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8/7/2019 US Deal Drivers H1
http://slidepdf.com/reader/full/us-deal-drivers-h1 1/72
H a l f- y e a r
ed i t i o n
In ss i i n wi :
DEALDRIVERSNorthamerIcaThe comprehensive review of mergers and
acquisitions in the North America region.2010
Publis d by:
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3
Deal DrIvers – noRth AmERIcA
Contents
About mergermArket
g k i n ind p nd n m g nd a qui i i n (m&a)in ig n i wi n un i d n w k f d di d m&a j u n i b d in 62 i n a i , eu p , a i -P i , midd -e nd af i . Un ik ny i f i kind,
g k p i iz in p iding f w d- king igin i n ndd w pp uni i in g d wi p n i d d b- u ing in nu f i n . vi iwww. er er ar e . .
Foreword 04
Heat Chart 05
All Sectors 06
Financial Ser ices 14
Ind strials, Man fact ring& Engineering 18
Energy, Mining, Oil & Gas 22
Cons mer 26
Technology, Media & Telecom (TMT) 30
Life Sciences & Healthcare 34
Canada 38
West 42
Midwest 46
So th 50
Mid-Atlantic 54
New England 58
Latin America 62
Abo t Merrill Cor oration 66
Merrill Cor oration Contacts 68
Notes 69
Abo t Remar 70
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Deal DrIvers – noRth AmERIcA
4
Wel e e alf- ear 2010 edi i f Deal Drivers n r A eri a,p lis ed er er ar e i ass ia i wi merrill Da aSi e®.t is rep r pr vides a pre e sive review f n r A eri a m&Ai e rs alf f 2010, wi a i -dep a al sis f re e a ivi a df rward-l i i si f r e re ai der f e ear.
t m&a k pp b bi izing n n ing k b gin i p nd ng- n i ip d gu y f n y pu in p .h1 2010 w 1,701 d w Us$362.3bn, wi u ining i u y
b p d p i u f-y nd u in ing by 8.7%.
D w w ng in tmt , w i un f n y
n - f f d u (19.5%), f w d by in y Bu ins i nd Indu i w i p n 14.5% nd 14.1% f u , p i y. t g d f w qu
f en gy , w i p n i d f gg g du (32.5%), f w d by tmt wi 14.9% nd lif s i n &
h wi 12.6%.
tEchnoLogy, mEDIA AnD tELEcommunIcAtIonS (tmt)m&a i i y in tmt , w i p n n gy, di nd
p ni f ip , b n d i n g y by p ni ’ y pp i f bi n gy nd ng ing
u u ing ff f di i n di bu in . s f n b n gy d f w qu k f f p i
qui y i , p i p b ing app In .’ qui i i n f bid i ing p ny Qu Wi f G b p n c pi P nnd hig nd c pi P n f Us$275 , nn un d in J nu y.
F i p , di p ni b n n f n n i uu i n p , in uding f c n di n udi li n G
en in n c p. t Us$1.2bn qui i i n f li n G by I nen p i lP w nn un d in m bu i i p nding, w i
u i n f i i udi m -G dwyn-m y In . (mGm),ugg ing und i Us$4bn d b bu d n, i king p i
pub i i n g p in . m di m&a in nd f f yp i b qu y if n i y p ni w k i
gi in p n dyn i k ndi i n . a in p in i tW Di n y c p ny, w i in i d qu b n qui ing digi
nd ing i di i n n .
EnERgym&a in en gy , w i un f ig f p 20 g
n i n f h1 2010, b n d i n g y by ig n d inf a i n buy n ing c n d , w 67% f d u nd 37.1%
f d u f en gy . sin p In n i nP u e p i n nd P du i n c p i n u n d c n d iy wi i Us$4.7bn qui i i n f 9.03% k in syn ud c n dl d. f c n P i ip c p ny, f wing i Us$8.8bn qui i i n fadd P u c p i n in Jun f y .
In Us, g en gy n i n in d i d i gi ns u b g li i d, w i qui d s i In n i n In . fUs$12.2bn in F b u y. G ing f w d, en gy m&a in Us
u d n up i k in u nd u Gu f f m idy igg d g d d f in i d qu
nn un d f u in Ju y n , in in wi i n n i p n i i ing f pi .
FInAncIAL SERVIcESa w ug u 2009, 2010 i ing igni n
i i y in ing j p y in Fin n i s ia i n In n i n G up (aIG) g n d f y
g n i n , in uding Us$15.5bn f i a iIn u n bu in m lif In ., nn un d in m , in w
nd nd g Fin n i s i d f 2010 o inking Fin n i s i p ni in ud B nk f ac p i n (B fa), w i nn un d in Jun i w u d
k in G up Fin n i s n nd s n sa d cv B n s nsa f Us$2.5bn, nd ci ig up, w i nn un d f i sw
p i n m gin n aB in ap i . P ing d in n y , b B fa nd ci ig up n inu b d u
g f n n- uni . B fa nn un d i w u d pin u i p ip i n nd i g b n i fund d ini i
ci ig up nn un d f i n nd p i quiin i d qu f 2010.
FInAncIAL buyERSa indu y , m&a i i y du ing
k d by gg i n n i buy nd p i i u i n
lu i d in ud Us$3.2bn buy u f P n P ’ InD c p i n (IDc) by si l k P n nd W bu g Pin
nd Us$1.6bn qui i i n f t D w c i c p ny’ s yc p. by B in c pi llc. B g d d in f n i
i f n n i nd gi buy ig ug f u i n. t qui i i n f cKe r u n indi
in ing y p i i m&a i : u n p b qui d by t h. l P n f Us$919 in F b u y
u i y d ap m n g n lP in ap i f p i ff d up i Us$1bn bid.
outLooken ing nd f f 2010, m&a k i w -p i
n inu d i in i i y nk j d p n in k y
di i n y bu y en gy i dy ing igni n nd d i d w, nd f , p d in qu , wi ik y pu indu y-wid n id i n lif sh p ni p p f g n u i bu
nd ig n d d nd f n w y in u d. Fin n i s inw i , u d i f i f d u in
g , in n i n b nk n inu i d wn w i b nk Us n inu n id . Wi f
y in p , m&a i i y in indu y i n nd f f 2010. W p y u nd i f-y di i n f D
b u fu nd inf i , nd w y , w w y u f
Foreword
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5
t h c p n ‘ p ni f ’ i w i n in f f 2010, b d n g k ’ p p i y in ig n . t h
c f b f p n i d w in p igi n nd N a i n gi n.
‘c p ni f ’ i w i n in f f 2010 4,327,p d 4,253 w i n in i n p i , wi in indu inding u p n i m&a p .
t tmt i n u indu y. Wi 963 f - i w i n inh1 2010, up 10.7% f 863 i in h2 2009, i w k ping
n y n in n d. tmt, n f n h2
2009 h c , i dy ing i f i f d u in h1 2010 p n 19.5% f d u in N a idu ing i p i d.
Deal DrIvers – noRth AmERIcA
the heAt ChArt
NORTH AMERICA HEAT CHART – INTELLIGENCE
S Wes mid Wes mid-A la i new E la d ca ada totAL
TMT 216 368 85 148 91 55 963
Life Sciences & Healthcare 169 139 115 113 60 27 623
Energy, Mining, Oil & Gas 202 104 45 39 17 189 596
Ind strials, Chemicals & Engineering 107 73 126 54 43 47 450
Cons mer 86 116 82 65 28 48 425
Financial Ser ices 125 84 96 75 22 15 417
B siness Ser ices 81 52 28 40 20 29 250
Defense 81 31 15 17 16 3 163
Leis re 57 47 26 13 7 11 161
Trans ortation 31 21 23 13 3 12 103
Constr ction 23 15 24 9 2 8 81
Real Estate 17 26 13 9 3 3 71
Agric lt re 2 3 8 13
Go ernment 5 2 1 3 11
totAL 1,202 1,081 679 598 312 455 4,327
t h c i b d n ‘ p ni f ’ i k d by g k . in h1 2010.opp uni i p u d ding d in n nd g g p y/ gi n f p n i g p n
F d ni i n f wi in gi n , p g 69 (N h c ).
warm
756045
hot
12010590
Cold
30150
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Deal DrIvers – noRth AmERIcA
‘Pr eed wi a i ’ are e w rds live f r e res f 2010 a d i 2011.
a b n y nd y f p n -upupp y nd d nd u d pu m&a nd
IPo i i y f w d. a i , ff d ub -dip i n, k u Us j b k nd n n b u eu p n
n y in w k f G k d b i i u d m&a p i n .
l g nd di i n y qui i i p niin i u n gy, n gy
nd wi k d n g f i pi nd k ndi i n n p up
qui i i n . t eu z n i i nd ngd p n pp uni i p i n
g g w .
m ny d n f qui i i n
in un in k i , w , ndp n u i y p y ddi id nd nd u d wn n d b . t
id- k i ik y b i , w u d-b qui fu y dip i b kin m&a w .
P i qui y n’ ff d b n i , w . af y f p y i ,
p i qui y b g n i p f i p nii y in d p id i i d p n
(lP ) wi u n , nd n in in in n w fund . P i qui y d
qui ing g in, u ing qui y f pi ingfund . If qui y d n’ g u d, y’ bf d u n i in .
e p p i qui y i ug u y , p i u y in ng d u
n u nd i . s nd ybuy u u d in p pu , gi n
IPo k ’ k u p f n ndgi buy ’ u i u u k. a nu b f
p i qui y- wn d p ni f i d p i i d s-1 , nd du - k p
b ing un f u .
t IPo k wi b bu y, ug n i ny d p d in b ginning f
2010. “W ing nu b f IPo ingff k , bu w ’ ing nu b
p ,” y K n s n s i ,P in ip f r n i n c pi , n IPo
. G n m (Gm) i p d IPo i y , in w wi b “ bigg Us
IPo ,” n .
r gu y f wi b n d i f2010 nd 2011 i i y. a nu b f
i bu in up f by ip i qui y wn . t fbi , w i u d n u g nd
f i n bu in g , i p d gi n pu n id i n in
indu y. Fin n i i f u d pu b nking n id i n.
A i ail R er s, gl al Edi r,er er ar e
All seCtors
“After years of paralysis,private equity beganto exit portfoliocompanies this year inorder to provide limitedpartners with returns,and convince them toinvest in new funds.”
ALL SECTORS
Deal DrIvers – ALL SEctoRS
6
8/7/2019 US Deal Drivers H1
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All seCtorsTOp 20 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
A edda e
S a s bidder pa tar e pa Se r Ve d r pa Dealval e
uS$( )
01-m -10 l P ud n i P a i n In n i n a u n c p ny li i d Fin n i s i a i n In n i n G up In
22-ap -10 P c n u ylink Qw c uni i n In n i n In tmt 22,1
08-m -10 P m lif In a i n lif In u n c p ny Fin n i s i a i n In n i n G up In
25-F b-10 P t c -c c p ny c -c en p i In (N a i np i n )
c n u c -c en p i In 12,28
21-F b-10 P s u b g li i d s i In n i n In en gy, mining, oi & G 12
19-J n-10 c Wi i P n lP t Wi i c p ni In ( in g pip innd d i id bu in )
en gy, mining, oi & G t Wi i c p ni In 11,75
11-F b-10 P Fi en gy c p a g ny en gy In en gy, mining, oi & G 8
09-m -10 P m i -In In /s ing-P ug ani h ; nd m ili i d
lif s i n & h m k & c In ; nd s n fi-a n i sa
8,250
28-ap -10 P PPl c p i n e.oN Us llc en gy, mining, oi & G e.oN aG 7,625
11-m -10 P BP p D n en gy c p i n ( in d pwGu f f m i , B zi nd az b ij n)
en gy, mining, oi & G D n en gy c p i n 7,0
11-F b-10 P ai P du & c i In ai g In Bu in s i 6
28-F b-10 c m k KG a mi ip c p i n lif s i n & h
31-m -10 P B kfi d am n g n In ; F ic pi m n g n llc;
nd P ing squ c pim n g n lP
G n G w P p i In (65% k ) r e
14-Jun-10 c Qu c p i n(s d )
QeP r u In en gy, mining, oi & G Qu c p i n 6
03-m y-10 P Ual c p i n c n in n ai in In t n p i n
12-m y-10 c saP aG syb In Bu in s i 5,102
28-m y-10 P r y Du s P e r u In en gy, mining, oi & G K b g K i r b & c
12-ap -10 c sin p In n i nP u e p i n ndP du i n c p i n
syn ud c n d l d (9.03% k ) en gy, mining, oi & G c n P i ip c p ny 4,
15-F b-10 l Y In n i n asa t Indu i In Indu i , c i &engin ing
4,204
25-J n-10 c KDDI c p i n Jupi t uni i n c l d (37.80% k ) tmt lib y G b In
c=c p d; P=P nding; l=l p d
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Deal DrIvers – ALL SEctoRS
8
All seCtorsMIx OF GLOBAL M&A DEALS BY GEOGRApHIC REGION
mIx oF North amerIcaN Deals BY INDUstrY sector
VALuE VoLumE
USA
Canada
Western Europe
Northern Europe
Central & Eastern Europe
Southern Europe
Asia-Pacific
RoW
Industrials, Chemicals & Engineering
Financial Services
Business Services
Consumer
Energy, Mining, Oil & GasTMT
Leisure
Transportation
Life Sciences & Healthcare
Construction
Real Estate
Defense
Agriculture
37.6%
3.4%
16.9%2.0%
5.0%
3.5%
18.0%
13.6%
29.2%
4.2%
22.6%5.5%
5.0%
5.6%
21.1%
7%
5.2%7.8%
9.9%
9.2%
32.5%
14.9%
2.2%1.8%
12.6%
0.6% 2.1%1.1% 0.2%
14.1%
11.2%
14.5%
8.8%12.3%
19.5%
3.2%
1.4%9.3%
3.4%0.9%
0.9% 0.5%
VALuE VoLumE
B d n nn un d d , uding p d w wi d wn. G g p i gi n i d in d wi f n d in n
B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n
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9
VoLumE
traNsatlaNtIc Deals
All seCtorsNORTH AMERICAN BuYOuTS NORTH AMERICAN ExITS
B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in N a i .
B d n d in n i n f g nd bidd nd ud buy u .
VALuE
0
100,000
200,000
300,000
400,000
500,000
H1 2010200920082007200620052004
V a l u e
( U S
$ m
)
V ol um e
Year Ended
0
200
400
600
800
1,000
1,200
Value (US$m) Volume
0
50
100
150
200
250
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Q arter Ended
v o l m e
North AmericanBidder Acq iringE ro ean Target
Total NorthAmerican/E ro ean Deals
E ro ean BidderAcq iring NorthAmerican Target
0
30,000
60,000
90,000
120,000
150,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Q arter Ended
v a l e
( u S
$ m
)
0
50,000
100,000
150,000
200,000
H1 2010200920082007200620052004
V a l u e
( U S
$ m
)
V ol um e
Year Ended
0
100
200
300
400
500
600
700
800
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Deal DrIvers – ALL SEctoRS
10
VoLumE
VoLumE
North amerIcaN QUarterlY m&a actIvItY
All seCtorsNORTH AMERICAN M&A SpLIT BY DEAL SIzE
B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in N a i .
VALuE
VALuE
2007 2008 2009 H1 2010200620052004
v a l e
( u S
$ b n
)
0
200
400
600
800
1,000
1,200
1,400
1,600
598.7
71.870.755.3
880.1
77.369.262.6
1,268.7
96.376.264.7
1,266.3
99.278.761.9
292.6
25.3
668.9
60.353.4
4.2744.4
657.8
40.5 36.8
5.626.156.425.71 3.5829.5 15.2
27.8
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
248204
429
634
1,269
1,357
300219
419
1,418
714
1,426
268
400
475
1,472
664
1,795
484
280
1,409
482
626
1,987
840
156348
156
215168323
994
463
1,913
163
116226
692
387
1,495
123 79
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
100,000
200,000
300,000
400,000
500,000
600,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
300
600
900
1,200
1,500
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
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1
All seCtorsFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE
toP 20 – RAnkED by VALuE
toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 G d n s 142,255 89
11 2 D u B nk 99,966 47
7 3 B y c pi 99,601 49
1 4 m g n s n y 99,035 63
9 5 c di sui 90,829 64
3 6 JPm g n 87,218 54
5 7 B nk f a i m i lyn 81,172 58
13 8 l z d 68,326 44
4 9 ci ig up 62,369 39
16 10 UBs In n B nk 48,676 42
6 11 e P n 36,995 9
18 12 P W inb g P n 35,507 10
8 13 B k n G up h ding 30,649 11
55 14 tud , Pi k ing, h & c 22,002 9
12 15 G n i & c 20,780 17
25 16 hsBc B nk 18,245 11
15 17 rBc c pi m k 15,907 37
24 18 a n & c p ny 15,462 6
33 19 J ff i & c p ny 13,724 34
14 20 r i d 13,506 39
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 G d n s 142,255 89
6 2 c di sui 90,829 64
2 3 m g n s n y 99,035 63
5 4 B nk f a i m i lyn 81,172 58
3 5 JPm g n 87,218 54
13 6 B y c pi 99,601 49
11 7 D u B nk 99,966 47
7 8 l z d 68,326 44
4 9 UBs In n B nk 48,676 42
10 10 ci ig up 62,369 39
9 11 r i d 13,506 39
12 12 rBc c pi m k 15,907 37
15 13 J ff i & c p ny 13,724 34
34 14 tD s u i i 8,112 29
8 15 h u i n l k y 5,577 29
19 16 KPmG 4,543 26
18 17 cIBc W d m k 5,800 22
39 18 lin n In n i n 476 21
16 19 m qu i G up 4,201 20
14 20 P i w u c p 1,986 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 si p n t & B 135,814 64
1 2 sk dd n a p s m g & F 98,780 60
7 3 c y G i b s n & h i n 90,204 34
5 4 su i n & c w 87,130 42
18 5 l & W kin 84,732 69
16 6 W i G & m ng 84,027 49
3 7 W , lip n, r n & K z 82,817 32
2 8 c sw in & m 73,282 24
12 9 D w y & l B uf 70,300 4615 10 D b i & P i p n 66,876 18
6 11 D i P k & W dw 64,403 34
10 12 s n & s ing 54,699 39
13 13 B k , c & G yd n 50,268 53
89 14 h b s i /G i lu z/s ibb 43,793 16
31 15 B k B 43,737 23
22 16 F i d F nk h i s i & J b n 38,490 24
101 17 s ug nd m y 38,449 10
195 18 N n r 35,500 5
39 19 Gib n Dunn & c u 34,771 40
9 20 P u W i rifkind W n & G i n 32,204 29
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 Dla Pip 5,837 80
1 2 J n D y 31,177 78
5 3 Ki k nd & e i 15,982 74
2 4 l & W kin 84,732 69
25 5 si p n t & B 135,814 6
3 6 sk dd n a p s m g & F 98,780 60
7 7 B k , c & G yd n 50,268 5
15 8 W i G & m ng 84,027 4
6 9 D w y & l B uf 70,300 4617 10 su i n & c w 87,130 42
18 11 Gib n Dunn & c u 34,771 40
9 12 s n & s ing 54,699 39
14 13 s ik n e i 15,578 37
20 14 o'm ny & my 17,823 35
28 15 K&l G 9,590 35
11 16 Wi n s n ini G d i & r i 3,557 3
13 17 c y G i b s n & h i n 90,204
29 18 D i P k & W dw 64,403 3
10 19 o , h kin & h u 20,049 34
22 20 m g n l wi & B kiu 8,809 34
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i N nd nd .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i g nd nd .
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Deal DrIvers – ALL SEctoRS
12
All seCtorsFINANCIAL ADvISORS – MID-MARkET (uS$10M-uS$250M)
LEGAL ADvISORS – MID-MARkET (uS$10M-uS$250M)
toP 20 – RAnkED by VALuE
toP 20 – RAnkED by VALuE
toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 m g n s n y 2,734 18
6 2 c di sui 2,612 16
2 3 G d n s 2,549 16
5 4 rBc c pi m k 2,279 18
14 5 J ff i & c p ny 1,778 16
10 6 B nk f a i m i lyn 1,681 12
17 7 cIBc W d m k 1,610 15
7 8 UBs In n B nk 1,460 12
11 9 r i d 1,413 11
21 10 GmP s u i i 1,409 13
8 11 l z d 1,359 13
15 12 m qu i G up 1,334 11
4 13 h u i n l k y 1,328 15
43 14 tD s u i i 1,159 10
87 15 hsBc B nk 1,071 6
32 16 r y nd J & a i 935 10
36 17 s nd o'N i & P n 903 9
24 18 G n i & c 881 6
65 19 e n & Y ung 741 6
1 20 JPm g n 722 7
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 m g n s n y 2,734 18
5 2 rBc c pi m k 2,279 18
9 3 c di sui 2,612 16
3 4 G d n s 2,549 16
12 5 J ff i & c p ny 1,778 16
21 6 cIBc W d m k 1,610 15
2 7 h u i n l k y 1,328 15
28 8 GmP s u i i 1,409 13
7 9 l z d 1,359 13
10 10 B nk f a i m i lyn 1,681 12
6 11 UBs In n B nk 1,460 12
8 12 r i d 1,413 11
14 13 m qu i G up 1,334 11
33 14 tD s u i i 1,159 10
43 15 r y nd J & a i 935 10
26 16 s nd o'N i & P n 903
140 17 BB&t c pi m k 664 9
1 18 JPm g n 722 7
16 19 c n d G nui y 669 7
29 20 KPmG 517 7
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 B k , c & G yd n 2,460 21
5 2 Ki k nd & e i 2,441 25
15 3 Dla Pip 2,325 34
17 4 W i G & m ng 1,991 16
1 5 l & W kin 1,951 22
6 6 sk dd n a p s m g & F 1,878 17
45 7 h g n l 1,862 25
61 8 m i n & F 1,825 17
26 9 s ik n e i 1,764 1712 10 Wi n s n ini G d i & r i 1,643 19
40 11 si p n t & B 1,586 12
9 12 s n & s ing 1,582 11
13 13 o'm ny & my 1,544 13
2 14 D w y & l B uf 1,403 14
27 15 P u W i rifkind W n & G i n 1,391 8
101 16 Fu b ig nd J w ki 1,339 17
47 17 sid y au in 1,284 10
28 18 D i P k & W dw 1,190 11
22 19 F k n m in u 1,141 12
96 20 ogi y r n u 1,118 9
h12009
h12010
c pa na e Val euS$( )
n erf Deals
9 1 Dla Pip 2,325 34
6 2 Ki k nd & e i 2,441 25
27 3 h g n l 1,862 25
1 4 l & W kin 1,951 22
3 5 B k , c & G yd n 2,460 2
8 6 Wi n s n ini G d i & r i 1,643 1
7 7 sk dd n a p s m g & F 1,878 17
54 8 m i n & F 1,825 1
17 9 s ik n e i 1,764 1775 10 Fu b ig nd J w ki 1,339 17
10 11 o , h kin & h u 1,089 17
2 12 J n D y 1.079 17
18 13 W i G & m ng 1,991 1
5 14 D w y & l B uf 1,403 14
13 15 o'm ny & my 1,544 13
60 16 si p n t & B 1,586 1
21 17 F k n m in u 1,141 12
11 18 s n & s ing 1,582 11
41 19 D i P k & W dw 1,190 1
15 20 Gib n Dunn & c u 971 11
t fin n i d i id- k gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d na i n bidd , g nd nd .
t g d i id- k gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n a i n bidd , g nd nd .
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1
All seCtorspR ADvISORS
pR ADvISORS – MID-MARkET (uS$10M-uS$250M)
toP 20 – RAnkED by VALuE
toP 20 – RAnkED by VALuE
toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 J F nk Wi kin n B i K 84,530 41
3 2 s d v binn n & c 65,228 33
2 3 K k nd c p ny 62,276 48
1 4 B un wi k G up 38,457 28
8 5 ab n y m G g G up (amo) 24,408 42
5 6 FD 24,336 34
12 7 Fin bu y G up 11,575 14
13 8 K b G in and n 9,165 5
9 9 m i nd (amo) 4,963 8
29 10 ow n B i k i Pub i r i n 4,669 10
100 11 h n G up 3,739 2
151 12 e udi d c uni i n 3,736 2
26 13 ed n 3,068 9
- 14 I Wu fing K unik i n 3,009 1
- 15 m un & N d 2,822 1
169 16 P n Fin n i 2,294 4
- 17 s n n Pub i r i n & m k ing 2,291 8
- 18 hud n s nd 2,148 2
64 19 c pi ms&l 2,126 6
- 20 Inni f m&a 1,996 2
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 K k nd c p ny 62,276 48
4 2 ab n y m G g G up (amo) 24,408 42
5 3 J F nk Wi kin n B i K 84,530
2 4 FD 24,336 34
3 5 s d v binn n & c 65,228 33
6 6 B un wi k G up 38,457 28
9 7 Fin bu y G up 11,575 14
12 8 ow n B i k i Pub i r i n 4,669
43 9 In g d c p r i n 1,027
32 10 ed n 3,068 9
13 11 ci ig 1,876 9
7 12 m i nd (amo) 4,963 8
- 13 s n n Pub i r i n & m k ing 2,291
37 14 c pi ms&l 2,126 6
34 15 lipp /h i n & a i 1,285 6
10 16 B in d c uni 1,072 6
15 17 c i t f i Pub i r i n 170 6
22 18 K b G in and n 9,165 5
11 19 W b s ndwi k W dwid 1,446 5
8 20 s n & c p ny 632 5
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 J F nk Wi kin n B i K 1,981 17
1 2 K k nd c p ny 1,632 13
4 3 B un wi k G up 1,513 11
2 4 FD 1,342 13
6 5 s d v binn n & c 1,033 7
5 6 ab n y m G g G up (amo) 921 10
8 7 ci ig 794 6
40 8 Fin bu y G up 543 4
88 9 In g d c p r i n 404 711 10 Bu n n c uni i n 401 3
- 11 ed n 347 4
- 12 s n n Pub i r i n & m k ing 302 3
- 13= B n & o u 250 1
- 13= P n Fin n i 250 1
- 15 ou c uni i n 242 2
- 16 m k nzi P n 237 1
- 17 P f r i n 233 1
- 18 t i k c uni i n 231 1
36 19 l n m k ing c uni i n 218 1
- 20 DF King & c 210 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 J F nk Wi kin n B i K 1,981
2 2 K k nd c p ny 1,632 13
1 3 FD 1,342 13
6 4 B un wi k G up 1,513 11
3 5 ab n y m G g G up (amo) 921 10
5 6 s d v binn n & c 1,033 7
88 7 In g d c p r i n 404
8 8 ci ig 794 6
13 9 Fin bu y G up 543 4- 10 ed n 347 4
10 11 Bu n n c uni i n 401 3
- 12 s n n Pub i r i n & m k ing 302
- 13 ou c uni i n 242 2
- 14 ly P n 201 2
49 15 W b s ndwi k W dwid 166 2
- 16 P B P ing 154 2
47 17 c pi ms&l 139 2
- 18 B kB y c uni i n 136 2
- 19 ci y P fi G up 131 2
- 20 IcIs (UK) 96 2
t Pr d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd ud p d nd wi d wn d . t b b d n d i Ng nd nd .
t Pr d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd ud p d nd wi d wn d . t b b d n d i Ng nd nd .
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Fi a ial Ref r A will p s s aller a s sell, w ile FDIc deals e er d .
a Fin n i r f a i pu in i n,buy nd wi pp m&a u i u y.
t w ping f , ign d in w n Ju y21, 2010 by P id n ob , wi igni n y
gu y n i n n , ingy ing f g g f n w yb i d Bu u f c n u Fin n i
P i n.
“[t n n i f w] dd gu y bu d n nd ging b d b
nd ceo g ing w up i nd ndy, ‘I d n’ n d i ny ,’” id J ff y
Wi n , n ging di KBW.
“t wi b f m&a i i y bu n in n i n . Buy i p i n
g i i d d wi F dD p i In u n c p (FDIc),” dd d.
In p i n , FDIc f d nyb nk in midw nd N w in
i ip. t b nking gu y b dy iing f k k , Wi n id,
dding c d u d b n w fu ip b nk f i u .
Bu d wing d wn in f g - pp uni i nd p i ing
in d, king di i n m&a pp ing, indu y u id. B nk
di i u wi b p i u y pp ing in2011 b u “buy w n b n , d p i
nd g d n ,” n f u id. InJu y, f p , NBh h ding nn un d
qui i i n f 38 B nk midw b n inK n nd mi u i f Di kin n Fin n i ,
n f g uni y b nk di i uin ig y , u id.
FDIc d wi n inu k n f mBFin n i , Win u nd Fi midw , bu buy y n y p n w i dd , u id.
s d u i wi f w p iu n p iu g p y , id J ff
B nd, p in ip KBW. Gi n n w n n iu , i k n p n up nd u
, id. F n y , i wib dif u b Us$250 - b nk in Us nd p y wi ng ibu in p n g . s b nk wi
n Us$2bn in wi gp i qui y in , B nd id. “e p
i i y ik sun B n p nd Wl r & c .d in midw in ing n ,”B nd id. on Ju y 8, 2010, sun B n p
nn un d Us$100 qui y in n fWl r .
a i , n in in pi g in n y wi pu - - id- iz d
p y g wi g p y . t n ng- pi g in nd di id nd i
in f 15% i u iy 20% n y , nd n 3.8%in 2013. t wi u in in d d
i i y in in u n b k g p ,id K in D n u , n ging di
my i c pi ad i G up. P y u hub In n i n nd UsI h ding wi b
d in n buy . m i - p p y n p n u nd if y w i un i n y
, y wi g w eBItDa 8% ju id f ing ff f pig in in p und d wi f
k . “a f j gi p y wib ing u ,” D n u id.
In n n i n gy p , m&a wi bd i n by g up f : n p n uw w n ug d i nd p n -upd i , p i qui y w
pp uni i g iquidi y, nd p i ndi ing di i i n , id K n m in, f und
f m in & a i , n in n b nk d i n p ni . m in id
i p f i i y in Us$50- Us$200 ng , wi gi p y b
fund u d u ing i wn nd b wing p i y. Bu p i qui yin u i u in n n i n gy
p , dd d.
m i e Lewis
Deal DrIvers – FInAncIAL SERVIcES
FinAnCiAl serviCes
FINANCIALSERvICES
“An increase in capitalgains tax next year willpush small-to-mid-sized players to merge
with larger players.”
14
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FinAnCiAl serviCesTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
Deal DrIvers – FInAncIAL SERVIcES
A edda e
S a s bidder pa tar e pa Ve d r pa Deal val euS$( )
01-m -10 l P ud n i P a i n In n i n a u n c p nyli i d
a i n In n i n G up In 35,50
08-m -10 P m lif In a i n lif In u n c p ny a i n In n i n G up In 15
09-Jun-10 P B n s n nd sa G up Fin n i s n nd s fin sa d cv(24.90% k )
B nk f a i c p i n 2,500
26-ap -10 P h z G b h ding In D t if y au i G up In
17-m y-10 P m n G up P GlG P n In 1,701
16-F b-10 c JPm g n c & c rBs s p c di i llP (eu p n nda i n p i n )
rBs s p c di i llP 1,700
03-m -10 c m c pi G up l d h b P in li i d 1,485
18-F b-10 c F i f Fin n i h ding li i d Z ni N i n In u n c p 1
18-m y-10 P I u - In i n I u sa I u Unib n h ding sa (1.25% k ) B nk f a i c p i n
28-J n-10 c G d n s su i mi ui Fin n i G up In (2.51%k )
1,112
10-F b-10 c affi i d m n g G up In P n n v n u li i d ru In n
16-ap -10 c QBe In u n G up li i d NaU c un y In u n c p ny lig y c pi llc 565
02-m -10 c c n di n I p i B nk f c ;G n In n llc; t B udG n n P n i n Fund ; t c yG up llc; nd W t u li i d
B nk f Nt Bu fi d & s n li i d (82.50%k )
550
29-J n-10 P ci ig up In lQ In i n Fin n i sa (8.52% k ) Quin n sa 53
29-ap -10 P F d Fin n i Fund lP P ifi c pi B n p (undi dn i in )
500
c=c p d; P=P nding; l=l p d
1
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FinAnCiAl serviCesm&a sPlIt BY Deal sIZe
QUarterlY m&a actIvItY
VALuE
VALuE
VoLumE
VoLumE
Deal DrIvers – FInAncIAL SERVIcES
16
B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i Fin n i s i .G g p i gi n i d in d wi f n d in n i n f g .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $
b n
)
0
50
100
150
200
147.6
6.38.06.6
167.6
8.17.97.1
158.6
12.18.67.3
145.2
8.410.57.2
23.03.3
150.0
6.45.5
0.43.8
83.2
3.73.2
0.40.50.50.5 2.9 0.10.2 1.1
0.8
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
100
200
300
400
500
600
174
50
146
50
1928 43
23
47
164
59
125 133
54
168
56
36
4564
24
65
155
43
189
401832
77
38
191
254
23
67
2119
29
125
18
10
10
26
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
20,000
40,000
60,000
80,000
100,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
50
100
150
200
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
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1FinAnCiAl serviCesFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 B nk f a i m i lyn 25,831 13
7 2 c di sui 19,849 10
9 3 G d n s 19,682 5
3 4 B y c pi 19,410 7
1 5 ci ig up 17,231 5
6 6 D u B nk 15,966 4
11 7= B k n G up h ding 15,544 1
- 7= hsBc B nk 15,544 1
4 9 m g n s n y 12,852 9
18 10 JPm g n 5,333 6
- 11 s n nd G b B nking nd m k 2,500 1
8 12 P W inb g P n 1,931 2
- 13 m i & c p ny 1,701 119 14 s nd o'N i & P n 1,524 16
- 15= t g i 1,457 1
- 15= vi y & c p ny 1,457 1
36 17 KPmG 1,190 3
10 18 UBs In n B nk 1,110 7
5 19 l z d 867 4
38 20 r y B nk f s nd G up 867 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 s nd o'N i & P n 1,524 1
9 2 K f , B uy & W d 421 1
2 3 B nk f a i m i lyn 25,831 13
12 4 c di sui 19,849 10
1 5 m g n s n y 12,852 9
20 6 B y c pi 19,410 7
3 7 UBs In n B nk 1,110 7
51 8 tD s u i i 263 7
14 9 JPm g n 5,333 6
10 10 s if , Ni u & c p ny 432 6
8 11 m qu i G up 389 6
6 12 G d n s 19,682 5
7 13 ci ig up 17,231 552 14 r i d 606 5
11 15 D u B nk 15,966 4
5 16 l z d 867 4
22 17 h u i n l k y 411 4
16 18 KPmG 1,190 3
- 19 cIBc W d m k 588 3
- 20 h d Fin n i - 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 si p n t & B 56,077 14
2 2 c y G i b s n & h i n 55,359 7
4 3 su i n & c w 54,573 16
41 4 W i G & m ng 52,805 7
5 5 D i P k & W dw 43,750 8
43 6 D b i & P i p n 38,167 4
61 7 N n r 35,500 2
6 8= c sw in & m 35,500 1
- 8= h b s i /G i lu z/s ibb 35,500 1
47 8= s ug nd m y 35,500 1
32 11 D w y & l B uf 21,483 12
103 12 a n & Bi d 15,816 4
23 13 Ni i u & a i 15,694 3
191 14 W i & c 15,601 3
149 15= cms 15,544 1
- 15= U i m n nd z 15,544 1
7 17 W , lip n, r n & K z 4,984 7
94 18 s n & s ing 3,341 3
1 19 sk dd n a p s m g & F 2,581 11
13 20 link 2,560 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 su i n & c w 54,573 16
14 2 si p n t & B 56,077 14
7 3 D w y & l B uf 21,483 12
1 4 sk dd n a p s m g & F 2,581 11
22 5 D i P k & W dw 43,750 8
13 6 c y G i b s n & h i n 55,359
17 7 W i G & m ng 52,805 7
6 8 W , lip n, r n & K z 4,984 7
20 9 a n & o y 1,854 7
34 10 Ki p i k s k n 208 7
32 11 B w & Giu i ni - 6
29 12 B k , c & G yd n 2,475 5
48 13 J n D y 2,398 5
16 14 F fi d B u k u D ing 1,580
111 15 t y 1,440 5
21 16 B y n c 325 5
9 17 D b i & P i p n 38,167 4
57 18 a n & Bi d 15,816 4
19 19 P u W i rifkind W n & G i n 1,809
45 20 s ik n e i 385 4
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd Fin n i s i .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd Fin n i s i .
Deal DrIvers – FInAncIAL SERVIcES
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I d s rial deals pr lifera e w ile d le dipspe er l s.
t f f 2010 w d i i y pi k upng indu i p ni , in ddi i n u n f g d buy u .
t u n m&a n i n n in“ d y p i i i ” bu p p f
d ub -dip i n in 2011 y pup ni in ing in nd f f
2010 b f i wind w f pp uni y n pu g in.
StRong chEmIcALS
D king in i k ng, win b nk ying in Ju y 25
p ni w f . a ng id p d in nd f f 2010 :e n c i ’ f i Pet bu in ;a nd’ f i Us$3bn di ibu i n ;
nd IPo f a iz n c i . o ,u a s u nn, P yon , nd c i n ,
king b - n buy y w yf di y i ig ginni p du .
In n u i n , n id i n b n f nd i p d n inu . t
f w p n y f di d n i nng bui ding p du di ibu i n p ni
wi G G up-b k d s k Bui dingsupp y buying p ni u f b nk up y,
nd Us lBm nd aBc supp y buying. In nd f f 2010, n b bui ding
p du nuf u p d : a i d m i i d D u
B nk f p , w i eu d g pub i in Ju y.
PRIVAtE EquIty ExItS
m ny f n i n ig ig f p i qui y i king un d
f i ng- d in n . eu ,a i d m i nd a iz n c i
b k d by p i qui y. Bu p i qui y i ing n Us$500bn un in
f pi y w n d p y f w -y
d ug . t n b d up d dw Us$1.3 n — n c in k
k . m ny d u ing . tlBo, f f d d du ing d wn u n, b k wi b ng in ap i wi c b u c pim n g n ’ Us$1.4bn buy u f d f n
Dyn p.
DEFEnSE SEt FoR FREnzyt d f n i n f f nzy
f d king n i n g p ni u i p f i in
n ff i p gin p y wiug n i f in u . In Jun ,
l k d m in nn un d p n diw uni und i Inf i n sy &
G b s i (Is&Gs) di i i n. on f — en p i In g i n G up (eIG)—ib ing d b u f w i f do g niz i n c n i f In gu i n .In f f budg u f in p i nin Us nd eu p , N p G u n
in Ju y nn un d i i p ing gin i f i ipbui ding bu in .
D ik p d n inu .an d i in d f n k wib j i i y n d f un nn d
i i (Uav ), king id- iz p ni in y
i . on u d i n f in d f n ig n w,
wi p ni p n i y king i n f y .
N w fu - n y nd i i n g f nd u k wi pu n id i n
ng di d u i p ni ndf ig f w d d n’ pi n w n i n n gu i n .
v ipp u ing b k n b ingingi p , w i u k u
d f ig . m ny in d iw n’ b b b f buying b inging i wn i d k nd bf d n id .
StILL A SELLER’S mARkEt
s p buy g d wid king k gi qui
in y f f 2010, bu y u di ning n b f , id b
N n , i i i g d d k —buy b ing f d u
p ni b d n “n iz d ning i , dju d n g if n i i n. B nk yund d f p ni b ing k
n .
Y w ning ign —p i nun p y n , f ing k k
pi i n f Bu ’ p y und f 2010, p u ing nd
indi ing y u n u g inBi rid n u , p id n f P y t nad i , y ny p ni
ug n i d wn u n f 2007-9 inking b u i k f d ub d
i n nd unk ing d wn g in.“s f u i d
u f g n y , bu y uff p .”
mar A dress, A a da Levi ,Ri ard te e i a d Sa Weis er
Deal DrIvers – InDuStRIALS, mAnuFActuRIng & EngInEERIng
industriAls, mAnuFACturing & engineering
INDuSTRIALS,MANuFACTuRING& ENGINEERING
“Another driver in thedefense market will
be the major militaryneed for unmannedaerial vehicles (UAVs),making small to mid-size companies in thesector very attractive.”
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industriAls, mAnuFACturing & engineeringTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
Deal DrIvers – InDuStRIALS, mAnuFActuRIng & EngInEERIng
A edda e
S a s bidder pa tar e pa Ve d r pa Deal val euS$( )
15-F b-10 l Y In n i n asa t Indu i In 4,2
18-J n-10 c ty In n i n l d B ink' h s u i y h ding In 1,83
28-m -10 c Z ji ng G y h ding G up c p nyli i d
v c c p i n F d m c p ny 1,80
02-m -10 c B in c pi llc s y n c p. t D w c i c p ny 1,630
30-Jun-10 P G d u sa G d u a i c p i n (33.70% k ) 1,6
29-Jun-10 P e n e i c p ny c id G up P 1,548
19-m y-10 P h n yw In n i n In sp i n P i n sa e i In n i n sa
20-Jun-10 P c n P du In n i n In N i n s & c i c p ny akz N b Nv
22-ap -10 c o k hi c pi P n lP t hi n c p ni In c d h nn y & si n llc; nd on it P n i n P n
956
29-m -10 c m di n D b n P n llc BWaY h ding c p ny 829
26-ap -10 c Gtcr G d r un llc P i n on In 826
01-Jun-10 c P g r i s i In e -m i Di In B k i P n llc; nd G nb i equi yG up llc
820
29-ap -10 P G ft In n i n li i d c/G e d llc; nd s d if c k lP(81.10% k )
692
21-Jun-10 P Itt c p i n G dwin Pu p f a i In 585
10-m y-10 P c t uni i n c p cPI In n i n In 44
c=c p d; P=P nding; l=l p d
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industriAls, mAnuFACturing & engineering
Deal DrIvers – InDuStRIALS, mAnuFActuRIng & EngInEERIng
20
m&a sPlIt BY Deal sIZe
QUarterlY m&a actIvItY
VALuE
VALuE
VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i Indu i , c i & engin ing .G g p i gi n i d in d wi f n d in n i n f g .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
50
100
150
200
250
43.5
9.29.16.8
8.6
43.6
9.89.2
12.4
100.9
13.19.7
211.4
14.210.410.0
11.1 3.0
64.3
9.96.9
0.77.9
72.7
2.23.6
1.11.00.90.8 0.7 0.23.9 1.7
2.8
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
200
400
600
800
1,000
382753
160
81
251
322461
212
100
319
443482
226
112
420
74
114
221
6539
482
482
2393
74
18
278
137
6
10
4422
818
2843
169
76
23
446
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
20,000
40,000
60,000
80,000
100,000
120,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q08
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
50
100
150
200
250
300
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
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industriAls, mAnuFACturing & engineeringFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
16 1 JPm g n 10,202 12
18 2 ci ig up 5,675 6
1 3 m g n s n y 5,427 6
13 4 B y c pi 4,933 6
5 5 r i d 4,747 8
25 6 D u B nk 4,438 6
6 7 l z d 3,624 12
8 8 c di sui 2,250 9
15 9 G d n s 2,149 7
81 10 m i & c p ny 2,075 2
3 11 B k n G up h ding 1,980 2
10 12 hsBc B nk 1,959 3
7 13 KPmG 1,902 511 14 rBc c pi m k 1,844 2
12 15 G n i & c 1,629 2
- 16 In 1,548 1
- 17 c di ag i cIB 1,380 1
35 18 J ff i & c p ny 899 5
- 19 m g n K g n & c p ny 857 2
19 20 B nk f a i m i lyn 829 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
6 1 lin n In n i n 300 13
9 2 JPm g n 10,202 12
3 3 l z d 3,624 12
15 4 c di sui 2,250 9
8 5 P i w u c p 309 9
1 6 r i d 4,747 8
21 7 G d n s 2,149 7
22 8 ci ig up 5,675 6
13 9 m g n s n y 5,427 6
20 10 B y c pi 4,933 6
37 11 D u B nk 4,438 6
23 12 h i Wi i & c 192 6
5 13 KPmG 1,902 545 14 J ff i & c p ny 899 5
4 15 UBs In n B nk 771 5
63 16 BB&t c pi m k 247 5
48 17 I p i c pi 250 4
7 18 D i 63 4
19 19 hsBc B nk 1,959 3
43 20 W.Y. c pb & c p ny 310 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
32 1 Ki k nd & e i 7,097 16
40 2 l & W kin 6,528 11
16 3 F fi d B u k u D ing 6,454 9
37 4 si p n t & B 5,182 6
12 5 D i W d P i ip & vin b g 4,441 2
- 6 Wikb g r in & c 4,221 2
- 7 t n 4,204 1
8 8 s n & s ing 3,979 6
10 9 sk dd n a p s m g & F 3,768 11
28 10 m y B wn 3,260 9
13 11 B k , c & G yd n 2,955 4
14 12 t y 2,830 5
26 13 c y G i b s n & h i n 2,459 4
- 14 D i P k & W dw 2,294 5
33 15 link 2,239 5
- 16 D b i & P i p n 2,188 4
- 17 l nz & s in 2,001 2
142 18 a u 1,933 3
54 19 l y n & l ff 1,910 2
55 20 s ug nd m y 1,907 4
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 J n D y 118 17
2 2 Ki k nd & e i 7,097 16
10 3 l & W kin 6,528 11
7 4 sk dd n a p s m g & F 3,768 11
50 5 F fi d B u k u D ing 6,454
13 6 m y B wn 3,260 9
16 7 K&l G 188 9
3 8 B k & m K nzi 168 9
5 9 Dla Pip 111 7
25 10 si p n t & B 5,182 6
6 11 s n & s ing 3,979 6
45 12 cms 64 6
33 13 t y 2,830 5
- 14 D i P k & W dw 2,294 5
14 15 link 2,239 5
53 16 a n & o y 1,691 5
119 17 sid y au in 1,655 5
51 18 su i n & c w 1,640 5
9 19 c iff d c n 665 5
46 20 h b s i /G i lu z/s ibb 16 5
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd f wing : au i ; c i & m i ; Indu i – ni ; u i n nd p du nd i ; nd m nuf u ing –
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Nnd nd f wing : au i ; c i & m i ; Indu i – ni ; u i n nd p du nd i ; nd m nuf u ing – .
Deal DrIvers – InDuStRIALS, mAnuFActuRIng & EngInEERIng
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capi al is i as e er pr d ers rep si i la d a d a sea.
In n i n i ng , u -ung y a i n p ni nd p i qui y
king p i ip in i i n Usn gy indu y p d in i y
i y in i nd g – n in n
n d . h iz n f u ingn gy qui pi ; ff pii bi i i p n i ; gu y d y n
bu n ; wind nd f n u i nqui n n ing.
on p n y n ’ ind i f f ff d i ing indu y in w k f BPi pi . W i d w n’ i iz un i
ob d ini i n’ d i ing b n i if d nd i y n gu i n i gi n, ff
d i ing n pp d f g d nd n i m&a.
c n id i n i p d u in id-
ng- n w gu y bu d n nddd d f y qui n d i n i f ig . c p ni y
n in n , p i y . s ff p ni wi n d
bu k up, nd u d y ini iz i ffp u by king f buy u fpi . a y , y u d w king
in in i w , y l n Gi i nd,m n ging Di tud Pi k ing h .
W n i d ping Us ,’ f pp uni y, p i y in
m u , y Bi m k , m n ging Di J ff i . t “ nd u ” un f
pi qui d d p n f i i n f wi d i d i nd in n i nj , p i qui y, nd a i n p y
in in ug m&a j inn u . s p ni , in n d f n w
n gi nd n i f , y gn pp d up by p ni b un ug
pi p g nd d z n f ig , dd .
REnEWAbLE EnERgy
mu f f f n w b ngn p n i g n n ini i i u
b n , f d-in iff nd un inn i n f i u u d . Un i n,
n w b n gy p j wi ugg b in n n ing in n i n i
i . a nu b f n gy p ni pu d IPo i y . W k n u gp i u d ny buy ’ inin pi - y wind , n D niB wn, a i in U i i i nd a n ien gy K yb n c pi m k .
on b ig p n n w b f n y bin u i i i n . “In d p n f
n i n n gu i n wi b yin u i i y m&a,” y B i n t , m n gingDi nd h d f P w & U i i i WF g s u i i . “W p n w bf u d qui i i n u i i y p ni w k
w d i n w b p f i nd d .”
utILItIES
ru nd p u i n in ing n yy big n in u i i i b n p n
f wing i y ’ u i i i d . “t u i i ym&a k i ik y g in fu n uin ing y du f ,in uding in d qu i y f indu yp y ’ b n nd i i p d
pi k ,” t y .
r gu u d b n i p di n d , y b n in p . “t n
gu p n n id i n, y u’
[ p ni ] u wi pp i ,” nK yb n ’ B wn.
oILFIELD SERVIcES
oi d i m&a nd b d i nby pp uni i uf ing f bu inin d f nd , y tudPi k ing’ Gi i nd. l g p y wi
n inu k f p p i y nnd n id i n u d u
p . “any ing di d w d ” wb i n i i y i p
b k, y P u m n, m n gingDi s u w s u i i .
mInIng
In ining, f f d ub dip n inu u un in y in p i u
m ny in ding i b if g d wi g in n f f d wn
pi ing n y if i d if d wing bu ing f pbubb . In b , d nd f a i
n inu d i k . c n di n,af i n, nd s u a i n p ni wi
g b d p i , p i yybd nu nd i n , n inu
qui i i n nd p n ing p p fc in in p i u . W i d ikr i w y c n u i n nd t ng ing N nf
m j in qui i i n f c i n rin 2009 f Us$549 p d, p n
nd ff- k g n in u n f fun ik y b nu u .
Deal DrIvers – EnERgy, mInIng, oIL & gAS
energY, mining, oil & gAs
ENERGY,MINING,
OIL & GAS
“Smaller companies,in need of new
technologies andeconomies of scale,may get snapped up bycompanies able to runhuge capital programs.”
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energY, mining, oil & gAs
Deal DrIvers – EnERgy, mInIng, oIL & gAS
24
m&a sPlIt BY Deal sIZe
QUarterlY m&a actIvItY
VALuE
VALuE
VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i en gy .G g p i gi n i d in d wi f n d in n i n f g .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $
b n
)
0
50
100
150
200
250
300
60.2
14.610.66.3
11.1
164.9
15.18.9
21.1
251.3
9.47.9
229.5
14.714.38.2
11.5
98.899.2
13.812.7
5.8 0.5
120.6
10.812.5
0.60.70.60.5 0.5 0.26.3 2.7
4.5
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
100
200
300
400
500
600
47
51
133
64
40
44
37
64
177
89
31
49
55
69
175
61
57
83
46
66
171
90
42
94
55
50
113
75
40
56
61
52
130
65
37
38
33
38
3229
57
21
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
20,000
40,000
60,000
80,000
100,000
120,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
30
60
90
120
150
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
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energY, mining, oil & gAsFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
10 1 G d n s 40,312 12
4 2 D u B nk 28,775 12
5 3 c di sui 28,466 16
6 4 B y c pi 23,507 10
26 5 tud , Pi k ing, h & c 21,877 8
2 6 m g n s n y 15,349 10
7 7 UBs In n B nk 15,167 8
11 8 ci ig up 14,236 6
14 9 JPm g n 14,221 9
17 10 B nk f a i m i lyn 14,111 8
13 11 s i c pi 9,729 7
38 12 B k n G up h ding 7,625 1
24 13 J ff i & c p ny 5,839 440 14 s if , Ni u & c p ny 5,400 4
15 15 Bmo c pi m k 4,940 12
3 16 cIBc W d m k 4,551 12
67 17 tD s u i i 4,298 13
- 18 sunt u r bin n hu p y c pi m k 3,762 2
1 19 rBc c pi m k 3,750 15
18 20 Fi en gy c pi 3,346 9
h12009
h12010
c pa na e Val euS$( )
n erf Deals
5 1 c di sui 28,466 16
2 2 rBc c pi m k 3,750 15
67 3 tD s u i i 4,298 13
6 4 G d n s 40,312 12
8 5 D u B nk 28,775 12
9 6 Bmo c pi m k 4,940 12
7 7 cIBc W d m k 4,551 12
19 8 GmP s u i i 1,935 11
18 9 B y c pi 23,507 10
1 10 m g n s n y 15,349 10
15 11 JPm g n 14,221 9
14 12 Fi en gy c pi 3,346 9
10 13 m qu i G up 2,509 937 14 tud , Pi k ing, h & c 21,877 8
4 15 UBs In n B nk 15,167 8
22 16 B nk f a i m i lyn 14,111 8
3 17 s i c pi 9,729 7
16 18 N i n B nk Fin n i 1,639 7
- 19 P dig c pi 698 7
11 20 P & c 510 7
h12009
h12010
c pa na e Val euS$( )
n erf Deals
13 1 B k B 41,937 17
14 2 l & W kin 35,712 14
6 3 vin n & e kin 25,785 18
11 4 sk dd n a p s m g & F 24,515 10
2 5 B k , c & G yd n 20,649 14
25 6 W , lip n, r n & K z 19,065 5
100 7 si p n t & B 17,331 8
46 8 akin Gu p s u h u & F d 15,077 9
40 9 B w & Giu i ni 13,464 7
- 10 o'm ny & my 12,778 3
- 11 Gib n Dunn & c u 11,750 1
20 12 D w y & l B uf 11,519 5
27 13 su i n & c w 9,479 4
7 14 o , h kin & h u 9,443 12
36 15 B k & m K nzi 7,936 4
10 16 F mi n c g in 7,882 4
30 17 K&l G 7,625 2
34 18 link 7,450 2
- 19 B b , mu ni & a g 7,000 1
16 20 a n & Bi d 6,947 6
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 vin n & e kin 25,785 18
18 2 B k B 41,937 17
24 3 l & W kin 35,712 14
1 4 B k , c & G yd n 20,649 14
4 5 m c y t u 4,417 14
9 6 o , h kin & h u 9,443 12
42 7 Fu b ig nd J w ki 1,563 11
15 8 sk dd n a p s m g & F 24,515 10
28 9 akin Gu p s u h u & F d 15,077 9
3 10 Bu n Du kw & P 3,761 9
7 11 s ik n e i 1,836 9
105 12 si p n t & B 17,331 8
6 13 F k n m in u 2,303 8
26 14 B w & Giu i ni 13,464 7
36 15 a n & Bi d 6,947 6
16 16 and w Ku 5,619 6
14 17 B d n l dn G i 786 6
11 18 D y & W i n y 212 6
47 19 W , lip n, r n & K z 19,065 5
13 20 D w y & l B uf 11,519 5
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : en gy, mining, nd U i i i – .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : en gy, mining, nd U i i i – .
Deal DrIvers – EnERgy, mInIng, oIL & gAS
2
8/7/2019 US Deal Drivers H1
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c s er m&A is e re d, a d arise f r er i e se d alf f e ear asw ld- e ers re ai de e fr es ead i e .
r i n i n u f d,b g nd p p du wi in m&a
p , b nk y. Bu n y
i p , y b i wid ng f wi in d buy nd .
on d u k p u f ing i p ib bid by N pu G nmi . m d J n n in gi
g f N , w G up D n n ndUni . sp u i n b u m d J n nd b n und in p ny’
p i n f B i -my in 2009, nd d k p bidding w in
n i 12 n .
In n i n p y y p Us fb b nd , wi J p n-b d b nd f
d ink p ny s pp n y p ingin in qui ing p iu b p ni .
e p d in p f d, p ind p nu i i n upp n , wi
u i n n f 10 eBItDa ing ’ g w p n i . F in n , P
& G b in m y d p n yddi i n i p f d g n w n
i qui d N u P P du f nundi d u .
m j pp k vF c p i n ndK w d p d d i u n
k i y qui . P i ip -v nh u n in m g d pu t yhi g f Us$3bn, nd in n unf buy .
a ug n u d n i ,indu y u i n wi n i 2007, w n
p ni d i i p iu , w nn b nk . c n u i b in i p nding p , b nk
p in d u , wi un p y n nd p n di ind ing f .
Priva e e i deals a e e sp li
af w -y i u , n u n g in b p pu p f
p i qui y i . t nd wi n inuin n i n ng if d b
k in p n. l nd wi ing nd, bu g p b w n buy nd
p i n in d in nd f f y .
t n u d n i n n , p i u yin f d, i bu p i qui y
p d i p i y ing f d ding d n w y .
F in n , Pinn F d , N w J y-b d f d p ny wn d by B k nG up, i ik y g pub i wi in n y ,
n b nk y .
Res a ra s a e a e a
Du ing i n, p i qui y f p d d n i u nin n , y P u huff n, n gingdi wi h d y P n . Bu
i n , nu b f fund wi p un u n f i p f i .
In u ning p in f u ping indu y,f i y i d l i u by
g k , cKe r u n in ap i d ap m n g n f Us$1bn f p i u y
i ing Us$919 ff f t h. lP n (thl). t n , Us-b d lequi y P n llc, f und d by thl-f undt h. l , qui d pizz in P pmu p y’ f c b nk c pi P n f
n undi d n id i n. P p mu p y’p d y d f 10 eBItDa, nd b n b nn d i y du i ig u i n.
t bu k f i i y du ing f f y wi ik y b b w n p i qui y
nd p i y- d p ni , pub ip ni g ing p i . s gi buy ,
f u d n i p ing i p i n , un ik y u n k by nd f
y .
Consumer
CONSuMER
“The bulk of activityduring the latter half of the year will likely bebetween private equity
rms and privately-held companies, orpublic companiesgoing private. Strategicbuyers, focused onimproving their coreoperations, are unlikelyto return to the market
by the end of the year.”
26
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ConsumerTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
Deal DrIvers – conSumER
A edda e
S a s bidder pa tar e pa Ve d r pa Deal val euS$( )
25-F b-10 P t c -c c p ny c -c en p i In (N a i np i n )
c -c en p i In 12,280
05-J n-10 c N sa K f F d (f z n pizz bu in ) K f F d In 3
15-m -10 c P i ip -v n h u n c p i n t y hi fig c p i n ap P n llP 3,
02-Jun-10 P a i n i n c u t d In c y' G n s In 1,9
14-J n-10 c s i id c p ny li i d B e n u In 1,740
21-m y-10 c Gs c pi P n mi F d In t h l P n lP 1,7
14-Jun-10 P m f ig a i n sa K y n F d llc lind y G db g & B lP 1,260
24-F b-10 c P i ip m i F un t b c In F un t b c p i n (s d aand li bi i i ); nd P i ip m i P i ippinm nuf u ing In (s d a andli bi i i )
F un t b c p i n; nd P i ip m iP i ippin m nuf u ing In ( ub idi y f P i ipm i In n i n In )
1,170
21-Jun-10 c r p h ding In a i n I i n P c 1,162
17-F b-10 c W g n c Du n r d In o k hi c pi P n lP 1,0
08-Jun-10 c a yz aG F s B k i In lind y G db g & B lP 9
22-m -10 P B ing h ding (lu b u g) s( ub idi y f c -c en p i In )
c -c D ikk as; nd c -c D y ks ig aB
t c -c c p ny 822
23-m -10 c P ig c p ny PBm h ding In 808
09-F b-10 c sp u B nd In ru h bb li i d 675
25-F b-10 c Di nd F d In K F d In li n c pi llP 615
c=c p d; P=P nding; l=l p d
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Consumer
Deal DrIvers – conSumER
28
m&a sPlIt BY Deal sIZe
QUarterlY m&a actIvItY
VALuE
VALuE
VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i c n u .G g p i gi n i d in d wi f n d in n i n f g .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
30
60
90
120
150
48.3
13.3
10.7
6.7
131.6
6.05.16.3
81.5
8.95.56.0
126.5
9.47.24.3
29.4
2.4
110.5
6.94.1
0.23.8
36.0
0.50.50.60.5 0.3 0.12.5 1.3
3.12.5
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
100
200
300
400
500
600
150
178
55
62
3926
132
187
71
311628
131
226
47
3527
37
96
296
52
44
2735
94
234
25
261915
58
156
36
13 718
14139
24
90
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
20,000
40,000
60,000
80,000
100,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
30
60
90
120
150
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
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ConsumerFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
7 1 G d n s 22,992 15
48 2 c di sui 20,537 11
4 3 l z d 16,802 6
- 4 a n & c p ny 13,272 3
- 5 G n i & c 13,102 2
13 6 B nk f a i m i lyn 7,857 6
10 7 ci ig up 7,687 4
- 8 B y c pi 5,043 6
14 9 P J s n c p ny 4,184 3
8 10 r i d 3,899 10
24 11 h u i n l k y 3,874 4
- 12= B k n G up h ding 3,700 2
- 12= c n i w P n 3,700 26 14 m g n s n y 3,405 4
3 15 D u B nk 3,209 3
- 16 rBc c pi m k 3,107 2
1 17 JPm g n 2,068 2
2 18 N u h ding 1,506 1
59 19 P i w u c p 1,475 3
32 20 e P n 1,162 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
5 1 G d n s 22,992 15
48 2 c di sui 20,537 11
2 3 r i d 3,899 10
54 4 KPmG 809 7
9 5 l z d 16,802 6
12 6 B nk f a i m i lyn 7,857 6
- 7 B y c pi 5,043 6
21 8 ci ig up 7,687 4
1 9 h u i n l k y 3,874 4
11 10 m g n s n y 3,405 4
- 11 a n & c p ny 13,272 3
13 12 P J s n c p ny 4,184 3
8 13 D u B nk 3,209 359 14 P i w u c p 1,475 3
- 15 Qu y mun h ding 919 3
14 16 r b b nk 510 3
22 17 hsBc B nk 481 3
- 18 D i 445 3
49 19 e n & Y ung 211 3
- 20 Bmo c pi m k 180 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
33 1 D w y & l B uf 19,717 5
30 2 W , lip n, r n & K z 16,564 5
13 3 sk dd n a p s m g & F 15,610 5
- 4= c i G d n & r ind 13,102 2
- 4= m K nn l ng & a d idg 13,102 2
23 5 c y G i b s n & h i n 12,725 3
47 7 s ik n e i 12,493 5
101 8 W i & c 12,280 3
- 9 c ing n & Bu ing 12,280 1
24 10 c sw in & m 6,745 6
32 11 W i G & m ng 5,724 9
10 12 si p n t & B 5,323 4
11 13 l & W kin 5,246 3
63 14 B k , c & G yd n 4,834 5
36 15 Wi ki F & G g 4,084 2
- 16 h bu g 3,700 1
119 17 Gib n Dunn & c u 3,640 4
20 18 h b s i /G i lu z/s ibb 3,166 3
- 19 D B uw B k n W b k 3,009 1
5 20 Dla Pip 2,121 11
h12009
h12010
c pa na e Val euS$( )
n erf Deals
27 1 Dla Pip 2,121 11
4 2 W i G & m ng 5,724 9
6 3 Ki k nd & e i 1,761 7
1 4 J n D y 1,297 7
33 5 c sw in & m 6,745 6
35 6 D w y & l B uf 19,717 5
68 7 W , lip n, r n & K z 16,564 5
3 8 sk dd n a p s m g & F 15,610 5
22 9 s ik n e i 12,493 5
9 10 B k , c & G yd n 4,834 5
58 11 si p n t & B 5,323 4
124 12 Gib n Dunn & c u 3,640 4
41 13 P u W i rifkind W n & G i n 2,000
- 14 s n & s ing 1,974 4
140 15 c iff d c n 1,475 4
61 16 a n & o y 615 4
64 17 c y G i b s n & h i n 12,725
14 18 W i & c 12,280 3
2 19 l & W kin 5,246 3
31 20 h b s i /G i lu z/s ibb 3,166 3
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : c n u - i , f d nd .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : c n u - i , f d nd .
Deal DrIvers – conSumER
2
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te l pa ies, as ri a ds rai ed e a i redi
ar e s, ave pa ed s er i d s riesi eir eal f r i deals is ear.
and if u ing u i i ny ing g by, f f y u d b nbu i p ni i b nk nd
g buy k qui in ikbi , u i y nd ud n gi .
Bu n wi p n up d -king p u , buy ik y i k g b u f
ing ing un in y und n y,ding p d p n
u i g f w p ny.
a n g In n p ny p d up i f qui i i n
p i n , nd wi b king u k-in wi p i in bi nd iz d
n gy, n u i y . “m bi i
b d y gniz d u i n n w.”e p buy d in g n tmt
nd p , ug f w g d u qui i i n f i n bu in N i
w u d n b u p i , u i y .t n i i n digi i di ibu i n u dpu N i in p i i n w n ff f
g di p ny u Di n y i i n p ing n g in u ip
di gi n . a z n app u d bin d in N i ’ u b , dd .
W i i u k f ik yk u IPo f ig y p b f
g w p ni Zyng nd F b k, p ni pp b in n u i nd buy in n u y p y
p i f , u i n .
m nw i , k i ing wii i y in in p i p ni k
d n g f f b p i ing in b , bnd d n i ng nding p i i n ,
y b nk . In i b , Fib ,on ink c uni i n , h g y, KDl, P k10, a p u c uni i n nd 365 m in
un d u i n i y , ding g k p .
t j i y f u i n u dn ud wi u fu d by nd
f f 2010, p u n u i . “a f in f igu d. t p ni
p u d . and p i g n ingp i qui y in b u f i
pi wi i y in eBItDa.”
hig buy in in tmt i b ing d i n inp by pu b k in in n ndd p n , u ing bu in pun w n gi f u id p ni , yB b a k n, f und f y g in
a gi c pi . “W n f i i y i u wn p f i .”
t iz f buy wi in n d nu n n y, a k n p di .
t di i n di p ni , und p u in n nd It u i y bu inug in n up wing in d nd f n in
u i y u d b b f ig i i y ining n , id.
In di i n di , g di ngwi n inu n p up f g w p niin n w di nd n in p . “t ’p u n di i n di p ni
i bu in ,” p in a k n.c n id i n ng i i n nd
di p ni king g in ip d . “W n w ing
u d w,” y t G n,P id n f P id n equi y’ c pi m kG up. “m n g n b n p i i n y w .”
t n d f digi u i y in uG n n , n gy nd
k i gi f buy . td f n p ni ik l k d m in
king k up ni k d n g f
a k n y , n ing B ing quiN u N w k in y Ju y.
B n ing pi n d wi in i g ing i f id- iz d n g
p ni , w i qui k y ing pip in . m n qu f IPo inin p 12 n w by n g
p ni , y r n i n c pi p inK n s n s i . m ny p
“p ing” in IPo wing , w i inin y u n pub i k
s n s i w p i i i b u Ip p f g p ni u ubi i n d di p ny Ni n, w
d in Jun . In ying nd
p ni wi g wing w pu n y w k, y . P -p p
f w p i n . “I ’ y i f g w p ny ’ n p
L ise blea le a d Sara c e
Deal DrIvers – tEchnoLogy, mEDIA & tELEcom
teChnologY, mediA & teleCom
TECHNOLOGY,MEDIA &TELECOM
“High buyer interest inTMT is being driven inpart by a pull back ininternal research anddevelopment, causingbusinesses to purchasenew technologies fromoutside companies.”
30
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teChnologY, mediA & teleComTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
Deal DrIvers – tEchnoLogy, mEDIA & tELEcom
A edda e
S a s bidder pa tar e pa Ve d r pa Deal val euS$( )
22-ap -10 P c n u ylink Qw c uni i n In n i n In 22,1
25-J n-10 c KDDI c p i n Jupi t uni i n c l d (37.80%k )
lib y G b In 4,014
19-F b-10 P s w c uni i n In c nW G b c uni i n c p i n( - - i nd p i y i i n bu in )
c nw G b c uni i n c p i n 1,96
21-ap -10 c vi In cyb s u c p i n 1,699
15-F b-10 P G up t i sa d cv c uni i n N d m i sa d cv(30% k )
NII h ding In 1,440
10-Jun-10 c tPG c pi lP v f In h n & F i d n llc; nd JmI equi y 1,400
24-m y-10 c IBm c p i n s ing c In at&t In 1,400
14-Jun-10 P c b i i n sy c p i n B n n c uni i n In c c p i n; P id n equi y P nIn ; nd Qu d ng G up llc
1,365
19-m y-10 P sy n c p i n v isign In (Id n i y nd au n i i nBu in )
v isign In 1,280
09-F b-10 c mi n t n gy In Nu ny Bv F n i P n lP; In c p i n; ndstmi ni Nv
1,270
19-m -10 P I n en p i lP li n G en in n c p. 1,2
05-m -10 P aBrY P n llc rcN c p i n 1,177
09-Jun-10 P a ip -mi y h s u i n In e ip y c p i n
28-ap -10 c h w -P k d c p ny P In 1,141
26-J n-10 c Qu d/G p i In W d c P In . 1,1
c=c p d; P=P nding; l=l p d
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teChnologY, mediA & teleCom
Deal DrIvers – tEchnoLogy, mEDIA & tELEcom
32
QUarterlY m&a actIvItY
VALuE
VALuE
VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i t n gy, m di & t .G g p i gi n i d in d wi f n d in n i n f g .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
50
100
150
200
250
300
350
161.4
11.99.712.7
226.5
18.013.312.6
283.4
15.317.014.6
171.3
21.514.612.3
40.7
4.8
116.3
6.210.0
0.98.9
85.3
1.21.51.71.6 0.7 0.35.9 3.2
5.05.94.7
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
200
400
600
800
1,000
306
223
189
633236
303
224
193
79
52
65
329
291
160
104
4464
295
314
135
84
61
69
213
303
107
621726
148
246
81
32 1437
171530
158
3774
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
30,000
60,000
90,000
120,000
150,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
50
100
150
200
250
300
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
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teChnologY, mediA & teleComFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 JPm g n 34,167 11
2 2 m g n s n y 29,375 16
8 3 D u B nk 28,306 10
4 4 B y c pi 26,855 6
- 5 P W inb g P n 24,543 4
27 6 l z d 24,237 6
6 7 e P n 22,153 1
11 8 UBs In n B nk 10,340 10
3 9 G d n s 7,355 18
7 10 c di sui 5,139 8
- 11 G n i & c 4,552 3
- 12 N u h ding 4,316 4
9 13 B nk f a i m i lyn 4,099 823 14 rBc c pi m k 3,572 8
- 15 s ngy s i ad i y 3,051 1
39 16 tD s u i i 2,321 4
10 17 a n & c p ny 1,665 2
96 18 Wi i B i & c p ny 1,664 5
5 19 ci ig up 1,493 4
42 20 J ff i & c p ny 1,425 14
h12009
h12010
c pa na e Val euS$( )
n erf Deals
6 1 G d n s 7,355 18
1 2 m g n s n y 29,375 16
24 3 J ff i & c p ny 1,425 14
2 4 JPm g n 34,167 11
4 5 D u B nk 28,306 10
8 6 UBs In n B nk 10,340 10
3 7 c di sui 5,139 8
10 8 B nk f a i m i lyn 4,099 8
11 9 rBc c pi m k 3,572 8
5 10 B y c pi 26,855 6
22 11 l z d 24,237 6
13 12 h u i n l k y 449 6
34 13 P ky P uni 146 615 14 P g i P n 67 6
96 15 Wi i B i & c p ny 1,664 5
- 16 KPmG 24 5
- 17 P W inb g P n 24,543
- 18 N u h ding 4,316 4
52 19 tD s u i i 2,321 4
7 20 ci ig up 1,493 4
h12009
h12010
c pa na e Val euS$( )
n erf Deals
13 1 s n & s ing 29,670 14
15 2 sk dd n a p s m g & F 28,647 8
1 3 si p n t & B 27,638 10
9 4 l & W kin 26,889 11
- 5 W , lip n, r n & K z 26,149 6
7 6 P u W i rifkind W n & G i n 24,334 6
6 7 D b i & P i p n 22,364 3
- 8 J n W k 22,153 1
20 9 D i P k & W dw 5,660 9
54 10 o , h kin & h u 5,390 8
4 11 c y G i b s n & h i n 5,299 11
- 12 m i h d & m u 5,294 2
16 13 su i n & c w 4,857 6
37 14 a n & o y 4,154 7
- 15 Ni i u & a i 4,138 2
24 16 J n D y 3,712 17
14 17 Gib n Dunn & c u 3,574 11
- 18 D i W d P i ip & vin b g 3,246 6
- 19 N g i o n & t un u 3,152 2
53 20 F fi d B u k u D ing 3,126 2
h12009
h12010
c pa na e Val euS$( )
n erf Deals
6 1 Dla Pip 1,644 30
5 2 F nwi k & W 2,938 24
1 3 Wi n s n ini G d i & r i 2,052 20
4 4 c y 1,705 18
2 5 J n D y 3,712 17
11 6 s n & s ing 29,670 14
7 7 o'm ny & my 735 14
48 8 B k , c & G yd n 2,182 12
3 9 l & W kin 26,889 11
10 10 c y G i b s n & h i n 5,299
15 11 Gib n Dunn & c u 3,574 11
18 12 m i n & F 2,051 1
9 13 Ki k nd & e i 1,671 11
14 14 si p n t & B 27,638 10
28 15 m g n l wi & B kiu 731 10
20 16 D i P k & W dw 5,660
17 17 W i G & m ng 3,121 9
13 18 h g n l 855 9
24 19 K&l G 99 9
19 20 sk dd n a p s m g & F 28,647 8
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i N nd nd b d n f wing : c pu – f w , dw nd i ndu ; t uni i n : h dw ; In n / -c ; m di ; nd t uni
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i N nd nd b d n f wing : c pu – f w , dw nd i ndu ; t uni i n : h dw ; In n / -c ; m di ; t uni i n
Deal DrIvers – tEchnoLogy, mEDIA & tELEcom
3
8/7/2019 US Deal Drivers H1
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heal are a ivi , s l asleep f r e rsalf f e ear, l s li e i is all wa i p.
s n -a n i i p d y y ing G nzy , ug y Us$17bn if i n bu in ,
wi yw ig ik y g in n . a p u d ki k ff n und
f b kbu d in indu y.
e p d in Us$1bn Us$12bnk pi iz i n ng , y P r ik , ii n f g up c w n nd
c p ny. G nzy i ju n f “w -d n dg up” f id- p if i n p ni
ng b n n id d g in p .o u d g up f g b in ud Bi m in,a i n nd Bi g n, y .
c -b d i i y wi in k y m&ad i , g r ik nd c i Di k ff, i
i n f g b p nd in nb nking B nk f a i m i lyn .eu p n nd a i n buy , d wn by p
d , u n d p d y y n Us in 2009.N w d, wi Us p ni , d wi ng d , un ing
. c un i wi nd u g w, u c in , wi b f p i u in ,
p di Di k ff.
t di i n g b p w u nn b u du f -b d g , w . J p n in i u f buy id m&a, r ik y .
t w y qui i i s n -a n i f F n ,w i n pp d up t g G n nd c iy , wi b n un .
t ug if i n m&a nd k
bigg p , p iindu y b i in w k f f gi i n, Di k ff y . s i
p ni n w f “ ug p u ” du nd n g i k , nd wi k g
bigg in d p d i , p in .
Ju w k f f bi p d, i p id G n i h p id
Us$1bn qui ody y h , h pic p. f a i (hca) d g pub i n
i d Us$20bn u i n nd, in inf i n n gy, a ip nd e ip y
g d Us$1.2bn g .
N n-p pi in ing y i f -p bu in w n p u
f pi k , y Di k ff. Fin n , D i m di c n nd c i
sy in B n n y u u b d k bid . e p nu b f d in ip , k f n n ing nd p i n
in f i n i n inu qu z n n-p .
“P p n’ ing p ni ,” Di k ffdd , p di ing g p ni y
w i n m&a un i p i ing p i n gd wn. a nu b f g n’ f pinf f y , nd d n’ f yn d , p in .
c n id i n f n g d p ni i pi . “c y, i w
g n n gu i n b n f u d,”
Di k ff y . t u f , w , n g d p ni d ff n m&a nd f u dn i p ing p i n . “t y f id if y
d d wi in i u iny.”
mid- iz d di d i p ni ik y bu k up in p p i n f ddi i n
bu in ing f f . D i p ni wi b pp d wi
n w 2.3% ff i f 2013.
a u , Di k ff n i ip w f “ -in”d u d Us$400 Us$500 . l g
di n gy p ni kingp i p du u i pip in , u
m d ni ’ Us$500 J nu y pu fIn nd w f i d p ni .
c idi n i d f u n i f n ,n pping up a p m di in 2009nd f wing up i y wi puf s n i f Us$264 nd ev3 f
Us$2.5bn. J n n & J n n f w d ev3d wi pu f mi u end uf Us$358 .
Pa ie Sa re
liFe sCienCes & heAlthCAre
LIFE SCIENCES& HEALTHCARE
“Service companiesnow face ‘hugepressure’ to reducecosts and manage
risks, and will look toget bigger in order tospread their costs.”
34
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liFe sCienCes & heAlthCAreTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
Deal DrIvers – LIFE ScIEncES & hEALthcARE
A edda e
S a s bidder pa tar e pa Ve d r pa Deal val euS$( )
09-m -10 P m i -In In /s ing-P ug ani h ; ndm i li i d
m k & c In ; nd s n fi-a n i sa 8,250
28-F b-10 c m k KG a mi ip c p i n 6,76
07-Jun-10 P G if sa t i Bi p u i In c b u c pi m n g n lP
21-m y-10 P abb l b i Pi h s u i n bu in Pi h li i d
21-Jun-10 P Bi i c p i n v n P u i In n i n
01-m -10 c a P In osI P u i In 3,3
17-m y-10 P Uni h s i In P y i i s u i n In
30-Jun-10 P c g n c p i n ab i Bi s i n In 2,733
01-Jun-10 c c idi n P ev3 In 2,453
26-ap -10 l c ri l b i In Wuxi P t 1,48
19-J n-10 c e i u c p i n; B k n r ead i ; nd c u bi P ifi ad i llc
s y n sW a i d li ing (144 s nih u ing F i i i )
s y n sW a i d li ing 1,245
24-m y-10 P G n i h s i In ody y h c In 1
01-F b-10 c c p n In m p aG m p h ding aG 615
30-Jun-10 c s n fi-a n i sa t g G n In t g G n In n iu 560
09-Jun-10 c c din h In h s u i n h ding llc 517
c=c p d; P=P nding; l=l p d
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liFe sCienCes & heAlthCAre
Deal DrIvers – LIFE ScIEncES & hEALthcARE
36
QUarterlY m&a actIvItY
VALuE
VALuE
VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n indu y f g i lif s i n nd h .G g p i gi n i d in d wi f n d in n i n f g .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $
b n
)
0
50
100
150
200
36.6
4.88.05.7
52.6
8.56.45.5
142.5
8.06.96.1
107.1
12.37.05.2
37.4
3.0
63.7
6.94.6
0.5
4.9
179.0
0.70.60.60.6 0.4 0.13.0 1.8
3.32.96.2
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
0
100
200
300
400
500
2007 2008 2009 H1 2010200620052004
v o l m e
125
89
61
48
2414
132
104
63
43
2630
144
126
63
40
21
36
133
120
73
45
36
50
110
134
50
29
2019
74
115
39
21
1818
1812 10
67
1240
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
50,000
100,000
150,000
200,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
20
40
60
80
100
120
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
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liFe sCienCes & heAlthCAreFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 G d n s 20,357 14
2 2 m g n s n y 16,935 8
14 3 c di sui 8,754 3
7 4 e P n 8,250 1
3 5 JPm g n 8,037 10
6 6 ci ig up 7,556 4
- 7= Gugg n i s u i i 6,760 1
- 7= P W inb g P n 6,760 1
10 9 l z d 6,395 6
4 10 B nk f a i m i lyn 6,331 7
13 11 D u B nk 4,862 4
22 12 J ff i & c p ny 4,502 5
42 13 Wi i B i & c p ny 3,888 5- 14= B n Bi b viz y a g n i 3,730 1
- 14= N i i 3,730 1
- 14= N u h ding 3,730 1
- 17 c n i w P n 3,703 2
12 18 Pip J ff y & c 3,406 7
5 19 B y c pi 1,020 3
- 20 m di edg h G up 1,020 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 G d n s 20,357 14
3 2 JPm g n 8,037 10
2 3 m g n s n y 16,935 8
4 4 B nk f a i m i lyn 6,331 7
7 5 Pip J ff y & c 3,406 7
6 6 l z d 6,395 6
31 7 J ff i & c p ny 4,502 5
11 8 Wi i B i & c p ny 3,888 5
8 9 ci ig up 7,556 4
13 10 D u B nk 4,862 4
24 11 c di sui 8,754 3
12 12 B y c pi 1,020 3
- 13 W F g s u i i 450 39 14 G n i & c 225 3
15 15 rBc c pi m k 209 3
- 16 c n i w P n 3,703 2
- 17 P J s n c p ny 680 2
17 18 r i d 615 2
5 19 UBs In n B nk 455 2
- 20 r y nd J & a i 381 2
h12009
h12010
c pa na e Val euS$( )
n erf Deals
24 1 F i d F nk h i s i & J b n 20,826 6
1 2 sk dd n a p s m g & F 20,194 6
18 3 c sw in & m 15,020 5
17 4 B k , c & G yd n 10,704 3
6 5 si p n t & B 10,026 7
36 6 r p & G y 9,804 10
80 7 W i G & m ng 8,733 5
54 8 link 8,250 1
5 9 D w y & l B uf 7,985 8
60 10 P k u r 6,615 3
3 11 su i n & c w 6,403 2
30 12 m i n & F 6,410 8
102 13 G nb g t u ig 5,209 4
116 14 ri d l y n & Fing 5,152 3
16 15 c y G i b s n & h i n 4,416 3
27 16 J n D y 4,311 11
2 17 W , lip n, r n & K z 4,247 2
57 18 o , h kin & h u 4,206 7
15 19 l & W kin 4,059 12
28 20 B k & m K nzi 4,002 4
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 l & W kin 4,059 12
2 2 J n D y 4,311 11
21 3 r p & G y 9,804 10
29 4 Ki k nd & e i 721 10
13 5 Dla Pip 158 9
4 6 D w y & l B uf 7,985 8
10 7 m i n & F 6,410 8
36 8 si p n t & B 10,026 7
32 9 o , h kin & h u 4,206 7
20 10 F i d F nk h i s i & J b n 20,826
3 11 sk dd n a p s m g & F 20,194 6
7 12 c sw in & m 15,020 5
90 13 W i G & m ng 8,733 5
39 14 c ing n & Bu ing 1,608 5
34 15 m D Wi & e y 1,038 5
55 16 G nb g t u ig 5,209 4
42 17 B k & m K nzi 4,002 4
11 18 Gib n Dunn & c u 3,578 4
41 19 Wi ki F & G g 2,674
9 20 Wi n s n ini G d i & r i 403 4
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : Bi n gy; m di ; nd P u i .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Ng nd nd b d n f wing : Bi n gy; m di ; nd P u i .
Deal DrIvers – LIFE ScIEncES & hEALthcARE
3
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ca adia m&A i es i rease; r ss-rder ra sa i s e rise
m&a i i y in c n d i p d i iquidi y u n di k nd
d nd f di i n inu in ,ding -b d d . t
wi b f i y dy p f m&a i i y
ing f p i qui y ppingb k n n nd p ni di ing f u n i bu in .
“t ’ n upw d nd in ng p i i . B nk in bu in f
nding nd g d pp uni iging,” id F nk a n n , P n B k ,
c & G yd n. t ni p ni n d ik d b k nd
b nk wi ing nd fund d ,bu i i n u i u b i , id cKnig , P n , Fin n i ad i y s i D i c n d .
F f f 2010, c n d did n ny u i-bi i n d d , bu inin nding i i y d ig n d
f m&a in upp idd k wi nqui i i n p i ng f b u Us$100
Us$500 . t j i y f m&a i i y in f k p
in uding i nd g , ining, n n i ind nd i i p d n inu .
c -b d n i n in n gy ndining n i . c n d ’ ind g nd ining i ing ig
f in f a i n p ni du in in d nd f di i
in gi n nd n d u upp y f p du . In d f qui ing 100%f n i nd g ining p ny, f ignn i i king nging i d
w by y wi qui p i k in c n di n p ny nd n ff- k
upp y ng n f u i f, idK i i n Knibu , N i n l d f D
P i w u c p c n d . J inn u p n ip w p ni wi
du d i k pp i n c n di nk y i i p u n
, a n n id.
c n di n p ni , in u n, pping up g b g y k in ingu id f N a i . “If y u
k fund n f c n d , w ng d , ng n n i i
, i y ng n y nd g dpu i n in k p . c n d i
p i d b g d p n by d pingun i ,” Knibu p in d.
c n d ’ b nd gu d n n ii i ing u b und d .
c n di n b nk king d n g f i p f n n i i i nd d
qui i i n f Us b nk nd/ bu in uni
f Us b nk g w i g b p n .c n di n b nk king g wingg b y by f ing p n ip wi b nk
u id f N a i n y b uw i b ing g n d in ny un i
u id f N a i .
In g n n gy p , i bf ign nd d i in i qui y kbuy nd di in n , u f on i P w au i y’ (oPa) i d F d-in- iff (FIt). t FIt p g i gu n dfunding u u bin b ,
p i i p i nd ng- n fn gy g n d u ing n w b u .
t i i b ing n p u m&ai i y f w n n gi
i iz i n g .
on IPo f n , pi k ini i pub i ff ing in
2010 bu n ny p d. “W i i p i i i b u b n IPo k n’ p n d w y pug i w u d. on f i u i wi
i i y f k ,” Knig id. vi b ing u d by n
i u in uding G k d b i i , i pi nd n u p nding p
Us, a n n p in d. In nd w u in d upw d n u in pi
k b f n ing in n IPo, a ndd d.
Div a balji
CAnAdA
CANADA
“While we are stilloptimistic about thebalance of 2010, theIPO market hasn’topened the way people
thought it would. Oneof the issues is withthe volatility of themarket.”
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CAnAdATOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
3
A edda e
S a s bidder pa tar e pa Se r Ve d r pa Deal val euS$( )
12-ap -10 c sin p In n i n P u e p i nnd P du i n c p i n
syn ud c n d l d (9.03% k ) en gy, mining, oi & G c n P i ip c p ny 4,6
19-F b-10 P s w c uni i n In c nW G b c uni i nc p i n ( - - i nd
p i y i i n bu in )
tmt c nw G b c uni i nc p i n
1,966
20-J n-10 l hyd Qu b In n i n In NB P w (7 yd i f i i ind 2 di p king uni )
en gy, mining, oi & G NB P w 1,752
23-m -10 c Qu d mining li i d FNx mining c p ny In en gy, mining, oi & G 1,288
26-J n-10 c Qu d/G p i In W d c P In tmt 1,12
12-m y-10 c c n P in en gy c p s B y en gy In (79% k ) en gy, mining, oi & G
10-m y-10 c P di N w k In c nw li i d P n ip tmt 976
08-Jun-10 P armZ U niu h ding c U niu on In (37.73% k ) en gy, mining, oi & G 959
19-m y-10 c N n B izz d r u In N n In ( y i ) en gy, mining, oi & G N n In
08-J n-10 l B nk f m n ; B nk f N s i ;c n di n I p i B nk f c ; r yB nk f c n d ; nd tD B nk Fin n i G up
c nw li i d P n ip tmt 892
13-m y-10 c c in In n c p i n P nn W en gy t u ( i ndp p i in a b ) (45.00% k )
en gy, mining, oi & G P nn W en gy t u 799
09-Jun-10 P arc en gy t u s e p i n In en gy, mining, oi & G 738
03-m y-10 c agni -e g min li i d c p min c p en gy, mining, oi & G 64
04-m y-10 c Kin G d c p i n r d B k mining In (9.40% k ) en gy, mining, oi & G
15-Jun-10 P l g y oi + G In c ne r u In en gy, mining, oi & G 585
c=c p d; P=P nding; l=l p d
VALuE VoLumE
1.9% 2.0%2.5%
3.7%
0.2%
67%
16.0%
2.7%1.1% 1.3%
1.5%
11.3%
9.4%
13.1%
4.7%
2.3%
37.1%
11.7%
0.9% 6.1%
1.4% 0.9%
0.9%
mIx oF Deals BY INDUstrY sector
Industrials, Chemicals & Engineering
Financial Services
Business Services
Consumer
Energy, Mining, Oil & Gas
TMT
Leisure
Transportation
Life Sciences & Healthcare
Construction
Real Estate
Agriculture
Defense
Deal DrIvers – cAnADA
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40
CAnAdA
QUarterlY m&a actIvItY
VALuE
VALuE
VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in c n d .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
50
100
150
200
22.9
6.56.16.1
62.5
7.68.87.8
109.2
11.76.77.2
162.9
11.910.47.3
17.9
3.9
72.1
7.47.9
6.26.36.3
5.50.7
54.0
0.71.00.90.6 0.6 0.32.5
5.6
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
100
200
300
400
500
600
134
93
72
36
2319
178
97
108
50
2230
163
112
110
45
32
43
167
140
74
65
34
69
129
146
78
45
3123
137
118
58
24
3919
1616
66
36
57
22
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
30
60
90
120
150
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
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Deal DrIvers – cAnADA
4CAnAdAFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
15 1 G d n s 9,881 12
26 2 tD s u i i 8,112 28
5 3 c di sui 6,912 4
3 4 m g n s n y 6,168 9
4 5 D u B nk 5,681 3
2 6 cIBc W d m k 5,387 20
11 7 Bmo c pi m k 4,940 12
1 8 rBc c pi m k 4,685 15
25 9 J ff i & c p ny 3,949 3
16 10 Fi en gy c pi 3,346 9
14 11 s i c pi 3,041 8
17 12 GmP s u i i 2,546 15
7 13 m qu i G up 2,401 821 14 B nk f a i m i lyn 2,358 4
18 15 N i n B nk Fin n i 1,973 10
9 16 UBs In n B nk 1,493 5
- 17 N u h ding 1,279 3
- 18 m ki r c pi 1,224 2
30 19 r i d 1,203 6
10 20 JPm g n 1,121 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
8 1 tD s u i i 8,112 28
2 2 cIBc W d m k 5,387 20
1 3 rBc c pi m k 4,685 15
7 4 GmP s u i i 2,546 15
10 5 G d n s 9,881 12
4 6 Bmo c pi m k 4,940 12
13 7 N i n B nk Fin n i 1,973 1
6 8 m g n s n y 6,168 9
12 9 Fi en gy c pi 3,346 9
5 10 s i c pi 3,041 8
3 11 m qu i G up 2,401 8
- 12 P dig c pi 648 7
9 13 P & c 510 772 14 P i w u c p 178
18 15 r i d 1,203 6
16 16 G nui y c pi m k 720
15 17 UBs In n B nk 1,493 5
17 18 c k s u i i 1,026 5
11 19 c n d G nui y 803 5
30 20 KPmG 533 5
h12009
h12010
c pa na e Val euS$( )
n erf Deals
6 1 o , h kin & h u 18,724 31
1 2 B k , c & G yd n 13,939 37
39 3 D i W d P i ip & vin b g 7,042 16
57 4 ogi y r n u 6,731 18
58 5 c sw in & m 6,620 3
11 6 m c y t u 5,090 21
136 7 su i n & c w 4,810 3
69 8 c y G i b s n & h i n 4,720 2
5 9 G d n 4,195 13
30 10 D w y & l B uf 4,063 6
8 11 F k n m in u 4,047 1813 12 sk dd n a p s m g & F 3,881 2
12 13 Bu n Du kw & P 3,767 10
3 14 t y 3,760 17
66 15 G nb g t u ig 3,689 3
7 16 s ik n e i 3,298 36
24 17 c B k & B kw 3,056 8
2 18 s n & s ing 3,054 4
33 19 h n n B iki 2,681 8
36 20 D i P k & W dw 1,906 2
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 B k , c & G yd n 13,939 3
2 2 s ik n e i 3,298 36
3 3 o , h kin & h u 18,724 3
4 4 m c y t u 5,090 2
9 5 ogi y r n u 6,731 18
5 6 F k n m in u 4,047 18
6 7 t y 3,760 17
12 8 D i W d P i ip & vin b g 7,042
13 9 G d n 4,195 13
8 10 B d n l dn G i 1,184 11
7 11 Bu n Du kw & P 3,767 111 12 c B k & B kw 3,056
29 13 h n n B iki 2,681 8
18 14 F mi n c g in 1,556 8
53 15 Dla Pip 250 8
14 16 D y & W i n y 212 7
37 17 D w y & l B uf 4,063 6
- 18 si p n t & B 1,632
23 19 J n D y 970 6
137 20 W i G & m ng 574
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i c n nd .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i c n nd .
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Wes c as m&A Prepares f r‘Sidewa s’ gr w
D k p “ id w y ”n y n W c f n
y , p f f w u nn gy. m&a u d in i , w ,
- i n gy p ni nd p i
qui y k d n g f bk ndi i n .
P i qui y bidd u n d k gg i y, y J ff Bi ng
f in n b nk h i Wi i &c , pi izing n b nk wi ing nd nd . m , un ik p i u d wn u n ,
p i n did n di b nd bu ind p n uni , n b ing gi bidd in nu ug qui i i n .
l g n gy bidd u ci ,o , nd h w -P k d wi n inu b
pp uni i in nd f f y , y
Di n F nk , p n in w DlaPip . W i IPo k ibi d bu y n yin f f y , in n w
u inizing d y nd kingng in , y F nk . t i n y
pp uni y f g n gyp ni , y Bi ng.
v n u pi -b k d p ni n i ip ingiquidi y wi b w n nn n ing n id bid i u y, y
F nk . F in n , p i y- d G zt n gy, d p f W b pp i i n
p i n n g n , w pu d byc puw y f Us$295 f G z
gniz d u fu IPo w n ik y,ding n u i .
P i qui y ik wi dy pu uid- k d in i nd n u
, p id d k -p i g und w, dd F nk .
t f bigg d in W cin f f y in d gibidd in n gy, G ny-b d saP
bid Us$5.1bn f syb . h w -P k db ug p n nuf u P c . fUs$1.1bn nd vi p id Us$1.7bn f dp id cyb u .
P n i d k ud n iz n f m&ain ud p p f ig p
nd u n f b nk nd. Bi ngn f d b i n ig y b ub nk d n w n p id pi if
n y i uggi . a i , b nkn d nd k p . c pi u db p n i bu i un ik y i
w d , Bi ng dd .
r p u i n f i n i p d c if ni ’ vc uni y. m nyup u ning ng in f
y funding. D k y n u piin i b , bu i ju n b in d
i y i w in p .
Willia La ei i Sa Fra is
west
WEST
“Many startups areturning to angelinvestors for earlyfunding. Dealmakers say
venture capital remainsavailable, but is just notobtained as easily as itwas in the past.”
42
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westTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(ALASkA, ARIzONA, CALIFORNIA, COLORADO, HAWAII, IDAHO, MONTANA, NEvADA, NEW MExICO, OREGON, uTAH, WASHINGTON, WYOMING)
Deal DrIvers – WESt
4
A edda e
S a s bidder pa tar e pa Se r Ve d r pa Deal val euS$( )
22-ap -10 P c n u ylink Qw c uni i n In n i n In tmt 22,153
14-Jun-10 c Qu c p i n (s d ) QeP r u In en gy, mining, oi & G Qu c p i n
12-m y-10 c saP aG syb In Bu in s i 5,102
21-Jun-10 P Bi i c p i n v n P u i In n i n lif s i n & h
30-Jun-10 P c g n c p i n ab i Bi s i n In lif s i n & h 2
14-J n-10 c s i id c p ny li i d B e n u In c n u 1,74021-ap -10 c vi In cyb s u c p i n tmt 1,699
18-F b-10 c F i f Fin n i h ding li i d Z ni N i n In u n c p Fin n i s i
10-Jun-10 c tPG c pi lP v f In tmt h n & F i d n llc;JmI equi y
1,400
28-m y-10 P o w n Fin n i c p i n h eq s i ing c p i n Bu in s i B y B nk P
19-J n-10 P e i u c p i n; B k n re ad i ; nd c u bi P ifiad i llc
s y n sW a i d li ing (149 s nih u ing F i i i )
lif s i n & h s y n sW a i dli ing
1,300
19-m y-10 P sy n c p i n v isign In (Id n i y nd au n i i nBu in )
tmt v isign In 1,280
19-m -10 P I n en p i lP li n G en in n c p tmt 1,220
05-m -10 P aBrY P n llc rcN c p i n tmt 1,177
21-Jun-10 P r p h ding In a i n I i n P c c n u 1,162
c=c p d; P=P nding; l=l p d
mIx oF Deals BY INDUstrY sector
VALuE VoLumEIndustrials, Chemicals & Engineering
Financial Services
Business Services
Consumer
Energy, Mining, Oil & Gas
TMT
Leisure
Transportation
Life Sciences & Healthcare
Construction
Real Estate
Agriculture
Defense
1.5%3.6%
10.5%
6.6%
0.8%
12.1%
49.3%
13.1%
0.9%
0.1%
1.5%
0.3%10.8%
8.0%
11.8%
2.0%
10.5%
6.5%
2.3%
10.0%
1.0%
0.5% 0.8%
35.6%
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44
west
QUarterlY m&a actIvItY
VALuE VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in c n d .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
50
100
150
200
250
300
350
163.3
15.215.713.7
182.1
20.315.214.9
257.7
23.816.815.1
196.3
25.017.414.5
60.5
3.9
92.9
12.610.1
7.17.88.5
10.71.0
130.9
1.41.51.71.2 1.0 0.44.1
6.8
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
200
400
600
800
1000
1200
312
310
139
98
5643
351
277
182
94
5863
346
396
157
102
6576
336
407
159
105
70
81
248
437
115
83
4230
178
358
106
33
4825
1923
24
206
3890
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
30,000
60,000
90,000
120,000
150,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
50
100
150
200
250
300
350
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
VALuE
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westFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
9 1 D u B nk 37,235 11
3 2 B y c pi 34,715 14
4 3 m g n s n y 33,945 13
6 4 JPm g n 32,594 15
10 5 l z d 30,895 13
11 6 P W inb g P n 23,373 2
12 7 e P n 23,315 2
5 8 B nk f a i m i lyn 16,499 19
1 9 G d n s 16,044 23
8 10 c di sui 7,662 12
13 11 UBs In n B nk 7,162 8
- 12 tud , Pi k ing, h & c 6,692 2
52 13 J ff i & c p ny 5,929 1721 14 N u h ding 4,180 2
7 15 ci ig up 3,543 6
- 16 P J s n c p ny 1,755 3
26 17 r i d 1,292 8
36 18= sunt u r bin n hu p y c pi m k 1,177 1
- 18= W c pi 1,177 1
16 20 Q y G up 1,141 2
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 G d n s 16,044 23
2 2 B nk f a i m i lyn 16,499 19
24 3 J ff i & c p ny 5,929 17
6 4 JPm g n 32,594 15
8 5 B y c pi 34,715 14
5 6 m g n s n y 33,945 13
3 7 l z d 30,895 13
4 8 c di sui 7,662 12
9 9 D u B nk 37,235 11
7 10 UBs In n B nk 7,162 8
15 11 r i d 1,292 8
66 12 r y nd J & a i 734 7
13 13 h u i n l k y 459 711 14 ci ig up 3,543 6
18 15 t W i P n G up 1,012 5
23 16 W F g s u i i 560
20 17 N d & c p ny 343 5
126 18 lin n In n i n 229 5
10 19 rBc c pi m k 600 4
12 20 Pip J ff y & c 500 4
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 sk dd n a p s m g & F 41,026 18
4 2 l & W kin 36,482 34
28 3 s n & s ing 35,918 18
10 4 si p n t & B 31,697 12
12 5 P u W i rifkind W n & G i n 28,497 11
16 6 W , lip n, r n & K z 24,948 4
30 7 D b i & P i p n 23,464 3
- 8 J n W k 22,153 2
37 9 J n D y 12,353 27
3 10 su i n & c w 11,432 13
31 11 D w y & l B uf 10,974 15
79 12 a n & o y 8,853 8
9 13 c y G i b s n & h i n 7,588 12
- 14 m i h d & m u 7,034 3
19 15 B k , c & G yd n 5,936 6
29 16 Gib n Dunn & c u 5,569 20
46 17 m i n & F 5,399 21
21 18 o , h kin & h u 5,160 6
1 19 c sw in & m 4,654 8
6 20 D i P k & W dw 4,550 9
h12009
h12010
c pa na e Val euS$( )
n erf Deals
1 1 l & W kin 36,482 34
7 2 Dla Pip 1,197 33
3 3 Wi n s n ini G d i & r i 2,876 30
9 4 F nwi k & W 3,632 29
2 5 J n D y 12,353 27
14 6 Ki k nd & e i 4,060 24
13 7 m i n & F 5,399 2
5 8 Gib n Dunn & c u 5,569 20
6 9 o'm ny & my 888 20
4 10 c y 1,714 19
8 11 sk dd n a p s m g & F 41,026 18
11 12 s n & s ing 35,918 18
12 13 D w y & l B uf 10,974 15
26 14 su i n & c w 11,432 13
20 15 si p n t & B 31,697 12
16 16 c y G i b s n & h i n 7,588
42 17 D y & W i n y 414 12
44 18 P u W i rifkind W n & G i n 28,497
38 19 K&l G 157 11
24 20 W i G & m ng 4,241 1
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us nd . s : a k , a iz n , c if ni , c d , h w ii, Id , m n n , N d , N w m i , o g n, U , W ing n, Wy ing.
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Wnd . s : a k , a iz n , c if ni , c d , h w ii, Id , m n n , N d , N w m i , o g n, U , W ing n, Wy ing.
Deal DrIvers – WESt
4
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midwes ave rela ivel s r m&Aappe i e i h2 2010; a a d re la r fa rsli el drive deals
D - king f f y wi np g in ig in , w . e p i b pun u d by m&a u i f w d by pub k , p g .
midd k d u d n ibuigni n y midw m&a, y c ig mi ,
ceo f c i g p f a i i nf c p G w . c p in ,
p d k ff n y , u d “ p ”nd f m&a, p i u y f p i
p ni nd idd k , p inmik s y, w d Us m&a p if D i t .
D in Us$100 Us$500 ngwi b p n , s y nd sW in in, m n ging Di f PipJ ff y, g . on g id , Us$3bn
Us$5bn i b u i ing f d n g n n d nd p d gi n k ndi i n , s y dd .
e n i ndi i n u d pu gind p i qui y k d , w .
s gi p d p up un fd id n n y p n ing g nig w ng . a i , y wi
ik y k d p i n in n i p ddi i u k , s y y .
In f midw i i y, n uf d p d d w y. F d
p ni king g b
f p in nd n u d nd f pin ng, n in w d n y,p p in.
h , pu d by f gi i n,pp ip f d i i y. midw
g g p i u minn , w i y indu y p n , p i y ik y b i in m&a,
p di W in in.
Fin n i i f gi i n nd
n inu d pi ng in u d u in pin- ff nd fun id i n. t u d b “ f n-up
w k,” y n FDIc d , n W in in.a n g n nd dg fund p
ik y p i ip n , dd .
t n gy wi in “ i y i , n quip n id n i nduid ,” p di W in in, dding n gynd n u wi ik y b n k nd
n k in f m&a i i y.
Indu i u d “ n b unf i i y,” p i u y n id d ff-
i i , u u i , ing pi k up in m&a i i y, y D i ’ s y.t i “ f n gy nd i n ” in inf u u p , w i i p d uin fu m&a i i y.
F -p du i n nd bu in p ingu u ing u d b i ub f
b n f 2010, s y p di .
mar Eiss a
midwest
MIDWEST
“There is ‘a lot of energyand excitement’ in theinfrastructure space,which is expected to
result in further M&Aactivity.”
46
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midwestTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(ILLINOIS, INDIANA, IOWA, kANSAS, MICHIGAN, MINNESOTA, MISSOuRI, NEBRASkA, NORTH DAkOTA, OHIO, SOuTH DAkOTA, WISCONSIN)
Deal DrIvers – mIDWESt
4
A edda e
S a s bidder pa tar e pa Se r Ve d r pa Deal val euS$( )
28-ap -10 P PPl c p i n e.oN Us llc en gy, mining, oi & G e.oN aG 7,625
31-m -10 P B kfi d a m n g n In ; F ic pi m n g n llc; nd P ingsqu c pi m n g n lP
G n G w P p i In(65% k )
r e 6,550
15-F b-10 l Y In n i n asa t Indu i In Indu i , c i &engin ing
4,204
05-J n-10 c N sa K f F d (f z n pizz bu in ) c n u K f F d In 3
01-Jun-10 c c idi n P ev3 In lif s i n &h
2,453
02-Jun-10 P a i n i n c u t d In c y' G n s In c n u 1,9
21-m y-10 c Gs c pi P n mi F d In c n u t h l P n lP 1,7
02-m -10 c B in c pi llc s y n c p Indu i , c i &engin ing
t D w c i c p ny 1,630
24-m y-10 c IBm c p i n s ing c In tmt at&t In 1,400
29-ap -10 P m di n D b n P n llc t n Uni n llc (51% k ) Bu in s i P i zk f i y 1
22-ap -10 c o k hi c pi P n lP t hi n c p ni In Indu i , c i &engin ing
c d h nn y & si n llc;nd on i t P n i n
P n
956
26-ap -10 c Gtcr G d r un llc P i n on In Indu i , c i &engin ing
826
01-Jun-10 c P g r i s i In e -m i Di In Indu i , c i &engin ing
B k i P n llc; ndG nb i equi y G up llc
820
08-m -10 c ccmP c pi ad i llc inf GroUP In Bu in s i 63916-ap -10 c QBe In u n G up li i d NaU c un y In u n c p ny Fin n i s i lig y c pi llc 5
c=c p d; P=P nding; l=l p d
mIx oF Deals BY INDUstrY sector
VALuE VoLumEIndustrials, Chemicals & Engineering
Financial Services
Business Services
Consumer
Energy, Mining, Oil & Gas
TMT
Leisure
Transportation
Life Sciences & Healthcare
Construction
Real Estate
Agriculture
Defense
13.5%
2.9%
6.3%
21.1%
16.5%
19.5%
6.2%
0.1%
0.1%
12.1%
0.5%
1.2%
22.4%
18.8%
11.4%9.2%
1.5%
2.6%
11.0%
2.2%
4.0%
11.4%
0.7%1.1%
3.7%
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48
B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n indu y f g .
midwest
QUarterlY m&a actIvItY
VALuE VoLumE
VoLumE
B d n nn un d d , uding p d w wi d wn, w d in n i n f g i in c n d .
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
50
100
150
200
250
300
133.9
12.311.88.6
103.6
14.410.59.1
186.9
17.113.19.7
261.5
13.89.710.8
32.83.5
137.6
7.610.93.94.83.3
7.20.5
105.4
1.01.00.80.8 0.4 0.21.6
3.4
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
200
400
600
800
1000
195
269
95
70
4035
199
314
89
644048
234
356
112
82
50
68
236
407
109
63
8538
152
373
61
45
2531
85
310
46
2329
9
102121
16
164
40
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
20,000
40,000
60,000
80,000
100,000
120,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
50
100
150
200
250
300
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
VALuE
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midwestFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
6 1 G d n s 34,938 24
1 2 m g n s n y 28,526 17
11 3 JPm g n 21,805 17
12 4 UBs In n B nk 16,342 11
8 5 B nk f a i m i lyn 14,396 13
4 6 B k n G up h ding 14,125 4
9 7 c di sui 13,433 13
7 8 l z d 11,518 11
13 9 B y c pi 9,698 12
10 10 ci ig up 9,519 10
46 11 mi Bu kfi & c 6,550 1
15 12 D u B nk 6,229 8
20 13 h u i n l k y 4,226 8- 14 c n i w P n 4,102 3
5 15 r i d 3,453 6
16 16 G n i & c 3,029 4
18 17 Pip J ff y & c 2,953 3
32 18 Wi i B i & c p ny 2,326 9
- 19 P W inb g P n 2,148 2
58 20 hsBc B nk 2,110 4
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 G d n s 34,938 24
11 2 m g n s n y 28,526 17
9 3 JPm g n 21,805 17
3 4 B nk f a i m i lyn 14,396 13
7 5 c di sui 13,433 13
14 6 B y c pi 9,698 12
6 7 UBs In n B nk 16,342 11
4 8 l z d 11,518 11
17 9 lin n In n i n 231 11
15 10 K f , B uy & W d 134 1
8 11 ci ig up 9,519 10
47 12 h i Wi i & c 157 10
10 13 Wi i B i & c p ny 2,326 912 14 D u B nk 6,229 8
5 15 h u i n l k y 4,226 8
28 16 KPmG 1,883 8
64 17 J ff i & c p ny 1,078 7
1 18 r i d 3,453 6
40 19 W F g s u i i 882
22 20 s nd o'N i & P n 645 5
h12009
h12010
c pa na e Val euS$( )
n erf Deals
27 1 l & W kin 23,080 15
8 2 sk dd n a p s m g & F 20,824 18
12 3 D w y & l B uf 14,591 8
1 4 c sw in & m 13,789 10
26 5 F fi d B u k u D ing 13,118 8
24 6 B k , c & G yd n 12,847 10
11 7 su i n & c w 12,330 13
28 8 B k & m K nzi 12,081 9
88 9 si p n t & B 11,236 9
16 10 Ki k nd & e i 9,885 31
2 11 W i G & m ng 9,700 9
23 12 J n D y 9,668 18
151 13 akin Gu p s u h u & F d 9,095 4
21 14 Gib n Dunn & c u 8,842 11
211 15 F i d F nk h i s i & J b n 8,247 7
117 16 K&l G 8,187 10
18 17 c y G i b s n & h i n 6,420 8
43 18 Wi ki F & G g 6,214 6
- 19= h w y 6,192 1
54 19= vin n & e kin 6,192 1
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 Ki k nd & e i 9,885 31
3 2 sk dd n a p s m g & F 20,824 18
1 3 J n D y 9,668 18
12 4 sid y au in 3,645 18
8 5 l & W kin 23,080 15
24 6 su i n & c w 12,330 13
11 7 m y B wn 3,478 12
6 8 Dla Pip 1,291 12
18 9 Gib n Dunn & c u 8,842 11
16 10 m g n l wi & B kiu 1,589 11
36 11 c sw in & m 13,789 10
19 12 B k , c & G yd n 12,847 10
21 13 K&l G 8,187 10
48 14 r p & G y 3,508 10
4 15 B k & m K nzi 12,081 9
43 16 si p n t & B 11,236 9
14 17 W i G & m ng 9,700 9
54 18 D 620 9
5 19 D w y & l B uf 14,591 8
70 20 F fi d B u k u D ing 13,118
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us g nd . s : I in i , Indi n , I w , K n , mi ig n, minn , mi u i, N b k , N D k , o i , s u D k , Wi n in.
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i mid Wnd . s : I in i , Indi n , I w , K n , mi ig n, minn , mi u i, N b k , N D k , o i , s u D k , Wi n in.
Deal DrIvers – mIDWESt
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F r deal a ers i e S , e re d fm&A a ivi is ear as fel sl w s re.
l g f p i qui y d i i b ,bu d . v u i n k y in
, y i b ing in . and fu ng f p i ip n , in uding
buy , , nd nd d i , k y
w d f d y b un in y.“D i i n b ing u fu y
n yz d nd u iniz d b f y’ b ingd ,” id J n n Wi f ng, gi nn ging p n in a n f f
F u in n b nking . “D king u ng g p d.”
D pi ing ing ng , if in y i p d y , p ,
p in w i f w a n -b d b nkr b Winb n g .
Winb n , n ging di f B kw da i , id i w n i bin in d i i y in f u qu
f 2009 n inu d d . “oui n ’ ning in g n w ng , in
u ng ,” id. “mi p n y, w , w nding i d,
wing p i qui y u n ningfu buy .”
D w n inu k ng, p i u yin , inf i n n gy nd
i , Wi f ng id. Winb n p ngi i y “in y i , u p k ging
nd i , w wi bindu i u f d nd .”
a nd f f y b gin , Wi f ng n inuing in in nd ,
p i u y f p i y d p ni ,w g nu b f wn
ing i n g , id. on p f g f , ny bu in wn fi d i y b u f p d in d nd dif u y in
g ing di fund i p i n , dd d.
N n y in idd k , bu ig up u in s u w u n f di i y in f f 2010. t
, f n , b n w p n d in bi i n-d -d g y, by b i
nd n gy p y . In Jun , a ipnn un d i w u d buy a n -b d
e ip y in Us$1.2bn k d . Unih s i d Us$3.1bnd k t nn -b d P y i is u i n , b p id f in . In m ,g n i d ug k P ig n g i d buyvi gini -b d PBm h ding , k f -b nd inf n f u , f Us$808 in .
h buy n b n n yp y wi in i y . In indu i nd i n gy d,in n i n gi n aBB g d p y Us$1bnin f a n -b d v n y , k f
n g n f w f n gy nd u i i yindu i .
Pe u n d buying d w ,in uding tPG c pi ’ Us$1.3bn qui i i n fa i n ti Di ibu in ap i . D p nding
n i fund i in , ny Pe p f ing p u in pi id ing
u n i in , Wi f ng n d.
s i , un in y und in n i n n yi , n u p nding, un p y n
nd f d gu i n k p buy nd f di ing in d , id.
“t i k i y diff n f dyd y f 2006 nd 2007,” Winb n dd d.“Buy u u i u nd y
qu i y- n i u .” c ris marr i A la a
south
SOuTH
“This market is verydifferent from theheady days of 2006and 2007,” Winborne
added. “Buyers aremuch more cautiousand very quality-conscious.”
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52
B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n indu y f g .
south
QUarterlY m&a actIvItY
VALuE VoLumE
VoLumE
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
100
200
300
400
500
600
185.0
23.221.016.5
264.2
18.422.219.1
428.4
29.823.420.2
413.2
27.824.118.1
127.5
7.9
144.0
13.419.2 6.811.712.5
12.81.2
159.4
1.51.52.02.0 0.9 0.34.3
8.0
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
500
1,000
1,500
2,000
387
396
212
125
78
65
418
415
221
136
5387 146
569
160
12381
456
146
597
413
139
170
80
278
582
126
776051
166
447
109
74
4322
35
267
5097
3648
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
50,000
100,000
150,000
200,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
100
200
300
400
500
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
VALuE
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southFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
9 1 B y c pi 74,920 24
10 2 G d n s 74,881 33
15 3 D u B nk 66,971 18
13 4 c di sui 60,961 28
1 5 m g n s n y 56,046 21
11 6 JPm g n 55,168 18
7 7 l z d 48,607 15
5 8 ci ig up 40,784 15
8 9 B nk f a i m i lyn 34,986 21
4 10 e P n 33,681 5
147 11 P W inb g P n 24,683 4
12 12 UBs In n B nk 24,490 15
2 13 B k n G up h ding 16,714 244 14 hsBc B nk 15,695 4
28 15 tud , Pi k ing, h & c 15,564 8
116 16 a n & c p ny 15,237 5
27 17 G n i & c 14,914 7
20 18 s i c pi 8,315 4
47 19 rBc c pi m k 7,152 15
22 20 J ff i & c p ny 6,875 11
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 G d n s 74,881 33
9 2 c di sui 60,961 28
12 3 B y c pi 74,920 24
5 4 m g n s n y 56,046 21
3 5 B nk f a i m i lyn 34,986 21
10 6 D u B nk 66,971 18
1 7 JPm g n 55,168 18
2 8 h u i n l k y 1,104 17
7 9 l z d 48,607 15
8 10 ci ig up 40,784 15
6 11 UBs In n B nk 24,490 15
21 12 rBc c pi m k 7,152 15
13 13 J ff i & c p ny 6,875 1111 14 r i d 3,803 10
53 15 BB&t c pi m k 253 9
67 16 tud , Pi k ing, h & c 15,564 8
- 17 r y nd J & a i 604 8
24 18 h i Wi i & c 240 8
15 19 G n i & c 14,914 7
- 20 tD s u i i 1,942 7
h12009
h12010
c pa na e Val euS$( )
n erf Deals
12 1 W , lip n, r n & K z 66,292 19
10 2 si p n t & B 63,925 27
16 3 l & W kin 47,216 27
9 4 sk dd n a p s m g & F 45,801 23
15 5 B k B 43,387 20
24 6 D w y & l B uf 39,451 17
8 7 c y G i b s n & h i n 36,296 11
14 8 vin n & e kin 31,305 19
3 9 W i G & m ng 29,801 16
132 10 W i & c 29,524 7
31 11 D b i & P i p n 29,282 10
49 12 s n & s ing 26,994 10
30 13 B k , c & G yd n 26,854 12
20 14 a n & Bi d 24,383 19
67 15 P u W i rifkind W n & G i n 23,765 7
- 16 J n W k 22,153 1
13 17 su i n & c w 21,174 10
28 18 Gib n Dunn & c u 20,331 16
169 19 ri d l y n & Fing 19,589 15
115 20 F i d F nk h i s i & J b n 19,339 9
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 Ki k nd & e i 6,406 29
52 2 si p n t & B 63,925 27
6 3 l & W kin 47,216 27
1 4 J n D y 14,880 26
4 5 sk dd n a p s m g & F 45,801 23
3 6 Dla Pip 1,981 23
38 7 Fu b ig nd J w ki 3,852 21
19 8 h g n l 2,930 21
23 9 B k B 43,387 20
31 10 W , lip n, r n & K z 66,292 1
5 11 vin n & e kin 31,305 19
15 12 a n & Bi d 24,383 19
13 13 D w y & l B uf 39,451 17
8 14 K&l G 1,682 17
12 15 W i G & m ng 29,801 1
32 16 Gib n Dunn & c u 20,331 16
26 17 B w & Giu i ni 13,447 1
- 18 ri d l y n & Fing 19,589 15
50 19 o'm ny & my 14,286 14
43 20 m y B wn 3,991 14
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us nd . s : a b , a k n , D w , Di i f c u bi , F id , G gi , K n u ky, l ui i n , m y nd, mi i ippi, N c in , ok , s u c in , t nn
W vi gini .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i W nd . s : a b , a k n , D w , Di i f c u bi , F id , G gi , K n u ky, l ui i n , m y nd, mi i ippi, N c in , ok , s u c in , t nn
W vi gini .
Deal DrIvers – South
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mid-A la i li el see r w i Fi a ialServi es, defe se deals; i e l ar e
re ai epid
t mid-a n i gi n i ik y pi kupin Fin n i s i , D f n nd g n n
i m&a, bu bi n gy i ik y in ng d.
Fin n i s i m&a in P nn y ni i ik y up in f u qu nd g w f
n 30 36 n , y F.N.B. c p i ni n s p n Gu g i . Fin n i
gu i n i n d i f n id i n, b nk wi k f p n
ff n w gu y bu d n .
P nn y ni , w FNB i dqu d, in f - n id d b nking ,
Gu g i n d. t b n n y f wd in gi n in p w y ,
b nking m&a b n FDIc- i d.Fu , b n f w f i u in
id-a n i n n i n y.In N w J y, bi i n i in W.l. r
k Us$100 k in sun B n p. tbi i n i u d p n i y k ny
n k pu in N w J yb nk , ding n p p .
Bi n gy nd di d i n gyup b n i by wd wn in n u
funding. mid- g bi n gy p ni g y b ing ign d in f f u g in n i y g n .
a nu b f p ni in di n gynd lif s i n “ unning n fu ,” id
P i ip G g , svP f c pi ad i G up.
m&a in i g y u f di ,id G g , n pp uni y, nd
i ik y in n i n .m n u p ni ging wi
n u p ni in n p u i .“Y u’ ing u i n in i f ,”G g id.
t d f n i ik y ig du P n g n p nding i i n inu
if , id w indu y b nk . s yf D f n r b G p d y d i n u ing P n g n’ pin , w i wi f n id i n in
upp y in, id n b nk . t i p b f g niz i n n i f in(ocI), w i y qui - uf ing in
, id nd b nk .
t p p indu y i ik y n id i n n i dif u i f
g nd g p ni k u i upp y in . G d i nd
h n yw ik y b w f in id , id P u Ni b , n n y
wi Jsa r .
Deal DrIvers – mID-AtLAntIc
mid-AtlAntiC
MID-ATLANTIC
“Financial ServicesM&A in Pennsylvaniais likely to heat up inthe fourth quarter
and grow for the next30 to 36 months.”
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mid-AtlAntiCTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(NEW JERSEY, NEW YORk, pENNSYLvANIA)
5
mIx oF Deals BY INDUstrY sector
VALuE VoLumEIndustrials, Chemicals & Engineering
Financial Services
Business Services
Consumer
Energy, Mining, Oil & Gas
TMT
Leisure
Transportation
Life Sciences & Healthcare
Construction
Real Estate
Agriculture
Defense
8.9%
8.1%
24.2%
7.8%
35.2%
5.6%
9.1%
0.2%0.4% 0.3%
0.2%
0.1%
13.9%
12.0%
19.0%
11.1%
6.5%
18.1%
0.9%
5.1%
0.9%1.9%
9.3%
1.4%
A edda e
S a s bidder pa tar e pa Se r Ve d r pa Deal val euS$( )
11-F b-10 P Fi en gy c p a g ny en gy In en gy, mining, oi & G 8
11-F b-10 P ai P du & c i In ai g In Bu in s i 6
15-m -10 c c n en gy In D ini n r u (app i n e&P bu in ) en gy, mining, oi & G D ini n r u In
1-m -10 c a P In osI P u i , In lif s i n &h
3,301
11-Jun-10 P Bu k y P n lP Bu k y GP h ding lP en gy, mining, oi & G a lig c pi P n llc;K & c p ny
2,774
17-m y-10 P m n G up P GlG P n In Fin n i s i 1
5-m -10 P P d Inf i n sa lib y a qui i i n h ding c p Fin n i s i
1-m -10 c mscI In ri km i G up Bu in s i 1,42
14-Jun-10 P c b i i n syc p i n
B n n c uni i n In tmt c c p i n; P id nequi y P n In ; Qu d ngG up llc
1,365
20-Jun-10 P c n P du In n i n In N i n s & c i c p ny Indu i , c i &engin ing
akz N b Nv 1,300
14-Jun-10 P m f ig a i n sa K y n F d llc c n u lind y G db g & B lP 1,26
24-F b-10 c P i ip m i F un t bc In
F un t b c p i n (s d a andli bi i i ); nd P i ip m i P i ippin m nuf u ingIn (s d a and li bi i i )
c n u F un t b c p i n;P i ip m i P i ippinm nuf u ing In ( ub idi y fP i ip m i In n i n In )
1,170
07-Jun-10 P a g i y In K In Bu in s i m & m l nn n c p niIn
1,130
6-m y-10 c t h l P n lP inv n i h In Bu in s i 1,
17-F b-10 c W g n c Du n r d In c n u o k hi c pi P n lP 1,0
c=c p d; P=P nding; l=l p d
Deal DrIvers – mID-AtLAntIc
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B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n indu y f g .
mid-AtlAntiC
QUarterlY m&a actIvItY
VALuE VoLumE
VoLumE
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
50
100
150
200
250
53.6
10.011.66.4
164.2
10.18.47.4
210.2
9.39.08.5
169.4
14.412.67.2
42.1
3.9
165.8
9.43.54.55.9
6.08.1
0.5
189.2
0.60.70.70.7 0.4 0.22.1
3.3
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
100
200
300
400
500
600
700
800
151
187
76
71
3629
168
196
73
50
2850
55
211
80
6127
189
75
286
174
83
67
40
130
232
48
49
43
25
80
173
42
27
2010
22
94
2546
1624
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
20,000
40,000
60,000
80,000
100,000
120,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
50
100
150
200
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
VALuE
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mid-AtlAntiCFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
4 1 G d n s 74,795 39
6 2 B nk f a i m i lyn 57,762 29
9 3 c di sui 49,242 25
1 4 m g n s n y 42,207 21
5 5 B y c pi 40,751 20
11 6 D u B nk 39,000 20
3 7 ci ig up 36,764 20
13 8 B k n G up h ding 23,673 6
2 9 JPm g n 21,502 21
12 10 UBs In n B nk 16,183 16
21 11 hsBc B nk 15,984 6
8 12 l z d 14,044 17
7 13 e P n 13,260 615 14 N u h ding 6,718 6
36 15 J ff i & c p ny 6,564 13
26 16 mi Bu kfi & c 6,550 1
41 17 rBc c pi m k 5,749 9
32 18 G n i & c 5,283 7
49 19 s if , Ni u & c p ny 4,727 5
10 20 P W inb g P n 4,446 5
h12009
h12010
c pa na e Val euS$( )
n erf Deals
6 1 G d n s 74,795 39
9 2 B nk f a i m i lyn 57,762 29
7 3 c di sui 49,242 25
1 4 m g n s n y 42,207 21
2 5 JPm g n 21,502 21
12 6 B y c pi 40,751 20
8 7 D u B nk 39,000 20
5 8 ci ig up 36,764 20
3 9 l z d 14,044 17
4 10 UBs In n B nk 16,183 16
18 11 J ff i & c p ny 6,564 13
31 12 h i Wi i & c 170 10
28 13 rBc c pi m k 5,749 913 14 KPmG 793 9
11 15 r i d 4,426 8
15 16 P i w u c p 1,494 8
106 17 Dc ad i y P n 1,045 8
26 18 G n i & c 5,283 7
29 19 s nd o'N i & P n 558 7
14 20 B k n G up h ding 23,673 6
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 si p n t & B 94,429 36
30 2 W i G & m ng 78,388 28
15 3 su i n & c w 74,593 22
7 4 c y G i b s n & h i n 63,718 12
8 5 D i P k & W dw 50,219 15
21 6 c sw in & m 47,960 13
91 7 h b s i /G i lu z/s ibb 41,935 7
6 8 D b i & P i p n 40,758 8
9 9 D w y & l B uf 35,733 16
108 10 N n r 35,500 2
62 11 s ug nd m y 35,500 1
2 12 W , lip n, r n & K z 27,566 17
1 13 sk dd n a p s m g & F 26,854 20
17 14 F i d F nk h i s i & J b n 24,619 15
36 15 l & W kin 22,508 27
- 16 U i m n nd z 19,734 3
95 17 a n & Bi d 18,976 8
195 18 ri d l y n & Fing 16,658 12
158 19 cms 16,356 7
32 20 Ni i u & a i 15,694 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 si p n t & B 94,429 36
5 2 W i G & m ng 78,388 2
1 3 J n D y 7,503 28
19 4 l & W kin 22,508 27
13 5 Ki k nd & e i 3,103 24
4 6 su i n & c w 74,593 22
21 7 Dla Pip 2,075 22
2 8 sk dd n a p s m g & F 26,854 20
10 9 m g n l wi & B kiu 6,030 18
18 10 W , lip n, r n & K z 27,566 1
8 11 D w y & l B uf 35,733 16
22 12 s n & s ing 14,695 16
15 13 D i P k & W dw 50,219 1
42 14 F i d F nk h i s i & J b n 24,619 1
53 15 m i n & F 6,793 14
16 16 c sw in & m 47,960 13
11 17 P u W i rifkind W n & G i n 4,997
6 18 c iff d c n 4,231 13
27 19 c y G i b s n & h i n 63,718
116 20 ri d l y n & Fing 16,658 12
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us g nd . s : N w J y, N w Y k, P nn y ni .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Us (g nd . s : N w J y, N w Y k, P nn y ni .
Deal DrIvers – mID-AtLAntIc
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m&A a ivi i new E la d is li el i rease i e se d alf f e ear,wi servers predi i a s r p- ifr Sep e er wards. te la d eal are, w i e perie ed a readeal f a ivi i e rs alf f 2010,are li el i e e s r areasf r deals. t e Fi a ial Servi es se r,w i ad ee i r alle i
i es, als saw s e i p r a dealsi e rs alf f e ear. t a re dwill pr a l i e as e passa e f
a ial ref r le isla i as re veds e er ai fr e ar e pla e.
a nd f 2009 w g df p i i 2010 w u d b g d y
f m&a in N w eng nd. Ind d, qu f 2010 w j u y f i i y.e n IPo k , w i w bu d
ug u 2009, b g n p n p ni d id d k p ung
nd u d s-1 in ip i ’ w k .
Bu n n eu p n n y, Us j b k nd i pi in Gu f d
pu b k n d w in ndqu . N w f n n
ning, igni n p n up d nd by buynd u d d ng f u qu ,
y P F y, - d f n gyin n b nking m g n K g n. Inp i u , n gy nd p u i
ik y b i f f y , and w l in , p n w
J n D y, y .
t n gy yw ig u IBm,mi f , o nd hP i ing n f
nd p d qui . “t i f d y p wd u n w,” y F y.
a ing f i n in ud f w ,i di , in n d-bu in
d , bi n gy nd n gy. F in n , n f g d in N w eng nd in qu
w app ’ Us$275 qui i i n f W ,m u -b d Qu Wi , p id f bi d i ing p f . app
i i y n b n y qui i i , d piing f , Qu d i
igni n , F y p in .
t nd f f 2010 u d p iqui y k n u d in n p i i n,
ding F y. a ug gi buy b n i in 2010 u f , p i
qui y i n i u pu i w k.
N w eng nd, wi i n n i n f
n gy nd p ni , ip i un ing g und f qui .s k p i w, nd nu b f n ub k d p ni n d i . a ugeu p n d i i y w d d wn,
p ni in B zi , Indi , nd p fa i bu n nd n p w f
p buy , ing g f w u d b -b d qu .
Ile e Friedla d i b s
new englAnd
NEWENGLAND
“Although Europeandeal activity hasslowed down,companies in Brazil,
India, and other partsof Asia have cash toburn and are on theprowl for cheap buys,setting the stage forwhat could be a hotcross-border quarter.”
58
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A edda e
S a s bidder pa tar e pa Se r Ve d r pa Deal val euS$( )
28-F b-10 c m k KG a mi ip c p i n lif s i n &h
6,760
4-m y-10 c si l k P n ; ndW bu g Pin u llc
In i D c p i n Bu in s i P n P
25-m y-10 P UIl h ding c p i n c nn i u N u G c p i n; t B k i Gc p ny; nd t s u n c nn i u G c p ny
en gy, mining, oi& G
Ib d Usa 1,296
16-ap -10 P o c p i n P F w d In tmt 614
23-m -10 c en gy c pi P n BG G up P (m p w P w p n ); BG G up P(Dig n p w p n ); nd BG G up P (l k r dp w p n )
en gy, mining, oi& G
BG G up P 450
5-J n-10 c app In Qu Wi tmt G b p n c pi P n ; ndhig nd c pi P n In
275
5-m -10 c m g h In amIcas In lif s i n &h
211
25-m y-10 P G b c p ni llc e nm bi c p i n (190 g i n ) Bu in s i e nm bi c p i n
21-J n-10 c m k Bi i n c p i n a ifi B nd In c n u c u G up In n i n In
02-F b-10 c t w G up In m u h nd In u n c ; Y k In u nc f m in ; N w J y sky nd m n g n llc; ndadi nd k aIF llc
Fin n i s i on B n In u n G up l d 18
20-ap -10 c W n B hen in n G up
tu bin In tmt P i v n u P n ; G niG b v n u ; c u bi c pi ;hig nd c pi P n In ;tud v n u ; nd ti W nIn n G up
160
19-J n-10 c t Fi s i n ifi In a u s i n ifi Indu i ,c i &engin ing
Fu c pi ; arch v n u P n ;c i v n u ; nd GF P i equi yG up llc
145
12-ap -10 c h pi In J in P u i In lif s i n &h
141
29-Jun-10 P e n B nk c p i n W inw ig B nk & t u Fin n i s i
17-m y-10 c vi i n s u i n In D ub -t k s f w In tmt 135
c=c p d; P=P nding; l=l p d
new englAndTOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010(CONNECTICuT, MAINE, MASSACHuSETTS, NEW HAMpSHIRE, RHODE ISLAND, vERMONT)
5
Deal DrIvers – nEW EngLAnD
mIx oF Deals BY INDUstrY sector
VALuE VoLumEIndustrials, Chemicals & Engineering
Financial Services
Business Services
Consumer
Energy, Mining, Oil & Gas
TMT
Leisure
Transportation
Life Sciences & Healthcare
Construction
Real Estate
Agriculture
Defense
2.3%
12.3%
8.9%0.2%0.1%
24.0%
1.6%
49.3%
1.3%
8.1%
9.3%
19.8%
9.3%5.8%
24.4%
2.3%
1.2%
17.4%
2.3%
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60
B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n indu y f g .
new englAnd
QUarterlY m&a actIvItY
VALuE VoLumE
VoLumE
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
20
40
60
80
100
120
31.0
4.64.03.7
103.5
6.54.14.0
75.8
4.56.83.9
61.5
6.84.23.7
11.82.2
51.6
3.32.01.83.9
1.84.3
0.4
189.2
18.8
0.40.40.30.4 0.3 0.6
0.7
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
50
100
150
200
250
300
350
82
82
39
26
1513
99
103
37
25
1822
43
111
44
28
13
80
26
120
76
27
44
19
50
109
35
24
129
46
89
27
1111
4
4
43
1518
2
9
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
20
40
60
80
100
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
VALuE
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new englAndFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
6 1 G d n s 14,828 12
9 2 c di sui 11,735 13
2 3 B y c pi 9,942 10
5 4 m g n s n y 8,231 12
- 5 Gugg n i s u i i 8,125 2
- 6 P W inb g P n 6,760 2
7 7 UBs In n B nk 6,404 10
8 8 B nk f a i m i lyn 5,191 8
10 9 D u B nk 4,115 5
1 10 JPm g n 3,426 6
- 11 F 3,159 1
3 12 ci ig up 2,487 3
23 13 B k n G up h ding 2,087 3- 14= hsBc B nk 1,630 1
43 14= m i & c p ny 1,630 1
- 16 B n n & c p ny 1,296 1
- 17 h wkp in 1,211 2
58 18= sunt u r bin n hu p y c pi m k 1,177 1
- 18= W c pi c p i n 1,177 1
76 20 Qu y mun h ding 919 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
7 1 c di sui 11,735 13
2 2 G d n s 14,828 12
1 3 m g n s n y 8,231 12
13 4 B y c pi 9,942 10
3 5 UBs In n B nk 6,404 10
5 6 B nk f a i m i lyn 5,191 8
18 7 r i d 664 8
8 8 JPm g n 3,426 6
4 9 l z d 471 6
16 10 D u B nk 4,115 5
25 11 W F g s u i i 417 4
- 12 D i 394 4
29 13 lin n In n i n - 414 14 ci ig up 2,487 3
10 15 B k n G up h ding 2,087 3
35 16 Qu y mun h ding 919 3
- 17 sign hi c pi 773 3
46 18 t W i P n G up In 749
9 19 J ff i & c p ny 705 3
20 20 KPmG 584 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
100 1 r p & G y 11,126 12
8 2 sk dd n a p s m g & F 10,932 9
5 3 c sw in & m 8,773 3
34 4 F i d F nk h i s i & J b n 8,659 6
36 5 B k , c & G yd n 7,937 5
6 6 su i n & c w 6,021 4
3 7 si p n t & B 5,754 8
11 8 D i P k & W dw 5,662 7
126 9 ri d l y n & Fing 5,335 5
10 10 c y G i b s n & h i n 5,016 3
1 11 W i G & m ng 4,912 10
148 12 c ing n & Bu ing 4,767 3
20 13 l & W kin 3,774 6
- 14 m y B wn 3,550 5
26 15 vin n & e kin 3,524 4
47 16 h b s i /G i lu z/s ibb 3,216 3
72 17 m g n l wi & B kiu 3,212 9
9 18 s n & s ing 2,977 3
38 19 Ki k nd & e i 2,792 10
12 20 a n & Bi d 2,774 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
41 1 r p & G y 11,126 12
2 2 Wi h 1,876 12
4 3 W i G & m ng 4,912 1
9 4 Ki k nd & e i 2,792 10
1 5 G dwin P 1,973 10
11 6 sk dd n a p s m g & F 10,932 9
36 7 m g n l wi & B kiu 3,212 9
16 8 Dla Pip 959 9
8 9 J n D y 512 9
25 10 si p n t & B 5,754 8
48 11 D i P k & W dw 5,662
31 12 F i d F nk h i s i & J b n 8,659
3 13 l & W kin 3,774 6
121 14 aZB & P n 728 6
43 15 c h & s w 660 6
6 16 c y 267 6
53 17 B k , c & G yd n 7,937 5
70 18 ri d l y n & Fing 5,335 5
- 19 m y B wn 3,550 5
152 20 F fi d B u k u D ing 2,211
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i Us g nd . s : c nn i u , m in , m u , N w h p i , r d I nd, v n .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i Us (Ng nd . s : c nn i u , m in , m u , N w h p i , r d I nd, v n .
Deal DrIvers – nEW EngLAnD
6
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bra il leads La i A eri a’sdeal a i re ver .
l in a i ’ m&a i i y d f p n f
w d, nd u d n inu i ndf f y . l d by B zi ’
p d n i g w f 7.1% i
y , l in a i w d i i n f w bb in g b n n in d n n in f f 2010.
t d u f l in a i w Us$88bnin i n f i y , p d
Us$30bn in p i d y . e nwi u i g d – J nu y’ Us$34.5bnin n i n n id i n f m i ’ a im i – f d king in l in a iw i up 78.3% p d n in f8.4% g b y.
m&a in in B zi n b n ng,id Bi c y, p n in e n & Y ung’
t n i n ad i y s i . “t u i n ,l in a i b n b u un i :B zi , B zi nd B zi ,” id h tundidJ ., e n & Y ung’ t n i n ad i ys i l d . Fi f d u in B ziin d 40% $30bn p d h1 2009.
mining, , gi i nd g ibu in u dn inu b ng indu i f m&a
in B zi , id F ip B id , p n in n b u iqu a uj F n . t in
f c in nd Indi n in in u d b igni n d d i ,
dd d. an in d f n d nin B zi d f ign p y
ik y n id j in n u in ddi i n u ig qui i i n . Bu i in du i n in un y, w i u d d
ng n g i i n , B id n d.
Inf u u pp uni i d f W dcup in 2014 nd o y pi in 2016
ing w dwid n i n B zi . e n& Y ung p fu i i y in n n i
, du i n, n p i n, n up du nd di i . D in nd
f f i y ik y in B zi i nb nk u I u nd B n d B i
y k p nn d qui i i n b d.t f d nd n gy p d
n inu n id ing.
In m i , w y b n w , ng- w i d n i iz d
n y, indi ing p nding d yb d in nd f f y . twp i c i m i n ’n b nk up y p i n ing nd
f 50% k in i in v i . D u d i iz i y in ud
f su c i , g g , nd f i p s . t ImF p
un y’ n y g w 4.5% in 2010.
t ug u c ibb n, c n a ind and n gi n, f w
iz d by i id ign f y, pin b ig p u P u, w i i p d
g w 6.3% i y , nd c bi .
t i n f Ju n m nu s n in c biw n f n d n nd n w df i in un y’ n i p p .m i inf u u p j wi n inu
gi c bi p i i dg in gi n nd d w p y f u k
ik c i nd B zi w king gp n in un y. tw in p inin ud B zi i n bu in n G nef i ’ g wing p f i in c bi ’
nd pi i y indu y nd c i ni in g up laN’ gi p n ip
wi B g -b d gi n i a o i .m nw i c bi n p nd n n iin i u i n n inu k f g in and n r gi n w nin c n a i nd c ibb n, wiG up a ’ n qui i i n f Ge’ Bac-c d i g d p f i nd.
c n a i w d g bn i d wn u n i y w , wi j
inf u u p j in uding n w pf i i i , wid ning f P n c n
nd in nn i n f gi n’ p w
g id p iding id b kd p f g wm j d in c n a i n inub n n d und p ni
u fu y d f n i n , f ibu in gi n in i u i n y-
n p i .
In c ibb n, b by p w d n
y ing n u d p i n u i nd nd , wi Jnd D ini n r pub i und iu i y p g u d i i g
f b fu u . s u u f k bin d wi wi
und ying n gy i u , b d wdiu - - ng , w .
a g n in , v n zu nd e u d u dn inu g f gi n, w
p di d g w f 3.5%, -2.6% np i y, ding ImF.
Pris illa m rp , oliver hill a d
Ser i Spa l
Deal DrIvers – LAtIn AmERIcA
lAtin AmeriCA
LATINAMERICA
“Infrastructureopportunities aheadof the World Cup in2014 and the Olympicsin 2016 are alsoattracting worldwideattention to Brazil.”
62
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lAtin AmeriCATOp 15 ANNOuNCED DEALS FOR YEAR ENDING JuNE 30, 2010
Deal DrIvers – LAtIn AmERIcA
6
A edda e
S a s bidder pa tar e pa Se r Ve d r pa Deal val euS$( )
13-J n-10 c a i m i sa d cv c G b t saB d cv tmt 28,055
11-J n-10 c h in k n Nv Femsa c z sa d cv c n u F n e n i m i nsaB d cv
7,692
13-J n-10 c a i m i sa d cv t In n i n saB d cv (39.30% k ) tmt 6,533
02-m y-10 P N k hyd asa a u in d N d B i sa (57% k ); a u iniB i i sa (51% k ); c p n i d a u in dP (61% k ); nd P g in b u i in (60%
k )
Indu i , c i &engin ing
v sa 4,900
22-J n-10 c B k sa P ibu n sa Indu i Qui i (33.33% k );Qu P i ip sa (60% k ); nd Unipc i Di ibuid sa
Indu i , c i &engin ing
Uni d Indu iP qui i sa
4,238
27-J n-10 c v sa Bung P i ip In i n sa en gy, mining, oi & G Bung li i d 3,8
14-m -10 c cNooc In n i n li i d B id c p i n (50% k ) en gy, mining, oi & G B id en gy h ding l d
09-Jun-10 c B n s n nd sa G up Fin n i s n nd s fin sa d cv (24.90%k )
Fin n i s i B nk f a i c p i n 2,5
03-m y-10 c PDG r y sa e p ndi n P i ip
ag e p ndi n I bi i i sa r e 1,955
10-F b-10 c v sa F i iz n F f d sa (36.79% k ) en gy, mining, oi & G t m i c p ny; ndY B i F i iz n sa
1,834
18-m y-10 P s G id c p i n f c in P n t n i sa (s n B zi i n n i i np ni )
en gy, mining, oi & G P n t n i sa 1,721
15-F b-10 P G up t i sa d cv c uni i n N d m i sa d cv (30% k ) tmt NII h ding In 1,
18-m y-10 P I u - In i n I u sa I u Unib n h ding sa (1.25% k ) Fin n i s i B nk f a i c p i n
21-F b-10 c s r nuk sug li i d equip sa a u a (50.34% k ) ag i u u equip G up 1
12-ap -10 c ap c p i n D n en gy c p i n (Gu f f m i s f a ) en gy, mining, oi & G D n en gy c p i n
c=c p d; P=P nding; l=l p d ( ud B , B iz , D ini , F n Guy n , Pu ri , s in Ki , su in , tu k & c i , Us vi gin I nd )
mIx oF Deals BY INDUstrY sector
VALuE VoLumEIndustrials, Chemicals & Engineering
Financial Services
Business Services
Consumer
Energy, Mining, Oil & Gas
TMT
Leisure
Transportation
Life Sciences & Healthcare
Construction
Real Estate
Agriculture
Defense
11.7%
2.7%
7.1%
0.6%
11.2
19.4%
42.5%
0.9%2.2%0.8%
0.8%
14.7%4.7%
11.5%
9.9%
14.1%20.9%
7.9%
3.1%
1.0%1.0%
5.2%
5.8%
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64
B d n nn un d d , uding p d w wi d wn. Indu y i d in d n d in n indu y f g .
lAtin AmeriCA
QUarterlY m&a actIvItY
VALuE VoLumE
VoLumE
2007 2008 2009 H1 2010200620052004
v a l e
( u S $ b n
)
0
20
40
60
80
100
120
37.8
4.83.53.8
103.5
8.0
19.1
5.74.2
81.7
10.9
7.65.5
48.1
13.8
11.8
8.4
76.5
4.44.3 2.3
77.2
10.3
7.06.6
0.6
55.9
7.3
5.64.2
0.70.50.50.3 0.5 0.3
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
uS$15m-uS$100m uS$5m-uS$14m
2007 2008 2009 H1 2010200620052004
v o l m e
0
100
200
300
400
500
600
85
2315
13
71
37
67
50
105
3721
14
49
110
130
4729
29
71
142
83
184
34
37
158
161
63
45
3428
98
136
49
352033
12
25
61
23
24
46
> uS$501m uS$251m-uS$500m uS$101m-uS$250m
val e not discloseduS$15m-uS$100m uS$5m-uS$14m
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V a l u e
( U S $ m
)
Quarter Ended
0
50
100
150
200
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
V o l u m e
Quarter Ended
m ingg
nd
m&a sPlIt BY Deal sIZe
VALuE
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lAtin AmeriCAFINANCIAL ADvISORS
LEGAL ADvISORS
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
toP 20 – RAnkED by VALuE toP 20 – RAnkED by VoLumE
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 c di sui 57,311 19
6 2 ci ig up 48,690 7
19 3 B nk f a i m i lyn 13,982 11
4 4 r i d 9,671 8
- 5 a n & c p ny 9,132 2
5 6 JPm g n 8,179 7
11 7 D u B nk 6,855 6
2 8 m g n s n y 5,777 3
14 9 s n nd G b B nking nd m k 4,338 4
7 10 B n B d 4,254 2
18 11 G d n s 3,209 5
- 12 h pu In n m n g n c 3,100 1
16 13 hsBc B nk 2,576 5- 14 s nd d c d 2,500 1
- 15 vin i P n 1,955 3
21 16 singu P n 1,955 1
- 17 c di ag i cIB 1,916 5
30 18 l z d 1,715 4
- 19 rBc c pi m k 1,607 1
- 20 c i B n d In i n 1,221 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
3 1 c di sui 57,311 19
12 2 B nk f a i m i lyn 13,982 11
7 3 r i d 9,671 8
5 4 ci ig up 48,690 7
4 5 JPm g n 8,179 7
15 6 D u B nk 6,855 6
2 7 UBs In n B nk 1,022 6
11 8 G d n s 3,209 5
18 9 hsBc B nk 2,576 5
- 10 c di ag i cIB 1,916 5
10 11 s n nd G b B nking nd m k 4,338
31 12 l z d 1,715 4
36 13 P i -B n d N g i 1,049 41 14 m g n s n y 5,777 3
- 15 vin i P n 1,955 3
- 16 c i B n d In i n 1,221 3
- 17 m&a In n i n 344 3
- 18 a n & c p ny 9,132 2
6 19 B n B d 4,254 2
- 20 c fin c pi 953 2
h12009
h12010
c pa na e Val euS$( )
n erf Deals
65 1 D w y & l B uf 34,628 3
- 2 a n & o y 14,742 3
26 3 c y G i b s n & h i n 14,567 6
4 4 F fi d B u k u D ing 12,592 2
3 5 si p n t & B 9,495 6
6 6 sk dd n a p s m g & F 9,192 6
- 7 Gib n Dunn & c u 8,321 3
- 8 l y n & l ff 7,692 1
102 9 D i P k & W dw 6,400 3
82 10 v i n ad g d 6,056 3
13 11 t zzini F i t i i e si ad g d 5,747 9
- 12 U c n , r z nd Gu - ad g d 5,634 2
2 13 B b , mu ni & a g 5,395 7
- 14 Wikb g r in & c 4,981 2
40 15 l & W kin 4,900 2
- 16= s 4,900 1
72 16= t n 4,900 1
1 18 m d m y s nd z opi 4,187 11
8 19 s n & s ing 4,096 3
49 20 W , lip n, r n & K z 4,036 3
h12009
h12010
c pa na e Val euS$( )
n erf Deals
2 1 m d m y s nd z opi 4,187 11
1 2 m Fi , v ig Fi , m y J . Qui g ad g d
1,552 11
6 3 t zzini F i t i i e si ad g d 5,747 9
4 4 Pin i N ad g d 3,093 9
10 5 e udi muniz, r i z, P z-t i n &o y ab g d
466 9
3 6 B b , mu ni & a g 5,395 7
19 7 c y G i b s n & h i n 14,567
11 8 si p n t & B 9,495 6
13 9 sk dd n a p s m g & F 9,192 628 10 U i m n nd z 1,802 5
12 11 link 1,284 5
- 12 vi i d a id & a i d 2,440 4
31 13 D a id 1,093 4
17 14 P i & c iz 290 4
- 15 e udi e p ab g d 223 4
33 16 D w y & l B uf 34,628 3
- 17 a n & o y 14,742 3
- 18 Gib n Dunn & c u 8,321 3
102 19 D i P k & W dw 6,400
39 20 v i n ad g d 6,056 3
t fin n i d i gu b by u nd u b n un f 01/01/2010 06/30/2010, uding p d nd wi d wn d . t b b d n d i c nbidd , g nd . e ud : B , B iz , D ini , F n Guy n , h i i, Pu ri , s in Ki , su in , tu k & c i , Us vi gin I nd .
t g d i gu b by u nd u b n un f 01/01/2010 06/30/2010 nd in ud p d nd wi d wn d . t b b d n d i c nbidd , g nd . e ud : B , B iz , D ini , F n Guy n , Pu ri , s in Ki , su in , tu k & c i , Us vi gin I nd .
Deal DrIvers – LAtIn AmERIcA
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About merrill CorporAtion
F ded i 1968 a d ead ar ered i S . Pa l, mi es a, merrill c rp ra i is a leadi pr vider f s r ed s l i s f rple si ess i a i a d i f r a i a a e e . merrill’s servi es i l de d e a d da a a a e e ,
li i a i s pp r , la a e ra sla i servi es, f l ll e , i a i a d pri i . merrill serves e rp ra e, le al, a ialservi es, i s ra e a d real es a e ar e s. Wi re a 5,000 pe ple i ver 70 d es i a d 15 i er a i al l a i s,merrill e p wers e i a i s f e w rld’s leadi r a i a i s.
66
mERRILL tRAnSActIon AnD comPLIAncE SERVIcES
t ug b d ng f nd i , m i c p i nin d u n p i i n, ing, p in ing, di ibu i n ndni n i n nd gu y p i n i i i
f i i n ng g d in u i i ff ing , g niz i n , g ndqui i i n , sec nd gu y ing . a gi d, i d-p y
i p id ff ing pub i p ni p eDGariz i n nd xBrling i , m i p f i n n p , di , ni y ,n g nd di ibu d in p in d ni f .
merrill Le al S l i s p id b n-d nd nd n- i i ig i nupp , inf i n n g n nd ni nd p in d u n
n g n i f w , p g d p n ndp f i n i . e p f u p i in ud i n
f b i ig i n d u n p i i , n g n f nid di y nd d i y f - i u p ing ndd p i i n
id g p y i .
merrill’s mar e i a d c i a i S l i s upp y b nd id n i yn g n , u uni i n nd p k g d di k ing
p g f p f i n in indu i u , u ufund nd in u n . e p f u i in ud u iz b
p id n i y i , di - i k ing pi nd p i np g upp d by w b-b d n gi .
merrill’s tra sla i s Servi es p id ng f n i n p i n p i n i f i n nd ff i pp
i n i n p j . m i B ink ff n i g n i ni f in n i n i ig i n, in u p p y, p n ,
n u , n i u , g nd qui i i n ,bi i n nd .
www.da asi e.
About mERRILL DAtASItE ®
Rev l i i i e d e dili e e pr essm i D si i d ign d f pid d p y n nd n b up
unning wi in w u f i n ’ n d. ou n n, ug niz u nd f p g f n n f ny u in 24
. e y p f p , f d u n nning vnd p j n g n i d i d by m i ’ u i ingu
i b und k w dwid .
Wi m i D si , d u n p u d nd indd b nd b u ig d ign d by i n
n gu n d. e u ’ bi i y i w, p in d u n i up by i n d ini nd n b
i . m i D si p id u fu in uding fu udi p bi i y, Q&a, bu k up d nd d i d u i i y
p i n in in ig n nd g in igb i .
merrill Da aSi e e a es ra sa i s ess
m i D si i indu y’ kn w dg d d . mdiff n p i nd pub i p ni g b m i D si in u f f wing yp• m g , qui i i n nd di i u• P i p n n i n• l g d buy u n i n• B nk up y nd g niz i n n i n• Fin n i u u ing n i n• Ini i pub i ff ing nd du - k p• a pu nd iquid i n• P - g in g i n
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6
About merrill dAtAsite ®P i i u w b i :www.da asi e.
mERRILL DAtASItE - buILt WIth thE cLIEnt In mInD
m i D si w d i i n ’ n d nd bui ip i i n . sin 2002 w n i n y g d p i nf u i n dd ding- dg fun i n i y i b .
m i D si w i u nd d ini :
• E a i e d e s i edia el . P n d n gy n u y un w i f d u n b d wn d d. B u d
id n m i ’ , y u n i u n u y i w n un i i dnu b f d u n in u ip wind w wi u ing u
y u “ p” . W n f d wi und d f d u n i w, i f u igni n i nd p n .
• Desi a e ser per issi s. t d ini n n w iu wi b b i w, p in d wn d p i d u n , f d
p j - i p y nd qui k y.
• Sear ever w rd i ever d e . Wi g d u n i n ,p i i d f u k y nding i i inf i nnd ing du di ig n p . m i D si b
n gy. op i c r gni i n (ocr) ipp i d p d p g , d i fu y - ndi - b . Wi i p ig i k, p w fu ngin
n ing f , nd u ing fuzzy gi , wi u n u f n i d in nk d d . Fu ,
ngin i f u n nd w f p ing w i u ningu . m i D si p id d n d n p nd p n
f u w yn ny nd i p ing b in p din qu y u .
• Pr e de ial i f r a i .”vi w- n y” d u n nd wn d d. m i D si , n pu ’ b w , n
ing p p iding un d u i y . Un ik vDr p id , i g n i w b n Pc’ f n u i n f i n.
• tra all a ivi a ra el .audi ing nd p ing p id i b un ing f indi idu ’ i p n i wing b
d u n nd p i p g – inf i n dd n g i ingg .
nEED to WoRk REmotELy?N p b . W y u’ w king in B ijing N w Y k, y u n
i w y u d u n n in wi u ing n ig ug in nw nd i i i n f n i f u id p ny
nn i n nd d y du di ig n p .
SEcuRIty IS ouR hIghESt PRIoRIty
m i b n u d p id f u inf i n nd g indu i f n 40 y . ou p y f n d n i i y nd w udi d nnu y (in n nd i
k in u It inf u u nd p in undD si i i u d i Iso 2700f i p n i Inf i n s u i y m n g n sy t Iso 27001 nd d, d p d by In n i n o g nizs nd d b i in n i n qui n f inf
nd i i n f Isms, i d ign d n u ff i pinf i n in f ign k , w n i
gi n b und i .
thE bESt tooL In thE InDuStRym i D si n gy w f f n
d py d u n ni i wing p f . a d ign d d ini b i w d u n i b .
t ug u , i u n u , fu p bibu p ing , b i nd n i n du
p in d. a u , m i D si giin ig nd n , nd d i y du n i n i
a ding p id f vDr u i n w dwid , m i Dp w d 2 i i n uniqu i i p f ni du
u nd f n i n ing i i n f d in u .
n w S ar er, Fas er, Easier!
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68
m i D si (Di i i n f m i c p i n) c nt : +44 20 7422 6100 (eu p ) 1.888.867.0309 (Us)
ExEcutIVE mAnAgEmEnt
Ed bif lP id nt : +1 212 229 6563
Pa l har ells ni vi P id nt : +1 212 367 5950
ExEcutIVE SALES
c ris be ar gi n Di , eu pt : +49 69 25617 110
Alvar or e ar gi n Di , eu pt : +44 20 7422 6100
mi ael hi liffer gi n Di , eu pt : +44 20 7422 6100
merli J. Pis i ellir gi n Di , eu pt : +44 20 7422 6100
Jérô e P ierr gi n Di , F nt : +33 (0) 1 40 06 13 12
c li S p ar gi n Di , eu pt : +44 20 7422 6100
A a Sr gi n Di , eu pt : +44 20 7422 6100
Alvar or e ar gi n Di , eu pt : +44 20 7422 6100
ma el be si sr gi n Di , m it : +52 55 9171 2237
A a Pa la ma êdtá d c
r gi n Di , s u a it : +55 11 9908 0858
Ari Leer gi n Di , G c int : +852 9855 3758
J m Elr er gi n Di , N w Y kt : +1 212 229 6656
S eve Pi evP, N w Y kt : +1 212 229 6883
S elle mar ir gi n Di , N w Y kt : +1 212 229 6613
Willia P leser gi n Di , N w Y kt : +1 212 229 6612
Ada k rir gi n Di , N w Y kt : +1 917 934 7340
F rres R. D a er gi n Di , N w Y kt : +1 917 934 7341
ma ew me a ellr gi n Di , N w Y kt : +1 917 934 7346
mi ael ke edr gi n Di , B nt : +1 207 829 4369
R ss W i a err gi n Di , N w eng ndt : +1 617 266 0189
mar Plaer gi n Di , c i g
t : +1 312 674 6527A cr sr gi n Di , c i gt : +1 312 674 6511
kell Ja ws ir gi n Di , c i gt : +1 312 674 6508
Pa l klei a fr gi n Di , s ut : +1 404 602 3251
bria gil rear gi n Di , ot : +1 404 934 8085
ni las Re err gi n Di , Dt : +1 214 754 2100
Da P elar gi n Di , l angt : +1 213 253 2139
Ja L lar gi n Di , I int : +1 949 622 0663
mar t llr gi n Di , s n F nt : +1 415 357 1400
A drew b i rr gi n Di , P at : +1 650 493 1400
Eri Sa dier gi n Di , P at : +1 650 493 1400
S ha er gi n Di , minnt : +1 651 632 4375
R a ma millar gi n Di , c n d
t : +1 416 214 2448Will br wr gi n Di , c n dt : +1 514 877 5177
ha gre rsvP, W n c n d & Ust : + 604 603 4360
ContACts
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notes
t f wing n p in d n in d in i pub i i n:
• D in ud d w d u i g n qu Us$5 .
• W n d u b n di d, d in ud d if u n f g i g n qu Us$10 .
• N a i = Usa nd c n d .
• a i i y t b nd gu b und indu y i n b d n d in n g g p y f i g , bidd
b ing N a i .
• t p D b und g g p i i n b d n d in n g g p y f g n y.
• l gu b und g g p i i n b d n d in n g g p y f i g , bid
.
• Indu y i n nd g p b d n g g p y b ing N a i .
• G g p i i n nd g p b d n
d in n g g g p y.• t n i n ud d in ud p p y n i n
u u ing w u i d ’ inn ng d.
S a e A r. Re i
N w J y NJ mid-a n i
N w Y k NY mid-a n i
P nn y ni Pa mid-a n i
I in i Il midw
Indi n IN midw
I w Ia midw
K n Ks midw
mi ig n mI midw
minn mN midw
mi u i mo midw
N b k Ne midw
N D k ND midw
o i oh midw
s u D k sD midw
Wi n in WI midwc nn i u ct N w eng nd
m in me N w eng nd
S a e A r. Re i
m u ma N w eng nd
New Ham shire NH New England
Rhode Island RI New England
vermont vT New England
Alabama AL So th
Ar ansas AR So th
Delaware DE So th
Dist ric t of Col mbia DC So th
Florida FL So th
Georgia GA So th
Lo isiana ND So th
Maryland MD So th
Mississi i MS So th
North Carolina NC So th
O lahoma Ok So thSo th Carolina SC So th
Te as Tx So th
S a e A r. Re i
virginia vA So th
West virginia Wv So th
kent c y NE So th
Tennessee TN So th
Alas a Ak West
Ari ona Az West
California CA West
Colorado CO West
Hawaii HI West
Idaho ID West
Montana MT West
Ne ada Nv West
New Me ico NM West
Oregon OR West
utah uT WestWashington WA West
Wyoming WY West
Note to Heat Chart: Brea down of constit ent states within uS regions
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About remArk
Re ar , pub i ing, k ndn di i i n ft e mer er ar e gr p , ff
ng f i gi i n pp uni y n n i b nd p fi , nd d p n w
bu in pp uni i .Re ar pub i 50ug d ip p nd d 70 n
g b y w i n b i i n d n i p i nd und in i
d n i in gi n k , p du .
r k i p f t m g k G up, di i i n f Fin n i ti G up. t find u
p i iwww. er er ar e . /re ar /www. er er ar e . /eve s/
any qu i g ding i pub i i n d wi ini u d b di d :
Eri Wi am n ging Di , r kt : +1 212 686 3329
ik.wi k n@ g k .
Elias La sish d f rt : +44 (0)20 7059 6100
i . i @ g k .
A i ail R er sG b edi , g kt : + 1 212 686 6526
big i . b @ g k .
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© mergermarket
P lis ed :Re ar11 West 19th Street, 2nd FloorNew Yor , NY 10011Tel. +1 212 686 5606
www.mergermar et.com