US Deal Drivers H1

8/7/2019 US Deal Drivers H1

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H a l f- y e a r

ed i t i o n

In ss i i n wi :

DEALDRIVERSNorthamerIcaThe comprehensive review of mergers and

acquisitions in the North America region.2010

Publis d by:



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3

Deal DrIvers – noRth AmERIcA

Contents

About mergermArket

g k i n ind p nd n m g nd a qui i i n (m&a)in ig n i wi n un i d n w k f d di d m&a j u n i b d in 62 i n a i , eu p , a i -P i , midd -e nd af i . Un ik ny i f i kind,

g k p i iz in p iding f w d- king igin i n ndd w pp uni i in g d wi p n i d d b- u ing in nu f i n . vi iwww. er er ar e . .

Foreword 04

Heat Chart 05

All Sectors 06

Financial Ser ices 14

Ind strials, Man fact ring& Engineering 18

Energy, Mining, Oil & Gas 22

Cons mer 26

Technology, Media & Telecom (TMT) 30

Life Sciences & Healthcare 34

Canada 38

West 42

Midwest 46

So th 50

Mid-Atlantic 54

New England 58

Latin America 62

Abo t Merrill Cor oration 66

Merrill Cor oration Contacts 68

Notes 69

Abo t Remar 70




4

Wel e e alf- ear 2010 edi i f Deal Drivers n r A eri a,p lis ed er er ar e i ass ia i wi merrill Da aSi e®.t is rep r pr vides a pre e sive review f n r A eri a m&Ai e rs alf f 2010, wi a i -dep a al sis f re e a ivi a df rward-l i i si f r e re ai der f e ear.

t m&a k pp b bi izing n n ing k b gin i p nd ng- n i ip d gu y f n y pu in p .h1 2010 w 1,701 d w Us$362.3bn, wi u ining i u y

b p d p i u f-y nd u in ing by 8.7%.

D w w ng in tmt , w i un f n y

n - f f d u (19.5%), f w d by in y Bu ins i nd Indu i w i p n 14.5% nd 14.1% f u , p i y. t g d f w qu

f en gy , w i p n i d f gg g du (32.5%), f w d by tmt wi 14.9% nd lif s i n &

h wi 12.6%.

tEchnoLogy, mEDIA AnD tELEcommunIcAtIonS (tmt)m&a i i y in tmt , w i p n n gy, di nd

p ni f ip , b n d i n g y by p ni ’ y pp i f bi n gy nd ng ing

u u ing ff f di i n di bu in . s f n b n gy d f w qu k f f p i

qui y i , p i p b ing app In .’ qui i i n f bid i ing p ny Qu Wi f G b p n c pi P nnd hig nd c pi P n f Us$275 , nn un d in J nu y.

F i p , di p ni b n n f n n i uu i n p , in uding f c n di n udi li n G

en in n c p. t Us$1.2bn qui i i n f li n G by I nen p i lP w nn un d in m bu i i p nding, w i

u i n f i i udi m -G dwyn-m y In . (mGm),ugg ing und i Us$4bn d b bu d n, i king p i

pub i i n g p in . m di m&a in nd f f yp i b qu y if n i y p ni w k i

gi in p n dyn i k ndi i n . a in p in i tW Di n y c p ny, w i in i d qu b n qui ing digi

nd ing i di i n n .

EnERgym&a in en gy , w i un f ig f p 20 g

n i n f h1 2010, b n d i n g y by ig n d inf a i n buy n ing c n d , w 67% f d u nd 37.1%

f d u f en gy . sin p In n i nP u e p i n nd P du i n c p i n u n d c n d iy wi i Us$4.7bn qui i i n f 9.03% k in syn ud c n dl d. f c n P i ip c p ny, f wing i Us$8.8bn qui i i n fadd P u c p i n in Jun f y .

In Us, g en gy n i n in d i d i gi ns u b g li i d, w i qui d s i In n i n In . fUs$12.2bn in F b u y. G ing f w d, en gy m&a in Us

u d n up i k in u nd u Gu f f m idy igg d g d d f in i d qu

nn un d f u in Ju y n , in in wi i n n i p n i i ing f pi .

FInAncIAL SERVIcESa w ug u 2009, 2010 i ing igni n

i i y in ing j p y in Fin n i s ia i n In n i n G up (aIG) g n d f y

g n i n , in uding Us$15.5bn f i a iIn u n bu in m lif In ., nn un d in m , in w

nd nd g Fin n i s i d f 2010 o inking Fin n i s i p ni in ud B nk f ac p i n (B fa), w i nn un d in Jun i w u d

k in G up Fin n i s n nd s n sa d cv B n s nsa f Us$2.5bn, nd ci ig up, w i nn un d f i sw

p i n m gin n aB in ap i . P ing d in n y , b B fa nd ci ig up n inu b d u

g f n n- uni . B fa nn un d i w u d pin u i p ip i n nd i g b n i fund d ini i

ci ig up nn un d f i n nd p i quiin i d qu f 2010.

FInAncIAL buyERSa indu y , m&a i i y du ing

k d by gg i n n i buy nd p i i u i n

lu i d in ud Us$3.2bn buy u f P n P ’ InD c p i n (IDc) by si l k P n nd W bu g Pin

nd Us$1.6bn qui i i n f t D w c i c p ny’ s yc p. by B in c pi llc. B g d d in f n i

i f n n i nd gi buy ig ug f u i n. t qui i i n f cKe r u n indi

in ing y p i i m&a i : u n p b qui d by t h. l P n f Us$919 in F b u y

u i y d ap m n g n lP in ap i f p i ff d up i Us$1bn bid.

outLooken ing nd f f 2010, m&a k i w -p i

n inu d i in i i y nk j d p n in k y

di i n y bu y en gy i dy ing igni n nd d i d w, nd f , p d in qu , wi ik y pu indu y-wid n id i n lif sh p ni p p f g n u i bu

nd ig n d d nd f n w y in u d. Fin n i s inw i , u d i f i f d u in

g , in n i n b nk n inu i d wn w i b nk Us n inu n id . Wi f

y in p , m&a i i y in indu y i n nd f f 2010. W p y u nd i f-y di i n f D

b u fu nd inf i , nd w y , w w y u f

Foreword



5

t h c p n ‘ p ni f ’ i w i n in f f 2010, b d n g k ’ p p i y in ig n . t h

c f b f p n i d w in p igi n nd N a i n gi n.

‘c p ni f ’ i w i n in f f 2010 4,327,p d 4,253 w i n in i n p i , wi in indu inding u p n i m&a p .

t tmt i n u indu y. Wi 963 f - i w i n inh1 2010, up 10.7% f 863 i in h2 2009, i w k ping

n y n in n d. tmt, n f n h2

2009 h c , i dy ing i f i f d u in h1 2010 p n 19.5% f d u in N a idu ing i p i d.


the heAt ChArt

NORTH AMERICA HEAT CHART – INTELLIGENCE

S Wes mid Wes mid-A la i new E la d ca ada totAL

TMT 216 368 85 148 91 55 963

Life Sciences & Healthcare 169 139 115 113 60 27 623

Energy, Mining, Oil & Gas 202 104 45 39 17 189 596

Ind strials, Chemicals & Engineering 107 73 126 54 43 47 450

Cons mer 86 116 82 65 28 48 425

Financial Ser ices 125 84 96 75 22 15 417

B siness Ser ices 81 52 28 40 20 29 250

Defense 81 31 15 17 16 3 163

Leis re 57 47 26 13 7 11 161

Trans ortation 31 21 23 13 3 12 103

Constr ction 23 15 24 9 2 8 81

Real Estate 17 26 13 9 3 3 71

Agric lt re 2 3 8 13

Go ernment 5 2 1 3 11

totAL 1,202 1,081 679 598 312 455 4,327

t h c i b d n ‘ p ni f ’ i k d by g k . in h1 2010.opp uni i p u d ding d in n nd g g p y/ gi n f p n i g p n

F d ni i n f wi in gi n , p g 69 (N h c ).

warm

756045

hot

12010590

Cold

30150




‘Pr eed wi a i ’ are e w rds live f r e res f 2010 a d i 2011.

a b n y nd y f p n -upupp y nd d nd u d pu m&a nd

IPo i i y f w d. a i , ff d ub -dip i n, k u Us j b k nd n n b u eu p n

n y in w k f G k d b i i u d m&a p i n .

l g nd di i n y qui i i p niin i u n gy, n gy

nd wi k d n g f i pi nd k ndi i n n p up

qui i i n . t eu z n i i nd ngd p n pp uni i p i n

g g w .

m ny d n f qui i i n

in un in k i , w , ndp n u i y p y ddi id nd nd u d wn n d b . t

id- k i ik y b i , w u d-b qui fu y dip i b kin m&a w .

P i qui y n’ ff d b n i , w . af y f p y i ,

p i qui y b g n i p f i p nii y in d p id i i d p n

(lP ) wi u n , nd n in in in n w fund . P i qui y d

qui ing g in, u ing qui y f pi ingfund . If qui y d n’ g u d, y’ bf d u n i in .

e p p i qui y i ug u y , p i u y in ng d u

n u nd i . s nd ybuy u u d in p pu , gi n

IPo k ’ k u p f n ndgi buy ’ u i u u k. a nu b f

p i qui y- wn d p ni f i d p i i d s-1 , nd du - k p

b ing un f u .

t IPo k wi b bu y, ug n i ny d p d in b ginning f

2010. “W ing nu b f IPo ingff k , bu w ’ ing nu b

p ,” y K n s n s i ,P in ip f r n i n c pi , n IPo

. G n m (Gm) i p d IPo i y , in w wi b “ bigg Us

IPo ,” n .

r gu y f wi b n d i f2010 nd 2011 i i y. a nu b f

i bu in up f by ip i qui y wn . t fbi , w i u d n u g nd

f i n bu in g , i p d gi n pu n id i n in

indu y. Fin n i i f u d pu b nking n id i n.

A i ail R er s, gl al Edi r,er er ar e

All seCtors

“After years of paralysis,private equity beganto exit portfoliocompanies this year inorder to provide limitedpartners with returns,and convince them toinvest in new funds.”

ALL SECTORS

Deal DrIvers – ALL SEctoRS

6


http://slidepdf.com/reader/full/us-deal-drivers-h1 7/72Deal DrIvers – ALL SEctoRS

All seCtorsTOp 20 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010

A edda e

S a s bidder pa tar e pa Se r Ve d r pa Dealval e

uS$( )

01-m -10 l P ud n i P a i n In n i n a u n c p ny li i d Fin n i s i a i n In n i n G up In

22-ap -10 P c n u ylink Qw c uni i n In n i n In tmt 22,1

08-m -10 P m lif In a i n lif In u n c p ny Fin n i s i a i n In n i n G up In

25-F b-10 P t c -c c p ny c -c en p i In (N a i np i n )

c n u c -c en p i In 12,28

21-F b-10 P s u b g li i d s i In n i n In en gy, mining, oi & G 12

19-J n-10 c Wi i P n lP t Wi i c p ni In ( in g pip innd d i id bu in )

en gy, mining, oi & G t Wi i c p ni In 11,75

11-F b-10 P Fi en gy c p a g ny en gy In en gy, mining, oi & G 8

09-m -10 P m i -In In /s ing-P ug ani h ; nd m ili i d

lif s i n & h m k & c In ; nd s n fi-a n i sa

8,250

28-ap -10 P PPl c p i n e.oN Us llc en gy, mining, oi & G e.oN aG 7,625

11-m -10 P BP p D n en gy c p i n ( in d pwGu f f m i , B zi nd az b ij n)

en gy, mining, oi & G D n en gy c p i n 7,0

11-F b-10 P ai P du & c i In ai g In Bu in s i 6

28-F b-10 c m k KG a mi ip c p i n lif s i n & h

31-m -10 P B kfi d am n g n In ; F ic pi m n g n llc;

nd P ing squ c pim n g n lP

G n G w P p i In (65% k ) r e

14-Jun-10 c Qu c p i n(s d )

QeP r u In en gy, mining, oi & G Qu c p i n 6

03-m y-10 P Ual c p i n c n in n ai in In t n p i n

12-m y-10 c saP aG syb In Bu in s i 5,102

28-m y-10 P r y Du s P e r u In en gy, mining, oi & G K b g K i r b & c

12-ap -10 c sin p In n i nP u e p i n ndP du i n c p i n

syn ud c n d l d (9.03% k ) en gy, mining, oi & G c n P i ip c p ny 4,

15-F b-10 l Y In n i n asa t Indu i In Indu i , c i &engin ing

4,204

25-J n-10 c KDDI c p i n Jupi t uni i n c l d (37.80% k ) tmt lib y G b In

c=c p d; P=P nding; l=l p d




8

All seCtorsMIx OF GLOBAL M&A DEALS BY GEOGRApHIC REGION

mIx oF North amerIcaN Deals BY INDUstrY sector

VALuE VoLumE

USA

Canada

Western Europe

Northern Europe

Central & Eastern Europe

Southern Europe

Asia-Pacific

RoW

Industrials, Chemicals & Engineering

Financial Services

Business Services

Consumer

Energy, Mining, Oil & GasTMT

Leisure

Transportation

Life Sciences & Healthcare

Construction

Real Estate

Defense

Agriculture

37.6%

3.4%

16.9%2.0%

5.0%

3.5%

18.0%

13.6%

29.2%

4.2%

22.6%5.5%

5.0%

5.6%

21.1%

7%

5.2%7.8%

9.9%

9.2%

32.5%

14.9%

2.2%1.8%

12.6%

0.6% 2.1%1.1% 0.2%

14.1%

11.2%

14.5%

8.8%12.3%

19.5%

3.2%

1.4%9.3%

3.4%0.9%

0.9% 0.5%

VALuE VoLumE

B d n nn un d d , uding p d w wi d wn. G g p i gi n i d in d wi f n d in n

B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n



9

VoLumE

traNsatlaNtIc Deals

All seCtorsNORTH AMERICAN BuYOuTS NORTH AMERICAN ExITS

B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in N a i .

B d n d in n i n f g nd bidd nd ud buy u .

VALuE

0

100,000

200,000

300,000

400,000

500,000

H1 2010200920082007200620052004

V a l u e

( U S

$ m

)

V ol um e

Year Ended

0

200

400

600

800

1,000

1,200

Value (US$m) Volume

0

50

100

150

200

250

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Q arter Ended

v o l m e

North AmericanBidder Acq iringE ro ean Target

Total NorthAmerican/E ro ean Deals

E ro ean BidderAcq iring NorthAmerican Target

0

30,000

60,000

90,000

120,000

150,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Q arter Ended

v a l e

( u S

$ m

)

0

50,000

100,000

150,000

200,000

H1 2010200920082007200620052004

V a l u e

( U S

$ m

)

V ol um e

Year Ended

0

100

200

300

400

500

600

700

800




10

VoLumE

VoLumE

North amerIcaN QUarterlY m&a actIvItY

All seCtorsNORTH AMERICAN M&A SpLIT BY DEAL SIzE

B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in N a i .

VALuE

VALuE

2007 2008 2009 H1 2010200620052004

v a l e

( u S

$ b n

)

0

200

400

600

800

1,000

1,200

1,400

1,600

598.7

71.870.755.3

880.1

77.369.262.6

1,268.7

96.376.264.7

1,266.3

99.278.761.9

292.6

25.3

668.9

60.353.4

4.2744.4

657.8

40.5 36.8

5.626.156.425.71 3.5829.5 15.2

27.8

> uS$501m uS$251m-uS$500m uS$101m-uS$250m

uS$15m-uS$100m uS$5m-uS$14m

2007 2008 2009 H1 2010200620052004

v o l m e

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

248204

429

634

1,269

1,357

300219

419

1,418

714

1,426

268

400

475

1,472

664

1,795

484

280

1,409

482

626

1,987

840

156348

156

215168323

994

463

1,913

163

116226

692

387

1,495

123 79


val e not discloseduS$15m-uS$100m uS$5m-uS$14m

0

100,000

200,000

300,000

400,000

500,000

600,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

300

600

900

1,200

1,500

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd



1

All seCtorsFINANCIAL ADvISORS

LEGAL ADvISORS

toP 20 – RAnkED by VALuE


toP 20 – RAnkED by VoLumE


h12009

h12010

c pa na e Val euS$( )

n erf Deals

2 1 G d n s 142,255 89

11 2 D u B nk 99,966 47

7 3 B y c pi 99,601 49

1 4 m g n s n y 99,035 63

9 5 c di sui 90,829 64

3 6 JPm g n 87,218 54

5 7 B nk f a i m i lyn 81,172 58

13 8 l z d 68,326 44

4 9 ci ig up 62,369 39

16 10 UBs In n B nk 48,676 42

6 11 e P n 36,995 9

18 12 P W inb g P n 35,507 10

8 13 B k n G up h ding 30,649 11

55 14 tud , Pi k ing, h & c 22,002 9

12 15 G n i & c 20,780 17

25 16 hsBc B nk 18,245 11

15 17 rBc c pi m k 15,907 37

24 18 a n & c p ny 15,462 6

33 19 J ff i & c p ny 13,724 34

14 20 r i d 13,506 39

h12009

h12010


n erf Deals

1 1 G d n s 142,255 89

6 2 c di sui 90,829 64

2 3 m g n s n y 99,035 63

5 4 B nk f a i m i lyn 81,172 58

3 5 JPm g n 87,218 54

13 6 B y c pi 99,601 49

11 7 D u B nk 99,966 47

7 8 l z d 68,326 44

4 9 UBs In n B nk 48,676 42

10 10 ci ig up 62,369 39

9 11 r i d 13,506 39

12 12 rBc c pi m k 15,907 37

15 13 J ff i & c p ny 13,724 34

34 14 tD s u i i 8,112 29

8 15 h u i n l k y 5,577 29

19 16 KPmG 4,543 26

18 17 cIBc W d m k 5,800 22

39 18 lin n In n i n 476 21

16 19 m qu i G up 4,201 20

14 20 P i w u c p 1,986 1

h12009

h12010


n erf Deals

4 1 si p n t & B 135,814 64

1 2 sk dd n a p s m g & F 98,780 60

7 3 c y G i b s n & h i n 90,204 34

5 4 su i n & c w 87,130 42

18 5 l & W kin 84,732 69

16 6 W i G & m ng 84,027 49

3 7 W , lip n, r n & K z 82,817 32

2 8 c sw in & m 73,282 24

12 9 D w y & l B uf 70,300 4615 10 D b i & P i p n 66,876 18

6 11 D i P k & W dw 64,403 34

10 12 s n & s ing 54,699 39

13 13 B k , c & G yd n 50,268 53

89 14 h b s i /G i lu z/s ibb 43,793 16

31 15 B k B 43,737 23

22 16 F i d F nk h i s i & J b n 38,490 24

101 17 s ug nd m y 38,449 10

195 18 N n r 35,500 5

39 19 Gib n Dunn & c u 34,771 40

9 20 P u W i rifkind W n & G i n 32,204 29

h12009

h12010


n erf Deals

4 1 Dla Pip 5,837 80

1 2 J n D y 31,177 78

5 3 Ki k nd & e i 15,982 74

2 4 l & W kin 84,732 69

25 5 si p n t & B 135,814 6

3 6 sk dd n a p s m g & F 98,780 60

7 7 B k , c & G yd n 50,268 5

15 8 W i G & m ng 84,027 4

6 9 D w y & l B uf 70,300 4617 10 su i n & c w 87,130 42

18 11 Gib n Dunn & c u 34,771 40

9 12 s n & s ing 54,699 39

14 13 s ik n e i 15,578 37

20 14 o'm ny & my 17,823 35

28 15 K&l G 9,590 35

11 16 Wi n s n ini G d i & r i 3,557 3

13 17 c y G i b s n & h i n 90,204

29 18 D i P k & W dw 64,403 3

10 19 o , h kin & h u 20,049 34

22 20 m g n l wi & B kiu 8,809 34

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i N nd nd .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i g nd nd .




12

All seCtorsFINANCIAL ADvISORS – MID-MARkET (uS$10M-uS$250M)

LEGAL ADvISORS – MID-MARkET (uS$10M-uS$250M)





h12009

h12010


n erf Deals

3 1 m g n s n y 2,734 18

6 2 c di sui 2,612 16

2 3 G d n s 2,549 16

5 4 rBc c pi m k 2,279 18

14 5 J ff i & c p ny 1,778 16

10 6 B nk f a i m i lyn 1,681 12

17 7 cIBc W d m k 1,610 15

7 8 UBs In n B nk 1,460 12

11 9 r i d 1,413 11

21 10 GmP s u i i 1,409 13

8 11 l z d 1,359 13

15 12 m qu i G up 1,334 11

4 13 h u i n l k y 1,328 15

43 14 tD s u i i 1,159 10

87 15 hsBc B nk 1,071 6

32 16 r y nd J & a i 935 10

36 17 s nd o'N i & P n 903 9

24 18 G n i & c 881 6

65 19 e n & Y ung 741 6

1 20 JPm g n 722 7

h12009

h12010


n erf Deals

4 1 m g n s n y 2,734 18

5 2 rBc c pi m k 2,279 18

9 3 c di sui 2,612 16

3 4 G d n s 2,549 16

12 5 J ff i & c p ny 1,778 16

21 6 cIBc W d m k 1,610 15

2 7 h u i n l k y 1,328 15

28 8 GmP s u i i 1,409 13

7 9 l z d 1,359 13

10 10 B nk f a i m i lyn 1,681 12

6 11 UBs In n B nk 1,460 12

8 12 r i d 1,413 11

14 13 m qu i G up 1,334 11

33 14 tD s u i i 1,159 10

43 15 r y nd J & a i 935 10

26 16 s nd o'N i & P n 903

140 17 BB&t c pi m k 664 9

1 18 JPm g n 722 7

16 19 c n d G nui y 669 7

29 20 KPmG 517 7

h12009

h12010


n erf Deals

3 1 B k , c & G yd n 2,460 21

5 2 Ki k nd & e i 2,441 25

15 3 Dla Pip 2,325 34

17 4 W i G & m ng 1,991 16

1 5 l & W kin 1,951 22

6 6 sk dd n a p s m g & F 1,878 17

45 7 h g n l 1,862 25

61 8 m i n & F 1,825 17

26 9 s ik n e i 1,764 1712 10 Wi n s n ini G d i & r i 1,643 19

40 11 si p n t & B 1,586 12

9 12 s n & s ing 1,582 11

13 13 o'm ny & my 1,544 13

2 14 D w y & l B uf 1,403 14


101 16 Fu b ig nd J w ki 1,339 17

47 17 sid y au in 1,284 10

28 18 D i P k & W dw 1,190 11

22 19 F k n m in u 1,141 12

96 20 ogi y r n u 1,118 9

h12009

h12010


n erf Deals

9 1 Dla Pip 2,325 34

6 2 Ki k nd & e i 2,441 25

27 3 h g n l 1,862 25

1 4 l & W kin 1,951 22

3 5 B k , c & G yd n 2,460 2

8 6 Wi n s n ini G d i & r i 1,643 1

7 7 sk dd n a p s m g & F 1,878 17

54 8 m i n & F 1,825 1

17 9 s ik n e i 1,764 1775 10 Fu b ig nd J w ki 1,339 17

10 11 o , h kin & h u 1,089 17

2 12 J n D y 1.079 17

18 13 W i G & m ng 1,991 1

5 14 D w y & l B uf 1,403 14

13 15 o'm ny & my 1,544 13

60 16 si p n t & B 1,586 1

21 17 F k n m in u 1,141 12

11 18 s n & s ing 1,582 11

41 19 D i P k & W dw 1,190 1

15 20 Gib n Dunn & c u 971 11

t fin n i d i id- k gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d na i n bidd , g nd nd .

t g d i id- k gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n a i n bidd , g nd nd .



1

All seCtorspR ADvISORS

pR ADvISORS – MID-MARkET (uS$10M-uS$250M)





h12009

h12010


n erf Deals

4 1 J F nk Wi kin n B i K 84,530 41

3 2 s d v binn n & c 65,228 33

2 3 K k nd c p ny 62,276 48

1 4 B un wi k G up 38,457 28

8 5 ab n y m G g G up (amo) 24,408 42

5 6 FD 24,336 34

12 7 Fin bu y G up 11,575 14

13 8 K b G in and n 9,165 5

9 9 m i nd (amo) 4,963 8

29 10 ow n B i k i Pub i r i n 4,669 10

100 11 h n G up 3,739 2

151 12 e udi d c uni i n 3,736 2

26 13 ed n 3,068 9

- 14 I Wu fing K unik i n 3,009 1

- 15 m un & N d 2,822 1

169 16 P n Fin n i 2,294 4

- 17 s n n Pub i r i n & m k ing 2,291 8

- 18 hud n s nd 2,148 2

64 19 c pi ms&l 2,126 6

- 20 Inni f m&a 1,996 2

h12009

h12010


n erf Deals

1 1 K k nd c p ny 62,276 48

4 2 ab n y m G g G up (amo) 24,408 42

5 3 J F nk Wi kin n B i K 84,530

2 4 FD 24,336 34

3 5 s d v binn n & c 65,228 33

6 6 B un wi k G up 38,457 28

9 7 Fin bu y G up 11,575 14

12 8 ow n B i k i Pub i r i n 4,669

43 9 In g d c p r i n 1,027

32 10 ed n 3,068 9

13 11 ci ig 1,876 9

7 12 m i nd (amo) 4,963 8

- 13 s n n Pub i r i n & m k ing 2,291

37 14 c pi ms&l 2,126 6

34 15 lipp /h i n & a i 1,285 6

10 16 B in d c uni 1,072 6

15 17 c i t f i Pub i r i n 170 6

22 18 K b G in and n 9,165 5

11 19 W b s ndwi k W dwid 1,446 5

8 20 s n & c p ny 632 5

h12009

h12010


n erf Deals

3 1 J F nk Wi kin n B i K 1,981 17

1 2 K k nd c p ny 1,632 13

4 3 B un wi k G up 1,513 11

2 4 FD 1,342 13

6 5 s d v binn n & c 1,033 7

5 6 ab n y m G g G up (amo) 921 10

8 7 ci ig 794 6

40 8 Fin bu y G up 543 4

88 9 In g d c p r i n 404 711 10 Bu n n c uni i n 401 3

- 11 ed n 347 4

- 12 s n n Pub i r i n & m k ing 302 3

- 13= B n & o u 250 1

- 13= P n Fin n i 250 1

- 15 ou c uni i n 242 2

- 16 m k nzi P n 237 1

- 17 P f r i n 233 1

- 18 t i k c uni i n 231 1

36 19 l n m k ing c uni i n 218 1

- 20 DF King & c 210 1

h12009

h12010


n erf Deals

4 1 J F nk Wi kin n B i K 1,981

2 2 K k nd c p ny 1,632 13

1 3 FD 1,342 13

6 4 B un wi k G up 1,513 11

3 5 ab n y m G g G up (amo) 921 10

5 6 s d v binn n & c 1,033 7

88 7 In g d c p r i n 404

8 8 ci ig 794 6

13 9 Fin bu y G up 543 4- 10 ed n 347 4

10 11 Bu n n c uni i n 401 3

- 12 s n n Pub i r i n & m k ing 302

- 13 ou c uni i n 242 2

- 14 ly P n 201 2

49 15 W b s ndwi k W dwid 166 2

- 16 P B P ing 154 2

47 17 c pi ms&l 139 2

- 18 B kB y c uni i n 136 2

- 19 ci y P fi G up 131 2

- 20 IcIs (UK) 96 2

t Pr d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd ud p d nd wi d wn d . t b b d n d i Ng nd nd .

t Pr d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd ud p d nd wi d wn d . t b b d n d i Ng nd nd .



Fi a ial Ref r A will p s s aller a s sell, w ile FDIc deals e er d .

a Fin n i r f a i pu in i n,buy nd wi pp m&a u i u y.

t w ping f , ign d in w n Ju y21, 2010 by P id n ob , wi igni n y

gu y n i n n , ingy ing f g g f n w yb i d Bu u f c n u Fin n i

P i n.

“[t n n i f w] dd gu y bu d n nd ging b d b

nd ceo g ing w up i nd ndy, ‘I d n’ n d i ny ,’” id J ff y

Wi n , n ging di KBW.

“t wi b f m&a i i y bu n in n i n . Buy i p i n

g i i d d wi F dD p i In u n c p (FDIc),” dd d.

In p i n , FDIc f d nyb nk in midw nd N w in

i ip. t b nking gu y b dy iing f k k , Wi n id,

dding c d u d b n w fu ip b nk f i u .

Bu d wing d wn in f g - pp uni i nd p i ing

in d, king di i n m&a pp ing, indu y u id. B nk

di i u wi b p i u y pp ing in2011 b u “buy w n b n , d p i

nd g d n ,” n f u id. InJu y, f p , NBh h ding nn un d

qui i i n f 38 B nk midw b n inK n nd mi u i f Di kin n Fin n i ,

n f g uni y b nk di i uin ig y , u id.

FDIc d wi n inu k n f mBFin n i , Win u nd Fi midw , bu buy y n y p n w i dd , u id.

s d u i wi f w p iu n p iu g p y , id J ff

B nd, p in ip KBW. Gi n n w n n iu , i k n p n up nd u

, id. F n y , i wib dif u b Us$250 - b nk in Us nd p y wi ng ibu in p n g . s b nk wi

n Us$2bn in wi gp i qui y in , B nd id. “e p

i i y ik sun B n p nd Wl r & c .d in midw in ing n ,”B nd id. on Ju y 8, 2010, sun B n p

nn un d Us$100 qui y in n fWl r .

a i , n in in pi g in n y wi pu - - id- iz d

p y g wi g p y . t n ng- pi g in nd di id nd i

in f 15% i u iy 20% n y , nd n 3.8%in 2013. t wi u in in d d

i i y in in u n b k g p ,id K in D n u , n ging di

my i c pi ad i G up. P y u hub In n i n nd UsI h ding wi b

d in n buy . m i - p p y n p n u nd if y w i un i n y

, y wi g w eBItDa 8% ju id f ing ff f pig in in p und d wi f

k . “a f j gi p y wib ing u ,” D n u id.

In n n i n gy p , m&a wi bd i n by g up f : n p n uw w n ug d i nd p n -upd i , p i qui y w

pp uni i g iquidi y, nd p i ndi ing di i i n , id K n m in, f und

f m in & a i , n in n b nk d i n p ni . m in id

i p f i i y in Us$50- Us$200 ng , wi gi p y b

fund u d u ing i wn nd b wing p i y. Bu p i qui yin u i u in n n i n gy

p , dd d.

m i e Lewis

Deal DrIvers – FInAncIAL SERVIcES

FinAnCiAl serviCes

FINANCIALSERvICES

“An increase in capitalgains tax next year willpush small-to-mid-sized players to merge

with larger players.”

14



FinAnCiAl serviCesTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010


A edda e

S a s bidder pa tar e pa Ve d r pa Deal val euS$( )

01-m -10 l P ud n i P a i n In n i n a u n c p nyli i d

a i n In n i n G up In 35,50

08-m -10 P m lif In a i n lif In u n c p ny a i n In n i n G up In 15

09-Jun-10 P B n s n nd sa G up Fin n i s n nd s fin sa d cv(24.90% k )

B nk f a i c p i n 2,500

26-ap -10 P h z G b h ding In D t if y au i G up In

17-m y-10 P m n G up P GlG P n In 1,701

16-F b-10 c JPm g n c & c rBs s p c di i llP (eu p n nda i n p i n )

rBs s p c di i llP 1,700

03-m -10 c m c pi G up l d h b P in li i d 1,485

18-F b-10 c F i f Fin n i h ding li i d Z ni N i n In u n c p 1

18-m y-10 P I u - In i n I u sa I u Unib n h ding sa (1.25% k ) B nk f a i c p i n

28-J n-10 c G d n s su i mi ui Fin n i G up In (2.51%k )

1,112

10-F b-10 c affi i d m n g G up In P n n v n u li i d ru In n

16-ap -10 c QBe In u n G up li i d NaU c un y In u n c p ny lig y c pi llc 565

02-m -10 c c n di n I p i B nk f c ;G n In n llc; t B udG n n P n i n Fund ; t c yG up llc; nd W t u li i d

B nk f Nt Bu fi d & s n li i d (82.50%k )

550

29-J n-10 P ci ig up In lQ In i n Fin n i sa (8.52% k ) Quin n sa 53

29-ap -10 P F d Fin n i Fund lP P ifi c pi B n p (undi dn i in )

500


1



FinAnCiAl serviCesm&a sPlIt BY Deal sIZe

QUarterlY m&a actIvItY

VALuE

VALuE

VoLumE

VoLumE


16

B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i Fin n i s i .G g p i gi n i d in d wi f n d in n i n f g .

2007 2008 2009 H1 2010200620052004

v a l e

( u S $

b n

)

0

50

100

150

200

147.6

6.38.06.6

167.6

8.17.97.1

158.6

12.18.67.3

145.2

8.410.57.2

23.03.3

150.0

6.45.5

0.43.8

83.2

3.73.2

0.40.50.50.5 2.9 0.10.2 1.1

0.8



2007 2008 2009 H1 2010200620052004

v o l m e

0

100

200

300

400

500

600

174

50

146

50

1928 43

23

47

164

59

125 133

54

168

56

36

4564

24

65

155

43

189

401832

77

38

191

254

23

67

2119

29

125

18

10

10

26



0

20,000

40,000

60,000

80,000

100,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

50

100

150

200

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd



1FinAnCiAl serviCesFINANCIAL ADvISORS

LEGAL ADvISORS

toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE


h12009

h12010


n erf Deals

2 1 B nk f a i m i lyn 25,831 13

7 2 c di sui 19,849 10

9 3 G d n s 19,682 5

3 4 B y c pi 19,410 7

1 5 ci ig up 17,231 5

6 6 D u B nk 15,966 4

11 7= B k n G up h ding 15,544 1

- 7= hsBc B nk 15,544 1

4 9 m g n s n y 12,852 9

18 10 JPm g n 5,333 6

- 11 s n nd G b B nking nd m k 2,500 1

8 12 P W inb g P n 1,931 2

- 13 m i & c p ny 1,701 119 14 s nd o'N i & P n 1,524 16

- 15= t g i 1,457 1

- 15= vi y & c p ny 1,457 1

36 17 KPmG 1,190 3

10 18 UBs In n B nk 1,110 7

5 19 l z d 867 4

38 20 r y B nk f s nd G up 867 1

h12009

h12010


n erf Deals

4 1 s nd o'N i & P n 1,524 1

9 2 K f , B uy & W d 421 1

2 3 B nk f a i m i lyn 25,831 13

12 4 c di sui 19,849 10

1 5 m g n s n y 12,852 9

20 6 B y c pi 19,410 7

3 7 UBs In n B nk 1,110 7

51 8 tD s u i i 263 7

14 9 JPm g n 5,333 6

10 10 s if , Ni u & c p ny 432 6

8 11 m qu i G up 389 6

6 12 G d n s 19,682 5

7 13 ci ig up 17,231 552 14 r i d 606 5

11 15 D u B nk 15,966 4

5 16 l z d 867 4

22 17 h u i n l k y 411 4

16 18 KPmG 1,190 3

- 19 cIBc W d m k 588 3

- 20 h d Fin n i - 3

h12009

h12010


n erf Deals

3 1 si p n t & B 56,077 14

2 2 c y G i b s n & h i n 55,359 7

4 3 su i n & c w 54,573 16

41 4 W i G & m ng 52,805 7

5 5 D i P k & W dw 43,750 8

43 6 D b i & P i p n 38,167 4

61 7 N n r 35,500 2

6 8= c sw in & m 35,500 1

- 8= h b s i /G i lu z/s ibb 35,500 1

47 8= s ug nd m y 35,500 1

32 11 D w y & l B uf 21,483 12

103 12 a n & Bi d 15,816 4

23 13 Ni i u & a i 15,694 3

191 14 W i & c 15,601 3

149 15= cms 15,544 1

- 15= U i m n nd z 15,544 1

7 17 W , lip n, r n & K z 4,984 7

94 18 s n & s ing 3,341 3

1 19 sk dd n a p s m g & F 2,581 11

13 20 link 2,560 3

h12009

h12010


n erf Deals

2 1 su i n & c w 54,573 16

14 2 si p n t & B 56,077 14

7 3 D w y & l B uf 21,483 12

1 4 sk dd n a p s m g & F 2,581 11

22 5 D i P k & W dw 43,750 8

13 6 c y G i b s n & h i n 55,359

17 7 W i G & m ng 52,805 7

6 8 W , lip n, r n & K z 4,984 7

20 9 a n & o y 1,854 7

34 10 Ki p i k s k n 208 7

32 11 B w & Giu i ni - 6

29 12 B k , c & G yd n 2,475 5

48 13 J n D y 2,398 5

16 14 F fi d B u k u D ing 1,580

111 15 t y 1,440 5

21 16 B y n c 325 5

9 17 D b i & P i p n 38,167 4

57 18 a n & Bi d 15,816 4

19 19 P u W i rifkind W n & G i n 1,809

45 20 s ik n e i 385 4

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd Fin n i s i .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd Fin n i s i .




I d s rial deals pr lifera e w ile d le dipspe er l s.

t f f 2010 w d i i y pi k upng indu i p ni , in ddi i n u n f g d buy u .

t u n m&a n i n n in“ d y p i i i ” bu p p f

d ub -dip i n in 2011 y pup ni in ing in nd f f

2010 b f i wind w f pp uni y n pu g in.

StRong chEmIcALS

D king in i k ng, win b nk ying in Ju y 25

p ni w f . a ng id p d in nd f f 2010 :e n c i ’ f i Pet bu in ;a nd’ f i Us$3bn di ibu i n ;

nd IPo f a iz n c i . o ,u a s u nn, P yon , nd c i n ,

king b - n buy y w yf di y i ig ginni p du .

In n u i n , n id i n b n f nd i p d n inu . t

f w p n y f di d n i nng bui ding p du di ibu i n p ni

wi G G up-b k d s k Bui dingsupp y buying p ni u f b nk up y,

nd Us lBm nd aBc supp y buying. In nd f f 2010, n b bui ding

p du nuf u p d : a i d m i i d D u

B nk f p , w i eu d g pub i in Ju y.

PRIVAtE EquIty ExItS

m ny f n i n ig ig f p i qui y i king un d

f i ng- d in n . eu ,a i d m i nd a iz n c i

b k d by p i qui y. Bu p i qui y i ing n Us$500bn un in

f pi y w n d p y f w -y

d ug . t n b d up d dw Us$1.3 n — n c in k

k . m ny d u ing . tlBo, f f d d du ing d wn u n, b k wi b ng in ap i wi c b u c pim n g n ’ Us$1.4bn buy u f d f n

Dyn p.

DEFEnSE SEt FoR FREnzyt d f n i n f f nzy

f d king n i n g p ni u i p f i in

n ff i p gin p y wiug n i f in u . In Jun ,

l k d m in nn un d p n diw uni und i Inf i n sy &

G b s i (Is&Gs) di i i n. on f — en p i In g i n G up (eIG)—ib ing d b u f w i f do g niz i n c n i f In gu i n .In f f budg u f in p i nin Us nd eu p , N p G u n

in Ju y nn un d i i p ing gin i f i ipbui ding bu in .

D ik p d n inu .an d i in d f n k wib j i i y n d f un nn d

i i (Uav ), king id- iz p ni in y

i . on u d i n f in d f n ig n w,

wi p ni p n i y king i n f y .

N w fu - n y nd i i n g f nd u k wi pu n id i n

ng di d u i p ni ndf ig f w d d n’ pi n w n i n n gu i n .

v ipp u ing b k n b ingingi p , w i u k u

d f ig . m ny in d iw n’ b b b f buying b inging i wn i d k nd bf d n id .

StILL A SELLER’S mARkEt

s p buy g d wid king k gi qui

in y f f 2010, bu y u di ning n b f , id b

N n , i i i g d d k —buy b ing f d u

p ni b d n “n iz d ning i , dju d n g if n i i n. B nk yund d f p ni b ing k

n .

Y w ning ign —p i nun p y n , f ing k k

pi i n f Bu ’ p y und f 2010, p u ing nd

indi ing y u n u g inBi rid n u , p id n f P y t nad i , y ny p ni

ug n i d wn u n f 2007-9 inking b u i k f d ub d

i n nd unk ing d wn g in.“s f u i d

u f g n y , bu y uff p .”

mar A dress, A a da Levi ,Ri ard te e i a d Sa Weis er

Deal DrIvers – InDuStRIALS, mAnuFActuRIng & EngInEERIng

industriAls, mAnuFACturing & engineering

INDuSTRIALS,MANuFACTuRING& ENGINEERING

“Another driver in thedefense market will

be the major militaryneed for unmannedaerial vehicles (UAVs),making small to mid-size companies in thesector very attractive.”

18



industriAls, mAnuFACturing & engineeringTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010


A edda e


15-F b-10 l Y In n i n asa t Indu i In 4,2

18-J n-10 c ty In n i n l d B ink' h s u i y h ding In 1,83

28-m -10 c Z ji ng G y h ding G up c p nyli i d

v c c p i n F d m c p ny 1,80

02-m -10 c B in c pi llc s y n c p. t D w c i c p ny 1,630

30-Jun-10 P G d u sa G d u a i c p i n (33.70% k ) 1,6

29-Jun-10 P e n e i c p ny c id G up P 1,548

19-m y-10 P h n yw In n i n In sp i n P i n sa e i In n i n sa

20-Jun-10 P c n P du In n i n In N i n s & c i c p ny akz N b Nv

22-ap -10 c o k hi c pi P n lP t hi n c p ni In c d h nn y & si n llc; nd on it P n i n P n

956

29-m -10 c m di n D b n P n llc BWaY h ding c p ny 829

26-ap -10 c Gtcr G d r un llc P i n on In 826

01-Jun-10 c P g r i s i In e -m i Di In B k i P n llc; nd G nb i equi yG up llc

820

29-ap -10 P G ft In n i n li i d c/G e d llc; nd s d if c k lP(81.10% k )

692

21-Jun-10 P Itt c p i n G dwin Pu p f a i In 585

10-m y-10 P c t uni i n c p cPI In n i n In 44


1



industriAls, mAnuFACturing & engineering


20

m&a sPlIt BY Deal sIZe


VALuE

VALuE

VoLumE

VoLumE

B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i Indu i , c i & engin ing .G g p i gi n i d in d wi f n d in n i n f g .

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

50

100

150

200

250

43.5

9.29.16.8

8.6

43.6

9.89.2

12.4

100.9

13.19.7

211.4

14.210.410.0

11.1 3.0

64.3

9.96.9

0.77.9

72.7

2.23.6

1.11.00.90.8 0.7 0.23.9 1.7

2.8



2007 2008 2009 H1 2010200620052004

v o l m e

0

200

400

600

800

1,000

382753

160

81

251

322461

212

100

319

443482

226

112

420

74

114

221

6539

482

482

2393

74

18

278

137

6

10

4422

818

2843

169

76

23

446



0

20,000

40,000

60,000

80,000

100,000

120,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q08

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

50

100

150

200

250

300

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd



industriAls, mAnuFACturing & engineeringFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

16 1 JPm g n 10,202 12

18 2 ci ig up 5,675 6

1 3 m g n s n y 5,427 6

13 4 B y c pi 4,933 6

5 5 r i d 4,747 8

25 6 D u B nk 4,438 6

6 7 l z d 3,624 12

8 8 c di sui 2,250 9

15 9 G d n s 2,149 7

81 10 m i & c p ny 2,075 2

3 11 B k n G up h ding 1,980 2

10 12 hsBc B nk 1,959 3

7 13 KPmG 1,902 511 14 rBc c pi m k 1,844 2

12 15 G n i & c 1,629 2

- 16 In 1,548 1

- 17 c di ag i cIB 1,380 1

35 18 J ff i & c p ny 899 5

- 19 m g n K g n & c p ny 857 2

19 20 B nk f a i m i lyn 829 1

h12009

h12010


n erf Deals

6 1 lin n In n i n 300 13

9 2 JPm g n 10,202 12

3 3 l z d 3,624 12

15 4 c di sui 2,250 9

8 5 P i w u c p 309 9

1 6 r i d 4,747 8

21 7 G d n s 2,149 7

22 8 ci ig up 5,675 6

13 9 m g n s n y 5,427 6

20 10 B y c pi 4,933 6

37 11 D u B nk 4,438 6

23 12 h i Wi i & c 192 6

5 13 KPmG 1,902 545 14 J ff i & c p ny 899 5

4 15 UBs In n B nk 771 5

63 16 BB&t c pi m k 247 5

48 17 I p i c pi 250 4

7 18 D i 63 4

19 19 hsBc B nk 1,959 3

43 20 W.Y. c pb & c p ny 310 3

h12009

h12010


n erf Deals

32 1 Ki k nd & e i 7,097 16

40 2 l & W kin 6,528 11

16 3 F fi d B u k u D ing 6,454 9

37 4 si p n t & B 5,182 6

12 5 D i W d P i ip & vin b g 4,441 2

- 6 Wikb g r in & c 4,221 2

- 7 t n 4,204 1

8 8 s n & s ing 3,979 6

10 9 sk dd n a p s m g & F 3,768 11

28 10 m y B wn 3,260 9

13 11 B k , c & G yd n 2,955 4

14 12 t y 2,830 5

26 13 c y G i b s n & h i n 2,459 4

- 14 D i P k & W dw 2,294 5

33 15 link 2,239 5

- 16 D b i & P i p n 2,188 4

- 17 l nz & s in 2,001 2

142 18 a u 1,933 3

54 19 l y n & l ff 1,910 2

55 20 s ug nd m y 1,907 4

h12009

h12010


n erf Deals

1 1 J n D y 118 17

2 2 Ki k nd & e i 7,097 16

10 3 l & W kin 6,528 11

7 4 sk dd n a p s m g & F 3,768 11

50 5 F fi d B u k u D ing 6,454

13 6 m y B wn 3,260 9

16 7 K&l G 188 9

3 8 B k & m K nzi 168 9

5 9 Dla Pip 111 7

25 10 si p n t & B 5,182 6

6 11 s n & s ing 3,979 6

45 12 cms 64 6

33 13 t y 2,830 5

- 14 D i P k & W dw 2,294 5

14 15 link 2,239 5

53 16 a n & o y 1,691 5

119 17 sid y au in 1,655 5

51 18 su i n & c w 1,640 5

9 19 c iff d c n 665 5

46 20 h b s i /G i lu z/s ibb 16 5

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd f wing : au i ; c i & m i ; Indu i – ni ; u i n nd p du nd i ; nd m nuf u ing –

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Nnd nd f wing : au i ; c i & m i ; Indu i – ni ; u i n nd p du nd i ; nd m nuf u ing – .


2



capi al is i as e er pr d ers rep si i la d a d a sea.

In n i n i ng , u -ung y a i n p ni nd p i qui y

king p i ip in i i n Usn gy indu y p d in i y

i y in i nd g – n in n

n d . h iz n f u ingn gy qui pi ; ff pii bi i i p n i ; gu y d y n

bu n ; wind nd f n u i nqui n n ing.

on p n y n ’ ind i f f ff d i ing indu y in w k f BPi pi . W i d w n’ i iz un i

ob d ini i n’ d i ing b n i if d nd i y n gu i n i gi n, ff

d i ing n pp d f g d nd n i m&a.

c n id i n i p d u in id-

ng- n w gu y bu d n nddd d f y qui n d i n i f ig . c p ni y

n in n , p i y . s ff p ni wi n d

bu k up, nd u d y ini iz i ffp u by king f buy u fpi . a y , y u d w king

in in i w , y l n Gi i nd,m n ging Di tud Pi k ing h .

W n i d ping Us ,’ f pp uni y, p i y in

m u , y Bi m k , m n ging Di J ff i . t “ nd u ” un f

pi qui d d p n f i i n f wi d i d i nd in n i nj , p i qui y, nd a i n p y

in in ug m&a j inn u . s p ni , in n d f n w

n gi nd n i f , y gn pp d up by p ni b un ug

pi p g nd d z n f ig , dd .

REnEWAbLE EnERgy

mu f f f n w b ngn p n i g n n ini i i u

b n , f d-in iff nd un inn i n f i u u d . Un i n,

n w b n gy p j wi ugg b in n n ing in n i n i

i . a nu b f n gy p ni pu d IPo i y . W k n u gp i u d ny buy ’ inin pi - y wind , n D niB wn, a i in U i i i nd a n ien gy K yb n c pi m k .

on b ig p n n w b f n y bin u i i i n . “In d p n f

n i n n gu i n wi b yin u i i y m&a,” y B i n t , m n gingDi nd h d f P w & U i i i WF g s u i i . “W p n w bf u d qui i i n u i i y p ni w k

w d i n w b p f i nd d .”

utILItIES

ru nd p u i n in ing n yy big n in u i i i b n p n

f wing i y ’ u i i i d . “t u i i ym&a k i ik y g in fu n uin ing y du f ,in uding in d qu i y f indu yp y ’ b n nd i i p d

pi k ,” t y .

r gu u d b n i p di n d , y b n in p . “t n

gu p n n id i n, y u’

[ p ni ] u wi pp i ,” nK yb n ’ B wn.

oILFIELD SERVIcES

oi d i m&a nd b d i nby pp uni i uf ing f bu inin d f nd , y tudPi k ing’ Gi i nd. l g p y wi

n inu k f p p i y nnd n id i n u d u

p . “any ing di d w d ” wb i n i i y i p

b k, y P u m n, m n gingDi s u w s u i i .

mInIng

In ining, f f d ub dip n inu u un in y in p i u

m ny in ding i b if g d wi g in n f f d wn

pi ing n y if i d if d wing bu ing f pbubb . In b , d nd f a i

n inu d i k . c n di n,af i n, nd s u a i n p ni wi

g b d p i , p i yybd nu nd i n , n inu

qui i i n nd p n ing p p fc in in p i u . W i d ikr i w y c n u i n nd t ng ing N nf

m j in qui i i n f c i n rin 2009 f Us$549 p d, p n

nd ff- k g n in u n f fun ik y b nu u .

Deal DrIvers – EnERgy, mInIng, oIL & gAS

energY, mining, oil & gAs

ENERGY,MINING,

OIL & GAS

“Smaller companies,in need of new

technologies andeconomies of scale,may get snapped up bycompanies able to runhuge capital programs.”

22





energY, mining, oil & gAs


24



VALuE

VALuE

VoLumE

VoLumE

B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i en gy .G g p i gi n i d in d wi f n d in n i n f g .

2007 2008 2009 H1 2010200620052004

v a l e

( u S $

b n

)

0

50

100

150

200

250

300

60.2

14.610.66.3

11.1

164.9

15.18.9

21.1

251.3

9.47.9

229.5

14.714.38.2

11.5

98.899.2

13.812.7

5.8 0.5

120.6

10.812.5

0.60.70.60.5 0.5 0.26.3 2.7

4.5



2007 2008 2009 H1 2010200620052004

v o l m e

0

100

200

300

400

500

600

47

51

133

64

40

44

37

64

177

89

31

49

55

69

175

61

57

83

46

66

171

90

42

94

55

50

113

75

40

56

61

52

130

65

37

38

33

38

3229

57

21



0

20,000

40,000

60,000

80,000

100,000

120,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

30

60

90

120

150

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd



energY, mining, oil & gAsFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

10 1 G d n s 40,312 12

4 2 D u B nk 28,775 12

5 3 c di sui 28,466 16

6 4 B y c pi 23,507 10

26 5 tud , Pi k ing, h & c 21,877 8

2 6 m g n s n y 15,349 10

7 7 UBs In n B nk 15,167 8

11 8 ci ig up 14,236 6

14 9 JPm g n 14,221 9

17 10 B nk f a i m i lyn 14,111 8

13 11 s i c pi 9,729 7

38 12 B k n G up h ding 7,625 1

24 13 J ff i & c p ny 5,839 440 14 s if , Ni u & c p ny 5,400 4

15 15 Bmo c pi m k 4,940 12

3 16 cIBc W d m k 4,551 12

67 17 tD s u i i 4,298 13

- 18 sunt u r bin n hu p y c pi m k 3,762 2

1 19 rBc c pi m k 3,750 15

18 20 Fi en gy c pi 3,346 9

h12009

h12010


n erf Deals

5 1 c di sui 28,466 16

2 2 rBc c pi m k 3,750 15

67 3 tD s u i i 4,298 13

6 4 G d n s 40,312 12

8 5 D u B nk 28,775 12

9 6 Bmo c pi m k 4,940 12

7 7 cIBc W d m k 4,551 12

19 8 GmP s u i i 1,935 11

18 9 B y c pi 23,507 10

1 10 m g n s n y 15,349 10

15 11 JPm g n 14,221 9

14 12 Fi en gy c pi 3,346 9

10 13 m qu i G up 2,509 937 14 tud , Pi k ing, h & c 21,877 8

4 15 UBs In n B nk 15,167 8

22 16 B nk f a i m i lyn 14,111 8

3 17 s i c pi 9,729 7

16 18 N i n B nk Fin n i 1,639 7

- 19 P dig c pi 698 7

11 20 P & c 510 7

h12009

h12010


n erf Deals

13 1 B k B 41,937 17

14 2 l & W kin 35,712 14

6 3 vin n & e kin 25,785 18

11 4 sk dd n a p s m g & F 24,515 10

2 5 B k , c & G yd n 20,649 14

25 6 W , lip n, r n & K z 19,065 5

100 7 si p n t & B 17,331 8

46 8 akin Gu p s u h u & F d 15,077 9

40 9 B w & Giu i ni 13,464 7

- 10 o'm ny & my 12,778 3

- 11 Gib n Dunn & c u 11,750 1

20 12 D w y & l B uf 11,519 5

27 13 su i n & c w 9,479 4

7 14 o , h kin & h u 9,443 12

36 15 B k & m K nzi 7,936 4

10 16 F mi n c g in 7,882 4

30 17 K&l G 7,625 2

34 18 link 7,450 2

- 19 B b , mu ni & a g 7,000 1

16 20 a n & Bi d 6,947 6

h12009

h12010


n erf Deals

2 1 vin n & e kin 25,785 18

18 2 B k B 41,937 17

24 3 l & W kin 35,712 14

1 4 B k , c & G yd n 20,649 14

4 5 m c y t u 4,417 14

9 6 o , h kin & h u 9,443 12

42 7 Fu b ig nd J w ki 1,563 11

15 8 sk dd n a p s m g & F 24,515 10

28 9 akin Gu p s u h u & F d 15,077 9

3 10 Bu n Du kw & P 3,761 9

7 11 s ik n e i 1,836 9

105 12 si p n t & B 17,331 8

6 13 F k n m in u 2,303 8

26 14 B w & Giu i ni 13,464 7

36 15 a n & Bi d 6,947 6

16 16 and w Ku 5,619 6

14 17 B d n l dn G i 786 6

11 18 D y & W i n y 212 6

47 19 W , lip n, r n & K z 19,065 5

13 20 D w y & l B uf 11,519 5

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : en gy, mining, nd U i i i – .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : en gy, mining, nd U i i i – .


2


http://slidepdf.com/reader/full/us-deal-drivers-h1 26/72Deal DrIvers – conSumER

c s er m&A is e re d, a d arise f r er i e se d alf f e ear asw ld- e ers re ai de e fr es ead i e .

r i n i n u f d,b g nd p p du wi in m&a

p , b nk y. Bu n y

i p , y b i wid ng f wi in d buy nd .

on d u k p u f ing i p ib bid by N pu G nmi . m d J n n in gi

g f N , w G up D n n ndUni . sp u i n b u m d J n nd b n und in p ny’

p i n f B i -my in 2009, nd d k p bidding w in

n i 12 n .

In n i n p y y p Us fb b nd , wi J p n-b d b nd f

d ink p ny s pp n y p ingin in qui ing p iu b p ni .

e p d in p f d, p ind p nu i i n upp n , wi

u i n n f 10 eBItDa ing ’ g w p n i . F in n , P

& G b in m y d p n yddi i n i p f d g n w n

i qui d N u P P du f nundi d u .

m j pp k vF c p i n ndK w d p d d i u n

k i y qui . P i ip -v nh u n in m g d pu t yhi g f Us$3bn, nd in n unf buy .

a ug n u d n i ,indu y u i n wi n i 2007, w n

p ni d i i p iu , w nn b nk . c n u i b in i p nding p , b nk

p in d u , wi un p y n nd p n di ind ing f .

Priva e e i deals a e e sp li

af w -y i u , n u n g in b p pu p f

p i qui y i . t nd wi n inuin n i n ng if d b

k in p n. l nd wi ing nd, bu g p b w n buy nd

p i n in d in nd f f y .

t n u d n i n n , p i u yin f d, i bu p i qui y

p d i p i y ing f d ding d n w y .

F in n , Pinn F d , N w J y-b d f d p ny wn d by B k nG up, i ik y g pub i wi in n y ,

n b nk y .

Res a ra s a e a e a

Du ing i n, p i qui y f p d d n i u nin n , y P u huff n, n gingdi wi h d y P n . Bu

i n , nu b f fund wi p un u n f i p f i .

In u ning p in f u ping indu y,f i y i d l i u by

g k , cKe r u n in ap i d ap m n g n f Us$1bn f p i u y

i ing Us$919 ff f t h. lP n (thl). t n , Us-b d lequi y P n llc, f und d by thl-f undt h. l , qui d pizz in P pmu p y’ f c b nk c pi P n f

n undi d n id i n. P p mu p y’p d y d f 10 eBItDa, nd b n b nn d i y du i ig u i n.

t bu k f i i y du ing f f y wi ik y b b w n p i qui y

nd p i y- d p ni , pub ip ni g ing p i . s gi buy ,

f u d n i p ing i p i n , un ik y u n k by nd f

y .

Consumer

CONSuMER

“The bulk of activityduring the latter half of the year will likely bebetween private equity

rms and privately-held companies, orpublic companiesgoing private. Strategicbuyers, focused onimproving their coreoperations, are unlikelyto return to the market

by the end of the year.”

26



ConsumerTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010

Deal DrIvers – conSumER

A edda e


25-F b-10 P t c -c c p ny c -c en p i In (N a i np i n )

c -c en p i In 12,280

05-J n-10 c N sa K f F d (f z n pizz bu in ) K f F d In 3

15-m -10 c P i ip -v n h u n c p i n t y hi fig c p i n ap P n llP 3,

02-Jun-10 P a i n i n c u t d In c y' G n s In 1,9

14-J n-10 c s i id c p ny li i d B e n u In 1,740

21-m y-10 c Gs c pi P n mi F d In t h l P n lP 1,7

14-Jun-10 P m f ig a i n sa K y n F d llc lind y G db g & B lP 1,260

24-F b-10 c P i ip m i F un t b c In F un t b c p i n (s d aand li bi i i ); nd P i ip m i P i ippinm nuf u ing In (s d a andli bi i i )

F un t b c p i n; nd P i ip m iP i ippin m nuf u ing In ( ub idi y f P i ipm i In n i n In )

1,170

21-Jun-10 c r p h ding In a i n I i n P c 1,162

17-F b-10 c W g n c Du n r d In o k hi c pi P n lP 1,0

08-Jun-10 c a yz aG F s B k i In lind y G db g & B lP 9

22-m -10 P B ing h ding (lu b u g) s( ub idi y f c -c en p i In )

c -c D ikk as; nd c -c D y ks ig aB

t c -c c p ny 822

23-m -10 c P ig c p ny PBm h ding In 808

09-F b-10 c sp u B nd In ru h bb li i d 675

25-F b-10 c Di nd F d In K F d In li n c pi llP 615


2



Consumer


28



VALuE

VALuE

VoLumE

VoLumE

B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i c n u .G g p i gi n i d in d wi f n d in n i n f g .

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

30

60

90

120

150

48.3

13.3

10.7

6.7

131.6

6.05.16.3

81.5

8.95.56.0

126.5

9.47.24.3

29.4

2.4

110.5

6.94.1

0.23.8

36.0

0.50.50.60.5 0.3 0.12.5 1.3

3.12.5



2007 2008 2009 H1 2010200620052004

v o l m e

0

100

200

300

400

500

600

150

178

55

62

3926

132

187

71

311628

131

226

47

3527

37

96

296

52

44

2735

94

234

25

261915

58

156

36

13 718

14139

24

90



0

20,000

40,000

60,000

80,000

100,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

30

60

90

120

150

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd



ConsumerFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

7 1 G d n s 22,992 15

48 2 c di sui 20,537 11

4 3 l z d 16,802 6

- 4 a n & c p ny 13,272 3

- 5 G n i & c 13,102 2

13 6 B nk f a i m i lyn 7,857 6

10 7 ci ig up 7,687 4

- 8 B y c pi 5,043 6

14 9 P J s n c p ny 4,184 3

8 10 r i d 3,899 10

24 11 h u i n l k y 3,874 4

- 12= B k n G up h ding 3,700 2

- 12= c n i w P n 3,700 26 14 m g n s n y 3,405 4

3 15 D u B nk 3,209 3

- 16 rBc c pi m k 3,107 2

1 17 JPm g n 2,068 2

2 18 N u h ding 1,506 1

59 19 P i w u c p 1,475 3

32 20 e P n 1,162 1

h12009

h12010


n erf Deals

5 1 G d n s 22,992 15

48 2 c di sui 20,537 11

2 3 r i d 3,899 10

54 4 KPmG 809 7

9 5 l z d 16,802 6

12 6 B nk f a i m i lyn 7,857 6

- 7 B y c pi 5,043 6

21 8 ci ig up 7,687 4

1 9 h u i n l k y 3,874 4

11 10 m g n s n y 3,405 4

- 11 a n & c p ny 13,272 3

13 12 P J s n c p ny 4,184 3

8 13 D u B nk 3,209 359 14 P i w u c p 1,475 3

- 15 Qu y mun h ding 919 3

14 16 r b b nk 510 3

22 17 hsBc B nk 481 3

- 18 D i 445 3

49 19 e n & Y ung 211 3

- 20 Bmo c pi m k 180 3

h12009

h12010


n erf Deals

33 1 D w y & l B uf 19,717 5

30 2 W , lip n, r n & K z 16,564 5

13 3 sk dd n a p s m g & F 15,610 5

- 4= c i G d n & r ind 13,102 2

- 4= m K nn l ng & a d idg 13,102 2

23 5 c y G i b s n & h i n 12,725 3

47 7 s ik n e i 12,493 5

101 8 W i & c 12,280 3

- 9 c ing n & Bu ing 12,280 1

24 10 c sw in & m 6,745 6

32 11 W i G & m ng 5,724 9

10 12 si p n t & B 5,323 4

11 13 l & W kin 5,246 3

63 14 B k , c & G yd n 4,834 5

36 15 Wi ki F & G g 4,084 2

- 16 h bu g 3,700 1

119 17 Gib n Dunn & c u 3,640 4

20 18 h b s i /G i lu z/s ibb 3,166 3

- 19 D B uw B k n W b k 3,009 1

5 20 Dla Pip 2,121 11

h12009

h12010


n erf Deals

27 1 Dla Pip 2,121 11

4 2 W i G & m ng 5,724 9

6 3 Ki k nd & e i 1,761 7

1 4 J n D y 1,297 7

33 5 c sw in & m 6,745 6

35 6 D w y & l B uf 19,717 5

68 7 W , lip n, r n & K z 16,564 5

3 8 sk dd n a p s m g & F 15,610 5

22 9 s ik n e i 12,493 5

9 10 B k , c & G yd n 4,834 5

58 11 si p n t & B 5,323 4

124 12 Gib n Dunn & c u 3,640 4


- 14 s n & s ing 1,974 4

140 15 c iff d c n 1,475 4

61 16 a n & o y 615 4

64 17 c y G i b s n & h i n 12,725

14 18 W i & c 12,280 3

2 19 l & W kin 5,246 3

31 20 h b s i /G i lu z/s ibb 3,166 3

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : c n u - i , f d nd .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : c n u - i , f d nd .


2



te l pa ies, as ri a ds rai ed e a i redi

ar e s, ave pa ed s er i d s riesi eir eal f r i deals is ear.

and if u ing u i i ny ing g by, f f y u d b nbu i p ni i b nk nd

g buy k qui in ikbi , u i y nd ud n gi .

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ing ing un in y und n y,ding p d p n

u i g f w p ny.

a n g In n p ny p d up i f qui i i n

p i n , nd wi b king u k-in wi p i in bi nd iz d

n gy, n u i y . “m bi i

b d y gniz d u i n n w.”e p buy d in g n tmt

nd p , ug f w g d u qui i i n f i n bu in N i

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g di p ny u Di n y i i n p ing n g in u ip

di gi n . a z n app u d bin d in N i ’ u b , dd .

W i i u k f ik yk u IPo f ig y p b f

g w p ni Zyng nd F b k, p ni pp b in n u i nd buy in n u y p y

p i f , u i n .

m nw i , k i ing wii i y in in p i p ni k

d n g f f b p i ing in b , bnd d n i ng nding p i i n ,

y b nk . In i b , Fib ,on ink c uni i n , h g y, KDl, P k10, a p u c uni i n nd 365 m in

un d u i n i y , ding g k p .

t j i y f u i n u dn ud wi u fu d by nd

f f 2010, p u n u i . “a f in f igu d. t p ni

p u d . and p i g n ingp i qui y in b u f i

pi wi i y in eBItDa.”

hig buy in in tmt i b ing d i n inp by pu b k in in n ndd p n , u ing bu in pun w n gi f u id p ni , yB b a k n, f und f y g in

a gi c pi . “W n f i i y i u wn p f i .”

t iz f buy wi in n d nu n n y, a k n p di .

t di i n di p ni , und p u in n nd It u i y bu inug in n up wing in d nd f n in

u i y u d b b f ig i i y ining n , id.

In di i n di , g di ngwi n inu n p up f g w p niin n w di nd n in p . “t ’p u n di i n di p ni

i bu in ,” p in a k n.c n id i n ng i i n nd

di p ni king g in ip d . “W n w ing

u d w,” y t G n,P id n f P id n equi y’ c pi m kG up. “m n g n b n p i i n y w .”

t n d f digi u i y in uG n n , n gy nd

k i gi f buy . td f n p ni ik l k d m in

king k up ni k d n g f

a k n y , n ing B ing quiN u N w k in y Ju y.

B n ing pi n d wi in i g ing i f id- iz d n g

p ni , w i qui k y ing pip in . m n qu f IPo inin p 12 n w by n g

p ni , y r n i n c pi p inK n s n s i . m ny p

“p ing” in IPo wing , w i inin y u n pub i k

s n s i w p i i i b u Ip p f g p ni u ubi i n d di p ny Ni n, w

d in Jun . In ying nd

p ni wi g wing w pu n y w k, y . P -p p

f w p i n . “I ’ y i f g w p ny ’ n p

L ise blea le a d Sara c e

Deal DrIvers – tEchnoLogy, mEDIA & tELEcom

teChnologY, mediA & teleCom

TECHNOLOGY,MEDIA &TELECOM

“High buyer interest inTMT is being driven inpart by a pull back ininternal research anddevelopment, causingbusinesses to purchasenew technologies fromoutside companies.”

30



teChnologY, mediA & teleComTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010


A edda e


22-ap -10 P c n u ylink Qw c uni i n In n i n In 22,1

25-J n-10 c KDDI c p i n Jupi t uni i n c l d (37.80%k )

lib y G b In 4,014

19-F b-10 P s w c uni i n In c nW G b c uni i n c p i n( - - i nd p i y i i n bu in )

c nw G b c uni i n c p i n 1,96

21-ap -10 c vi In cyb s u c p i n 1,699

15-F b-10 P G up t i sa d cv c uni i n N d m i sa d cv(30% k )

NII h ding In 1,440

10-Jun-10 c tPG c pi lP v f In h n & F i d n llc; nd JmI equi y 1,400

24-m y-10 c IBm c p i n s ing c In at&t In 1,400

14-Jun-10 P c b i i n sy c p i n B n n c uni i n In c c p i n; P id n equi y P nIn ; nd Qu d ng G up llc

1,365

19-m y-10 P sy n c p i n v isign In (Id n i y nd au n i i nBu in )

v isign In 1,280

09-F b-10 c mi n t n gy In Nu ny Bv F n i P n lP; In c p i n; ndstmi ni Nv

1,270

19-m -10 P I n en p i lP li n G en in n c p. 1,2

05-m -10 P aBrY P n llc rcN c p i n 1,177

09-Jun-10 P a ip -mi y h s u i n In e ip y c p i n

28-ap -10 c h w -P k d c p ny P In 1,141

26-J n-10 c Qu d/G p i In W d c P In . 1,1


3



teChnologY, mediA & teleCom


32


VALuE

VALuE

VoLumE

VoLumE

B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i t n gy, m di & t .G g p i gi n i d in d wi f n d in n i n f g .

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

50

100

150

200

250

300

350

161.4

11.99.712.7

226.5

18.013.312.6

283.4

15.317.014.6

171.3

21.514.612.3

40.7

4.8

116.3

6.210.0

0.98.9

85.3

1.21.51.71.6 0.7 0.35.9 3.2

5.05.94.7



2007 2008 2009 H1 2010200620052004

v o l m e

0

200

400

600

800

1,000

306

223

189

633236

303

224

193

79

52

65

329

291

160

104

4464

295

314

135

84

61

69

213

303

107

621726

148

246

81

32 1437

171530

158

3774



0

30,000

60,000

90,000

120,000

150,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

50

100

150

200

250

300

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd




teChnologY, mediA & teleComFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

1 1 JPm g n 34,167 11

2 2 m g n s n y 29,375 16

8 3 D u B nk 28,306 10

4 4 B y c pi 26,855 6

- 5 P W inb g P n 24,543 4

27 6 l z d 24,237 6

6 7 e P n 22,153 1

11 8 UBs In n B nk 10,340 10

3 9 G d n s 7,355 18

7 10 c di sui 5,139 8

- 11 G n i & c 4,552 3

- 12 N u h ding 4,316 4

9 13 B nk f a i m i lyn 4,099 823 14 rBc c pi m k 3,572 8

- 15 s ngy s i ad i y 3,051 1

39 16 tD s u i i 2,321 4

10 17 a n & c p ny 1,665 2

96 18 Wi i B i & c p ny 1,664 5

5 19 ci ig up 1,493 4

42 20 J ff i & c p ny 1,425 14

h12009

h12010


n erf Deals

6 1 G d n s 7,355 18

1 2 m g n s n y 29,375 16

24 3 J ff i & c p ny 1,425 14

2 4 JPm g n 34,167 11

4 5 D u B nk 28,306 10

8 6 UBs In n B nk 10,340 10

3 7 c di sui 5,139 8

10 8 B nk f a i m i lyn 4,099 8

11 9 rBc c pi m k 3,572 8

5 10 B y c pi 26,855 6

22 11 l z d 24,237 6

13 12 h u i n l k y 449 6

34 13 P ky P uni 146 615 14 P g i P n 67 6

96 15 Wi i B i & c p ny 1,664 5

- 16 KPmG 24 5

- 17 P W inb g P n 24,543

- 18 N u h ding 4,316 4

52 19 tD s u i i 2,321 4

7 20 ci ig up 1,493 4

h12009

h12010


n erf Deals

13 1 s n & s ing 29,670 14

15 2 sk dd n a p s m g & F 28,647 8

1 3 si p n t & B 27,638 10

9 4 l & W kin 26,889 11

- 5 W , lip n, r n & K z 26,149 6


6 7 D b i & P i p n 22,364 3

- 8 J n W k 22,153 1

20 9 D i P k & W dw 5,660 9

54 10 o , h kin & h u 5,390 8

4 11 c y G i b s n & h i n 5,299 11

- 12 m i h d & m u 5,294 2

16 13 su i n & c w 4,857 6

37 14 a n & o y 4,154 7

- 15 Ni i u & a i 4,138 2

24 16 J n D y 3,712 17

14 17 Gib n Dunn & c u 3,574 11

- 18 D i W d P i ip & vin b g 3,246 6

- 19 N g i o n & t un u 3,152 2

53 20 F fi d B u k u D ing 3,126 2

h12009

h12010


n erf Deals

6 1 Dla Pip 1,644 30

5 2 F nwi k & W 2,938 24

1 3 Wi n s n ini G d i & r i 2,052 20

4 4 c y 1,705 18

2 5 J n D y 3,712 17

11 6 s n & s ing 29,670 14

7 7 o'm ny & my 735 14

48 8 B k , c & G yd n 2,182 12

3 9 l & W kin 26,889 11

10 10 c y G i b s n & h i n 5,299

15 11 Gib n Dunn & c u 3,574 11

18 12 m i n & F 2,051 1

9 13 Ki k nd & e i 1,671 11

14 14 si p n t & B 27,638 10

28 15 m g n l wi & B kiu 731 10

20 16 D i P k & W dw 5,660

17 17 W i G & m ng 3,121 9

13 18 h g n l 855 9

24 19 K&l G 99 9

19 20 sk dd n a p s m g & F 28,647 8

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i N nd nd b d n f wing : c pu – f w , dw nd i ndu ; t uni i n : h dw ; In n / -c ; m di ; nd t uni

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i N nd nd b d n f wing : c pu – f w , dw nd i ndu ; t uni i n : h dw ; In n / -c ; m di ; t uni i n


3


http://slidepdf.com/reader/full/us-deal-drivers-h1 34/72Deal DrIvers – LIFE ScIEncES & hEALthcARE

heal are a ivi , s l asleep f r e rsalf f e ear, l s li e i is all wa i p.

s n -a n i i p d y y ing G nzy , ug y Us$17bn if i n bu in ,

wi yw ig ik y g in n . a p u d ki k ff n und

f b kbu d in indu y.

e p d in Us$1bn Us$12bnk pi iz i n ng , y P r ik , ii n f g up c w n nd

c p ny. G nzy i ju n f “w -d n dg up” f id- p if i n p ni

ng b n n id d g in p .o u d g up f g b in ud Bi m in,a i n nd Bi g n, y .

c -b d i i y wi in k y m&ad i , g r ik nd c i Di k ff, i

i n f g b p nd in nb nking B nk f a i m i lyn .eu p n nd a i n buy , d wn by p

d , u n d p d y y n Us in 2009.N w d, wi Us p ni , d wi ng d , un ing

. c un i wi nd u g w, u c in , wi b f p i u in ,

p di Di k ff.

t di i n g b p w u nn b u du f -b d g , w . J p n in i u f buy id m&a, r ik y .

t w y qui i i s n -a n i f F n ,w i n pp d up t g G n nd c iy , wi b n un .

t ug if i n m&a nd k

bigg p , p iindu y b i in w k f f gi i n, Di k ff y . s i

p ni n w f “ ug p u ” du nd n g i k , nd wi k g

bigg in d p d i , p in .

Ju w k f f bi p d, i p id G n i h p id

Us$1bn qui ody y h , h pic p. f a i (hca) d g pub i n

i d Us$20bn u i n nd, in inf i n n gy, a ip nd e ip y

g d Us$1.2bn g .

N n-p pi in ing y i f -p bu in w n p u

f pi k , y Di k ff. Fin n , D i m di c n nd c i

sy in B n n y u u b d k bid . e p nu b f d in ip , k f n n ing nd p i n

in f i n i n inu qu z n n-p .

“P p n’ ing p ni ,” Di k ffdd , p di ing g p ni y

w i n m&a un i p i ing p i n gd wn. a nu b f g n’ f pinf f y , nd d n’ f yn d , p in .

c n id i n f n g d p ni i pi . “c y, i w

g n n gu i n b n f u d,”

Di k ff y . t u f , w , n g d p ni d ff n m&a nd f u dn i p ing p i n . “t y f id if y

d d wi in i u iny.”

mid- iz d di d i p ni ik y bu k up in p p i n f ddi i n

bu in ing f f . D i p ni wi b pp d wi

n w 2.3% ff i f 2013.

a u , Di k ff n i ip w f “ -in”d u d Us$400 Us$500 . l g

di n gy p ni kingp i p du u i pip in , u

m d ni ’ Us$500 J nu y pu fIn nd w f i d p ni .

c idi n i d f u n i f n ,n pping up a p m di in 2009nd f wing up i y wi puf s n i f Us$264 nd ev3 f

Us$2.5bn. J n n & J n n f w d ev3d wi pu f mi u end uf Us$358 .

Pa ie Sa re

liFe sCienCes & heAlthCAre

LIFE SCIENCES& HEALTHCARE

“Service companiesnow face ‘hugepressure’ to reducecosts and manage

risks, and will look toget bigger in order tospread their costs.”

34



liFe sCienCes & heAlthCAreTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010

Deal DrIvers – LIFE ScIEncES & hEALthcARE

A edda e


09-m -10 P m i -In In /s ing-P ug ani h ; ndm i li i d

m k & c In ; nd s n fi-a n i sa 8,250

28-F b-10 c m k KG a mi ip c p i n 6,76

07-Jun-10 P G if sa t i Bi p u i In c b u c pi m n g n lP

21-m y-10 P abb l b i Pi h s u i n bu in Pi h li i d

21-Jun-10 P Bi i c p i n v n P u i In n i n

01-m -10 c a P In osI P u i In 3,3

17-m y-10 P Uni h s i In P y i i s u i n In

30-Jun-10 P c g n c p i n ab i Bi s i n In 2,733

01-Jun-10 c c idi n P ev3 In 2,453

26-ap -10 l c ri l b i In Wuxi P t 1,48

19-J n-10 c e i u c p i n; B k n r ead i ; nd c u bi P ifi ad i llc

s y n sW a i d li ing (144 s nih u ing F i i i )

s y n sW a i d li ing 1,245

24-m y-10 P G n i h s i In ody y h c In 1

01-F b-10 c c p n In m p aG m p h ding aG 615

30-Jun-10 c s n fi-a n i sa t g G n In t g G n In n iu 560

09-Jun-10 c c din h In h s u i n h ding llc 517


3



liFe sCienCes & heAlthCAre


36


VALuE

VALuE

VoLumE

VoLumE

B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i lif s i n nd h .G g p i gi n i d in d wi f n d in n i n f g .

2007 2008 2009 H1 2010200620052004

v a l e

( u S $

b n

)

0

50

100

150

200

36.6

4.88.05.7

52.6

8.56.45.5

142.5

8.06.96.1

107.1

12.37.05.2

37.4

3.0

63.7

6.94.6

0.5

4.9

179.0

0.70.60.60.6 0.4 0.13.0 1.8

3.32.96.2



0

100

200

300

400

500

2007 2008 2009 H1 2010200620052004

v o l m e

125

89

61

48

2414

132

104

63

43

2630

144

126

63

40

21

36

133

120

73

45

36

50

110

134

50

29

2019

74

115

39

21

1818

1812 10

67

1240



0

50,000

100,000

150,000

200,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

20

40

60

80

100

120

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd




liFe sCienCes & heAlthCAreFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

1 1 G d n s 20,357 14

2 2 m g n s n y 16,935 8

14 3 c di sui 8,754 3

7 4 e P n 8,250 1

3 5 JPm g n 8,037 10

6 6 ci ig up 7,556 4

- 7= Gugg n i s u i i 6,760 1

- 7= P W inb g P n 6,760 1

10 9 l z d 6,395 6

4 10 B nk f a i m i lyn 6,331 7

13 11 D u B nk 4,862 4

22 12 J ff i & c p ny 4,502 5

42 13 Wi i B i & c p ny 3,888 5- 14= B n Bi b viz y a g n i 3,730 1

- 14= N i i 3,730 1

- 14= N u h ding 3,730 1

- 17 c n i w P n 3,703 2

12 18 Pip J ff y & c 3,406 7

5 19 B y c pi 1,020 3

- 20 m di edg h G up 1,020 1

h12009

h12010


n erf Deals

1 1 G d n s 20,357 14

3 2 JPm g n 8,037 10

2 3 m g n s n y 16,935 8

4 4 B nk f a i m i lyn 6,331 7

7 5 Pip J ff y & c 3,406 7

6 6 l z d 6,395 6

31 7 J ff i & c p ny 4,502 5

11 8 Wi i B i & c p ny 3,888 5

8 9 ci ig up 7,556 4

13 10 D u B nk 4,862 4

24 11 c di sui 8,754 3

12 12 B y c pi 1,020 3

- 13 W F g s u i i 450 39 14 G n i & c 225 3

15 15 rBc c pi m k 209 3

- 16 c n i w P n 3,703 2

- 17 P J s n c p ny 680 2

17 18 r i d 615 2

5 19 UBs In n B nk 455 2

- 20 r y nd J & a i 381 2

h12009

h12010


n erf Deals

24 1 F i d F nk h i s i & J b n 20,826 6

1 2 sk dd n a p s m g & F 20,194 6

18 3 c sw in & m 15,020 5

17 4 B k , c & G yd n 10,704 3

6 5 si p n t & B 10,026 7

36 6 r p & G y 9,804 10

80 7 W i G & m ng 8,733 5

54 8 link 8,250 1

5 9 D w y & l B uf 7,985 8

60 10 P k u r 6,615 3

3 11 su i n & c w 6,403 2

30 12 m i n & F 6,410 8

102 13 G nb g t u ig 5,209 4

116 14 ri d l y n & Fing 5,152 3

16 15 c y G i b s n & h i n 4,416 3

27 16 J n D y 4,311 11

2 17 W , lip n, r n & K z 4,247 2

57 18 o , h kin & h u 4,206 7

15 19 l & W kin 4,059 12

28 20 B k & m K nzi 4,002 4

h12009

h12010


n erf Deals

1 1 l & W kin 4,059 12

2 2 J n D y 4,311 11

21 3 r p & G y 9,804 10

29 4 Ki k nd & e i 721 10

13 5 Dla Pip 158 9

4 6 D w y & l B uf 7,985 8

10 7 m i n & F 6,410 8

36 8 si p n t & B 10,026 7

32 9 o , h kin & h u 4,206 7

20 10 F i d F nk h i s i & J b n 20,826

3 11 sk dd n a p s m g & F 20,194 6

7 12 c sw in & m 15,020 5

90 13 W i G & m ng 8,733 5

39 14 c ing n & Bu ing 1,608 5

34 15 m D Wi & e y 1,038 5

55 16 G nb g t u ig 5,209 4

42 17 B k & m K nzi 4,002 4

11 18 Gib n Dunn & c u 3,578 4

41 19 Wi ki F & G g 2,674

9 20 Wi n s n ini G d i & r i 403 4

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : Bi n gy; m di ; nd P u i .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : Bi n gy; m di ; nd P u i .


3


http://slidepdf.com/reader/full/us-deal-drivers-h1 38/72Deal DrIvers – cAnADA

ca adia m&A i es i rease; r ss-rder ra sa i s e rise

m&a i i y in c n d i p d i iquidi y u n di k nd

d nd f di i n inu in ,ding -b d d . t

wi b f i y dy p f m&a i i y

ing f p i qui y ppingb k n n nd p ni di ing f u n i bu in .

“t ’ n upw d nd in ng p i i . B nk in bu in f

nding nd g d pp uni iging,” id F nk a n n , P n B k ,

c & G yd n. t ni p ni n d ik d b k nd

b nk wi ing nd fund d ,bu i i n u i u b i , id cKnig , P n , Fin n i ad i y s i D i c n d .

F f f 2010, c n d did n ny u i-bi i n d d , bu inin nding i i y d ig n d

f m&a in upp idd k wi nqui i i n p i ng f b u Us$100

Us$500 . t j i y f m&a i i y in f k p

in uding i nd g , ining, n n i ind nd i i p d n inu .

c -b d n i n in n gy ndining n i . c n d ’ ind g nd ining i ing ig

f in f a i n p ni du in in d nd f di i

in gi n nd n d u upp y f p du . In d f qui ing 100%f n i nd g ining p ny, f ignn i i king nging i d

w by y wi qui p i k in c n di n p ny nd n ff- k

upp y ng n f u i f, idK i i n Knibu , N i n l d f D

P i w u c p c n d . J inn u p n ip w p ni wi

du d i k pp i n c n di nk y i i p u n

, a n n id.

c n di n p ni , in u n, pping up g b g y k in ingu id f N a i . “If y u

k fund n f c n d , w ng d , ng n n i i

, i y ng n y nd g dpu i n in k p . c n d i

p i d b g d p n by d pingun i ,” Knibu p in d.

c n d ’ b nd gu d n n ii i ing u b und d .

c n di n b nk king d n g f i p f n n i i i nd d

qui i i n f Us b nk nd/ bu in uni

f Us b nk g w i g b p n .c n di n b nk king g wingg b y by f ing p n ip wi b nk

u id f N a i n y b uw i b ing g n d in ny un i

u id f N a i .

In g n n gy p , i bf ign nd d i in i qui y kbuy nd di in n , u f on i P w au i y’ (oPa) i d F d-in- iff (FIt). t FIt p g i gu n dfunding u u bin b ,

p i i p i nd ng- n fn gy g n d u ing n w b u .

t i i b ing n p u m&ai i y f w n n gi

i iz i n g .

on IPo f n , pi k ini i pub i ff ing in

2010 bu n ny p d. “W i i p i i i b u b n IPo k n’ p n d w y pug i w u d. on f i u i wi

i i y f k ,” Knig id. vi b ing u d by n

i u in uding G k d b i i , i pi nd n u p nding p

Us, a n n p in d. In nd w u in d upw d n u in pi

k b f n ing in n IPo, a ndd d.

Div a balji

CAnAdA

CANADA

“While we are stilloptimistic about thebalance of 2010, theIPO market hasn’topened the way people

thought it would. Oneof the issues is withthe volatility of themarket.”

38



CAnAdATOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010

3

A edda e

S a s bidder pa tar e pa Se r Ve d r pa Deal val euS$( )

12-ap -10 c sin p In n i n P u e p i nnd P du i n c p i n

syn ud c n d l d (9.03% k ) en gy, mining, oi & G c n P i ip c p ny 4,6

19-F b-10 P s w c uni i n In c nW G b c uni i nc p i n ( - - i nd

p i y i i n bu in )

tmt c nw G b c uni i nc p i n

1,966

20-J n-10 l hyd Qu b In n i n In NB P w (7 yd i f i i ind 2 di p king uni )

en gy, mining, oi & G NB P w 1,752

23-m -10 c Qu d mining li i d FNx mining c p ny In en gy, mining, oi & G 1,288

26-J n-10 c Qu d/G p i In W d c P In tmt 1,12

12-m y-10 c c n P in en gy c p s B y en gy In (79% k ) en gy, mining, oi & G

10-m y-10 c P di N w k In c nw li i d P n ip tmt 976

08-Jun-10 P armZ U niu h ding c U niu on In (37.73% k ) en gy, mining, oi & G 959

19-m y-10 c N n B izz d r u In N n In ( y i ) en gy, mining, oi & G N n In

08-J n-10 l B nk f m n ; B nk f N s i ;c n di n I p i B nk f c ; r yB nk f c n d ; nd tD B nk Fin n i G up

c nw li i d P n ip tmt 892

13-m y-10 c c in In n c p i n P nn W en gy t u ( i ndp p i in a b ) (45.00% k )

en gy, mining, oi & G P nn W en gy t u 799

09-Jun-10 P arc en gy t u s e p i n In en gy, mining, oi & G 738

03-m y-10 c agni -e g min li i d c p min c p en gy, mining, oi & G 64

04-m y-10 c Kin G d c p i n r d B k mining In (9.40% k ) en gy, mining, oi & G

15-Jun-10 P l g y oi + G In c ne r u In en gy, mining, oi & G 585


VALuE VoLumE

1.9% 2.0%2.5%

3.7%

0.2%

67%

16.0%

2.7%1.1% 1.3%

1.5%

11.3%

9.4%

13.1%

4.7%

2.3%

37.1%

11.7%

0.9% 6.1%

1.4% 0.9%

0.9%

mIx oF Deals BY INDUstrY sector

Industrials, Chemicals & Engineering

Financial Services

Business Services

Consumer

Energy, Mining, Oil & Gas

TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defense

Deal DrIvers – cAnADA


http://slidepdf.com/reader/full/us-deal-drivers-h1 40/72Deal DrIvers – cAnADA

40

CAnAdA


VALuE

VALuE

VoLumE

VoLumE

B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in c n d .

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

50

100

150

200

22.9

6.56.16.1

62.5

7.68.87.8

109.2

11.76.77.2

162.9

11.910.47.3

17.9

3.9

72.1

7.47.9

6.26.36.3

5.50.7

54.0

0.71.00.90.6 0.6 0.32.5

5.6



2007 2008 2009 H1 2010200620052004

v o l m e

0

100

200

300

400

500

600

134

93

72

36

2319

178

97

108

50

2230

163

112

110

45

32

43

167

140

74

65

34

69

129

146

78

45

3123

137

118

58

24

3919

1616

66

36

57

22



0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

30

60

90

120

150

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd




Deal DrIvers – cAnADA

4CAnAdAFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

15 1 G d n s 9,881 12

26 2 tD s u i i 8,112 28

5 3 c di sui 6,912 4

3 4 m g n s n y 6,168 9

4 5 D u B nk 5,681 3

2 6 cIBc W d m k 5,387 20

11 7 Bmo c pi m k 4,940 12

1 8 rBc c pi m k 4,685 15

25 9 J ff i & c p ny 3,949 3

16 10 Fi en gy c pi 3,346 9

14 11 s i c pi 3,041 8

17 12 GmP s u i i 2,546 15

7 13 m qu i G up 2,401 821 14 B nk f a i m i lyn 2,358 4

18 15 N i n B nk Fin n i 1,973 10

9 16 UBs In n B nk 1,493 5

- 17 N u h ding 1,279 3

- 18 m ki r c pi 1,224 2

30 19 r i d 1,203 6

10 20 JPm g n 1,121 1

h12009

h12010


n erf Deals

8 1 tD s u i i 8,112 28

2 2 cIBc W d m k 5,387 20

1 3 rBc c pi m k 4,685 15

7 4 GmP s u i i 2,546 15

10 5 G d n s 9,881 12

4 6 Bmo c pi m k 4,940 12

13 7 N i n B nk Fin n i 1,973 1

6 8 m g n s n y 6,168 9

12 9 Fi en gy c pi 3,346 9

5 10 s i c pi 3,041 8

3 11 m qu i G up 2,401 8

- 12 P dig c pi 648 7

9 13 P & c 510 772 14 P i w u c p 178

18 15 r i d 1,203 6

16 16 G nui y c pi m k 720

15 17 UBs In n B nk 1,493 5

17 18 c k s u i i 1,026 5

11 19 c n d G nui y 803 5

30 20 KPmG 533 5

h12009

h12010


n erf Deals

6 1 o , h kin & h u 18,724 31

1 2 B k , c & G yd n 13,939 37

39 3 D i W d P i ip & vin b g 7,042 16

57 4 ogi y r n u 6,731 18

58 5 c sw in & m 6,620 3

11 6 m c y t u 5,090 21

136 7 su i n & c w 4,810 3

69 8 c y G i b s n & h i n 4,720 2

5 9 G d n 4,195 13

30 10 D w y & l B uf 4,063 6

8 11 F k n m in u 4,047 1813 12 sk dd n a p s m g & F 3,881 2

12 13 Bu n Du kw & P 3,767 10

3 14 t y 3,760 17

66 15 G nb g t u ig 3,689 3

7 16 s ik n e i 3,298 36

24 17 c B k & B kw 3,056 8

2 18 s n & s ing 3,054 4

33 19 h n n B iki 2,681 8

36 20 D i P k & W dw 1,906 2

h12009

h12010


n erf Deals

1 1 B k , c & G yd n 13,939 3

2 2 s ik n e i 3,298 36

3 3 o , h kin & h u 18,724 3

4 4 m c y t u 5,090 2

9 5 ogi y r n u 6,731 18

5 6 F k n m in u 4,047 18

6 7 t y 3,760 17

12 8 D i W d P i ip & vin b g 7,042

13 9 G d n 4,195 13

8 10 B d n l dn G i 1,184 11

7 11 Bu n Du kw & P 3,767 111 12 c B k & B kw 3,056

29 13 h n n B iki 2,681 8

18 14 F mi n c g in 1,556 8

53 15 Dla Pip 250 8

14 16 D y & W i n y 212 7

37 17 D w y & l B uf 4,063 6

- 18 si p n t & B 1,632

23 19 J n D y 970 6

137 20 W i G & m ng 574

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i c n nd .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i c n nd .


http://slidepdf.com/reader/full/us-deal-drivers-h1 42/72Deal DrIvers – WESt

Wes c as m&A Prepares f r‘Sidewa s’ gr w

D k p “ id w y ”n y n W c f n

y , p f f w u nn gy. m&a u d in i , w ,

- i n gy p ni nd p i

qui y k d n g f bk ndi i n .

P i qui y bidd u n d k gg i y, y J ff Bi ng

f in n b nk h i Wi i &c , pi izing n b nk wi ing nd nd . m , un ik p i u d wn u n ,

p i n did n di b nd bu ind p n uni , n b ing gi bidd in nu ug qui i i n .

l g n gy bidd u ci ,o , nd h w -P k d wi n inu b

pp uni i in nd f f y , y

Di n F nk , p n in w DlaPip . W i IPo k ibi d bu y n yin f f y , in n w

u inizing d y nd kingng in , y F nk . t i n y

pp uni y f g n gyp ni , y Bi ng.

v n u pi -b k d p ni n i ip ingiquidi y wi b w n nn n ing n id bid i u y, y

F nk . F in n , p i y- d G zt n gy, d p f W b pp i i n

p i n n g n , w pu d byc puw y f Us$295 f G z

gniz d u fu IPo w n ik y,ding n u i .

P i qui y ik wi dy pu uid- k d in i nd n u

, p id d k -p i g und w, dd F nk .

t f bigg d in W cin f f y in d gibidd in n gy, G ny-b d saP

bid Us$5.1bn f syb . h w -P k db ug p n nuf u P c . fUs$1.1bn nd vi p id Us$1.7bn f dp id cyb u .

P n i d k ud n iz n f m&ain ud p p f ig p

nd u n f b nk nd. Bi ngn f d b i n ig y b ub nk d n w n p id pi if

n y i uggi . a i , b nkn d nd k p . c pi u db p n i bu i un ik y i

w d , Bi ng dd .

r p u i n f i n i p d c if ni ’ vc uni y. m nyup u ning ng in f

y funding. D k y n u piin i b , bu i ju n b in d

i y i w in p .

Willia La ei i Sa Fra is

west

WEST

“Many startups areturning to angelinvestors for earlyfunding. Dealmakers say

venture capital remainsavailable, but is just notobtained as easily as itwas in the past.”

42



westTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(ALASkA, ARIzONA, CALIFORNIA, COLORADO, HAWAII, IDAHO, MONTANA, NEvADA, NEW MExICO, OREGON, uTAH, WASHINGTON, WYOMING)

Deal DrIvers – WESt

4

A edda e


22-ap -10 P c n u ylink Qw c uni i n In n i n In tmt 22,153

14-Jun-10 c Qu c p i n (s d ) QeP r u In en gy, mining, oi & G Qu c p i n

12-m y-10 c saP aG syb In Bu in s i 5,102

21-Jun-10 P Bi i c p i n v n P u i In n i n lif s i n & h

30-Jun-10 P c g n c p i n ab i Bi s i n In lif s i n & h 2

14-J n-10 c s i id c p ny li i d B e n u In c n u 1,74021-ap -10 c vi In cyb s u c p i n tmt 1,699

18-F b-10 c F i f Fin n i h ding li i d Z ni N i n In u n c p Fin n i s i

10-Jun-10 c tPG c pi lP v f In tmt h n & F i d n llc;JmI equi y

1,400

28-m y-10 P o w n Fin n i c p i n h eq s i ing c p i n Bu in s i B y B nk P

19-J n-10 P e i u c p i n; B k n re ad i ; nd c u bi P ifiad i llc

s y n sW a i d li ing (149 s nih u ing F i i i )

lif s i n & h s y n sW a i dli ing

1,300

19-m y-10 P sy n c p i n v isign In (Id n i y nd au n i i nBu in )

tmt v isign In 1,280

19-m -10 P I n en p i lP li n G en in n c p tmt 1,220

05-m -10 P aBrY P n llc rcN c p i n tmt 1,177

21-Jun-10 P r p h ding In a i n I i n P c c n u 1,162



VALuE VoLumEIndustrials, Chemicals & Engineering

Financial Services

Business Services

Consumer


TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defense

1.5%3.6%

10.5%

6.6%

0.8%

12.1%

49.3%

13.1%

0.9%

0.1%

1.5%

0.3%10.8%

8.0%

11.8%

2.0%

10.5%

6.5%

2.3%

10.0%

1.0%

0.5% 0.8%

35.6%


http://slidepdf.com/reader/full/us-deal-drivers-h1 44/72Deal DrIvers – WESt

44

west


VALuE VoLumE

VoLumE


2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

50

100

150

200

250

300

350

163.3

15.215.713.7

182.1

20.315.214.9

257.7

23.816.815.1

196.3

25.017.414.5

60.5

3.9

92.9

12.610.1

7.17.88.5

10.71.0

130.9

1.41.51.71.2 1.0 0.44.1

6.8



2007 2008 2009 H1 2010200620052004

v o l m e

0

200

400

600

800

1000

1200

312

310

139

98

5643

351

277

182

94

5863

346

396

157

102

6576

336

407

159

105

70

81

248

437

115

83

4230

178

358

106

33

4825

1923

24

206

3890



0

30,000

60,000

90,000

120,000

150,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

50

100

150

200

250

300

350

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd


VALuE



westFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

9 1 D u B nk 37,235 11

3 2 B y c pi 34,715 14

4 3 m g n s n y 33,945 13

6 4 JPm g n 32,594 15

10 5 l z d 30,895 13

11 6 P W inb g P n 23,373 2

12 7 e P n 23,315 2

5 8 B nk f a i m i lyn 16,499 19

1 9 G d n s 16,044 23

8 10 c di sui 7,662 12

13 11 UBs In n B nk 7,162 8

- 12 tud , Pi k ing, h & c 6,692 2

52 13 J ff i & c p ny 5,929 1721 14 N u h ding 4,180 2

7 15 ci ig up 3,543 6

- 16 P J s n c p ny 1,755 3

26 17 r i d 1,292 8

36 18= sunt u r bin n hu p y c pi m k 1,177 1

- 18= W c pi 1,177 1

16 20 Q y G up 1,141 2

h12009

h12010


n erf Deals

1 1 G d n s 16,044 23

2 2 B nk f a i m i lyn 16,499 19

24 3 J ff i & c p ny 5,929 17

6 4 JPm g n 32,594 15

8 5 B y c pi 34,715 14

5 6 m g n s n y 33,945 13

3 7 l z d 30,895 13

4 8 c di sui 7,662 12

9 9 D u B nk 37,235 11

7 10 UBs In n B nk 7,162 8

15 11 r i d 1,292 8

66 12 r y nd J & a i 734 7

13 13 h u i n l k y 459 711 14 ci ig up 3,543 6

18 15 t W i P n G up 1,012 5

23 16 W F g s u i i 560

20 17 N d & c p ny 343 5

126 18 lin n In n i n 229 5

10 19 rBc c pi m k 600 4

12 20 Pip J ff y & c 500 4

h12009

h12010


n erf Deals

2 1 sk dd n a p s m g & F 41,026 18

4 2 l & W kin 36,482 34

28 3 s n & s ing 35,918 18

10 4 si p n t & B 31,697 12


16 6 W , lip n, r n & K z 24,948 4

30 7 D b i & P i p n 23,464 3

- 8 J n W k 22,153 2

37 9 J n D y 12,353 27

3 10 su i n & c w 11,432 13

31 11 D w y & l B uf 10,974 15

79 12 a n & o y 8,853 8

9 13 c y G i b s n & h i n 7,588 12

- 14 m i h d & m u 7,034 3

19 15 B k , c & G yd n 5,936 6

29 16 Gib n Dunn & c u 5,569 20

46 17 m i n & F 5,399 21

21 18 o , h kin & h u 5,160 6

1 19 c sw in & m 4,654 8

6 20 D i P k & W dw 4,550 9

h12009

h12010


n erf Deals

1 1 l & W kin 36,482 34

7 2 Dla Pip 1,197 33

3 3 Wi n s n ini G d i & r i 2,876 30

9 4 F nwi k & W 3,632 29

2 5 J n D y 12,353 27

14 6 Ki k nd & e i 4,060 24

13 7 m i n & F 5,399 2

5 8 Gib n Dunn & c u 5,569 20

6 9 o'm ny & my 888 20

4 10 c y 1,714 19

8 11 sk dd n a p s m g & F 41,026 18

11 12 s n & s ing 35,918 18

12 13 D w y & l B uf 10,974 15

26 14 su i n & c w 11,432 13

20 15 si p n t & B 31,697 12

16 16 c y G i b s n & h i n 7,588

42 17 D y & W i n y 414 12


38 19 K&l G 157 11

24 20 W i G & m ng 4,241 1

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us nd . s : a k , a iz n , c if ni , c d , h w ii, Id , m n n , N d , N w m i , o g n, U , W ing n, Wy ing.

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Wnd . s : a k , a iz n , c if ni , c d , h w ii, Id , m n n , N d , N w m i , o g n, U , W ing n, Wy ing.

Deal DrIvers – WESt

4


http://slidepdf.com/reader/full/us-deal-drivers-h1 46/72Deal DrIvers – mIDWESt

midwes ave rela ivel s r m&Aappe i e i h2 2010; a a d re la r fa rsli el drive deals

D - king f f y wi np g in ig in , w . e p i b pun u d by m&a u i f w d by pub k , p g .

midd k d u d n ibuigni n y midw m&a, y c ig mi ,

ceo f c i g p f a i i nf c p G w . c p in ,

p d k ff n y , u d “ p ”nd f m&a, p i u y f p i

p ni nd idd k , p inmik s y, w d Us m&a p if D i t .

D in Us$100 Us$500 ngwi b p n , s y nd sW in in, m n ging Di f PipJ ff y, g . on g id , Us$3bn

Us$5bn i b u i ing f d n g n n d nd p d gi n k ndi i n , s y dd .

e n i ndi i n u d pu gind p i qui y k d , w .

s gi p d p up un fd id n n y p n ing g nig w ng . a i , y wi

ik y k d p i n in n i p ddi i u k , s y y .

In f midw i i y, n uf d p d d w y. F d

p ni king g b

f p in nd n u d nd f pin ng, n in w d n y,p p in.

h , pu d by f gi i n,pp ip f d i i y. midw

g g p i u minn , w i y indu y p n , p i y ik y b i in m&a,

p di W in in.

Fin n i i f gi i n nd

n inu d pi ng in u d u in pin- ff nd fun id i n. t u d b “ f n-up

w k,” y n FDIc d , n W in in.a n g n nd dg fund p

ik y p i ip n , dd .

t n gy wi in “ i y i , n quip n id n i nduid ,” p di W in in, dding n gynd n u wi ik y b n k nd

n k in f m&a i i y.

Indu i u d “ n b unf i i y,” p i u y n id d ff-

i i , u u i , ing pi k up in m&a i i y, y D i ’ s y.t i “ f n gy nd i n ” in inf u u p , w i i p d uin fu m&a i i y.

F -p du i n nd bu in p ingu u ing u d b i ub f

b n f 2010, s y p di .

mar Eiss a

midwest

MIDWEST

“There is ‘a lot of energyand excitement’ in theinfrastructure space,which is expected to

result in further M&Aactivity.”

46



midwestTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(ILLINOIS, INDIANA, IOWA, kANSAS, MICHIGAN, MINNESOTA, MISSOuRI, NEBRASkA, NORTH DAkOTA, OHIO, SOuTH DAkOTA, WISCONSIN)

Deal DrIvers – mIDWESt

4

A edda e


28-ap -10 P PPl c p i n e.oN Us llc en gy, mining, oi & G e.oN aG 7,625

31-m -10 P B kfi d a m n g n In ; F ic pi m n g n llc; nd P ingsqu c pi m n g n lP

G n G w P p i In(65% k )

r e 6,550

15-F b-10 l Y In n i n asa t Indu i In Indu i , c i &engin ing

4,204

05-J n-10 c N sa K f F d (f z n pizz bu in ) c n u K f F d In 3

01-Jun-10 c c idi n P ev3 In lif s i n &h

2,453

02-Jun-10 P a i n i n c u t d In c y' G n s In c n u 1,9

21-m y-10 c Gs c pi P n mi F d In c n u t h l P n lP 1,7

02-m -10 c B in c pi llc s y n c p Indu i , c i &engin ing

t D w c i c p ny 1,630

24-m y-10 c IBm c p i n s ing c In tmt at&t In 1,400

29-ap -10 P m di n D b n P n llc t n Uni n llc (51% k ) Bu in s i P i zk f i y 1

22-ap -10 c o k hi c pi P n lP t hi n c p ni In Indu i , c i &engin ing

c d h nn y & si n llc;nd on i t P n i n

P n

956

26-ap -10 c Gtcr G d r un llc P i n on In Indu i , c i &engin ing

826

01-Jun-10 c P g r i s i In e -m i Di In Indu i , c i &engin ing

B k i P n llc; ndG nb i equi y G up llc

820

08-m -10 c ccmP c pi ad i llc inf GroUP In Bu in s i 63916-ap -10 c QBe In u n G up li i d NaU c un y In u n c p ny Fin n i s i lig y c pi llc 5




Financial Services

Business Services

Consumer


TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defense

13.5%

2.9%

6.3%

21.1%

16.5%

19.5%

6.2%

0.1%

0.1%

12.1%

0.5%

1.2%

22.4%

18.8%

11.4%9.2%

1.5%

2.6%

11.0%

2.2%

4.0%

11.4%

0.7%1.1%

3.7%


http://slidepdf.com/reader/full/us-deal-drivers-h1 48/72Deal DrIvers – mIDWESt

48

B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n indu y f g .

midwest


VALuE VoLumE

VoLumE


2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

50

100

150

200

250

300

133.9

12.311.88.6

103.6

14.410.59.1

186.9

17.113.19.7

261.5

13.89.710.8

32.83.5

137.6

7.610.93.94.83.3

7.20.5

105.4

1.01.00.80.8 0.4 0.21.6

3.4



2007 2008 2009 H1 2010200620052004

v o l m e

0

200

400

600

800

1000

195

269

95

70

4035

199

314

89

644048

234

356

112

82

50

68

236

407

109

63

8538

152

373

61

45

2531

85

310

46

2329

9

102121

16

164

40



0

20,000

40,000

60,000

80,000

100,000

120,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

50

100

150

200

250

300

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd


VALuE



midwestFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

6 1 G d n s 34,938 24

1 2 m g n s n y 28,526 17

11 3 JPm g n 21,805 17

12 4 UBs In n B nk 16,342 11

8 5 B nk f a i m i lyn 14,396 13

4 6 B k n G up h ding 14,125 4

9 7 c di sui 13,433 13

7 8 l z d 11,518 11

13 9 B y c pi 9,698 12

10 10 ci ig up 9,519 10

46 11 mi Bu kfi & c 6,550 1

15 12 D u B nk 6,229 8

20 13 h u i n l k y 4,226 8- 14 c n i w P n 4,102 3

5 15 r i d 3,453 6

16 16 G n i & c 3,029 4

18 17 Pip J ff y & c 2,953 3

32 18 Wi i B i & c p ny 2,326 9

- 19 P W inb g P n 2,148 2

58 20 hsBc B nk 2,110 4

h12009

h12010


n erf Deals

2 1 G d n s 34,938 24

11 2 m g n s n y 28,526 17

9 3 JPm g n 21,805 17

3 4 B nk f a i m i lyn 14,396 13

7 5 c di sui 13,433 13

14 6 B y c pi 9,698 12

6 7 UBs In n B nk 16,342 11

4 8 l z d 11,518 11

17 9 lin n In n i n 231 11

15 10 K f , B uy & W d 134 1

8 11 ci ig up 9,519 10

47 12 h i Wi i & c 157 10

10 13 Wi i B i & c p ny 2,326 912 14 D u B nk 6,229 8

5 15 h u i n l k y 4,226 8

28 16 KPmG 1,883 8

64 17 J ff i & c p ny 1,078 7

1 18 r i d 3,453 6

40 19 W F g s u i i 882

22 20 s nd o'N i & P n 645 5

h12009

h12010


n erf Deals

27 1 l & W kin 23,080 15

8 2 sk dd n a p s m g & F 20,824 18

12 3 D w y & l B uf 14,591 8

1 4 c sw in & m 13,789 10

26 5 F fi d B u k u D ing 13,118 8

24 6 B k , c & G yd n 12,847 10

11 7 su i n & c w 12,330 13

28 8 B k & m K nzi 12,081 9

88 9 si p n t & B 11,236 9

16 10 Ki k nd & e i 9,885 31

2 11 W i G & m ng 9,700 9

23 12 J n D y 9,668 18

151 13 akin Gu p s u h u & F d 9,095 4

21 14 Gib n Dunn & c u 8,842 11

211 15 F i d F nk h i s i & J b n 8,247 7

117 16 K&l G 8,187 10

18 17 c y G i b s n & h i n 6,420 8

43 18 Wi ki F & G g 6,214 6

- 19= h w y 6,192 1

54 19= vin n & e kin 6,192 1

h12009

h12010


n erf Deals

2 1 Ki k nd & e i 9,885 31

3 2 sk dd n a p s m g & F 20,824 18

1 3 J n D y 9,668 18

12 4 sid y au in 3,645 18

8 5 l & W kin 23,080 15

24 6 su i n & c w 12,330 13

11 7 m y B wn 3,478 12

6 8 Dla Pip 1,291 12

18 9 Gib n Dunn & c u 8,842 11

16 10 m g n l wi & B kiu 1,589 11

36 11 c sw in & m 13,789 10

19 12 B k , c & G yd n 12,847 10

21 13 K&l G 8,187 10

48 14 r p & G y 3,508 10

4 15 B k & m K nzi 12,081 9

43 16 si p n t & B 11,236 9

14 17 W i G & m ng 9,700 9

54 18 D 620 9

5 19 D w y & l B uf 14,591 8

70 20 F fi d B u k u D ing 13,118

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us g nd . s : I in i , Indi n , I w , K n , mi ig n, minn , mi u i, N b k , N D k , o i , s u D k , Wi n in.

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i mid Wnd . s : I in i , Indi n , I w , K n , mi ig n, minn , mi u i, N b k , N D k , o i , s u D k , Wi n in.

Deal DrIvers – mIDWESt

4


http://slidepdf.com/reader/full/us-deal-drivers-h1 50/72Deal DrIvers – South

F r deal a ers i e S , e re d fm&A a ivi is ear as fel sl w s re.

l g f p i qui y d i i b ,bu d . v u i n k y in

, y i b ing in . and fu ng f p i ip n , in uding

buy , , nd nd d i , k y

w d f d y b un in y.“D i i n b ing u fu y

n yz d nd u iniz d b f y’ b ingd ,” id J n n Wi f ng, gi nn ging p n in a n f f

F u in n b nking . “D king u ng g p d.”

D pi ing ing ng , if in y i p d y , p ,

p in w i f w a n -b d b nkr b Winb n g .

Winb n , n ging di f B kw da i , id i w n i bin in d i i y in f u qu

f 2009 n inu d d . “oui n ’ ning in g n w ng , in

u ng ,” id. “mi p n y, w , w nding i d,

wing p i qui y u n ningfu buy .”

D w n inu k ng, p i u yin , inf i n n gy nd

i , Wi f ng id. Winb n p ngi i y “in y i , u p k ging

nd i , w wi bindu i u f d nd .”

a nd f f y b gin , Wi f ng n inuing in in nd ,

p i u y f p i y d p ni ,w g nu b f wn

ing i n g , id. on p f g f , ny bu in wn fi d i y b u f p d in d nd dif u y in

g ing di fund i p i n , dd d.

N n y in idd k , bu ig up u in s u w u n f di i y in f f 2010. t

, f n , b n w p n d in bi i n-d -d g y, by b i

nd n gy p y . In Jun , a ipnn un d i w u d buy a n -b d

e ip y in Us$1.2bn k d . Unih s i d Us$3.1bnd k t nn -b d P y i is u i n , b p id f in . In m ,g n i d ug k P ig n g i d buyvi gini -b d PBm h ding , k f -b nd inf n f u , f Us$808 in .

h buy n b n n yp y wi in i y . In indu i nd i n gy d,in n i n gi n aBB g d p y Us$1bnin f a n -b d v n y , k f

n g n f w f n gy nd u i i yindu i .

Pe u n d buying d w ,in uding tPG c pi ’ Us$1.3bn qui i i n fa i n ti Di ibu in ap i . D p nding

n i fund i in , ny Pe p f ing p u in pi id ing

u n i in , Wi f ng n d.

s i , un in y und in n i n n yi , n u p nding, un p y n

nd f d gu i n k p buy nd f di ing in d , id.

“t i k i y diff n f dyd y f 2006 nd 2007,” Winb n dd d.“Buy u u i u nd y

qu i y- n i u .” c ris marr i A la a

south

SOuTH

“This market is verydifferent from theheady days of 2006and 2007,” Winborne

added. “Buyers aremuch more cautiousand very quality-conscious.”

50




http://slidepdf.com/reader/full/us-deal-drivers-h1 52/72Deal DrIvers – South

52


south


VALuE VoLumE

VoLumE

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

100

200

300

400

500

600

185.0

23.221.016.5

264.2

18.422.219.1

428.4

29.823.420.2

413.2

27.824.118.1

127.5

7.9

144.0

13.419.2 6.811.712.5

12.81.2

159.4

1.51.52.02.0 0.9 0.34.3

8.0



2007 2008 2009 H1 2010200620052004

v o l m e

0

500

1,000

1,500

2,000

387

396

212

125

78

65

418

415

221

136

5387 146

569

160

12381

456

146

597

413

139

170

80

278

582

126

776051

166

447

109

74

4322

35

267

5097

3648



0

50,000

100,000

150,000

200,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

100

200

300

400

500

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd


VALuE



southFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

9 1 B y c pi 74,920 24

10 2 G d n s 74,881 33

15 3 D u B nk 66,971 18

13 4 c di sui 60,961 28

1 5 m g n s n y 56,046 21

11 6 JPm g n 55,168 18

7 7 l z d 48,607 15

5 8 ci ig up 40,784 15

8 9 B nk f a i m i lyn 34,986 21

4 10 e P n 33,681 5

147 11 P W inb g P n 24,683 4

12 12 UBs In n B nk 24,490 15

2 13 B k n G up h ding 16,714 244 14 hsBc B nk 15,695 4

28 15 tud , Pi k ing, h & c 15,564 8

116 16 a n & c p ny 15,237 5

27 17 G n i & c 14,914 7

20 18 s i c pi 8,315 4

47 19 rBc c pi m k 7,152 15

22 20 J ff i & c p ny 6,875 11

h12009

h12010


n erf Deals

4 1 G d n s 74,881 33

9 2 c di sui 60,961 28

12 3 B y c pi 74,920 24

5 4 m g n s n y 56,046 21

3 5 B nk f a i m i lyn 34,986 21

10 6 D u B nk 66,971 18

1 7 JPm g n 55,168 18

2 8 h u i n l k y 1,104 17

7 9 l z d 48,607 15

8 10 ci ig up 40,784 15

6 11 UBs In n B nk 24,490 15

21 12 rBc c pi m k 7,152 15

13 13 J ff i & c p ny 6,875 1111 14 r i d 3,803 10

53 15 BB&t c pi m k 253 9

67 16 tud , Pi k ing, h & c 15,564 8

- 17 r y nd J & a i 604 8

24 18 h i Wi i & c 240 8

15 19 G n i & c 14,914 7

- 20 tD s u i i 1,942 7

h12009

h12010


n erf Deals

12 1 W , lip n, r n & K z 66,292 19

10 2 si p n t & B 63,925 27

16 3 l & W kin 47,216 27

9 4 sk dd n a p s m g & F 45,801 23

15 5 B k B 43,387 20

24 6 D w y & l B uf 39,451 17

8 7 c y G i b s n & h i n 36,296 11

14 8 vin n & e kin 31,305 19

3 9 W i G & m ng 29,801 16

132 10 W i & c 29,524 7

31 11 D b i & P i p n 29,282 10

49 12 s n & s ing 26,994 10

30 13 B k , c & G yd n 26,854 12

20 14 a n & Bi d 24,383 19


- 16 J n W k 22,153 1

13 17 su i n & c w 21,174 10

28 18 Gib n Dunn & c u 20,331 16

169 19 ri d l y n & Fing 19,589 15

115 20 F i d F nk h i s i & J b n 19,339 9

h12009

h12010


n erf Deals

2 1 Ki k nd & e i 6,406 29

52 2 si p n t & B 63,925 27

6 3 l & W kin 47,216 27

1 4 J n D y 14,880 26

4 5 sk dd n a p s m g & F 45,801 23

3 6 Dla Pip 1,981 23

38 7 Fu b ig nd J w ki 3,852 21

19 8 h g n l 2,930 21

23 9 B k B 43,387 20

31 10 W , lip n, r n & K z 66,292 1

5 11 vin n & e kin 31,305 19

15 12 a n & Bi d 24,383 19

13 13 D w y & l B uf 39,451 17

8 14 K&l G 1,682 17

12 15 W i G & m ng 29,801 1

32 16 Gib n Dunn & c u 20,331 16

26 17 B w & Giu i ni 13,447 1

- 18 ri d l y n & Fing 19,589 15

50 19 o'm ny & my 14,286 14

43 20 m y B wn 3,991 14

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us nd . s : a b , a k n , D w , Di i f c u bi , F id , G gi , K n u ky, l ui i n , m y nd, mi i ippi, N c in , ok , s u c in , t nn

W vi gini .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i W nd . s : a b , a k n , D w , Di i f c u bi , F id , G gi , K n u ky, l ui i n , m y nd, mi i ippi, N c in , ok , s u c in , t nn

W vi gini .

Deal DrIvers – South

5



mid-A la i li el see r w i Fi a ialServi es, defe se deals; i e l ar e

re ai epid

t mid-a n i gi n i ik y pi kupin Fin n i s i , D f n nd g n n

i m&a, bu bi n gy i ik y in ng d.

Fin n i s i m&a in P nn y ni i ik y up in f u qu nd g w f

n 30 36 n , y F.N.B. c p i ni n s p n Gu g i . Fin n i

gu i n i n d i f n id i n, b nk wi k f p n

ff n w gu y bu d n .

P nn y ni , w FNB i dqu d, in f - n id d b nking ,

Gu g i n d. t b n n y f wd in gi n in p w y ,

b nking m&a b n FDIc- i d.Fu , b n f w f i u in

id-a n i n n i n y.In N w J y, bi i n i in W.l. r

k Us$100 k in sun B n p. tbi i n i u d p n i y k ny

n k pu in N w J yb nk , ding n p p .

Bi n gy nd di d i n gyup b n i by wd wn in n u

funding. mid- g bi n gy p ni g y b ing ign d in f f u g in n i y g n .

a nu b f p ni in di n gynd lif s i n “ unning n fu ,” id

P i ip G g , svP f c pi ad i G up.

m&a in i g y u f di ,id G g , n pp uni y, nd

i ik y in n i n .m n u p ni ging wi

n u p ni in n p u i .“Y u’ ing u i n in i f ,”G g id.

t d f n i ik y ig du P n g n p nding i i n inu

if , id w indu y b nk . s yf D f n r b G p d y d i n u ing P n g n’ pin , w i wi f n id i n in

upp y in, id n b nk . t i p b f g niz i n n i f in(ocI), w i y qui - uf ing in

, id nd b nk .

t p p indu y i ik y n id i n n i dif u i f

g nd g p ni k u i upp y in . G d i nd

h n yw ik y b w f in id , id P u Ni b , n n y

wi Jsa r .

Deal DrIvers – mID-AtLAntIc

mid-AtlAntiC

MID-ATLANTIC

“Financial ServicesM&A in Pennsylvaniais likely to heat up inthe fourth quarter

and grow for the next30 to 36 months.”

54



mid-AtlAntiCTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(NEW JERSEY, NEW YORk, pENNSYLvANIA)

5



Financial Services

Business Services

Consumer


TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defense

8.9%

8.1%

24.2%

7.8%

35.2%

5.6%

9.1%

0.2%0.4% 0.3%

0.2%

0.1%

13.9%

12.0%

19.0%

11.1%

6.5%

18.1%

0.9%

5.1%

0.9%1.9%

9.3%

1.4%

A edda e


11-F b-10 P Fi en gy c p a g ny en gy In en gy, mining, oi & G 8

11-F b-10 P ai P du & c i In ai g In Bu in s i 6

15-m -10 c c n en gy In D ini n r u (app i n e&P bu in ) en gy, mining, oi & G D ini n r u In

1-m -10 c a P In osI P u i , In lif s i n &h

3,301

11-Jun-10 P Bu k y P n lP Bu k y GP h ding lP en gy, mining, oi & G a lig c pi P n llc;K & c p ny

2,774

17-m y-10 P m n G up P GlG P n In Fin n i s i 1

5-m -10 P P d Inf i n sa lib y a qui i i n h ding c p Fin n i s i

1-m -10 c mscI In ri km i G up Bu in s i 1,42

14-Jun-10 P c b i i n syc p i n

B n n c uni i n In tmt c c p i n; P id nequi y P n In ; Qu d ngG up llc

1,365

20-Jun-10 P c n P du In n i n In N i n s & c i c p ny Indu i , c i &engin ing

akz N b Nv 1,300

14-Jun-10 P m f ig a i n sa K y n F d llc c n u lind y G db g & B lP 1,26

24-F b-10 c P i ip m i F un t bc In

F un t b c p i n (s d a andli bi i i ); nd P i ip m i P i ippin m nuf u ingIn (s d a and li bi i i )

c n u F un t b c p i n;P i ip m i P i ippinm nuf u ing In ( ub idi y fP i ip m i In n i n In )

1,170

07-Jun-10 P a g i y In K In Bu in s i m & m l nn n c p niIn

1,130

6-m y-10 c t h l P n lP inv n i h In Bu in s i 1,

17-F b-10 c W g n c Du n r d In c n u o k hi c pi P n lP 1,0




http://slidepdf.com/reader/full/us-deal-drivers-h1 56/72Deal DrIvers – mID-AtLAntIc

56


mid-AtlAntiC


VALuE VoLumE

VoLumE

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

50

100

150

200

250

53.6

10.011.66.4

164.2

10.18.47.4

210.2

9.39.08.5

169.4

14.412.67.2

42.1

3.9

165.8

9.43.54.55.9

6.08.1

0.5

189.2

0.60.70.70.7 0.4 0.22.1

3.3



2007 2008 2009 H1 2010200620052004

v o l m e

0

100

200

300

400

500

600

700

800

151

187

76

71

3629

168

196

73

50

2850

55

211

80

6127

189

75

286

174

83

67

40

130

232

48

49

43

25

80

173

42

27

2010

22

94

2546

1624



0

20,000

40,000

60,000

80,000

100,000

120,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

50

100

150

200

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd


VALuE



mid-AtlAntiCFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

4 1 G d n s 74,795 39

6 2 B nk f a i m i lyn 57,762 29

9 3 c di sui 49,242 25

1 4 m g n s n y 42,207 21

5 5 B y c pi 40,751 20

11 6 D u B nk 39,000 20

3 7 ci ig up 36,764 20

13 8 B k n G up h ding 23,673 6

2 9 JPm g n 21,502 21

12 10 UBs In n B nk 16,183 16

21 11 hsBc B nk 15,984 6

8 12 l z d 14,044 17

7 13 e P n 13,260 615 14 N u h ding 6,718 6

36 15 J ff i & c p ny 6,564 13

26 16 mi Bu kfi & c 6,550 1

41 17 rBc c pi m k 5,749 9

32 18 G n i & c 5,283 7

49 19 s if , Ni u & c p ny 4,727 5

10 20 P W inb g P n 4,446 5

h12009

h12010


n erf Deals

6 1 G d n s 74,795 39

9 2 B nk f a i m i lyn 57,762 29

7 3 c di sui 49,242 25

1 4 m g n s n y 42,207 21

2 5 JPm g n 21,502 21

12 6 B y c pi 40,751 20

8 7 D u B nk 39,000 20

5 8 ci ig up 36,764 20

3 9 l z d 14,044 17

4 10 UBs In n B nk 16,183 16

18 11 J ff i & c p ny 6,564 13

31 12 h i Wi i & c 170 10

28 13 rBc c pi m k 5,749 913 14 KPmG 793 9

11 15 r i d 4,426 8

15 16 P i w u c p 1,494 8

106 17 Dc ad i y P n 1,045 8

26 18 G n i & c 5,283 7

29 19 s nd o'N i & P n 558 7

14 20 B k n G up h ding 23,673 6

h12009

h12010


n erf Deals

3 1 si p n t & B 94,429 36

30 2 W i G & m ng 78,388 28

15 3 su i n & c w 74,593 22

7 4 c y G i b s n & h i n 63,718 12

8 5 D i P k & W dw 50,219 15

21 6 c sw in & m 47,960 13

91 7 h b s i /G i lu z/s ibb 41,935 7

6 8 D b i & P i p n 40,758 8

9 9 D w y & l B uf 35,733 16

108 10 N n r 35,500 2

62 11 s ug nd m y 35,500 1

2 12 W , lip n, r n & K z 27,566 17

1 13 sk dd n a p s m g & F 26,854 20

17 14 F i d F nk h i s i & J b n 24,619 15

36 15 l & W kin 22,508 27

- 16 U i m n nd z 19,734 3

95 17 a n & Bi d 18,976 8

195 18 ri d l y n & Fing 16,658 12

158 19 cms 16,356 7

32 20 Ni i u & a i 15,694 3

h12009

h12010


n erf Deals

3 1 si p n t & B 94,429 36

5 2 W i G & m ng 78,388 2

1 3 J n D y 7,503 28

19 4 l & W kin 22,508 27

13 5 Ki k nd & e i 3,103 24

4 6 su i n & c w 74,593 22

21 7 Dla Pip 2,075 22

2 8 sk dd n a p s m g & F 26,854 20

10 9 m g n l wi & B kiu 6,030 18

18 10 W , lip n, r n & K z 27,566 1

8 11 D w y & l B uf 35,733 16

22 12 s n & s ing 14,695 16

15 13 D i P k & W dw 50,219 1

42 14 F i d F nk h i s i & J b n 24,619 1

53 15 m i n & F 6,793 14

16 16 c sw in & m 47,960 13


6 18 c iff d c n 4,231 13

27 19 c y G i b s n & h i n 63,718

116 20 ri d l y n & Fing 16,658 12

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us g nd . s : N w J y, N w Y k, P nn y ni .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Us (g nd . s : N w J y, N w Y k, P nn y ni .


5


http://slidepdf.com/reader/full/us-deal-drivers-h1 58/72Deal DrIvers – nEW EngLAnD

m&A a ivi i new E la d is li el i rease i e se d alf f e ear,wi servers predi i a s r p- ifr Sep e er wards. te la d eal are, w i e perie ed a readeal f a ivi i e rs alf f 2010,are li el i e e s r areasf r deals. t e Fi a ial Servi es se r,w i ad ee i r alle i

i es, als saw s e i p r a dealsi e rs alf f e ear. t a re dwill pr a l i e as e passa e f

a ial ref r le isla i as re veds e er ai fr e ar e pla e.

a nd f 2009 w g df p i i 2010 w u d b g d y

f m&a in N w eng nd. Ind d, qu f 2010 w j u y f i i y.e n IPo k , w i w bu d

ug u 2009, b g n p n p ni d id d k p ung

nd u d s-1 in ip i ’ w k .

Bu n n eu p n n y, Us j b k nd i pi in Gu f d

pu b k n d w in ndqu . N w f n n

ning, igni n p n up d nd by buynd u d d ng f u qu ,

y P F y, - d f n gyin n b nking m g n K g n. Inp i u , n gy nd p u i

ik y b i f f y , and w l in , p n w

J n D y, y .

t n gy yw ig u IBm,mi f , o nd hP i ing n f

nd p d qui . “t i f d y p wd u n w,” y F y.

a ing f i n in ud f w ,i di , in n d-bu in

d , bi n gy nd n gy. F in n , n f g d in N w eng nd in qu

w app ’ Us$275 qui i i n f W ,m u -b d Qu Wi , p id f bi d i ing p f . app

i i y n b n y qui i i , d piing f , Qu d i

igni n , F y p in .

t nd f f 2010 u d p iqui y k n u d in n p i i n,

ding F y. a ug gi buy b n i in 2010 u f , p i

qui y i n i u pu i w k.

N w eng nd, wi i n n i n f

n gy nd p ni , ip i un ing g und f qui .s k p i w, nd nu b f n ub k d p ni n d i . a ugeu p n d i i y w d d wn,

p ni in B zi , Indi , nd p fa i bu n nd n p w f

p buy , ing g f w u d b -b d qu .

Ile e Friedla d i b s

new englAnd

NEWENGLAND

“Although Europeandeal activity hasslowed down,companies in Brazil,

India, and other partsof Asia have cash toburn and are on theprowl for cheap buys,setting the stage forwhat could be a hotcross-border quarter.”

58



A edda e


28-F b-10 c m k KG a mi ip c p i n lif s i n &h

6,760

4-m y-10 c si l k P n ; ndW bu g Pin u llc

In i D c p i n Bu in s i P n P

25-m y-10 P UIl h ding c p i n c nn i u N u G c p i n; t B k i Gc p ny; nd t s u n c nn i u G c p ny

en gy, mining, oi& G

Ib d Usa 1,296

16-ap -10 P o c p i n P F w d In tmt 614

23-m -10 c en gy c pi P n BG G up P (m p w P w p n ); BG G up P(Dig n p w p n ); nd BG G up P (l k r dp w p n )

en gy, mining, oi& G

BG G up P 450

5-J n-10 c app In Qu Wi tmt G b p n c pi P n ; ndhig nd c pi P n In

275

5-m -10 c m g h In amIcas In lif s i n &h

211

25-m y-10 P G b c p ni llc e nm bi c p i n (190 g i n ) Bu in s i e nm bi c p i n

21-J n-10 c m k Bi i n c p i n a ifi B nd In c n u c u G up In n i n In

02-F b-10 c t w G up In m u h nd In u n c ; Y k In u nc f m in ; N w J y sky nd m n g n llc; ndadi nd k aIF llc

Fin n i s i on B n In u n G up l d 18

20-ap -10 c W n B hen in n G up

tu bin In tmt P i v n u P n ; G niG b v n u ; c u bi c pi ;hig nd c pi P n In ;tud v n u ; nd ti W nIn n G up

160

19-J n-10 c t Fi s i n ifi In a u s i n ifi Indu i ,c i &engin ing

Fu c pi ; arch v n u P n ;c i v n u ; nd GF P i equi yG up llc

145

12-ap -10 c h pi In J in P u i In lif s i n &h

141

29-Jun-10 P e n B nk c p i n W inw ig B nk & t u Fin n i s i

17-m y-10 c vi i n s u i n In D ub -t k s f w In tmt 135


new englAndTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(CONNECTICuT, MAINE, MASSACHuSETTS, NEW HAMpSHIRE, RHODE ISLAND, vERMONT)

5

Deal DrIvers – nEW EngLAnD



Financial Services

Business Services

Consumer


TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defense

2.3%

12.3%

8.9%0.2%0.1%

24.0%

1.6%

49.3%

1.3%

8.1%

9.3%

19.8%

9.3%5.8%

24.4%

2.3%

1.2%

17.4%

2.3%


http://slidepdf.com/reader/full/us-deal-drivers-h1 60/72Deal DrIvers – nEW EngLAnD

60


new englAnd


VALuE VoLumE

VoLumE

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

20

40

60

80

100

120

31.0

4.64.03.7

103.5

6.54.14.0

75.8

4.56.83.9

61.5

6.84.23.7

11.82.2

51.6

3.32.01.83.9

1.84.3

0.4

189.2

18.8

0.40.40.30.4 0.3 0.6

0.7



2007 2008 2009 H1 2010200620052004

v o l m e

0

50

100

150

200

250

300

350

82

82

39

26

1513

99

103

37

25

1822

43

111

44

28

13

80

26

120

76

27

44

19

50

109

35

24

129

46

89

27

1111

4

4

43

1518

2

9



0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

20

40

60

80

100

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd


VALuE



new englAndFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

6 1 G d n s 14,828 12

9 2 c di sui 11,735 13

2 3 B y c pi 9,942 10

5 4 m g n s n y 8,231 12

- 5 Gugg n i s u i i 8,125 2

- 6 P W inb g P n 6,760 2

7 7 UBs In n B nk 6,404 10

8 8 B nk f a i m i lyn 5,191 8

10 9 D u B nk 4,115 5

1 10 JPm g n 3,426 6

- 11 F 3,159 1

3 12 ci ig up 2,487 3

23 13 B k n G up h ding 2,087 3- 14= hsBc B nk 1,630 1

43 14= m i & c p ny 1,630 1

- 16 B n n & c p ny 1,296 1

- 17 h wkp in 1,211 2

58 18= sunt u r bin n hu p y c pi m k 1,177 1

- 18= W c pi c p i n 1,177 1

76 20 Qu y mun h ding 919 3

h12009

h12010


n erf Deals

7 1 c di sui 11,735 13

2 2 G d n s 14,828 12

1 3 m g n s n y 8,231 12

13 4 B y c pi 9,942 10

3 5 UBs In n B nk 6,404 10

5 6 B nk f a i m i lyn 5,191 8

18 7 r i d 664 8

8 8 JPm g n 3,426 6

4 9 l z d 471 6

16 10 D u B nk 4,115 5

25 11 W F g s u i i 417 4

- 12 D i 394 4

29 13 lin n In n i n - 414 14 ci ig up 2,487 3

10 15 B k n G up h ding 2,087 3

35 16 Qu y mun h ding 919 3

- 17 sign hi c pi 773 3

46 18 t W i P n G up In 749

9 19 J ff i & c p ny 705 3

20 20 KPmG 584 3

h12009

h12010


n erf Deals

100 1 r p & G y 11,126 12

8 2 sk dd n a p s m g & F 10,932 9

5 3 c sw in & m 8,773 3

34 4 F i d F nk h i s i & J b n 8,659 6

36 5 B k , c & G yd n 7,937 5

6 6 su i n & c w 6,021 4

3 7 si p n t & B 5,754 8

11 8 D i P k & W dw 5,662 7

126 9 ri d l y n & Fing 5,335 5

10 10 c y G i b s n & h i n 5,016 3

1 11 W i G & m ng 4,912 10

148 12 c ing n & Bu ing 4,767 3

20 13 l & W kin 3,774 6

- 14 m y B wn 3,550 5

26 15 vin n & e kin 3,524 4

47 16 h b s i /G i lu z/s ibb 3,216 3

72 17 m g n l wi & B kiu 3,212 9

9 18 s n & s ing 2,977 3

38 19 Ki k nd & e i 2,792 10

12 20 a n & Bi d 2,774 3

h12009

h12010


n erf Deals

41 1 r p & G y 11,126 12

2 2 Wi h 1,876 12

4 3 W i G & m ng 4,912 1

9 4 Ki k nd & e i 2,792 10

1 5 G dwin P 1,973 10

11 6 sk dd n a p s m g & F 10,932 9

36 7 m g n l wi & B kiu 3,212 9

16 8 Dla Pip 959 9

8 9 J n D y 512 9

25 10 si p n t & B 5,754 8

48 11 D i P k & W dw 5,662

31 12 F i d F nk h i s i & J b n 8,659

3 13 l & W kin 3,774 6

121 14 aZB & P n 728 6

43 15 c h & s w 660 6

6 16 c y 267 6

53 17 B k , c & G yd n 7,937 5

70 18 ri d l y n & Fing 5,335 5

- 19 m y B wn 3,550 5

152 20 F fi d B u k u D ing 2,211

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us g nd . s : c nn i u , m in , m u , N w h p i , r d I nd, v n .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Us (Ng nd . s : c nn i u , m in , m u , N w h p i , r d I nd, v n .

Deal DrIvers – nEW EngLAnD

6



bra il leads La i A eri a’sdeal a i re ver .

l in a i ’ m&a i i y d f p n f

w d, nd u d n inu i ndf f y . l d by B zi ’

p d n i g w f 7.1% i

y , l in a i w d i i n f w bb in g b n n in d n n in f f 2010.

t d u f l in a i w Us$88bnin i n f i y , p d

Us$30bn in p i d y . e nwi u i g d – J nu y’ Us$34.5bnin n i n n id i n f m i ’ a im i – f d king in l in a iw i up 78.3% p d n in f8.4% g b y.

m&a in in B zi n b n ng,id Bi c y, p n in e n & Y ung’

t n i n ad i y s i . “t u i n ,l in a i b n b u un i :B zi , B zi nd B zi ,” id h tundidJ ., e n & Y ung’ t n i n ad i ys i l d . Fi f d u in B ziin d 40% $30bn p d h1 2009.

mining, , gi i nd g ibu in u dn inu b ng indu i f m&a

in B zi , id F ip B id , p n in n b u iqu a uj F n . t in

f c in nd Indi n in in u d b igni n d d i ,

dd d. an in d f n d nin B zi d f ign p y

ik y n id j in n u in ddi i n u ig qui i i n . Bu i in du i n in un y, w i u d d

ng n g i i n , B id n d.

Inf u u pp uni i d f W dcup in 2014 nd o y pi in 2016

ing w dwid n i n B zi . e n& Y ung p fu i i y in n n i

, du i n, n p i n, n up du nd di i . D in nd

f f i y ik y in B zi i nb nk u I u nd B n d B i

y k p nn d qui i i n b d.t f d nd n gy p d

n inu n id ing.

In m i , w y b n w , ng- w i d n i iz d

n y, indi ing p nding d yb d in nd f f y . twp i c i m i n ’n b nk up y p i n ing nd

f 50% k in i in v i . D u d i iz i y in ud

f su c i , g g , nd f i p s . t ImF p

un y’ n y g w 4.5% in 2010.

t ug u c ibb n, c n a ind and n gi n, f w

iz d by i id ign f y, pin b ig p u P u, w i i p d

g w 6.3% i y , nd c bi .

t i n f Ju n m nu s n in c biw n f n d n nd n w df i in un y’ n i p p .m i inf u u p j wi n inu

gi c bi p i i dg in gi n nd d w p y f u k

ik c i nd B zi w king gp n in un y. tw in p inin ud B zi i n bu in n G nef i ’ g wing p f i in c bi ’

nd pi i y indu y nd c i ni in g up laN’ gi p n ip

wi B g -b d gi n i a o i .m nw i c bi n p nd n n iin i u i n n inu k f g in and n r gi n w nin c n a i nd c ibb n, wiG up a ’ n qui i i n f Ge’ Bac-c d i g d p f i nd.

c n a i w d g bn i d wn u n i y w , wi j

inf u u p j in uding n w pf i i i , wid ning f P n c n

nd in nn i n f gi n’ p w

g id p iding id b kd p f g wm j d in c n a i n inub n n d und p ni

u fu y d f n i n , f ibu in gi n in i u i n y-

n p i .

In c ibb n, b by p w d n

y ing n u d p i n u i nd nd , wi Jnd D ini n r pub i und iu i y p g u d i i g

f b fu u . s u u f k bin d wi wi

und ying n gy i u , b d wdiu - - ng , w .

a g n in , v n zu nd e u d u dn inu g f gi n, w

p di d g w f 3.5%, -2.6% np i y, ding ImF.

Pris illa m rp , oliver hill a d

Ser i Spa l

Deal DrIvers – LAtIn AmERIcA

lAtin AmeriCA

LATINAMERICA

“Infrastructureopportunities aheadof the World Cup in2014 and the Olympicsin 2016 are alsoattracting worldwideattention to Brazil.”

62



lAtin AmeriCATOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010


6

A edda e


13-J n-10 c a i m i sa d cv c G b t saB d cv tmt 28,055

11-J n-10 c h in k n Nv Femsa c z sa d cv c n u F n e n i m i nsaB d cv

7,692

13-J n-10 c a i m i sa d cv t In n i n saB d cv (39.30% k ) tmt 6,533

02-m y-10 P N k hyd asa a u in d N d B i sa (57% k ); a u iniB i i sa (51% k ); c p n i d a u in dP (61% k ); nd P g in b u i in (60%

k )

Indu i , c i &engin ing

v sa 4,900

22-J n-10 c B k sa P ibu n sa Indu i Qui i (33.33% k );Qu P i ip sa (60% k ); nd Unipc i Di ibuid sa

Indu i , c i &engin ing

Uni d Indu iP qui i sa

4,238

27-J n-10 c v sa Bung P i ip In i n sa en gy, mining, oi & G Bung li i d 3,8

14-m -10 c cNooc In n i n li i d B id c p i n (50% k ) en gy, mining, oi & G B id en gy h ding l d

09-Jun-10 c B n s n nd sa G up Fin n i s n nd s fin sa d cv (24.90%k )

Fin n i s i B nk f a i c p i n 2,5

03-m y-10 c PDG r y sa e p ndi n P i ip

ag e p ndi n I bi i i sa r e 1,955

10-F b-10 c v sa F i iz n F f d sa (36.79% k ) en gy, mining, oi & G t m i c p ny; ndY B i F i iz n sa

1,834

18-m y-10 P s G id c p i n f c in P n t n i sa (s n B zi i n n i i np ni )

en gy, mining, oi & G P n t n i sa 1,721

15-F b-10 P G up t i sa d cv c uni i n N d m i sa d cv (30% k ) tmt NII h ding In 1,

18-m y-10 P I u - In i n I u sa I u Unib n h ding sa (1.25% k ) Fin n i s i B nk f a i c p i n

21-F b-10 c s r nuk sug li i d equip sa a u a (50.34% k ) ag i u u equip G up 1

12-ap -10 c ap c p i n D n en gy c p i n (Gu f f m i s f a ) en gy, mining, oi & G D n en gy c p i n

c=c p d; P=P nding; l=l p d ( ud B , B iz , D ini , F n Guy n , Pu ri , s in Ki , su in , tu k & c i , Us vi gin I nd )



Financial Services

Business Services

Consumer


TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defense

11.7%

2.7%

7.1%

0.6%

11.2

19.4%

42.5%

0.9%2.2%0.8%

0.8%

14.7%4.7%

11.5%

9.9%

14.1%20.9%

7.9%

3.1%

1.0%1.0%

5.2%

5.8%


http://slidepdf.com/reader/full/us-deal-drivers-h1 64/72Deal DrIvers – LAtIn AmERIcA

64


lAtin AmeriCA


VALuE VoLumE

VoLumE

2007 2008 2009 H1 2010200620052004

v a l e

( u S $ b n

)

0

20

40

60

80

100

120

37.8

4.83.53.8

103.5

8.0

19.1

5.74.2

81.7

10.9

7.65.5

48.1

13.8

11.8

8.4

76.5

4.44.3 2.3

77.2

10.3

7.06.6

0.6

55.9

7.3

5.64.2

0.70.50.50.3 0.5 0.3



2007 2008 2009 H1 2010200620052004

v o l m e

0

100

200

300

400

500

600

85

2315

13

71

37

67

50

105

3721

14

49

110

130

4729

29

71

142

83

184

34

37

158

161

63

45

3428

98

136

49

352033

12

25

61

23

24

46



0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V a l u e

( U S $ m

)

Quarter Ended

0

50

100

150

200

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

V o l u m e

Quarter Ended

m ingg

nd


VALuE



lAtin AmeriCAFINANCIAL ADvISORS

LEGAL ADvISORS



h12009

h12010


n erf Deals

3 1 c di sui 57,311 19

6 2 ci ig up 48,690 7

19 3 B nk f a i m i lyn 13,982 11

4 4 r i d 9,671 8

- 5 a n & c p ny 9,132 2

5 6 JPm g n 8,179 7

11 7 D u B nk 6,855 6

2 8 m g n s n y 5,777 3

14 9 s n nd G b B nking nd m k 4,338 4

7 10 B n B d 4,254 2

18 11 G d n s 3,209 5

- 12 h pu In n m n g n c 3,100 1

16 13 hsBc B nk 2,576 5- 14 s nd d c d 2,500 1

- 15 vin i P n 1,955 3

21 16 singu P n 1,955 1

- 17 c di ag i cIB 1,916 5

30 18 l z d 1,715 4

- 19 rBc c pi m k 1,607 1

- 20 c i B n d In i n 1,221 3

h12009

h12010


n erf Deals

3 1 c di sui 57,311 19

12 2 B nk f a i m i lyn 13,982 11

7 3 r i d 9,671 8

5 4 ci ig up 48,690 7

4 5 JPm g n 8,179 7

15 6 D u B nk 6,855 6

2 7 UBs In n B nk 1,022 6

11 8 G d n s 3,209 5

18 9 hsBc B nk 2,576 5

- 10 c di ag i cIB 1,916 5

10 11 s n nd G b B nking nd m k 4,338

31 12 l z d 1,715 4

36 13 P i -B n d N g i 1,049 41 14 m g n s n y 5,777 3

- 15 vin i P n 1,955 3

- 16 c i B n d In i n 1,221 3

- 17 m&a In n i n 344 3

- 18 a n & c p ny 9,132 2

6 19 B n B d 4,254 2

- 20 c fin c pi 953 2

h12009

h12010


n erf Deals

65 1 D w y & l B uf 34,628 3

- 2 a n & o y 14,742 3

26 3 c y G i b s n & h i n 14,567 6

4 4 F fi d B u k u D ing 12,592 2

3 5 si p n t & B 9,495 6

6 6 sk dd n a p s m g & F 9,192 6

- 7 Gib n Dunn & c u 8,321 3

- 8 l y n & l ff 7,692 1

102 9 D i P k & W dw 6,400 3

82 10 v i n ad g d 6,056 3

13 11 t zzini F i t i i e si ad g d 5,747 9

- 12 U c n , r z nd Gu - ad g d 5,634 2

2 13 B b , mu ni & a g 5,395 7

- 14 Wikb g r in & c 4,981 2

40 15 l & W kin 4,900 2

- 16= s 4,900 1

72 16= t n 4,900 1

1 18 m d m y s nd z opi 4,187 11

8 19 s n & s ing 4,096 3

49 20 W , lip n, r n & K z 4,036 3

h12009

h12010


n erf Deals

2 1 m d m y s nd z opi 4,187 11

1 2 m Fi , v ig Fi , m y J . Qui g ad g d

1,552 11

6 3 t zzini F i t i i e si ad g d 5,747 9

4 4 Pin i N ad g d 3,093 9

10 5 e udi muniz, r i z, P z-t i n &o y ab g d

466 9

3 6 B b , mu ni & a g 5,395 7

19 7 c y G i b s n & h i n 14,567

11 8 si p n t & B 9,495 6

13 9 sk dd n a p s m g & F 9,192 628 10 U i m n nd z 1,802 5

12 11 link 1,284 5

- 12 vi i d a id & a i d 2,440 4

31 13 D a id 1,093 4

17 14 P i & c iz 290 4

- 15 e udi e p ab g d 223 4

33 16 D w y & l B uf 34,628 3

- 17 a n & o y 14,742 3

- 18 Gib n Dunn & c u 8,321 3

102 19 D i P k & W dw 6,400

39 20 v i n ad g d 6,056 3

t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i c nbidd , g nd . e ud : B , B iz , D ini , F n Guy n , h i i, Pu ri , s in Ki , su in , tu k & c i , Us vi gin I nd .

t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i c nbidd , g nd . e ud : B , B iz , D ini , F n Guy n , Pu ri , s in Ki , su in , tu k & c i , Us vi gin I nd .


6



About merrill CorporAtion

F ded i 1968 a d ead ar ered i S . Pa l, mi es a, merrill c rp ra i is a leadi pr vider f s r ed s l i s f rple si ess i a i a d i f r a i a a e e . merrill’s servi es i l de d e a d da a a a e e ,

li i a i s pp r , la a e ra sla i servi es, f l ll e , i a i a d pri i . merrill serves e rp ra e, le al, a ialservi es, i s ra e a d real es a e ar e s. Wi re a 5,000 pe ple i ver 70 d es i a d 15 i er a i al l a i s,merrill e p wers e i a i s f e w rld’s leadi r a i a i s.

66

mERRILL tRAnSActIon AnD comPLIAncE SERVIcES

t ug b d ng f nd i , m i c p i nin d u n p i i n, ing, p in ing, di ibu i n ndni n i n nd gu y p i n i i i

f i i n ng g d in u i i ff ing , g niz i n , g ndqui i i n , sec nd gu y ing . a gi d, i d-p y

i p id ff ing pub i p ni p eDGariz i n nd xBrling i , m i p f i n n p , di , ni y ,n g nd di ibu d in p in d ni f .

merrill Le al S l i s p id b n-d nd nd n- i i ig i nupp , inf i n n g n nd ni nd p in d u n

n g n i f w , p g d p n ndp f i n i . e p f u p i in ud i n

f b i ig i n d u n p i i , n g n f nid di y nd d i y f - i u p ing ndd p i i n

id g p y i .

merrill’s mar e i a d c i a i S l i s upp y b nd id n i yn g n , u uni i n nd p k g d di k ing

p g f p f i n in indu i u , u ufund nd in u n . e p f u i in ud u iz b

p id n i y i , di - i k ing pi nd p i np g upp d by w b-b d n gi .

merrill’s tra sla i s Servi es p id ng f n i n p i n p i n i f i n nd ff i pp

i n i n p j . m i B ink ff n i g n i ni f in n i n i ig i n, in u p p y, p n ,

n u , n i u , g nd qui i i n ,bi i n nd .

www.da asi e.

About mERRILL DAtASItE ®

Rev l i i i e d e dili e e pr essm i D si i d ign d f pid d p y n nd n b up

unning wi in w u f i n ’ n d. ou n n, ug niz u nd f p g f n n f ny u in 24

. e y p f p , f d u n nning vnd p j n g n i d i d by m i ’ u i ingu

i b und k w dwid .

Wi m i D si , d u n p u d nd indd b nd b u ig d ign d by i n

n gu n d. e u ’ bi i y i w, p in d u n i up by i n d ini nd n b

i . m i D si p id u fu in uding fu udi p bi i y, Q&a, bu k up d nd d i d u i i y

p i n in in ig n nd g in igb i .

merrill Da aSi e e a es ra sa i s ess

m i D si i indu y’ kn w dg d d . mdiff n p i nd pub i p ni g b m i D si in u f f wing yp• m g , qui i i n nd di i u• P i p n n i n• l g d buy u n i n• B nk up y nd g niz i n n i n• Fin n i u u ing n i n• Ini i pub i ff ing nd du - k p• a pu nd iquid i n• P - g in g i n



6

About merrill dAtAsite ®P i i u w b i :www.da asi e.

mERRILL DAtASItE - buILt WIth thE cLIEnt In mInD

m i D si w d i i n ’ n d nd bui ip i i n . sin 2002 w n i n y g d p i nf u i n dd ding- dg fun i n i y i b .

m i D si w i u nd d ini :

• E a i e d e s i edia el . P n d n gy n u y un w i f d u n b d wn d d. B u d

id n m i ’ , y u n i u n u y i w n un i i dnu b f d u n in u ip wind w wi u ing u

y u “ p” . W n f d wi und d f d u n i w, i f u igni n i nd p n .

• Desi a e ser per issi s. t d ini n n w iu wi b b i w, p in d wn d p i d u n , f d

p j - i p y nd qui k y.

• Sear ever w rd i ever d e . Wi g d u n i n ,p i i d f u k y nding i i inf i nnd ing du di ig n p . m i D si b

n gy. op i c r gni i n (ocr) ipp i d p d p g , d i fu y - ndi - b . Wi i p ig i k, p w fu ngin

n ing f , nd u ing fuzzy gi , wi u n u f n i d in nk d d . Fu ,

ngin i f u n nd w f p ing w i u ningu . m i D si p id d n d n p nd p n

f u w yn ny nd i p ing b in p din qu y u .

• Pr e de ial i f r a i .”vi w- n y” d u n nd wn d d. m i D si , n pu ’ b w , n

ing p p iding un d u i y . Un ik vDr p id , i g n i w b n Pc’ f n u i n f i n.

• tra all a ivi a ra el .audi ing nd p ing p id i b un ing f indi idu ’ i p n i wing b

d u n nd p i p g – inf i n dd n g i ingg .

nEED to WoRk REmotELy?N p b . W y u’ w king in B ijing N w Y k, y u n

i w y u d u n n in wi u ing n ig ug in nw nd i i i n f n i f u id p ny

nn i n nd d y du di ig n p .

SEcuRIty IS ouR hIghESt PRIoRIty

m i b n u d p id f u inf i n nd g indu i f n 40 y . ou p y f n d n i i y nd w udi d nnu y (in n nd i

k in u It inf u u nd p in undD si i i u d i Iso 2700f i p n i Inf i n s u i y m n g n sy t Iso 27001 nd d, d p d by In n i n o g nizs nd d b i in n i n qui n f inf

nd i i n f Isms, i d ign d n u ff i pinf i n in f ign k , w n i

gi n b und i .

thE bESt tooL In thE InDuStRym i D si n gy w f f n

d py d u n ni i wing p f . a d ign d d ini b i w d u n i b .

t ug u , i u n u , fu p bibu p ing , b i nd n i n du

p in d. a u , m i D si giin ig nd n , nd d i y du n i n i

a ding p id f vDr u i n w dwid , m i Dp w d 2 i i n uniqu i i p f ni du

u nd f n i n ing i i n f d in u .

n w S ar er, Fas er, Easier!



68

m i D si (Di i i n f m i c p i n) c nt : +44 20 7422 6100 (eu p ) 1.888.867.0309 (Us)

ExEcutIVE mAnAgEmEnt

Ed bif lP id nt : +1 212 229 6563

Pa l har ells ni vi P id nt : +1 212 367 5950

ExEcutIVE SALES

c ris be ar gi n Di , eu pt : +49 69 25617 110

Alvar or e ar gi n Di , eu pt : +44 20 7422 6100

mi ael hi liffer gi n Di , eu pt : +44 20 7422 6100

merli J. Pis i ellir gi n Di , eu pt : +44 20 7422 6100

Jérô e P ierr gi n Di , F nt : +33 (0) 1 40 06 13 12

c li S p ar gi n Di , eu pt : +44 20 7422 6100

A a Sr gi n Di , eu pt : +44 20 7422 6100

Alvar or e ar gi n Di , eu pt : +44 20 7422 6100

ma el be si sr gi n Di , m it : +52 55 9171 2237

A a Pa la ma êdtá d c

r gi n Di , s u a it : +55 11 9908 0858

Ari Leer gi n Di , G c int : +852 9855 3758

J m Elr er gi n Di , N w Y kt : +1 212 229 6656

S eve Pi evP, N w Y kt : +1 212 229 6883

S elle mar ir gi n Di , N w Y kt : +1 212 229 6613

Willia P leser gi n Di , N w Y kt : +1 212 229 6612

Ada k rir gi n Di , N w Y kt : +1 917 934 7340

F rres R. D a er gi n Di , N w Y kt : +1 917 934 7341

ma ew me a ellr gi n Di , N w Y kt : +1 917 934 7346

mi ael ke edr gi n Di , B nt : +1 207 829 4369

R ss W i a err gi n Di , N w eng ndt : +1 617 266 0189

mar Plaer gi n Di , c i g

t : +1 312 674 6527A cr sr gi n Di , c i gt : +1 312 674 6511

kell Ja ws ir gi n Di , c i gt : +1 312 674 6508

Pa l klei a fr gi n Di , s ut : +1 404 602 3251

bria gil rear gi n Di , ot : +1 404 934 8085

ni las Re err gi n Di , Dt : +1 214 754 2100

Da P elar gi n Di , l angt : +1 213 253 2139

Ja L lar gi n Di , I int : +1 949 622 0663

mar t llr gi n Di , s n F nt : +1 415 357 1400

A drew b i rr gi n Di , P at : +1 650 493 1400

Eri Sa dier gi n Di , P at : +1 650 493 1400

S ha er gi n Di , minnt : +1 651 632 4375

R a ma millar gi n Di , c n d

t : +1 416 214 2448Will br wr gi n Di , c n dt : +1 514 877 5177

ha gre rsvP, W n c n d & Ust : + 604 603 4360

ContACts


http://slidepdf.com/reader/full/us-deal-drivers-h1 69/72Deal DrIvers – noRth AmERIcA

6

notes

t f wing n p in d n in d in i pub i i n:

• D in ud d w d u i g n qu Us$5 .

• W n d u b n di d, d in ud d if u n f g i g n qu Us$10 .

• N a i = Usa nd c n d .

• a i i y t b nd gu b und indu y i n b d n d in n g g p y f i g , bidd

b ing N a i .

• t p D b und g g p i i n b d n d in n g g p y f g n y.

• l gu b und g g p i i n b d n d in n g g p y f i g , bid

.

• Indu y i n nd g p b d n g g p y b ing N a i .

• G g p i i n nd g p b d n

d in n g g g p y.• t n i n ud d in ud p p y n i n

u u ing w u i d ’ inn ng d.

S a e A r. Re i

N w J y NJ mid-a n i

N w Y k NY mid-a n i

P nn y ni Pa mid-a n i

I in i Il midw

Indi n IN midw

I w Ia midw

K n Ks midw

mi ig n mI midw

minn mN midw

mi u i mo midw

N b k Ne midw

N D k ND midw

o i oh midw

s u D k sD midw

Wi n in WI midwc nn i u ct N w eng nd

m in me N w eng nd

S a e A r. Re i

m u ma N w eng nd

New Ham shire NH New England

Rhode Island RI New England

vermont vT New England

Alabama AL So th

Ar ansas AR So th

Delaware DE So th

Dist ric t of Col mbia DC So th

Florida FL So th

Georgia GA So th

Lo isiana ND So th

Maryland MD So th

Mississi i MS So th

North Carolina NC So th

O lahoma Ok So thSo th Carolina SC So th

Te as Tx So th

S a e A r. Re i

virginia vA So th

West virginia Wv So th

kent c y NE So th

Tennessee TN So th

Alas a Ak West

Ari ona Az West

California CA West

Colorado CO West

Hawaii HI West

Idaho ID West

Montana MT West

Ne ada Nv West

New Me ico NM West

Oregon OR West

utah uT WestWashington WA West

Wyoming WY West

Note to Heat Chart: Brea down of constit ent states within uS regions



About remArk

Re ar , pub i ing, k ndn di i i n ft e mer er ar e gr p , ff

ng f i gi i n pp uni y n n i b nd p fi , nd d p n w

bu in pp uni i .Re ar pub i 50ug d ip p nd d 70 n

g b y w i n b i i n d n i p i nd und in i

d n i in gi n k , p du .

r k i p f t m g k G up, di i i n f Fin n i ti G up. t find u

p i iwww. er er ar e . /re ar /www. er er ar e . /eve s/

any qu i g ding i pub i i n d wi ini u d b di d :

Eri Wi am n ging Di , r kt : +1 212 686 3329

ik.wi k n@ g k .

Elias La sish d f rt : +44 (0)20 7059 6100

i . i @ g k .

A i ail R er sG b edi , g kt : + 1 212 686 6526

big i . b @ g k .





© mergermarket

P lis ed :Re ar11 West 19th Street, 2nd FloorNew Yor , NY 10011Tel. +1 212 686 5606

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