Datasite formerly Merrill Corporation - An Acuris Company ......An Acuris report on global M&A activity Contents Global Overview 4 US & Canada 12 Central & South America 19 Europe

An Acuris report on global M&A activity

Monthly M&A Insider

May 2018

An Acuris Company

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An Acuris report on global M&A activity

Contents

Global Overview 4

US & Canada 12

Central & South America 19

Europe 26

Middle East & Africa 33

Asia-Pacific (excluding Japan) 40

Japan 47

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Mergermarket Monthly M&A Insider 2May 2018Contents


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Welcome from Merrill Corporation

Mike SabutisSenior Vice President,Merrill 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 advisers — globally and across six regions (North America, Central and South America, Europe, Middle East and Africa, Asia-Pacific and Japan).

This year has started with a spate of megadeals — and the pace of these mammoth combinations only quickened in April. Three of the six biggest deals by value since the start of 2018 were announced in the month, including US-based telecommunications provider Sprint’s merger proposal with rival T-Mobile in a transaction valued at US$58.9bn. The deal would allow the companies to accelerate development of 5G wireless technology, they say, even as consumer advocates warn that it could drive up prices for mobile service.

Consolidation ramped up further in the global media industry as well in April with the second-largest deal of the month: US cable giant Comcast’s bid for a majority stake in European pay-TV operator Sky valued at US$40.7bn. Separately, Comcast is reportedly considering a hostile bid for 21st Century Fox assets that Disney won in December, in a deal that would allow Comcast to consolidate 100% control of Sky. (Incidentally, all this deal activity involving major media companies is injecting uncertainty into the upcoming TV lineups for their networks.)

The decidedly less flashy Industrial & Chemicals sector also held its own in the deal value column thanks to the third-largest transaction in April: the US$30.1bn merger of US refineries Marathon Petroleum and Andeavor, creating the country’s biggest refiner by capacity.

One area of M&A that finally cooled off last month was private equity (PE). After a record-breaking first quarter for buyout value, PE deal activity came back down to earth with a humdrum US$33.2bn in aggregate value (compared to US$120.6bn in the first three months of the year). None of the top 10 transactions in April involved a financial buyer acquiring an asset. The tenth biggest deal did, however, represent a PE exit — the US$5.5bn sale of Sky Betting and Gaming by UK-based CVC Capital Partners and Sky to Canadian online gambling company Stars Group.

That sale was one of just three cross-border deals in the top 10 for the month, as the slowdown in international M&A continued. The rising tide of protectionism and trade barriers — and the uncertainty surrounding potential future actions — appear to be taking their toll on cross-border activity.

Nonetheless, M&A value in 2018 remains on track to nearly match the highest amount ever, US$3.87tn, reached in 2015. US companies are still actively putting to work funds freed up

by the tax reform law; European businesses are seeking deals to fuel inorganic growth; and Asia-Pacific acquirers are expanding their presence on the world stage and diversifying from domestic markets. Equity prices have seen a modest retreat worldwide and an increase in volatility, but the global economy remains stable and growing. Dealmakers are likely to remain busy in the months ahead.

Sincerely,

Mike Sabutis Senior Vice President

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Global Overview

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Further informationGet in touch or read more

Another month, another chasm between value and volume in the global M&A market. April saw 992 deals valued at US$346.9bn — up 40.9% by value, but with 523 fewer deals compared to 1,515 transactions worth US$246.3bn in April 2017.

The dynamics behind the dealmaking market have remained similar for some time now. On the buy side, confident cash-rich corporates and private equity firms with plenty of dry powder are being encouraged by shareholders and activists alike to spend big on assets that will either increase market share, expand regional focus, or digitally disrupt their sector. On the sell side, valuations continue to rise as fewer top-quality assets make it into the marketplace.

Digital disruption has been a major driver as traditional sectors such as Automotive, Retail and Healthcare race to keep pace with a rapidly changing marketplace. However, that said, it would seem that the biggest factor behind April’s value hike is market consolidation. The much publicized mergers between US mobile carriers T-Mobile and Sprint; oil refiners Marathon and Andeavor; and supermarket chains Sainsbury and Asda were all predicated on challenging the number one incumbents in their respective industries.

In terms of regions, every one bar Middle East & Africa posted a value increase in April. As usual, North America took the lion’s share of

value as US$174.8bn worth of deals in the region accounted for a 50.4% market share.

Six of the top 10 deals had bidders from North America including the top deal of the month — the aforementioned acquisition of Sprint by telecoms rival T-Mobile for an estimated US$58.9bn. The deal would merge the third- and fourth-largest mobile carriers in the US and create a company with around 130 million customers.

Europe, Asia-Pacific and even Central & South America (a region which has seen heavy falls in recent months) all posted large gains as the global M&A market began to heat up considerably after a somewhat quiet start to the year.

The most high-profile transaction in Europe was the proposed merger between supermarket giants Sainsbury and Asda for US$10bn. The companies are such a staple part of UK life that the deal featured on the front pages of all the UK broadsheets and tabloids when it was announced at the tail end of the month.

Sector-wise, the T-Mobile/Sprint deal, coupled with Comcast’s bid for UK broadcaster Sky, propelled the Telecommunications sector into top spot with US$60bn worth of deals. This was followed by Industrials & Chemicals (US$57.6bn) and Media (US$43bn). Indeed, three of the top five deals came from the overarching TMT space.

PE dealmaking was also strong as buyout houses seemed determined to keep pace with their strategic rivals. So far this year, PE has deployed US$153.9bn on 953 deals — an increase of 33% on the same period last year.

As we head into May, the M&A market is buoyant, posting well over US$1tn worth of deals with two months of Q2 still to go. And with a number of large transactions in the pipeline and continued economic stability across most regions, we could well be heading for a record year in the deal market.

Aram Hovsepian

Nick Cheek

Global Overview



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Top Legal Advisor

Goodwin Procterranked first with 9 deals worth US$69.7bn, up 502.7% in value with 17 fewer deals compared

to 26 deals worth US$11.6bn in April 2017.

Top Financial Advisor

Goldman Sachs & Coranked first with 30 deals worth US$132.6bn, up 91.2% in value with 6 more deals compared


992 dealsvalued at US$346.9bn, up 40.9% by value

with 523 fewer deals compared to 1,515 deals worth US$246.3bn in April 2017.

Top Sector

Telecommunicationssaw 9 deals valued at US$60bn, up 3,453.8%

by value with 2 fewer deals compared to 11 deals worth US$1.7bn in April 2017.



0

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S$

bn)

Num

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eals

US$446.7

US$568.5

US$762.4 US$

626.5

US$561.7

US$964.9

US$1,040.4

US$739.5

US$658

US$571.7

US$861.3

US$827.4

US$874

US$870.4

US$1,201.3

US$1,030.5

US$727.7

US$892.5

US$757.2

US$752.6

US$918.6

US$346.9

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YTD 2018201720162015201420130

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S$

bn)

Num

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eals

US$295.4

US$496.6 US$

454.3US$407.6

US$298.8

US$536.4

US$401.4

US$416.5

US$536.7

US$153.9 US$

124.8

US$521.1

Q1 value

Q2 value

Q3 value

Q4 value

Buyout volume

Exit volume

Volume Buyout value

Exit value

Global Private Equity trendGlobal M&A trend

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Domestic US$236.2bn +61.5%

Cross-border US$100.7bn +10.7%

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Regional Trends

Telecommunications Value: US$60bn Number of deals: 9 Market share: 17.3%

Energy, Mining & Utilities Value: US$29.9bn Number of deals: 66 Market share: 8.6%

Industrials & Chemicals Value: US$57.7bn Number of deals: 204 Market share: 16.6%

Technology Value: US$27.9bn Number of deals: 143 Market share: 8%

Media Value: US$43bn Number of deals: 35 Market share: 12.4%

Europe US$97.3bn 319 deals

28.1%

North America US$174.8bn 343 deals

50.4%

C&S AmericaUS$9.3bn 29 deals

2.7%

Asia-Pacific (excluding Japan)

US$59.5bn 264 deals

17.2%

Japan US$4.9bn 23 deals

1.4%

Middle East & Africa US$1bn 14 deals

0.3%



Top 10 Announced Deals for April 2018

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Top deals

Value (US$m) Deal details Advisor details

Announcement date

Target Bidder Dominant sector Sell-side Buy-side

58,945 29-Apr-18 Sprint Corporation T-Mobile USA Inc Telecommunications FA: Centerview Partners; JPMorgan; Mizuho Financial Group; Raine Group; and Sumitomo Mitsui Financial GroupLA: Goodwin Procter; Morrison & Foerster; Potter Anderson & Corroon; and Skadden Arps Slate Meagher & Flom (Advising FA: Pillsbury Winthrop Shaw Pittman; and Sidley Austin)

FA: Deutsche Bank; Evercore; Goldman Sachs & Co; Morgan Stanley; and PJT PartnersLA: Latham & Watkins; and Wachtell Lipton, Rosen & Katz (Advising FA: Cravath Swaine & Moore; and Weil Gotshal & Manges)

40,726 25-Apr-18 Sky Plc Comcast Corporation Media FA: Barclays; Morgan Stanley; and PJT PartnersLA: -

FA: Bank of America Merrill Lynch; Evercore; and Robey WarshawLA: Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; and Shearman & Sterling

30,153 30-Apr-18 Andeavor Corporation Marathon Petroleum Corporation

Industrials & Chemicals FA: Goldman Sachs & CoLA: Sullivan & Cromwell

FA: BarclaysLA: Jones Day

10,648 25-Apr-18 Indus Towers Limited Bharti Infratel Limited Technology FA: Bank of America Merrill Lynch; and Morgan StanleyLA: Bharucha & Partners; S&R Associates; and Slaughter and May

FA: JPMorganLA: AZB & Partners

10,048 30-Apr-18 ASDA Group Limited J Sainsbury Plc Consumer FA: RothschildLA: Gibson Dunn & Crutcher; and Slaughter and May

FA: Morgan Stanley; and UBS Investment BankLA: Linklaters

9,500 2-Apr-18 Ele.me Alibaba Group Holding Ltd; and Ant Financial Services Group

Business Services FA: Hina Group IncLA: -

FA: -LA: Fangda Partners

8,053 23-Apr-18 Vectren Corporation CenterPoint Energy Inc Energy, Mining & Utilities FA: Bank of America Merrill LynchLA: Baker Botts; Cleary Gottlieb Steen & Hamilton; and Taft Stettinius & Hollister

FA: Goldman Sachs & CoLA: Akin Gump Strauss Hauer & Feld; and Bingham Greenebaum Doll (Advising FA: Sullivan & Cromwell; Advising Debt Provider: Weil Gotshal & Manges)

7,837 29-Apr-18 DCT Industrial Trust Inc Prologis Inc Real Estate FA: Bank of America Merrill LynchLA: Goodwin Procter

FA: JPMorganLA: Mayer Brown

7,702 9-Apr-18 AveXis Inc Novartis AG Pharma, Medical & Biotech

FA: Centerview Partners; and Goldman Sachs & CoLA: Cooley; and Cravath Swaine & Moore (Advising FA: Kirkland & Ellis; and Sullivan & Cromwell)

FA: Dyal CoLA: Freshfields Bruckhaus Deringer; and Hogan Lovells International

5,587 21-Apr-18 Sky Betting and Gaming Stars Group Inc Leisure FA: Goldman Sachs & Co; Lazard; and RothschildLA: Freshfields Bruckhaus Deringer; and Stikeman Elliott

FA: Morgan Stanley; PJT Partners; and Deutsche BankLA: Blake, Cassels & Graydon; Gibson Dunn & Crutcher; and Osler, Hoskin & Harcourt



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 April 2018 April 2017

April 2018 April 2017 Company name Value (USD m)

Deal count Value (USD m)

% Value change

1 22 Goodwin Procter 69,649 9 11,556 502.7%

2 11 Cravath, Swaine & Moore 67,035 3 17,695 278.8%

3 3 Wachtell, Lipton, Rosen & Katz 65,020 8 35,904 81.1%

4 2 Latham & Watkins 63,613 11 36,485 74.4%

5 43 Sidley Austin 61,679 6 4,894 1,160.3%

6 12 Weil Gotshal & Manges 61,491 6 15,855 287.8%

7 1 Skadden Arps Slate Meagher & Flom 61,446 10 61,442 0%

8 30 Morrison & Foerster 59,376 6 7,592 682.1%

9 375 Pillsbury Winthrop Shaw Pittman 59,038 2 18 327,888.9%

10 64 Potter Anderson & Corroon 58,945 1 2,543 2,217.9%



Deal count Deal count Deal count change

1 1 Kirkland & Ellis 29,792 34 50 -16

2 4 Jones Day 31,655 17 33 -16

3 25 Sullivan & Cromwell 54,667 16 17 -1

4 3 DLA Piper 1,241 14 39 -25

5 2 Latham & Watkins 63,613 11 40 -29

6 7 Linklaters 8,081 11 28 -17

7 24 Skadden Arps Slate Meagher & Flom 61,446 10 17 -7

8 8 Morgan Lewis & Bockius 2,510 10 28 -18

9 10 Goodwin Procter 69,649 9 26 -17

10 39 Stikeman Elliott 11,011 9 11 -2




1 6 Goldman Sachs & Co 132,596 30 24 6

2 7 Rothschild 23,594 19 23 -4

3 10 Morgan Stanley 90,493 17 20 -3

4 20 Evercore 107,150 15 12 3

5 3 JPMorgan 80,024 14 31 -17

6 24 Barclays 51,276 14 9 5

7 1 PwC 1,833 14 35 -21

8 9 Houlihan Lokey 1,027 14 21 -7

9 13 Lazard 16,477 13 15 -2

10 18 Citi 13,097 12 13 -1




% Value change

1 1 Goldman Sachs & Co 132,596 30 69,345 91.2%

2 20 Evercore 107,150 15 6,891 1,454.9%

3 4 Morgan Stanley 90,493 17 36,316 149.2%

4 2 JPMorgan 80,024 14 45,362 76.4%

5 15 Centerview Partners 66,647 3 11,778 465.9%

6 392 PJT Partners 64,532 3 0 -

7 3 Bank of America Merrill Lynch 62,590 10 36,860 69.8%

8 34 Sumitomo Mitsui Financial Group 62,403 4 2,971 2,000.4%

9 18 Deutsche Bank 62,327 9 8,452 637.4%

10 89 Mizuho Financial Group 59,889 4 606 9,782.7%



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US & Canada

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The year of the megadeal in North America marched on in April, as two super-sized transactions — Sprint’s US$58.9bn merger with T-Mobile and Marathon Petroleum’s US$30.1bn acquisition of Andeavor — contributed to a record total in M&A value for the month. Overall, there were 343 deals worth US$174.8bn in the region, which is the highest aggregate value for any April on Mergermarket record and a 45.4% increase in value year-on-year (YoY). Private equity continued its strong run as well, nearly matching last April’s total value, which was the highest for the month in a decade.

Sprint’s tie-up with T-Mobile pushed Telecommunications into the top spot for sector deal value. The announced merger is the second-largest deal of the year so far and has been arguably the most-discussed. Telecoms market experts warn that wireless customers could see their bills go up substantially as a result of the deal, and concerns about competition have led to speculation that antitrust authorities could attempt to block it. The companies argue that the entry of new wireless providers in recent years has created a more competitive marketplace.

Industrials & Chemicals had the second-most value of any sector in April thanks to the Marathon-Andeavor deal, with US$45.5bn in value spread across 62 transactions. Marathon’s US$30.1bn purchase of rival Andeavor creates the largest independent

US oil refiner by capacity, with the ability to process around 3.1 million barrels per day. Demand for US refineries has risen overall as domestic shale output continues to grow.

The related sector of Energy, Mining & Utilities stood in third place by value in April at US$15.8bn from 24 transactions. More than half this total came from the latest in a series of megadeals in the power sector: gas and electric utility CenterPoint Energy’s US$8bn acquisition of peer company Vectren. Power providers are coping with lower margins as customers increase their energy efficiency, leading to consolidation across the country. The combined entity formed by the CenterPoint-Vectren deal will have operations in eight states in the South and Midwest and around seven million total customers.

Looking at PE activity in April, there were 89 buyouts valued at US$23.8bn in the month, which is 30 fewer deals than a year ago and just short of last year’s value total of US$23.9bn. A consortium made up of UK-based BC Partners and Canadian buyer Ontario Teachers’ Pension Plan executed the largest PE deal of the month — a recapitalization of Canadian waste management company GFL Environmental in a transaction valued at US$5.1bn. GFL had previously been considering an IPO to raise up to US$783m.

Exit activity declined substantially YoY last month in North America. There were 73 exits

valued at US$17.7bn, compared to 97 exits worth US$34.6bn the same month last year.

A decline was also seen in inbound M&A activity — the inbound value of US$17.7bn represented a 36.7% decrease YoY. Just two of the top 10 deals in the month were completed by foreign buyers, including Swiss pharmaceutical firm Novartis’s US$7.7bn acquisition of US-based gene therapy company AveXis, which is developing a treatment for the rare disorder spinal muscular atrophy.

Domestic activity nearly doubled from a year ago, rising 91.4% to a total of US$164.7bn.

US & Canada

Philip Segal

Ezekiel Pfeifer



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Top Sector

Telecommunicationssaw 3 deals valued at US$59.2bn, compared to 1 deal with an undisclosed value in April 2017.

Top Legal Advisor

Cleary Gottlieb Steen & Hamilton

ranked first with 5 deals worth US$73.2bn, up 2,711.2% in value with 1 fewer deal compared



Goldman Sachs & Coranked first with 28 deals worth US$139.5bn, up

217.2% in value with 10 more deals compared to 18 deals worth US$59.2bn in April 2017.


with 170 fewer deals compared to 513 deals worth US$120.2bn in April 2017.



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US$145.2

US$156.5

US$296

US$252.7

US$162.7

US$171.4

US$174.4

US$204

US$77.3 US$

67.1

US$247.9

US$270.8

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US$313.3

US$196.6

US$235.6

US$367.3 US$

270.3

US$194

US$415

US$512.4

US$342.1

US$338.5

US$249.9

US$456.4

US$375.2

US$437.4

US$513.9

US$473.3

US$399.1

US$526.1

US$418.4

US$316.8

US$351.5

US$174.8

Q1 value

Q2 value

Q3 value

Q4 value

Buyout volume

Exit volume

Volume Buyout value

Exit value

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

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Regional Trends


Inbound US$17.7bn -36.7%

Outbound US$63.9bn +241.7%

Telecommunications Value: US$59.2bn Number of deals: 3 Market share: 33.9%

Pharma, Medical & Biotech Value: US$13.6bn Number of deals: 45 Market share: 7.8%


Real Estate Value: US$11.2bn Number of deals: 3 Market share: 6.4%

Energy, Mining & Utilities Value: US$15.8bn Number of deals: 24 Market share: 9%

Canada US$10.5bn 33 deals

6%

US US$164.4bn 310 deals

94%




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Top deals


Announcement date


58,945 29-Apr-18 Sprint Corporation T-Mobile USA Inc Telecommunications FA: Centerview Partners; JPMorgan; Mizuho Financial Group; Raine Group; and Sumitomo Mitsui Financial GroupLA: Goodwin Procter; Morrison & Foerster; Potter Anderson & Corroon; and Skadden Arps Slate Meagher & Flom (Advising FA: Pillsbury Winthrop Shaw Pittman; and Sidley Austin)

FA: Deutsche Bank; Evercore; Goldman Sachs & Co; Morgan Stanley; and PJT PartnersLA: Latham & Watkins; and Wachtell Lipton, Rosen & Katz (Advising FA: Cravath Swaine & Moore; and Weil Gotshal & Manges)

30,153 30-Apr-18 Andeavor Corporation Marathon Petroleum Corporation

Industrials & Chemicals FA: Goldman Sachs & CoLA: Sullivan & Cromwell

FA: BarclaysLA: Jones Day

8,053 23-Apr-18 Vectren Corporation CenterPoint Energy Inc Energy, Mining & Utilities FA: Bank of America Merrill LynchLA: Baker Botts; Cleary Gottlieb Steen & Hamilton; and Taft Stettinius & Hollister

FA: Goldman Sachs & CoLA: Akin Gump Strauss Hauer & Feld; and Bingham Greenebaum Doll (Advising FA: Sullivan & Cromwell; Advising Debt Provider: Weil Gotshal & Manges)

7,837 29-Apr-18 DCT Industrial Trust Inc Prologis Inc Real Estate FA: Bank of America Merrill LynchLA: Goodwin Procter

FA: JPMorganLA: Mayer Brown

7,702 9-Apr-18 AveXis Inc Novartis AG Pharma, Medical & Biotech

FA: Centerview Partners; and Goldman Sachs & CoLA: Cooley; and Cravath Swaine & Moore (Advising FA: Kirkland & Ellis; and Sullivan & Cromwell)

FA: Dyal CoLA: Freshfields Bruckhaus Deringer; and Hogan Lovells International

5,400 10-Apr-18 Federal-Mogul Tenneco FA: XMS Capital PartnersLA: Winston & Strawn

FA: BarclaysLA: Kirkland & Ellis; Mayer Brown; Shearman & Sterling; and Simpson Thacher & Bartlett

5,266 30-Apr-18 Interval Leisure Group Marriott Vacations Worldwide Corporation

Leisure FA: Goldman Sachs & Co; Moelis & CompanyLA: Baker Botts; Fried Frank Harris Shriver & Jacobson; O’Melveny & Myers; and Paul Weiss Rifkind Wharton & Garrison

FA: JPMorganLA: Kirkland & Ellis; and Sullivan & Cromwell

5,125 22-Apr-18 GFL Environmental BC Partners Limited; and Ontario Teachers' Pension Plan

Industrials & Chemicals FA: Barclays; BMO Capital Markets; CIBC World Markets; Goldman Sachs & Co; RBC Capital Markets; Macquarie Group LimitedLA: Cleary Gottlieb Steen & Hamilton; Stikeman Elliott

FA: Citi; ScotiabankLA: Osler, Hoskin & Harcourt; and Simpson Thacher & Bartlett

3,380 25-Apr-18 Quality Care Properties Welltower Real Estate FA: Goldman Sachs & Co; and LazardLA: Paul Weiss Rifkind Wharton & Garrison; and Wachtell Lipton Rosen & Katz

FA: BarclaysLA: Gibson Dunn & Crutcher; and Shumaker Loop & Kendrick

3,240 9-Apr-18 Verifone Systems Verifone Consortium Technology FA: Qatalyst GroupLA: Sullivan & Cromwell

FA: Barclays; Credit Suisse; and RBC Capital MarketsLA: Kirkland & Ellis




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League tables

Top 10 Financial Advisors - VolumeTop 11 Financial Advisors - Value




% Value change

1 49 Cleary Gottlieb Steen & Hamilton 73,203 5 2,604 2,711.2%

2 6 Simpson Thacher & Bartlett 72,457 11 23,796 204.5%

3 15 Goodwin Procter 69,872 10 10,510 564.8%

4 2 Wachtell, Lipton, Rosen & Katz 69,170 9 35,904 92.7%

5 3 Fried Frank Harris Shriver & Jacobson 68,821 9 33,435 105.8%

6 7 Cravath, Swaine & Moore 67,035 4 17,695 278.8%

7 5 Latham & Watkins 63,613 10 25,755 147.0%

8 40 Sidley Austin 62,889 6 3,039 1,969.4%

9 1 Skadden Arps Slate Meagher & Flom 60,825 9 54,762 11.1%

10 61 Morrison & Foerster 59,376 7 1,935 2,968.5%




1 1 Kirkland & Ellis 36,788 34 45 -11

2 5 Jones Day 35,859 22 22 0

3 7 DLA Piper 1,330 18 20 -2

4 16 Sullivan & Cromwell 58,618 13 14 -1

5 9 Simpson Thacher & Bartlett 72,457 11 18 -7

6 12 Cooley 9,046 11 16 -5

7 3 Morgan Lewis & Bockius 2,871 11 24 -13

8 6 Goodwin Procter 69,872 10 21 -11

9 2 Latham & Watkins 63,613 10 32 -22

10 26 Wachtell, Lipton, Rosen & Katz 69,170 9 10 -1




1 2 Goldman Sachs & Co 139,481 28 18 10

2 19 Barclays 95,828 16 7 9

3 11 Evercore 108,450 15 11 4

4 3 Morgan Stanley 123,072 13 16 -3

5 1 JPMorgan 85,452 13 24 -11

6 4 Houlihan Lokey 788 13 15 -2

7 17 Jefferies 12,597 12 8 4

8 9 Citi 10,223 10 11 -1

9 8 RBC Capital Markets 11,519 9 12 -3

10 13 Lazard 10,343 9 10 -1




% Value change

1 1 Goldman Sachs & Co 139,481 28 59,232 135.5%

2 5 Morgan Stanley 123,072 13 27,972 340.0%

3 13 Evercore 108,450 15 6,628 1,536.2%

4 197 PJT Partners 105,241 4 0 -

5 10 Barclays 95,828 16 9,575 900.8%

6 2 JPMorgan 85,452 13 43,459 96.6%

7 12 Deutsche Bank 68,564 5 8,452 711.2%

8 7 Centerview Partners 66,647 3 11,778 465.9%

9= 57 Mizuho Financial Group 58,945 1 552 10,578.4%

9= 51 Raine Group 58,945 1 826 7,036.2%

9= 31 Sumitomo Mitsui Financial Group 58,945 1 1,790 3,193.0%



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C&S America

Mergermarket Monthly M&A Insider 19May 2018C&S America


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M&A volume and value in Latin America have gone in very different directions this month. At US$9.3bn, April was up 153.2% compared with the same month last year. However, there was a 34% drop off in volume with only 29 deals being announced — compared with 44 in April 2017.

The big story in Latin American M&A this month (and indeed since March) has been the return of big money deals to Brazil. This month witnessed transactions worth US$7.2bn in Latin America’s largest economy — this translated into a 77.8% market share of all deal value across the region.

The most notable ongoing deal in the country is the tussle between Italian energy distributor Enel and Brazilian rival Neoenergia for control of power distribution company Eletropaulo. The European giants are currently offering US$2.5bn for the firm while the South American group is looking to pay US$1.9bn. Outside the energy arena, the next highest-value deal of the month, coming in at US$1.7bn, saw Brazilian educational company Kroton Educacional acquire a 73.35% stake in its rival Somos Educação.

These deals come at a time of heightened uncertainty as the country faces an unpredictable presidential election in October. Yet, despite this volatility, Brazil’s economy is on the rise, providing a platform for this flurry of higher priced deals. According to the

International Monetary Fund (IMF)’s World Economic Outlook, published in April, Brazil’s economy will grow by 2.35% in 2018 — up from an earlier estimate of 1.9%. The organization attributed the country’s growth to “strong private consumption and investment” and expects further economic expansion in 2019, with the country set to reach 2.5%.

Other Latin American countries that experienced an uplift in M&A value (if not volume) in April include Chile, Peru, and Panama. The latter is particularly intriguing as it was the republic’s only deal of the month and still managed to make the top 10 (landing at number six). The transaction saw Japanese conglomerate Itochu buy a 70% share in Toyota distribution company Ricardo Perez for US$300m.

Given the battle between Enel and Neoenergia, it’s not entirely surprising that Energy, Mining & Utilities was, by some distance, the top-ranked sector with eight deals worth US$5.6bn. Half of the top 10 deals this month took place in the sector.

Meanwhile, private equity buyouts in the region have followed the same trajectory as more traditional M&A — lower volume and higher value. The year to date has witnessed 12 buyouts worth a collective US$586m. This is four deals down on the same period last year but an uplift of 14% in value.

In terms of cross-border/domestic deal splits, the news is encouraging — all sections (inbound, outbound, and domestic) are up on the same period in 2017. Whether the upturn in dealmaking fortunes can continue will depend largely on the stability of Brazil’s economy and the ongoing growth in more robust economies such as Chile and Peru.

C&S America

Elizabeth Lim

Nick Cheek



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



Top Legal Advisor

Linklatersranked first with 2 deals worth US$2bn,

compared to 0 deals in April 2017.


Morgan Stanleyranked first with 2 deals worth US$3.3bn,




Top Sector

Energy, Mining & Utilities

saw 8 deals valued at US$5.6bn, up 182.4% by value with 3 fewer deals compared to

11 deals worth US$2bn in April 2017.



0

2

4

6

8

10

12

YTD 2018201720162015201420130

10

20

30

40

50

60

70

80

Valu

e (U

S$

bn)

Num

ber of d

eals

US$1.4

US$1.9

US$5.3

US$8.5

US$10.5

US$6.1

US$4.4

US$586.3m

US$7.6

US$7.7

US$9.1

US$3

0

20

40

60

80

100

120

140

YTD 201820172016201520142013

0

100

200

300

400

500

600

700

Valu

e (U

S$

bn)

Num

ber of d

eals

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$38.2

US$24.2

US$29.7

US$14.1

US$14.3

US$24.9

US$43.6

US$28.7

US$19.6

US$30.2

US$9.3

US$26.5

Q1 value

Q2 value

Q3 value

Q4 value

Buyout volume

Exit volume

Volume Buyout value

Exit value

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

mergermarket.com



mergermarket.com

Regional Trends

Energy, Mining & Utilities Value: US$5.6bn Number of deals: 8 Market share: 60.4%

Consumer Value: US$495.5m Number of deals: 6 Market share: 5.3%

Business Services Value: US$1.7bn Number of deals: 4 Market share: 18.5%

Financial Services Value: US$174.6m Number of deals: 2 Market share: 1.9%



Inbound US$4.2bn +138.4%

Outbound US$1bn +953.3%

Argentina US$970m

3 deals10.5%

Peru US$200m

1 deal2.2%

Guatemala US$178m 2 deals

1.9%

ChileUS$392m

4 deals 4.2%

PanamaUS$300m

1 deal 3.2%

BrazilUS$7.2bn 16 deals77.8%

Colombia US$16m 2 deals0.2%




mergermarket.com

Top deals


Announcement date


2,329 17-Apr-18 AES Eletropaulo Enel SpA Energy, Mining & Utilities FA: -LA: -

FA: Morgan StanleyLA: -

1,938 5-Apr-18 AES Eletropaulo Energisa SA Energy, Mining & Utilities FA: -LA: -

FA: CitiLA: Stocche Forbes Advogados; and Veirano Advogados

1,710 23-Apr-18 SOMOS Educacao SA (73.35% stake) Kroton Educacional SA Business Services FA: -LA: -

FA: -LA: -

1,080 24-Apr-18 Whirlpool Corporation (Embraco compressor business)

Nidec Corporation Industrials & Chemicals FA: -LA: -

FA: JPMorganLA: Machado Meyer Sendacz e Opice; and Sidley Austin

950 24-Apr-18 Shell Compania Argentina De Petroleo SA; and Energia Compania Argentina de Petroleo SA

Raizen Energia SA Energy, Mining & Utilities FA: -LA: -

FA: -LA: Barbosa, Mussnich & Aragao

300 16-Apr-18 Ricardo Perez SA (70% stake) Itochu Corporation Consumer FA: -LA: -

FA: -LA: -

200 23-Apr-18 Cumbres Andinas SA (40% stake) Inversiones Alxar SA Energy, Mining & Utilities FA: -LA: -

FA: Evercore IncLA: Philippi Prietocarrizosa, Ferrero DU & Uria; and Simpson Thacher & Bartlett

163 4-Apr-18 Compania Minera Quebrada Blanca SA (13.5% stake)

Teck Resources Limited Energy, Mining & Utilities FA: -LA: -

FA: EvercoreLA: Bruchou Fernandez Madero & Lombardi; Creel Garcia-Cuellar, Aiza y Enriquez SC; Latham & Watkins; and Simpson Thacher & Bartlett

155 21-Apr-18 Euroamerica Seguros de Vida SA (Group life and health insurances, individual life insurance business); and EuroAmerica Administradora General de Fondos

Zurich Insurance Group Ltd Financial Services FA: -LA: -

FA: -LA: Carey y Cia

125 25-Apr-18 Comercializadora y Distribuidora Los Volcanes SA

Coca-Cola FEMSA SAB de CV Consumer FA: -LA: -

FA: -LA: Willkie Farr & Gallagher




mergermarket.com

League tables





% Value change

1 - Linklaters 2,049 2 - -

2= 12 Stocche Forbes Advogados 1,938 1 271 615.1%

2= 61 Veirano Advogados 1,938 1 0 -

4= 26 Cleary Gottlieb Steen & Hamilton 1,080 1 59 1,730.5%

4= 13 Machado Meyer Sendacz e Opice 1,080 1 271 298.5%

4= - Sidley Austin 1,080 1 - -

7= 54 Lefosse Advogados 969 1 0 -

7= 31 Morgan Lewis & Bockius 969 1 38 2,450.0%

7= 10 Pinheiro Neto Advogados 969 1 292 231.8%

10 42 Barbosa, Mussnich & Aragao 950 1 0 -




1 - Linklaters 2,049 2 - -

2 - Willkie Farr & Gallagher 155 2 - -

3= 9 Stocche Forbes Advogados 1,938 1 2 -1

3= 61 Veirano Advogados 1,938 1 1 0

5= 28 Cleary Gottlieb Steen & Hamilton 1,080 1 1 0

5= 18 Machado Meyer Sendacz e Opice 1,080 1 1 0

5= - Sidley Austin 1,080 1 - -

8= 54 Lefosse Advogados 969 1 1 0

8= 32 Morgan Lewis & Bockius 969 1 1 0

8= 8 Pinheiro Neto Advogados 969 1 2 -1




1 - Morgan Stanley 3,298 2 - -

2 3 Citi 3,018 2 2 0

3 1 Banco Itau BBA 1,710 1 3 -2

4 8 JPMorgan 1,080 1 1 0

5= - Jefferies 969 1 - -

5= - Rabobank 969 1 - -

7= - Evercore 200 1 - -

7= - Rothschild 200 1 - -

9 - Econsult 19 1 - -

10= 21 ALANTRA 0 1 1 0

10= - Greenhill & Co 0 1 - -

10= - Translink Corporate Finance 0 1 - -




% Value change


2 2 Citi 3,018 2 1110 171.9%

3 1 Banco Itau BBA 1,710 1 1,123 52.3%

4 7 JPMorgan 1,080 1 230 369.6%

5= - Jefferies 969 1 - -

5= - Rabobank 969 1 - -

7= - Evercore 200 1 - -

7= - Rothschild 200 1 - -

9 - Econsult 19 1 - -

10= 21 ALANTRA 0 1 0 -

10= - Greenhill & Co 0 1 - -

10= - Translink Corporate Finance 0 1 - -



mergermarket.com


Europe

Mergermarket Monthly M&A Insider 26May 2018Europe


mergermarket.com


The European economy saw the weakest growth in 18 months, potentially indicating a slowdown in the region. However, European M&A activity in April tells a different story. The activity in April saw robust figures (US$97.3bn, 319 deals) recording the second highest aggregate monthly deal value for the region since June 2017 (US$140.7bn, 795 deals). This puts it behind only March 2018 (US$161.3bn, 493 deals).

The majority of the value invested in the region came from foreign dealmakers, who used US$64.3bn to target 65 European entities, thus making up 66% of the total deal value in the region. The inbound deal value has thus seen an increase versus the same period last year, which accounted for US$30.1bn across 116 deals. As such, with a potentially unfortunate trade war looming, large foreign dealmakers could be looking to M&A to safeguard their positions in Europe.

One of the big drivers of the heightened deal value in April was a handful of large deals targeting the UK, which meant the UK recorded its second highest April deal value total on Mergermarket record (US$64.8bn, 73 deals). This puts its only behind April 2015’s totals (US$91.6bn, 109 deals). The UK’s activity in April has thus continued its trajectory from the previous months, resulting in the second-best YTD figure on Mergermarket record behind 2015 (US$157.8bn, 462 deals).

As such the UK became top dog in Europe, recording 66.6% of the total deal value and 22.9% of the deal count in April, doubling its market share in deal value from the same period last year, which saw US$19.6bn targeting the region. The second most targeted country in Europe was Germany, which saw US$8.2bn across 42 deals, followed by France which saw US$3.9bn across 38 deals.

The Media sector saw itself as the main protagonist in this month’s M&A landscape as the Comcast Corporation made an official tender offer to acquire Sky for US$40.7bn. Overall, Media saw US$40.9bn invested into it across 16 deals, making it the top sector by value for the month.

The Comcast offer valued Sky at US$40.7bn from an offer price of US$12.5 per share, a substantial increase from the 2016 offer from Twenty-First Century Fox who wanted to buy the remaining stake in Sky for a share price of US$10.75 per share, though both deals are still ongoing.

The aforementioned Sky-Comcast deal wasn’t the only deal Sky was involved in this month. The Canada-based online gaming company, Stars Group, made a bid to acquire Sky Betting and Gaming for US$5.6bn from CVC Capital Partners and Sky. The sale could potentially give CVC Capital Partners a hefty exiting return, as they acquired their 80% stake from Sky in 2014 for US$941m.

Private equity (PE) activity in April saw US$4.4bn invested across 56 buyout deals, a dip from the same period last year, which saw US$6bn invested across 120 deals. However, this year’s April figures represented a large decrease from the March 2018 figures (US$24.2bn, 102 deals). A similar picture can be painted when looking at PE exits, which recorded US$18.8bn over 76 deals in April last year, which is a significantly higher than the US$10.9bn obtained from settling 48 deals this past month. However, April 2018 did record a 34.6% increase in deal value obtained from exits compared to March this year (US$8.1bn, 61 deals).

While larger economic data might be pointing to a slight slowdown in the European economy, policymakers remain confident that annual European growth will see an upswing. From looking at M&A data, it seems that dealmakers are of the same opinion and are confident that the continent will continue to prosper.

Europe

Frederik Lyng Pedersen



mailto:frederik.pedersen%40acuris.com?subject=Monthly%20MnA%20Insider%20May%202018%20Inquiry


319 dealsvalued at US$97.3bn, up 47.9% by value with 279 fewer deals compared to 598 deals worth US$65.7bn in April 2017.


Morgan Stanleyranked first with 10 deals worth US$65.1bn, compared


Top Legal Advisor

Freshfields Bruckhaus Deringer

ranked first with 10 deals worth US$58.5bn, compared to 14 deals worth US$21bn in April 2017.

Top Sector

Mediasaw 16 deals valued at US$40.9bn, up 652x

by value with 3 fewer deals compared to 19 deals worth US$617m in April 2017.



0

20

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100

120

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160

180

200

YTD 2018201720162015201420130

200

400

600

800

1,000

1,200

1,400

1,600

Valu

e (U

S$

bn)

Num

ber of d

eals

US$96.6 US$

91.5

US$142.3

US$177

US$137.4 US$

126.4

US$148.6

US$167

US$18

US$180.9

US$163.5

US$39.8

0

100

200

300

400

500

600

700

800

900

1,000

YTD 201820172016201520142013

Valu

e (U

S$

bn)

Num

ber of d

eals0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

US$136.3

US$163.9

US$174.2

US$201

US$310.5

US$262.5 US$

198.1

US$158.6

US$158

US$211.3

US$179.6

US$177.6

US$292.4

US$213.8

US$271.3

US$267.8

US$186

US$97.3

US$178.8

US$211.2

US$187.7

US$267.6

Q1 value

Q2 value

Q3 value

Q4 value

Buyout volume

Exit volume

Volume Buyout value

Exit value

Europe Private Equity trendEurope M&A trend

mergermarket.com



mergermarket.com

Regional Trends

Media Value: US$40.9bn Number of deals: 16 Market share: 42%

Leisure Value: US$7.1bn Number of deals: 20 Market share: 7.3%

Consumer Value: US$10.4bn Number of deals: 47 Market share: 10.7%


Pharma, Medical & Biotech Value: US$7.9bn Number of deals: 24 Market share: 8%

Domestic US$33.1bn -7.41%

Inbound US$64.3bn +113.6%

Outbound US$19bn +56.2%

FranceUS$3.9bn 28 deals

4%

United KingdomUS$64.8bn

73 deals66.6%

Sweden US$3.2bn 13 deals

3.3%

SpainUS$3.7bn 10 deals

3.8%

Germany US$8.2bn 42 deals

8.4%




mergermarket.com

Top deals


Announcement date


40,726 25-Apr-18 Sky Plc Comcast Corporation Media FA: Barclays; Morgan Stanley; and PJT PartnersLA: -

FA: Bank of America Merrill Lynch; Evercore; and Robey WarshawLA: Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; and Shearman & Sterling

10,048 30-Apr-18 ASDA Group Limited J Sainsbury Plc Consumer FA: RothschildLA: Gibson Dunn & Crutcher; and Slaughter and May

FA: Morgan Stanley; and UBS Investment BankLA: Linklaters

5,587 21-Apr-18 Sky Betting and Gaming Stars Group Inc Leisure FA: Goldman Sachs & Co; Lazard; and RothschildLA: Freshfields Bruckhaus Deringer; and Stikeman Elliott

FA: Morgan Stanley; PJT Partners; and Deutsche BankLA: Blake, Cassels & Graydon; Gibson Dunn & Crutcher; and Osler, Hoskin & Harcourt

4,204 19-Apr-18 Merck KGaA (Consumer health business)

Procter & Gamble Company Pharma, Medical & Biotech

FA: goetzpartners; and JPMorganLA: Freshfields Bruckhaus Deringer

FA: -LA: Jones Day

3,240 18-Apr-18 Direct Energie SA Total SA Energy, Mining & Utilities FA: RothschildLA: Bredin Prat

FA: Lazard; and Societe GeneraleLA: Cleary Gottlieb Steen & Hamilton

3,114 5-Apr-18 Hispania Activos Inmobiliarios SOCIMI SA (83.44% stake)

Blackstone Group LP Real Estate FA: Goldman Sachs & Co; JPMorgan; and UBS Investment BankLA: Freshfields Bruckhaus Deringer; and Uria Menendez

FA: Morgan StanleyLA: Kirkland & Ellis; and Osler, Hoskin & Harcourt

2,400 16-Apr-18 Shire Plc (Oncology business) Les Laboratoires Servier SAS Pharma, Medical & Biotech

FA: -LA: Davis Polk & Wardwell

FA: LazardLA: Baker McKenzie

2,065 26-Apr-18 Bayer AG (Additional crop science business)

BASF SE Industrials & Chemicals FA: Bank of America Merrill Lynch; and Credit SuisseLA: Baker McKenzie; Cohen & Grigsby; Dentons; Noerr; Redeker Sellner Dahs & Widmaier; and Sullivan & Cromwell

FA: -LA: -

2,041 20-Apr-18 Fidessa Group Plc ION Investment Group Limited Technology FA: -LA: -

FA: UBS Investment BankLA: -

2,021 1-Apr-18 Victoria Park AB Starwood Capital Group Real Estate FA: Handelsbanken Capital MarketsLA: -

FA: Carnegie Investment Bank; and Pangea Property PartnersLA: Linklaters




mergermarket.com

League tables





% Value change

1 1 Freshfields Bruckhaus Deringer 58,559 10 21,048 178.2%

2 6 Davis Polk & Wardwell 43,109 3 13,269 224.9%

3 49 Shearman & Sterling 40,709 3 1,285 3,068.0%

4 4 Linklaters 16,080 10 15,041 6.9%

5 99 Gibson Dunn & Crutcher 15,708 5 370 4,145.4%

6 13 Kirkland & Ellis 14,166 13 7,377 92.0%

7 27 Osler, Hoskin & Harcourt 13,826 3 3,193 333.0%

8 8 Sullivan & Cromwell 11,673 5 11,804 -1.1%

9 14 Slaughter and May 10,048 1 6,534 53.8%

10 - Stikeman Elliott 9,595 3 - -




1 21 Kirkland & Ellis 14,166 13 8 5

2 10 Freshfields Bruckhaus Deringer 58,559 10 14 -4

3 1 Linklaters 16,080 10 25 -15

4 6 Allen & Overy 2,239 7 16 -9

5 117 Roschier 802 7 2 5

6 7 Jones Day 4,687 6 16 -10

7 64 Gleiss Lutz 2,073 6 4 2

8 2 DLA Piper 1,132 6 22 -16

9 3 CMS 651 6 21 -15

10 76 Gibson Dunn & Crutcher 15,708 5 4 1




1 1 Rothschild 22,639 16 21 -5

2 8 Goldman Sachs & Co 27,229 15 11 4

3 4 PwC 1,113 11 19 -8

4 11 Morgan Stanley 65,113 10 8 2

5 9 Lazard 14,069 10 10 0

6 24 UniCredit Group 12 9 4 5

7 2 EY 453 7 20 -13

8 5 Deloitte 20 7 15 -8

9 3 KPMG 8 7 20 -13

10 10 Bank of America Merrill Lynch 45,168 6 9 -3




% Value change

1 3 Morgan Stanley 65,113 10 19,696 230.6%

2 - PJT Partners 46,296 2 - -

3 15 Barclays 46,185 5 2,100 2,099.3%

4 5 Bank of America Merrill Lynch 45,168 6 17,498 158.1%

5 25 Evercore 42,251 5 1,302 3,145.1%

6 - Robey Warshaw 40,709 1 - -

7 1 Goldman Sachs & Co 27,229 15 22,161 22.9%

8 2 Rothschild 22,639 16 20,041 13.0%

9 13 UBS Investment Bank 17,526 5 3,276 435.0%

10 17 Lazard 14,069 10 1,979 610.9%



mergermarket.com


Middle East & Africa

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


mergermarket.com


M&A activity in the Middle East & Africa (MEA) amounted to a total of US$1bn in April, the lowest monthly value so far this year. However, on a year-to-date (YTD) basis, 98 deals worth US$16.3bn have been announced, rendering the first four months as the third best in terms of value since 2011.

Dealmaking in the UAE continues to perform well, with four deals worth US$285m announced in April, making it the region’s second best performer by value following the US$272m takeover of equipment rental services company Byrne. This was the second largest deal targeting the MEA region during April.

M&A in the UAE is likely to continue to be active, with the GCC country becoming a regional hub for foreign investors who are looking at Africa with renewed interest, according to panelists at the Acuris MENA Mergers conference. This is because Dubai, the country’s financial capital, offers a well-regulated business environment paired with enough logistical means for private equity players, investment bankers and the like to easily scout potential targets in nearby economies. Oman, another GCC member, ranked first in terms of deal value in the region in April with US$329m, a total that can be attributed to the sale of a 17% stake on the Mukhaizna oil field by Shell to Indian Oil Corporation.

Following a turbulent few months politically, South African M&A is picking up. Two deals worth US$276m were announced last month, which is already ahead of the US$205m recorded in the first quarter of the year (11 deals). This ranks South Africa as the third best regional performer in terms of value in April. The largest transaction was for a 67% stake in construction company Murray & Roberts bought by German-based investment firm ATON.

Inbound activity has kept up the pace seen in previous months, with 10 deals worth US$1bn being announced, just shy of the US$1.4bn and US$1.3bn seen in January and February respectively. The most active countries investing into MEA were India, with the aforementioned US$329m oil field stake acquisition, followed by Hong Kong with US$272m attributable to the UAE’s Byrne deal, and finally Germany with US$264m invested in South African firm Murray & Roberts.

Sector-wise, Energy, Mining & Utilities has been the best performer by value yet again with US$337m across two deals, followed by Financial Services, which recorded US$272m attributable to UAE’s Byrne deal. Construction ranked third with US$264m, propelled by the Murray & Roberts deal. Industrials & Chemicals, a historical top performer in the region, saw investments of only US$13m during April, and

only US$316m on a YTD basis. This slowdown could be partly attributable to the trade concerns raised by the US in recent months, prompting dealmakers in the Industrials & Chemicals sector to hold M&A plans until the situation is resolved.

Middle East & Africa

Mohamed Rais



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


Top Legal Advisor

Clifford Chanceranked first with 1 deal worth US$272m,



Rothschildranked first with 1 deal worth US$329m, compared

to 3 deals worth US$279m in April 2017.

14 dealsvalued at US$1bn, down 40.4% by value with 17 fewer

deals compared to 31 deals worth US$1.7bn in April 2017.

Top Sector

Energy, Mining & Utilities

saw 2 deals valued at US$337m, down 15.2% by value with 5 fewer deals compared to 7 deals worth US$400m in April 2017.



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Num

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US$12.4 US$

7.2US$8.4

US$9.6

US$21.6

US$19.3 US$

9.4

US$13.7

US$15.5

US$9.6

US$24.5

US$6.1

US$34.8

US$20.4

US$22.1

US$1

US$15.3

US$11.1

US$11.7

US$9.7

US$29.6

US$24.7

0

2

4

6

8

10

12

14

YTD 2018201720162015201420130

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80

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Num

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US$2.4

US$3.9

US$4.7

US$4.9

US$7.4

US$12.1

US$3.8

US$551m US$

342m

US$5.9

US$6.7

US$3.1

Q2 value Q4 value Exit value

Q1 value Q3 value Buyout volume

Exit volume

Volume Buyout value

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

mergermarket.com



mergermarket.com

Regional Trends

Domestic US$12m -98.8%

Inbound US$1bn +34.4%

Outbound US$336m -98.1%

Energy, Mining & Utilities Value: US$337m Number of deals: 2 Market share: 32.6%

Technology Value: US$143m Number of deals: 2 Market share: 13.8%

Financial Services Value: US$272m Number of deals: 1 Market share: 26.3%

Industrials & Chemicals Value: US$13m Number of deals: 2 Market share: 1.2%

Construction Value: US$264m Number of deals: 1 Market share: 25.5%

United Arab Emirates US$285m

4 deals27.5%

South AfricaUS$276m

2 deals 26.7%

OmanUS$329m

1 deal31.8%

IsraelUS$137m 4 deals 13.2%




mergermarket.com

Top deals


Announcement date


329 5-Apr-18 Mukhaizna Oil Field (17% stake) Indian Oil Corporation (IOC) Energy, Mining & Utilities FA: RothschildLA: -

FA: -LA: -

272 17-Apr-18 Byrne Equipment Rental CITIC Limited; VPower Group International Holdings Limited; and Sheikh Hamad Al Sulaiman (Private investor)

Financial Services FA: -LA: -

FA: -LA: Clifford Chance

264 9-Apr-18 Murray & Roberts Holdings Limited (66.93% stake)

ATON GmbH Construction FA: Deutsche BankLA: Webber Wentzel

FA: Macquarie GroupLA: Bowmans; and Hengeler Mueller

100 10-Apr-18 Cyber Secdo Ltd Palo Alto Networks Inc Technology FA: -LA: -

FA: -LA: -

31 17-Apr-18 Applitools Ltd Sierra Ventures; Magma Venture Partners; OpenView Venture Partners; La Maison; and iAngels Crowd Ltd

Technology FA: -LA: -

FA: -LA: -

13 2-Apr-18 Frigoglass Jebel Ali FZCO ATG Investments Limited Industrials & Chemicals FA: -LA: -

FA: -LA: -

12 25-Apr-18 AccTech Systems Proprietary Limited; and Dynamics Africa Services Proprietary Limited

4Sight Holdings Limited Technology FA: -LA: -

FA: Arbor CapitalLA: -

8 23-Apr-18 Oryx Petroleum Corporation Limited (Haute Mer B exploration license offshore Congo (Brazzaville)) (30% stake)

Total SA Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

6 16-Apr-18 MAN Properties Real estate Consultants Ltd CBRE Group Inc Real Estate FA: -LA: -

FA: -LA: -




mergermarket.com

League tables





% Value change

1 - Clifford Chance 272 1 - -

2= 13 Bowmans 264 1 80 230.0%

2= - Hengeler Mueller 264 1 - -

2= 9 Webber Wentzel 264 1 167 58.1%

5= - Ashurst 0 1 - -

5= - Dentons 0 1 - -




1 - Clifford Chance 272 1 - -

2= 14 Bowmans 264 1 1 0

2= - Hengeler Mueller 264 1 - -

2= 2 Webber Wentzel 264 1 3 -2

5= - Ashurst 0 1 - -

5= - Dentons 0 1 - -




1 1 Rothschild 329 1 3 -2

2= - Deutsche Bank 264 1 - -

2= - Macquarie Group 264 1 - -

4 - Arbor Capital 12 1 - -

5 5 Barclays 0 1 1 0




% Value change

1 6 Rothschild 329 1 279 17.9%

2= - Deutsche Bank 264 1 - -

2= - Macquarie Group 264 1 - -

4 - Arbor Capital 12 1 - -

5 4 Barclays 0 1 329 -100.0%



mergermarket.com


Asia-Pacific(excluding Japan)

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


mergermarket.com


Asia-Pacific (excluding Japan) M&A posted a strong performance in April. The month’s value climbed to US$59.5bn across 264 deals, representing a 15.6% increase in value compared to April 2017 (US$51.5bn, 278 deals) and the third consecutive year-on-year growth for April value since 2016 (US$44.2bn, 295 deals).

The value increase of the past month was largely driven by Bharti Infratel’s US$10.6bn acquisition of Indus Towers (India) as well as Alibaba Group Holding’s and Ant Financial Services Group’s US$9.5bn acquisition of Ele.me. The year-to-date value in the region reached US$218.4bn across 1,128 deals, which marked respective 15.8% and 18.3% increases versus the same period in 2017 (US$188.6bn, 1,130 deals) and 2016 (US$184.6bn, 1,119 deals).

Technology was the most targeted sector in April by value, reaching US$16.9bn (38 deals), which represented a 53.6% increase compared to the same month last year (US$11bn, 38 deals). Industrials & Chemicals in Asia-Pacific (excluding Japan) proved to be the top sector by deal count (US$6.4bn, 70 deals) in the past month with 17 more deals, though value dropped 3.7% compared to April 2017 (US$6.7bn, 53 deals,). Industrials & Chemicals also led all sectors in both value (US$37.2bn) and deal count (249 deals) from January to April this year, posting a 32.6% increase in value and 29 more deals than the same period last year (US$28.1bn, 220 deals).

Domestic M&A activity across the Asia-Pacific region (excluding Japan) hit a historical high on both value and deal count, marking US$38.3bn across 213 deals. This represented a 143.8% increase on value and 14 more deals versus April last year (US$15.7bn, 199 deals). Meanwhile, inbound M&A to Asia-Pacific (excluding Japan) slumped by 51% on value in the past month, to US$5.1bn (38 deals), from the US$10.3bn recorded in April 2017 (45 deals). Outbound activity decreased dramatically in April as well. Only 30 deals were announced for a total of US$3.3bn, which was 66.1% lower compared to the equivalent point last year (US$9.6bn, 45 deals).

Looking at activity by individual countries, China and India led the way due to their involvement in the region’s two largest deals of the month. Thanks in part to the aforementioned Alibaba-Ele.me deal, China once again dominated regional activity by value with a 63.6% market share, earning US$37.8bn across 136 deals. India placed second with US$14.1bn, much of which was related to the Bharti Infratel-Indus Towers deal, a strategic tie-up between India-based providers of infrastructure services to telecom operators.

The region’s private equity (PE) buyout activity in April dropped down to US$4.8bn (19 deals), decreasing by 72.7% on value compared to the same month in 2017 (US$17.6bn, 46 deals). YTD buyouts (US$30.6bn, 121 deals) slumped 10.5% on value and saw 23 fewer

deals in contrast with the same period last year (US$34.1bn, 144 deals). Looking closer, the Consumer sector saw a 43% drop and nine fewer deals versus January to April 2017 (US$6bn, 24 deals), reaching only US$3.4bn across 15 deals.

PE exit activity in Asia-Pacific (excluding Japan) witnessed the highest April value (US$11.6bn) and deal count (23 deals) on Mergermarket record (since 2001), accounting for respective 709% and 113.3% increases versus April last year (US$1.4bn, 17 deals) and the second highest April value since 2015 (US$5.4bn, 16 deals).

Asia-Pacific (excluding Japan)

Jasmine Wu



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





JPMorganranked first with 2 deals worth US$12bn, compared

to 4 deals worth US$886m in April 2017.

Top Legal Advisor

Fangda Partnersranked first with 4 deals worth US$14.7bn, compared


Top Sector

Technologysaw 38 deals valued at US$16.9bn, up 53.6% by value on the same number of deals worth US$11bn in April 2017.



0

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YTD 2018201720162015201420130

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450

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S$

bn)

Num

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eals

US$30.6

US$34.2

US$42

US$45

US$30.6 US$

24.1

US$126

US$94.3

US$92.1

US$70.5

US$74

US$56.7

0

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600

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YTD 201820172016201520142013

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500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

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S$

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US$140.1

US$172.8

US$68.5

US$114.9

US$196.1

US$107.9

US$169.4

US$232.8

US$149.9

US$140.4

US$118.1

US$139.8

US$172.1

US$157.6

US$172.8

US$178.3

US$115.2

US$240.2

US$296.5

US$137.1

US$218.4

US$59.5

Q1 value

Q2 value

Q3 value

Q4 value

Buyout volume

Exit volume

Volume Buyout value

Exit value

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

mergermarket.com



mergermarket.com

Regional Trends


Inbound US$5.1bn -51%

Outbound US$3.3bn -66.1%

Technology Value: US$16.9bn Number of deals: 38 Market share: 28.4%

Financial Services Value: US$6.3bn Number of deals: 13 Market share: 10.6%

Business Services Value: US$11.5bn Number of deals: 26 Market share: 19.4%

Transportation Value: US$5.4bn Number of deals: 10 Market share: 9%


India US$14.1bn 27 deals23.7%

Taiwan US$0.6bn

3 deals1% South Korea

US$2.7bn 30 deals

4.5%

AustraliaUS$2.5bn 25 deals

4.1%

ChinaUS$37.8bn 136 deals

63.6%




mergermarket.com

Top deals


Announcement date


10,648 25-Apr-18 Indus Towers Limited Bharti Infratel Limited Technology FA: Bank of America Merrill Lynch; and Morgan StanleyLA: Bharucha & Partners; S&R Associates; and Slaughter and May

FA: JPMorganLA: AZB & Partners

9,500 2-Apr-18 Ele.me Alibaba Group Holding Ltd; and Ant Financial Services Group

Business Services FA: Hina Group IncLA: -

FA: -LA: Fangda Partners

3,700 4-Apr-18 Beijing Mobike Technology Co Ltd

Meituan Group Transportation FA: China Renaissance PartnersLA: Fangda Partners

FA: -LA: -

3,358 25-Apr-18 COFCO Capital Investment Co Ltd

Zhongyuan Special Steel Co Ltd Financial Services FA: -LA: -

FA: China SecuritiesLA: JiaYuan Law Offices

1,900 24-Apr-18 Manbang Group Consortium of investors led by China Reform Fund and Softbank

Technology FA: -LA: -

FA: -LA: -

1,697 3-Apr-18 China Continent Property and Casualty Insurance Company Ltd (31% stake)

China International Capital Corporation Limited; China Eastern Airlines Corporation Limited; New China Life Insurance Co Ltd; China General Technology (Group) Holding Co Ltd; SAIC Motor Corporation Limited; Navinfo Co Ltd; Ningbo Development & Investment Group Co Ltd; and Jiangsu Yunshan Capital Management Co Ltd

Financial Services FA: China International Capital Corporation Limited; and UBS SecuritiesLA: -

FA: -LA: -

1,663 2-Apr-18 Ostro Energy Private Limited ReNew Power Ventures Pvt. Ltd Energy, Mining & Utilities FA: Bank of America Merrill LynchLA: Trilegal

FA: Goldman Sachs & CoLA: -

1,331 6-Apr-18 eHi Car Services Limited (70.44% stake)

A consortium led by MBK Partners and Ray Zhang

Business Services FA: Duff & PhelpsLA: Fenwick & West; Maples and Calder; and O’Melveny & Myers

FA: -LA: Conyers Dill & Pearman; Fangda Partners; and Weil Gotshal & Manges

1,316 24-Apr-18 COFCO Biofuel Holdings Limited; COFCO Biochemical Holdings Limited; and Widepower Investments Limited

COFCO Biochemical (Anhui) Co Ltd Consumer FA: -LA: -

FA: China International Capital Corporation LimitedLA: JunHe

1,192 12-Apr-18 E-Commerce China Dangdang Inc; and Beijing Dangdang Kewen E-Commerce Co Ltd

HNA Technology Co Ltd Technology FA: China International Capital Corporation LimitedLA: -

FA: Haitong SecuritiesLA: King & Wood Mallesons



Top 10 Legal Advisors - VolumeTop 11 Legal Advisors - Value

mergermarket.com

League tables





% Value change

1 5 Fangda Partners 14,686 4 6,256 134.8%

2 71 AZB & Partners 10,972 4 391 2,706.1%

3= 157 S&R Associates 4,472 1 8 55,800.0%

3= 15 Slaughter and May 4,472 1 2,945 51.9%

5 82 JiaYuan Law Offices 3,501 2 279 1,154.8%

6 18 King & Wood Mallesons 2,168 7 2,701 -19.7%

7 60 Trilegal 1,663 1 647 157.0%

8 27 Weil Gotshal & Manges 1,661 3 1,903 -12.7%

9 61 Gilbert + Tobin 1,373 3 617 122.5%

10= - Dorda Brugger Jordis 1,336 1 - -

10= 167 Gleiss Lutz 1,336 1 0 -




1 7 King & Wood Mallesons 2,168 7 8 -1

2 26 Clifford Chance 1,040 6 4 2

3 13 Fangda Partners 14,686 4 6 -2

4 12 AZB & Partners 10,972 4 7 -3

5 36 Ashurst 848 4 3 1

6 28 AllBright Law Offices 725 4 4 0

7 35 Weil Gotshal & Manges 1,661 3 3 0

8 54 Gilbert + Tobin 1,373 3 2 1

9 2 Herbert Smith Freehills 370 3 12 -9

10 22 DLA Piper 360 3 5 -2




1 11 Deloitte 1,069 7 4 3

2 7 Goldman Sachs & Co 2,298 5 4 1

3 26 China International Capital 4,336 4 2 2

4 16 Rothschild 2,275 4 3 1

5 29 Citi 819 4 2 2


7 18 Haitong Securities 1,798 3 3 0

8 27 CITIC Securities 880 3 2 1

9 3 EY 710 3 9 -6

10 12 Deutsche Bank 547 3 3 0




% Value change

1 27 JPMorgan 11,984 2 886 1,252.6%

2 - Hina Group 9,500 2 - -


4 12 China International Capital 4,336 4 2,352 84.4%

5 42 China Renaissance Partners 3,700 1 436 748.6%

6 28 China Securities 3,393 2 861 294.1%

7 1 Bank of America Merrill Lynch 2,850 2 9,307 -69.4%

8 7 Goldman Sachs & Co 2,298 5 4,294 -46.5%

9 37 Rothschild 2,275 4 529 330.1%

10 33 Huatai Securities 2,012 2 760 164.7%



mergermarket.com


Japan

Mergermarket Monthly M&A Insider 47May 2018Japan


mergermarket.com


M&A activity in Japan over the past month soared to US$4.9bn across 23 deals, accounting for a 48.2% increase compared to April 2017 (US$3.3bn, 47 deals). Though volume dropped by 24 deals, value was largely supported by Itochu Corporation’s US$3.4bn acquisition of FamilyMart UNY Holdings. A similar trend can be seen in the accumulated year-to-date (YTD) M&A activity in Japan this year, which totaled US$14bn among 147 deals, and rose by 13.6% on value compared to the same period last year (US$12.3bn, 172 deals).

Japan’s outbound M&A in the past month fell 78.1% on value and dropped by 12 deals to US$2.9bn across 19 deals compared to the same month last year (US$13.4bn, 31 deals). Thanks to the US$8.6bn acquisition initiated by Fujifilm Holdings Corporation for Xerox Corporation (USA) announced at the start of the year, the YTD outbound value reached US$16bn across 42 deals, accounting for a 35.2% increase in value when compared with the equivalent period last year (US$11.9bn, 55 deals).

Technology was the only outbound sector that witnessed growth in both value and deal count, fetching US$14.8bn across 15 deals from January to April 2018, which represents a 2.5X increase on value versus the US$5.8bn (13 deals) recorded in this period last year.

Japan’s YTD outbound decrease was largely attributed to dealmakers’ declining investments into the US. Though the US remained the most targeted outbound country by both value (US$11.5bn) and deal count (21 deals), each slumped 32.6% by value and 20 fewer deals compared to the first four months of 2017 (US$17.1bn, 41 deals).

Fueled largely by the aforementioned Itochu-FamilyMart deal, Japan M&A targeting the Consumer sector saw six deals worth US$3.5bn, representing a more than 10X increase versus the US$0.3bn (over eight deals) recorded in April 2017. The sector earned 72.3% of market share over the past month and led all sectors in both value and deal count. Industrials & Chemicals remained the most targeted sector by volume from January to April 2018, but it slumped 29.9% on value to US$2.4bn (33 deals) when compared to the first four months of 2017 (US$3.4bn, 46 deals).

While the Real Estate sector witnessed only two deals over the past month, the sector placed second overall by value, thanks in large part to the second-largest deal of the month. In late April, Japanese real estate firms Tokyo Century and Nippon Tochi-Tatemono purchased a 75% stake in Kobe Steel’s real estate unit, Shinko Real Estate, for US$681m. Going forward, Tokyo Century and Nippon

Tochi-Tatemono will hold 20% and 5% stakes respectively in the property development and real estate services firm while Kobe Steel will retain a 25% stake.

Private equity activity witnessed a gloomy April in Japan. Only two buyouts were recorded last month, worth US$87.5m, an 88.3% decrease by value compared to the same month last year (US$749.8m, four deals). Exits were similarly deflated with only three being recorded for US$145m, marking a 63.1% decline compared to April 2017’s US$391.7m (five deals).

Japan

Jasmine Wu





Top Legal Advisor

Pillsbury Winthrop Shaw Pittman

ranked first with 2 deals worth US$59bn, compared to 1 deal worth US$18m in April 2017.


Sumitomo Mitsui Financial Group

ranked first with 4 deals worth US$62.4bn, compared to 7 deals worth US$3bn in April 2017.



Top Sector

Consumersaw 6 deals valued at US$3.5bn, up 1,072.3%

by value with 2 fewer deals compared to 8 deals worth US$302.5m in April 2017.



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US$5.3

US$10.4

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$9.4

US$21.6

US$17.1

US$15.2

US$9.1

US$4.9

US$18.8

US$35.3

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US$4

US$4.7 US$

3.7 US$2.6 US$

2.1

US$6.5

US$4.2

US$11.4

US$16.1

US$7.7

US$943m

US$641m

Q1 value

Q2 value

Q3 value

Q4 value

Buyout volume

Exit volume

Volume Buyout value

Exit value

Japan Private Equity trendJapan M&A trend

mergermarket.com



mergermarket.com

Regional Trends

Consumer Value: US$3.5bn Number of deals: 6 Market share: 72.3%

Industrials & Chemicals Value: US$177m Number of deals: 4 Market share: 3.6%

Real Estate Value: US$681m Number of deals: 2 Market share: 13.9%

Technology Value: US$134m Number of deals: 5 Market share: 2.7%

Energy, Mining & Utilities Value: US$213m Number of deals: 1 Market share: 4.3%Outbound

US$2.9bn -78.1%

InboundUS$88m

-90%





mergermarket.com

Top deals


Announcement date


3,435 19-Apr-18 FamilyMart UNY Holdings Co Ltd (8.65% stake) Itochu Corporation Consumer FA: Sumitomo Mitsui Financial GroupLA: Mori Hamada & Matsumoto

FA: Nomura HoldingsLA: Nishimura & Asahi

681 27-Apr-18 Shinko Real Estate Co Ltd (75% stake) Tokyo Century Corporation; and Nippon Tochi-Tatemono Co Ltd

Real Estate FA: Mizuho Financial GroupLA:

FA: -LA: -

213 19-Apr-18 Haseko Anesis Corporation (Bulk power receiving business for condominiums)

The Kansai Electric Power Co Inc Energy, Mining & Utilities FA: -LA: -

FA: -LA: -

133 27-Apr-18 TTK Co Ltd (98.13% stake) Mirait Holdings Corporation Construction FA: Nomura HoldingsLA: TMI Associates

FA: Mizuho Financial GroupLA: Anderson Mori & Tomotsune; and Shibata, Suzuki & Nakada

130 17-Apr-18 Asahi Tec Corporation Topy Industries Limited Industrials & Chemicals FA: Nomura HoldingsLA:

FA: Mizuho Financial GroupLA: Nishimura & Asahi

97 24-Apr-18 Avon Products Company Limited Ginza Stefany Inc Consumer FA: -LA: -

FA: Nomura HoldingsLA: -

88 13-Apr-18 Nhosa Corporation CLSA Capital Partners Technology FA: -LA: -

FA: -LA: -

33 6-Apr-18 Coincheck Inc Monex Group Inc Technology FA: -LA: -

FA: -LA: -

24 2-Apr-18 Santoku Corporation (69.4% stake) Hitachi Metals Ltd Industrials & Chemicals FA: -LA: -

FA: -LA: -

23 16-Apr-18 Toshiba Security Guard Corporation (80.1% stake)

Secom Co Ltd Industrials & Chemicals FA: -LA: -

FA: Sumitomo Mitsui Financial GroupLA: -



Top 13 Legal Advisors - VolumeTop 12 Legal Advisors - Value

mergermarket.com

League tables





1 1 Nomura Holdings 3,795 6 13 -7

2 2 Sumitomo Mitsui Financial Group 62,403 4 7 -3

3 3 Mizuho Financial Group 59,889 4 5 -1

4 - Frontier Management 83 2 - -

5= - Centerview Partners 58,945 1 - -

5= 13 Deutsche Bank 58,945 1 1 0

5= - Evercore 58,945 1 - -

5= 21 Goldman Sachs & Co 58,945 1 1 0

5= 8 JPMorgan 58,945 1 2 -1

5= 20 Morgan Stanley 58,945 1 1 0

5= - PJT Partners 58,945 1 - -

5= - Raine Group 58,945 1 - -




% Value change

1 4 Sumitomo Mitsui Financial Group 62,403 4 2,971 2,000.4%

2 11 Mizuho Financial Group 59,889 4 606 9,782.7%

3= - Centerview Partners 58,945 1 - -

3= 5 Deutsche Bank 58,945 1 1,245 4,634.5%

3= - Evercore 58,945 1 - -

3= 20 Goldman Sachs & Co 58,945 1 135 43,563.0%

3= 2 JPMorgan 58,945 1 4,356 1,253.2%

3= 16 Morgan Stanley 58,945 1 228 25,753.1%

3= - PJT Partners 58,945 1 - -

3= - Raine Group 58,945 1 - -




% Value change

1 55 Pillsbury Winthrop Shaw Pittman 59,038 2 18 327,888.9%

2= - Cravath, Swaine & Moore 58,945 1 - -

2= - Fried Frank Harris Shriver & Jacobson 58,945 1 - -

2= 57 Goodwin Procter 58,945 1 17 346,635.3%

2= 14 Latham & Watkins 58,945 1 1,245 4,634.5%

2= 2 Morrison & Foerster 58,945 1 6,436 815.9%

2= - Potter Anderson & Corroon 58,945 1 - -

2= 52 Sidley Austin 58,945 1 37 159,210.8%

2= 6 Simpson Thacher & Bartlett 58,945 1 4,046 1,356.9%

2= 1 Skadden Arps Slate Meagher & Flom 58,945 1 6,680 782.4%

2= - Wachtell, Lipton, Rosen & Katz 58,945 1 - -

2= 53 Weil Gotshal & Manges 58,945 1 37 159,210.8%




1 56 Pillsbury Winthrop Shaw Pittman 59,038 2 1 1

2 2 Nishimura & Asahi 3,565 2 6 -4

3= - Cravath, Swaine & Moore 58,945 1 - -

3= - Fried Frank Harris Shriver & Jacobson 58,945 1 - -

3= 58 Goodwin Procter 58,945 1 1 0

3= 22 Latham & Watkins 58,945 1 1 0

3= 4 Morrison & Foerster 58,945 1 4 -3

3= - Potter Anderson & Corroon 58,945 1 - -

3= 53 Sidley Austin 58,945 1 1 0

3= 14 Simpson Thacher & Bartlett 58,945 1 2 -1

3= 12 Skadden Arps Slate Meagher & Flom 58,945 1 2 -1

3= - Wachtell, Lipton, Rosen & Katz 58,945 1 - -

3= 54 Weil Gotshal & Manges 58,945 1 1 0



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Contacts

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About Merrill Corporation

Mergermarket Monthly M&A Insider 55May 2018


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Criteria Contacts

Advertising OpportunitiesErik 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 the dominant 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 April 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.

GlobalNick Cheek and Aram Hovsepian

US & CanadaEzekiel Pfeifer and Philip Segal

Central & South AmericaNick Cheek and Elizabeth Lim

EuropeFrederik Lyng Pedersen

Middle East & AfricaMohamed Rais

Asia-Pacific (excluding Japan) Jasmine Wu

JapanJasmine Wu

Head of Research Giovanni Amodeo

AmericasLana Vilner

Asia-PacificGerry Tee

EMEAKathleen Van Aerden



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Documents

Datasite formerly Merrill Corporation - An Acuris Company ......An Acuris report on global M&A activity Contents Global Overview 4 US & Canada 12 Central & South America 19 Europe