley 19*
16
19*
Sinolink Securities Co Ltd
▲ 4,733.4 1.6100.0
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-
-
-
-
- Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.
EMEA
Tel: +44 (0) 20 7542 2211
E-mail: kaori.motohashi@thomsonreuters.com
Luke PhillipsDeals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.
Full Year 2016 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.E-mail: robert.levine@thomsonreuters.com
AmericasRobert LevineTel: +1 646 223 5682
Announced league tables include all deals that were announced between January 1, 2015 and December 30, 2016 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on December 30, 2016.
Tel: +813 6441 1338
E-mail: luke.phillips@thomsonreuters.com
Asia-Pacific & JapanKaori Motohashi
-
-
-
-
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyinvolvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2016 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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