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MERGERS & ACQUISITIONS REVIEWREUTERS / Navesh Chitrakar
MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS
First Half 2017
Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Americas Deals Intelligence
M&A Financial Advisory ReviewFirst Half 2017 | Mergers & Acquisitions | Financial Advisors
1
Japan Deals Intelligence
Any European Involvement Announced (AD21) 17
17
18
18
Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
Any European Involvement Completed (AF3) 10
12
12
Any French Involvement Announced (AD33)
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
19
Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
19
Any Spanish Involvement Announced (AD34)3
6
6
11
12
11 18
Any Japanese Involvement Announced (AD19)
2
2
3
Table of Contents
1
Worldwide Announced (AD1)
10
2
11
11
20
20
South Korea M&A
Any South Korea Involvement Announced (AD51)
Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
6
US Target Announced (AD2) 7
Any Americas Involvement Completed (AF55)
Any Nordic Involvement Announced (AD37)
Any Italian Involvement Completed (AF43)
Top Ten US Announced Deals 12
Any Italian Involvement Announced (AD36)
15
Any Asia Pacific Announced Fairness Opinion
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
8
8
7
Any German Involvement Completed (AF42)
16
Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
16
Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53)
Any Benelux Involvement Completed (AF47)
10
Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
22
21
22
21
Regional Contacts
13
13
13
Any Japanese Announced Fairness Opinion
14
13
22
8
21Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
16
16Any Australian Involvement Announced (AD24)
9
Top Ten European Involvement Announced Deals
Any Asia (ex-Japan) Involvement Announced (AD25)
Thomson Reuters Soultions for the Deal the Deal Making Community 23
Mergers & Acquisitions Criteria Summary
Any EMEA Announced Fairness Opinion
15
14
Any Nordic Involvement Completed (AF44)
Worldwide Announced Fairness Opinion 21
Fairness Opinion Rankings
Criteria Summary
21
Any USAnnounced Fairness Opinion 21
Any Americas Announced Fairness Opinion 21
Top 10 Any South Korea Involvement Announced Deals
20
20
Any South Korea Involvement Completed (AF58)
https://www.thomsonone.com
WORLDWIDE DEAL MAKING UP 2%, NUMBER OF DEALS FALLS 4% - Worldwide M&A activity totaled US$1.6trillion during the first half of 2017, a 2% increase compared to the first half of 2016. During the first half, 275 dealswith a value greater than US$1 billion were announced, totaling US$946.9 billion, flat compared to last year's firsthalf. By number, deals greater than US$1 billion increased 14% compared to a year ago. Overall, 22,752worldwide deals were announced during the first half of 2017, a 4% decrease compared to last year's first half.
DEAL MAKING UP 6% FROM Q1'17 - The value of worldwide M&A announced during the second quarter of 2017totaled US$822.6 billion, an increase of 6% compared to the first quarter of the year (US$775.8 billion), but a 6%decline compared to the second quarter of last year (US$872.4 billion).
OUTBOUND US AND INBOUND EUROPE M&A POWERS CROSS-BORDER M&A TO 10-YEAR HIGH –Powered by increased levels of outbound M&A from acquirors based in the United States and inbound M&A forEuropean assets, cross-border M&A activity totaled US$630.9 billion during the first half of 2017, accounting for40% of overall M&A volume and the highest first half tally since 2007. China Outbound M&A totaled US$64.3billion, a 49% decline compared to last year's record first half.
EUROPEAN M&A UP 33%; UNITED STATES DEALS DOWN 16% - M&A activity for European targets totaledUS$449.0 billion during the first half of 2017, an increase of 33% compared to the level of activity seen during 2016.With US$583.9 billion in announced deals during the half, United States M&A fell 16% compared to a year ago.European targets accounted for 28% of worldwide M&A during the first half of 2017 the highest percentage since
Worldwide M&A Up 2% to US$1.6 trillion l Number of Deals Over US$1 billion Up 14% l European Deal Making Up 33% l China Outbound M&A Falls 49%
Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees
First Half 2017 FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEW
$2
$3
$4
$5
Impu
ted
Fees
(US
$b)
Americas EMEA Asia Pacific Japan
European targets accounted for 28% of worldwide M&A during the first half of 2017, the highest percentage since2014.
ENERGY & POWER, REAL ESTATE, INDUSTRIALS LEAD SECTOR MIX - Deal making in the Energy & Powersector totaled US$240.6 billion during the first half of 2017, an increase of 29% compared to 2016 levels, while RealEstate M&A increased 8% by value and 7% by number of deals. Industrials deal making accounted for 12% ofoverall M&A activity, while Healthcare M&A accounted for 10%. Materials and Technology M&A registered thesteepest year-over-year declines, down 46% and 34%, respectively.
COMPLETED M&A ADVISORY FEES INCREASE 20% - Estimated M&A advisory fees from completedtransactions totaled US$17.7 billion during the first half of 2017, a 20% increase from the first half of 2016.
Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity
$78.5$16.7 $32.2 $67.3 $62.5
$116.6 $152.3 $162.1$76.6
$131.7
$80.7
$24.4$60.6
$87.6 $82.5
$80.3
$117.7$135.0
$146.8
$173.4$56.5
$35.6
$73.5
$70.3 $99.4$79.0
$137.5$168.5
$138.5
$36.0
$52.8
$100.1
$105.5 $99.9$108.5
$113.2
$232.7
$142.0
9.0%
5.5%
11.1% 12.9% 12.9%15.2%
12.0%
12.0%
16.8% 21.1%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A
$0
$1
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
$258.2$113.6 $176.1 $234.2 $173.2 $132.0
$239.6 $268.2 $299.1 $324.0
$368.0
$112.1
$203.8$249.1
$272.9
$168.0
$386.0 $335.9 $281.6$306.9
$326.0
$146.9
$274.7$206.2
$203.5
$181.8
$313.8 $420.7$342.7
$156.0
$165.9
$258.5 $195.3 $249.4
$233.7
$305.5
$463.7
$477.8
39.9%
24.1%
35.9%34.4%
39.4%
29.4%
39.5%
31.0%
37.1%
39.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b)
Q2 Volume (US$b) Q1 Volume (US$b)
% of YTD Global M&A
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2008 2009 2010 2011 2012 2013 2014 2015 2016 20172008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1
Western Europe
Mergers & Acquisitions
Jan 1 - June 30 Scorecard: Worldwide Completed M&A Jan 1 - June 30
First Half 2017 | Mergers & Acquisitions | Financial Advisors
1/1/2017 - 06/30/2017
7,229.6
389 003 7
Worldwide7,957
No. Deals
No. Deals
Rank Val US$m
1,609,426.4
1/1/2017 - 06/30/2017 1/1/2016 - 06/30/2016
853,178.9
2,860.674100
694,004.5
3,291.9
766,217.9
Target Region/Nation
Mexico
319,655.590,833.2
53
26,111.8
16,548.3
694,657.1
32,423.8
728,509.2
Rank Val US$m
33,852.1United States
Caribbean
3,039.8
Brazil
Worldwide 22,7521,598,446.5
896Spain
North America
432,473.5
France
Chile 1,687.5
Asia Pacific
United Kingdom
848
Middle East
13,760.0Sub-Saharan Africa
Canada
Western Europe16,471.5
448,945.0
40,652.5
459249
74,079.7418
1,366
34,891.2
Americas3,171.9
6 212
94
7,352
Central America
South America62,983.2
1,325
583,895.5
52
646,878.7
40,775.0
6,504
158.4391 903 2 6 349
20,866.00 7
24,948.8197
Europe
58
Africa/Middle East
1,224.4283
571
337,607.6
North AfricaMiddle East
33.06,852343
14,986.8742.0
8,486.1 62.1
431
Eastern Europe
1,388
8,440
46,827.963,050.9
53,910.9
6,4855,52717,952.1
▲
▲
242
35.3
-39.4
1,955
86
1,34617.5
▲
▲Switzerland94.0
▼-8.2Europe
50,378.1France▲
318,766.1
▼United Kingdom▲
Eastern Europe
78,459.1826
Asia Pacific47,664.0
248 215 7
115
22 4
18,575.0
1,1793 360
1,116
186,526.3 1,128319 791 0
5,455
4 048
344,935.7
▲146.4
▲
4,479
363,510.7
-74.4
5,595▲
152
7,070
75195
4,967.0
1,615
-49.1
36,199.3
395
364,534.9 0.345,768.8
49
899.1
25,185.6
44
448
1,153.110,843.7
▼Sub-Saharan AfricaNorth Africa
90.6
178 13,385.3
150▲ 154
▼
6,807.9
20,671.2710
Chile62.9 ▲ 28,660.074.2
Africa/Middle East
766
3,459.8271
86.1 Canada 46,055.3▲25,411.2
Brazil 19,851.8
▼
61
6,3105,544
▲382.6-89.8
▲
▼
483 25.8
18,41216,777
Caribbean59.1
▲
-15.9
-9.42.2
855,353.9 -10.2
-52.88750
-10.35,957
8,475.411,410.81,993.1
1,564,129.9
Rank Val US$m
626,955
23,743
No. Deals
34767,792.8▼
78Central America▼
6,656▲
Americas
6.3 Mexico728,018.5
74-11.2 6,183
▲5,424
1,444,230.5
Rank Val US$m
% Change in Rank Value
South America
5,551
361
-3.460
Target Region/Nation
North America
57
25,132.5
No. Deals
4,001.910,361.3
3,875.2 7,628.4
681,963.1
195
632United States 780,393.5
18,681.2
▲4,862
▼
28.3▲▲▼
▼▲
5,174.339629,941.7
283.7
13.8-81.5
236 ▲
-49.2-9.6
83.2
-9.2
-15.1
▼
-12.6562
1/1/2016 - 06/30/2016
805,526.0 ▼▼
▼▼
% Change in Rank Value
▼▼
Worldwide Announced M&A Target Industry by ValueScorecard: Worldwide Announced M&A
1,285▲
39.21,479.6
-7.6 ▼
▼▼
15.1%
12.5%
12.2%
10.2% 9.4%
8.4%
7.4%
6.6%
6.5%
4.1%4.0%
3.6%
South East Asia
France / France 13,045.5
Pending
389,003.7
Pending
251.6
Becton Dickinson & Co
Target (% Sought/Acquired)Rank Date Date Effective
Singapore
757
Intended
Australia
South Korea
1,159
34,738.7
25,527.4
5/15/2017
Asia-Pacific
4,523.4
66436,746.9
11,700.3981210
6,212
Pending
86.762224.9
Malaysia
2,446
6/2/2017Pending United States / Israel
2/1/2017Pending
6/16/2017
1/16/2017
Pending
1/26/2017
2/20/2017
5/17/20173/29/2017
15,277.2
FCCL Partnership (50%)13,598.46/16/2017
China / United KingdomChina Investment Corp
Pending
Amazon.com Inc
Christian Dior SE (25.6%)13,239.8
Williams Partners LP
Semyrhamis SA
Reckitt Benckiser Group PLC
Cyclops Holdings Inc
Cenovus Energy IncUnited States / United States
17,118.1United States / United States
CR Bard Inc (100%)
16,092.4
17,828.5
Essilor International SA
Switzerland / SwitzerlandAbertis Infraestructuras SA (100%)
France / ItalyMobileye NV (100%)
Whole Foods Market Inc (100%)
Valepar SA (100%)
13,742.4
ONEOK Inc
20,047.6
▼546
Logicor Ltd (100%)
43,452.4
3/13/2017
Actelion Pharmaceuticals Ltd (100%)24,226.820,956.7
Italy / Spain
Vale SA
▼
Luxottica Group SpA (61.9%)
Vodafone Grp PLC-Vodafone Asts
34,675.3Janssen Holding GmbH
889
Brazil / Brazil
ONEOK Partners LP (60%)
United States / United States
United Kingdom / United StatesEssity AB (100%)
6/15/2017
32,158.9South AsiaCentral Asia -84.6
6/15/2017
4/23/2017
2/1/2017
19,471.6
▼
Australasia
2,745760
245,227.9
707
1,862.5 New Zealand▼
South Asia 19,471.6
-10.9
▲
North Asia
25,239.0ChinaSouth Korea
12,557.4
173,332.0
30,776.6
▲
23,847.81,086
112
82
250 Malaysia
▼
▼
27.0
2441,121
13,128.7
-4.584
North AsiaChina 221,268.4
294,570.5
34,803.9
1,289
17,223.2
303,461.6
38.7
3,985219
3,767
33
27,858.8727
▼27.7
25,835.0Japan39
▲
Top Fifteen Worldwide Announced Deals
57.6Japan
4,299.8
391,903.2 6,349
529
5.2
-38.8
27,347.9
41,717.6
621-0.7
South East Asia
24.623,874.3
▼Australasia
▲25,480.3
546541,393.0
444
Asia-Pacific 248,215.7500▲29,500.8
29,038.5
Central Asia35,027.1
19
Rank Value (US$m)Acquiror
Australia
669
▼
-40.5
▼-9.8-2.9 ▼
-23.245,585.328
256,266.7
5.8-36.7
771
134 26.0
433
-51.9
2,5181,801
Singapore2,761.8
156
134,495.2▲
-34.0203,842.0
9,969.6
5691,696
-44.9-32.4
-36.730,776.6 669
-22.4
1585,014.6
18,614.2
3,360
623,101.7
319,791.021,764.4
4,048
28.3375443 17.1
▼
▼
Jan 1 - June 30 2017
Shareholders
6/30/2017
6/15/2017
4/25/2017Canada / Canada
Atlantia SpAAcquiror / Target Nation
Mead Johnson Nutrition Co (100%)Sweden / Sweden
Materials / Metals & Mining
Energy and Power / Oil & Gas
Consumer Staples / Household & Personal Products
Real Estate / Non Residential
Consumer Products and Services / Other Consumer Product
Consumer Staples / Food and Beverage
High Technology / Software
Telecommunications / Wireless
-55.1
▼▲
▼▼▲
▲▼
Target Macro / Mid Industry
1,779.1New Zealand
WPZ GP LLC (100%)3/20/20171/9/2017
PendingPending
Idea Cellular Ltd-Mobile Bus (100%) India / IndiaUnited States / United States
11,627.311,357.7 Energy and Power / Oil & Gas
Industrials / Transportation & InfrastructureHealthcare / Pharmaceuticals
Healthcare / Healthcare Equipment & Supplies
Retail / Food & Beverage RetailingEnergy and Power / Oil & Gas
Consumer Staples / Textiles & Apparel
Energy and Power Real Estate
Industrials Healthcare
Financials High Technology
Materials Consumer Products and Services
Consumer Staples Retail
Media and Entertainment Telecommunications
Government and Agencies
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2
UBS
TD Securities IncCenterview Partners LLC 20
36,101.840,272.9
2.2
▲50,894.4 3.2
2 235 727 3
2.53.1
2.235,816.135,749.7
4.21.9
3714
66,638.9
2.0
AZ Capital
62
Barclays10
1211
19
17
Moelis & CoBNP Paribas SA
494*
12
15
911
10
14
21
+4
-5.9
2
131,798.8Rothschild & CoCredit Suisse 6
-140.8
-15
▼
Worldwide Announced (AD1)
▲2.9
▼
-0.77.3
6Citi1
Morgan StanleyGoldman Sachs & Co
▲
-1.8
▼▼
▼17.0
-8.3
4.9
156,666.5 9.84
2
Citi205,599.50.5
12.915.1
349,439.5
34 55,652.413
254,536.9
13-1.2
2.3
-1.2
▲
1.625
2.026
▼
34-5
0.1 +190.1
4
▼▲
2 2▼▲
▲-2.6
0.1
0.3+40.115 0.2
9 ▲+70 145 904 3 ▲17 3 0 1 0 1▲ China CITIC Bank Corp Ltd ▲3 2+3+11 ▲1.0176.252,813.0 -5.13.7 ▼
▲▲
196▲20
+11▲1.6
3 211
64,548.2
4.242
Industrial & Comm Bank China
21
19 60,505.5Guggenheim Securities LLC
71.8-330.2
▼0.239
0.1
▼0.4
34.3 ▼0.8 0.4
25▲ 0.2
115.6-3 0.2
▲0.20.2
+4▼
▲▲
▲ 0.7
137.1▲ 4.5 26
2918▼ BMO Capital Markets 4.260,929.5 ▲
▲2.917
65,985.33.6
China International Capital Co
▲16 4.6
31
973,408.6 5.014
13
▼ 15
Rothschild & Co
HSBC Holdings PLCAlantra Partners SA 5.1
71,811.2 5.0156
29Wells Fargo & Co
5.782,492.916.3
396.80.9 ▼
0.4 -19▲
-7.8
34▼
0.00.1
360.1
-11-19 ▼
1.0 ▼
0.2 ▲
0.20.0
+20.1
-
72.0
0.444
▼▲
1590.399,128.0
13 7.2
2.3▼
1.91.34.66.9
▼
7.3-1.1-4.6
▼0.3
61▼ ▼
-225.5-50 329.9
0.23.2
▼-21 1.7
284.856 -9
-429.1538.6 0.0290.9
▼-3.710.3
▼
▲-4.4
+7
▼▼ 0.410.2 64▼ Lazard ▲▼ 133
147,329.2▼ 0.4
0.3232,254.33.6▼ +4256,377.8 105
▲0.5▲
2.40.8 +4
▲▼
3.1
+18 440.50.60.9
▲969916.176
6 222,277.8Credit Suisse
345,736.5▲0.6
0.8 ▼-1.2643.8
1.4
0.60.9
15.4
3 346,773.6 ▼
-4.2▼
24.0
17.8892.7827.0
140 +3
▼
▲0.6
-27130 785.3
Sh (%)
# of Deals per Advisor
First Half 2017 | Mergers & Acquisitions | Financial Advisors
-14
Market2016 Rank
24.2
Fees143
US$m
-60.8-9.3
▼378,967.3Sh (%)Share Ch.
2 226.2
348,778.9▼ ▲
-11.1
Market Rank Value Market2017 Rank
Rank Value per Advisor (US$m)
▲
MarketSh (%)
# of Deals per Advisor
54
US$m DealsShare Ch.21.9
345
▲▲
0.4 JP MorganBank of America Merrill Lynch
-5.4
155
177
-3.4
107
-2.0
▼
79
▼99
-3.1
+4
78
-1.1 0.7
0.6
0.1
▼
0 0
65Perella Weinberg Partners LP
▼
HSBC Holdings PLC
21
6.3
8.3
18
3.5
117,892.0
78,435.3
9
49,805.41641
RBC Capital Markets
Deutsche Bank
Mediobanca
116,823.98100,499.3
85,147.7Evercore Partners
17
105,153.8
Market
Lazard 8
3
JP Morgan45
Bank of America Merrill Lynch
# of
23.9
121▲
▼
▼153 0.7
1
+8
7.4
15.9
7 7
5
-2.1
3 241,314.4
Rank ValueFinancial Advisor
100-8.5
1
Change in
Goldman Sachs & Co# of Deals+15
Jan 1 - June 30
0.8271,336.7 6.5 0.5
2017 Rank
Rank Value per Advisor (US$m)
1 ▼Sh ($)
Jan 1 - June 30
Worldwide Rankings
2016 RankFinancial Advisor Deals
Imputed Fees (US$m)
3.2
Morgan Stanley
-2.7
20
2.958 0.3+4-15
14
49 0.2▼0.3
0
100.3
5980
▼
62
22
Deutsche Bank
-4 RBC Capital Markets
▼Evercore Partners
-11
16
148,535.789-22 UBS
-12
103,394.910
▼
8
11-19
-4
▼
-4▼▼
7Barclays
0.10.40.30.3
-21-17
▼1.94.5 ▼
# of DealsMarket Advisor
▼▼
# of
Worldwide Completed (AF1)
Market
1.6
2.5
5.1
2.44.7 0.6
136176
5.3
Market
1,169.8
Change in
0.9Share Ch.Sh (%)
6.6
* tie
Jan 1 - June 30 2017
28,338.1 14.2
22
Goldman Sachs & Co
1
13 23.332
162,366.2
Citi
30.3Citi31.9
Goldman Sachs & Co
3195,764.8
38,188.9
59,229.9
Bank of America Merrill Lynch
Industry Total†25
Goldman Sachs & Co
PJT Partners Inc 2.1
31,825.9Alantra Partners SA 29,553.3
2.0Credit Agricole CIBRobey Warshaw LLP
1.9
32,943.033,506.2
2.235,727.3AZ Capital 494*5722
-131.4
2.1-8
24▼0.1
422
18
1,466
4
Top WW Announced M&A Advisors by Target Industry
2.2%
31
Mkt.
-1.21.6
2.2
-0.2▲▲
0.1
-10.3%
44,254.944,254.9
-
175▼
▲
100.01,444,230.5
+3▼
No. Deals
-9911,598,446.5
6.0% ▲
Rank
23*23*25
240,612.7
▼
▼22,752
Share
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
11.5%
China Construction Bank
▼▲
Industry % Change from Same Period Last Year
Lakeside Capital Advisers LLC
Industry Total
Dyalco-
22
-11.9%▲
0.1 -10 Macquarie Group 32,346.735
▼
40
-8.9%▼
2.2 0.9 ▲3.13.1 ▲
3.1 ▲ 0.0
▲
-12 0.5+1
88.9
▼
▲ 7.1
19.5%
17,665.2▼
-1,6350.2 0.5
-▲
100.0
0.00.0
0.0-▼
0.07.11
0.08 0.10.1+1 ▲
9
0.0+1
▲+7▲
0.144,671.745,904.3 ▲17.3 0.1
13.10.1
▲3.13.1▲ China CITIC Bank Corp Ltd ▲3.2+3 196 3.221
Goldman Sachs & CoCiti
3
2
11
35.7
149,758.8
1
0.0
Jan 1 - June 30
25 15,635.6 3
23 22,275.917,553.1
Morgan Stanley
48,406.0Financials
57,882.8
Industry % Change from Same Period Last Year
199,408.4Real Estate
Healthcare
▲
Bank of America Merrill Lynch
19.2
1
45,619.8
2
Credit Suisse
66,781.5
62,479.2
26,097.2
24
38,762.4
Rank Val US$mEnergy and Power
49,781.6JP Morgan
21
Industrials
Morgan Stanley
Industry % Change from Last Quarter
22100.0
23 2672
1,799
53,435.3
23
Industry % Change from Last Quarter -1.5%
19
10.4
1,646
8 32.929.8
2,461 14.911.7
11
JP MorganGoldman Sachs & Co
21
3,144
3
14
5
21
16.1
-4.2%-4.2%
7 13.12
20.7
1
0.0
23 27.8
▼
3.11
16,777
▼
205.22
138.28 161.91 149.03
175.24
92.95 75.76 88.85 90.88 75.13 59.60
85.3
45.1
71.7
43.2 30.4
56.0 25.9 25.4
17.8
20.0
21.0
24.2
24.2
29.0 29.0
29.0 29.0
34.7
34.7
34.7
$0
$50
$100
$150
$200
$250
$300
$350
$400
Goldman Sachs & Co
Citi Morgan Stanley
Bank of America
Merrill Lynch
JP Morgan Credit Suisse Rothschild & Co
Lazard Barclays UBS Deutsche Bank
Ran
k Va
lue
(US
$bil)
Abertis Infraestructuras SA/Atlantia SpA
Actelion Pharmaceuticals Ltd/Jansses Holding GmbH
CR Bard Inc/Becton Dickinson & Co
Valepar SA/Vale SA
Essity AB/Shareholders
Other Top 15 Deals
All Other Transactions
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3
Jan 1 - June 302017 UP
2017 DOWN 2016EMEAAmericas
Worldwide M&A Matrix
25.0x
Japan
13.8x
Asia ex. JapanEurope
12.0x
15.7x
12.7x
7.8x19.0x
14.4x
13.1x
15.7x
15.4x
Exit Multiple Matrix - Average Rank Value / EBITDA
Canada
First Half 2017 | Mergers & Acquisitions | Financial Advisors
12.1x
9.8x
USA
11.7x
13.6x 20.2x
13.6x
12.5x14.1x
Telecommunications
Real Estate
Media and Entertainment
Retail
16.6x
-
19.3x
20.8x 18.5x
9.1x
-
8.8x
15.4x
24.0x
6.1x
28.4x
-
6.9x
Industrials 13.0x14.5x
14.5x
17.6x 26.2x
World
15.1x 9.6x
13.7x
9.7x
19.6x
11.1x
12.1x
21.9x
UK
14.3x
5.4x
21.9x
11.9x 16.6x14.0x
10.8x25.8x
10.8x 9.5x
15.7x
17.9x
7.8x
-
11.2x
-
26.1x
-11.9x
21.9x
11.4x
21.5x 26.6x12.5x
13.0x25.0x 15.8x
25.2x25.2x
15.8x16.5x 12.1x
19.9x 21.0x
15.6x15.6x15.9x
7.7x
14.8x14.8x 11.2x
5.2x20.3x
11.2x
12.6x12.7x
12.2x 12.2x
9.5x
14.3x
9.9x
10.3x
18.2x
16.6x6.4x
17.2x11.0x 16.6x
10.4x
12.2x
21.0x
-22.7x
14.9x8.9x
12.4x
9.5x 17.4x12.4x
10.3x 13.5x
11.1x10.6x
7.1x 12.8x
13.1x 11.3x
16.6x
13.8x
23.5x12.8x 12.3x
10.1x
25.0x13.7x
9.4x19.2x
9.4x
21.3x
13.8x- 19.1x17.6x
13.5x 21.0x
-
11.8x5.7x
6.1x
11.4x
14.3x
19.2x 25.9x
6.8x4.4x17.7x
16.9x
16.5x 12.8x
6.8x6.5x
14.5x
13.7x
12.0x
27.4x 15.0x
17.9x
14.2x
8.6x
9.8x
14.3x
6.0x 12.1x
11.9x
-
14.8x
21.7x13.4x13.0x 14.9x 17.0x
-
18.7x21.8x
10.3x
22.3x
6.7x
11.9x 12.1x
19.3x
10.6x
19.6x
15.1x
Energy and Power
16.6x
Materials
13.9x
14.2x
15.2x
Healthcare
14.7x
High Technology
15.2x
14.0x
11.1x 12.2x
Consumer Staples
Consumer Products and Services
Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - June 30
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2016 - 06/30/2017 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
Consumer Staples
28.831.9
28.4
World
41.920.9
24.7
-
22.738.7 18.2
26.325.5
24.6
- -
28.2
32.8
25.9
27.628.8
20.7
14.7
32.3-
20.5
31.2
29.5
29.6
27.2
25.8
48.625.6
19.5
33.5
20.2
18.4
24.41.0
9.419.3
- 22.2
-28.2
41.3
31.0
40.6 29.2
13.5
21.5
20.717.2
25.225.0
25.5
27.124.5 22.7
20.9
26.3 40.9
-11.627.7
-
24.6
Average Industry Total
26.6
44.517.2
23.5
18.4
32.2
2017 UP 2017 DOWN
33.421.5
30.6
Financials
26.2
12.334.6
23.0
12.3x
42.6 36.827.7
35.2
39.2
36.927.7
50.5
20.7
23.8
17.6
23.7
24.0
31.4
27.125.7
30.4
Media and Entertainment
30.3
Telecommunications 32.7
Materials
28.7
26.5
25.3
Retail
Energy and Power
21.8
Average Industry Total
31.3
23.4
High Technology
Industrials
25.5
21.8
26.9
Canada
20.8
Healthcare
Consumer Products and Services
43.6
27.2
51.424.7
27.7
42.1
20.2
36.9
37.9
30.544.2
Americas
46.0
23.3
-
USA
9.7x14.0x 16.6x
34.538.3
53.7
55.137.1
64.22.5
22.0
2.5
55.0
10.1x
18.8
3.8
25.5
3.8
11.8
-
22.2
38.213.3
-
12.5x 13.7x
29.6
22.5
19.9
22.7
Japan
19.6
Asia ex. Japan
27.6
21.3 15.535.9
-
16.5
11.3
20.2
39.8
36.0 25.8
23.310.130.620.7
28.4
28.510.328.7
17.0
21.5
-
27.429.4
Europe
12.6x
15.1
23.3
39.4
21.7
41.5
29.9
32.8
-
49.5
24.7
21.7
61.5
12.2-
-19.0
15.8
34.7
26.514.8
21.1
25.441.5
12.2
21.7
-
-
44.0
35.3
41.1
33.4
-
14.7
28.5
20.0
37.3
67.2
36.4
24.9
19.4-
31.1
55.9
-
26.5
24.1
38.7 32.6
24.4
44.7
19.7
11.4x12.6x 17.4x17.8x 17.4x
2016
23.3
14.2x
21.425.8
13.9x
EMEA
Real Estate 12.3
37.0 36.0
86.1 86.1
16.7
29.8
16.7x
100.0
UK
34.5
15.9x15.3x
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4
First Half 2017 | Mergers & Acquisitions | Financial Advisors
Worldwide Announced Rankings* - A Decade in Review
1
2
3
4
1
2
3
4
Goldman Sachs & Co
Citi
Morgan Stanley
Bank of America Merrill Lynch
* League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year
5
6
7
8
9
102008 2009 2010 2011 2012 2013 2014 2015 2016 2017
5
6
7
8
9
10
Ran
k
JP Morgan
Credit Suisse
Rothschild & Co
Lazard
Barclays
UBS
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5
21.4 27 JP Morgan
1
Americas M&A volume during the first half of 2017 was flat compared to the first half of 2016, accruing US$892.5 billion in activity from 9,488 announced deals. According to estimates, fees generated from completed deals in the Americastotaled US$11.9 billion, a 17.5% increase from fees earned duirng the first half of 2016.
US Targeted M&A saw a decrease in the first half of 2017 from a volume perspective, down 15.9% compared toannounced M&A during the same period a year ago, accruing a total of US$583.9 billion. Conversely, the number of UStargeted transactions announced during the first half of 2017 reached 6,522 deals, a 17.3% increase from a year ago.
The Energy & Power sector led the US market, with deal volume totaling US$114.5 billion, accounting for a 19.6% market share. Healthcare followed, accruing US$87.3 billion for a 15% share of the market. Real Estate rounded out the top 3sectors, with US$59.2 billion and a 10.1% share.
Accumulating US$120.5 billion in transaction value, announced Canadian Involvement activity increased 12.6% from thetotals reached during the first half of 2016. Completed Canadian Involvement activity was up 121.2% compared to the firsthalf of 2016, driven by the completion of Enbridge Inc's and Spectra Energy Corp's US$43.1 billion merger. CompletedM&A activity in Canada totaled US$149.9 billion from 1,014 deals.
In the Americas, all sectors saw an increase in exit multiples during the first half of 2017 except Healthcare, Media &Entertainment and Real Estate. Overall average EBITDA multiples across industries in the Americas posted an increaseduring the period, rising to15.9x compared to 12.3x averaged during the first half of 2016.
19.0
2 19.8Bank of America Merrill Lynch
8 7 8,245.0 3
9,575.6
6 30.0
17.1
First Half 2017 | Mergers & Acquisitions | Financial Advisors
Americas M&A Flat | Energy & Power Volume Drives US Activity | Canadian Activity Increases 13%
9
Americas M&A
7
688 55.5
15,090.315,050.6
1Morgan Stanley50,171.0 22,418.4
Sandler O'Neill Partners 10,353.1
Share
32.4
16.5319.0
24.0
44.77 2
3653
4
30.1
897 9
5 2
30.87
12
18
630 35.238.9
Rank
1
Mkt.
357
No. Deals
2
11,260.511,237.49,779.7
12
2
3
1
27,498.887,302.5 48,485.533,948.530,693.5
59,239.6 3 3
Barclays
CitiGoldman Sachs & Co
Goldman Sachs & CoJP MorganPerella Weinberg Partners LP
Bank of America Merrill Lynch
Americas Deals Intelligence
Energy and Power
Healthcare
Real Estate
Consumer Products and Services
Financials
Morgan Stanley
Barclays
48,322.7
US Announced Advisors by Target Industry Jan 1 - June 30 2017
Credit Suisse
Rank Val (US$m)114,485.6
37,088.735,269.5JP Morgan
Retail / Food & Beverage RetailingReal Estate / REITs
Energy and Power / Oil & GasRetail / Food & Beverage Retailing
US Buyside Financial Sponsor Activity (Any Buyside Financial Sponsor Involvement)
4/5/2017 Panera Bread Co (100%)
Pending5/22/2017
Becton Dickinson & Co
Clariant AGHuntsman Corp (100%)
6/16/2017Pending
Healthcare / Healthcare Equipment & SuppliesConsumer Staples / Food and Beverage17,828.5
24,226.8Rank Value (US$m)
11,357.7
Pending Rice Energy (100%) 6,696.3
Pending
13,598.4
Energy and Power / Oil & Gas
United States / United StatesAmazon.com Inc
United States / United States
United States / United StatesInvestor Group
Switzerland / United States8,902.8
United States / United States
Consumer Products and Services / Professional Services
United States / United States
Luxembourg / United States
6/19/2017
Williams Partners LP
United States / United States7,490.1
Materials / Chemicals1/9/2017
VCA Inc (100%)10,483.3
1/9/2017
WPZ GP LLC (100%)
EQT Corp
Energy and Power / Oil & Gas
Pending
Pending DuPont Fabros Tech Inc (100%) Digital Realty Trust Inc
Mars Inc
7,282.5
2/1/20172/1/2017
Date Effective
ONEOK Partners LP (60%)
Pending CR Bard Inc (100%)
Whole Foods Market Inc (100%)
4/23/2017Rank Date
Pending
6/9/2017
6/15/2017ONEOK Inc
United Kingdom / United StatesUnited States / United States
Mead Johnson Nutrition Co (100%) Reckitt Benckiser Group PLC6/30/2017 17,118.1
Target (% Sought/Acquired) Acquiror Target Macro / Mid IndustryAcquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – June 30 2017
Jan 1 – June 30 2017US Target Announced M&A Target Industry by Value (US$ bil)
19.6%
15.0%
10.1%8.6%
8.3%
8.1%
7.7%
5.7%
5.0%
Energy and Power Healthcare Real Estate Consumer Products and Services
Financials High Technology Retail Consumer Staples
Materials Industrials Media and Entertainment Telecommunications
Government and Agencies17.5 25.8 26.4
77.5 81.9 114.6
30.3 68.6 27.7 33.5
33.5 33.7
33.3 46.9
48.4
65.6
90.6
18.3
13.6
27.7 26.6
52.9
42.6 51.9
94.9
72.9
25.1
39.3 64.5
56.1
59.9 43.8
133.2
63.4
28.4%
36.5%48.3% 38.3%
41.4%
56.3%
47.7%
54.9%
42.9%
52.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Rnk
Val
US$
bil
Q4 Volume (US$b)Q3 Volume (US$b)
Q2 Volume (US$b)Q1 Volume (US$b)
% of WW FS Volume YTD
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6
UBS RBC Capital Markets
▼1.8 -1.2 0.6 0.10.2 +1 ▲ 76.2 ▲1.7 ▲ 55 0.6 20 16,106.5PJT Partners Inc 25 19▲
Raymond James Financial Inc 25 63 18,916.5 2.12.0 2.0
+7 ▲- 17,828.5 0.1 0.1▲ 8.2▲ 1 0.0 +10.1 ▲ 11 0.1 Robey Warshaw LLP 24-7 ▼
-Scotiabank 24 25 19,572.1 2.2
9 0.1 -3 ▼ 1.0 0.040 19,951.5 2.2 1.3 0.1 -2 ▼ 124.2Qatalyst Partners 231.4 0.60.5 -13 ▼ 164.3
▲ 5▼
Banco Bradesco SA 23 82 21,500.1 2.4 2.2 ▲▲ 37-19 ▼ Jefferies LLC 22
0.3 0.223 21,390.775 23,205.1 0.1 +3
2.4 0.12.9▲
-4.0 ▼+4 ▲
20 0.256 0.6
Wells Fargo & Co 22 14 25,398.9
▼Jefferies LLC 21 21 27,637.8 3.1 0.5 ▲ ▲37.1
13 0.1 -1 ▼ ▼ 172.8 -11.4HSBC Holdings PLC 21Centerview Partners LLC 20
▲ 82.6 2.510 25,215.2 0.2 -1 1.0 1.1▼ 124.3
2.9 0.5 1.3 0.60.6 -9 ▼ 151.3▲ 43 ▼Alantra Partners SA 20 194 29,038.5 3.3 3.3 ▲
2.1 ▲ 16 0.2 22 26,469.3Moelis & Co 19▲
HSBC Holdings PLC 19 33 30,079.2 3.43.0 2.3
+10 ▲42 27,259.8 0.6 0.1▲ 70.1▲ 26 0.3 +142.6 ▲ 20 0.2 TD Securities Inc 18-7 ▼
-PJT Partners Inc 18 38 31,776.2 3.6
25 0.3 +11 ▲ 0.1 0.0122 29,038.5 3.2 3.2 0.1 -9 ▼ 9.6Alantra Partners SA 171.5 0.20.8 +1 ▲ 172.5
▲ 8▼
Centerview Partners LLC 17 16 35,397.9 4.0 -2.0 ▼▼ 59+19 ▲ Rothschild & Co 16
1.5 0.416 37,505.49 52,813.0 0.2 +3
4.1 -2.34.0▲
3.0 ▲+5 ▲
34 0.413 0.1
TD Securities Inc 16 40 35,816.1
▲Perella Weinberg Partners LP 15 43 40,272.9 4.5 3.6 ▲ ▲175.2
63 0.7 -4 ▼ ▲ 276.6 5.0Guggenheim Securities LLC 15BMO Capital Markets 14
▼ 145.8 -8.726 60,007.2 0.3 +10 1.1 0.5▲ 134.6
7.0 -0.8 1.6 0.20.4 -4 ▼ 191.3▼ 31 ▼Rothschild & Co 14 10 40,555.5 4.5 -6.2 ▼
-2.7 ▼ 50 0.5 15 63,489.7UBS 13▲
RBC Capital Markets 13 12 42,257.2 4.77.1 4.3
-17 ▼0.9 0.1▲ 109.9▲ 22 0.3 +1Wells Fargo & Co 12-11 ▼ 21 64,580.9-7.0 ▼ 32 0.3
3.7 ▲ ▲Deutsche Bank 12 7 46,600.6 5.2
42 0.4 -25 ▼ 1.8 0.18 85,406.6 9.4 -5.8 0.4 -7 ▼ 209.7Deutsche Bank 111.8 0.00.5 -6 ▼ 208.3
▼ 32
2.7 0.2▲ 38 -
Moelis & Co 11 27 49,511.6 5.6
0.8 +1010.2 6.5
▼ 5911.2 -0.590.4
-1 ▼ ▲ 317.717 92,862.211 101,558.3
1.9 ▲ 3876
10-2 ▼Evercore Partners-2.8 ▼
10 17 59,327.9 6.7
▲Evercore Partners 9 9 76,509.8 8.6 ▲0.8
▲ 7482 0.9 0 - Lazard 8 12 103,718.2 11.4 0.2 1.0 +10 350.817.4 -9.8 3.0 0.80.8 +863 ▼
Lazard 8 11 80,136.5 9.0 2.9 0.2▲-1.0 ▼-4.9 ▼11.0
23.5+4 ▲70 0.7 Credit Suisse 7Credit Suisse 7 5 98,316.4
▼73 0.9 +13 3.25 157,835.5 ▲ 362.3▼
214,025.6Barclays 6 7 0.3▲ 375.20.7550.0 ▲1.1 -2 4.6
-17 ▼ ▲1.3Barclays 6 4 103,597.3 11.6105
-5.9 ▼ 65JP Morgan 1.14 230,361.2 25.3 -4.5 0.9 +9 ▲70▼
1.0 -9 ▼ 610.3244,776.2 813-8.2▼ Citi 5
45 6 157,850.8
1.5
17.7 2.3 ▲▼ 69 ▲ ▼2.5
+526.9 -7.0
▼▲ 6.4▼ 5.1
Bank of America Merrill Lynch
Bank of America Merrill Lynch 4 2 168,264.3CitiMorgan Stanley
3 81.0
7.80.7
▲Morgan Stanley
29.4 101+1178 0.8271,243.9
+3▲
2
18.919.9 3
1.0 ▼JP Morgan
▲698.3 1.0▼ 771 -1
▼ 29.8 -7.0177,762.3
Goldman Sachs & Co 1200,712.92 3244,037.0
22.5 -2.9Goldman Sachs & Co▲119 1.3
-391+8▼
5.9▲1.3
Sh (%) Sh (%)Sh (%) # of Deals Fees
▲3.9 758.7
▼1 ▼32.2 1,037.3+3
267,125.962
8.7
Rank Value per Advisor (US$m)
-8.51 293,083.7 1.4108
# of2017 Rank
2016 RankUS$m
Rank ValueShare Ch. Financial Advisor
MarketChange in MarketRank Value MarketShare Ch.Deals
Jan 1 – June 30Any Americas Involvement Announced (AD49)
Market
Americas Rankings
Rank Value per Advisor (US$m)2016 Rank
27.3 -6.1Sh (%) Sh (%)
Advisor
▼1.2
2017 RankFinancial Advisor
MarketMarket# of Deals Share Ch.
# of Market
Jan 1 – June 30
Change in
Any Americas Involvement Completed (AF55)
First Half 2017 | Mergers & Acquisitions | Financial Advisors
# of Deals per Advisor # of Deals per Advisor
DealsUS$m
Imputed Fees (US$m)Market
†Note: Industry Totals include multiple competing bids for the same Target.
Perella Weinberg Partners LP Deutsche Bank
†Note: Industry Totals include multiple competing bids for the same Target.
Industry TotalTD Securities Inc 10,434.6
5125
583,945.5
▼-15.9%
2460
▼
▲9.9%
08,993.5
Sandler O'Neill Partners 23 1.916
-1.2%Industry % Change from Last Quarter ▼-15.1%
5,551
▲ 17.0%▼-5.5%▼▼
Industry % Change from Same Period Last Year
▼6
14.2%
100.0▼
-12.6% ▲
0.11.5+689
▲
14 0.3 -2- 0.3
0.6▼23.5
8,953.50.51425▲
100.0Industry Total
0.3 ▼-3.5 ▼ 54.3
▲23 0.4 -8 ▼ 0.1 ▼0.6
0.357.6
0.30.8▲+3▲
1.812,936.80.412,585.9 1.9
281.5
1.8 -2.122 PJT Partners Inc0.3 -15
1.34022
Sandler O'Neill Partners 23
+20.0 +1
▼ 1716,106.5 2.418 -1.3 ▼
19,837.7Robey Warshaw LLP 12.6
13 11,656.4
20▼▲ - 2.6▼ +118 0.3 21
▲▲ 0.1 ▲8.2
16.80.10.2 0.2▲
0.2▲ 0.0 +1 1.42.9 0.0-616 -
▲1.8▲19 - 124.2▼17,828.5 3.1 Qatalyst Partners 19 35 19,951.5 2.9 -119,958.618
▲ 5 0.1
0 -▼
0.6128.2 1.41.49 3.517
1.72.9115.9
22 33 152.5-1
0.6 -8 ▼0.70.4 ▲ ▼▼ 1.30.3▼ 16
▲0.327 46,897.2 6.9▼▲3.6 0.6
0.8
▼21
-14.324,015.2
135.9190.2 +1 73.90.3
13 ▲1.3-5.6
5.2 ▲BMO Capital Markets 150.748,501.1
▲Lazard 14 9 32,000.7 5.5 1.2 ▲
0.7▲ 2.01.5
0.3-7.1UBS
13 52,813.0 ▼0
Jefferies LLC 15 21 25,493.8▼45 0.2▼ 14 15
+514259.0175.27.7Guggenheim Securities LLC
+108
43 ▲13 16 34,641.7 23 -10.4▲0.4 +11▼-0.3
17 6.25.9
Deutsche Bank0.6▲ LazardUBS 12
Centerview Partners LLC▲54,122.6 7.9 -3.6 ▼ 0.8 2.90.3
11 1936,100.5 +11.2 ▲
11 10 39,237.6 -4 ▼ Wells Fargo & Co▼ 0.36.7 -3.831 -2-4.8 ▼ 2339,533.2 6.8 5.7 10 10
21 0.4 +3 97.6 1.1▲ ▲0.41.9165.5 ▲0.3
0.20.410.3 ▼
7.3 ▲ ▲162.5 1.810.5 -5▲
▲ ▼0.526209▲0.2
8.0 RBC Capital Markets-8+2
▲0.1▼ 47 ▲ 256.70.8 +6 2.9▼
Credit Suisse 8 5 52,855.6 9.1▲7
13.2 -0.90.50.8 +1417.3 -12.8 ▼ 266.346 3.0
4.3-8 ▼ 425▼
Citi 6117,893.9Credit Suisse
0.8 +5 ▲Evercore Partners 7 7 65,995.6 11.3 -1.8 ▼
16.0 3.20.74 172,275.3 25.3 -9.1 ▲ 387.3▼Barclays 6 4 84,151.2 14.4 -5.4
285.9▲ 0.8 Barclays+850 ▲56 1.0 +8▼5.0 3.7
3.2 0.5 ▼444.9
2.327.3Citi 5 8 93,589.8 186,352.35 616.8 Morgan Stanley 198,494.2 29.1 -6.6 564 3
▲Bank of America Merrill Lynch-13.6 ▼ 0.7 +344 1.0 -8 ▼
+1232.7
▲▲ 1.2
▼1.0 +133
JP Morgan1.2583.5
1.433.0 787 8.2 ▲225,327.8 ▲6.5▼ 58-7.82
▼663.6 7.4▲
0.7+46 114,961.4 19.7 1.8
1.06380
137,338.7▼
23.5 -4.8-2 ▼235,036.6 34.5 -8.0 ▼
▲
Financial Advisor1 157,693.9 1.09.472 1.31 173 841.41.1 -7 ▼ Goldman Sachs & Co
MarketShare Ch. Deals Sh (%) # of Deals
Market
27.0 -11.6 ▼US$mDeals Sh (%) Share Ch.Sh (%)
AdvisorFees
# of Change in 2017 Rank
2016 Rank
Rank Value Market Change in Market# of Deals Sh (%)
2016 Rank
Market
US Target Announced (AD2) Jan 1 – June 30
MarketRank Value Market2017 Rank
Industry % Change from Same Period Last Year -7.0%
US Target Completed (AF2) Jan 1 – June 30
7.0% ▲ 17.5% ▲Industry % Change from Last Quarter 8.6%
▼
100.0
-14.5% ▼▲
Imputed Fees (US$m)
▼
11,926.0
Rank Value per Advisor (US$m) # of Deals per Advisor
▼ -4.9%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter -6.2% ▼ -11.4%Industry % Change from Same Period Last Year -0.1% ▼ 9.1% ▲
Industry Total† +509909,865.2 7,772892,525.5 100.0 +7909,488 100.0Industry Total,y ,
33
2.0
4.4
03.1
-9.5 ▼
-7
PJT Partners Inc 20
▼17.3%
0
Robey Warshaw LLP 3.13.0
Wells Fargo & Co
2 98,158.3
RBC Capital Markets-
Moelis & Co 9 23
17
46,483.910
19 10,413.1
-11.9%
Financial Advisor US$m Sh (%) Share Ch.Goldman Sachs & Co
JP Morgan 3
18 14
Morgan Stanley 2 3
Industry % Change from Last Quarter
Guggenheim Securities LLC15
Bank of America Merrill Lynch 4
HSBC Holdings PLC 16
1
0.5
2
-9.5
▲2.9▲17,828.5Rothschild & Co 21 -7.8
75.02.4
+963
32▲ -5▲ 0.14
11 14,267.2
25,035.3 4.33.8
0.2▲
0.218,042.922,416.2
1.7
0.10.5
4.3-3.7
5
37
▼
-6.8
10
▼
▼
▲▲
▼
48
13
0.7
Evercore Partners 848 0.7
10▼
1222
89,854.3
222,967.2
11
5.7 ▼69,882.3
9.1
71,453.4
61,918.9
HSBC Holdings PLC
-
Allen & Co Inc24Rothschild & Co▼
24,215.6
+1▼
0.6
21
▲
0.9 -20.8▼ 53
▲
Jefferies LLC
100.0
Market # of
Centerview Partners LLC
+12
▲Moelis & Co
+3-1
2
681,963.1+3
▲+5 1.0
▲
16
5.9
1-
▲
1.3
60
29 17,458.7
18
-5.1
Piper Jaffray Cos 10,334.31.5
Industry % Change from Same Period Last Year
6,522
33
* tie
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UBS RBC Capital Markets
40
+11
▲
5Barclays
2.1
▲
▼-1
0.7
20
0.10.1▼
0.5
+6-19
100 00.0
Credit Suisse
Guggenheim Securities LLC▲
▼
▼
▼
▼15
▼
▲
2017 Rank
Goldman Sachs & Co
11
0.9 JP Morgan
UBS 13
▲
Citi▼
First Half 2017 | Mergers & Acquisitions | Financial Advisors
34.51
Rank Value per Advisor (US$m)
Any US Involvement Completed (AF48)
Sh (%)US$m
10
Jan 1 – June 30Jan 1 – June 30
Industry Total
Americas Rankings
Share Ch.Market
8
21
100,848.6-2
795 609 0
65 0.8
-3
▲
▲
0.5
+4-8
-1
25
Evercore Partners 76,013.6
5
Lazard 9 11 70,434.6
6JP Morgan
Credit Suisse8
103,505.7
0.4
▲+27
3.5
52,813.0
22 26,469.3 3.2
-9.48
29,038.5180
14
3.5
▼6.3
2.217,828.5
▲Moelis & Co
23▼
▲
0.2
▲25 2.2
8 022▲1
0.3▲ 13,180.7 1.6 1.3
3
8
19
1723
17
10
13
667.3178,475.5 23
1
1.4 +51.1 +2
21.9 250,377.6 30.0
▲
# of Market
+1Share Ch.
▼
Market MarketMarketDeals
Change in Advisor
6.1Morgan Stanley
# of
111
4
Imputed Fees (US$m)2016 Rank
# of Deals per Advisor
▲
2017 Rank
2016 Rank
Bank of America Merrill Lynch
85
MarketSh (%)
▼
7
1 237,612.3▼
Market
2
US$mFinancial AdvisorRank Value
+8
Change in
1.2+6
0.8
2
Morgan Stanley6
Financial Advisor
-18
0.9
88,627.3
4 3-5
▲
▼
▼
Any US Involvement Announced (AD41)
-3.33
21.0167,422.9174,249.7
29.91Goldman Sachs & Co
Rank Value per Advisor (US$m)
9713.018.3
2Citi 9.2
-7.3
-6.3
▼
DealsRank Value
# of Deals
0.8
+522.4
Market
1.4Sh (%)
0.1 -10.7
0.2
0.2
# of Deals per Advisor
2.8
+13
-8.9▲Bank of America Merrill Lynch -6.9
3.131.3
287,399.9
94 ▲732.1▲ 6.7▲
-5.1
▲▲
-964
21
23
▲▼
0.2
+3
▲
▲Jefferies LLC
20HSBC Holdings PLC
Robey Warshaw LLP35-
55
22Qatalyst Partners
53
9
▲
▲
-24 53
22,628.9TD Securities Inc 22
0.63.420
17,841.9
2.6
7.458,497.7
343.8
3.2
PJT Partners Inc
Wells Fargo & Co
29,038.5
2121
▼
▲
12.16
1.4
-1.7
▼4145,539.2
95,880.8
▲
9.6
Moelis & Co
Perella Weinberg Partners LP 13 37 40,272.9 5.1Deutsche Bank
1131
▼
5.8
53
134.1▼▲▼
33
-2.9
5.9
▼
3.8
6374
40
8.9 ▼
14
16
46,277.0 -5.146,705.4
-4.5
5.04.8
12 10
25,398.9
15
RBC Capital Markets 15 39,494.5Rothschild & Co 15Centerview Partners LLC 16
9
3.7 ▲Alantra Partners SAHSBC Holdings PLC
20127,067.1
30,079.218
Jefferies LLC ▲
-2.2
-1.9
▼4.5
20
123.7
4.0
-4.5 ▼
31,776.20.3
Evercore Partners 12.1
69
2.6 +1117Alantra Partners SA
-6.6BMO Capital Markets
▲81,025.51011
35,397.937,935.5
25
Deutsche Bank-4
64
261,240.8▲
0.87
▲
Barclays
72
+96
▼
7
227,216.7
▼
6.6
23,205.1 2.8
▲
2.7
10.6
27.3
210,089.2 1.4
-7.0
14 5.0
525.2
55,179.9
7.5
1.8
60 0.9
▲+5
25
0.4
10
▲
▼
Robey Warshaw LLP
Guggenheim Securities LLC 23 140.6
-4.8Raymond James Financial Inc 492.2
2.3
+898+1
-12.5
21,227.7
17,828.5 2.1
833 862 6
+4
100 0
Share Ch.▲9.3
▼ 68 ▲1.09.3102 1,019.9
4.8▲563.0
Sh (%) # of Deals Fees Sh (%)1.5
6.16.7
▲5 4 219,437.4 26.3 4.8▼-4.3 0.9 +143.3 3.3
63-7
518.374 1.1 5.2▼ 5.2
342.0 3.155 3.1▲70 1.0 +13 ▲ 363.6
▲18.6 -9.6 ▼155,438.0 0.8 +7 ▲-0.6 ▼ 56 0.8 +9 ▲ 308.5 2.8 2.8 ▲
Lazard 9 12 92,071.9 11.0 -0.3 ▼ 318.2 2.9189.8 1.7
2.9 ▲1.7 ▲
0 -
9.7 -5.2 ▼ 3132 0.5 -3 ▼
1.8 ▲Wells Fargo & Co 12 20 61,918.9 7.4 4.3
0.50.3 0 - 0.997.6
1.8-4 ▼ 197.80.9
▲18 0.3 +4 ▲1.6
▲1.6
21▲15 58,718.1 0.4 -1 ▼ 171.07.0 -1.1 27
1.60.2 +3 ▲ 175.21.0
1.61.0106.1
▲Rothschild & Co 16 16 31,536.6 3.8 -2.9 ▼ 143.5 1.3 1.3 ▲49 0.7 +3 ▲
0.1 ▲7 0.1 -5 ▼ 8.6 0.1
▲1.1
▼ 149.30.8 ▲ 42 1.40.6 -5 1.4 ▲Centerview Partners LLC 19 9 25,215.2 3.0 -1
181.1 ▲▼ 124.317 0.3
▲+3▼ 162.6
7 0.1▲
▲ 36.61.50.5 -11 1.50.3 0.3
19,951.5 2.4 1.536
▲2.6 0.3 ▲
2.1 ▲ 1▲5 0.1 -2 ▼ 124.2 1.11.1▲
PJT Partners Inc 24 19 16,106.5 1.9 -1.3 ▼0.10.0 +1 ▲ 8.2 0.1
0.318 +3 ▲ 75.6 0.7 0.7
0.1 +2 ▲ 27.5▲ 7 0.3 ▲10 916 6 100 0+5686 720Industry Total
TD Securities Inc
18,042.92.8
32
67
CIBC World Markets Inc Credit Suisse
0.6
1.7
▼
-3
21
+4
Market
15
▼
4.9 1.4
▼-
11
5,920.6
12
17*
Rank Value per Advisor (US$m)Market
Centerview Partners LLC
15
5.613Citi
▲
Rothschild & Co14 12
-5.1
-8.8
Credit Suisse5.5
-11.9▼11,249.5
6.2
-9.3
14 6,718.6
17,414.1 14.511,728.2
6.27,456.4
+2
Jan 1 – June 30
▲
▼
34 2.5
# of
-2
13
▼
-4
9.7
8.99.3
36.5 17.2
100.0
0.0-4.614.8
▲
# of Deals per Advisor
Citi▼ Morgan Stanley▼ 56,425.1
24
▼
241.7
9.5%-44.6%
▲12.6%
PJT Partners Inc
100.0
2,100.0
+119
21 92*
30
+20.1
+420 41 4,122.0
+29
2,614.3 0.12.2
4.3 0.15,216.4 4.3
3,311.21
2
▲-5
1.7
0.7 ▲
2.8 ▲
2,060.5
80.6
76
-5.5
-▼
-2.1+2
▲
-3.7
14
Industry Total
18
17,844.4
6,627.4
10,731.8
18,772.1
19
▼13 11,495.310 ▼-1.9 23.011
0.10.0 1.5
▲ 4 0.0 ▼ 19.8 1.3-2
3.3 ▲
8
6.8
7.9
116.7
-14.5 ▼
▲3.1-3 ▼7.7Scotiabank
12
-17.2
▲3
+14
+517.5
▼ 3.6-8 ▼ 43.311,890.70.10.226 4.518.2 ▲
15 8
▲
70.10.0
7.6
48.8▲
11
71,218.9
62,340.9 ▼
3.2
35.718.7
0.0
▲
▲
7
▲
▲35.4
+1
▼
▲
0.9
▲▲
75.1▲
1.62.61.8
▼0.5▲
28.4
▲▲0.1
61.3
2016 Rank# of Deals
1
▼
5.8
795,609.0
29.7
24,961.9
3
+19
-3▼
Goldman Sachs & Co▲
9.5
1.5
▼
▼
Change in
42.6
8
BMO Capital Markets 11 10710
11,483.09 21.0 35.36.2
994.9
50,275.72.82.3
1033.5
▲
49,647.59
41-5
27,259.8
4.8 0.8
2.8
Wells Fargo & Co0.5
7
11
10,830.610,145.0
▲
16
▼
1.0 -6-40.4
HSBC Holdings PLC
117
Moelis & Co
Morgan Stanley
National Bank of Canada Fin'l
RBC Europe Ltd
Industry Total
AlixPartners LLC
National Bank of Canada Fin'l5,731.2
3.9▲0.0
0.00.0
53,502.0▼ 5BMO Capital MarketsBank of America Merrill Lynch 36.56
6
Lazard
37.6
TD Securities Inc
54,718.2
33.1
7
▼7 +341.6
▲
23
Barclays18.9
0.00.1
12
0.92.460.5
81.637.314
5.3-168,403.1
▲
2▲
4
▲1
Market
2
4
0.1
Sh (%)
Imputed Fees (US$m)
6.214
Share Ch.Sh (%)
8.247.5▲
# of Deals Sh (%)Change in
+9
FeesMarket Market
140.4▲
▼▲ 127.1
3.49.1
5.4
Market Advisor
▲
2016 Rank
MarketRank ValueFinancial Advisor
Any Canadian Involvement Announced (AD42) Jan 1 – June 30
-12.1%-1.9%Industry % Change from Last Quarter
8,022
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)Rank Value
Industry % Change from Same Period Last Year -7.2%
JP Morgan43,983.9
2017 RankUS$m Share Ch. Sh (%) Financial Advisor
1.1▲21.4▼
6 64.21
RBC Capital Markets 45.61.0
96,179.7
RBC Capital Markets
2
15.620.7424.329,253.6Goldman Sachs & Co
Barclays 5
Bank of America Merrill Lynch
5Scotiabank
8Lazard
9
131
867 2
4.1
Industry % Change from Last Quarter
MarketUS$m
6,209.5
149,935.7
3
2
1.72,772.4
▲
3.5
0.0%
+2+1
4
4.13.9 ▲ 1
0.1
-1.1
3
57,616.5 38.4
+22
+1▲
▲
19.0
27.3+1
▲
0.5
0.7
8▲
8
15
+7
▼
15
+4
5
0.34
-3
▲0.5
▼
0.4
CIBC World Markets Inc
▲
UBS
16▼Banco Bradesco SA 16▼ -
▲
▲
▼
17-
Sandler O'Neill Partners 85*
14
Any Canadian Involvement Completed (AF49)
# of Deals per Advisor
22*+1
2.8
0.20.6 -4
2,614.322* -
25
▼-8.5%Industry % Change from Last Quarter
* tie
Industry % Change from Same Period Last Year
Houlihan Lokey
Ankura Consulting Group LLC19 36 3.0
120,548.1
3.8
UBS
2.220
12.6%
-1.0
9
Deals
2
▼
76
3
2017 Rank
35,816.1-8.1
TD Securities IncJP Morgan
Sh (%)
▼
+898 833,862.6 100.0
▼
10,916.6 100.0
17.9% ▲-15.7% -1.5%
+568
▼
6,720
▼9.2%
11.9%
Share Ch.
39.5
▲
▲39.0
# of
▲
▲
0.1Deals
1.8 0.80.1 +1
4.9▲
19 +11
17
▼0.4
▲ 26.9
0.01.8▲▲ 5.5
0.10.0 0.4
▲0.3
-0+1 0.3▲
▲18*Santander▲
44
-3.93.55,190.0
5,899.5
0.03.0▲ 0.013.5
0.0
5,190.05.0
-1 3,057.4
17*
214,363.1 +22.920 ▲
▲
12.60.7▲
18* ▼
0.80.0
0.32.8
▲5.01 0.1Credit Agricole CIB
▼11.70.0 ▲
1.4▼ 5-1.12.0
+1 17
▼23
Jefferies LLC-10
24
2220
Moelis & Co
-2
0.70.0 0 0.7164 10.4
25100.0
1.61.4
2,369.31.8
▼2,661.9
▼1.0▲
0.01.9-▼-1.2
-1.9 ▼
0.2-1▼
100.0
3 -7▲
Industry % Change from Same Period Last Year ▲
▼Industry Total
0.0 0
▲
1,542.8
▲▲-
1,014
45.3%-5.0%
0.12
33.6%8.7%
▼
+81-
1.022.7
▼ 18.7 1.21.01.5▼
▲ 1-0.4 ▼
▲0.1
▲3
2.2
1,3672,060.525
1
0.7
Industry Total
Evercore Partners60
Rothschild & Co
Evercore Partners6 -4
21
▼
0.0
0.1
▲0.4
5,216.4 4.3 4.3
▼
2.9
▲▲-
4,589.1-
3.4
Industry % Change from Same Period Last Year -1.1%
16.07
0.8▼
▲-1
121.2%
CBRE Holding SAS
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8
7
Jan 1 - June 30
68.9
10 1
51.5
26.9
27.7
20,422.9
38,020.0
2
20,467.8
Rank Val US$m Rank
3
3
1
69,568.4
158,397.4 50.748.3
3
8
18,712.4 3
40.630,743.8
553 6
Industrials
2
2
115,148.8
Handelsbanken Capital Markets
64,993.5
16 14
Credit Suisse
2
55,561.8
20,047.6
39,614.4
3
Real Estate
Morgan Stanley
Announced M&A activity with EMEA involvement totaled US$650.9 billion from 8,621 deals in the first half of 2017, up 19.2%compared to the US$546.2 billion reached in the same period last year.
Estimated fees accumulated on EMEA deals completed in the first half of 2017 were up 2.5% compared to the same period lastyear, totaling US$6.6 billion.
The Industrials sector led the EMEA marketplace, with 1,368 deals totaling a combined US$115.1 billion, including the acquisitionof Abertis Infraestructuras SA by Atlantia SpA, which was the largest European deal of the first half of 2017, valued at US$34.7billion. Healthcare accrued US$75.8 billion, and Consumer Staples yielded US$73.8 billion of activity.
Financial sponsors were more active in the first half of 2017 compared to the first half of 2016. EMEA-targeted buyside financialsponsor activity reached US$82.7 billion in the first half of 2017, up 20.6% from the US$68.6 billion reported for the same periodlast year.
Acquirors listed on the Euronext Paris Stock Exchange were EMEA's most acquisitive companies for the first half of 2017, with acombined total of US$68.9 billion in offers.
Citi
40,767.4 Goldman Sachs & Co
First Half 2017 | Mergers & Acquisitions | Financial Advisors
EMEA M&AEMEA Announced M&A Up 19% | Industrials Highest Valued Sector | Financial Sponsor Volume Increases
6 22.7
14,277.8
Citi15,772.2
EMEA Involvement Announced Advisors by Target Industry
75,809.8
5
EMEA Deals Intelligence
Goldman Sachs & Co
Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Jun 30
No. Deals
491 35.4
Mkt.
JP Morgan
Healthcare
Consumer StaplesLazard
Bank of America Merrill Lynch
Rothschild & Co
Credit Suisse
Bank of America Merrill Lynch
Energy and PowerLazard
2
690
50.6
73,784.6
52.3
3
1,368 Share
13
3
9
27.213
565
46.8
12
6
21,013.3
38,334.2
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
29.4
UBS
149.315,038.6
Industrials / Transportation & Infrastructure
Materials / Chemicals10,483.3Huntsman Corp (100%) Clariant AG
Cyclops Holdings IncConsumer Products and Services / Other Consumer Products
11,627.3
17,828.5
Consumer Staples / Textiles & Apparel
Consumer Staples / Food and Beverage
Jan 1 – June 30 2017
1/16/2017Pending
Top Ten EMEA Involvement Announced Deals
Telecommunications / WirelessIdea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone AstsPending India / India
Mead Johnson Nutrition Co (100%)
Abertis Infraestructuras SA (100%)Target (% Sought/Acquired)
20,047.6
16,092.4
Italy / Spain
15,277.2
United Kingdom / United StatesSweden / Sweden Consumer Staples / Household & Personal Products
High Technology / SoftwareChina / United Kingdom
Essilor International SAUnited States / Israel
Luxottica Group SpA (61.9%)
Switzerland / United States
France / Italy
13,742.4
5/22/20173/20/2017
Logicor Ltd (100%)
Pending* Undisclosed
Real Estate / Non Residential13,045.5
Reckitt Benckiser Group PLC
Actelion Pharmaceuticals Ltd (100%)
Primary Listing of Most Acquisitive EMEA Companies Top 10 (US$b) Jan 1 Jun 30
Rank Value (US$m)Acquiror / Target Nation
Janssen Holding GmbH
Rank Date AcquirorStatus
Completed
China Investment CorpFrance / FrancePending Christian Dior SE (25.6%) Semyrhamis SA4/25/2017
1/26/2017
6/2/2017
Switzerland / Switzerland
Pending
Completed
Pending
5/15/2017
Shareholders
3/13/2017
Completed
Mobileye NV (100%)
Intended
Essity AB (100%)6/15/20172/1/2017
34,675.3Target Macro / Mid Industry
29,038.5 Healthcare / PharmaceuticalsAtlantia SpA
$27.1$4.0
$15.6 $24.1 $18.3 $25.4$46.9
$28.0 $20.2$33.5
$43.3
$9.0
$16.6$38.7
$26.1$33.4
$43.1
$38.3 $48.4$49.2
$28.8
$14.4
$36.8
$23.9
$27.2$23.1
$30.6
$28.5$39.1
$25.0
$19.0
$28.8$21.5
$26.8$33.0
$44.4
$36.7
$50.211.6%
4.2%
10.8%
14.5%
10.6%
22.0%
18.7%
15.6%
18.9%
16.9%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
% o
f EM
EA
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A$68.9
$44.1
$37.1
$14.2
$10.6
$8.4$7.4 $5.1 $3.0 $2.7
Euronext Paris
London
Milan
Swiss Stock Exchange
New York
Zurich
Nasdaq
Madrid
OMX Stockholm
BMFBOVESPA
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9
UBS
2.616,460.225
7323
100 0
0.1
4915
19,809.8
23,898.3
2.5
3.121,295.3
1.7
20,129.1
5.1
29,553.3
22
24,418.8 3.8
4.932,943.031,825.944*
4.51625
▼-170.1
▲▲
0.0 +1
0.0
▼
0.0
-7
-10▲0.1
0.11 663
17
-10
0.0
0.1+30.0
+10
24
1625
22
▲▼
24▲
20,315.8
Societe Generale
232.4-Arpwood Capital
-4.1
3.7
▲
▲
133.0 0.6
▲
0.51.8 ▼
0.2
0.40.3
119.5
7.1
▼
5.3
0.1
0.1
-
350.21.0
7.00.00.1 0.1
0.425.5
0.0 -17.50.0
8
▼ 51
45 57-8
12140
11▼
111,828.4
▲
173,137.3
113,120.0 ▼0.2
0.3▲
+5730.7 -8
26.6▼
101,183.5 15.5154-11.4
18.0 -20.6
Credit Suisse14.2 0.5
▼72 0.3 UBS
-13.7▲
-8
JP Morgan
+23
1
2
106,141.6
HSBC Holdings PLC
▼
10.917.713.7
8.3
1
7.1
203.9
▲
▲7.0
.2▲
▼0.1
1.8
▲0.1
0.10.1
▲
0.1
2.0
0.50.1
3.1
0.2
0.10.10.0
0.0
▼
▼ 0.2
0.66 581 7
0.1
0.1
+2 ▲
0.1-4
0.5
5.4
+1
1 509
0.137.8
0.0
234.4
100 0
▲
12.90.2
▼
14
▲3.8
20 5.931,136.1
22,374.2113
4.210
1
530 429 62.4
+10.4
-25+3
-1
▲
0.0
0.0▲+1
▼
6 921
8
12,907.3 2.4
0.1
12,578.1
-
10.640
45
26
1
0.1
▼
8.3
-1.1
▼
▼
-8.5
0.7▲
+2▼-4
-2
+10
113.6
▲9.3
67.4
▼-6
▼-4
▼
▼
0.1
116.8
2.0
0.70.3
▲+8
0.2
▲
▼▲
▲
▲▲
0.1
▼
▼1.7
0.8
351.8245.1
0.25.7373.5 1.74.5
3.7
296.4
0.61.71.71.2
-0.00.0
5.4
-0.2
▼
▼
Change in
+6
Fees
109.6
# of DealsAdvisor
▼▼
Imputed Fees (US$m)
1.0Sh (%)
▼5.2
Market
-5
Sh (%) Sh (%)
First Half 2017 | Mergers & Acquisitions | Financial Advisors
Share Ch.MarketChange in
Any EMEA Involvement Completed (AF53)
# of Deals
# of Deals per AdvisorRank Value
▼-18.5 54
Market Market
▲
Any EMEA Involvement Announced (AD47)
2017 Rank
MarketSh (%)
1 ▲14
84Deals
0.8 -7
MarketUS$m Deals
+24 1
2016 Rank
-17.0▼▼ -15
560.60.8▼ ▼
5▲ 4
26151
Lazard3
+110.33Bank of America Merrill Lynch 142,836.6
160,382.329.6157,174.4
▲
0.4▲▲
0.2
1Goldman Sachs & CoMorgan Stanley
2
111,920.0 -8.8 ▼26.9
+3
30.2
21.1 1.392-12.4 42
0-15.6 ▼
93,886.2
21.1▲7.4 0
0.820.0 -
0.50.5
32▲-19
25
337
32
-15.4
-7.5
11
24▼13.7
35
869
6
13
107
15
12Citi
▲
-9.6812.810.1 ▼
13.4
53,707.368,110.3
53,828.1
435,772.0
▲5.5 ▲-45.5 -6.5 0.1
0 13.872,429.870,810.2
-73,408.691Alantra Partners SA
Rothschild & Co-
+3
▲▼
0.1
5.521
-4▼▲
0.20.2
0▼
6.5
Deutsche Bank53
▼ 24-1.3
3.3
Raymond James Financial Inc
Barclays
Wells Fargo & Co
3321Handelsbanken Capital MarketsPJT Partners Inc
20
22
235*24
3150 16,618.5
650 947 6
19,206.1
Industry Total
Natixis
VTB Capital
16Robey Warshaw LLP
Industry Total8 621
26+2
▲
▲
-6.12.80.9
3.0 113.0
▲
2.6
2.58
4
8▲
-4.3
0.8
1.3
▲▼
10▼
Barclays 19
8.3
3.7
3.8
35,727.3
8.3
279
▼
26,040.3▼
-18
68▲▲
+4
BNP Paribas SA
▼
+12
Handelsbanken Capital Markets
21
▲29
▲ 15*
6.0
6
4.9
▲
-13.4
▼▲
100 0
4.6▲
China CITIC Bank Corp Ltd
9
8.3
15* 44,254.9Dyalco
44,378.4
15*
15*
-
-
Lakeside Capital Advisers LLC
1
24
3
139
- 8.38.3349*
China International Capital CoChina Construction Bank
Credit Suisse 6JP Morgan
Bank of America Merrill LynchCiti
Rothschild & CoMorgan Stanley
7
2
4
-0.3
810.2
10
▼ 9313.0Mediobanca
11
+3
42
-1.9
4.1
0.4
-2.716
0.2Deutsche Bank
19
17
9
6
23
Moelis & Co
AZ Capital
12
14
Societe Generale
Credit Agricole CIB16Robey Warshaw LLP
HSBC Holdings PLC 13
15
Alantra Partners SA
BNP Paribas SA
66,638.9
53
2
13
7Lazard
984,903.6
US$m203,385.6 3.9
18
8
116,989.25
92,145.6
420.1
2017 Rank
# of# of Deals per AdvisorRank Value per Advisor (US$m)
Sh (%)Market
Goldman Sachs & Co192,071.4
2016 Rank
Jan 1 – June 30
Market
31.2 344.2Share Ch. Share Ch.
Rank Value
Jan 1 – June 30
1.729.5
▼▼
▲
9.3
60,088.260,270.7
▼▼
9.3
Industrial & Comm Bank China
40
-16369.2
Financial Advisor Financial Advisor
17.4
▲8.3
49,167.6
31,631.8
44,254.9
▲
44,254.944,254.9
8.3
10.8
Rank Value per Advisor (US$m)
7.914
# of
EMEA Rankings
▲
▲
8.4▲
8.4
▲▼
Deutsche Bank HSBC Holdings PLC9.7
38.3%
9.8
56
13
42*
25
24
Sh (%)
35,727.3266
25
5.8
5.2
3.9
21
Market
13.8
▲
15.7
8.7239
53,828.159,709.7
2016 Rank
Rank Value per Advisor (US$m)
Jan 1 – June 30
100.0
-1.884,903.6
186,705.7 30.3US$m
▲
-2.8▼▼
66,638.9 10.860,087.1
-6.520,129.1
4.8 -4.4
3.33.4
-2.7
6
-2.0%Industry % Change from Same Period Last Year
15
17
Rothschild & Co
Mediobanca
JP Morgan 7
31,457.029,553.3
32,943.0
19,206.1
16
1816
20 20,912.014
73
48 16,618.5
19 23,898.324,418.8
▼119.4 0.4
4.0 1.0
-1,545
3.12.8
▼0.01
3.2
▲ Deutsche Bank
+1
-2
▼
▼
15*
▼829
3.0
▼ -10
0.3
15*
-1,469
0.3
-1
▼
0.1
0.4
6 0.1
0.10.1
▼
▼
-18.3%
▲
-10.5%
-1▲
▼
+17.1
119.5
▲
100.0
+2
-1,663
-16.2%
Change in
▲▼
-5
+3
0
▼
▼▼0.4
35
# of Deals
-16
-8
0
▲
0.7
0.4
1▲
13
6Credit Suisse
Citi
Industrial & Comm Bank China
-
▲12
Financial Advisor
Industry % Change from Last Quarter
Rank Value
-17.0%
US$m2017 Rank
Industry % Change from Same Period Last Year
-17.1
2016 Rank
Morgan Stanley
Rank Value per Advisor (US$m)
Share Ch.
-18▲
1.7%
-
2.5%5.7%
191.3
MarketSh (%)
0.8
0.7
0.8
0.2
0.3
0.8
+5
0.5+7
0
0.6
-19
-1
-30
▲
0.0
6,541
+2
26
32
0.0
28
-
0+2-4
1.4
0.50.4
2.0
-10
▼▲-
-25▼
▲
▲
▲
▲
11.1
▲
-14.24.9
4.0
13.7
14.6
8.9
▼
8.9
▲
8.98.9
▼
2832▲
▲
12132
22
▲
110,386.65.28.715.8
18.3
22.422.1
111,920.0
78,659.5
-8.8
Deals# ofMarket
▼-15.4
MarketSh (%)
5231.0▼27.9
▼
369154
▼
1
47
832
45
0.01
0.1
1
0.50.7
-
▲
▲0.2
0.1 ▼0.1 ▲
+1
▲0.1
0.1 0.1
▲0.4
▼
▲0
-40.0
19.5
0.6
6.9%
6,280.40.6
5.4
▲
▲
▲
▲
▲
+1 0.1
0.4
34.4
▲
0.0
-
▼
0.1
1.9
0.0
▲
▼
-0.23.1
▲
37.8
1.9
0.1 0.1
0.6
0.4
7.1
▲
0.2
Advisor MarketMarket
6,581.7
▼
▼0.5
0.2
0.1
1.8
▲
▼
▼0.21.4
Share Ch.
▲
1.9
0.9
▼
5.6
1.4
5.4
7.0
7.5
116.8
▼
0.1
1.3
5.8
▼
0.17.0
25.5
9.3
57.1
▼▼
▼
364.0
-
▼▼
0.9
3.7
339.2
Fees
0.589.8
4.4
1.592.8
337.9
Imputed Fees (US$m)
▼5.4 0.8
-1,509
Any European Involvement Completed (AF3)
-10.4%
Sh (%)
100.0
49,167.6
# of Deals per Advisor
530,429.6
-7
-15.5
73,408.614.2
53,707.38
88
19
10.8
-
14.7
8.9
2.512,578.1
665.99
499,424.6
4.5
2.6
29,499.1
25
24
100.0
21
20,315.811
▲
14
0.3
+38
10+4
0.1
-10
-18
16
+12
+3-5
▲
1.8
▼
▲▲
1.4
0.8
▼
▲
▲
Handelsbanken Capital Markets
Moelis & Co
23
Kotak Mahindra Bank Ltd
52
19,809.833
Natixis22
Barclays
* tie
▲2.1
▲1.9%
-13.1
26,040.3
11122,374.2
44,254.9
44,254.9 8.944,254.9
13.2
-8.7
Jan 1 – June 30
6,921
▼▲▼ -17.9% ▼
158,767.9# of Deals
-7
10
14China International Capital Co
24China Construction Bank
176,541.7
22Robey Warshaw LLP
-4
0.1
0.1
Industry % Change from Same Period Last Year
PJT Partners Inc
Industry Total
31
3
111310
Lazard
HSBC Holdings PLC
Societe Generale
UBS
Wells Fargo & Co
Alantra Partners SA
Robey Warshaw LLP
67.0%
615,775.0
2.613,000.4
-4.1Handelsbanken Capital Markets
16Arpwood Capital 24 12,907.3+1
▼ 23
-4.3
-18.5% ▼Industry % Change from Same Period Last Year▲▼
3.4%
0.0
▲
Societe Generale
0.4 15*Lakeside Capital Advisers LLC
▲
▼▼
AZ Capital
19
▼
8 5.1
5.45.8
31,825.9-7.5
0.0
0.044.0
0.3
▲
0.2
-1.3▲
4
42
Credit Agricole CIB 14
9
12BNP Paribas SA
22
24
Credit Suisse
15Goldman Sachs & Co
Bank of America Merrill Lynch 53
2017 Rank
1
Morgan Stanley
8
Rank Value
▼19.2%
Industry % Change from Last Quarter
Financial Advisor
650,947.6Industry Total
-22.31 18.3
4Citi 2
172,754.1
7
-898,968.5
1.3 ▲-14.0 ▼
0.596,356.791,141.0 14.8
▼-14.5-15
+21143
0.8
Lazard
Industry Total
+22
▼▼
5336
92
Market
8,621
19.3
69
-0.2
4.2
7.0 0.2
2.0▲
0.9
16
Sh (%)
4▼
0.7
Market# of Deals per Advisor
Share Ch.
+4
-
▼ JP Morgan
10
5▼
Alantra Partners SA
▲0.6 0
+9 154,631.7139,271.0- Bank of America Merrill Lynch
Goldman Sachs & Co3
1
4
15
98
2
5
11
23
7
Rothschild & Co
28.1
1168,240.6
6
7 65,848.6
71,074.624
▲ UBS91,298.1
1.028.7
16.1
Any European Involvement Announced (AD21)
112,714.8
▼
▲
1.841
2.3 ▲57
1.1
47
68
78
# ofDeals
-5.2%
52
51.3%
31.8
100.0
▼
Change in
-21
▼ 234.9
277.0▲▼
349.8
0.01
▲▲
▲
-14.3
2
8.9
6.2 -1.1
8.3
326*15*
9.8-
-31,136.1
8.9
▲▼
Dyalco
-9.7-7.5
0.00.0
▼
32
VTB Capital
44,254.9
326*
44,378.4
8.9BNP Paribas SA
8.9China CITIC Bank Corp Ltd
5.220
▲
2.10.1
3
0.2
Barclays▲
23 ▼
▲
-0.1%▲
▲100.0 Industry Total
Industry % Change from Last QuarterIndustry % Change from Last Quarter
8,084
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10
Rothschild & Co JP Morgan
Centerview Partners LLC
14.6▲
13,310.6
▲2.6
-6.1
3.04.64.3
7.1
7.7
-3.7
2.7
13,000.46.2
-3.4
3.5
5.19,589.0
7.07.06.2
3.7
2.8
5.0
3.9
0.0
3.9
▲10.58.4
8.6
7.6
▼
▲
▲
▲
33.8
Rank Value
-0.5-9.0
11.2
43.0 14.2
▲
▲
417.0
34.3
▼▼
▲
8
-6
8
13
▼▲
▼ 25
1
▲13
1.1
▲2.2
▲ 30.0
21
0.0
-10
▲ 0.0
-68-120.1▼
0.0
0.0
RBC Capital Markets
Moelis & Co
▲5.268
▲ 5
-36.7
▼0.2
610
Greenhill & Co, LLC
0.020
▼
15
38
3.0
▲
4.2 -8.3
4.7
▲
▼912 5.8
164.1
Goldman Sachs & Co
▼9
▼10.6
7.28,402.5Macquarie Group
Rothschild & Co 8
34,044.6-1
23
22
1.00.613
1764,118.0
21.5▲14.4
▲9.1
14.4
▲
▲8.2
31,825.9
Deutsche Bank
Citi 4
Robey Warshaw LLP10
40,143.811
3
12*6
7
3
Credit Suisse 11
UBSJP Morgan
10
HSBC Holdings PLC9
6
8
5
Bank of America Merrill Lynch 63,285.9
80,453.2US$m
1
14,360.7
25,469.9 1.013.425,098.6
7.6
5,175.2
100 0
2.9
7.5
▲10.2
BNP Paribas SA
+3-5
▲
8,080.3
Lazard
1611,627.3
14,188.0PJT Partners Inc
Industry Total
RBC Capital Markets
InvestecPricewaterhouseCoopers
-
6,912.42
0.1▲2.7
77
BNP Paribas SA29
18 5,344.2
16
188,650.2Moelis & Co
22
Kotak Mahindra Bank Ltd
21Zaoui & Co
Barclays 15
19
-
9-
98
Macquarie Group 23
20
Deloitte
Axis Capital Holdings Ltd 17
24Greenhill & Co, LLCPerella Weinberg Partners LP 25
155,044.8
187 154 5
▲
3▲ 9
3
-2+11
▲+32 211
▲
1.0
23▲+4
22
0.16
7,237.0
7
6
5
▲
0.1
-40.4
+2
▲
1
Any UK Involvement Announced (AD32)
2
15,786.9Wells Fargo & Co
2
13.6
20.318.2
7
10
Morgan Stanley▲
# of Deals
5.4
2.1
2.9
-21.8
0.0
104.9
Market
▲▲6.0
25
1413
7
20
14
11
Credit Suisse
20Loeb Partners
17
3,902.5
16
18 11
3,453.9
19Wells Fargo & Co 3.6
23 3,253.0
UBS
2.842
FTI Consulting Inc24
3.0Daiwa Securities Group Inc
142*
21 --
25
3,361.722
97 2,987.6116 713 0
-32,988.9
Industry Total
1
0.8
4.9
0.6
20.51.0
28.8
42.00.72.2
110.040.9
▲
▲
-
▼▲
19.3
35.6
19.2
12.9
Change in Advisor
68.5+7+1
Market
▲-10.7
▼410.6
Financial Advisor34.1
MarketShare Ch.
Jan 1 – June 30
Share Ch.3.5
Share Ch.# of
1.0 -10Bank of America Merrill Lynch
2
Market Market
4.8
1.0▼1.2
1.2 ▼
1.6 ▲▼5.4
▼3.1
▲
1.0
0.4 ▲
▼
▼-0.0
0.2
0.2▼
1.1
▼
0.4▲▲
1.0
1.0
0.2
20.2
19.2
15.0
3.9
0.6
3.7▼
3.2
▲
2.2
0.1
1.0
1.00.8
0.2▲
▲▲
+4
+1
0.8
11.1
▼+3
▼-1
1 949 1
0.0
+5
▲
+7▲
-5
+2-3
▼
+17 ▲
+1
-4 ▼
+3▲
-12
▲+8
+15
▲
0.4
0.8
0.6
1.4
0.2
0.1
0.0
30
0.3
0.1
0.3
▲
▼7+2
0.3
0.6
0.4
▲
▲▼
▲
+142.6 ▲
0.2
Any UK Involvement Completed (AF39)
75
# of Deals per Advisor
19.222,374.2Robey Warshaw LLP
0.14
17.3Citi
Barclays
20,211.4611.4
Deutsche Bank
5
9
82 7.2
+122.6
2.9
+33▲
▲
+50.20.1
1 854
2.69
26
62.1▼21.8
▼
▼14.8
▼
▲
▲ 1.732.40.1
+4
Fees
▼
▼
+5
Imputed Fees (US$m)
0.8
1.5
104.5
Jan 1 – June 30
-4
-6
▲-9
1.8
57.4 ▲▼
1.20.9
10
+1
11
+5
+1
▲
0.1
▼
-9
+10
0
0.1
0.10.1
+47,376.5
4,921.6
6,014.826
0.00.1
8,455.1
6.3
6,326.1
7
27
▼
0.3
▲
44
Lazard
4,194.5
39,801.8Sh (%)
▼15
▼ 0.1Deals
0.02
16
Sh (%)# of Deals10 ▼-6
▼▼
-11
3.3
19.1
14-1.1
▼
4.2
4.1
12,315.813,267.7
10,559.4
4,889.4
5.7
5.4
9.1
7,026.6
5,449.6 -8.40.0
0.0
1213-9.4
▲0.355-37.7
0.1
100 0
0.0
2.92.8
44▼
3.32.5
100 0
▼
0.8▲
▲0.1
36
57
Market Market
Goldman Sachs & Co
51314
21,023.7
161*
41
38,026.2
12
8
Morgan Stanley
2
19,569.6
▼
Rank Value per Advisor (US$m)
-
Financial Advisor
3.2
1.0
1.1
▼
▼
1.7
▼
0.8
-32.9
-15.5
▲
▲
▼
-48.1
2.0
▼
4
30.43
19.322,461.7
Rank Value
35,217.1
US$m
30.2
Sh (%)
EMEA Rankings
0.1
1
61
Rank Value per Advisor (US$m)Change in
1.6
2016 Rank
# of Deals per Advisor
Sh (%)
First Half 2017 | Mergers & Acquisitions | Financial Advisors
2017 Rank
2017 Rank Sh (%)
Market # ofDeals
2016 Rank
135,448.8
3HSBC Holdings PLC
* tie
Bank of America Merrill Lynch Credit Agricole CIB
Evercore Partners
▼Industry % Change from Last Quarter
Deals
-484
▼
Market
Any French Involvement Announced (AD33)
▲
-16.5
▲
RBC Capital Markets
▲
Credit Suisse
▼▼
-4
2021
-29.0%
0.2
1
▼
0
4▲
▼-12.7-18.7
▲
▼
1,184
▲2
6.6
2.32.33.2
▲
-6.9
2
2016 Rank
1
8,242.1
6,253.44
6
6
US$m
9
7,499.0
34.53 5
8.211
34*
8
3
8
19.8
-17.2%
100.0
2
33,430.8
Share Ch.
▼
85,419.1
Industry % Change from Same Period Last Year
Industry Total
12
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)
105.2%
29,691.7
US$m
8
187,154.5
▲▼
Industry % Change from Same Period Last Year
2016 Rank
MarketRank ValueSh (%)
Jan 1 – June 30
DealsMarket
# of Deals
21.9
39.1
2017 Rank
40.2
Financial Advisor
6
4 2
1 1
50,857.9
Rothschild & Co
3BNP Paribas SA 2 10
5Citi▲52,316.1
62,152.6
BNP Paribas SA
109
24.947.7
5.9
826.61.2
-0.1
-12.20.9
▼
Deutsche Bank
UBS
Barclays
Natixis
4 +221.922.8
▼32,943.0
28,488.3
2.820.8
▼-1.2
▲
Athena Capital Partners
JP MorganNomura
DC Advisory
18
14
Centerview Partners LLC
1615
17
54
23▲
▼
12.1
9.8%0.5%
39
# of
2,211
▲
-8
▼
116,713.0
30
-41.5%▼
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year -17.9%
Industry Total
13
17
5,663.4
▲
-1.5%
Share Ch.
# of Deals per Advisor
▼
Change in
-
6.44,998.7
4.7
5,441.1
-15.0
2814
2,720.1118*
1.3
2.1-
17
▲0.60.611.1
8.4
▲ ▼▼
▲
0.3
0.3
0.20.8 ▼
2.7
▼
2.7
1.0
▲
0.20.5
0.30.7
▼
1.52.4
▼
▼▲0.6
0.8
0.2
2.2
3.8 3.5 ▲
2.4
1.3 ▲0.1
▼1.7
▼
▼
▼
▼2.80.92.8
0.1
4.3
▲
Market
9.2Fees
12.0%
Advisor
3.0121.6 8.6130.1
4.2
1,949.1
-14▼
▼8
131.0-16+2
50▲
▼
7.3
4.73,980.012*
1.80.4
-18.9
9
9.0
1.0
1.71.3
MarketSh (%)
4.0
# of Deals per Advisor
2.9 ▼
34
+11
-18
▼
Industry Total
Banca IMI (Intesa Sanpaolo)
▲▼
1▼
▲
4▼
28*-
-0.3
Industry % Change from Same Period Last Year
23*
14,593.0Natixis
15Deutsche Bank
28,499.728*
14
11
3
8
6109
74*25
-
85*
UniCredit
13Sycomore Corporate Finance SAS 19
25
Morgan Stanley
JP MorganLedouble SA
Credit Suisse
14
130,241.2
HSBC Holdings PLC
23*
-1.5
0.8
▼▼-9.2%
985.6 0.8
13-7.2
3
▲45.7%Industry % Change from Last Quarter
0.8 0.8
* tie
1.2
-Barclays
20
17
Oddo & Cie SCA
23
Zaoui & Co
MTS Health Partners LP 2122
18
Nomura
7,237.0
7,915.1
15 7,492.77,449.8416
13
1244 6.0
11.2
7,865.9-3.35.6
6.1
11.19.5
5.8
-1.05
0.7
▼▲
10-23.7
14.8 ▲-64
-1
0.3
2.5▲
161.2
+4
+9
▲
▲▼
▼7
▼
0.40.5
7 8,324.0
10▼23
12-3
+20.57
9.7▼
8,134.2▲
▲
▼ 0.7 -1
1.1
21
▲
▼
▲
1
2.47
20,325.7-4
29-1
11
Bank of America Merrill Lynch
+12.5
5
-6.6
40,616.7 26.539.12
-3▼
Rothschild & Co-5
Goldman Sachs & Co▲
Morgan Stanley▼
Lazard
Change in Financial Advisor
+12
▼
Market
Jan 1 – June 30
+33
-15.8%
Sh (%)
1,854
Market # of
Goldman Sachs & Co25.3
9Lazard
5Credit Agricole CIB
77Mediobanca
Societe Generale 1.819,206.1
14,448.01112,330.3
-13.5
2.412
23,492.2 18.0
1,008.6
1,580.01,025.0
0.8
2,185.8 1.72,869.1
55.65.6
40.2 ▲2
1.62.2
5.7
▲
-26.1▲▼
4
1
Sycomore Corporate Finance SAS
-1
0.1
66
23
19+2
▲
Industry Total
-Mediobanca
118* 1.41.4
24
-4
25
1.2
1,200.0
1,928.41,973.0
0.20.1
0.1▲+1
0.2 0
▼▼
985.6
100.00.2926.3 0.7 30.7
1,350
0.6▲
-10.9%-26.9%
0.8Oddo & Cie SCA+2 ▲
-496
2017 Rank
+20.30.3
▼▲
▲
0.40.1
▼
1.7
-4
Societe Generale
0.3
1.2Evercore Partners
Citi
-5
0.3 10,858.6
Rank Value per Advisor (US$m)
▲
16,906.4-32.4
Rank Value
Any French Involvement Completed (AF40)
▼
29,440.8
5
47.6
4 23.8 -20.1
-7.1%
100.0
▼
53.7▲
15+1
▼
1.3
57
+31.6
21.0
▲
0.3 ▲
34.422.3
+10.80.3
▲▲
22
73
▼
1,010.81,025.01,194.0
-4
-33.5
▼
.01,409.8 100.0
14.4%▼
0.40.5 ▲
0.40.5
0.00.0 0.3
-
+1
7.05.0
-
0.8
0.0
-1
▲
0.2
-
▼
0.50.1
+1 ▲
▲
0.1
▼
+24.6
▲
17.7
-1
▼-1
-2▼
▲
▼31.3
38.5
▲
▲
34.144.0
137.2
10.0
10.8
18.6
65.8
100.0
2.24.7
▼
▲
30.5
9.73.1
▼
▼
Sh (%) # of Deals
▼
Imputed Fees (US$m)
-20
-0.0
▲
▼
Market
▼3.5
Share Ch.Sh (%)
0.6-8
▲
6
1.2▼
-18
7,037.6
+1
0.4
+2+2+3
▲
-42.4
8.8
9.712.7
-
2.1+1
MTS Health Partners LP▲
9.5 ▼
▼
-14.6
114
9
3.2
4-9.5
3▲
1.2
0.8
0.1
0.3
1
2.2
0.8101.4
0.3
0.1
5.2
1.4
-22.4%
▼100.0
-25.6%-17.0%▲
29*38
-2.4%
1,781.7
▼
▼
1
4 -4
t e
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
11
UBS Rothschild & Co
463
1.4
.7
4
-8.1
▲
7
3
1.7 0.4▲
-23.00.6
-21.50.4
▼▲
▼2▲
0.4
▼▼
▼▼
1.7
1.3
# of Deals per Advisor
0.6
2+2
27
-556
5.8
Industry Total
2.4
▲
2017 Rank
19
Rank Value per Advisor (US$m)
30.1
25.6
▲
43*43*
0.70.7
174.0-
100.0
115
2021
1218
205.8
0.5-
1.7
205.9
1.2-0.3
540.1 1.1510.9
266.21.1
375.26.7
3.91
▼
1
11
4.5▲
0.21
0.33.3
▲
-19
▼+1 2.5-1
▼0.9
▲6
13
▼
0.4
-5
+2
12.93.9
▼
10
-1
▲+6+5
2.2
+10.2
2
2.4 28.5
3▲
3 0
# ofShare Ch.
1.5
4.16.6
1.78
3016 585.9
13
14,317.442.1
▲
12.4
3.9
25.8
8.7
2.80.2
19.4
Deals
10,315.8
345.4
614,553.0
2
749.5
1.7
BBVA
2
-
311Dome Group
Ernst & Young LLPPricewaterhouseCoopers
▲
24
Sh (%)
29.0
Houlihan LokeyCBRE Holding SAS
230.9
1.5
31,042.0
49.4 0.5
2
MarketRank Value
▲
Morgan Stanley
15
346.1
+1
6
54.3▲
▲Deloitte
4
85▲
KPMG
+41
0.9
1716
8
▲+3
Evercore PartnersGrant Thornton 23*
1.3
1.4
11
+1
▼-29.17
33
1.9
3
65 679 9
▲7.8
▲National Bank of Abu DhabiSwiss Life Insurance CompanyBank of America Merrill Lynch
100 0Industry Total
+1
+5
0
7
MediobancaDeutsche Bank
▲
10
12
25
▲
35,727.3
▲
4
40,029.737,089.2
3Mediobanca
Rank Value per Advisor (US$m)
Any Spanish Involvement Announced (AD34)
US$m
6,387.01
10
5,444.8
Deutsche Bank
4.0
Morgan Stanley
Financial Advisor2016 Rank
Rank Value
11,956.1
151
6
2 35,877.3
7.8
4.9
▲
54.34.3
3,189.9
21.8
4,827.8
9.7
4.9
1.41.3
18.2
▲54.4
0.9
553
56.5
Market
12Sh (%)
54.157.2 ▲
Deals
0.9
2017 Rank
2.08.3
2.2Sh (%)Share Ch.
AZ Capital 45 53.1Credit Suisse
7
# of Deals61.0
Goldman Sachs & Co20* ▲
Citi
34,881.1
5
▲
8JP Morgan 31
46*13Rothschild & Co 9 7.4
# of
▲
Change in Market
7
Goldman Sachs & Co
JP Morgan0.7
Bank of America Merrill Lynch
+7
# of Deals per AdvisorMarket
51741
3
54.6
▼
-19.2-24.7
▲
▲▼
▼
-0.7
▲2.42.3
6.8
181
▼
1.9
1.21.7
-15
1,482.82,108.0
84.8
▼
-2.4
0.2
▼0.52.3
0.1.4
1.6
5.8
430.9 100.00.9
0.3
▼
▼▼
2.6
▲
0.8
▲0.9 ▲
▼
1.3
1.4▼0.2
0.2
▲0.9
1.0 1.0
3.0
-3
+2▲+4
Jan 1 – June 30
MarketSh (%)
Market
0.40.6 ▲▲
▲
▲
0.2 ▼
0.7
▲
1.5-210.2 0.4
2.00.317.5+1
▲
5.2
25.16.4
▲
5.1▼▲
+111.6
-92.7
Market
0.65.30.9 27.5
-
30.6▼
# of Deals▲
22.2
Advisor
▲ 5.1 2.9
5.8 1.3
Share Ch.
3.0
8,017.47,929.8
6.49.2
Any Spanish Involvement Completed (AF41)
+1
10▲
+4
1
2,858.62,688.3
0▲
▲
+3
-+6
Nomura
▲
▲
9
▲▲
2.4
46.9
EMEA Rankings
33.2
BNP Paribas SA
2,806.2 4.3 0.2
21.9-4.3
718.8
6,791.9
Financial AdvisorMarket
-
LazardCiti
13
Imputed Fees (US$m)
0.8
Change in
▼Fees Sh (%)25.8
US$m
First Half 2017 | Mergers & Acquisitions | Financial Advisors
7.1
2016 Rank
Jan 1 – June 30
▲▲
-▲▼▲
6.0
15
3.0
414
-
917.2
20
19
9
0.6
2.1
1.5
3.2
0.60.2
0.4▲142.2 1 +10.5
▲▲
-2Nomura
+1+2
▲UBSCredit Suisse
22Oakley Advisory Ltd
-7.0
▲3.5
▼▲
0.8
2.30.20.80.1
LazardBarclaysBNP Paribas SA
Societe GeneraleDome Group
HSBC Holdings PLCStifel/KBW
PricewaterhouseCoopers
1920212223
ValueTr Finl Advisors SEHoulihan Lokey
11*11*131415161718
2425
--
117
243
-20*
2,806.22,642.02,108.01,904.61,402.01,354.48
6
-----
1,049.01,008.6
926.6917.2
1.4
512.20.8
1.4
510.9
1.2
0.8
761.51.0651.6
2.9-28.6
-5.51.61.6
1.5
4.3-2.1-6.21.6
2.1
▲▲▼▼▲▼▼▲▲▲▲
0.8-8.6
1.4
1.2
9
▲▼▲
222411
82
0.20.51.40.4
11
1.6
0.2 +1
+2
+3-1
+4
+2+4
0.40.4 ▲
0
▲▼-16
0.40.7
▲▲
0.20.5
0.2
▲--1.6
5.63113▼
+10
0.5
+1
2 0.4 +2 ▲ 4.0Jefferies LLC 23* - 142.2 0.5 0.9 ▲▲
Industry % Change from Last Quarter
Nomura Barclays
Ernst & Young LLP
Industry % Change from Same Period Last Year
▲
0.6
-2
0.3
# of Deals per Advisor
# of Deals
0.1
1.9
1.3
101.814
Share Ch.
1.0
0.6
1.1
1.4
0.8
0.6
1.0
0.6
Change in Deals
# ofSh (%)
-42.1%
15
▼
0.8
11
Market
▼▼
8
22▲
0.1
4.6
▼35.7
5-14.2
14.8 24▼
19,514.828.025.8
616.8
24.2
10Goldman Sachs & Co
1.3
17.921.9
8
▲
6
5
2017 Rank
Change in
13
24.6
16.5
▼
27,008.226,234.0 34.7
7.9
-▲
-10.02
MarketSh (%)
3 ▼
25.3
0.4
1,069
-25.1%▲ ▼
1,046.2
1.1
0.431.4▲ 11.4▲
▲
-21.9%32.2%
-1 0.1
0.10.1
2 0
1
0.3
+1
+1+1
▲1.41.4
1.41.4
1,072.2▲
▲
1,248.2 ▼1,205.0 1.6 0.9
-4.9
2.3
9
5.0-3.4
▼-5.6
52.3
▼5.0
14.7
2.2
7
12
5
9.1
1
-29.65
2019
5.5▲3,800.0
14
1.7
Rank Value
1
13,919.1 18.424.9
2016 Rank
-3.3% ▼
▲
▲
10
▼
▼
▲
-3▼
+2
25.2
82.9
▼65.3
▲
▲
▼
+1
3.18.3
+2
3.8▲
30.7
3.8
▲+3
▼▲
-5
-4
+1
+3
+2 4.2
17.2
13.8
1.0
0.4.6
2.1
48.2
89
▼
▲
-46.9%
-
42.7%
-223
21,160.7
10.210.3
▲
12.7
19,127.4
4
Deals # of Deals
# of Deals per Advisor
Any German Involvement Completed (AF42)
-62.6%-8.5%
Jan 1 – June 30
Market
-3365,679.9
Market Market # of2016 Rank
Any German Involvement Announced (AD35)
15,883.8
Financial Advisor
100.0
JP Morgan▼
▼-46.5%▼
Industry Total
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter ▼
Sh (%)
Morgan Stanley8
2
Rank Value
17,528.62
Citi
5
3
2,556.0
Deutsche Bank
Bank of America Merrill Lynch
2017 Rank
Rank Value per Advisor (US$m)
1Sh (%)US$m
1212,975.1
410
112,168.2
-7
▼-1 BNP Paribas SA
▲
1.9
+1 ▲
▼
▲796
▼
▲
▲
▲
0.410.3
1.0
- 7,405.9
▲
16
1,622.01,719.6
▲
▲
▲
8,052.0
-
-
-24.810.7
▲51
+1
-27 18,816.2Lazard
Deutsche Bank
Rothschild & Co
▲▲
11
▲
-2Morgan Stanley
6
16
▼ Societe Generale
+2
31.2
▼
▲8
Credit Suisse+1
0.5
▼0.3 66*18
-12.7
-14.6%
Infrared Capital Partners Ltd14
-21+1
UBS
4
3.4
0.8
10
2.6
▲
Valence Group
1.4
751.48
▲
1.4-56.2
6.63.4 ▲
6.1
▼10 0.9
▲
3
101.0
1.0▼
2.7
0.8
+1▲
0.5
1.7
1.6 1▼1.4 +3
7
12
Evercore Partners 8.6Moelis & Co -9
2.8
32
Jones Lang LaSalle Inc 0.4
4
Rothschild & Co 11
67 6,778.2
8Goldman Sachs & CoCredit Suisse
32,792.8
9.5
229.3
6,272.7
2,217.8 3.1 ▼
10,749.76,870.7
0.21.4
▼
0.7
▲6.0 0.3
0.5
-41.9
▲0.3
▲-1 ▼
+2▲
4.8
▲0.26.0-12.7 14*
5Berenberg Bank▼ 5.8
14*▲
CITIC
5.84,381.2 5.7
▲
33*
▲BNP Paribas SA 18
-41.9
921-
1,594.6 -3.9 ▼16
2.2
977.1
20999.4
13
-
-Lazard
15UBS
Peel Hunt LLPPiraeus Bank SA
Banco BTG Pactual SAErnst & Young LLP
▲1.0736.0
▼
7025
PricewaterhouseCoopersPricewaterhouseCoopers
72,581.2
28.7% ▲
28
Industry % Change from Last Quarter
Industry Total
Ludwig & Co GmbH
Industry % Change from Same Period Last Year
74*ACXIT Capital Partners
23*
-46.6%
1.0
Cushman & Wakefield IncVICTORIAPARTNERS GmbH -
21
751.423*22
1,973.11,882.4
74*
-19
17
1,046.2
1,363.01,197.5
27
1.9
231,656.4
1,985.7
2.3
2.762.7
6.14,764.8
-56.2
6.6 6.6
2.7
3.9
1.61,997.0
▼
▲▼
Share Ch.7
-42.2%
1
10
7
1
▲
▼
0.7
0.66
10
0.4
1
0.4
4
10.9 0.7
▲▲
-48.8
1
▼
0.7
7.2 ▲
0.1
3
0.1
5
170.3
▲
-9.4%
3.3
0.5
0.06.0
-
▼-210
0.0
0.32.6
.00.30.3
-29.3%
▲0.5
▼
0.4▲
0.4
0.4▼
0.7
0.20.2
▲1.3
0.3▲
100.01,004.3
▼
0.1
▼
0.1
1.0
▲
0.6 0.4 ▲
▼0.7
▼
75,603.2 100.0Industry Total-183
▼▼
▲
-183794.0
-▼0.6 -
▲+1▼-3
22Jefferies LLC
6 -3
▲▲
1 ▲
-30.1
+3
0.1
-9+1
1.6
0.1+10.5
▼0
+1
+1
-3
5-11
-2
0.1
4
+4
0.910
-37.1
553
-3.9
▲0.9
+5▼-1
-
Jan 1 – June 30
▲▲
Imputed Fees (US$m)
-2.0%
58.4
▼
▼
Share Ch.Sh (%)
▲+7
Fees
2.7
104.2▲
+43.15.8
10.4 6.4
-39.2%
38.2
60.351.8
Advisor
1.7▲
▲▲1.2
0.54.9 ▲
0.5
▼
▲
6.5
5.2
0.4 ▼
0.4
1.4
6.02.5
Market
▼
Market
4.9
21
4.3
5
1,046.2Nordea
26
3.4
7,181.3
23*1.125
4,381.2
66*23*
4,580.3
10
Market
9.8
6.1
17
9.5
1320
4,503.0
Industry % Change from Last Quarter
Jones Lang LaSalle IncPeel Hunt LLP
Natrium Capital Ltd
Deloitte
-
-44.2%
4
4
Citi
15
Industrial & Comm Bank China11
-44.4%Industry % Change from Same Period Last Year
Commerzbank AG
12
8
21
Rank Value per Advisor (US$m)
▼
41.4
▲
Financial Advisor US$m31,311.8Bank of America Merrill Lynch
JP Morgan
9
* tie
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12
JP Morgan UBS
Robert W Baird & Co Inc
22
23
-
▲4
▲2,968.7-18.0
1
-
▼▲
JP Morgan
-
▲
Rothschild & Co
▼
▲
▲
Banca IMI (Intesa Sanpaolo)Roland Berger & Partner GmbH
▲
Industry Total
0.20
0
Mediobanca
0.2 +1
+1
+4
-2
BNP Paribas SA
Morgan Stanley
▼▼
Deutsche Bank
▼UniCredit-16
▲
1.12.315
6Share Ch.
3.0International Finance Corp
Goldman Sachs & Co
0.23.8
17
0.2
6
115*
351.4390.818619.7 3.7
19* - 2.1-2.4
-21
1▲
1
2
1
1▲
▲2.1
100 0
1.9
0.91.1
▼0.21.1
2.1
▼
▼
0.20.2
0.2
-13
▲2.1
1.6
0.2
▲
2.31
-2
+2
510▲0.2
16 904 5+1
▲
1.23.8
▼▲
0.8
+1
2,878.3
Market
3,139.9
US$m
13.2
9
6.113
15*
2421
2,742.0
2,235.3
-
20
11
3
1
7
165
14
Rank Value
98
10
7
10
14
12
▲
24.24,098.2
Any Italian Involvement Completed (AF43)
2017 Rank
Market
1.85,493.6
2
MarketShare Ch.
1.6
# of Deals
Bank of America Merrill Lynch-7.7
4,310.7-2 ▼
▲
▲
▲
▼
-84.7
Imputed Fees (US$m)
0.2
0.62.7
2.31.4
0.7
▼▼
▲
5.3
4.9
1.9
1.52.8
▲
1.1
2.7
0.0
1.7
▲▲▼
-
▼0.2
▼
▲
0.5
3.4
▼
▼
2.9
5.3
12.7
0.7
0.7
0.7
▼
1.4
2.2
1.8
▲
18.411.2
.01.03.9
2.67.0
3.4
0.7
3.01.8
▼
2.8
▲0.2+3+1
10.4
1.5
# of
▲2.6
▼
-5
4.2
8.7
▼
▲+1
1.03.9 1.0
▼1.6
-1
▲+1
1.0
▲0.70.7
0.6
▲
0.3
0.00.6
▲
373 3 100 0
3.9
0.6▲1.3
▼
14.6 2.9
▼0.9
Deals
EMEA Rankings
Mediobanca
Financial Advisor▼
▲
Change in
+1
1.53.5
-4
▼
8▲▼ 10
0.8
-31
636.9▼Leonardo & Co 31
0.8
0.2
Goldman Sachs & Co
-4
+1
-13
-3
51.2
0.3
-123
▲42.644.7
Market
28
30.3
First Half 2017 | Mergers & Acquisitions | Financial Advisors
20.73,650.3 21.6
▲25,232.0
61,706.81
# of Deals
36.6
4.9
14 61,971.9
Credit Suisse
US$m
15
2.3
-3.6
100 0
-8.7
1.3-17.0
-6.32.2
0.4
1.5
▼
4.7 -25.0
6.5 -32.6-23.9
3.62.5
-6.9-2.1
11.0
20.1
5.8
374.2
0.24
▼
+8
32.6 195▲
▲ Citi-4 KPMG
+6 ▲
66.0
4,136.3
Rank Value per Advisor (US$m)
Citi
41.737,198.5
34.8
45.1
28,933.96
3
-
74.5
Any Italian Involvement Announced (AD36)
2016 Rank
2017 Rank
9 2 5,382.2
7
Sh (%)
37,551.54
1
BNP Paribas SA
5AZ CapitalRothschild & Co
Deutsche Bank 3248
KPMG
15 16
9,189.1
304
8
3,883.4
Bank of America Merrill Lynch
Morgan Stanley
1,211.3
17
2,977.3
1011
4,833.4
12
52
16
12
Lazard 1,050.218Nomura
1.0
1.31,066.219
137
- 822.4
2321*
83 223 7Industry Total
Robert W Baird & Co Inc-
- 317.6VSL SpA
654
1,904.62,076.52113
351.4351.4
825.6-19850.5
40Roland Berger & Partner GmbH 21*
20Guotai Junan SecuritiesThe Raine Group LLC
Banca IMI (Intesa Sanpaolo)
14Leonardo & CoBarclays
2
Rank Value
34,675.3
UniCredit
41.7
▼
726.8▼▲
1
▲
351.4
▼
▲
▼14
11
0.2 +1
▲
1.8
0.9
1.915 308.3
261.3
317.6-6.8
+1 ▲
Boston Consulting Group
▼VSL SpA
1 -20.2BarclaysCredit Agricole CIB
.9 0.346
25BBVA
-24
159.20.4
2,568.8
851.21,745.8
636.9
19*
180.0-
-
23 27
1.2
2
17.6
-1.3-7.5
17.0
15.2
9.8▲8.2
12.7
-4
10
▼
62
-22
1
8
0.4
2.1 +2
-30.8▼
▲
9
3.8 ▲
▼
▲
▼0.4 -4
6
- +1
1.6
▼
2.0
417
511
0▼ BNDES
5.03.8
0.2 -1▲▼
0.8▼
1.251
-201.7
21.0
▲0.2
▲1.00.4
1.01.0
0.4 ▲▲
1
0.4 110.0
0.4
+2
▼
3,499.4▼18.6
16.2
▲
-
-120.4
-3▼4.1
0.6▼
-25▲▼
▼
▼
2.1
1.412.6
0.6
3.4
1.3
3.9
Fees Share Ch.Sh (%)19.6
Jan 1 – June 30
Sh (%)
# of Deals per Advisor
Sh (%)Advisor
32.5 99.2 ▲ 5.3-9
Change in Rank Value per Advisor (US$m)
Market
24.58
2125.5 ▲10.3 3
Market
0.42
▲1.5
-4
0.2 ▼
▼
▼
5.7
▲
Deals
1.7118
Colombo & Associati
1.2▼
10
Financial Advisor
Jan 1 – June 30
# of Deals per Advisor
0.9
MarketSh (%)
Lazard
Market# of
17.6
20.72
-23.0
▲-3.16.910.3
2016 Rank
Greentech Capital Advisors 24 69* 281.2 0.3 0.3 ▲UBS 25 20 193.2 0.2 -4.6 ▼
1 0.2 0 -3 0.5 -2 ▼
Industry % Change from Same Period Last Year ▼
Morgan Stanley Citi
Industry % Change from Last Quarter
1.0
0.4
1.0
0.2
-107
4.0%
1,077
11
0.6
-10.11
5
0.2
Industry Total
# of Deals
+2
0.2
# of Deals per Advisor
▲0.9
2
Sh (%)# of
Deals
+2
0.66
2
0.5
Market
0
0.2
Handelsbanken Capital Markets
+1
▼
0.5 JP Morgan
Industry Total
Evercore Partners
▼▲
▼
Change in
-20.4
0.5
100.0
▼▼
# of Deals per Advisor
20,315.8
MarketMarket
510
▼
-8.3%
Rank Value
▼
16,904.5
-7.5%
-44 3
Industry % Change from Last Quarter
# of
-5
-7.8%
Share Ch.US$m
6
22.118.2
▲
▼
MarketImputed Fees (US$m)
▼Sh (%)
19.5▼
▲3.6
▼
-7.8%
-33.8
▲2
▼4
14.512.1
1
3
+2
Nordea
2
▲
Morgan Stanley
+1
-2
-1
1,270.3
949.3985.7
1,220.4
14*
Bain & Co11
1,337.2
3,280.8
OC & C Strategy Consultants
12
1718
2-
1,214.2
21Nomura
ABG Sundal Collier
Cushman & Wakefield IncSEB
16
Industry % Change from Same Period Last Year
19
90*
Arma Partners LLP
Deutsche Bank 18-
3
90*
9LazardQuayle Munro Ltd
7
10
23
6
15
2
410
17
8
5JP Morgan
Goldman Sachs & CoUBS
21Nordea
3
Rothschild & Co
1,078.41,055.9
35
90*1,809.5
13-
2,022.6
1,270.3
20
Globalscope
Jones Lang LaSalle IncCiti
-11
DNB ASA
81-
22
14*1
49
Motilal Oswal Financial Svcs
2324
-
Wells Fargo & Co
25 -
103.8%Industry % Change from Last Quarter35.5%
653.868,532.8
1.0
▲
0.1
▲
21
-9.0%
▲1.31.2
▲
▲1.1
29 +3903.0
766.5 ▲831.7
1.3
1.11.2
0.8 ▲
0.9▲13.3
5,861.4
4.03.0
0.7
24,212.3 41.4
5▲
Share Ch.▲
1.95.7
▲
1.4
▲2.3▼
▲0.9
▼-
0.4
Market
▼
▼4.31.0
▲
▼
1.2
▲
8.4
▲
0.4 ▼-
0.1
▲0.7
0.04.710.6
3.9
11.9%
37.0
2.9
0.8
3.0
2.9-
2.8
1.33.2
3.0
0.70.4
373.3
# of Deals
100.0
4.7
4.219.2
334.7
-29.428 7,976.8 13.6
308,473.8
1
1412
Bank of America Merrill Lynch
7,759.9
5,333.2
4.8
1.310.0 -35.5
6.4 0.4-31.6
-1.7
9.1
-7-4
12.6▼
5
2
▼6
▲
7
0.020.6
27.6
▼
▼▼
2.8
2.08.7▼0.1
-2
-3
019.831.019.10.8
0.7
▼
55
5
0+1
0.31.3
1.10.6
0.61.4
1.3 0.79.63.6
-200.7
▼-
1.5
▲
▲
▲1.5
▲3.40.2
--1
▲
1.6▲
▲
100.0653.30.6 0.1
▲17.7%
1.4
100.01.0
1.8 -24.11.6
▲
▲
1.9▼
1.41.4
-6.3
1.8 -26.6
▼
1.6
▼
1.51.4
1.6 4
▲31
0.4
0.1
▲
11
2.6
Sh (%)
29.4
8.4
3.7
100.0
4.8
▲2.0
▲
1.9
2.6
1.90.9 ▲
▲3.0
▲
3.0
▲
▼▲
▼
4.81.74.6
▲
-4.4 ▼▲
Share Ch.
5
4.2
Market
5.67,009.5
-3.0%
▲54
2,552.3-1.04.83,279.4
-21.4
4,023.9
6,073.5
20,129.1
▲
Rank Value per Advisor (US$m)
▲
9.18.9
9.751
10Handelsbanken Capital MarketsBank of America Merrill Lynch 13.9
Industry % Change from Last Quarter 35.4%
83,223.7Industry Total
▲
6
23,524.5
Market
Jan 1 – June 30
34.3
Any Nordic Involvement Announced (AD37)
5.9
4
5,767.4
▲
-
6 0.6 ▲
3
+1
+1-1
▲36
▼
1.5▲ 1.5
240.223 11
-0.8
+3
-8 ▼+1
4
0.161
0.6
0.3
+4 Nomura
Credit Suisse
0.3
-4
-1Deutsche Bank
4317
20
-18
7,343.1
57
1,525.0
3,757.5
1,378.6
▼▲
PricewaterhouseCoopers
15
▼
▲
Arctic Securities ASA16-
77*
77*1,742.8
2,817.3
1,650.0
72,345.7
Perella Weinberg Partners LP
9
14HSBC Holdings PLC 13Moelis & Co
12Rothschild & Co
15
52
10
8
5
+3
6LazardGoldman Sachs & Co
UBS
0
▼
▼7
DNB ASA
▼-6
11+1
SEB
▲
0
-Financial Advisor
▲
6,253.110.2
0
654
0.0%
2017 Rank
▼Industry % Change from Same Period Last Year 74.6%
US$mRank Value2016
RankFinancial Advisor
Jan 1 – June 30
▼
Sh (%)MarketChange in
-34.8%▼
2017 Rank FeesDeals
-46
2016 Rank Sh (%)
AdvisorRank Value per Advisor (US$m)
Any Nordic Involvement Completed (AF44)
-69.2%
▲
▲
-1
10
▼
1
33.5
3
0.1
22.4
5
0.7
▲
0.7
0.7▼
+1
5.0 0.50.4
6.2+1 ▲▲
+1
0.4
0.32.2
22.4
▼▲
2.21▲
+1▲2.2
1.3
-34.1 ▼
0 -2.8
1.0
0.4
7.2
0.3
0.60.9
▲7.5
▲
▲ 0.1 2.4
0.1 +1▲ 1
1
1
1 0.1
2.4 ▼
-0
0.1
1.5
18▲
-20.31.5-0.2
0
-8+4▼
-
-171
-18.7%▲214.5%
▲ Industry Total
2
742▼
58,506.0
848.9
54.2%
837.1
100.0
▲▲
663.3
Industry % Change from Same Period Last Year ▼
27
887.4
1,278.4
77*
894.720*19 -
8*
2.8
▲
2.9
-26.8
0.80.4
8*
▲1.5
-34.8
-0.22.8
-7.5% ▼
949.3
0.8
0.12.6
▲
▲
1.4
▼
1,293.7
Carnegie
Access Partners
BNP Paribas SAArma Partners LLP
1.5
1.42220*
1.6
887.4
1.1
1.5
23
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13
Scotiabank China International Capital Co
Change in # of
JP Morgan
Sh (%)
2,254.3
16,732.4
2.93.1
▲
2713
▲
20.2
▲5
3.6 3.63.83.8
0.7
1
2.0
14.7
▲
3.9
1.6
▲
▼
7.3
3
▼
7.3-44.4
4
13
3,546.5
7,990.2
4,338.8
8,376.2
26,795.1
4,395.0Guggenheim Securities LLC
Houlihan Lokey
Nordea 16
OC & C Strategy Consultants
BMO Capital Markets
Credit Suisse 17
2.0
25
2,325.3
29 3,312.0
24
22
1819
31
6
4,087.0
8,310.6
3,280.8
26
22
3
1
87*
22,049.1
9
37
5
21
15
1112
- 2.9
-2.3
-
0.72.9
Industry Total
23
20
Jones Lang LaSalle Inc
21
Barclays
Bell Pottinger CorporateItau Unibanco
97*
Quayle Munro Ltd
Deutsche Bank
-
PJT Partners Inc
-
UBS
13*
7.3
3.97.0
3.9
TD Securities Inc
4,395.0
10 --
13* -
7.3
7
0
Bank of America Merrill LynchLazard
Mediobanca
Morgan Stanley
20
3
2017 RankFinancial Advisor
2BNP Paribas SA
1
EMEA Rankings
-30
Goldman Sachs & Co45
2Rothschild & Co
Any Benelux Involvement Announced (AD40)
Citi
Rank Value
-22.8
US$m
-30.924.9 19.3
Sh (%)
15.5
▲ 1.5
25,452.7
# of Deals per Advisor
+8
8 14 17,673.2
24,159.4 21.2
2016 Rank
19
6
28,358.0
25,853.4
-5
0.4 -16
Market
▲
22.71.5
Deals29.8
▲3.0
43
5
▲+6
▲▼
+213*
53,732.148,701.246,896.4
3Credit Suisse
HSBC Holdings PLCUBS
8
6China CITIC Bank Corp Ltd
44,929.5
44,286.37
72*44,378.4
24
39.5
0.8
3.5
43.43.2
▲
0.6
1.1-
▼2.9
1.3
Sh (%)
1.1 3.7
5.0
18.3
7.5
0.6
0.6
0.6
0.6
0.10.1
3.8
6.3▲
5.1 ▼
▼
▲
▲
0.6
▲▲
0.2 ▲
0.7
▲
▲
▲
0.20.8
0.4
▲▲
1.2
▲
9.4
90.7
3.9▲
▲
13.3
0.7
▲
0.6
1.2
Market
Jan 1 – June 30
41.8
44.1
Imputed Fees (US$m)
▼
Market
68.0
▲ ▲
▼
▼
Market
+2
Deals
+6
# of Deals
2.629.0- 1.6
0.7
36.6
0.7 +2+2 ▲
▲ 7.0
41.3
41.9
▲-
14.8
41.3
▲
7.5
-32.9 +9 73.7▲
0
10.1
+1
+1
2
41.341.3
41.3
44,254.9
+1
+2
▼▲
▲
6.62.4
35.5
0.6
0.8
▲7.0
▲ 7.17.1
0.6▲
▲2.0
8.1▲
0.11
312.8
11
41.3
0.21
18*▼▲
17
0.1Bank of America Merrill Lynch▼
▲
1,147.2
-44.7▲
2▲
5▼
▲2.0▲ 1
▲
2.0
1.0
0.10.6
0.1
2,182.4 5
1.11,495.7
1.90.4
▼
11.3 ▲
114 084 8
1,247.74 -1
8951.0 +1
100 0
ING0.10.4
▼
-70
▼FTI Consulting Inc
-
▲+1
-3
9
18*
22 29CitiMacquarie Group
-+1
1.7
8,310.6-
3,655.43.2
12
8
3,388.0
3.015
3.42120 2 7,835.8
3,253.02423
-3.1
7.3
9* 44,254.9 41.344,254.9
12.413,316.5
41.39*
7.8
20.121,536.5
8,310.6
21
614
9.0
7.89,147.8 8.5
--5
▲-Lakeside Capital Advisers LLC
5
0.60.8
0.1
+2
+1 China Construction Bank
Scotiabank
0.20.6
+1 Deutsche Bank 16
TD Securities Inc▲+1
9,673.7
Alantra Partners SA▲
+3▼
21
12
1
Dyalco
15
Morgan Stanley
1.3
Jan 1 – June 30
2.3▲10.6
▲8
22.30.9
19.3
22.3
-36.7
# of Deals
Goldman Sachs & Co▼23.5
Share Ch.Market
Sh (%)Market
24.5
Rank Value per Advisor (US$m)
BNP Paribas SA
57,677.1
▲1
34,029.5
Market
1.1
21.4 ▲
5.5 ▲ 11 1.2
Share Ch.3.9
Advisor
2 6.1
1.10.1
▲ 25
Fees
▲
# of Deals per Advisor
Any Benelux Involvement Completed (AF47)
1JP Morgan
Rank Value
▼Share Ch. Sh (%)
1.4US$m
53.8
Change in
1.2
41.4
8-8.0 9
-5-6.3
+1
▲+3
1.25
0.3
1.5
0.1
0.325
0.3
4.2
▲
0.1
▼
▲21
▼
▲
1.8
1
▼
+11+1
13
▼
▲▼
▲
81 +1
0.5
+1 3.20.11.2
1.5
0.415.1
▲+4 1.73.10.15.4 ▼▲+1
35.1
▼0.3
1.40.3 ▲
▼▲
913.0
2.3
1.1▲
1.1
-13
289-11▼
7378-10.0
100 0Industry Total 107 249 5 176 100 01 120 2
▼-1.4 ▼
▼
▲
7.8
▲9
▲-69.0
Barclays
Lazard2Rothschild & Co▲
7 -1▲
0
0.1
▼
0.3
▲▲▼
+3
0.229*
+2 ▲ Industrial & Comm Bank China
▲ 4 0.4 +3-▲
-44,254.9
+322
44,254.9
9*--
+2 9*
50.1
41.4
43.7
52.2
41.3
45.4
4 55,978.41
Financial Advisor2016 Rank
Rank Value per Advisor (US$m)2017 Rank
First Half 2017 | Mergers & Acquisitions | Financial Advisors
1.2
# ofMarket
42.9
-26.2▼
▲
9
▲▲
40.4 2
10
+7
3
41.9
41.3 ▲ 1
-42.6
▲
8.1-2.7
41.3
7.8
2.7
0.11
▼ 16.81,849.7
-5
3,348.0
-1
-21.5
▲
Industry % Change from Last Quarter ▼ ▼-30.7% -21.0%
Industry Total 114,084.8 895100.0
* tie
Industry % Change from Same Period Last Year ▲3.8% ▼ Industry % Change from Same Period Last Year-14.7%
-289 737
▼▼
100.0
-17.6%▲
Industry Total
-33.6%
107,249.5
225.4%Industry % Change from Last Quarter ▲▲
-176 100.0
9.0%▼
1,120.2
17.8%
Quarterly EMEA Cross Border Volume
-22.4%
Jan 1 – June 30 2017EMEA Inv. Announced M&A Target Sector by Value ($bil)
$115.1
$75.8
$73.8
$69.6$65.0
$52.9
$44.3
$42.1
$40.9
$36.8$18.1 $14.6
Industrials Healthcare Consumer Staples
Energy and Power Real Estate Consumer Products and Services
Financials Materials High Technology
Telecommunications Media and Entertainment
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Inbound (US$b) Outbound (US$b) Number of deals
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14
Credit Suisse 2,792.8 3 5.1 6630
964
Goldman Sachs & Co5,687.7 4,427.9
China Securities Co Ltd 10.4
41,067.7
10198.12
5,015.0
Rothschild & CoVeda Capital Ltd
Gram Capital
Jan 1 - June 30 2017
3
5.3
3
16.12
5
No. Deals
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
814
3
57.23
10.4
11.98.3
1
1
2
7
28.2
9
87,250.5
Announced M&A volume with Asian involvement for the first six months of 2017 decreased by 14.2% compared to thesame period in 2016, accruing US$432.8 billion in value from 6,204 deals. With a combined market share of 48%, RealEstate, Industrials and Financials were the most active industries so far this year. Real Estate took an 20% marketshare, while Industrials and Financials recorded 14.1% and 14% shares, respectively.
The top announced Asian-involvement deal for the first half of 2017 was the sale of European warehouse firm Logicorto China Investment Corporation for $13.7 billion.
According to estimates, M&A advisory fees from completed transactions totaled US$2.9 billion during the first sixmonths of 2017, a 61.5% increase from the levels recorded during the same period in 2016. JP Morgan earned thelargest wallet share in the period (3.5%) with US$101.1 million in fees, followed by Morgan Stanley and Citi, withUS$100.7 million and US$75.3 million, respectively.
China outbound activity in the first half of 2017 posted US$64.3 billion from 450 deals, a 0.7% increase in number oftransactions, but a decrease of 49.2% in value compared to the same period last year. Australia's outbound activity wasat US$7.9 billion from 161 deals, a decrease of 6.8% in volume and a 1.9% increase in deal count from the sameperiod in 2016.
4,985.9
953
Asia Pacific (ex-Japan) Deals Intelligence
High Technology
16,459.8
54,853.6
8.4
472 1
3,212.5
4Wells Fargo & CoCiti
Real Estate
IndustrialsGoldman Sachs & Co
Rank Val US$m86,539.1
Rank
19.02
Share
17.5
61,088.9 13,960.4 15,146.9
3
5
1China Renaissance Partners
Credit Suisse
Duff & Phelps
6,331.4
Mkt.
Morgan Stanley
China International Capital Co4,396.7 2Goldman Sachs & Co
60,474.5
Materials
Financials
113.8
3 3
17.7
3,440.2 5,649.1
Asian M&A Down 14% I Real Estate Top Industry I China Outbound Down 49%
7,189.0
First Half 2017 | Mergers & Acquisitions | Financial Advisors
Asia Pacific (ex-Japan) M&A
Target (% Sought/Acquired)
Telecommunications / WirelessLogicor Ltd (100%)
Financials / Credit InstitutionsMuse Holdings-B Inc 4,576.5China / China
Real Estate / Other Real EstateHigh Technology / IT Consulting & Services
Financials / Banks
11,627.3Guangzhou Wanxi RE Co Ltd
5,358.8Japan / China
4,985.9China / China4/28/2017 Pending5/2/2017 China Everbright Bank Co Ltd (12.3%) Investor Group
13,742.4
Jan 1 - June 30 2017
Real Estate / Other Real Estate
Real Estate / Other Real EstateChina / China1/24/20171/12/2017 China Vanke Co Ltd (15.31%)4/28/2017
6/2/2017
China Cross Border Announced M&A
PendingBelle Intl Hldgs Ltd (85.3%)
Pending
Asian Completed M&A by Region - Imputed Fees
5,500.0China / China 8,104.8
High Technology / SoftwareGuangdong Intl Tr Invest-Asts (100%)
China / China 4,499.1
JD Finance (68.6%)
6/29/2017 6/29/2017
Shenzhen Metro Group Co LtdInvestor Group
Investor Group
3/2/2017 Pending
Xiaoju Kuaizhi Inc (%)5/26/2017
China Investment CorpIdea Cellular Ltd-Mobile Bus (100%) India / IndiaPending
Rank Date Acquiror / Target NationAcquiror
3/20/2017 Vodafone Grp PLC-Vodafone Asts
Date Effective Target Macro / Mid IndustryTop Ten Any Asia (ex-Japan) Involvement Announced Deals
Rank Value (US$m)China / United Kingdom Real Estate / Non Residential
Consumer Staples / Textiles & Apparel
6/9/2017Jiangsu Shagang Co Ltd
China / China 4,294.86/15/2017 Suzhou Qingfeng Invest Mgmt Co (100%) 4,458.2
PendingPending China / China
China Vanke Co Ltd (14.1%) Shenzhen Metro Group Co Ltd
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
% O
utbo
und
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
$0.8
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Impu
ted
Fees
(US
$b)
North Asia South Asia Southeast Asia Australasia
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15
Kotak Mahindra Bank Ltd China Construction Bank
Credit Suisse 7
37
Wells Fargo & Co 8China International Capital Co 9
Citi 5 17▼
▲45,904.312.915,146.9
14,187.715
12.7
53,005.4
3
-416
# of Deals per Advisor
9HSBC Holdings PLC
+4135
2.7
28
5,652.0Industry Total
6,851.6
0.20.3
Sh (%)Market
-1.7
Asia (ex-Japan) Rankings
China Securities Co Ltd
Jan 1 - June 30
16
▲
6.1-2.9
2017 Rank
0.5
0.2
First Half 2017 | Mergers & Acquisitions | Financial Advisors
▼
15.1
0.4
0.1
Any Asia (ex-Japan) Involvement Announced (AD25)
25China CITIC Bank Corp Ltd 1.3
Nomura 22 60 5,798.2
4
Lazard 233.02.9-13.6
291100 0▲10,656.4 ▲0.1 0.12.8
100 0
3.0+45
0.0116Great Wall Securities Co Ltd
24▲2.8
▲0.1
+10.1▲ 1 +1▲
▲0.51.3 Banca IMI (Intesa Sanpaolo)▲
10,930.9 3.0▲1.3
022
0.8Duff & Phelps 24 59 5,721.25,784.8 0.6▲ 37.01.3 10,777.2-1.3 ▼ 2.215 Evercore Partners
▲ 0.34
1.3-3
▲ 2.80.243
11 ▲+7 ▲ 18.0 0.69 0.4
▼75.31.8 -▲ 19 0.6 -2 0.0
2.63.4
18+15 -1.012,446.1GF Securities
▲ 1▼ 0.5
0.0 ▲▼-7
Haitong Securities Co Ltd 7,268.7 ▲1.7 0.419 300.32.4
0.2+17,402.1 Lazard1.7 -11.7 3.913,974.1 0.1
Arpwood Capital -+9 3.619 ▲5.4 0.2▼0.50.2 14
3.6▲-17
China Renaissance Partners 1769.2+218JP Morgan
7,436.0 1.7 -1.27
0.4-6▲▲ 16
17 -514,179.0▼ 18
▼▲5.53.9 1.1
1.5▼ 37.0 1.21.314
42.7-30.3 4
110.3 0.4▼
0.3▲▼17 -40.2 Bank of America Merrill Lynch 19,766.0
21.4+30.1 0.7 ▲4 ▲23.9-9
1.5 ▼12
▼▼0.8
10
0.2
▼2.2Credit Suisse 14 6 9,764.8
14CITIC 15
.912.20.0
▼44,254.91
-2▲ 7.1
▲ 38 0.6 1 0.00.0 +1 ▲ Dyalco2.7
1.52.7153 11,627.3Axis Capital Holdings Ltd
▲Alantra Partners SA 12.2 ▲19311*
14 65 23,691.2 6.50.013 ▼
- 44,254.9 12.2 12.211*1238
+10.2 ▲7.1
-0.1 ▼
+1▲+1 ▲
▲0.5▲ 13.10.2
0.2▲Robey Warshaw LLP 11 12.2-- 12.211*+2 44,254.9Lakeside Capital Advisers LLC
10 196 13,062.6 3.0 3.00.02
413,000.4 ▲ 0.0
0.1 ▲ 0.2883 44,671.7▲1
12.3 12.1
46,732.1▼20 96-11 China CITIC Bank Corp Ltd0.3
9.5 ▲ 24-1 ▼ 0.70.7 +10 ▲ 23.09 17.312.6 0.60.3 ▲0.5
▼+7 ▲
0.8▼+3 ▲ - 2.3-
70.3▼▲5.1
9.1 ▲23 0.7
0.826-6
14.6▼▲2.8 74.6
▼1.1 -322.6 4.3
5 60,505.5 2.4 2.7▼
16.7Goldman Sachs & Co 1
258,022.06 16.0
-326 0.85 64,548.232,689.0 7.6 0.2▼ ▼▲68.4 ▲
152.6
-5.8 43
13
▼10.6 2.4▼ 17.8▼▼
1.234.31.9
▼1.60.4 -12 ▼ 101.1 3.5-819.0
71,711.20.4 2.21568,604.0 12.3
▲63.5▲
2JP Morgan 19.8 13.622.8
7
MarketChange in Advisor
▼3.4 3.0100.7
MarketMarket Market# of Deals FeesDeals Sh (%)
# ofShare Ch. Share Ch.Sh (%)Financial Advisor
0.7▲3US$m
Morgan Stanley 25 ▼-782,683.31
2016 Rank
-10.4Sh (%)
Market
11.711.0Morgan Stanley2
MarketFinancial Advisor
1 1 47,627.9US$m
80.0
0.32116
Rank Value per Advisor (US$m)Market
Share Ch.
Goldman Sachs & Co
▲
31-9.1
Rothschild & Co▼
15
0.4
0.1
▼
-11.9
10
▼
Rank Value
0.6
4
-2
8▲2
CITICVTB Capital▼-8
-5
47,537.7 -111.0
5.1
▲
Imputed Fees (US$m)
Sh (%)▼
Rank Value per Advisor (US$m)
0.3-0.4
▲
# of Deals
-11UBSBank of America Merrill Lynch 3 16 36,405.9
▼
3.56
15,285.4 3.5
▼
2016 Rank
Rank Value
▼
-50.5
Change in # ofDeals
0.2
35
▲
82222,026.5
19,733.6 4.6
3.4
Gram Capital -92.4▼
Rothschild & Co7PJT Partners Inc -
3.5
Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - June 30
# of Deals per Advisor
25
UBS 4
2
2017 Rank
▲
Citi21 2021
+3 Macquarie Group22 +8 ▲
0.3Somerley 0.4Veda Capital Ltd 20 168
-7China International Capital CoIndustrial & Comm Bank China▼
-0.2
16
▲-13.73.3 ▼
1.6
8
3.0 ▲
0.3▼
190.424
▼
432 785 2
▼
▲
0.425
▼
14
9,376.2 -4.8
1.6
0.9
▲
7,945.9 ▲1.8
10,157.22.3
20
21 37 6,122.8 1.4 0.5
+23.0
2
15
2223
▼
▼ 25
▲24
3.0
19,932.6
1212,296.3
-8-
0.13.7▼
4 110 100 0362 041 3
10,776.6
12,907.3
5.5
17
3.4
77
6 204 3 342 2 929 2Industry Total
Deloitte Robey Warshaw LLP
Rank Value per Advisor (US$m)
Industry % Change from Last Quarter▲
Industry Total
49,947.1
6,352.5
US$m
▼
Gresham PartnersPlatinum Securities
▲
▲
1
-14.2%
-18 11.04.5-3 20.40.7
# of Deals
+1 40.3
▲▲
13.6
▼
27.4
12 2.9
10.4
Share Ch.
▲
13.6
12.3
▲
0.4
▲
Citi
27.1
-0.121*
▲
20.3
24
-
8 2.3
3.5-2
Industry % Change from Last Quarter
151.6
719
166.8221.8425.021425.0
Industry % Change from Same Period Last Year
21* 1.2▲
- 445.0 1.2
0.1
7.4
15,355.2
Market
-10.0
# of Deals per Advisor
▲▼
-291
6.9%
100.0
Financial Advisor
25.4%
Sh (%) Share Ch.Market
Rank Value per Advisor (US$m)
Any Australian Involvement Announced (AD24)
Industry % Change from Same Period Last Year
6
RBC Capital Markets5
US$m
UBS 2
2016 Rank
Macquarie Group 1 1
Rank Value
31.4
Change in 2017 Rank Deals
▼ 18 2.03
2
1334*
4.2
-6.49,083.8
7,472.27,622.3
2,690.0
12▲
0.6
▲
+1 ▲
172,142.8 4.4
▲+8
5.3
3
2.5
5.5▲
1▲
9
-305
0.1 ▼
Deutsche Bank
5.0
2.510.5
17.5
RBC Capital Markets-
# of Deals per Advisor
0.51
25.7
Sh (%)49.7
Sh (%)
0.5
▲ 3 +1
4
4
0.7
47.8▼1.4
▲
▲
-11.4%
3
▼Fees# of Deals
-153.420
# of
7.8
▲67.1Share Ch.
Advisor Market
27.0Financial Advisor Deals
Market2017 Rank
Change in Sh (%)MarketRank Value Market
▼Industry % Change from Last Quarter
▼ ▼3.0▼6.9
▲
Imputed Fees (US$m)
Jan 1 - June 30
7.6%
100.0
Market
▲61.5%▼
Any Australian Involvement Completed (AF31)
▲
2016 Rank
-18.7%Industry % Change from Same Period Last Year 3.3%
0.7
0.6
-1.7
0.624*
Industry % Change from Same Period Last Year
▲338.6
0.11888
+1
19.9%Industry % Change from Last Quarter
Industry Total 48,968.9
14
17
0.7
Citi
Kidder Williams Ltd
Nomura
Allier CapitalRobey Warshaw LLP
China CITIC Bank Corp Ltd
Barclays
Centerview Partners LLCPeter J. Solomon Co Ltd
13
24*CITIC
▲
Evercore Partners
14
303.0-
129.3%
303.0Moelis & Co
Sh (%)
Jan 1 - June 30
11
15 1.7
-4.5%
▼
Market
432,785.2
Goldman Sachs & Co
-15.7
15.6
5,797.5
77
JP Morgan
4
Credit Suisse 5
36
Bank of America Merrill Lynch
3,687.0
4,948.2
10
3,816.1
22
10
Rothschild & Co 11
89
34*Lazard
Morgan Stanley8
7.5
▼▲
29.1
0.5
▼
7.8
-23.7
▼
11.8
▲▲
0.5
18.614,252.4
10.1
15.4
4.0-15.4
15.3
0.5
+5
+1
16.1
1.9
4
1.04
0.817
7 ▼▲
-1
6
Macquarie Group
Deutsche Bank
Morgan Stanley
+4
0.7
# of
▲
+3
▼
-40.2
▼
-4,110 100.0
▲
▲
▲
1.7
1.9
1.2
1.60.9
▲
1.9
4.2
▼
▲
2.3▼
▲▲
1.0
0.3
0.5
1.0
▼
▼
▲
0.4
▼
2.57.1
0.7
7.7 1.71.9
▲
1.6
2.5
13.18.8
8.60.5
9.1
▲+2 2.9
2.0
4
+1
+67
10
30.2
1.71.2
1
3.1
-2
8 -7
0.7
4.7
22.7+2
-4
▲
3.0
+1
0.2+10.2
11.5
1.6
+1
1.0
0
1.5
0.5 -3
▼
▲
-
▲
0
0.6 10.8
▲▼
▼ Allier Capital▲
8.4%
Houlihan Lokey
23
100.0
▲ 4
9-34.2
804.0
1.4
▲
12.5
3.418
2.22.2
▲▲
1,230.01,284.5
▲31
12.5
36
4,664.94,929.0
-6.0
4.0
-
4.4
4,545.7
53
Bank of America Merrill Lynch 7*16
UBSBarclays 7*
6
4 -9
4,929.0
29
9,326.79,815.0
3
16.8%
362,041.3
14,606.426.627.1
1 24,314.82
+1 ▲ 11.3
6,204
25.6
▲ 512.9
3.2
7.3
910
2,658.4
Jefferies LLC
Ernst & Young LLP
2.217*
1,583.8
1,170.6
▲
16 833.5804.017* -
-5.71.2
▲▲
488.5
1.2 11▼-
2.2-Highbury Partnership Pty Ltd
4 -27.9▲ 15+3
▲▲
0.1 Sumitomo Mitsui Finl Grp Inc
▼1,613.6 ▼▲
2.0Credit Suisse4
5
▲
20*
2.83.11815
16 291,511.01,380.3
1
0.1
0.5
+2-
956.7600.0445.0
345.6
▲53
-
0.3
▼
▼18
0.9-
0.7
0.9
2.02.01.2
351.8 0.7
1.2
0.1▲
22
1119
-
▼▲
-
Peter J. Solomon Co Ltd2120
-0.5 0.10.1
Evercore Partners0.1▲ ING
23▲-
+1 20
1
3
-4
01
0.6
0
+1
▼
0.11
6
▲▲
▼3.4
Moelis & Co14
▲ 0.2 ▲+11▲ 0.2
2.5
0.6▲
▼
▲0.4 ▼
▲
0.70.9
0.62.50.4
0.40.2
0.70.70.4
▲1.20.4
▲
0.2
0.5
0
40.60.5
7.21.2
36,254.8
11.4
0.6▲
0.0
▲1.4 -
0.9
1
1
17
1 1.6▲
4.1
-1 ▼
1.1 ▼
▲+2
+45100.0
93.3%
0.4 ▲
▲-10.1%
0.2
▲
583
▼
100.0
-23.9%
+3
0.2
1
2.0
5
0.7 ▲▼
+1
454.0
1.70.9
-
▲
2.8
3,342 2,929.2
23.1%
+4▲
3.0
0.7+1
Industry Total
1,675.0 ▲
▲0.4-4.0
0.2
▲
2 1213
▲4.03.4 ▲
▼9.6-6
13.50.5
1.9 Goldman Sachs & Co0.2
997.0 2.0
+116
Dongxing Securities
1,948.4 2.52.5
▲
3.3
+3
25+1
+1
+117
Rothschild & Co
4
▲24Baillieu Holst Ltd▲
15.0% ▲12.4%
Industry Total
-35
▲-5.6% ▼
0.6
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16
Goldman Sachs & Co
1*
Any New Zealand Inv Announced (AD39)
Financial Advisor Deals▲
# ofMarket
116.522.9
▲4
2016 Rank
- 22.90
2.9
1
9.22.3
▲
3UBS5
14.16.6
6131.9284.0
100.0
26.2
Industry % Change from Last Quarter -42.0%
# of
469.7
▲6.6
Rank Value per Advisor (US$m)
Industry % Change from Same Period Last Year
Industry % Change from Same Period Last Year
13.7245.7
-54 3% ▼
1,795.5
251.0251.3
US$m
-
▼
-
Cameron Partners Ltd ▲3
Morgan Stanley
469.7
2017 Rank
4
RBC Capital Markets
Asia (ex-Japan) Buyside Financial Sponsor Activity
2017 Rank
Nomura
Industry Total
-
1*Rothschild & CoFinancial Advisor
3
1*
Deutsche Bank
Macquarie Group
3
1 1.0
105
Change in Market
-5
Any New Zealand Involvement Completed (AF46)
Market2016 Rank Deals
# of Deals per Advisor
▼
▼
# of Deals
▲
Sh (%)Market
Share Ch.-
▲
0.0
Jan 1 - June 30
RBC Capital Markets
Industry Total
4.6 1.5
Sh (%)Sh (%) Share Ch.
1
MarketAdvisor
3.2
Market
1*
Jan 1 - June 30
Rank Value per Advisor (US$m) # of Deals per Advisor
First Half 2017 | Mergers & Acquisitions | Financial Advisors
▲14.0
+2
1.5
461.3
+217.0342.4 4.8
▼
5.55.5
▲
5.4
100.0
0.4
68
26.2
1.5 5.52.9
6*
2.3Sh (%)
-▼ 3.2
7.4
43.1
+1
14.0
Share Ch.
100.0
2
▲
22.9
▲14.0
-17 1%
Imputed Fees (US$m)
Asia (ex-Japan) Rankings
Change in
▲
▲
+2-
2
1.0
▼
-14
-33 9%
2.4
2.9
▼
Market
Rank Value
Rank Value
2,012.0
2
▲
▲5.5
+1Sh (%)US$m
-43.8%
1
▲+1▲13.75 1
7.4
2.4
1.8
461.3
▲
-2
▼
22.9
18.8%-4.5%
5
# of Deals
2 0 2.3
1
Market
-3
5.9 ▲▲
Fees
$9.6$1.0 $6.1 $8.9 $6.2 $12.8 $13.8 $19.9 $20.6$3.9
$6.6$13.3
$8.2
$17.2
$41.5 $28.0$17.4
$3.9$3.3
$8.1
$9.3
$6.5
$31.9
$40.6
$16.8
$2.3$5.7
$7.2
$10.3
$14.2
$38.1
$15.78.6%
12.0%
8.4%8.2%
15.3%
7.3%
11.1%
18.6%
21.5%
12.4%
0%
5%
10%
15%
20%
25%
$0
$20
$40
$60
$80
$100
$120
$140
$160
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of WW FS Volume YTD
Industry % Change from Same Period Last Year▼
-54.3% ▼-18.2%
▼▼0.0% ▲ -10.6%
-17.1%
* tie
▼ -33.9%Industry % Change from Last Quarter
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil) Australian Cross Border Announced M&A
20%
14%
14%13%
9%
8%
4%
4%4%
4%3%
Real Estate Industrials Financials High Technology
Materials Energy and Power Consumer Staples Telecommunications
Consumer Products and Services Healthcare Media and Entertainment Retail
Government and Agencies
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
Out
boun
d
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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17
Goldman Sachs & Co
* tie
JP Morgan 3,019.4 3* 41.2 1
PricewaterhouseCoopers 550.0 3* 8.0 2
Mitsubishi UFJ Morgan StanleyMizuho Financial Group 23,144.1 42.9
7,326.8
Evercore Partners 41.2 1
8.2Citi
3,019.4 3*
2*88
1
2 2
4 65.1
8,320.6 Healthcare
5,484.3 6,542.0
2*
4,769.5
4.7
307
8
12
78.6
3
275 16
6
7
3 81
Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - June 30 2017Mkt.
Nomura
6 8.3
Japan Deals Intelligence
1,688.3 1,712.2
10,041.5 1
Lazard
IndustrialsSumitomo Mitsui Finl Grp Inc
Japanese M&A activity totaled US$62.8 billion during the first half of 2017, a 13.1% decrease from comparable 2016levels and the slowest first half volume since 2013’s US$58.4 billion in value. 13 Japanese involvement deals overUS$1 billion were announced during the first six months of 2017, totaling US$36.1billion in aggregate and down 22.6%compared to the first half of 2016. Overall, 1,605 deals were announced during the first half of 2017, an 9.5% decreasein deal count compared to last year.
Deal making in the Industrials sector led the Japanese market, with deal volume totaling US$10 billion, accounting for a16% market share. Technology and Healthcare followed closely, with US$9 billion and US$8.3 billion respectively;representing a combined 27.6% market share.
Japan-targeted buyside financial sponsor activity reached US$6.2 billion, a 218.5% increase from comparable 2016levels and the highest first half volume since 2012. HK Holdings’s US$1.3 billion acquisition of Hitachi Koki was thelargest financial sponsor involvement deal during the first six months of 2017.
Outbound activity totaled US$33.8 billion during the first half of 2017, a 90.7% increase over activity in the first half of2016. The United States was the most targeted nation by Japanese firms, with 56.3% of total outbound activity worthUS$19 billion in aggregate value. The US$5.5 billion investment in Xiauju Kuaizhi by an investor group includingSoftbank was the largest Chinese targeted deal by a Japanese buyer on record.
Estimated M&A advisory fees from any Japanese involvement completed transactions totaled US$1.4 billion during thefirst half of 2017 a 70 8% increase from comparable period in 2016
16.817.1
No. DealsRank
2,384.5 23
Share
NomuraHigh Technology
Evercore Partners
Sumitomo Mitsui Finl Grp Inc
11.6
65.965.9
Real EstateDaiwa Securities Group Inc
744.6 3
JP Morgan
Financials
First Half 2017 | Mergers & Acquisitions | Financial Advisors
Japan M&AJapanese M&A Down 13% | Industrials Lead Activity | Japanese Outbound Up 91%
426.9
1,048.6 1
23.8
Rank Val US$m
Daiwa Securities Group Inc 2
1
5,484.3
9,027.3
Sumitomo Mitsui Finl Grp Inc
6,861.7
563.1 28.0 1
95 747.4 1 10.9 2
7 550.0 3*
Sunoco LP-Convenience Stores (100%) Energy and Power / Oil & Gas
High Technology / Software
Any Japanese Involvement by Market
Fortress Investment Group LLC (100%)USJ Co Ltd (49%)
Xiaoju Kuaizhi Inc (%) 5,500.0Investor Group
7-Eleven Inc
2,262.1SoftBank Group Corp
Japan / ChinaUnited States / United States
Financials / Asset Management
Jan 1 - June 30 2017
Intelsat SA (%)NBCUniversal Media LLCSoftBank Group Corp
3,305.6United States / United States
Rank Value (US$m)
Bavaria SA
Hitachi Koki Co Ltd (100%) 1,334.8
Japan / United States
1,280.8Sweden / Netherlands
Brazil / Brazil
1,730.0United States / Japan
United States / Japan
Toyota Industries Europe AB
Telecommunications / Space and SatellitesIndustrials / Automobiles & Components
Japan / Luxembourg
HK Holdings Co Ltd Japan / JapanIndustrials / Transportation & Infrastructure
1,573.3
1,301.0Financials / Other Financials
Vanderlande Inds Hldg BV (100%)Completed
Pending
3/23/2017Industrials / Machinery
Media and Entertainment / Recreation & Leisure
Acquiror / Target Nation
Healthcare / Biotechnology
6/26/20172/28/2017 Pending
PendingCompleted
2/13/2017
1/13/2017
Date EffectiveTop Ten Japanese Involvement Announced Deals
ARIAD Pharmaceuticals Inc (100%) Kiku Merger Co IncCompleted
1/9/2017
first half of 2017, a 70.8% increase from comparable period in 2016.
Takata Corp (100%) Key Safety Systems Inc
Any Japanese Involvement Announced M&A
AcquirorTarget (% Sought/Acquired)Rank Date Target Macro / Mid Industry
3,019.42/28/2017
Completed
PendingPending
2/14/2017
4/28/2017
Completed
4/6/2017
Brasil Kirin Holding SA (100%)
5,310.3
$34.0 $23.5 $35.2 $38.4 $37.0 $25.6$42.4 $51.0 $41.9 $32.4
$37.1
$21.6$19.2
$45.9 $41.2$32.8
$32.2$33.0
$30.4$30.4
$47.5
$42.4$50.3
$50.5$42.4
$32.6$24.0
$46.7 $69.6
$28.7
$38.8$30.3
$50.4$59.3
$35.2 $26.6
$65.2 $50.6
0
500
1,000
1,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b)Q1 Volume (US$b) # of Deals Q2
100
200
300
400
500
600
700
.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Domestic Value Inbound Value Outbound Value Outbound # Inbound # Domestic #
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18
Imputed Fees (US$m)
Financial Advisor
Daiwa Securities Group Inc
First Half 2017 | Mergers & Acquisitions | Financial Advisors
2017 Rank
Jan 1 - June 30
# of Deals# of 2017
Rank
Any Japanese Involvement Announced (AD19)
Rank Value per Advisor (US$m)Market
-15.3 46
20.8+3
Deals2016 RankSh (%)
Change in Rank Value per Advisor (US$m)
Sh (%)
# of Deals per Advisor
13.510,474.5
817.37
▼▲18.5
330
Market2016 Rank
▲
13,077.011,649.4
US$m
8,503.7
Rank ValueSh (%)
-▲
▲
16.7
5
5.112.6
11.5
8.7
2
38*
13
Mizuho Financial Group
Evercore Partners
Mitsubishi UFJ Morgan Stanley 6 1
PricewaterhouseCoopers
7
15
2.9
14
104
4.1
5.4
17
15
87,243.7
23
7,927.47,250.0
12
1,823.316
3
Bank of America Merrill Lynch
14KPMGCitiCredit Suisse
Jefferies LLC
3,374.3
1.1Guggenheim Securities LLC ▲Plutus Consulting Co Ltd
6.0-4.6
Daiwa Securities Group Inc38.3 ▼ -3
40
Financial Advisor Share Ch.
# of Deals per Advisor
Japan Rankings
Share Ch.Market MarketAdvisor
Sh (%)MarketMarketMarket
Fees# of Deals# of
Share Ch.US$mRank Value
DealsMarket Change in
Sh (%)
9 19,225.9 20.729,104.2
60.6▼
5.6-23.5 ▼31.40 -
-15 ▼▲
2.9
12
0.4
76▲▼ 7.0
19▼-24▲
-91.7
+10
▼
-
-11
0
12.9
37.0
0
▲
▲
4.7
45.3
6.1
-
4.5
-15.7
7.5
47.1
47.5
1467.0
▼
-
▲
29.2
64.1
▲ ▲
5.0
2.1
3.2
3.3
0.4
3.3
▼
▲
▼
0.6
2.9
+8
-3▲
▼
▼
0.2
▼
0.1
1.3
1.4
0.1
+5
41.8
87.1
▲
2.9
2.0+13
1.3 0.2
▲
17
▼5
▼▲
1.60.5
18
1,161.9
0.328▼
2
0.4
0.923
▲1.1
24- ▲ 1
▼
13.6▲
+1
18 9 3
6.0
13.00.1 ▲
01.11.1
0.67
▲3.1▼▲
1 3
0.2 +2
112.5
▼
19 -
0 7
▲
17
14
▲0.5
95.3 6.7
▲▲4.3
1.1
96.5 6.8 0.50.9
3.1
2.2
▲
1.1
▲1.7
▼▲
▲
106.9
43.8
▼0.8
16.1 1.1
▲
0.9
1.0
▲▲
▲▲
1.80.4
-
0.4
▼
▲
2.7
0 5
2.6
1.0
1.0
1.0
11.5 10.9 ▲▲
- 13
--15.2
6.1
12.514.14
▼
-3Nomura
0.2
▲10
10,618.211,584.2
301.4 Deutsche Bank-612-5
2,932.12,544.3
4.7
11.16,998.5
22
3,782.75,233.6
11
8
2,092.6
50.0 ▲ 9
12.6
3.3
▼11.5
-2.6
Lazard
22-0.7
5.53,440.8 4.411
▲
▼
4
45
17,333.89
Mizuho Financial GroupSumitomo Mitsui Finl Grp Inc
0.523
14,815.4 16.0
UBS
9
3
5
26
Sumitomo Mitsui Finl Grp Inc
2
▼
19
Mitsubishi UFJ Morgan Stanley61
JP Morgan
Nomura
8
▼7
4
1
-8.3 0.7+16
Goldman Sachs & Co18,686.4
2
8
12.0
+120.2
0
1
7-9.8
514,315.1
▲18.7
8.810▼0.2
85- -
Bank of America Merrill Lynch▲Lazard▲Goldman Sachs & Co
+235.3
▼▼
145.1 -1982
613,927.5
6
0.9
0.237
-15.38 ▼
9
1.415.0 -18-8.0 3.4▼
156 15.4
▼0.7
8.0
10.310
▲
39 3.60.6
-1.8 -414.613,492.4
▼
8
1.2
13,066.8
9,567.20.9
0.6 ▲4
10.39.3
0.4+50 12
+11.3
▲0.21.4
1314
+77.1
3
415
-0.41,523.0
▲
-21.26,604.3
14
0.1 ▲
13.82.7 0.1 +1
3.017-3.6
-2
1,730.01,311.0
2.818* - 1,730.0 2.8
2.8Deutsche Bank 20 13PJT Partners Inc 18* - 0.1
2.11
-0.4+1▲ Centerview Partners LLC
▼ 1.32.8
▲▼ 0.2 -4
1.1 ▲1,127.519 ▼
GCA CorpBMO Capital Markets
211.7
▲Houlihan LokeyQatalyst Partners 1.2
-3.318
Torreya Partners LLC 22* 55 1,050.0 1.7▲1.7
1.722* -
▼0 0Deloitte 25 28 0 980
883 2▲ 20KPMG1 4 0 71 04 25 ▼
24 1,127.6 1.8 ▼Torreya Partners LLC▲1,050.0 +1
0.7 -1
1,403.1
1.1
1 0.1 +1 1.5
Moelis & Co15 29
▼
Any Japanese Involvement Completed (AF23)
▲
152.8
10 1,768.30.9
▲
1.5 3.3
-1.2
41
+2▼
241,050.01 0.1
▲ -1 1,008.60
46▲
0.38,587.2
-
Credit Suisse▼
0.1Evercore Partners-18 11Rothschild & Co
▲1.21,080.0
3
0.6-
22
914.0 ▼1.5
▲-
21
▲
1 0.1BMO Capital Markets
1.3
Sumitomo Mitsui Trust Holdings
16
-
1,200.0
1.6
1.1
PricewaterhouseCoopers1.61,450.0
▲ 2
568 391.4Ernst & Young LLP
23
13.50.4
+2 ▲
0.1
1.0+1 0.7+11.2
18.12120
25.51.31.8▲
Plutus Consulting Co Ltd
▼
170
-142
Jan 1 - June 30
3,579.1
JP MorganCiti
3.9
Barclays
2.9 ▲
Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▼▼-10.1%
▼-18 9.3
70.8%
Industry Total
Japanese Target Completed M&A Fees
Vi it htt //d i th t t i hi d d t L T bl
-12.3%
1.3
-25.3%
0.7141,086
▼
▼
100.0
▲
-153
htt // th
1,426.10.5▼
100.0 1,60562,849.20.0
Industry Total -168Deloitte 25 28 0.9
* tie
-6.2%-13.1%
▼
883.2▲ 20
10.8%▼
▲▼ -9.5%-10.3%
▼▼-6.5%
KPMG1.4 -0.71.0-4 25100.0
▼92,748.3
Japanese Involvement Announced M&A Target Industry by Value
568.3 23
16.0%
14.4%
13.2%
11.7%10.9%
8.8%
Industrials High Technology Healthcare
Financials Real Estate Energy and Power
Telecommunications Media and Entertainment Materials
Retail Consumer Products and Services Consumer Staples
$217.7
$99.5
$241.4 $217.1$170.2
$220.2 $227.8$146.4 $141.7
$240.0
$179.7
$148.8
$249.7
$130.5 $206.6 $120.0 $84.6
$146.9
$258.7
$289.7
$159.8
$144.3
$148.2
$112.8
$225.3
$188.7$153.5
$93.3
$165.2
176.7
246.9
181.5
166.3
247.7
209.4
157.3
216.8
183.2
0
100
200
300
400
500
600
700
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Num
ber o
f Dea
ls
Impu
teed
Fee
s (U
S$m
il)
4Q 3Q 2Q 1Q # of Deals Q2
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19
▼ ▼▲ ▲
Jan 1 - June 30 Jan 1 - June 30
# of 2017 Rank
# of Deals per Advisor # of Deals per Advisor
Sh (%) Value US$mRank 2016
Rank2017 RankFinancial Advisor
23.8
# of Deals
KPMG11
▼
22.08,787.6
Sh (%) Share Ch.
Lazard ▲223.8 22.1 5*
Market Change inMarketSh (%)
1 10*
Market
Mirae Asset Daewoo Co Ltd 14
3.5▲1.4
0.8
-Guosen Securities Co Ltd 13 -
1.3 -12
▲
PricewaterhouseCoopers 9300.4▼
Rank Value per Advisor (US$m)
1
Financial Advisor
Mirae Asset Daewoo Co Ltd
Change in
5.7 ▼
▲
1 ▲
8Rank
2016 Rank
MarketUS$m
Rank Value per Advisor (US$m)
Goldman Sachs & Co 1
1
4 5Morgan Stanley 3 3 901.3
▲
Market MarketRank ValueSh (%) Share Ch.
-13.35.2
▼▲
-13
8,787.65* Evercore Partners 1* -▼0.4-3
2.2
0.41
13.5
37*
10*
▼5*
▲
Deals# of
3,206.2 8.3
5*
2 8*
1
874.9
0.41.8 -3.61
4▼1.5 -0.9 ▼
-2
0.10.1
3-1
0.423.8 23.8 ▲
0.30.6▲
10.4 ▲# of DealsDeals Rank
Credit Suisse 2 1 2,186.6 1* 143
-JP Morgan 1* 12* 8,787.6 ▲ 2 0▼2.3 ▼
-7.7 8*2.3 2-2 ▼Goldman Sachs & Co 4 7 2,766.9 7.5 5* 0.2
▼Daiwa Securities Group Inc 5 11 1,427.3 3.9 0.21.3 7*▲2.2 20.3-4.8
▲ 1▲1.5
10* 1Rothschild & Co 5* - 832.7
2.2Industrial & Comm Bank China 5* 832.7-2.2 -4 ▼Morgan Stanley 6* 5 1,280.3 10*-10.8 0.8▼
China CITIC Bank Corp Ltd 5* - 832.7 2.2 2.2 ▲Plutus Consulting Co Ltd 6* - 1,280.3 10*3.5 1.310* 0.1 1▲ 12* 0.810* 0.1
▼ 6▼ 4
The Raine Group LLC 8*1 ▲2.1 2.1 1 -Korea Development Bank 8 6 531.7 0Deutsche Bank 8* - 825.6 -5.1
- 825.6 1 ▲▲
02 796.1 2* 0.81 -12▲ 10* 0.1
-2.1 2.1 1.1 -16.33 407.5 ▼1 0.2
-19.6Samsung Securities 10 2Korea Development Bank 11 6 711.5PricewaterhouseCoopers 10
-6 ▼1 280.0 0.8 -23.6 1▼ 4▼
▼ 102.1 -13.0-1 ▼
1
2 ▲▼ 3 10* 0.2
-1 12 20Credit Suisse
0.2▲ 40.7 0.4239.6 2*Samsung Securities 13
10 586.3 10* 0.1Standard Chartered PLC 122* 0.5 186.5 10* 0.20.5 ▲ 1 ▲
1533.1 1.4 -7.7 ▼ 4 0.52 ▲
▼ 4 11▲10* 0.40.4 0.4 ▲-2 147.1Ernst & Young LLP 14 7 369.5 1.0 -3.8 2* 0.5
Daiwa Securities Group Inc 15 12 360.6 0.9 -1.3 10* 0.1▼ 1 1-2 ▼ 1 ▲Macquarie Group 15 - 51.0 0.1 -▲0.1 10*0.1 -14.2 ▼ 2Ernst & Young LLP 16 4 30.1 -6 ▼7* -Mizuho Financial Group 16 16 315.0 0 -0.8 -0.4 10* 0.1▼ 1
GF Securities 17 - 201.6 10* 0.1▲ 10.5 0.5 1 ▲Guosen Securities Co Ltd 18 - 186.5 0.5 0.5 1 ▲10* 0.1▲ 1
10* 0.1Bank of America Merrill Lynch 19 9 88.1 0 -0.2 -2.7 ▼ 1▲ 1 0 -0.1 0.1Macquarie Group 20 26* 51.0 10* 0.1
0.1 -0.4 ▼ 4 2 ▲2* 0.5KPMG 21 20 35.710* 0.1Haywood Securities Ltd. 22* - 17.8 0.1 0.1 ▲ 1
1 ▲1 ▲
10* 0.1▲ 1PI Financial Corp 22* - 17.80.0 0.00.1 0.1
Sumitomo Mitsui Finl Grp Inc 24 - 2.0 1 ▲- 1 10* 0.1
-3.3%
798
▲
38,631.4
23 5% ▼I d t % Ch f L t Q t 61 7% ▲Industry % Change from Same Period Last Year 23.2%
Industry Total
▲
478Industry Total
42.0%Industry % Change from Same Period Last Year
First Half 2017 I Mergers & Acquisitions I Financial Advisors
36,976.7 100.0
Any South Korea Involvement Announced (AD51)
100.0
South Korea M&A
-20.5%7 8%I d t % Ch f L t Q t17 4%
Any South Korea Involvement Completed (AF58)
▲ ▲
* tie
Vi it htt //d i th t t i hi d d t L T bl
-23.5% ▼Industry % Change from Last Quarter 61.7% ▲
Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry
htt // th
7.8%Industry % Change from Last Quarter17.4%
Hyundai-Robot & Invest Bus Shareholders South Korea/South Korea 4,207.4
Top Ten Any South Korea Involvement Announced Deals Jan 1 - June 30Rank Date Date Effective Target
Machinery2/24/2017 3/24/2017 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3 Chemicals and Allied Products4/1/2017 4/1/2017
1,126.7 Transportation Equipment6/13/2017 Intended Hyundai Heavy Inds Co Ltd Hyundai Robotics Co Ltd South Korea/South Korea 1,297.3
KB Insurance Co Ltd KB Financial Group Inc South Korea/South Korea 1,059.5
Transportation Equipment6/28/2017 6/28/2017 Daewoo Shipbuilding & Marine KEXIM South Korea/South Korea
Insurance4/1/2017 4/1/2017 Hyundai Heavy Inds-Electn Bus Shareholders South Korea/South Korea 930.8 Electronic and Electrical Equipment4/17/2017 5/19/2017
3/14/2017 Pending Kumho Tire Co Inc Qingdao Xingwei Intl Invest China/South Korea 832.74/17/2017 Pending Double Down Interactive LLC DoubleUGames Co Ltd South Korea/United States 825.6
4/1/2017 Hyundai-Constr Equip Bus Shareholders South Korea/South Korea 770.7
Rubber and Miscellaneous Plastic ProductsPrepackaged Software
Target Industry
Machinery2/1/2017 Pending Hyundai Card Co Ltd Investor Group South Korea/South Korea 586.3 Credit Institutions4/1/2017
Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m)
Chemicals and Allied Products4/17/2017 Pending Double Down Interactive LLC DoubleUGames Co Ltd South Korea/United States 825.6 Prepackaged Software2/24/2017 3/24/2017
2/1/2017 Pending Hyundai Card Co Ltd Investor Group South Korea/South Korea 586.35/1/2017 6/19/2017 E Land Ltd Investor Group South Korea/South Korea 528.0
5/18/2017 Kyungnam Energy Co Ltd Prostar Capital Ltd United States/South Korea 445.5
Credit InstitutionsTextile and Apparel Products
Miscellaneous Retail Trade
Electric, Gas, and Water Distribution4/17/2017 Pending Dongyang HC Co Ltd Leguh Issuer Designated United States/South Korea 416.5 Wholesale Trade-Durable Goods5/18/2017
3/24/2017 Pending Tasaki & Co Ltd Stardust Japan/Japan 360.6
Transportation Equipment4/17/2017 Pending Hugel Inc Leguh Issuer Designated United States/South Korea 312.5
232.7Pending Hyundai Samho Heavy Inds Co IMM Private Equity Inc South Korea/South Korea 263.4
Chemicals and Allied Products
Drugs
Top Ten South Korea Buyside Financial Sponsor Involvement Deals Jan 1 - June 30
5/10/20176/23/2017 Pending Daehan Cement Co Ltd Ssangyong Cement Industrial Co South Korea/South Korea
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1.25
20
1.80.2
Lazard 0.10.40.6
▲▲
222.6
▲
+2+3+1
923.71,336.3
2,106.1
-26*
333
1.71.71.7
0.10.40.60.9
Fig Partners LLCMTS Health Partners LPPiper Jaffray Cos
12,913.1222.6923.7
1,336.3
▼▲▲▲▼
2.01.51.51.51.5
-1+2+3+1-1
14*21*
43333
13*53*
-37*19*
21*21*21*
Fig Partners LLC
TD Securities Inc▲
▼▲
8,189.21.2 +253* 7BMO Capital Markets 21*
3.26.0
13,948.016,986.3
6,831.912,913.1
6.53.33.13.66.57.9
▲▲▲▲▲▼
+4+2+2+3+3-14
2.92.32.32.32.32.32.32.3
35*35*13*
5444444
UBS9
35*-
26*26*
1213*13*13*13*13*
RBC Capital MarketsCredit SuisseCenterview Partners LLCMoelis & Co
3.23.03.4▲
7,096.46,698.17,708.1
12,896.512,490.6
3.13.02.0
1.2+8-6
▲▼ 953.8
1.6 7,476.1Sandler O'Neill PartnersRaymond James Financial Inc
1125*
97
BMO Capital Markets
20*20*20*
35*
Centerview Partners LLC27* +1
MTS Health Partners LPPiper Jaffray Cos
444
2.02.02.0Credit Suisse
53*
▼ 223.7
14*14*14*0.0
10.4
66.0.0
13,972.8
▼▲▲
2,331.6+2+3
37*
9*
4.8RBC Capital Markets
+12.5
2.96
▼-6▲
+4
0.413*Chartwell Financial Advisory
13
37*3.20.00.06.2
2.9
BarclaysKPMG
4*
China Merchants Securities Co
13*
5*
8.114
4*3
4*
76.4
# of Deals# of
Duff & Phelps
Fairness Opinion Provider US$m Sh (%)# of Deals2017 Rank
2016 Rank
1
Based on Number of Transactions# of Deals per Advisor
18
DealsMarket
11Duff & PhelpsFairness Opinion Provider
Prairie Capital Advisors Inc
Jan 1 – June 30Any Americas Involvement Announced Fairness Opinion
Change in Sh (%) Sh (%)
Jan 1 – June 30Any US Involvement Announced Fairness Opinion
Rank Value (US$m)Based on Number of Transactions
# of Deals per AdvisorBased on Number of Transactions
Change in # of Market2017 Rank
Market2017 Rank
Rank Value (US$m)
Worldwide Announced Fairness Opinion
Rank Value (US$m)MarketRank Value
# of Deals per Advisor
Jan 1 – June 30
16*16* 105*16*21*
91.6
UBS8*
Stifel/KBWBMO Capital MarketsPendo Advisors LLC 2.9
2.9
9*65
6*
-
5.2-3
▲Sh (%)
+282
10+4
0
6*1
5*66
2
12
9
8
-5+3
▼
▼-13-1
10
8
9
-1▲
3.5
16.8
▼▲
▼5.8-6
4.64.63.5
5.2
▼3,343.6
18.036,079.2
8*
▼
3.50.0
+1 0.06 +4
3.513*Morgan Stanley
1.6556.4 0.3
▼-78* ▲8*8*
26*▲
▲▲
Chartwell Financial Advisory 6
-1
13,948.016,986.3
Lazard13*13*
+2+3
Prairie Capital Advisors Inc
Deals0
-64* 13*
4.44* 2*
2016 Rank
2.2
Rank Value
Duff & Phelps21 1 25
Fairness Opinion Provider2016 Rank
4.3Gram Capital
Rank Value
521.814US$mSh (%) Deals Sh (%)US$m
9,023.8
Evercore Partners
# of Market Change in
1 7# of Deals
-1.4
Market
0.06.9 +2 ▲
3 5* 10 4.9 -3
0.22 8* 11 5.4
9
.00 -
▼19,812.7
3.93.9 -38
+49
Haitong Securities Co Ltd 114 ▲+76*
13 2.3
142.4
6*
▼
▲▼▼
4.4CITICChina Securities Co Ltd
8*Guotai Junan Securities
10*+9
11
2.1
JP MorganBarclays
Prairie Capital Advisors Inc
13* ▼
8
Morgan Stanley1013*10
14.6
Morgan StanleySomerley
JP Morgan
16*
13*China International Capital CoEvercore Partners
10*
13*Huatai Securities Co Ltd
10*
42,475.8-
1.69
Bank of America Merrill Lynch
16*
10
Red Sun Capital Ltd
1.6
19,812.7
0.0
7▲1.3
27*9*9*
5* 6Pendo Advisors LLCStifel/KBW
6-7
+33,343.6 1.57,266.9
8.83.3
24.77,476.1
Barclays
0.416.1
953.8Raymond James Financial Inc
Sandler O'Neill Partners
3.4
Evercore Partners
Bank of America Merrill Lynch
JP MorganRaymond James Financial Inc
55,316.238,489.2
53* 128 13*
Sandler O'Neill Partners
17.2
5.1 ▼36,079.2
1.2
-111*
Bank of America Merrill Lynch1.8
+6 20,997.91.5 6* 8 -13
3 4*-3
529*
6* 25*
154 8*
19* 119
1.7 +51.7
-9
-3
▲
6*
▼
-15
▲
-16
2.9
2.4 -56,196.1
02.8
46,164.5
2.6 -1
0 -.0
5,421.11.9
▼
1.7 ▼9
-1.9
10-13 ▼
-20.2
11 1.911.3
0.19 ▼
1,666.2
156.3
-6
19*
2 0
36*
31* -18
Zhongtai Securities Co Ltd
59,956.6
0.6
1.6 726.6▲
3.1
6,359.9▼
4,742.1
▼
1.6▼
5,654.8
7,306.0
First Half 2017 | Mergers & Acquisitions | Financial Advisors
521.8 0.2.0 0.0
19,812.7 9.32,028.6 0.5173.5
55,316.2 25.87,476.1
38,489.2
66.0.0
13,972.87,096.46,698.17,708.1
+9
Fairness Opinion Rankings†
13*
44Moelis & Co
Citi 2.45.8
14*14*14*
2.02.02.0
37*53*
4
▲▲▼ 5,442.8
6.27.6
-1+2
UBSCredit Suisse
21*21*
37*37*
77
1.21.2
Industry TotalIndustry Total
Industry % Change from Same Period Last Year ▼ ▼Industry % Change from Last Quarter ▼ ▼
0.0
†Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness
Crescendo Capital
201.0
Deloitte 10* - 2 2.6 +2 ▲ 2,607.9 1.6
15,283.3 9.1Prairie Capital Advisors Inc 10* 13* 2 2.6 +1 ▲ .0
▲ 960.0 0.6▲Moelis & Co 10* - 2 2.6 +2
▲ 822.4 0.5BMO Capital Markets 10* - 2 2.6 +2Guotai Junan Securities 10* 13* 2 2.6 +1
Huaxi Securities Co Ltd 22* - 4 1.1 +4 1,240.0 1.1
,852.2 0.4▲3 +11.537*21*0.4 Hovde Group LLC▲
,1,729.61.2 +453* 7
pDongxing Securities 21*
2.93.4
28.5
▲-▲▲
6,631.74,855.5
47,592.53.93.9
+30
+1+3
3*7*-
4333
7*7*7*
UBSRothschild & CoCredit SuisseGoldman Sachs & Co
13*
579.0 100.0
2017 RankFairness Opinion Provider
1*
1*
1*
1*
Nomura
Based on Number of Transactions
Sh (%)
▼ -24.4%
2,028.6
Rank ValueUS$m
4.8 1.9
Industry % Change from Last Quarter
▲ 1,729.6Dongxing Securities 12
Somerley
7 2.0
+63.9
6.4
-611,058.6
5*
China Merchants Securities Co
Guotai Junan Securities6.4 27.045,187.2
7,865.9
4.0Bank of America Merrill Lynch 2*
6
+6
+4
-
5.13.9
5,667.4
Red Sun Capital Ltd
1
Huatai Securities Co LtdChina International Capital Co
Rank Value
Any Asia Pacific Inv Announced Fairness Opinion
26*10
Rank Value (US$m)Based on Number of Transactions
Fairness Opinion ProviderUS$m
13*
# of Deals per Advisor
26*
# of Deals per Advisor
-81579
# of
+4
-12.3%
6.4
2*
MarketFairness Opinion ProviderKPMGMorgan Stanley
JP Morgan
1
CITIC17,861.6▲
▲Ledouble SA
Morgan Stanley6 1.7Shenwan Hongyuan Securities Co
13*13*
1.7
Haitong Securities Co Ltd
8*10*
2.86 2.82 10- 2.5
-23.0%-27.6%
-10.2% -6.9%
▼Industry % Change from Same Period Last Year
3
Based on Number of Transactions
2017 Rank
105.52
+4
Gram Capital3*
0.1
▲
Sh (%)
6.6
10.75
2016 Rank
3*China Securities Co Ltd
1
-40.0%-25.3% ▼Industry % Change from Last Quarter
# of Deals per Advisor
-40.8%
Rank Value
Jan 1 – June 30
224,232.9 100.0-41
-19.2%
Change in Market
Jan 1 – June 30
Industry Total 214,166.7
Rank Value (US$m)
▼
Rank Value (US$m)
# of Deals
100.0
Industry % Change from Same Period Last Year
204
▼
-61
-25.6%
MarketDeals
8Sh (%) # of Deals
▼6.4 +4
10.3
Change in
Jan 1 – June 30Any EMEA Inv Announced Fairness Opinion
Market
513*
513*
5
2017 Rank
13* 51
2016 Rank
5.6-6 1,754.1
6,098.4
1,080.61,264.8
▼▲ 1.2
+3
+3
2.5
+47*
▲
66 1.76
-6
▼
Altus Capital Ltd
Shanghai Securities Co Ltd
Industry % Change from Last Quarter 5.3% ▲ -1.2%Industry % Change from Same Period Last Year
TC Capital International Ltd
Industrial Securities Co Ltd
* tie
Industry Total
▲
167,216.3
4.0%
78
-12.7%
9,023.8▼
-5 6.85.9
4.4
6,359.9-17,306.0
▼
-
7*
19*
▲ 4,742.115
1.7
▲
16*
▼
▼
18*
▲
357 108,018.2
▼
▲
Industry % Change from Last Quarter -1.7%
1.418*
5
▼
54.3
3,019.4 30.9
MarketMarket
▲1Deals
1
2016 Rank
# of
14.3 +1-14.3
▲
# of DealsSh (%)
-
▲
1* 1 14.3 0MTS Health Partners LP
.0
1
Ernst & Young LLP 14.31* 346.0
5,310.3-▲14.3
+1 5,310.3▲5.75.01.5
-
▲
Industry Total 100.0
13*
▼
0.01.4+5
223.7
5,421.1
-60.0% ▼708.1%▲
-34
93.5 0.1
▲
+2
# ofDeals
▼
Change in
-60.0%
0.70.2
7 9,782.6
16
-13
▲
Industry Total
Industry % Change from Same Period Last Year 40.0%
+5
100.0
Industry % Change from Same Period Last Year -8.7%
- 5
42* 6
26*
+9957* 9
5
17
1.71.4 ▲
▲
14
4.54.2
+714
2.22,331.6▼ Plutus Consulting Co Ltd
-157.0-3
3.9
▲6,196.15*
Morgan Stanley
-63.412 +9
1,666.2
4
7▲
0.8
3,019.4 30.9
-27.9% ▼
Sh (%)US$m
▼
▼
▲14*
48.7
8*
0.2
▼ 874.2
▲
75.014.3 +1
+1
4.7
+4 ▲
+1
10.8 0.0+5
845.4186.51
14.3
▼
173
1
1*
54.38.6▲
▲ 1.9
0.013.5
+1
- 1 14.3
14.3
-
-
1*
Any Japan Inv Announced Fairness Opinion
-
JP Morgan
Evercore Partners8.4Sh (%)
-1
+11* +1
25
▲
5 1.4 -1 0.8
+8
▼ 1*-
Guosen Securities Co Ltd
Lazard
726.6
1.0
Industry % Change from Last Quarter
1.6
1.6
-43.7%-12.5%
Barclays 10* 13*
2* 13*2*
▲ 6,651.6 4.02 2.6 +1
100.0
10*Zhongtai Securities Co Ltd
INCU Corporate Finance Ltd18*
GF Securities
13*18*
opinions provided as part of a broader advisory mandate.
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-
-
-
-
-
-
Announced league tables include all deals that were announced between January 1, 2016 and June 30, 2017 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on June 30, 2017.
Tel: +813 6441 1338
E-mail: [email protected]
Asia-Pacific & JapanKaori Motohashi
First Half 2017 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.E-mail: [email protected]
AmericasRobert LevineTel: +1 646 223 5682
EMEA
Tel: +44 (0) 20 7542 2246
E-mail: [email protected]
Ewelina JareckaDeals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyf
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.
-
-
-
involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and theirrole. No fees are allocated to non-lead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated byFreeman Consulting in partnership with Thomson Reuters.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2017 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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