MergermarketFinancialLeagueTableReport.Q32018 1 PDF

An Acuris Company
Finding the opportunities in mergers and acquisitions
Global & Regional

M&A Report
Q1-Q3 2018
Including League Tables of Financial Advisors
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An Acuris Company
Content
Overview 03
Global 04
Europe 09
US 14
Latin America 19
AsiaPacific (excl. Japan) 24
Japan 29
Middle East & Africa 34
M&A and PE League Tables 39
Criteria & Contacts 74
mergermarket.com
Mergermarket Global & Regional Global Overview 3
M&A Report Q1 VTB
Global Overview
Regional M&A Comparison
North America US$ 1.25tn +26.5% vs. YTD 17

Inbound US$ 179.3bn -17%
Outbound US$ 269.2bn -7.1%
EMU US$ 303.4bn +25.7%
Latin America US$ 55.9bn +5.1% vs. YTD 17

Inbound US$ 24.6bn -10.1%
29.1%
Ind. & Chem. US$ 21.9bn +151.2%
Europe US$ 792.7bn +21.3% vs. YTD 17

45.7% 1.1% Inbound US$ 381.4bn +36.9%
20.3%
PMB US$ 136.5bn +116.4%
1.7%
MEA US$ 46.7bn -8.7% vs. YTD 17
EMU US$ 14.7bn +59%
APac (ex. Japan) US$ 551.7bn +22.3% vs. YTD 17

Inbound US$ 78.3bn +25.9%
2.1%
Outbound US$ 128.9bn +73.9%
Ind. & Chem. US$ 93.1bn +51.6%
Japan US$ 30.7bn -10.4% vs. YTD 17

Global M&A US$ 2.72tn +22.3% vs. YTD 2017 Outbound US$ 128.1bn +130.1%
Technology US$ 7.4bn -43.2%
Cross-border US$ 1.05tn +11.0% vs. YTD 2017
The % values on the map indicate
Top sector: EMU US$ 541.5bn +36.8% vs. YTD 2017 market shares in global M&A
mergermarket.com
Mergermarket Global & Regional Global Analysis 4
M&A Report Q1-Q3 2018
Global
US$ 2.72tn
Value Deal details
(US$bn)
Announce- Bidder company Target company Target Target sector
ment date geography
79.7 8-May-18 Takeda Pharmaceutical Shire Plc Republic of Pharma, Medical &
Company Limited Ireland Biotech
Value of M&A in Q1-Q3 2018,

67.6 8-Mar-18 Cigna Corporation Express Scripts USA Business Services
22.3% ahead of YTD 2017
Holding Company
60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms
59.6 01-Aug-18 Energy Transfer

Equity LP
Energy Transfer
Partners LP
(97.64% Stake)
USA Energy, Mining &
Utilities
-35.4% 32
Value decrease from Number of megadeals
51.5 25-Apr-18 Comcast Corporation Sky Plc United Media
Kingdom Q2 2018 to Q3 2018 (> US$ 10bn) announced
this year, two more
than the 2017 total
mergermarket.com
Global
• Following a frenetic first half of the year, Q3 saw subdued

M&A activity as growing geopolitical tensions, trade wars and
• Changing consumer habits continue to impact corporate
decision making, highlighted by two of the most high-profile
“Following a frenetic first half
protectionism dampened spirits and caused corporates to
pause over the summer. A total US$ 703.2bn changed hands
deals to occur in Q3. Coca-Cola’s US$ 5.1bn acquisition of
Costa and the US$ 3.2bn takeover of SodaStream by PepsiCo
of the year, Q3 saw subdued
in Q3, the lowest quarterly value since Q1 2016 (US$ 627.9bn)
and 35.4% lower than Q2 (US$ 1.09tn). There was a distinct
demonstrate how increasing consumer health-consciousness
and environmental ethics have caused firms to rethink existing
M&A activity as growing
lack of big-ticket deals conducted over the last three months,
which dominated the headlines in H1. Just four deals worth
business models with moves towards healthier and greener
options. They represent the largest respective leisure and
geopolitical tensions, trade
more than US$ 10bn were recorded during the third quarter
after 28 such deals were announced in H1. The largest deal
consumer deals in Q3. The trend looks set to continue, as
Coca-Cola and Pepsi are also among those reportedly set
wars and protectionism
conducted in the last three months saw Energy Transfer
Equity acquire 97.64% of Energy Transfer Partners for US$
to bid for GlaxoSmithKline’s nutritional foods unit, which is
expected to be sold for more than US$ 4bn. Following a
dampened spirits and
59.6bn. Yet despite the quarterly drop in activity, 2018 has to
date registered the second highest value on record behind
stellar 2017 (US$ 380.8bn, 2248 deals), the Consumer sector
has failed to quite live up to the heights so far this year (US$
caused corporates to
2007 (US$ 2.94tn) and with US$ 2.72tn across 13,575 deals
announced so far.
181.4bn, 1,409 deals).
pause over the summer”
• While the majority of sectors have seen laboured activity
• With macro events playing a larger part in steering in the last three months, the Energy, Mining & Utilities (EMU)
M&A this year, companies have continued looking closer sector has gone from strength to strength, recording the
to home instead of conducting high-profile cross-border fifth consecutive quarter over US$ 100bn. The US$ 194.9bn Jonathan Klonowski,
deals. With tariffs introduced by the US and China and announced in Q3 represented the highest quarterly value
political protectionism creeping further into deal making in the sector since Q4 2016 (US$ 250.5bn) and pushed the Research Editor (EMEA)
considerations, advisors are having to contend with much YTD figure to US$ 541.5bn – already surpassing the full-year
harsher conditions. This is now leading corporates to 2017 value (US$ 531.7bn). Confidence appears to be rife at
consider more defensive domestic consolidation, bulking up the moment with the sector appearing to be towards the top
in challenging times, while the deals will receive much lower of the cycle, particularly in the US. A total of US$ 123.8bn
levels of scrutiny. Consequently, domestic M&A increased by (85 deals) was spent on US EMU assets in Q3, accounting
30.6% on YTD 2017 to US$ 1.67tn – its highest YTD value on for a 63.6% share of the sector’s global value, with four of
record. The US dominated global M&A once again, drawing in the five largest deals in the sector targeting the US. Trump’s
47.5% of the global Q3 value, almost seven percentage points pro-fossil fuel rhetoric and rising commodity prices appear to
higher than that seen in 2017 (40.9%), with US$ 333.9bn be pushing the sector towards its highest full-year value on
announced in Q3. This pushed the country’s YTD value to US$ record.
1.14tn, 25.7% higher than YTD 2017 and the second highest
YTD figure on Mergermarket record.
mergermarket.com
US$ 703.2bn 14.6% Industrials & Chemicals (US$

2.4x
Media M&A (US$ 111.2bn) increase vs
355bn) value increase compared to YTD 2017 (US$ 46.5bn)
Q3 2018 value, the lowest Q3 YTD 2017 (US$ 309.7bn)
figure since 2013 (US$ 656.9bn)
US$ 541.5bn
38.6% 30.6% Value of Energy, Mining & Utilities
M&A, already 1.8% higher than
Cross-border share of global M&A,
four percentage points lower than
Domestic M&A value (US$ 1.67tn)
increase vs YTD 2017, reaching its
the full-year 2017 value
in YTD 2017 highest YTD value on record
mergermarket.com
Mergermarket.com
Chart title 1 Chart title 1

Chart title Quarterly
Global 2 Breakdown Trend Chart titleSector
Global 2 Breakdown Trend
2013 - 2018 Q1-Q3 2017 vs Q1-Q3 2018
1100
4000 20000
1000
18000
3500 900
1,199.6
16000
800
3000
824.7 985.1 14000
933.3 700
2500
Deal Value (US$bn)

12000
703.2 600
Deal Value (US$bn)
870.3
Deal Count
2000 570.3 853.3 10000 500
873.3 718.0
8000
1500 400
1088.3
656.9
1,039.6
751.0 6000 300
963.7
1000 741.9
560.4 4000 200
500 931.6
760.6 758.1 2000 100
570.7 627.9
444.0
0 0 0
2013 2014 2015 2016 2017 2018
Energy, Industrials Technology Pharma, Business Other
Mining & Utilities & Chemicals Medical Services
& Biotech
Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018
Deal Count
mergermarket.com
Global League tables
Financial advisor league table by value
Ranking Q1-Q3 2018 Q1-Q3 2017 Regional ranking comparison
Q1-Q3 Q1-Q3 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin
2018 2017 (US$m) count change (US$m) Pacific East & America
Africa
1 1 Goldman Sachs & Co 827,127 276 42.4% 580,844 1 1 1 2 1 6
2 2 Morgan Stanley 797,217 212 59.7% 499,116 2 2 2 3 2 4

3 3 JPMorgan 649,731 228 44.4% 450,103 3 3 5 1 3 7
4 4 Citi 598,950 195 67.0% 358,685 4 6 3 7 17 12
5 5 Bank of America Merrill Lynch 461,966 140 32.0% 349,992 5 5 6 15 4 1
6 10 Barclays 351,199 141 64.4% 213,560 9 4 9 14 9 20
7 12 Evercore 332,942 119 94.8% 170,924 7 7 15 4 13 24
8 6 Lazard 325,373 152 20.4% 270,173 6 11 8 27 15 14
9 7 Credit Suisse 305,984 132 37.0% 223,297 11 8 20 9 10 13
10 9 Deutsche Bank 297,802 97 38.6% 214,932 10 10 7 10 22 31
11 13 Centerview Partners 199,692 30 63.9% 121,845 34 9 460 11 8 -
12 11 Rothschild & Co 184,893 241 6.6% 173,502 8 21 23 18 7 16
13 8 UBS Investment Bank 166,414 115 -23.1% 216,452 12 17 4 19 11 32
14 36 PJT Partners 138,006 16 392.5% 28,024 17 12 201 12 131 -
15 22 Nomura Holdings 106,366 67 118.2% 48,753 14 54 38 5 132 108
16 17 RBC Capital Markets 97,909 81 14.8% 85,268 28 14 39 95 61 33
17 30 Robey Warshaw 87,249 4 151.4% 34,703 13 16 28 - - -
18 90 Mizuho Financial Group 84,244 42 1284.0% 6,087 52 13 80 6 25 -
19 18 Jefferies 80,214 114 9.5% 73,225 29 18 47 98 28 17
20 21 Moelis & Company 78,609 89 49.2% 52,684 40 15 13 29 30 111
mergermarket.com
Mergermarket Global & Regional Europe Analysis 9
Europe
Value Deal details
US$ 139.1bn
(US$bn)
ment date geography
79.7 8-May-18 Takeda Pharmaceutical Shire Plc Republic of Pharma, Medical &
Company Limited Ireland Biotech
M&A targeting Europe in

51.5 25-Apr-18 Comcast Corporation Sky Plc UK Media Q3, 63.8% down versus
Q2 (US$ 384.7bn)
46.6 12-Mar-18 E.ON SE innogy SE Germany Energy, Mining &
Utilities
39.6 23-Mar-18 Consortium formed by

ACS SA, Atlantia SpA
and Hochtief AG
Abertis
Infraestructuras SA
Spain Construction
21.3% 19.8%
27.4 11-May-18 China Three Gorges Energias de Portugal Energy, Mining & YTD value (US$ 792.7bn) European share of global
Coporation Portugal SA Utilities
(76.73% Stake)
increase compared to M&A value in Q3, the
YTD 2017 (US$ 653.3bn) lowest quarterly figure
since Q2 2009 (19.7%)
mergermarket.com
Europe
• While traditionally a slow quarter for the continent,

European M&A faltered significantly in Q3, recording the
• In contrast to global trends, cross-border M&A has been
much more active than domestic activity. Foreign investment
“Private equity was a
lowest quarterly value since Q1 2013 (US$ 136.3bn). The last
three months saw US$ 139.1bn change hands across 1,428
has driven European dealmaking over the summer, with intra-
European activity stuttering. Of the top ten deals targeting
rare bright spot in Q3, as
deals, 63.8% lower than the US$ 384.7bn and 1,951 deals
post-crisis record set in Q2. After an opening six months
the continent, nine were conducted by foreign investors in
Q3, including CK Hutchison’s US$ 9.5bn acquisition of 50%
investors look to deploy
littered with blockbuster transactions, the third quarter saw
no megadeals (> US$ 10bn) take place, the largest being US$
in Wind Tre, and the US$ 6.7bn takeover of Jardine Lloyd
Thompson by Marsh & McLennan. Asian and US investments
the vast amounts of dry-
9.5bn, meaning Europe represents just 19.8% of global M&A
– its lowest quarterly share since Q2 2009 (19.7%). While
took the lion’s share, together accounting for 43.3% of the
region’s YTD M&A value. Following six consecutive quarters
powder still available”
political uncertainty has been the ‘new norm’ for a number above the US$ 100bn mark, intra-European M&A slipped
of years in Europe, the wider geopolitical trend appears to to US$ 59bn in Q3. This represented a 58.9% drop in value
have caused corporates to take stock over the summer – and
how Brexit negotiations conclude and the future relationship
compared to the US$ 143.6bn recorded in Q2. It was the
lowest Q3 value since the financial crisis.
Jonathan Klonowski,
between the UK and the rest of the EU will undoubtedly be
closely observed.
• Private equity activity was a rare bright spot in Q3, as Research Editor (EMEA)
investors look to deploy the vast amounts of dry-powder
• Europe’s three largest markets all recorded values dropping still available. The US$ 37.4bn (289 buyouts) recorded in
by more than half versus those seen in Q1 and Q2 – with Q3 means Europe has seen more than US$ 25bn spent
France, Germany and the UK all failing to retain the heights by private equity firms in each of the last eight successive
set earlier in the year. Combined, they represent 44.1% of quarters. There were eleven buyouts worth at least US$ 1bn
European M&A value this year resulting in the significant announced in Q3, including Global Infrastructure Partners’
fall in the continent’s M&A figures. There still appears to be US$ 5.9bn 50% takeover of North Sea off-shore wind farm,
a number of high-profile situations in the pipeline, which Hornsea 1, from Orsted. Sponsors are increasingly looking
will comfort dealmakers. For example, CVC has reportedly towards listed targets in order to find value and there were
Barclays, Credit Suisse and Bank of America Merrill Lynch do three multi-billion take-private transactions recorded in Q3.
work on its duel-track exit of Domestic & General, thought to The largest saw Morgan Stanley Infrastructure offer to acquire
be worth over US$ 3bn. Whether Q3 was simply a blip, or is the remaining 71% stake in German rail logistics firm VTG for
a glimpse of a more prolonged downturn remains to be seen, US$ 3.2bn.
and European dealmakers will keep a watchful eye over how
the continent finishes the year.

mergermarket.com
US$ 381.4bn 72.9% YTD increase in Energy, Mining &

5.7x
YTD increase in Media M&A value
Utilities M&A value
Foreign investment into Europe
so far this year, the highest YTD
figure on Mergermarket record
US$ 131.3bn
$59bn -59.2% Value of private equity buyouts
in Q1-Q3 2018, the highest
Value of intra-European M&A
announced in Q3, the lowest
Drop in UK M&A in Q3 (US$ 42.8bn)
versus Q2 (US$ 104.8bn)
value seen since the crisis
quarterly figure since Q1 2016
(US$ 56.2bn)
mergermarket.com
Mergermarket.com

Chart title 2Quarterly Breakdown Trend
Europe Chart title Sector
Europe 2 Breakdown Trend
2013 - 2018 Q1-Q3 2017 vs Q1-Q3 2018
350
1000 10000
300
900 9000
800 213.8 8000

250
293.3
193.4
139.1
700 7000
225.1
200
Deal Value (US$bn)

600 6000
Deal Value (US$bn)
157.9 203.8
177.1
Deal Count
500 179.7
5000
177.9
150
384.7
400 158.9
4000
309.8 268.2
300 262.6 3000
198.0 100
200.6
200 2000
208.0 268.9 50
100 174.2 1000
136.3 180.7 164.0
0 0
2013 2014 2015 2016 2017 2018
0
Pharma, Energy, Industrials Media Financial Other
Medical Mining & Utilities & Chemicals Services
& Biotech
Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018
Deal Count
mergermarket.com
Europe League tables
Europe league table by value Europe league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017 Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3 Q1-Q3 Company name Value Deal % Value Value Q1-Q3 Q1-Q3 Company name Value Deal Count Deal count
2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change
1 1 Goldman Sachs & Co 392,080 112 28.0% 306,427 1 4 Rothschild & Co 159,931 206 11 195
2 3 Morgan Stanley 361,859 78 67.6% 215,864 2 2 PwC 15,783 200 -29 229
3 4 JPMorgan 322,260 101 55.9% 206,757 3 3 EY 10,493 188 -16 204
4 6 Citi 306,312 70 91.4% 160,036 4 5 Deloitte 8,439 164 -28 192
5 2 Bank of America Merrill Lynch 202,418 56 -13.3% 233,462 5 1 KPMG 46,573 149 -85 234
6 5 Lazard 194,002 98 5.9% 183,260 6 8 Goldman Sachs & Co 392,080 112 24 88
7 27 Evercore 176,873 39 739.7% 21,065 7 7 JPMorgan 322,260 101 -8 109
8 8 Rothschild & Co 159,931 206 11.9% 142,920 8 6 Lazard 194,002 98 -15 113
9 15 Barclays 125,297 50 172.0% 46,063 9 10 Morgan Stanley 361,859 78 -2 80
10 7 Deutsche Bank 119,487 43 -23.4% 155,916 10 11 Oaklins 2,932 75 3 72
11 9 Credit Suisse 106,719 45 -21.9% 136,722 11 13 Citi 306,312 70 3 67
12 10 UBS Investment Bank 103,465 59 -22.8% 134,042 12 15 Lincoln International 3,617 70 4 66
13 21 Robey Warshaw 87,249 4 151.4% 34,703 13 9 BDO 1,488 60 -26 86
14 25 Nomura Holdings 86,656 14 269.2% 23,470 14 18 UBS Investment Bank 103,465 59 3 56
15 11 BNP Paribas 68,072 43 -29.1% 95,969 15 12 Bank of America Merrill Lynch 202,418 56 -13 69
16 19 Societe Generale 66,731 26 73.5% 38,471 16 23 UniCredit Group 9,636 56 14 42
17 30 PJT Partners 63,210 7 265.2% 17,308 17 20 Clearwater International 1,498 56 3 53
18 16 Mediobanca 56,473 29 22.7% 46,029 18 19 Houlihan Lokey 9,002 52 -2 54
19 61 LionTree Advisors 52,373 10 990.4% 4,803 19 32 Barclays 125,297 50 19 31
20 13 Perella Weinberg Partners 50,595 7 -24.5% 66,974 20 14 ALANTRA 3,640 50 -17 67
mergermarket.com
Mergermarket Global & Regional US Analysis 14
US
US$ 1.1tn
Value Deal details
(US$bn)
ment date geography
67.6 8-Mar-18 Cigna Corporation Express Scripts USA Business Services
Holding Company
Second-highest Q1-Q3 value

60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecom on Mergermarket record
59.6 1-Aug-18 Energy Transfer Equity Energy Transfer USA Energy, Mining &
LP Partners LP (97.64% Utilities
Stake)
31.3 30-Apr-18 Marathon Petroleum

Corporation
Andeavor Corporation USA Industrials &
Chemicals
25.7% 4,100
26.7 26-Mar-18 Brookfield Property General Growth USA Real Estate US value increase over Q1- Second-highest Q1-Q3 deal
Partners LP Properties Inc
(65.86% Stake)
Q3 2017 (US$ 910.4bn) count since 2017 (4,367)
mergermarket.com
US
• Q3 2018 marked the 10th anniversary of the start of the

Great Recession, which left its mark on not only the business
Brookfield continued its investment streak with a US$ 9.5bn
purchase of Forest City Realty Trust.
“Though the economy
world but also on global society at large. In the decade since,
the US saw the collapse of Lehman Brothers, bailed out other
• Energy, Mining & Utilities (EMU) was the most valuable remains relatively
sector in the US, setting a record US$ 268bn as firms
entities, cut interest rates to near-zero for seven years, and
introduced the Dodd-Frank banking rules and quantitative
continued to consolidate in a rising oil price environment, and strong at the moment,
was further boosted by the sector’s largest deal on record,
easing, etc. Such structural efforts to prevent another global
depression now face dismantling in the recovery era, while
Energy Transfer Equity’s US$ 59.6bn bid for a 97.6% stake in uncertainty over global
Energy Transfer Partners. Q3 also saw several other sectors
new pressures have emerged in the form of political and
economic nationalism. With protectionism gaining a foothold,
hitting record values, such as Business Services, home to trade agreements and
Cigna’s defensive US$ 67.9bn bid for Express Scripts against
dealmakers appear stuck between the need to consolidate
in an increasingly technological world and the uncertainty of
Amazon’s encroach on the pharmacy benefit management tariffs, particularly with
space. Real Estate emerged as a sector to watch, hitting
making deals in an environment of trade wars and tariffs. For
now, the need to consolidate has continued. US M&A reached
a record US$ 74.1bn; relatedly, the Construction sector China, have left dealmakers
also broke a new value record with US$ 25.4bn. By deal
its second-highest total by both deal value and count for the
Q1-Q3 period on Mergermarket record with US$ 1.1tn and
count, Industrials & Chemicals set a new record with 717 wondering if it would be
transactions.
4,100 transactions tallied. Average deal size increased 33.9%
to US$ 279.1m in the year to date compared to US$ 208.5m in • Cross-border trends saw a shift this year, as inbound M&A
better to wait or to strike
Q1-Q3 2017. Meanwhile, over the same period, deal count fell
by 267 transactions.
fell from Canada and China, key bidder regions in recent
years. Though the former was still the top acquirer of US
deals now while one can.”
companies in Q1-Q3 2018 with US$ 49.7bn, and with total
• Q3 paid witness to several high-profile deals. After
values rising 15.5% over Q1-Q3 2017 (US$ 43bn), activity
Singapore-based (now US-based) Broadcom’s bid for US
semiconductors firm Qualcomm was blocked by the White
was down 52.9% from a peak of US$ 105.6bn in Q1-Q3 2016
as the US and Canada struggled to reach an agreement
Elizabeth Lim,
House earlier this year, the former pursued an US$ 18bn deal
with B2B software company CA Technologies in a move that
on NAFTA for most of the period. Inbound M&A from China
followed a similar pattern, falling 54.7% to US$ 2.7bn this year
Research Editor (Americas)
left many perplexed in terms of strategy. Meanwhile, Japanese
compared to Q1-Q3 2017 (US$ 5.9bn) and 92.2% from a peak
semiconductors firm Renesas announced that it was buying
of US$ 34.4bn in Q1-Q3 2016. Meanwhile, since the Brexit
US-based Integrated Device Technology for US$ 7bn. Given
referendum in 2016, US investment into the UK has steadily
Broadcom’s failed attempt to takeover Qualcomm, Renesas’
risen, hitting a record high of US$ 99.2bn, with Q1-Q3 2018
bid has some wondering how the Committee on Foreign
already surpassing all previous full years. However, 51.9% of
Investment in the US (CFIUS) will view the deal, given that
this was due to Comcast’s US$ 51.5bn acquisition of Sky
relations with Japan have been relatively smoother than those
following a battle with Disney/Fox.
with China in recent years. In other deal announcements,
mergermarket.com
42% -19.5% -54.7%

US inbound M&A value decrease Fall in Chinese investment into the
from Q1-Q3 2017 (US$ 247.8bn) to US from Q1-Q3 2017 (US$ 6bn) to
US share of Global M&A in Q1-Q3 Q1-Q3 2018 (US$ 199.4bn) Q1-Q3 2018 (US$ 2.7bn)
2018, up from 40.9% in Q1-Q3 2017
US$ 59.6bn
789 14 Value of Energy Transfer Equity/Energy
Transfer Partners (97.64% stake) deal,
the largest in the US for Q1-Q3 2018
US Tech M&A deal count in Q1- Number of megadeals (> US$
Q3 2018, the second-largest on 10bn), three more than in Q1-Q3
record 2017
mergermarket.com
Mergermarket.com

Chart
US title 2
Quarterly Breakdown Trend Chart title 2 Breakdown Trend
US Sector
2013 - 2018 Q1-Q3 2017 vs Q1-Q3 2018
400
2000 6000
360
1800
5000 320
1600
509.5
280
1400
4000
503.5 240
1200 346.8
Deal Value (US$bn)

Deal Value (US$bn)
401.6
Deal Count
464.3 200
1000 333.9 3000
800 231.1 423.2 405.6 160

299.0
2000
600 468.5 408.1 120
318.1
293.0
400 389.6 327.1
80
1000
176.1
200 402.5
357.8 318.4 40
219.5 254.1
179.9
0 0
2013 2014 2015 2016 2017 2018 0
Energy, Business Technology Industrials Consumer Other
Mining Services & Chemicals
& Utilities
Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018
Deal Count
mergermarket.com
US League tables
US league table by value US league table by deal count
1 1 Goldman Sachs & Co 527,275 212 17.6% 448,188 1 1 Goldman Sachs & Co 527,275 212 38 174
2 2 Morgan Stanley 490,112 135 29.3% 378,923 2 2 JPMorgan 403,950 155 1 154
3 3 JPMorgan 403,950 155 24.1% 325,535 3 4 Morgan Stanley 490,112 135 2 133
4 7 Barclays 313,756 114 66.5% 188,396 4 5 Citi 307,011 126 14 112
5 5 Bank of America Merrill Lynch 308,876 90 23.9% 249,348 5 3 Houlihan Lokey 25,654 120 -15 135
6 4 Citi 307,011 126 18.8% 258,532 6 9 Barclays 313,756 114 23 91
7 11 Evercore 236,232 98 61.4% 146,366 7 8 Jefferies 62,682 99 0 99
8 8 Credit Suisse 235,733 95 25.2% 188,264 8 7 Evercore 236,232 98 -2 100
9 12 Centerview Partners 192,054 27 58.8% 120,960 9 6 Credit Suisse 235,733 95 -5 100
10 10 Deutsche Bank 172,229 58 17.2% 146,964 10 18 Raymond James & Associates 13,845 94 25 69
11 6 Lazard 168,443 66 -15.4% 199,123 11 11 Bank of America Merrill Lynch 308,876 90 3 87
12 26 PJT Partners 130,988 13 388.3% 26,828 12 23 Robert W. Baird & Co 11,966 79 23 56
13 55 Mizuho Financial Group 74,077 5 1374.2% 5,025 13 20 Moelis & Company 67,167 76 12 64
14 16 RBC Capital Markets 68,351 62 13.3% 60,334 14 15 William Blair & Company 16,759 74 2 72
15 18 Moelis & Company 67,167 76 37.7% 48,765 15 12 Piper Jaffray & Co 11,969 73 -10 83
16 29 Robey Warshaw 65,434 3 197.0% 22,035 16 14 Rothschild & Co 58,927 70 -5 75
17 9 UBS Investment Bank 65,325 48 -56.0% 148,592 17 10 Lazard 168,443 66 -23 89
18 14 Jefferies 62,682 99 -11.5% 70,851 18 13 Stifel/KBW 16,903 64 -15 79
19 144 Raine Group 61,588 5 6930.6% 876 19 17 RBC Capital Markets 68,351 62 -8 70
20 51 Sumitomo Mitsui Financial Group 60,978 5 940.9% 5,858 20 26 Sandler O'Neill & Partners 28,922 61 10 51
mergermarket.com
Mergermarket Global & Regional Latin America Analysis 19
Latin
America
US$ 55.9bn
Value Deal details
(US$bn)
Announce- Bidder company Target company Target geography Target sector
ment date
15.3 16-Mar-18 Suzano Papel e Fibria Celulose SA Brazil Industrials &
Celulose SA Chemicals
Q1-Q3 2018’s deal value, up 5.1%

4.1 17-May-18 Tianqi Lithium
Industries Inc
Sociedad Quimica y
Minera SA
Chile Industrials &
Chemicals
over Q1-Q3 2017 (US$ 53.2bn)
(23.77% Stake)
3.3 16-Feb-18 Enel Chile SA Enel Generación Chile Chile Energy, Mining &
(40.02% Stake) Utilities
3.1 17-Apr-18 Enel SpA AES Eletropaulo Brazil Energy, Mining &
Utilities
1.0% 2.4%
2.1 12-Jun-18 Louis Dreyfus Biosev SA Brazil Consumer Q1-Q3 2018 market share of Q1-Q3 2018 market share of
Company BV (78.47% Stake)
Global M&A by value, down Global M&A by deal count,
from 3.5% in Q1-Q3 2017 down fro 3.1% in Q1-Q3 2017
mergermarket.com
Latin America
• Latin America began the year facing no fewer than six

presidential elections, including in its two most populous
• The best-performing sector by both value and deal count
was Industrials & Chemicals, which hit a record high with
“Interest on the part of
nations, Brazil and Mexico. While the former awaits its day
at the polls, set to take place at the beginning of the fourth
US$ 21.9bn and 67 transactions and claimed the top two
transactions of 2018 to date, including the above acquisition
dealmakers in Latin America
quarter, the latter saw the victory of populist Andrés Manuel
López Obrador, known as “AMLO”, amidst a geopolitical
of Fibria Celulose by Suzano Papel e Celulose. Energy, Mining
& Utilities (EMU) made a comeback after falling last quarter
comes at a time when
environment that included its neighbour the US imposing
tariffs, commencing a trade war, and renegotiating NAFTA.
by recording 60 transactions worth US$ 12.7bn through Q1-
Q3 2018. EMU also accounted for Latin America’s third- and
relations with the US appear
With all of this domestic and cross-border political and
economic uncertainty, the region’s dealmaking remained more
fourth-largest deals for the period – the Chilean Enel deal
and Italy-based Enel’s US$ 3.1bn winning bid for Brazil-based
to be on the decline.”
or less steady with US$ 55.9bn worth of deals announced in AES Eletropaulo. The Technology sector, though it ranked
Q1-Q3 2018, a 5.1% rise in deal value, though deal count fell eighth by value, reached a record high of US$ 1.3bn, boosted
by 48 transactions. Approximately 27.4% of total deal value
was due to the period’s top transaction and only megadeal
by China-based Didi Chuxing’s US$ 900m bid for a 70%
stake in Brazil’s 99 Taxis earlier this year.
Elizabeth Lim,
(> US$ 10bn) – Brazil’s Suzano Papel e Celulose’s US$ 15.3bn
bid for domestic target Fibria Celulose, a manufacturer of
• Inbound M&A into Latin America fell 10.1% in Q1-Q3 2018 Research Editor (Americas)
to US$ 24.7bn from US$ 27.4bn in the same period last year.
pulp and paper. However, the share of Latin America’s M&A
Activity from the US specifically fell 17.4% to US$ 4.2bn from
activity in the global market fell from 3.5% in Q1-Q3 2017 to
US$ 5.1bn over the same time interval, while activity from
just 1% during the same period this year.
China remained steady at US$ 5.1bn. However, activity from
• Interest on the part of dealmakers in Latin America Europe grew slightly to US$ 9.1bn, a 5.8% increase over US$
comes at a time when relations with the US appear to be 8.6bn registered in Q1-Q3 2017. As Latin America faces its
on the decline, with domestic transactions and those with last major election of the year and the US, China, and Europe
non-US foreign bidders claiming the top deals for Q3 2018. all face political and economic tensions with each other, it
As Brazil, Latin America’s dominant economy, attempts to remains to be seen how much activity there may be for the
move past political corruption scandals, it was still the top rest of the year.
country for M&A by both deal value and count in the region,
recording US$ 32.1bn and 199 transactions. Chile ranked
second, by both deal value and count, with US$ 11.3bn and 47
transactions. Chile was also home to the second- and third-
largest deals of the period – China’s Tianqi Lithium Industries’
US$ 4.1bn purchase of a 23.8% stake in Sociedad Quimica y
Minera from Canada’s Nutrien, and Enel Chile’s US$ 3.3bn bid
for a 40% stake in Enel Generación Chile.
mergermarket.com
+12.7% US$ 24.7bn US$ 9.1bn

Q1-Q3 2018 inbound M&A, down Highest inbound Q1-Q3 value from
Brazilian M&A value increase in Q1-Q3 2018 10.1% from Q1-Q3 2017 (US$ Europe since 2014 (US$ 33.9bn)
27.4bn)
(US$ 32.1bn) from Q1-Q3 2017 (US$ 28.4bn)
US$ 1.8bn
US$ 21.9bn US$ 1.3bn Brookfield Asset Management (Canada)
& Digital Realty Trust (US)/Ascenty
Highest Industrials & Chemicals Second-highest Q1-Q3
Data Centers e Telecomunicacoes SA
value in LatAm for the Q1-Q3
period on Mergermarket record
Technology value in LatAm since
2014 (US$ 2.1bn)
(Brazil) - largest deal of Q3 2018
mergermarket.com
Mergermarket.com

Chart title
Latin 2
America Quarterly Breakdown Trend Chart title
Latin 2
America Sector Breakdown Trend
2013 - 2018 Q1-Q3 2017 vs Q1-Q3 2018
25
150 700
135 630
20
120 560
28.6
105 490
15
Deal Value (US$bn)

90 420
Deal Value (US$bn)
38.1
Deal Count
75 25.6 44.4 350
19.6
29.5 10
60 7.3 280
22.4
39.9
45 210
30.2 25.0 21.2
24.2
30 21.4 140 5
11.2 14.0
12.2
15 24.8 27.4 70
17.8
11.9 14.9 14.1
0 0 0
2013 2014 2015 2016 2017 2018
Industrials Energy, Consumer Business Financial Other
& Chemicals Mining Services Services
& Utilities
Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018
Deal Count
mergermarket.com
Latin America League tables
Latin America league table by value Latin America league table by deal count
1 6 Bank of America Merrill Lynch 23,653 11 273.6% 6,331 1 2 Banco Itau BBA 22,193 21 -4 25
2 10 Banco Bradesco BBI 22,393 13 454.7% 4,037 2 1 Banco BTG Pactual 8,303 14 -12 26
3 7 Banco Itau BBA 22,193 21 280.5% 5,833 3 3 Banco Bradesco BBI 22,393 13 -3 16
4 4 Morgan Stanley 17,032 11 121.3% 7,697 4 9 Bank of America Merrill Lynch 23,653 11 2 9
5 1 Banco BTG Pactual 8,303 14 -37.8% 13,356 5 4 Morgan Stanley 17,032 11 0 11
6 3 Goldman Sachs & Co 6,306 9 -45.0% 11,468 6 7 Goldman Sachs & Co 6,306 9 -1 10
7 2 JPMorgan 5,219 9 -56.8% 12,087 7 11 JPMorgan 5,219 9 2 7
8= - CLSA 4,066 1 - - 8 22 Citi 3,056 8 4 4
8= - Sinolink Securities 4,066 1 - - 9 5 Santander Global Corporate Banking 836 8 -3 11
10 36 Rabobank 3,384 4 696.2% 425 10 41 LXG Capital 424 8 6 2
11 - Mediobanca 3,266 1 - - 11 12 Credit Suisse 2,560 7 0 7
12 12 Citi 3,056 8 -13.5% 3,533 12 6 Lazard 1,972 7 -4 11
13 8 Credit Suisse 2,560 7 -44.2% 4,591 13 10 Rothschild & Co 1,058 7 -1 8
14 15 Lazard 1,972 7 -12.9% 2,265 14 23 EY 847 7 3 4
15 98 DH Capital 1,800 1 - - 15 31 Vinci Partners 619 7 4 3
16 19 Rothschild & Co 1,058 7 -29.1% 1,492 16 16 KPMG 566 7 1 6
17 - Jefferies 969 1 - - 17 44 Oaklins 364 6 4 2
18 41 EY 847 7 163.9% 321 18 82 Greenhill & Co 284 5 4 1
19 11 Santander Global Corporate Banking 836 8 -77.7% 3,744 19 38 Rabobank 3,384 4 2 2
20 9 Barclays 783 3 -81.5% 4,243 20 8 PwC 495 4 -6 10
mergermarket.com
Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 24
Asia Pacific
(excl. Japan)
US$ 164.6bn
Value Deal details
(US$bn)
ment date geography
16.3 13-Aug-18 Consortium for APA APA Group Ltd Australia Energy, Mining &
Group Utilities
Value recorded in Q3 2018,

16.0 09-May-18 Wal-Mart Stores Inc Flipkart Internet Pvt India Technology across 882 deals
Ltd
(77% Stake)
14.0 29-May-18 A group of 12 investors Zhejiang Ant Small China Financial Services
and Micro Financial
Services Group Co Ltd
12.7 10-May-18 Wanhua Chemical

Group Co Ltd
Yantai Wanhua
Chemical Co, Ltd
China Industrials &
Chemicals 22.3% -54.7%
10.7 25-Apr-18 Bharti Infratel Limited Indus Towers Limited India Telecoms 2018 increase Drop in value of Chinese
investment into the US
versus YTD 2017 compared to Q1-Q3 2017
mergermarket.com
Asia Pacific (excl. Japan)
• Asia-Pacific (excl. Japan) M&A experienced a significant

downturn in the third quarter following a strong first half of
• Inbound M&A deal value declined by 14.6% in Q3 2018
to US$ 20.3bn, from US$ 23.8bn in Q3 2017. India has
“With Trump’s controversial
2018 amid trade tension between China and the US. Largely
owing to the absence of big ticket transactions, the region
become an emerging investment hotspot, in which 119 deals
announced with US$ 33.8bn recorded this year, contributing
trade policies and Chinese
dipped to 882 deals worth US$ 164.6bn in Q3 2018, 176 deals
fewer compared to 1,058 deals (US$ 171.3bn) in Q3 2017. Only
43.2% of the region’s overall inbound activity. The new
Indian bankruptcy law has brought news opportunities for
government’s capital
one megadeal (> US$ 10bn) was announced in Q3 - the Hong
Kong-based consortium’s US$ 16.3bn acquisition of listed
investors. Meanwhile, the region’s outbound M&A soared to
US$ 128.9bn, increasing 73.9% versus YTD 2017 (US$ 74.1bn),
outflow curb continuing
Australian energy infrastructure company, APA Group. Despite
Q3’s sharp drop, the US$ 551.8bn (2,861 deals) registered so
despite a slight dip in the number of deals. With Trump’s
controversial trade policies and Chinese government’s capital
to cast a shadow on the
far this year, represented a 22.3% rise by value compared to
the same period of 2017 (US$ 451.1bn, 2,856 deals), marking
outflow curb continuing to cast a shadow on the relationship
between the two powerhouses, Chinese dealmakers’ interest
relationship between the
the second highest YTD value on Mergemarket record -
largely driven by the remarkable performance of the first half
in the US continued to fall, recording a 54.7% drop by value
with 20 fewer deals, versus YTD 2017 (US$ 5.9bn, 49 deals).
two powerhouses, Chinese
which reached US$ 382.3bn. On the contrary, Canada has become a key Chinese target
for energy assets in place of USA, in which eight deals worth
dealmakers’ interest in the
• With the region experiencing a transformation from a low-
cost-manufacturer into an economy powered by high-tech
US$ 2.2bn were announced, compared to US$ 390.1m in YTD
2017.
US continued to fall”
products in fields such as robotics, Industrials & Chemicals
has remained the most attractive sector by value in the region • Private equity activity has remained active, registering
so far this year. The sector notched up US$ 93.1bn across US$ 103.5bn (355 buyouts), rising 8.2% from last year (US$
599 deals, accounting for 16.9% of the region’s M&A value, 95.6bn, 351 deals). The takeover of Ant Financial, along with Melissa Yan, Research
51.6% ahead of YTD 2017’s value (US$ 61.4bn). Energy, Mining Blackstone Group’s US$ 3.1bn takeover of Australia REIT
& Utilities (EMU) ranked as the top sector in Q3 with US$ Investa Office Fund, meant that Financial Services has been Analyst, Mergermarket
28.5bn as a result of two large deals in Australia. As well as the most active sector for buyouts in 2018. The sector has
the aforementioned APA Group acquisition, the quarter saw seen 27 buyouts worth US$ 23.7bn, up 3.7x by value from the
the US$ 2.2bn takeover of oil and gas developer Quadrant same period last year. Moreover, in August the China Banking
Energy Australia by Australian energy company Santos Ltd. and Insurance Regulatory Commission (CBIRC) decided to
Notably, after a surge in the first six months of the year, cancel and revise certain regulations on foreign investment
technology M&A deals saw a 17.4% decline in Q3 value to in the banking sector to help open up the sector. The sector
US$ 19.3bn compared to US$ 23.4bn of the same period last is therefore likely to see continued levels of high activity as
year. firms look to break into the market.

mergermarket.com
-26.4% 26.8% 35.3%

Financial Services value increase Energy, Mining & Utilities value
versus YTD 2017 increase versus YTD 2017
Value decrease between
Q3 2018 (US$ 164.6bn) and
Q2 2018 (US$ 223.8bn)
US$ 103.5bn
43.2% 73.9% Value of private equity buyouts so
Indian share of Asia Pacific (excl. Outbound M&A increase versus
far this year, up 8.2% on YTD 2017
Japan) inbound M&A by value Q1-Q3 2017
mergermarket.com
Mergermarket.com

Chart
Asiatitle 2
Pacific (excl. Japan) Quarterly Breakdown Trend Chart
Asiatitle 2 (excl. Japan) Sector Breakdown Trend
Pacific
2013 - 2018 Q1-Q3 2017 vs Q1-Q3 2018
200
900 4200
180
800
3600
160
293.5
700
140
3000
600
245.6
Value of deals (US$bn)

120
178
500 169.2 152.7 2400
Deal count
164.6 100
400
173.8 1800 80
139.4 171.3
113.7
85.8 232.3
300
223.8 60
1200
116.3
200 105.6 151.4 139.7
168.9
40
81 107.8 600
100 194 20
140.2 163.3
114.9 140.9
83.1 65.9
0 0 0
2012 2013 2014 2015 2016 2017 YTD 2018 Industrials Technology Energy, Financial Real Estate Others
& Chemicals Mining & Utilities Services
Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018
Deal Count
mergermarket.com
Asia Pacific (excl. Japan) League tables
Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count
1 2 Goldman Sachs & Co 110,789 50 36.7% 81,074 1 1 KPMG 17,148 68 -17 85
2 1 Morgan Stanley 103,653 33 10.8% 93,533 2 5 Deloitte 7,564 51 6 45
3 5 Citi 88,652 42 75.0% 50,662 3 4 Goldman Sachs & Co 110,789 50 2 48
4 3 UBS Investment Bank 84,802 44 33.6% 63,458 4 2 EY 13,968 50 -29 79
5 7 JPMorgan 71,881 37 46.4% 49,091 5 3 PwC 3,007 49 -26 75
6 6 Bank of America Merrill Lynch 70,135 28 41.3% 49,626 6 10 UBS Investment Bank 84,802 44 14 30
7 17 Deutsche Bank 44,011 21 167.4% 16,456 7 13 Citi 88,652 42 17 25
8 39 Lazard 41,691 21 643.2% 5,610 8 7 JPMorgan 71,881 37 -1 38
10 4 China International Capital Corporation 34,568 26 -39.6% 57,255 10 20 Rothschild & Co 12,948 33 13 20
11 8 Macquarie Group 34,191 30 27.7% 26,772 11 11 Macquarie Group 34,191 30 3 27
12 200 Millennium Investment Banking 28,708 2 11114.1% 256 12 14 Bank of America Merrill Lynch 70,135 28 3 25
13 56 Moelis & Company 23,489 16 797.9% 2,616 13 17 Huatai Securities 14,242 27 3 24
14 9 CITIC Securities 21,332 22 -19.2% 26,395 14 15 China Renaissance Holdings 13,111 27 3 24
15 10 Evercore 17,276 12 -19.8% 21,534 15 8 China International Capital Corporation 34,568 26 -10 36
16 54 Grant Samuel 17,160 7 519.0% 2,772 16 9 Credit Suisse 13,132 26 -8 34
17 18 KPMG 17,148 68 11.4% 15,393 17 18 CITIC Securities 21,332 22 1 21
18 27 Huatai Securities 14,242 27 25.4% 11,355 18 23 Deutsche Bank 44,011 21 5 16
19 16 EY 13,968 50 -15.5% 16,521 19 29 Lazard 41,691 21 9 12
20 12 Credit Suisse 13,132 26 -31.2% 19,090 20 19 Somerley Capital 7,835 20 -1 21
mergermarket.com
Mergermarket Global & Regional Japan Analysis 29
Japan
US$ 128.1bn
Value Deal details
(US$bn)
Announce- Bidder company Target company Target sector Seller Company
ment date
4.4 01-Aug-18 Fukuoka Airport HD 30-year Concession Transport Japan Ministry of
Group for Fukuoka Airport Land, Infrastructure,
Transport and
Tourism
Japanese outbound M&A in
3.4 19-Apr-18 Itochu Corporation FamilyMart UNY
Holdings Co Ltd
Consumer 2018, already higher than FY
(8.65% Stake)
2017 value (US$ 79.4bn)
2.0 09-Jul-18 Yahoo Japan Yahoo Japan Technology SoftBank Group
Corporation Corporation (10.73% Corp
Stake)
1.1 24-Jan-18 Sekisui House Reit Inc Sekisui House

Residential Investment
Corporation
Financial
Services 51.4% 6
1.1 20-Feb-18 Mitsubishi Corporation Mitsubishi Motors Industrials &
Corporation Chemicals YTD value increase in M&A Number of Japanese
(10.76% Stake)
targeting Japan vs YTD 2017 outbound deals worth
over US$ 1bn in Q3
mergermarket.com
Japan
• In contrast to the trends seen globally in the third quarter,

dealmaking targeting Japan witnessed an upswing with US$
• With the Abenomics coming to its sixth year, companies
investing abroad are seeing the benefits of quantitative
“It appears that large
13bn (96 deals) announced, the first time it has breached
the US$ 10bn mark so far this year. Several big-ticket deals
easing with low cost of borrowing. Outbound activity has
pushed to US$ 128.1bn with 216 deals announced so far,
industry players are
drove the country’s activity including the Fukuoka Airport
concession and Yahoo Japan share buyback deals. So far this
jumping 130.1% from US$ 55.7bn in YTD 2017 and over double
the YTD 2016 value (US$ 62.3bn), significantly helped by the
becoming more aggressive
year there have been 322 deals worth a total US$ 30.7bn,
indicating that the country’s M&A activity in 2018 may not
Takeda/Shire deal. With US$ 24.9bn (72 deals) announced
in Q3, Japanese outbound M&A has reached the US$ 10bn
in pursuing valuable
reach the levels seen in 2017 (468 deals, US$ 45.6bn) and
2016 (464 deals, US$ 62.9bn). However, it appears that after
in each of the last nine quarters. As the six largest outbound
deals in Q3 all breached the US$ 1bn mark, it appears that
assets overseas”
going through the uncertainty before June when the Japan large industry players are becoming more aggresive in
corporate governance code was still under revision process pursuing valuable assets overseas. Renesas Electronics’ US$
leading to a relatively slack first-half year, transactions in
Japan are gradually seeing an uptick in H2.
7bn-takeover of the US-based Integrated Device Technology
and Taiyo Nippon Sanso’s US$ 5.8bn-takeover of the
Danni Sun,
• Following a stagnant 2017, YTD domestic deals have
industrial gases business from Praxair were both announced
in the last three months. In August, Japan Tobacco conducted
Senior Research Analyst,
grabbed the headlines again contributing US$ 28.8bn across
301 deals, already 39.6% ahead of 2017’s full-year value
its second investment outside the country this year, with the
US$ 1.5bn bid for Bangladesh-based United Dhaka Tobacco.
Asia-Pacific
(420 deals, US$ 20.6bn). The third quarter was particularly
active, recording US$ 12.9bn over 93 deals, up 63.4% by • The absence of deals involving private equity firms has
value in comparison with Q2 2018 (88 deals, US$ 7.9bn). been felt this year, with buyout dealmaking totalling 35 deals
This was largely driven by the US$ 4.4bn-takeover of 30 worth US$ 712m, down 95.1% by value from YTD 2017 (31
years’ concession for Fukuoka Airport by Fukuoka Airport deals, US$ 14.4bn). This represents Japan’s lowest YTD buyout
HD Group, the second largest airport concession transaction value since 2002, yet the deal count figure remains robust.
on Mergermarket record following the US$ 13.9bn ORIX & While private equity investors have been quiet so far this year
VINCI consortium/Kansai & Osaka International Airport deal there are reportedly several ongoing processes, such as TS
in 2015. With the Japan government picking up pace on Group, which has shortlisted six domestic and foreign PEs,
airport privatisations, more landmark deals are expected with according to Mergermarket intelligence. The country has
the Hokkaido airports concession also in a bidding process. also recorded 22 exits worth US$ 1.5bn so far this year. The
In respect of the most-favoured sector by value, there has largest in Q3 was the US$ 196m sale of Fasford Technology
been an obvious swing towards technology targets, with a 5x by Advantage Partners, becoming the second largest this
jump from US$ 1.2bn in YTD 2017 (36 deals) to US$ 6bn in year following Innovation Network Corporation of Japan’s US$
YTD 2018 (51 deals), with investors embracing the increasingly 762m partial exit from Renesas Electronics in March.
digitalised environment.
mergermarket.com
63.4% 5x
Increase in domestic tech value
20
Number of outbound deals
(US$ 6bn) in comparisn to YTD targeting the Pharma, Medical &
YTD domestic M&A value increase 2017 (US$ 1.2bn) Biotech sector, the joint-highest
YTD figure on record
compared to YTD 2017
US$ 24.9bn
$4.4bn -95.1% Q3 outbound value, the ninth
consecutive quarter over US$ 10bn
Value of Fukuoka Airport Drop in private equity buyouts
concession, the largest deal from YTD 2017 to YTD 2018
targeting Japan in Q3
mergermarket.com
Mergermarket.com

Chart titleQuarterly
Japan 2 Breakdown Trend Chart titleSector
Japan 2 Breakdown Trend
2013 - 2018 Q1-Q3 2017 vs Q1-Q3 2018
14
80 500
450 12
70
400
16.2
60 10
35.3
15.2 350

50
8
13.9 300
Deal count
40 17.1 11.4 250
6
7.3 200
30 21.6
26.3 9.4
4.8
13.5 19.7 13 4
150
20 5.1
15.2 100
10.8 9.1 8.6 2
5.5
10
17.1 50
13.5
8.1 9.1 9 9.1
7.1
0 0
0
2012 2013 2014 2015 2016 2017 YTD 2018 Technology Consumer Transport Industrials & Financial Others
Chemicals Services
Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018
Deal Count
mergermarket.com
Japan League tables
Japan league table by value Japan league table by deal count
1 4 JPMorgan 171,401 11 1223.7% 12,949 1 2 Nomura Holdings 100,839 54 4 50
2 1 Goldman Sachs & Co 169,516 13 528.0% 26,993 2 1 Sumitomo Mitsui Financial Group 72,089 40 -12 52
3 3 Morgan Stanley 160,794 28 620.4% 22,321 3 4 Mizuho Financial Group 82,694 39 10 29
4 6 Evercore 140,931 5 1584.4% 8,367 4 8 Morgan Stanley 160,794 28 12 16
5 2 Nomura Holdings 100,839 54 324.8% 23,740 5 3 Daiwa Securities Group 4,404 22 -12 34
6 8 Mizuho Financial Group 82,694 39 1258.5% 6,087 6 7 GCA Corporation 847 22 2 20
7 11 Citi 81,282 4 1323.5% 5,710 7 5 Deloitte 2,999 19 -3 22
8 5 Sumitomo Mitsui Financial Group 72,089 40 470.2% 12,643 8 9 Goldman Sachs & Co 169,516 13 -2 15
9 9 Credit Suisse 68,947 7 1068.8% 5,899 9 14 JPMorgan 171,401 11 5 6
10 18 Deutsche Bank 66,833 4 3878.2% 1,680 10 25 Frontier Management 336 10 6 4
11 28 Centerview Partners 61,379 2 6835.5% 885 11 12 KPMG 880 9 -1 10
12= - PJT Partners 60,806 1 - - 12 6 PwC 70 8 -13 21
12= - Raine Group 60,806 1 - - 13 15 Credit Suisse 68,947 7 1 6
14 31 Barclays 16,500 2 2191.7% 720 14 18 Plutus Consulting 1,138 7 2 5
15 7 Bank of America Merrill Lynch 8,264 4 7.5% 7,690 15 30 YAMADA Consulting Group Co 292 7 4 3
16 12 Daiwa Securities Group 4,404 22 15.8% 3,803 16 26 Evercore 140,931 5 2 3
17 21 Deloitte 2,999 19 169.2% 1,114 17 11 Citi 81,282 4 -8 12
18 26 Rothschild & Co 2,130 3 123.7% 952 18 33 Deutsche Bank 66,833 4 2 2
19 19 UBS Investment Bank 1,931 3 23.9% 1,558 19 13 Bank of America Merrill Lynch 8,264 4 -4 8
20 - Standard Chartered 1,490 1 - - 20 55 Greenhill & Co 1,018 4 3 1
mergermarket.com
Mergermarket Global & Regional Middle East & Africa Analysis 34
Middle East & Africa
US$ 46.7bn
Value Deal details
(US$bn)
ment date geography
6.9 07-May-18 International Flavors & Frutarom Industries Israel Industrials &
Fragrances Inc Ltd Chemicals
Value of M&A targeting the

3.2 20-Aug-18 SodaStream
International Ltd
PepsiCo Inc Israel Consumer
Middle East & Africa in Q1-Q3
2018, 8.7% down on YTD 2017
3.1 19-Mar-18 KLA-Tencor Orbotech Ltd Israel Technology
Corporation
1.6 23-Jul-18 Mototolo Joint Venture Anglo American South Africa Energy, Mining &
(39% Stake) Platinum Ltd Utilities
5.6% 5
1.5 18-Feb-18 Compania Espanola Abu Dhabi National Oil United Arab Energy, Mining &
de Petroleos SAU Company (Umm Lulu Emirates Utilities
concession) (20%
Stake); Abu Dhabi MEA value increase in Q3 Number of deals announced
National Oil Company
(Sateh Al Razboot 2018 versus Q2 2018 in Q3 targeting MEA
concession) worth over US$ 1bn
(20% Stake)
mergermarket.com
Middle East & Africa
• In contrast to trends seen globally, M&A targeting the

Middle East & Africa rose slightly in Q3. The US$ 14.5bn spent
• African M&A picked up slightly in Q3, recording its highest
quarterly value of the year. The US$ 4.9bn announced in
“The global demand for
across 71 deals recorded in the last three months represents
a 5.6% uptick in value compared to Q2 despite a drop in the
the third quarter is almost double the US$ 2.5bn seen in Q2
and pushes the YTD figure to US$ 11.4bn. Three deals worth
innovative companies
number of deals (US$ 13.7bn, 89 deals). The region has now
seen more than US$ 10bn change hands in each of the last
more than US$ 500m were announced in Q3, including two
that breached the US$ 1bn mark. The largest of these saw
is pushing Israeli M&A
five consecutive quarters. Q3’s activity was largely driven
by five US$ 1bn-plus deals, including PepsiCo’s US$ 3.2bn
Anglo American Platinum acquire a 39% stake in the South
Africa-based Mototolo joint venture, for US$ 1.6bn, the largest
to new heights, with
acquisition of SodaStream – the second largest deal to target
the region so far this year. The pipeline appears to be strong,
African deal so far this year. After a slow start to 2018, South
African M&A is on the up, recording a total US$ 4.9bn (48
several multi-billion
with high levels of foreign interest in assets in the region,
particularly in innovative firms in Israel where areas such as
deals) so far – 22.3% higher than YTD 2017 (US$ 4bn, 80
deals).
blockbuster deals already
driverless cars are propelling inbound investment.
• M&A targeting the Middle East (excl. Israel) stood at US$ announced this year”
• The global demand for innovative companies is pushing 1.7bn in Q3, a slight dip compared to previous quarters, yet
Israeli M&A to new heights, with several multi-billion is still on course to be one of the most active years in the
blockbuster deals already announced this year. A total of US$ region on Mergermarket record. A total US$ 13.9bn has been
21.3bn across 66 deals has been announced so far, leaving reported so far, making it the fourth highest YTD value on Jonathan Klonowski,
the country on course to break its record full-year total of record, and 24.2% ahead of YTD 2017 (US$ 11.2bn). Energy,
US$ 25.3bn, announced last year. Three US investments mining & utilities has seen tremendous growth this year, Research Editor (EMEA)
each valued above US$ 3bn – including PepsiCo’s US$ 3.2bn reaching US$ 9bn across 17 deals, already the highest annual
takeover of SodaStream – have been instrumental in guiding value and number of deals on Mergermarket record. This was
the year’s performance so far. The technology and industrials assisted by the US$ 849m acquisition of Kuwait Energy by
& chemicals sectors continue to be the most attractive, Hong Kong-based United Energy Group, announced in late
accounting for a 24.2% and 18.2% share of the overall number September.
of deals targeting Israel respectively. The technology sector
has been particularly active in 2018, with this year’s value of
US$ 4.1bn already 91.8% ahead of the full-year 2017 figure
(US$ 2.1bn).

mergermarket.com
US$ 21.3bn $4.4bn 59%

Israeli YTD M&A value, already Value of Tech M&A so far this year, Increase in Energy, Mining & Utilities
the third highest annual total up 28% compared to YTD 2017
(US$ 3.5bn)
M&A (US$ 14.7bn) versus YTD 2017
(9.2bn)
on Mergermarket record
US$ 32.7bn
$3.1bn 24.2% Value of foreign investment into MEA
Value of African M&A in Q3, the Middle Eastern (excl. Israel) YTD this year, on par with YTD 2016 (US$
highest quarterly value in the M&A value increase versus YTD
continent since Q4 2016 (US$ 2017 33.8bn) and YTD 2017 (US$ 34.1bn)
6.7bn)
mergermarket.com
Mergermarket.com

Chart title East
Middle 2 & Africa Quarterly Breakdown Trend Chart titleEast
Middle 2 & Africa Sector Breakdown Trend
2013 - 2018 Q1-Q3 2017 vs Q1-Q3 2018
22
100 500
20
90 450
18
80 22.1 400 16
70 350 14
Deal Value (US$bn)

60 300 12
Deal Value (US$bn)
15.5 10.9
Deal Count
50 24.5 34.9 250 10
11.8
40 13.7 14.5 200 8
20.5 9.7
9.6
30 150 6
13.7
21.6
6.1 24.7 4
20 100
19.3
9.4 29.6
2
10 18.5 50
12.4 8.5
7.5 9.6
0
0 0 Energy, Industrials Consumer Technology Financial Other
2013 2014 2015 2016 2017 2018
Mining & Utilities & Chemicals Services
Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018
Deal Count
mergermarket.com
Middle East & Africa League tables
MEA league table by value MEA league table by deal count
1 1 Goldman Sachs & Co 16,794 10 -57.1% 39,182 1 2 Rothschild & Co 4,264 17 1 16
2 3 Morgan Stanley 12,607 9 -30.9% 18,236 2 9 JPMorgan 10,039 14 5 9
3 6 JPMorgan 10,039 14 -30.0% 14,343 3 3 PwC 434 12 -2 14
4 8 Bank of America Merrill Lynch 7,690 4 -12.9% 8,833 4 6 Goldman Sachs & Co 16,794 10 0 10
5 44 Greenhill & Co 6,872 1 2716.4% 244 5 11 Morgan Stanley 12,607 9 2 7
6 36 Perella Weinberg Partners 5,278 4 1091.4% 443 6 1 EY 1,311 9 -11 20
7 4 Rothschild & Co 4,264 17 -75.0% 17,042 7 17 Standard Bank Group 380 9 4 5
8 7 Centerview Partners 4,036 2 -60.5% 10,214 8 16 Lazard 2,168 6 1 5
9 16 Barclays 3,899 3 107.6% 1,878 9 8 Rand Merchant Bank 1,932 6 -4 10
10 11 Credit Suisse 3,702 5 20.9% 3,062 10 10 KPMG 201 6 -3 9
11 9 UBS Investment Bank 3,284 3 -20.9% 4,150 11 29 Credit Suisse 3,702 5 3 2
12 - Sberbank 3,209 1 - - 12 7 Citi 1,808 5 -5 10
13 64 Evercore 3,200 4 3455.6% 90 13 5 Bank of America Merrill Lynch 7,690 4 -7 11
14 10 HSBC 3,004 3 -16.2% 3,586 14 35 Perella Weinberg Partners 5,278 4 2 2
15 14 Lazard 2,168 6 -10.6% 2,425 15 70 Evercore 3,200 4 3 1
16 17 Rand Merchant Bank 1,932 6 4.1% 1,856 16 20 Barclays 3,899 3 -1 4
17 2 Citi 1,808 5 -92.1% 22,876 17 18 UBS Investment Bank 3,284 3 -1 4
18 - Kempen & Co 1,727 1 - - 18 15 HSBC 3,004 3 -2 5
19 - Duff & Phelps 1,560 2 - - 19 21 Deutsche Bank 1,276 3 -1 4
20 18 EY 1,311 9 -27.1% 1,798 20 4 Investec 1,106 3 -9 12
mergermarket.com
Mergermarket Global & Regional League Tables 39
M&A Report Q1-Q3
M&A Rankings by deal value and deal

count for a wide range of regions.
M&A and PE Financial

Advisory League Tables
mergermarket.com
M&A Report Q1-Q3
Global Advisory League tables
Global league table by value Global league table by deal count
3 3 JPMorgan 649,731 228 44.4% 450,103 3 3 EY 25,979 245 -47 292
4 4 Citi 598,950 195 67.0% 358,685 4 7 Rothschild & Co 184,893 241 12 229
5 5 Bank of America Merrill Lynch 461,966 140 32.0% 349,992 5 1 KPMG 64,981 241 -94 335
6 10 Barclays 351,199 141 64.4% 213,560 6 4 Deloitte 20,638 238 -46 284
8 6 Lazard 325,373 152 20.4% 270,173 8 8 Morgan Stanley 797,217 212 14 198
9 7 Credit Suisse 305,984 132 37.0% 223,297 9 11 Citi 598,950 195 37 158
10 9 Deutsche Bank 297,802 97 38.6% 214,932 10 9 Lazard 325,373 152 -22 174
11 13 Centerview Partners 199,692 30 63.9% 121,845 11 10 Houlihan Lokey 31,492 148 -18 166
12 11 Rothschild & Co 184,893 241 6.6% 173,502 12 18 Barclays 351,199 141 28 113
13 8 UBS Investment Bank 166,414 115 -23.1% 216,452 13 13 Bank of America Merrill Lynch 461,966 140 -3 143
14 36 PJT Partners 138,006 16 392.5% 28,024 14 12 Credit Suisse 305,984 132 -20 152
15 22 Nomura Holdings 106,366 67 118.2% 48,753 15 14 Evercore 332,942 119 1 118
16 17 RBC Capital Markets 97,909 81 14.8% 85,268 16 17 UBS Investment Bank 166,414 115 1 114
17 30 Robey Warshaw 87,249 4 151.4% 34,703 17 16 Jefferies 80,214 114 -2 116
18 90 Mizuho Financial Group 84,244 42 1284.0% 6,087 18 15 Lincoln International 4,607 114 -3 117
19 18 Jefferies 80,214 114 9.5% 73,225 19 24 Raymond James & Associates 14,714 111 26 85
20 21 Moelis & Company 78,609 89 49.2% 52,684 20 19 Oaklins 5,204 106 -7 113
mergermarket.com
M&A Report Q1-Q3
EMEA Advisory League tables
Europe league table by value Europe league table by deal count
1 1 Goldman Sachs & Co 392,080 112 28.0% 306,427 1 4 Rothschild & Co 159,931 206 11 195
3 4 JPMorgan 322,260 101 55.9% 206,757 3 3 EY 10,493 188 -16 204
4 6 Citi 306,312 70 91.4% 160,036 4 5 Deloitte 8,439 164 -28 192
5 2 Bank of America Merrill Lynch 202,418 56 -13.3% 233,462 5 1 KPMG 46,573 149 -85 234
6 5 Lazard 194,002 98 5.9% 183,260 6 8 Goldman Sachs & Co 392,080 112 24 88
8 8 Rothschild & Co 159,931 206 11.9% 142,920 8 6 Lazard 194,002 98 -15 113
10 7 Deutsche Bank 119,487 43 -23.4% 155,916 10 11 Oaklins 2,932 75 3 72
11 9 Credit Suisse 106,719 45 -21.9% 136,722 11 13 Citi 306,312 70 3 67
12 10 UBS Investment Bank 103,465 59 -22.8% 134,042 12 15 Lincoln International 3,617 70 4 66
13 21 Robey Warshaw 87,249 4 151.4% 34,703 13 9 BDO 1,488 60 -26 86
14 25 Nomura Holdings 86,656 14 269.2% 23,470 14 18 UBS Investment Bank 103,465 59 3 56
15 11 BNP Paribas 68,072 43 -29.1% 95,969 15 12 Bank of America Merrill Lynch 202,418 56 -13 69
17 30 PJT Partners 63,210 7 265.2% 17,308 17 20 Clearwater International 1,498 56 3 53
18 16 Mediobanca 56,473 29 22.7% 46,029 18 19 Houlihan Lokey 9,002 52 -2 54
19 61 LionTree Advisors 52,373 10 990.4% 4,803 19 32 Barclays 125,297 50 19 31
20 13 Perella Weinberg Partners 50,595 7 -24.5% 66,974 20 14 ALANTRA 3,640 50 -17 67
mergermarket.com
M&A Report Q1-Q3 Q1-Q3
UK league table by value UK league table by deal count
1 4 Morgan Stanley 124,671 25 27.1% 98,083 1 1 Rothschild & Co 71,374 88 4 84
2 1 Goldman Sachs & Co 123,391 43 -30.4% 177,265 2 3 PwC 2,931 50 -4 54
3 7 Bank of America Merrill Lynch 91,199 25 5.0% 86,849 3 7 Goldman Sachs & Co 123,391 43 0 43
4 14 Barclays 90,474 26 221.3% 28,163 4 5 JPMorgan Cazenove 86,575 39 -6 45
5 11 Robey Warshaw 87,249 4 151.4% 34,703 5 6 Deloitte 2,183 39 -6 45
6 2 JPMorgan 86,575 39 -23.6% 113,287 6 2 KPMG 3,301 36 -25 61
7 12 Rothschild & Co 71,374 88 114.1% 33,338 7 28 Jamieson Corporate Finance 13,472 33 16 17
8 28 Evercore 66,365 21 828.2% 7,150 8 4 EY 2,487 32 -16 48
9 3 UBS Investment Bank 63,802 18 -40.1% 106,596 9 16 BDO 572 31 5 26
10 9 Citi 61,997 25 34.3% 46,170 10 12 Houlihan Lokey 2,337 29 -4 33
11 18 PJT Partners 59,815 4 284.7% 15,550 11 8 Grant Thornton 181 27 -8 35
12 10 Credit Suisse 35,626 21 -13.8% 41,323 12 27 Barclays 90,474 26 9 17
13 5 Deutsche Bank 26,811 15 -71.2% 93,142 13 11 Morgan Stanley 124,671 25 -8 33
14 95 LionTree Advisors 21,895 4 6358.7% 339 14 10 Bank of America Merrill Lynch 91,199 25 -9 34
15 17 RBC Capital Markets 21,408 9 31.4% 16,294 15 13 Citi 61,997 25 -2 27
16 26 Jefferies 21,361 22 145.8% 8,691 16 23 Oaklins 1,919 25 5 20
18 6 Lazard 16,357 23 -81.4% 87,781 18 20 GCA Corporation 1,605 24 3 21
19 33 Greenhill & Co 14,562 5 172.4% 5,346 19 15 Clearwater International 1,017 24 -2 26
20 19 Jamieson Corporate Finance 13,472 33 -5.1% 14,190 20 9 Lazard 16,357 23 -11 34
mergermarket.com
M&A Report Q1-Q3
Ireland league table by value Ireland league table by deal count
1 2 Morgan Stanley 85,341 6 994.1% 7,800 1 2 IBI Corporate Finance 252 10 0 10
2 3 Goldman Sachs & Co 82,444 5 990.5% 7,560 2 4 Davy Corporate Finance 872 7 -1 8
3 4 Citi 80,283 2 1210.7% 6,125 3 15 Morgan Stanley 85,341 6 4 2
4 32 Evercore 80,164 2 57571.9% 139 4 16 Goldman Sachs & Co 82,444 5 3 2
5 1 JPMorgan 79,815 4 915.1% 7,863 5 24 Rothschild & Co 2,475 5 3 2
6 - Nomura Holdings 79,744 1 - - 6 7 EY 435 5 0 5
7 80 Societe Generale 2,999 2 - - 7 5 JPMorgan 79,815 4 -2 6
8 33 Rothschild & Co 2,475 5 2150.0% 110 8 6 Goodbody Corporate Finance 596 4 -2 6
9 - Lazard 2,400 1 - - 9 25 BDO 79 4 2 2
10 8 Deloitte 2,296 3 319.7% 547 10 3 Deloitte 2,296 3 -6 9
DACH league table by value DACH league table by deal count
1 3 Goldman Sachs & Co 126,433 30 68.8% 74,888 1 2 EY 3,916 44 -4 48
2 7 Citi 81,069 18 67.7% 48,343 2 1 KPMG 989 36 -20 56
3 1 Bank of America Merrill Lynch 65,764 18 -25.7% 88,452 3 4 PwC 1,219 31 -4 35
4 13 Deutsche Bank 58,044 12 312.7% 14,064 4 10 Goldman Sachs & Co 126,433 30 9 21
5 10 Rothschild & Co 56,478 28 106.5% 27,348 5 5 Rothschild & Co 56,478 28 -5 33
6 8 Lazard 55,541 13 61.0% 34,491 6 3 Deloitte 440 28 -11 39
7 14 BNP Paribas 51,831 8 335.9% 11,891 7 8 JPMorgan 50,676 26 3 23
8 11 JPMorgan 50,676 26 94.3% 26,080 8 6 Lincoln International 860 25 -2 27
9 6 Perella Weinberg Partners 48,196 3 -17.4% 58,364 9 20 UBS Investment Bank 29,446 20 7 13
10 5 Morgan Stanley 44,620 15 -24.9% 59,391 10 7 GCA Corporation 1,549 20 -4 24
mergermarket.com
M&A Report Q1-Q3
Germany league table by value Germany league table by deal count
2 11 Deutsche Bank 57,632 11 336.5% 13,203 2 6 Lincoln International 860 24 4 20
3 5 Bank of America Merrill Lynch 52,626 7 -2.0% 53,721 3 5 PwC 1,032 23 2 21
4 7 Rothschild & Co 51,806 18 105.8% 25,177 4 2 KPMG 148 21 -12 33
5 10 Citi 50,717 8 281.1% 13,308 5 33 UniCredit Group 723 19 12 7
6 20 Lazard 47,075 7 912.4% 4,650 6 3 Deloitte 254 19 -8 27
7 12 BNP Paribas 47,026 5 326.7% 11,020 7 4 Rothschild & Co 51,806 18 -7 25
8 3 Perella Weinberg Partners 46,646 1 -20.1% 58,364 8 7 GCA Corporation 198 17 -1 18
9 4 Morgan Stanley 36,769 12 -35.9% 57,390 9 9 JPMorgan 30,339 14 -1 15
10 8 JPMorgan 30,339 14 33.7% 22,694 10 28 William Blair & Company 1,156 14 6 8
11 9 UBS Investment Bank 23,863 7 61.1% 14,811 11 8 Goldman Sachs & Co 84,940 13 -2 15
12= - LionTree Advisors 21,815 1 - - 12 31 Macquarie Group 13,731 13 6 7
12= - Robey Warshaw 21,815 1 - - 13 22 Morgan Stanley 36,769 12 3 9
14 2 Macquarie Group 13,731 13 -77.2% 60,182 14 20 ALANTRA 318 12 2 10
15 65 goetzpartners 7,270 11 3429.1% 206 15 15 Deutsche Bank 57,632 11 0 11
16 6 Credit Suisse 5,882 5 -88.0% 49,175 16 29 goetzpartners 7,270 11 3 8
17 27 Jamieson Corporate Finance 5,374 2 313.4% 1,300 17 26 Quarton International 58 11 2 9
18 13 Barclays 4,127 3 -61.8% 10,804 18= 17 Falkensteg - 11 0 11
19 31 EY 3,742 33 259.8% 1,040 18= 76 Restrukturierungspartner jwt & Co - 11 8 3
20 18 Jefferies 3,098 3 -50.3% 6,237 20 12 Globalscope Partners 24 10 -3 13
mergermarket.com
M&A Report Q1-Q3
Austria league table by value Austria league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3 Q1-Q3 Company name Value Deal Count Deal count
Q1-Q3 Q1-Q3 Company name Value Deal % Value Value 2018 2017 (US$m) count change
2018 2017 (US$m) count change (US$m) 1 2 Deloitte 79 6 -5 11
1 46 JPMorgan 2,684 5 - - 2 46 JPMorgan 2,684 5 4 1
2 6 Rothschild & Co 2,292 3 69.3% 1,354 3 10 MP Corporate Finance - 5 3 2
3 1 Citi 1,838 3 -58.6% 4,438 4 9 Rothschild & Co 2,292 3 1 2
4 - BNP Paribas 956 1 - - 5 16 Citi 1,838 3 2 1
5 14 UBS Investment Bank 882 1 469.0% 155 6 3 EY 162 3 -1 4
6 - TN Capital Advisors 725 1 - - 7 15 UniCredit Group 45 3 1 2
7 20 EY 162 3 604.3% 23 8 6 ALANTRA - 3 0 3
8 - Carnegie Investment Bank 148 1 - - 9 - Bank of America Merrill Lynch 27 2 2 0
9 - Barclays 94 1 - - 10= 1 KPMG - 2 -10 12
10 11 Deloitte 79 6 -57.5% 186 10= 4 PwC - 2 -2 4
10= - Raiffeisen Bank International - 2 2 0
Switzerland league table by value 10= - Raymond James & Associates - 2 2 0
Ranking Q1-Q3 2018 Q1-Q3 2017

Switzerland league table by deal count
Q1-Q3 Q1-Q3 Company name Value Deal % Value Value Ranking Q1-Q3 2018 Q1-Q3 2017
2018 2017 (US$m) count change (US$m)
Q1-Q3 Q1-Q3 Company name Value Deal Count Deal count
1 6 Goldman Sachs & Co 41,493 17 758.7% 4,832 2018 2017 (US$m) count change
3 7 JPMorgan 26,272 9 591.7% 3,798 2 1 KPMG 841 17 0 17
4 105 Greenhill & Co 13,573 3 - - 3 8 UBS Investment Bank 4,906 14 7 7
5 1 Bank of America Merrill Lynch 13,111 9 -62.2% 34,731 4 6 JPMorgan 26,272 9 -1 10
6 2 Credit Suisse 12,869 8 -62.0% 33,884 5 11 Bank of America Merrill Lynch 13,111 9 3 6
7 - Jamieson Corporate Finance 11,471 5 - - 6 7 Rothschild & Co 5,625 9 2 7
8 30 Morgan Stanley 11,096 4 1902.9% 554 7 3 PwC 204 9 -6 15
9 5 Lazard 8,466 6 -71.6% 29,841 8 9 The Corporate Finance Group - 9 2 7
10= 36 Centerview Partners 7,436 1 1759.0% 400 9 27 Citi 31,201 8 6 2
10= 11 Dyal Co 7,436 1 186.0% 2,600 10 4 Credit Suisse 12,869 8 -4 12
mergermarket.com
M&A Report Q1-Q3
France league table by value France league table by deal count
1 12 JPMorgan 46,547 19 107.5% 22,436 1 1 Rothschild & Co 23,435 78 11 67
2 4 Lazard 32,356 39 -32.8% 48,144 2 2 Lazard 32,356 39 -8 47
3 11 Morgan Stanley 30,931 12 11.0% 27,861 3 8 Deloitte 835 32 9 23
4 2 Rothschild & Co 23,435 78 -72.9% 86,515 4 3 BNP Paribas 15,111 27 -15 42
5 7 Goldman Sachs & Co 15,636 13 -62.5% 41,748 5 4 Natixis 4,801 23 -9 32
6 1 BNP Paribas 15,111 27 -83.5% 91,368 6 5 Credit Agricole 7,033 22 -6 28
7 - Ardea Partners 14,843 1 - - 7 9 Cambon Partners 300 22 0 22
8 43 Guggenheim Partners 10,887 1 1260.9% 800 8 11 Lincoln International 1,598 21 2 19
9 10 Societe Generale 9,795 14 -67.7% 30,329 9 12 KPMG 1,311 21 3 18
10 3 Citi 9,227 8 -84.7% 60,400 10 19 JPMorgan 46,547 19 6 13
11 6 Credit Agricole 7,033 22 -83.8% 43,332 11 13 DC Advisory 472 18 0 18
12 9 Natixis 4,801 23 -84.3% 30,548 12 7 EY 278 18 -7 25
13 30 Evercore 4,486 6 96.8% 2,279 13 14 PwC 227 17 0 17
14 14 Bank of America Merrill Lynch 4,251 3 -71.8% 15,067 14 25 UBS Investment Bank 1,201 15 5 10
15 55 PJT Partners 3,395 3 636.4% 461 15 22 Clearwater International 519 15 3 12
16 21 Jamieson Corporate Finance 3,217 5 -36.3% 5,048 16 6 Societe Generale 9,795 14 -13 27
17 37 RBC Capital Markets 3,217 4 129.0% 1,405 17 15 Goldman Sachs & Co 15,636 13 -3 16
18 35 Callisto 2,454 2 53.3% 1,601 18 27 Clairfield International 289 13 4 9
19 114 Bucephale Finance 2,262 2 8277.8% 27 19 17 Morgan Stanley 30,931 12 -2 14
20 31 Messier, Maris et Associes 2,218 7 2.3% 2,169 20 32 Bryan, Garnier & Co 127 12 4 8
mergermarket.com
M&A Report Q1-Q3
Benelux league table by value Benelux league table by deal count
1 1 JPMorgan 28,738 18 -23.3% 37,490 1 4 EY 934 30 -1 31
2 5 Lazard 19,670 17 21.2% 16,235 2 5 Rothschild & Co 7,458 29 3 26
3 40 HSBC 15,273 3 2253.3% 649 3 3 Deloitte 508 28 -5 33
4 32 Jamieson Corporate Finance 14,306 5 1621.5% 831 4 8 Oaklins 2,554 26 7 19
5 2 Goldman Sachs & Co 13,753 10 -52.9% 29,205 5 11 Rabobank 145 25 10 15
6 14 Evercore 13,185 4 190.2% 4,543 6 1 KPMG 195 21 -13 34
7 - LionTree Advisors 12,952 4 - - 7 9 JPMorgan 28,738 18 0 18
8 - The Valence Group 12,545 2 - - 8 6 ING 1,256 18 -8 26
9 3 Morgan Stanley 10,806 11 -47.3% 20,504 9 7 Lazard 19,670 17 -6 23
10 197 Moelis & Company 10,176 4 - - 10 12 Accuracy 664 17 3 14
Iberia league table by value Iberia league table by deal count
1 4 Citi 84,522 9 1141.0% 6,811 1 1 PwC 6,741 39 -14 53
2 2 Morgan Stanley 74,034 9 663.2% 9,700 2 4 EY 632 35 5 30
3 11 Lazard 70,512 9 2104.9% 3,198 3 2 Deloitte 1,228 27 -24 51
5 18 Societe Generale 51,864 8 2458.7% 2,027 5 27 Goldman Sachs & Co 56,863 11 6 5
6 42 Credit Suisse 51,712 5 7515.9% 679 6 8 Citi 84,522 9 -3 12
7 1 JPMorgan 47,806 7 311.8% 11,610 7 12 Morgan Stanley 74,034 9 -1 10
8 12 Santander Global Corporate Banking 46,191 9 1570.6% 2,765 8 14 Lazard 70,512 9 0 9
9 22 AZ Capital 44,316 5 2454.2% 1,735 9 10 Santander Global Corporate Banking 46,191 9 -2 11
10 17 Mediobanca 41,563 3 1829.6% 2,154 10 16 ALANTRA 1,882 9 1 8
mergermarket.com
M&A Report Q1-Q3
Spain league table by value Spain league table by deal count
1 3 Citi 57,144 8 739.0% 6,811 1 1 PwC 6,741 38 -13 51
2 15 Goldman Sachs & Co 56,503 10 2339.7% 2,316 2 4 EY 632 33 4 29
3 18 Societe Generale 51,864 8 2458.7% 2,027 3 2 Deloitte 1,008 25 -19 44
4 40 Credit Suisse 51,712 5 7515.9% 679 4 3 KPMG 40,143 17 -16 33
5 1 JPMorgan 46,950 5 345.4% 10,542 5 26 Goldman Sachs & Co 56,503 10 5 5
6 2 Morgan Stanley 46,359 7 377.9% 9,700 6 15 ALANTRA 1,882 9 1 8
7 14 Santander Global Corporate Banking 45,427 8 1758.0% 2,445 7 7 Citi 57,144 8 -4 12
8 22 AZ Capital 44,316 5 2454.2% 1,735 8 28 Societe Generale 51,864 8 3 5
9 11 Lazard 42,263 6 1221.5% 3,198 9 13 Santander Global Corporate Banking 45,427 8 -2 10
10 17 Mediobanca 41,563 3 1829.6% 2,154 10 6 Rothschild & Co 593 8 -6 14
11 19 KPMG 40,143 17 1970.3% 1,939 11 11 Morgan Stanley 46,359 7 -3 10
12 - Key Capital Partners 39,622 2 - - 12 18 Deutsche Bank 21,018 7 0 7
13 - EQUITA S.I.M 21,655 2 - - 13 14 Lazard 42,263 6 -2 8
14 6 Deutsche Bank 21,018 7 266.6% 5,733 14 25 UBS Investment Bank 4,009 6 1 5
15 32 Evercore 7,214 4 726.3% 873 15 20 GBS Finance 2,389 6 -1 7
16 16 PwC 6,741 38 197.5% 2,266 16 12 Arcano Partners 357 6 -4 10
17 - Mizuho Financial Group 5,842 1 - - 17 35 Lincoln International 21 6 3 3
18 4 Bank of America Merrill Lynch 4,769 5 -28.4% 6,662 18 40 Credit Suisse 51,712 5 3 2
19 13 UBS Investment Bank 4,009 6 58.1% 2,535 19 10 JPMorgan 46,950 5 -5 10
20 30 Nomura Holdings 2,432 4 141.7% 1,006 20 19 AZ Capital 44,316 5 -2 7
mergermarket.com
M&A Report Q1-Q3
Italy league table by value Italy league table by deal count
1 14 Goldman Sachs & Co 69,948 15 2259.9% 2,964 1 4 UniCredit Group 7,536 31 6 25
2 1 Mediobanca 56,249 25 41.8% 39,673 2 6 Mediobanca 56,249 25 7 18
3 17 Credit Suisse 49,008 8 2102.6% 2,225 3 1 KPMG 41,474 25 -19 44
4 6 Lazard 47,020 15 292.3% 11,985 4 3 PwC 3,696 25 -1 26
5 12 Morgan Stanley 45,738 6 1210.2% 3,491 5 2 EY 1,150 24 -3 27
6 8 JPMorgan 45,578 8 750.0% 5,362 6 7 Deloitte 1,446 22 4 18
7 99 Societe Generale 42,982 4 - - 7 5 Rothschild & Co 13,091 19 -5 24
8 10 KPMG 41,474 25 936.3% 4,002 8 11 Banca IMI/Intesa Sanpaolo 10,882 17 8 9
10 24 Santander Global Corporate Banking 40,497 2 3786.5% 1,042 10 8 Lazard 47,020 15 -2 17
11= - AZ Capital 39,622 1 - - 11 10 Vitale & Co 438 15 1 14
11= - Key Capital Partners A.V 39,622 1 - - 12 38 EQUITA S.I.M 22,397 12 9 3
13 44 EQUITA S.I.M 22,397 12 13392.2% 166 13 14 Ethica Corporate Finance 402 9 1 8
14 2 Rothschild & Co 13,091 19 -58.0% 31,203 14 17 Credit Suisse 49,008 8 1 7
15 13 Banca IMI/Intesa Sanpaolo 10,882 17 224.4% 3,354 15 16 JPMorgan 45,578 8 1 7
16 5 Deutsche Bank 9,924 3 -62.4% 26,389 16 40 Barclays 6,996 8 6 2
17= - LionTree Advisors 9,475 1 - - 17 46 Houlihan Lokey 2,561 8 6 2
17= - Moelis & Company 9,475 1 - - 18 22 Lincoln International 1,405 8 2 6
19 - Jefferies 8,905 3 - - 19 9 Fineurop Soditic 1,109 7 -7 14
20 9 Bank of America Merrill Lynch 8,051 5 81.0% 4,447 20 19 K Finance 119 7 0 7
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M&A Report Q1-Q3
Nordics league table by value Nordics league table by deal count
1 6 Nordea 21,473 15 52.5% 14,080 1 1 PwC 4,283 56 4 52
2 - LionTree Advisors 20,968 4 - - 2 2 EY 1,553 38 3 35
3 8 Deutsche Bank 19,952 10 88.9% 10,562 3 9 Deloitte 1,304 28 13 15
4 1 Morgan Stanley 19,462 10 -32.2% 28,697 4 14 Carnegie Investment Bank 3,272 22 10 12
5 21 SEB 19,129 19 342.5% 4,323 5 13 SEB 19,129 19 6 13
6 19 Barclays 18,885 8 300.9% 4,711 6 6 ABG Sundal Collier Holding 1,592 19 -1 20
7 4 JPMorgan 17,310 12 19.3% 14,504 7 18 Oaklins 7 18 7 11
8 38 Citi 17,056 16 1642.2% 979 8 10 Rothschild & Co 10,115 17 3 14
9 9 Goldman Sachs & Co 15,637 10 49.6% 10,450 9 56 Citi 17,056 16 13 3
10 5 Rothschild & Co 10,115 17 -30.2% 14,500 10 3 Danske Bank 2,112 16 -15 31
11 2 Bank of America Merrill Lynch 8,904 6 -68.4% 28,186 11 8 DNB Markets 2,086 16 -1 17
12 46 Evercore 5,387 5 603.3% 766 12 12 Nordea 21,473 15 2 13
13 16 Lazard 4,720 13 -17.7% 5,732 13 4 KPMG 314 14 -9 23
14 - Ondra Partners 4,441 1 - - 14 23 Lazard 4,720 13 5 8
15 26 Jefferies 4,347 6 75.0% 2,484 15 11 JPMorgan 17,310 12 -1 13
16 32 PwC 4,283 56 197.6% 1,439 16 7 Pareto Securities 986 12 -5 17
17 22 Houlihan Lokey 3,968 3 13.7% 3,490 17 15 Clearwater International 353 12 0 12
18 - Jamieson Corporate Finance 3,943 6 - - 18 20 Nordhaven Corporate Finance 73 11 2 9
19 - Societe Generale 3,552 3 - - 19 70 Deutsche Bank 19,952 10 8 2
20 28 BNP Paribas 3,459 4 97.4% 1,752 20 16 Morgan Stanley 19,462 10 -1 11
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M&A Report Q1-Q3
Denmark league table by value Denmark league table by deal count
1 1 Morgan Stanley 14,259 3 -6.5% 15,246 1 1 PwC 543 13 -2 15
2 6 Nordea 13,688 8 74.2% 7,856 2 2 Clearwater International 353 12 0 12
3 22 Barclays 13,087 3 5590.0% 230 3 4 Deloitte 128 12 2 10
4 - LionTree Advisors 13,087 2 - - 4 21 EY 789 10 7 3
5 - Citi 8,535 5 - - 5 9 Nordea 13,688 8 3 5
6 11 Goldman Sachs & Co 5,438 3 163.2% 2,066 6 3 Danske Bank 1,750 8 -3 11
7 3 Deutsche Bank 5,065 3 -52.0% 10,562 7 - Citi 8,535 5 5 -
8 4 Rothschild & Co 4,092 5 -56.7% 9,455 8 7 Rothschild & Co 4,092 5 -1 6
9= - Jamieson Corporate Finance 3,180 2 - - 9= 18 ABG Sundal Collier Holding - 5 2 3
9= 10 Macquarie Group 3,180 2 25.2% 2,539 9= 6 Nordic M&A - 5 -2 7
Norway league table by value Norway league table by deal count
1= 53 Barclays 6,030 2 - - 1 2 ABG Sundal Collier Holding 1,325 12 -4 16
1= - LionTree Advisors 6,030 2 - - 2 1 Pareto Securities 986 11 -6 17
3 - Goldman Sachs & Co 3,841 3 - - 3 5 PwC 12 11 0 11
4 14 BNP Paribas 3,440 2 267.9% 935 4 3 DNB Markets 600 10 -4 14
5 - Societe Generale 3,440 1 - - 5 8 Arctic Securities 1,766 7 -1 8
6 4 Morgan Stanley 3,353 4 -52.0% 6,983 6 - Deloitte 981 7 7 -
7 - Bank of America Merrill Lynch 3,263 2 - - 7 4 EY 221 7 -4 11
8 - Nordea 2,590 1 - - 8 6 Danske Bank 87 6 -4 10
9 9 Arctic Securities 1,766 7 -27.2% 2,426 9= 18 DHT Corporate Services - 6 2 4
10 26 Carnegie Investment Bank 1,760 4 1500.0% 110 9= 15 Oaklins - 6 1 5
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M&A Report Q1-Q3
Sweden league table by value Sweden league table by deal count
1 11 SEB 16,138 16 1096.3% 1,349 1 1 PwC 4,042 30 -2 32
2 - Deutsche Bank 14,941 6 - - 2 2 EY 946 24 5 19
3 9 Goldman Sachs & Co 11,538 6 663.6% 1,511 3 9 SEB 16,138 16 9 7
4 7 JPMorgan 11,104 7 564.1% 1,672 4 13 Carnegie Investment Bank 1,173 14 8 6
5 16 Citi 9,365 11 876.5% 959 5 7 Deloitte 297 14 6 8
6 53 Nordea 9,021 10 12090.5% 74 6 67 Citi 9,365 11 10 1
7 2 Bank of America Merrill Lynch 8,904 5 -53.9% 19,310 7 15 Rothschild & Co 6,671 11 6 5
8 - LionTree Advisors 7,031 2 - - 8 18 Nordea 9,021 10 5 5
9 8 Morgan Stanley 7,030 6 358.0% 1,535 9 24 Lazard 3,945 10 6 4
10 10 Rothschild & Co 6,671 11 351.7% 1,477 10 32 DNB Markets 1,486 8 5 3
Finland league table by value Finland league table by deal count
1 28 JPMorgan 3,938 2 13026.7% 30 1 3 PwC - 11 3 8
2 - SEB 2,798 4 - - 2 10 KPMG - 9 4 5
3 1 Access Partners 2,200 6 -70.2% 7,386 3 16 HLP Corporate Finance 17 8 5 3
4 3 Nordea 2,124 2 -65.9% 6,224 4 - Oaklins - 7 7 -
5 21 ICECAPITAL Securities 432 5 483.8% 74 5 6 Access Partners 2,200 6 1 5
6 - Lenner & Partners 397 1 - - 6 12 MCF Corporate Finance 19 6 2 4
7 4 Rothschild & Co 309 1 -93.5% 4,777 7 20 ProMan IMAP Finland 16 6 4 2
8 9 Danske Bank 275 1 -87.3% 2,162 8 41 Initia Corporate Finance - 6 5 1
9 35 EY 227 4 3142.9% 7 9 21 ICECAPITAL Securities 432 5 3 2
10 10 Pareto Securities 188 1 -89.9% 1,859 10 15 Nordhaven Corporate Finance - 5 2 3
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M&A Report Q1-Q3
CEE league table by value CEE league table by deal count
1 2 JPMorgan 5,157 6 50.7% 3,422 1 1 EY 458 19 -4 23
2 79 BNP Paribas 4,572 4 - - 2 4 Deloitte 131 13 -3 16
3 4 Rothschild & Co 4,554 10 136.6% 1,925 3 2 KPMG 142 12 -10 22
4 - Goldman Sachs & Co 4,162 4 - - 4 5 Rothschild & Co 4,554 10 0 10
6 - Barclays 3,440 2 - - 6 3 PwC 283 9 -9 18
7 19 LionTree Advisors 3,440 1 1213.0% 262 7 8 JPMorgan 5,157 6 0 6
8 1 VTB Capital 3,376 4 -18.4% 4,138 8 17 Trigon Group 197 6 3 3
9 20 Sberbank 3,209 1 1265.5% 235 9 19 Oaklins 121 6 3 3
10 17 Morgan Stanley 2,546 3 619.2% 354 10 79 BNP Paribas 4,572 4 3 1
11 - Citi 2,411 4 - - 11 - Goldman Sachs & Co 4,162 4 4 -
12 - VCP Capital Partners 2,246 2 - - 12 15 Societe Generale 3,789 4 1 3
Unternehmensberatungs
13 6 VTB Capital 3,376 4 -5 9
13= - Bucephale Finance 2,198 1 - -
14 - Citi 2,411 4 4 -
13= - Callisto 2,198 1 - -
15 20 Advance Capital 220 4 1 3
13= - PJT Partners 2,198 1 - -
16 10 Globalscope Partners 80 4 -1 5
16 3 UniCredit Group 1,365 9 -36.8% 2,159
17 41 Morgan Stanley 2,546 3 2 1
17 - Nordea 1,165 1 - -
18 47 Superia Corporate Finance 622 3 2 1
18 7 UBS Investment Bank 1,016 2 -25.8% 1,369
19 90 Lazard 578 3 2 1
19 5 Deutsche Bank 780 2 -56.9% 1,811
20 75 BDO 51 3 2 1
20 63 goetzpartners 711 2 - -
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M&A Report Q1-Q3
Russia league table by value Russia league table by deal count
1 1 VTB Capital 3,376 4 -18.4% 4,138 1 1 VTB Capital 3,376 4 -5 9
2 7 Sberbank 3,209 1 1265.5% 235 2 2 Advance Capital 220 4 1 3
3 3 JPMorgan 1,749 1 6.0% 1,650 3 15 Rothschild & Co 911 3 2 1
4 - Citi 1,225 2 - - 4 - Citi 1,225 2 2 -
5 11 Rothschild & Co 911 3 1587.0% 54 5 11 Morgan Stanley 348 2 1 1
6 28 UBS Investment Bank 900 1 - - 6 30 Voskhod Capital 23 2 1 1
7 2 Deutsche Bank 780 1 -56.9% 1,811 7 - KPMG 16 2 2 -
8 6 Morgan Stanley 348 2 -1.7% 354 8 12 Sberbank 3,209 1 0 1
9 - Goldman Sachs & Co 299 1 - - 9 4 JPMorgan 1,749 1 -1 2
10 17 Advance Capital 220 4 - - 10 28 UBS Investment Bank 900 1 0 1
Poland league table by value Poland league table by deal count
1 5 Rothschild & Co 1,131 3 -16.0% 1,347 1 6 Trigon Group 197 6 3 3
2 - BNP Paribas 956 2 - - 2 12 EY 136 6 4 2
3 - Citi 956 1 - - 3 1 PwC 283 4 -4 8
4= 37 goetzpartners 349 1 - - 4 2 KPMG 48 4 -3 7
4= 6 Societe Generale 349 1 -69.2% 1,132 5 5 Rothschild & Co 1,131 3 -1 4
6 - Lazard 291 2 - - 6 8 UniCredit Group 214 3 1 2
7 14 PwC 283 4 159.6% 109 7 3 Santander Bank Polska 9 3 -3 6
8 - Moelis & Company 273 1 - - 8 4 Deloitte - 3 -2 5
9 1 UniCredit Group 214 3 -86.5% 1,584 9 - BNP Paribas 956 2 2 -
10 10 Trigon Group 197 6 1.0% 195 10 - Lazard 291 2 2 -
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M&A Report Q1-Q3
Turkey league table by value Turkey league table by deal count
1 - Sberbank 3,209 1 - - 1 8 Pragma Corporate Finance 90 4 2 2
2 - Citi 1,195 2 - - 2 9 EY 330 3 1 2
3= - Deutsche Bank 1,172 1 - - 3 25 Garanti Securities 260 3 2 1
3= 1 Morgan Stanley 1,172 1 -57.4% 2,752 4 - Ventura Partners 25 3 3 -
5 2 Unlu & Co 443 2 -70.9% 1,523 5 - Citi 1,195 2 2 -
6 17 EY 330 3 560.0% 50 6 2 Unlu & Co 443 2 -3 5
7 8 IS Investment Securities 304 2 -25.1% 406 7 1 IS Investment Securities 304 2 -5 7
8 24 Garanti Securities 260 3 4233.3% 6 8 3 Raiffeisen Bank International 92 2 -3 5
9 10 Raiffeisen Bank International 92 2 -66.2% 272 9 5 Odin Financial Advisors 28 2 -1 3
10 15 Pragma Corporate Finance 90 4 76.5% 51 10 - Alfa Investment 27 2 2 -
Africa league table by value Africa league table by deal count
1 - JPMorgan 2,461 4 - - 1 6 Rothschild & Co 2,180 9 6 3
2 - Evercore 2,200 2 - - 2 4 PwC 411 9 8 1
3 20 Rothschild & Co 2,180 9 342 537.4% 3 8 Standard Bank Group 380 9 5 4
4 6 Rand Merchant Bank 1,932 6 1,856 4.1% 4 2 Rand Merchant Bank 1,932 6 10 -4
5 11 Lazard 1,314 3 913 43.9% 5 - JPMorgan 2,461 4 4 -
6= 21 BDO 1,259 1 313 302.2% 6 14 Lazard 1,314 3 3 -
6= 14 EY 1,259 1 451 179.2% 7 1 Investec 1,106 3 11 -8
8 - Credit Suisse 1,200 1 - - 8 25 Morgan Stanley 324 3 1 2
9 8 Investec 1,106 3 968 14.3% 9 17 BMO Capital Markets 323 3 2 1
10 - Kotak Investment Banking 1,054 2 - - 10 56 Oaklins 14 3 1 2
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M&A Report Q1-Q3
Americas Advisory League tables
Americas league table by value Americas league table by deal count
2 2 Morgan Stanley 531,343 148 38.4% 383,862 2 2 JPMorgan 423,477 165 -4 169
4 4 Bank of America Merrill Lynch 335,184 102 26.0% 265,948 4 5 Citi 328,599 141 26 115
5 5 Citi 328,599 141 25.8% 261,299 5 4 Houlihan Lokey 28,123 123 -15 138
6 8 Barclays 320,553 118 67.1% 191,834 6 11 Barclays 320,553 118 21 97
7 7 Credit Suisse 245,368 103 27.8% 191,956 7 8 Evercore 239,651 105 2 103
8 11 Evercore 239,651 105 62.5% 147,462 8 7 Credit Suisse 245,368 103 -3 106
9 12 Centerview Partners 192,054 27 58.8% 120,960 9 9 Bank of America Merrill Lynch 335,184 102 0 102
10 10 Deutsche Bank 178,800 61 19.8% 149,193 10 10 Jefferies 62,768 100 -2 102
11 6 Lazard 175,410 75 -16.6% 210,403 11 18 Raymond James & Associates 14,345 99 23 76
12 27 PJT Partners 136,575 14 400.5% 27,287 12 21 Moelis & Company 67,415 79 12 67
13 14 RBC Capital Markets 79,958 73 7.1% 74,656 13 14 Rothschild & Co 65,553 79 -8 87
14 63 Mizuho Financial Group 74,077 5 1374.2% 5,025 14 26 Robert W. Baird & Co 11,966 79 20 59
16 18 Moelis & Company 67,415 79 29.4% 52,090 16 19 William Blair & Company 16,759 75 3 72
17 17 Rothschild & Co 65,553 79 22.0% 53,730 17 13 RBC Capital Markets 79,958 73 -15 88
18 29 Robey Warshaw 65,434 3 197.0% 22,035 18 15 Piper Jaffray & Co 11,969 73 -13 86
20 155 Raine Group 61,588 5 6930.6% 876 20 25 EY 8,846 64 3 61
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M&A Report Q1-Q3
US league table by value US league table by deal count
2 2 Morgan Stanley 490,112 135 29.3% 378,923 2 2 JPMorgan 403,950 155 1 154
4 7 Barclays 313,756 114 66.5% 188,396 4 5 Citi 307,011 126 14 112
5 5 Bank of America Merrill Lynch 308,876 90 23.9% 249,348 5 3 Houlihan Lokey 25,654 120 -15 135
6 4 Citi 307,011 126 18.8% 258,532 6 9 Barclays 313,756 114 23 91
7 11 Evercore 236,232 98 61.4% 146,366 7 8 Jefferies 62,682 99 0 99
9 12 Centerview Partners 192,054 27 58.8% 120,960 9 6 Credit Suisse 235,733 95 -5 100
10 10 Deutsche Bank 172,229 58 17.2% 146,964 10 18 Raymond James & Associates 13,845 94 25 69
12 26 PJT Partners 130,988 13 388.3% 26,828 12 23 Robert W. Baird & Co 11,966 79 23 56
13 55 Mizuho Financial Group 74,077 5 1374.2% 5,025 13 20 Moelis & Company 67,167 76 12 64
14 16 RBC Capital Markets 68,351 62 13.3% 60,334 14 15 William Blair & Company 16,759 74 2 72
15 18 Moelis & Company 67,167 76 37.7% 48,765 15 12 Piper Jaffray & Co 11,969 73 -10 83
16 29 Robey Warshaw 65,434 3 197.0% 22,035 16 14 Rothschild & Co 58,927 70 -5 75
19 144 Raine Group 61,588 5 6930.6% 876 19 17 RBC Capital Markets 68,351 62 -8 70
20 51 Sumitomo Mitsui Financial Group 60,978 5 940.9% 5,858 20 26 Sandler O'Neill & Partners 28,922 61 10 51
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M&A Report Q1-Q3
US North East league table by value US North East league table by deal count
1 1 Morgan Stanley 311,647 87 42.0% 219,438 1 1 Goldman Sachs & Co 253,854 124 29 95
2 2 Goldman Sachs & Co 253,854 124 26.5% 200,688 2 3 Morgan Stanley 311,647 87 11 76
3 4 Bank of America Merrill Lynch 197,490 38 19.6% 165,139 3 2 JPMorgan 189,587 83 5 78
4 6 JPMorgan 189,587 83 42.0% 133,468 4 5 Citi 155,828 70 4 66
5 3 Citi 155,828 70 -13.5% 180,085 5 8 Barclays 124,178 65 14 51
6 8 Barclays 124,178 65 44.4% 86,007 6 4 Houlihan Lokey 17,567 63 -11 74
7 5 Credit Suisse 117,173 58 -15.2% 138,154 7 6 Credit Suisse 117,173 58 -4 62
8 18 Centerview Partners 115,811 18 379.2% 24,166 8 9 Jefferies 32,529 57 8 49
9 9 Lazard 113,364 34 47.5% 76,865 9 11 Evercore 95,755 54 10 44
10 13 Evercore 95,755 54 93.0% 49,607 10 12 William Blair & Company 12,787 48 4 44
US Mid West league table by value US Mid West league table by deal count
2 1 Morgan Stanley 209,114 35 102.2% 103,430 2 6 Robert W. Baird & Co 3,967 36 9 27
3 13 Centerview Partners 163,625 11 970.0% 15,292 3 4 Morgan Stanley 209,114 35 4 31
4 3 JPMorgan 110,244 27 47.3% 74,834 4 11 Barclays 76,843 35 14 21
5 8 Deutsche Bank 104,272 12 227.4% 31,845 5 1 Houlihan Lokey 4,720 35 -11 46
6 11 Lazard 99,654 21 509.2% 16,359 6 16 Moelis & Company 38,873 28 11 17
8 5 Credit Suisse 87,665 20 79.3% 48,883 8 15 Raymond James & Associates 3,238 27 9 18
9 7 Barclays 76,843 35 88.1% 40,848 9 9 Lincoln International 1,597 25 1 24
10 4 Citi 70,265 22 5.1% 66,842 10 14 Piper Jaffray & Co 3,988 23 5 18
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M&A Report Q1-Q3
US South league table by value US South league table by deal count
2 7 Barclays 164,154 47 63.1% 100,662 2 3 JPMorgan 138,581 62 6 56
3 10 Citi 140,843 56 93.1% 72,919 3 7 Citi 140,843 56 10 46
4 1 JPMorgan 138,581 62 -24.8% 184,385 4 2 Houlihan Lokey 19,113 55 -3 58
5 3 Morgan Stanley 105,113 42 -22.1% 134,880 5 9 Jefferies 36,992 51 8 43
6 12 Bank of America Merrill Lynch 100,235 40 102.6% 49,463 6 6 Barclays 164,154 47 0 47
8 6 Evercore 78,049 45 -26.0% 105,457 8 13 Raymond James & Associates 7,955 43 8 35
9 15 Jefferies 36,992 51 37.1% 26,979 9 8 Morgan Stanley 105,113 42 -3 45
US West league table by value US West league table by deal count
1 5 JPMorgan 153,424 48 218.5% 48,168 1 1 Goldman Sachs & Co 125,389 64 11 53
2 2 Morgan Stanley 151,780 49 103.5% 74,603 2 6 Morgan Stanley 151,780 49 11 38
3 1 Goldman Sachs & Co 125,389 64 47.6% 84,926 3 3 JPMorgan 153,424 48 1 47
4 11 Credit Suisse 107,579 30 247.2% 30,988 4 17 Raymond James & Associates 4,888 46 24 22
5 14 Deutsche Bank 97,444 23 475.3% 16,938 5 2 Houlihan Lokey 10,941 45 -4 49
6 10 Centerview Partners 74,725 14 138.3% 31,354 6 10 Citi 43,567 33 3 30
7 3 Evercore 71,201 28 10.7% 64,297 7 9 William Blair & Company 4,499 33 1 32
8 23 PJT Partners 70,829 6 1192.5% 5,480 8 4 Jefferies 12,096 31 -14 45
9 57 Mizuho Financial Group 67,810 2 6464.4% 1,033 9 8 Credit Suisse 107,579 30 -3 33
10 63 Raine Group 61,588 5 7356.2% 826 10 15 Bank of America Merrill Lynch 60,014 30 6 24
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M&A Report Q1-Q3
Canada league table by value Canada league table by deal count
1 2 Goldman Sachs & Co 64,101 18 52.5% 42,024 1 3 BMO Capital Markets 45,365 39 11 28
2 12 Citi 54,166 20 336.4% 12,413 2 13 Scotiabank 51,259 32 19 13
3 7 Scotiabank 51,259 32 173.3% 18,756 3 4 TD Securities 48,176 28 1 27
4 5 Bank of America Merrill Lynch 50,735 16 53.7% 33,005 4 6 CIBC World Markets 20,432 23 3 20
5 4 TD Securities 48,176 28 26.4% 38,127 5 1 RBC Capital Markets 30,468 21 -17 38
6 14 BMO Capital Markets 45,365 39 279.8% 11,945 6 2 Deloitte 4,572 21 -11 32
7 8 Lazard 37,250 10 118.9% 17,020 7 26 Citi 54,166 20 12 8
9 6 Barclays 33,196 15 16.6% 28,481 9 18 Canaccord Genuity Corp 6,746 17 5 12
10 3 RBC Capital Markets 30,468 21 -24.9% 40,578 10 9 Bank of America Merrill Lynch 50,735 16 0 16
11 1 JPMorgan 21,937 8 -56.5% 50,376 11 14 Barclays 33,196 15 3 12
12 10 CIBC World Markets 20,432 23 35.7% 15,062 12 10 National Bank Financial 8,315 15 0 15
13 17 Centerview Partners 17,000 3 98.4% 8,569 13 28 GMP Securities 7,113 15 8 7
14= - Canson Capital Partners 17,000 1 - - 14 19 Raymond James & Associates 1,183 13 1 12
14= 77 Guggenheim Partners 17,000 1 4827.5% 345 15 11 Morgan Stanley 36,182 12 -2 14
16 38 Deutsche Bank 16,352 4 596.7% 2,347 16 21 PwC 2,023 12 1 11
17 26 Jefferies 15,125 10 258.0% 4,225 17 8 KPMG 729 11 -6 17
18 13 Evercore 13,897 6 14.7% 12,121 18 24 Lazard 37,250 10 1 9
19 11 Credit Suisse 12,879 8 2.8% 12,533 19 23 Jefferies 15,125 10 0 10
20 74 Greenhill & Co 11,636 7 2930.2% 384 20 16 Macquarie Group 5,373 10 -2 12
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M&A Report Q1-Q3
Latin America league table by value Latin America league table by deal count
1 6 Bank of America Merrill Lynch 23,653 11 273.6% 6,331 1 2 Banco Itau BBA 22,193 21 -4 25
2 10 Banco Bradesco BBI 22,393 13 454.7% 4,037 2 1 Banco BTG Pactual 8,303 14 -12 26
3 7 Banco Itau BBA 22,193 21 280.5% 5,833 3 3 Banco Bradesco BBI 22,393 13 -3 16
4 4 Morgan Stanley 17,032 11 121.3% 7,697 4 9 Bank of America Merrill Lynch 23,653 11 2 9
5 1 Banco BTG Pactual 8,303 14 -37.8% 13,356 5 4 Morgan Stanley 17,032 11 0 11
7 2 JPMorgan 5,219 9 -56.8% 12,087 7 11 JPMorgan 5,219 9 2 7
8= - CLSA 4,066 1 - - 8 22 Citi 3,056 8 4 4
8= - Sinolink Securities 4,066 1 - - 9 5 Santander Global Corporate Banking 836 8 -3 11
10 36 Rabobank 3,384 4 696.2% 425 10 41 LXG Capital 424 8 6 2
11 - Mediobanca 3,266 1 - - 11 12 Credit Suisse 2,560 7 0 7
12 12 Citi 3,056 8 -13.5% 3,533 12 6 Lazard 1,972 7 -4 11
13 8 Credit Suisse 2,560 7 -44.2% 4,591 13 10 Rothschild & Co 1,058 7 -1 8
14 15 Lazard 1,972 7 -12.9% 2,265 14 23 EY 847 7 3 4
15 98 DH Capital 1,800 1 - - 15 31 Vinci Partners 619 7 4 3
16 19 Rothschild & Co 1,058 7 -29.1% 1,492 16 16 KPMG 566 7 1 6
17 - Jefferies 969 1 - - 17 44 Oaklins 364 6 4 2
18 41 EY 847 7 163.9% 321 18 82 Greenhill & Co 284 5 4 1
19 11 Santander Global Corporate Banking 836 8 -77.7% 3,744 19 38 Rabobank 3,384 4 2 2
20 9 Barclays 783 3 -81.5% 4,243 20 8 PwC 495 4 -6 10
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M&A Report Q1-Q3
Asia Pacific Advisory League tables
Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count
2 1 Morgan Stanley 103,653 33 10.8% 93,533 2 5 Deloitte 7,564 51 6 45
4 3 UBS Investment Bank 84,802 44 33.6% 63,458 4 2 EY 13,968 50 -29 79
5 7 JPMorgan 71,881 37 46.4% 49,091 5 3 PwC 3,007 49 -26 75
8 39 Lazard 41,691 21 643.2% 5,610 8 7 JPMorgan 71,881 37 -1 38
10 4 China International Capital Corporation 34,568 26 -39.6% 57,255 10 20 Rothschild & Co 12,948 33 13 20
12 200 Millennium Investment Banking 28,708 2 11114.1% 256 12 14 Bank of America Merrill Lynch 70,135 28 3 25
13 56 Moelis & Company 23,489 16 797.9% 2,616 13 17 Huatai Securities 14,242 27 3 24
14 9 CITIC Securities 21,332 22 -19.2% 26,395 14 15 China Renaissance Holdings 13,111 27 3 24
15 10 Evercore 17,276 12 -19.8% 21,534 15 8 China International Capital Corporation 34,568 26 -10 36
16 54 Grant Samuel 17,160 7 519.0% 2,772 16 9 Credit Suisse 13,132 26 -8 34
17 18 KPMG 17,148 68 11.4% 15,393 17 18 CITIC Securities 21,332 22 1 21
18 27 Huatai Securities 14,242 27 25.4% 11,355 18 23 Deutsche Bank 44,011 21 5 16
19 16 EY 13,968 50 -15.5% 16,521 19 29 Lazard 41,691 21 9 12
20 12 Credit Suisse 13,132 26 -31.2% 19,090 20 19 Somerley Capital 7,835 20 -1 21
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M&A Report Q1-Q3
Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count
1 1 Morgan Stanley 81,536 25 -7.9% 88,577 1 3 KPMG 13,100 49 -2 51
3 5 Citi 71,489 30 50.4% 47,533 3 4 Goldman Sachs & Co 78,246 38 -3 41
4 7 JPMorgan 59,805 27 40.4% 42,583 4 7 Deloitte 6,966 37 6 31
5 4 UBS Investment Bank 51,769 28 -0.1% 51,833 5 17 Citi 71,489 30 13 17
7 38 Lazard 36,109 14 545.7% 5,592 7 8 JPMorgan 59,805 27 -1 28
8 3 China International Capital Corporation 34,568 26 -36.5% 54,419 8 13 Huatai Securities 14,242 27 3 24
9 186 Millennium Investment Banking 28,708 2 11114.1% 256 9 11 China Renaissance Holdings 13,111 27 3 24
10 32 Deutsche Bank 28,355 16 259.7% 7,883 10 2 PwC 2,633 27 -27 54
11 27 Barclays 22,726 12 121.9% 10,240 11 6 China International Capital Corporation 34,568 26 -8 34
12 8 CITIC Securities 21,332 22 -19.2% 26,395 12 5 Morgan Stanley 81,536 25 -11 36
13 10 Evercore 17,276 11 -9.8% 19,150 13 23 Rothschild & Co 11,162 25 13 12
14 74 Moelis & Company 16,595 12 1064.6% 1,425 14 15 CITIC Securities 21,332 22 1 21
15 - Grant Samuel 16,262 1 - - 15 18 Bank of America Merrill Lynch 50,511 20 4 16
16 24 Huatai Securities 14,242 27 25.4% 11,355 16 16 Somerley Capital 7,835 20 -1 21
17 21 China Renaissance Holdings 13,111 27 2.8% 12,750 17 12 China Securities 12,043 19 -5 24
18 15 KPMG 13,100 49 -11.7% 14,836 18 43 Avendus Capital 1,682 17 9 8
19 130 Citi Orient Securities 13,067 4 2518.6% 499 19 24 Deutsche Bank 28,355 16 4 12
20 93 Hina Group 12,526 8 1325.0% 879 20 9 Credit Suisse 9,172 16 -9 25
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M&A Report Q1-Q3
Australasia league table by value Australasia league table by deal count
1 2 Morgan Stanley 39,529 10 164.0% 14,974 1 3 Macquarie Group 31,861 26 3 23
2 3 UBS Investment Bank 35,106 21 201.0% 11,664 2 2 PwC 417 25 -1 26
3 11 Goldman Sachs & Co 33,341 14 315.2% 8,030 3 9 UBS Investment Bank 35,106 21 11 10
4 1 Macquarie Group 31,861 26 23.3% 25,832 4 1 KPMG 4,213 21 -17 38
5 13 Bank of America Merrill Lynch 19,845 9 207.8% 6,448 5 5 Deloitte 2,130 19 3 16
8 21 Grant Samuel 17,160 7 519.0% 2,772 8 6 JPMorgan 12,356 11 -2 13
9 5 JPMorgan 12,356 11 16.6% 10,596 9 15 Credit Suisse 6,210 11 2 9
10 43 Barclays 12,161 4 3574.0% 331 10 13 Morgan Stanley 39,529 10 1 9
11 - Robey Warshaw 10,500 1 - - 11 18 Grant Thornton 164 10 2 8
12 - AquAsia 9,432 1 - - 12 7 Bank of America Merrill Lynch 19,845 9 -2 11
13 18 Lazard 6,960 9 125.1% 3,092 13 30 Lazard 6,960 9 6 3
14 29 Moelis & Company 6,905 5 479.8% 1,191 14 17 Rothschild & Co 1,812 9 1 8
15 15 Credit Suisse 6,210 11 20.9% 5,136 15 70 Cameron Partners 539 9 8 1
16 - Jamieson Corporate Finance 5,374 1 - - 16 25 Deutsche Bank 17,217 8 4 4
17 12 RBC Capital Markets 4,525 7 -38.6% 7,366 17 19 Gresham Advisory Partners 1,184 8 1 7
18 6 KPMG 4,213 21 -59.9% 10,508 18 11 Grant Samuel 17,160 7 -3 10
19 - goetzpartners 2,687 1 - - 19 14 RBC Capital Markets 4,525 7 -2 9
20 - Scotiabank 2,340 4 - - 20 - Euroz Securities 257 7 7 -
mergermarket.com
M&A Report Q1-Q3
Greater China league table by value Greater China league table by deal count
1 1 Morgan Stanley 66,886 13 3.1% 64,903 1 5 Huatai Securities 14,242 27 3 24
2 4 Citi 52,957 16 28.1% 41,333 2 1 China International Capital Corporation 34,568 26 -8 34
3 5 UBS Investment Bank 42,201 21 14.9% 36,728 3 3 China Renaissance Holdings 12,111 26 2 24
4 7 Bank of America Merrill Lynch 39,399 8 39.8% 28,177 4 2 Goldman Sachs & Co 39,320 24 -3 27
5 3 Goldman Sachs & Co 39,320 24 -27.6% 54,340 5 8 CITIC Securities 21,332 22 1 21
6 2 China International Capital Corporation 34,568 26 -36.5% 54,419 6 10 UBS Investment Bank 42,201 21 5 16
7 30 Lazard 32,024 8 585.0% 4,675 7 9 Somerley Capital 7,835 20 -1 21
8 142 Millennium Investment Banking 28,708 2 11114.1% 256 8 4 China Securities 12,043 19 -5 24
9 8 CITIC Securities 21,332 22 -19.2% 26,395 9 98 Deloitte 5,992 18 15 3
11 - Grant Samuel 16,262 1 - - 11 16 JPMorgan 14,987 14 3 11
12 6 JPMorgan 14,987 14 -54.5% 32,945 12 7 Morgan Stanley 66,886 13 -10 23
13 18 Huatai Securities 14,242 27 25.4% 11,355 13 20 Guotai Junan Securities 5,530 13 3 10
14 105 Citi Orient Securities 13,067 4 2518.6% 499 14 57 Rothschild & Co 2,800 11 7 4
15 75 Hina Group 12,526 8 1325.0% 879 15 68 Sinolink Securities 4,979 10 6 4
16 15 China Renaissance Holdings 12,111 26 -5.0% 12,750 16 25 Deutsche Bank 20,997 9 0 9
17 16 China Securities 12,043 19 0.8% 11,943 17 6 Haitong Securities 11,084 9 -15 24
18 27 Haitong Securities 11,084 9 89.7% 5,842 18 17 Kingston Corporate Finance 839 9 -2 11
19 69 Moelis & Company 10,329 5 845.9% 1,092 19 23 Bank of America Merrill Lynch 39,399 8 -1 9
20 - LionTree Advisors 9,599 2 - - 20 37 Lazard 32,024 8 2 6
mergermarket.com
M&A Report Q1-Q3
India league table by value India league table by deal count
1 9 JPMorgan 32,654 6 601.2% 4,657 1 1 EY 10,296 27 5 22
2 1 Goldman Sachs & Co 31,691 7 88.0% 16,858 2 4 Avendus Capital 1,432 16 8 8
3 31 Barclays 21,309 5 12007.4% 176 3 3 KPMG 8,452 14 5 9
4 24 JM Financial 11,264 5 4071.9% 270 4 11 Citi 10,849 8 4 4
6 10 EY 10,296 27 216.6% 3,252 6 - Arpwood Capital 4,124 7 7 -
7 17 KPMG 8,452 14 1567.1% 507 7 10 JPMorgan 32,654 6 2 4
8 - SBI Capital Markets 7,868 3 - - 8 13 o3 Capital Advisors 100 6 2 4
9 3 Bank of America Merrill Lynch 6,433 5 -52.0% 13,399 9 42 Barclays 21,309 5 4 1
10 - Evercore 5,705 4 - - 10 12 JM Financial 11,264 5 1 4
South Korea league table by value South Korea league table by deal count
1 11 Morgan Stanley 5,933 3 344.4% 1,335 1 2 KPMG 2,634 22 -1 23
2 10 JPMorgan 5,182 4 228.8% 1,576 2 1 PwC 1,581 20 -5 25
3 7 Credit Suisse 4,311 5 81.7% 2,373 3 3 EY 1,143 10 -10 20
4 3 Goldman Sachs & Co 3,502 3 -10.0% 3,890 4 4 Deloitte 650 8 -5 13
5= - Moelis & Company 3,127 2 - - 5 11 Credit Suisse 4,311 5 1 4
5= 20 UBS Investment Bank 3,127 2 525.4% 500 6 12 JPMorgan 5,182 4 0 4
7 18 Bank of America Merrill Lynch 2,737 3 307.9% 671 7 5 NH Investment & Securities Co 782 4 -6 10
8 6 KPMG 2,634 22 8.0% 2,438 8 7 KR & Partners 347 4 -3 7
9 - Rothschild & Co 1,946 2 - - 9 13 Morgan Stanley 5,933 3 -1 4
10 5 PwC 1,581 20 -47.5% 3,010 10 10 Goldman Sachs & Co 3,502 3 -1 4
mergermarket.com
M&A Report Q1-Q3
Japan league table by value Japan league table by deal count
1 4 JPMorgan 171,401 11 1223.7% 12,949 1 2 Nomura Holdings 100,839 54 4 50
2 1 Goldman Sachs & Co 169,516 13 528.0% 26,993 2 1 Sumitomo Mitsui Financial Group 72,089 40 -12 52
3 3 Morgan Stanley 160,794 28 620.4% 22,321 3 4 Mizuho Financial Group 82,694 39 10 29
4 6 Evercore 140,931 5 1584.4% 8,367 4 8 Morgan Stanley 160,794 28 12 16
5 2 Nomura Holdings 100,839 54 324.8% 23,740 5 3 Daiwa Securities Group 4,404 22 -12 34
6 8 Mizuho Financial Group 82,694 39 1258.5% 6,087 6 7 GCA Corporation 847 22 2 20
7 11 Citi 81,282 4 1323.5% 5,710 7 5 Deloitte 2,999 19 -3 22
8 5 Sumitomo Mitsui Financial Group 72,089 40 470.2% 12,643 8 9 Goldman Sachs & Co 169,516 13 -2 15
9 9 Credit Suisse 68,947 7 1068.8% 5,899 9 14 JPMorgan 171,401 11 5 6
10 18 Deutsche Bank 66,833 4 3878.2% 1,680 10 25 Frontier Management 336 10 6 4
South East Asia league table by value South East Asia league table by deal count
1 5 Citi 22,564 7 19.3% 18,914 1 9 KPMG 2,684 14 6 8
2 1 Morgan Stanley 17,511 8 -33.8% 26,450 2 30 Rothschild & Co 6,011 11 8 3
3 - Deutsche Bank 17,218 5 - - 3 6 Morgan Stanley 17,511 8 -2 10
4 3 China International Capital Corporation 14,406 3 -26.1% 19,502 4 15 Bank of America Merrill Lynch 6,893 8 3 5
5 7 Evercore 8,296 4 -48.6% 16,128 5 2 Credit Suisse 4,823 8 -5 13
6 2 JPMorgan 7,866 4 -63.2% 21,347 6 7 Deloitte 252 8 -1 9
7 8 Bank of America Merrill Lynch 6,893 8 -7.3% 7,435 7 26 Citi 22,564 7 4 3
8 45 Rothschild & Co 6,011 11 2548.0% 227 8 4 Goldman Sachs & Co 4,232 7 -5 12
9 12 Credit Suisse 4,823 8 30.2% 3,705 9 1 EY 155 7 -8 15
10 6 Goldman Sachs & Co 4,232 7 -77.5% 18,799 10 94 ING 1,022 6 5 1
mergermarket.com
M&A Report Q1-Q3
Private Equity Advisory League tables*
Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count
2 2 Morgan Stanley 102,299 63 -16.4% 122,319 2 1 Rothschild & Co 28,194 70 -13 83
3 5 Citi 75,859 38 -6.5% 81,139 3 3 William Blair & Company 16,402 66 -1 67
4 3 JPMorgan 62,670 47 -37.4% 100,184 4 6 Houlihan Lokey 14,929 65 8 57
5 4 Bank of America Merrill Lynch 46,076 23 -50.8% 93,718 5 12 Morgan Stanley 102,299 63 13 50
6 6 Barclays 37,389 43 -39.6% 61,894 6 9 Lincoln International 2,597 57 3 54
7 7 Credit Suisse 37,168 41 -28.9% 52,286 7 18 Robert W. Baird & Co 6,395 50 14 36
8 10 Deutsche Bank 36,206 29 -6.1% 38,538 8 4 PwC 2,827 49 -16 65
9 17 Macquarie Group 33,009 22 89.8% 17,396 9 5 JPMorgan 62,670 47 -11 58
10 8 Evercore 31,433 33 -33.0% 46,943 10 8 Jefferies 17,983 45 -9 54
US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count
1 4 Goldman Sachs & Co 68,677 44 50.6% 45,598 1 1 William Blair & Company 12,548 49 0 49
4 7 Citi 36,205 15 35.3% 26,756 4 11 Robert W. Baird & Co 4,672 37 13 24
5 1 Bank of America Merrill Lynch 35,575 13 -29.1% 50,183 5 12 Morgan Stanley 63,697 33 10 23
6 2 Barclays 24,783 33 -46.5% 46,350 6 7 Barclays 24,783 33 3 30
7 6 Credit Suisse 20,346 23 -47.3% 38,608 7 10 Harris Williams & Co - 32 7 25
8 10 RBC Capital Markets 19,418 21 2.7% 18,907 8 3 Jefferies 9,355 30 -11 41
9 - Deutsche Bank 18,251 18 - - 9 6 JPMorgan 39,027 28 -4 32
10 - Canson Capital Partners 17,000 1 - - 10 9 Lincoln International - 28 1 27
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Global and US
mergermarket.com
M&A Report Q1-Q3
Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count
1 3 Citi 28,903 18 -14.1% 33,655 1 1 Rothschild & Co 26,286 60 -10 70
2 1 Goldman Sachs & Co 27,142 21 -43.5% 48,040 2 2 PwC 2,563 37 -17 54
3 6 Rothschild & Co 26,286 60 19.7% 21,966 3 5 EY 491 31 -4 35
4 38 Evercore 22,208 13 659.5% 2,924 4 3 KPMG 3,319 30 -15 45
5 5 JPMorgan 19,796 16 -29.3% 28,006 5 13 Clearwater International 1,243 30 14 16
6 10 Lazard 15,364 26 4.2% 14,741 6 8 Lincoln International 1,241 28 4 24
7 2 Morgan Stanley 15,204 16 -63.8% 42,011 7 4 Deloitte 897 28 -11 39
8 8 Deutsche Bank 14,921 8 -22.5% 19,265 8 6 Lazard 15,364 26 0 26
9 - The Valence Group 12,545 1 - - 9 9 GCA Corporation 2,422 26 6 20
10 15 Macquarie Group 9,933 7 -4.4% 10,390 10 7 DC Advisory 2,758 25 1 24
Asia Pacific (excl. Japan) (buyouts+exits) league table by value Asia Pacific (excl. Japan) (buyouts+exits) league table by deal count
1 1 Goldman Sachs & Co 22,560 9 -10.4% 25,175 1 8 Morgan Stanley 22,165 10 6 4
2 3 Morgan Stanley 22,165 10 23.6% 17,926 2 1 Goldman Sachs & Co 22,560 9 -5 14
3 10 Macquarie Group 16,585 7 314.0% 4,006 3 10 Credit Suisse 5,419 8 4 4
4 9 UBS Investment Bank 12,145 6 95.1% 6,225 4 5 Macquarie Group 16,585 7 1 6
5 - Hina Group 9,813 3 - - 5 9 UBS Investment Bank 12,145 6 2 4
6 - AquAsia 9,432 1 - - 6 12 Deloitte 120 5 1 4
7 13 Credit Suisse 5,419 8 165.0% 2,045 7 2 EY 785 4 -9 13
8 - China Renaissance Holdings 4,756 3 - - 8 - Cameron Partners 362 4 4 -
9 8 Bank of America Merrill Lynch 4,358 3 -63.8% 12,036 9 - BDA Partners 174 4 4 -
10 5 Citi 3,074 3 -80.7% 15,944 10 6 PwC 141 4 -2 6
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
mergermarket.com
M&A Report Q1-Q3
Global Buyouts league table by value Global Buyouts league table by deal count
2 1 Morgan Stanley 49,894 22 -20.3% 62,630 2 1 EY 1,255 29 -15 44
3 2 Citi 48,407 19 -8.5% 52,924 3 2 KPMG 1,025 25 -8 33
4 4 Bank of America Merrill Lynch 32,933 10 -18.5% 40,398 4 3 PwC 1,077 23 -10 33
6 6 Deutsche Bank 24,188 18 -18.5% 29,686 6 20 UBS Investment Bank 20,801 20 7 13
7 12 UBS Investment Bank 20,801 20 28.9% 16,141 7 10 Credit Suisse 20,238 20 0 20
8 14 Macquarie Group 20,566 11 50.7% 13,646 8 4 Deloitte 3,430 20 -10 30
9 23 Evercore 20,429 11 238.6% 6,033 9 7 Citi 48,407 19 -4 23
10 8 Credit Suisse 20,238 20 -29.0% 28,521 10 18 Houlihan Lokey 1,117 19 5 14
US Buyouts league table by value US Buyouts league table by deal count
2 5 Morgan Stanley 31,642 11 98.5% 15,943 2 3 Credit Suisse 15,900 14 1 13
3 2 Bank of America Merrill Lynch 28,848 7 15.1% 25,067 3 1 Barclays 14,038 14 -5 19
4 6 Citi 25,580 7 61.8% 15,812 4 9 Deutsche Bank 14,141 12 3 9
6 - Canson Capital Partners 17,000 1 - - 6 4 RBC Capital Markets 13,957 11 -2 13
7 3 Credit Suisse 15,900 14 -12.7% 18,220 7 13 UBS Investment Bank 8,047 11 6 5
8 8 Deutsche Bank 14,141 12 12.7% 12,543 8 2 Jefferies 1,334 11 -3 14
9 1 Barclays 14,038 14 -55.7% 31,688 9 8 JPMorgan 24,073 9 0 9
10 7 RBC Capital Markets 13,957 11 -3.0% 14,387 10 14 Houlihan Lokey 384 8 3 5
*Based on advisors to bidder on buyout deals with target dominant geography being Global and US
mergermarket.com
M&A Report Q1-Q3
Europe Buyouts league table by value Europe Buyouts league table by deal count
1 42 Evercore 17,232 5 2571.6% 645 1 2 EY 491 22 -8 30
2 2 Citi 14,226 8 -13.2% 16,384 2 1 PwC 875 17 -14 31
3 - The Valence Group 12,545 1 - - 3 4 KPMG 666 17 -6 23
4 4 Rothschild & Co 11,468 14 -8.0% 12,465 4 3 Deloitte 342 16 -8 24
5 1 Deutsche Bank 9,547 5 -44.3% 17,143 5 5 Rothschild & Co 11,468 14 -6 20
6 18 Goldman Sachs & Co 8,665 9 58.1% 5,481 6 16 DC Advisory 2,034 14 7 7
7 3 Morgan Stanley 7,506 6 -48.0% 14,430 7 22 GCA Corporation 1,587 13 7 6
8 12 Societe Generale 7,474 4 7.0% 6,986 8 9 Lazard 1,788 12 3 9
9 - Zambeletti 7,385 1 - - 9 13 Clearwater International 678 11 3 8
10 - Santander Global Corporate Banking 6,333 3 - - 10 12 Houlihan Lokey 733 10 2 8
Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count
2 6 UBS Investment Bank 10,958 4 79.4% 6,109 2 6 UBS Investment Bank 10,958 4 1 3
3 5 Morgan Stanley 10,746 3 -32.6% 15,944 3 14 Morgan Stanley 10,746 3 2 1
4 - AquAsia 9,432 1 - - 4 2 Goldman Sachs & Co 2,305 3 -6 9
5 1 Goldman Sachs & Co 2,305 3 -87.4% 18,317 5 1 EY 715 3 -7 10
6 - Emindobiz 2,250 1 - - 6 9 Citi 924 2 0 2
7= 7 Bank of America Merrill Lynch 1,507 1 -74.2% 5,832 7 20 Credit Suisse 876 2 1 1
7= 8 JPMorgan 1,507 1 -72.1% 5,397 8 3 KPMG 29 2 -4 6
9 - Lazard 1,350 1 - - 9 - AquAsia 9,432 1 1 -
10 3 Citi 924 2 -94.2% 15,944 10 - Emindobiz 2,250 1 1 -
*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
mergermarket.com
M&A Report Q1-Q3
Global Exits league table by value Global Exits league table by deal count
1 1 Goldman Sachs & Co 65,812 40 -27.5% 90,817 1 1 Rothschild & Co 16,726 56 -4 60
2 3 Morgan Stanley 52,405 41 -12.2% 59,689 2 2 William Blair & Company 11,805 55 1 54
4 7 Citi 27,452 19 -2.7% 28,215 4 11 Robert W. Baird & Co 6,214 46 14 32
5 25 Jamieson Corporate Finance 22,532 37 384.0% 4,655 5 7 Lincoln International 1,787 44 8 36
6 10 Barclays 21,423 25 33.6% 16,036 6 12 Morgan Stanley 52,405 41 13 28
7 16 Lazard 19,823 27 77.8% 11,152 7 3 Goldman Sachs & Co 65,812 40 -13 53
8 8 Credit Suisse 16,930 21 -28.8% 23,765 8 28 Jamieson Corporate Finance 22,532 37 22 15
9 13 Rothschild & Co 16,726 56 18.2% 14,145 9 5 JPMorgan 32,635 31 -10 41
10 17 Houlihan Lokey 13,812 46 31.2% 10,525 10 13 Harris Williams & Co 2,508 31 6 25
US Exits league table by value US Exits league table by deal count
1 3 Morgan Stanley 32,055 22 19.9% 26,728 1 1 William Blair & Company 10,298 43 5 38
2 1 Goldman Sachs & Co 21,955 21 -34.2% 33,376 2 8 Robert W. Baird & Co 4,491 33 11 22
4 9 Barclays 10,745 19 -26.7% 14,662 4 6 Harris Williams & Co 2,232 28 4 24
5 12 Citi 10,625 8 -2.9% 10,944 5 18 Raymond James & Associates 1,610 26 13 13
6 123 PJT Partners 10,601 4 - - 6 14 Morgan Stanley 32,055 22 7 15
7 11 William Blair & Company 10,298 43 -10.0% 11,443 7 4 Goldman Sachs & Co 21,955 21 -6 27
8 20 Houlihan Lokey 9,775 32 165.6% 3,681 8 9 Lincoln International 1,356 21 1 20
9 13 Moelis & Company 9,322 18 -0.3% 9,352 9 7 JPMorgan 14,954 19 -4 23
10 7 Centerview Partners 9,290 4 -41.4% 15,863 10 20 Barclays 10,745 19 8 11
*Based on advisors to target/seller on exit deals with target dominant geography being Global and US
mergermarket.com
M&A Report Q1-Q3
Europe Exits league table by value Europe Exits league table by deal count
1 16 Jamieson Corporate Finance 22,532 32 384.0% 4,655 1 1 Rothschild & Co 14,818 46 -4 50
2 1 Goldman Sachs & Co 18,477 12 -56.6% 42,559 2 12 Jamieson Corporate Finance 22,532 32 19 13
3 3 JPMorgan 15,341 10 -31.4% 22,359 3 13 Lincoln International 431 22 9 13
4 10 Rothschild & Co 14,818 46 56.0% 9,501 4 2 PwC 1,688 20 -3 23
5 5 Citi 14,677 10 -15.0% 17,271 5 19 Clearwater International 565 19 11 8
6 14 Lazard 13,576 14 143.6% 5,573 6 4 Lazard 13,576 14 -3 17
7 32 Credit Suisse 7,909 5 293.3% 2,011 7 14 Houlihan Lokey 4,037 13 3 10
8 2 Morgan Stanley 7,698 10 -72.1% 27,581 8 3 KPMG 2,653 13 -9 22
9 20 Macquarie Group 6,443 4 88.1% 3,425 9 11 GCA Corporation 835 13 -1 14
10 30 Deutsche Bank 5,374 3 153.3% 2,122 10 6 Goldman Sachs & Co 18,477 12 -4 16
Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count
1 3 Goldman Sachs & Co 20,255 6 195.3% 6,858 1 3 Morgan Stanley 11,419 7 4 3
3 - Hina Group 9,500 2 - - 3 4 Credit Suisse 4,543 6 3 3
4 8 Credit Suisse 4,543 6 310.4% 1,107 4 - Cameron Partners 362 4 4 -
5 - China Renaissance Holdings 4,463 2 - - 5 - BDA Partners 174 4 4 -
6 4 Bank of America Merrill Lynch 2,851 2 -54.0% 6,204 6 10 Deloitte 79 4 2 2
7 - Deutsche Bank 2,534 2 - - 7 19 Gresham Advisory Partners 515 3 2 1
8 20 Macquarie Group 2,292 2 2446.7% 90 8 9 Rothschild & Co 217 3 1 2
9 34 Citi 2,150 1 - - 9 2 PwC 39 3 -2 5
10 - Kotak Investment Banking 1,735 2 - - 10 - Hina Group 9,500 2 2 -
*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
mergermarket.com
Mergermarket Global & Regional Criteria & Contacts 74
M&A Report Q1-Q3
Criteria Contacts
All data is based on transactions over US$ 5m Production Commercial Deal Submissions
Head of Research, Americas Americas Americas

and is based on the Mergermarket’s M&A deals
Lana Vilner Kurt Viehl Jason Loria
database. Deals with undisclosed deal values Lana.Vilner@acuris.com Kurt.Viehl@acuris.com Jason.Loria@acuris.com
+1 646 378 3151 +1 212 390 7812 +1 646 378 3122
are included where the target’s turnover exceeds Head of Research, Asia Asia Asia
US$ 10m. Deals where the effective stake acquired is less Gerry Tee Laurence Edwards John Capulong
Gerry.Tee@acuris.com Laurence.Edwards@acuris.com John.Capulong@acuris.com
than 30% will only be included if the value is greater than +852 2158 9741 +852 2158 9771 +852 2158 9723
US$ 100m. Full deal inclusion criteria can be found here. Head of Research, EMEA EMEA EMEA
Andrea Putaturo Ben Rumble Michael Richards

Trend data: Based on the dominant geography League tables: Based on the dominant Andrea.Putaturo@acuris.com Ben.Rumble@acuris.com Michael.Richards@acuris.com
of the target company and excludes lapsed geography of the target, bidder or seller, and +44 20 3741 1274 +44 20 3741 1007 +44 20 3741 1423
and withdrawn bids. Sector trends based on excludes lapsed and withdrawn bids. Private
the dominant sector of the target. equity buyout league tables are based on Research Editor, Americas
advisors advising the bidder only on buyout Press Relations
Global cross-border M&A: Based on the Elizabeth Lim
deals with target dominant geography being
dominant geography of the target and bidder Elizabeth.Lim@acuris.com Americas
the country/region and excludes lapsed and
company being in a different region. +1 212 686 3016
withdrawn bids. Private equity exit league Chrissy Carney
Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ Research Editor, Asia Chrissy.Carney@acuris.com
geography of the target is X and the dominant seller on exit deal with target dominant +1 646 378 3118
geography of the bidder is any other country geography being the country/region and Jasmine Wu
excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Private Jasmine.Wu@acuris.com Asia
The dominant geography of the target is X and equity buyout and exit combined league tables +852 2158 9770
Candy Tam
the dominant geography of the bidder is any are based on advising the bidder on buyout Candy.Tam@acuris.com
Research Editor, EMEA
other region excluding X. deals AND the target/seller on exit deals, +852 2158 9706
excluding lapsed and withdrawn bids. Equal Jonathan Klonowski
Outbound: Global/US/Japan: The dominant
rankings are based on having both identical Jonathan.Klonowski@acuris.com EMEA
geography of the bidder is X and the dominant
values and deal counts reported in one table. +44 20 3741 1293
geography of the target is any other country Ioiana Luncheon
excluding X. Europe/Asia/Africa & Middle East: All values are in US$. Ioiana.Luncheon@acuris.com
The dominant geography of the bidder is X M&A Trends and Top Deals correct as of 8am +44 20 3741 1391
and the dominant geography of the target is (GMT+1), 28-Sep-18. Cut off date 27-Sep-18
any other region excluding X. League Tables correct as of 1pm (GMT+1), 01-
Oct-2018. Cut off date 30-Sep-2018.
Top deals: Based on the dominant geography
of the target company. Mergermarket record dates back to 01-Jan-01
mergermarket.com
Mergermarket Global & Regional 75
M&A Report Q1-Q3
Mergermarket is an Acuris company
In M&A, information is the most valuable currency. Mergermarket reports EMEA Americas Asia
on deals 6-24 months before they become public knowledge, giving our 10 Queen Street Place 330 Hudson St. 16/F, Grand Millennium Plaza
subscribers a powerful competitive advantage. With the largest network
London 4th Floor 181 Queen’s Road Central
of dedicated M&A journalists and analysts, Mergermarket offers the most
comprehensive M&A intelligence service available today. Our reporters EC4R 1BE New York, NY 10013 Hong Kong
are based in 67 locations across the Americas, Europe, Asia-Pacific, the
United Kingdom USA
Middle East and Africa.
+44 203 741 1000 +1 212 500 7537 + 852 2158 9790
trial@acuris.com trial@acuris.com trial@acuris.com
mergermarket.com

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An Acuris Company

Finding the opportunities in mergers and acquisitions

Global & Regional

North America US$ 1.25tn +26.5% vs. YTD 17

Latin America US$ 55.9bn +5.1% vs. YTD 17

Europe US$ 792.7bn +21.3% vs. YTD 17

APac (ex. Japan) US$ 551.7bn +22.3% vs. YTD 17

Japan US$ 30.7bn -10.4% vs. YTD 17

Value of M&A in Q1-Q3 2018,

60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms

59.6 01-Aug-18 Energy Transfer

• Following a frenetic first half of the year, Q3 saw subdued

US$ 703.2bn 14.6% Industrials & Chemicals (US$

figure since 2013 (US$ 656.9bn)

Chart title 1 Chart title 1

Deal Value (US$bn)

560.4 4000 200

Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018

Global League tables

Financial advisor league table by value

Ranking Q1-Q3 2018 Q1-Q3 2017 Regional ranking comparison

2 2 Morgan Stanley 797,217 212 59.7% 499,116 2 2 2 3 2 4

Value Deal details

M&A targeting Europe in

39.6 23-Mar-18 Consortium formed by

• While traditionally a slow quarter for the continent,

US$ 381.4bn 72.9% YTD increase in Energy, Mining &

Chart title 1 Chart title 1

800 213.8 8000

Deal Value (US$bn)

Europe League tables

Europe league table by value Europe league table by deal count

Second-highest Q1-Q3 value

31.3 30-Apr-18 Marathon Petroleum

• Q3 2018 marked the 10th anniversary of the start of the

42% -19.5% -54.7%

2018, up from 40.9% in Q1-Q3 2017

Chart title 1 Chart title 1

Deal Value (US$bn)

800 231.1 423.2 405.6 160

Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018

US league table by value US league table by deal count

Q1-Q3 2018’s deal value, up 5.1%

• Latin America began the year facing no fewer than six

+12.7% US$ 24.7bn US$ 9.1bn

Chart title 1 Chart title 1

Deal Value (US$bn)

Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018

Latin America League tables

Value recorded in Q3 2018,

12.7 10-May-18 Wanhua Chemical

Asia Pacific (excl. Japan)

• Asia-Pacific (excl. Japan) M&A experienced a significant

-26.4% 26.8% 35.3%

Chart title 1 Chart title 1

Value of deals (US$bn)

500 169.2 152.7 2400

Q1 Q2 Q3 Q4 Q1-Q3 2017 Q1-Q3 2018

Asia Pacific (excl. Japan) League tables

1.1 24-Jan-18 Sekisui House Reit Inc Sekisui House

• In contrast to the trends seen globally in the third quarter,

Chart title 1 Chart title 1

Value of deals (US$bn)