Merger PDF

Global and regional M&A: 2014
Including league tables of financial advisors
Global
Europe
US
Asia-Pacific
Japan
Africa & Middle East
Emerging Markets
League Tables
Criteria & contacts
Regional M&A
comparison
$901.4 bn
$1,409.4 bn
40.5%
$29.3 bn
56.6%
$591.6 bn
Global M&A
Total
$3,230bn
47.7%
Cross-border $1,399.7bn
82.6%
Energy,
Mining &
Utilities
39.0%
$632.5bn
US
Inbound
$57.9 bn
43.4%
-9.3%
49.5%
$132.2 bn
Europe
$373.5bn
Asia-Pacific (excl. Japan)
158.5%
Inbound
$320.6bn
68.6%
Inbound
Outbound $290.1bn
65.9%
Outbound $365.8bn
190%
Outbound $89.6bn
4.4%
TMT
6.1%
TMT
24.0%
Energy,
Mining &
Utilities
$96.1bn
12.4%
$6.3bn
52.9%
$302.2bn
$168.2bn
Central & South America
Inbound
$83.5bn
15.8%
Japan
$82.1bn
114.4%
Inbound
$14.6bn
58.9%
Inbound
Outbound $24.7bn
298.7%
Outbound $26.2bn
73.7%
Outbound $53.2bn
9.4%
Energy
Mining &
Utilities
131%
TMT
12.5%
Industrials $5.9bn
& Chemicals
13.1%
$50bn
-33.5%
$12.3bn
* The % value on the map indicates the total value change from last year

www.mergermarket.com
Global overview
Sellers bask in US$ 3,230bn-worth of global M&A activity, only 11.8% less than 2007
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A record value for private equity exits, the average price tag at an all
time high, and soaring cross-border deal-making, proved 2014 to be
a sellers market. The year ended with US$ 3,230bn-worth of deals,
44.7% above 2013s total (US$ 2,232.5bn), and down just 11.8% from
the last highest annual total in 2007 (US$ 3,660.4bn).
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The Consumer sector (US$ 80.9bn) was particularly active with regard
to private equity exits, reaching the highest value and deal count on
record. Trade buyers swooped in for Consumer companies and took an
89.6% proportion of the sectors total exits with 182 deals worth US$
72.5bn, 154.3% higher than the last peak in 2012.
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There was an abundance of cross-border deal making overall in 2014,

demonstrated by the highest deal count record and the second
highest value. The 5,501 deals worth US$ 1,399.7bn increased 82.6%
by value compared to 2013 with 630 more announcements.
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Global M&A value hit a post-crisis high at the end of Q3 2014

and continued to climb towards the third highest annual total on
Mergermarket record (since 2001). This came in spite of a reversal of
quarterly increases from Q4 2013 to Q2 2014, after which totals fell
quarter-on-quarter with Q4 dropping 7.5% from Q3 to US$ 787.8bn.
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Energy, Mining & Utilities was the leading sector by value with 1,638
deals totaling US$ 632.5bn, up 47.5% from 2013. TMT continued
an upswing from 2013, seeing over 400 more announcements and
an 18.9% increase by value reaching US$ 604.2bn. However, it was
Pharma, Medical & Biotech activity that stole the limelight in 2014.
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The size of cross-border transactions played a role in the deal value

increase. The average deal size for cross-border deals jumped to US$
453.9m, up from US$ 291.4m in 2013 and above the 2007 peak (US$
437.7m).
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2014 saw private equity firms choosing to dispose of assets they had
been holding onto, resulting in the year seeing record exits by both
value at US$ 489.3bn (which soared to 21.4% above 2007's peak)
and number of deals (2,054). Trade buyers led with a record 1,484
transactions worth US$ 367bn. The 271 more deals than in 2013
resulted in a 82.3% higher deal value than 2013's US$ 201.3bn.
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The Pharma, Medical & Biotech sector accounted for 52.3% of the
total value of lapsed deals during the year (US$ 224.1bn), but the
resurgence in the sector still amounted to 1,215 deals reaching an
all time high value at US$ 379.5bn during 2014. Tax inversions and
a global trend towards cross-border M&A resulted in deals in the
industry between different countries accounting for a majority share of
total deal value at 67.7% with US$ 257bn-worth of deals.
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The inflated deal size was in part due to the sudden attention to US
companies from Europe. The total value of deals involving European
companies targeting the US hit the highest on record at US$ 259.7bn
with 421 announcements. For example, German corporations made
three of their largest ever US-based acquisitions during 2014, with all
three valued over US$ 12.7bn.
Value of deals (US$bn)

2007
2008
2009
2010
2011
2012
2013
2014
419.3
459.7
396.0
445.9
633.8
569.4
596.9
582.9
565.0
558.3
521.4
650.9
957.2

Total 2,411.0
Total 3,660.4
Total 1,711.5
Total 2,095.6
709.8
494.5
431.6
612.7
462.2
326.8
458.4
683.3
676.8
592.5
733.9
848.8
1,277.5
800.1
475.6
754.4
577.4
851.3
Total 2,268.1
Total 2,303.0
Energy, Mining
& Utilities
TMT
Industrial &
Chemicals
235.5
345.6
Consumer
234.7
338.2
Total 3,230.0
7.8%
106.5
173.4
Other
306.5
529.7
11.8%
10.6%
10.7%
3,000
700
2,500
600
500
2,000
400
1,500
300
1,000
10.5%
200
10.5%
500
100
10.7%
7.0%
2007
4.8%
2008
2009
2010
2011
Buyout value
Buyout deal count
5.4%
13.7%
16.4%
3,500
900
800
18.7%
238.5
0
226.8
Business
Services
19.6%
22.8%
508.2
604.2
173.7
379.5
Financial
Services
19.2%
428.7
632.5
Pharma,
Medical&
Biotech
Total 2,232.5
787.8
Private equity buyout and exit activity
Sector breakdown in 2014 vs 2013
* % indicates market share
2012
Exit value
Exit deal count
2013
2014
Deal count
Q1 Q2 Q3 Q4
Quarterly M&A activity
Global overview
League table by value
Ranking
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Deal complexity competing bids and possibly the size of deals, could be an explanation for the longer period taken to complete a
deal. The average time taken in 2014 was 96 days, the longest time period on record after five annual increases.
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Goldman Sachs remained the lead financial advisor league table by value with 378 deals worth US$ 939.9bn, increasing 57.4% from
2013. The firm knocked PwC from the top position in the league table by deal count after advising on 80 more transactions than
2013. The firm jumped from third position in 2013. It was was the lead advisor by value in the US, Europe and also Asia-Pacific (excl.
Japan).
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The top four firms (Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America Merrill Lynch) all retained the same position as in
2013, but Citi moved into the top five with 224 deals worth US$ 619.5bn.
Jefferies, Perella Weinberg Partners, Societe Generale and Allen & Company entered into the top 20 during 2014.
Top deals
Deal
value
(US$bn)
68.5
Ann.
date
13-Feb-14
Bidder
company
Comcast Corporation
Bidder
country
Target
company
Seller
company
Time Warner Cable Inc
65.5
18-May-14
AT&T Inc
DIRECTV
63.2
17-Nov-14
Actavis plc
Allergan Inc
58.8
10-Aug-14
Kinder Morgan Inc
Kinder Morgan Energy

Partners LP
(88.6% Stake)
45.9
15-Jun-14
Medtronic Inc
Covidien Plc

Target Target
country sector
Company name
2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
Goldman Sachs
939,899
378
597,202
57.4%
JP Morgan
697,890
275
571,683
22.1%
Morgan Stanley
693,814
285
503,977
37.7%
Bank of America Merrill Lynch
647,429
224
474,465
36.5%
2014
2013
3
4
5
Citi
619,544
236
272,126
127.7%
Barclays
528,937
218
375,054
41.0%
Lazard
470,542
234
201,607
133.4%
Deutsche Bank
440,912
206
230,706
91.1%
10
Credit Suisse
365,552
211
197,179
85.4%
10
UBS Investment Bank
245,378
157
348,143
-29.5%
11
17
Centerview Partners
217,984
40
86,230
152.8%
12
14
Rothschild
208,927
248
112,315
86.0%
13
16
BNP Paribas
179,785
109
89,054
101.9%
14
21
Jefferies
130,504
128
52,788
147.2%
15
18
RBC Capital Markets
129,584
138
79,866
62.3%
16
32
Perella Weinberg Partners
118,078
33
32,952
258.3%
17
20
HSBC
97,893
61
57,742
69.5%
18
29
Societe Generale
95,118
47
36,933
157.5%
19
57
Allen & Company
90,214
17
13,247
581.0%
20
15
Evercore Partners
81,172
133
98,498
-17.6%
Europe overview
Europe's M&A makes a sudden rebound to a post-crisis high with deals worth US$ 901.4bn
Mirroring the inbound deal flow, 71% of total outbound M&A was also
directed towards the United States (US$ 259.7bn), the highest value on
Mergermarket record (2001). As a result, after one of the lowest years
for European outbound M&A in 2013, outbound activity surged to its
highest level since 2007 during 2014 with US$ 365.8bn-worth of deals,
up 190% from the previous year.
149.0
312.9
251.7
158.0
202.2
Total 722.5
Total 641.4
209.9
Total 901.4
Industrial &
Chemicals
73.4
95.3
Financial
Services
96.6
72.2
Real Estate
21.1
72.0
Other
84.5
174.7
257.0
11.0%
11.4%
10.6%
15.1%
8.0%
3.3%
8.0%
13.2%
19.4%

305.6
339.4
9.6%
61.6
99.4
220.1
Consumer
190.2
Total 725.3
19.5%
11.6%
2007
2008
2009
2010
2011
2012
1070 deals
847 deals
176.5
198.4
111.8
133.2
12.8%
124.8
104.6
126.1
136.0
187.4
Total 640.1
242.9
165.8
6.8%
43.8
114.9
823 deals
171.6
155.1
242.0
18.7%
1001 deals
2012
114.6
Total 466.7
135.6
168.2
171.6
184.3
Total 1,003.8
Pharma,
Medical &
Biotech
Energy, Mining
& Utilities
Inbound and outbound (value of deals US$bn)
21.1%
944 deals
813 deals
127.5
2011
188.3
217.1
Total 1,519.8
TMT
Cross-border analysis
151.0
121.6 77.8 79.0
287.4
286.3
947 deals
837 deals
2009
203.6
384.8
The Pharma, Medical & Biotech sector was the second most active
in 2014 with US$ 114.9bn-worth of deals reaching the highest on
Mergermarket record after a 162.3% jump from 2013.
180.9
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136.8
295.7
2014
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786 deals
757 deals
583.4
265.3
2008
2013
Most of the inbound investment came from US-based companies

which accounted for 60.7% or US$ 194.6bn-worth of inbound deals.
This was a 80.6% increase from 2013 and also 8.5% above the previous
high in 2008 (US$ 179.3bn).
96.7
122.1
Q1 Q2 Q3 Q4
2010
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Some eurozone countries showed signs of recovery. In Spain for

example, the US$ 57.2bn-worth of deals increased 77.1% from 2013.
The country has a strong pipeline for 2015, although the second
half could be more complicated as attention will turn to the national
general election.
2007
The ongoing consolidation of Europes Telecommunication industry

saw M&A in the TMT sector worth US$ 168.2bn account for the highest
share of Europes value, with domestic transactions accounting for
most of it (US$ 120.2bn). One of the trends currently shaping the
sector is the convergence towards the quad model, with operators
bundling together internet, TV, landline and mobile services.
493 deals
540 deals
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259.1
On a quarter-by-quarter basis, 2014s M&A activity got off to a slow

start in Q1 with deals valued at US$ 176.5bn, peaking at US$ 312.9bn
in Q2, and seeing a decline thereafter to US$ 202.2bn in Q3, and a
slight increase in Q4 with US$ 209.9bn-worth of deals.
Europes 1,184 inbound deals totaled US$ 320.6bn and reached a

record high by both deal value and deal count during 2014 (since
2001). The proportion of total M&A accounted for by inbound activity
climbed to a 35.6% peak.
211.5
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768 deals
873 deals
There was a sense of confidence in global boardrooms during 2014

and this filtered through to European targets where the average price
paid for a company was US$ 365.4m, the highest in seven years.
Private equity exits stood at US$ 165.5bn, a 94.5% surge on 2013

and the highest figure since 2007. The average price paid for an exit
exceeded even the peak years at US$ 492.7m. Consumer (US$ 37.9bn)
and Industrials & Chemicals (US$ 29.2bn) saw the highest values.
396.7
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237.9
After a rather subdued 2013, European M&A activity rebounded

strongly in 2014, climbing to a post-crisis high at US$ 901.4bn. This
was a 40.5% increase from 2013 (US$ 641.4bn), making it the highest
value since 2008 when it stood at US$ 1,003.8bn. Volume was up by a
modest 4.8% between 2013 and 2014 (5,816 versus 6,094).
842 deals
990 deals
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2013
2014
Europe overview
Ranking
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Further underlining the strong inbound trend, the top three transactions involving non-European bidders targeting European
companies all originating from the US Medtronics acquisition of Covidien (Ireland) for US$ 45.9bn; Walgreens purchase of
the remaining 55% stake in Alliance Boots (Switzerland) for US$ 23.8bn; and General Electrics acquisition of Alstoms Thermal &
Renewable Power and Grid business (France) for US$ 12.3bn.
France was the target country for two of the top five deals in the region, demonstrating the growth in size of French deals during
2014. As a result, for the first time on record, France was the most active country in 2014 with US$ 161.4bn-worth of deals, the
highest value since 2007 (US$ 204.1bn) and a 327.5% surge on 2013 (US$ 37.7bn). The UK was previously the most targeted country
in Europe until 2014 even though its M&A value increased by 28.7% to US$ 154.5bn compared to 2013.
Tax inversion deals boosted total Pharma, Medical & Biotech values as individual price tags climbed, with two deals above US$
10bn (against none in 2013), the acquisition of Covidien and the sale of Glaxo Smith Klines oncology business. In total, there were
ten deals above US$ 10bn (against six in 2013). Pharma also played a pivotal role in cross-border deal flow, amounting to close to a
quarter of total inbound (US$ 74.1bn) and 37.4% of outbound (US$ 136.7bn).
Deutsche Bank jumped to fifth place, from tenth, having worked on 47 more deals in 2014 compared to 2013. Perella Weinberg,
Centerview and Greenhill all made it into the top 20 ranking by value having been absent from the top 20 for seven, six and four
years, respectively.
Top deals
Deal
value
(US$bn)
45.9
Ann.
date
15-Jun-14
Bidder
company
Medtronic Inc
Bidder
country
Target
company
Target Target
country sector
Seller
company
Covidien Plc
39.6
07-Apr-14
Holcim Ltd
Lafarge SA
23.8
06-Aug-14
Walgreen Company
Alliance Boots GmbH

(55% Stake)
AB Acquisitions Holdings
Limited
23.1
20-Jun-14
Altice SA
SFR SA
Vivendi SA
14.5
22-Apr-14
Novartis AG
GlaxoSmithKline Plc
(Oncology division)
GlaxoSmithKline Plc

Company name
2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
Goldman Sachs
481,193
147
370,133
30.0%
JPMorgan
385,287
125
327,084
17.8%
Morgan Stanley
355,176
120
299,535
18.6%
323,408
99
251,380
28.7%
10
Deutsche Bank
283,461
112
103,607
173.6%
11
Lazard
279,969
149
88,522
216%
Citi
238,416
95
122,681
94.3%
12
Credit Suisse
180,181
82
86,343
108.7%
13
Rothschild
178,474
213
85,536
108.7%
10
14
BNP Paribas
168,237
91
85,229
97.4%
11
Barclays
166,301
92
242,872
-31.5%
12
UBS Investment Bank
130,615
71
226,654
-42.4%
13
28
98,117
16
22,852
329.4%
2014
2013
3
4
5
6
14
19
Societe Generale
95,118
47
36,933
157.5%
15
17
HSBC
80,299
37
43,312
85.4%
Zaoui & Co
77,122
Centerview Partners
72,295
18
14,901
385.2%
16
17
34
18
20
EY
58,066
174
36,177
60.5%
19
18
Credit Agricole
48,785
40
38,193
27.7%
20
36
Greenhill & Co
37,282
17
11,887
213.6%
US overview
Record high US M&A worth US$ 1,409.4bn led by transatlantic drive and booming deal count
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A surge from Europe toward US targets, record high deal valuations

and exit levels, and a deal count nearing 2007s peak led US M&A
activity to reach a record high last year. Total deal value soared 56.6%
from US$ 900.1bn in 2013 to US$ 1,409.4bn in 2014, while total deal
count rose 21.5% from 3,937 transactions to 4,782.
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Energy, Mining & Utilities M&A more than doubled in value compared
to 2013 with 107 more announcements. The US$ 318.1bn-worth of
deals came despite only two deals making it into the top ten deals of
the year: the re-structuring of Kinder Morgan, valued at US$ 58.8bn,
and Halliburtons US$ 38bn acquisition of Baker Hughes.
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Foreign investors flocked towards US targets with a record number

of deals (820) that hit the highest value on record at US$ 373.5bn,
surpassing even pre-crisis levels. Most of the rebound was due to
interest coming from European buyers which took a 69.5% share of
total inbound activity (US$ 259.7bn).
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US firms commanded some of the highest deal valuations globally,

with average deal values increasing 30.15% in the past year, reaching
a record high of US$ 616.3m in 2014. Premiums paid jumped to 29% in
2014, from 26% in 2013, with an EBITDA multiple of 14.5x.
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Dominated by a burst of Technology activity, the most notable

increase by deal count came in the TMT sector (1,022 deals worth US$
302.2bn). The 787 Technology deals eclipsed every other year by deal
count and value at US$ 122.4bn, up 29.3% from 2013 (US$ 94.7bn).
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Inbound M&A from Europe more than tripled compared to 2013

(US$ 69.9bn), to US$ 259.7bn in 2014. The US was a prime Industrials
& Chemicals target for German buyers with more than double the
number of deals compared to 2013, and total values surpassing the
previous high of US$ 7.1bn (2006) by a colossal 442.3% at US$ 38.5bn.
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US private equity exits reached an all-time high in 2014 with 958

deals valued at US$ 262.1bn, up 70.6% by value compared to 2013
(US$ 153.6bn on 735 deals). Along with a general rise in Technology
transactions, the past year saw an upswing in exits in the space,
reaching the highest deal count and value on record: 292 deals worth
US$ 49.6bn, more than double 2013's value (US$ 24.7bn). In the
Pharma, Medical & Biotech sector, the US$ 42.3bn worth of exits in
2014 was 56.1% higher than the previous peak in 2007 (US$ 27.1bn).
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Spurred on by inexpensive natural gas used as a raw material

for chemicals, plastics, and packaging as well as for powering
manufacturing across all industries, plus a favorable financing market,
the Industrials & Chemicals sector saw a revival in 2014 with 826
deals worth US$ 145.9bn, up 85.3% from last year (US$ 78.8bn) and
recovering the drop seen from 2012 to 2013. More activity is expected
within the auto industry, with asset disposals resulting from increased
consumer demand for alternative fuel and safety technologies.
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Although not quite at the same rate as inbound deals, outbound M&A
also saw an increase to the highest value and deal count on record, up
65.9% from 2013 (US$ 174.9bn) at US$ 290.1bn. Tax inversions in the
Pharma, Medical & Biotech sector were a strong driver as the number
of deals exceeded 100 for the first time and saw a total value of US$
75.4bn eclipse the last peak in 2011 of US$ 35.9bn.

417.0
329.3
Total 1,409.4
70.8
64.9
Other
87.6
105.2
6.1%
7.9%
4.6%
9.7%
7.5%
373.5
2007
2008
290.1
223.8
2009
2010
2011
2012
174.9
Financial
Services
6.2%
144.5
55.3
86.0
196.6
Business
Services
10.4%
820 deals
1,279 deals
Total 900.1
233.0
8.8%
189.4
78.8
145.9
161.6
Industrial &
Chemicals
1,125 deals
377.5
Total 866.7
11%
2013
2014
597 deals
312.4
83.3
155.1
671 deals
1,096 deals
285.7
176.0
314.2
Consumer
Total 832.3
1,081 deals
178.8
234.4
190.0
16.5%
9.3%
634 deals
190.0
207.0
11.1%
172.6
187.1
99.5
232.0
21.4%
133.3
128.1
Total 725.0
244.7
Pharma,
Medical &
Biotech
613 deals
248.2
154.4
284.9
302.2
959 deals
2014
179.7
Total 688.8
205.0
TMT
105.5
2013
145.1
98.4
78.3 Total 753.7
93.6
2012
186.5
22.6%
31.7%
428 deals
2011
198.9
263.4
139.6
318.1
Total 1,337.1
612 deals
2010
266.4
229.1
233.0
2009
145.5
255.2
219.1
2008
501.1
902 deals
351.7
2007
15.5%
639 deals
Energy, Mining
& Utilities
369.7
224.8
1,019 deals
Q1 Q2 Q3 Q4
809 deals
US overview
Ranking
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The majority of the USs top ten deals were inbound, highlighting the attraction to invest in the country through 2014. T. There were
223 more inbound transactions compared to 2013 which led to a 158.5% surge in deal value at US$ 373.5bn, making 2014 the highest value for inbound M&A.
Of the top 10 US deals, two are in the Pharma, Medical & Biotech sector: the US$ 63.2bn Actavis acquisition of Allergan and Actavis
earlier US$ 23.1bn acquisition of Forest Laboratories. Other top Pharma, Medical & Biotech deals include the US$ 14.2bn Bayer AG
acquisition of Merck & Co.s consumer care business, the US$ 13.4bn Zimmer Holdings acquisition of Biomet, and the US$ 11.9bn
Bector, Dickinson and Company acquisition of the CareFusion Corporation.
Company name
2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
Goldman Sachs
704,397
261
451,473
56.0%
JPMorgan
508,613
184
419,642
21.2%
456,329
151
387,695
17.7%
Morgan Stanley
433,895
174
344,173
26.1%
2014
2013
3
4
5
Citi
431,283
144
179,001
140.9%
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Goldman Sachs continued its number one streak, advising on four of the top ten US deals of 2014, leading the firm to the top of the
league tables in terms of both deal value and count with 261 mandates worth US$ 704.4bn.
Barclays
409,747
156
285,120
43.7%
12
Lazard
297,505
123
120,561
146.8%
uu
The year did not present such big changes for the boutique firms as compared to 2013: Guggenheim Partners fell out of the top 10
in terms of deal value in 2014 from its eight position in 2013, and Lazard maintained its 2013 position as number seven in terms of
deal count into 2014. Centerview Partners, on the other hand, entered the top 10 in terms of deal value with the number nine spot
this year, advising on 38 deals worth US$ 216.5bn total.
Deutsche Bank
240,260
123
134,671
78.4%
14
Centerview Partners
216,540
38
83,300
160.0%
Top deals
Deal
value
(US$bn)
68.5
Ann.
date
13-Feb-14
Bidder
company
Comcast Corporation
Bidder
country
Target
company
Seller
company
Time Warner Cable Inc
65.5
18-May-14
AT&T Inc
DIRECTV
63.2
17-Nov-14
Actavis plc
Allergan Inc
58.8
10-Aug-14
Kinder Morgan Inc
Kinder Morgan Energy

Partners LP (88.6% Stake)
38.0
17-Nov-14
Halliburton Company
Baker Hughes
Incorporated

Target Target
country sector
10
10
Credit Suisse
212,653
122
130,379
63.1%
11
19
Jefferies
123,314
103
41,549
196.8%
12
UBS Investment Bank
102,477
74
247,500
-58.6%
13
17
RBC Capital Markets
92,029
94
59,658
54.3%
14
36
Allen & Company
90,214
17
11,037
717.4%
15
11
Paul J. Taubman
75,792
127,600
-40.6%
16
16
Wells Fargo Securities
75,412
69
62,408
20.8%
17
32
73,523
26
12,650
481.2%
18
13
Evercore Partners
63,015
104
89,608
-29.7%
19
22
Rothschild
51,798
61
23,049
124.7%
20
20
Greenhill & Co
48,549
26
31,411
54.6%
Asia-Pacific
overview (excl. Japan)
M&A value spiked at US$ 591.6bn with private equity peaking and higher valued inbound deals
uu
With 3,250 deals worth US$ 591.6bn, both the number of transactions
and their total value reached the highest level on Mergermarket record
in 2014, up 43.4% from 2013s previous historic high (US$ 412.4bn).
Private equity activity was another growth base in 2014, which saw
records in buyouts and exits in terms of both value and volume of
deals. A record US$ 68.8bn was invested by private equity firms, up
62.4% on 2013. Exits totaled US$ 35.4bn with 185 deals, up 21.1% on
2013s previous record value (US$ 29.2bn from 138 deals).
uu
The ongoing growth in the regions Consumer sector saw 324 deals
valued at US$ 55.2bn, an increase of 28.1% by value from 2013. The
industry saw a record value and deal count of inbound deals with 79
transactions worth US$ 18.7bn.
uu
Inbound investment into the region increased for the second

consecutive year, making Asia-Pacific targets a steady driver of the
overall surge in M&A. As in the previous two years, the bulk of this
investment came from European and American buyers, particularly the
former, who spent a total of US$ 34.6bn in 2014, up 28.6% on 2013.
uu
The Technology and Media sectors saw a strong level of private equity
exit activity during 2014. Technology exits had seen a steady rise but
saw a dramatic increase in 2014, up to 33 exits worth US$ 3bn from
just seven in 2008. Since Media exits started in 2005, the level of
activity has increased with 2014 seeing 10 deals worth US$ 4.5bn from
five deals worth US$ 331m in 2005.
uu
The 427 outbound deals (US$ 89.6bn) was the highest number on
record by deal count. However, a tendency to lean toward smaller
investments continued with single digit growth year-on-year for the
past two years, running at just above 4%.
The price paid for Asian targets by European bidders increased to

US$ 254.7m during 2014, up from US$ 192.4m in 2013. Six deals from
Western Europe were above US$ 1bn, with the largest seeing Belgiumbased Anheuser-Busch InBev acquire Oriental Brewery for US$ 6.2bn.
A draw to the region from foreign investors could be the EBITDA
valuation at 16.6x, much lower compared to the previous ten years'
average of 18.9x.
uu
A total of 399 Technology deals amounted to US$ 53.7bn, 46.9%

higher than the US$ 36.5bn from 248 deals in 2013, with tinterest from
foreign bidders peaking in 2014 (91 deals worth US$ 9.2bn). A huge
jump in buyouts in the sector saw 77 deals at US$ 11.7bn, compared to
the 38 in 2013 valued at US$ 9.4bn.
uu
During the last three years, there has been a shift in the sectors of
outbound targets. Outbound M&A has moved away from the Energy,
Mining & Utilities sector - down 64.3% to US$ 24.6bn in 2014 from
US$ 68.9bn in 2011 - and towards other sectors including Technology,
Leisure and Transportation, all of which have had a dramatic upsurge
in 2014 with some of the highest levels on record.

2013
2014
72.1
81.1
66.0
83.0
89.6
108.3
57.9
147.3
591 deals
427 deals
Total 591.6
89.7
Other
96.8
Real Estate
46.8
36.6
81.2
19.2
39.7
85.3
Transport
10.5%
9.3%
Total 412.4
161.2
85.8
140.8
43.1
55.2
349 deals
171.3
118.1
Consumer
4.7%
6.7%
11.4%
6.2%
14.0%
2007
24.9%
2008
2009
2010
2011
2012
591 deals
116.9
108.2
Total 352.3
560 deals
337 deals
84.0
12.0%
9.6%
341 deals
118.3
105.0
49.5
56.8
13.1%
563 deals
69.2
81.3
Total 356.4
Financial
Services
13.9%
12.7%
520 deals
2014
82.0
73.9
115.8
TMT
52.3
77.5
16.2%
14.1%
316 deals
2013
79.4
58.1
82.4
48.2
87.3
Total 362.4
130.9
92.7
Industrial &
Chemicals
32.2
2011
72.1
Total 294.3
105.8
85.5
96.1
376 deals
66.7
Total 347.2
90.2
Energy, Mining
& Utilities
202 deals
2010
2012
65.9
76.8
45.8
Total 343.5
295 deals
2009
56.7
125.8
74.5
92.2
20.7%
515 deals
2008
75.4
90.7
85.2
372 deals
2007
71.2
126.4
Q1 Q2 Q3 Q4
95.3
555 deals
uu
Asia-Pacific
overview (excl. Japan)
Ranking
uu
uu
uu
The average price paid for a company based in Asia-Pacific (excl. Japan) reached the second highest level on record at US$ 214m
during 2014, versus US$ 190.8m in 2013. There were larger deals announced throughout 2014 which influenced the average price,
for example five mega-deals (above US$ 10bn) were announced in the region which accumulated a record level for this deal size
bracket at US$ 93.8bn.
South Korean companies were the target in two of the top ten deals which boosted the countrys annual total up to the highest on
record at US$ 73.5bn. Furthermore, the value came from the highest ever deal count with 334 transactions, up from 280 in 2013. A
strong deal flow is also expected for 2015 particularly in the TMT sector with investment in South Koreas mobile industry being a
good testing ground for future investment in Southeast Asia, and also in the advertising digitalisation where emerging market countries are expected to contribute to 62% of additional ad spend between the years 2013 and 2016, according to research by Publicis.
Goldman Sachs headed the top of financial advisor league table by deal value with 71 deals worth US$ 89bn, up 121.4% from 2013
leading to a jump from fifth position. PwC continued to be the most active by deal count with 114 deals worth US$17.9bn.
Top deals
Deal
value
(US$bn)
Ann.
date
Bidder
company
36.5
16-Apr-14
CITIC Pacific Limited
CITIC Limited
17.4
14-Sep-14
Investor group
Sinopec Marketing Co
Ltd (29.99% Stake)
15.6
24-Sep-14
Hanjin Kal Corp
Korean Air Lines

Company Limited
(51.13% Stake)
13.8
31-Dec-14
CSR Corporation
China CNR Corporation
10.6
18-Mar-14
Shanghai Jinfeng
Investment Co Ltd
Shanghai Greenland
(Group) Co Ltd

Bidder
country
Target
company
Target Target
country sector
Seller
company
CITIC Group Corporation
An investor group led by

Shanghai Gelinlan Investment
Management Ltd
10
2014
Company name
2014
Value
(US$m)
2013
2013
Deal
count
Value
(US$m)
% Value
change
Goldman Sachs
89,002
71
40,199
121.4%
Morgan Stanley
88,947
55
62,869
41.5%
78,413
39
26,548
195.4%
Citi
77,595
62
47,707
62.6%
12
CITIC Securities Co
73,973
41
23,980
208.5%
24
Somerley
70,879
29
10,263
591%
UBS Investment Bank
65,307
57
60,849
7.3%
15
China International Capital
58,298
37
18,111
221.9%
Deutsche Bank
56,766
40
36,425
55.8%
10
47
China Securities Co
52,516
26
4,051
1,196%
11
Credit Suisse
39,514
57
31,102
27.0%
12
11
Macquarie Group
36,597
50
24,210
51.2%
13
10
Lazard
35,339
28
25,109
40.7%
14
JPMorgan
35,090
45
62,393
-43.8%
15
14
Rothschild
28,345
50
23,604
20.1%
16
49
Guotai Junan Securities Co
24,864
31
3,651
581.0%
17
30
Haitong Securities Co
23,326
25
7,570
208.1%
18
16
KPMG
22,912
92
17,123
33.8%
19
Barclays
22,811
20
35,800
-36.3%
20
13
HSBC
19,757
24
23,977
-17.6%
Japan overview
Record low annual value at US$ 29.3bn despite a boost in private equity activity
uu
uu
The picture of M&A in Japan during 2014 was in stark contrast to the
global picture, and the rest of the Asia-Pacific region. Whereas the core
regions saw a boom in M&A and record peaks, Japan saw record lows.
In the second lowest annual total on record, the 376 Japanese M&A
deals announced in 2014 added up to US$ 29.3bn, 33.5% down on the
previous year (US$ 44.1bn) and the third consecutive annual decrease
with a downward drift averaging 28.9% per year since 2011.
In line with the Asia-Pacific-wide boost in private equity activity, Japan

saw a strong level of buyouts and exits in 2014. Japans 36 buyouts
during 2014 were worth US$ 5.5bn, 39% higher than 2013s value
(US$ 4bn). The eight Consumer buyouts doubled from 2013 (four) and
reached a value not seen since 2007 at US$ 892m.
uu
Even though there was a large 52.9% drop in the value of inbound
investment which hit a post-crisis low, there were actually 13 more
announcements in 2014 compared to 2013. With 46 deals in 2014,
signs are that investors could be starting to show more interest in the
country albeit at a lower price range.
uu
The average deal size was another historic low at US$ 134.4m, brought uu
down by the scarcity of deals above US$ 500m. The 13 deals above US$
500m during 2014 amounted to US$ 13.8bn, the lowest in 12 years.
The value of private equity exits hit a three-year high as it increased

33.6% above 2013 with deals valued at US$ 6.3bn. With nine exits, the
Business Services sector was most active by deal count with a total of
US$ 1.6bn making it the only sector to register deals above US$ 1bn.
uu
uu
For only the second year on record, 2014 saw every quarter post a
total deal value below US$ 10bn. The final quarter registered US$
7.4bn-worth of deals, up 7.6% from Q3 2014 (US$ 6.9bn) and by 0.6%
compared to Q4 2013 (US$ 7.3bn).
Outbound M&A exceeded 2013 with 242 transactions worth US$

53.2bn (versus US$ 48.7bn), though with 13 fewer deals. The year
had seen solid quarterly activity above US$ 10bn but the quarter-onquarter drop throughout the year ended with Q4 seeing a 4.2% lower
deal value than Q3 at US$ 10.3bn.
The Industrial & Chemicals sector overtook TMT as the most active in
2014, with deals worth US$ 5.9bn. The sector increased 13.1% on 2013
and accounted for 20.1% of total value, up from 11.8% in 2013. A large
part of this was due to the largest deal this year: Mitsubishi Chemical
Holdings Corporations US$ 3bn acquisition of Taiyo Nippon Sanso
Corporation accounted for over half of the total value.
uu
The Consumer sector is one area where outbound activity increased,

with 33 deals valued at US$ 19.8bn being over eight times the value
compared to 2013 (US$ 2.4bn) and with eleven more deals. This was
the highest number of deals on record and the highest value since
2006 (US$ 20.1bn).

115.8
71.8
11
53.2
48.7
13.5%
2009
2010
2011
2012
6.3
2008
2013
46 deals
2007
242 deals
23.3%
13.4
10.3
4.0
33 deals
Other
11.2%
6.6%
9.1
5.0
1.9
8.1%
9.3
Real Estate
9.6%
0.8%
8.8
Transport
0.3
2.4
5.6%
28.8
2.5
2.8
255 deals
Total 29.3
Business
Services
48 deals
7.4
Total 70.5
254 deals
6.9
Total 44.1
16.2
39 deals
9.5
7.3
4.6%
10.4%
2.0
3.0
205 deals
5.6
13.5
15.2
Financial
Services
57 deals
2014
13.9
26.3
14.1
8.1
Total 83.7
30.0%
13.8%
151 deals
2013
21.5
TMT
17.8%
13.2
4.0
24.0
2012
Total 61.2
32.7
17.2
12.3
6.8
33.2
7.3
Total 78.5
5.6
5.2
31 deals 6.8
13.9
20.1%
12.7%
61.5
2010
2011
Consumer
29.6
5.2
5.9
Total 88.2
Total 55.8
24.1
14.1
10.6
12.2
15.5
10.8
17.3
11.8%
24.5
2008
32.2
11.9
18.0
26.1
125 deals
Industrials &
Chemicals
2007
2009
33 deals 7.0
126 deals
121 deals 19.2
Q1 Q2 Q3 Q4
48 deals
uu
2014
Japan overview
Ranking
uu
uu
The overall drop in Japan's activity was also evident in domestic activity. The value of domestic deals dropped for the third
consecutive year in 2014 to US$ 23bn, down 25.1% from 2013. The value represented the third lowest on record after 2001 (US$ 2bn)
and 2002 (US$ 8.4bn). In terms of deal count, the 330 domestic deals fared well considering post-2007 levels but still saw 69 fewer
transactions than 2013.
Morgan Stanley remained the top of the financial advisor league table by value with 34 deals worth US$ 38bn. Mizuho Financial
Group also kept its top spot by deal count even though it saw 12 fewer mandates with 58 deals worth US$ 9.1bn.
Top deals
Deal
value
(US$bn)
Ann.
date
Bidder
company
3.0
13-May-14
Mitsubishi Chemical
Holdings Corporation
Taiyo Nippon Sanso

Corporation
(23.6% Stake)
1.9
13-Aug-14
Blackstone Real Estate

Partners Asia
General Electric
Company (residential
property business)
General Electric
Company
1.3
16-Jan-14
Kokusai Kogyo Holdings

Co Ltd
Kokusai Kogyo Co Ltd

(55% Stake)
Cerberus Capital
Management LP
1.1
31-Jan-14
H2O Retailing
Corporation
Izumiya Co Ltd
0.9
28-Apr-14
Orix Life Insurance

Corporation
Hartford Life Insurance

KK

Bidder
country
Target
company
Target Target
country sector
Seller
company
Hartford Life Inc
12
2014
2013
Company name
2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
Morgan Stanley
38,013
34
37,019
2.7%
Centerview Partners
18,877
Goldman Sachs
18,530
17
25,964
-28.6%
13
Credit Suisse
16,403
6,469
153.6%
Nomura Holdings
13,216
56
16,426
-19.5%
10
Mizuho Financial Group
9,053
58
7,350
23.2%
Sumitomo Mitsui Financial Group
8,736
54
19,142
-54.4%
31
Citi
8,305
2,400
246%
JPMorgan
7,087
8,669
-18.2%
10
24
KPMG
5,522
33
3,371
63.8%
11
11
GCA Savvian
5,241
19
6,972
-24.8%
12
Daiwa Securities Group
4,644
26
9,312
-50.1%
13
49
EY
4,628
12
540
757.0%
14
141
Evercore Partners
4,359
15
ICICI Securities
3,967

overview
Private equity and a Q4 surge failed to boost the annual total at US$ 57.9bn, down 9.3% on 2013
uu
Africa & Middle East (MEA) M&A activity in 2014 dropped 9.4% below
the post-crisis high seen in 2013 (US$ 63.9bn)to US$ 57.9bn. Despite
the decrease, 2014 still represented the fourth highest annual value on
Mergermarket record (2001). Quarterly values fluctuated throughout
the year, but ended on a high note in Q4 with a 158.6% increase to US$
22.5bn from US$ 8.7bn in Q3 - accounting for 38.9% of the total.
uu
According to Mergermarket intelligence, private equity deal sizes

have been creeping up as houses are raising more substantial funds
and are looking to conduct larger deals. It was common a few years
ago for some funds to go as low as US$ 20m-US$ 30m, now funds are
indicating to us a minimum size of USD 50m."
uu
Total inbound activity declined in 2014 compared to the previous four

years with deals valued at US$ 14.6bn decreasing 58.9% from 2013
(US$ 35.6bn). Asian companies were the main investors with 40 deals
worth US$ 5.8bn accounting for 40% of the total, a 70% decline by
value as China pulled away from big ticket energy deals.
uu
A sudden rush for large deals during Q4 saw four transactions each
valued in excess of US$ 2bn, accounting for 23.7% of 2014's total
value. The final dash for larger deals was in stark contrast to deal sizes
throughout the rest of the year, underlined by the average price paid
dropping 15.9% to US$ 202.6m from US$ 241m in 2013.
uu
The TMT sector saw 74 transactions in 2014 with a total value of US$
12.3bn, accounting for 21.2% of the region's total and representing a
12.5% increase by value. The regions Technology space was a highlight
and saw the most deals on record with 44 transactions worth US$
3.8bn, up from just 24 in 2013.
uu
uu
Private equity activity was a key deal driver in 2014, accounting for
10.5% of total M&A, up from just 4.2% in 2013 and the second highest
proportion on record. The value of buyouts more than doubled from
US$ 2.7bn in 2013 to US$ 6.1bn in 2014. The year saw the most exits
within a single year on record at 38 deals worth US$ 5.5bn, up 48.3%
by value compared to US$ 3.7bn on 29 deals in 2013. This will come as
a welcome boost for those investors yet to register any returns from
investments in Africa, as well as those looking to invest dry powder.
uu
A drop in inbound investments resulted in the Energy, Mining &

Utilities sector being knocked from the top position in 2014. The 59
deals targeting the sector totaled US$ 11.1bn, representing a 19.2%
market share this marked a 52.2% drop by value and 14 fewer deals
than 2013 (73 deals worth US$ 23.2bn). Inbound investments in the
sector were down 84.1% to just US$ 3.3bn from US$ 20.7bn in 2013.
Outbound activity in 2014 witnessed a 73.5% increase in total value

to US$ 26.2bn from US$ 15.1bn in 2013. European targets represented
the largest portion of MEA investments with 77 deals worth US$ 8.8bn
accounting for 33.5% of total outbound value. MEA companies honed
in on Italy with a record 11 deals worth US$ 2.1b, with the countrys
Consumer and Industrials & Chemicals companies the primary targets.
uu
The allure of flourishing new African markets with less competition is

causing a number of South African corporates to cast their lines further
afield to other African countries, especially in the face of difficult
conditions at home. The most common deals in 2015 are expected to
be intraregional, outbound from family businesses, and an increase in
inbound activity from strategic players.

Industrials &
Chemicals
12.3
2.3
Other
5.4
4.0
19.3%
4.0%
8.4%
6.9%
13
2007
2008
35.6
23.0
31.3
30.1
8.3%
4.7%
5.2%
2009
188 deals 14.6

145 deals
26.2
Construction
5.3%
120 deals 15.1
Total 57.9
3.0
3.0
53.9
3.4
4.8
Total 63.9
16.9%
2013
2014
15.8
Total 53.2
15.7
22.5
Financial
Services
4.0%
2010
2011
2012
169 deals
8.7
2.6
9.8
139 deals
118 deals
19.6
20.6
13.9
Consumer
24.3
7.2
10.2
21.6
Total 44.9
7.2
18.4%
101 deals
13.5
12.7
11.4
Total 54.3
149 deals
2014
8.8
6.5
12.8
4.6%
24.5
2013
19.8
8.2
3.0
10.6
100 deals
2012
8.0
Real Estate
36.4%
19.2%
129 deals
25.4
2011
Total 32.5
7.8
23.2
11.1
21.2%
94 deals
2010
15.4
Total 51.8
14.6
Energy, Mining
& Utilities
18.8
4.0
11.2
10.9
12.1
7.6
5.3
12.9
Total 87.2
68 deals
2009
13.1
34.7
144 deals
2008
20.0
12.6
19.9
17.1%
158 deals 14.9
TMT
2007
71.1
43.0
151 deals
Q1 Q2 Q3 Q4
164 deals

overview
Ranking
uu
uu
uu
The highest valued deal saw a 92.34% stake in South Africas retailer network Pepkor Limited acquired by Steinhoff International
Holdings for US$ 5.7bn which was also the second largest deal for the country on record. The Consumer industry was fruitful in 2014
with six more deals than in 2013 contributing to the value rocketing to the highest annual total on record, up 270.1% on 2013.
Deutsche Bank made an almighty jump to lead the financial advisor league table by value up from 31st place in 2013. The firm
advised on ten deals worth a combined US$ 15.5bn, over ten times the value in 2013 (US$ 1.2bn) and with four more mandates. The
firm worked on the buy-side of the two largest deals in the region.
Rand Merchant Bank secured 11 more deals than in 2013 and as result, the firm jumped to third position from tenth in the deal
count ranking.
Top deals
Deal
value
(US$bn)
Ann.
date
Bidder
company
Bidder
country
Target
company
Target Target
country sector
Seller
company
5.7
25-Nov-14
Steinhoff International
Holdings Ltd
Pepkor Limited
(92.34% Stake)
Christo Wiese (Private

Investor); and
Brait Mauritius Limited
3.5
13-Nov-14
DP World Limited
Economic Zones World
Ports & Free Zones World
2.6
18-Apr-14
Fonds National
d'Investissement
Orascom Telecom Algerie

SPA (51% Stake)
Global Telecom Holding

SAE
2.5
08-Oct-14
A consortium led by
Taleveras Group
Oil Mining License 29

and associated pipeline
in Nigeria (30% Stake)
Royal Dutch Shell Plc
2.5
26-Jun-14
Labregah Real Estate

Company QSC
Barwa Commercial
Avenue Company LLC
(95% Stake)
Barwa Real Estate

Company QSC

14
2014
2013
Company name
2014
Value
(US$m)
2013
Deal
count
Value
(US$m)
% Value
change
31
Deutsche Bank
15,481
10
1,162
1,232%
Citi
14,227
11
6,184
130.1%
52
KPMG
12,129
12
381
3,085%
12
Barclays
11,193
18
6,071
84.4%
15
Investec
9,319
21
3,752
148.4%
20
Rand Merchant Bank
8,879
21
2,106
321.6%
Goldman Sachs
7,024
11
7,591
-7.5%
Commerzbank
5,744
JPMorgan
5,737
7,354
-22.0%
10
5,705
12
12,973
-56.0%
11
37
EY
5,311
22
760
598.8%
12
14
UBS Investment Bank
5,142
4,892
5.1%
13
13
HSBC
4,519
5,758
-21.5%
14
22
Rothschild
4,165
12
1,823
128.5%
15
43
Standard Bank Group
4,023
13
555
624.9%
16
17
Standard Chartered
3,771
2,662
41.7%
17
Moelis & Company
3,735
7,521
-50.3%
18
40
Deloitte
3,587
605
492.9%
19
BNP Paribas
2,675
7,732
-65.4%
20
FTI Consulting
2,643
Emerging Markets
overview
M&A peaked with US$ 646.5bn-worth with a boost from Latin American activity
uu
Despite political hostilities in Russia as well as a drawing back from

investment in African countries; Chinas dash for domestic deals and
higher price tags demanded by Western European and Latin American
companies boosted 2014 deal activity in the Emerging Markets. Total
M&A value increased by 26.5% to US$ 646.5bn, from US$ 511.2bn in
2013, representing the highest annual value on Mergermarket record.
uu
Chinas domestic activity helped boost overall values for the country
to the highest value on record. With deal activity surpassing the 1,000
deal mark for the first time (1,119 deals) total values peaked at US$
227bn, up 55.3% from US$ 146.2bn in 2013. Overall, domestic deals
accounted for 74.7% of total activity in the region - while Chinese
targets accounted for half of the top ten Emerging Market deals.
uu
The share of inbound M&A values to total M&A increased to

32.1% during 2014, from 24.7% in 2013 - representing the largest
contribution since 2008 (36.4%). A total of US$ 207.5bn-worth of
foreign investment was up 64.7% from US$ 126bn in 2013, evidenced
by activity in the TMT sector which saw over a third of its value come
from foreign bidders.
uu
2014 marked the first year that every single quarter registered more
than US$ 100bn-worth of deals. The year got off to a modest start
with Q1 registering a total value of US$ 112.1bn. The the middle part
of the year saw things heating up, with Q2 (US$190.2bn) and Q3
(US$175.7bn) representing the second and fourth highest quarterly
deal values on record. Things cooled off in Q4 (US$168.5bn) with
values dipping 4.1% compared to Q3.
uu
Political tensions in Russia affected M&A activity in the region, with

US$ 42.2bn-worth of deals in 2014 representing a 52.1% decline
compared to 2013 (US$ 88.1bn). Despite these numbers, there remains
cautious optimism for 2015 deal activity, with dealmakers telling
Mergermarket that Russia remains a fundamentally attractive market
and a pipeline of suspended deals could spark a healthy recovery in
the first half of 2015 if the geopolitical standoff with the West eases."
uu
Emerging Market companies have also been seeking opportunities

outside of domestic markets with the value of outbound investments
reaching the second highest total on record at US$ 120.2bn, a 36%
increase compared to 2013 (US$ 88.4bn). The majority of this increase
was the expansion of investments into Europe, with the region
accounting for 46.3% of total outbound values in 2014 (US$55.6bn).
uu
The average price paid for companies based in Emerging Markets

increased slightly to US$ 237.3m from US$ 218m with six mega- deals
(over US$ 10bn) announced in the region in 2014, compared to only
one in 2013. In Chile alone there were three deals valued over $3bn in
2014, where there had been none in 2013.
uu
Leading this expansion were Chinese buyers, which accounted for the
highest share of emerging Asia investing in Europe with US$ 20.8bnworth of deals (76.2%). Chinese companies focused their investments
on Italy (11 deals, US$ 3.5bn), Germany (24 deals, US$ 2.6bn) and Iberia
(five deals, US$ 2.2bn) registering the highest deal count on record
for all three target locations.
175.7
Total 525.3
168.5

14.3%
207.5
2007
21.4%
15
2008
120.2
126.0
73.3
138.3
5.4%
88.4
Other
6.5%
146.6
33.0
34.7
5.9%
122.3
Real Estate
3.7%
151.9
19.0
0
38.3
11.1%
8.4%
93.2
Transport
Total 646.5
138.2
57.0
54.2
107.6
Consumer
Total 511.2
10.9%
9.5%
2009
2010
2011
2012
993 deals
545 deals
190.2
153.8
55.6
61.5
443 deals
195.1
136.1
Financial
Services
990 deals
85.7
133.5
Total 480.9
956 deals
454 deals
112.1
138.8
93.4
12.9%
431 deals
2014
105.7
87.7
139.0
Total 502.7
15.9%
12.9%
997 deals
2013
108.5
177.7
65.9
83.5
402 deals
2012
101.5
Industrial &
Chemicals
15.2%
857 deals
140.0
92.8
Total 329.3
77.7
102.5
70.7
2011
110.5
TMT
63.2
130.8
75.7
Total 389.1
25.4%
20.6%
284 deals
2010
123.5
129.7
133.4
663 deals
86.0
50.4
Energy, Mining
& Utilities
141.5
57.1
110.4
Total 451.8
151.2
104.3
104.8
89.8
388 deals
2009
124.3
947 deals
2008
86.5
178.3
2007
85.7
414 deals
Q1 Q2 Q3 Q4
1,027 deals
2013
2014
Emerging Markets
overview
Ranking
uu
uu
uu
Energy, Mining & Utilities went up only by 2.9% compared to 2013 but remained the most targeted in the Emerging Market
countries with US$ 133.4bn-worth of deals and a market share of 20.6%. The acquisition of Chilean Energy company Enersis by
Italian Enel Energy Europe for US$ 10.2bn was the highest valued Energy, Mining & Utilities deal in the region and the sixth highest
deal. While the numbers are still relatively low, this is expected to change as financial investors are showing interest, said Norton
Rose Global Head of Energy Simon Currie, mostly in South East Asian countries.
Emerging markets in the Americas saw the highest inbound investment total on record, with Chilean companies accounting for over
a third of the total.The total inbound value into the Americas reached US$ 78.1bn, with Chilean targets making up US$ 28.1bn of
the value. Chile's total US$ 31.3bn-worth of deals (inbound and domestic) reached the highest on record and saw a 305.6% increase
from 2013, reversing the downward trend of the last three years.
Morgan Stanley retained its leading position at the top of the Emerging Markets financial advisor league table by value even though
it advised on eight fewer deals. The 58 mandates were valued at a combined US$ 1116bn, up 59.4% from US$ 72.8bn in 2013.
Top deals
Deal
value
(US$bn)
Ann.
date
Bidder
company
36.5
16-Apr-14
CITIC Pacific Limited
CITIC Limited
17.4
14-Sep-14
Investor group
Sinopec Marketing Co
Ltd (29.99% Stake)
15.6
24-Sep-14
Hanjin Kal Corp
Korean Air Lines

Company Limited
(51.13% Stake)
13.8
31-Dec-14
CSR Corporation
China CNR Corporation
10.6
18-Mar-14
Shanghai Jinfeng
Investment Co Ltd
Shanghai Greenland
(Group) Co Ltd

Bidder
country
Target
company
Target Target
country sector
Seller
company
CITIC Group Corporation
An investor group led by

Shanghai Gelinlan
Investment Management Ltd
16
Company name
2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
Morgan Stanley
116,033
58
72,772
59.4%
96,560
44
43,789
120.5%
10
Deutsche Bank
93,966
48
26,931
248.9%
Goldman Sachs
76,651
62
52,418
46.2%
12
CITIC Securities
73,949
40
22,819
224.1%
2014
2013
% Value
change
Citi
71,900
67
31,450
128.6%
42
Somerley
65,659
25
5,759
1,040%
15
58,180
36
18,215
219.4%
JPMorgan
57,392
44
57,449
-0.1%
10
56
China Securities
52,516
26
4,051
1,196%
11
Credit Suisse
51,305
48
30,534
68.0%
12
UBS Investment Bank
45,169
38
36,273
24.5%
13
21
Rothschild
41,028
48
13,614
201.4%
14
17
Banco BTG Pactual
39,558
26
17,150
130.7%
15
Barclays
34,272
31
56,003
-38.8%
16
16
Lazard
32,513
28
17,284
88.1%
17
29
BNP Paribas
25,541
24
10,195
150.5%
18
18
Banco Itau BBA
25,015
56
14,647
70.8%
19
59
Guotai Junan Securities
24,864
31
3,651
581.0%
20
48
SantanderGlobalBankingandMarkets
23,663
19
4,870
385.9%
Global
league tables
Global by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
2
3
4
7
5
9
8
10
6
17
14
16
21
18
32
20
29
57
15
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Citi
Barclays
Lazard
Deutsche Bank
Credit Suisse
UBS Investment Bank
Centerview Partners
Rothschild
BNP Paribas
Jefferies
RBC Capital Markets
HSBC
Societe Generale
Allen & Company
Evercore Partners

Global by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
939,899
697,890
693,814
647,429
619,544
528,937
470,542
440,912
365,552
245,378
217,984
208,927
179,785
130,504
129,584
118,078
97,893
95,118
90,214
81,172
378
275
285
224
236
218
234
206
211
157
40
248
109
128
138
33
61
47
17
133
597,202
571,683
503,977
474,465
272,126
375,054
201,607
230,706
197,179
348,143
86,230
112,315
89,054
52,788
79,866
32,952
57,742
36,933
13,247
98,498
57.4%
22.1%
37.7%
36.5%
127.7%
41.0%
133.4%
91.1%
85.4%
-29.5%
152.8%
86.0%
101.9%
147.2%
62.3%
258.3%
69.5%
157.5%
581.0%
-17.6%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
3
1
2
4
6
7
10
5
11
8
9
12
14
16
13
22
18
17
24
19
17
Company name
Goldman Sachs
PwC
KPMG
Morgan Stanley
JPMorgan
Deloitte
Rothschild
EY
Citi
Lazard
Barclays
Credit Suisse
Deutsche Bank
UBS Investment Bank
Houlihan Lokey
BDO
RBC Capital Markets
Evercore Partners
Jefferies
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
939,899
41,560
56,004
693,814
697,890
20,106
208,927
73,485
619,544
470,542
647,429
528,937
365,552
440,912
245,378
35,305
18,175
129,584
81,172
130,504
378
365
324
285
275
267
248
241
236
234
224
218
211
206
157
143
141
138
133
128
298
377
315
264
252
245
192
259
188
211
200
177
165
143
167
105
117
118
96
116
80
-12
9
21
23
22
56
-18
48
23
24
41
46
63
-10
38
24
20
37
12
Global
league tables
Global *buyouts by value
Ranking
2014
Company name
2013
1
8
Deutsche Bank
2
3
Barclays
3
13
Morgan Stanley
4
2
JPMorgan
5
5
Credit Suisse
6
12
Goldman Sachs
7
7
8
1
UBS Investment Bank
9
14
Jefferies
10
20
EY
11
21
Macquarie Group
12
19
PwC
13
6
RBC Capital Markets
14
15
Nomura Holdings
15
4
Lazard
* Based on advising buy side only

Global *buyouts by deal count
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
38,012
36,424
36,400
28,362
27,983
27,044
13,948
13,827
12,034
11,976
10,574
10,091
9,524
9,268
8,460
32
18
28
20
35
29
19
17
13
27
19
39
10
12
15
36,793
42,117
14,342
44,737
41,147
15,890
37,884
44,782
12,357
4,008
3,741
4,806
38,521
9,711
41,256
3.3%
-13.5%
153.8%
-36.6%
-32.0%
70.2%
-63.2%
-69.1%
-2.6%
198.8%
182.7%
110.0%
-75.3%
-4.6%
-79.5%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
6
14
3
5
7
1
8
13
12
24
9
4
10
21
18
Company name
PwC
Credit Suisse
Deutsche Bank
Deloitte
Goldman Sachs
Morgan Stanley
EY
KPMG
JPMorgan
Macquarie Group
Barclays
UBS Investment Bank
Lazard
BDO
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
10,091
27,983
38,012
1,536
27,044
36,400
11,976
3,778
28,362
13,948
10,574
36,424
13,827
8,460
382
39
35
32
30
29
28
27
27
20
19
19
18
17
15
14
27
22
16
27
24
22
28
22
16
17
9
19
24
18
11
12
13
16
3
5
6
-1
5
4
2
10
-1
-7
-3
3
Europe
league tables
Europe by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
3
4
10
11
9
12
13
14
5
6
28
19
17
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Deutsche Bank
Lazard
Citi
Credit Suisse
Rothschild
BNP Paribas
Barclays
UBS Investment Bank
Societe Generale
HSBC
Europe by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
481,193
385,287
355,176
323,408
283,461
279,969
238,416
180,181
178,474
168,237
166,301
130,615
98,117
95,118
80,299
147
125
120
99
112
149
95
82
213
91
92
71
16
47
37
370,133
327,084
299,535
251,380
103,607
88,522
122,681
86,343
85,536
85,229
242,872
226,654
22,852
36,933
43,312
30.0%
17.8%
18.6%
28.7%
173.6%
216%
94.3%
108.7%
108.7%
97.4%
-31.5%
-42.4%
329.4%
157.5%
85.4%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
5
2
4
3
7
6
8
9
18
12
15
13
11
10
European *buyouts by value

Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
14
8
2
4
10
5
9
3
7
42
1
137
33
13
Company name
Morgan Stanley
Deutsche Bank
Barclays
JPMorgan
Lazard
Goldman Sachs
PwC
Nomura Holdings
UBS Investment Bank
Evercore Partners
Macquarie Group
Credit Suisse
Gleacher Shacklock
Credit Agricole
EY
2014
PwC
Rothschild
KPMG
Deloitte
EY
Lazard
Goldman Sachs
JPMorgan
Morgan Stanley
Deutsche Bank
BDO
Citi
Barclays
BNP Paribas
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
25,754
178,474
21,848
10,750
58,066
279,969
481,193
385,287
355,176
283,461
13,987
323,408
238,416
166,301
168,237
243
213
212
175
174
149
147
125
120
112
109
99
95
92
91
253
156
212
171
192
111
140
104
104
65
88
81
87
89
92
-10
57
0
4
-18
38
7
21
16
47
21
18
8
3
-1
European *buyouts by deal count

2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
10,833
10,139
9,534
8,029
7,968
7,283
6,615
6,119
6,065
4,468
4,317
4,155
4,104
3,647
3,287
10
13
5
9
12
7
27
7
7
4
4
5
3
6
23
3,456
4,808
7,501
7,084
4,501
7,058
4,582
7,086
5,907
616
8,021
1,050
3,894
213.5%
110.9%
27.1%
13.3%
77.0%
3.2%
44.4%
-13.6%
2.7%
600.8%
-48.2%
247.3%
-15.6%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
3
1
4
33
12
9
23
5
25
6
21
16
31
39

Company name
19
Company name
PwC
Deloitte
EY
KPMG
Deutsche Bank
BDO
Lazard
Morgan Stanley
DC Advisory
JPMorgan
Goldman Sachs
Nomura Holdings
UBS Investment Bank
Societe Generale
ING
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
6,615
1,423
3,287
2,878
10,139
159
7,968
10,833
2,088
8,029
7,283
6,119
6,065
2,534
2,093
27
25
23
21
13
13
12
10
10
9
7
7
7
7
7
21
18
24
16
3
8
9
5
16
4
12
5
6
4
3
6
7
-1
5
10
5
3
5
-6
5
-5
2
1
3
4
Europe
league tables
UK by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
3
6
5
12
13
10
14
9
4
29
24
28
Company name
Goldman Sachs
JPMorgan Cazenove
Morgan Stanley
Barclays
Citi
Lazard
Deutsche Bank
Rothschild
Credit Suisse
UBS Investment Bank
RBC Capital Markets
BNP Paribas
Zaoui & Co
EY
UK by deal count
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
118,062
117,689
89,086
70,290
69,428
69,258
68,046
60,614
37,972
31,574
29,232
27,003
23,285
19,750
18,429
70
59
42
45
47
29
50
36
89
23
24
20
19
3
60
207,469
196,290
168,150
150,050
155,565
24,300
23,334
32,996
21,614
49,965
164,454
5,312
6,959
5,905
-43.1%
-40.0%
-47.0%
-53.2%
-55.4%
185.0%
191.6%
83.7%
75.7%
-36.8%
-82.2%
408.3%
234.6%
212.1%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
6
1
4
8
7
2
17
11
5
13
9
10
23
Ireland by value
Ranking
2014
2013
1
2
3
4
5
6=
6=
8
9
10
11
12
13
14
15
1
12
2
6
8
4
3
11
5
10
51
-
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Greenhill & Co
Barclays
Deutsche Bank
Centerview Partners
Citi
Lazard
Nomura Holdings
Credit Suisse
UBS Investment Bank

Company name
Rothschild
Goldman Sachs
PwC
EY
JPMorgan Cazenove
Deloitte
KPMG
Lazard
BDO
Barclays
Morgan Stanley
Canaccord Genuity
Grant Thornton
Deutsche Bank
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
37,972
118,062
6,452
18,429
117,689
5,080
5,384
68,046
69,428
797
70,290
89,086
4,815
801
60,614
89
70
65
60
59
57
54
50
47
47
45
42
40
37
36
61
53
71
58
47
53
69
27
34
56
31
41
40
19
28
17
-6
2
12
4
-15
23
13
-9
14
1
0
17
Ireland by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
133,994
96,594
93,683
45,976
34,268
23,126
23,126
17,056
6,169
6,149
4,882
4,110
3,610
3,510
3,510
4
8
5
2
8
1
1
6
6
2
6
4
2
2
1
13,709
1,273
11,849
9,788
8,428
10,079
11,067
3,249
9,995
3,262
-
877.4%
7,489%
690.6%
250%
174.4%
69.2%
-44%
89.3%
-51.2%
26.0%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
4
8
7
15
2
11
12
6
9
5
21
10
1
24
-
20
Company name
IBI Corporate Finance

JPMorgan
Morgan Stanley
Davy Corporate Finance
Barclays
Deutsche Bank
Citi
Rothschild
Goldman Sachs
Lazard
EY
Investec
Jefferies
Piper Jaffray & Co
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
625
96,594
34,268
726
17,056
6,169
4,882
93,683
735
133,994
4,110
394
850
202
174
15
8
8
8
6
6
6
5
5
4
4
4
3
3
3
6
4
4
2
6
3
3
5
4
5
1
4
7
1
-
9
4
4
6
0
3
3
0
1
-1
3
0
-4
2
-
Europe
league tables
Germany by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15=
15=
2
4
1
5
8
7
15
16
6
19
11
81
21
76
-
Company name
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Rothschild
Lazard
EY
Citi
Barclays
Credit Suisse
Guggenheim Partners
Kempen & Co
SEB
Lenner & Partners
Nordea Corporate Finance
Germany by deal count

2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
74,085
70,342
64,826
63,796
43,643
40,622
38,061
35,654
35,524
19,196
18,218
16,205
10,590
9,168
9,148
9,148
33
18
21
17
12
36
20
39
17
10
11
1
4
2
1
1
39,690
33,793
58539
32,223
21,697
23,315
9135
7,458
25,087
5,907
15,338
95
5,177
110
-
86.7%
108.2%
10.7%
98.0%
101.1%
74.2%
316.7%
378.1%
41.6%
225.0%
18.8%
16,958%
104.6%
8,265%
-
Ranking
Germanic by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
9
2
6
4
10
7
3
8
16
5
32
13
20
Company name
Goldman Sachs
Lazard
Morgan Stanley
Citi
Deutsche Bank
Credit Suisse
Rothschild
JPMorgan
Zaoui & Co
BNP Paribas
UBS Investment Bank
Societe Generale
HSBC
Barclays

2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
3
5
6
8
4
12
16
7
17
24
29
88
13
Company name
EY
KPMG
PwC
Rothschild
Deutsche Bank
Lincoln International
Goldman Sachs
Lazard
Morgan Stanley
Deloitte
JPMorgan
Citi
Macquarie Group
Concentro Management
Globalscope Partners
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
35,654
3,844
2,703
40,622
74,085
584
64,826
38,061
70,342
1,049
63,796
35,524
6,632
74
32
39
39
38
36
33
24
21
20
18
18
17
17
16
15
15
51
37
37
23
18
17
26
15
12
17
12
9
8
2
15
-12
2
1
13
15
7
-5
5
6
1
5
8
8
13
0
Germanic by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
188,144
137,099
121,950
113,891
103,674
90,857
90,515
78,347
74,916
70,365
59,271
54,921
41,213
40,450
39,404
47
35
27
30
39
35
46
29
6
21
15
19
6
2
22
72,689
19,523
48,215
36,463
43,474
18,095
34,559
43,573
34064
11,808
40,569
3,069
15,231
8,757
158.8%
602.2%
153%
212.3%
138.5%
402.1%
161.9%
79.8%
106.6%
402.0%
35.4%
1,243%
165.6%
350.0%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
2
1
4
6
7
5
9
10
28
17
14
12
27
29
21
Company name
PwC
KPMG
EY
Goldman Sachs
Rothschild
Deutsche Bank
Deloitte
Lazard
Credit Suisse
Citi
JPMorgan
Morgan Stanley
BDO
Barclays
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
6,832
4,784
36,189
188,144
90,515
103,674
1,885
137,099
90,857
113,891
78,347
121,950
584
4,536
39,404
57
57
55
47
46
39
39
35
35
30
29
27
26
23
22
46
49
62
37
31
24
32
24
24
12
16
19
22
13
12
11
8
-7
10
15
15
7
11
11
18
13
8
4
10
10
Europe
league tables
France by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
1
6
14
8
4
11
28
21
9
7
18
2
5
Company name
Lazard
BNP Paribas
Morgan Stanley
Credit Suisse
Rothschild
Goldman Sachs
Societe Generale
UBS Investment Bank
Citi
Deutsche Bank
HSBC
JPMorgan
Zaoui & Co
Barclays
France by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
133,106
124,867
108,979
100,040
96,090
83,316
75,029
68,181
66,012
63,859
59,284
55,205
52,691
49,969
37,181
50
53
27
17
65
19
40
8
9
17
22
11
19
4
17
22,591
29,177
17,257
7,754
15,493
19,621
9,578
1,779
4,275
11,464
16,069
4,828
23,857
19,373
489.2%
328.0%
531.5%
1,190%
520.2%
324.6%
683.3%
3,733%
1,444%
457.0%
268.9%
1,043%
120.9%
91.9%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
1
3
5
4
15
6
12
7
26
10
14
19
9
20
Benelux by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
3
25
4
14
65
5
13
18
17
6
22
1
7
9
Company name
Morgan Stanley
JPMorgan
Deutsche Bank
Lazard
Citi
BNP Paribas
Credit Suisse
Barclays
UBS Investment Bank
Societe Generale
Goldman Sachs
Credit Agricole
Rothschild

Company name
Rothschild
BNP Paribas
Lazard
Societe Generale
Credit Agricole
Morgan Stanley
PwC
Leonardo & Co
EY
Deutsche Bank
KPMG
Goldman Sachs
JPMorgan
DC Advisory
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
96,090
124,867
133,106
75,029
37,029
108,979
2,440
1,561
4,204
59,284
2,982
83,316
52,691
1,123
455
65
53
50
40
37
27
25
24
23
22
20
19
19
18
18
47
53
37
31
35
14
28
16
20
8
17
14
11
18
11
18
0
13
9
2
13
-3
8
3
14
3
5
8
0
7
Benelux by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
76,288
70,488
64,477
60,358
54,982
49,378
45,115
37,308
35,778
31,275
29,820
27,966
26,912
23,095
21,515
16
10
16
11
17
5
12
14
11
8
8
6
13
2
21
68,269
62,862
3,201
56,999
16,569
172
54,487
16,624
7,242
12,057
44,952
5,611
78,215
26636
21,937
11.7%
12.1%
1,914%
5.9%
231.8%
28,608%
-17.2%
124%
394.0%
159%
-33.7%
398.4%
-65.6%
-13.3%
-1.9%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
9
1
4
5
8
3
23
12
11
32
14
21
7
6
22
Company name
KPMG
ABN AMRO Bank
Rabobank
PwC
Deloitte
Rothschild
ING
BDO
Lazard
Morgan Stanley
Deutsche Bank
EY
BoerCroon
BNP Paribas
Goldman Sachs
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
4,509
16,903
668
213
1,164
21,515
7,283
221
54,982
76,288
64,477
8,175
63
37,308
26,912
36
28
26
26
22
21
20
18
17
16
16
15
15
14
13
31
21
34
28
24
22
28
9
19
19
5
16
10
23
23
5
7
-8
-2
-2
-1
-8
9
-2
-3
11
-1
5
-9
-10
Europe
league tables
Spain by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
19
11
1
7
10
15
6
16
17
18
9
5
13
4
20
Company name
Deutsche Bank
JPMorgan
Goldman Sachs
Morgan Stanley
Credit Suisse
Rothschild
Nomura Holdings
UBS Investment Bank
Lazard
Societe Generale
Citi
BNP Paribas
Banco Bilbao Vizcaya Argentaria
Santander Global Banking and Markets
Spain by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
55,201
51,499
46,296
33,357
27,522
22,257
20,688
20,414
19,932
19,911
19,309
16,767
16,382
15,039
14,059
10
10
11
10
11
5
12
6
10
19
4
6
10
20
11
2,808
5,043
20,718
6,563
5,061
3,303
7,277
3,296
3,211
3,085
5,625
8,160
3,322
9,558
2,802
1,866%
921.2%
123.5%
408.3%
443.8%
573.8%
184.3%
519.4%
521%
545.4%
243.3%
105.5%
393.1%
57.3%
401.7%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
1
4
3
5
13
23
6
7
11
21
30
14
16
25
Iberia by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
20
11
10
1
7
14
19
35
25
15
6
18
16
17
9
Company name
Deutsche Bank
JPMorgan
Morgan Stanley
Goldman Sachs
BNP Paribas
Banco BTG Pactual

BESI Grupo Novo Banco
Credit Suisse
Rothschild
Lazard
Nomura Holdings
UBS Investment Bank
Societe Generale

Company name
Deloitte
PwC
EY
KPMG
Lazard
BDO
Rothschild
Goldman Sachs
Morgan Stanley
Deutsche Bank
JPMorgan
UBS Investment Bank
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
2,735
6,697
3,371
5,114
15,039
19,911
5,915
20,688
46,296
27,522
14,059
55,201
51,499
33,357
19,932
38
37
32
29
20
19
19
12
11
11
11
10
10
10
10
34
50
31
32
23
9
5
15
14
10
5
3
8
6
4
4
-13
1
-3
-3
10
14
-3
-3
1
6
7
2
4
6
Iberia by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
64,293
62,084
49,976
46,296
45,226
28,251
25,928
24,525
23,733
22,257
21,098
20,466
20,414
19,932
19,309
11
12
14
11
11
11
12
3
15
5
13
20
6
10
4
2,808
5,043
5,061
20,718
6,563
3,322
2,925
868
1,648
3,303
7,277
3,085
3,296
3,211
5,625
2,190%
1,131%
887.5%
123.5%
589.1%
750%
786%
2,726%
1,340%
573.8%
189.9%
563.4%
519.4%
520.7%
243.3%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
4
3
13
5
23
34
11
6
14
17
32
7
16
23
Company name
PwC
Deloitte
EY
KPMG
Lazard
BDO
Morgan Stanley
Rothschild
JPMorgan
Deutsche Bank
Goldman Sachs
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
7,008
2,810
3,371
5,422
20,466
15,039
5,915
23,733
49,976
21,098
62,084
25,928
64,293
46,296
45,226
40
39
33
32
20
20
19
15
14
13
12
12
11
11
11
52
35
31
35
9
24
5
3
10
15
8
6
3
14
6
-12
4
2
-3
11
-4
14
12
4
-2
4
6
8
-3
5
Europe
league tables
Italy by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
9
15
10
7
8
11
2
1
6
3
27
5
4
12
-
Italy by deal count
Company name
Deutsche Bank
Credit Suisse
Mediobanca
Lazard
Morgan Stanley
Barclays
Goldman Sachs
Rothschild
Banca IMI/Intesa Sanpaolo
Citi
UniCredit Group
JPMorgan
BNP Paribas
Stifel/KBW
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
20,610
18,338
17,831
17,823
15,957
15,830
12,374
10,957
10,860
8,544
7,562
7,320
6,519
6,298
6,280
6
7
22
24
9
4
5
8
27
29
3
27
4
16
1
8,349
4,735
8,160
9,699
9,324
8,009
16,078
20,773
9,782
14,912
1,783
10,936
13690
7,952
-
146.9%
287.3%
118.5%
83.8%
71.1%
97.7%
-23%
-47.3%
11.0%
-43%
324.1%
-33.1%
-52.4%
-20.8%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
5
2
4
6
3
7
15
10
18
27
17
13
8
Denmark by value
Ranking
2014
2013
1
2
3
4
5
6
7=
7=
9
10
11
12
13
14
15
5
11
4
27
7
1
55
28
35
8
24

Banca IMI/Intesa Sanpaolo

Rothschild
UniCredit Group
Lazard
Mediobanca
KPMG
BNP Paribas
PwC
Vitale & Associati
EY
Morgan Stanley
Leonardo & Co
Fineurop Soditic
BDO
Goldman Sachs
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
8,544
10,860
7,320
17,823
17,831
3,486
6,298
1,083
856
452
15,957
2,301
791
165
10,957
29
27
27
24
22
22
16
14
11
10
9
9
9
9
8
32
16
31
18
15
19
14
8
9
7
4
7
8
11
-3
11
-4
6
7
3
2
6
2
3
5
2
1
-3
Denmark by deal count
Company name
JPMorgan
Goldman Sachs
PwC
Deutsche Bank
Citi
MHS Corporate Finance
Infima
UBS Investment Bank
BDO
Barclays
ABG Sundal Collier Holding
FIH Partners
Aventum Partners
Carnegie Investment Bank
Company name
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
7,922
3,692
3,253
3,235
2,715
2,697
2,697
2,697
2,242
2,174
2,167
1,716
1,599
1,350
1,287
5
5
18
4
3
2
1
1
4
2
2
9
10
1
10
1,628
706
2,005
350
1,447
3,437
347
136
1,073
523
386.6%
422.9%
62%
824.3%
87.6%
-34.8%
524.5%
1,162%
49.0%
146.1%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
4
2
7
9
22
3
12
14
18
10
8
21
5
24
Company name
PwC
Clearwater International
Deloitte
FIH Partners
SEB
Handelsbanken Capital Markets
JPMorgan
Goldman Sachs
EY
Nordic M&A
KPMG
Deutsche Bank
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
3,253
49
510
1,599
1,287
1,716
627
128
7,922
3,692
912
116
20
3,235
2,242
18
15
14
10
10
9
6
6
5
5
5
5
5
4
4
17
10
14
6
6
2
12
4
3
2
5
6
2
8
1
5
0
4
4
7
-6
2
2
3
0
-1
2
-4
Europe
league tables
Finland by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
3
20
26
21
29
7
4
25
32
44
64
-
Finland by deal count
Company name
JPMorgan
Deutsche Bank
UBS Investment Bank
Access Partners
Aventum Partners
SEB
Danske Bank Corporate Finance
KPMG
PCA Corporate Finance
M&A International
Lazard
Erneholm & Haskel
Leimdorfer
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
6,850
5,756
4,753
4,077
2,848
2,676
2,535
1,861
1,357
1,034
916
902
889
823
748
5
3
7
2
5
6
7
4
8
7
6
3
1
1
1
11,696
5,230
1,186
367
862
94
3,234
4,058
465
75
15
-
-41.4%
10.1%
300.8%
1,011%
230.4%
2,747%
-42%
-66.6%
122.4%
1,121%
5,913%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
3
5
2
19
7
30
8
10
62
11
13
4
23
Norway by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
13
18
3
10
7
1
4
16
38
21
6
19
49
67
2
Company name

SEB
Morgan Stanley
Deutsche Bank
Goldman Sachs
Barclays
EY
JPMorgan
Arctic Securities
Pareto Securities
BDO
Global M&A Partners
DNB Markets

Company name
PwC
Aventum Partners
KPMG
Advium Corporate Finance
MCF Corporate Finance
PCA Corporate Finance
EY
Globalscope Partners
JPMorgan
Access Partners
SEB
ICECAPITAL Securities
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
139
1,357
4,753
2,535
1,034
240
2,676
916
116
6,850
2,848
1,861
341
9
8
7
7
7
7
7
6
6
6
6
5
5
4
4
12
9
6
11
3
5
2
5
5
1
4
4
9
2
-3
-1
1
-4
4
2
4
1
1
5
1
1
-5
2
Norway by deal count

2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
12,788
9,396
8,902
8,056
8,043
6,100
5,915
4,871
4,516
3,854
3,305
2,935
2,567
2,239
2,209
23
13
8
3
4
3
2
10
3
10
2
14
3
5
11
2,203
1,193
3,994
2,900
2,948
5,837
3,584
1,241
140
995
2,995
1,126
51
4,285
480.5%
687.6%
123%
177.8%
172.8%
4.5%
65.0%
292.5%
3,126%
287.3%
10.4%
160.7%
4,933%
-48.4%
Ranking
25
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
1
4
2
21
5
7
6
3
10
14
9
16
26
-
15
18
Company name
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change

PwC
Pareto Securities
DNB Markets
EY
Arctic Securities
SEB
Alpha Corporate Finance
Swedbank
Global M&A Partners
Steinvender
Bridgehead
12,788
1,745
2,935
9,396
2,209
4,871
3,854
8,902
1,347
535
802
2,239
49
-
23
15
14
13
11
10
10
8
8
8
7
5
5
5
18
13
16
3
11
7
11
13
5
4
5
4
3
-
5
2
-2
10
0
3
-1
-5
3
4
2
1
2
-
Deutsche Bank
8,043
Europe
league tables
Sweden by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
16
2
7
35
10
8
4
20
5
1
24
23
66
Company name
SEB
Deutsche Bank
Goldman Sachs
Morgan Stanley
Rothschild
Lenner & Partners
UBS Investment Bank
Jefferies
JPMorgan
Access Partners
Global M&A Partners
Sweden by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
19,480
17,557
15,538
12,727
12,639
12,607
9,821
6,151
4,789
3,975
3,182
2,648
2,517
2,237
2,182
12
5
6
3
10
7
4
4
13
10
3
3
7
13
6
6,993
1,780
8,365
4,516
473
4,336
4423
5,523
1,444
5,019
9,004
1,150
1,189
60
178.6%
886.3%
85.8%
181.8%
2,572%
190.8%
39.1%
-13.3%
175.3%
-36.6%
-70.6%
118.9%
88.1%
3,537%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
9
6
8
2
33
15
4
22
18
10
30
12
36
20
Nordics by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
5
4
1
2
3
7
27
18
14
34
32
8
15
17
Company name
Deutsche Bank
SEB
Goldman Sachs
JPMorgan
Morgan Stanley
Rothschild
UBS Investment Bank
Lenner & Partners
EY
Barclays
PwC

Company name
PwC
KPMG
SEB
Rothschild
EY
Deloitte
Keystone Advisers
Access Partners
M&A International
Goldman Sachs
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
315
1,592
4,789
2,237
19,480
12,639
3,975
234
741
12,607
2,517
199
160
15,538
29
16
13
13
12
10
10
9
8
8
7
7
7
7
6
33
9
10
9
18
3
5
12
4
5
8
3
6
3
4
-4
7
3
4
-6
7
5
-3
4
3
-1
4
1
4
2
Nordics by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
29,585
24,348
20,607
19,556
17,944
15,711
15,470
14,305
11,502
11,150
9,821
6,133
6,002
5,366
5,155
14
23
13
14
6
15
36
17
7
28
4
26
5
7
58
9,958
11,795
24,835
20,840
12,099
7,844
2,236
4,056
5286
1,875
2,036
6,789
4,852
4,059
197.1%
106.4%
-17.0%
-6.2%
48.3%
100.3%
591.9%
252.7%
117.6%
494.7%
201.2%
-11.6%
10.6%
27.0%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
5
19
3
4
6
2
11
8
18
9
7
23
25
12
26
Company name
PwC
EY
KPMG
Deloitte
SEB
Rothschild
Pareto Securities

Clearwater International
Deutsche Bank
JPMorgan
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
5,155
15,470
11,150
6,133
1,922
1,494
24,348
4,922
1,930
14,305
3,049
15,711
49
29,585
19,556
58
36
28
26
25
25
23
20
18
17
17
15
15
14
14
59
20
11
25
23
19
38
16
18
11
18
18
10
8
15
-1
16
17
1
2
6
-15
4
0
6
-1
-3
5
6
-1
Europe
league tables
Turkey by value
Ranking
2014
2013
1
2
3
4
5
6
7=
7=
7=
7=
11
12
13
14=
14=
14=
14=
5
24
9
10
18
52
38
1
15
7
20
-
Company name
BNP Paribas
JPMorgan
Goldman Sachs
Morgan Stanley
Unlu & Co
Centerview Partners
HSBC
Jamieson Corporate Finance
Raiffeisen Centrobank
ICBC International Holdings
CIMB Group
Deutsche Bank
ING
Maybank Investment Bank
CEE by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
7
1
9
10
12
40
3
13
8
6
20
19
2
29
Turkey by deal count
Company name
Sberbank CIB
VTB Capital
Citi
Goldman Sachs
Deutsche Bank
UniCredit Group
Morgan Stanley
Credit Suisse
Evercore Partners
Societe Generale
KPMG
Rothschild
Barclays

2014
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
4,705
4,615
4,131
3,685
3,526
3,503
3,196
3,196
3,196
3,196
2,466
567
416
355
355
355
355
5
4
2
3
3
7
1
1
1
1
2
2
1
1
1
1
1
1,158
221
925
794
462
13
5,529
657
1,034
425
-
306.3%
1,988%
346.6%
364.1%
658.2%
24,485%
-89.7%
-46.0%
-65.7%
-16.5%
-
2014
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
4
10
1
5
13
36
14
38
6
2
29
17
Company name
3 Seas Capital Partners

PwC
Unlu & Co
IS Investment Securities
Pragma Corporate Finance
BNP Paribas
JPMorgan
Morgan Stanley
KPMG
Goldman Sachs
Ventura Partners
EY
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
15
90
3,503
146
28
4,705
4,615
3,685
3,526
183
4,131
2,466
567
110
20
11
8
7
7
7
5
4
3
3
3
2
2
2
2
2
10
8
4
12
8
3
1
3
1
6
11
2
3
1
0
3
-5
-1
2
3
0
2
-4
-9
0
-1
CEE by deal count
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
13,892
7,814
6,805
4,485
4,259
3,602
2,846
2,569
2,486
2,405
2,024
1,816
1,676
1,512
1,437
13
12
14
7
6
16
4
3
3
3
6
23
10
3
10
12,673
42,054
8,818
7,413
6,552
658
27,379
6,186
10,465
12,781
3,420
3,471
27,385
1,526
9.6%
-81.4%
-22.8%
-39.5%
-35.0%
447.4%
-89.6%
-58.5%
-76.2%
-84%
-46.9%
-52%
-94.5%
-5.8%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
8
3
6
12
4
1
7
23
15
24
142
16
5
9
27
Company name
KPMG
UniCredit Group
Deloitte
Citi
Sberbank CIB
VTB Capital
EY
Rothschild
Goldman Sachs
UBS Investment Bank
VGD Corporate Finance
Deutsche Bank
Societe Generale
PwC
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
1,816
3,602
802
6,805
13,892
7,814
677
1,676
1,437
4,485
693
59
4,259
2,024
736
23
16
16
14
13
12
12
10
10
7
7
7
6
6
6
24
14
19
14
10
17
27
14
7
9
6
1
9
14
13
-1
2
-3
0
3
-5
-15
-4
3
-2
1
6
-3
-8
-7
Europe
league tables
Poland by value
Ranking
2014
2013
1
2
3
4
5
6=
6=
8
9=
9=
11
12
13
14
15
4
26
33
10
32
9
31
2
8
Poland by deal count
Company name
Citi
PwC
UBS Investment Bank
Deloitte
ING
Credit Agricole
Jefferies
William Blair & Company
Access Partners
Societe Generale
Barclays
EY
IPOPEMA Securities
Morgan Stanley
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
1,461
684
654
496
439
296
296
279
249
249
182
175
125
107
107
3
3
5
9
1
1
1
1
1
1
1
1
2
2
1
1,138
86
49
264
59
275
59
5,008
292
28.4%
695.3%
912.2%
12.1%
322%
-33.8%
196.6%
-97.5%
-63.4%
1
2
3
4
5
6
7
8
9
10
11
12
13
14=
14=
5
10
7
3
8
25
33
1
21
-
Russia by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14=
14=
6
1
17
15
2
14
7
3
25
40
48
12
34
-
Company name
Sberbank CIB
VTB Capital
Goldman Sachs
Citi
Morgan Stanley
Deutsche Bank
Evercore Partners
Credit Suisse
Barclays
KPMG
UniCredit Group
Gazprombank
Lazard
Ligerion Group

Company name
Deloitte
UBS Investment Bank
Citi
PwC
VR Corporate Finance
UniCredit Group
EY
IPOPEMA Securities
Lazard
Rubicon Partners Corporate Finance
Macquarie Group
VCP Capital Partners
ING
Credit Agricole
Jefferies
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
496
654
1,461
684
30
125
107
60
22
20
10
439
296
296
9
5
3
3
3
3
2
2
2
2
2
2
1
1
1
6
3
5
6
4
1
1
10
1
-
3
0
-2
-3
-2
1
1
-8
0
-
Russia by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
13,892
7,814
4,155
3,772
2,739
2,577
2,405
1,357
1,337
1,233
1,201
1,180
1,070
1,041
1,041
13
12
6
9
3
4
3
2
2
4
3
6
4
1
1
12,673
42,054
2,562
3,662
25,222
3,853
8,000
20,815
846
167
16
4,478
346
-
9.6%
-81.4%
62.2%
3.0%
-89.1%
-33.1%
-83.0%
-93.6%
45.7%
619.2%
7,275%
-76.1%
200.9%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
1
5
14
48
9
15
4
19
3
25
8
10
16
28
Company name
Sberbank CIB
VTB Capital
Citi
Goldman Sachs
Deutsche Bank
KPMG
Gazprombank
Rothschild
Morgan Stanley
Evercore Partners
UniCredit Group
Societe Generale
Credit Suisse
Barclays
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
13,892
7,814
3,772
4,155
1,180
2,577
1,233
1,070
998
2,739
2,405
1,201
251
1,357
1,337
13
12
9
6
6
4
4
4
4
3
3
3
3
2
2
10
16
6
4
1
5
4
6
3
8
2
5
4
3
3
-4
3
2
5
-1
0
-2
1
-5
1
-2
-2
-1
Americas
league tables
Americas by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
2
3
4
7
5
12
8
10
14
19
15
6
44
33
20
11
17
13
21
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Citi
Barclays
Lazard
Deutsche Bank
Credit Suisse
Centerview Partners
Jefferies
RBC Capital Markets
UBS Investment Bank
Allen & Company
Rothschild
Paul J. Taubman
Evercore Partners
Greenhill & Co

Americas by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
754,118
571,742
494,951
488,304
471,916
448,984
308,346
300,566
249,434
217,899
123,560
116,303
108,539
90,214
82,615
79,889
75,792
75,412
68,409
48,549
287
202
163
198
161
171
128
134
140
39
108
129
80
17
27
75
3
69
109
26
479,850
432,846
414,353
362,479
190,311
291,660
126,080
154,200
137,040
83,300
44,328
78,218
254,526
11,037
13,779
31,723
127,600
62,408
94,225
31,411
57.2%
32.1%
19.5%
34.7%
148.0%
53.9%
144.6%
94.9%
82.0%
161.6%
178.7%
48.7%
-57.4%
717.4%
499.6%
151.8%
-40.6%
20.8%
-27.4%
54.6%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
3
2
7
4
5
9
13
10
8
6
15
11
14
21
12
18
17
20
29
29
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Barclays
Citi
Credit Suisse
Deutsche Bank
Houlihan Lokey
RBC Capital Markets
Lazard
Evercore Partners
Jefferies
Stifel/KBW
Raymond James & Associates
UBS Investment Bank
Moelis & Company
KPMG
Rothschild
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
754,118
571,742
488,304
448,984
494,951
471,916
249,434
300,566
31,734
116,303
308,346
68,409
123,560
34,748
9,526
108,539
37,456
7,727
79,889
13,218
287
202
198
171
163
161
140
134
130
129
128
109
108
91
88
80
80
79
75
75
209
167
172
120
150
130
110
90
95
111
130
88
94
90
64
90
71
80
67
48
78
35
26
51
13
31
30
44
35
18
-2
21
14
1
24
-10
9
-1
8
27
Americas
league tables
US by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
2
3
4
7
5
12
9
14
10
19
6
17
36
11
16
32
13
22
20
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Citi
Barclays
Lazard
Deutsche Bank
Centerview Partners
Credit Suisse
Jefferies
UBS Investment Bank
RBC Capital Markets
Allen & Company
Paul J. Taubman
Evercore Partners
Rothschild
Greenhill & Co

US by deal count
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
704,397
508,613
456,329
433,895
431,283
409,747
297,505
240,260
216,540
212,653
123,314
102,477
92,029
90,214
75,792
75,412
73,523
63,015
51,798
48,549
261
184
151
174
144
156
123
123
38
122
103
74
94
17
3
69
26
104
61
26
451,473
419,642
387,695
344,173
179,001
285,120
120,561
134,671
83,300
130,379
41,549
247,500
59,658
11,037
127,600
62,408
12,650
89,608
23,049
31,411
56.0%
21.2%
17.7%
26.1%
140.9%
43.7%
146.8%
78.4%
160.0%
63.1%
196.8%
-58.6%
54.3%
717.4%
-40.6%
20.8%
481.2%
-29.7%
124.7%
54.6%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
2
3
6
4
5
9
7
15
8
13
11
12
10
16
21
25
14
22
20
30
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Barclays
Citi
Houlihan Lokey
Lazard
Deutsche Bank
Credit Suisse
Evercore Partners
Jefferies
RBC Capital Markets
Stifel/KBW
Moelis & Company
UBS Investment Bank
Sandler O'Neill & Partners
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
704,397
508,613
433,895
409,747
456,329
431,283
26,575
297,505
240,260
212,653
63,015
123,314
92,029
34,748
37,375
8,056
13,218
102,477
75,412
7,622
261
184
174
156
151
144
126
123
123
122
104
103
94
91
79
78
75
74
69
69
188
148
148
113
131
115
93
111
79
100
87
89
88
90
70
56
47
82
53
57
73
36
26
43
20
29
33
12
44
22
17
14
6
1
9
22
28
-8
16
12
Americas
league tables
US *buyouts by value
Ranking
2014
Company name
2013
1
6
Barclays
2
8
Deutsche Bank
3
5
Credit Suisse
4
12
Morgan Stanley
5
4
JPMorgan
6
13
Goldman Sachs
7
15
Jefferies
8
2
9
55
EY
10
1
RBC Capital Markets
11
3
UBS Investment Bank
12
XMS Capital Partners
13
10
Citi
14
Union Square Advisors
15
36
Macquarie Group
US *buyouts by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
25,459
21,538
18,713
17,612
17,581
14,560
11,183
10,555
8,598
6,410
5,609
5,400
5,272
4,650
4,302
10
14
25
10
8
13
11
9
1
6
7
2
4
3
8
31,604
29,972
32,373
8,589
33,005
7,358
5,651
33,210
36,842
33,035
22,432
198
-19.4%
-28.1%
-42.2%
105.1%
-46.7%
97.9%
97.9%
-68.2%
-82.6%
-83.0%
-76.5%
2,072%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
7
8
2
9
6
5
10
41
1
4
12
16
14
-
Canada by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
13
2
6
4
7
11
10
5
3
9
14
32
31
15
Company name
Goldman Sachs
Barclays
RBC Capital Markets
JPMorgan
Morgan Stanley
Scotiabank
BMO Capital Markets
Citi
Deutsche Bank
TD Securities
CIBC World Markets
Nomura Holdings
Lazard

Company name
Credit Suisse
Deutsche Bank
Goldman Sachs
Jefferies
Barclays
Morgan Stanley
JPMorgan
Macquarie Group
UBS Investment Bank
RBC Capital Markets
Houlihan Lokey
Citi
FTI Consulting
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
18,713
21,538
14,560
11,183
25,459
17,612
10,555
17,581
4,302
5,609
6,410
161
1,967
5,272
373
25
14
13
11
10
10
9
8
8
7
6
6
5
4
4
12
10
10
13
8
11
11
7
1
15
11
6
3
5
-
13
4
3
-2
2
-1
-2
1
7
-8
-5
0
2
-1
-
Canada by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
52,586
45,128
45,106
42,370
29,231
27,098
26,287
26,101
23,906
18,135
15,104
14,179
13,308
13,073
13,012
33
22
47
16
20
26
25
13
8
13
39
44
2
3
3
30,497
6,987
30,096
22,342
24,630
16,205
8,188
10,276
24,478
29,673
11,532
6,306
1,648
2,040
5,596
72.4%
545.9%
49.9%
89.6%
18.7%
67.2%
221.0%
154%
-2.3%
-38.9%
31%
124.8%
707.5%
540.8%
132.5%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
16
5
12
18
3
4
21
8
7
10
2
9
30
11
31
Company name
RBC Capital Markets

CIBC World Markets
TD Securities
Goldman Sachs
National Bank Financial
Scotiabank
BMO Capital Markets
Barclays
Morgan Stanley
Macquarie Group
Canaccord Genuity
GMP Securities
JPMorgan
FirstEnergy Capital
PwC
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
45,106
14,179
15,104
52,586
7,965
27,098
26,287
45,128
29,231
9,839
9,205
3,442
42,370
2,197
768
47
44
39
33
31
26
25
22
20
20
20
17
16
16
16
35
13
22
16
13
24
24
11
17
19
17
27
17
7
17
12
31
17
17
18
2
1
11
3
1
3
-10
-1
9
-1
Americas
league tables
US North East by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
4
1
3
5
9
2
10
13
11
8
14
75
6
17
15
Company name
Morgan Stanley
Goldman Sachs
JPMorgan
Barclays
Citi
Deutsche Bank
Centerview Partners
Lazard
Paul J. Taubman
Credit Suisse
Allen & Company
UBS Investment Bank
RBC Capital Markets
US North East by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
252,431
250,405
222,472
193,887
168,705
157,615
144,059
133,106
109,699
75,792
71,775
70,542
56,739
39,679
37,222
93
139
80
75
64
70
69
19
68
3
72
5
41
37
34
252,232
316,298
282,305
193,721
95,279
291,158
81,512
59,023
67,597
127,600
50,673
1,251
193,454
23,940
46,482
0.1%
-20.8%
-21.2%
0.1%
77.1%
-45.9%
76.7%
125.5%
62.3%
-40.6%
41.6%
5,539%
-70.7%
65.7%
-19.9%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
4
6
8
3
11
5
7
9
12
13
15
10
17
US Mid West by value

Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
7
8
3
1
10
13
6
9
2
28
11
25
23
30
14
Company name
Goldman Sachs
Morgan Stanley
Lazard
JPMorgan
Barclays
Deutsche Bank
Centerview Partners
Citi
Credit Suisse
RBC Capital Markets
UBS Investment Bank
Guggenheim Partners
Evercore Partners

Company name
Goldman Sachs
Morgan Stanley
JPMorgan
Barclays
Credit Suisse
Deutsche Bank
Lazard
Citi
Houlihan Lokey
Evercore Partners
Jefferies
Moelis & Company
UBS Investment Bank
Stifel/KBW
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
250,405
252,431
222,472
193,887
71,775
157,615
144,059
109,699
168,705
12,144
22,955
17,323
16,404
56,739
17,101
139
93
80
75
72
70
69
68
64
62
50
50
42
41
40
102
86
68
57
55
72
46
61
55
52
41
41
34
47
32
37
7
12
18
17
-2
23
7
9
10
9
9
8
-6
8
US Mid West by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
197,906
111,758
88,698
85,640
70,230
65,305
63,315
57,359
54,949
52,861
52,370
26,803
23,348
19,683
15,136
61
39
40
46
46
26
11
35
37
6
30
23
21
8
27
28,838
27,705
45,601
62,476
19,074
8,340
29,150
21,706
56,359
3,938
11,156
4,779
5,911
3,763
7,730
586.3%
303.4%
95%
37.1%
268.2%
683.0%
117.2%
164.3%
-2.5%
1,242%
369.4%
460.8%
295.0%
423.1%
96%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
1
8
13
5
4
3
9
12
6
7
10
14
17
23
32
Company name
Goldman Sachs
JPMorgan
Barclays
Houlihan Lokey
Lazard
Morgan Stanley
Citi
Robert W. Baird & Co
Credit Suisse
Stifel/KBW
Moelis & Company
Piper Jaffray & Co
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
197,906
85,640
70,230
5,007
88,698
111,758
54,949
57,359
5,312
6,138
1,489
52,370
5,058
13,338
2,742
61
46
46
42
40
39
37
35
35
34
33
30
29
28
28
36
39
22
19
29
30
32
21
20
25
25
21
18
17
13
25
7
24
23
11
9
5
14
15
9
8
9
11
11
15
Americas
league tables
US South by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
4
7
1
2
12
8
13
5
10
11
45
17
9
6
Company name
Goldman Sachs
Citi
Barclays
JPMorgan
Lazard
Morgan Stanley
Jefferies
Credit Suisse
Deutsche Bank
RBC Capital Markets
Centerview Partners
UBS Investment Bank
Evercore Partners
US South by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
288,831
224,995
220,202
177,721
169,464
167,502
119,021
97,851
96,157
73,609
57,140
51,979
49,782
49,432
38,045
94
70
82
56
77
51
66
48
47
43
56
13
34
31
53
81,358
78,369
73,128
90,416
81,625
32,699
67,238
24,698
76,332
53,091
47,213
2,766
17,613
56,141
75,619
255.0%
187.1%
201.1%
96.6%
107.6%
412.3%
77.0%
296.2%
26.0%
38.6%
21.0%
1,779%
182.6%
-12.0%
-49.7%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
9
2
6
7
13
8
5
3
11
4
10
24
12
14
US West by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
6
2
7
5
3
4
10
9
14
17
11
16
18
20
Company name
Goldman Sachs
JPMorgan
Lazard
Citi
Morgan Stanley
Barclays
Credit Suisse
Deutsche Bank
Centerview Partners
Qatalyst Group
Moelis & Company
Jefferies
Allen & Company

Company name
Goldman Sachs
Barclays
JPMorgan
Citi
Morgan Stanley
Houlihan Lokey
RBC Capital Markets
Evercore Partners
Lazard
Jefferies
Credit Suisse
Stifel/KBW
Deutsche Bank
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
288,831
220,202
169,464
224,995
119,021
7,821
177,721
57,140
38,045
167,502
97,851
96,157
4,625
18,974
73,609
94
82
77
70
66
60
56
56
53
51
48
47
45
44
43
64
45
56
50
49
38
47
51
52
38
52
44
22
38
32
30
37
21
20
17
22
9
5
1
13
-4
3
23
6
11
US West by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
240,844
222,203
136,893
75,239
71,317
55,476
50,794
47,053
46,044
27,088
23,693
21,684
21,024
20,834
19,372
85
54
55
19
35
45
35
41
36
13
15
31
29
36
12
123,951
63,740
119,061
48,780
64,422
80,565
71,459
43,912
45,679
24,628
13,864
31,250
16,035
12,522
10,485
94.3%
248.6%
15.0%
54.2%
10.7%
-31.1%
-28.9%
7.2%
0.8%
10%
70.9%
-30.6%
31.1%
66.4%
84.8%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
4
3
6
16
14
9
8
5
10
20
15
17
33
33
Company name
Goldman Sachs
JPMorgan
Morgan Stanley
Houlihan Lokey
Credit Suisse
Deutsche Bank
Jefferies
Citi
Barclays
Moelis & Company
Piper Jaffray & Co
Evercore Partners
Harris Williams & Co
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
240,844
136,893
222,203
55,476
12,395
47,053
46,044
20,834
71,317
50,794
21,684
2,237
21,024
19,099
4,951
85
55
54
45
42
41
36
36
35
35
31
31
29
29
29
52
50
43
48
41
24
26
32
34
42
31
18
25
20
10
33
5
11
-3
1
17
10
4
1
-7
0
13
4
9
19
Americas
league tables
Central & South America by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
10
11
6
1
5
7
2
8
3
12
15
71
14
41
-
Company name
Deutsche Bank
JPMorgan
Banco BTG Pactual
Morgan Stanley
Credit Suisse
Goldman Sachs
Citi
Banco Itau BBA
Rothschild

Barclays
BNP Paribas
Mediobanca

2014
Central & South America by deal count
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
47,765
40,180
40,093
39,558
39,014
34,761
28,153
27,531
26,084
24,470
23,663
20,961
19,199
16,698
12,308
15
17
14
26
17
17
19
13
58
12
19
2
12
8
3
7,853
6,385
10,972
17,150
11,899
9,492
15,305
8,239
14,647
5,831
4,563
94
4,931
692
-
508.2%
529.3%
265%
130.7%
227.9%
266%
84%
234%
78.1%
319.7%
418.6%
22,199%
289.4%
2,313%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
1
3
17
8
6
10
15
11
12
13
16
7
21
19
34
Company name
Banco Itau BBA

Banco BTG Pactual
Goldman Sachs
JPMorgan
Morgan Stanley
Credit Suisse
Deutsche Bank
Citi
Rothschild
Barclays
PwC
KPMG
BR Partners
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
26,084
39,558
28,153
23,663
40,180
39,014
34,761
47,765
40,093
27,531
24,470
19,199
2,906
909
481
58
26
19
19
17
17
17
15
14
13
12
12
11
10
9
35
46
20
8
17
19
14
9
13
13
13
8
18
7
8
23
-20
-1
11
0
-2
3
6
1
0
-1
4
-7
3
1
Asia-Pacific
league tables
Asia-Pacific (excl. Japan) by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
5
1
9
4
12
24
3
15
6
47
8
11
10
2
14
49
30
16
7
13
Company name
Goldman Sachs
Morgan Stanley
Citi
CITIC Securities Co
Somerley
UBS Investment Bank
Deutsche Bank
China Securities Co
Credit Suisse
Macquarie Group
Lazard
JPMorgan
Rothschild
KPMG
Barclays
HSBC

2014
Asia-Pacific (excl. Japan) by deal count

Ranking
2013
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
89,002
88,947
78,413
77,595
73,973
70,879
65,307
58,298
56,766
52,516
39,514
36,597
35,339
35,090
28,345
24,864
23,326
22,912
22,811
19,757
71
55
39
62
41
29
57
37
40
26
57
50
28
45
50
31
25
92
20
24
40,199
62,869
26,548
47,707
23,980
10,263
60,849
18,111
36,425
4,051
31,102
24,210
25,109
62,393
23,604
3,651
7,570
17,123
35,800
23,977
121.4%
41.5%
195.4%
62.6%
208.5%
591%
7.3%
221.9%
55.8%
1,196%
27.0%
51.2%
40.7%
-43.8%
20.1%
581.0%
208.1%
33.8%
-36.3%
-17.6%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
2
5
10
3
8
4
14
6
9
15
7
21
16
13
24
20
42
23
22
35
Company name
PwC
KPMG
Goldman Sachs
Citi
EY
Deloitte
UBS Investment Bank
Credit Suisse
Morgan Stanley
Macquarie Group
Rothschild
JPMorgan
CITIC Securities Co
Deutsche Bank
Huatai United Securities Co
Somerley
Southwest Securities Company
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
17,911
22,912
89,002
77,595
12,636
5,980
65,307
39,514
88,947
36,597
28,345
35,090
73,973
56,766
78,413
58,298
15,375
24,864
70,879
13,565
114
92
71
62
61
61
57
57
55
50
50
45
41
40
39
37
36
31
29
29
106
74
59
35
67
50
60
32
56
40
32
55
23
28
33
21
25
10
22
23
8
18
12
27
-6
11
-3
25
-1
10
18
-10
18
12
6
16
11
21
7
6
Asia-Pacific
league tables
Asia-Pacific (excl. Japan) *buyouts by value
Ranking
2014
Company name
2013
1
11
Morgan Stanley
2
8
Deutsche Bank
3
10
Credit Suisse
4
27
Goldman Sachs
5
26
PwC
6
5
JPMorgan
7
2
UBS Investment Bank
8=
DBS Bank
8=
United Overseas Bank
10
3
Macquarie Group
11
21
Rothschild
12=
BNP Paribas
12=
ICBC International Holdings
12=
Minsheng Securities Co
15
6
Barclays

2014
Asia-Pacific (excl. Japan) *buyouts by deal count
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
6,422
6,335
4,765
4,373
3,285
2,752
2,153
1,996
1,996
1,955
1,420
1,395
1,395
1,395
1,081
4
5
4
7
7
3
3
1
1
7
2
1
1
1
2
685
1,527
753
128
224
2,437
5,328
2,927
299
2,387
837.5%
314.9%
532.8%
3,316%
1,367%
12.9%
-59.6%
-33.2%
374.9%
-54.7%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
31
2
3
13
6
15
23
12
11
16
27
5
4
39
36
Company name
Goldman Sachs
PwC
Macquarie Group
Deutsche Bank
Morgan Stanley
Credit Suisse
KPMG
JPMorgan
UBS Investment Bank
Rothschild
Barclays
Citi
CIMB Group
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
4,373
3,285
1,955
6,335
6,422
4,765
723
2,752
2,153
267
1,420
1,081
899
775
687
7
7
7
5
4
4
4
3
3
3
2
2
2
2
2
1
5
4
2
4
2
1
2
2
2
1
4
4
1
6
2
3
3
0
2
3
1
1
1
1
-2
-2
1
Asia-Pacific
league tables
Asia-Pacific (excl. Japan,Australasia) by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
2
8
22
10
3
5
12
44
11
6
7
1
46
13
29
15
9
18
4
117
Company name
Morgan Stanley
CITIC Securities Co
Somerley
Citi
Goldman Sachs
China Securities Co
Deutsche Bank
UBS Investment Bank
Credit Suisse
JPMorgan
Lazard
KPMG
HSBC
Rothschild
Barclays
Great Wall Securities Co

2014
Asia-Pacific (excl. Japan,Australasia) by deal count
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
79,220
72,923
70,879
67,456
61,701
59,497
58,298
52,516
50,375
49,645
28,017
26,787
24,864
24,477
23,326
20,243
19,757
18,491
17,392
16,317
48
40
29
32
51
48
37
26
34
35
45
33
31
22
25
70
24
36
16
15
42,892
23,980
10,263
23,926
34,235
33,173
18,111
4,051
21,339
33,068
28,773
47,217
3,651
17,991
7,570
14,207
23,977
11,421
33,612
635
84.7%
204.1%
590.6%
181.9%
80%
79.4%
221.9%
1,196%
136.1%
50.1%
-2.6%
-43.3%
581.0%
36.1%
208.1%
42.5%
-17.6%
61.9%
-48.3%
2,470%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
2
3
9
5
6
11
8
17
22
18
16
7
21
4
14
38
20
19
23
37
Company name
PwC
KPMG
EY
Citi
Morgan Stanley
Goldman Sachs
Credit Suisse
Deloitte
CITIC Securities Co
Rothschild
UBS Investment Bank
Deutsche Bank
JPMorgan
Somerley
RHB Investment Bank
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
16,111
20,243
12,064
61,701
79,220
59,497
28,017
4,843
72,923
58,298
18,491
15,375
49,645
50,375
26,787
67,456
24,864
70,879
13,565
4,714
87
70
55
51
48
48
45
42
40
37
36
36
35
34
33
32
31
29
29
28
79
58
45
30
44
41
28
33
23
21
23
25
37
21
44
26
10
22
23
21
8
12
10
21
4
7
17
9
17
16
13
11
-2
13
-11
6
21
7
6
7
Asia-Pacific
league tables
Australasia by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
9
7
6
1
11
3
2
15
5
10
8
4
14
-
Australasia by deal count
Company name
Goldman Sachs
Macquarie Group
Citi
UBS Investment Bank
Credit Suisse
Grant Samuel
Morgan Stanley
Deutsche Bank
Lazard
Rothschild
JPMorgan
BMO Capital Markets
KPMG
AquAsia
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
35,246
30,120
22,298
18,734
14,484
13,867
12,597
12,489
11,557
11,462
11,192
8,493
7,000
6,401
6,195
29
37
15
28
17
17
12
8
10
7
17
13
1
25
1
11,737
13,445
14,357
29,307
6,331
16,999
20,124
2,622
15,275
10,973
12,183
16,284
3,158
-
200.3%
124.0%
55.3%
-36.1%
128.8%
-18.4%
-37.4%
376%
-24.3%
4.5%
-8%
-47.8%
102.7%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
1
5
2
7
6
17
11
14
16
20
10
18
9
13
Greater China by value

Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
11
5
4
24
17
7
3
14
12
25
15
6
82
20
Company name
CITIC Securities Co
Somerley
Morgan Stanley
China Securities Co
Goldman Sachs
UBS Investment Bank
Deutsche Bank
Citi
JPMorgan
Great Wall Securities Co

Company name
Macquarie Group
PwC
Goldman Sachs
UBS Investment Bank
KPMG
Deloitte
Credit Suisse
Grant Samuel
Rothschild
BDO
Citi
JPMorgan
Gresham Advisory Partners
Morgan Stanley
Deutsche Bank
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
30,120
2,044
35,246
18,734
6,401
1,149
14,484
13,867
11,192
3,093
22,298
8,493
4,459
12,597
11,557
37
32
29
28
25
20
17
17
17
17
15
13
13
12
10
27
29
23
27
18
21
8
12
9
9
7
13
8
13
9
10
3
6
1
7
-1
9
5
8
8
8
0
5
-1
1
Greater China by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
72,923
70,879
58,298
57,549
52,516
52,450
48,990
32,603
30,076
26,139
24,864
23,326
19,145
16,317
15,375
40
29
37
22
26
20
31
18
17
26
31
25
17
15
36
23,980
10,263
18,111
21,974
4,051
6,599
14,404
22,165
7,720
9,377
3,651
7,570
15,680
635
5,257
204.1%
591%
221.9%
161.9%
1,196%
695%
240%
47.1%
289.6%
178.8%
581.0%
208.1%
22.1%
2,470%
192%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
3
8
2
13
23
6
4
17
19
22
16
10
20
5
29
38
Company name
CITIC Securities Co
Goldman Sachs
Somerley
China Securities Co
Citi
KPMG
China Renaissance Partners
GF Securities Co
Morgan Stanley
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
72,923
58,298
15,375
48,990
24,864
70,879
13,565
52,516
26,139
23,326
7,182
5,369
2,734
57,549
52,450
40
37
36
31
31
29
29
26
26
25
25
25
24
22
20
23
21
25
17
10
22
23
14
11
10
15
20
11
22
7
17
16
11
14
21
7
6
12
15
15
10
5
13
0
13
Asia-Pacific
league tables
India by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
19
1
18
3
13
52
34
36
4
30
16
10
55
56
India by deal count
Company name
EY
Citi
ICICI Securities
Kotak Investment Banking
JM Financial
M&A International
Evercore Partners
GCA Savvian Corporation
HSBC
Avendus Capital
Macquarie Group
Goldman Sachs
Edelweiss Financial Services
ING
2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
8,577
8,214
7,362
6,946
4,768
4,352
4,192
4,047
3,967
3,864
3,153
2,918
2,655
2,650
2,570
29
5
7
4
9
6
4
2
1
2
18
6
2
3
1
780
9,277
808
5,327
1,318
67
261
246
4,993
302
1,043
2,056
54
54
999.6%
-11%
811.1%
30.4%
261.8%
6,396%
1,506%
1,513%
-22.6%
944.0%
179.8%
29.1%
4,807%
4,659%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
18
2
7
3
4
9
6
5
61
25
10
17
11
28
South East Asia by value

Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
26
7
6
13
23
4
17
1
14
9
5
28
12
Company name
Citi
Goldman Sachs
Credit Suisse
UBS Investment Bank
Deutsche Bank
DBS Bank
Morgan Stanley
Barclays
KPMG
JPMorgan
Standard Chartered
RBC Capital Markets
HSBC

Company name
EY
Avendus Capital
KPMG
Axis Capital
PwC
Kotak Investment Banking
Rothschild
BMR Advisors
ICICI Securities
JM Financial
Macquarie Group
o3 Capital Advisors
Mape Advisory Group
Citi
Ambit Corporate Finance
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
8,577
3,153
904
2,210
207
4,768
2,120
105
7,362
4,352
2,918
520
269
8,214
105
29
18
12
11
10
9
9
8
7
6
6
6
6
5
5
23
5
13
9
11
10
8
10
10
1
3
8
5
7
3
6
13
-1
2
-1
-1
1
-2
-3
5
3
-2
1
-2
2
South East Asia by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
20,895
18,624
17,240
15,677
15,040
12,971
11,702
10,894
10,752
10,223
9,840
8,910
8,252
8,131
7,954
13
9
16
21
12
12
13
17
7
14
13
12
2
3
7
2,785
11,641
11,980
7,471
3,861
13,328
5,188
15,006
6,730
9,483
13,265
2,003
7,878
650.3%
60.0%
43.9%
109.8%
290%
-2.7%
125.6%
-27%
60%
7.8%
-25.8%
344.8%
1.0%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2
1
10
11
7
5
3
26
16
6
25
21
18
14
8
39
Company name
RHB Investment Bank

CIMB Group
Credit Suisse
Morgan Stanley
Goldman Sachs
PwC
KPMG
Citi
DBS Bank
JPMorgan
UBS Investment Bank
Deutsche Bank
Standard Chartered
Deloitte
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
4,701
6,685
15,677
10,894
17,240
1,252
10,223
20,895
11,702
9,840
15,040
12,971
8,910
1,985
18,624
27
22
21
17
16
16
14
13
13
13
12
12
12
10
9
18
24
12
9
12
13
15
5
7
12
5
6
7
9
12
9
-2
9
8
4
3
-1
8
6
1
7
6
5
1
-3
Asia-Pacific
league tables
South Korea by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
7
13
6
5
18
3
37
10
15
22
1
21
8
17
Company name
Hana Daetoo Securities Co

Citi
Morgan Stanley
Samsung Securities Co
Deutsche Bank
PwC
Lazard
UBS Investment Bank
KPMG
Credit Suisse
Rothschild
JPMorgan
Daewoo Securities Co
Korea Development Bank
Deloitte
South Korea by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
15,583
14,828
11,727
10,308
9,340
8,314
8,058
7,737
7,017
3,903
3,616
3,097
2,922
2,564
2,018
1
14
8
10
7
47
5
3
22
10
2
4
8
7
18
1,944
982
2,286
2,355
755
7,175
115
1,556
968
410
8,246
456
1,915
886
701.6%
1,410%
413.0%
337.7%
1,137%
15.9%
6,628%
351.0%
303%
782.0%
-62.4%
540.8%
33.9%
127.8%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
5
3
14
8
16
9
12
18
10
6
7
Japan Asia by value

Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
13
4
10
3
31
7
24
11
6
49
141
-
Company name
Morgan Stanley
Centerview Partners
Goldman Sachs
Credit Suisse
Nomura Holdings
Citi
JPMorgan
KPMG
EY
Evercore Partners
ICICI Securities

Company name
PwC
KPMG
Deloitte
EY
Citi
Samsung Securities Co
Credit Suisse
Morgan Stanley
Daewoo Securities Co
Deutsche Bank
Korea Development Bank
Kudos
Lazard
JPMorgan
Goldman Sachs
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
8,314
7,017
2,018
897
14,828
10,308
3,903
11,727
2,922
9,340
2,564
142
8,058
3,097
1,618
47
22
18
15
14
10
10
8
8
7
7
7
5
4
4
42
20
11
12
3
8
2
7
4
2
5
10
8
5
2
7
3
11
2
8
1
4
5
2
-6
-4
Japan Asia by deal count

2014
2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
38,013
18,877
18,530
16,403
13,216
9,053
8,736
8,305
7,087
5,522
5,241
4,644
4,628
4,359
3,967
34
3
17
6
56
58
54
7
8
33
19
26
12
4
1
37,019
25,964
6,469
16,426
7,350
19,142
2,400
8,669
3,371
6,972
9,312
540
-
2.7%
-28.6%
153.6%
-19.5%
23.2%
-54.4%
246%
-18.2%
63.8%
-24.8%
-50.1%
757.0%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
3
4
6
8
5
10
7
9
11
21
20
14
27
40
Company name

Nomura Holdings
Morgan Stanley
KPMG
Deloitte
PwC
Goldman Sachs
Frontier Management
EY
Rothschild
JPMorgan
Citi
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
9,053
13,216
8,736
38,013
5,522
1,353
4,644
1,587
5,241
18,530
256
4,628
1,834
7,087
8,305
58
56
54
34
33
30
26
21
19
17
15
12
9
8
7
70
65
60
45
42
24
45
21
37
21
17
8
8
12
5
-12
-9
-6
-11
-9
6
-19
0
-18
-4
-2
4
1
-4
2

league tables
Africa & Middle East by value
Ranking
2014
2013
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
31
9
52
12
15
20
4
7
1
37
14
13
22
43
17
5
40
3
-
Company name
Deutsche Bank
Citi
KPMG
Barclays
Investec
Rand Merchant Bank
Goldman Sachs
Commerzbank
JPMorgan
EY
UBS Investment Bank
HSBC
Rothschild
Standard Bank Group
Standard Chartered
Moelis & Company
Deloitte
BNP Paribas
FTI Consulting

2014
Africa & Middle East by deal count

2013
Ranking
Value
(US$m)
Deal
count
Value
(US$m)
% Value
change
2014
2013
15,481
14,227
12,129
11,193
9,319
8,879
7,024
5,744
5,737
5,705
5,311
5,142
4,519
4,165
4,023
3,771
3,735
3,587
2,675
2,643
10
11
12
18
21
21
11
1
9
12
22
8
9
12
13
7
4
4
7
1
1,162
6,184
381
6,071
3,752
2,106
7,591
7,354
12,973
760
4,892
5,758
1,823
555
2,662
7,521
605
7,732
-
1,232%
130.1%
3,084%
84.4%
148.4%
321.6%
-7.5%
-22.0%
-56.0%
598.8%
5.1%
-21.5%
128.5%
624.9%
41.7%
-50.3%
492.9%
-65.4%
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
3
1
10
8
16
5
2
24
6
20
4
13
21
11
12
23
15
59
45
19
41
Company name
EY
Investec
Rand Merchant Bank
Barclays
BDO
Standard Bank Group
PwC
KPMG
Rothschild
Citi
Goldman Sachs
Deutsche Bank
JPMorgan
HSBC
Nedbank Capital
UBS Investment Bank
Java Capital
Standard Chartered
BNP Paribas
2014
2013
Value
(US$m)
Deal
count
Deal
count
Count
change
5,311
9,319
8,879
11,193
1,185
4,023
332
12,129
5,705
4,165
14,227
7,024
15,481
5,737
4,519
1,126
5,142
905
3,771
2,675
22
21
21
18
15
13
13
12
12
12
11
11
10
9
9
9
8
8
7
7
17
18
10
11
7
13
18
6
12
6
14
8
6
9
9
6
7
2
2
6
5
3
11
7
8
0
-5
6
0
6
-3
3
4
0
0
3
1
6
5
1
Criteria and contacts

About Mergermarket
All data is based on transactions over US$ 5m and is based on Mergermarkets M&A deals database.
Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m.
Deals where the stake acquired is less than 30% will only be included if the value is greater than US$
100m.
Mergermarket is a mergers & acquisitions (M&A) intelligence service.

Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in
New York, London and Hong Kong.
M&A trends and top deals: correct as of 9am (GMT), 05-Jan-2015.

League tables: correct as of 9am (GMT), 05-Jan-2015.
In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the
investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.
Trend data: based on the dominant geography or dominant sector of the target, bidder or seller. Excludes
lapsed and withdrawn bids.
With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific,
Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.
com platform and by real-time email alerts to subscribers.
League tables: based on the dominant geography of the target and excludes lapsed and withdrawn bids.
Private equity league tables: based on financial advisors advising the bidder only and dominant geography
of the target. Excludes lapsed and withdrawn bids.
This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial
have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you
see that Mergermarket is used by over 1,500 of the worlds foremost advisory firms to assist in their origination process.
Inbound
Global/US/Japan: the dominant geography of the target is X, and the dominant geography of the
bidder is any other country excluding X.
Europe/Asia-Pacific/Africa & Middle East/Emerging Markets: the dominant geography of the target is X, and
the dominant geography of the bidder is any other region excluding X.
Outbound
Global/US/Japan: the dominant geography of the bidder is X, and the dominant geography of the
target is any other country excluding X.
Europe/Asia-Pacific/Africa & Middle East/Emerging Markets: the dominant geography of the bidder is X, and
the dominant geography of the target is any other region excluding X.
Symbol Index
Mega-deal: deals above the value of US$ 10bn.

Average deal size: excludes deals with a non-disclosed value.
Emerging markets: based on dominant geography of target company being Brazil, Chile, China, Colombia,
Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland,
Russia, South Africa, South Korea, Taiwan, Thailand, Turkey.
PR contacts
Americas:
Chrissy Carney
T: +1 646 378 3118
Business
Services
Financial
Services
Algeria
Italy
South Korea
Industrials &
Chemicals
Pharma,
Medical &
Biotech
Chile
Japan
Switzerland
Construction
Real Estate
China
Luxembourg
UAE
Consumer
TMT
France
Nigeria
UK
Energy,
Mining &
Utilities
Transport
Hong
Kong
Qatar
US
Ireland
South
Africa
Deal submission contacts

Asia:
Elizabeth Chu
T: +852 2158 9706

EMEA:
Flora Wilke
T: +44 207 010 6348
EMEA:
Nancy Honsinger
T: +44 207 010 6227
CEE:
Zaynab Dost
T: +44 207 010 6129
USA:
Diana Isaacs
T: +1 646 378 3149
Japan:
Morly Sun
T: + 852 2158 9708
South Korea:
Jade Lee
T: +822 772 8410
China:
Helen Sun
T: +852 2158 9787
42
LatAm & Canada: Asia-Pacific:

Raquel Mozzer
John Capulong
T: +1 212 574 7866 T: +852 2158 9723

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Global and regional M&A: 2014

Including league tables of financial advisors

Asia-Pacific (excl. Japan)

Central & South America

Africa & Middle East

Global and regional M&A: 2014

There was an abundance of cross-border deal making overall in 2014,

Global M&A value hit a post-crisis high at the end of Q3 2014

The size of cross-border transactions played a role in the deal value

Value of deals (US$bn)

Global and regional M&A: 2014

Private equity buyout and exit activity

Sector breakdown in 2014 vs 2013

* % indicates market share

Value of deals (US$bn)

Quarterly M&A activity

Time Warner Cable Inc

Kinder Morgan Inc

Kinder Morgan Energy

Global and regional M&A: 2014

Bank of America Merrill Lynch

UBS Investment Bank

RBC Capital Markets

Perella Weinberg Partners

Allen & Company

Global and regional M&A: 2014

Inbound and outbound (value of deals US$bn)

121.6 77.8 79.0

Sector breakdown in 2014 vs 2013

Most of the inbound investment came from US-based companies

Value of deals (US$bn)

Some eurozone countries showed signs of recovery. In Spain for

Quarterly M&A activity

The ongoing consolidation of Europes Telecommunication industry

On a quarter-by-quarter basis, 2014s M&A activity got off to a slow

Europes 1,184 inbound deals totaled US$ 320.6bn and reached a

There was a sense of confidence in global boardrooms during 2014

Private equity exits stood at US$ 165.5bn, a 94.5% surge on 2013

After a rather subdued 2013, European M&A activity rebounded

Alliance Boots GmbH

Global and regional M&A: 2014

Bank of America Merrill Lynch

UBS Investment Bank

Perella Weinberg Partners

A surge from Europe toward US targets, record high deal valuations

Foreign investors flocked towards US targets with a record number

US firms commanded some of the highest deal valuations globally,

Dominated by a burst of Technology activity, the most notable

Inbound M&A from Europe more than tripled compared to 2013

US private equity exits reached an all-time high in 2014 with 958

Spurred on by inexpensive natural gas used as a raw material

Global and regional M&A: 2014

* % indicates market share

78.3 Total 753.7

Inbound and outbound (value of deals US$bn)

Sector breakdown in 2014 vs 2013

Value of deals (US$bn)

Quarterly M&A activity

Bank of America Merrill Lynch

Time Warner Cable Inc

Kinder Morgan Inc

Kinder Morgan Energy