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FLASHWIRE US MONTHLY
September 2016
This Issue:
US Merger
Metrics
US Middle
Market Monitor
US Sector
Activity & Value
US Strategic
Buyer Report
Over the past 3 months, the sectors that have seen the biggest
increases in M&A deal activity, relative to the same three month
period one year ago, have been: Non-Energy Minerals (72 vs. 57),
Utilities (74 vs. 65), Government (12 vs. 4), Consumer Durables (56
vs. 50), and Process Industries (132 vs. 127). Seven of the 21 sectors
tracked by FactSet Mergerstat posted relative gains in deal flow
over the last three months compared to the same three months
one year prior.
US Private Equity
Report
Top US Advisors
Top US Deals
Scoreboard
Over the past 3 months, the sectors that have seen the biggest
declines in M&A deal volume, relative to the same three month
period one year ago have been: Technology Services (442 vs. 574),
Finance (334 vs. 455), Commercial Services (425 vs. 536), Consumer
Services (231 vs. 310), and Health Services (146 vs. 209). Fourteen
of the 21 sectors tracked by FactSet Mergerstat posted negative
relative losses in deal flow over the last three months compared to
the same three months one year prior, for a combined loss of 706
deals.
The top legal advisors for 2016 based on deal announcements, are:
Kirkland & Ellis LLP, Jones Day LP, Latham & Watkins LLP, Skadden,
Arps, Slate, Meagher & Flom LLP, and Morgan, Lewis & Bockius LLP.
The top five legal advisors, based on the aggregate transaction
value of the deals worked on, are: Sullivan & Cromwell LLP,
Wachtell, Lipton, Rosen & Katz, Skadden, Arps, Slate, Meagher &
Flom LLP, Simpson Thacher & Bartlett LLP, and Cravath, Swaine &
Moore LLP.
1,500
$253.3
$245.0
$250.0
$230.9
$213.2
1,250
$227.6
$206.5
$203.4
$200.0
$169.7
1,000
$172.3
$139.8
$150.0
$131.0
$95.6
750
$122.0
$111.1
$105.8
$91.0
$100.0
500
$50.0
250
1,015
1,252
1,290
1,089
1,148
1199
1,069
1,173
1,135
1,028
1,011
981
941
1,003
973
1002
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
$0.0
0
Deal Volume
FactSet.com
US MergerMetrics
September 2016
Merger Stats
Number of Deals
12 Months Ended
Deal Size
12 Months Ended
8/31/16
8/31/15
$1 Billion +
293
338
$500M to $999.9M
194
$250M to $499.9M
325
$100M to $249.9M
Average
P/E
8/31/16
8/31/15
-13.3%
$1,413.5
$1,676.4
-15.7%
33.3
239
-18.8%
136.1
167.9
-18.9%
31.7
331
-1.8%
116.5
115.6
0.8%
29.1
516
580
-11.0%
81.3
93.1
-12.7%
26.8
$50M to $99.9M
405
450
-10.0%
29.2
31.4
-7.0%
24.2
$25M to $49.9M
360
495
-27.3%
13.2
17.7
-25.3%
19.5
$10M to $24.9M
479
640
-25.2%
7.8
10.6
-26.4%
22.5
Under $10M
828
1,116
-25.8%
2.7
3.9
-29.7%
15.0
9,263
9,324
-0.7%
N/A
N/A
N/A
N/A
12,663
13,513
-6.3%
$1,800.3
$2,116.4
-14.9%
27.4
Undisclosed
Total
Change
Change
M&A at a Glance
MEDIAN P/E
MEDIAN PREMIUM
45.0%
30.0x
40.0%
25.0x
20.0x
39.9%
35.0%
23.6x
22.5x
21.4x
25.0%
15.0x
38.1%
30.0%
26.2%
20.0%
15.0%
10.0x
10.0%
5.0x
5.0%
0.0%
0.0x
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
L3M
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
L3M
MEDIAN PREMIUM
12.0x
60.0%
10.0x
8.0x
50.0%
9.5x
49.5%
9.7x
9.5x
40.0%
41.2%
6.0x
30.0%
4.0x
20.0%
2.0x
10.0%
30.1%
0.0x
0.0%
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
L3M
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
L3M
*Middle Market defined as deals valued between $1 million and $500 million, plus undisclosed deals.
Media: Media quotation with source attribution is encouraged. Reporters requesting additional information or editorial comment shou ld contact
media_request@factset.com. Mergerstat gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness o f the
information provided in this publication. Copyright 2016 FactSet Research Systems Inc. All rights reserved. It is illegal under federal copyright law to reproduce
or redistribute this publication or any portion of its contents without written authorization of the publisher.
FactSet.com
September 2016
SECTOR BY ACTIVITY
Target Sector
Non-Energy Minerals
Utilities
Government
Consumer Durables
Process Industries
Communications
Energy Minerals
Industrial Services
Retail Trade
Miscellaneous
Producer Manufacturing
Transportation
Consumer Non-Durables
Health Technology
Distribution Services
Electronic Technology
Health Services
Consumer Services
Commercial Services
Finance
Technology Services
Total
L3M 8/31/16
Deal Count
72
74
12
56
132
47
42
129
132
8
172
55
86
106
163
114
146
231
425
334
442
2,978
L3M 8/31/15
Deal Count
57
65
4
50
127
42
37
130
139
16
199
82
115
136
193
155
209
310
536
455
574
3,631
Difference
15
9
8
6
5
5
5
(1)
(7)
(8)
(27)
(27)
(29)
(30)
(30)
(41)
(63)
(79)
(111)
(121)
(132)
(653)
SECTOR BY VALUE
Target Sector
Technology Services
Consumer Non-Durables
Government
Producer Manufacturing
Consumer Durables
Communications
Miscellaneous
Transportation
Consumer Services
Distribution Services
Energy Minerals
Utilities
Electronic Technology
Retail Trade
Process Industries
Commercial Services
Industrial Services
Non-Energy Minerals
Health Technology
Finance
Health Services
Total
FactSet.com
L3M 8/31/16
Value
$78,925.3
30,105.5
0.0
21,983.4
2,728.8
2,574.5
7.1
1,330.1
17,942.9
5,173.3
9,979.9
16,583.2
29,133.3
16,970.6
10,303.3
13,521.7
10,534.3
6,625.0
25,727.8
55,183.9
12,299.9
$367,633.9
L3M 8/31/15
Value
$36,855.8
22,894.2
187.2
22,590.4
3,911.6
4,153.8
2,884.7
5,466.2
24,281.5
11,992.7
16,862.8
23,941.4
37,754.4
27,791.0
24,905.9
28,364.4
29,007.5
39,022.1
71,680.7
132,136.2
106,374.1
$673,058.7
Difference
$42,069.6
7,211.3
(187.2)
(607.0)
(1,182.8)
(1,579.3)
(2,877.6)
(4,136.1)
(6,338.6)
(6,819.5)
(6,882.9)
(7,358.2)
(8,621.1)
(10,820.4)
(14,602.6)
(14,842.7)
(18,473.2)
(32,397.2)
(45,952.9)
(76,952.3)
(94,074.3)
($305,424.7)
September 2016
Merger Stats
Number of Deals
12 Months Ended
Deal Size
12 Months Ended
Average
P/E
8/31/16
8/31/15
Change
8/31/16
8/31/15
$1 Billion +
159
183
-13.1%
$806.3
$913.4
-11.7%
35.7
$500M to $999.9M
119
128
-7.0%
83.7
89.8
-6.8%
32.6
$250M to $499.9M
199
194
2.6%
71.7
66.8
7.4%
26.5
$100M to $249.9M
$50M to $99.9M
329
386
-14.8%
52.2
61.5
-15.0%
26.4
282
264
343
372
-17.8%
-29.0%
20.2
9.7
23.9
13.3
-15.2%
-26.9%
21.5
19.9
Under $10M
363
575
501
833
-27.5%
-31.0%
5.9
2.1
8.3
2.9
-29.4%
-28.0%
24.2
12.1
Undisclosed
7,260
7,565
-4.0%
N/A
N/A
N/A
N/A
Total
9,550
10,505
-9.1%
$1051.8
$1179.8
-10.9%
27.5
$25M to $49.9M
$10M to $24.9M
Change
400
$128.3
$120
350
$105.3
$100
$83.7
$94.5
$93.5
300
$76.5
$70.5
$80
250
$53.8
$60
$46.1
$40.7
200
$51.6
$36.2
$40
150
100
$20
284
358
327
311
275
302
256
292
265
259
258
254
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
$0
50
0
Open Date
150
$35.7
120
$21.6
$16.7
$20.1
$20.2
$21.5
$16.9
$15.1
$17.8
$19.3
$27.1
123
112
135
116
107
108
120
118
106
102
114
$100
14
$78.8
12
$80
$60
8
$30.6
28-Jan-2016
7,600.0
10-May-2016
6,000.0
21-Mar-2016
6,000.0
26-Apr-2016
5,000.0
25-May-2016
4,500.0
1-Jul-2016
2,500.0
9-May-2016
2,000.0
12-Jul-2016
2,000.0
6
$16.5
$30
$20
$10
10
$70
$40
8,000.0
$50
18-Feb-2016
0
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
$90
$3.4
4
$0.8
3
$2.2
7
$8.1
$7.6
$5.9
13
$13.4
8
$4.3
8
$7.8
6
$0
2
0
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
FactSet.com
120
$12,000.0
90
60
$7.2
Value ($Mil)
1-Apr-2016
Top US Advisors
September 2016
Financial Advisor
Total
Deals**
Legal Advisor
Transaction
Value ($Mil)*
Total
Deals**
1.
$342,882.4
107
1.
2.
263,348.0
77
2.
266,306.2
52
3.
Morgan Stanley
232,643.7
86
3.
202,036.1
123
4.
220,020.9
121
4.
184,785.5
76
5.
Credit Suisse
198,784.5
72
5.
157,825.0
43
6.
Barclays Plc
177,696.8
79
6.
147,535.2
73
7.
153,342.4
82
7.
142,042.3
75
8.
Citigroup
137,901.0
62
8.
139,108.4
97
9.
Lazard
102,535.4
69
9.
132,929.8
197
10.
Deutsche Bank AG
90,316.3
44
10.
123,391.0
42
11.
84,870.7
57
11.
115,667.8
82
12.
82,157.8
40
12.
113,693.3
50
13.
76,861.7
47
13.
Jones Day LP
101,561.5
178
14.
76,855.1
13
14.
100,259.1
157
15.
UBS Group AG
73,860.4
47
15.
94,044.2
31
16.
73,002.7
24
16.
92,429.8
38
17.
64,005.4
17.
89,480.3
40
18.
Qatalyst Group LP
53,523.3
18.
74,695.2
60
19.
Scotiabank
35,323.7
11
19.
70,421.0
38
20.
Jefferies LLC
35,290.0
66
20.
67,180.4
19
21.
34,441.1
48
21.
56,874.3
70
22.
32,510.9
22.
37,483.0
18
23.
27,098.7
45
23.
Cooley LLP
37,109.2
20
24.
26,638.0
24.
A&L Goodbody
31,168.0
25.
25,179.0
25.
30,838.6
112
26.
BNP Paribas SA
20,908.1
18
26.
29,919.8
30
27.
KeyCorp
20,800.0
15
27.
29,407.9
36
28.
Crdit Agricole SA
20,177.3
28.
28,984.6
29.
19,740.8
14
29.
27,152.6
48
30.
18,400.0
30.
26,685.3
34
31.
18,400.0
31.
Hogan Lovells
25,934.3
33
32.
U.S. Bancorp
18,400.0
32.
24,385.1
33.
PricewaterhouseCoopers
15,036.8
54
33.
23,894.7
24
34.
Bank of Montreal
13,621.0
27
34.
23,036.8
20
35.
12,843.3
35.
23,006.4
20
36.
LionTree LLC
12,168.2
36.
22,889.6
25
37.
11,076.6
14
37.
20,295.6
48
38.
10,701.6
56
38.
20,022.3
21
39.
Macquarie Group
10,543.9
25
39.
19,469.7
25
40.
10,432.1
79
40.
19,030.0
36
41.
9,889.1
41.
18,400.0
42.
9,659.2
42.
18,270.7
43.
8,795.5
36
43.
18,070.0
18
44.
8,774.7
44
44.
17,722.3
16
45.
7,703.1
45.
17,406.4
36
46.
Deloitte LLP
6,382.5
25
46.
17,040.3
47.
6,357.2
47.
16,851.3
40
48.
6,256.2
48.
16,689.9
25
49.
6,250.8
49.
16,581.6
50.
6,066.1
50.
Bracewell LLP
16,366.4
10
* Transaction Value is the aggregate base equity plus the targets net debt, where applicable.
$275,457.3
70
** Total Deals includes deals that reported a deal value as well as those that did not.
If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@factset.com.
FactSet.com
September 2016
Buyer
Financial Advisor
Legal Advisor
Monsanto Co.
Ducera Partners LLC
Morgan Stanley
Cravath, Swaine & Moore LLP
Debevoise & Plimpton LLP
Morrison & Foerster LLP
Wachtell, Lipton, Rosen & Katz
Bayer AG
Bank of America Merrill Lynch
Credit Suisse
Rothschild
Allen & Overy LLP
Stikeman Elliott LLP
Sullivan & Cromwell LLP
$62,005.4
Process Industries
Abbott Laboratories
Bank of America Merrill Lynch
Evercore Partners, Inc.
Cleary Gottlieb Steen & Hamilton LLP
Wachtell, Lipton, Rosen & Katz
Wilson Sonsini Goodrich & Rosati PC
$29,840.8
Health Technology
$28,984.6
Producer Manufacturing
Microsoft Corp.
Morgan Stanley
Cadwalader, Wickersham & Taft LLP
Latham & Watkins LLP
Simpson Thacher & Bartlett LLP
$24,385.1
Technology Services
LinkedIn Corp.
Allen & Co., Inc.
Qatalyst Partners LP
Davis Polk & Wardwell LLP
Gibson, Dunn & Crutcher LLP
Weil, Gotshal & Manges LLP
Wilson Sonsini Goodrich & Rosati PC
Texas Energy Future Holdings LP (Energy Future Holdings Corp.)
Barclays Plc
Evercore Partners, Inc.
Cravath, Swaine & Moore LLP
Jones Day LP
Kirkland & Ellis LLP
$18,400.0
Finance
Pfizer Inc.
Centerview Partners LLC
Guggenheim Capital LLC
Ropes & Gray LLP
$13,226.3
Health Technology
Medivation, Inc.
Evercore Partners, Inc.
JPMorgan Chase & Co.
Cooley LLP
Davis Polk & Wardwell LLP
Fried, Frank, Harris, Shriver & Jacobson LLP
Wachtell, Lipton, Rosen & Katz
Linear Technology Corp.
Qatalyst Group LP
Jones Day LP
Wilson Sonsini Goodrich & Rosati PC
$12,942.4
Electronic Technology
$12,912.1
Technology Services
$12,853.7
Finance
$12,269.4
Commercial Services
Rank
10
Seller Sector
$229,549.9
FactSet.com
Transaction
Value**
($Mil)