global & regional m&a report q1-q3 2018 · 2018. 10. 18. · consumer deals in q3. the...

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report Q1-Q3 2018Including League Tables of Financial Advisors

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Content

Overview 03

Global 04

Europe 09

US 14

Latin America 19

AsiaPacific (excl. Japan) 24

Japan 29

Middle East & Africa 34

M&A and PE League Tables 39

Criteria & Contacts 74

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45.7%20.3%

1.7%

1.1%

2.1%

29.1%

MEA US$ 46.7bn -8.7% vs. YTD 17 Inbound US$ 32.7bn -4.2% Outbound US$ 20.8bn -42.1%EMU US$ 14.7bn +59%

Europe US$ 792.7bn +21.3% vs. YTD 17 Inbound US$ 381.4bn +36.9% Outbound US$ 148.2bn -14.5%PMB US$ 136.5bn +116.4%

Latin America US$ 55.9bn +5.1% vs. YTD 17Inbound US$ 24.6bn -10.1% Outbound US$ 1.9bn -74.9%Ind. & Chem. US$ 21.9bn +151.2%

North America US$ 1.25tn +26.5% vs. YTD 17 Inbound US$ 179.3bn -17% Outbound US$ 269.2bn -7.1%EMU US$ 303.4bn +25.7%

APac (ex. Japan) US$ 551.7bn +22.3% vs. YTD 17 Inbound US$ 78.3bn +25.9% Outbound US$ 128.9bn +73.9%Ind. & Chem. US$ 93.1bn +51.6%

Global Overview Regional M&A Comparison

Japan US$ 30.7bn -10.4% vs. YTD 17 Inbound US$ 1.9bn -89.6% Outbound US$ 128.1bn +130.1%Technology US$ 7.4bn -43.2%

The % values on the map indicate market shares in global M&A

Global M&A US$ 2.72tn +22.3% vs. YTD 2017

Cross-border US$ 1.05tn +11.0% vs. YTD 2017

Top sector: EMU US$ 541.5bn +36.8% vs. YTD 2017

Mergermarket 3Global OverviewGlobal & Regional M&A Report Q1 VTB

4Mergermarket

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Number of megadeals

(> US$ 10bn) announced

this year, two more

than the 2017 total

Value decrease from

Q2 2018 to Q3 2018

32-35.4%

Value of M&A in Q1-Q3 2018, 22.3% ahead of YTD 2017

US$ 2.72tn

Global

Value (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target geography

Target sector

79.7 8-May-18 Takeda Pharmaceutical Company Limited

Shire Plc Republic of Ireland

Pharma, Medical & Biotech

67.6 8-Mar-18 Cigna Corporation Express Scripts Holding Company

USA Business Services

60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms

59.6 01-Aug-18 Energy Transfer Equity LP

Energy Transfer Partners LP (97.64% Stake)

USA Energy, Mining & Utilities

51.5 25-Apr-18 Comcast Corporation Sky Plc United Kingdom

Media

Mergermarket Global AnalysisGlobal & Regional M&A Report Q1-Q3 2018

• Following a frenetic first half of the year, Q3 saw subdued M&A activity as growing geopolitical tensions, trade wars and protectionism dampened spirits and caused corporates to pause over the summer. A total US$ 703.2bn changed hands in Q3, the lowest quarterly value since Q1 2016 (US$ 627.9bn) and 35.4% lower than Q2 (US$ 1.09tn). There was a distinct lack of big-ticket deals conducted over the last three months, which dominated the headlines in H1. Just four deals worth more than US$ 10bn were recorded during the third quarter after 28 such deals were announced in H1. The largest deal conducted in the last three months saw Energy Transfer Equity acquire 97.64% of Energy Transfer Partners for US$ 59.6bn. Yet despite the quarterly drop in activity, 2018 has to date registered the second highest value on record behind 2007 (US$ 2.94tn) and with US$ 2.72tn across 13,575 deals announced so far.

• With macro events playing a larger part in steering M&A this year, companies have continued looking closer to home instead of conducting high-profile cross-border deals. With tariffs introduced by the US and China and political protectionism creeping further into deal making considerations, advisors are having to contend with much harsher conditions. This is now leading corporates to consider more defensive domestic consolidation, bulking up in challenging times, while the deals will receive much lower levels of scrutiny. Consequently, domestic M&A increased by 30.6% on YTD 2017 to US$ 1.67tn – its highest YTD value on record. The US dominated global M&A once again, drawing in 47.5% of the global Q3 value, almost seven percentage points higher than that seen in 2017 (40.9%), with US$ 333.9bn announced in Q3. This pushed the country’s YTD value to US$ 1.14tn, 25.7% higher than YTD 2017 and the second highest YTD figure on Mergermarket record.

• Changing consumer habits continue to impact corporate decision making, highlighted by two of the most high-profile deals to occur in Q3. Coca-Cola’s US$ 5.1bn acquisition of Costa and the US$ 3.2bn takeover of SodaStream by PepsiCo demonstrate how increasing consumer health-consciousness and environmental ethics have caused firms to rethink existing business models with moves towards healthier and greener options. They represent the largest respective leisure and consumer deals in Q3. The trend looks set to continue, as Coca-Cola and Pepsi are also among those reportedly set to bid for GlaxoSmithKline’s nutritional foods unit, which is expected to be sold for more than US$ 4bn. Following a stellar 2017 (US$ 380.8bn, 2248 deals), the Consumer sector has failed to quite live up to the heights so far this year (US$ 181.4bn, 1,409 deals).

• While the majority of sectors have seen laboured activity in the last three months, the Energy, Mining & Utilities (EMU) sector has gone from strength to strength, recording the fifth consecutive quarter over US$ 100bn. The US$ 194.9bn announced in Q3 represented the highest quarterly value in the sector since Q4 2016 (US$ 250.5bn) and pushed the YTD figure to US$ 541.5bn – already surpassing the full-year 2017 value (US$ 531.7bn). Confidence appears to be rife at the moment with the sector appearing to be towards the top of the cycle, particularly in the US. A total of US$ 123.8bn (85 deals) was spent on US EMU assets in Q3, accounting for a 63.6% share of the sector’s global value, with four of the five largest deals in the sector targeting the US. Trump’s pro-fossil fuel rhetoric and rising commodity prices appear to be pushing the sector towards its highest full-year value on record.

“Following a frenetic first half of the year, Q3 saw subdued M&A activity as growing geopolitical tensions, trade wars and protectionism dampened spirits and caused corporates to pause over the summer”

Jonathan Klonowski, Research Editor (EMEA)

Global

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Global AnalysisGlobal & Regional M&A Report Q1-Q3 2018


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US$ 541.5bnValue of Energy, Mining & Utilities

M&A, already 1.8% higher than the full-year 2017 value

Media M&A (US$ 111.2bn) increase vs YTD 2017 (US$ 46.5bn)

Industrials & Chemicals (US$ 355bn) value increase compared to

YTD 2017 (US$ 309.7bn)

2.4x14.6%

Domestic M&A value (US$ 1.67tn) increase vs YTD 2017, reaching its

highest YTD value on record

30.6%Cross-border share of global M&A, four percentage points lower than

in YTD 2017

38.6%

Q3 2018 value, the lowest Q3 figure since 2013 (US$ 656.9bn)

US$ 703.2bn

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Global Quarterly Breakdown Trend2013 - 2018

Global Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

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Global Analysis

Ranking Q1-Q3 2018 Q1-Q3 2017 Regional ranking comparison

Q1-Q3 2018

Q1-Q3 2017

Company name Value (US$m)

Deal count

% Value change

Value (US$m)

Europe US Asia Pacific

Japan Middle East & Africa

Latin America

1 1 Goldman Sachs & Co 827,127 276 42.4% 580,844 1 1 1 2 1 6

2 2 Morgan Stanley 797,217 212 59.7% 499,116 2 2 2 3 2 4

3 3 JPMorgan 649,731 228 44.4% 450,103 3 3 5 1 3 7

4 4 Citi 598,950 195 67.0% 358,685 4 6 3 7 17 12

5 5 Bank of America Merrill Lynch 461,966 140 32.0% 349,992 5 5 6 15 4 1

6 10 Barclays 351,199 141 64.4% 213,560 9 4 9 14 9 20

7 12 Evercore 332,942 119 94.8% 170,924 7 7 15 4 13 24

8 6 Lazard 325,373 152 20.4% 270,173 6 11 8 27 15 14

9 7 Credit Suisse 305,984 132 37.0% 223,297 11 8 20 9 10 13

10 9 Deutsche Bank 297,802 97 38.6% 214,932 10 10 7 10 22 31

11 13 Centerview Partners 199,692 30 63.9% 121,845 34 9 460 11 8 -

12 11 Rothschild & Co 184,893 241 6.6% 173,502 8 21 23 18 7 16

13 8 UBS Investment Bank 166,414 115 -23.1% 216,452 12 17 4 19 11 32

14 36 PJT Partners 138,006 16 392.5% 28,024 17 12 201 12 131 -

15 22 Nomura Holdings 106,366 67 118.2% 48,753 14 54 38 5 132 108

16 17 RBC Capital Markets 97,909 81 14.8% 85,268 28 14 39 95 61 33

17 30 Robey Warshaw 87,249 4 151.4% 34,703 13 16 28 - - -

18 90 Mizuho Financial Group 84,244 42 1284.0% 6,087 52 13 80 6 25 -

19 18 Jefferies 80,214 114 9.5% 73,225 29 18 47 98 28 17

20 21 Moelis & Company 78,609 89 49.2% 52,684 40 15 13 29 30 111

Global League tables

Financial advisor league table by value

Global & Regional M&A Report Q1-Q3 2018


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Europe Analysis

Europe

Value (US$bn)

Deal details

Announce-ment date


Target sector

79.7 8-May-18 Takeda Pharmaceutical Company Limited

Shire Plc Republic of Ireland


51.5 25-Apr-18 Comcast Corporation Sky Plc UK Media

46.6 12-Mar-18 E.ON SE innogy SE Germany Energy, Mining & Utilities

39.6 23-Mar-18 Consortium formed by ACS SA, Atlantia SpA and Hochtief AG

Abertis Infraestructuras SA

Spain Construction

27.4 11-May-18 China Three Gorges Coporation

Energias de Portugal SA(76.73% Stake)

Portugal Energy, Mining & Utilities

European share of global

M&A value in Q3, the

lowest quarterly figure

since Q2 2009 (19.7%)

YTD value (US$ 792.7bn)

increase compared to

YTD 2017 (US$ 653.3bn)

19.8%21.3%

M&A targeting Europe in Q3, 63.8% down versus

Q2 (US$ 384.7bn)

US$ 139.1bn



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“Private equity was a rare bright spot in Q3, as investors look to deploy the vast amounts of dry-powder still available”


Europe

Europe Analysis

• While traditionally a slow quarter for the continent, European M&A faltered significantly in Q3, recording the lowest quarterly value since Q1 2013 (US$ 136.3bn). The last three months saw US$ 139.1bn change hands across 1,428 deals, 63.8% lower than the US$ 384.7bn and 1,951 deals post-crisis record set in Q2. After an opening six months littered with blockbuster transactions, the third quarter saw no megadeals (> US$ 10bn) take place, the largest being US$ 9.5bn, meaning Europe represents just 19.8% of global M&A – its lowest quarterly share since Q2 2009 (19.7%). While political uncertainty has been the ‘new norm’ for a number of years in Europe, the wider geopolitical trend appears to have caused corporates to take stock over the summer – and how Brexit negotiations conclude and the future relationship between the UK and the rest of the EU will undoubtedly be closely observed.

• Europe’s three largest markets all recorded values dropping by more than half versus those seen in Q1 and Q2 – with France, Germany and the UK all failing to retain the heights set earlier in the year. Combined, they represent 44.1% of European M&A value this year resulting in the significant fall in the continent’s M&A figures. There still appears to be a number of high-profile situations in the pipeline, which will comfort dealmakers. For example, CVC has reportedly Barclays, Credit Suisse and Bank of America Merrill Lynch do work on its duel-track exit of Domestic & General, thought to be worth over US$ 3bn. Whether Q3 was simply a blip, or is a glimpse of a more prolonged downturn remains to be seen, and European dealmakers will keep a watchful eye over how the continent finishes the year.

• In contrast to global trends, cross-border M&A has been much more active than domestic activity. Foreign investment has driven European dealmaking over the summer, with intra-European activity stuttering. Of the top ten deals targeting the continent, nine were conducted by foreign investors in Q3, including CK Hutchison’s US$ 9.5bn acquisition of 50% in Wind Tre, and the US$ 6.7bn takeover of Jardine Lloyd Thompson by Marsh & McLennan. Asian and US investments took the lion’s share, together accounting for 43.3% of the region’s YTD M&A value. Following six consecutive quarters above the US$ 100bn mark, intra-European M&A slipped to US$ 59bn in Q3. This represented a 58.9% drop in value compared to the US$ 143.6bn recorded in Q2. It was the lowest Q3 value since the financial crisis.

• Private equity activity was a rare bright spot in Q3, as investors look to deploy the vast amounts of dry-powder still available. The US$ 37.4bn (289 buyouts) recorded in Q3 means Europe has seen more than US$ 25bn spent by private equity firms in each of the last eight successive quarters. There were eleven buyouts worth at least US$ 1bn announced in Q3, including Global Infrastructure Partners’ US$ 5.9bn 50% takeover of North Sea off-shore wind farm, Hornsea 1, from Orsted. Sponsors are increasingly looking towards listed targets in order to find value and there were three multi-billion take-private transactions recorded in Q3. The largest saw Morgan Stanley Infrastructure offer to acquire the remaining 71% stake in German rail logistics firm VTG for US$ 3.2bn.



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$59bnValue of intra-European M&A announced in Q3, the lowest quarterly figure since Q1 2016

(US$ 56.2bn)

Drop in UK M&A in Q3 (US$ 42.8bn) versus Q2 (US$ 104.8bn)

-59.2%US$ 131.3bn

Value of private equity buyouts in Q1-Q3 2018, the highest value seen since the crisis

YTD increase in Media M&A valueYTD increase in Energy, Mining & Utilities M&A valueForeign investment into Europe

so far this year, the highest YTD figure on Mergermarket record

US$ 381.4bn 5.7x72.9%

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Mergermarket Europe AnalysisGlobal & Regional M&A Report Q1-Q3 2018




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Europe Quarterly Breakdown Trend2013 - 2018

Europe Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

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Mergermarket Europe AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Europe League tables

Europe league table by value Europe league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 4 Rothschild & Co 159,931 206 11 195

2 2 PwC 15,783 200 -29 229

3 3 EY 10,493 188 -16 204

4 5 Deloitte 8,439 164 -28 192

5 1 KPMG 46,573 149 -85 234

6 8 Goldman Sachs & Co 392,080 112 24 88

7 7 JPMorgan 322,260 101 -8 109

8 6 Lazard 194,002 98 -15 113

9 10 Morgan Stanley 361,859 78 -2 80

10 11 Oaklins 2,932 75 3 72

11 13 Citi 306,312 70 3 67

12 15 Lincoln International 3,617 70 4 66

13 9 BDO 1,488 60 -26 86

14 18 UBS Investment Bank 103,465 59 3 56

15 12 Bank of America Merrill Lynch 202,418 56 -13 69

16 23 UniCredit Group 9,636 56 14 42

17 20 Clearwater International 1,498 56 3 53

18 19 Houlihan Lokey 9,002 52 -2 54

19 32 Barclays 125,297 50 19 31

20 14 ALANTRA 3,640 50 -17 67

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 392,080 112 28.0% 306,427

2 3 Morgan Stanley 361,859 78 67.6% 215,864

3 4 JPMorgan 322,260 101 55.9% 206,757

4 6 Citi 306,312 70 91.4% 160,036

5 2 Bank of America Merrill Lynch 202,418 56 -13.3% 233,462

6 5 Lazard 194,002 98 5.9% 183,260

7 27 Evercore 176,873 39 739.7% 21,065

8 8 Rothschild & Co 159,931 206 11.9% 142,920

9 15 Barclays 125,297 50 172.0% 46,063

10 7 Deutsche Bank 119,487 43 -23.4% 155,916

11 9 Credit Suisse 106,719 45 -21.9% 136,722

12 10 UBS Investment Bank 103,465 59 -22.8% 134,042

13 21 Robey Warshaw 87,249 4 151.4% 34,703

14 25 Nomura Holdings 86,656 14 269.2% 23,470

15 11 BNP Paribas 68,072 43 -29.1% 95,969

16 19 Societe Generale 66,731 26 73.5% 38,471

17 30 PJT Partners 63,210 7 265.2% 17,308

18 16 Mediobanca 56,473 29 22.7% 46,029

19 61 LionTree Advisors 52,373 10 990.4% 4,803

20 13 Perella Weinberg Partners 50,595 7 -24.5% 66,974

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Europe AnalysisGlobal & Regional M&A Report Q1-Q3 2018


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US Analysis

US

Value (US$bn)

Deal details

Announce-ment date


Target sector

67.6 8-Mar-18 Cigna Corporation Express Scripts Holding Company

USA Business Services

60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecom

59.6 1-Aug-18 Energy Transfer Equity LP

Energy Transfer Partners LP (97.64% Stake)

USA Energy, Mining & Utilities

31.3 30-Apr-18 Marathon Petroleum Corporation

Andeavor Corporation USA Industrials & Chemicals

26.7 26-Mar-18 Brookfield Property Partners LP

General Growth Properties Inc (65.86% Stake)

USA Real Estate Second-highest Q1-Q3 deal

count since 2017 (4,367)

US value increase over Q1-

Q3 2017 (US$ 910.4bn)

4,10025.7%

Second-highest Q1-Q3 value on Mergermarket record

US$ 1.1tn



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US Analysis

“Though the economy remains relatively strong at the moment, uncertainty over global trade agreements and tariffs, particularly with China, have left dealmakers wondering if it would be better to wait or to strike deals now while one can.”

Elizabeth Lim,Research Editor (Americas)

US

• Q3 2018 marked the 10th anniversary of the start of the Great Recession, which left its mark on not only the business world but also on global society at large. In the decade since, the US saw the collapse of Lehman Brothers, bailed out other entities, cut interest rates to near-zero for seven years, and introduced the Dodd-Frank banking rules and quantitative easing, etc. Such structural efforts to prevent another global depression now face dismantling in the recovery era, while new pressures have emerged in the form of political and economic nationalism. With protectionism gaining a foothold, dealmakers appear stuck between the need to consolidate in an increasingly technological world and the uncertainty of making deals in an environment of trade wars and tariffs. For now, the need to consolidate has continued. US M&A reached its second-highest total by both deal value and count for the Q1-Q3 period on Mergermarket record with US$ 1.1tn and 4,100 transactions tallied. Average deal size increased 33.9% to US$ 279.1m in the year to date compared to US$ 208.5m in Q1-Q3 2017. Meanwhile, over the same period, deal count fell by 267 transactions.

• Q3 paid witness to several high-profile deals. After Singapore-based (now US-based) Broadcom’s bid for US semiconductors firm Qualcomm was blocked by the White House earlier this year, the former pursued an US$ 18bn deal with B2B software company CA Technologies in a move that left many perplexed in terms of strategy. Meanwhile, Japanese semiconductors firm Renesas announced that it was buying US-based Integrated Device Technology for US$ 7bn. Given Broadcom’s failed attempt to takeover Qualcomm, Renesas’ bid has some wondering how the Committee on Foreign Investment in the US (CFIUS) will view the deal, given that relations with Japan have been relatively smoother than those with China in recent years. In other deal announcements,

Brookfield continued its investment streak with a US$ 9.5bn purchase of Forest City Realty Trust.

• Energy, Mining & Utilities (EMU) was the most valuable sector in the US, setting a record US$ 268bn as firms continued to consolidate in a rising oil price environment, and was further boosted by the sector’s largest deal on record, Energy Transfer Equity’s US$ 59.6bn bid for a 97.6% stake in Energy Transfer Partners. Q3 also saw several other sectors hitting record values, such as Business Services, home to Cigna’s defensive US$ 67.9bn bid for Express Scripts against Amazon’s encroach on the pharmacy benefit management space. Real Estate emerged as a sector to watch, hitting a record US$ 74.1bn; relatedly, the Construction sector also broke a new value record with US$ 25.4bn. By deal count, Industrials & Chemicals set a new record with 717 transactions.

• Cross-border trends saw a shift this year, as inbound M&A fell from Canada and China, key bidder regions in recent years. Though the former was still the top acquirer of US companies in Q1-Q3 2018 with US$ 49.7bn, and with total values rising 15.5% over Q1-Q3 2017 (US$ 43bn), activity was down 52.9% from a peak of US$ 105.6bn in Q1-Q3 2016 as the US and Canada struggled to reach an agreement on NAFTA for most of the period. Inbound M&A from China followed a similar pattern, falling 54.7% to US$ 2.7bn this year compared to Q1-Q3 2017 (US$ 5.9bn) and 92.2% from a peak of US$ 34.4bn in Q1-Q3 2016. Meanwhile, since the Brexit referendum in 2016, US investment into the UK has steadily risen, hitting a record high of US$ 99.2bn, with Q1-Q3 2018 already surpassing all previous full years. However, 51.9% of this was due to Comcast’s US$ 51.5bn acquisition of Sky following a battle with Disney/Fox.



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42%

789 14

US share of Global M&A in Q1-Q3 2018, up from 40.9% in Q1-Q3 2017

US$ 59.6bn Value of Energy Transfer Equity/Energy Transfer Partners (97.64% stake) deal, the largest in the US for Q1-Q3 2018

US inbound M&A value decrease from Q1-Q3 2017 (US$ 247.8bn) to

Q1-Q3 2018 (US$ 199.4bn)

US Tech M&A deal count in Q1-Q3 2018, the second-largest on

record

Number of megadeals (> US$ 10bn), three more than in Q1-Q3

2017

Fall in Chinese investment into the US from Q1-Q3 2017 (US$ 6bn) to

Q1-Q3 2018 (US$ 2.7bn)

-54.7%-19.5%

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US AnalysisGlobal & Regional M&A Report Q1-Q3 2018




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US Quarterly Breakdown Trend2013 - 2018

US Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

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Mergermarket US AnalysisGlobal & Regional M&A Report Q1-Q3 2018


US League tables

US league table by value US league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 527,275 212 38 174

2 2 JPMorgan 403,950 155 1 154

3 4 Morgan Stanley 490,112 135 2 133

4 5 Citi 307,011 126 14 112

5 3 Houlihan Lokey 25,654 120 -15 135

6 9 Barclays 313,756 114 23 91

7 8 Jefferies 62,682 99 0 99

8 7 Evercore 236,232 98 -2 100

9 6 Credit Suisse 235,733 95 -5 100

10 18 Raymond James & Associates 13,845 94 25 69

11 11 Bank of America Merrill Lynch 308,876 90 3 87

12 23 Robert W. Baird & Co 11,966 79 23 56

13 20 Moelis & Company 67,167 76 12 64

14 15 William Blair & Company 16,759 74 2 72

15 12 Piper Jaffray & Co 11,969 73 -10 83

16 14 Rothschild & Co 58,927 70 -5 75

17 10 Lazard 168,443 66 -23 89

18 13 Stifel/KBW 16,903 64 -15 79

19 17 RBC Capital Markets 68,351 62 -8 70

20 26 Sandler O'Neill & Partners 28,922 61 10 51

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 527,275 212 17.6% 448,188

2 2 Morgan Stanley 490,112 135 29.3% 378,923

3 3 JPMorgan 403,950 155 24.1% 325,535

4 7 Barclays 313,756 114 66.5% 188,396

5 5 Bank of America Merrill Lynch 308,876 90 23.9% 249,348

6 4 Citi 307,011 126 18.8% 258,532

7 11 Evercore 236,232 98 61.4% 146,366

8 8 Credit Suisse 235,733 95 25.2% 188,264

9 12 Centerview Partners 192,054 27 58.8% 120,960

10 10 Deutsche Bank 172,229 58 17.2% 146,964

11 6 Lazard 168,443 66 -15.4% 199,123

12 26 PJT Partners 130,988 13 388.3% 26,828

13 55 Mizuho Financial Group 74,077 5 1374.2% 5,025

14 16 RBC Capital Markets 68,351 62 13.3% 60,334

15 18 Moelis & Company 67,167 76 37.7% 48,765

16 29 Robey Warshaw 65,434 3 197.0% 22,035


18 14 Jefferies 62,682 99 -11.5% 70,851

19 144 Raine Group 61,588 5 6930.6% 876

20 51 Sumitomo Mitsui Financial Group 60,978 5 940.9% 5,858

Mergermarket 18

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US AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Mergermarket 19

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Latin America Analysis

LatinAmericaValue (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target geography Target sector

15.3 16-Mar-18 Suzano Papel e Celulose SA

Fibria Celulose SA Brazil Industrials & Chemicals

4.1 17-May-18 Tianqi Lithium Industries Inc

Sociedad Quimica y Minera SA (23.77% Stake)

Chile Industrials & Chemicals

3.3 16-Feb-18 Enel Chile SA Enel Generación Chile (40.02% Stake)

Chile Energy, Mining & Utilities

3.1 17-Apr-18 Enel SpA AES Eletropaulo Brazil Energy, Mining & Utilities

2.1 12-Jun-18 Louis Dreyfus Company BV

Biosev SA (78.47% Stake)

Brazil Consumer Q1-Q3 2018 market share of

Global M&A by deal count,

down fro 3.1% in Q1-Q3 2017

Q1-Q3 2018 market share of

Global M&A by value, down

from 3.5% in Q1-Q3 2017

2.4%1.0%

Q1-Q3 2018’s deal value, up 5.1% over Q1-Q3 2017 (US$ 53.2bn)

US$ 55.9bn



Mergermarket 20

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“Interest on the part of dealmakers in Latin America comes at a time when relations with the US appear to be on the decline.”

Elizabeth Lim,Research Editor (Americas)

Latin America

• Latin America began the year facing no fewer than six presidential elections, including in its two most populous nations, Brazil and Mexico. While the former awaits its day at the polls, set to take place at the beginning of the fourth quarter, the latter saw the victory of populist Andrés Manuel López Obrador, known as “AMLO”, amidst a geopolitical environment that included its neighbour the US imposing tariffs, commencing a trade war, and renegotiating NAFTA. With all of this domestic and cross-border political and economic uncertainty, the region’s dealmaking remained more or less steady with US$ 55.9bn worth of deals announced in Q1-Q3 2018, a 5.1% rise in deal value, though deal count fell by 48 transactions. Approximately 27.4% of total deal value was due to the period’s top transaction and only megadeal (> US$ 10bn) – Brazil’s Suzano Papel e Celulose’s US$ 15.3bn bid for domestic target Fibria Celulose, a manufacturer of pulp and paper. However, the share of Latin America’s M&A activity in the global market fell from 3.5% in Q1-Q3 2017 to just 1% during the same period this year.

• Interest on the part of dealmakers in Latin America comes at a time when relations with the US appear to be on the decline, with domestic transactions and those with non-US foreign bidders claiming the top deals for Q3 2018. As Brazil, Latin America’s dominant economy, attempts to move past political corruption scandals, it was still the top country for M&A by both deal value and count in the region, recording US$ 32.1bn and 199 transactions. Chile ranked second, by both deal value and count, with US$ 11.3bn and 47 transactions. Chile was also home to the second- and third-largest deals of the period – China’s Tianqi Lithium Industries’ US$ 4.1bn purchase of a 23.8% stake in Sociedad Quimica y Minera from Canada’s Nutrien, and Enel Chile’s US$ 3.3bn bid for a 40% stake in Enel Generación Chile.

• The best-performing sector by both value and deal count was Industrials & Chemicals, which hit a record high with US$ 21.9bn and 67 transactions and claimed the top two transactions of 2018 to date, including the above acquisition of Fibria Celulose by Suzano Papel e Celulose. Energy, Mining & Utilities (EMU) made a comeback after falling last quarter by recording 60 transactions worth US$ 12.7bn through Q1-Q3 2018. EMU also accounted for Latin America’s third- and fourth-largest deals for the period – the Chilean Enel deal and Italy-based Enel’s US$ 3.1bn winning bid for Brazil-based AES Eletropaulo. The Technology sector, though it ranked eighth by value, reached a record high of US$ 1.3bn, boosted by China-based Didi Chuxing’s US$ 900m bid for a 70% stake in Brazil’s 99 Taxis earlier this year.

• Inbound M&A into Latin America fell 10.1% in Q1-Q3 2018 to US$ 24.7bn from US$ 27.4bn in the same period last year. Activity from the US specifically fell 17.4% to US$ 4.2bn from US$ 5.1bn over the same time interval, while activity from China remained steady at US$ 5.1bn. However, activity from Europe grew slightly to US$ 9.1bn, a 5.8% increase over US$ 8.6bn registered in Q1-Q3 2017. As Latin America faces its last major election of the year and the US, China, and Europe all face political and economic tensions with each other, it remains to be seen how much activity there may be for the rest of the year.

Latin America AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Mergermarket.com

+12.7%

US$ 21.9bn US$ 1.3bn

Brazilian M&A value increase in Q1-Q3 2018

(US$ 32.1bn) from Q1-Q3 2017 (US$ 28.4bn)

US$ 1.8bnBrookfield Asset Management (Canada)

& Digital Realty Trust (US)/Ascenty Data Centers e Telecomunicacoes SA

(Brazil) - largest deal of Q3 2018

Q1-Q3 2018 inbound M&A, down 10.1% from Q1-Q3 2017 (US$

27.4bn)

Highest Industrials & Chemicals value in LatAm for the Q1-Q3

period on Mergermarket record

Second-highest Q1-Q3 Technology value in LatAm since

2014 (US$ 2.1bn)

Highest inbound Q1-Q3 value from Europe since 2014 (US$ 33.9bn)

US$ 9.1bnUS$ 24.7bn

Mergermarket 21

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0

5

10

15

20

25

OtherFinancialServices

BusinessServices

ConsumerEnergy,Mining

& Utilities

Industrials& Chemicals

Dea

l Val

ue (

US

$b

n)

0

15

30

45

60

75

90

105

120

135

150

2018201720162015201420130

70

140

210

280

350

420

490

560

630

700

29.5

12.2

17.8

28.6

38.1

27.4

11.2

30.2

14.9

25.0

Dea

l Val

ue

(US

$b

n)

Deal C

ount19.6

44.4

14.1

14.0

11.9

24.2

39.9

24.8

22.4

25.6

21.4

21.2

7.3

Q3Q2 Q4Q1

Deal Count

Latin America Quarterly Breakdown Trend2013 - 2018

Latin America Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

22

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Mergermarket Latin America AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Latin America League tables

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Banco Itau BBA 22,193 21 -4 25

2 1 Banco BTG Pactual 8,303 14 -12 26

3 3 Banco Bradesco BBI 22,393 13 -3 16


5 4 Morgan Stanley 17,032 11 0 11

6 7 Goldman Sachs & Co 6,306 9 -1 10

7 11 JPMorgan 5,219 9 2 7

8 22 Citi 3,056 8 4 4

9 5 Santander Global Corporate Banking 836 8 -3 11

10 41 LXG Capital 424 8 6 2

11 12 Credit Suisse 2,560 7 0 7

12 6 Lazard 1,972 7 -4 11

13 10 Rothschild & Co 1,058 7 -1 8

14 23 EY 847 7 3 4

15 31 Vinci Partners 619 7 4 3

16 16 KPMG 566 7 1 6

17 44 Oaklins 364 6 4 2

18 82 Greenhill & Co 284 5 4 1

19 38 Rabobank 3,384 4 2 2

20 8 PwC 495 4 -6 10

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 10 Banco Bradesco BBI 22,393 13 454.7% 4,037

3 7 Banco Itau BBA 22,193 21 280.5% 5,833

4 4 Morgan Stanley 17,032 11 121.3% 7,697

5 1 Banco BTG Pactual 8,303 14 -37.8% 13,356

6 3 Goldman Sachs & Co 6,306 9 -45.0% 11,468

7 2 JPMorgan 5,219 9 -56.8% 12,087

8= - CLSA 4,066 1 - -

8= - Sinolink Securities 4,066 1 - -

10 36 Rabobank 3,384 4 696.2% 425

11 - Mediobanca 3,266 1 - -

12 12 Citi 3,056 8 -13.5% 3,533

13 8 Credit Suisse 2,560 7 -44.2% 4,591

14 15 Lazard 1,972 7 -12.9% 2,265

15 98 DH Capital 1,800 1 - -

16 19 Rothschild & Co 1,058 7 -29.1% 1,492

17 - Jefferies 969 1 - -

18 41 EY 847 7 163.9% 321

19 11 Santander Global Corporate Banking 836 8 -77.7% 3,744

20 9 Barclays 783 3 -81.5% 4,243

Mergermarket 23

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Mergermarket 24

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Asia Pacific(excl. Japan)Value (US$bn)

Deal details

Announce-ment date


Target sector

16.3 13-Aug-18 Consortium for APA Group

APA Group Ltd Australia Energy, Mining & Utilities

16.0 09-May-18 Wal-Mart Stores Inc Flipkart Internet Pvt Ltd(77% Stake)

India Technology

14.0 29-May-18 A group of 12 investors Zhejiang Ant Small and Micro Financial Services Group Co Ltd

China Financial Services

12.7 10-May-18 Wanhua Chemical Group Co Ltd

Yantai Wanhua Chemical Co, Ltd

China Industrials & Chemicals

10.7 25-Apr-18 Bharti Infratel Limited Indus Towers Limited India Telecoms Drop in value of Chinese investment into the US

compared to Q1-Q3 2017

2018 increase

versus YTD 2017

-54.7%22.3%

Value recorded in Q3 2018, across 882 deals

US$ 164.6bn

Asia Pacific (excl. Japan) AnalysisGlobal & Regional M&A Report Q1-Q3 2018


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“With Trump’s controversial trade policies and Chinese government’s capital outflow curb continuing to cast a shadow on the relationship between the two powerhouses, Chinese dealmakers’ interest in the US continued to fall”

Melissa Yan, Research Analyst, Mergermarket

Asia Pacific (excl. Japan)

• Asia-Pacific (excl. Japan) M&A experienced a significant downturn in the third quarter following a strong first half of 2018 amid trade tension between China and the US. Largely owing to the absence of big ticket transactions, the region dipped to 882 deals worth US$ 164.6bn in Q3 2018, 176 deals fewer compared to 1,058 deals (US$ 171.3bn) in Q3 2017. Only one megadeal (> US$ 10bn) was announced in Q3 - the Hong Kong-based consortium’s US$ 16.3bn acquisition of listed Australian energy infrastructure company, APA Group. Despite Q3’s sharp drop, the US$ 551.8bn (2,861 deals) registered so far this year, represented a 22.3% rise by value compared to the same period of 2017 (US$ 451.1bn, 2,856 deals), marking the second highest YTD value on Mergemarket record - largely driven by the remarkable performance of the first half which reached US$ 382.3bn.

• With the region experiencing a transformation from a low-cost-manufacturer into an economy powered by high-tech products in fields such as robotics, Industrials & Chemicals has remained the most attractive sector by value in the region so far this year. The sector notched up US$ 93.1bn across 599 deals, accounting for 16.9% of the region’s M&A value, 51.6% ahead of YTD 2017’s value (US$ 61.4bn). Energy, Mining & Utilities (EMU) ranked as the top sector in Q3 with US$ 28.5bn as a result of two large deals in Australia. As well as the aforementioned APA Group acquisition, the quarter saw the US$ 2.2bn takeover of oil and gas developer Quadrant Energy Australia by Australian energy company Santos Ltd. Notably, after a surge in the first six months of the year, technology M&A deals saw a 17.4% decline in Q3 value to US$ 19.3bn compared to US$ 23.4bn of the same period last year.

• Inbound M&A deal value declined by 14.6% in Q3 2018 to US$ 20.3bn, from US$ 23.8bn in Q3 2017. India has become an emerging investment hotspot, in which 119 deals announced with US$ 33.8bn recorded this year, contributing 43.2% of the region’s overall inbound activity. The new Indian bankruptcy law has brought news opportunities for investors. Meanwhile, the region’s outbound M&A soared to US$ 128.9bn, increasing 73.9% versus YTD 2017 (US$ 74.1bn), despite a slight dip in the number of deals. With Trump’s controversial trade policies and Chinese government’s capital outflow curb continuing to cast a shadow on the relationship between the two powerhouses, Chinese dealmakers’ interest in the US continued to fall, recording a 54.7% drop by value with 20 fewer deals, versus YTD 2017 (US$ 5.9bn, 49 deals). On the contrary, Canada has become a key Chinese target for energy assets in place of USA, in which eight deals worth US$ 2.2bn were announced, compared to US$ 390.1m in YTD 2017.

• Private equity activity has remained active, registering US$ 103.5bn (355 buyouts), rising 8.2% from last year (US$ 95.6bn, 351 deals). The takeover of Ant Financial, along with Blackstone Group’s US$ 3.1bn takeover of Australia REIT Investa Office Fund, meant that Financial Services has been the most active sector for buyouts in 2018. The sector has seen 27 buyouts worth US$ 23.7bn, up 3.7x by value from the same period last year. Moreover, in August the China Banking and Insurance Regulatory Commission (CBIRC) decided to cancel and revise certain regulations on foreign investment in the banking sector to help open up the sector. The sector is therefore likely to see continued levels of high activity as firms look to break into the market.



Mergermarket.com

Indian share of Asia Pacific (excl. Japan) inbound M&A by value

43.2%Outbound M&A increase versus

Q1-Q3 2017

73.9%

Energy, Mining & Utilities value increase versus YTD 2017

Financial Services value increase versus YTD 2017Value decrease between

Q3 2018 (US$ 164.6bn) and Q2 2018 (US$ 223.8bn)

-26.4% 35.3%26.8%

US$ 103.5bnValue of private equity buyouts so far this year, up 8.2% on YTD 2017

Mergermarket 26

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0

20

40

60

80

100

120

140

160

180

200

OthersReal EstateFinancial Services


TechnologyIndustrials & Chemicals

Valu

e of

dea

ls (

US

$bn

)0

100

200

300

400

500

600

700

800

900

YTD 20182017201620152014201320120

600

1200

1800

2400

3000

3600

4200

116.3

169.2

168.9

85.8

139.7

83.1

113.7

81

65.9

151.4

178

164.6

173.8

140.9 163.3140.2

245.6

171.3

Valu

e of

dea

ls (

US

$b

n)

Deal co

unt

293.5

232.3

152.7

194

139.4

114.9

105.6

107.8

223.8

Q3Q2 Q4Q1

Deal Count

Asia Pacific (excl. Japan) Quarterly Breakdown Trend2013 - 2018

Asia Pacific (excl. Japan) Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

27

mergermarket.com

Mergermarket Asia Pacific (excl. Japan) AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Asia Pacific (excl. Japan) League tables

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 KPMG 17,148 68 -17 85

2 5 Deloitte 7,564 51 6 45

3 4 Goldman Sachs & Co 110,789 50 2 48

4 2 EY 13,968 50 -29 79

5 3 PwC 3,007 49 -26 75


7 13 Citi 88,652 42 17 25

8 7 JPMorgan 71,881 37 -1 38

9 6 Morgan Stanley 103,653 33 -9 42

10 20 Rothschild & Co 12,948 33 13 20

11 11 Macquarie Group 34,191 30 3 27


13 17 Huatai Securities 14,242 27 3 24

14 15 China Renaissance Holdings 13,111 27 3 24

15 8 China International Capital Corporation 34,568 26 -10 36

16 9 Credit Suisse 13,132 26 -8 34

17 18 CITIC Securities 21,332 22 1 21

18 23 Deutsche Bank 44,011 21 5 16

19 29 Lazard 41,691 21 9 12

20 19 Somerley Capital 7,835 20 -1 21

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 110,789 50 36.7% 81,074

2 1 Morgan Stanley 103,653 33 10.8% 93,533

3 5 Citi 88,652 42 75.0% 50,662

4 3 UBS Investment Bank 84,802 44 33.6% 63,458

5 7 JPMorgan 71,881 37 46.4% 49,091


7 17 Deutsche Bank 44,011 21 167.4% 16,456

8 39 Lazard 41,691 21 643.2% 5,610

9 29 Barclays 34,666 15 227.9% 10,571

10 4 China International Capital Corporation 34,568 26 -39.6% 57,255

11 8 Macquarie Group 34,191 30 27.7% 26,772

12 200 Millennium Investment Banking 28,708 2 11114.1% 256

13 56 Moelis & Company 23,489 16 797.9% 2,616

14 9 CITIC Securities 21,332 22 -19.2% 26,395

15 10 Evercore 17,276 12 -19.8% 21,534

16 54 Grant Samuel 17,160 7 519.0% 2,772

17 18 KPMG 17,148 68 11.4% 15,393

18 27 Huatai Securities 14,242 27 25.4% 11,355

19 16 EY 13,968 50 -15.5% 16,521

20 12 Credit Suisse 13,132 26 -31.2% 19,090

Mergermarket 28

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Mergermarket 29

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Japan

Value (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target sector Seller Company

4.4 01-Aug-18 Fukuoka Airport HD Group

30-year Concession for Fukuoka Airport

Transport Japan Ministry of Land, Infrastructure, Transport and Tourism

3.4 19-Apr-18 Itochu Corporation FamilyMart UNY Holdings Co Ltd (8.65% Stake)

Consumer

2.0 09-Jul-18 Yahoo Japan Corporation

Yahoo Japan Corporation (10.73% Stake)

Technology SoftBank Group Corp

1.1 24-Jan-18 Sekisui House Reit Inc Sekisui House Residential Investment Corporation

Financial Services

1.1 20-Feb-18 Mitsubishi Corporation Mitsubishi Motors Corporation (10.76% Stake)

Industrials & Chemicals Number of Japanese

outbound deals worth

over US$ 1bn in Q3

YTD value increase in M&A

targeting Japan vs YTD 2017

51.4%

Japanese outbound M&A in 2018, already higher than FY

2017 value (US$ 79.4bn)

US$ 128.1bn

Japan Analysis

6



Mergermarket 30

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“It appears that large industry players are becoming more aggressive in pursuing valuable assets overseas”

Danni Sun, Senior Research Analyst, Asia-Pacific

Japan

Japan Analysis

• In contrast to the trends seen globally in the third quarter, dealmaking targeting Japan witnessed an upswing with US$ 13bn (96 deals) announced, the first time it has breached the US$ 10bn mark so far this year. Several big-ticket deals drove the country’s activity including the Fukuoka Airport concession and Yahoo Japan share buyback deals. So far this year there have been 322 deals worth a total US$ 30.7bn, indicating that the country’s M&A activity in 2018 may not reach the levels seen in 2017 (468 deals, US$ 45.6bn) and 2016 (464 deals, US$ 62.9bn). However, it appears that after going through the uncertainty before June when the Japan corporate governance code was still under revision process leading to a relatively slack first-half year, transactions in Japan are gradually seeing an uptick in H2.

• Following a stagnant 2017, YTD domestic deals have grabbed the headlines again contributing US$ 28.8bn across 301 deals, already 39.6% ahead of 2017’s full-year value (420 deals, US$ 20.6bn). The third quarter was particularly active, recording US$ 12.9bn over 93 deals, up 63.4% by value in comparison with Q2 2018 (88 deals, US$ 7.9bn). This was largely driven by the US$ 4.4bn-takeover of 30 years’ concession for Fukuoka Airport by Fukuoka Airport HD Group, the second largest airport concession transaction on Mergermarket record following the US$ 13.9bn ORIX & VINCI consortium/Kansai & Osaka International Airport deal in 2015. With the Japan government picking up pace on airport privatisations, more landmark deals are expected with the Hokkaido airports concession also in a bidding process. In respect of the most-favoured sector by value, there has been an obvious swing towards technology targets, with a 5x jump from US$ 1.2bn in YTD 2017 (36 deals) to US$ 6bn in YTD 2018 (51 deals), with investors embracing the increasingly digitalised environment.

• With the Abenomics coming to its sixth year, companies investing abroad are seeing the benefits of quantitative easing with low cost of borrowing. Outbound activity has pushed to US$ 128.1bn with 216 deals announced so far, jumping 130.1% from US$ 55.7bn in YTD 2017 and over double the YTD 2016 value (US$ 62.3bn), significantly helped by the Takeda/Shire deal. With US$ 24.9bn (72 deals) announced in Q3, Japanese outbound M&A has reached the US$ 10bn in each of the last nine quarters. As the six largest outbound deals in Q3 all breached the US$ 1bn mark, it appears that large industry players are becoming more aggresive in pursuing valuable assets overseas. Renesas Electronics’ US$ 7bn-takeover of the US-based Integrated Device Technology and Taiyo Nippon Sanso’s US$ 5.8bn-takeover of the industrial gases business from Praxair were both announced in the last three months. In August, Japan Tobacco conducted its second investment outside the country this year, with the US$ 1.5bn bid for Bangladesh-based United Dhaka Tobacco.

• The absence of deals involving private equity firms has been felt this year, with buyout dealmaking totalling 35 deals worth US$ 712m, down 95.1% by value from YTD 2017 (31 deals, US$ 14.4bn). This represents Japan’s lowest YTD buyout value since 2002, yet the deal count figure remains robust. While private equity investors have been quiet so far this year there are reportedly several ongoing processes, such as TS Group, which has shortlisted six domestic and foreign PEs, according to Mergermarket intelligence. The country has also recorded 22 exits worth US$ 1.5bn so far this year. The largest in Q3 was the US$ 196m sale of Fasford Technology by Advantage Partners, becoming the second largest this year following Innovation Network Corporation of Japan’s US$ 762m partial exit from Renesas Electronics in March.



Mergermarket.com

Value of Fukuoka Airport concession, the largest deal

targeting Japan in Q3

$4.4bnDrop in private equity buyouts

from YTD 2017 to YTD 2018

-95.1%

Number of outbound deals targeting the Pharma, Medical & Biotech sector, the joint-highest

YTD figure on record

Increase in domestic tech value (US$ 6bn) in comparisn to YTD

2017 (US$ 1.2bn)YTD domestic M&A value increase compared to YTD 2017

63.4% 205x

Q3 outbound value, the ninth consecutive quarter over US$ 10bn

US$ 24.9bn

Mergermarket 31

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Japan AnalysisGlobal & Regional M&A Report Q1-Q3 2018




0

2

4

6

8

10

12

14

OthersFinancial Services

Industrials & Chemicals

TransportConsumerTechnology

Valu

e of

dea

ls (

US

$bn

)0

10

20

30

40

50

60

70

80

YTD 20182017201620152014201320120

50

100

150

200

250

300

350

400

450

500

4.89.4

10.8

13.9

26.3

5.5

13.5

7.3

15.2

8.1

13.5

15.2

17.1

17.1

9.19

19.7 13

11.4

Valu

e of

dea

ls (

US

$b

n)

Deal co

unt

16.2

35.3

21.6

9.1

9.1

5.1

7.1

8.6

Q3Q2 Q4Q1

Deal Count

Japan Quarterly Breakdown Trend2013 - 2018

Japan Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

32

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Mergermarket Japan AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Japan League tables

Japan league table by value Japan league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Nomura Holdings 100,839 54 4 50

2 1 Sumitomo Mitsui Financial Group 72,089 40 -12 52

3 4 Mizuho Financial Group 82,694 39 10 29

4 8 Morgan Stanley 160,794 28 12 16

5 3 Daiwa Securities Group 4,404 22 -12 34

6 7 GCA Corporation 847 22 2 20

7 5 Deloitte 2,999 19 -3 22

8 9 Goldman Sachs & Co 169,516 13 -2 15

9 14 JPMorgan 171,401 11 5 6

10 25 Frontier Management 336 10 6 4

11 12 KPMG 880 9 -1 10

12 6 PwC 70 8 -13 21

13 15 Credit Suisse 68,947 7 1 6

14 18 Plutus Consulting 1,138 7 2 5

15 30 YAMADA Consulting Group Co 292 7 4 3

16 26 Evercore 140,931 5 2 3

17 11 Citi 81,282 4 -8 12

18 33 Deutsche Bank 66,833 4 2 2


20 55 Greenhill & Co 1,018 4 3 1

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 4 JPMorgan 171,401 11 1223.7% 12,949

2 1 Goldman Sachs & Co 169,516 13 528.0% 26,993

3 3 Morgan Stanley 160,794 28 620.4% 22,321

4 6 Evercore 140,931 5 1584.4% 8,367

5 2 Nomura Holdings 100,839 54 324.8% 23,740


7 11 Citi 81,282 4 1323.5% 5,710


9 9 Credit Suisse 68,947 7 1068.8% 5,899

10 18 Deutsche Bank 66,833 4 3878.2% 1,680

11 28 Centerview Partners 61,379 2 6835.5% 885

12= - PJT Partners 60,806 1 - -

12= - Raine Group 60,806 1 - -

14 31 Barclays 16,500 2 2191.7% 720


16 12 Daiwa Securities Group 4,404 22 15.8% 3,803

17 21 Deloitte 2,999 19 169.2% 1,114

18 26 Rothschild & Co 2,130 3 123.7% 952


20 - Standard Chartered 1,490 1 - -

Mergermarket 33

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Japan AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Mergermarket 34

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Middle East & Africa

Value (US$bn)

Deal details

Announce-ment date


Target sector

6.9 07-May-18 International Flavors & Fragrances Inc

Frutarom Industries Ltd

Israel Industrials & Chemicals

3.2 20-Aug-18 SodaStream International Ltd

PepsiCo Inc Israel Consumer

3.1 19-Mar-18 KLA-Tencor Corporation

Orbotech Ltd Israel Technology

1.6 23-Jul-18 Mototolo Joint Venture (39% Stake)

Anglo American Platinum Ltd

South Africa Energy, Mining & Utilities

1.5 18-Feb-18 Compania Espanola de Petroleos SAU

Abu Dhabi National Oil Company (Umm Lulu concession) (20% Stake); Abu Dhabi National Oil Company (Sateh Al Razboot concession) (20% Stake)

United Arab Emirates


Number of deals announced

in Q3 targeting MEA

worth over US$ 1bn

MEA value increase in Q3

2018 versus Q2 2018

55.6%

Value of M&A targeting the Middle East & Africa in Q1-Q3 2018, 8.7% down on YTD 2017

US$ 46.7bn

Middle East & Africa AnalysisGlobal & Regional M&A Report Q1-Q3 2018


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“The global demand for innovative companies is pushing Israeli M&A to new heights, with several multi-billion blockbuster deals already announced this year”


Middle East & Africa

Middle East & Africa Analysis

• In contrast to trends seen globally, M&A targeting the Middle East & Africa rose slightly in Q3. The US$ 14.5bn spent across 71 deals recorded in the last three months represents a 5.6% uptick in value compared to Q2 despite a drop in the number of deals (US$ 13.7bn, 89 deals). The region has now seen more than US$ 10bn change hands in each of the last five consecutive quarters. Q3’s activity was largely driven by five US$ 1bn-plus deals, including PepsiCo’s US$ 3.2bn acquisition of SodaStream – the second largest deal to target the region so far this year. The pipeline appears to be strong, with high levels of foreign interest in assets in the region, particularly in innovative firms in Israel where areas such as driverless cars are propelling inbound investment.

• The global demand for innovative companies is pushing Israeli M&A to new heights, with several multi-billion blockbuster deals already announced this year. A total of US$ 21.3bn across 66 deals has been announced so far, leaving the country on course to break its record full-year total of US$ 25.3bn, announced last year. Three US investments each valued above US$ 3bn – including PepsiCo’s US$ 3.2bn takeover of SodaStream – have been instrumental in guiding the year’s performance so far. The technology and industrials & chemicals sectors continue to be the most attractive, accounting for a 24.2% and 18.2% share of the overall number of deals targeting Israel respectively. The technology sector has been particularly active in 2018, with this year’s value of US$ 4.1bn already 91.8% ahead of the full-year 2017 figure (US$ 2.1bn).

• African M&A picked up slightly in Q3, recording its highest quarterly value of the year. The US$ 4.9bn announced in the third quarter is almost double the US$ 2.5bn seen in Q2 and pushes the YTD figure to US$ 11.4bn. Three deals worth more than US$ 500m were announced in Q3, including two that breached the US$ 1bn mark. The largest of these saw Anglo American Platinum acquire a 39% stake in the South Africa-based Mototolo joint venture, for US$ 1.6bn, the largest African deal so far this year. After a slow start to 2018, South African M&A is on the up, recording a total US$ 4.9bn (48 deals) so far – 22.3% higher than YTD 2017 (US$ 4bn, 80 deals).

• M&A targeting the Middle East (excl. Israel) stood at US$ 1.7bn in Q3, a slight dip compared to previous quarters, yet is still on course to be one of the most active years in the region on Mergermarket record. A total US$ 13.9bn has been reported so far, making it the fourth highest YTD value on record, and 24.2% ahead of YTD 2017 (US$ 11.2bn). Energy, mining & utilities has seen tremendous growth this year, reaching US$ 9bn across 17 deals, already the highest annual value and number of deals on Mergermarket record. This was assisted by the US$ 849m acquisition of Kuwait Energy by Hong Kong-based United Energy Group, announced in late September.



Mergermarket.com

US$ 32.7bnValue of foreign investment into MEA this year, on par with YTD 2016 (US$ 33.8bn) and YTD 2017 (US$ 34.1bn)

Middle Eastern (excl. Israel) YTD M&A value increase versus YTD

2017

24.2%Value of South African M&A in Q3, the highest quarterly value in the

continent since Q4 2016 (US$ 6.7bn)

$3.1bn

Increase in Energy, Mining & Utilities M&A (US$ 14.7bn) versus YTD 2017

(9.2bn)

Value of Tech M&A so far this year, up 28% compared to YTD 2017

(US$ 3.5bn)

Israeli YTD M&A value, already the third highest annual total

on Mergermarket record

US$ 21.3bn 59%$4.4bn

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0

2

4

6

8

10

12

14

16

18

20

22

OtherFinancial Services

TechnologyConsumerIndustrials & Chemicals


Dea

l Val

ue (

US

$b

n)

0

10

20

30

40

50

60

70

80

90

100

2018201720162015201420130

50

100

150

200

250

300

350

400

450

500

24.5

19.3

15.5

13.7

29.69.4

6.1

8.5

9.7

34.9

Dea

l Val

ue

(US

$b

n)

Deal C

ount

20.5

22.1

9.6

24.7

7.5

9.6

21.6

12.4

11.8

10.9

18.5

13.7

14.5

Q3Q2 Q4Q1

Deal Count

Middle East & Africa Quarterly Breakdown Trend2013 - 2018

Middle East & Africa Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

37

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Mergermarket Middle East & Africa AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Rothschild & Co 4,264 17 1 16

2 9 JPMorgan 10,039 14 5 9

3 3 PwC 434 12 -2 14

4 6 Goldman Sachs & Co 16,794 10 0 10

5 11 Morgan Stanley 12,607 9 2 7

6 1 EY 1,311 9 -11 20

7 17 Standard Bank Group 380 9 4 5

8 16 Lazard 2,168 6 1 5

9 8 Rand Merchant Bank 1,932 6 -4 10

10 10 KPMG 201 6 -3 9

11 29 Credit Suisse 3,702 5 3 2

12 7 Citi 1,808 5 -5 10


14 35 Perella Weinberg Partners 5,278 4 2 2

15 70 Evercore 3,200 4 3 1

16 20 Barclays 3,899 3 -1 4

17 18 UBS Investment Bank 3,284 3 -1 4

18 15 HSBC 3,004 3 -2 5

19 21 Deutsche Bank 1,276 3 -1 4

20 4 Investec 1,106 3 -9 12

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 16,794 10 -57.1% 39,182

2 3 Morgan Stanley 12,607 9 -30.9% 18,236

3 6 JPMorgan 10,039 14 -30.0% 14,343


5 44 Greenhill & Co 6,872 1 2716.4% 244

6 36 Perella Weinberg Partners 5,278 4 1091.4% 443

7 4 Rothschild & Co 4,264 17 -75.0% 17,042

8 7 Centerview Partners 4,036 2 -60.5% 10,214

9 16 Barclays 3,899 3 107.6% 1,878

10 11 Credit Suisse 3,702 5 20.9% 3,062


12 - Sberbank 3,209 1 - -

13 64 Evercore 3,200 4 3455.6% 90

14 10 HSBC 3,004 3 -16.2% 3,586

15 14 Lazard 2,168 6 -10.6% 2,425

16 17 Rand Merchant Bank 1,932 6 4.1% 1,856

17 2 Citi 1,808 5 -92.1% 22,876

18 - Kempen & Co 1,727 1 - -

19 - Duff & Phelps 1,560 2 - -

20 18 EY 1,311 9 -27.1% 1,798

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

M&A and PE Financial Advisory League Tables

Mergermarket 39

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Global & Regional M&A Report Q1-Q3

League Tables

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 6 Goldman Sachs & Co 827,127 276 37 239

2 2 PwC 19,973 264 -53 317

3 3 EY 25,979 245 -47 292

4 7 Rothschild & Co 184,893 241 12 229

5 1 KPMG 64,981 241 -94 335

6 4 Deloitte 20,638 238 -46 284

7 5 JPMorgan 649,731 228 -12 240

8 8 Morgan Stanley 797,217 212 14 198

9 11 Citi 598,950 195 37 158

10 9 Lazard 325,373 152 -22 174

11 10 Houlihan Lokey 31,492 148 -18 166

12 18 Barclays 351,199 141 28 113


14 12 Credit Suisse 305,984 132 -20 152

15 14 Evercore 332,942 119 1 118


17 16 Jefferies 80,214 114 -2 116

18 15 Lincoln International 4,607 114 -3 117


20 19 Oaklins 5,204 106 -7 113

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 827,127 276 42.4% 580,844

2 2 Morgan Stanley 797,217 212 59.7% 499,116

3 3 JPMorgan 649,731 228 44.4% 450,103

4 4 Citi 598,950 195 67.0% 358,685


6 10 Barclays 351,199 141 64.4% 213,560

7 12 Evercore 332,942 119 94.8% 170,924

8 6 Lazard 325,373 152 20.4% 270,173

9 7 Credit Suisse 305,984 132 37.0% 223,297

10 9 Deutsche Bank 297,802 97 38.6% 214,932


12 11 Rothschild & Co 184,893 241 6.6% 173,502


14 36 PJT Partners 138,006 16 392.5% 28,024

15 22 Nomura Holdings 106,366 67 118.2% 48,753


17 30 Robey Warshaw 87,249 4 151.4% 34,703


19 18 Jefferies 80,214 114 9.5% 73,225

20 21 Moelis & Company 78,609 89 49.2% 52,684

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League Tables


EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 4 Rothschild & Co 159,931 206 11 195

2 2 PwC 15,783 200 -29 229

3 3 EY 10,493 188 -16 204

4 5 Deloitte 8,439 164 -28 192

5 1 KPMG 46,573 149 -85 234

6 8 Goldman Sachs & Co 392,080 112 24 88

7 7 JPMorgan 322,260 101 -8 109

8 6 Lazard 194,002 98 -15 113

9 10 Morgan Stanley 361,859 78 -2 80

10 11 Oaklins 2,932 75 3 72

11 13 Citi 306,312 70 3 67


13 9 BDO 1,488 60 -26 86



16 23 UniCredit Group 9,636 56 14 42


18 19 Houlihan Lokey 9,002 52 -2 54

19 32 Barclays 125,297 50 19 31

20 14 ALANTRA 3,640 50 -17 67

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 392,080 112 28.0% 306,427

2 3 Morgan Stanley 361,859 78 67.6% 215,864

3 4 JPMorgan 322,260 101 55.9% 206,757

4 6 Citi 306,312 70 91.4% 160,036


6 5 Lazard 194,002 98 5.9% 183,260

7 27 Evercore 176,873 39 739.7% 21,065

8 8 Rothschild & Co 159,931 206 11.9% 142,920

9 15 Barclays 125,297 50 172.0% 46,063

10 7 Deutsche Bank 119,487 43 -23.4% 155,916

11 9 Credit Suisse 106,719 45 -21.9% 136,722


13 21 Robey Warshaw 87,249 4 151.4% 34,703

14 25 Nomura Holdings 86,656 14 269.2% 23,470

15 11 BNP Paribas 68,072 43 -29.1% 95,969


17 30 PJT Partners 63,210 7 265.2% 17,308

18 16 Mediobanca 56,473 29 22.7% 46,029

19 61 LionTree Advisors 52,373 10 990.4% 4,803


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League Tables



UK league table by value UK league table by deal count

Q1-Q3

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Rothschild & Co 71,374 88 4 84

2 3 PwC 2,931 50 -4 54

3 7 Goldman Sachs & Co 123,391 43 0 43

4 5 JPMorgan Cazenove 86,575 39 -6 45

5 6 Deloitte 2,183 39 -6 45

6 2 KPMG 3,301 36 -25 61

7 28 Jamieson Corporate Finance 13,472 33 16 17

8 4 EY 2,487 32 -16 48

9 16 BDO 572 31 5 26

10 12 Houlihan Lokey 2,337 29 -4 33

11 8 Grant Thornton 181 27 -8 35

12 27 Barclays 90,474 26 9 17

13 11 Morgan Stanley 124,671 25 -8 33


15 13 Citi 61,997 25 -2 27

16 23 Oaklins 1,919 25 5 20

17 49 Macquarie Group 18,276 24 15 9

18 20 GCA Corporation 1,605 24 3 21

19 15 Clearwater International 1,017 24 -2 26

20 9 Lazard 16,357 23 -11 34

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 4 Morgan Stanley 124,671 25 27.1% 98,083

2 1 Goldman Sachs & Co 123,391 43 -30.4% 177,265


4 14 Barclays 90,474 26 221.3% 28,163

5 11 Robey Warshaw 87,249 4 151.4% 34,703

6 2 JPMorgan Cazenove 86,575 39 -23.6% 113,287

7 12 Rothschild & Co 71,374 88 114.1% 33,338

8 28 Evercore 66,365 21 828.2% 7,150


10 9 Citi 61,997 25 34.3% 46,170

11 18 PJT Partners 59,815 4 284.7% 15,550

12 10 Credit Suisse 35,626 21 -13.8% 41,323

13 5 Deutsche Bank 26,811 15 -71.2% 93,142

14 95 LionTree Advisors 21,895 4 6358.7% 339


16 26 Jefferies 21,361 22 145.8% 8,691

17 25 Macquarie Group 18,276 24 109.9% 8,706

18 6 Lazard 16,357 23 -81.4% 87,781

19 33 Greenhill & Co 14,562 5 172.4% 5,346

20 19 Jamieson Corporate Finance 13,472 33 -5.1% 14,190

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League Tables



Ireland league table by value Ireland league table by deal count

DACH league table by value DACH league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Morgan Stanley 85,341 6 994.1% 7,800

2 3 Goldman Sachs & Co 82,444 5 990.5% 7,560

3 4 Citi 80,283 2 1210.7% 6,125

4 32 Evercore 80,164 2 57571.9% 139

5 1 JPMorgan 79,815 4 915.1% 7,863

6 - Nomura Holdings 79,744 1 - -

7 80 Societe Generale 2,999 2 - -

8 33 Rothschild & Co 2,475 5 2150.0% 110

9 - Lazard 2,400 1 - -

10 8 Deloitte 2,296 3 319.7% 547

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 EY 3,916 44 -4 48

2 1 KPMG 989 36 -20 56

3 4 PwC 1,219 31 -4 35

4 10 Goldman Sachs & Co 126,433 30 9 21

5 5 Rothschild & Co 56,478 28 -5 33

6 3 Deloitte 440 28 -11 39

7 8 JPMorgan 50,676 26 3 23

8 6 Lincoln International 860 25 -2 27


10 7 GCA Corporation 1,549 20 -4 24

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 IBI Corporate Finance 252 10 0 10

2 4 Davy Corporate Finance 872 7 -1 8


4 16 Goldman Sachs & Co 82,444 5 3 2

5 24 Rothschild & Co 2,475 5 3 2

6 7 EY 435 5 0 5

7 5 JPMorgan 79,815 4 -2 6

8 6 Goodbody Corporate Finance 596 4 -2 6

9 25 BDO 79 4 2 2

10 3 Deloitte 2,296 3 -6 9

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Goldman Sachs & Co 126,433 30 68.8% 74,888

2 7 Citi 81,069 18 67.7% 48,343


4 13 Deutsche Bank 58,044 12 312.7% 14,064

5 10 Rothschild & Co 56,478 28 106.5% 27,348

6 8 Lazard 55,541 13 61.0% 34,491

7 14 BNP Paribas 51,831 8 335.9% 11,891

8 11 JPMorgan 50,676 26 94.3% 26,080


10 5 Morgan Stanley 44,620 15 -24.9% 59,391

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League Tables



Germany league table by value Germany league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 EY 3,742 33 -1 34

2 6 Lincoln International 860 24 4 20

3 5 PwC 1,032 23 2 21

4 2 KPMG 148 21 -12 33

5 33 UniCredit Group 723 19 12 7

6 3 Deloitte 254 19 -8 27

7 4 Rothschild & Co 51,806 18 -7 25

8 7 GCA Corporation 198 17 -1 18

9 9 JPMorgan 30,339 14 -1 15


11 8 Goldman Sachs & Co 84,940 13 -2 15

12 31 Macquarie Group 13,731 13 6 7

13 22 Morgan Stanley 36,769 12 3 9

14 20 ALANTRA 318 12 2 10

15 15 Deutsche Bank 57,632 11 0 11

16 29 goetzpartners 7,270 11 3 8

17 26 Quarton International 58 11 2 9

18= 17 Falkensteg - 11 0 11

18= 76 Restrukturierungspartner jwt & Co - 11 8 3

20 12 Globalscope Partners 24 10 -3 13

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 84,940 13 21.4% 69,945

2 11 Deutsche Bank 57,632 11 336.5% 13,203


4 7 Rothschild & Co 51,806 18 105.8% 25,177

5 10 Citi 50,717 8 281.1% 13,308

6 20 Lazard 47,075 7 912.4% 4,650

7 12 BNP Paribas 47,026 5 326.7% 11,020


9 4 Morgan Stanley 36,769 12 -35.9% 57,390

10 8 JPMorgan 30,339 14 33.7% 22,694


12= - LionTree Advisors 21,815 1 - -

12= - Robey Warshaw 21,815 1 - -

14 2 Macquarie Group 13,731 13 -77.2% 60,182

15 65 goetzpartners 7,270 11 3429.1% 206

16 6 Credit Suisse 5,882 5 -88.0% 49,175

17 27 Jamieson Corporate Finance 5,374 2 313.4% 1,300

18 13 Barclays 4,127 3 -61.8% 10,804

19 31 EY 3,742 33 259.8% 1,040

20 18 Jefferies 3,098 3 -50.3% 6,237

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League Tables



Austria league table by value Austria league table by deal count

Switzerland league table by value

Switzerland league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 46 JPMorgan 2,684 5 - -

2 6 Rothschild & Co 2,292 3 69.3% 1,354

3 1 Citi 1,838 3 -58.6% 4,438

4 - BNP Paribas 956 1 - -

5 14 UBS Investment Bank 882 1 469.0% 155

6 - TN Capital Advisors 725 1 - -

7 20 EY 162 3 604.3% 23

8 - Carnegie Investment Bank 148 1 - -

9 - Barclays 94 1 - -

10 11 Deloitte 79 6 -57.5% 186

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 14 Goldman Sachs & Co 41,493 17 12 5

2 1 KPMG 841 17 0 17


4 6 JPMorgan 26,272 9 -1 10


6 7 Rothschild & Co 5,625 9 2 7

7 3 PwC 204 9 -6 15

8 9 The Corporate Finance Group - 9 2 7

9 27 Citi 31,201 8 6 2

10 4 Credit Suisse 12,869 8 -4 12

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Deloitte 79 6 -5 11

2 46 JPMorgan 2,684 5 4 1

3 10 MP Corporate Finance - 5 3 2

4 9 Rothschild & Co 2,292 3 1 2

5 16 Citi 1,838 3 2 1

6 3 EY 162 3 -1 4


8 6 ALANTRA - 3 0 3

9 - Bank of America Merrill Lynch 27 2 2 0

10= 1 KPMG - 2 -10 12

10= 4 PwC - 2 -2 4

10= - Raiffeisen Bank International - 2 2 0

10= - Raymond James & Associates - 2 2 0

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 6 Goldman Sachs & Co 41,493 17 758.7% 4,832

2 3 Citi 31,201 8 2.0% 30,597

3 7 JPMorgan 26,272 9 591.7% 3,798

4 105 Greenhill & Co 13,573 3 - -


6 2 Credit Suisse 12,869 8 -62.0% 33,884

7 - Jamieson Corporate Finance 11,471 5 - -

8 30 Morgan Stanley 11,096 4 1902.9% 554

9 5 Lazard 8,466 6 -71.6% 29,841

10= 36 Centerview Partners 7,436 1 1759.0% 400

10= 11 Dyal Co 7,436 1 186.0% 2,600

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League Tables



France league table by value France league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Rothschild & Co 23,435 78 11 67

2 2 Lazard 32,356 39 -8 47

3 8 Deloitte 835 32 9 23

4 3 BNP Paribas 15,111 27 -15 42

5 4 Natixis 4,801 23 -9 32

6 5 Credit Agricole 7,033 22 -6 28

7 9 Cambon Partners 300 22 0 22


9 12 KPMG 1,311 21 3 18

10 19 JPMorgan 46,547 19 6 13

11 13 DC Advisory 472 18 0 18

12 7 EY 278 18 -7 25

13 14 PwC 227 17 0 17


15 22 Clearwater International 519 15 3 12

16 6 Societe Generale 9,795 14 -13 27

17 15 Goldman Sachs & Co 15,636 13 -3 16

18 27 Clairfield International 289 13 4 9

19 17 Morgan Stanley 30,931 12 -2 14

20 32 Bryan, Garnier & Co 127 12 4 8

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 12 JPMorgan 46,547 19 107.5% 22,436

2 4 Lazard 32,356 39 -32.8% 48,144

3 11 Morgan Stanley 30,931 12 11.0% 27,861

4 2 Rothschild & Co 23,435 78 -72.9% 86,515

5 7 Goldman Sachs & Co 15,636 13 -62.5% 41,748

6 1 BNP Paribas 15,111 27 -83.5% 91,368

7 - Ardea Partners 14,843 1 - -

8 43 Guggenheim Partners 10,887 1 1260.9% 800

9 10 Societe Generale 9,795 14 -67.7% 30,329

10 3 Citi 9,227 8 -84.7% 60,400

11 6 Credit Agricole 7,033 22 -83.8% 43,332

12 9 Natixis 4,801 23 -84.3% 30,548

13 30 Evercore 4,486 6 96.8% 2,279


15 55 PJT Partners 3,395 3 636.4% 461

16 21 Jamieson Corporate Finance 3,217 5 -36.3% 5,048


18 35 Callisto 2,454 2 53.3% 1,601

19 114 Bucephale Finance 2,262 2 8277.8% 27

20 31 Messier, Maris et Associes 2,218 7 2.3% 2,169

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League Tables



Benelux league table by value Benelux league table by deal count

Iberia league table by value Iberia league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 JPMorgan 28,738 18 -23.3% 37,490

2 5 Lazard 19,670 17 21.2% 16,235

3 40 HSBC 15,273 3 2253.3% 649

4 32 Jamieson Corporate Finance 14,306 5 1621.5% 831

5 2 Goldman Sachs & Co 13,753 10 -52.9% 29,205

6 14 Evercore 13,185 4 190.2% 4,543

7 - LionTree Advisors 12,952 4 - -

8 - The Valence Group 12,545 2 - -

9 3 Morgan Stanley 10,806 11 -47.3% 20,504

10 197 Moelis & Company 10,176 4 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 PwC 6,741 39 -14 53

2 4 EY 632 35 5 30

3 2 Deloitte 1,228 27 -24 51

4 3 KPMG 40,152 22 -12 34

5 27 Goldman Sachs & Co 56,863 11 6 5

6 8 Citi 84,522 9 -3 12

7 12 Morgan Stanley 74,034 9 -1 10

8 14 Lazard 70,512 9 0 9

9 10 Santander Global Corporate Banking 46,191 9 -2 11

10 16 ALANTRA 1,882 9 1 8

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 4 EY 934 30 -1 31

2 5 Rothschild & Co 7,458 29 3 26

3 3 Deloitte 508 28 -5 33

4 8 Oaklins 2,554 26 7 19

5 11 Rabobank 145 25 10 15

6 1 KPMG 195 21 -13 34

7 9 JPMorgan 28,738 18 0 18

8 6 ING 1,256 18 -8 26

9 7 Lazard 19,670 17 -6 23

10 12 Accuracy 664 17 3 14

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 4 Citi 84,522 9 1141.0% 6,811

2 2 Morgan Stanley 74,034 9 663.2% 9,700

3 11 Lazard 70,512 9 2104.9% 3,198

4 15 Goldman Sachs & Co 56,863 11 2355.2% 2,316


6 42 Credit Suisse 51,712 5 7515.9% 679

7 1 JPMorgan 47,806 7 311.8% 11,610

8 12 Santander Global Corporate Banking 46,191 9 1570.6% 2,765

9 22 AZ Capital 44,316 5 2454.2% 1,735

10 17 Mediobanca 41,563 3 1829.6% 2,154

Mergermarket 47

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League Tables



Spain league table by value Spain league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 PwC 6,741 38 -13 51

2 4 EY 632 33 4 29

3 2 Deloitte 1,008 25 -19 44

4 3 KPMG 40,143 17 -16 33

5 26 Goldman Sachs & Co 56,503 10 5 5

6 15 ALANTRA 1,882 9 1 8

7 7 Citi 57,144 8 -4 12

8 28 Societe Generale 51,864 8 3 5

9 13 Santander Global Corporate Banking 45,427 8 -2 10

10 6 Rothschild & Co 593 8 -6 14

11 11 Morgan Stanley 46,359 7 -3 10

12 18 Deutsche Bank 21,018 7 0 7

13 14 Lazard 42,263 6 -2 8


15 20 GBS Finance 2,389 6 -1 7

16 12 Arcano Partners 357 6 -4 10


18 40 Credit Suisse 51,712 5 3 2

19 10 JPMorgan 46,950 5 -5 10

20 19 AZ Capital 44,316 5 -2 7

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Citi 57,144 8 739.0% 6,811

2 15 Goldman Sachs & Co 56,503 10 2339.7% 2,316


4 40 Credit Suisse 51,712 5 7515.9% 679

5 1 JPMorgan 46,950 5 345.4% 10,542

6 2 Morgan Stanley 46,359 7 377.9% 9,700


8 22 AZ Capital 44,316 5 2454.2% 1,735

9 11 Lazard 42,263 6 1221.5% 3,198

10 17 Mediobanca 41,563 3 1829.6% 2,154

11 19 KPMG 40,143 17 1970.3% 1,939

12 - Key Capital Partners 39,622 2 - -

13 - EQUITA S.I.M 21,655 2 - -

14 6 Deutsche Bank 21,018 7 266.6% 5,733

15 32 Evercore 7,214 4 726.3% 873

16 16 PwC 6,741 38 197.5% 2,266

17 - Mizuho Financial Group 5,842 1 - -



20 30 Nomura Holdings 2,432 4 141.7% 1,006

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League Tables



Italy league table by value Italy league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 4 UniCredit Group 7,536 31 6 25

2 6 Mediobanca 56,249 25 7 18

3 1 KPMG 41,474 25 -19 44

4 3 PwC 3,696 25 -1 26

5 2 EY 1,150 24 -3 27

6 7 Deloitte 1,446 22 4 18

7 5 Rothschild & Co 13,091 19 -5 24

8 11 Banca IMI/Intesa Sanpaolo 10,882 17 8 9

9 27 Goldman Sachs & Co 69,948 15 10 5

10 8 Lazard 47,020 15 -2 17

11 10 Vitale & Co 438 15 1 14

12 38 EQUITA S.I.M 22,397 12 9 3

13 14 Ethica Corporate Finance 402 9 1 8

14 17 Credit Suisse 49,008 8 1 7

15 16 JPMorgan 45,578 8 1 7

16 40 Barclays 6,996 8 6 2

17 46 Houlihan Lokey 2,561 8 6 2


19 9 Fineurop Soditic 1,109 7 -7 14

20 19 K Finance 119 7 0 7

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 14 Goldman Sachs & Co 69,948 15 2259.9% 2,964

2 1 Mediobanca 56,249 25 41.8% 39,673

3 17 Credit Suisse 49,008 8 2102.6% 2,225

4 6 Lazard 47,020 15 292.3% 11,985

5 12 Morgan Stanley 45,738 6 1210.2% 3,491

6 8 JPMorgan 45,578 8 750.0% 5,362

7 99 Societe Generale 42,982 4 - -

8 10 KPMG 41,474 25 936.3% 4,002

9 3 Citi 41,005 4 49.2% 27,492


11= - AZ Capital 39,622 1 - -

11= - Key Capital Partners A.V 39,622 1 - -

13 44 EQUITA S.I.M 22,397 12 13392.2% 166

14 2 Rothschild & Co 13,091 19 -58.0% 31,203

15 13 Banca IMI/Intesa Sanpaolo 10,882 17 224.4% 3,354

16 5 Deutsche Bank 9,924 3 -62.4% 26,389


17= - Moelis & Company 9,475 1 - -

19 - Jefferies 8,905 3 - -


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League Tables



Nordics league table by value Nordics league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 PwC 4,283 56 4 52

2 2 EY 1,553 38 3 35

3 9 Deloitte 1,304 28 13 15

4 14 Carnegie Investment Bank 3,272 22 10 12

5 13 SEB 19,129 19 6 13

6 6 ABG Sundal Collier Holding 1,592 19 -1 20

7 18 Oaklins 7 18 7 11

8 10 Rothschild & Co 10,115 17 3 14

9 56 Citi 17,056 16 13 3

10 3 Danske Bank 2,112 16 -15 31

11 8 DNB Markets 2,086 16 -1 17

12 12 Nordea 21,473 15 2 13

13 4 KPMG 314 14 -9 23

14 23 Lazard 4,720 13 5 8

15 11 JPMorgan 17,310 12 -1 13

16 7 Pareto Securities 986 12 -5 17


18 20 Nordhaven Corporate Finance 73 11 2 9

19 70 Deutsche Bank 19,952 10 8 2

20 16 Morgan Stanley 19,462 10 -1 11

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 6 Nordea 21,473 15 52.5% 14,080


3 8 Deutsche Bank 19,952 10 88.9% 10,562

4 1 Morgan Stanley 19,462 10 -32.2% 28,697

5 21 SEB 19,129 19 342.5% 4,323

6 19 Barclays 18,885 8 300.9% 4,711

7 4 JPMorgan 17,310 12 19.3% 14,504

8 38 Citi 17,056 16 1642.2% 979

9 9 Goldman Sachs & Co 15,637 10 49.6% 10,450

10 5 Rothschild & Co 10,115 17 -30.2% 14,500


12 46 Evercore 5,387 5 603.3% 766

13 16 Lazard 4,720 13 -17.7% 5,732

14 - Ondra Partners 4,441 1 - -

15 26 Jefferies 4,347 6 75.0% 2,484

16 32 PwC 4,283 56 197.6% 1,439

17 22 Houlihan Lokey 3,968 3 13.7% 3,490


19 - Societe Generale 3,552 3 - -

20 28 BNP Paribas 3,459 4 97.4% 1,752

Mergermarket 50

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League Tables



Denmark league table by value Denmark league table by deal count

Norway league table by value Norway league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Morgan Stanley 14,259 3 -6.5% 15,246

2 6 Nordea 13,688 8 74.2% 7,856

3 22 Barclays 13,087 3 5590.0% 230


5 - Citi 8,535 5 - -

6 11 Goldman Sachs & Co 5,438 3 163.2% 2,066

7 3 Deutsche Bank 5,065 3 -52.0% 10,562

8 4 Rothschild & Co 4,092 5 -56.7% 9,455

9= - Jamieson Corporate Finance 3,180 2 - -

9= 10 Macquarie Group 3,180 2 25.2% 2,539

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 ABG Sundal Collier Holding 1,325 12 -4 16

2 1 Pareto Securities 986 11 -6 17

3 5 PwC 12 11 0 11

4 3 DNB Markets 600 10 -4 14

5 8 Arctic Securities 1,766 7 -1 8

6 - Deloitte 981 7 7 -

7 4 EY 221 7 -4 11

8 6 Danske Bank 87 6 -4 10

9= 18 DHT Corporate Services - 6 2 4

9= 15 Oaklins - 6 1 5

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 PwC 543 13 -2 15


3 4 Deloitte 128 12 2 10

4 21 EY 789 10 7 3

5 9 Nordea 13,688 8 3 5

6 3 Danske Bank 1,750 8 -3 11

7 - Citi 8,535 5 5 -

8 7 Rothschild & Co 4,092 5 -1 6

9= 18 ABG Sundal Collier Holding - 5 2 3

9= 6 Nordic M&A - 5 -2 7

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1= 53 Barclays 6,030 2 - -


3 - Goldman Sachs & Co 3,841 3 - -

4 14 BNP Paribas 3,440 2 267.9% 935

5 - Societe Generale 3,440 1 - -

6 4 Morgan Stanley 3,353 4 -52.0% 6,983

7 - Bank of America Merrill Lynch 3,263 2 - -

8 - Nordea 2,590 1 - -

9 9 Arctic Securities 1,766 7 -27.2% 2,426

10 26 Carnegie Investment Bank 1,760 4 1500.0% 110

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League Tables



Sweden league table by value Sweden league table by deal count

Finland league table by value Finland league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 11 SEB 16,138 16 1096.3% 1,349

2 - Deutsche Bank 14,941 6 - -

3 9 Goldman Sachs & Co 11,538 6 663.6% 1,511

4 7 JPMorgan 11,104 7 564.1% 1,672

5 16 Citi 9,365 11 876.5% 959

6 53 Nordea 9,021 10 12090.5% 74



9 8 Morgan Stanley 7,030 6 358.0% 1,535

10 10 Rothschild & Co 6,671 11 351.7% 1,477

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 3 PwC - 11 3 8

2 10 KPMG - 9 4 5

3 16 HLP Corporate Finance 17 8 5 3

4 - Oaklins - 7 7 -

5 6 Access Partners 2,200 6 1 5

6 12 MCF Corporate Finance 19 6 2 4

7 20 ProMan IMAP Finland 16 6 4 2

8 41 Initia Corporate Finance - 6 5 1

9 21 ICECAPITAL Securities 432 5 3 2

10 15 Nordhaven Corporate Finance - 5 2 3

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 PwC 4,042 30 -2 32

2 2 EY 946 24 5 19

3 9 SEB 16,138 16 9 7

4 13 Carnegie Investment Bank 1,173 14 8 6

5 7 Deloitte 297 14 6 8

6 67 Citi 9,365 11 10 1

7 15 Rothschild & Co 6,671 11 6 5

8 18 Nordea 9,021 10 5 5

9 24 Lazard 3,945 10 6 4

10 32 DNB Markets 1,486 8 5 3

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 28 JPMorgan 3,938 2 13026.7% 30

2 - SEB 2,798 4 - -

3 1 Access Partners 2,200 6 -70.2% 7,386

4 3 Nordea 2,124 2 -65.9% 6,224

5 21 ICECAPITAL Securities 432 5 483.8% 74

6 - Lenner & Partners 397 1 - -

7 4 Rothschild & Co 309 1 -93.5% 4,777

8 9 Danske Bank 275 1 -87.3% 2,162

9 35 EY 227 4 3142.9% 7

10 10 Pareto Securities 188 1 -89.9% 1,859

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League Tables



CEE league table by value CEE league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 EY 458 19 -4 23

2 4 Deloitte 131 13 -3 16

3 2 KPMG 142 12 -10 22

4 5 Rothschild & Co 4,554 10 0 10

5 7 UniCredit Group 1,365 9 0 9

6 3 PwC 283 9 -9 18

7 8 JPMorgan 5,157 6 0 6

8 17 Trigon Group 197 6 3 3

9 19 Oaklins 121 6 3 3

10 79 BNP Paribas 4,572 4 3 1

11 - Goldman Sachs & Co 4,162 4 4 -

12 15 Societe Generale 3,789 4 1 3

13 6 VTB Capital 3,376 4 -5 9

14 - Citi 2,411 4 4 -

15 20 Advance Capital 220 4 1 3

16 10 Globalscope Partners 80 4 -1 5


18 47 Superia Corporate Finance 622 3 2 1

19 90 Lazard 578 3 2 1

20 75 BDO 51 3 2 1

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 JPMorgan 5,157 6 50.7% 3,422

2 79 BNP Paribas 4,572 4 - -

3 4 Rothschild & Co 4,554 10 136.6% 1,925

4 - Goldman Sachs & Co 4,162 4 - -


6 - Barclays 3,440 2 - -

7 19 LionTree Advisors 3,440 1 1213.0% 262

8 1 VTB Capital 3,376 4 -18.4% 4,138

9 20 Sberbank 3,209 1 1265.5% 235

10 17 Morgan Stanley 2,546 3 619.2% 354

11 - Citi 2,411 4 - -

12 - VCP Capital Partners Unternehmensberatungs

2,246 2 - -

13= - Bucephale Finance 2,198 1 - -

13= - Callisto 2,198 1 - -

13= - PJT Partners 2,198 1 - -

16 3 UniCredit Group 1,365 9 -36.8% 2,159

17 - Nordea 1,165 1 - -


19 5 Deutsche Bank 780 2 -56.9% 1,811

20 63 goetzpartners 711 2 - -

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League Tables



Russia league table by value Russia league table by deal count

Poland league table by value Poland league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 VTB Capital 3,376 4 -18.4% 4,138

2 7 Sberbank 3,209 1 1265.5% 235

3 3 JPMorgan 1,749 1 6.0% 1,650

4 - Citi 1,225 2 - -

5 11 Rothschild & Co 911 3 1587.0% 54

6 28 UBS Investment Bank 900 1 - -

7 2 Deutsche Bank 780 1 -56.9% 1,811

8 6 Morgan Stanley 348 2 -1.7% 354

9 - Goldman Sachs & Co 299 1 - -

10 17 Advance Capital 220 4 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 6 Trigon Group 197 6 3 3

2 12 EY 136 6 4 2

3 1 PwC 283 4 -4 8

4 2 KPMG 48 4 -3 7

5 5 Rothschild & Co 1,131 3 -1 4


7 3 Santander Bank Polska 9 3 -3 6

8 4 Deloitte - 3 -2 5

9 - BNP Paribas 956 2 2 -

10 - Lazard 291 2 2 -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 VTB Capital 3,376 4 -5 9

2 2 Advance Capital 220 4 1 3

3 15 Rothschild & Co 911 3 2 1

4 - Citi 1,225 2 2 -

5 11 Morgan Stanley 348 2 1 1

6 30 Voskhod Capital 23 2 1 1

7 - KPMG 16 2 2 -

8 12 Sberbank 3,209 1 0 1

9 4 JPMorgan 1,749 1 -1 2

10 28 UBS Investment Bank 900 1 0 1

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 5 Rothschild & Co 1,131 3 -16.0% 1,347

2 - BNP Paribas 956 2 - -

3 - Citi 956 1 - -

4= 37 goetzpartners 349 1 - -

4= 6 Societe Generale 349 1 -69.2% 1,132

6 - Lazard 291 2 - -

7 14 PwC 283 4 159.6% 109

8 - Moelis & Company 273 1 - -

9 1 UniCredit Group 214 3 -86.5% 1,584

10 10 Trigon Group 197 6 1.0% 195

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League Tables



Turkey league table by deal countTurkey league table by value

Africa league table by value Africa league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 - Sberbank 3,209 1 - -

2 - Citi 1,195 2 - -

3= - Deutsche Bank 1,172 1 - -

3= 1 Morgan Stanley 1,172 1 -57.4% 2,752

5 2 Unlu & Co 443 2 -70.9% 1,523

6 17 EY 330 3 560.0% 50

7 8 IS Investment Securities 304 2 -25.1% 406

8 24 Garanti Securities 260 3 4233.3% 6

9 10 Raiffeisen Bank International 92 2 -66.2% 272

10 15 Pragma Corporate Finance 90 4 76.5% 51

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 6 Rothschild & Co 2,180 9 6 3

2 4 PwC 411 9 8 1

3 8 Standard Bank Group 380 9 5 4

4 2 Rand Merchant Bank 1,932 6 10 -4

5 - JPMorgan 2,461 4 4 -

6 14 Lazard 1,314 3 3 -

7 1 Investec 1,106 3 11 -8

8 25 Morgan Stanley 324 3 1 2

9 17 BMO Capital Markets 323 3 2 1

10 56 Oaklins 14 3 1 2

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 8 Pragma Corporate Finance 90 4 2 2

2 9 EY 330 3 1 2

3 25 Garanti Securities 260 3 2 1

4 - Ventura Partners 25 3 3 -

5 - Citi 1,195 2 2 -

6 2 Unlu & Co 443 2 -3 5

7 1 IS Investment Securities 304 2 -5 7

8 3 Raiffeisen Bank International 92 2 -3 5

9 5 Odin Financial Advisors 28 2 -1 3

10 - Alfa Investment 27 2 2 -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 - JPMorgan 2,461 4 - -

2 - Evercore 2,200 2 - -

3 20 Rothschild & Co 2,180 9 342 537.4%

4 6 Rand Merchant Bank 1,932 6 1,856 4.1%

5 11 Lazard 1,314 3 913 43.9%

6= 21 BDO 1,259 1 313 302.2%

6= 14 EY 1,259 1 451 179.2%

8 - Credit Suisse 1,200 1 - -

9 8 Investec 1,106 3 968 14.3%

10 - Kotak Investment Banking 1,054 2 - -

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League Tables


Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 548,078 224 40 184

2 2 JPMorgan 423,477 165 -4 169

3 3 Morgan Stanley 531,343 148 6 142

4 5 Citi 328,599 141 26 115

5 4 Houlihan Lokey 28,123 123 -15 138

6 11 Barclays 320,553 118 21 97

7 8 Evercore 239,651 105 2 103

8 7 Credit Suisse 245,368 103 -3 106


10 10 Jefferies 62,768 100 -2 102


12 21 Moelis & Company 67,415 79 12 67

13 14 Rothschild & Co 65,553 79 -8 87

14 26 Robert W. Baird & Co 11,966 79 20 59

15 6 Lazard 175,410 75 -31 106



18 15 Piper Jaffray & Co 11,969 73 -13 86

19 17 Stifel/KBW 16,903 64 -15 79

20 25 EY 8,846 64 3 61

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 548,078 224 17.3% 467,348

2 2 Morgan Stanley 531,343 148 38.4% 383,862

3 3 JPMorgan 423,477 165 18.9% 356,020


5 5 Citi 328,599 141 25.8% 261,299

6 8 Barclays 320,553 118 67.1% 191,834

7 7 Credit Suisse 245,368 103 27.8% 191,956

8 11 Evercore 239,651 105 62.5% 147,462


10 10 Deutsche Bank 178,800 61 19.8% 149,193

11 6 Lazard 175,410 75 -16.6% 210,403

12 27 PJT Partners 136,575 14 400.5% 27,287




16 18 Moelis & Company 67,415 79 29.4% 52,090

17 17 Rothschild & Co 65,553 79 22.0% 53,730

18 29 Robey Warshaw 65,434 3 197.0% 22,035

19 15 Jefferies 62,768 100 -12.1% 71,373

20 155 Raine Group 61,588 5 6930.6% 876

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League Tables



US league table by value US league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 527,275 212 38 174

2 2 JPMorgan 403,950 155 1 154

3 4 Morgan Stanley 490,112 135 2 133

4 5 Citi 307,011 126 14 112

5 3 Houlihan Lokey 25,654 120 -15 135

6 9 Barclays 313,756 114 23 91

7 8 Jefferies 62,682 99 0 99

8 7 Evercore 236,232 98 -2 100

9 6 Credit Suisse 235,733 95 -5 100



12 23 Robert W. Baird & Co 11,966 79 23 56

13 20 Moelis & Company 67,167 76 12 64


15 12 Piper Jaffray & Co 11,969 73 -10 83

16 14 Rothschild & Co 58,927 70 -5 75

17 10 Lazard 168,443 66 -23 89

18 13 Stifel/KBW 16,903 64 -15 79


20 26 Sandler O'Neill & Partners 28,922 61 10 51

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 527,275 212 17.6% 448,188

2 2 Morgan Stanley 490,112 135 29.3% 378,923

3 3 JPMorgan 403,950 155 24.1% 325,535

4 7 Barclays 313,756 114 66.5% 188,396


6 4 Citi 307,011 126 18.8% 258,532

7 11 Evercore 236,232 98 61.4% 146,366

8 8 Credit Suisse 235,733 95 25.2% 188,264


10 10 Deutsche Bank 172,229 58 17.2% 146,964

11 6 Lazard 168,443 66 -15.4% 199,123

12 26 PJT Partners 130,988 13 388.3% 26,828



15 18 Moelis & Company 67,167 76 37.7% 48,765

16 29 Robey Warshaw 65,434 3 197.0% 22,035


18 14 Jefferies 62,682 99 -11.5% 70,851

19 144 Raine Group 61,588 5 6930.6% 876


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League Tables



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

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Morgan Stanley 311,647 87 42.0% 219,438

2 2 Goldman Sachs & Co 253,854 124 26.5% 200,688


4 6 JPMorgan 189,587 83 42.0% 133,468

5 3 Citi 155,828 70 -13.5% 180,085

6 8 Barclays 124,178 65 44.4% 86,007

7 5 Credit Suisse 117,173 58 -15.2% 138,154


9 9 Lazard 113,364 34 47.5% 76,865

10 13 Evercore 95,755 54 93.0% 49,607

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 3 Goldman Sachs & Co 244,549 61 24 37

2 6 Robert W. Baird & Co 3,967 36 9 27

3 4 Morgan Stanley 209,114 35 4 31

4 11 Barclays 76,843 35 14 21

5 1 Houlihan Lokey 4,720 35 -11 46

6 16 Moelis & Company 38,873 28 11 17

7 2 JPMorgan 110,244 27 -14 41



10 14 Piper Jaffray & Co 3,988 23 5 18

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 253,854 124 29 95

2 3 Morgan Stanley 311,647 87 11 76

3 2 JPMorgan 189,587 83 5 78

4 5 Citi 155,828 70 4 66

5 8 Barclays 124,178 65 14 51

6 4 Houlihan Lokey 17,567 63 -11 74

7 6 Credit Suisse 117,173 58 -4 62

8 9 Jefferies 32,529 57 8 49

9 11 Evercore 95,755 54 10 44


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 244,549 61 214.4% 77,780

2 1 Morgan Stanley 209,114 35 102.2% 103,430


4 3 JPMorgan 110,244 27 47.3% 74,834

5 8 Deutsche Bank 104,272 12 227.4% 31,845

6 11 Lazard 99,654 21 509.2% 16,359

7 26 Evercore 88,315 19 2046.2% 4,115

8 5 Credit Suisse 87,665 20 79.3% 48,883

9 7 Barclays 76,843 35 88.1% 40,848

10 4 Citi 70,265 22 5.1% 66,842

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League Tables



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

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 187,584 67 4.3% 179,838

2 7 Barclays 164,154 47 63.1% 100,662

3 10 Citi 140,843 56 93.1% 72,919

4 1 JPMorgan 138,581 62 -24.8% 184,385

5 3 Morgan Stanley 105,113 42 -22.1% 134,880


7 11 Credit Suisse 79,664 35 55.9% 51,101

8 6 Evercore 78,049 45 -26.0% 105,457

9 15 Jefferies 36,992 51 37.1% 26,979

10 4 Lazard 33,383 24 -71.2% 115,946

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 125,389 64 11 53

2 6 Morgan Stanley 151,780 49 11 38

3 3 JPMorgan 153,424 48 1 47


5 2 Houlihan Lokey 10,941 45 -4 49

6 10 Citi 43,567 33 3 30


8 4 Jefferies 12,096 31 -14 45

9 8 Credit Suisse 107,579 30 -3 33


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Goldman Sachs & Co 187,584 67 6 61

2 3 JPMorgan 138,581 62 6 56

3 7 Citi 140,843 56 10 46

4 2 Houlihan Lokey 19,113 55 -3 58

5 9 Jefferies 36,992 51 8 43

6 6 Barclays 164,154 47 0 47

7 4 Evercore 78,049 45 -7 52


9 8 Morgan Stanley 105,113 42 -3 45


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 5 JPMorgan 153,424 48 218.5% 48,168

2 2 Morgan Stanley 151,780 49 103.5% 74,603

3 1 Goldman Sachs & Co 125,389 64 47.6% 84,926

4 11 Credit Suisse 107,579 30 247.2% 30,988

5 14 Deutsche Bank 97,444 23 475.3% 16,938


7 3 Evercore 71,201 28 10.7% 64,297

8 23 PJT Partners 70,829 6 1192.5% 5,480


10 63 Raine Group 61,588 5 7356.2% 826

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League Tables



Canada league table by value Canada league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 3 BMO Capital Markets 45,365 39 11 28

2 13 Scotiabank 51,259 32 19 13

3 4 TD Securities 48,176 28 1 27

4 6 CIBC World Markets 20,432 23 3 20


6 2 Deloitte 4,572 21 -11 32

7 26 Citi 54,166 20 12 8

8 7 Goldman Sachs & Co 64,101 18 0 18

9 18 Canaccord Genuity Corp 6,746 17 5 12


11 14 Barclays 33,196 15 3 12

12 10 National Bank Financial 8,315 15 0 15

13 28 GMP Securities 7,113 15 8 7


15 11 Morgan Stanley 36,182 12 -2 14

16 21 PwC 2,023 12 1 11

17 8 KPMG 729 11 -6 17

18 24 Lazard 37,250 10 1 9

19 23 Jefferies 15,125 10 0 10

20 16 Macquarie Group 5,373 10 -2 12

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 64,101 18 52.5% 42,024

2 12 Citi 54,166 20 336.4% 12,413

3 7 Scotiabank 51,259 32 173.3% 18,756


5 4 TD Securities 48,176 28 26.4% 38,127

6 14 BMO Capital Markets 45,365 39 279.8% 11,945

7 8 Lazard 37,250 10 118.9% 17,020

8 9 Morgan Stanley 36,182 12 117.9% 16,602

9 6 Barclays 33,196 15 16.6% 28,481

10 3 RBC Capital Markets 30,468 21 -24.9% 40,578

11 1 JPMorgan 21,937 8 -56.5% 50,376

12 10 CIBC World Markets 20,432 23 35.7% 15,062


14= - Canson Capital Partners 17,000 1 - -

14= 77 Guggenheim Partners 17,000 1 4827.5% 345

16 38 Deutsche Bank 16,352 4 596.7% 2,347

17 26 Jefferies 15,125 10 258.0% 4,225

18 13 Evercore 13,897 6 14.7% 12,121

19 11 Credit Suisse 12,879 8 2.8% 12,533

20 74 Greenhill & Co 11,636 7 2930.2% 384

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League Tables



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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Banco Itau BBA 22,193 21 -4 25

2 1 Banco BTG Pactual 8,303 14 -12 26

3 3 Banco Bradesco BBI 22,393 13 -3 16


5 4 Morgan Stanley 17,032 11 0 11

6 7 Goldman Sachs & Co 6,306 9 -1 10

7 11 JPMorgan 5,219 9 2 7

8 22 Citi 3,056 8 4 4

9 5 Santander Global Corporate Banking 836 8 -3 11

10 41 LXG Capital 424 8 6 2

11 12 Credit Suisse 2,560 7 0 7

12 6 Lazard 1,972 7 -4 11

13 10 Rothschild & Co 1,058 7 -1 8

14 23 EY 847 7 3 4

15 31 Vinci Partners 619 7 4 3

16 16 KPMG 566 7 1 6

17 44 Oaklins 364 6 4 2

18 82 Greenhill & Co 284 5 4 1

19 38 Rabobank 3,384 4 2 2

20 8 PwC 495 4 -6 10

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 10 Banco Bradesco BBI 22,393 13 454.7% 4,037

3 7 Banco Itau BBA 22,193 21 280.5% 5,833

4 4 Morgan Stanley 17,032 11 121.3% 7,697

5 1 Banco BTG Pactual 8,303 14 -37.8% 13,356

6 3 Goldman Sachs & Co 6,306 9 -45.0% 11,468

7 2 JPMorgan 5,219 9 -56.8% 12,087

8= - CLSA 4,066 1 - -

8= - Sinolink Securities 4,066 1 - -

10 36 Rabobank 3,384 4 696.2% 425

11 - Mediobanca 3,266 1 - -

12 12 Citi 3,056 8 -13.5% 3,533

13 8 Credit Suisse 2,560 7 -44.2% 4,591

14 15 Lazard 1,972 7 -12.9% 2,265

15 98 DH Capital 1,800 1 - -

16 19 Rothschild & Co 1,058 7 -29.1% 1,492

17 - Jefferies 969 1 - -

18 41 EY 847 7 163.9% 321

19 11 Santander Global Corporate Banking 836 8 -77.7% 3,744

20 9 Barclays 783 3 -81.5% 4,243

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League Tables


Asia Pacific Advisory League tables

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 KPMG 17,148 68 -17 85

2 5 Deloitte 7,564 51 6 45

3 4 Goldman Sachs & Co 110,789 50 2 48

4 2 EY 13,968 50 -29 79

5 3 PwC 3,007 49 -26 75


7 13 Citi 88,652 42 17 25

8 7 JPMorgan 71,881 37 -1 38

9 6 Morgan Stanley 103,653 33 -9 42

10 20 Rothschild & Co 12,948 33 13 20

11 11 Macquarie Group 34,191 30 3 27





16 9 Credit Suisse 13,132 26 -8 34


18 23 Deutsche Bank 44,011 21 5 16

19 29 Lazard 41,691 21 9 12


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Goldman Sachs & Co 110,789 50 36.7% 81,074

2 1 Morgan Stanley 103,653 33 10.8% 93,533

3 5 Citi 88,652 42 75.0% 50,662


5 7 JPMorgan 71,881 37 46.4% 49,091


7 17 Deutsche Bank 44,011 21 167.4% 16,456

8 39 Lazard 41,691 21 643.2% 5,610

9 29 Barclays 34,666 15 227.9% 10,571


11 8 Macquarie Group 34,191 30 27.7% 26,772


13 56 Moelis & Company 23,489 16 797.9% 2,616


15 10 Evercore 17,276 12 -19.8% 21,534

16 54 Grant Samuel 17,160 7 519.0% 2,772

17 18 KPMG 17,148 68 11.4% 15,393


19 16 EY 13,968 50 -15.5% 16,521

20 12 Credit Suisse 13,132 26 -31.2% 19,090

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League Tables



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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 3 KPMG 13,100 49 -2 51

2 1 EY 12,508 46 -18 64

3 4 Goldman Sachs & Co 78,246 38 -3 41

4 7 Deloitte 6,966 37 6 31

5 17 Citi 71,489 30 13 17


7 8 JPMorgan 59,805 27 -1 28



10 2 PwC 2,633 27 -27 54


12 5 Morgan Stanley 81,536 25 -11 36

13 23 Rothschild & Co 11,162 25 13 12




17 12 China Securities 12,043 19 -5 24

18 43 Avendus Capital 1,682 17 9 8

19 24 Deutsche Bank 28,355 16 4 12

20 9 Credit Suisse 9,172 16 -9 25

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Morgan Stanley 81,536 25 -7.9% 88,577

2 2 Goldman Sachs & Co 78,246 38 4.1% 75,183

3 5 Citi 71,489 30 50.4% 47,533

4 7 JPMorgan 59,805 27 40.4% 42,583



7 38 Lazard 36,109 14 545.7% 5,592



10 32 Deutsche Bank 28,355 16 259.7% 7,883

11 27 Barclays 22,726 12 121.9% 10,240


13 10 Evercore 17,276 11 -9.8% 19,150

14 74 Moelis & Company 16,595 12 1064.6% 1,425

15 - Grant Samuel 16,262 1 - -


17 21 China Renaissance Holdings 13,111 27 2.8% 12,750

18 15 KPMG 13,100 49 -11.7% 14,836

19 130 Citi Orient Securities 13,067 4 2518.6% 499

20 93 Hina Group 12,526 8 1325.0% 879

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League Tables



Australasia league table by value Australasia league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 2 PwC 417 25 -1 26


4 1 KPMG 4,213 21 -17 38

5 5 Deloitte 2,130 19 3 16

6 10 Goldman Sachs & Co 33,341 14 4 10

7 16 Citi 18,712 14 6 8

8 6 JPMorgan 12,356 11 -2 13

9 15 Credit Suisse 6,210 11 2 9

10 13 Morgan Stanley 39,529 10 1 9

11 18 Grant Thornton 164 10 2 8


13 30 Lazard 6,960 9 6 3

14 17 Rothschild & Co 1,812 9 1 8

15 70 Cameron Partners 539 9 8 1

16 25 Deutsche Bank 17,217 8 4 4

17 19 Gresham Advisory Partners 1,184 8 1 7

18 11 Grant Samuel 17,160 7 -3 10


20 - Euroz Securities 257 7 7 -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Morgan Stanley 39,529 10 164.0% 14,974


3 11 Goldman Sachs & Co 33,341 14 315.2% 8,030

4 1 Macquarie Group 31,861 26 23.3% 25,832


6 17 Citi 18,712 14 498.0% 3,129

7 10 Deutsche Bank 17,217 8 100.8% 8,573

8 21 Grant Samuel 17,160 7 519.0% 2,772

9 5 JPMorgan 12,356 11 16.6% 10,596

10 43 Barclays 12,161 4 3574.0% 331

11 - Robey Warshaw 10,500 1 - -

12 - AquAsia 9,432 1 - -

13 18 Lazard 6,960 9 125.1% 3,092

14 29 Moelis & Company 6,905 5 479.8% 1,191

15 15 Credit Suisse 6,210 11 20.9% 5,136



18 6 KPMG 4,213 21 -59.9% 10,508

19 - goetzpartners 2,687 1 - -

20 - Scotiabank 2,340 4 - -

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League Tables



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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count




4 2 Goldman Sachs & Co 39,320 24 -3 27




8 4 China Securities 12,043 19 -5 24

9 98 Deloitte 5,992 18 15 3

10 22 Citi 52,957 16 7 9

11 16 JPMorgan 14,987 14 3 11

12 7 Morgan Stanley 66,886 13 -10 23

13 20 Guotai Junan Securities 5,530 13 3 10

14 57 Rothschild & Co 2,800 11 7 4

15 68 Sinolink Securities 4,979 10 6 4

16 25 Deutsche Bank 20,997 9 0 9

17 6 Haitong Securities 11,084 9 -15 24

18 17 Kingston Corporate Finance 839 9 -2 11


20 37 Lazard 32,024 8 2 6

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Morgan Stanley 66,886 13 3.1% 64,903

2 4 Citi 52,957 16 28.1% 41,333



5 3 Goldman Sachs & Co 39,320 24 -27.6% 54,340


7 30 Lazard 32,024 8 585.0% 4,675



10 29 Deutsche Bank 20,997 9 344.9% 4,719

11 - Grant Samuel 16,262 1 - -

12 6 JPMorgan 14,987 14 -54.5% 32,945


14 105 Citi Orient Securities 13,067 4 2518.6% 499

15 75 Hina Group 12,526 8 1325.0% 879

16 15 China Renaissance Holdings 12,111 26 -5.0% 12,750

17 16 China Securities 12,043 19 0.8% 11,943

18 27 Haitong Securities 11,084 9 89.7% 5,842

19 69 Moelis & Company 10,329 5 845.9% 1,092


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League Tables



India league table by value India league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 9 JPMorgan 32,654 6 601.2% 4,657

2 1 Goldman Sachs & Co 31,691 7 88.0% 16,858

3 31 Barclays 21,309 5 12007.4% 176

4 24 JM Financial 11,264 5 4071.9% 270

5 11 Citi 10,849 8 266.5% 2,960

6 10 EY 10,296 27 216.6% 3,252

7 17 KPMG 8,452 14 1567.1% 507

8 - SBI Capital Markets 7,868 3 - -


10 - Evercore 5,705 4 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 KPMG 2,634 22 -1 23

2 1 PwC 1,581 20 -5 25

3 3 EY 1,143 10 -10 20

4 4 Deloitte 650 8 -5 13

5 11 Credit Suisse 4,311 5 1 4

6 12 JPMorgan 5,182 4 0 4

7 5 NH Investment & Securities Co 782 4 -6 10

8 7 KR & Partners 347 4 -3 7

9 13 Morgan Stanley 5,933 3 -1 4

10 10 Goldman Sachs & Co 3,502 3 -1 4

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 EY 10,296 27 5 22

2 4 Avendus Capital 1,432 16 8 8

3 3 KPMG 8,452 14 5 9

4 11 Citi 10,849 8 4 4

5 7 Goldman Sachs & Co 31,691 7 2 5

6 - Arpwood Capital 4,124 7 7 -

7 10 JPMorgan 32,654 6 2 4

8 13 o3 Capital Advisors 100 6 2 4

9 42 Barclays 21,309 5 4 1

10 12 JM Financial 11,264 5 1 4

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 11 Morgan Stanley 5,933 3 344.4% 1,335

2 10 JPMorgan 5,182 4 228.8% 1,576

3 7 Credit Suisse 4,311 5 81.7% 2,373

4 3 Goldman Sachs & Co 3,502 3 -10.0% 3,890

5= - Moelis & Company 3,127 2 - -

5= 20 UBS Investment Bank 3,127 2 525.4% 500

7 18 Bank of America Merrill Lynch 2,737 3 307.9% 671

8 6 KPMG 2,634 22 8.0% 2,438

9 - Rothschild & Co 1,946 2 - -

10 5 PwC 1,581 20 -47.5% 3,010

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League Tables



Japan league table by value Japan league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 4 JPMorgan 171,401 11 1223.7% 12,949

2 1 Goldman Sachs & Co 169,516 13 528.0% 26,993

3 3 Morgan Stanley 160,794 28 620.4% 22,321

4 6 Evercore 140,931 5 1584.4% 8,367

5 2 Nomura Holdings 100,839 54 324.8% 23,740


7 11 Citi 81,282 4 1323.5% 5,710


9 9 Credit Suisse 68,947 7 1068.8% 5,899

10 18 Deutsche Bank 66,833 4 3878.2% 1,680

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 9 KPMG 2,684 14 6 8

2 30 Rothschild & Co 6,011 11 8 3

3 6 Morgan Stanley 17,511 8 -2 10


5 2 Credit Suisse 4,823 8 -5 13

6 7 Deloitte 252 8 -1 9

7 26 Citi 22,564 7 4 3

8 4 Goldman Sachs & Co 4,232 7 -5 12

9 1 EY 155 7 -8 15

10 94 ING 1,022 6 5 1

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Nomura Holdings 100,839 54 4 50

2 1 Sumitomo Mitsui Financial Group 72,089 40 -12 52

3 4 Mizuho Financial Group 82,694 39 10 29

4 8 Morgan Stanley 160,794 28 12 16

5 3 Daiwa Securities Group 4,404 22 -12 34

6 7 GCA Corporation 847 22 2 20

7 5 Deloitte 2,999 19 -3 22

8 9 Goldman Sachs & Co 169,516 13 -2 15

9 14 JPMorgan 171,401 11 5 6

10 25 Frontier Management 336 10 6 4

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 5 Citi 22,564 7 19.3% 18,914

2 1 Morgan Stanley 17,511 8 -33.8% 26,450



5 7 Evercore 8,296 4 -48.6% 16,128

6 2 JPMorgan 7,866 4 -63.2% 21,347


8 45 Rothschild & Co 6,011 11 2548.0% 227

9 12 Credit Suisse 4,823 8 30.2% 3,705

10 6 Goldman Sachs & Co 4,232 7 -77.5% 18,799

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League Tables


Private Equity Advisory League tables*

Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count

US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 123,504 75 -2.6% 126,837

2 2 Morgan Stanley 102,299 63 -16.4% 122,319

3 5 Citi 75,859 38 -6.5% 81,139

4 3 JPMorgan 62,670 47 -37.4% 100,184


6 6 Barclays 37,389 43 -39.6% 61,894

7 7 Credit Suisse 37,168 41 -28.9% 52,286

8 10 Deutsche Bank 36,206 29 -6.1% 38,538

9 17 Macquarie Group 33,009 22 89.8% 17,396

10 8 Evercore 31,433 33 -33.0% 46,943

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 4 Goldman Sachs & Co 68,677 44 4 40

3 2 Houlihan Lokey 10,159 40 -2 42

4 11 Robert W. Baird & Co 4,672 37 13 24

5 12 Morgan Stanley 63,697 33 10 23

6 7 Barclays 24,783 33 3 30

7 10 Harris Williams & Co - 32 7 25

8 3 Jefferies 9,355 30 -11 41

9 6 JPMorgan 39,027 28 -4 32

10 9 Lincoln International - 28 1 27

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Goldman Sachs & Co 123,504 75 -3 78

2 1 Rothschild & Co 28,194 70 -13 83

3 3 William Blair & Company 16,402 66 -1 67

4 6 Houlihan Lokey 14,929 65 8 57

5 12 Morgan Stanley 102,299 63 13 50


7 18 Robert W. Baird & Co 6,395 50 14 36

8 4 PwC 2,827 49 -16 65

9 5 JPMorgan 62,670 47 -11 58

10 8 Jefferies 17,983 45 -9 54

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 4 Goldman Sachs & Co 68,677 44 50.6% 45,598

2 5 Morgan Stanley 63,697 33 49.3% 42,671

3 3 JPMorgan 39,027 28 -15.7% 46,320

4 7 Citi 36,205 15 35.3% 26,756


6 2 Barclays 24,783 33 -46.5% 46,350

7 6 Credit Suisse 20,346 23 -47.3% 38,608


9 - Deutsche Bank 18,251 18 - -

10 - Canson Capital Partners 17,000 1 - -

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League Tables



Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count

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

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Citi 28,903 18 -14.1% 33,655

2 1 Goldman Sachs & Co 27,142 21 -43.5% 48,040

3 6 Rothschild & Co 26,286 60 19.7% 21,966

4 38 Evercore 22,208 13 659.5% 2,924

5 5 JPMorgan 19,796 16 -29.3% 28,006

6 10 Lazard 15,364 26 4.2% 14,741

7 2 Morgan Stanley 15,204 16 -63.8% 42,011

8 8 Deutsche Bank 14,921 8 -22.5% 19,265


10 15 Macquarie Group 9,933 7 -4.4% 10,390

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 1 Goldman Sachs & Co 22,560 9 -5 14




6 12 Deloitte 120 5 1 4

7 2 EY 785 4 -9 13

8 - Cameron Partners 362 4 4 -

9 - BDA Partners 174 4 4 -

10 6 PwC 141 4 -2 6

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Rothschild & Co 26,286 60 -10 70

2 2 PwC 2,563 37 -17 54

3 5 EY 491 31 -4 35

4 3 KPMG 3,319 30 -15 45



7 4 Deloitte 897 28 -11 39

8 6 Lazard 15,364 26 0 26


10 7 DC Advisory 2,758 25 1 24

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 22,560 9 -10.4% 25,175

2 3 Morgan Stanley 22,165 10 23.6% 17,926

3 10 Macquarie Group 16,585 7 314.0% 4,006


5 - Hina Group 9,813 3 - -

6 - AquAsia 9,432 1 - -

7 13 Credit Suisse 5,419 8 165.0% 2,045

8 - China Renaissance Holdings 4,756 3 - -


10 5 Citi 3,074 3 -80.7% 15,944

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League Tables



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

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

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 5 Goldman Sachs & Co 57,692 35 60.2% 36,020

2 1 Morgan Stanley 49,894 22 -20.3% 62,630

3 2 Citi 48,407 19 -8.5% 52,924


5 7 JPMorgan 30,035 16 2.0% 29,445

6 6 Deutsche Bank 24,188 18 -18.5% 29,686


8 14 Macquarie Group 20,566 11 50.7% 13,646

9 23 Evercore 20,429 11 238.6% 6,033

10 8 Credit Suisse 20,238 20 -29.0% 28,521

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 5 Goldman Sachs & Co 46,722 23 10 13

2 3 Credit Suisse 15,900 14 1 13

3 1 Barclays 14,038 14 -5 19

4 9 Deutsche Bank 14,141 12 3 9

5 10 Morgan Stanley 31,642 11 3 8



8 2 Jefferies 1,334 11 -3 14

9 8 JPMorgan 24,073 9 0 9

10 14 Houlihan Lokey 384 8 3 5

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 6 Goldman Sachs & Co 57,692 35 10 25

2 1 EY 1,255 29 -15 44

3 2 KPMG 1,025 25 -8 33

4 3 PwC 1,077 23 -10 33

5 9 Morgan Stanley 49,894 22 0 22


7 10 Credit Suisse 20,238 20 0 20

8 4 Deloitte 3,430 20 -10 30

9 7 Citi 48,407 19 -4 23

10 18 Houlihan Lokey 1,117 19 5 14

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 9 Goldman Sachs & Co 46,722 23 282.3% 12,222

2 5 Morgan Stanley 31,642 11 98.5% 15,943


4 6 Citi 25,580 7 61.8% 15,812

5 4 JPMorgan 24,073 9 47.8% 16,292

6 - Canson Capital Partners 17,000 1 - -

7 3 Credit Suisse 15,900 14 -12.7% 18,220

8 8 Deutsche Bank 14,141 12 12.7% 12,543

9 1 Barclays 14,038 14 -55.7% 31,688


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League Tables



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

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

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 42 Evercore 17,232 5 2571.6% 645

2 2 Citi 14,226 8 -13.2% 16,384


4 4 Rothschild & Co 11,468 14 -8.0% 12,465

5 1 Deutsche Bank 9,547 5 -44.3% 17,143

6 18 Goldman Sachs & Co 8,665 9 58.1% 5,481

7 3 Morgan Stanley 7,506 6 -48.0% 14,430


9 - Zambeletti 7,385 1 - -

10 - Santander Global Corporate Banking 6,333 3 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count




4 2 Goldman Sachs & Co 2,305 3 -6 9

5 1 EY 715 3 -7 10

6 9 Citi 924 2 0 2

7 20 Credit Suisse 876 2 1 1

8 3 KPMG 29 2 -4 6

9 - AquAsia 9,432 1 1 -

10 - Emindobiz 2,250 1 1 -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 EY 491 22 -8 30

2 1 PwC 875 17 -14 31

3 4 KPMG 666 17 -6 23

4 3 Deloitte 342 16 -8 24

5 5 Rothschild & Co 11,468 14 -6 20

6 16 DC Advisory 2,034 14 7 7


8 9 Lazard 1,788 12 3 9


10 12 Houlihan Lokey 733 10 2 8

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 9 Macquarie Group 14,293 5 265.0% 3,916


3 5 Morgan Stanley 10,746 3 -32.6% 15,944

4 - AquAsia 9,432 1 - -

5 1 Goldman Sachs & Co 2,305 3 -87.4% 18,317

6 - Emindobiz 2,250 1 - -

7= 7 Bank of America Merrill Lynch 1,507 1 -74.2% 5,832

7= 8 JPMorgan 1,507 1 -72.1% 5,397

9 - Lazard 1,350 1 - -

10 3 Citi 924 2 -94.2% 15,944

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League Tables



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

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

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Goldman Sachs & Co 65,812 40 -27.5% 90,817

2 3 Morgan Stanley 52,405 41 -12.2% 59,689

3 2 JPMorgan 32,635 31 -54.0% 71,009

4 7 Citi 27,452 19 -2.7% 28,215


6 10 Barclays 21,423 25 33.6% 16,036

7 16 Lazard 19,823 27 77.8% 11,152

8 8 Credit Suisse 16,930 21 -28.8% 23,765

9 13 Rothschild & Co 16,726 56 18.2% 14,145

10 17 Houlihan Lokey 13,812 46 31.2% 10,525

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 8 Robert W. Baird & Co 4,491 33 11 22

3 2 Houlihan Lokey 9,775 32 -5 37

4 6 Harris Williams & Co 2,232 28 4 24


6 14 Morgan Stanley 32,055 22 7 15

7 4 Goldman Sachs & Co 21,955 21 -6 27


9 7 JPMorgan 14,954 19 -4 23

10 20 Barclays 10,745 19 8 11

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Rothschild & Co 16,726 56 -4 60


3 4 Houlihan Lokey 13,812 46 -4 50

4 11 Robert W. Baird & Co 6,214 46 14 32


6 12 Morgan Stanley 52,405 41 13 28

7 3 Goldman Sachs & Co 65,812 40 -13 53


9 5 JPMorgan 32,635 31 -10 41

10 13 Harris Williams & Co 2,508 31 6 25

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Morgan Stanley 32,055 22 19.9% 26,728

2 1 Goldman Sachs & Co 21,955 21 -34.2% 33,376

3 2 JPMorgan 14,954 19 -50.2% 30,028

4 9 Barclays 10,745 19 -26.7% 14,662

5 12 Citi 10,625 8 -2.9% 10,944

6 123 PJT Partners 10,601 4 - -

7 11 William Blair & Company 10,298 43 -10.0% 11,443

8 20 Houlihan Lokey 9,775 32 165.6% 3,681

9 13 Moelis & Company 9,322 18 -0.3% 9,352

10 7 Centerview Partners 9,290 4 -41.4% 15,863

Mergermarket 72

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League Tables



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

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

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 1 Goldman Sachs & Co 18,477 12 -56.6% 42,559

3 3 JPMorgan 15,341 10 -31.4% 22,359

4 10 Rothschild & Co 14,818 46 56.0% 9,501

5 5 Citi 14,677 10 -15.0% 17,271

6 14 Lazard 13,576 14 143.6% 5,573

7 32 Credit Suisse 7,909 5 293.3% 2,011

8 2 Morgan Stanley 7,698 10 -72.1% 27,581

9 20 Macquarie Group 6,443 4 88.1% 3,425

10 30 Deutsche Bank 5,374 3 153.3% 2,122

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 1 Goldman Sachs & Co 20,255 6 1 5


4 - Cameron Partners 362 4 4 -

5 - BDA Partners 174 4 4 -

6 10 Deloitte 79 4 2 2

7 19 Gresham Advisory Partners 515 3 2 1

8 9 Rothschild & Co 217 3 1 2

9 2 PwC 39 3 -2 5

10 - Hina Group 9,500 2 2 -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Rothschild & Co 14,818 46 -4 50



4 2 PwC 1,688 20 -3 23


6 4 Lazard 13,576 14 -3 17

7 14 Houlihan Lokey 4,037 13 3 10

8 3 KPMG 2,653 13 -9 22

9 11 GCA Corporation 835 13 -1 14

10 6 Goldman Sachs & Co 18,477 12 -4 16

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Goldman Sachs & Co 20,255 6 195.3% 6,858

2 6 Morgan Stanley 11,419 7 476.1% 1,982

3 - Hina Group 9,500 2 - -

4 8 Credit Suisse 4,543 6 310.4% 1,107

5 - China Renaissance Holdings 4,463 2 - -



8 20 Macquarie Group 2,292 2 2446.7% 90

9 34 Citi 2,150 1 - -

10 - Kotak Investment Banking 1,735 2 - -

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League Tables


Mergermarket 74Criteria & ContactsGlobal & Regional M&A Report Q1-Q3

Criteria Contacts

mergermarket.com

All data is based on transactions over US$ 5m

and is based on the Mergermarket’s M&A deals

database. Deals with undisclosed deal values

are included where the target’s turnover exceeds

US$ 10m. Deals where the effective 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.

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

Global cross-border M&A: Based on the dominant geography of the target and bidder company being in a different region.

Inbound: Global/US/Japan: The dominant geography of the target is X and the dominant geography of the bidder is any other country 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.

Outbound: Global/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.

Top deals: Based on the dominant geography of the target company.

League tables: Based on the dominant geography of the target, bidder or seller, and excludes lapsed and withdrawn bids. Private equity buyout league tables are based on advisors advising the bidder only on buyout deals with target dominant geography being the country/region and excludes lapsed and withdrawn bids. Private equity exit league tables based on advisors advising the target/seller on exit deal with target dominant geography being the country/region and excludes lapsed and withdrawn bids. Private equity buyout and exit combined league tables are based on advising the bidder on buyout deals AND the target/seller on exit deals, excluding lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.

All values are in US$. M&A Trends and Top Deals correct as of 8am (GMT+1), 28-Sep-18. Cut off date 27-Sep-18 League Tables correct as of 1pm (GMT+1), 01-Oct-2018. Cut off date 30-Sep-2018.

Mergermarket record dates back to 01-Jan-01

Deal Submissions

Americas Jason [email protected]+1 646 378 3122

Asia John [email protected]+852 2158 9723

EMEA Michael [email protected]+44 20 3741 1423

Commercial

Americas Kurt [email protected]+1 212 390 7812

Asia Laurence [email protected]+852 2158 9771

EMEA Ben [email protected]+44 20 3741 1007

Production

Head of Research, Americas Lana [email protected]+1 646 378 3151

Head of Research, Asia Gerry [email protected]+852 2158 9741

Head of Research, EMEA Andrea [email protected]+44 20 3741 1274

Research Editor, Americas Elizabeth [email protected]+1 212 686 3016

Research Editor, Asia

Jasmine [email protected]+852 2158 9770

Research Editor, EMEA Jonathan [email protected]+44 20 3741 1293

Press Relations

Americas Chrissy [email protected]+1 646 378 3118

Asia Candy [email protected]+852 2158 9706

EMEA Ioiana [email protected]+44 20 3741 1391

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

In M&A, information is the most valuable currency. Mergermarket reports on deals 6-24 months before they become public knowledge, giving our subscribers a powerful competitive advantage. With the largest network of dedicated M&A journalists and analysts, Mergermarket offers the most comprehensive M&A intelligence service available today. Our reporters are based in 67 locations across the Americas, Europe, Asia-Pacific, the Middle East and Africa.

Mergermarket is an Acuris company

EMEA10 Queen Street Place

London

EC4R 1BE

United Kingdom

+44 203 741 1000

[email protected]

Americas330 Hudson St.

4th Floor

New York, NY 10013

USA

+1 212 500 7537

[email protected]

Asia16/F, Grand Millennium Plaza

181 Queen’s Road Central

Hong Kong

+ 852 2158 9790

[email protected]

Mergermarket 75

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global & regional m&a report q1-q3 2018 · 2018. 10. 18. · consumer deals in q3. the...

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