global and regional m&a: q1 2016...although q1 2016 was unable to keep up this momentum, 1,303...

Global and regional M&A: Q1 2016Including league tables of financial advisors

Africa & Middle East

Japan

Asia-Pacific

US

Europe

Global

M&A League tables

Criteria

C & S America

PE league tables

2

Regional M&A comparison

9.3

$

Inbound $115.9bn 46.3%Outbound $47.5bn 5.7%

$55.9bn 30.0%

US $241.5bn, -33.0% vs. Q1 2015

Inbound $6.2bn 1.5%Outbound $1.3bn 85.6%Consumer $2.4bn 701.5%

Africa & Middle East$8.9bn, -1.1% vs. Q1 2015

Pharma, Medical & Biotech

Inbound $862m 76.8%Outbound $8.8bn 77.1%

$6.5bn -

Japan$14.8bn, +62.6% vs. Q1 2015

Inbound $124.7bn 27.1%Outbound $82.3bn 87.0%Industrials & Chemicals

$23.2bn 33.8%

Asia-Pacific$132.1bn, -34.1% vs. Q1 2015

(excl. Japan)

* The % value on the map indicates market share in global M&A

Inbound $102.7bn 5.4%Outbound $51.1bn 20.2%Industrials& Chemicals

$72.6bn 126.5%

Europe$174.6bn, -2.6% vs. Q1 2015

Cross-border $310.6bn 12.4%

Industrials &Chemicals

$144.7bn 70.7%

Global M&A$597.4bn, -24.0% vs. Q1 2015

Pharma,Medical &Biotech

Inbound $8.1bn 65.6%Outbound $8.9bn 5,148%Energy,Mining &Utilities

$5.5bn 413.1%

C & S America$10.1bn, -10.9% vs. Q1 2015

$241.5bn

$bn

$14.8bn

$132.1bn

40.4%

22.1%

2.5%

$10.1bn 1.7%

$174.6bn 29.2%

$8.9bn 1.1%

Global and regional M&A: Q1 2016 www.mergermarket.com

3

Global


u After a record year for M&A in 2015, 16.2% higher than 2007’s previous peak, there has been a cooling down period at the start of 2016. Global M&A is re-balancing towards a sustainable level with Q1 2016 amounting to US$ 597.4bn. Following a significant drop from the previous three quarters that all posted more than US$ 1tn, it was the lowest first-quarter value in two years, down 24% from Q1 2015.

u China has scaled up its search for foreign targets with its outbound activity accounting for a 26.3% share of total cross-border deals during Q1 2016, a steep increase considering no full year has ever surpassed 7.6%. China’s outbound M&A amounted to US$ 81.7bn in the first quarter, already a record annual total. The country attempted its second largest US outbound acquisition in history when Anbang Insurance offered to buy Strategic Hotels and Resorts for US$ 6.5bn. In another deal, China National Chemical Corporation made the largest deal of Q1 when it acquired Switzerland-based Syngenta for US$ 45.9bn. And in yet another transaction, Tianjin Tianhai Investment bought US-based Ingram Micro for US$ 6.1bn.

u The mega-deal frenzy that started in 2014 is winding down as companies look towards less sizeable deals. During Q1 2016, there were eight mega-deals (>US$10bn) valued at US$ 158.5bn, down from 13 worth US$ 259.4bn in Q1 2015, but still the second highest Q1 value since 2009 (seven worth US$ 209.8bn). The average deal size for global transactions in the first three months reached US$ 367m, down from the highest average deal size for any year during 2015 (US$ 463.3bn).

u A substantial difference this year is the decreasing M&A value in the US (US$ 241.2bn) and Asia-Pacific (US$ 132.0bn), both down more than 30% after both areas saw a record breaking tally during 2015. Meanwhile in Europe (US$ 174.6bn), the region has attracted a lot of Chinese interest this year which is keeping activity on par with 2015 with just a 2.6% decrease compared to Q1 2015.

Private Equity

Cross-border: $310.6bn

Q1 2016: $597.4bn

Q1 2016vs.Q1 2015

Mega-dealsEight$158.5bn

Lowest valued quarter since Q3 2014 ($22.4bn)

China outbound$81.7bn

UK inbound121 deals$33.0bn

US inbound192 deals$115bn

Private equitybuyouts and exits: $121bn

Private equitybuyouts:$55.2bn

Private equity exits: $74.4bn

Lowest quarterly share since 18.5% in Q3 2013

Down more than 49% compared to Q2, Q3 and Q4 2015

Third quarterly increase,only 17.6% away from record annual total

Lowest valued quarter since Q1 2014

Drop following a record 62 deals worth $1.8tn during 2015

First quarter since 2013 to post sub $90bn-worth of deals

vs. Q4 2015

29.7%

Chinese bidders account for almost 1/4 of inbound deal value ($25.1bn)

Decrease after Q2-Q4posted more than $1tn-worth of deals

Q1 2016vs.Q4 2015

20.3%share of Q1 value

24.0%

57.0%

-5 deals-38.9%

vs. Q4 2015

129.6%

vs. Q4 2015

78.7%

vs. Q4 2015

42.6%

vs. Q1 2015

15.3%

vs. Q1 2015

Energy, Mining & Utilitie

Other

Technology

Financial Services

Consumer


sIndustrials & Chemicals

$206.6bn$165.7bn

$39.1bn

$137.0bn$42.0bn

$71.9bn$50.7bn

$62.6bn$55.2bn

$87.7bn$76.2bn

$96.0bn$85.5bn

$84.8bn$144.7bn 24.2%

14.3%

12.8%

9.3%

8.5%

7.0%

6.2%

17.7%

10.8%

12.2%

11.2%

8.0%

9.2%

17.4%

5.0%

26.3%

* % indicates market share

Sector breakdown Q1 2016 vs Q1 2015

Business Services$36.8bn

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016

Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1

800.7 1,279.9 852.0 734.4

593.3 678.2 684.9 458.8

420.8 396.4 327.6 570.3

460.9 432.9 492.9 712.8

464.3 565.7 522.8 757.2

446.8 559.3 645.0 572.9

567.1 962.9 855.3 906.3

613.4 585.8 599.3 478.2

785.6

597.4

1,050.7 1,034.1 1,389.8

Total 3,667.1

Total 2,415.1

Total 1,715.1

Total 2,099.5

Total 2,276.7

Total 2,310.1

Total 2,224.1

Total 3,291.6

Total 4,260.2

Total 597.4

4

Global


League table by valueRank Company name Q1 2016 Q1 2015 Regional ranking comparison

Q12016

Q12015

Value (US$bn)

Deal Count

Value (US$bn)

% Value change Europe US Asia-

Pacific JapanAfrica & Middle

East

1 2 Goldman Sachs 237.2 46 183.3 29.4% 1 1 2 - 23

2 1 JPMorgan 144.3 47 191.5 -24.7% 3 6 5 3 10

3 8 Citi 117.7 34 87.0 35.3% 6 2 11 8 45

4 3 Morgan Stanley 106.7 49 141.0 -24.3% 7 4 12 2 13

5 10 Barclays 106.7 32 75.0 42.2% 4 3 41 12 38

6 5 Bank of America Merrill Lynch 97.7 36 115.8 -15.6% 15 5 13 - 43

7 11 UBS Investment Bank 97.4 27 72.1 35.1% 2 19 3 13 56

8 13 Credit Suisse 88.0 37 60.0 46.8% 9 15 4 4 6

9 7 HSBC 79.8 16 87.6 -8.9% 5 31 6 21 52

10 72 China International Capital 76.7 16 2.4 3,154% 11 12 1 6 -

11 9 Deutsche Bank 72.9 19 83.6 -12.8% 8 7 51 - 26

12 4 Lazard 66.9 45 139.1 -51.9% 17 9 16 7 1

13 25 CITIC Securities 54.1 7 19.1 182.7% 13 - 7 - -

14 29 Evercore Partners 51.9 24 11.9 334.7% 16 8 190 18 5

15 21 RBC Capital Markets 51.4 34 23.3 120.7% 21 10 129 65 -

16 360 N+1 47.4 10 - 98,556% 10 - 10 32 349

17 - CCB International 46.0 2 - - 12 - 8 - 424

18 - Dyalco 45.9 1 - - 14 - 9 - -

19 15 Rothschild 29.2 38 39.3 -25.7% 18 32 20 33 54

20 36 Wells Fargo Securities 28.5 12 8.8 224.9% - 11 72 9 -

Sector key

Industrials & Chemicals Pharma, Medical, Biotech Financial Services

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

45.9 03-Mar China National Chemical Corporation China Syngenta AG Switzerland

35.2 11-Jan Shire Plc Republic of Ireland Baxalta Inc USA

16.2 25-Jan Johnson Controls Inc USA Tyco International plc Republic of Ireland

14.9 16-Mar Deutsche Boerse AG Germany London Stock Exchange (LSE) Plc UK

12.3 09-Feb Apollo Global Management LLC USA The ADT Corporation USA

5

Europe

u European M&A has slowed following a post-crisis high reached in 2015, with Q4 2015 posting the second highest quarterly value on Mergermarket record (1,673 deals, US$ 468.4bn). Although Q1 2016 was unable to keep up this momentum, 1,303 announced deals worth US$ 174.6bn represent a mere 2.6% decrease by value compared to Q1 2015 (1,576 deals, US$ 179.2bn).

u In a bid to expand its geographical footprint and against a backdrop of a slowing economic growth, China has driven European targeted M&A activity this quarter. Q1 2016 saw China’s largest outbound acquisition on record – ChemChina’s US$ 45.9bn bid for Swiss agrochemicals manufacturer Syngenta. As a result, Q1 deal value targeting the Industrials & Chemicals sector (US$ 48.3bn) overtook 2015’s total (US$ 10.5bn) by 361.4%.

u UK Inbound M&A may potentially suffer due to the impending referendum determining whether the UK will remain in the EU. As a result, there is a lack of confidence among foreign investors looking at the UK. Concerns voiced surrounding a potential "Brexit" include the relocation of local business, sterling volatility and a loss of vital EU trade links. Following a record 2015 for UK inbound activity by deal count, 121 deals worth US$ 33.0bn were announced in Q1 2016 representing a 38.5% drop by value compared to Q1 2015 (162 deals, US$ 53.6bn).

u In contrast to the large cross-border deals seen in 2015, domestic European tie-ups have fuelled activity within the Pharma, Medical and Biotech (PMB) sector during Q1, as companies seek to cut costs and forge synergies in a competitive market. Of the 82 deals worth US$ 15.5bn targeting the region’s PMB sector, US$ 12.4bn (80.3%) involved a European bidder, up from 30.7% in 2015 and its highest annual share since 2012 (81%).


Other

Industrials & Chemicals


Energy, Mining & Utilities

Telecommunications

$53.8bn$21.5bn

$6.4bn

$39.0bn$8.7bn

$ 11.0bn

$11.8bn$13.6bn

$15.5bn

$19.8bn$21.8bn

$32.0bn$72.6bn 41.6%

12.5%

8.9%

7.8%

6.3%

5.7%

5.0%

12.3%

17.9%

11.0%

3.6%

6.6%

6.8%

2.4%

21.8%

30.0%


$10.0bn


Financial Services

Business Services

$12.2bn

Construction$4.2bn

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


265.6 583.1 384.0 286.6

296.0 203.2 287.6 217.2

122.6 77.8 79.1 188.4

127.6 114.8 152.2 243.3

136.2 199.0 148.0 158.3

178.5 309.2 199.7 210.5

171.9 187.8 112.0 251.1

179.2

174.6

263.8 183.6 468.4

184.5 243.4 167.0 134.5

Total 1,519.3

Total 1,003.9

Total 467.8

Total 637.8

Total 729.4

Total 722.8

Total 641.4

Total 897.8

Total 1,095.0

Total 174.6

China inbound

Q1 2016: $174.6bn

Q1 2016vs.Q1 2015

Share in Global M&A

Q1 2016vs. Q4 2015

Overtaking all annual records, with just five active years on record

China inbound27 deals$50.3bn

Switzerland4 deals$45.9bn

Industrials& Chemicals11 deals$48.3bn

Down from 39.3% in 2015, the highest annual share on record

UK inbound121 deals$33.0bn

Share in European activity

US into UK54 deals$13.8bn

Lowest quarterly deal value since Q3 2014

Up from 2015, the highest annual value on record (US$ 29.4bn)

Down from Q4 2015 (US$ 468.4bn), the second highest quarter on record

2.6%

Up compared to 2015, overtaking all annual totals on record

29.2%

61.2%

17.7%

UK activity

Lowest quarterly value since Q4 2013 (US$ 158.3bn)

62.7%

71.7%

141.7%

Up from 25.7% in 2015, and highest annual share since 2012 (31.3%)

4.6x

38.5%

vs. FY 2015

vs. FY 2015

22.2%

13 dealssince2001

vs. Q1 2015

vs. Q1 2015

Down from Q1 and Q4, but overtakes Q2 & Q3 values

6

Europe


Sector key

Industrials Pharma Financial Services Real Estate

League table by valueRank Company name Q1 2016 Q1 2015

Q12016

Q12015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Goldman Sachs 138,931 18 74,156 87.3%

2 10 UBS Investment Bank 75,409 12 30,105 150.5%

3 6 JPMorgan 75,402 16 43,686 72.6%

4 9 Barclays 72,539 14 30,528 137.6%

5 12 HSBC 71,809 14 22,731 215.9%

6 3 Citi 64,547 14 55,481 16%

7 2 Morgan Stanley 62,226 18 58,995 5.5%

8 5 Deutsche Bank 57,305 9 44,304 29.3%

9 11 Credit Suisse 56,620 11 29,826 89.8%

10 182 N+1 47,355 10 48 98,556%

11 - China International Capital 46,741 2 - -

12= - CCB International 45,860 1 - -

12= - CITIC Securities 45,860 1 - -

12= - Dyalco 45,860 1 - -

15 4 Bank of America Merrill Lynch 44,486 19 52,786 -15.7%

16 29 Evercore Partners 37,820 9 4,628 717.2%

17 7 Lazard 35,557 30 36,073 -1.4%

18 8 Rothschild 28,601 35 34,228 -16.4%

19 33 Centerview Partners 26,099 2 3,871 574.2%

20 - Robey Warshaw 21,789 2 - -

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

45.9 03-Feb China National Chemical Corporation China Syngenta AG Switzerland

16.2 25-Jan Johnson Controls Inc US Tyco International plcRepublic of

Ireland

14.8 16-Mar Deutsche Boerse AG Germany London Stock Exchange plc UK

9.9 10-Feb Mylan NV UK Meda AB Sweden

7.4 04-Mar Inversora Carso SA de CV MexicoFomento de Construcciones

y Contratas SA (63.4% Stake)

Spain

Lead strategic partner: Strategic partners: Media partner:

CMS_LawTax_CMYK_over100.eps

Visit the website for more details: events.mergermarket.com/corporate2016

EUROPEAN CORPORATE M&A FORUM 2016

JULY 7 2016 INTERCONTINENTAL HOTEL, LONDON

8

US


Other

Technology


Consumer



23.1%

20.0%

17.7%

10.0%

7.2%

5.3%

5.3%

11.4%

22.1%

11.1%

8.7%

9.8%

5.8%

20.0%

2.5%

19.9%



Business Services

Real Estate

$71.9bn$27.6bn

$72.3bn$12.8bn

$21.0bn$17.3bn

$35.4bn$24.1bn

$31.5bn$42.8bn

$40.1bn$48.2bn

$79.9bn$55.9bn

$12.8bn$9.2bn

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


352.2 502.6 258.3 229.7

146.2 268.1 264.4

199.2 186.5 98.7 205.8

148.2 181.0 155.4 245.9

179.9 176.7 316.3 230.5

218.4 389.2 420.4 383.5

128.8 190.3 235.7 315.9

361.3

241.5

463.6 608.8 532.9

248.7 187.9 208.0 192.0

78.7

Total 1,342.7

Total 757.4

Total 690.3

Total 729.5

Total 836.6

Total 870.7

Total 903.5

Total 1,411.5

Total 1,966.7

Total 241.5

Private equity

Race against China

Q1 2016: $241.5bn

Q1 2016vs.Q1 2015

Q1 2016 share in global M&A

China overtakes US outbound value in Q1 2016

USoutbound$47.5bn

US vs. Chinaoutboundvalue

Private equity buyouts$31.3bn

Private equity exits$36.3bn

Total private equity share in US M&A

Q1 2016 down from Q3/Q4 2015, but on par with Q1/Q2 2015

Lowest quarterly value since Q1 2013


Down from 46.2% during the record year of 2015

Highest quarterly share since Q1 2014, driven by increased buyout activity

vs. Q1 2015

33.3%

A significant drop after every quarter in 2015 posted +$360bn

Q1 2016vs.Q4 2015

33.0%

54.6%

vs. Q4 2015

131.0%

vs. Q4 2015

81.1%

40.5%

vs. Q1 2015

7.6%

Chinaoutbound$82.1bn

-42.2%

Average price paid for foreign target

US valuedown

26.4%

$452.5mUS average

$1.4bnChina average

vs

u Following a record year for M&A in 2015, deal activity in the US showed signs of cooling in the first quarter of the year. The country recorded 1,007 deals worth a total of US$ 241.5bn, down 33% compared to Q1 2015’s 1,250 deals worth US$ 361.3bn, and down 54.6% compared to Q4 2015’s 1,281 worth US$ 532.9bn.

u US outbound activity has been fast approached by China this year and its increasing level of foreign acquisitions despite the latter’s slowing economy. While the US has seen its total outbound value fall by 5.7% from Q1 2015, China’s outbound value has grown significantly in the same period by 348.8%. So far this year, China leads the US 73.1% by outbound value with 85 transactions worth US$ 82.1bn, versus the US’s 241 transactions worth US$ 47.5bn. Such a percentage could very well continue to increase as China strides toward larger transactions.

u Tax inversion targets, traditionally coming from the Pharma, Medical & Biotech sector, now appear to be shifting toward other sectors such as Industrials & Chemicals, in a bid to scale up to +$100bn conglomerates. US-based Johnson Control’s US$ 16.2bn bid for Ireland-based Tyco International was the top deal for that sector, and one which also looks set to benefit from Europe’s more favorable corporate tax rates as compared to those of the US. The Tyco/Johnson Controls transaction comprises 73.8% of Q1 total outbound value into targets in the Industrials & Chemicals sector (US$ 21.9bn).

u Private equity buyout activity struggled to compete against strategic buyers in 2015, demonstrated by the average price paid last year being just US$ 640.2m compared to a strategic company spending on average US$ 902.8m. However, to date in 2016, the average offer price by a buyout firm has increased slightly to US$ 626.3m, while the average value by strategics has decreased to US$ 607.5m. The following months could provide even more opportunities for buyout firms to secure targets.

9

US

Global and regional M&A: Q12016 www.mergermarket.com

Sector key

Chemicals Industrials Energy, Mining & Utilities


Q1 2016

Q1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 5 Goldman Sachs 150,106 34 83,569 79.6%

2 8 Citi 94,838 18 49,525 91.5%

3 7 Barclays 87,845 25 58,650 49.8%

4 3 Morgan Stanley 73,244 23 104,362 -29.8%


6 1 JPMorgan 63,604 32 142,151 -55.3%

7 10 Deutsche Bank 55,559 12 41,722 33.2%

8 29 Evercore Partners 51,661 19 6,684 672.9%

9 2 Lazard 50,989 20 110,483 -53.8%

10 17 RBC Capital Markets 31,443 18 17,275 82.0%

11 25 Wells Fargo Securities 28,115 11 8,784 220.1%

12 - China International Capital 18,873 5 - -

13 4 Centerview Partners 16,816 2 100,533 -83.3%

14 - Mizuho Trust & Banking 16,166 1 - -

15 9 Credit Suisse 14,735 20 47,414 -68.9%

16 52 Scotiabank 14,278 7 1,309 990.8%

17 19 Jefferies 12,438 20 14,565 -14.6%

18 49 BMO Capital Markets 10,625 7 1,554 583.7%

19 14 UBS Investment Bank 10,216 10 24,737 -58.7%

20 37 Houlihan Lokey 10,015 24 2,573 289.2%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

35.2 11-Jan Shire Plc USA Baxalta Inc.

12.3 16-Feb Apollo Global Management LLC USA The ADT Corporation

12.0 17-Mar Columbia Pipeline group USA TransCanada Corporation

11.3 09-Feb ITC Holdings Corporation USA Fortis

10.8 20-Mar The Valspar Corporation USA The Sherwin Williams

10

Central & South America


u Central and South America continued its downturn in M&A activity in the first quarter, following a particularly dismal 2015 when regional values plummeted to their lowest in a decade. Q1 2016 saw 99 transactions, the lowest volume since Q3 2009, worth a total of US$ 10.1bn, the lowest value since Q4 2005. Compared to Q4 2015, value fell 42.9% from 163 transactions worth US$ 17.6bn, and by 10.9% compared to Q1 2015’s 128 transactions worth US$ 11.3bn.

u Q1 saw a shift away from traditional heavyweight economies such as Brazil and Mexico toward Colombia, the region’s top country for M&A for the first time since Q3 2005. Given low activity overall, Colombia’s reign is largely due to a single deal in the energy sector, Canada-based Brookfield Renewable Energy Partners’ US$ 4.7bn acquisition of a 57.6% stake in Isagen, which comprised 46.4% of the region’s value. Brazil, in recent years riddled with corruption scandals, high unemployment and inflation, captured a 25.9% market share with 46 transactions worth US$ 2.6bn, on par with Q1 2015’s 68 transactions also worth US$ 2.6bn. Mexico’s activity fell to its lowest value since Q3 2010, dropping 91.9% from Q1 2015 to 12 deals worth US$ 547m.

u Inbound deals comprised 80.9% of regional M&A with 53 transactions worth US$8.2bn, the highest market share from foreign bidders since Q1 2004. Notably, Canada was responsible for most of the activity, having already surpassed all annual totals on record (since 2001) coming from that country at US$ 4.7bn. Canada was the bidder in four of the region’s nine energy transactions, the lowest volume for energy deals in the region since Q3 2005, which altogether were worth US$ 5.8bn, helping to boost Energy, Mining & Utilities (EMU) to top sector.

u Inbound activity into EMU rose 316.3% by deal value to six transactions worth US$ 5.2bn from Q4 2015, over ten times higher than Q1 2015’s four transactions worth US$ 432m. With staggeringly low oil prices still rocking the energy sector, foreign bidders appear to be showing an interest in Central and South America’s EMU targets, though with such few deals in the region, one large transaction such as the Brookfield/Isagen deal can make a relatively large impact.

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


12.3 18.6 20.4 32.6

29.9 22.9 10.9 38.4

12.1 18.6 25.8 18.0

65.4 27.6 28.9 45.0

17.8 21.4 23.1 25.4

24.8 39.9 38.0 28.5

21.8 47.1 16.5 32.4

11.3

10.1

12.5 23.5 17.6

40.4 18.3 46.0 28.7

Total 83.8

Total 102.1

Total 74.5

Total 166.9

Total 133.4

Total 117.7

Total 87.7

Total 131.2

Total 64.9

Total 10.1


Other

Financial Services


Consumer

$2,509m$467m

$417m$230m

$283m

$2,558m$378m

$712m$155m

$1,093m$268m

$1,075m$5,517m 54.8%

10.9%

7.1%

3.8%

2.3%

2.1%

4.6%

9.5%

2.4%

1.4%

22.6%

3.7%

35.7%

22.2%


$214m


$4,038m

Telecommunications

Construction

Business Services

2.5%14.5%$1,459m

Cross-border and domestic

Top targets

Q1 2016: $10.1bn

Q1 2016vs.Q4 2015

Second quarterly decline, lowest quarterly value since Q4 2005

Colombia$5.5bn

Brazil$2.6bn

Chile$1.2bn

Inbound$8.1bn

Outbound$8.9bn

Domestic$1.9bn

Third lowest value in two years

Highest valued quarter in two years with just five deals

Highest valued quarter on record with eight more deals than Q4 2015


Sixth lowest quarterly value on record, lowest since Q3 2004

vs. Q1 2015

70.1%

Volatile quarterly activity since the beginning of 2015, value higher than two quarters in 2015

Lowest valued Q1 since Q1 2005

Q1 2016vs.Q1 2015

43.0%

11.1%

vs. Q1 2015

+26x

vs. Q4 2015

73.0%

vs. Q4 2015

32.5%

vs. Q1 2015

65.6%

vs. Q4 2015

584.3%

3.7%Share in Americas M&A

On par with the 3.1% share during Q1 2015

11

Central & South America


Sector key

Financial Services Energy Industrials Construction


Q1 2016

Q1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 3 Banco Bilbao Vizcaya Argentaria 4,689 3 2,843 64.9%

2 19 Credit Suisse 4,671 1 197 2,271%

3 9 Banco BTG Pactual 2,472 5 663 273%

4 27 Lazard 1,390 3 43 3,133%

5 2 Rothschild 1,340 1 3,859 -65.3%

6 - Citi 1,050 2 - -

7 1 JPMorgan 538 1 4,129 -87%

8 7 Santander Global Banking and Markets 497 1 826 -40%

9 12 Banco Itau BBA 202 3 399 -49.4%

10 - Inverlink 170 1 - -

11 - BR Partners 165 3 - -

12 - Banco Bradesco BBI 156 2 - -

13 22 M&A International 95 3 175 -45.7%

14 - JMP Securities 70 1 - -

15 - Clairfield International 43 2 - -

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

4.7 13-Jan Brookfield Renewable Energy Partners LP Canada Isagen Colombia Government of Colombia

1.1 14-Mar DBTRANS S/A USA Servicos e Tecnologia de Pagamentos Brazil Group of investors

1.0 21-Jan Abertis Infraestructuras SA SpainSociedad Concesionaria

Autopista Central SA (50% Stake)

Chile Alberta Investment Management Corporation

538m 01-Mar Grupo de Inversiones Suramericana SA Colombia Sura Asset Management

(7.3% Stake) Colombia General Atlantic Cooperatief UA

497m 11-Jan Cubico Sustainable Investments Limited UK

Wind farms related to Casa dos Ventos Energias

RenovaveisBrazil Casa dos Ventos Energias

Renovaveis SA

12

Asia-Pacific(excl. Japan)


2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


85.0 91.1 75.4 91.8

74.9 125.9 56.6 90.2

45.8 76.8 66.2 105.8

66.7 72.1 92.8 132.0

69.1 107.8 116.9 117.0

114.8 169.8 140.6 217.6

82.7 81.2 105.0 85.6

200.5

131.8

245.1 165.6 310.6

87.5 79.4 115.9 73.1

Total 343.4

Total 347.6

Total 294.7

Total 363.7

Total 356.0

Total 354.4

Total 410.8

Total 642.7

Total 921.8

Total 131.8

Other

Technology

Financial Services


Consumer

$57.3bn$27.6bn

$16.9bn$11.4bn

$9.2bn

$20.4bn$9.6bn

$45.8bn$12.7bn

$17.4bn$23.2bn

$19.3bn$20.1bn

$14.2bn$20.4bn

15.5%

15.2%

9.6%

8.6%

7.3%

5.3%

20.9%

7.1%

9.6%

22.8%

8.4%

10.2%

4.6%

28.6%



Real Estate


Transport

$7.0bn

8.7%

17.6%

China

Q1 2016: $131.8bn

Q1 2016vs.Q1 2015

Average deal size

Share in global activity

Highest annual value on record due to Syngenta deal

Outbound83 deals$81.7bn

China - Europe27 deals$50.3bn

Inbound68 deals$12.6bn

Lowest quarterly value since Q4 2004 ($3.6bn)

India outbound23 deals$2.2bn

As-Pacoutbound115 deals$82.3bn

Highest Q1 deal value since 2011 ($2.3bn)

Only 17.6% behind 2015’s annual total deal value ($99.1bn)

Down from $ 277.1m in 2015 due to a lack of mega-deals (> $10bn)

Highest share on record despite fall in deal value

34.2%

Highest Q1 deal value on record

$221.6m

455.1%

-27.6%

Cross-border activity

346.1%

54.3%

71.1%

16.3%

87.0%Highest Q1 deal value on record, also due to Syngenta deal

22.1%

Lowest quarterly deal value since Q1 2014 ($114.8bn)

vs. Q1 2015

vs. FY 2015

vs. Q1 2015

21.6%

As-Pac inbound108 deals$7.1bn

vs. Q1 2015

vs. Q1 2015

vs. Q1 2015

75.9%vs. Q1 2015

u In line with the global trend, Asia-Pacific (excl. Japan) has experienced a dip in M&A activity following a record 2015 (3,849 deals, US$ 921.8bn). During Q1 2016, 700 deals worth US$ 131.8bn targeting the region represented a 34.2% decrease by value compared to Q1 2015 (782 deals, US$ 200.5bn). The decrease follows a lull in Chinese domestic activity following a record 2015, with 271 deals worth US$ 69.9bn down 64.2% compared to Q4 2015 (509 deals, US$ 195.4bn), the highest quarterly value on record.

u Slowing economic growth is pushing Chinese firms to pursue deals overseas. During Q1 2016, China's outbound acquisitions (non As-Pac) reached US$ 71.6bn, accounting for 92.7% of Asia-Pacific’s total outbound deal value (US$ 82.3bn), up from 31.7% in 2015 and its highest annual share since 2009. Furthermore, China's outbound deal value is already at its peak, 54.1% higher than 2014 (US$ 49.4bn).

u Chinese bidders are expanding their influence within the US M&A market, posing an increased challenge to local bidders. The annual volume of Chinese outbound deals into the US has increased consistently since 2011, from 23 in 2013, to 47 in 2014 to 60 in 2015. To-date in 2016, 21 deals worth US$ 25.1bn have already more than doubled 2015’s total of US$ 11.5bn.

u In order to expand their global footprint, India-based companies have become more confident in making outbound M&A this year. With 23 deals worth US$ 2.2bn announced, Q1 2016 reached its highest Q1 deal value since 2011, a 455.1% value increase compared to Q1 2015 (US$ 390m, 19 deals). The largest outbound acquisition of the quarter was Indian Oil Corporation, Oil India and Bharat Petroleum’s US$ 1.3bn acquisition of a 29.9% stake in a Russian-based oil field owned by Rosneft.

u Following a record 2015, the Financial Services sector has experienced its strongest Q1 on record, with 58 deals worth US$ 20.4bn, up 43.7% by value compared to Q1 2015. This growth has been fuelled by domestic consolidation, with the top four Q1 deals targeting the sector involving an Asian bidder and target. As a result, domestic activity accounted for 93.5% of total sector value.

13

Asia-Pacific(excl. Japan)


Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

9.4 15-Mar Consortium for Asciano led by CPPIB GIP Canada Asciano Limited Australia

6.2 8-Feb Berli Jucker Public Co Ltd Thailand Big C Supercenter PCL Thailand Casino Guichard Perrachon SA

5.2 14-Mar China Overseas Land and Investment Ltd Hong Kong

CITIC Real Estate Group Co Ltd; and CITIC Pacific

LimitedChina CITIC Limited

4.9 25-Feb China Great Wall Computer Shenzhen Co Ltd China Greatwall Information

Industry Co Ltd China

4.3 23-Mar CRED Holding Co Ltd China Liaoning Zhongwang Group Co Ltd China - China Zhongwang Holdings

Limited

Sector key

Transport Consumer Real Estate Technology Industrials


Q1 2016

Q1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 35 China International Capital 76,726 16 2,358 3,154%

2 1 Goldman Sachs 70,394 12 64,986 8.3%

3 4 UBS Investment Bank 66,947 11 43,628 53.4%

4 21 Credit Suisse 66,751 15 7,682 768.9%

5 8 JPMorgan 62,072 8 21,557 187.9%

6 2 HSBC 59,325 5 63,856 -7%

7 10 CITIC Securities 54,061 7 19,126 182.7%

8 - CCB International 45,972 2 - -

9= - Dyalco 45,860 1 - -

9= 187 N+1 45,860 1 27 169,752%

11 18 Citi 20,202 13 11,291 78.9%

12 20 Morgan Stanley 19,781 16 8,860 123.3%


14 27 Huatai United Securities 11,728 18 4,635 153.0%

15 12 Macquarie Group 9,641 5 15,502 -37.8%

16 19 Lazard 9,538 10 11,237 -15.1%

17 15 Grant Samuel 9,497 2 11,355 -16.4%

18 11 Gresham Advisory Partners 9,426 1 17,623 -46.5%

19 32 PwC 8,433 17 2,799 201.3%

20 14 Rothschild 8,003 6 11,601 -31.0%

14

Japan


Sector breakdown

Cross-border activity

2016: $14.8bn

Highest Q1 value since 2008 ($17.3bn)

Down from highest Q4 since 2009 ($29.7bn)

Second annual increase, and highest share since 2012

Q1 2016vs.Q1 2015

Q1 2016 vs. Q4 2015

Share in Asia-Pacificactivity

Highest Q1 value since 2007 ($4.7bn)

Lowest quarterly deal value since Q2 2013 ($7.6bn)

Overtaking all annual deal values since 2007 ($10.1bn)

Industrials & Chemicals$4.1bn

Outbound $8.8bn

Pharma, Medical & Biotech$6.5bn


Remains level with Q1 2014


Inbound $862m

Domestic$14.0bn

30.1%

11.2%

62.6%

43.1%

158.7%

43.1%

Consumer$1.5bn

121.5%

32.1%

77.1%

76.8%

vs. Q1 2015

vs. Q1 2015

vs. Q1 2015

vs. FY 2015

vs. Q1 2015

39.8%vs. Q1 2015

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


26.1 18.0 11.9 32.2

17.3 10.8 15.5 12.3

10.6 14.1 24.1 29.7

13.9 7.3 33.3 6.9

8.1 15.2 4.8 7.3

7.1 10.8 5.0 9.3

14.1 26.3 13.9 16.2

9.1

14.8

9.2 21.6 21.8

12.3 17.2 32.6 21.5

Total 88.2

Total 55.8

Total 78.5

Total 61.4

Total 83.7

Total 70.5

Total 35.4

Total 32.2

Total 61.8

Total 14.8

Other

Financial Services


Consumer

$1,503m$m

$465m

$20m

$465m

$451m

$981m

$187m

$335m

$223m

$m$2,659m

$3,119m$4,058m

$m$6,500m 45.3%

28.3%

9.6%

6.8%

3.2%

3.1%

1.3%

2.3%

0.2%

34.2%

1.0%

11.4%

5.1%

29.2%

2.4%

16.5%




Technology

$1,040m

$16.9bn$1,381m

Transport

$87m

Business Services

u Following a rebound in activity seen in H2 2015, Japanese M&A activity has experienced a strong first quarter with 101 deals worth US$ 14.8bn announced, the highest valued Q1 since 2008 (US$ 17.3bn). Activity was driven by the Pharma, Medical & Biotech (PMB) sector (seven deals, US$ 6.5bn), with Q1 value exceeding all annual totals since 2007 ($10.1bn). Total deal value was bolstered by the US$ 5.9bn acquisition of medical equipment manufacturer Toshiba Medical Systems by electronics company Canon.

u Domestic M&A was the engine behind Q1 activity, continuing the trend seen in the second half of 2015, where 164 deals worth US$ 35.5bn reached the highest H2 value since 2011 ($49.0bn). A total of 93 deals worth US$ 14.0bn were announced during the first quarter of 2016, a 158.7% increase by value compared to Q1 2015 (114 deals, US$ 5.4bn), with the top five highest valued deals of the quarter being domestic.

u Following an year for outbound M&A in 2015 with US$ 88.0bn-worth of deals reaching the second highest annual value on record (after $115.6bn for 2012), Japanese overseas activity is on the decline. Japan's outbound M&A has seen its second quarterly decrease, falling from US$ 22.4bn (Q3 2015), to US$ 10.5bn (Q4 2015), and down to US$ 8.8bn in Q1 2016. Q1 2016's deal value represents a significant 77.1% drop compared to Q1 2015's US$ 38.3bn, the second highest quarterly deal value on record.

u After a post crisis high seen in 2015, inbound activity so far in 2016 has fallen by value. During Q1, eight deals worth US$ 862m represent a 76.8% decrease compared to Q1 2015 (seven deals, US$ 3.7bn). However, government incentives currently being pushed forward by President Abe's cabinet, including the aim to cut corporation tax to under 30%, may cause a revival of inbound activity moving forward into 2016.

15

Japan


Top dealsDeal

value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

5,916 17-Mar Canon Inc Japan Toshiba Medical Systems Corporation Toshiba Corporation

3,259 29-Jan Toyota Motor Corporation Japan

Daihatsu Motor Company Ltd (48.8% Stake)

771 30-Mar Hitachi Transport System Ltd Japan Hitachi Transport System Ltd (29% Stake) Hitachi Ltd

584 30-Mar Midea Group Co Ltd China Sagawa Express Co Ltd (20% Stake) SG Holdings Co Ltd

519 11-Mar Development Bank of Japan Inc Japan Kinugawa Rubber Industrial Co Ltd


Q1 2016

Q1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Nomura Holdings 11,604 21 13,194 -12.1%

2 9 Morgan Stanley 8,523 10 6,972 22.2%

3 7 JPMorgan 5,597 2 9,203 -39.2%

4 26 Credit Suisse 4,361 3 521 737.0%

5 18 Sumitomo Mitsui Financial Group 3,727 11 1,950 91.1%

6= - China International Capital 3,500 1 - -

6= 2 Lazard 3,500 1 11,901 -70.6%

8= 11 Citi 3,055 1 5,082 -39.9%

8= - Wells Fargo Securities 3,055 1 - -

10 3 Mizuho Financial Group 2,873 8 11,867 -75.8%

11 13 Deloitte 1,458 6 3,915 -62.8%

12= - Barclays 1,179 1 - -

12= 12 UBS Investment Bank 1,179 1 4,078 -71.1%

14 56 Trustees 519 1 28 1,754%

15 45 Robert W. Baird & Co 430 1 133 223.3%

Sector key

Pharma, Medical & Biotech Industrials Transport

16



u M&A activity targeting the Middle East and Africa region has been slow to gather momentum so far in 2016. The first quarter of the year saw 71 deals worth US$ 8.9bn, down by 48 deals compared to Q1 2015 (119 deals, US$ 9.0bn), despite deal value decreasing by just 1.2%. This lack of activity is reflected by the quarterly deal count dropping below 100 for the first time since Q1 2013.

u Currency volatility within South Africa, traditionally the driver of M&A within the region, has delayed regional activity during Q1 2016. With 15 deals worth US$ 940m announced during Q1, M&A activity experienced a 56.8% decrease by value compared to Q1 2015 (46 deals, US$ 2.2bn). Domestic worries have also affected outbound activity following an active 2015 (40 deals, US$ 9.4bn), with just eight deals worth US$ 311m marking the lowest quarterly deal value since Q1 2013 (US$ 112m).

u The region has felt the ramifications of the global drop in oil prices particularly acutely. So far in 2016, three deals worth just US$ 38m targeting the Energy, Mining & Utilities (EMU) sector mark the region's second lowest quarterly value following Q4 2001 (US$ 23m). This has been the first Q1 that EMU has dropped from the top of the sector league table in five years. Despite this historical lull, Mergermarket intelligence expects a pick up in activity within the oil and gas industry as distressed assets come to market.

u Exit activity has experienced a strong start to the year, signalling long term confidence in the region. The region experienced a strong 2015 for exit activity, where 53 deals worth US$ 4.7bn reached the highest exit count on record. To-date in 2016 this trend has continued, with 12 transactions worth US$ 1.4bn announced marking an 18.3% increase by value compared to Q1 2015 (US$ 1.2bn, 19 transactions).

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


19.9 12.6 20.9 34.8

13.0 12.9 11.4 14.6

5.5 4.0 15.6 7.9

25.4 8.0 8.2 12.8

12.3 21.6 13.7 15.5

7.2 18.6 9.1 24.3

8.9 13.5 10.5 20.7

9.0

8.9

9.4 8.8 19.8

19.8 6.6 11.5 7.3

Total 88.2

Total 52.0

Total 33.0

Total 54.4

Total 45.1

Total 53.6

Total 63.0

Total 59.3

Total 47.0

Total 8.9

Other


Consumer

$5,928m

$114m

$226m

$449m

$456m

$226m

$1,554m

$296m

$221m

$437m

$111m

$2,321m 19.6%

18.2%

13.1%

10.1%

8.4%

6.8%

6.4%

17.3%

13.0%

10.5%

11.6%

11.1%

8.8%

10.6%

3.9%

30.5%


$127m



t

Technology$1,091m$1,173m

$792m

Telecommunications

Business Services

Media

Private Equity

Cross-border

Q1 2016: $8.9bn

First sub 100 quarterly deal count since Q1 2013

Second lowest average deal size since 2011

Down from US$ 19.8bn announced in Q4, a peak in activity during 2015

Q1 2016 vs. Q1 2015

Q1 2016 vs.Q4 2015

Average deal size

Exit activity$1.4bn12 deals

Outbound$1.3bn31 deals

Africa Inbound$2.5bn27 deals

Domestic$4.3bn32 deals

Buyout activity$637m13 deals

46.2%

$148.5$170.9m

55.0%

85.6%

18.3%

10.0%

22.6%

vs. Q1 2015

vs. Q4 2015

vs. Q1 2015

vs. Q1 2015

71 deals

7.4% vs. Q1 2015

Increase compared to Q1 2015, despite 12 fewer deals


Second consecutive quarterly value increase


PE share of M&A activity

Third highest share on record


17



Sector key

Construction Consumer Telecommunications Financial Services


Q1 2016

Q1 2015

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 19 Lazard 3,696 5 551 570.8%

2 - Societe Generale 2,146 2 - -

3 - Moelis & Company 1,275 2 - -

4 - Zaoui & Co 1,246 1 - -

5 40 Evercore Partners 1,118 2 140 698.6%

6= 13 Credit Suisse 1,118 1 1,028 8.8%

6= 23 Houlihan Lokey 1,118 1 400 179.5%

8 - Jefferies 1,080 2 - -

9 - Arma Partners 900 1 - -

10 3 JPMorgan 837 1 3,771 -77.8%

11 25 PwC 494 3 396 24.7%

12 - NBK Capital 494 1 - -

13 4 Morgan Stanley 340 2 2,741 -87.6%

14 - Perella Weinberg Partners 340 1 - -

15 - Grant Thornton 310 1 - -

16 - Huatai United Securities 301 1 - -

17 - Allen & Company 272 1 - -

18= - FBN Capital 259 1 - -

18= - FirstEnergy Capital 259 1 - -

18= 11 Rand Merchant Bank 259 1 1,482 -82.5%

Top dealsDeal

value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

1,246 17-Mar LaFarge Maroc Morocco Holcim Maroc Morocco LaFargeHolcim Ltd

1,163 29-Jan Gindi Israel 2010 Ltd Israel Alon Holdings Blue Square Israel Ltd (72.7% Stake) Israel Alon Israel Oil Company Ltd

900 13-Jan Orange SA France Airtel Sierra Leone; and Airtel Burkina Faso Burkina Faso Bharti Airtel International

(Netherlands) BV

837 04-Feb Nestle SA Switzerland Osem Investment Ltd (36.3% Stake) Israel

494 01-Feb Saudi Telecom Company Saudi ArabiaKuwait Telecommunications

Company KSCP (25.8% Stake)

Kuwait

18

Global league tables


Global by deal countRank Company name Q1 2016

Q1 2016

Q1 2015

Value (US$m)

Deal Count

Count change

1 1 PwC 12,698 65 -37

2 3 KPMG 1,647 59 -14

3 6 Morgan Stanley 106,723 49 -13

4 4 JPMorgan 144,275 47 -18

5 5 Deloitte 4,571 47 -17

6 2 Goldman Sachs 237,186 46 -31

7 9 Lazard 66,938 45 -8

8 8 Rothschild 29,184 38 -19

9 19 Credit Suisse 88,008 37 8

10 10 Bank of America Merrill Lynch 97,726 36 -16

11 11 Citi 117,730 34 -9

12 23 RBC Capital Markets 51,366 34 8

13 15 Barclays 106,707 32 -3

14 7 EY 1,171 29 -32

15 14 Houlihan Lokey 10,294 28 -9

Global by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs 237,186 46 29.4%

2 1 JPMorgan 144,275 47 -24.7%

3 8 Citi 117,730 34 35.3%

4 3 Morgan Stanley 106,723 49 -24.3%

5 10 Barclays 106,707 32 42.2%

6 5 Bank of America Merrill Lynch 97,726 36 -15.6%

7 11 UBS Investment Bank 97,424 27 35.1%

8 13 Credit Suisse 88,008 37 46.8%

9 7 HSBC 79,790 16 -8.9%

10 72 China International Capital 76,726 16 3,154%

11 9 Deutsche Bank 72,925 19 -12.8%

12 4 Lazard 66,938 45 -51.9%

13 25 CITIC Securities 54,061 7 182.7%

14 29 Evercore Partners 51,902 24 334.7%

15 21 RBC Capital Markets 51,366 34 120.7%

19

Europe league tables


Europe by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 3 KPMG 1,361 51 10

2 1 PwC 3,727 42 -24

3 2 Rothschild 28,601 35 -15

4 7 Lazard 35,557 30 -2

5 6 Deloitte 668 27 -10

6 4 EY 937 23 -18


8 5 Goldman Sachs 138,931 18 -19

9 10 Morgan Stanley 62,226 18 -6

10 42 BNP Paribas 8,461 18 12

11 13 JPMorgan 75,402 16 -5

12 18 Barclays 72,539 14 -1

13 26 HSBC 71,809 14 4

14 9 Citi 64,547 14 -12

15 8 M&A International 123 14 -13

Europe by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 138,931 18 87.3%


3 6 JPMorgan 75,402 16 72.6%

4 9 Barclays 72,539 14 137.6%

5 12 HSBC 71,809 14 215.9%

6 3 Citi 64,547 14 16%

7 2 Morgan Stanley 62,226 18 5.5%

8 5 Deutsche Bank 57,305 9 29.3%

9 11 Credit Suisse 56,620 11 89.8%

10 182 N+1 47,355 10 98,566%

11 - China International Capital 46,741 2 -

12= - CCB International 45,860 1 -

12= - CITIC Securities 45,860 1 -

12= - Dyalco 45,860 1 -


20



UK by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 6 KPMG 499 13 0

2 1 Rothschild 15,812 11 -12


4 10 Lazard 4,785 10 0

5 3 PwC 1,312 10 -8

6 14 Grant Thornton 123 9 0

7 4 JPMorgan Cazenove 22,100 8 -5

8 33 HSBC 21,533 8 4

9 17 Barclays 18,395 8 1


11 5 EY 521 6 -7

12 2 Goldman Sachs 24,621 5 -13

13 20 Deutsche Bank 19,941 5 -1

14 16 UBS Investment Bank 19,817 5 -3

15 8 Citi 4,791 5 -6

UK by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1 3 Bank of America Merrill Lynch 29,866 10 7.8%

2 1 Goldman Sachs 24,621 5 -37.2%

3 4 JPMorgan Cazenove 22,100 8 -11.8%

4 10 HSBC 21,533 8 11.4%

5 13 Deutsche Bank 19,941 5 35.4%

6 7 UBS Investment Bank 19,817 5 -8.2%

7 6 Barclays 18,395 8 -16.5%


9 9 Rothschild 15,812 11 -22.4%

10 11 Perella Weinberg Partners 15,652 3 -18.6%

11 - Societe Generale 14,812 2 -

12 - Robey Warshaw 14,812 1 -

13 112 SEB 9,933 2 43,087

14 - Centerview Partners 9,933 1 -

15 - Klein and Company 6,181 1 -

Ireland by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 4 Goldman Sachs 51,865 3 0

2= 14 Barclays 51,385 2 1

2= 7 Citi 51,385 2 0

4 9 Morgan Stanley 36,114 2 0

5 2 Davy Corporate Finance 198 2 -3

6 42 PwC 17 2 1

7= - Deutsche Bank 35,219 1 -

7= 15 Evercore Partners 35,219 1 0

9= 19 Centerview Partners 16,166 1 0

9= 5 Lazard 16,166 1 -2

9= - Mizuho Trust & Banking 16,166 1 -

12 23 Piper Jaffray & Co 895 1 0

13 - Banco Itau BBA 202 1 -

14= 10 Bank of America Merrill Lynch 184 1 -1

14= - Hannam & Partners 184 1 -

14= - Strand Hanson 184 1 -

Ireland by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs 51,865 3 363.5%

2= 7 Barclays 51,385 2 1,208%

2= 2 Citi 51,385 2 781.1%

4 6 Morgan Stanley 36,114 2 819.4%

5= - Deutsche Bank 35,219 1 -

5= 8 Evercore Partners 35,219 1 796.6%

7= 14 Centerview Partners 16,166 1 1,756%

7= 4 Lazard 16,166 1 201.2%


10 19 Piper Jaffray & Co 895 1 645.8%

11 - Banco Itau BBA 202 1 -

12 23 Davy Corporate Finance 198 2 127.6%

13= 9 Bank of America Merrill Lynch 184 1 -93.1%

13= - Hannam & Partners 184 1 -

13= - Strand Hanson 184 1 -

21



Germanic by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 4 KPMG 11 9 -1

2 11 Lazard 4,793 7 0

3 5 PwC 31 7 -3

4 10 JPMorgan 63,188 6 -1

5 16 UBS Investment Bank 63,052 5 0

6 2 Goldman Sachs 62,044 5 -6

7 53 N+1 47,279 5 3


9 26 Lincoln International - 5 1

10 63 HSBC 61,204 4 3

11 3 EY 147 4 -7

12 1 Deloitte 135 4 -10

13 - Mummert & Company - 4 -

14 19 Credit Suisse 47,657 3 -1

15 17 Barclays 16,343 3 -1

Germanic by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 2 JPMorgan 63,188 6 170.1%

2 11 UBS Investment Bank 63,052 5 1,368%

3 1 Goldman Sachs 62,044 5 105%

4 30 HSBC 61,204 4 12,546%

5 12 Credit Suisse 47,657 3 10,134%

6 99 N+1 47,279 5 -

7= - CCB International 45,860 1 -

7= - China International Capital 45,860 1 -

7= - CITIC Securities 45,860 1 -

7= - Dyalco 45,860 1 -

11 7 Barclays 16,343 3 53.8%




15 9 Deutsche Bank 15,616 2 166.3%

Germany by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 5 KPMG 11 7 1


3 - Mummert & Company - 4 -


5 29 Bank of America Merrill Lynch 15,902 3 1

6 3 Citi 2,559 3 -3

7 12 Lazard 1,822 3 -1

8 8 PwC 31 3 -2

9 - UniCredit Group 11 3 -

10= 21 ACXIT Capital Partners - 3 0

10= 6 Globalscope Partners - 3 -3

10= 24 Lincoln International - 3 0

13 27 Perella Weinberg Partners 15,912 2 0

14 28 Barclays 15,814 2 0

15 11 Deutsche Bank 15,616 2 -2

Germany by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change


2 1 Goldman Sachs 16,184 4 -18.5%



5 6 Barclays 15,814 2 53.5%

6 8 Deutsche Bank 15,616 2 693.9%

7 - HSBC 15,344 2 -

8 - JPMorgan 14,951 2 -

9 29 RBC Capital Markets 14,932 2 11,751%

10= - Robey Warshaw 14,812 1 -

10= - Societe Generale 14,812 1 -

12 4 Citi 2,559 3 -80.8%

13 9 Lazard 1,822 3 90.2%

14 5 Morgan Stanley 1,758 2 -84.4%


22



France by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 7 BNP Paribas 7,117 14 9

2 1 Rothschild 8,225 13 -6

3 9 KPMG 495 12 8

4 2 Lazard 5,391 11 0

5 14 Natixis 7,228 9 6

6 4 Credit Agricole 7,841 7 1

7 6 Lincoln International 72 6 0

8 26 HSBC 5,053 5 3

9 5 PwC 251 5 -1




13 - Jefferies 240 4 -

14 32 Deloitte 224 4 2

15 15 DC Advisory - 4 1

France by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 4 Morgan Stanley 11,824 4 159.4%

2 6 Rothschild 8,225 13 266.4%


4 14 Credit Agricole 7,841 7 885.1%

5 12 Goldman Sachs 7,595 4 682.2%

6 21 Natixis 7,228 9 1,995%

7 1 BNP Paribas 7,117 14 -0.2%

8 76 Credit Suisse 6,414 3 -

9= - JayDee Partners 6,155 1 -

9= - Maybank Investment Bank 6,155 1 -

11 2 Lazard 5,391 11 -8.2%

12 13 HSBC 5,053 5 439.9%

13 8 JPMorgan 4,572 3 128.7%

14 - RBC Capital Markets 3,300 2 -

15 5 Deutsche Bank 2,145 2 -51.6%

Benelux by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 7 Nielen Schuman 80 8 3

2 2 KPMG 68 8 0

3 4 Deloitte 72 7 0

4 8 Rothschild 1,646 6 2

5 10 ING 30 6 2

6 3 Rabobank 297 5 -2

7 1 PwC 31 5 -5

8 - Houlihan Lokey 279 4 -

9 9 ABN AMRO Bank 98 4 0

10 20 Globalscope Partners - 4 1

11 6 Lazard 1,392 3 -2




15 26 HSBC 532 2 0

Benelux by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 8 Goldman Sachs 7,137 2 192.5%

3 1 Morgan Stanley 7,093 2 -66.7%

4= - LionTree Advisors 6,977 1 -

4= - Robey Warshaw 6,977 1 -

6 11 Rothschild 1,646 6 -18.4%

7 5 Lazard 1,392 3 -71.1%

8= 7 Barclays 1,179 1 -60.6%

8= 2 Credit Suisse 1,179 1 -92.6%

8= - Mizuho Financial Group 1,179 1 -

11 - Ophoenix Capital Management 1,102 1 -

12 13 HSBC 532 2 -65.5%

13 15 Citi 532 1 -63.6%

14 19 UniCredit Group 307 1 -52.8%

15 9 Rabobank 297 5 -87.7%

23



Iberia by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 4 Deloitte 260 6 0

2 2 KPMG 167 6 -2

3 28 Banco Bilbao Vizcaya Argentaria 1,030 5 4

4 10 Haitong Bank 101 4 1

5 45 N+1 50 4 3

6 6 Citi 1,592 3 -1

7 13 Lazard 1,223 3 1

8 1 PwC 158 3 -10

9 11 EY - 3 0

10 - BNP Paribas 870 2 -

11= - Credit Agricole - 2 -

11= 43 Livingstone Partners - 2 1

11= - Natixis - 2 -

11= - ONEtoONE Corporate Finance - 2 -

Iberia by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 4 Citi 1,592 3 -81.9%

2 7 Lazard 1,223 3 -76.3%

3 24 Banco Bilbao Vizcaya Argentaria 1,030 5 819.6%


5 20 Deloitte 260 6 59.5%

6= - ANZ Bank 224 1 -

6= - IGWT Advisory 224 1 -

6= - ING 224 1 -

6= 17 Santander Global Banking and Markets 224 1 -33.7%

6= - The SILC Group 224 1 -

11 8 KPMG 167 6 -96.4%

12 11 PwC 158 3 -94.1%

13 - Jordan/Zalaznick Advisers 107 1 -

14 19 Haitong Bank 101 4 -39.5%

15 - Strata Partners 100 1 -

Spain by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 27 Banco Bilbao Vizcaya Argentaria 1,030 5 4

2 4 Deloitte 260 5 -1

3 2 KPMG 99 5 -3

4 41 N+1 50 4 3

5 12 Lazard 1,223 3 1

6 1 PwC 158 3 -10

7 10 EY - 3 0

8 6 Citi 1,592 2 -2


10= 39 Livingstone Partners - 2 1

10= - Natixis - 2 -

10= - ONEtoONE Corporate Finance - 2 -

13= - ANZ Bank 224 1 -


13= - ING 224 1 -

13= 14 Santander Global Banking and Markets 224 1 -1


Spain by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 4 Citi 1,592 2 -81.9%

2 7 Lazard 1,223 3 -76.3%



5 19 Deloitte 260 5 59.5%

6= - ANZ Bank 224 1 -


6= - ING 224 1 -

6= 17 Santander Global Banking and Markets 224 1 -34.0%


11 11 PwC 158 3 -94.1%

12 - Jordan/Zalaznick Advisers 107 1 -

13 - Strata Partners 100 1 -

14 8 KPMG 99 5 -97.9%

15 - Needham & Company 75 1 -

24



Italy by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 12 KPMG 737 15 12

2 3 UniCredit Group 1,231 8 1


4 1 Mediobanca 4,302 5 -5

5 - EY 245 5 -

6 4 Banca IMI/Intesa Sanpaolo 1,550 4 -3

7 40 Ethica Corporate Finance 82 4 3

8 45 N+1 27 4 3

9 6 Lazard 3,879 3 -2

10 11 Leonardo & Co 120 3 -1

11 23 Fineurop Soditic 101 3 1


13 16 PwC 725 2 -1

14 18 JPMorgan 439 2 0

15 21 Deloitte 123 2 0

Italy by deal valueRank Company name Q1 2016

Q 1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 4 Mediobanca 4,302 5 -60.6%


3 5 Lazard 3,879 3 -63.6%

4= 6 Citi 3,518 1 -60.9%

4= - Colombo & Associati 3,518 1 -

6 8 Rothschild 2,021 6 -76.5%

7 20 Banca IMI/Intesa Sanpaolo 1,550 4 -22.6%

8 11 UniCredit Group 1,231 8 -76.1%

9 7 KPMG 737 15 -91.7%

10 29 PwC 725 2 571.3%

11= 2 Deutsche Bank 725 1 -95.5%

11= 24 HSBC 725 1 -40.9%

11= - Jefferies 725 1 -

14= 12 Credit Agricole 724 1 -84.1%

14= - Philippe Villin Conseil 724 1 -

Nordics by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 1 PwC 1,958 9 -8

2 10 ABG Sundal Collier Holding 1,655 7 3

3 3 Deloitte 100 7 -1

4 7 M&A International 69 6 1


6 2 EY 75 5 -4

7 8 SEB 10,095 4 0

8 29 Rothschild 10,064 4 2

9 64 Jefferies 3,892 4 3

10 21 Lazard 3,073 4 2

11 14 Swedbank 1,029 4 1

12 32 Citi 3,828 3 2


14 23 Handelsbanken Capital Markets 315 3 1

15 - DNB Markets 163 3 -

Nordics by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1 2 SEB 10,095 4 35.7%

2 49 Rothschild 10,064 4 -


4 5 Morgan Stanley 4,902 5 55.4%

5 64 Jefferies 3,892 4 -

6 3 Citi 3,828 3 -45.3%

7 7 Lazard 3,073 4 10.5%

8 20 PwC 1,958 9 1,139%

9= 21 Bank of America Merrill Lynch 1,800 2 1,054%

9= - NC Advisory 1,800 2 -

11 - JPMorgan 1,733 2 -

12 24 ABG Sundal Collier Holding 1,655 7 2,299%

13 - UBS Investment Bank 1,576 2 -

14= - Credit Suisse 1,412 1 -

14= - N+1 1,412 1 -

25



Denmark by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 2 Deloitte 67 4 -2

2 1 PwC 96 3 -4

3 - FIH Partners 1,066 2 -

4 17 Clearwater International 87 2 1

5= 21 Jefferies 1,080 1 0

5= - Lazard 1,080 1 -

5= - Moelis & Company 1,080 1 -

8 - Citi 993 1 -

9= - Piper Jaffray & Co 185 1 -

9= - William Blair & Company 185 1 -

11 - Morgan Stanley 116 1 -

12 - Handelsbanken Capital Markets 24 1 -

13= - Global M&A Partners 11 1 -

13= - IMAP M&A Consultants 11 1 -

Denmark by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1= 21 Jefferies 1,080 1 -

1= - Lazard 1,080 1 -

1= - Moelis & Company 1,080 1 -

4 - FIH Partners 1,066 2 -

5 - Citi 993 1 -

6= - Piper Jaffray & Co 185 1 -

6= - William Blair & Company 185 1 -


9 7 PwC 96 3 -6.8%

10 17 Clearwater International 87 2 -

11 3 Deloitte 67 4 -63.4%

12 - Handelsbanken Capital Markets 24 1 -

13= - Global M&A Partners 11 1 -

13= - IMAP M&A Consultants 11 1 -

Norway by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 4 ABG Sundal Collier Holding 1,646 5 2

2 8 Swedbank 1,029 3 1

3 28 M&A International - 3 2

4 - Morgan Stanley 1,798 2 -

5 10 Arctic Securities 1,327 2 0

6 5 Goldman Sachs 457 2 0

7 32 Pareto Securities 354 2 1


9 19 SEB 162 2 1

10= 24 Alpha Corporate Finance - 2 1

10= 7 EY - 2 0

12= 2 Carnegie Investment Bank 1,259 1 -3

12= - Citi 1,259 1 -

14 - China International Capital 881 1 -

15 - Barclays 342 1 -

Norway by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 - Morgan Stanley 1,798 2 -

2 11 ABG Sundal Collier Holding 1,646 5 2,286%

3 22 Arctic Securities 1,327 2 -

4= 18 Carnegie Investment Bank 1,259 1 5,146%

4= - Citi 1,259 1 -

6 10 Swedbank 1,029 3 1,203%


8 1 Goldman Sachs 457 2 -5.2%

9 32 Pareto Securities 354 2 -

10 - Barclays 342 1 -


12 15 SEB 162 2 260.0%

13 - Navigo Partners 162 1 -

14= - BDO 62 1 -

14= 13 PwC 62 1 12.7%

26



Sweden by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 1 PwC 1,800 5 -3


3 4 SEB 10,095 3 0



6 11 Handelsbanken Capital Markets 315 3 1

7 6 ABG Sundal Collier Holding 171 3 0

8 27 HDR Partners 82 3 2

9 7 Deloitte 33 3 1

10 - Jefferies 2,512 2 -

11 - NC Advisory 1,800 2 -

12 8 Lazard 1,672 2 0

13 43 Navigo Partners 162 2 1

14 5 EY 75 2 -1

15 - Jarl Securities 8 2 -

Sweden by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 5 SEB 10,095 3 257.3%

2 26 Rothschild 9,951 3 -


4 7 Morgan Stanley 3,527 3 27.9%

5 - Jefferies 2,512 2 -

6 22 PwC 1,800 5 -

7 - NC Advisory 1,800 2 -

8 12 Bank of America Merrill Lynch 1,800 1 1,054%

9 6 Lazard 1,672 2 -39.9%

10= 2 Citi 1,576 1 -77.5%

10= - UBS Investment Bank 1,576 1 -


12= - JPMorgan 1,412 1 -

12= - N+1 1,412 1 -

15 38 Goldman Sachs 712 1 -

Finland by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 24 MCF Corporate Finance - 3 2

2 - Advium Corporate Finance 15 2 -

3 2 Danske Bank Corporate Finance - 2 0

4= - Goldman Sachs 712 1 -

4= - Jefferies 712 1 -

6 26 Sisu Partners 402 1 0

7= - Guggenheim Partners 321 1 -

7= - JPMorgan 321 1 -

7= - Lazard 321 1 -

7= - MTS Health Partners 321 1 -

11 - Pareto Securities 307 1 -

12 - Rothschild 113 1 -

13= - Banco Bilbao Vizcaya Argentaria 100 1 -

13= - Strata Partners 100 1 -

15 8 Access Partners 80 1 0

Finland by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1= - Goldman Sachs 712 1 -

1= - Jefferies 712 1 -

3 26 Sisu Partners 402 1 -

4= - Guggenheim Partners 321 1 -

4= - JPMorgan 321 1 -

4= - Lazard 321 1 -

4= - MTS Health Partners 321 1 -

8 - Pareto Securities 307 1 -


10= - Banco Bilbao Vizcaya Argentaria 100 1 -

10= - Strata Partners 100 1 -

12 6 Access Partners 80 1 -79.9%

13 - Robert W. Baird & Co 50 1 -

14 - ING 30 1 -

15 - Advium Corporate Finance 15 2 -

27



Turkey by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1= - EY 54 1 -

1= - KPMG 54 1 -

3 - N+1 50 1 -

4= - Deloitte - 1 -

4= 5 Pragma Corporate Finance - 1 -2

4= 3 PwC - 1 -2

Turkey by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1= - EY 54 1 -

1= - KPMG 54 1 -

3 - N+1 50 1 -

4= - Deloitte - 1 -

4= 8 Pragma Corporate Finance - 1 -

4= 5 PwC - 1 -

CEE by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 - Rothschild 1,773 6 -

2 8 PwC 265 5 2

3 - Trigon Group 658 4 -

4 2 KPMG 73 3 -2

5 1 EY - 3 -7

6 6 UniCredit Group 572 2 -1

7= - Danske Bank Corporate Finance 124 2 -

7= - Swedbank 124 2 -

9 - Lazard 96 2 -

10= 3 Deloitte - 2 -2

10= 4 Patria Corporate Finance - 2 -2

12= - Jamieson Corporate Finance 265 1 -

12= 9 JPMorgan 265 1 -1


15 16 Societe Generale 65 1 0

CEE by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change



3 10 UniCredit Group 572 2 -12.1%

4 27 PwC 265 5 4,317%


5= 1 JPMorgan 265 1 -91.0%


8= - Danske Bank Corporate Finance 124 2 -

8= - Swedbank 124 2 -

10 - Lazard 96 2 -

11 16 KPMG 73 3 -1.4%

12 3 Societe Generale 65 1 -96.6%

13 - Bank Zachodni WBK 56 1 -

14 - Ingenious Corporate Finance 35 1 -

15 - Scotiabank 25 1 -

28



Poland by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change


2 16 PwC 265 4 3


4 4 KPMG 73 2 0


5= 9 JPMorgan 265 1 0

5= 18 UniCredit Group 265 1 0



10= 1 Deloitte - 1 -3

10= - M&A International - 1 -

10= - Raiffeisen Centrobank - 1 -

10= - TS Partners - 1 -

Poland by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 16 PwC 265 4 -


3= 4 JPMorgan 265 1 -82.5%

3= 18 UniCredit Group 265 1 -



8 11 KPMG 73 2 305.6%


10= 8 Deloitte - 1 -

10= - M&A International - 1 -

10= - Raiffeisen Centrobank - 1 -

10= - TS Partners - 1 -

Russia by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change




4 - Sozvezdie Capital 9 1 -

5= - EY - 1 -

5= - Trigon Group - 1 -

Russia by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change




4 - Sozvezdie Capital 9 1 -

5= - EY - 1 -

5= - Trigon Group - 1 -

29

Americas league tables


Americas by deal countRank Company name Q1 2016

Q1 2016

Q1 2015

Value (US$m)

Deal Count

Count change

1 1 Goldman Sachs 160,404 37 -19

2 2 JPMorgan 73,030 33 -13


4 6 Barclays 91,115 28 -4

5 5 Houlihan Lokey 10,015 24 -11


7 7 Lazard 52,379 23 -7



10 11 Citi 105,314 21 -4

11 9 Jefferies 13,150 21 -5

12 34 Robert W. Baird & Co 3,575 21 12

13 23 Evercore Partners 51,661 19 4

14 21 Raymond James & Associates 729 18 0

15 8 PwC 7,512 17 -13

Americas by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 5 Goldman Sachs 160,404 37 80.2%

2 8 Citi 105,314 21 86.3%

3 7 Barclays 91,115 28 42.5%

4 2 Morgan Stanley 73,244 23 -35.7%

5 1 JPMorgan 73,030 33 -50.7%


7 9 Deutsche Bank 55,559 12 9.6%

8 3 Lazard 52,379 23 -52.6%



11 10 Credit Suisse 28,832 22 -41.7%

12 25 Wells Fargo Securities 28,115 11 220.1%



15 4 Centerview Partners 16,816 2 -83.3%

US by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 1 Goldman Sachs 150,106 34 -17

2 2 JPMorgan 63,604 32 -12

3 7 Barclays 87,845 25 -3



6 31 Robert W. Baird & Co 3,575 21 12


8 6 Lazard 50,989 20 -8


10 8 Jefferies 12,438 20 -5


12 9 Citi 94,838 18 -6



15 14 PwC 7,512 16 -4

US by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 5 Goldman Sachs 150,106 34 79.6%

2 8 Citi 94,838 18 91.5%

3 7 Barclays 87,845 25 49.8%

4 3 Morgan Stanley 73,244 23 -29.8%


6 1 JPMorgan 63,604 32 -55.3%

7 10 Deutsche Bank 55,559 12 33.2%


9 2 Lazard 50,989 20 -53.8%




13 4 Centerview Partners 16,816 2 -83.3%

14 - Mizuho Trust & Banking 16,166 1 -

15 9 Credit Suisse 14,735 20 -68.9%

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31



US North East by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change


2 13 Barclays 19,877 16 6

3 7 Jefferies 10,907 14 1



6 3 JPMorgan 12,924 12 -6





11 9 Deutsche Bank 17,435 8 -4

12 6 Lazard 4,398 8 -5

13 5 Citi 20,778 7 -9


15 15 Moelis & Company 1,397 7 -2

US North East by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 4 Goldman Sachs 29,412 16 -32.8%

3 7 Citi 20,778 7 -16.3%

4 10 Barclays 19,877 16 15.9%

5 12 Deutsche Bank 17,435 8 15.9%


7 3 JPMorgan 12,924 12 -70.8%


9 17 Jefferies 10,907 14 47.1%



12 86 PwC 7,451 5 7,134%

13 5 Morgan Stanley 5,923 12 -85.5%

14 8 Credit Suisse 5,579 12 -71.3%

15 1 Lazard 4,398 8 -95.5%

US Mid West by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change


2 1 JPMorgan 27,642 10 -5

3 15 Robert W. Baird & Co 1,725 9 3

4 11 Citi 68,427 8 1

5 7 Barclays 66,678 8 0


7 8 Jefferies 2,665 7 -1


9 19 Piper Jaffray & Co 628 7 2

10 10 Lincoln International - 7 -1

11 5 Lazard 27,746 6 -4




15 9 William Blair & Company 1,005 5 -3

US Mid West by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 6 Goldman Sachs 85,055 11 259.5%

2 11 Citi 68,427 8 578.4%

3 9 Barclays 66,678 8 406%

4 4 Morgan Stanley 49,236 5 -16.4%

5 25 Evercore Partners 45,075 7 4,670%

6 19 Deutsche Bank 35,219 2 556.2%

7 2 Lazard 27,746 6 -62.5%

8 3 JPMorgan 27,642 10 -57.6%

9= 1 Centerview Partners 16,166 1 -79.9%


11 - Scotiabank 11,305 1 -



14 33 Sandler O'Neill & Partners 4,372 2 1,209%

15 13 Moelis & Company 3,270 4 -62.9%

32



US South by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 2 JPMorgan 24,343 15 -1




5 81 Robert W. Baird & Co 3,385 11 10


7 10 Barclays 18,161 9 0



10 5 Raymond James & Associates 163 9 -3

11 21 Citi 24,590 8 2

12 6 Lazard 16,301 7 -4

13 15 PwC 5,409 7 -1

14 23 Moelis & Company 1,250 7 1

15 24 William Blair & Company 1,040 7 1

US South by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 7 Goldman Sachs 55,459 11 103.4%


3 24 RBC Capital Markets 31,099 11 1,121%

4 6 Citi 24,590 8 -12.6%

5 1 JPMorgan 24,343 15 -61.0%


7 12 Deutsche Bank 20,080 6 6.5%

8 3 Barclays 18,161 9 -43.6%

9 9 Lazard 16,301 7 -25.1%

10 4 Morgan Stanley 12,263 6 -59.5%

11 2 Credit Suisse 11,040 10 -66.6%

12 70 BMO Capital Markets 9,168 3 8,631%

13 45 Stifel/KBW 8,254 4 2,238%

14 - Mizuho Financial Group 6,074 1 -

15 32 Jefferies 5,807 6 374.4%

US West by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 3 JPMorgan 17,035 11 -2




5 5 Jefferies 4,612 7 -5


7 10 Barclays 2,698 7 -1

8 12 Moelis & Company 1,101 7 -1

9 13 Stifel/KBW 503 6 -2


11 17 Piper Jaffray & Co 1,023 5 -1

12 14 Lincoln International 220 5 -2

13 8 KPMG 134 5 -4

14 15 RBC Capital Markets 6,418 4 -2

15 11 Lazard 5,420 4 -4

US West by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1 4 Goldman Sachs 19,472 10 -23.0%

2 1 JPMorgan 17,035 11 -51.5%


4 2 Morgan Stanley 10,352 9 -66.1%


6 10 RBC Capital Markets 6,418 4 -40.1%

7 - Klein and Company 6,181 1 -

8 - Mizuho Financial Group 6,074 1 -

9= - Bravia Capital Hong Kong 6,068 1 -

9= - GF Securities 6,068 1 -

11 13 Lazard 5,420 4 -25.8%

12 14 Qatalyst Group 4,678 2 -31.7%

13 9 Jefferies 4,612 7 -57.0%

14 8 Credit Suisse 4,232 7 -62.4%

15 23 Citi 3,356 3 2.8%

33



Canada by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change



3 25 Scotiabank 15,227 6 4


5 4 BMO Capital Markets 9,646 6 0

6 55 Haywood Securities 247 6 5

7 23 Deloitte 137 6 3

8 6 JPMorgan 21,455 5 0

9 7 CIBC World Markets 5,376 5 0

10 15 TD Securities 4,483 5 1

11 8 National Bank Financial 1,254 5 0


13 20 Barclays 14,575 4 1


15 13 Canaccord Genuity 845 4 0

Canada by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1 11 Goldman Sachs 35,859 6 712%

2 34 Lazard 23,595 3 2,315%

3 - Wells Fargo Securities 22,454 3 -

4 2 JPMorgan 21,455 5 -7.1%

5 14 Morgan Stanley 20,978 4 638%

6 25 Scotiabank 15,227 6 1,063%

7 15 Barclays 14,575 4 660%

8 19 Credit Suisse 14,097 4 796%


10 6 Citi 11,697 3 67.2%

11 9 Macquarie Group 10,004 3 84%

12 12 BMO Capital Markets 9,646 6 163%

13 31 UBS Investment Bank 9,630 3 803%

14= - Grant Samuel 9,426 1 -

14= - Gresham Advisory Partners 9,426 1 -

C&S America by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 5 Banco BTG Pactual 2,472 5 1

2 37 Artica Invest 20 4 3

3 3 Banco Bilbao Vizcaya Argentaria 4,689 3 -1

4 13 Lazard 1,390 3 1

5 6 Banco Itau BBA 202 3 -1

6 - BR Partners 165 3 -


8 - Citi 1,050 2 -

9 - Banco Bradesco BBI 156 2 -

10 - Clairfield International 43 2 -

11 22 Brasilpar Servicos Financeiros - 2 1


13 9 Rothschild 1,340 1 -1

14 7 JPMorgan 538 1 -2

15 8 Santander Global Banking and Markets 497 1 -2

C&S America by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change


2 19 Credit Suisse 4,671 1 2,271%

3 9 Banco BTG Pactual 2,472 5 273%

4 27 Lazard 1,390 3 31,323%

5 2 Rothschild 1,340 1 -65.3%

6 - Citi 1,050 2 -

7 1 JPMorgan 538 1 -87%

8 7 Santander Global Banking and Markets 497 1 -40%

9 12 Banco Itau BBA 202 3 -49.4%

10 - Inverlink 170 1 -

11 - BR Partners 165 3 -

12 - Banco Bradesco BBI 156 2 -

13 22 M&A International 95 3 -45.7%

14 - JMP Securities 70 1 -

15 - Clairfield International 43 2 -

34

Asia-Pacific league tables


Asia-Pacific(excl. Japan) by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 5 Huatai United Securities 11,728 18 4

2 1 PwC 8,433 17 -9

3 26 China International Capital 76,726 16 9



6 21 Citi 20,202 13 6



9 42 Lazard 9,538 10 7


11 59 Haitong Securities 6,947 9 7

12 136 Guosen Securities 5,087 9 8

13 32 China Securities 4,537 9 4

14 13 JPMorgan 62,072 8 -2

15 37 GF Securities 7,062 8 4

Asia-Pacific(excl. Japan) by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 1 Goldman Sachs 70,394 12 8.3%


4 21 Credit Suisse 66,751 15 768.9%

5 8 JPMorgan 62,072 8 187.9%

6 2 HSBC 59,325 5 -7%


8 - CCB International 45,972 2 -

9= - Dyalco 45,860 1 -

9= 187 N+1 45,860 1 169, 752%

11 18 Citi 20,202 13 78.9%

12 20 Morgan Stanley 19,781 16 123.3%


14 27 Huatai United Securities 11,728 18 153.0%

15 12 Macquarie Group 9,641 5 -37.8%

*Based on advisors to bidder on buyout deals only with the target domininant geography being Asia-Pacific (excl. Japan)

35



Asia (excl. Australasia & Japan) by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change




4 1 PwC 8,212 13 -8


6 24 Citi 10,699 10 5



9 49 Lazard 9,056 9 7





14 17 China Renaissance Partners 5,962 8 1

15 18 Southwest Securities Company 3,334 8 1

Australasia by deal countRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Count change

1 2 Macquarie Group 9,641 5 -3

2 4 PwC 221 4 -3



5 18 Citi 9,503 3 1

6 10 Deloitte 177 3 -1


8 14 Grant Samuel 9,497 2 0

9 15 Bank of America Merrill Lynch 560 2 0

10 59 ANZ Bank 284 2 1

11 6 KPMG 60 2 -3

12= 13 Gresham Advisory Partners 9,426 1 -1

12= 40 JPMorgan 9,426 1 0

14 - Guosen Securities 755 1 -

15 29 Lazard 482 1 0

Australasia by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 4 Goldman Sachs 10,006 3 -15.5%

2 3 Macquarie Group 9,641 5 -29.9%


4 21 Credit Suisse 9,510 3 844.4%

5 19 Citi 9,503 3 660.8%

6 5 Grant Samuel 9,497 2 -16.4%

7= 2 Gresham Advisory Partners 9,426 1 -46.5%

7= 30 JPMorgan 9,426 1 2,205%

9 - Guosen Securities 755 1 -

10 10 Bank of America Merrill Lynch 560 2 -91.4%

11 11 Lazard 482 1 -92%

12 59 ANZ Bank 284 2 -

13= 9 Deutsche Bank 224 1 -96.7%


13= - ING 224 1 -


Asia (excl. Australasia & Japan) by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 3 Goldman Sachs 60,388 9 13.6%

3 1 HSBC 59,325 5 -7.1%


5 17 Credit Suisse 57,241 12 758%


7 5 JPMorgan 52,646 7 148.9%


9= - Dyalco 45,860 1 -

9= 166 N+1 45,860 1 -

11 14 Morgan Stanley 19,781 15 152.1%


13 21 Huatai United Securities 11,728 18 153.0%

14 13 Citi 10,699 10 6.5%

15 19 Lazard 9,056 9 82.8%

36



Greater China by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change








8 26 Citi 10,066 8 5


10 7 China Renaissance Partners 5,962 8 1

11 8 Southwest Securities Company 3,334 8 1

12 5 CITIC Securities 54,061 7 0

13 1 Somerley 3,951 7 -8


15 32 Lazard 7,656 6 4

Greater China by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change


2 6 UBS Investment Bank 56,871 8 188%

3 3 Goldman Sachs 56,091 5 7.3%

4 1 HSBC 55,441 4 -11.5%


6 33 Credit Suisse 48,821 6 2,743%

7 5 JPMorgan 48,505 4 129%


9= - Dyalco 45,860 1 -

9= - N+1 45,860 1 -

11 20 Huatai United Securities 11,728 18 153%

12 15 Morgan Stanley 11,128 10 59.7%

13 13 Citi 10,066 8 26.4%


15 18 Lazard 7,656 6 54.5%

India by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 1 Avendus Capital 184 4 -7

2 2 EY 168 3 -7

3 - Lazard 950 2 -

4 11 Axis Capital 846 2 0

5 7 Citi 633 2 0

6 - Bank of America Merrill Lynch 560 2 -

7 - JPMorgan 257 2 -

8 9 Goldman Sachs 226 2 0

9 13 Signal Hill Capital 38 2 0

10 12 PwC 9 2 0

11 10 Rothschild 1,280 1 -1

12= - Arma Partners 900 1 -

12= - Societe Generale 900 1 -

14= 19 Morgan Stanley 706 1 0

14= - SBI Capital Markets 706 1 -

India by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 14 Rothschild 1,280 1 412.0%

2 - Lazard 950 2 -

3= - Arma Partners 900 1 -

3= - Societe Generale 900 1 -

5 15 Axis Capital 846 2 261.5%

6= 6 Morgan Stanley 706 1 -19.6%

6= - SBI Capital Markets 706 1 -

8 2 Citi 633 2 -41.3%


10 - UBS Investment Bank 460 1 -

11 - JPMorgan 257 2 -

12 17 Jefferies 240 1 41.2%

13 4 Goldman Sachs 226 2 -76.2%

14= - Capital Fortunes 195 1 -

14= - Moelis & Company 195 1 -

37



South korea by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 1 PwC 2,554 6 -7


3 - Korea Development Bank 1,546 3 -

4 2 Deloitte 2,078 2 -2

5 18 Samsung Securities 1,284 1 0

6= - Morgan Stanley 1,002 1 -

6= 15 Nomura Holdings 1,002 1 0


9 - Barclays 529 1 -

10 17 Shinhan Investment 459 1 0

11 - Lazard 450 1 -

12= 7 Goldman Sachs 187 1 -1

12= - Reimei Global Advisors 187 1 -

14 13 Daiwa Securities Group 173 1 0

15 4 EY 66 1 -2

South Korea by deal valueRank Company name Q1 2016

Q12016

Q1 2015

Value (US$m)

Deal Count

Value change

1 1 Credit Suisse 5,466 4 105.9%

2 3 PwC 2,554 6 5.8%

3 9 Deloitte 2,078 2 658.4%

4 - Korea Development Bank 1,546 3 -

5 16 Samsung Securities 1,284 1 970.0%

6= - Morgan Stanley 1,002 1 -

6= 10 Nomura Holdings 1,002 1 289.9%


9 - Barclays 529 1 -

10 15 Shinhan Investment 459 1 247.7%

11 - Lazard 450 1 -

12= 12 Goldman Sachs 187 1 -26.7%

12= - Reimei Global Advisors 187 1 -

14 7 Daiwa Securities Group 173 1 -81.6%

15 11 EY 66 1 -74.1%

Japan by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 1 Nomura Holdings 11,604 21 -1

2 2 Sumitomo Mitsui Financial Group 3,727 11 -10


4 3 Mizuho Financial Group 2,873 8 -6

5 8 Deloitte 1,458 6 -1

6 16 GCA Savvian 263 5 1

7 4 Daiwa Securities Group 244 4 -8

8 15 Credit Suisse 4,361 3 -1

9 10 JPMorgan 5,597 2 -4

10 5 KPMG 227 2 -8

11 6 PwC 39 2 -7


12= 12 Lazard 3,500 1 -4

14= 14 Citi 3,055 1 -4

14= - Wells Fargo Securities 3,055 1 -

Japan by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 1 Nomura Holdings 11,604 21 -12.1%

2 9 Morgan Stanley 8,523 10 22.2%

3 7 JPMorgan 5,597 2 -39.2%

4 26 Credit Suisse 4,361 3 737.0%

5 18 Sumitomo Mitsui Financial Group 3,727 11 91.1%


6= 2 Lazard 3,500 1 -70.6%

8= 11 Citi 3,055 1 -39.9%

8= - Wells Fargo Securities 3,055 1 -

10 3 Mizuho Financial Group 2,873 8 -75.8%

11 13 Deloitte 1,458 6 -62.8%

12= - Barclays 1,179 1 -

12= 12 UBS Investment Bank 1,179 1 -71.1%

14 56 Trustees 519 1 1,754%

15 45 Robert W. Baird & Co 430 1 223.3%

38



South East Asia by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 2 RHB Investment Bank 685 5 0

2 1 CIMB Group 457 5 -2


4 20 Maybank Investment Bank 6,755 4 2


6 29 Deutsche Bank 928 3 2

7 62 EY 85 3 2

8 - BNP Paribas 4,039 2 -

9 28 Citi 868 2 1

10 6 Jefferies 396 2 -1

11 24 PwC 219 2 0

12 - GCA Savvian 107 2 -

13 - I V Global Securities Public Company 21 2 -

14 - JayDee Partners 6,155 1 -

15= 12 Bank of America Merrill Lynch 3,884 1 -1

15= - Credit Agricole 3,884 1 -

15= 16 Goldman Sachs 3,884 1 -1

15= 13 HSBC 3,884 1 -

15= 48 JPMorgan 3,884 1 -

15= - Natixis 3,884 1 -

15= 66 Rothschild 3,884 1 0

South East Asia by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 24 Morgan Stanley 6,945 4 2,363%

2 36 Maybank Investment Bank 6,755 4 5,017%

3 - JayDee Partners 6,155 1 -

4 2 Credit Suisse 4,491 4 73.7%

5 - BNP Paribas 4,039 2 -

6= 8 Bank of America Merrill Lynch 3,884 1 145.2%

6= - Credit Agricole 3,884 1 -

6= 14 Goldman Sachs 3,884 1 537.8%

6= 9 HSBC 3,884 1 223.7%

6= 46 JPMorgan 3,884 1 9,610%

6= - Natixis 3,884 1 -

6= 66 Rothschild 3,884 1 -

13 32 Deloitte 1,200 1 636.2%

14 12 Deutsche Bank 928 3 -4.1%

15 11 Citi 868 2 -27.7%

39

Africa & Middle East league tables


Africa & Middle East by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 9 Lazard 3,696 5 1

2 16 EY 111 4 1

3 1 PwC 494 3 -5


5 - Moelis & Company 1,275 2 -


7 - Jefferies 1,080 2 -

8 5 Morgan Stanley 340 2 -2

9 23 Deloitte 257 2 0

10= 15 BDO 22 2 -1

10= - Bravura Corporate Finance 22 2 -

12 24 Barclays 19 2 1

13 62 KPMG 16 2 1

14 - Zaoui & Co 1,246 1 -

15= 19 Credit Suisse 1,118 1 -1

15= 32 Houlihan Lokey 1,118 1 0

Africa & Middle East by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 19 Lazard 3,696 5 570.8%


3 - Moelis & Company 1,275 2 -

4 - Zaoui & Co 1,246 1 -


6= 13 Credit Suisse 1,118 1 8.8%

6= 23 Houlihan Lokey 1,118 1 179.5%

8 - Jefferies 1,080 2 -

9 - Arma Partners 900 1 -

10 3 JPMorgan 837 1 -77.8%

11 25 PwC 494 3 24.7%

12 - NBK Capital 494 1 -

13 4 Morgan Stanley 340 2 -87.6%

14 - Perella Weinberg Partners 340 1 -

15 - Grant Thornton 310 1 -

40

Private equity league tables


Global (buyouts+exits) by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 5 KPMG 734 17 2

2 11 Jefferies 9,380 14 3



5 2 PwC 3,308 11 -9


7 14 Lazard 4,367 10 0






13 16 Robert W. Baird & Co 430 8 -1

14 25 Barclays 19,521 7 1


Global (buyouts+exits) by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 20 Barclays 19,521 7 717.1%


3 8 Citi 16,602 6 150.8%

4 5 Deutsche Bank 16,040 6 29.5%

5 3 Goldman Sachs 14,736 11 -7.5%

6 11 Jefferies 9,380 14 64.5%


8 38 Credit Suisse 7,338 7 613.8%

9 1 Morgan Stanley 5,026 9 -81.5%

10 4 JPMorgan 4,712 3 -67.5%

11 13 Rothschild 4,608 14 -10.6%

12 6 Lazard 4,367 10 -40.8%

13 17 HSBC 3,952 4 54.1%

14 43 PwC 3,308 11 316.1%


*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Global

US (buyouts+exits) by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 18 Barclays 16,380 5 1,113%

3 14 Citi 14,469 3 652%

4 8 Deutsche Bank 14,414 2 180.4%

5 3 Goldman Sachs 10,969 8 19.1%

6 9 Jefferies 7,448 10 92.7%

7 - Credit Suisse 4,495 2 -

8 4 JPMorgan 3,300 2 -59.5%

9 1 Morgan Stanley 2,760 6 -88.1%

10 11 Lazard 2,445 4 -12.8%



13 48 PwC 2,051 2 -

14 10 William Blair & Company 1,935 8 -42.8%

15 - NC Advisory 1,800 1 -

US (buyouts+exits) by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 62 Jefferies 7,448 10 4



4 14 Robert W. Baird & Co 430 8 2




8 15 Barclays 16,380 5 1

9 47 Harris Williams & Co 412 5 -2


11 11 Lazard 2,445 4 -1



14 - Cain Brothers 70 4 -

15 12 Piper Jaffray & Co - 4 -4

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US

41



Europe (buyouts+exits) by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 5 KPMG 734 15 6


3 1 PwC 1,240 8 -7

4 17 Lazard 1,922 6 2

5 7 DC Advisory 416 6 -1

6 3 EY 479 5 -5


8 51 Nielen Schuman - 5 3

9 33 HSBC 3,952 4 2

10 19 Jefferies 1,932 4 0

11 56 Liberty Corporate Finance 427 4 2

12 68 Natixis 111 4 3




Europe (buyouts+exits) by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 4 Rothschild 4,608 13 -6.1%

3 10 HSBC 3,952 4 68.9%

4 - Goldman Sachs 3,580 2 -

5 21 Barclays 3,141 2 202.3%

6 12 Numis Securities 2,139 1 13.8%

7 6 Citi 2,133 2 -51.4%

8 16 Jefferies 1,932 4 15.9%

9 5 Lazard 1,922 6 -56.9%

10 7 Morgan Stanley 1,576 1 -49.5%

11 1 Deutsche Bank 1,529 3 -78.0%

12 2 JPMorgan 1,412 1 -73.9%

13 23 Credit Suisse 1,306 3 27.0%

14 27 PwC 1,240 8 59.6%

15 124 Houlihan Lokey 1,128 3 -

Asia-Pac (buyouts+exits) by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 9 China International Capital 529 2 1

2 - Deloitte 100 2 -

3 31 Macquarie Group - 2 1


5 - BOCOM International Holdings Company 275 1 -

6 - Soochow Securities 241 1 -

7 - Golden Sun Securities 235 1 -


8= 8 Moelis & Company 195 1 0

10 - Goldman Sachs 187 1 -


12 - JM Financial 139 1 -

13 - DBS Bank 55 1 -

14= 2 PwC 17 1 -1

14= - Signal Hill Capital 17 1 -

Asia-Pac (buyouts+exits) by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 9 Bank of America Merrill Lynch 915 1 199.0%

2 7 China International Capital 529 2 6.0%



5 - Golden Sun Securities 235 1 -


6= 6 Moelis & Company 195 1 -78.7%




11 - Deloitte 100 2 -

12 - DBS Bank 55 1 -

13= 26 PwC 17 1 -5.6%


13= - Pagemill Partners 17 1 -

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)

42



Global buyouts by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 1 PwC 3,308 10 -3

2 6 KPMG 552 7 1


4 20 Lazard 2,987 5 3



7 24 Barclays 13,605 4 2



10 2 Macquarie Group 1,806 4 -4

11 3 EY 479 4 -4

12 4 Deloitte 164 4 -3

13 80 BDO 16 4 3



Global buyouts by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change


2 4 Deutsche Bank 15,236 4 269.6%

3 52 Barclays 13,605 4 13,505%

4 5 Citi 12,269 1 205.4%

5 8 Goldman Sachs 3,997 4 66.5%

6 18 PwC 3,308 10 440.5%


8 22 Lazard 2,987 5 460.4%


10 1 Macquarie Group 1,806 4 -88.4%

11 - NC Advisory 1,800 2 -

12 6 JPMorgan 1,412 1 -58.2%

13 19 BMO Capital Markets 1,360 2 2,469..2%

14 7 Jefferies 1,336 1 -52.3%

15 - TD Securities 1,200 2 -

*Based on advisors to bidder on buyout deals with the target dominant geography being Global

US buyouts by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 10 Deutsche Bank 14,414 2 2,429%

3 17 Barclays 13,605 4 13,505%

4 8 Citi 12,269 1 808.8%

5 5 Goldman Sachs 3,997 4 66.5%

6 18 Bank of America Merrill Lynch 2,150 2 2,050%


7= 12 Lazard 2,145 1 429.6%

9 20 PwC 2,051 2 -

10 - NC Advisory 1,800 1 -

11 - BMO Capital Markets 1,360 2 -

12= 6 Jefferies 1,336 1 -44.3%

12= 1 Macquarie Group 1,336 1 -88.4%


15= 19 Houlihan Lokey 950 1 -

15= 7 UBS Investment Bank 950 1 -60.4%

US buyouts by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change


2 8 Barclays 13,605 4 2


4 6 Deutsche Bank 14,414 2 0


6 10 PwC 2,051 2 0

7 - BMO Capital Markets 1,360 2 -


9 23 Deloitte 53 2 1

10 - Alvarez & Marsal Holdings 25 2 -

11= - Lincoln International - 2 -

11= - Piper Jaffray & Co - 2 -

13 13 Citi 12,269 1 0


14= 15 Lazard 2,145 1 0

*Based on advisors to bidder on buyout deals with the target dominant geography being US

43



Europe buyouts by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change

1 1 PwC 1,240 7 -2

2 5 KPMG 552 6 2

3 32 Lazard 842 4 3



6 2 EY 479 3 -4

7 58 Fineurop Soditic 101 3 2

8 - BDO 16 3 -


10 6 Rothschild 268 2 -2

11 62 Marlborough Partners 144 2 1

12 - Liberty Corporate Finance 117 2 -

13 - Houlihan Lokey 10 2 -

14= - Altium Capital - 2 -

14= - Natixis - 2 -

Europe buyouts by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 38 JPMorgan 1,412 1 4,769%

2 11 PwC 1,240 7 108.8%

3 9 UniCredit Group 1,066 3 63.7%

4 - Standard Chartered 1,002 1 -

5 26 Lazard 842 4 557.8%

6 2 Deutsche Bank 725 1 -77.7%

7 13 KPMG 552 6 19.5%

8 7 EY 479 3 -43.2%

9 18 Mediobanca S.p.A. 361 1 -20.1%

10 15 Societe Generale 273 1 -39.6%

11 22 Rothschild 268 2 -16.5%

12 62 Marlborough Partners 144 2 -

13 - Spayne Lindsay & Co 144 1 -

14 1 Macquarie Group 142 1 -96.5%

15 - Liberty Corporate Finance 117 2 -

Asia-Pac buyouts by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change






6 - DBS Bank 55 1 -

7= 1 PwC 17 1 -1


9 16 Macquarie Group - 1 0

Asia-Pac buyouts by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 3 Bank of America Merrill Lynch 915 1 199.0%





6 - DBS Bank 55 1 -

7= 13 PwC 17 1 -5.6%


9 16 Macquarie Group - 1 -

*Based on advisors to bidder on buyout deals with the target dominant geography being Europe

*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)

44



Global exits by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 13 Jefferies 8,044 13 6


3 8 KPMG 182 10 1




7 11 Robert W. Baird & Co 430 7 -1


9 36 DC Advisory 416 6 3




13 28 Citi 4,333 5 2

14 9 Lazard 1,380 5 -3

15 29 Moelis & Company 1,287 5 2

Global exits by deal valueRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs 10,739 7 -20.7%

2 9 Jefferies 8,044 13 177.2%

3 16 Barclays 5,916 3 158.5%


5 32 Credit Suisse 5,193 5 405.2%

6 1 Morgan Stanley 5,026 9 -81.1%

7 7 Rothschild 4,340 11 -10.3%

8 11 Citi 4,333 5 66.5%

9 14 HSBC 3,952 4 68.9%

10 3 JPMorgan 3,300 2 -70.3%




14 22 Houlihan Lokey 1,784 6 3.1%

15 31 Qatalyst Group 1,400 1 26.9%

*Based on advisors to target/seller on exit deals with the target dominant geography being Global

US exits by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs 6,972 4 2.4%

2 12 Jefferies 6,112 9 317.2%

3 4 JPMorgan 3,300 2 -31.3%

4 13 Barclays 2,775 1 122.0%

5 1 Morgan Stanley 2,760 6 -87.8%


7 22 Citi 2,200 2 283.3%


9 15 Qatalyst Group 1,400 1 58.4%


11 10 Houlihan Lokey 666 5 -61.5%

12 11 Moelis & Company 642 3 -57.8%

13 - Nomura Holdings 635 1 -

14 - Grail Partners 585 1 -

15 - Financial Technology Partners 438 1 -

US exits by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change

1 12 Jefferies 6,112 9 5


3 7 Robert W. Baird & Co 430 7 1


5 4 Houlihan Lokey 666 5 -3

6 6 Harris Williams & Co 412 5 -2




10 - Cain Brothers 70 4 -


12 14 Moelis & Company 642 3 0

13 23 AGC Partners 363 3 1

14 11 Lazard 300 3 -1

15 - Petsky Prunier 207 3 -

*Based on advisors to target/seller on exit deals with the target dominant geography being US

45



Europe exits by deal countRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Count change


2 8 KPMG 182 9 4

3 18 DC Advisory 416 6 3

4 22 HSBC 3,952 4 2

5 24 Jefferies 1,932 4 2


7 - Clearwater International - 3 -

8 - Bank of America Merrill Lynch 5,239 2 -


10 26 Barclays 3,141 2 0

11 23 Citi 2,133 2 0

12 - Evercore Partners 1,118 2 -

13 14 Lazard 1,080 2 -1

14 21 Deutsche Bank 804 2 0

15 35 Liberty Corporate Finance 310 2 0

Europe exits by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change

1 - Bank of America Merrill Lynch 5,239 2 -

2 3 Rothschild 4,340 11 -5.4%

3 9 HSBC 3,952 4 68.9%

4 1 Goldman Sachs 3,580 2 -44.9%

5 19 Barclays 3,141 2 202.3%


7 11 Citi 2,133 2 5.1%

8 15 Jefferies 1,932 4 52.5%

9 6 Morgan Stanley 1,576 1 -49.5%

10 20 Credit Suisse 1,306 3 27.0%

11 - Evercore Partners 1,118 2 -

12 88 Houlihan Lokey 1,118 1 -

13 4 Lazard 1,080 2 -75.1%

14 - Piper Jaffray & Co 895 1 -

15 5 Deutsche Bank 804 2 -78.2%

Asia-Pac exits by deal countRank Company name Q1 2016

Q1 2016

Q12015

Value (US$m)

Deal Count

Count change


2 7 China International Capital 338 1 0


4 - Golden Sun Securities Co 235 1 -

5= - Capital Fortunes Pvt 195 1 -




9 - Pagemill Partners 17 1 -

10 - EC Mergers & Acquisitions 15 1 -

Asia-Pac exits by deal valueRank Company name Q1 2016

Q12016

Q12015

Value (US$m)

Deal Count

Value change


2 6 China International Capital 338 1 -32.3%


4 - Golden Sun Securities Co 235 1 -

5= - Capital Fortunes Pvt 195 1 -




9 - Pagemill Partners 17 1 -

10 - EC Mergers & Acquisitions 15 1 -

*Based on advisors to target/seller on exit deals with the target dominant geography being Europe

*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)

46

Criteria

PR contactsAmericas: Chrissy CarneyT: +1 646 378 3118

Asia: Su- Chin ZhangT: +852 2158 9706

EMEA: Luella AtabakiT: +44 20 3741 1124

Deal submission contactsEMEA Andrea Putaturo + 44 20 3741 1274

Asia John Capulong + 852 2158 9723

Americas Jason Loria + 1 646 378 3122

About MergermarketMergermarket is a mergers & acquisitions (M&A) intelligence service.

Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.

In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.

Full deal inclusion criteria can be found here.

M&A Trends and Top Deals correct as of 9am (GMT), 31-Mar-2016. Cut off date 30-Mar-2016. League tables correct as of 6pm (GMT), 31-Mar-2016. Cut off date 30-Mar-2016.

Trend data: based on the dominant geography of the target and excludes lapsed and withdrawn bids. Sector trends based on the dominant sector of the target.

League tables: based on the dominant geography of the target, bidder, seller, and excludes lapsed and withdrawn bids. Private equity league tables based on financial advisors advising the bidder only on buyout deals and excludes lapsed and withdrawn bids. Private equity league tables based on financial advisors advising the bidder only on buyout deals and excludes lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.

Global cross-border: based on the dominant geography of the target and bidder company being based in different regions.

InboundGlobal/US/Japan: The dominant geography of the target is X, and the dominant geography of the bidder is any other country/region excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X.

OutboundGlobal/US/Japan: The dominant geography of the bidder is X, and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.


mailto:chrissy.carney%40mergermarket.com?subject=Trend%20report%20enquiry

mailto:Su-%20Chin.Zhang%40mergermarket.com?subject=

mailto:Luella.Atabaki%40mergermarket.com?subject=Trend%20report%20enquiry

mailto:Andrea.Putaturo%40mergermarket.com?subject=

mailto:John.Capulong%40mergermarket.com?subject=

mailto:Jason.Loria%40mergermarket.com?subject=

http://www.mergermarket.com/pdf/deal_criteria.pdf

global and regional m&a: q1 2016...although q1 2016 was unable to keep up this momentum, 1,303...

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