Global and regional M&A: H1 2017 · 5 Europe u European M&A in H1 has mirrored the global trend, with this year’s value up 30.1% to US$ 481.9bn (3,091 deals), despite 641 fewer

Global and regional M&A: H1 2017Including league tables of financial advisors

Africa & Middle East

Japan

Asia-Pacific

US

Europe

Global

M&A League tables

Criteria

C & S America

PE league tables

2

Regional M&A comparison

Inbound $213bn 27.4%Outbound $199.7bn 101.5%

$141.6bn 5.3x

US$602.6bn, 2.4% vs. H1 2016

Inbound $32bn 36%Outbound $33.9bn 258.2%Industrials & Chemicals

$19.5bn 48x

Africa & Middle East$38.4bn, 12.7% vs. H1 2016

Industrials& Chemicals

Inbound $5.6bn 57.9%Outbound $33bn 95.2%

$4bn 58.5%

Japan$14.4bn, -53.5% vs. H1 2016

Inbound $38bn 5.7%Outbound $55.7bn 58.1%Energy,Mining &Utilities

$45bn 89.7%

Asia-Pacific$272.9bn, -7% vs. H1 2016

(excl. Japan)

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

Inbound $211.1bn 14.4%Outbound $150.7bn 99.8%Industrials &Chemicals

$87.7bn -19.2%

Europe$481.9bn, 30.1% vs. H1 2016

Cross-border $703.8bn 27.8%

Energy,Mining & Utilities

$267.9bn 51.9%

Global M&A$1.492tn, 8.4% vs. H1 2016

Consumer

Inbound $12.7bn -17.3%Outbound $5.1bn -34%Consumer $6.3bn 124.8%

C & S America$25.2bn, -3.6% vs. H1 2016

Below is a breakdown of each region’s cross-border activity, together with the top sector

$656.4bn

46.6%

1.9%

$25.2bn

$481.9bn 32.3%

$38.4bn 2.6%

44%

1.7%

18.3%

1%$14.4bn

$272.9bn

Global and regional M&A: H1 2017 www.mergermarket.com

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Global


u Global M&A in the first half of 2017 has seen a 8.4% increase by value despite 1,117 fewer deals on the same period last year. H1 2017 recorded US$ 1.49tn across 8,052 deals, compared to US$ 1.38tn with 9,169 deals. Companies have been looking at ‘future-proofing’ in the wake of rapid changes to technology and politics to keep ahead of rivals. There have been 17 megadeals (> US$ 10bn) announced since the beginning of the year, versus 14 such deals in H1 2016.

u As faith in the market continues to grow, European M&A has surged ahead, securing a 32.3% share of the global value. Both the US (US$ 602.6bn, 2,446 deals) and Asia Pacific (exc. Japan) (US$ 272.9bn, 1,585 deals) saw there share drop to 40.4% and 18.3% from 42.8% and 21.3% respectively. Following political uncertainty across the continent earlier in the year, European activity rose by 28.7% in Q2 to US$ 271.2bn (1,450 deals) compared to Q1 2017 (US$ 210.7bn, 1,641 deals). With 3,091 announcements in H1 2017, dealmakers generated a substantial US$ 481.9bn-worth of deals in Europe representing a 30.1% increase on the same point in 2016 (US$ 370.5bn 3,732 deals).

u As companies look to pursue their strategies of restructuring, increase efficiency and upgrade technology, the Energy, Mining & Utilities sector has been the most targeted industry globally by value with US$ 267.9bn across 662 deals. This represents a 51.9% growth over the equivalent period in 2016, which saw US$ 176.3bn (723 deals). An increase in larger deals, with 55 transactions above US$ 1bn announced in 2017 compared to 31 in H1 2016, formed the main reason for such lift, partially fuelled by some stabilisation of the oil prices.

u With an abundance of ‘dry powder’ at hand, private equity has had a stellar year. Buyouts are up 26.7% by value to US$ 240bn (1,420 deals) on this time last year and exits up 19.4% to US$ 253.5bn (1,106 deals), following announcements such as LogiCor (US$ 13.8bn) and Pharmaceutical Product Development (US$ 9bn). The second quarter has been particularly strong with the highest quarterly buyout value (US$ 153.3bn) since Q2 2007 (US$ 362.9bn) and the highest exit value (US$ 166.1bn) on Mergermarket record (since 2001).

Regional Breakdown

H1 2017: $1.492tn

H1 2017vs.H1 2016

Q2 2017vs.Q1 2017

Number of megadeals (> US$ 10bn)

US Q2$290.6bn(1,130 deals)

APac (exc. Japan) Q2$134.8bn(771 deals)

Industrials & Chemicals H1$210bn(1,542 deals)

EMU H1 $267.9bn(662 deals)

Worth US$ 375.2bn. Three more than in H1 2016

Most active sectors

Up in value; quarterly deal count (3,788) drops below 4,000 for the first time since Q3 2013 (3,713)

Europe Q2$271.2bn(1,450 deals)

Highest H1 figure (US$ 481.9bn) in Europe since 2014

Lowest Q2 value in the US since 2013 (US$ 176bn)

Lowest quarterly value since Q1 2014 (US$ 114bn)

Consumer H1 $253.1bn(894 deals)

15.8%

vs. Q1‘17

28.7%

17

0.9%

38% decrease compared to H2 2016 (US$ 432.3bn, 831 deals)

Lowest quarterly value since Q1 2016 (US$ 622.9bn)

vs. H1‘16

vs. H1‘16

162.7%As a result of six megadeals (> US$ 10bn) this year

Lowest half-year value since H1 2015 (US$ 161bn)

8.4%

2.3%vs. Q1‘17

6.9%vs. Q1‘17

vs. H1‘16

51.9%

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EMU Consumer OtherBusinessServices

TechIndustrials & Chemicals

PMB FinancialServices

Sector Breakdown H1 2017 vs H1 2016

Value of deals (US$ bn)

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Quarterly M&A activity

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Global


League table by valueRank Company name H1 2017 H1 2016 Regional ranking comparison

H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change Europe US

Asia-Pacific Japan

Africa & Middle

East

1 1 Goldman Sachs & Co 449,448 148 417,465 7.7% 1 1 3 3 1

2 2 Morgan Stanley 296,754 128 309,844 -4.2% 5 2 1 2 4

3 4 Bank of America Merrill Lynch 283,848 93 202,415 40.2% 2 3 4 8 8

4 5 Citi 277,485 102 186,999 48.4% 3 5 6 14 2

5 3 JPMorgan 264,069 150 212,372 24.3% 6 4 18 1 6

6 7 Credit Suisse 197,178 91 161,088 22.4% 7 6 20 11 13

7 11 Lazard 190,565 114 114,239 66.8% 4 7 26 7 10

8 10 UBS Investment Bank 156,373 67 122,777 27.4% 8 9 2 22 9

9 8 Deutsche Bank 155,965 58 137,361 13.5% 9 8 17 15 26

10 13 Rothschild 124,031 134 84,716 46.4% 10 17 8 55 3

11 6 Barclays 120,130 67 168,001 -28.5% 25 10 31 - 30

12 22 Centerview Partners 101,098 22 39,973 152.9% 12 11 43 - 7

13 63 Perella Weinberg Partners 85,611 17 8,187 945.7% 14 12 - - 28

14 9 Evercore Partners 82,357 79 134,039 -38.6% - 13 254 5 45

15 34 Macquarie Group 72,952 37 20,733 251.9% 13 14 7 - 17=

16 55 Mediobanca 68,239 15 9,958 585.3% 11 370 - - -

17 14 RBC Capital Markets 60,870 63 76,273 -20.2% 30 15 21 - 19=

18 35 Moelis & Company 44,115 45 19,691 124.0% 21 16 84 23 43

19 15 HSBC 42,916 25 72,142 -40.5% 15 21 89 - 11

20 17 ALANTRA 35,875 33 50,576 -29.1% 16 18 223 42 -

Sector key

Industrials & Chemicals Pharma, Medical, Biotech Consumer Construction

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

60.6 17-Jan British American Tobacco PlcUnited

KingdomReynolds American Inc

(57.83% Stake) USA

45.5 01-Jun Praxair Inc USA Linde AG Germany

33.2 15-May Atlantia SpA Italy Abertis Infraestructuras SA Spain

29.6 26-Jan Johnson & Johnson USA Actelion Pharmaceuticals Ltd Switzerland

25.4 16-Jan Essilor International SA France Luxottica Group SpA Italy

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Europe

u European M&A in H1 has mirrored the global trend, with this year’s value up 30.1% to US$ 481.9bn (3,091 deals), despite 641 fewer deals compared to the same period last year when 3,732 deals worth US$ 370.5bn were announced. Confidence appears to be growing in the European market following the elections in France and the Netherlands, where populist candidates were beaten. The second quarter of the year has been particularly active, with Q2’s value (US$ 271.2bn) 28.7% higher than in Q1 (US$ 210.7bn). The region now represents 32.3% of global M&A value, which stands at US$ 1.49tn, up from a 26.9% share at this point in 2016.

u The ‘fewer but larger deals’ trend seen in 2017 – particularly in Q2 – has been one of the main causes of the value increase. Europe has received seven megadeals (> US$ 10bn) year-to-date, including four deals above US$ 20bn. This compares to just four megadeals in the first half of 2016, which included the US$ 45.9bn takeover of Syngenta by ChemChina. Four of the top five deals globally in 2017 targeted Europe, two of which were announced in Q2.

u Inbound investment has been a key driver of activity in H1 with 593 deals worth US$ 211.1bn announced so far this year – the highest year-to-date value on Mergermarket record (since 2001) and 43.8% of total European M&A. Activity from outside Europe has grown 14.4% by value with 34 deals valued at over US$ 1bn each. Following the introduction of regulations on capital flight, Chinese investment into Europe has fallen to US$ 25.6bn (59 deals), a 65.7% drop in value compared to the same period last year (86 deals, US$ 74.8bn). With 342 deals worth US$ 146bn, the US has been the most active investor, accounting for a 69.2% of inbound activity by value.

u Industrials & Chemicals once again led the way in Europe as it became the most targeted sector by both value and deal count. However, despite the tie-up between Praxair and Linde (US$ 45.5bn), the largest European deal across all sectors in 2017, the industry stands 19.2% behind last year’s value of US$ 108.6bn. With 648 deals worth US$ 87.7bn announced in H1 2017, the sector represents 18.2% of the region’s total value.


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PMB FinancialServices

Sector Breakdown H1 2017 vs H1 2016Value of deals (US$ bn)

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Q4

Q3

Q2

Q1

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2007


Sectors

H1 2017: $481.9bn

Following the takeovers of Linde (US$ 45.5bn) and Abertis (US$ 33.2bn)

H1 2017vs.H1 2016

Q2 2017vs.Q1 2017

Average deal size

From USA$146bn(342 deals)

From China$25.6bn (59 deals)

Overall$211.1bn (593 deals)

Consumer$80.5bn(397 deals)

EMU$53.3bn(176 deals)

As a result of 17 deals worth over US$ 1bn in the sector

Highest European average deal value on Mergermarket record (since 2001)

European Inbound Activity

Due to seven megadeals (> US$ 10bn) compared to four in H1 2016

60.8%

Highest year-to-date figure on Mergermarket record, eclipsing 2008’s US$ 199.2bn

Highest H1 deal value since 2008 (US$ 152.2bn)

19.2%

$453m

65.7%

97.3%

vs. H1 ‘16

vs. H1 ‘16

vs. H1 ‘16

vs. H1 ‘16

Industrials & Chemicals$87.7bn(648 deals)

3.6xvs. H1 ‘16

14.4%vs. H1 ‘16

28.7%vs. Q1 ‘16

30.1%vs. H1 ‘16

The second highest year-to-date value and deal count on record

Following three megadeals in 2017

Third highest YTD value behind 2006 (US$ 109.5bn) and 2016 (US$ 108.6bn)

6

Europe


Sector key

Chemicals Pharma, Medical, Biotech Construction Consumer

League table by valueRank Company name H1 2017 H1 2016

H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Goldman Sachs & Co 284,443 62 177,177 60.5%

2 7 Bank of America Merrill Lynch 207,970 42 80,122 159.6%

3 3 Citi 175,178 46 97,401 79.9%

4 8 Lazard 158,203 71 78,355 101.9%

5 2 Morgan Stanley 156,688 57 159,009 -1.5%

6 6 JPMorgan 149,603 70 82,358 81.6%

7 4 Credit Suisse 142,212 40 91,367 55.6%

8 10 UBS Investment Bank 124,439 33 72,880 70.7%

9 5 Deutsche Bank 118,851 31 87,092 36.5%

10 9 Rothschild 93,736 111 74,997 25.0%

11 31 Mediobanca 68,239 15 9,958 585.3%

12 19 Centerview Partners 62,423 5 26,099 139.2%

13 57 Macquarie Group 52,910 14 3,995 1224%

14 36 Perella Weinberg Partners 51,784 5 7,909 554.7%

15 12 HSBC 38,612 19 62,089 -37.8%

16 14 ALANTRA 35,815 26 50,480 -29.1%

17 184 AZ Capital 34,470 4 267 12810%

18 20 BNP Paribas 32,073 31 24,335 31.8%

19 22 Credit Agricole 31,230 20 13,807 126.2%

20 40 Robey Warshaw 30,503 2 6,977 337.2%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

45.5 01-Jun Praxair Inc USA Linde AG Germany

33.2 15-May Atlantia SpA Italy Abertis Infraestructuras SA Spain

29.6 26-Jan Johnson & Johnson USA Actelion Pharmaceuticals Ltd Switzerland

25.4 16-Jan Essilor International SA France Luxottica Group SpA Italy

19.3 23-Feb Svenska Cellulosa Aktie-bolaget SCA (Shareholders) Sweden Essity Aktiebolag (publ) SwedenSvenska Cellulosa Aktie-

bolaget SCA

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Sector Breakdown H1 2017 vs H1 2016Value of deals (US$ bn)

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Q3

Q2

Q1

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2007


Top sectors

Cross-border activity

H1 2017: $602.6bn

H1 2017vs.H1 2016

Amazon/Whole FoodsUS$ 13.5bn

Highest H1 inbound value on record

US inbound from the UKUS$ 91.1bn(73 deals)

US inboundUS$ 213bn(468 deals)

ConsumerUS$ 141.6bn(225 deals)

EMUUS$ 119.6bn(192 deals)

PMBUS$ 98.8bn(244 deals)

Highest half-year value on record

Highest H1 value after 2011 (US$ 133.6bn, 152 deals)

23.8% above 10-year average H1 value (US$ 486.6bn)

Largest grocery deal in the past decade

Lowest H1 value since 2013 (US$ 52.5bn, 181 deals)

On par with 10-year average H1 share (38.8%)

Share in H1 Global M&A

EBITDAmultiple

9.9x

US inbound from ChinaUS$ 6.3bn(34 deals)

Second-lowest H1 value since 2011 (US$ 1.1bn, nine deals)

Highest half-year value since H1 1999 (US$ 122.5bn, 53 deals)

vs. H1 ‘16

27.4%

vs. H1 ‘16

18.3x

40.4%

vs. H1 ‘16

80.2%

vs. H1 ‘16

427.1%

vs. H1 ‘16

29%

vs. H1 ‘16

15%

2.4%

u Structural changes around the globe have begun to break down and reshape not only traditional political identities but also long-standing industries, brought on by the ever-growing prevalence of technology in our daily lives. Despite geopolitical uncertainty, the US economy has remained strong, with low inflation, a steady jobs rate, and two interest rate raises in H1 2017. US M&A in the first half of the year reached US$ 602.6bn with 2,446 deals, an uptick in value of 2.4% from H1 2016 (US$ 588.5bn, 2,677 deals) and fall in deal count of 231. With more activity expected in the pipeline, what has given dealmakers pause is the increasing unpredictability of the administration’s policy agenda as well as its political future.

u The top deal of Q2 was Becton, Dickinson and Company’s US$ 23.6bn bid for C.R. Bard, which drove up Pharma, Medical & Biotech (PMB) value by 31.4%. This was not enough, however, for PMB to regain its H1 2016 crown as top sector, which this year went to Consumer. The latter reached a record US$ 141.6bn, up 427.1% in value over the same period last year. In the spotlight was Amazon’s US$ 13.5bn June bid for Whole Foods. Though not the largest deal in the sector by far, it is widely expected to have massive implications for Retail, blurring the lines between Consumer and Technology.

u By deal count it was Technology which finished H1 2017 with the most deals – 447 worth US$ 43.5bn. Of total deal count, Software was responsible for 74.5% of Technology's overall activity, whilst accounting for 61.6% of the sector's total value, with deals spanning the cloud computing, cybersecurity, fintech, and autonomous vehicle spaces. With its burgeoning imprint on such long-standing sectors as Financial Services, Industrials, and Medical, the number of Tech deals is only expected to increase.

u Geopolitical concerns also had an effect on cross-border activity. With Brexit negotiations underway, UK bids for US companies reached US$ 91.1bn, their largest half-year values on Mergermarket record since H1 1999 (US$ 122.5bn, 53 deals) and 18.3x the total value in H1 2016 (US$ 5bn, 72 deals). In fact, the UK’s inbound M&A investment accounted for 42.8% of all US inbound activity for H1, which in turn also hit a record high of US$ 213bn, representing an increase of 27.4% in value over H1 2016 (US$ 167.2bn, 486 deals).

8

US


Sector key

Consumer Pharma, Medical & Biotech Energy, Mining & Utilities


H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Goldman Sachs & Co 352,350 106 288,981 21.9%

2 2 Morgan Stanley 229,953 86 175,035 31.4%


4 7 JPMorgan 205,373 97 127,166 61.5%

5 5 Citi 188,445 74 138,502 36.1%

6 10 Credit Suisse 140,296 58 63,043 122.5%

7 9 Lazard 130,167 54 66,141 96.8%

8 8 Deutsche Bank 117,746 34 102,379 15.0%


10 3 Barclays 106,737 55 149,310 -28.5%

11 14 Centerview Partners 101,098 22 39,973 152.9%

12 33 Perella Weinberg Partners 85,357 15 7,847 987.8%

13 6 Evercore Partners 78,619 70 130,367 -39.7%

14 42 Macquarie Group 54,110 18 4,723 1045%

15 11 RBC Capital Markets 47,184 45 62,267 -24.2%

16 21 Moelis & Company 40,069 34 17,794 125.2%

17 18 Rothschild 35,844 46 28,113 27.5%

18 275 ALANTRA 33,330 9 26 128092%

19 16 Jefferies 31,744 54 31,980 -0.7%

20 27 PJT Partners 26,768 17 12,101 121.2%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

60.6 17-Jan British American Tobacco Plc UnitedKingdomReynolds American Inc

(57.83% Stake)

23.6 23-Apr Becton Dickinson andCompany USA CR Bard Inc

17.8 10-Feb Reckitt Benckiser Group Plc UnitedKingdom Mead Johnson & Company

17.1 01-Feb ONEOK Inc USA ONEOK Partners LP(60% Stake)

13.5 16-Jun Amazon.com Inc USA Whole Foods Market Inc

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Central & South America


u Central and South America's dealmaking activity fell 3.6% in value in H1 2017 to US$ 25.2bn with 256 deals compared to H1 2016 (US$ 26.1bn, 260 deals), with this year marking its second-lowest H1 value since 2005 (US$ 17.7bn, 137 deals). Total deal value was also 47.9% below the 10-year average of US$ 48.3bn. Riddled with persistent corruption scandals and political unrest, the region has been struggling to recover from the economic downturn caused by a fall in oil prices several years ago.

u The top deal in the second quarter was Brazil’s Itau Unibanco’s US$ 2bn acquisition of a 49.9% stake in domestic Financial Services company XP Investimentos CCTVM in May. The seventh-largest deal overall in the sector over the last five years, the transaction is an exit for one US private equity firm and two based in Brazil. XP is one of the largest firms in Brazil, with offices across the country and around the globe, and has also filed an IPO which is expected to take place later this year. Its relative success and growing global presence is one of the few bright spots emerging from the region despite domestic troubles.

u Brazil was the main driver for M&A activity in the region, finishing H1 2017 with US$ 13.8bn and 134 deals, a rise in value of 20.2% over H1 2016 (US$ 11.5bn. 118 deals) though a 66.7% fall in value from H2 2016 (US$ 41.4bn, 163 deals) before corruption allegations had engulfed President Michel Temer. Mexico, the region’s second-most dominant economy, continued to make an incremental comeback in the first half of the year with US$ 5.1bn and 29 deals, up 25.6% from H2 2016 (US$ 4.1bn, 49 deals) and up 106.6% from H1 2016 (US$ 2.5bn, 43 deals), which in turn had seen a 75.6% fall in value from H1 2015 (US$ 10.1bn, 45 deals).

u Inbound M&A fell 17.3% in H1 2017 by value to US$ 12.7bn with 135 deals, the second-lowest for a first half year since 2009 (US$ 6bn, 78 deals). However, this year has seen some multinationals divesting regional operations, partly due to political and economic instability. Japan's Kirin sold its Brazil business to Dutch giant Heineken for US$ 1.1bn, with the latter planning to consolidate with its existing Brazilian operations. Germany's ThyssenKrupp also offloaded its Brazilian subsidiary to Argentinian steel products firm Ternium for US$ 1.6bn. With Central and South America's ongoing woes, more divestments could be on the way.


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Top sectors

Top countries

H1 2017: $25.2bn

H1 2017vs.H1 2016

Second-lowest H1 value in half a decade after 2016 (US$ 2.5bn)

BrazilUS$ 13.8bn(134 deals)

MexicoUS$ 5.1bn(29 deals)

ArgentinaUS$ 1.9bn(21deals)

ConsumerUS$ 6.3bn(40 deals)

EMUUS$ 5.4bn(47 deals)

Industrials & ChemicalsUS$ 3.2bn(39 deals)

First H1 as top sector since H1 2013 (US$ 10.9bn, 51 deals)

Second-lowest H1 since 2005 (US$ 2.6bn, 19 deals)

Third-lowest H1 value since 2005 (US$ 3.2bn)

H1 2017 value is 47.9% below the 10-year average (US$ 48.3bn)

6.1% above five-year H1 average (US$ 3bn)

Third-highest H1 value in half a decade

Second-lowest Q2 value since 2005 (US$ 10bn, 74 deals)

Q2 2017vs.Q2 2016

vs. H1 ‘16

20.2%

1.7%Share in Global M&A

Second-lowest H1 share in half a decade after 2015 (1.3%)

vs. H1 ‘16

106.6%

vs. H1 ‘16

15.8%

vs. H1 ‘16

124.8%

3.6%

vs. H1 ‘16

49.7%

vs. H1 ‘16

18.1%

5.6%

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Central & South America


Sector key

Consumer Financial Services Industrials Construction


H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 3 Morgan Stanley 3,888 7 5,187 -25.0%

2 10 Banco BTG Pactual 3,538 9 2,575 37.4%

3 1 Credit Suisse 3,535 5 12,010 -70.6%

4 7 Citi 3,533 4 3,121 13.2%

5 21 JPMorgan 2,810 4 1,014 177.1%

6 9 Banco Itau BBA 2,714 12 2,780 -2.4%

7 12 Barclays 2,330 2 1,783 30.7%

8 4 Banco Bilbao Vizcaya Argentaria 2,316 5 4,689 -50.6%

9 11 Lazard 2,265 11 1,923 17.8%

10 15 Goldman Sachs & Co 2,186 4 1,700 28.6%

11 8 UBS Investment Bank 1,663 3 2,822 -41.1%

12 6 Rothschild 1,395 3 3,672 -62.0%

13 5 Banco Bradesco BBI 1,161 10 4,318 -73.1%

14 61 Bank of America Merrill Lynch 1,033 3 - -

15= - CIBC World Markets 960 1 - -

15= - CITIC Securities 960 1 - -

17 - Cowen Group 775 1 - -

18 - Rabobank 640 3 - -

19 - Scotiabank 610 2 - -

20 2 Santander Global Corporate Banking 591 2 7,682 -92.3%

Top dealsDeal

value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

2,700 08-Feb AC Bebidas S de RL de CV Mexico

Arca Continental SAB de CV (Beverage businesses in Mexico,

Argentina, Peru, Ecuador); and Coca-Cola Southwest

Beverages LLC

MexicoArca Continental SAB de CV; and Coca-Cola Refreshments

USA Inc

1,982 11-May Itaú Unibanco Holding SA Brazil XP Investimentos CCTVM SA (49.9% Stake) Brazil

General Atlantic LLC; Dyna III Fundo de Investimento em Participacoes; and XP Controle Participacoes SA

1,648 21-Feb Ternium SA Argentina Thyssenkrupp Companhia Sid-erurgica do Atlantico Ltda Brazil ThyssenKrupp AG

1,089 13-Feb Heineken NV Netherlands Brasil Kirin Holdings SA Brazil Kirin Holdings Company Limited

1,085 14-Jun Magenta Infraestructura SL Spain OHL Mexico SAB de CV (41.99% Stake) Mexico

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Asia-Pacific(excl. Japan)



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Chinese Activity

H1 2017: $272.9bn

H1 2017vs.H1 2016

Share of global deal value

Number of deals over US$ 1bn

Industrials & Chemicals$41.9bn(328 deals)Technology$34.2bn(217 deals)

Down from 21.3% in H1 2016, and lowest YTD share since 2013 (17.5%)

In comparison to 59 in H1 2016

7%

Sector Breakdown

Lowest half-year value since H2 2013 (US$ 233.2bn)

EMU$45bn(136 deals)

Down from 59.9% in the first half of 2016

China$134bn(675 deals)

Real Estate$26.1bn(33 deals)

Lowest half-year value since H1 2014 (US$ 125.7bn)

As a result of six deals worth over US$ 1bn

Driven by three of the largest five deals in the region in 2017

Despite 42 fewer deals compared to H1 2016 (370 deals, US$ 39.7bn)

Lowest half-year since H2 2014 (US$ 22.5bn, 211 deals)

18.3%

% of Asia Pacific activity by value

47

vs. H1 ‘1651.1%

89.7%vs. H1 ‘16

35.3%vs. H1 ‘16

49.1%

23.8%vs. H1 ‘16

5.6%vs. H1 ‘16

u Asia-Pacific (ex. Japan) recorded 1,585 deals valued at US$ 272.9bn in the first half of 2017. This represents a 7% decrease by deal value compared to the same period last year (US$ 293.5bn, 1,724 deals). China, which accounted for 49.1% of Asian deals, experienced a drop of 23.8% by value with only US$ 134bn across 675 deals announced, contrasting with H1 2016’s US$ 175.9bn-worth of deals (774 transactions) when the country contributed a 59.9% share of the region’s M&A.

u The Energy, Mining & Utilities (EMU) sector, representing 16.5% market share by value in H1 2017, was the most active sector in the region with US$ 45bn-worth of deals across 136 transactions. Australia outperformed all other countries in Asia by value with over 50.4% of EMU dealmaking in the region, totalling 31 transactions worth US$ 22.6bn. Three of the top five EMU deals in Asia featured Australian targets, including the acquisition of a 50.4% stake in Endeavour Energy for US$ 5.6bn in May.

u In comparison to H1 2016, Asia-Pacific’s outbound deal value decreased by 58.1% to only US$ 55.7bn across 268 deals. Tightened outbound M&A control imposed by Chinese regulators have dampened the deal flow from China (112 deals, US$ 35.5bn), with a significant impact on large ticket deals. The country alone saw 27 fewer deals into Europe in the first half of 2017, with deal value dropping by 65.7% to US$ 25.6bn across 59 deals, contrasting H1 2016’s record US$ 74.8bn across 86 deals, when the US$ 45.9bn ChemChina - Syngenta deal was announced.

u With regulations restricting capital outflow, China has seen a shift back towards domestic activity with deals between Chinese bidders and targets comprising eight of the top 20 deals in the region. The largest of these saw a consortium of 11 investors acquire a 14.74% stake in Hengda Real Estate Group for US$ 5.8bn, the fourth biggest deal in Asia Pacific so far this year. Domestic deals accounted for 69% of Chinese dealmaking, compared to 56.3% in the first half of 2016.

12

Asia-Pacific(excl. Japan)


Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

12.7 03-Mar Idea Cellular Limited India Vodafone India Limited India Vodafone Group Plc

9.8 16-Jan Consortium led by Cheung Kong Property Hong Kong Duet Group Australia

7.0 28-Feb Saudi Arabian Oil Co Saudi ArabiaRefinery & Petrochemical Integrated Development

(RAPID) project (50% Stake)Malaysia Petroliam Nasional Berhad

5.8 01-JunInvestor group led by Maan-

shan Maowen Technology Industrial Park Co Ltd

China Hengda Real Estate Group Co Ltd (14.74% Stake) China

5.6 11-MayInvestor group led by

Macquarie Infrastructure and Real Assets

Australia Endeavour Energy (50.4% Stake) AustraliaGovernment of New

South Wales

Sector key

Energy, Mining & Utilities TMT Real Estate


H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 2 Morgan Stanley 59,417 24 99,411 -40.2%

2 5 UBS Investment Bank 43,903 19 78,850 -44.3%

3 1 Goldman Sachs & Co 42,057 31 102,947 -59.1%


5 15 CITIC Securities 23,822 21 21,159 12.6%

6 12 Citi 21,959 16 36,278 -39.5%

7 18 Macquarie Group 21,006 19 14,199 47.9%

8 25 Rothschild 19,178 15 9,708 97.5%

9 3 China International Capital Corporation 17,062 17 92,266 -81.5%

10 47 Somerley Capital 16,785 14 4,444 277.7%

11 110 The Anglo Chinese Group 15,336 5 668 2195.8%

12= 71 PJT Partners 13,765 1 1,915 618.8%

12= 128 Wells Fargo Securities 13,765 1 424 3146.5%

14 90 Axis Capital 12,990 6 1,081 1101.7%

15 - Kotak Investment Banking 12,903 3 - -

16 - Robey Warshaw 12,668 1 - -

17 23 Deutsche Bank 11,812 9 11,378 3.8%

18 6 JPMorgan 11,444 21 70,661 -83.8%

19 72 KPMG 10,901 29 1,840 492.4%

20 4 Credit Suisse 10,731 20 84,024 -87.2%

13

Japan



0 20 40 60 80 100

Q4

Q3

Q2

Q1

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2007


Valu

e of

dea

ls (U

S$ b

n)

0

2

4

6

8

10

Leisure Consumer OtherConstructionTechIndustrials & Chemicals

Real Estate FinancialServices


u In the first half-year of 2017 Japan’s M&A activity, at US$ 14.4bn, reached its lowest year-to-date figure in a decade, accounting for a value drop of 53.5% compared to H1 2016 (US$ 30.9bn). This fall was mainly caused by a 64% value decrease on the top five deals in H1 2017 (US$ 6.2bn) versus H1 2016 (US$ 17.1bn). However, deal count (213 deals) showed continued strength securing the same amount of deals seen in H1 2016.

u The Industrial & Chemicals (I&C) sector, the most active sector by deal count in H1 2017 (51 deals), saw its value plummet by 58.5% to US$ 4bn in comparison to H1 2016 (US$ 9.7bn, 43 deals). I&C accounted for a market share of 28.1% by value driven by Kohlberg Kravis Roberts & Co’s acquisition of Hitachi Koki Co for US$ 1.3bn.

u Japan’s outbound dealmaking jumped 95.2% by value so far this year (US$ 33m, 145 deals) compared to H1 2016 (US$ 16.9bn, 138 deals). Deal count hit its second highest point in H1 2017, and was only nine deals short of the record in H1 2015 (154 deals). Looking forward to the second half year, companies remain interested in overseas acquisitions. Daichi Sankyo Healthcare has been seeking companies in the eye drop industry while Mitsui Chemicals is willing to spend over US$ 3bn on overseas expansion, according to Mergermarket intelligence.

u Private Equity buyouts have reached US$ 3.3bn across 19 deals to record their highest first six months since 2011 (US$ 4.3bn). Despite deal count shrinking compared to H1 2016 (US$ 791m, 26 deals), total deal value increased by 4.2x following two investments worth over US$ 1bn each by KKR. The first half of 2017 was also a strong period for Japan’s private equity exits with 20 deals worth US$ 3.2bn announced, the highest year-to-date count since 2013 (25 deals). Total exit value saw a 424.5% growth from H1 2016 (US$ 620m, 14 deals), the second highest H1 figure on Mergermarket record (since 2001) behind 2011 (US$ 12bn, 12 deals).

PE Buyouts

H1 2017: $14.4bn

H1 2017vs.H1 2016

Japan Q2 US$ 5.5bn(94 deals)

Average deal value

Leisure$2.4bn(12 deals)

Technology$2.1bn(26 deals)

Lowest quarterly value since Q3 2014 (US$ 5bn, 93 deals)

Lowest H1 value since 2002 (US$ 104m)

53.5%

Sector Breakdown

Compared to US$ 30.9bn (213 deals) in H1 2016

Industrials & Chemicals$4bn (51deals)

Compared to 1 in the first six months of 2016

H1 2017US$ 3.3bn(19 deals)

Bus. Services 5 deals (US$ 10m)

Highest H1 value since 2011 (19 deals, US$ 4.3bn)

Most targeted sector by PE firms this year by deal count

In comparison to US$ 9.7bn across 43 deals in H1 2016

Share of total Japanese M&A

Compared to 30 deals worth US$ 4.2bn in H1 2016

Buyouts over US$ 250m

US$ 120m

49.8%vs. H1 ‘16

4

38.8%vs. Q1 ‘17

16.4%

58.5%vs. H1 ‘16

4.2xvs. H1 ‘16

+3vs. H1 ‘16

14

Japan


Top dealsDeal

value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

2,268 28-Feb NBCUniversal Media LLC USA USJ Co Ltd (49% Stake)

GS Capital Partners; MBK Partners Inc; Owl Creek Asset Management LP; Glenn Gum-

pel (Private Investor); and MBG Holdings Limited Liability Co

1,306 13-Jan Kohlberg Kravis Roberts & Co LP USA Hitachi Koki Co Ltd

1,118 24-Apr Kohlberg Kravis Roberts & Co LP USAHitachi Kokusai Electric Inc

(48.33% Stake)

850 21-Apr Panasonic Corporation Japan PanaHome Corporation (45.82% Stake)

616 13-Feb U-Next Co Ltd Japan Usen Corporation (65.33% Stake)


H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 9 JPMorgan 12,949 5 6,051 114.0%

2 1 Morgan Stanley 9,336 9 28,951 -67.8%

3 31 Goldman Sachs & Co 8,941 6 390 2193%

4 10 Sumitomo Mitsui Financial Group 8,880 33 5,069 75.2%

5 27 Evercore Partners 8,367 3 521 1506%

6 2 Nomura Holdings 8,111 31 22,871 -64.5%

7 6 Lazard 5,748 5 6,781 -15.2%

8 4 Bank of America Merrill Lynch 5,192 3 9,052 -42.6%

9 3 Mizuho Financial Group 4,801 16 19,286 -75.1%

10 8 Daiwa Securities Group 3,063 24 6,109 -49.9%

11 7 Credit Suisse 2,207 3 6,383 -65.4%

12 23 KPMG 2,086 5 786 165.4%

13 20 GCA Corporation 1,319 14 958 37.7%

14 15 Citi 1,319 5 3,055 -56.8%

15 11 Deutsche Bank 1,245 1 3,886 -68.0%

16 13 Plutus Consulting 1,052 5 3,603 -70.8%

17= - BMO Capital Markets 1,050 1 - -

17= 58 Torreya Partners 1,050 1 42 2400%

19 57 PwC 967 13 46 2002%

20 53 EY 728 7 73 897.3%

Sector key

Leisure Industrials TMT Construction

15



u In the opening six months of 2017, M&A activity in the Middle East & Africa (MEA) has seen a mixed start, with 173 deals worth US$ 38.4bn announced. While the region stands 12.7% ahead of H1 2016’s value (228 deals, US$ 34bn), activity in Q2 (68 deals, US$ 8.2bn) dropped 72.7% by value in comparison to Q1 (105 deals, US$ 30.1bn). Only one of the region’s top 5 deals in 2017 was announced in Q2: South-Africa-based Vodacom Group’s US$ 2.6bn acquisition of a 34.94% stake in Safaricom.

u The aforementioned deal between Vodacom Group and Kenya-based Safaricom became the largest announcement in the telecommunications sector in the Middle East & Africa since 2014 when Algerian firm FNI acquired 51% of Orascome Telecom Algerie for US$ 2.6bn. The acquisition of a 34.94% stake in Safaricom also became the largest deal in Kenya on Mergermarket record (since 2001), leaving the country’s total activity so far this year at US$ 2.9bn (13 deals).

u MEA outbound M&A has soared to US$ 33.9bn (72 deals), behind the record half-year figure of US$ 54.7bn (76 deals) in 2007 and nearly four times higher than H1 2016 (US$ 9.5bn). The Middle East has been the main driver of outbound activity outside the region this year with 50 deals worth US$ 32.3bn, around 5x the equivalent value of H1 2016 (56 deals, US$ 6.4bn). UAE-based firms conducted the two largest outbound deals with the acquisitions of US-based Pharmaceutical Product Development (US$ 9.1bn) and Irish firm AWAS Aviation Capital (US$ 7.5bn) by ADIA/GIC Private Limited and Dubai Aerospace Enterprise respectively.

u The Energy, Mining & Utilities sector has enjoyed a strong first half of 2017 in MEA and has been the most targeted sector by deal count. H1 2017 has seen four deals valued at over US$ 500m, two more than in H1 2016, including Exxon’s US$ 2.8bn acquisition of a 25% stake in the Rovuma Area 4 gas field – the largest deal so far this year. The sector remains second by value in the region, following the US$ 15bn takeover of Israel-based Mobileye in the Industrials & Chemicals sector.


0 20 40 60 80 100

Q4

Q3

Q2

Q1

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2007


Valu

e of

dea

ls (U

S$ b

n)

0

5

10

15

20

25

EMU Telecoms OtherBusinessServices


PMBFinancialServices


Middle East: $25.4bn

H1 2017: $38.4bn

Up from 2.5% in H1 2016. Highest year-to-date figure since 2013 (3.4%)

H1 2017vs.H1 2016

% of global M&A

Average deal value

EMU US$ 7.6bn(29 deals)

US inbound$4bn(8 deals)

Already surpassed 2016’s full year value ($23.7bn, 99 deals)

Outbound deals over US$ 1bn

Investment outside MEA Q2 - $32.3bn(50 deals)

Worth US$ 28.5bn. Compared to two during 2016 (US$ 14.8bn)

Highest average in MEA on Mergermarket record

2.6%

Africa: $13bn

Highest year-to-date value on Mergermarket record (since 2001)

Highest H1 value on Mergermarket record

5x

Deal count (94 deals) dips under 100 in a half-year for the first time since H1 2012

Value has already surpassed the annual 2016 figure (US$ 3.6bn)

Highest year-to-date value since 2013 (US$ 11.1bn, 26 deals)

US$ 322m

vs. Q1 ‘16

vs. H1 ‘16

12.7%vs. H1 ‘16

54.4%vs. H1 ‘16H1 2017

vs.H1 2016

H1 2017vs.H1 2016

2.8x

5

26.2%vs. H1 ‘16

vs. H1 ‘16

12x

16



Sector key

Industrials Energy, Mining & Utilities TMT Chemicals Financial Services


H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 6 Goldman Sachs & Co 35,315 7 3,209 1001%

2 2 Citi 21,217 7 9,334 127.3%

3 4 Rothschild 17,807 12 5,504 223.5%

4 19 Morgan Stanley 17,558 6 830 2015%

5 - Raymond James & Associates 14,993 1 - -

6 5 JPMorgan 11,287 7 4,506 150.5%

7 - Centerview Partners 9,329 2 - -

8 22 Bank of America Merrill Lynch 5,076 4 613 728.1%


10 1 Lazard 2,721 5 9,371 -71.0%

11 101 HSBC 2,695 4 - -

12 38 Deloitte 2,647 2 266 895.1%

13 12 Credit Suisse 2,215 1 1,384 60.0%

14 29 William Blair & Company 1,695 3 375 352.0%

15 - Scotiabank 1,200 2 - -

16 - QInvest 1,120 1 - -

17= - Banco Bilbao Vizcaya Argentaria 1,111 1 - -

17= 73 Macquarie Group 1,111 1 21 5191%

19= - GMP Securities 1,074 1 - -

19= 17 RBC Capital Markets 1,074 1 940 14.3%

Top dealsDeal

value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

14,993 13-Mar Intel Corporation USA Mobileye NV Israel

2,800 09-Mar Exxon Mobil Corporation USA Eni S.p.A. (Rovuma Area 4 gas field) (25% Stake) Mozambique Eni SpA

2,578 15-May Vodacom Group Limited South Africa Safaricom Limited (34.94% Stake) Kenya Vodafone Group Plc

2,215 21-Feb Tronox Limited USAThe National Titanium Dioxide Company Ltd

(Titanium dioxide business) Saudi Arabia The National Titanium Dioxide Company Ltd

1,120 08-FebGroup of Jordanian and

Arab investors led by Sabih El-Masry

Jordan Arab Bank Group (19.83% Stake) Jordan Saudi Oger Limited

17

Global league tables


Global by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 PwC 10,182 151 -50

2 8 JPMorgan 264,069 150 35

3 7 Goldman Sachs & Co 449,448 148 25

4 4 Rothschild 124,031 134 -13

5 3 Deloitte 10,250 134 -53

6 5 EY 10,152 132 -8

7 1 KPMG 16,697 131 -73

8 6 Morgan Stanley 296,754 128 -6

9 9 Lazard 190,565 114 1

10 12 Citi 277,485 102 13

11 14 Bank of America Merrill Lynch 283,848 93 9

12 10 Credit Suisse 197,178 91 -5

13 11 Houlihan Lokey 12,424 81 -14

14 16 Evercore Partners 82,357 79 8

15 15 UBS Investment Bank 156,373 67 -8

16 13 Barclays 120,130 67 -18

17 22 Jefferies 33,242 65 5

18 28 Stifel/KBW 10,735 64 21

19 17 RBC Capital Markets 60,870 63 -6

20 20 Lincoln International 1,815 62 1

Global by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs & Co 449,448 148 7.7%

2 2 Morgan Stanley 296,754 128 -4.2%

3 4 Bank of America Merrill Lynch 283,848 93 40.2%

4 5 Citi 277,485 102 48.4%

5 3 JPMorgan 264,069 150 24.3%

6 7 Credit Suisse 197,178 91 22.4%

7 11 Lazard 190,565 114 66.8%

8 10 UBS Investment Bank 156,373 67 27.4%

9 8 Deutsche Bank 155,965 58 13.5%

10 13 Rothschild 124,031 134 46.4%

11 6 Barclays 120,130 67 -28.5%

12 22 Centerview Partners 101,098 22 152.9%

13 63 Perella Weinberg Partners 85,611 17 945.7%

14 9 Evercore Partners 82,357 79 -38.6%

15 34 Macquarie Group 72,952 37 251.9%

16 55 Mediobanca 68,239 15 585.3%

17 14 RBC Capital Markets 60,870 63 -20.2%

18 35 Moelis & Company 44,115 45 124.0%

19 15 HSBC 42,916 25 -40.5%

20 17 ALANTRA 35,875 33 -29.1%

18

Europe league tables


Europe by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 PwC 6,424 114 -32

2 4 Rothschild 93,736 111 -16

3 1 KPMG 5,125 91 -74

4 3 Deloitte 5,700 90 -38

5 5 EY 3,936 89 -19

6 6 Lazard 158,203 71 -5

7 16 JPMorgan 149,603 70 30

8 8 Goldman Sachs & Co 284,443 62 14

9 10 Morgan Stanley 156,688 57 10

10 12 Citi 175,178 46 4


12 13 Credit Suisse 142,212 40 -2

13 20 Lincoln International 890 36 3

14 17 Clearwater International 811 35 -4

15 11 Oaklins 800 34 -11

16 15 UBS Investment Bank 124,439 33 -8

17 22 Grant Thornton 310 33 2

18 21 Deutsche Bank 118,851 31 -1

19 9 BNP Paribas 32,073 31 -17

20 35 GCA Corporation 2,078 31 12

Europe by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs & Co 284,443 62 60.5%


3 3 Citi 175,178 46 79.9%

4 8 Lazard 158,203 71 101.9%

5 2 Morgan Stanley 156,688 57 -1.5%

6 6 JPMorgan 149,603 70 81.6%

7 4 Credit Suisse 142,212 40 55.6%


9 5 Deutsche Bank 118,851 31 36.5%

10 9 Rothschild 93,736 111 25.0%

11 31 Mediobanca 68,239 15 585.3%


13 57 Macquarie Group 52,910 14 1224.4%


15 12 HSBC 38,612 19 -37.8%

16 14 ALANTRA 35,815 26 -29.1%

17 184 AZ Capital 34,470 4 12810%

18 20 BNP Paribas 32,073 31 31.8%

19 22 Credit Agricole 31,230 20 126.2%

20 40 Robey Warshaw 30,503 2 337.2%

19



UK by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 Rothschild 25,841 52 12

2 15 Goldman Sachs & Co 146,221 28 14

3 18 JPMorgan Cazenove 95,157 28 14

4 4 Deloitte 3,729 24 -6

5 3 PwC 4,342 23 -12

6 1 KPMG 877 22 -20



9 7 Lazard 76,566 19 -7

10 11 Morgan Stanley 69,205 19 4

11 5 EY 1,145 19 -10


13 13 Clearwater International 771 17 2

14 16 UBS Investment Bank 102,921 16 2

15 17 Citi 32,633 16 2

UK by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs & Co 146,221 28 635.0%


3 9 JPMorgan Cazenove 95,157 28 793.5%

4 4 Deutsche Bank 83,134 7 463.9%

5 6 Lazard 76,566 19 521.2%

6 3 Morgan Stanley 69,205 19 269.4%


8 - Centerview Partners 61,267 2 -

9 8 Citi 32,633 16 180.4%

10 - Robey Warshaw 30,503 2 -

11 13 HSBC 26,561 10 305.1%

12 5 Rothschild 25,841 52 78.6%

13 16 Credit Suisse 18,929 10 278.4%

14 - PJT Partners 15,111 4 -

15 51 Wells Fargo Securities 14,795 4 1659%

Ireland by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 47 IBI Corporate Finance 167 6 5

2 13 KPMG 133 5 3

3 12 Davy Corporate Finance 17 4 2

4 6 Goodbody Corporate Finance 206 3 0

5 1 PwC 117 3 -1

6 5 Deloitte 5 3 0

7 3 Morgan Stanley 7,800 2 -1

8 2 Goldman Sachs & Co 7,560 2 -1

9 20 JPMorgan 2,196 2 1

10 38 Stifel/KBW 196 2 1

11 - EY 143 2 2

12 4 Evercore Partners 139 2 -1

13 22 Piper Jaffray & Co 79 2 1

14 - PKF O’Connor, Leddy & Homes - 2 2

15= - Guggenheim Partners 2,196 1 1

15= - Moelis & Company 2,196 1 1

Ireland by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 4 Morgan Stanley 7,800 2 -78.4%

2 1 Goldman Sachs & Co 7,560 2 -85.4%

3 11 JPMorgan 2,196 2 100.7%

4= - Guggenheim Partners 2,196 1 -

4= - Moelis & Company 2,196 1 -

6 - Greenhill & Co 300 1 -

7= 30 Canaccord Genuity 273 1 600.0%

7= 26 Houlihan Lokey 273 1 340.3%

9 38 Goodbody Corporate Finance 206 3 2475.0%

10 35 Stifel/KBW 196 2 1206.7%

11 47 IBI Corporate Finance 167 6 -

12 - Michel Dyens & Co 160 1 -

13 - EY 143 2 -

14 5 Evercore Partners 139 2 -99.6%

15 22 KPMG 133 5 30.4%

20



DACH by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 PwC 343 21 -5

2 2 Deloitte 180 21 -5

3 6 Rothschild 4,898 20 -1

4 16 JPMorgan 13,770 17 6


6 5 Credit Suisse 84,685 16 -6


8 4 EY 677 16 -8

9 1 KPMG 154 15 -17

10 15 Goldman Sachs & Co 52,020 14 3

11 7 Citi 57,226 12 -5

12 14 Morgan Stanley 51,713 11 -1

13 12 ALANTRA 29,952 10 -3

14 18 Bank of America Merrill Lynch 91,077 9 -1

15 10 Deutsche Bank 7,891 9 -5

DACH by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change


2 2 Credit Suisse 84,685 16 28.0%

3 15 Citi 57,226 12 148.2%

4 3 Goldman Sachs & Co 52,020 14 -19.7%

5 1 Morgan Stanley 51,713 11 -26.8%

6 27 Macquarie Group 45,517 2 1641%


8 12 Lazard 31,770 7 2.3%

9 6 ALANTRA 29,952 10 -39.3%

10 36 Moelis & Company 15,198 2 1092%

11 4 JPMorgan 13,770 17 -77.6%

12 5 UBS Investment Bank 12,844 5 -74.8%

13 13 Deutsche Bank 7,891 9 -68.5%

14 16 Rothschild 4,898 20 -73.2%

15 19 BNP Paribas 2,570 3 -67.6%

Germany by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 Deloitte 15 16 0

2 2 Rothschild 3,522 15 -1

3 5 PwC 194 14 -1


5 21 GCA Corporation 406 12 6

6 6 EY 272 11 -2

7 11 Goldman Sachs & Co 51,162 10 1

8 19 JPMorgan 11,270 10 4

9 1 KPMG - 9 -10

10 7 Citi 11,836 8 -4


12 10 Deutsche Bank 7,030 7 -3

13 30 ACXIT Capital Partners 701 7 2

14 16 DC Advisory 642 7 0

15 39 Roedl & Partner 9 7 3

Germany by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 9 Credit Suisse 53,400 6 375.6%

2 5 Goldman Sachs & Co 51,162 10 170.1%

3 2 Morgan Stanley 50,266 7 123.5%




7 6 Citi 11,836 8 -33.9%

8 8 JPMorgan 11,270 10 -11.0%

9 4 Deutsche Bank 7,030 7 -66.1%

10 27 Moelis & Company 4,843 1 279.8%

11 7 Rothschild 3,522 15 -77.3%

12 40 Nomura Holdings 2,078 1 250.4%

13 1 Lazard 1,929 4 -92.7%

14 10 BNP Paribas 1,699 2 -78.6%

15 - Banco BTG Pactual 1,648 1 -

21



France by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Rothschild 57,761 35 -24

2 3 Lazard 41,341 25 -4

3 2 BNP Paribas 28,529 21 -11

4 4 Natixis 21,503 18 -7

5 6 Credit Agricole 29,655 17 -3

6 7 Deloitte 123 16 -1

7 27 Citi 46,972 12 7

8 8 Societe Generale 17,629 12 -3

9 13 EY - 11 0

10 5 KPMG 156 10 -14


12 12 DC Advisory 364 9 -2

13 9 Lincoln International 298 9 -3

14 15 PwC 183 9 0

15 21 Cambon Partners 33 9 2

France by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Rothschild 57,761 35 56.1%

2 18 Citi 46,972 12 1009%

3 3 Lazard 41,341 25 99.7%

4 45 Mediobanca 31,236 4 5942%

5 5 Credit Agricole 29,655 17 132.6%

6 7 BNP Paribas 28,529 21 138.1%

7 4 Goldman Sachs & Co 25,021 8 66.6%

8 9 Natixis 21,503 18 100.0%

9 16 Deutsche Bank 19,098 8 250.3%

10 8 Societe Generale 17,629 12 48.4%

11 2 Bank of America Merrill Lynch 15,164 4 -31.2%

12 14 HSBC 13,947 4 129.8%

13 6 Morgan Stanley 11,544 9 -4.3%

14 - Zaoui & Co 8,420 2 -

15 10 JPMorgan 7,147 6 -4.3%

Benelux by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 10 Lazard 13,408 18 8

2 6 ING 3,939 18 4

3 2 Deloitte 446 18 1

4 5 PwC 393 17 2

5 3 Rothschild 4,165 16 0

6 7 EY 167 15 3

7 1 KPMG 2,123 13 -6

8 17 Oaklins 57 11 5

9 - JPMorgan 29,923 10 10



12 8 Rabobank 413 9 -2

13 22 Credit Suisse 2,581 8 4

14 15 Capitalmind Corporate Finance Advisory 78 8 1

15 23 Citi 8,828 7 3

Benelux by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 - JPMorgan 29,923 10 -

2 1 Goldman Sachs & Co 21,910 10 37.1%

3 3 Morgan Stanley 20,013 9 127.4%

4 9 Lazard 13,408 18 109.5%


6 - Scotiabank 11,900 3 -

7 8 Citi 8,828 7 29.5%

8 22 Evercore Partners 4,543 4 549.0%

9 10 Rothschild 4,165 16 -32.5%

10 30 ING 3,939 18 727.5%

11 - ALANTRA 3,405 2 -

12 - Quayle Munro 3,285 1 -

13 - Jefferies 3,222 5 -

14 4 Credit Suisse 2,581 8 -66.3%

15 - TD Securities 2,500 1 -

22



Iberia by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 PwC 792 19 -5

2 1 Deloitte 218 19 -10

3 2 KPMG 276 14 -13

4 12 Citi 39,124 11 6

5 4 EY 533 11 -7


7 41 JPMorgan 6,982 8 7


9 6 Banco Bilbao Vizcaya Argentaria 1,832 8 -3

10 20 Deutsche Bank 12,551 7 4

11 43 Mediobanca 36,452 6 5

12 11 BNP Paribas 4,043 6 1

13 5 Santander Global Corporate Banking 2,764 6 -5

14 35 Arcano Partners 1,294 6 4

15 25 Montalban 304 6 3

Iberia by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 11 Citi 39,124 11 1246%

2 20 Mediobanca 36,452 6 2559%

3 34 AZ Capital 34,470 4 12810%

4 2 Goldman Sachs & Co 34,379 3 189.8%

5 8 Credit Suisse 33,177 3 431.3%

6 4 Deutsche Bank 12,551 7 27.8%

7 7 JPMorgan 6,982 8 -6.6%

8 16 Rothschild 5,921 10 229.1%

9 1 Morgan Stanley 5,733 8 -58.7%

10 5 BNP Paribas 4,043 6 -55.7%

11 69 Natixis 3,880 2 -


13 3 Santander Global Corporate Banking 2,764 6 -76.5%


15 23 Barclays 1,904 1 116.1%

Spain by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 PwC 792 19 -4

2 3 Deloitte 199 17 -3

3 1 KPMG 262 13 -11

4 13 Citi 39,124 11 7

5 4 EY 533 11 -7



8 36 JPMorgan 5,914 7 6

9 5 Banco Bilbao Vizcaya Argentaria 1,266 7 -4

10 39 Mediobanca 36,452 6 5

11 18 Deutsche Bank 11,483 6 3

12 33 Arcano Partners 1,294 6 4

13 22 Montalban 304 6 3

14 11 BNP Paribas 2,975 5 0

15 6 Santander Global Corporate Banking 2,656 5 -5

Spain by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 11 Citi 39,124 11 1316.5%

2 19 Mediobanca 36,452 6 2559%

3 34 AZ Capital 34,470 4 12810%

4 2 Goldman Sachs & Co 34,379 3 189.8%

5 8 Credit Suisse 33,177 3 431.3%

6 4 Deutsche Bank 11,483 6 16.9%

7 7 JPMorgan 5,914 7 -20.9%

8 1 Morgan Stanley 5,733 8 -58.7%

9 16 Rothschild 4,853 9 169.8%

10 68 Natixis 3,880 2 -

11 5 BNP Paribas 2,975 5 -67.4%


13 3 Santander Global Corporate Banking 2,656 5 -77.4%


15 23 Barclays 1,904 1 116.1%

23



Italy by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 KPMG 1,883 18 -20

2 6 PwC 902 13 1

3 3 Rothschild 30,055 12 -2

4 7 EY 1,047 12 1

5 2 UniCredit Group 1,486 11 -13

6 9 Deloitte 1,531 10 1

7 4 Mediobanca 60,762 9 -3

8 11 Lazard 1,190 9 2

9 8 Fineurop Soditic 45 7 -3

10 - Grant Thornton - 7 7

11 18 JPMorgan 4,757 6 1

12 - DVR Capital 1,068 6 6

13 10 Vitale & Co 49 6 -2

14 30 K Finance - 6 3

15 22 Citi 60,669 5 1

Italy by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Mediobanca 60,762 9 524.1%

2 9 Citi 60,669 5 901.1%

3 8 Goldman Sachs & Co 35,287 5 425.6%

4 43 Credit Suisse 34,802 3 22209%

5 - AZ Capital 33,177 1 -

6 3 Rothschild 30,055 12 278.4%

7 5 Deutsche Bank 8,062 5 6.1%

8 13 JPMorgan 4,757 6 50.6%


10 17 Morgan Stanley 2,877 4 21.4%

11 11 Banca IMI/Intesa Sanpaolo 2,358 5 -51.7%

12 25 Barclays 1,904 1 147.0%

13 19 KPMG 1,883 18 18.2%

14 30 Deloitte 1,531 10 157.3%

15 6 UniCredit Group 1,486 11 -79.9%

Nordics by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 PwC 714 33 -8

2 3 Danske Bank Corporate Finance 3,505 20 3

3 2 EY 761 20 -6

4 6 ABG Sundal Collier Holding 9,049 13 -1

5 5 KPMG 198 12 -4

6 13 Pareto Securities 2,444 11 2

7 7 SEB 1,381 10 -3

8 8 Deloitte 12 9 -4

9 26 JPMorgan 6,974 8 3

10 9 Rothschild 1,473 8 -3

11 10 Handelsbanken Capital Markets 19,389 7 -4

12 16 Nordea 6,224 7 -1

13 27 Arctic Securities 2,426 7 2

14 4 Carnegie Investment Bank 622 7 -9


Nordics by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change


2 5 Handelsbanken Capital Markets 19,389 7 61.5%

3 52 ABG Sundal Collier Holding 9,049 13 2617%

4 10 Goldman Sachs & Co 7,797 6 11.8%

5 3 Morgan Stanley 7,327 6 -42.5%

6 17 JPMorgan 6,974 8 131.9%

7 11 Nordea 6,224 7 2.1%


9 14 Lazard 5,708 5 49.6%

10 130 Arma Partners 5,551 2 -

11 23 Deutsche Bank 3,937 1 151.4%

12 22 Danske Bank Corporate Finance 3,505 20 117.7%


14 32 Pareto Securities 2,444 11 150.9%

15 25 Arctic Securities 2,426 7 57.1%

24



Denmark by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 PwC 537 9 -1


3 16 Atrium Partners 982 5 3

4 2 Danske Bank Corporate Finance 603 5 -3

5 3 Deloitte 5 5 -3

6 - Nordic M&A - 5 5

7 7 FIH Partners 1,508 4 1


9 9 Handelsbanken Capital Markets - 4 1

10 8 KPMG 119 3 0

11 12 BDO 51 3 0

12 5 SEB 23 3 -3

13 - Capitalmind Corporate Finance Advisory - 3 3

14 - Goldman Sachs & Co 2,066 2 2

15 26 JPMorgan 1,335 2 1

Denmark by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 - Deutsche Bank 3,937 1 -

2 - Goldman Sachs & Co 2,066 2 -

3 5 FIH Partners 1,508 4 41.5%

4 13 JPMorgan 1,335 2 280.3%

5= 36 Bank of America Merrill Lynch 1,269 1 -

5= - NC Advisory 1,269 1 -

5= 48 UBS Investment Bank 1,269 1 -

8 8 Rothschild 1,127 4 103.4%

9 - Credit Suisse 1,068 2 -

10 32 Atrium Partners 982 5 -

11 - MTS Health Partners 797 1 -

12 14 Danske Bank Corporate Finance 603 5 81.1%

13 16 PwC 537 9 109.8%

14 20 Carnegie Investment Bank 450 2 345.5%

15 21 Barclays 230 1 127.7%

Norway by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change



3 2 ABG Sundal Collier Holding 9,015 9 1

4 7 Arctic Securities 2,426 7 2

5 4 EY 431 7 -1

6 3 PwC 89 6 -2

7 - Steinvender - 6 6

8 8 DNB Markets 2,402 5 0

9 12 KPMG 21 3 0

10 - Translink Corporate Finance 11 3 3

11= 24 DHT Corporate Services - 3 1

11= 44 Weibull - 3 2

13 - Arma Partners 5,551 2 2

14 - BNP Paribas 1,024 2 2

15 - Rothschild 195 2 2

Norway by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 15 ABG Sundal Collier Holding 9,015 9 3907%

2 - Arma Partners 5,551 2 -

3= - Lazard 5,338 1 -

3= 4 Morgan Stanley 5,338 1 409.4%


6 2 Arctic Securities 2,426 7 57.1%

7 6 DNB Markets 2,402 5 221.6%

8 28 Danske Bank Corporate Finance 2,272 10 -

9 - BNP Paribas 1,024 2 -

10 3 Swedbank 636 1 -51.6%

11 27 EY 431 7 -

12= - Jefferies 300 1 -

12= - Scotiabank 300 1 -

14 - Credit Suisse 237 1 -

15 - Mooreland Partners 213 1 -

25



Sweden by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 PwC 64 19 -7

2 2 EY 330 11 -1

3 14 SEB 1,358 7 2

4 45 IMAP Sweden - 7 5

5 10 Danske Bank Corporate Finance 633 6 0

6 5 KPMG 79 6 -3

7 3 Handelsbanken Capital Markets 19,389 5 -4

8 19 JPMorgan 5,639 5 1

9 17 Livingstone Partners - 5 0



12 15 Swedbank 408 4 -1

13 4 Carnegie Investment Bank 91 4 -5

14 13 BDO 51 4 -2


Sweden by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Handelsbanken Capital Markets 19,389 5 62.4%


3 12 JPMorgan 5,639 5 109.9%


5 7 Morgan Stanley 1,537 4 -61.9%

6 6 Goldman Sachs & Co 1,400 2 -74.1%

7 3 SEB 1,358 7 -87.7%

8 1 Rothschild 1,278 3 -90.9%

9 17 Credit Suisse 1,241 4 -30.1%

10 - FIH Partners 1,135 2 -

11 - Atrium Partners 982 1 -

12= 5 Citi 959 1 -83.9%

12= - Nomura Holdings 959 1 -

14= 18 UBS Investment Bank 861 1 -45.4%

14= - Wells Fargo Securities 861 1 -

Finland by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change


2 5 Nordea 6,224 6 2

3 62 PwC 30 6 5

4 8 Aventum Partners 128 5 2

5 15 Sisu Partners 461 4 2


7 16 Rothschild 296 3 1

8 12 Globalscope Partners 63 3 0

9 2 PCA Corporate Finance 45 3 -3

10 - Aalto Capital Group 21 3 3

11 - CountOn Corporate Finance - 3 3


13 20 Bank of America Merrill Lynch 982 2 1

14 17 Access Partners 215 2 0

15 56 ICECAPITAL Securities 74 2 1

Finland by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 6 Nordea 6,224 6 183.4%

2 13 Goldman Sachs & Co 4,331 2 508.3%


4 11 Danske Bank Corporate Finance 2,162 8 163.0%


6 1 Bank of America Merrill Lynch 982 2 -88.6%

7 - Summa Capital 862 1 -

8 - Motilal Oswal Investment Advisors 731 1 -

9= - ABG Sundal Collier Holding 527 1 -

9= - DNB Markets 527 1 -

11 15 Sisu Partners 461 4 14.7%

12 23 Rothschild 296 3 -5.4%

13 32 Access Partners 215 2 347.9%

14 12 Aventum Partners 128 5 -83.6%

15 56 ICECAPITAL Securities 74 2 -

26



Turkey by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change


2 8 Unlu & Co 340 2 0

3 - Raiffeisen Bank International 124 2 2

4 9 IS Investment Securities 79 2 0


6 10 Odin Financial Advisors 34 2 0

7 - Erste Group Bank 1,441 1 1

8 27 Rothschild 917 1 0

9 7 UniCredit Group 470 1 -1

10 22 Alpacar Associates 340 1 0

11 - Singhi Advisors 19 1 1

12= - Grant Thornton 8 1 1

12= - Hannam & Partners (Advisory) 8 1 1

14= - European Growth Management (EGM) 6 1 1

14= - Garanti Securities 6 1 1

Turkey by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 4 Morgan Stanley 1,911 2 177.4%

2 - Erste Group Bank 1,441 1 -

3 27 Rothschild 917 1 -

4 8 UniCredit Group 470 1 104.3%

5 9 Unlu & Co 340 2 47.8%

6 22 Alpacar Associates 340 1 -

7 - Raiffeisen Bank International 124 2 -

8 10 IS Investment Securities 79 2 -28.2%

9 1 Deloitte 64 2 -91.2%

10 12 Odin Financial Advisors 34 2 -66.3%

11 - Singhi Advisors 19 1 -

12= - Grant Thornton 8 1 -

12= - Hannam & Partners (Advisory) 8 1 -

14= - European Growth Management (EGM) 6 1 -

14= - Garanti Securities 6 1 -

CEE by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 EY 740 11 -5

2 5 PwC 73 10 -2

3 8 VTB Capital 2,265 8 4

4 2 KPMG 466 8 -5

5 3 Rothschild 1,860 5 -7


7 9 JPMorgan 1,656 3 -1

8 39 Globalscope Partners 22 3 2


10 42 Societe Generale 1,196 2 1

11 6 UniCredit Group 395 2 -8

12 - SUMMA Advisers 231 2 2

13 - Bank Zachodni WBK 153 2 2

14 - Taiga Capital 15 2 2

15 - Mazars 7 2 2

CEE by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 3 VTB Capital 2,265 8 57.3%

2 1 Rothschild 1,860 5 -5.2%

3 52 Deutsche Bank 1,850 1 -

4 7 JPMorgan 1,656 3 105.0%

5= 19 Jamieson Corporate Finance 1,369 1 416.6%

5= - Pekao Investment Banking 1,369 1 -

5= 5 UBS Investment Bank 1,369 1 13.8%

8 9 Morgan Stanley 1,241 2 68.4%

9 32 Societe Generale 1,196 2 1740%

10 23 EY 740 11 383.7%

11 11 KPMG 466 8 -9.7%

12 - Taihe Capital 450 1 -

13 6 UniCredit Group 395 2 -61.9%

14 15 Bank of America Merrill Lynch 354 1 -13.4%

15 - SUMMA Advisers 231 2 -

27



Poland by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 7 KPMG 407 4 0

2 6 Rothschild 1,411 3 -1


4 - Bank Zachodni WBK 153 2 2

5 34 EY 108 2 1

6= - CIC Corporate Finance - 2 2

6= 1 PwC - 2 -5

8= 18 Jamieson Corporate Finance 1,369 1 0

8= 9 JPMorgan 1,369 1 -1

8= - Pekao Investment Banking 1,369 1 1

8= 10 UBS Investment Bank 1,369 1 -1

12 - Societe Generale 1,196 1 1

13 - China Merchants Securities 118 1 1

14 36 Haitong Securities 104 1 0

15 29 Azimutus 38 1 0

Poland by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 15 Rothschild 1,411 3 550.2%

2= 14 Jamieson Corporate Finance 1,369 1 416.6%

2= 3 JPMorgan 1,369 1 103.1%

2= - Pekao Investment Banking 1,369 1 -

2= 6 UBS Investment Bank 1,369 1 161.8%

6 - Societe Generale 1,196 1 -

7 19 KPMG 407 4 324.0%

8 - Bank Zachodni WBK 153 2 -

9 - China Merchants Securities 118 1 -

10 34 EY 108 2 -

11 36 Haitong Securities 104 1 -

12 5 Deloitte 52 3 -91.7%

13 29 Azimutus 38 1 -

14= - Baltic Partners 20 1 -

14= - CAG 20 1 -

Russia by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 VTB Capital 2,265 7 3

2 - Morgan Stanley 1,241 2 2

3 5 EY 102 2 0

4 - Taiga Capital 15 2 2

5 - Deutsche Bank 1,850 1 1

6 - Taihe Capital 450 1 1

7 - Bank of America Merrill Lynch 354 1 1

8 - JPMorgan 287 1 1

9= - RBC Capital Markets 54 1 1

9= 2 Rothschild 54 1 -2

Russia by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 VTB Capital 2,265 7 57.3%

2 - Deutsche Bank 1,850 1 -

3 - Morgan Stanley 1,241 2 -

4 - Taihe Capital 450 1 -

5 - Bank of America Merrill Lynch 354 1 -

6 - JPMorgan 287 1 -

7 11 EY 102 2 -

8= - RBC Capital Markets 54 1 -

8= 3 Rothschild 54 1 -95.8%

10 15 PwC 27 1 -

28

Americas league tables


Americas by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 Goldman Sachs & Co 355,231 112 26

2 1 JPMorgan 220,075 105 18


4 11 Citi 191,053 76 22

5 3 Houlihan Lokey 10,066 73 -10



8 8 Lazard 140,932 68 7


10 18 Stifel/KBW 10,448 58 17

11 5 Barclays 107,741 57 -12

12 12 Jefferies 32,266 57 4


14 15 Raymond James & Associates 18,671 52 4

15 14 Rothschild 37,432 50 -1

Americas by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs & Co 355,231 112 17.9%

2 2 Morgan Stanley 231,761 94 27.7%

3 6 JPMorgan 220,075 105 60.2%


5 4 Citi 191,053 76 24.6%

6 9 Credit Suisse 142,691 63 62.6%

7 11 Lazard 140,932 68 104.8%

8 8 Deutsche Bank 118,197 35 8.9%


10 3 Barclays 107,741 57 -32.9%




14 26 Macquarie Group 55,801 22 249.8%


US by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 Goldman Sachs & Co 352,350 106 26

2 1 JPMorgan 205,373 97 12


4 11 Citi 188,445 74 27




8 10 Credit Suisse 140,296 58 7

9 15 Stifel/KBW 10,448 58 18

10 5 Barclays 106,737 55 -6

11 9 Lazard 130,167 54 3

12 8 Jefferies 31,744 54 2

13 14 Rothschild 35,844 46 6


15 13 RBC Capital Markets 47,184 45 3

US by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs & Co 352,350 106 21.9%

2 2 Morgan Stanley 229,953 86 31.4%


4 7 JPMorgan 205,373 97 61.5%

5 5 Citi 188,445 74 36.1%

6 10 Credit Suisse 140,296 58 122.5%

7 9 Lazard 130,167 54 96.8%

8 8 Deutsche Bank 117,746 34 15.0%


10 3 Barclays 106,737 55 -28.5%




14 42 Macquarie Group 54,110 18 1046%


29



US North East by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 Goldman Sachs & Co 160,895 56 17


3 1 JPMorgan 40,755 45 -1


5 12 Citi 123,204 40 19

6 7 Credit Suisse 116,604 39 11


8 8 Jefferies 19,343 31 4


10 10 Lazard 50,220 29 4

11 5 Barclays 46,292 29 -5

12 18 William Blair & Company 3,610 27 10

13 13 Deutsche Bank 25,247 24 3

14 11 Rothschild 9,043 24 2


US North East by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs & Co 160,895 56 68.2%


3 6 Morgan Stanley 130,007 52 203.5%

4 5 Citi 123,204 40 180.7%

5 7 Credit Suisse 116,604 39 233.4%

6 23 Perella Weinberg Partners 78,464 11 1010%


8 14 Lazard 50,220 29 195.4%

9 3 Barclays 46,292 29 -18.9%

10 4 JPMorgan 40,755 45 -15.7%

11 196 ALANTRA 33,330 8 -

12 10 UBS Investment Bank 29,608 19 -6.8%

13 9 Deutsche Bank 25,247 24 -23.6%


15 22 PJT Partners 21,257 13 179.0%

US Mid West by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 JPMorgan 40,686 29 11

2 1 Houlihan Lokey 1,588 28 6



5 10 Robert W. Baird & Co 2,357 18 5

6 8 Citi 27,949 17 3

7 13 Barclays 21,070 17 6

8 36 Credit Suisse 27,736 15 11

9 12 Jefferies 13,108 15 3

10 9 Lazard 6,013 15 1



13 4 Lincoln International 677 14 -3

14 7 Evercore Partners 3,650 12 -2

15 20 Moelis & Company 18,491 11 2

US Mid West by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 5 Morgan Stanley 50,207 19 -12.9%

2 1 Goldman Sachs & Co 49,127 22 -56.0%


4 9 JPMorgan 40,686 29 18.6%

5 8 Deutsche Bank 27,979 8 -23.6%

6 3 Citi 27,949 17 -61.4%

7 32 Credit Suisse 27,736 15 2686%

8 4 Barclays 21,070 17 -68.7%

9 19 Moelis & Company 18,491 11 353%

10= - HSBC 17,835 1 -

10= - Robey Warshaw 17,835 1 -

12 11 Centerview Partners 14,117 7 -15.1%

13 17 Jefferies 13,108 15 173.4%

14 14 Rothschild 10,710 10 67.6%

15 74 RBC Capital Markets 8,975 11 8875%

30



US South by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change



3 3 JPMorgan 135,109 35 5

4 13 Citi 54,358 31 11

5 4 Barclays 64,123 29 0


7 11 Jefferies 17,149 27 4






13 16 Piper Jaffray & Co 3,408 25 7


15 14 Stifel/KBW 6,719 22 3

US South by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Goldman Sachs & Co 144,587 38 16.9%

2 6 JPMorgan 135,109 35 223.3%

3 18 UBS Investment Bank 87,994 17 1095%

4 35 Centerview Partners 87,779 10 4712%

5 4 Deutsche Bank 80,768 16 81.3%

6 12 Lazard 75,452 19 238.6%

7 9 Morgan Stanley 68,912 28 105.5%

8 3 Barclays 64,123 29 14.1%

9 7 Citi 54,358 31 42.5%



12 10 Credit Suisse 30,842 25 -0.7%


14 20 Moelis & Company 26,012 18 290.9%

15 88 TD Securities 19,782 5 9742%

US West by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change


2 2 JPMorgan 32,380 31 -1

3 3 Houlihan Lokey 2,106 30 0


5 9 Stifel/KBW 3,218 26 8


7 14 Jefferies 7,122 22 8

8 13 Citi 37,465 21 7


10 20 Lazard 11,824 19 9

11 6 Barclays 26,264 18 -3

12 7 Credit Suisse 17,272 16 -2

13 8 Piper Jaffray & Co 1,941 16 -2

14 15 Moelis & Company 15,893 14 1

15 10 Bank of America Merrill Lynch 23,744 13 -2

US West by deal valueRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Goldman Sachs & Co 69,585 33 -7.9%

2 11 Citi 37,465 21 46.0%


4 3 JPMorgan 32,380 31 -41.4%

5 1 Morgan Stanley 32,142 22 -57.7%

6 5 Barclays 26,264 18 -22.7%


8 43 Rothschild 20,918 8 1642%

9 9 Credit Suisse 17,272 16 -35.6%

10 31 Moelis & Company 15,893 14 336.4%

11 37 Raymond James & Associates 15,842 12 744.5%


13 21 Lazard 11,824 19 87.4%


15 14 Guggenheim Partners 9,795 6 -17.2%

31



Canada by deal countRank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change


2 2 Deloitte 1,418 21 1

3 5 BMO Capital Markets 9,208 20 7

4 6 TD Securities 24,129 19 6

5 8 JPMorgan 42,978 17 6



8 3 CIBC World Markets 10,098 11 -7

9 11 Scotiabank 18,567 10 0

10 12 Credit Suisse 10,764 10 1

11 4 National Bank Financial 3,471 10 -4

12 17 Bank of

Documents

Global and regional M&A: H1 2017 · 5 Europe u European M&A in H1 has mirrored the global trend, with this year’s value up 30.1% to US$ 481.9bn (3,091 deals), despite 641 fewer