Mergermarket M&A Trend Report: Q1 2014: April 2014

Mergermarket Q1 2014 trend report 1 www.mergermarket.
com
Mergermarket M&A Trend Report: Q1 2014
Mergermarket Q1 2014 trend report www.mergermarket.com
April 2014
Including league tables of fnancial advisors
Mergermarket Q1 2014 trend report 2 www.mergermarket.com
Contents
Global overview
Press contacts:
EMEA: Flora Wilke
T: +44 207 010 6348
Americas: Chrissy Carney
T: +1 646 378 3118
Asia-Pacifc: Flora Wilke
T: +44 207 010 6348
Deal submission contacts:
EMEA: Nancy Honsinger
T: +44 207 010 6227
CEE: Zaynab Dost
T: +44 207010 6129
Americas: Raquel Mozzer
T: +1 212 574 7866
Asia-Pacifc: John Capulong
Tel: +852 2158 9723
Europe: Overview
US: Overview
Asia-Pacifc (excl. Japan): Overview
Emerging Markets: Overview
Criteria
What Mergermarket can do for you
Appendix: Financial advisor league tables
Appendix: Europe fnancial advisor league tables
Appendix: Americas fnancial advisor league tables
Appendix: Asia-Pacifc (excl. Japan) fnancial advisor league tables
Appendix: Japan fnancial advisor league tables
Appendix: Africa & Middle East fnancial advisor league tables
Japan: Overview
Africa & Middle East: Overview
South Korea: Miran Lim
T: +852 2158 9709
P 3 - 5
P 6 - 7
P 8 - 9
P 10 - 11
P 16 - 17
P 44
P 45
P 18 - 44
P 21 - 30
P 31 - 36
P 37 - 41
P 42
P 43
P 12 - 13
P 14 - 15
Global: Q1 2014 snapshot versus Q1 2013
8.4%
US M&A value
Lead sector: Telecommunicatons
Domestc
Inbound
Outbound
US$ 277.8bn
Lead advisor: Morgan Stanley US$ 172.9bn
US$ 196.4bn
US$ 81.4bn
US$ 71.8bn
US$ 49.9bn
55.9%
22%
883.6%
353.5%
372.3%
Europe M&A value
Domestc
Inbound
Outbound
US$ 160.6bn
Lead advisor: Morgan Stanley US$ 93.4bn
US$ 100.3bn
US$ 60.3bn
US$ 23bn
US$ 67.6bn
19.2%
22.5%
195.2%
267%
13.9%
29.7%
Inbound
Outbound
Asia-Pacifc (excl. Japan) M&A value
Lead sector: Real Estate
Domestc
US$ 101.6bn
Lead advisor: Goldman Sachs US$ 18.3bn
US$ 78.1bn
US$ 23.5bn
US$ 19.7bn
US$ 14.4bn
36.3%
29.5%
70.7%
64.7%
1,415%
18.8%
Global M&A value
Domestc
Total cross-border
Lead advisor: Morgan Stanley
US$ 599.1bn
US$ 343.7bn
US$ 255.3bn
US$ 101bn
US$ 216.1bn
32.2%
16%
133.3%
66.7%
244.3%
Global: Overview of Q1 2014
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
200
400
600
800
1,000
1,200
1,400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)

European M&A US M&A Asia-Pacific (excl. Japan M&A) RoW M&A Number of Deals
N
u
m
b
e
r

o
f

D
e
a
l
s

Global M&A was valued at US$ 599.1bn in Q1 2014, up 33.2% from Q1 2013 (US$
449.6bn)
2014 was the most actve start to the year since 2011 (US$ 613.5bn)
Q1 2014 global M&A increased 5.7% over Q4 2013 (US5$ 566.6bn)
Eight mega-deals in Q1 (worth US$ 166.3bn) were the most deals above US$ 10bn
in any Q1 since 13 were announced in Q1 2006 (worth US$ 315.4bn)
The mega-deals accounted for a 27.8% share of global M&A compared to Q1
2013s US$ 89.2bn-worth of mega-deals having a 19.8% share
The average deal size in Q1 2014 was US$ 374.4m, the highest Q1 average since
2009 (US$ 381.5m) and 33% greater than in Q1 2013 (US$ 281.5m)
TMT M&A (US$ 176.1bn ) had the highest share of global M&A at 29.4%, the
highest valued Q1 since 2006 (US$ 188.9bn)
Technology M&A (US$ 54.3bn) saw the highest value for an opening quarter on
Mergermarket record, up 55.1% compared to Q1 2013 (US$ 35bn) and 23.1%
from Q4 2013 (US$ 44.1bn)
Pharma, Medical & Biotech M&A (US$ 63.2bn) was over four tmes the Q1 2013
value (US$ 14.2bn)
Global cross-border actvity registered the fourth quarterly increase by value in
Q1 2014 with deals valued at US$ 255.3bn, 7.9% over Q4 2013 (US$ 236.7bn) and
66.7% higher deal value compared to Q1 2013 (US$ 153.2bn)
Private equity exits reached the highest valued opening quarter on Mergermarket
record (since 2001) at US$ 111.9bn. The average deal size of exits reached the
highest value on Mergermarket record for any start to the year in Q1 2014 at US$
589.1m, 60.8% higher than the peak for this period in 2008 (US$ 366.3m)
Trade sale exits (US$ 84.8bn) were up 203.4% from Q1 2013 (US$ 27.9bn) and saw
a 21.9% increase from Q4 2013 (US$ 69.5bn)
Global buyouts in Q1 2014 (US$ 83.8bn) saw a second consecutve quarterly
increase, up 29.8% from Q4 2013 (US$ 64.6bn) but down 9% compared to Q1
2013 (US$ 92.1bn)
mega-trend graph
Page 1
7 deals
$175bn
3 deals
$140bn
7 deals
$209.8bn
7 deals
$116.3bn
5 deals
$83.1bn
4 deals
$84.2bn
4 deals
$89.2bn
8 deals
$166.3bn
$320.8m
$266.4m
$381.5m
$300.8m
$356.5m
$288m
$281.5m
$374.4m
0
50
100
150
200
250
300
350
400
450
0
50
100
150
200
250
Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014
A
v
e
r
a
g
e

d
e
a
l
s
i
z
e
(
U
S
$
m
)

V
a
l
u
e
o
f
m
e
g
a
-
d
e
a
l
s

(
U
S
$
b
n
)

Total value of mega-deals in Q1 Average deal size of all deals in Q1 (US$m)
Regional M&A trend
Average deal size and mega-deal trend
Q1 2014 M&A trends
Global: Overview of Q1 2014
Industry breakdown
Top deals
Private equity exits trend: Trade Sales vs. Secondary Buyouts
14.5%
24.0%
9.5%
3.2%
7.8%
6.1%
9.6%
25.3%
12.7%
13.8%
10.5%
10.6%
9.1%
3.5%
16.9%
23.0%
Consumer: US$ 75.9bn (US$ 65.1bn)
Energy, Mining & Utilities: US$ 82.7bn (US$ 107.9bn)
Industrials & Chemicals: US$ 63bn (US$ 42.8bn)
Pharma, Medical & Biotech: US$ 63.2bn (US$ 14.2bn)
Technology: US$ 54.3bn (US$ 35bn)
Media: US$ 20.8bn (US$ 27.4bn)
Telecommunications: US$ 101bn (US$ 43.3bn)
Other: US$ 137.9bn (US$ 113.9bn)
Q1 2013

Q1 2014

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
20
40
60
80
100
120
140
160
2007 2008 2009 2010 2011 2012 2013 2014
P
e
r
c
e
n
t
a
g
e

o
f

T
o
t
a
l

E
x
i
t
s

(
e
x
c
l
.

I
P
O
s
)

V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)

SBOs (Value) Trade Sales (Value) Trade Sales (% of total exits) SBOs (% of total exits)
Announced
Date
Bidder Company
Bidder
Geography
Target Company
Target
Geography
Target
Sector
Seller Company
Deal Value
(US$bn)
13-Feb-14 Comcast Corporaton USA Time Warner Cable Inc USA Telecommunications 68.5
18-Feb-14 Actavis Inc Ireland (Republic) Forest Laboratories Inc USA Pharma, Medical &
Biotech
24.2
19-Feb-14 Facebook Inc USA WhatsApp Inc USA Technology Sequoia Capital 16.0
13-Jan-14 Suntory Holdings Limited Japan Beam Inc USA Consumer 15.4
27-Jan-14 Liberty Global Plc USA Ziggo BV
(71.5% Stake)
Netherlands Media 11.0
Europe: Overview of Q1 2014
European deal making during Q1 2014 saw values increase 19.2% with deals valued
at US$ 160.6bn compared to US$ 134.8bn in Q1 2013
Deal value increased for a second consecutve quarter, up 2.7% from Q4 2013 (US$
156.4bn)
The regions average deal size was US$ 371.8m, up 46.2% from Q4 (US$ 254.3m)
and 29.9% from Q1 2013 (US$ 286.2m)
The Nordic and Germanic regions accounted for over a third of European M&A an-
nounced in Q1 2014, with 17.9% and 18.7% shares of the market, respectvely
Telecommunicatons M&A led the regions actvity by deal value in Q1, accountng
for US$ 23bn-worth of deals (14.3% share) despite being down 29.7% compared to
Q1 2013s total of US$ 32.7bn (24.3% share)
Inbound values increased 13.9% in Q1 (US$ 60.3bn) and accounted for 37.5% of
total European M&A: North Americas share of inbound investments decreased to
68.7% (US$ 41.4bn) from 81% (US$ 42.9bn) in Q1 2013 but Asia-Pacifc (excl. Japan)
investment increased 82.7% in Q1 2014 (US$ 7bn) from US$ 3.8bn
Outbound M&A increased 195.2% during Q1 2014 (US$ 67.6bn) compared to Q1
2013 (US$ 22.9bn): the majority of investment is stll being aimed at North America,
up 289.6% to US$ 53bn from Q1 2013 (US$ 13.6bn)
European buyout values (US$ 18.5bn) were 2.8% shy from Q1 2013 (US$ 19.1bn)
but dropped 21% from Q4 2013 (US$ 23.5bn). They marked only the second tme
on Mergermarket record to see values lower than in the Asia Pacifc (excl. Japan)
region (the other tme being Q2 2009)
Morgan Stanley (US$ 93.4bn) ranked number one in the fnancial advisor league
table by value, up 267% by value from ffh positon in Q1 2013 (US$ 25.5bn)
Greenhill & Co entered into the top 20 European advisors with deals valued at US$
24.7bn into tenth positon from 120th this tme in 2013
Six frms entered the top 20 from positons lower than 40 in Q1 2013
M&A trend Q1 2014 M&A trends
265.2
295.7
121.6
127.4
183.8
171.4
134.8
160.6
583.4
204.1
78.2
114.6
241.6
186.5
200.0
384.7
287.4
79.0
154.9
165.4
111.0
149.1
286.4
217.1
188.2
241.9
134.7
250.8
156.4
0
200
400
600
800
1,000
1,200
1,400
1,600
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
$
b
n
)

Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value
Europe: Overview of Q1 2014
Industry breakdown
Top deals
Inbound share to total European M&A
9.2%
19.4%
6.3%
4.2%
1.5%
4.7%
24.3%
30.5%
11.5%
12.7%
14.1%
6.5%
2.6%
8.4% 14.3%
30.0%
Industrials & Chemicals: US$ 22.6bn (US$ 8.5bn)
Technology: US$ 4.2bn (US$ 2bn)
Telecommunications: US$ 23bn (US$ 32.7bn)
Q1 2013

Q1 2014

0%
10%
20%
30%
40%
50%
60%
0
100
200
300
400
500
600
700
2007 2008 2009 2010 2011 2012 2013 2014
I
n
b
o
u
n
d

s
h
a
r
e

t
o

t
o
t
a
l

E
u
r
o
p
e
a
n

M
&
A

v
a
l
u
e

V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
$
b
n
)

Inbound M&A Value Total European M&A Value Inbound share to total Europe M&A value
Announced
Date
Bidder Company
Bidder
Geography
Target Company
Target
Geography
Target
Sector
Seller Company
Deal Value
(US$bn)
27-Jan-14 Liberty Global Plc USA Ziggo BV (71.5% Stake) Netherlands Media 11.0
20-Feb-14 Oi SA Brazil Portugal Telecom SGPS SA Portugal Telecommunications 10.6
17-Mar-14 Vodafone Group Plc United Kingdom Grupo Corporatvo ONO SA Spain Telecommunications Providence Equity Partners LLC;
CCMP Capital Advisors LLC;
Quadrangle Group LLC; Thomas
H. Lee Partners LP; and Caisse
de Depot et Placement du
Quebec
10.0
21-Feb-14 Volkswagen AG Germany Scania AB (37.4% Stake) Sweden Industrials &
Chemicals
9.1
11-Feb-14 L'Oreal SA France L'Oreal SA (8% Stake) France Consumer 7.9
US: Overview of Q1 2014
US M&A saw deals valued at US$ 277.8bn soaring 55.9% above Q1 2013 (US$
178.2bn) and 24.3% over Q4 2013 (US$ 223.5bn)
Q1 2014 marked the highest valued frst-quarter since Q1 2007 (US$ 361.4bn)
The jump can be atributed to the announcement of four mega-deals worth a com-
bined total of US$ 124.2bn during the frst three months of the year
The average deal size in the US stood at US$ 632.8m in Q1 2014, the highest Q1
average since the beginning of 2009 and 35.3% higher than Q1 2013s US$ 467.7m
The Technology sector (US$ 38.1bn) beat all previous Q1 values and saw the high-
est quarterly value in over seven years (Q3 2006 valued at US$ 40.3bn). A second
consecutve Q1 increase saw values jump 40.6% compared to Q1 2013 (US$ 27.1bn)
Energy, Mining & Utlites M&A has declined year-on-year since 2012. Registering
only US$ 15.6bn-worth of deals in Q1 2014, it was the lowest valued quarter since
Q3 2009 (US$ 13.3bn) and saw a 57% decrease from Q1 2013 (US$ 36.3bn).
Foreign investors have regained confdence as evidenced by Q1 2014s inbound
value (US$ 81.4bn) being the second highest quarter since Q3 2007, more than
quadruple Q1 2013 values (US$ 17.2bn)
The average deal size for inbound deals was US$ 865.6m owing to three of the top
deals from Europe and one from Japan amountng to US$ 47.7bn altogether, a leap
from the US$ 475.2m average in the whole of 2013
Outbound M&A in Q1 registered US$ 49.9bn-worth of deals 30.2% higher than
Q4 2013 (US$ 38.4bn) but a decrease of 8.4% from Q1 2013 (US$ 54.5bn)
The US saw private equity exit values increase for four quarters up to the highest
value since Q2 2007 (US$ 73.4bn) at US$ 71.3bn in Q1 2014, also up from US$
56.3bn in Q4 2013
Morgan Stanley jumped from 11th positon in Q1 2013 (US$ 38.1bn) to lead the
USs fnancial advisor league table by value with US$ 172.9bn-worth of deals
Allen & Company (US$ 84.8bn) and Perella Weinberg Partners (US$ 11.3bn) both
entered into the top 20 fnancial advisors league table by value
361.4
145.4
198.9
146.6
247.5
126.6
178.2
277.8
500.8
266.2
186.2
178.5
186.3
189.6
171.2
255.6
263.3
98.0 153.1
207.3
233.9
327.3
228.7
77.7
204.8
243.8
179.4
312.3
223.5
0
200
400
600
800
1,000
1,200
1,400
1,600
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
$
b
n
)

US: Overview of Q1 2014
Industry breakdown
Top deals
Mega-deal and Q1 average deal size trend
21.8%
20.4%
8.3%
2.0%
15.2%
10.9%
4.1%
17.4%
12.0%
5.6%
10.3%
17.6%
13.7%
1.8%
25.8%
13.1%
Technology: US$ 38.1bn (US$ 27.1bn)
Media: US$ 5bn (US$ 19.5bn)
Telecommunications: US$ 71.8bn (US$ 7.3bn)
Other: US$ 36.4bn (US$ 31bn)
Q1 2013

Q1 2014

mega-trend graph
Page 1
$361.4bn
$145.4bn
$198.9bn
$146.6bn
$247.5bn
$126.6bn
$178.2bn
$275.6bn
$508.3m
$262.9m
$782.9m
$391.9m
$521.1m
$311.1m
$467.7m
$632.8m
0
100
200
300
400
500
600
700
800
900
0
50
100
150
200
250
300
350
400
Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014
A
v
e
r
a
g
e

d
e
a
l
s
i
z
e
(
U
S
$
m
)

V
a
l
u
e
o
f
d
e
a
l
s

(
U
S
$
b
n
)

Total value of deals in Q1 Average deal size of deals in Q1 (US$m)
Announced
Date
Bidder Company
Bidder
Geography
Target Company
Target
Geography
Target
Sector
Seller Company
Deal Value
(US$bn)
13-Feb-14 Comcast Corporaton USA Time Warner Cable Inc US Telecommunications 68.5
18-Feb-14 Actavis Inc Ireland (Republic) Forest Laboratories Inc US Pharma, Medical &
Biotech
24.2
19-Feb-14 Facebook Inc USA WhatsApp Inc US Technology Sequoia Capital 16.0
13-Jan-14 Suntory Holdings Limited Japan Beam Inc US Consumer 15.4
06-Mar-14 Albertsons LLC USA Safeway Inc US Consumer 7.9
Asia-Pacifc (excl. Japan): Overview of Q1 2014
The start of 2014 produced the highest Q1 value on Mergermarket record (since 2001)
Deal values during Q1 2014 saw US$ 101.6bn-worth of deals, up 36.3% from US$ 74.5bn
in Q1 2013
Afer three consecutve quarterly increases by value through 2013, Q1 2014 value was
down 14.5% from US$ 118.9bn in Q4 2013
Real Estate M&A was the most actve sector by value with US$ 19.7bn-worth of deals having
a 19.4% market share, far from Q1 2013s US$ 1.3bn
Total TMT M&A increased 53% from last year with US$ 12.7bn-worth of deals compared to
US$ 8.3bn
Inbound M&A into Asia-Pacifc (excl. Japan) saw the highest quarterly share since Q3 2012
(28.1% with US$ 29.4bn-worth of deals), with deals valued at US$ 23.5bn and accountng
for 23.2% of overall Asian targeted M&A in Q1 2014
South Korea saw the highest value of inward investment (US$ 9.1bn) afer the announce-
ment of the largest South Korean inbound deal on Mergermarket record
Outbound M&A saw US$ 14.4bn-worth of transactons, the lowest valued quarter since Q4
2009 (US$ 11.1bn). Q1s outbound value was a hefy 31.4% drop from Q4s US$ 21bn and
also down of 18.8% from Q1 2013 (US$ 17.8bn)
Private equity exits totalled US$ 10.2bn in Q1 2014, up 66.5% from Q4 2013 (US$ 6.1bn) and
49.7% higher than Q1 2013 (US$ 6.8bn)
Buyout value was up 212.1% to US$ 19.1bn during Q1 2014 from US$ 6.1bn in Q1 2013, the
highest value since Q1 2007 (US$ 19.3bn). The majority of this actvity targeted China with
US$ 5.6bn-worth of buyouts contributng almost a third (29.3%)
Goldman Sachs topped the fnancial advisor league table by value with deals valued at US$
18.3bn, up 70.7% from Q1 2013
Haitong Securites jumped from 28th positon to lead Chinas fnancial advisor league table
by value in Q1 2014 with deal value increasing ten tmes over US$ 865m to US$ 11bn
In South Koreas fnancial advisor league table by value, Deutsche Bank topped the table
from 10th place in Q1 2013 (US$ 486m) with deals valued at US$ 8bn)
85.1
74.7
45.8
65.5
89.8
82.0
74.5
101.6
90.7
126.0
76.8
71.8
79.4
80.7
107.7
75.4
56.7
65.9
92.7
113.9
104.7
108.6
92.2
90.2
105.8
133.2
74.2
86.0
118.9
0
50
100
150
200
250
300
350
400
450
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
$
b
n
)

Asia-Pacifc (excl. Japan): Overview of Q1 2014
Industry breakdown
Top deals
The share of inbound and private equity deal value to total Asia-Pacifc M&A
8.3%
29.8%
20.3%
4.7%
5.8%
1.7%
3.6%
1.7%
24.0%
16.0%
17.6%
9.2%
2.5%
8.2%
2.3% 2.1%
19.4%
22.9%
Telecommunications: US$ 2.1bn (US$ 2.7bn)
Real Estate: US$ 19.7bn (US$ 1.3bn)
Q1 2013

Q1 2014

0
20
40
60
80
100
120
140
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
$
b
n
)

Inbound Buyouts Domestic excl. Buyouts
Announced
Date
Bidder Company
Bidder
Geography
Target Company
Target
Geography
Target
Sector
Seller Company
Deal Value
(US$bn)
18-Mar-14 Shanghai Jinfeng Investment
Co Ltd
China Shanghai Greenland (Group)
Co Ltd
China Real Estate An investor group led by
Shanghai Gelinlan Investment
Management Ltd
10.6
20-Jan-14 Anheuser-Busch InBev NV Belgium Oriental Brewery Co Ltd South Korea Consumer Kohlberg Kravis Roberts & Co LP;
and Afnity Equity Partners
5.8
21-Mar-14 Temasek Holdings Pte Ltd Singapore A.S. Watson & Co Limited
(24.95% Stake)
Hong Kong Consumer Hutchison Whampoa Limited 5.7
31-Mar-14 Samsung SDI Co Ltd South Korea Cheil Industries Inc South Korea Industrials &
Chemicals
3.4
07-Feb-14 Baytex Energy Corp China China Minzu Securites Co Ltd China Energy, Mining &
Utlites
2.2
Japan: Overview of Q1 2014
Japans M&A actvity was valued at US$ 8.5bn in Q1 2014 and edged passed Q1
2013 (US$ 8.1bn) by 5.1%
Q1 2014 increased 15.6% following Q4s lull (US$ 7.4bn) from Q3 (US$ 13bn)
All of Japans top deals were domestc with the highest valued being Yahoo Japans
acquisiton of eAccess for US$ 3.2bn, which accounted for 37.6% of Japans total
The TMT sector leaped over six tmes above the value in Q1 2013 to US$ 4.5bn from
US$ 0.7bn. The jump led to a 52.3% market share versus 8.6% last year
The Consumer sectors actvity was the only sector to increase the number of deal
announcements compared to Q1 2013 - the 25 deals valued at US$ 1.4bn repre-
sented 14 extra deals but a 6.7% decrease by value to from US$ 1.5bn
Afer a six-year high set in 2013 (US$ 13.3bn), Japanese inbound M&A during Q1
2014 saw deals valued at US$ 115m sink to the lowest quarterly value on Merger-
market record (since 2001)
Outbound M&A in Q1 recovered from Q4 2013 (US$ 13.1bn) with a total of US$
18.6bn-worth of deals, up 41.6%. It was also more than 3.5x Q1 2013 (US$ 5.4bn)
Morgan Stanley remained the lead advisor by value with US$ 19.1bn-worth of
deals, 250.4% higher than the US$ 5.5bn accumulated in Q1 2013
Local frm Sumitomo Mitsui Financial Group moved from eighth positon to lead
the fnancial advisor league table by deal count with 17 deals versus 7 in Q1 2013
Internatonal frms PwC, UBS Investment Bank, Credit Suisse and Moelis & Com-
pany entered into the top 20 fnancial advisor league table by value
26.1
17.3
10.6
13.9
11.8
14.9
8.1
8.5
18.0
10.8
14.0
7.3
17.2
26.3
15.3
11.9
15.5
24.1
33.2
32.7
13.9
13.0
32.2
12.2
29.7
6.8
21.5
16.3
7.4
0
10
20
30
40
50
60
70
80
90
100
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
$
b
n
)

Japan: Overview of Q1 2014
Industry breakdown
Top deals
Cross-border breakdown
11.1%
18.5%
25.9%
32.1%
2.5%
8.6%
3.5%
16.3%
4.7%
4.7%
2.3%
52.3%
16.3% Business Services: US$ 0.3bn (US$ 0.9bn)
Energy, Mining & Utilities: US$ -bn (US$ -bn)
TMT: US$ 4.5bn (US$ 0.7bn)
Transport: US$ 1.4bn (US$ 0.1bn)
Q1 2013

Q1 2014
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012 2013 2014
N
u
m
b
e
r

o
f

D
e
a
l
s

V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)

Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals
Announced
Date
Bidder Company
Bidder
Geography
Target Company
Target
Geography
Target
Sector
Seller Company
Deal Value
(US$bn)
27-Mar-14 Yahoo Japan Corporaton Japan eAccess Limited (33.29% Stake) Japan Telecommunications Sofbank Corporaton 3.2
16-Jan-14 Kokusai Kogyo Holdings Co Ltd Japan Kokusai Kogyo Co Ltd (55%
Stake)
Japan Transportaton Cerberus Capital Management 1.3
31-Jan-14 H2O Retailing Corporaton Japan Izumiya Co Ltd Japan Consumer 1.1
30-Jan-14 Japan Industrial Partners Inc Japan NEC Biglobe Ltd Japan Technology NEC Corporaton; and Daiwa
Securites Group
0.9
28-Jan-14 Toyota Tsusho Corporaton Japan Tomen Electronics Corp (59.84%
Stake)
Japan Technology 0.3
Africa & the Middle East: Overview of Q1 2014
M&A targetng African & Middle Eastern companies dipped 50.4% to US$ 6.3bn
compared to Q1 2013 (US$ 12.7bn)
Following a string of double digit billion-dollar quarters in 2013, Q1 dropped 60.4%
from US$ 15.9bn in Q4 2013, single digit billion dollar quarter since Q1 2012 (US$
8.8bn)
Q1 2014 marked the lowest valued quarter in almost fve years (Q2 2009 - US$ 4bn)
The top three deals, with a combined value of US$ 3bn, accounted for almost half
of the regions M&A value
Energy, Mining & Utlites remained the most actve sector with deals valued at US$
1.6bn (26.2% share) but dropped 70.9% compared to Q1 2013 (US$ 5.5bn)
The Consumer sector isaw a massive 700% increase compared to Q1 2013, with 15
deals valued at US$ 0.8bn compared to six deals valued at US$ 0.1bn
Investments in the technology sector were up 71.4% at US$ 1.2bn, from US$ 0.7bn
in Q1 2013
Outbound M&A from the region leaped 75% from the start of 2013 (US$ 4bn) with
deals valued at US$ 7bn - up 62.8% from Q4 2013 (US$ 4.3bn), marking the highest
value since Q2 2011 (US$ 11.2bn)
At US$ 6.5bn, almost all (92.4%) outbound investments targeted the Energy, Mining
& Utlites sector - over ten tmes the amount seen in Q1 2013 (US$ 0.5bn)
Inbound actvity in Q1 2014 saw US$ 2.7bn-worth of deals accountng for 42.9% of
total actvity, down 69.3% compared to US$ 8.8bn registered in Q1 2013 (69.1% of
total actvity)
While the Energy, Mining & Utlites sector soared for outbound deals, inbound
investment dropped 93% to US$ 353m from US$ 5.1bn in Q1 2013
Bank of America Merrill Lynch UBS Investment jumped from Q1 2013 positons
above 15 to the frst and second positon, respectvely: Bank of America Merrill
Lynch saw deal values increase 532.2% to US$ 3bn from US$ 473m in Q1 2013
19.9
13.1
5.3
25.3
19.8
8.8
12.7
6.3
12.6
12.9
4.0
8.0
6.6
13.4
21.6
20.0
10.0
15.4
8.2
12.1
10.0
14.8
34.6
14.6
7.8
12.8
7.0
19.9
15.9
0
10
20
30
40
50
60
70
80
90
100
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)

Africa & the Middle East: Overview of Q1 2014
Industry breakdown
Top deals
0.8%
43.3%
0.8%
5.5%
5.5%
44.1%
13.1%
26.2%
3.3%
3.3%
19.7%
0.0%
9.8%
24.6%
Media: US$ 0bn (US$ 0bn)
Telecommunications: US$ 0.6bn (US$ 0bn)
Q1 2013

Q1 2014

0
10
20
30
40
50
60
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014
N
u
m
b
e
r

o
f

D
e
a
l
s

V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)

Announced
Date
Bidder Company
Bidder
Geography
Target Company
Target
Geography
Target
Sector
Seller Company
Deal Value
(US$bn)
04-Feb-14 Sonangol EP Angola Angola Block 15/06 (15% Stake) Angola Energy, Mining &
Utlites
Total SA 0.8
20-Jan-14 Qatari Diar Real Estate
Investment Company
Qatar Barwa Bank PQSC (37.34%
Stake)
Qatar Financial Services Barwa Real Estate Company QSC 0.7
20-Jan-14 Emirates Central Cooling
Systems Corporaton
United Arab
Emirates
Palm Utlites United Arab
Emirates
Energy, Mining &
Utlites
Istthmar World Capital 0.5
03-Mar-14 Goldman Sachs; African
Infrastructure Investment
Managers (Pty) Limited; and IFC
Global Infrastructure Fund
USA IHS Holdings Limited Nigeria Telecommunications 0.5
07-Mar-14 Redefne Propertes
Internatonal Limited
South Africa Annuity Propertes Limited South Africa Real Estate 0.3
Emerging Markets: Overview of Q1 2014
The emerging markets had a stronger start to 2014 compared to last year, highlighted by a
9% increase during Q1 2014 to US$ 101.9bn from Q1 2013 (US$ 93.5bn)
Afer a slight pick up from Q3 (US$ 128.2bn) to Q4 2013 (US$ 150.6bn), Q1 was unable to
keep up the momentum, declining 32.4% from Q4
Despite unpredictable conditons in each BRIC country undermining the confdence needed
to boost M&A actvity in 2014, BRIC M&A totaled US$ 64bn in Q1 2014, up 23.2% from Q1
2013 (US$ 52bn).
The LatAm countries also showed resilience with US$ 25.9bn-worth of deals in Q1, an in-
crease of 45.7% compared to Q1 2013 (US$ 17.8bn)
The average deal size of deals targetng emerging markets dropped to US$ 200.1m in Q1
2014 afer three quarters of the average being above US$ 221m
The TMT sector was resilient to a drop in M&A in the region: an extra 30 Technology deals
resulted in 81 deals worth US$ 8.9bn in Q1 2014, up 128.2% from US$ 3.9bn. An additon-
al fve Media deals saw 22 transactons worth US$ 1.6bn, up 6.7% from US$ 1.5bn. The
Telecommunicatons sector increased 16.7% by value to US$ 4.9bn from US$ 4.2bn
The gap between Consumer and the traditonally dominant Energy, Mining & Utlites sec-
tor is narrowing Consumer M&A accounted for 13.9% of total emerging market values,
just shy of Energy, Mining & Utlites 16.3% (compared to 2013s splits of 11.4% and
32.6%, respectvely)
Inbound M&A values increased 35.5% to US$ 35.6bn from US$ 26.3bn in Q1 2013 but
dropped 12% compared to Q4 2013 (US$ 40.5bn). Europe claimed the highest share (US$
14.2bn) at 39.9%, up 27% by value compared to Q1 2013 (US$ 11.2bn). Meanwhile, deal
making from North America, decreased to a 25.6% share afer values decreased 18% to
US$ 9.1bn from US$ 11.1bn last year
Emerging market countries have been seeking growth opportunites outside of domestc
markets, with total outbound investments valued at US$ 29.7bn, a 66.1% increase over Q4
2013 (US$ 17.9bn), and 14% higher than Q1 2013 (US$ 26bn)
Morgan Stanley claimed the top spot in the Emerging Markets fnancial advisors league
table by value with US$ 27.7bn-worth of deals
86.8
104.8
57.1
129.4
142.3
103.3
93.5
101.9
124.3
110.6
86.0
92.5
108.4
138.2
132.9
89.8
49.2
75.7
101.1
138.2
85.0
128.2
151.2
123.5
110.7
179.8
94.6
198.8
150.6
0
100
200
300
400
500
600
2007 2008 2009 2010 2011 2012 2013 2014
V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)

Emerging Markets: Overview of Q1 2014
Industry breakdown
Top deals
1.8%
32.6%
11.4%
13.9%
13.2%
4.2%
4.5%
3.3%
1.6%
13.5%
18.3%
16.3%
13.9%
13.7%
12.0%
8.7%
4.8%
2.0%
1.6%
8.7%
Real Estate: US$ 18.603bn (US$ 1.7bn)
Energy, Mining & Utilities : US$ 16.6bn (US$ 30.4bn)
Industrials & Chemicals: US$ 14bn (US$ 13bn)
Financial Services: US$ 12.2bn (US$ 12.3bn)
Technology : US$ 8.9bn (US$ 3.9bn)
Telecommunciations: US$ 4.9bn (US$ 4.2bn)
Pharma, Medical & Biotech: US$ 2bn (US$ 3.1bn)
Media : US$ 1.6bn (US$ 1.5bn)
Q1 2013

Q1 2014
0
50
100
150
200
250
300
0
10
20
30
40
50
60
70
80
90
2007 2008 2009 2010 2011 2012 2013 2014
N
u
m
b
e
r

o
f

D
e
a
l
s

V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)

Announced
Date
Bidder Company
Bidder
Geography
Target Company
Target
Geography
Target
Sector
Seller Company
Deal Value
(US$bn)
18-Mar-14 Shanghai Jinfeng Investment
Co Ltd
China Shanghai Greenland (Group)
Co Ltd
China Real Estate An investor group led by
Shanghai Gelinlan Investment
Management Ltd
10.6
20-Jan-14 Anheuser-Busch InBev NV Belgium Oriental Brewery Co Ltd South Korea Consumer Kohlberg Kravis Roberts & Co LP
and Afnity Equity Partners
5.8
31-Mar-14 Samsung SDI Co Ltd South Korea Cheil Industries Inc South Korea Industrials &
Chemicals
3.4
29-Jan-14 Corpbanca SA Chile Banco Itau Chile SA Chile Financial Services Itau Unibanco Holding SA 2.2
11-Jan-14 Founder Securites Co Ltd China China Minzu Securites Co Ltd China Financial Services Beijing Zhengquan Holding Co
Ltd
2.2
Appendix: Financial advisor league tables and analysis
League Table of Financial Advisors to M&A by Value: Global including regional comparisons
Ranking Q1 2014 Q1 2013 Q1 2014 regional ranking
Q1
2014
Q1
2013
Company Name
Value
(US$bn)
Deal
Count
Value
(US$bn)
% Val.
Change
Europe
Rank
US
Rank
Asia
Rank
Japan
Rank
Africa &
Middle
East
1 5 Morgan Stanley 216.1 54 62.8 244.3% 1 1 2 1 -
2 1 JPMorgan 178.0 51 134.0 32.8% 2 2 13 10 14
3 2 Goldman Sachs 135.6 72 129.5 4.8% 4 5 1 8 3
4 6 Barclays 124.1 45 58.9 110.7% 8 3 27 - 27
5 7 Citi 122.4 37 57.0 114.8% 9 4 4 35 5
6 3 Bank of America Merrill Lynch 114.0 48 89.9 26.8% 3 7 6 34 1
7 10 Centerview Partners 89.6 8 48.1 86.3% 42 6 - 3 -
8 62 Allen & Company 84.8 5 2.8 2,884% - 8 - - -
9 4 Credit Suisse 69.5 38 73.9 -5.9% 14 10 7 2 36
10 - Paul J. Taubman 68.5 1 - - - 9 - - -
11 12 Deutsche Bank 68.1 31 41.3 64.8% 5 11 5 - 7
12 8 Lazard 47.5 49 50.4 -5.8% 7 13 3 19 -
13 16 Rothschild 34.8 39 25.6 36.2% 6 21 18 36 39
14 20 Greenhill & Co 32.5 6 11.0 196.0% 10 12 65 - -
15 11 UBS Investment Bank 29.6 23 43.4 -31.8% 13 15 11 13 2
Morgan Stanley ranks number one in the fnancial advisor league tables by value for the frst Q1 on Mergermarket record (since 2001)
Morgan Stanley advised on 36.1% of total M&A values and ranked frst in Europe and the US in Q1 2014
The frm worked on all mega-deals (above US$ 10bn) so far in Q1 2014 excluding the Shanghai Greenland/ Shanghai Jinfeng Investment deal
The last quarter Morgan Stanley ranked frst was in Q2 2012 with 71 deals valued at US$ 144.3bn
Morgan Stanley was the leading advisor for annual values in 2010 after mandates on 292 deals were valued at US$ 491bn
Barclays ranked 4th globally, up from 6th position in Q1 2013. The frm only entered the top fve rankings in the US league tables (3rd position)
Goldman Sachs does not appear as one of the top two global fnancial advisors by value during a frst quarter for the frst time since 2003 when it ranked ffth
The value of M&A worked on by boutique frms in the top 20 rankings of fnancial advisors during Q1 2014 totalled US$ 275.4bn and represented 46% of global advisory mandates, up
from 41.8% in Q1 2013 from US$ 188bn-worth of deals
League table analysis
Total M&A value and volume Quarterly M&A growth comparison
Appendix: Global fnancial advisor league tables
League table of fnancial advisors to M&A by value: Global
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 5 Morgan Stanley 216,114 54 62,767 244.3%
2 1 JPMorgan 178,030 51 134,028 32.8%
3 2 Goldman Sachs 135,648 72 129,468 4.8%
4 6 Barclays 124,060 45 58,891 110.7%
5 7 Citi 122,366 37 56,957 114.8%
6 3 Bank of America Merrill Lynch 114,040 48 89,927 26.8%
7 10 Centerview Partners 89,593 8 48,079 86.3%
8 62 Allen & Company 84,777 5 2,841 2,884.1%
9 4 Credit Suisse 69,545 38 73,911 -5.9%
10 - Paul J. Taubman 68,492 1 - -
11 12 Deutsche Bank 68,051 31 41,295 64.8%
12 8 Lazard 47,482 49 50,396 -5.8%
13 16 Rothschild 34,838 39 25,580 36.2%
14 20 Greenhill & Co 32,524 6 10,987 196.0%
15 11 UBS Investment Bank 29,627 23 43,447 -31.8%
16 81 Mizuho Financial Group 27,781 16 2,000 1,289%
17 24 BNP Paribas 26,582 20 8,952 196.9%
18 17 RBC Capital Markets 21,078 23 24,048 -12.4%
19 52 EY 15,330 44 3,478 340.8%
20 124 ABN AMRO Bank 15,129 11 557 2,616%
League table of fnancial advisors to M&A by volume: Global
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 13,420 88 90 -2
2 3 Goldman Sachs 135,648 72 65 7
3 4 Morgan Stanley 216,114 54 61 -7
4 7 Deloitte 2,501 52 53 -1
5 5 JPMorgan 178,030 51 56 -5
6 8 Lazard 47,482 49 51 -2
7 14 Bank of America Merrill Lynch 114,040 48 34 14
8 10 Barclays 124,060 45 40 5
9 6 EY 15,330 44 53 -9
10 2 KPMG 5,488 41 72 -31
11 9 Rothschild 34,838 39 51 -12
12 13 Credit Suisse 69,545 38 36 2
13 11 Citi 122,366 37 40 -3
14 16 Deutsche Bank 68,051 31 27 4
15 15 UBS Investment Bank 29,627 23 31 -8
16 27 RBC Capital Markets 21,078 23 18 5
17 19 Houlihan Lokey 2,552 21 25 -4
18 31 BNP Paribas 26,582 20 17 3
19 34 Lincoln International 412 19 17 2
20 20 Evercore Partners 12,093 18 24 -6
Appendix: Global fnancial advisor league tables
Mid-market league tables based on deals valued between US$ 251m - US$ 1bn
League table of fnancial advisors to mid-market M&A by value: Global
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 3 Goldman Sachs 14,099 26 8,545 65.0%
2 1 Morgan Stanley 13,189 22 10,399 26.8%
3 7 Lazard 9,752 17 5,864 66.3%
4 5 Barclays 9,525 15 6,056 57.3%
5 9 Citi 5,806 10 5,274 10.1%
6 2 JPMorgan 5,533 11 9,090 -39.1%
7 4 Rothschild 4,829 12 7,683 -37.1%
8 6 Bank of America Merrill Lynch 4,815 7 6,012 -19.9%
9 14 Credit Suisse 4,588 7 3,146 45.8%
10 11 HSBC 4,561 6 4,730 -3.6%
11 13 PwC 4,102 8 3,472 18.1%
12 12 Deutsche Bank 4,083 7 3,943 3.6%
13 119 Jefferies 3,491 6 265 1,217%
14 21 Evercore Partners 3,403 5 2,054 65.7%
15 48 Wells Fargo Securities 3,377 6 883 282.4%
16 20 EY 3,127 7 2,109 48.3%
17 22 RBC Capital Markets 3,113 6 2,020 54.1%
18 30 Banco Itau BBA 3,113 5 1,390 124.0%
20 29 Somerley 2,721 4 1,394 95.2%
League table of fnancial advisors to mid-market M&A by volume: Global
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 2 Goldman Sachs 14,099 26 16 10
2 4 Morgan Stanley 13,189 22 21 1
3 5 Lazard 9,752 17 12 5
4 9 Barclays 9,525 15 10 5
5 3 Rothschild 4,829 12 16 -4
6 1 JPMorgan 5,533 11 19 -8
7 7 Citi 5,806 10 12 -2
8 6 PwC 4,102 8 8 0
9 23 Bank of America Merrill Lynch 4,815 7 11 -4
10 11 Credit Suisse 4,588 7 5 2
11 8 Deutsche Bank 4,083 7 9 -2
12 15 EY 3,127 7 5 2
13 10 HSBC 4,561 6 9 -3
14 22 Jefferies 3,491 6 1 5
15 19 Wells Fargo Securities 3,377 6 2 4
17 41 Evercore Partners 3,403 5 4 1
18 20 Banco Itau BBA 3,113 5 2 3
20 29 Canaccord Genuity 1,949 5 4 1
League table of fnancial advisors to M&A by value: Europe
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 5 Morgan Stanley 93,427 23 25,460 267.0%
2 2 JPMorgan 83,395 25 53,280 56.5%
4 1 Goldman Sachs 74,052 18 63,723 16.2%
5 8 Deutsche Bank 60,092 22 14,894 303.5%
6 7 Rothschild 31,626 32 16,900 87%
7 12 Lazard 30,165 24 9,292 224.6%
8 6 Barclays 28,132 21 19,463 44.5%
9 9 Citi 26,797 15 14,296 87.4%
10 120 Greenhill & Co 24,653 4 137 17,895%
11 - Mizuho Financial Group 24,244 2 - -
12 13 BNP Paribas 23,718 18 8,952 164.9%
13 22 UBS Investment Bank 22,187 13 4,993 344.4%
14 3 Credit Suisse 18,561 16 33,598 -44.8%
15 77 ABN AMRO Bank 15,129 11 557 2,616%
16 40 EY 14,254 37 2,836 402.6%
17 15 PwC 11,624 66 7,717 50.6%
18 56 Perella Weinberg Partners 10,999 2 1,539 614.7%
19 80 Santander Global Banking and Markets 10,632 2 430 2,373%
20= 52 Banco BTG Pactual 10,574 1 1,668 533.9%
20= 53 Banco Espirito Santo de Investimento 10,574 1 1,648 541.6%
League table of fnancial advisors to M&A by volume: Europe
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 11,624 66 61 5
2 5 EY 14,254 37 37 0
3 4 Deloitte 1,731 33 38 -5
4 3 Rothschild 31,626 32 43 -11
5 2 KPMG 3,264 30 54 -24
6 7 JPMorgan 83,395 25 25 0
7 13 Lazard 30,165 24 18 6
8 8 Morgan Stanley 93,427 23 25 -2
9 22 Deutsche Bank 60,092 22 11 11
10 10 Barclays 28,132 21 23 -2
12 6 Goldman Sachs 74,052 18 31 -13
13 14 BNP Paribas 23,718 18 17 1
14 17 Credit Suisse 18,561 16 16 0
15 18 Citi 26,797 15 16 -1
18 9 M&A International 320 13 25 -12
19 45 ABN AMRO Bank 15,129 11 5 6
League table of fnancial advisors to mid-market M&A by value: Europe
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 4 Barclays 5,927 9 3,790 56.4%
2 1 Morgan Stanley 5,276 7 6,026 -12.4%
3 8 Lazard 5,229 10 2,393 118.5%
4 3 Goldman Sachs 3,885 7 4,130 -5.9%
5 2 Rothschild 3,776 9 5,765 -34.5%
6 12 HSBC 3,764 5 1,802 109%
7 7 PwC 3,130 6 2,481 26.2%
9 17 JPMorgan 2,719 5 1,472 84.7%
10 11 EY 2,511 6 1,817 38.2%
11 - Jefferies 2,473 4 - -
12 13 Citi 2,037 3 1,795 13.5%
13 40 UniCredit Group 1,812 3 500 262.4%
14 - Wells Fargo Securities 1,727 3 - -
15 22 Deutsche Bank 1,702 3 1,004 69.5%
16 14 BNP Paribas 1,611 2 1,727 -6.7%
17 - Messier, Maris et Associes 1,564 2 - -
18 15 KPMG 1,515 2 1,626 -6.8%
19 - Jamieson Corporate Finance 1,484 2 - -

League table of fnancial advisors to mid-market M&A by volume: Europe
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 6 Lazard 5,229 10 5 5
2 4 Barclays 5,927 9 6 3
3 1 Rothschild 3,776 9 13 -4
4 2 Morgan Stanley 5,276 7 12 -5
5 3 Goldman Sachs 3,885 7 7 0
6 5 PwC 3,130 6 5 1
7 12 EY 2,511 6 4 2
8 15 HSBC 3,764 5 3 2
9 17 JPMorgan 2,719 5 3 2
11 - Jefferies 2,473 4 - -
13 44 Deloitte 1,271 4 1 3
14 33 Rabobank 1,236 4 1 3
15 13 Citi 2,037 3 4 -1
16 41 UniCredit Group 1,812 3 1 2
17 - Wells Fargo Securities 1,727 3 - -
18 22 Deutsche Bank 1,702 3 2 1
19 - Banca IMI/Intesa Sanpaolo 1,186 3 - -
20 14 BNP Paribas 1,611 2 4 -2
League table of fnancial advisors to M&A by value: UK
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 2 JPMorgan Cazenove 24,546 10 29,076 -15.6%
2 15 Bank of America Merrill Lynch 24,322 10 1,875 1,197%
3 1 Goldman Sachs 19,261 8 30,631 -37.1%
4 5 Deutsche Bank 16,622 6 4,441 274.3%
5 8 Barclays 11,657 11 3,514 231.7%
6 9 Morgan Stanley 11,572 4 3,132 269.5%
8 3 Credit Suisse 6,805 4 26,180 -74.0%
9 33 RBC Capital Markets 6,550 3 651 906.1%
10= - Dean Bradley Osborne 4,400 1 - -
10= 4 LionTree Advisors 4,400 1 25,748 -82.9%
10= - Raine Group 4,400 1 - -
13 12 Rothschild 4,391 12 2,345 87.2%
14 19 Citi 2,875 4 1,351 112.8%
15 - IFBC 2,851 1 - -
League table of fnancial advisors to M&A by volume: UK
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 2 PwC 1,695 13 18 -5
2 7 Rothschild 4,391 12 10 2
4 14 Barclays 11,657 11 6 5
5 6 JPMorgan Cazenove 24,546 10 10 0
7 5 EY 1,399 9 11 -2
8 4 Goldman Sachs 19,261 8 11 -3
9 8 Deloitte 495 8 10 -2
10 17 Cenkos Securities 996 7 5 2
11 1 KPMG 201 7 19 -12
12 20 Deutsche Bank 16,622 6 4 2
13 39 HSBC 1,807 6 2 4
14 25 Investec 256 6 4 2
15 15 Clearwater Corporate Finance 75 6 6 0
League table of fnancial advisors to M&A by value: Ireland
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 6 Goldman Sachs 24,747 2 1,739 1,323%
2 - Morgan Stanley 24,349 2 - -
3= 4 Bank of America Merrill Lynch 24,244 1 1,739 1,294%
3= - Greenhill & Co 24,244 1 - -
3= 11 JPMorgan 24,244 1 160 15,053%
3= - Mizuho Financial Group 24,244 1 - -
7 10 Barclays 3,521 2 160 2,101%
8 5 Deutsche Bank 3,199 2 1,739 84.0%
9 - Lazard 2,362 4 - -
10 - RBC Capital Markets 1,521 1 - -
11 1 Centerview Partners 1,199 1 3,249 -63.1%
12 2 Citi 951 2 3,249 -70.7%
13 - JMP Securities 660 1 - -
14= - Arma Partners 624 1 - -
14= - PwC 624 1 - -
League table of fnancial advisors to M&A by volume: Ireland
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 - Lazard 2,362 4 - -
4 11 Barclays 3,521 2 1 1
5 7 Deutsche Bank 3,199 2 1 1
6 5 Citi 951 2 1 1
7 2 Rothschild 57 2 2 0
8= 1 Bank of America Merrill Lynch 24,244 1 2 -1
8= - Greenhill & Co 24,244 1 - -
8= 12 JPMorgan 24,244 1 1 0
12 - RBC Capital Markets 1,521 1 - -
13 4 Centerview Partners 1,199 1 1 0
14 - JMP Securities 660 1 - -
15= - Arma Partners 624 1 - -
15= - PwC 624 1 -
Mergermarket Q1 2014 trend reportt 24 www.mergermarket.com
League table of fnancial advisors to M&A by value: Germany
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 10 Goldman Sachs 23,834 3 1,336 1,684%
2 5 Morgan Stanley 19,171 6 2,669 618.3%
3 28 Rothschild 16,418 7 120 13,582%
4 3 Deutsche Bank 12,621 4 3,966 218.2%
5 12 EY 11,572 11 1,196 867.6%
6= - Lenner & Partners 9,148 1 - -
6= - SEB 9,148 1 - -
8 2 Citi 8,317 3 5,050 64.7%
9 1 JPMorgan 4,857 2 7,475 -35.0%
10 - UBS Investment Bank 2,991 2 - -
11 18 ABN AMRO Bank 2,657 3 452 487.8%
12 7 Barclays 2,641 3 2,051 28.8%
13 - Gleacher Shacklock 2,408 1 - -
14 - FIH Partners 2,344 1 - -
15 - Mediobanca 1,246 1 - -
League table of fnancial advisors to M&A by volume: Germany
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 5 PwC 743 12 6 6
2 1 EY 11,572 11 8 3
3 2 KPMG 777 8 7 1
4 18 Rothschild 16,418 7 3 4
5 14 Morgan Stanley 19,171 6 3 3
6 13 Deutsche Bank 12,621 4 3 1
7 17 Deloitte 278 4 3 1
8 - Warth & Klein Grant Thornton 24 4 - -
9= 74 goetzpartners - 4 1 3
9= - Macquarie Group - 4 - -
9= 6 Perspektiv - 4 6 -2
12 10 Goldman Sachs 23,834 3 4 -1
13 9 Citi 8,317 3 4 -1
14 44 ABN AMRO Bank 2,657 3 1 2
15 37 Barclays 2,641 3 1 2
League table of fnancial advisors to M&A by value: Germanic
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 11 Goldman Sachs 31,985 6 1,336 2,294%
2 10 Rothschild 24,948 9 1,620 1,440%
3 4 Morgan Stanley 21,101 7 3,751 463%
4 6 Credit Suisse 15,226 9 2,138 612.2%
5 1 JPMorgan 14,757 6 7,475 97.4%
6 3 Deutsche Bank 14,551 5 3,966 266.9%
7 12 EY 11,594 15 1,304 789.1%
8 22 Lazard 9,362 4 347 2,598%
9= - Lenner & Partners 9,148 1 - -
9= - SEB 9,148 1 - -
11 2 Citi 8,504 4 5,050 68.4%
12 23 BNP Paribas 8,190 4 284 2,784%
14 9 Barclays 6,181 6 2,051 201.4%
15 51 UBS Investment Bank 5,821 6 13 44,677%
League table of fnancial advisors to M&A by volume: Germanic
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 4 PwC 3,022 17 7 10
2 1 EY 11,594 15 12 3
3 2 KPMG 777 12 11 1
4 7 Rothschild 24,948 9 6 3
5 6 Credit Suisse 15,226 9 6 3
6 8 Deloitte 576 8 6 2
8 13 Goldman Sachs 31,985 6 5 1
9 12 JPMorgan 14,757 6 5 1
10 51 Barclays 6,181 6 1 5
11 35 UBS Investment Bank 5,821 6 2 4
12 21 Deutsche Bank 14,551 5 3 2
13 15 Lazard 9,362 4 5 -1
14 20 Citi 8,504 4 4 0
15 16 BNP Paribas 8,190 4 5 -1
League table of fnancial advisors to M&A by value: Benelux
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 2 Morgan Stanley 23,889 4 11,754 103.2%
2 25 ABN AMRO Bank 15,129 11 557 2,616%
4= 3 JPMorgan 10,999 1 8,966 22.7%
4= - Perella Weinberg Partners 10,999 1 - -
6 57 EY 9,434 3 - -
7 38 Deutsche Bank 8,417 3 105 7,916%
8 1 Goldman Sachs 7,638 2 18,430 -59%
9 18 Rothschild 7,120 3 1,918 271.2%
10 8 Lazard 6,150 2 3,223 91%
11 6 Citi 5,800 1 3,904 48.6%
12 69 HSBC 2,378 3 - -
13 - FIH Partners 2,344 1 - -
14 - Mediobanca 1,246 1 - -
15 - Banca IMI/Intesa Sanpaolo 898 2 - -
League table of fnancial advisors to M&A by volume: Benelux
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 12 ABN AMRO Bank 15,129 11 5 6
2 4 Deloitte 670 7 10 -3
3 1 Rabobank 266 5 12 -7
4 2 PwC 5 5 10 -5
6 3 ING 309 4 10 -6
7 8 KPMG 66 4 7 -3
8 - NIBC Bank - 4 - -
10 29 EY 9,434 3 2 1
11 46 Deutsche Bank 8,417 3 1 2
12 6 Rothschild 7,120 3 8 -5
13 69 HSBC 2,378 3 1 2
14 39 Kempen & Co 52 3 1 2
15 13 M&A International - 3 5 -2
League table of fnancial advisors to M&A by value: France
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 1 BNP Paribas 15,448 12 3,140 392.0%
2 40 Lazard 14,968 8 30 49,793%
3 5 Rothschild 11,190 12 1,425 685.3%
4 - Zaoui & Co 10,396 2 - -
5 2 Credit Suisse 10,249 4 1,714 498.0%
6 84 Morgan Stanley 7,674 6 0 -
7 - Deutsche Bank 4,725 5 - -
8 22 Credit Agricole 3,018 7 152 1,886%
9 14 Societe Generale 2,895 8 495 484.8%
10 10 Bank of America Merrill Lynch 2,218 3 765 189.9%
11 7 HSBC 1,783 2 1,020 74.8%
13 9 Barclays 1,406 3 765 83.8%
14 - China International Capital 1,103 1 - -
15 - Halcyon Capital 1,103 1 - -
League table of fnancial advisors to M&A by volume: France
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 3 BNP Paribas 15,448 12 7 5
2 1 Rothschild 11,190 12 11 1
3 11 PwC 508 11 4 7
4 7 Lazard 14,968 8 5 3
5 8 Societe Generale 2,895 8 4 4
6 16 Credit Agricole 3,018 7 3 4
7 27 EY 740 7 2 5
10 12 Credit Suisse 10,249 4 3 1
11 35 JPMorgan 886 4 1 3
12 19 Leonardo & Co 402 4 3 1
13 10 KPMG 26 4 4 0
League table of fnancial advisors to M&A by value: Iberia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 13 Morgan Stanley 21,959 3 1,024 2,044%
2 7 Bank of America Merrill Lynch 20,601 2 1,809 1,039%
4 10 JPMorgan 11,385 2 1,553 633.1%
5 2 Barclays 11,129 2 4,178 166.4%
6 26 BNP Paribas 10,785 3 124 8,598%
7= - Banco BTG Pactual 10,574 1 - -
7= 8 Banco Espirito Santo de Investimento 10,574 1 1,641 544.4%
7= 18 Santander Global Banking and
Markets
10,574 1 430 2,359%
10= 1 Goldman Sachs 10,027 1 8,509 17.8%
10= 16 UBS Investment Bank 10,027 1 587
12 - Citi 8,326 1 - -
13 4 PwC 1,632 10 3,828 -57.4%
14 9 Caixa Banco de Investimento 1,372 2 1,578 -13.1%
15 6 Banco Bilbao Vizcaya Argentaria 1,217 6 2,470 -50.7%
League table of fnancial advisors to M&A by volume: Iberia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 1,632 10 13 -3
2 9 EY 564 9 4 5
3 4 Banco Bilbao Vizcaya Argentaria 1,217 6 8 -2
4 6 Deloitte 416 5 6 -1
6 28 BNP Paribas 10,785 3 1 2
7 - Montalban Atlas Capital 325 3 - -
8 15 Sabadell Corporate Finance 151 3 2 1
10 - Deutsche Bank 18,353 2 - -
11 17 JPMorgan 11,385 2 1 1
12 2 Barclays 11,129 2 8 -6
13 13 Caixa Banco de Investimento 1,372 2 2 0
14 7 KPMG 903 2 5 -3
15 - Lazard 577 2 - -
League table of fnancial advisors to M&A by value: Spain
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
2= 7 Bank of America Merrill Lynch 10,027 1 1,809 454.3%
2= 1 Goldman Sachs 10,027 1 8,509 17.8%
2= 8 JPMorgan 10,027 1 1,553 545.7%
2= 9 Morgan Stanley 10,027 1 1,024 879.2%
2= 12 UBS Investment Bank 10,027 1 587 1,608%
7 - Citi 8,326 1 - -
8 4 PwC 1,632 10 3,828 -57.4%
9 6 Banco Bilbao Vizcaya Argentaria 1,217 6 2,347 -48%
10 14 KPMG 903 2 307 194.1%
11 23 EY 564 9 108 422.2%
12 13 Deloitte 416 5 471 -11.7%
13 3 Rothschild 397 1 3,898 -89.8%
15 22 BNP Paribas 211 2 124 70.2%
League table of fnancial advisors to M&A by volume: Spain
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 1,632 10 13 -3
2 9 EY 564 9 4 5
3 5 Banco Bilbao Vizcaya Argentaria 1,217 6 7 -1
4 6 Deloitte 416 5 6 -1
6 12 Sabadell Corporate Finance 151 3 2 1
8 8 KPMG 903 2 4 -2
9 24 BNP Paribas 211 2 1 1
10= 13 Bank of America Merrill Lynch 10,027 1 1 0
10= 10 Goldman Sachs 10,027 1 3 -2
10= 14 JPMorgan 10,027 1 1 0
10= 7 Morgan Stanley 10,027 1 4 -3
10= 17 UBS Investment Bank 10,027 1 1 0
15 - Citi 8,326 1 - -
League table of fnancial advisors to M&A by value: Italy
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 14 Lazard 7,154 5 3,622 97.5%
2 1 Goldman Sachs 4,486 3 7,785 -42.4%
3 - Bank of America Merrill Lynch 4,323 2 - -
4 6 BNP Paribas 3,656 4 4,714 -22.4%
5= 5 Deutsche Bank 3,650 1 5,458 -33.1%
5= - Evercore Partners 3,650 1 - -
5= 13 JPMorgan 3,650 1 3,815 -4%
9 3 UniCredit Group 1,998 6 6,342 -68.5%
10 24 KPMG 1,672 3 53 3,055%
11 2 Banca IMI/Intesa Sanpaolo 1,567 5 7,592 -79.4%
12 7 Leonardo & Co 905 3 4,004 -77.4%
13 28 PwC 709 3 - -
14 8 Mediobanca 652 2 3,970 -83.6%
15 - Finexsi 652 1 - -
League table of fnancial advisors to M&A by volume: Italy
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 UniCredit Group 1,998 6 8 -2
2 9 Lazard 7,154 5 3 2
3 2 Banca IMI/Intesa Sanpaolo 1,567 5 6 -1
4 7 BNP Paribas 3,656 4 3 1
6 4 KPMG 1,672 3 5 -2
7 12 Leonardo & Co 905 3 2 1
8 10 PwC 709 3 3 0
9 - Ethica Corporate Finance 116 3 - -
11 13 Mediobanca 652 2 2 0
12 - Nomura Holdings 340 2 - -
13 5 Vitale & Associati 191 2 4 -2
14 3 Rothschild 115 2 5 -3
15 16 Altium Capital 59 2 2 0
League table of fnancial advisors to M&A by value: Nordic
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
2 4 Nordea Corporate Finance 10,480 4 4,362 140.3%
3 10 SEB 10,210 3 2,011 408%
4 2 Morgan Stanley 9,888 2 6,610 49.6%
5 - Lenner & Partners 9,616 3 - -
6 26 JPMorgan 9,355 4 300 3,018%
7 16 Rothschild 9,148 4 683 1,239%
8 1 Goldman Sachs 9,148 1 6,783 34.9%
10 11 PwC 5,216 21 1524 242.3%
11= - Infima 3,158 1 - -
11= - MHS Corporate Finance 3,158 1 - -
13 - Access Partners 2,846 3 - -
14 3 Handelsbanken Capital Markets 2,800 5 5,553 -49.6%
15 15 EY 2,631 4 734 258.4%
League table of fnancial advisors to M&A by volume: Nordic
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 5,216 21 12 9
2 6 ABG Sundal Collier Holding 1,741 8 5 3
3 26 Deloitte 150 6 2 4
4 - Advizer - 6 - -
6 3 Handelsbanken Capital Markets 2,800 5 7 -2
7 22 FIH Partners 2,447 5 2 3
8 21 Carnegie Investment Bank 494 5 2 3
9 5 KPMG 141 5 5 0
10 4 Nordea Corporate Finance 10,480 4 5 -1
11 44 JPMorgan 9,355 4 1 3
12 19 Rothschild 9,148 4 2 2
13 2 EY 2,631 4 8 -4
14 18 SEB 10,210 3 2 1
League table of fnancial advisors to M&A by value: Sweden
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 7 SEB 10,178 2 2,011 406.1%
2 4 Morgan Stanley 9,888 2 3,550 178.5%
5 12 Rothschild 9,148 4 363 2,420%
6 2 Goldman Sachs 9,148 1 3,883 135.6%
7 1 Handelsbanken Capital Markets 2,753 3 5,373 -48.8%
9= 3 Nordea Corporate Finance 2,597 1 3,865 -32.8%
9= - UBS Investment Bank 2,597 1 - -
11 - Simmons & Company International 740 1 - -
12 23 EY 205 1 - -
13 33 Carnegie Investment Bank 177 1 - -
14 - Lazard 174 1 - -
15 - Pareto Securities 97 2 - -
League table of fnancial advisors to M&A by volume: Sweden
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 65 13 7 6
2 20 Rothschild 9,148 4 1 3
4 2 Handelsbanken Capital Markets 2,753 3 4 -1
5 26 KPMG 42 3 1 2
6 8 SEB 10,178 2 2 0
10 - Pareto Securities 97 2 - -
11 5 ABG Sundal Collier Holding 89 2 3 -1
12 - Deloitte 45 2 - -
13= - FIH Partners - 2 - -
13= - M&A International - 2 - -
15 7 Goldman Sachs 9,148 1 2 -1
League table of fnancial advisors to M&A by value: Denmark
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 8 Nordea Corporate Finance 7,593 2 347 2,088%
2 11 PwC 5,056 9 180 2,709%
3 10 JPMorgan 4,520 2 300 1,407%
4= - Infima 3,158 1 - -
7 16 FIH Partners 2,447 5 137 1,686%
8= 22 ABN AMRO Bank 2,344 1 - -
8= - Deutsche Bank 2,344 1 - -
8= 6 EY 2,344 1 538 335.7%
11 - ABG Sundal Collier Holding 1,362 2 - -
12= 4 Citi 1,050 1 577 82.0%
12= - RBC Capital Markets 1,050 1 - -
14 - Access Partners 249 1 - -
15 12 Carnegie Investment Bank 133 2 180 -26.1%
League table of fnancial advisors to M&A by volume: Denmark
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 5,056 9 4 5
2 - Advizer - 6 - -
3 6 FIH Partners 2,447 5 2 3
4 8 Deloitte 51 4 2 2
5 15 Nordea Corporate Finance 7,593 2 1 1
6 17 JPMorgan 4,520 2 1 1
7 - ABG Sundal Collier Holding 1,362 2 - -
8 4 Carnegie Investment Bank 133 2 2 0
9 5 Handelsbanken Capital Markets 115 2 2 0
10= - Infima 3,158 1 - -
13= 22 ABN AMRO Bank 2,344 1 1 0
13= - Deutsche Bank 2,344 1 - -
13= 3 EY 2,344 1 2 -1
League table of fnancial advisors to M&A by value: Norway
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1= - William Blair & Company 1,315 1 - -
3 10 ABG Sundal Collier Holding 290 5 99 192.9%
4 - Nordea Corporate Finance 290 1 - -
5 - Credit Suisse 249 2 - -
6 - JPMorgan 249 1 - -
7 18 Arctic Securities 204 2 10 1,940%
8 - Marko Partners 204 1 - -
9 - Carnegie Investment Bank 184 2 - -
10= - Deloitte 99 1 - -
10= - KPMG 99 1 - -
12 8 EY 82 2 196 -58.2%
13 - Alpha Corporate Finance 75 2 - -
14 - Investec 75 1 - -
15 28 Handelsbanken Capital Markets 23 1 - -
League table of fnancial advisors to M&A by volume: Norway
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 ABG Sundal Collier Holding 290 5 5 0
2 2 PwC 21 3 4 -1
3 - Credit Suisse 249 2 - -
4 7 Arctic Securities 204 2 2 0
5 - Carnegie Investment Bank 184 2 - -
6 3 EY 82 2 3 -1
7 - Alpha Corporate Finance 75 2 - -
8 - ICECAPITAL Securities - 2 - -
9= - William Blair & Company 1,315 1 - -
11 - Nordea Corporate Finance 290 1 - -
12 - JPMorgan 249 1 - -
13 - Marko Partners 204 1 - -
14= - Deloitte 99 1 - -
14= - KPMG 99 1 - -
League table of fnancial advisors to M&A by value: Finland
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1= - JPMorgan 4,586 1 - -
3= - Access Partners 2,846 2 - -
3= 1 Nordea Corporate Finance 2,846 2 610 366.6%
5 6 Handelsbanken Capital Markets 2,662 2 75 3,449%
7 4 SEB 1,030 1 118 772.9%
8 2 PwC 139 3 497 -72.0%
9= - Greenhill & Co 76 1 - -
9= - Raymond James & Associates 76 1 - -
League table of fnancial advisors to M&A by volume: Finland
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 3 PwC 139 3 2 1
2= - Access Partners 2,846 2 - -
2= 2 Nordea Corporate Finance 2,846 2 2 0
4 10 Handelsbanken Capital Markets 2,662 2 1 1
5= - Globalscope Partners - 2 - -
5= 11 ICECAPITAL Securities - 2 1 1
5= 20 MCF Corporate Finance - 2 1 1
5= - PCA Corporate Finance - 2 - -
5= 24 Translink Corporate Finance - 2 1 1
10= - Deutsche Bank 4,586 1 - -
10= - JPMorgan 4,586 1 - -
League table of fnancial advisors to M&A by value: CEE
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 6 KPMG 1,273 6 2,634 -51.7%
2= 16 Credit Suisse 1,129 1 1,115 1.3%
2= 10 Deutsche Bank 1,129 1 1,839 -38.6%
4= 8 Barclays 1,000 1 2,051 -51.2%
4= - Jamieson Corporate Finance 1,000 1 - -
7= 11 Goldman Sachs 548 1 1,786 -69.3%
7= 24 UniCredit Group 548 1 192 185.4%
9 28 Sberbank CIB 405 1 77 426.0%
10 30 EY 400 2 54 641%
11 - Jefferies 400 1 - -
12 25 Blackstone Group 304 1 113 169.0%
13 23 Deloitte 266 3 207 29%
14 56 Rabobank 266 1 - -
15= - Access Partners 249 1 - -
15= - Nordea Corporate Finance 249 1 -
League table of fnancial advisors to M&A by volume: CEE
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 KPMG 1,273 6 8 -2
2 - Macquarie Group 20 4 - -
4 2 Deloitte 266 3 5 -2
5 3 EY 400 2 5 -3
6 9 Citi 129 2 3 -1
7 18 Otkritie Financial Corporation 120 2 2 0
8 - UBS Investment Bank 100 2 - -
9 - Patria Finance 51 2 - -
10 55 Porta Finance 36 2 1 1
11 - Ascendant 14 2 - -
12= 27 Credit Suisse 1,129 1 1 0
12= 15 Deutsche Bank 1,129 1 2 -1
14= 22 Barclays 1,000 1 1 0
14= - Jamieson Corporate Finance 1,000 1 - -
League table of fnancial advisors to M&A by value: Russia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 11 KPMG 1,041 1 346 200.9%
2 - Barclays 1,000 1 - -
4= 16 Goldman Sachs 548 1 105 421.9%
4= - UniCredit Group 548 1 - -
6 18 Sberbank CIB 405 1 77 426.0%
7 - Blackstone Group 304 1 - -
8 - Appeal Strategy & Finance 166 1 - -
9 14 Citi 129 2 165 -21.8%
10 17 Otkritie Financial Corporation 120 2 77 55.8%
League table of fnancial advisors to M&A by volume: Russia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 16 Citi 129 2 1 1
3 4 Otkritie Financial Corporation 120 2 2 0
4 13 KPMG 1,041 1 1 0
5 - Barclays 1,000 1 - -
6= 18 Goldman Sachs 548 1 1 0
6= - UniCredit Group 548 1 - -
8 19 Sberbank CIB 405 1 1 0
9 - Blackstone Group 304 1 - -
10 - Appeal Strategy & Finance 166 1 - -
League table of fnancial advisors to M&A by value: Americas
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 11 Morgan Stanley 186,709 41 39,905 367.9%
2 1 JPMorgan 162,005 35 105,444 53.6%
3 9 Barclays 120,442 37 43,089 179.5%
4 5 Citi 116,298 24 49,324 135.8%
5 2 Goldman Sachs 102,592 55 101,456 1.1%
8 71 Allen & Company 84,777 5 631 13,335%
9 - Paul J. Taubman 68,492 1 - -
10 4 Credit Suisse 52,578 22 65,628 -19.9%
11 15 Deutsche Bank 44,258 16 29,627 49.4%
12 17 Greenhill & Co 32,191 5 10,850 196.7%
13 8 Lazard 30,225 32 46,456 -34.9%
17 35 Banco BTG Pactual 12,277 5 2,692 356.1%
18 31 BNP Paribas 12,271 6 3,159 288.4%
19 13 Evercore Partners 11,447 17 37,946 -69.8%
League table of fnancial advisors to M&A by volume: Americas
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 2 Goldman Sachs 102,592 55 39 16
2 4 Morgan Stanley 186,709 41 33 8
4 10 Barclays 120,442 37 21 16
5 3 JPMorgan 162,005 35 34 1
6 1 Lazard 30,225 32 40 -8
7 7 Citi 116,298 24 25 -1
9 6 Credit Suisse 52,578 22 27 -5
10 9 PwC 4,557 21 23 -2
12 12 Houlihan Lokey 2,188 17 21 -4
13 16 Deutsche Bank 44,258 16 17 -1
14 8 Stifel/KBW 2,188 16 24 -8
16 20 Jefferies 4,895 15 15 0
17 47 Harris Williams & Co 2,080 15 6 9
18 21 Deloitte 738 15 15 0
19 23 Sandler O'Neill & Partners 957 14 13 1
League table of fnancial advisors to M&A by value: US
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 11 Morgan Stanley 172,913 36 38,131 353.5%
2 1 JPMorgan 160,199 32 102,794 55.8%
3 9 Barclays 106,818 33 41,038 160.3%
4 5 Citi 106,631 21 49,089 117.2%
5 2 Goldman Sachs 97,767 52 88,536 10.4%
8 55 Allen & Company 84,777 5 631 13,335%
9 - Paul J. Taubman 68,492 1 - -
10 4 Credit Suisse 48,175 19 64,577 -25.4%
11 15 Deutsche Bank 35,932 15 27,888 28.8%
12 17 Greenhill & Co 32,191 5 10,850 196.7%
13 8 Lazard 30,225 32 46,059 -34.4%
19 - ABN AMRO Bank 11,272 2 - -
20 13 Wells Fargo Securities 8,358 15 35,171 -76.2%
League table of fnancial advisors to M&A by volume: US
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 2 Goldman Sachs 97,767 52 33 19
2 4 Morgan Stanley 172,913 36 30 6
4 9 Barclays 106,818 33 20 13
5 3 JPMorgan 160,199 32 31 1
6 1 Lazard 30,225 32 37 -5
7 7 Citi 106,631 21 24 -3
8 6 Credit Suisse 48,175 19 24 -5
10 11 Houlihan Lokey 2,188 17 19 -2
12 19 PwC 4,494 16 13 3
13 8 Stifel/KBW 2,188 16 24 -8
14 15 Deutsche Bank 35,932 15 16 -1
17 18 Jefferies 4,895 14 15 -1
18 20 Sandler O'Neill & Partners 957 14 13 1
19 21 Deloitte 680 14 12 2
League table of fnancial advisors to mid-market M&A by value: US
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 2 Morgan Stanley 10,243 17 4,954 106.8%
2 1 Goldman Sachs 9,407 18 6,129 53.5%
3 6 Barclays 6,548 11 3,566 83.6%
4 5 Lazard 6,449 11 4,048 59.3%
5 11 Credit Suisse 4,177 6 1,718 143.1%
6 7 Citi 3,913 6 2,896 35.1%
7 55 Jefferies 3,491 6 265 1,217%
9 13 Evercore Partners 2,757 4 1,533 79.8%
11 4 JPMorgan 2,482 5 4,355 -43.0%
13 12 Rothschild 2,347 7 1,692 38.7%
14 - Harris Williams & Co 2,080 4 - -
15 - Banco Itau BBA 1,985 3 - -
16 20 PwC 1,913 3 1,013 88.8%
17 - KPMG 1,803 2 - -
18 25 Centerview Partners 1,725 2 768 124.6%
19 - Blackstone Group 1,697 2 - -
20 14 Deutsche Bank 1,595 3 1,498 6.5%
League table of fnancial advisors to mid-market M&A by volume: US
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Goldman Sachs 9,407 18 11 7
3 7 Barclays 6,548 11 5 6
4 5 Lazard 6,449 11 8 3
5 13 Rothschild 2,347 7 3 4
7 6 Citi 3,913 6 6 0
8 55 Jefferies 3,491 6 1 5
11 2 JPMorgan 2,482 5 10 -5
13 4 Bank of America Merrill Lynch 2,355 4 8 -4
14 - Harris Williams & Co 2,080 4 - -
15 18 Houlihan Lokey 1,493 4 2 2
16 - Banco Itau BBA 1,985 3 - -
17 16 PwC 1,913 3 3 0
18 10 Deutsche Bank 1,595 3 4 -1
19 25 William Blair & Company 1,307 3 2 1
20 - Rabobank 970 3 - -
League table of fnancial advisors to M&A by value: Canada
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 22 Scotiabank 8,793 7 813 981.5%
2 9 BMO Capital Markets 7,697 7 2,562 200.4%
3 10 Barclays 7,269 5 2,222 227.1%
5 8 Goldman Sachs 4,473 4 2,839 57.6%
6 11 GMP Securities 4,125 6 2,170 90.1%
7 24 CIBC World Markets 2,796 8 588 375.5%
8 6 JPMorgan 2,281 4 3,209 -29%
9 51 Credit Suisse 2,204 1 28 7,771%
10 3 TD Securities 2,041 6 5,090 -59.9%
11 - BNP Paribas 1,597 2 - -
12 - Centerview Partners 1,478 1 - -
13 - Desjardins Financial Security 1,469 1 - -
14 19 Citi 1,341 2 988 35.7%
15 20 Robert W. Baird & Co 1,200 1 973 23.3%
League table of fnancial advisors to M&A by volume: Canada
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 21 CIBC World Markets 2,796 8 2 6
3 11 Scotiabank 8,793 7 3 4
4 1 BMO Capital Markets 7,697 7 8 -1
5 3 GMP Securities 4,125 6 6 0
6 6 TD Securities 2,041 6 5 1
7 17 Barclays 7,269 5 2 3
9 7 JPMorgan 2,281 4 5 -1
10 22 National Bank Financial 933 4 2 2
11 47 FirstEnergy Capital 381 4 1 3
12 58 Peters & Co 730 3 1 2
13 32 Evercore Partners 340 3 1 2
14= 34 KPMG - 3 1 2
14= 14 PwC - 3 3 0
League table of fnancial advisors to M&A by value: US North East
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 2 JPMorgan 128,459 17 49,596 159.0%
2 8 Morgan Stanley 121,590 19 27,325 345.0%
3 12 Barclays 88,503 16 5,297 1,571%
4 9 Citi 80,469 11 16,117 399.3%
6= 45 Allen & Company 68,492 1 444 15,326%
6= - Paul J. Taubman 68,492 1 - -
8 5 Goldman Sachs 65,901 32 37,751 74.6%
10 13 Deutsche Bank 24,929 9 4,892 409.6%
11= 19 Greenhill & Co 24,244 1 3,300 634.7%
14 4 Lazard 15,246 16 38,482 -60.4%
15 10 Credit Suisse 14,921 11 10,823 37.9%
League table of fnancial advisors to M&A by volume: US North East
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Goldman Sachs 65,901 32 18 14
2 5 Morgan Stanley 121,590 19 14 5
3 6 JPMorgan 128,459 17 12 5
5 12 Barclays 88,503 16 8 8
6 2 Lazard 15,246 16 17 -1
7 7 Citi 80,469 11 12 -1
8 4 Credit Suisse 14,921 11 15 -4
10 13 Deutsche Bank 24,929 9 8 1
12 17 PwC 2,154 9 7 2
13 16 Houlihan Lokey 1,534 9 7 2
League table of fnancial advisors to M&A by value: US Mid-West
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 11 Credit Suisse 25,396 8 4,337 485.6%
2 9 Morgan Stanley 20,192 8 5,233 285.9%
3 6 Centerview Partners 16,248 2 27,362 -41%
4 7 Goldman Sachs 15,300 13 7,424 106.1%
5 8 Barclays 14,049 13 5,442 158.2%
6 1 JPMorgan 10,694 8 33,939 -68.5%
7 2 Lazard 10,049 8 33,035 -69.6%
9 29 Evercore Partners 7,501 7 529 1,318%
10 10 Citi 6,628 6 5,000 32.6%
11 30 RBC Capital Markets 5,484 4 508 979.5%
12 31 Deutsche Bank 4,597 2 420 994.5%
14 16 Jefferies 1,758 4 2,070 -15.1%
15 17 BNP Paribas 1,597 2 2,019 -21%
League table of fnancial advisors to M&A by volume: US Mid-West
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 4 Goldman Sachs 15,300 13 8 5
2 6 Barclays 14,049 13 6 7
4 11 Credit Suisse 25,396 8 4 4
6 2 JPMorgan 10,694 8 10 -2
7 1 Lazard 10,049 8 14 -6
10 15 Robert W. Baird & Co 1,532 7 4 3
11 7 Citi 6,628 6 6 0
12 12 Houlihan Lokey 574 6 4 2
13 16 PwC 308 6 4 2
14 37 Harris Williams & Co - 5 2 3
League table of fnancial advisors to M&A by value: US South
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 5 Goldman Sachs 24,278 23 26,349 -7.9%
2 7 JPMorgan 22,993 14 25,179 -8.7%
3 4 Barclays 19,688 14 30,433 -35.3%
4 1 Citi 13,821 9 36,791 -62.4%
6 20 Morgan Stanley 11,398 12 4,623 146.5%
7 2 Credit Suisse 9,839 5 34,709 -71.7%
9 9 Deutsche Bank 8,125 5 22,696 -64.2%
12 13 Lazard 4,136 13 8,860 -53.3%
13 12 Moelis & Company 3,823 6 11,226 -65.9%
15= 58 BMO Capital Markets 2,850 1 100 2,750%
15= - Scotiabank 2,850 1 - -
League table of fnancial advisors to M&A by volume: US South
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 5 Goldman Sachs 24,278 23 13 10
2 8 JPMorgan 22,993 14 10 4
3 11 Barclays 19,688 14 8 6
4 1 Lazard 4,136 13 15 -2
6 10 Morgan Stanley 11,398 12 9 3
7 7 Houlihan Lokey 580 10 11 -1
8 2 Citi 13,821 9 13 -4
10 6 Stifel/KBW 868 9 12 -3
13 22 Simmons & Company International 1,296 7 6 1
14 44 Harris Williams & Co 700 7 2 5
15 34 Raymond James & Associates 245 7 3 4
League table of fnancial advisors to M&A by value: US West
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 6 Morgan Stanley 30,963 12 8,995 244.2%
3 1 Goldman Sachs 21,555 13 33,177 -35.0%
4 4 JPMorgan 18,217 5 27,185 -33.0%
5 25 Allen & Company 16,285 3 631 2,481%
6 7 Citi 15,667 3 7,514 108.5%
7 2 Credit Suisse 14,164 8 31,349 -54.8%
8 - ABN AMRO Bank 11,272 2 - -
9 78 Perella Weinberg Partners 11,244 2 29 38,672%
10 9 Lazard 8,084 8 5,523 46%
11 11 Greenhill & Co 7,871 3 5,040 56.2%
13= - CS Capital Advisors 2,780 1 - -
13= 8 Moelis & Company 2,780 1 6,302 -55.9%
15 - Gleacher Shacklock 2,408 1 - -
League table of fnancial advisors to M&A by volume: US West
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 2 Goldman Sachs 21,555 13 12 1
2 1 Morgan Stanley 30,963 12 13 -1
4 45 Harris Williams & Co 880 9 2 7
5 18 Credit Suisse 14,164 8 4 4
6 3 Lazard 8,084 8 11 -3
7 19 Piper Jaffray & Co 208 7 4 3
8 27 Jefferies 1,266 6 3 3
9 5 JPMorgan 18,217 5 9 -4
10 9 Barclays 2,023 5 7 -2
12 6 Houlihan Lokey 1,033 5 9 -4
15 - Financo 896 4 - -
League table of fnancial advisors to M&A by value: Central & South America
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 5 Morgan Stanley 14,489 5 3,205 352.1%
3 6 Banco BTG Pactual 12,267 4 2,692 356%
4 25 Barclays 11,514 4 198 5,715%
5 - Santander Global Banking and Markets 10,802 4 - -
6 - BNP Paribas 10,574 2 - -
7 - Banco Espirito Santo de Investimento 10,574 1 - -
8= - Citi 8,326 1 - -
8= 21 Deutsche Bank 8,326 1 305 2,630%
10 10 Banco Itau BBA 5,708 10 1,579 261.5%
11 12 Credit Suisse 3,065 3 1,216 152.1%
12 1 Goldman Sachs 2,736 3 5,190 -47.3%
13 51 RBC Capital Markets 2,707 4 - -
14= - Centerview Partners 1,478 1 - -
14= - CIBC World Markets 1,478 1 - -
League table of fnancial advisors to M&A by volume: Central & South America
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 3 Banco Itau BBA 5,708 10 5 5
4 1 Banco BTG Pactual 12,267 4 10 -6
5 19 Barclays 11,514 4 2 2
6 - Santander Global Banking and Markets 10,802 4 - -
9 4 Goldman Sachs 2,736 3 4 -1
10 2 PwC 63 3 6 -3
11 - BNP Paribas 10,574 2 - -
12 8 Banco Bilbao Vizcaya Argentaria 972 2 3 -1
13 - Nomura Holdings 340 2 - -
14 - Banco Espirito Santo de Investimento 10,574 1 - -
15= - Citi 8,326 1 - -
15= 25 Deutsche Bank 8,326 1 1 0
Appendix: Asia-Pacifc fnancial advisor league tables
League table of fnancial advisors to M&A by value: Asia-Pacifc (excl. Japan)
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 2 Goldman Sachs 18,297 15 10,720 70.7%
2 1 Morgan Stanley 14,562 10 10,858 34.1%
3 57 Lazard 13,574 10 481 2,722%
4 26 Citi 12,690 14 1,625 680.9%
5 29 Deutsche Bank 12,458 11 1,441 764.5%
6 19 Bank of America Merrill Lynch 12,381 8 2,466 402%
7 55 Credit Suisse 12,322 10 504 2,345%
8 41 Haitong Securities 11,001 5 865 1,171.8%
9 11 HSBC 10,155 8 3,507 189.6%
10 77 DBS Bank 9,858 7 235 4,095%
12 27 Somerley 4,871 6 1,569 210.5%
13 4 JPMorgan 4,612 7 8,413 -45.2%
14 30 PwC 4,043 21 1,407 187.3%
15 42 Southwest Securities Company 2,882 7 820 251.5%
16 - United Overseas Bank 2,597 2 - -
17 - Societe Generale 2,426 2 - -
18 7 Rothschild 2,417 7 4,893 -50.6%
19 82 M&A International 2,313 3 176 1,241%
20 - Scotiabank 2,204 1 - -
League table of fnancial advisors to M&A by volume: Asia-Pacifc (excl. Japan)
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 4,043 21 23 -2
2 15 Deloitte 804 16 7 9
3 4 Goldman Sachs 18,297 15 14 1
4 13 Citi 12,690 14 8 6
5 28 Deutsche Bank 12,458 11 4 7
6 3 Morgan Stanley 14,562 10 15 -5
7 30 Lazard 13,574 10 4 6
8 37 Credit Suisse 12,322 10 3 7
11 9 HSBC 10,155 8 9 -1
12 41 DBS Bank 9,858 7 3 4
13 6 JPMorgan 4,612 7 12 -5
14 55 Southwest Securities Company 2,882 7 2 5
15 7 Rothschild 2,417 7 12 -5
16 2 EY 1,056 7 16 -9
17 8 Macquarie Group 614 7 10 -3
18 20 Somerley 4,871 6 5 1
19 54 Haitong Securities 11,001 5 2 3
20 10 CITIC Securities 522 5 8 -3
League table of fnancial advisors to mid-market M&A by value: Asia-Pacifc (excl. Japan)
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 28 Goldman Sachs 4,059 7 686 491.7%
2 8 Deutsche Bank 2,863 5 1,441 98.7%
3 10 Somerley 2,721 4 1,394 95.2%
4 15 Citi 2,687 5 1,160 131.6%
5 - Lazard 2,162 3 - -
6 12 Standard Chartered 1,989 3 1,278 56%
7 3 Morgan Stanley 1,873 4 3,270 -42.7%
8 - DBS Bank 1,864 3 - -
10 - Credit Suisse 1,161 2 - -
11 23 Barclays 985 2 967 1.9%
12 18 PwC 972 2 991 -1.9%
13 - MIDF Amanah Investment Bank 879 2 - -
14 2 HSBC 797 1 3,477 -77.1%
15 - Reorient Financial Markets 784 1 - -
16 - Guotai Junan Securities 782 2 - -
17= 30 Bank of America Merrill Lynch 765 1 619 23.6%
17= - Simonis Storm Securities 765 1 - -
17= - Standard Bank Group 765 1 - -
20= - Blackstone Group 750 1 - -
20= - Jefferies 750 1 -
League table of fnancial advisors to mid-market M&A by volume: Asia-Pacifc (excl. Japan)
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
3 12 Citi 2,687 5 3 2
4 14 Somerley 2,721 4 2 2
6 - Lazard 2,162 3 - -
7 15 Standard Chartered 1,989 3 2 1
8 - DBS Bank 1,864 3 - -
10 - Credit Suisse 1,161 2 - -
11 19 Barclays 985 2 2 0
12 13 PwC 972 2 3 -1
14 - Guotai Junan Securities 782 2 - -
15 2 HSBC 797 1 6 -5
16 - Reorient Financial Markets 784 1 - -
17= 22 Bank of America Merrill Lynch 765 1 2 -1
17= - Standard Bank Group 765 1 - -
20= - Jefferies 750 1 -
League table of fnancial advisors to M&A by value: Asia (excl.Japan&Australasia)
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 2 Morgan Stanley 14,562 10 10,052 44.9%
2 29 Deutsche Bank 12,303 10 1,441 753.8%
3 1 Goldman Sachs 12,215 9 10,126 20.6%
4 65 Lazard 12,111 8 296 3,992%
5 27 Citi 11,312 12 1,507 651%
6 39 Haitong Securities 11,001 5 865 1,171%
7 10 HSBC 10,155 8 3,507 189.6%
9 52 Credit Suisse 10,118 9 504 1,908%
10 72 DBS Bank 9,858 7 235 4,095%
11 22 Somerley 4,871 6 1,569 210.5%
13 33 PwC 3,881 15 1,000 288.1%
14 4 JPMorgan 3,495 5 8,413 -58.5%
League table of fnancial advisors to M&A by volume: Asia(excl.Japan&Australasia)
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 3,881 15 19 -4
2 20 Deloitte 772 14 5 9
3 13 Citi 11,312 12 7 5
4 2 Morgan Stanley 14,562 10 13 -3
5 24 Deutsche Bank 12,303 10 4 6
7 32 Credit Suisse 10,118 9 3 6
8 57 Lazard 12,111 8 2 6
9 7 HSBC 10,155 8 9 -1
10 35 DBS Bank 9,858 7 3 4
13 16 Somerley 4,871 6 5 1
14 5 Rothschild 2,417 6 10 -4
15 4 EY 911 6 11 -5
League table of fnancial advisors to M&A by value: Australasia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 7 Goldman Sachs 6,608 7 699 845.4%
2 9 UBS Investment Bank 4,738 6 525 802.5%
4= - Credit Suisse 2,204 1 - -
4= - Scotiabank 2,204 1 - -
6 16 Lazard 1,989 3 185 975.1%
7 22 Citi 1,378 2 118 1,068%
8 54 JPMorgan 1,307 3 - -
9 - Deutsche Bank 952 2 - -
10 - HSBC 797 1 - -
11= 5 Morgan Stanley 566 1 806 -30%
11= - Pareto Securities 566 1 - -
11= 15 Standard Chartered 566 1 191 196.3%
14= - CIMB Group 526 1 - -
14= - DBS Bank 526 1 - -
League table of fnancial advisors to M&A by volume: Australasia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 5 PwC 496 9 4 5
4 1 Macquarie Group 250 4 7 -3
5 13 Lazard 1,989 3 2 1
6 54 JPMorgan 1,307 3 1 2
7 18 Gresham Advisory Partners 508 3 1 2
8 15 Deloitte 44 3 2 1
10 25 Citi 1,378 2 1 1
11 - Deutsche Bank 952 2 - -
12 - Oaktower Partnership 218 2 - -
13 - Moore Stephens International 66 2 - -
14 14 Rothschild 61 2 2 0
15 8 BDO 47 2 3 -1
League table of fnancial advisors to M&A by value: Greater China
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 28 Haitong Securities 11,001 5 865 1,172%
2 5 Goldman Sachs 10,422 5 3,807 174%
4 10 HSBC 9,979 7 2,375 320.2%
5 53 Credit Suisse 6,785 5 202 3,259%
6 - DBS Bank 5,666 1 - -
7 7 Morgan Stanley 5,516 6 2,688 105%
8 15 Somerley 4,871 6 1,569 210.5%
9 - Lazard 4,845 4 - -
10 32 Citi 4,692 6 562 734.9%
11 26 Deutsche Bank 3,716 5 955 289.1%
12 3 JPMorgan 3,275 4 4,632 -29.3%
14 57 M&A International 2,313 2 130 1,679%
15 - Societe Generale 2,206 1 - -
League table of fnancial advisors to M&A by volume: Greater China
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 - Deloitte 632 9 - -
2 6 HSBC 9,979 7 5 2
6 7 Somerley 4,871 6 5 1
7 27 Citi 4,692 6 2 4
8 25 Haitong Securities 11,001 5 2 3
10 61 Credit Suisse 6,785 5 1 4
11 23 Deutsche Bank 3,716 5 2 3
12 1 CITIC Securities 522 5 8 -3
13 76 GF Securities 443 5 1 4
14 - Shenyin & Wanguo Securities 399 5 - -
15 - Lazard 4,845 4 - -
League table of fnancial advisors to M&A by value: India
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 20 EY 911 6 69 1,220%
2 - Motilal Oswal Investment Advisors 544 2 - -
3 9 Standard Chartered 496 1 537 -7.6%
4 4 Macquarie Group 364 2 688 -47.1%
5= - Greenhill & Co 333 1 - -
5= - VTB Capital 333 1 - -
7 5 Rothschild 305 2 599 -49.1%
8= 11 Barclays 275 1 190 44.7%
8= - Rabobank 275 1 - -
10 - Antique Capital Markets 115 2 - -
11= 14 Arden Partners 104 1 151 -31.1%
11= - Investec 104 1 - -
13 40 Citi 100 1 - -
14 36 Signal Hill Capital 69 1 10 590.0%
15 38 ICICI Securities 56 1 6 833.3%
League table of fnancial advisors to M&A by volume: India
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 EY 911 6 8 -2
2 39 Ambit Corporate Finance 42 3 1 2
3 - Motilal Oswal Investment Advisors 544 2 - -
4 6 Macquarie Group 364 2 2 0
5 2 Rothschild 305 2 3 -1
6 - Antique Capital Markets 115 2 - -
7 12 Jefferies 30 2 1 1
8 - Mape Advisory Group 20 2 - -
9 33 Deloitte 19 2 1 1
10 17 Standard Chartered 496 1 1 0
11= - Greenhill & Co 333 1 - -
11= - VTB Capital 333 1 - -
13= 18 Barclays 275 1 1 0
13= - Rabobank 275 1 - -
15= 20 Arden Partners 104 1 1 0
15= - Investec 104 1 -
League table of fnancial advisors to M&A by value: South East Asia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 21 DBS Bank 9,858 7 235 4,0495%
2 5 Goldman Sachs 7,459 5 2,900 157.2%
3 7 HSBC 5,761 2 1,132 408.9%
5 19 Credit Suisse 3,157 3 302 945%
7 9 Rothschild 2,051 3 836 145.3%
8 6 Standard Chartered 1,989 3 1,478 35%
9 4 Morgan Stanley 1,316 2 3,199 -59%
11= - Jefferies 750 1 - -
13 1 CIMB Group 694 4 4,107 -83.1%
14 13 Deutsche Bank 690 3 505 36.6%
15 - ANZ Bank 601 1 - -
League table of fnancial advisors to M&A by volume: South East Asia
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 9 DBS Bank 9,858 7 3 4
3 1 CIMB Group 694 4 7 -3
4 2 RHB Investment Bank 457 4 5 -1
6 7 Rothschild 2,051 3 3 0
7 5 Standard Chartered 1,989 3 3 0
8 22 Deutsche Bank 690 3 1 2
9 6 HSBC 5,761 2 3 -1
13 16 Citi 350 2 2 0
14 - Moelis & Company 165 2 - -
15 11 PwC 29 2 3 -1
League table of fnancial advisors to M&A by value: South Korea
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 10 Deutsche Bank 7,992 3 486 1,544%
2 4 Morgan Stanley 7,730 2 2,017 283.2%
3 12 Citi 6,333 4 390 1,524%
4 - Lazard 5,800 1 - -
5 7 PwC 2,825 9 893 216%
6 17 UBS Investment Bank 1,930 1 115 1,578%
7 14 Deloitte 532 6 186 186.0%
8 3 Woori Investment & Securities 327 1 3,051 -89.3%
9 - KB Investment & Securities 262 1 - -
10 - Macquarie Group 113 1 - -
League table of fnancial advisors to M&A by volume: South Korea
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 PwC 2,825 9 11 -2
2 8 Deloitte 532 6 2 4
3 14 Citi 6,333 4 1 3
6 19 Daewoo Securities 36 2 1 1
7 - Lazard 5,800 1 - -
9 6 Woori Investment & Securities 327 1 4 -3
10 - KB Investment & Securities 262 1 - -
Appendix: Japan fnancial advisor league tables
League table of fnancial advisors to M&A by value: Japan
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
1 1 Morgan Stanley 19,096 5 5,450 250.4%
2 21 Credit Suisse 15,502 3 202 7,574%
4 2 Nomura Holdings 4,631 9 3,999 15.8%
5 13 Daiwa Securities Group 4,169 3 472 783.3%
6 10 Sumitomo Mitsui Financial Group 3,864 17 1,466 163.6%
7 9 Mizuho Financial Group 3,537 15 2,000 76.9%
8 4 Goldman Sachs 2,318 3 2,713 -15%
9 11 KPMG 2,013 2 901 123.4%
10 3 JPMorgan 485 2 3,396 -85.7%
11 6 Houlihan Lokey 234 2 2,590
12 24 PwC 224 5 154
13 53 UBS Investment Bank 205 2 -
14 18 Deloitte 181 5 250
15 - Ohana & Co 135 1 -
16 20 GCA Savvian Group 127 3 222 -42.8%
17 - China Renaissance Partners 120 1 - -
18 28 Moelis & Company 117 2 93 25.8%
19 19 Lazard 105 2 223 -52.9%
20 - Raymond James & Associates 63 1 - -
League table of fnancial advisors to M&A by volume: Japan
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 8 Sumitomo Mitsui Financial Group 3,864 17 7 10
2 1 Mizuho Financial Group 3,537 15 26 -11
3 2 Nomura Holdings 4,631 9 18 -9
4 3 Morgan Stanley 19,096 5 15 -10
5 4 PwC 224 5 11 -6
6 10 Deloitte 181 5 5 0
7 9 Frontier Management 40 4 7 -3
8 18 Credit Suisse 15,502 3 2 1
9 6 Daiwa Securities Group 4,169 3 9 -6
10 15 Goldman Sachs 2,318 3 2 1
11 7 GCA Savvian Group 127 3 8
12 5 KPMG 2,013 2 10
13 11 JPMorgan 485 2 3
14 23 Houlihan Lokey 234 2 1
15 53 UBS Investment Bank 205 2 1
16 31 Moelis & Company 117 2 1 1
17 17 Lazard 105 2 2 0
18 - Tokyo Kyodo Accounting Office 19 2 - -
20 - Ohana & Co 135 1 - -
Appendix: Africa & Middle East fnancial advisor league tables
League table of fnancial advisors to M&A by value: Africa & Middle East
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Value
(US$m)
% Val.
Change
2 16 UBS Investment Bank 1,511 1 500 202.2%
3 3 Goldman Sachs 1,063 3 2,629 -59.6%
4 - KPMG 960 2 - -
5 2 Citi 928 3 2,660 -65.1%
6 26 Standard Bank Group 875 2 200 337.5%
7= 18 Deutsche Bank 765 1 450 70.0%
9 51 Investec 676 4 - -
10 21 EY 636 2 328 93.9%
11 - Java Capital 384 2 - -
12 33 Canaccord Genuity 380 2 150 153.3%
13 - Sasfin Bank 264 1 - -
14 15 JPMorgan 249 2 500 -50.2%
15= - GIB Capital 235 1 - -
15= - Moelis & Company 235 1 - -
17 - Leonardo & Co 190 1 - -
18 - EFG-Hermes Holding 150 1 - -
19 30 PwC 147 2 172 -14.5%
20 12 Rand Merchant Bank 135 2 592 -77.2%
League table of fnancial advisors to M&A by volume: Africa & Middle East
Ranking Q1 2014 Q1 2013
Q1
2014
Q1
2013
Company Name
Value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 51 Investec 676 4 1 3
4 4 Citi 928 3 3 0
5 - KPMG 960 2 - -
6 3 Standard Bank Group 875 2 4 -2
7 2 EY 636 2 4 -2
8 - Java Capital 384 2 - -
9 38 Canaccord Genuity 380 2 1 1
10 26 JPMorgan 249 2 1 1
11 14 PwC 147 2 2 0
12 6 Rand Merchant Bank 135 2 3 -1
13 12 Nedbank Capital 7 2 2 0
14= 11 HSBC - 2 2 0
14= - Perella Weinberg Partners - 2 - -
17= 29 Deutsche Bank 765 1 1 0
19 - Sasfin Bank 264 1 - -
20= - GIB Capital 235 1 - -
20= - Moelis & Company 235 1 - -
Criteria
All data is based on transactons over US$ 5m and is based on the Mergermarkets M&A deals
database. Deals with undisclosed deal values are included where the targets turnover exceeds
US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is
greater than US$ 100m. Click here for the full deal criteria
M&A Trends and Top Deals: correct as of 10am, 31-Mar-2014
Based on the dominant geography or dominant sector of the target according to
Mergermarkets deals database. The trend graphs are based on transactons announced in the
given tme periods
Financial advisor league tables: correct as of 10am, 31-Mar-2014
Based on the dominant geography of any of the target, bidder or seller according to
Mergermarkets deal database
Dates
Q1 2014 : 01-Jan-14 to 30-Mar-14

Industry consolidatons:
OTHER in Global, Europe, US & Emerging Markets: Leisure, Defence, Agriculture, Constructon,
Financial Services, Business Services, Real Estate, Other
OTHER in Asia-Pacifc (excl. Japan): Leisure, Business Services, Financial Services, Defence,
Other
Cross-Border
Inbound: deals where the dominant geography of the target is X and the dominant geography
of the bidder is outside X
Outbound: deals where the dominant geography of the target is outside X and the dominant
geography of the bidder is X
Small-cap: deals valued under US$ 250m
Mid-market: Global/regional deals valued between US$ 251m - US$ 1bn
Large-cap: deals valued between US$ 1bn - US$ 10bn
Mega-deal: deals above the value of US$ 10bn
Average deal size: excludes deals with a non-disclosed value
About Mergermarket
Mergermarket is a mergers & acquisitons (M&A) intelligence service.
Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and
regional head ofces in New York, London and Hong Kong.
In any market, the life blood of advisors is deal fow. Mergermarket is unique in the provision of
originaton intelligence to the investment banking, legal, private equity, acquisiton fnance, public
relatons (PR) and corporate markets.
With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa
and Asia-Pacifc, mergermarket generates proprietary intelligence and delivers it together with daily
aggregated content, on its Mergermarket.com platorm and by real-tme email alerts to subscribers.
This wealth of intelligence, together with a series of deal databases, individual and house league ta-
bles, profles and editorial have proven tme and tme again that this product can and does generate
real revenues for clients. This is apparent when you see that Mergermarket is used by over 1500 of
the worlds foremost advisory frms to assist in their originaton process.
Part of The Mergermarket Group
www.mergermarket.com
80 Strand
London, WC2R 0RL
United Kingdom
T: +44 207 010 6100
sales@mergermarktet.com
330 Hudson St.
4th Floor
New York
NY 10013. USA
T: +1 212 500 7537
sales.us@mergermarket.com
Suite 2401-3
Grand Millennium Plaza
181 Queens Road, Central
Hong Kong
T: + 852 2158 9764
sales.asia@mergermarket.com
What Mergermarket can do for you
Our global team of 400 dedicated M&A journalists, spread in over 65 locations worldwide,
gathers proprietary information about corporate strategy through its network of industry
contacts and executives. This is M&A intelligence you wont fnd anywhere. The insight we
provide often doesnt become public knowledge until 6-24 months after our journalists frst
start reporting, giving you a large window of opportunity to take early action.
Our multilingual team of journalists monitors more than 3,000 global media sources daily,
analyzing and translating the most relevant information into summarized articles that
subscribers receive in their alerts, together with our proprietary intelligence.
Mergermarkets comprehensive Deals Database offers you the opportunity to search a global
library of historical M&A transactions with fully-sourced financials and exit multiples. You can
analyze volumes and values of M&A activity in specific regions or sectors to discover deal
patterns and identify trends ahead of competitors.
Our customizable Private Equity Search facility provides you with extensive analyses of more
than 1,000 of the worlds biggest private equity firms. Analyse specific PE firms in terms of
current portfolio, historical exits, potential investments, firm profile, historical advisor and
investment relationships, as well as rival bidders to monitor competitors and stay on top of
your market.
Because we are always up-to-speed on which advisers are working on which deals, our
detailed Whos who in M&A league tables have become an industry standard among
investment professionals. Tailor-build individual or house league tables to analyze firm
performance and enhance your marketing strategy, competitor analysis or pitch book efforts.
PREDICTIVE INTELLIGENCE
ANALYSIS
DEALS DATABASE
PRIVATE EQUITY PORTFOLIO LEAGUE TABLES
Mergermarket is a business development tool designed specifcally for the M&A sector, providing proprietary
news, intelligence and analysis on corporate strategy before that strategy becomes public knowledge.
Over 2000 of the worlds foremost advisory frms, investment banks, law frms, private equity frms and corporates
use mergermarket to drive their origination process and capture lucrative business opportunities. Click the
buttons at the bottom of the page to fnd out about the real benefts mergermarket can bring to your company.

Mergermarket M&A Trend Report: Q1 2014: April 2014

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Mergermarket M&A Trend Report: Q1 2014: April 2014

Uploaded by

Copyright:

Available Formats

Mergermarket Q1 2014 trend report 1 www.mergermarket.

You might also like