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An Acuris report on global M&A activity

December 2018

Monthly M&A Insider

An Acuris Company

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An Acuris report on global M&A activity for December 2018.

Middle East & Africa 33

Asia-Pacific (excluding Japan) 40

Japan 47

About Merrill Corporation 55

Welcome from Merrill Corporation 03

Global Overview 04

US & Canada 12

Central & South America 19

Europe 26

Contents Contents

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Mergermarket Monthly M&A Insider 2December 2018Contents


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Welcome from Merrill Corporation

Nertila AsaniDirector, Merrill DataSiteMerrill Corporation

The Monthly M&A Insider explores the global M&A market with respect to the numbers, movements and trends, as well as revealing the top financial and legal advisors — globally and across six regions (US & Canada, Central & South America, Europe, Middle East & Africa, Asia-Pacific, and Japan).

As 2018 comes to a close, we can begin to take stock of the year in M&A. It has been a strong 11 months for transaction activity, even as the world economy now begins to face headwinds and dealmakers warn of risks on the horizon.

The biggest standout among regions for both dealmaking and economic growth continues to be North America. M&A value in the US and Canada through the first 11 months of 2018 has already exceeded the total from last year and is on pace to surpass the 2016 total as well. Unemployment in the US remains at the lowest level in nearly 50 years, and GDP grew 3.5% in the third quarter on the back of robust consumer spending. Companies continue to report strong earnings, thanks in part to the US corporate tax cut to 21% earlier this year.

The trade disruptions started by the US presidential administration are beginning to take their toll, however, and are muddying the outlook for growth over the coming year. The amount US importers are paying in tariffs doubled from May to October, when the monthly total topped US$5bn,

in large part due to new levies on Chinese goods. The US and China agreed to a trade truce at the recent G20 summit, but some observers are concerned it may not hold.

Meanwhile, the situation in Europe — and especially in the UK — remains highly uncertain. The instability may be contributing to the drop in European M&A value, which in November stood at less than half the total in Asia-Pacific (excluding Japan) and less than a quarter of that in North America. As of this writing, there were still a dizzying number of possible outcomes to the Brexit crisis, with the UK government scrambling to agree on a solution.

Looking at deal activity by sector, Energy, Mining & Utilities maintained its leading position for M&A value in November amid a year of large acquisitions by energy companies. Transactions doing away with the master limited partnership structure in particular have contributed an outsized portion of deal value in 2018. And yet the year ahead for the sector is less clear than a few months ago after the sudden downswing in the price of oil.

Private equity is closing the year in a position of strength, with global buyout value on pace to match or surpass the amount reached in 2017, when a post-crisis high was reached. PE firms continue to raise record amounts of capital, as investment demand grows ever higher. Heading into next year, the industry will need to overcome some barriers to buyout

activity, as GPs cope with new restrictions on interest deduction in the US and lending markets start to show signs of weakness.

We live in complicated times, to be sure, but 2018 is shaping up to have been one of the best for M&A activity in a decade. It’s anyone’s guess what 2019 will have in store — we will be watching closely as the new year approaches.

Sincerely,

Nertila Asani Director, Merrill DataSite

Mergermarket Monthly M&A Insider 3December 2018Welcome


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Part of the Acuris report on global M&A activity

Global Overview

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Further informationGet in touch or read more

Global M&A value dipped lower in November, ending a streak of four straight months of year-on-year (YoY) increases, as dealmakers cope with unsteady political conditions and falling asset prices worldwide. The value of all deals announced in November totaled US$208.4bn, which was a 5.8% decrease compared to the same month a year ago. Significant declines were seen in all regions with one exception, North America, where deal value soared 76.6% last month. Energy, Mining & Utilities (EMU) had the most value of any sector, with three of the top ten deals of the month involving energy company targets.

Despite the YoY drop in monthly deal value in November, the year-to-date total for 2018 — US$3.3trn — has officially exceeded the amounts seen in each of the last two years. It is also the second-highest M&A value total since the financial crisis, trailing only the record-setting sum of US$3.9trn reached in 2015.

Breaking down activity by region, North America had by far the most deal value at US$121.8bn, representing a 58.4% share of the global total. Seven of the ten largest transactions in November were for US-based targets, including the highest-value target, the automotive battery unit of industrial conglomerate Johnson Controls. The Canada-based consortium of Brookfield Business Partners and Caisse de depot et placement du Quebec (CDPQ) agreed to pay US$13.2bn

for the business, saying it was attractive for its stable cash flows and strong position in the electric vehicle market.

Asia (excluding Japan) had the second-highest value at US$55.9.bn, which represented 26.8% of the global total, followed by Europe at US$26.2bn, representing 12.6% of global deal value. All regions besides North America saw declines in M&A value of approximately 40% or greater.

EMU led the way among sectors in terms of deal value at US$45.8bn in November, a 30.4% increase compared to the same month last year. The second-largest deal of the month came in the sector — US-based midstream operator Western Gas Equity Partners’ US$9.6bn acquisition of a 67.15% stake in Western Gas Partners. The deal was the latest in a series of multi-billion-dollar deals this year doing away with master limited partnership (MLP) structures after a US tax change made them less advantageous. With this transaction, six of the top fifteen energy deals worldwide through November have been for US-based MLP assets, representing US$105bn in total deal value.

Private equity (PE) buyout value fell 6.9% to US$28.8bn in November, marking the fourth month in the last five to see a decline in global PE value. Nonetheless, there were ten total buyouts valued at US$1bn or more, including Vista Equity Partners’ US$1.6bn acquisition

of US-based business management software maker Apptio. Vista, whose portfolio focuses primarily on software companies, said it expects to help Apptio speed up product development.

PE exit value rose 11% in the first three quarters of 2018 but has fallen off last year’s pace so far in Q4. Through the first two months of the quarter, there have been exits valued at US$74.9bn, a 10% decline compared to the same period last year.

Cross-border M&A value increased by 29.2% last month up to US$80.9bn. Cross-border value has fluctuated substantially month-to-month this year.

Lana Vilner

Global Overview

Ezekiel Pfeifer



mailto:lana.vilner%40acuris.com?subject=Monthly%20MnA%20Insider%20December%202018%20Inquiry

mailto:ezekiel.pfeifer%40acuris.com?subject=Monthly%20MnA%20Insider%20December%202018%20Inquiry

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Top Sector

Energy, Mining & Utilities

saw 82 deals valued at US$45.8bn, up 30.4% by value with 66 fewer deals compared to 148

deals worth US$35.1bn in November 2017.

Top Legal Advisor

White & Case ranked first with 12 deals worth US$38.8bn, up

1,574.9% in value with 7 fewer deals compared to 19 deals worth US$2.3bn in November 2017.

Top Financial Advisor

JPMorganranked first with 28 deals worth US$59.9bn, up 265.7% in value with 13 more deals compared to

15 deals worth US$16.4bn in November 2017.

933 deals valued at US$208.4bn, down 5.8% by value

with 780 fewer deals compared to 1,713 deals worth US$221.1bn in November 2017.



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Num

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US$294.8

US$499.9

US$411.3

US$400.1

US$424

US$538

US$535.5

US$297.6

US$463

US$547.7

US$499.6

US$513.9

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Num

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US$443.8

US$570.7

US$628.1

US$560.2

US$963.1

US$1,039.6

US$656.4

US$570.2

US$869.8

US$1,199.4

US$750.3

US$854 US$

715.2

US$742

US$824.9 US$

958.1

US$876.1

US$759.5

US$757.6

US$943

US$752.9

US$1,103.5

US$944.8

US$502.5

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Global Private Equity trendGlobal M&A trend

Buyout volume

Exit volume

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Domestic US$127.5bn -19.6%

Cross-border US$80.9bn +29.2%

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Regional Trends

Energy, Mining & Utilities Value: US$45.8bn Number of deals: 82 Market share: 22%

Pharma, Medical & Biotech Value: US$20.8bn Number of deals: 73 Market share: 10%

Technology Value: US$37.5bn Number of deals: 131 Market share: 18%

Consumer Value: US$17.5bn Number of deals: 103 Market share: 8%

Industrials & Chemicals Value: US$32.9bn Number of deals: 193 Market share: 16%

Asia-Pacific (excluding Japan)

US$55.9bn 243 deals

26.8%

North America US$121.2bn 330 deals

58.4%

Central & South AmericaUS$2.3bn 19 deals

1.1%

EuropeUS$26.2bn 299 deals

12.6%

Middle East & Africa

US$700m 13 deals

0.3%

Japan US$1.5bn 29 deals

0.7%



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Top deals

Top 10 Announced Deals for November 2018

Value (US$m) Deal details Advisor details

Announcement date

Target Bidder Dominant sector Sell-side Buy-side

13,244 13-Nov-18 Johnson Controls International plc (Power solutions business)

Caisse de Depot et Placement du Quebec; and Brookfield Business Partners

Industrials & Chemicals FA: Barclays; and Centerview Partners LA: Simpson Thacher & Bartlett (Advising FA: White & Case)

FA: Bank of America Merrill Lynch; BMO Capital Markets; CIBC World Markets; Citi; Credit Suisse; Deutsche Bank; Goldman Sachs & Co; HSBC; JPMorgan; RBC Capital Markets; Scotiabank; and TD Securities LA: Arthur Cox; Baker McKenzie; David Polk & Wardwell; Kirkland & Ellis; and Weil Gotshal & Manges

9,593 8-Nov-18 Western Gas Partners (67.15% stake)

Western Gas Equity Partners Energy, Mining & Utilities FA: Barclays; Goldman Sachs & Co; and Lazard LA: Baker Botts; and Bracewell

FA: Citi LA: Richards Layton & Finger; and Vinson & Elkins (Advising FA: White & Case)

8,474 28-Nov-18 Yingkou Port Group Co Ltd (54.07% stake)

A group of banks led by Bank of China Limited

Transportation FA: China International CapitalLA: -

FA: -LA: -

8,000 11-Nov-18 Qualtrics SAP SE Technology FA: Qatalyst Group LA: Goodwin Procter

FA: JPMorgan LA: Allen & Overy; and Jones Day (Advising FA: Hengeler Mueller; and Skadden Arps Slate Meagher & Flom)

7,654 1-Nov-18 Newfield Exploration Company Encana Corporation Energy, Mining & Utilities FA: Goldman Sachs & Co; JPMorgan; and Scotiabank LA: Kirkland & Ellis; Stikeman Elliott; and Wachtell, Lipton, Rosen & Katz (Advising FA: Davis Polk & Wardwell)

FA: Credit Suisse; and TD Securities LA: Blake, Cassels & Graydon; and Paul Weiss Rifkind Wharton & Garrison (Advising FA: Alston & Bird; and Shearman & Sterling)

7,312 2-Nov-18 Yunnan Baiyao Holding Co Ltd Yunnan Baiyao Group Co Ltd Pharma, Medical & Biotech FA: -LA: -

FA: China International CapitalLA: -

7,176 8-Nov-18 ARRIS International plc CommScope Holding Company Inc

Technology FA: Evercore LA: Herbert Smith Freehills; Hogan Lovells International; and Troutman Sanders (Advising FA: Sullivan & Cromwell)

FA: Allen & Company; Bank of America Merrill Lynch; Deutsche Bank; and JPMorgan LA: Alston & Bird; Cravath, Swaine & Moore; Latham & Watkins; and Pinsent Masons (Advising FA: Debevoise & Plimpton; Ropes & Gray; and White & Case)

4,943 12-Nov-18 Athenahealth Inc (91% stake)

Veritas Capital Fund Management

Technology FA: Centerview Partners; and Lazard LA: Weil Gotshal & Manges

FA: Deutsche Bank; and RBC Capital Markets LA: Gibson Dunn & Crutcher; and Schulte Roth & Zabel

4,015 8-Nov-18 Anadarko Petroleum Corporation (Remaining midstream assets)

Western Gas Partners Energy, Mining & Utilities FA: Goldman Sachs & Co LA: Vinson & Elkins (Advising FA: Cleary Gottlieb Steen & Hamilton)

FA: Barclays; Citi; and Lazard LA: Bracewell; and Richards Layton & Finger

3,968 20-Nov-18 BTG Plc Boston Scientific Corporation

Pharma, Medical & Biotech FA: Goldman Sachs & Co; JPMorgan; and Rothschild & Co LA: Allen & Overy

FA: Barclays LA: Arnold & Porter Kaye Scholer; Shearman & Sterling; and Travers Smith (Advising FA: White & Case)



Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

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League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking November 2018 November 2017

November 2018

November 2017

Company name Value (USD m)

Deal count Value (USD m)

% Value change

1 48 White & Case 38,773 12 2,315 1,574.9%

2 12 Kirkland & Ellis 28,341 27 9,526 197.5%

3 18 Davis Polk & Wardwell 23,259 10 7,240 221.3%

4 6 Weil Gotshal & Manges 23,172 9 13,412 72.8%

5 26 Simpson Thacher & Bartlett 20,601 8 4,593 348.5%

6 15 Allen & Overy 19,680 15 9,003 118.6%

7 45 Baker McKenzie 18,954 20 2,455 672.1%

8 10 Vinson & Elkins 17,375 13 10,451 66.3%

9 40 Alston & Bird 17,046 14 3,066 456.0%

10 21 Shearman & Sterling 15,870 8 6,515 143.6%


November 2018

November 2017


Deal count Deal count Deal count change

1 2 Kirkland & Ellis 28,341 27 43 -16

2 5 Baker McKenzie 18,954 20 30 -10

3 1 DLA Piper 3,733 17 44 -27

4 13 Latham & Watkins 15,654 16 20 -4

5 10 Allen & Overy 19,680 15 23 -8

6 45 Alston & Bird 17,046 14 8 6

7 56 Vinson & Elkins 17,375 13 7 6

8 15 White & Case 38,773 12 19 -7

9 3 Jones Day 11,546 11 36 -25

10 107 Davis Polk & Wardwell 23,259 10 4 6


November 2018

November 2017



1 15 JPMorgan 59,866 28 15 13

2 10 Goldman Sachs & Co 45,608 24 19 5

3 14 Barclays 42,811 20 16 4

4 39 RBC Capital Markets 26,172 15 5 10

5 22 Deutsche Bank 35,274 14 11 3

6 13 Citi 35,190 13 16 -3

7 18 Bank of America Merrill Lynch 29,884 13 14 -1

8 6 Lazard 23,026 13 27 -14

9 32 Stifel/KBW 2,080 13 7 6

10 4 Deloitte 1,819 13 36 -23


November 2018

November 2017



% Value change

1 6 JPMorgan 59,866 28 16,371 265.7%

2 4 Goldman Sachs & Co 45,608 24 18,485 146.7%

3 15 Barclays 42,811 20 8,945 378.6%

4 22 Deutsche Bank 35,274 14 5,488 542.7%

5 10 Citi 35,190 13 10,831 224.9%

6 3 Bank of America Merrill Lynch 29,884 13 20,619 44.9%

7 20 Credit Suisse 26,477 8 6,187 327.9%

8 32 RBC Capital Markets 26,172 15 2,759 848.6%

9 11 Lazard 23,026 13 10,653 116.1%

10 59 TD Securities 22,772 5 1,142 1,894.0%



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US & Canada

Mergermarket Monthly M&A Insider 12December 2018US & Canada


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Philip Segal

US & Canada

M&A deal value soared higher in North America last month on the back of continuing economic growth in the US and Canada, and despite growing volatility in commodity and equity prices. Total value rose 76.6% year-on-year (YoY) to US$121.2bn in November with a total of 330 deals. Energy, Mining & Utilities (EMU) had the most transaction value of any sector and Technology placed a close second, with seven of the top ten deals in the month coming in one of the two sectors. Private equity (PE) buyout value more than tripled compared to the same period last year, showing the ongoing strength of the leveraged buyout market in the region.

With one month left in the year, year-to-date M&A value in North America has already exceeded the FY17 total: deals valued at US$1.5trn were announced in the first 11 months of 2018, compared to value of US$1.4trn in all of 2017. Transaction value this year is on pace to outstrip the FY16 total of US$1.6trn but is likely to fall short of the record-setting total in 2015 of US$1.9trn.

EMU had the most deal value of any sector at US$35.3bn spread across 36 deals. Several major producers transacted last month even as the oil price collapsed, falling by more than 30% in value from early October to late November. In one of the largest deals of the month, Canada’s Encana announced it would purchase US-based Newfield Exploration

for US$7.7bn. Together the company will be one of the biggest shale oil producers in North America, with combined production of 577,000 barrels of oil equivalent per day in Q3 2018 and sizable positions in major shale patches, including the Montney and Duvernay in Canada and the Permian and Stack/Scoop in the US.

Technology placed a close second in sector deal value at US$33.6bn, with 57 total transactions and four of the top ten in the month. The highest-value tech deal of November saw German enterprise software maker SAP agree to pay US$8bn for US-based Qualtrics, a company that tracks consumer sentiment online. SAP shareholders were caught off-guard by the size of the deal and by the valuation for Qualtrics, which said it expects revenue of over US$400m in 2018.

PE buyout value skyrocketed in November, rising 210% to US$21.6bn, as financial buyers put more capital to work after several months of YoY declines in transaction value. With the strong month of November, the buyout value total through the first 11 months of 2018 — US$212.5bn — has surpassed last year’s 12-month total of US$211.9bn. In the top buyout of last month, Veritas Capital and Evergreen Coast Capital, the PE arm of hedge fund Elliott Management, announced their purchase of healthcare software maker Athenahealth in a deal valued at US$4.9bn.

The buyers plan to combine the company with another portfolio asset, Virence Health, a former unit of GE Healthcare.

Cross-border M&A value fell in both inbound and outbound directions in November, even as domestic deal value more than doubled. Inbound deal value fell 6.8% to US$17.9bn and the outbound total slumped 43.7% to US$10.4bn.

Ezekiel Pfeifer





Top Legal Advisor

White & Case ranked first with 9 deals worth US$37.7bn, up

1,641.1% in value with 2 fewer deals compared to 11 deals worth US$2.2bn in November 2017.


JPMorganranked first with 17 deals worth US$50.6bn, up 345.1% in value with 5 more deals compared to 12 deals worth US$11.4bn in November 2017.

330 deals valued at US$121.2bn, up 76.6% by value

with 185 fewer deals compared to 515 deals worth US$68.6bn in November 2017.

Top Sector

Energy, Mining & Utilities

saw 36 deals valued at US$35.3bn, up 106% by value with 13 fewer deals compared to 49




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US$312.7

US$196.4

US$235.5

US$366.5

US$192.8

US$414.9

US$511.9

US$343

US$338.4

US$457.1

US$375.5

US$441.3

US$514.9

US$474.1

US$526.6

US$250.1

US$356.9

US$435.5

US$271.3

US$310.3

US$430.7

US$445.3

US$387.4

US$269.3

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US$143.7

US$163.2

US$172.5

US$297.4

US$176.1

US$254.3

US$211.9

US$276.8

US$155.8

US$253.5

US$212.5

US$247.9

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

US & Canada Private Equity trendUS & Canada M&A trend

Buyout volume

Exit volume

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Regional Trends

Domestic US$103.3bn +109%

Inbound US$17.9bn -6.8%

Outbound US$10.4bn -43.7%

Energy, Mining & Utilities Value: US$35.3bn Number of deals: 36 Market share: 29.1%

Consumer Value: US$8.9bn Number of deals: 28 Market share: 7.3%

Technology Value: US$33.6bn Number of deals: 57 Market share: 27.7%

Business Services Value: US$6.1bn Number of deals: 40 Market share: 5%

Industrials & Chemicals Value: US$22.5bn Number of deals: 64 Market share: 18.5%

Canada US$3.4bn 31 deals

2.8%

US US$117.8bn 299 deals

97.2%



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Top deals



Announcement date


13,244 13-Nov-18 Johnson Controls International plc (Power solutions business)

Caisse de Depot et Placement du Quebec; and Brookfield Business Partners

Industrials & Chemicals FA: Barclays; and Centerview Partners LA: Simpson Thacher & Bartlett (Advising FA: White & Case)

FA: Bank of America Merrill Lynch; BMO Capital Markets; CIBC World Markets; Citi; Credit Suisse; Deutsche Bank; Goldman Sachs & Co; HSBC; JPMorgan; RBC Capital Markets; Scotiabank; and TD Securities LA: Arthur Cox; Baker McKenzie; David Polk & Wardwell; Kirkland & Ellis; and Weil Gotshal & Manges

9,593 8-Nov-18 Western Gas Partners (67.15% stake)

Western Gas Equity Partners Energy, Mining & Utilities FA: Barclays; Goldman Sachs & Co; and Lazard LA: Baker Botts; and Bracewell

FA: Citi LA: Richards Layton & Finger; and Vinson & Elkins (Advising FA: White & Case)

8,000 11-Nov-18 Qualtrics SAP SE Technology FA: Qatalyst Group LA: Goodwin Procter

FA: JPMorgan LA: Allen & Overy; and Jones Day (Advising FA: Hengeler Mueller; and Skadden Arps Slate Meagher & Flom)

7,654 1-Nov-18 Newfield Exploration Company Encana Corporation Energy, Mining & Utilities FA: Goldman Sachs & Co; JPMorgan; and Scotiabank LA: Kirkland & Ellis; Stikeman Elliott; and Wachtell, Lipton, Rosen & Katz (Advising FA: Davis Polk & Wardwell)

FA: Credit Suisse; and TD Securities LA: Blake, Cassels & Graydon; and Paul Weiss Rifkind Wharton & Garrison (Advising FA: Alston & Bird; and Shearman & Sterling)

7,176 8-Nov-18 ARRIS International plc CommScope Holding Company Inc

Technology FA: Evercore LA: Herbert Smith Freehills; Hogan Lovells International; and Troutman Sanders (Advising FA: Sullivan & Cromwell)

FA: Allen & Company; Bank of America Merrill Lynch; Deutsche Bank; and JPMorgan LA: Alston & Bird; Cravath, Swaine & Moore; Latham & Watkins; and Pinsent Masons (Advising FA: Debevoise & Plimpton; Ropes & Gray; and White & Case)

4,943 12-Nov-18 Athenahealth Inc (91% stake) Veritas Capital Fund Management,

Technology FA: Centerview Partners; and Lazard LA: Weil Gotshal & Manges

FA: Deutsche Bank; and RBC Capital Markets Inc LA: Gibson Dunn & Crutcher; and Schulte Roth & Zabel

4,015 8-Nov-18 Anadarko Petroleum Corporation (Remaining midstream assets)

Western Gas Partners Energy, Mining & Utilities FA: Goldman Sachs & Co LA: Vinson & Elkins (Advising FA: Cleary Gottlieb Steen & Hamilton)

FA: Barclays; Citi; and Lazard LA: Bracewell; and Richards Layton & Finger

3,474 9-Nov-18 Finisar Corporation II-VI Incorporated Technology FA: Barclays LA: O'Melveny & Myers (Advising FA: Sullivan & Cromwell)

FA: Bank of America Merill Lynch LA: K&L Gates; and Sherrard German & Kelly (Advising FA: Cleary Gottlieb Steen & Hamilton)

3,150 19-Nov-18 DJO Global Inc Colfax Corporation Pharma, Medical & Biotech FA: Credit Suisse; Goldman Sachs & Co; and Wells Fargo Securities LA: Simpson Thacher & Bartlett

FA: JPMorgan LA: Kirkland & Ellis (Advising FA: Davis Polk & Wardwell)

2,400 29-Nov-18 Berlin Packaging Oak Hill Capital Partners; and Canada Pension Plan Investment Board

Industrials & Chemicals FA: -LA: -

FA: BarclaysLA: Weil Gotshal & Manges




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League tables



November 2018

November 2017



% Value change

1 27 White & Case 37,660 9 2,163 1,641.1%

2 7 Kirkland & Ellis 28,341 27 8,724 224.9%

3 2 Weil Gotshal & Manges 23,172 9 10,908 112.4%

4 15 Simpson Thacher & Bartlett 19,760 6 4,593 330.2%

5 10 Davis Polk & Wardwell 19,326 7 7,240 166.9%

6 3 Vinson & Elkins 17,375 13 10,451 66.3%

7 21 Alston & Bird 17,046 14 3,066 456.0%

8 - Richards Layton & Finger 15,805 6 - -

9 68 Baker McKenzie 14,977 6 1,052 1,323.7%

10 48 Bracewell 14,366 4 1,305 1,000.8%


November 2018

November 2017



1 1 Kirkland & Ellis 28,341 27 38 -11

2 24 Alston & Bird 17,046 14 8 6

3 31 Vinson & Elkins 17,375 13 7 6

4 8 Latham & Watkins 13,218 12 15 -3

5 2 Jones Day 11,546 10 30 -20

6 12 White & Case 37,660 9 11 -2

7 30 Weil Gotshal & Manges 23,172 9 7 2

8 5 Skadden Arps Slate Meagher & Flom 12,343 9 18 -9

9 4 Goodwin Procter 8,637 9 20 -11

10 3 DLA Piper 3,003 9 22 -13


November 2018

November 2017



1 6 Goldman Sachs & Co 41,067 19 12 7

2 8 Barclays 41,476 18 12 6

3 7 JPMorgan 50,626 17 12 5

4 32 RBC Capital Markets 26,064 13 4 9

5 5 Citi 32,191 11 13 -2

6 16 Deutsche Bank 30,512 11 8 3

7 21 Stifel/KBW 2,038 11 7 4

8 11 Bank of America Merrill Lynch 27,790 10 9 1

9 15 Jefferies 5,599 10 8 2

10 1 Houlihan Lokey 856 10 18 -8


November 2018

November 2017



% Value change

1 5 JPMorgan 50,626 17 11,375 345.1%

2 17 Barclays 41,476 18 2,911 1,324.8%

3 3 Goldman Sachs & Co 41,067 19 12,587 226.3%

4 10 Citi 32,191 11 6,617 386.5%

5 13 Deutsche Bank 30,512 11 5,250 481.2%

6 2 Bank of America Merrill Lynch 27,790 10 13,808 101.3%

7 15 Credit Suisse 26,477 8 4,096 546.4%

8 28 RBC Capital Markets 26,064 13 1,343 1,840.7%

9 36 TD Securities 22,772 5 1,142 1,894.0%

10 8 Lazard 22,100 9 6,751 227.4%



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Central & South America

Mergermarket Monthly M&A Insider 19December 2018Central & South America


mergermarket.com


Elizabeth Lim

Central & South America

M&A deal activity contracted in Central & South America last month, with acquirers staying on the sidelines amid rapid political change and economic instability across the region. Total transaction value in November declined 72.8% to US$2.3bn spread across just 19 deals. Nearly half of the deals in the month were for targets in Brazil, with multiple acquisitions also taking place in Argentina and Chile. Leisure had the most deal value of any sector, thanks to a single deal — Haymaker Acquisition Company’s US$883m purchase of Bahamas-based OneSpaWorld.

M&A value in Latin America is currently on pace to be the lowest of any year in a decade. Through the first 11 months of 2018, there have been 525 deals valued at US$65.8bn, compared to full-year totals of 654 deals valued at US$97.1bn last year.

Brazil, which awaits the inauguration next year of president-elect Jair Bolsonaro, had nine deal targets in November and total transaction value of US$417m. Most of the value came from a single acquisition — the US$370m sale of operations in several oil fields by state-run oil company Petrobras to UK-based producer Perenco. The deal is part of Petrobras’s larger divestment plans — in late November, it was reported that the company is considering asset sales valued at up to US$15bn in the coming years.

Argentina and Chile saw three deals each in November, all in different sectors. In the largest of the deals, special purpose acquisition company (SPAC) Union Acquisition Corp announced it would acquire Argentina-based agricultural biotech company Bioceres in a deal valued at US$264m, making Bioceres a public company listed on the New York Stock Exchange. The company sells seeds, fertilizers,and other crop products to agricultural producers.

The highest-value deal overall in Latin America last month involved another SPAC, Haymaker Acquisition Company, which agreed to buy Bahamas-based spa services provider OneSpaWorld in a deal valued at US$883m. The deal returns OneSpaWorld to public markets just three years after it was taken private by consumer-focused financial buyer Catterton (which in 2016 merged with L Capital and became L Catterton). The buyer, Haymaker Acquisition Company, was formed by mid-market private equity (PE) firm Mistral Equity Partners and is led by former Starwood Hotels CEO Steven Heyer.

The deal for OneSpaWorld was one of just two PE buyouts recorded in the region last month, compared to a total of seven in the same month last year. Buyout value also fell 29%. There have been just four PE exits in the last two months combined, all with undisclosed value. However, total exit value

this year, US$6bn, has already topped last year’s amount, US$4.4bn.

Looking at cross-border activity, inbound value declined 78.6% year-on-year to US$1.7bn, while outbound value went up more than four-fold to US$692m. The entire outbound total came from one deal — Mexican investment company Finaccess Capital’s acquisition of a 75% stake in fast food chain operator Restaurant Brands New Zealand, which operates Pizza Hut, Carl’s Jr and KFC locations in New Zealand.

Ezekiel Pfeifer



mailto:elizabeth.lim%40acuris.com?subject=Monthly%20MnA%20Insider%20December%202018%20Inquiry



Top Sector

Leisuresaw 1 deal valued at US$883m, up 963.9% by value with 2 fewer deals compared to 3 deals worth US$83m in November 2017.

Top Legal Advisor

DLA Piper ranked first with 1 deal worth US$883m, down 36.9% in value compared to 1 deal

worth US$1.4bn in November 2017.


Bank of America Merrill Lynch

ranked first with 1 deal worth US$883m, down 83.7% in value with 2 fewer deals compared to

3 deals worth US$5.4bn in November 2017.

19 deals valued at US$2.3bn, down 72.8% by value with 38 fewer deals compared to 57 deals




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US$17.8

US$24.8

US$11.9

US$14.9

US$21.4

US$39.9

US$12.2

US$11.2

US$22.4

US$25.6

US$38.1

US$24.2

US$29.4

US$14.1

US$14

US$25

US$28.6

US$19.6

US$30.2 US$

21.2

US$27.4

US$43.9

US$8.2

US$8.9

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US$1.4

US$1.9

US$5.3

US$7.7

US$4.4

US$7.7

US$9.1

US$5.9

US$10.7

US$8.1

US$4.5

US$6

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

C&S America Private Equity trendC&S America M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends

Domestic US$264m -58.4%


Outbound US$692m +858.1%

Leisure Value: US$883m Number of deals: 1 Market share: 38%

Pharma, Medical & Biotech Value: US$283m Number of deals: 5 Market share: 12.2%

Energy, Mining & Utilities Value: US$482m Number of deals: 2 Market share: 20.7%

Financial Services Value: US$123m Number of deals: 1 Market share: 5.3%

Consumer Value: US$406m Number of deals: 2 Market share: 17.5%

Brazil US$417m 9 deals

18%

Chile US$123m 3 deals5.3%

Costa Rica US$119m

1 deal5.1%

PanamaUS$387m

1 deal 16.7%

ArgentinaUS$376m

3 deals 16.2%

BahamasUS$883m

1 deal38%

Colombia US$17m 1 deal0.7%



mergermarket.com

Top deals



Announcement date


883 1-Nov-18 OneSpaWorld OneSpaWorld Holdings Limited Leisure FA: Bank of America Merrill Lynch; and Nomura Holdings Inc LA: Kirkland & Ellis (Advising FA: White & Case)

FA: Goldman Sachs & Co; and Lazard LA: DLA Piper; and Ellenoff Grossman & Schole

387 7-Nov-18 Rey Holdings Corp Corporacion Favorita CA Consumer FA: JPMorgan LA: Arias Fabrega & Fabrega; and Simpson Thacher & Bartlett

FA: Proventus Advisors LA: Icaza Gonzales-Ruiz & Aleman

370 28-Nov-18 Petroleo Brasileiro SA (Pargo, Carapeba and Vermelho Oil fields)

Perenco UK Limited Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

264 9-Nov-18 Bioceres SA Union Acquisition Corp Pharma, Medical & Biotech FA: -LA: Linklaters; and Marval O’Farrell & Mairal

FA: Atlantic Pacific Capital; CIM Securities; Ladenburg Thalmann Financial Services Inc; and UBS Investment BankLA: Arnold & Porter Kaye Scholer; and Graubard Miller

123 19-Nov-18 Red Megacentro SA (23.44% stake) Inversiones Siemel SA Financial Services FA: -LA: Barros & Errazuriz Abogados

FA: Credicorp CapitalLA: -

119 12-Nov-18 Grupo Vidriero Centroamericano (49.7% stake)

Owens-Illinois Inc Industrials & Chemicals FA: -LA: Cleary Gottlieb Steen & Hamilton

FA: -LA: -

112 2-Nov-18 Bolland y Cia SA Pecom Energia SA Energy, Mining & Utilities FA: -LA: -

FA: -LA: Perez Alati, Grondona, Benites, Arntsen & Martinez de Hoz

19 13-Nov-18 Hospital Metropolitano Grupo Meridional de Saude Pharma, Medical & Biotech FA: -LA: -

FA: -LA: -

19 9-Nov-18 Usina Giasa Ltda Grupo Empresarial Olho D'agua Consumer FA: -LA: -

FA: -LA: -

17 6-Nov-18 Colma Pharmaceutical SAS Maricann Group Inc Agriculture FA: -LA: -

FA: -LA: Osler Hoskin & Harcourt



Top 12 Legal Advisors - VolumeTop 12 Legal Advisors - Value

mergermarket.com

League tables

Top 11 Financial Advisors - VolumeTop 11 Financial Advisors - Value


November 2018

November 2017



% Value change

1= 6 DLA Piper 883 1 1,400 -36.9%

1= - Ellenoff Grossman & Schole 883 1 - -

1= - Kirkland & Ellis 883 1 - -

1= 42 White & Case 883 1 13 6,692.3%

5 - Harmos Horton Lusk 692 1 - -

6= - Arias, Fabrega & Fabrega 387 1 - -

6= - Icaza, Gonzales-Ruiz & Aleman 387 1 - -

6= - Simpson Thacher & Bartlett 387 1 - -

9 3 Marval, O'Farrell & Mairal 264 2 1,430 -81.5%

10= - Arnold & Porter Kaye Scholer 264 1 - -

10= - Graubard Miller 264 1 - -

10= 7 Linklaters 264 1 1,400 -81.1%


November 2018

November 2017



1 4 Marval, O'Farrell & Mairal 264 2 3 -1

2= 22 DLA Piper 883 1 1 0

2= - Ellenoff Grossman & Schole 883 1 - -

2= - Kirkland & Ellis 883 1 - -

2= 18 White & Case 883 1 2 -1

6 - Harmos Horton Lusk 692 1 - -

7= - Arias, Fabrega & Fabrega 387 1 - -

7= - Icaza, Gonzales-Ruiz & Aleman 387 1 - -

7= - Simpson Thacher & Bartlett 387 1 - -

10= - Arnold & Porter Kaye Scholer 264 1 - -

10= - Graubard Miller 264 1 - -

10= 23 Linklaters 264 1 1 0


November 2018

November 2017



1= 2 Bank of America Merrill Lynch 883 1 3 -2

1= - Goldman Sachs & Co 883 1 - -

1= - Lazard 883 1 - -

1= - Nomura Holdings 883 1 - -

5 - Macquarie Group 692 1 - -

6= - JPMorgan 387 1 - -

6= - Proventus Advisors 387 1 - -

8= - Atlantic Pacific Capital 264 1 - -

8= - CIM Securities 264 1 - -

8= - Ladenburg Thalmann Financial Services 264 1 - -

8= 9 UBS Investment Bank 264 1 1 0


November 2018

November 2017



% Value change

1= 1 Bank of America Merrill Lynch 883 1 5,403 -83.7%

1= - Goldman Sachs & Co 883 1 - -

1= - Lazard 883 1 - -

1= - Nomura Holdings 883 1 - -

5 - Macquarie Group 692 1 - -

6= - JPMorgan 387 1 - -

6= - Proventus Advisors 387 1 - -

8= - Atlantic Pacific Capital 264 1 - -

8= - CIM Securities 264 1 - -

8= - Ladenburg Thalmann Financial Services 264 1 - -

8= 6 UBS Investment Bank 264 1 1,400 -81.1%



mergermarket.com


Europe

Mergermarket Monthly M&A Insider 26December 2018Europe


mergermarket.com


Europe

Europe was responsible for 299 deals worth a combined US$26.2bn in November, accounting for more than 30% of the month’s global M&A deal count, where US$208.4bn was spent across 934 deals. It brings European year-to-date (YTD) value to US$905.5bn (6,508 deals), closing in on 2014’s record-breaking year when US$907.8bn changed hands across 6,677 deals throughout the year. Helping prop up this number were the nine US$1bn-plus deals announced in November, six of which saw a European buyer.

The largest acquisition last month was US-based Boston Scientific Corporation’s US$4bn takeover of UK-based BTG Plc, which offered a 52.8% premium over BTG’s share price one month before the announcement. It marked the fourth US$1bn-plus acquisition targeting Pharma, Medical & Biotech (PMB) conducted by a US bidder so far this year, following Sanofi selling its European generic division, Zentiva, to Advent International in June for US$2.2bn.

The UK was the most targeted country by value, following 61 deals totalling US$5.7bn. Switzerland grabbed second, with US$3.9bn invested across six transactions, driven primarily by CMA-CGM’s US$2.9bn offer for CEVA Logistics.

PMB was the month’s most active sector, accounting for a 16.5% market share following 23 deals worth a combined US$4.3bn. YTD,

the sector carried out the strong activity seen last year in both value and volume, spurred by both global social and health care trends as well as technology disruptions and regulatory changes.

The number of PMB deals worth more than US$1bn continued to swell. There were 14 such transactions this year totalling a combined US$130.2bn — including the US$79.4bn Shire-Takeda merger — compared to the ten deals worth US$50.4bn conducted last year over the same period and the six (US$33.3bn) and seven (US$12.9bn) executed in 2016 and 2015 respectively.

While pharma deals scooped up most of November’s activity, YTD Energy, Mining & Utilities topped the sector ranking, with US$150bn changing hands across 350 deals — a 46% increase over 2017 full year (US$103.2bn, 511 deals).

Inbound November M&A stood at US$10.2bn across 61 deals, down compared to US$12.6bn seen 12 months earlier. Yet, on a YTD basis, 2018 has broken all Mergermarket records, with 1,137 deals worth US$434.1bn targeting the area. Even without the year’s largest deal — Shire and Takedal — it remains 16% higher than the previous YTD record established two years ago (2016: US$305.9bn). There were 54 deals over the billion mark (US$224.5bn) announced that period in 2016, compared to 75 deals this year (US$286.5bn, exclusive of Shire-Takeda).

Meanwhile, the majority of deals struck has been predominantly domestically led. There were 238 deals worth US$16bn that counted as intra-European transactions in November. So far this year, 5,380 deals worth US$471.4bn were conducted among Europeans parties. It accounts for more than 80% of the dealmaking targeting the area by volume, the highest share on Mergermarket record compared to previous annual figures. As well as being the most-targeted country, the UK was the most acquisitive country in November, conducting 53 deals in Europe. France followed closely with 40 deals, and Germany with 28.

Private equity firms conducted 76 buyouts in November worth a disclosed US$5.9bn, adding up to US$160bn invested across 1,282 buyouts so far this year. The previous buyout record in both value and volume took place last year with US$167.4bn changing hands across 1,472 during FY17.

With only a few weeks left in the year, 2018 has already registered as a record year for dealmaking activity targeting Europe, in both value and volume. Nevertheless, the anticipated rising cost of debt, which has been instrumental in contributing to growing levels of M&A, could change the pace at which Europe conducts business entering 2019.

Olivier Gilkinet



mailto:olivier.gilkinet%40acuris.com?subject=Monthly%20MnA%20Insider%20December%202018%20Inquiry


Top Sector

Pharma, Medical & Biotech

saw 23 deals valued at US$4.3bn, up 85.4% by value with 15 fewer deals compared to 38 deals worth US$630m in November 2017.

Top Legal Advisor

Allen & Overy ranked first with 13 deals worth US$18.2bn, compared

to 19 deals worth US$4.7bn in November 2017.


JPMorganranked first with 11 deals worth US$20.2bn, compared


299 deals valued at US$26.2bn, down 40.7% by value

with 356 fewer deals compared to 655 deals worth US$44.1bn in November 2017.



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US$136.3

US$163.6

US$174.2

US$200.6

US$309.3

US$262.6 US$

198

US$158.9

US$157.8

US$203.8

US$179.6

US$177.9

US$214

US$174.7

US$268

US$194.8

US$180.7

US$293.3

US$208

US$198.1

US$74.7

US$163.6

US$393.9

US$273.2

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US$167.4US$

151.1

US$96.5 US$

91.4

US$177.8 US$

167.3

US$130.8

US$145.6

US$188.8

US$160

US$136.3

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Europe Private Equity trendEurope M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends



Outbound US$19.5bn +67.7%

Pharma, Medical & Biotech Value: US$4.3bn Number of deals: 23 Market share: 16.5%


Transportation Value: US$3.9bn Number of deals: 9 Market share: 14.8%

Real Estate Value: US$2.9bn Number of deals: 8 Market share: 11%


Switzerland US$3.9bn

6 deals15.1%

PolandUS$2.4bn

4 deals 9.2%

United KingdomUS$5.7bn 61 deals21.9%

SpainUS$2.3bn 17 deals

8.7%

Germany US$1.9bn 33 deals

7.4%



mergermarket.com

Top deals



Announcement date


3,968 20-Nov-18 BTG Plc Boston Scientific Corporation Pharma, Medical & Biotech FA: Goldman Sachs & Co; JPMorgan; and Rothschild & Co LA: Allen & Overy

FA: Barclays LA: Arnold & Porter Kaye Scholer; Shearman & Sterling; and Travers Smith (Advising FA: White & Case)

2,879 26-Nov-18 CEVA Logistics AG (67% stake) CMA-CGM SA Transportation FA: - LA: -

FA: BNP Paribas; Goldman Sachs & Co; HSBC; Messier Maris & Associes; and Societe Generale LA: -

1,650 5-Nov-18 Euro Bank SA (99.79% stake) Bank Millennium SA Financial Services FA: Morgan Stanley LA: Greenberg Traurig; and Shearman & Sterling

FA: JPMorgan LA: Clifford Chance

1,588 9-Nov-18 Eolia Renovables de Inversiones SCR SA

Alberta Investment Management Corporation

Energy, Mining & Utilities FA: Cantor Fitzgerald LA: Perez-Llorca

FA: RBC Capital Markets LA: Cuatrecasas; and Linklaters

1,100 15-Nov-18 Ashland Global Holdings Inc (Composites business and the butanediol)

INEOS Enterprises Limited Industrials & Chemicals FA: Citi LA: Squire Patton Boggs (Advising FA: Kirkland & Ellis)

FA: The Valence Group LA: DLA Piper

1,100 7-Nov-18 OYAK Cimento AS (40% stake) Taiwan Cement Corporation Construction FA: - LA: -

FA: - LA: Sullivan & Cromwell

1,027 7-Nov-18 SSN GROUP AG (93.4% stake) CONSUS Real Estate AG Real Estate FA: Internal LA: Baker McKenzie

FA: JPMorgan; and PwC LA: Blomstein; Corvel; Thouvenin Rechtsanwalte; and White & Case

1,019 15-Nov-18 Editis SA Vivendi SA Media FA: Bank of America Merrill Lynch LA: -

FA: - LA: -

1,000 26-Nov-18 AHT Cooling Systems GmbH Daikin Industries Ltd Industrials & Chemicals FA: JPMorgan LA: Gomez-Acebo & Pombo Abogados; and Freshfields Bruckhaus Deringer

FA: Goldman Sachs & Co; and Mizuho Financial Group LA: Binder Groesswang Rechtsanwaelte

988 26-Nov-18 Grivalia Properties Real Estate Investment Company SA

Eurobank Ergasias SA Real Estate FA: Axia Ventures Group; and Bank of America Merrill Lynch LA: Potamitisvekris

FA: China Credit Information Service; and Deutsche Bank LA: Karatzas & Partners




mergermarket.com

League tables



November 2018

November 2017



% Value change

1 7 Allen & Overy 18,218 13 4,670 290.1%

2 8 Skadden Arps Slate Meagher & Flom 9,639 2 4,370 120.6%

3 171 Hengeler Mueller 8,405 3 29 28,882.8%

4 107 Jones Day 8,000 4 219 3,553.0%

5 37 Goodwin Procter 8,000 3 1,376 481.4%

6 62 White & Case 7,715 8 772 899.4%

7 43 Shearman & Sterling 6,008 4 1,227 389.6%

8 29 Travers Smith 4,052 3 1,560 159.7%

9 52 Arnold & Porter Kaye Scholer 3,968 1 875 353.5%

10 312 Davis Polk & Wardwell 3,933 3 - -


November 2018

November 2017



1 5 Allen & Overy 18,218 13 19 -6

2 6 Baker McKenzie 2,854 13 18 -5

3 2 DLA Piper 1,632 9 27 -18

4 14 White & Case 7,715 8 11 -3

5 16 Hogan Lovells International 1,475 8 10 -2

6 8 Eversheds Sutherland 39 7 15 -8

7 19 Latham & Watkins 2,543 6 8 -2

8 17 Dentons 54 6 10 -4

9 425 Winston & Strawn 798 5 1 4

10 13 Vinge 310 5 11 -6


November 2018

November 2017



1 8 JPMorgan 20,179 11 11 0

2 3 KPMG 75 11 29 -18

3 1 Rothschild & Co 4,303 9 37 -28

4 2 PwC 1,458 9 33 -24

5 5 Deloitte 1,421 8 25 -17

6 4 EY 425 7 26 -19

7 19 Goldman Sachs & Co 8,775 6 6 0

8 14 UBS Investment Bank 7,211 6 8 -2

9 28 Citi 5,329 6 4 2

10 20 Barclays 5,928 5 6 -1


November 2018

November 2017



% Value change

1 4 JPMorgan 20,179 11 8,105 149.0%

2 3 Goldman Sachs & Co 8,775 6 8,383 4.7%

3 - Qatalyst Group 8,000 1 - -

4 9 UBS Investment Bank 7,211 6 5,044 43.0%

5 6 Barclays 5,928 5 6,655 -10.9%

6 10 BNP Paribas 5,499 4 3,180 72.9%

7 12 Citi 5,329 6 2,899 83.8%

8 2 Rothschild & Co 4,303 9 12,338 -65.1%

9 - Nomura Holdings 3,933 3 - -

10 20 Deutsche Bank 3,829 4 1,840 108.1%



mergermarket.com



Mergermarket Monthly M&A Insider 33December 2018Middle East & Africa


mergermarket.com



During November, M&A targeting Middle East & Africa (MEA) experienced a considerable slowdown compared to previous months. A total of 13 deals were recorded for an aggregate of US$672m, the lowest monthly value so far this year. Year-to-date (YTD) figures, on the other hand, stand better on the back of several high-profile deals announced earlier in the year, with a total of US$56.5bn being disbursed across 332 transactions, slightly below the region’s three-year YTD average of US$63.9bn (406 deals).

The largest deal struck in November targeted UAE, where Australia-based online travel manager Webjet acquired Destinations of the World (DOTW), an online B2B travel industry wholesaler, from UAE-based Gulf Capital valued at US$198m. The deal marks the largest Technology exit in MEA in 2018. Last year saw Amazon acquiring local e-commerce platform Souq from private equity firms Sofina, Standard Chartered Private Equity and Tiger Global Management in another trade buy valued at US$579m, making it the highest Technology exit in 2017.

Consequently, the UAE attracted the highest value in November, with two deals worth US$318m. Aside from the Webjet-DOTW transaction, another PE-related deal was announced involving US-based General Atlantic Service buying an undisclosed stake in online home portal Propertyfinder for

US$120m. UAE has captured a total of 50 deals worth US$10.3bn so far this year, the second most active MEA country in terms of value after Israel (US$22.7bn, 93 deals).

Regional private equity (PE) dealmaking has mirrored the buoyant activity seen globally, propelled by readily available financing as well as investor eagerness for higher returns than the conventional investments yield. So far this year, 55 buyouts have been announced across the region for a total value of US$4.6bn, already surpassing 2017 full-year figure of US$3bn (76 deals).

YTD exits stand at a total US$4.5bn disbursed across 35 transactions, compared to 42 of such deals worth US$5.6bn announced during the same period last year. The most active sectors this year have been Pharma, Medical & Biotech (US$1.4bn, five exits), Energy, Mining & Utilities (US$951m, three exits) and Technology (US$863m, nine exits).

In terms of cross-border and domestic activity, the majority of deals announced in November were launched by foreign investors at a total US$488m across seven deals. So far this year, out of the US$56.5bn (332 deals) invested in MEA, US$35.7bn (174 deals) derived from inbound M&A, accounting for a 63.2% share. These figures are at par with last year’s, when inbound accounted for US$38.9bn out of the total M&A figure of US$59.4bn (65.5% share).

The most active country in terms of deal count was Israel, with six worth US$227m recorded. The highest transaction was struck for Krausz Industries, a water-distribution materials manufacturer, which was acquired by US-based counterpart Mueller Water Products for US$140m.

Given the tumultuous conditions faced by global markets in recent months caused by factors such as equity markets’ volatility and trade tensions, coupled with regional concerns such as the international turmoil caused by the killing of Saudi journalist Jamal Khashoggi, it remains to be seen how M&A in MEA will close the year.

Mohamed Rais



mailto:mohamed.rais%40acuris.com?subject=Monthly%20MnA%20Insider%20December%202018%20Inquiry


Top Sector

Technologysaw 4 deals valued at US$354m, down 40%

by value with 2 fewer deals compared to 6 deals worth US$590m in November 2017.

Top Legal Advisor

ENSafrica ranked first with 1 deal worth US$244m, compared

to 3 deals worth US$54m in November 2017.


Evercoreranked first with 1 deal worth US$198m, compared to 0 deals in November 2017.

13 deals valued at US$672m, down 80.4% by value with 30 fewer deals compared to 43 deals




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US$21.6

US$9.4

US$13.7

US$15.5

US$24.5

US$6.1

US$34.9

US$20.6

US$22

US$12

US$9.7

US$29.7

US$7.5

US$19.3

US$18.6

US$9.6

US$24.7

US$14.6

US$10.9

US$7.2

US$16.2

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Num

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US$2.4

US$7.4

US$12.1

US$6.7

US$3.9 US$

3.1

US$5.6

US$3.9

US$4.6 US$

4.5

US$4.8

US$4.9

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Middle East & Africa Private Equity trendMiddle East & Africa M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends

Domestic US$184m -84%

Inbound US$488m -78.6%

Outbound US$52m -97.9%

Technology Value: US$354m Number of deals: 4 Market share: 52.6%

Energy, Mining & Utilities Value: US$30m Number of deals: 1 Market share: 4.4%

Industrials & Chemicals Value: US$140m Number of deals: 2 Market share: 20.8%


Financial Services Value: US$138m Number of deals: 2 Market share: 20.5%

IsraelUS$227m 6 deals33.8%

South AfricaUS$128m 4 deals

19%

United Arab Emirates US$318m 2 deals47.3%



mergermarket.com

Top deals



Announcement date


198 5-Nov-18 Destinations of the World Webjet Limited Technology FA: -LA: Freshfields Bruckhaus Deringer; and Gilbert + Tobin

FA: EvercoreLA: DLA Piper

140 3-Nov-18 Krausz Industries Ltd Mueller Water Products Inc Industrials & Chemicals FA: -LA: -

FA: -LA: King & Spalding

122 19-Nov-18 SA Taxi Development Finance (Pty) Ltd (25% stake)

South African National Taxi Council Financial Services FA: Standard Bank Group LimitedLA: ENSafrica

FA: -LA: ENSafrica

120 26-Nov-18 Propertyfinder (Undisclosed stake) General Atlantic Service Company; Vostok New Ventures Ltd; and Endeavor Global Inc

Technology FA: TAP AdvisorsLA: Orrick Herrington & Sutcliffe

FA: -LA: -

30 20-Nov-18 SysAid Technologies Ltd (Undisclosed stake) Israel Growth Partners Technology FA: -LA: -

FA: -LA: Erdinast, Ben Nathan Toledano & Co

30 8-Nov-18 Aquatron Robotic Technology Ltd BWT Aktiengesellschaft AG Energy, Mining & Utilities FA: KPMGLA: Baker McKenzie

FA: -LA: -

16 15-Nov-18 Kardan Technologies Ltd Undisclosed bidder Financial Services FA: -LA: -

FA: -LA: -

11 16-Nov-18 Nova Medical Israel Ltd (60% stake) Alma Lasers Ltd Pharma, Medical & Biotech FA: -LA: -

FA: -LA: -

6 5-Nov-18 Conor Solutions (Pty) Ltd Adapt IT Holdings Limited Technology FA: -LA: Rina Rheeders Attorneys

FA: -LA: Garlicke & Bousfield



Top 11 Legal Advisors - VolumeTop 11 Legal Advisors - Value

mergermarket.com

League tables

Top 6 Financial Advisors - VolumeTop 6 Financial Advisors - Value


November 2018

November 2017



% Value change

1 29 ENSafrica 244 1 54 351.9%

2 5 DLA Piper 198 2 1,470 -86.5%

3= 2 Freshfields Bruckhaus Deringer 198 1 1,775 -88.8%

3= 49 Gilbert + Tobin 198 1 - -

5 - King & Spalding 140 1 - -

6 - Orrick Herrington & Sutcliffe 120 1 - -

7 26 Yigal Arnon & Co 55 2 89 -38.2%

8= 31 Baker McKenzie 30 1 18 66.7%

8= 3 Erdinast, Ben Nathan Toledano & Co 30 1 1,568 -98.1%

10= - Garlicke & Bousfield 6 1 - -

10= - Rina Rheeders Attorneys 6 1 - -


November 2018

November 2017



1 6 DLA Piper 198 2 3 -1

2 30 Yigal Arnon & Co 55 2 1 1

3 9 ENSafrica 244 1 3 -2

4= 2 Freshfields Bruckhaus Deringer 198 1 4 -3

4= 49 Gilbert + Tobin 198 1 1 0

6 - King & Spalding 140 1 - -

7 - Orrick Herrington & Sutcliffe 120 1 - -

8= 10 Baker McKenzie 30 1 3 -2

8= 3 Erdinast, Ben Nathan Toledano & Co 30 1 4 -3

10= - Garlicke & Bousfield 6 1 - -

10= - Rina Rheeders Attorneys 6 1 - -


November 2018

November 2017



1 - KPMG 75 2 - -

2 - Evercore 198 1 - -

3 2 Standard Bank Group 122 1 3 -2

4 - TAP Advisors 120 1 - -

5 - Jefferies 55 1 - -

6 - UHY Hacker Young Manchester - 1 - -


November 2018

November 2017



% Value change

1 - Evercore 198 1 - -

2 11 Standard Bank Group 122 1 169 -27.8%

3 - TAP Advisors 120 1 - -

4 - KPMG 75 2 - -

5 - Jefferies 55 1 - -

6 - UHY Hacker Young Manchester - 1 - -



mergermarket.com


Asia-Pacific(excluding Japan)

Mergermarket Monthly M&A Insider 40December 2018Asia-Pacific (excluding Japan)


mergermarket.com


Asia-Pacific (excluding Japan)

In November, Asia-Pacific (excluding Japan) activity dropped by 39.7% on value and 156 deals, to US$55.8bn across 243 deals, compared to the same month of last year. The top ten deals announced in November this year accumulated only US$29bn, which is less than half in comparison with the value of last year. For the first eleven months of 2018, Asia-Pacific (excluding Japan) activity surged by 12.7% on value to US$664.5bn (3,546 deals) compared to the US$589.7bn (3,582 deals) recorded in the equivalent period of last year. Though deal numbers dropped, the year-to-date (YTD) value saw a third consecutive increase due to a stronger average deal size.

Pharma, Medical & Biotech proved to be the top sector last month by value with US$11bn across 17 deals in Asia-Pacific (excluding Japan). Two deals announced in this industry worth mentioning were Yunnan Baiyao Group’s US$7.3bn acquisition of Yunnan Baiyao Holding, and Mitsui & Co’s (Japan) US$2bn acquisition on IHH Healthcare Berhad. Though Industrials & Chemicals was again the most active sector by deal count in November, both its value (US$6.6bn) and number of announcements (58 deals) dropped tremendously (-39.2% on value and 37 fewer deals) compared to US$10.9bn (95 deals) recorded in November 2017.

Domestic M&A in Asia-Pacific (excluding Japan) dropped to the lowest November deal count

(216 deals) in the past five years, while value plunged by half to US$45.8bn compared to November 2017’s US$87.1bn (344 deals). Inbound activity, on the other hand, saw a value growth of 83.9% to US$10bn (27 deals) in the past month in comparison with the equivalent point of 2017 (US$5.4bn, 55 deals), though deal count reduced by 28.

From January through November of 2018, China again attracted the most M&A investments by both value (US$347bn) and deal count (1,597 deals). India brought in the second most (US$90.6bn, 367 deals) within Asia-Pacific (excluding Japan) as the country doubled the value recorded in the equivalent period of last year (US$45.6bn, 359 deals).

Private equity buyout activity in Asia-Pacific (excluding Japan) fell significantly in the past month to US$3.2bn (19 deals) compared to the same month of last year (US$13.8bn, 46 deals), accounting for a 76.5% drop on value and 27 fewer deals. YTD buyouts (US$114.5bn, 427 deals) dipped 4.7% on value versus the same period of last year (US$120.2bn, 431 deals). The region’s exits recorded 229 deals worth US$116bn in the past eleven months, up by 98.3% on value and 28 more deals compared to the same period last year (US$58.5bn, 201 deals). While only 10 exit deals (US$3.9bn) occurred in the past month, this was only a decrease of six deals in comparison with November 2017 (16 deals, US$1.7bn).

Jasmine Wu



mailto:jasmine.wu%40acuris.com?subject=Monthly%20MnA%20Insider%20December%202018%20Inquiry


Top Sector

Pharma, Medical & Biotech

saw 17 deals valued at US$11bn, up 238.1% by value with 13 fewer deals compared to 30


Top Legal Advisor

Allen & Overy ranked first with 5 deals worth US$5.8bn, compared



UBS Investment Bankranked first with 6 deals worth US$7.6bn, compared






0

100

200

300

400

500

600

700

800

900

YTD 201820172016201520142013

US$245.3

Num

ber of d

ealsValu

e (U

S$

bn)

US$139.6

US$170.9

US$65.9

US$114.9

US$194.1

US$107.8

US$168.9

US$232.3

US$151.5

US$140.9

US$116.3

US$139.4

US$169.2

US$152.7

US$113.7

US$139.8

US$293.5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

US$219.6

US$162.8

US$174.1

US$178.1

US$124.7

US$157.5

0

20

40

60

80

100

120

140

YTD 2018201720162015201420130

50

100

150

200

250

300

350

400

450

500

Valu

e (U

S$

bn)

Num

ber of d

eals

US$29.4

US$33.2

US$42

US$74

US$58.8

US$44.8

US$93.5

US$94.8

US$127.6

US$114.5

US$67.1

US$116

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Asia-Pacific (excluding Japan) Private Equity trendAsia-Pacific (excluding Japan) M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends


Inbound US$10bn +83.9%

Outbound US$4.6bn -44.9%

Pharma, Medical & Biotech Value: US$11bn Number of deals: 17 Market share: 19.8%


Transportation Value: US$8.8bn Number of deals: 7 Market share: 15.7%

Financial Services Value: US$6.2bn Number of deals: 20 Market share: 11.1%

Consumer Value: US$6.9bn Number of deals: 23 Market share: 12.3%

Australia US$6.4bn 26 deals

11.4%

Malaysia US$2.6bn

6 deals4.7% South Korea

US$3.3bn 31 deals

5.9%

Hong KongUS$3.3bn

5 deals 5.9%

ChinaUS$35.1bn 139 deals

62.9%



mergermarket.com

Top deals



Announcement date


8,474 28-Nov-18 Yingkou Port Group Co Ltd (54.07% stake) A group of banks led by Bank of China Limited Transportation FA: China International Capital Corporation LimitedLA: -

FA: -LA: -

7,312 2-Nov-18 Yunnan Baiyao Holding Co Ltd Yunnan Baiyao Group Co Ltd Pharma, Medical & Biotech FA: -LA: -

FA: China International CapitalLA: -

3,103 5-Nov-18 China Resources Beer (Holdings) Company Limited (20.67% stake)

Heineken NV Consumer FA Nomura Holdings; and UBS Investment Bank LA: Allen & Overy

FA JPMorgan LA: Davis Polk & Wardwell

2,006 29-Nov-18 IHH Healthcare Berhad (16% stake) Mitsui & Co Ltd Technology FA: - LA: -

FA: Deutsche BankLA: -

1,768 8-Nov-18 Eclipx Group Limited McMillan Shakespeare Limited Real Estate FA: UBS Investment Bank LA: Herbert Smith Freehills

FA: Deutsche Bank LA: King & Wood Mallesons

1,750 12-Nov-18 PT Holcim Indonesia Tbk Semen Indonesia (Persero) Tbk PT Real Estate FA: Citi LA: Baker McKenzie

FA: BNP Paribas LA: Latham & Watkins

1,440 30-Nov-18 China Aviation Investment Holding Co Ltd (27.45% stake)

A consortium led by China Life Insurance Co Ltd; Shanghai Guosheng Capital Management Co Ltd; and Shenzhen Huaizhen Asset Management Co Ltd

Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

1,249 9-Nov-18 Woolworths Group Limited (540 fuel convenience sites) EG Group Consumer FA: Morgan Stanley; and UBS Investment Bank LA: Clayton Utz

FA: Barclays; and CitiLA: Allen & Overy

1,123 20-Nov-18 Binani Cement Ltd UltraTech Cement Limited Industrials & Chemicals FA: - LA: -

FA: -LA: -

991 5-Nov-18 Nanjing Glarun-Atten Technology Co Ltd (59% stake); Nanjing Glaway Software Co Ltd (95% stake); and Nanjing Glarun Defense System Co Ltd

Glarun Technology Co Ltd Telecommunications FA: -LA: -

FA: China Securities Co LtdLA: AllBright Law Offices




mergermarket.com

League tables



November 2018

November 2017



% Value change

1 9 Allen & Overy 5,824 5 4,333 34.4%

2 72 Davis Polk & Wardwell 3,933 3 199 1,876.4%

3 5 King & Wood Mallesons 3,298 5 10,867 -69.7%

4 31 Baker McKenzie 2,885 5 1,123 156.9%

5 68 Shin & Kim 2,883 4 244 1,081.6%

6 41 Clayton Utz 1,923 3 749 156.7%

7 - Cleary Gottlieb Steen & Hamilton 1,844 1 - -

8 16 Herbert Smith Freehills 1,810 5 3,173 -43.0%

9 59 Latham & Watkins 1,750 3 398 339.7%

10 54 Kim & Chang 1,703 5 436 290.6%


November 2018

November 2017



1 16 Allen & Overy 5,824 5 6 -1

2 10 King & Wood Mallesons 3,298 5 7 -2

3 2 Baker McKenzie 2,885 5 11 -6

4 1 Herbert Smith Freehills 1,810 5 14 -9

5 26 Kim & Chang 1,703 5 4 1

6 19 Shin & Kim 2,883 4 6 -2

7 100 Davis Polk & Wardwell 3,933 3 1 2

8 24 Clayton Utz 1,923 3 4 -1

9 96 Latham & Watkins 1,750 3 1 2

10 55 AllBright Law Offices 1,127 3 2 1


November 2018

November 2017



1 24 UBS Investment Bank 7,624 6 2 4

2 129 JPMorgan 5,375 5 1 4

3 5 Deloitte 771 5 6 -1

4 11 Citi 3,587 4 3 1

5 4 Goldman Sachs & Co 838 4 6 -2

6 57 Nomura Holdings 3,933 3 1 2

7 12 China Securities 1,729 3 3 0

8 26 Lazard 1,282 3 2 1

9 9 Huatai Securities 740 3 4 -1

10 - Minsheng Securities 536 3 - -


November 2018

November 2017



% Value change

1 13 UBS Investment Bank 7,624 6 2,390 219.0%

2 3 China International Capital 7,470 2 9,400 -20.5%

3 129 JPMorgan 5,375 5 - -

4 43 Nomura Holdings 3,933 3 315 1,148.6%

5 11 Citi 3,587 4 3,644 -1.6%

6 10 Morgan Stanley 3,093 2 3,755 -17.6%

7 - Piper Jaffray 1,844 1 - -

8 87 Deutsche Bank 1,811 2 38 4,665.8%

9 - BNP Paribas 1,750 1 - -

10 20 China Securities 1,729 3 988 75.0%



mergermarket.com


Japan

Mergermarket Monthly M&A Insider 47December 2018Japan


mergermarket.com


Japan

In the second to last month of 2018, Japan witnessed 29 M&A deals worth US$1.5bn. This represented a 59.8% decrease on value and 14 fewer deals compared to the same month of last year (US$3.8bn, 43 deals) and also the country’s lowest November value and deal count in the past five years. There was no deal larger than US$1bn witnessed in the past month. However, due to the expansion of the average deal size this year, the year-to-date (YTD) M&A value in Japan increased 14.8% to US$46.8bn among 406 deals versus last year’s YTD total of US$40.8bn (429 deals).

Industrials & Chemicals in Japan leads the sector league table again this year, reaching US$7.2bn among 87 deals, though value dropped 5.7% compared to the first eleven months of 2017 (US$7.7bn, 92 deals). The sector was active in the past month as well, as four more deals were announced compared to November 2017 (US$1.8bn, seven deals) M&A in Japan. So far this year, Consumer M&A in Japan has witnessed the biggest increase by value and deal count among all sectors. The value increased by 303.7%, from US$2.3bn (YTD 2017) to US$9.1bn (YTD 2018), and the number of Consumer deals announced increased from 55 deals (YTD 2017) to 78 deals (YTD 2018).

The most noteworthy deal in the past eleven months was Takeda Pharmaceutical Company Limited’s US$79.7bn acquisition of Shire.

This megadeal, initiated by Japan-based dealmakers, not only helped push global M&A in Pharma, Medical & Biotech by 27.4% from US$235.2bn (YTD 2017) to US$300bn (YTD 2018), but also secured the highest YTD Japan outbound value (US$153.3bn) since Mergermarket started tracking deals in 2001.

Though deal count dropped by 56 deals, inbound value surged by 158.1% compared to the first eleven months of 2017 (US$59.4bn, 326 deals). From January through November 2018, the country witnessed sagging activity by both value and the number of announcements. Only 28 deals were recorded during this period, which tallied US$5.4bn, a decrease of 75.1% by value (and 15 fewer deals) compared to the equivalent period of 2017 (US$21.6bn, 43 deals).

Japan private equity (PE) activity witnessed the most November buyout deals in 2018 (US$204.3m, six deals). This represented an increase of 1.9% by value compared to the same month of 2017 (US$200.5m, four deals). The YTD value slumped by 94.3% to US$921.6m while announcements increased by five deals versus last year (US$16.1bn, 41 deals). Japan PE exits in November 2018 booked US$17.6m across two deals, which was 1 deal fewer compared the same month of last year. The YTD exits this year (US$1.7bn, 24 deals) dropped 57.5% from the US$3.9bn (36 deals) recorded in January through November of 2017.

Jasmine Wu








Nomura Holdingsranked first with 3 deals worth US$1.2bn, compared

to 5 deals worth US$1bn in November 2017.

Top Legal Advisor

Freshfields Bruckhaus Deringer

ranked first with 1 deal worth US$1bn, compared to 4 deals worth US$2.3bn in November 2017.

Top Sector

Industrials & Chemicalssaw 11 deals valued at US$1.2bn, down 33.3%

by value with 4 more deals compared to 7 deals worth US$1.8bn in November 2017.



0

10

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80

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0

50

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150

200

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350

400

450

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e (U

S$

bn)

Num

ber of d

eals

US$9

US$5.5

US$8.1

US$7.1

US$9.1

US$17.1

US$15.2

US$10.8

US$9.1

US$13.5

US$4.8

US$7.3

US$5.1

US$21.6

US$17.1

US$15.2

US$9.1

US$11.4

US$19.7

US$8.6

US$9.4

US$13.2

US$15.9

US$35.3

0

2

4

6

8

10

12

14

16

18

YTD 2018201720162015201420130

10

20

30

40

50

60

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e (U

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bn)

Num

ber of d

eals

US$4

US$4.7 US$

3.7 US$2.6 US$

2.1

US$6.5

US$4.3

US$11.4

US$16.3

US$7.6

US$922m US$

1.7

Q1 value

Q2 value

Q3 value

Q4 value

Volume Buyout value

Exit value

Japan Private Equity trendJapan M&A trend

Buyout volume

Exit volume

mergermarket.com



mergermarket.com

Regional Trends


Media Value: US$55m Number of deals: 2 Market share: 3.6%

Consumer Value: US$181m Number of deals: 6 Market share: 11.9%


Business Services Value: US$116m Number of deals: 5 Market share: 7.6%Domestic

US$1.4bn -28.8%

InboundUS$147m

-92.1%

Outbound US$5.7bn

+207%



mergermarket.com

Top deals



Announcement date


466 7-Nov-18 U-Shin Ltd MinebeaMitsumi Inc Industrials & Chemicals FA: Sumitomo Mitsui Financial GroupLA: -

FA: Daiwa Securities Group LA: Mori Hamada & Matsumoto

453 1-Nov-18 Toyo Tire & Rubber Co Ltd (17.52% stake) Mitsubishi Corporation Industrials & Chemicals FA: Nomura HoldingsLA: -

FA: Sumitomo Mitsui Financial Group LA: Nagashima Ohno & Tsunematsu

147 1-Nov-18 Nippon Oil Pump Co Ltd CITIC Capital Partners Limited Industrials & Chemicals FA: BDA Partners LA: Nishimura & Asahi

FA: -LA: -

138 8-Nov-18 Daiyu LIC Holdings Co Ltd (50% stake) Valor Holdings Co Ltd Consumer FA: Daiwa Securities Group LA: Anderson Mori & Tomotsune

FA: DeloitteLA: Mori Hamada & Matsumoto

60 8-Nov-18 Kokubu Chubu Corp Tokan Co Ltd Business Services FA: Frontier Management LA: -

FA: Tokai Tokyo Financial Holdings LA: -

43 1-Nov-18 FCM Co Ltd (55.21% stake) Aspirant Group Inc Industrials & Chemicals FA: Nomura Holdings; and Sumitomo Mitsui Financial Group LA: Oh-Ebashi LPC & Partners

FA: Daiwa Securities Group LA: Nagashima Ohno & Tsunematsu

42 28-Nov-18 Trustbank Inc (60.11% stake) CHANGE Inc Media FA: -LA: -

FA: -LA: -

32 14-Nov-18 Yume Technology Co Ltd (38.68% stake) Yumeshin Holdings Co Ltd Business Services FA: -LA: City-Yuwa Partners

FA: -LA: Iwata Godo

23 27-Nov-18 Tohoku Chemical Industries Ltd Alconix Corporation Industrials & Chemicals FA: -LA: -

FA: -LA: -

17 21-Nov-18 AbelNet Co Ltd Watahan & Co Ltd Consumer FA: -LA: -

FA: -LA: -




mergermarket.com

League tables



November 2018

November 2017



% Value change

1= 1 Freshfields Bruckhaus Deringer 1,000 1 2,302 -56.6%

1= - Gomez-Acebo & Pombo Abogados 1,000 1 - -

3 6 Skadden Arps Slate Meagher & Flom 965 2 1,588 -39.2%

4 14 Baker McKenzie 795 2 671 18.5%

5 13 Mori Hamada & Matsumoto 604 2 677 -10.8%

6 2 Nagashima Ohno & Tsunematsu 496 2 2,020 -75.4%

7 - Kirkland & Ellis 375 1 - -

8 - Stoel Rives 215 1 - -

9 11 Anderson Mori & Tomotsune 154 2 802 -80.8%

10 12 Nishimura & Asahi 147 2 720 -79.6%


November 2018

November 2017



1 16 Skadden Arps Slate Meagher & Flom 965 2 1 1

2 6 Baker McKenzie 795 2 4 -2

3 1 Mori Hamada & Matsumoto 604 2 10 -8

4 5 Nagashima Ohno & Tsunematsu 496 2 4 -2

5 2 Anderson Mori & Tomotsune 154 2 7 -5

6 3 Nishimura & Asahi 147 2 7 -5

7 - Hibiya-Nakata 45 2 - -

8= 4 Freshfields Bruckhaus Deringer 1,000 1 4 -3

8= - Gomez-Acebo & Pombo Abogados 1,000 1 - -

10 - Kirkland & Ellis 375 1 - -


November 2018

November 2017



1 6 Mizuho Financial Group 1,016 4 3 1

2 2 Sumitomo Mitsui Financial Group 1,007 4 7 -3

3 1 Deloitte 167 4 8 -4

4 3 Nomura Holdings 1,246 3 5 -2

5 16 Daiwa Securities Group 647 3 1 2

6 24 BDA Partners 262 3 1 2

7 - GCA Corporation 965 2 - -

8 13 Frontier Management 130 2 2 0

9= 17 Goldman Sachs & Co 1,000 1 1 0

9= - JPMorgan 1,000 1 - -


November 2018

November 2017



% Value change

1 8 Nomura Holdings 1,246 3 1,019 22.3%

2 14 Mizuho Financial Group 1,016 4 209 386.1%

3 9 Sumitomo Mitsui Financial Group 1,007 4 968 4.0%

4= 15 Goldman Sachs & Co 1,000 1 157 536.9%

4= - JPMorgan 1,000 1 - -

6 - GCA Corporation 965 2 - -

7 24 Bank of America Merrill Lynch 750 1 31 2,319.4%

8 11 Daiwa Securities Group 647 3 305 112.1%

9 23 BDA Partners 262 3 53 394.3%

10 10 Deloitte 167 4 444 -62.4%



mergermarket.com

Contacts

Europe and Middle East & Africa

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Merrill Corporation is recognized as the premier technology provider for M&A professionals around the world. By harnessing the power of DatasiteOne, the company’s SaaS platform for due diligence, dealmakers can securely close more deals, faster.

To learn more, visit www.merrillcorp.com.

About Merrill Corporation

Mergermarket Monthly M&A Insider 55December 2018


http://www.merrillcorp.com

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Criteria Contacts

Advertising Opportunities Erik Wickman [email protected] + (1) 212 686 3329

The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m. Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company.

Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus. Mid-market is defined as US$10m - US$250m All data included is correct as of November 30, 2018. For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf.

GlobalEzekiel Pfeifer and Lana Vilner

US & CanadaEzekiel Pfeifer and Philip Segal

Central & South AmericaEzekiel Pfeifer and Elizabeth Lim

Europe Olivier Gilkinet

Middle East & AfricaMohamed Rais

Asia-Pacific (excluding Japan) Jasmine Wu

JapanJasmine Wu

Head of Research Giovanni Amodeo

AmericasLana Vilner

Asia-PacificGerry Tee

EMEAAndrea Putaturo




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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.

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