Global Financial Advisory Mergers & Acquisitions Rankings 2013

GLOBAL FINANCIAL ADVISORY
MERGERS & ACQUISITIONS RANKINGS 2013
Bloomberg
Table of Contents
1. Introduction
2. Global Market Commentary
4. Global Regional Volume
5. Global Aggregate Deal Statistics
12/31/2013
Bloomberg 2013 Annual

Mergers and Acquisitions Financial Advisory Rankings
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables
represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The
rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures,
6. Global Top Deals
private placements of common equity and convertible securities, and the cash injection component of
9. Global M&A Activity
recapitalizations according to Bloomberg standards.
10. M&A League Tables By Industry

11. Global Announced Deals
12. Cross Border Announced Deals
13. Global Private Equity Announced Deals
14. North America Announced Deals
18. Latin America Announced Deals
20. EMEA Announced Deals
31. Asia-Pacific Announced Deals
39.
Disclaimer
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a
global perspective and local insight into unique deal structures in various markets through a network of over 800
financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table
rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief
newsletters provide summary highlights of weekly M&A activity and top deal trends.
Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table
results. Type MA <GO> 96 <GO> 82 <GO> to view live rankings.
For data submissions or queries, please contact:
North America
Contact
Phone
Fax
Email
Eshani Gupte
+1-212-617-5969
+1-917-369-3965
egupte@bloomberg.net
EMEA
Paula Cook-Dinan
+44-20-3525-8104
+44-20-7942-1792
pcookdinan1@bloomberg.net
Asia Pacific
Devanshi Desai
+61-2-9777-8661
+61-2-9770-8561
dparekh10@bloomberg.net
LATAM
Fernando Simon
+55-11-3048-4619
+55-11-3048-4669
fsimon5@bloomberg.net
General M&A queries may be submitted to: m-a@bloomberg.net

For 24 hour global customer support call
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+44 20 7330 7500
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or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.
Bloomberg
Global Review
Regional Deal Activity
Global M&A volume in the fourth quarter fell 27.8% to $576.75B compared to the same period last year. Deal count also
decreased by 2.8% compared to the same period last year, contributing to the overall drop. Despite this, overall volume
for the year increased 4% to $2.33T from $2.24T in 2012 (excluding terminated deals).
Aggregate M&A volume in the US was nearly 32% greater than the activity of the remaining top five acquirers combined in
the fourth quarter. Annual volume in the region rose 8% in 2013 to $1.22T from $1.15T in 2012.
Deal volume in EMEA increased by 8.5% from the previous year as its most active acquirer, the U.K., saw a 2.2% increase
in deal making in the fourth quarter.
Asia-based companies experienced overall declines in deal volume in 2013, though China saw a jump of 32.7% in M&A
volume to $216.47B from $163.09B in 2012.
Total Annual Deal Volume by Industry

Utilities
4%
Technology
5%
Basic Materials
4%
Industrial
10%
Communications
17%
Industry Sector Deal Activity
Financials was the most active industry in terms of M&A in 2013, driven in the fourth quarter by American Realty Capitals
$9.85B acquisition of Cole Real Estate Investment in late October the second largest deal of the quarter. Despite having the
largest deal of the quarter Oi SAs pending acquisition of Portugal Telecom activity in the Communications industry in the
last 3 months of the year declined to only 11% of total volume, down from 35% in the third quarter.
The Communications industry exhibited the largest growth by deal volume year over year, up nearly 42% from 2012. This was
due primarily to Verizon Communications Incs $130.1B agreement to buy Vodafone Groups stake in its wireless joint venture
business.
The top target industry for Private Equity by volume was Consumer, Non-Cyclical. Investment in the industry rose by $26.2B
YoY, and was largely attributable to 3G Capital and Berkshire Hathaways $27.4B takeover of HJ Heinz.
Despite a 48% year over year drop in total deal volume, targets in the Basic Materials industry earned the highest premiums
with an annual average of 54.4% compared to 28.4% in 2012.
Consumer, Noncyclical
17%
Financial
22%
Energy
10%
Diversified
1%
Consumer,
Cyclical
10%
Annual Regional Deal Volume (as a share of total)
MA <GO>
LEAG <GO>
NI DEALSPACE <GO>
MARB <GO>
Bloomberg
Global Review
Takeovers Fail to Thrive As CEO Scepticism Defeats Stock Gains
By Mohammad Hadi and Elizabeth Wollman

The value of global takeovers remained relatively subdued in 2013, as chief executive officers continued to worry about the viability of the global economic recovery,
even as stock markets rose and the U.S. economy showed signs of strength. About $2.33 trillion of acquisitions were announced last year, compared with $2.24 trillion a
year earlier, data compiled by Bloomberg show. That is still well below the $4.1 trillion announced in 2007.* Last year was marked by some large takeovers, including
Verizon Communication Inc.'s $130 billion purchase of its wireless business from Vodafone Group Plc, the largest M&A transaction in a decade, and Publicis SA and
Omnicom Group Inc.'s $35 billion merger creating the world's largest advertising company. The final three months of 2013 saw announced takeovers slide by more than
20 percent from a year earlier, according to data compiled by Bloomberg, even as the outlook improved in Europe and North America. A dearth of deals in banking and
natural resources is partly to blame for the lack of a rebound. For energy and mining firms, weaker prices for oil, gas and metals and a long list of failed transactions from
the 2002-2012 commodity boom are keeping chief executives from pulling the trigger.
*Figures include pending and completed deals only
A Year in Review: Largest M&A Deals
Acquirer: Midea Group Co

Ltd
Country: China
TV: USD 4.9 B
Acquirer: OCI
TV: USD 10.5 B
Jan
Feb
Acquirers: Berkshire
Hathaway , 3G Capital
TV: USD 27.4 B
Key Dealmakers: A.
OBrien (JP), A. Weiss
(Lazard)
MA <GO>
Mar
Apr
Acquirer: Thermo Fisher

Scientific
TV: USD 15.9 B
Key Dealmakers: J. Styne
(DB), C. Pritchard (JP)
Acquirer: Publicis Groupe

TV: 19.4 B
Key Dealmakers: K.
Moelis (Moelis & Co), T.
Whayne (Rothschild)
Acquirer: Berkshire
Hathaway
TV: USD 10.4 B
May
Acquirer: Vodafone
Group
TV: USD 8.5 B
Key Dealmakers: S.
Warshaw (UBS)
LEAG <GO>
Jun
Jul
Acquirer: GSW
Immobilien
TV: USD 4.5 B
Aug
Acquirer: Verizon
Communications
TV: USD 130.1 B
Key Dealmakers: K Cook
(GS), R. Friedsam (MS)
Sep
Acquirer: Oi SA
TV: USD 14.3 B
NI DEALSPACE <GO>
Oct
Target: Galaeo Airport

Concession
TV: USD 8.3 B
Nov
Dec
Acquirer: Sysco Corp

TV: USD 8.4 B
MARB <GO>
Bloomberg
Global Review
Regional Volume : Notable Highlights
Global M&A Quarterly Volume

Deal Count
Volume $(mil.)
Volume $(mil.)
2,500
200,000.00
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2013 Q4
MARB <GO>
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
NI DEALSPACE <GO>
2012 Q2
0
2011 Q4
0.00
2011 Q3
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2012 Q1
2011 Q4
2011 Q3
2011 Q2
2011 Q1
2010 Q4
2010 Q3
2010 Q2
2010 Q1
2009 Q4
2009 Q3
2009 Q2
2009 Q1
LEAG <GO>
500
2011 Q2
0.00
1,000
50,000.00
2011 Q1
500
50,000.00
1,500
2010 Q4
100,000.00
100,000.00
2010 Q3
1,000
2,000
2010 Q2
150,000.00
2,500
150,000.00
Deal Count
1,500
200,000.00
Deal Count
2,000
250,000.00
3,000
2009 Q2
300,000.00
Deal Count
3,500
2009 Q1
350,000.00
3,000
Total Volume (USD Mln)
400,000.00
MA <GO>
APAC M&A Quarterly Volume
Deal Count
250,000.00
2012 Q1
2009 Q1
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2012 Q1
2011 Q4
2011 Q3
2011 Q2
2011 Q1
2010 Q4
2010 Q3
2010 Q2
2010 Q1
2009 Q4
2009 Q3
2009 Q2
EMEA M&A Quarterly Volume

Volume $(mil.)
0.00
0
2009 Q1
0.00
100,000.00
2011 Q4
1,000
2012 Q1
100,000.00
200,000.00
2011 Q3
2,000
2011 Q2
200,000.00
300,000.00
2011 Q1
3,000
2010 Q4
4,000
300,000.00
2010 Q3
400,000.00
2010 Q2
5,000
400,000.00
2010 Q1
500,000.00
500,000.00
2009 Q4
6,000
2009 Q3
7,000
600,000.00
2009 Q2
700,000.00
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
600,000.00
8,000
Deal Count
Deal Count
800,000.00
Deal Count
Volume $(mil.)
Americas M&A Quarterly Volume
2010 Q1
2009 Q4
Global M&A activity totalled $2.33T in annual volume, a slight increase from 2012 levels. Deal count fell, however, from 27,965 to 27,830 as average deal size rose by
4.5% in 2013.
The Americas accounted for $1.42T of global volume representing 61% of the total global volume in 2013. This is comparable to the activity seen in the region in
2012. Deal volume in EMEA reached $1.02T, increasing by 8.9% from last year.
Asia saw a 3.4% decline in annual volume, with the deal count decreasing by the same amount.
2009 Q3
Bloomberg
Global Review
Deal Breakdown : Notable Highlights
The majority of deal making in 2013 (97% of deal count) occurred in the mid-market range (below $500M). There was a decrease in the number of deals valued
between $1B-$5B as compared to the previous year, with 353 deals being brokered against 390 in 2012.
Payments with the cash or stock option increased by 83% as a share of total deals compared to 2012, being used in 2.28% of all transactions.
The number of deals with announced premiums greater than 100% represented 0.62% of total volume this year, as compared 1.83% of total volume last year.
Terminated deals also increased significantly this year, representing 7.36% of total deals as compared to only 3.34% in 2012.
Global M&A Annual Aggregate Statistics

Deal Type Summary
Company Takeover
Cross Border
# Deals Volume Percent

11196
1.27T
54.68
Payment Type
Summary
> 10,000M
16
365.41B
0.06
5000.01-10,000M
35
240.49B
0.13
1000.01-5000M
353
711.75B
1.27
500.01-1000M
432
301.6B
1.55
26994
709.09B
97
Stock
1048
220.67B
9.81
657
193.43B
8.6
29
136.85B
6.08
7457
100.43B
4.46
Cash or Stock
55
51.4B
2.28
Cash & Debt
85
13.25B
0.59
109
8.41B
0.37
>100%
46
6.54B
0.62
29
3B
0.13
75.01-100%
32
3.55B
0.34
50.01-75%
88
26.3B
2.49
25.01-50%
229
132.88B
12.58
10.01-25%
214
226.05B
21.39
0-10%
185
96.47B
9.13
# Deals
Volume
Percent
8947
1.11T
44.15
Completed
18883
1.22T
48.49
Terminated
223
184.99B
7.36
6220
517.78B
22.24
3472
412.89B
17.73
Cash, Stock & Debt
Private Equity
5798
369.67B
15.88
Undisclosed
Majority purchase
2205
246.04B
10.57
Minority purchase
6580
216.94B
9.32
Tender Offer
437
146.39B
6.29
PE Buyout
667
134.76B
5.79
Joint Venture
895
43.75B
1.88
Secondary Transaction
262
41.31B
1.77
Recapitalization
31
40.46B
1.74
Venture Capital
3707
40.21B
1.73
618
37.51B
1.61
36
28.59B
1.23
187
25.13B
1.08
1158
164.61
7.05
MA <GO>
Volume Percent
67.68
Asset sale
Additional Stake
Purchase
Other
# Deals
1.52T
45.2
Management Buyout
Deal Size Breakdown
17146
1.05T
Going Private
Volume Percent
Cash
9307
Private Placement
# Deals
Cash & Stock
Debt
Stock & Debt
Public Target
Multiples
Net Income
EBIT
EBITDA
Book Value
Stockholder Eqty
Revenue
Market Cap
Enterprise Value
Total Assets
LEAG <GO>
# Deals
1214
1152
1032
1839
1852
1811
1590
1474
1985
Min - Max
.00 - 3601.22
.00 - 3690.48
.01 - 3014.93
.00 - 3288.83
.00 - 3288.83
.00 - 1421.51
.00 - 205.94
.00 - 175.52
.00 - 305.05
Median
18.71
13.14
8.06
1.78
1.75
1.27
1.27
1.04
0.79
0-500M
Announced
Premiums
Current Status
Pending
NI DEALSPACE <GO>
# Deals
Volume
MARB <GO>
Percent
Bloomberg
Global Review
Americas : Notable Highlights
Summary
Announce Date
15261 02/09/2013
Volume
$1.4T 14/02/2013
Average Deal Size
$188.9M 05/02/2013
Average Premium
36.80% 28/07/2013
12/02/2013
Most Acquisitive Company
05/02/2013
Acquirer
Andreessen Horowitz 15/04/2013
Number of Deals
67 02/10/2013
Volume
$1.6B 15/07/2013
Average Deal Size
$25.1M 29/05/2013
Number of Deals
Target Name
Cellco Partnership
HJ Heinz Co
Virgin Media Inc
Omnicom Group Inc
NBCUniversal LLC
Dell Inc
Life Technologies Corp
Portugal Telecom SGPS SA
Shoppers Drug Mart Corp
NV Energy Inc
Acquirer Name
Verizon Communications Inc
Multiple acquirers
Liberty Global PLC
Publicis Groupe SA
Comcast Corp
Multiple acquirers
Thermo Fisher Scientific Inc
Oi SA
Loblaw Cos Ltd
Berkshire Hathaway Inc
COUNTRY
INDUSTRY
TOP ACQUIRERS
TOP ACQUIRERS
Telephone-Integrated
159.0
Private Equity
122.8
Investment Companies
101.0
Oil Comp-Explor&Prodtn
Pipelines
58.7
44.2
TOP TARGETS
139.5
Real Estate Oper/Development
71.5
Food-Misc/Diversified
68.6
39.4
34.7
$- $20 $40 $60 $80 $100 $120 $140 $160 $180
Total Volume (USD Bln)
MA <GO>
U.S.
1002.0
Canada
119.8
Brazli
55.9
U.K.
42.0
China
36.2
TOP TARGETS
Cellular Telecom
Bldgs-Residential/Commercial
Total Value (mil.)

130,100.00
27,403.30
21,627.16
19,420.43
16,700.00
16,435.60
15,900.98
14,297.19
13,007.36
10,365.59
LEAG <GO>
U.S.
964.2
Canada
87.2
Brazli
57.8
U.K.
54.6
Germany
20.0
$-
$200
$400
$600
$800
$1,000 $1,200
NI DEALSPACE <GO>
MARB <GO>
Bloomberg
Global Review
EMEA : Notable Highlights
Summary
9022
Number of Deals
Volume
$1T
Average Deal Size
$237M
Average Premium
25.00%
Index Ventures
Acquirer
Number of Deals
48
Volume
$1.1B
Average Deal Size
$22.2M
Announce Date
02/09/2013
15/07/2013
05/02/2013
28/07/2013
02/10/2013
16/04/2013
23/07/2013
24/06/2013
23/04/2013
18/01/2013
Target Name
Cellco Partnership
French Republic
Virgin Media Inc
Omnicom Group Inc
Portugal Telecom SGPS SA
National Bank of Greece SA
E-Plus Mobilfunk GmbH & Co KG
Kabel Deutschland Holding AG
Piraeus Bank SA
Orascom Construction Industries
Acquirer Name
Verizon Communications Inc
Caisse des Depots et Consignations
Liberty Global PLC
Publicis Groupe SA
Oi SA
Hellenic Financial Stability Fund
Telefonica Deutschland Holding AG
Vodafone Group PLC
Hellenic Financial Stability Fund
OCI
INDUSTRY
COUNTRY
TOP ACQUIRERS
TOP ACQUIRERS
Telephone-Integrated
U.S.
160.4
99.0
Germany
42.4
Finance-Investment Fund
118.0
France
48.1
Sovereign
308.6
U.K.
77.1
Private Equity
61.7
Russia
37.9
TOP TARGETS
47.9
TOP TARGETS
Cellular Telecom
U.S.
140.1
Commer Banks Non-US
33.7
$-
$50
87.3
France
37.5
Oil Comp-Explor & Prodtn
128.0
Germany
43.9
250.0
U.K.
58.6
Telecom Services
57.9
Russia
$100
$150
$200
44.5
$-
MA <GO>
Total Value (mil.)

130,100.00
23,361.29
21,627.16
19,420.43
14,297.19
12,852.55
11,296.26
11,185.66
10,966.97
10,488.09
LEAG <GO>
$50
$100
$150
$200
$250
$300
$350
NI DEALSPACE <GO>
MARB <GO>
Bloomberg
Global Review
APAC : Notable Highlights
Summary
Number of Deals
9397
Volume
$668.3B
Average Deal Size
$98.1M
Average Premium
23.47%
Acquirer
Mitsui & Co Ltd
Number of Deals
23
Volume
$4.4B
Average Deal Size
$340M
Announce Date
14/06/2013
22/11/2013
31/05/2013
29/05/2013
24/09/2013
06/05/2013
16/12/2013
02/07/2013
02/07/2013
12/04/2013
Target Name
PetroChina United Pipelines Co Ltd
Galeao airport concession
SM Land Inc
Smithfield Foods Inc
Tokyo Electron Ltd
BMC Software Inc
LSI Corp
Bank of Ayudhya PCL
Kashagan caspian oil project
Port Kembla & Port Botany Australia
Acquirer Name
Multiple acquirers
Multiple acquirers
SM Prime Holdings Inc
Shuanghui International Holdings Ltd
Applied Materials Inc
Multiple acquirers
Avago Technologies Ltd
Mitsubishi UFJ Financial Group Inc
KazMunayGas National Co JSC
Multiple acquirers
INDUSTRY
COUNTRY
TOP ACQUIRERS
TOP ACQUIRERS
78.3
36.5
30.3
Invest Mgmnt/Advis Serv
29.7
China
215.9
Japan
39.2
Diversified Operations
91.0
Australia
61.1
U.S.
58.2
Singapore
TOP TARGETS
53.8
TOP TARGETS
China
60.5
182.9
Commer Banks Non-US
23.2
Australia
23.1
U.S.
60.3
Bldg-Residential/Commer
22.9
Japan
58.4
$20
66.2
South Korea
16.5
$-
$40
$60
$80
$100
49.5
$-
MA <GO>
Total Value (mil.)

9,786.65
8,308.09
7,329.99
6,955.21
6,794.36
6,735.72
5,595.53
5,505.43
5,400.00
5,324.51
LEAG <GO>
$50
$100
$150
$200
$250
NI DEALSPACE <GO>
MARB <GO>
Bloomberg
Global M&A Activity
Regional Breakdown by Target Region/Country
1/1/13
- 12/31/13
FIRM
Americas
2013
2012
VOLUME
DEAL
VOLUME
DEAL
VOLUME
USD (Mln)
COUNT
USD (Mln)
COUNT
CHANGE
$1,151,562
12,693
$1,134,137
13,144
1.54%
Latin America
$94,572
900
$112,642
1,055
-16.04%
North America
$1,068,805
11,929
$1,050,844
12,200
1.71%
Canada
United States
EMEA
$87,180
1,539
$126,289
1,554
-30.97%
$962,759
10,162
$886,671
10,460
8.58%
$672,577
7,004
$636,683
6,726
5.64%
Eastern Europe
$82,569
1,174
$129,026
952
-36.01%
Western Europe
$533,282
5,199
$460,029
5,173
15.92%
UK
$128,083
1,863
$179,541
1,874
-28.66%
Germany
$87,255
758
$63,750
744
36.87%
France
$57,935
487
$33,627
512
72.29%
$444,338
6,418
$372,927
6,333
19.15%
$65,512
910
$54,880
860
19.37%
$3,064
109
$4,388
132
-30.18%
$182,830
2,308
$133,634
2,382
36.81%
Hong Kong
$28,366
421
$17,346
349
63.53%
South East Asia
$70,177
1,070
$75,222
982
-6.71%
India
$20,949
602
$32,545
704
-35.63%
$58,368
1,543
$90,129
1,597
-35.24%
27,890
$2,235,357
27,966
4.25%
Asia-Pacific ex-Japan
Australia
New Zealand
China
Japan
Global
$2,330,349
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
Bloomberg
M&A League Tables by Industry
Global Announced Deals - Financial
01/01/13
Global Announced Deals - Communications
- 12/31/13
2013
RANK
FIRM
MKT
SHARE
01/01/13
VOLUME
USD (Mln)
DEAL
COUNT
- 12/31/13
2013
RANK
FIRM
MKT
SHARE
VOLUME
USD (Mln)
DEAL
COUNT
Goldman Sachs & Co
19.3
98,436
80
Goldman Sachs & Co
57.8
231,511
42
Morgan Stanley
15.6
79,516
62
Morgan Stanley
55.0
220,352
35
BNP Paribas SA
12.8
65,237
23
JP Morgan
54.1
216,676
29
Barclays Capital Group
10.8
55,034
35
Bank of America Merrill Lynch
51.7
206,786
27
JP Morgan
10.1
51,678
44
UBS AG
44.6
178,658
14
Lazard Ltd
9.2
46,732
38
38.7
154,865
19
8.9
45,457
49
Guggenheim Capital LLC
33.2
132,825
Moelis & Co
8.4
43,071
18
PJT Capital LLC
32.5
130,100
Citigroup Inc
7.5
38,100
29
Deutsche Bank AG
13.6
54,536
21
10
6.8
33
Citigroup Inc
10
11.1
UBS AG
34,581
TOTAL
$510,362
4,320
- 12/31/13
01/01/13
2013
RANK
FIRM
44,257
29
$400,341
3,255
Global Announced Deals - Energy
Global Announced Deals - Consumer, Non-cyclical

01/01/13
TOTAL
MKT
SHARE
VOLUME
USD (Mln)
DEAL
COUNT
- 12/31/13
2013
RANK
FIRM
MKT
SHARE
VOLUME
USD (Mln)
DEAL
COUNT
JP Morgan
28.8
114,511
61
Citigroup Inc
19.6
48,266
35
23.9
94,973
50
15.8
38,991
27
Goldman Sachs & Co
22.7
90,374
68
Evercore Partners Inc
14.6
35,839
33
Morgan Stanley
20.1
79,793
68
Goldman Sachs & Co
14.2
34,918
24
Lazard Ltd
18.5
73,679
45
10.1
24,941
17
9.2
22,752
27
13.6
54,063
55
Morgan Stanley
Moelis & Co
12.6
50,021
24
Credit Suisse Group AG
8.3
20,452
19
Centerview Partners LLC
11.8
46,861
15
UBS AG
8.2
20,074
16
Deutsche Bank AG
11.7
46,556
23
Jefferies LLC
6.6
16,145
12
10
10.5
41,821
55
JP Morgan
10
5.7
14,105

TOTAL
$397,539
5,651
TOTAL
$246,391
17
1,579
10
Bloomberg
M&A Financial Advisory League Tables
Global Announced Deals

Ranked by Volume
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
24.5
569,728
350
25.3
(0.8)
Morgan Stanley
21.1
491,145
291
21.4
(0.3)
JP Morgan
21.0
489,946
244
20.1
0.9
19.9
462,769
217
14.9
5.0
16.5
384,679
197
17.0
(0.5)
UBS AG
12.0
280,622
162
10
8.8
3.2
Citigroup Inc
10.2
237,620
200
18.6
(8.4)
Deutsche Bank AG
9.7
226,864
156
16.4
(6.7)
8.7
203,582
211
17.1
(8.4)
Lazard Ltd
10
8.4
196,119
204
11
8.1
0.3
Moelis & Co
11
5.8
134,224
90
23
2.1
3.7
12
5.7
132,825
5.7
PJT Capital LLC
13
5.6
130,100
5.6
BNP Paribas SA
14
5.3
122,617
101
15
4.4
0.9
Rothschild Ltd
15
4.3
100,396
184
9.7
(5.4)
16
3.9
90,952
27
22
2.2
1.7
17
3.7
85,949
110
13
5.5
(1.8)
RBC Capital Markets
18
3.3
77,600
150
14
5.1
(1.8)
Wells Fargo & Co
19
2.4
55,670
53
25
1.8
0.6
HSBC Bank PLC
20
2.1
49,385
62
17
3.3
(1.2)
TOTAL
$2,330,349
27,890
$2,235,357
*Total Volume represents all announced transactions in US$ millions.
11
Bloomberg
Cross Border Announced Deals

Ranked by Volume
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
35.3
371,623
196
29.3
6.0
Morgan Stanley
32.2
338,953
151
26.1
6.1
JP Morgan
27.1
285,412
114
25.7
1.4
25.9
272,741
114
19.9
6.0
23.3
245,181
107
21.8
1.5
UBS AG
20.6
216,770
86
10
12.9
7.7
12.4
130,100
12.4
PJT Capital LLC
12.4
130,100
12.4
Citigroup Inc
11.8
124,063
102
21.7
(9.9)
Deutsche Bank AG
10
11.2
118,192
99
25.6
(14.4)
11
8.3
87,715
108
23.3
(15.0)
Lazard Ltd
12
6.7
70,566
109
11
10.9
(4.2)
Rothschild Ltd
13
6.7
70,297
118
15.4
(8.7)
BNP Paribas SA
14
6.5
67,921
71
14
7.2
(0.7)
HSBC Bank PLC
15
4.3
45,398
45
16
6.3
(2.0)
Moelis & Co
16
3.7
38,866
29
52
0.8
2.9
Societe Generale SA
17
2.7
28,322
41
26
2.1
0.6
Leonardo & Co
18
2.3
24,650
24
352
0.0
2.3
Banco BTG Pactual SA
19
2.3
24,569
28
35
1.3
1.0
LionTree Advisors LLC
20
2.1
22,392
2.1
TOTAL
$1,052,941
9,338
$1,101,149
12
Bloomberg
Global Private Equity Announced Deals

Ranked by Volume
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
JP Morgan
25.3
93,522
68
21.0
4.3
Goldman Sachs & Co
24.2
89,410
85
25.6
(1.4)
20.0
73,965
35
10.4
9.6
18.8
69,367
64
14.9
3.9
Deutsche Bank AG
14.8
54,541
41
14.5
0.3
14.1
52,007
54
21.0
(6.9)
12.6
46,403
18
3.0
9.6
Morgan Stanley
12.5
46,344
67
21.8
(9.3)
Lazard Ltd
11.5
42,488
59
19
2.9
8.6
RBC Capital Markets
10
11.4
42,245
36
8.7
2.7
Moelis & Co
11
9.9
36,534
22
21
2.3
7.6
Citigroup Inc
12
9.3
34,495
43
15.9
(6.6)
Wells Fargo & Co
13
9.1
33,792
15
29
1.3
7.8
14
5.7
21,104
21
16
4.1
1.6
UBS AG
15
5.4
19,992
43
14
5.5
(0.1)
BNP Paribas SA
16
5.0
18,440
22
22
1.9
3.1
GCA Savvian Corp
17
4.6
16,813
34
1.1
3.5
18
4.4
16,436
26
1.6
2.8
Jefferies LLC
19
4.4
16,164
29
13
6.2
(1.8)
Macquarie Group Ltd
20
3.4
12,555
18
17
3.7
(0.3)
TOTAL
$369,768
5,811
$453,109
13
Bloomberg
United States Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
34.1
416,937
226
25.3
JP Morgan
31.2
382,033
156
23.6
7.6
29.2
357,907
138
18.5
10.7
Morgan Stanley
26.2
320,824
169
19.6
6.6
23.9
291,868
137
17.6
6.3
UBS AG
16.9
207,206
80
12
8.3
8.6
Citigroup Inc
12.8
156,988
119
21.2
(8.4)
11.6
142,419
130
19.3
(7.7)
10.9
132,825
10.9
Deutsche Bank AG
10
10.8
132,016
85
16.5
(5.7)
PJT Capital LLC
11
10.6
130,100
10.6
Lazard Ltd
12
9.1
110,781
113
10
9.7
(0.6)
13
7.2
87,813
24
17
4.3
2.9
Moelis & Co
14
7.0
86,164
67
18
3.8
3.2
15
6.4
78,589
94
10.2
(3.8)
Wells Fargo & Co
16
4.5
55,488
52
19
3.5
1.0
RBC Capital Markets
17
4.5
54,884
97
15
4.6
(0.1)
18
3.4
41,669
38
0.6
2.8
Rothschild Ltd
19
3.4
41,185
49
11
9.4
(6.0)
BNP Paribas SA
20
3.2
39,102
26
28
2.1
1.1
TOTAL
$1,223,856
12,913
8.8
$1,149,075
14
Bloomberg
United States Announced Deals

Target or Seller
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
33.9
354,242
176
25.8
8.1
32.8
343,509
115
19.4
13.4
JP Morgan
32.0
334,804
138
23.6
8.4
Morgan Stanley
28.1
294,414
142
20.8
7.3
26.5
277,020
118
18.3
8.2
UBS AG
19.5
204,483
62
12
9.0
10.5
Citigroup Inc
13.0
135,935
95
23.2
(10.2)
12.7
132,825
12.7
PJT Capital LLC
12.4
130,100
12.4
Deutsche Bank AG
10
11.9
123,965
66
16.8
(4.9)
Lazard Ltd
11
10.2
106,512
88
10
10.0
0.2
12
10.0
105,101
106
20.1
(10.1)
13
8.4
87,813
24
17
4.3
4.1
Moelis & Co
14
7.8
81,415
57
20
3.9
3.9
15
7.4
77,747
89
11.7
(4.3)
Wells Fargo & Co
16
5.3
55,488
50
18
4.1
1.2
RBC Capital Markets
17
4.9
51,249
89
16
4.7
0.2
Rothschild Ltd
18
3.5
36,268
31
11
9.8
(6.3)
Jefferies LLC
19
2.8
29,124
57
14
5.1
(2.3)
BNP Paribas SA
20
2.7
28,096
13
28
1.5
1.2
TOTAL
$1,046,400
10,619
$979,026
15
Bloomberg
Canada Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
RBC Capital Markets
22.2
34,929
65
15.1
23,747
Morgan Stanley
14.0
22,066
Bank of Nova Scotia
11.7
18,419
Deutsche Bank AG
11.7
18,344
Goldman Sachs & Co
11.6
BMO Capital Markets Corp/Toronto
9.7
CIBC
JP Morgan
TD Securities Inc
MKT
MKT SHARE
SHARE
CHANGE
34.0
(11.8)
21
13.0
2.1
20
12
6.8
7.2
29
14.4
(2.7)
13
17
4.5
7.2
18,309
20
23.2
(11.6)
15,323
39
21.9
(12.2)
9.6
15,101
38
11.3
(1.7)
8.0
12,554
16
13
6.2
1.8
10
7.7
12,112
35
11.8
(4.1)
11
7.2
11,247
12
9.7
(2.5)
Citigroup Inc
12
6.6
10,344
10
10.9
(4.3)
Canaccord Genuity Corp
13
5.1
8,002
27
14
5.4
(0.3)
Macquarie Group Ltd
14
3.5
5,511
15
19
3.7
(0.2)
Jefferies LLC
15
3.4
5,371
11
18
4.0
(0.6)
16
3.2
4,959
10
11
7.2
(4.0)
Lazard Ltd
17
3.0
4,713
22
2.9
0.1
Rothschild Ltd
18
2.9
4,555
13
15
4.8
(1.9)
19
2.8
4,333
20
3.6
(0.8)
GMP Securities LP
20
2.4
3,770
19
23
2.6
(0.2)
TOTAL
$157,316
2,328
$219,499
16
Bloomberg
Canada Announced Deals

Target or Seller
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
RBC Capital Markets
25.7
25,312
56
38.7
(13.0)
16.2
15,937
12
11.8
4.4
CIBC
15.1
14,891
37
14.3
0.8
Morgan Stanley
13.8
13,621
10
12
5.5
8.3
Bank of Nova Scotia
13.1
12,887
25
18.9
(5.8)
BMO Capital Markets Corp/Toronto
12.0
11,820
33
29.1
(17.1)
TD Securities Inc
11.7
11,487
32
14.6
(2.9)
Goldman Sachs & Co
10.2
10,063
11
18.5
(8.3)
Canaccord Genuity Corp
7.6
7,506
23
10
7.3
0.3
Jefferies LLC
10
4.6
4,511
10
11
5.6
(1.0)
11
4.4
4,314
23
1.1
3.3
GMP Securities LP
12
3.6
3,585
17
15
3.7
(0.1)
JP Morgan
13
3.0
2,985
14
4.0
(1.0)
Houlihan Lokey
14
3.0
2,903
97
0.0
3.0
Rothschild Ltd
15
2.9
2,862
31
0.8
2.1
Citigroup Inc
16
2.2
2,181
12.6
(10.4)
17
1.9
1,876
13
4.5
(2.6)
18
1.9
1,824
20
2.0
(0.1)
Deutsche Bank AG
19
1.7
1,677
25
1.0
0.7
KPMG Corporate Finance LLC
20
1.7
1,658
64
0.1
1.6
TOTAL
$98,513
1,727
$147,610
17
Bloomberg
Latin America Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
27.7
34,569
60
14
11.0
16.7
22.7
28,274
37
29.1
(6.4)
20.9
26,017
21
24.6
(3.7)
Morgan Stanley
19.4
24,233
20
11
16.9
2.5
Banco Santander SA
17.8
22,141
18
20.7
(2.9)
15.9
19,799
10
20.4
(4.5)
Goldman Sachs & Co
14.8
18,429
22
22.0
(7.2)
Banco Bradesco BBI SA
12.6
15,657
25
12
13.4
(0.8)
Banco Itau BBA SA
11.7
14,624
41
18.3
(6.6)
Banco Espirito Santo de Investimento SA
10
11.5
14,393
19
4.2
7.3
Citigroup Inc
11
7.2
8,971
18
13
12.4
(5.2)
Deutsche Bank AG
12
6.7
8,350
10
21.4
(14.7)
JP Morgan
13
4.9
6,130
14
31.5
(26.6)
HSBC Bank PLC
14
2.8
3,469
15
7.8
(5.0)
Lazard Ltd
15
2.7
3,320
14
22.6
(19.9)
Rothschild Ltd
16
2.6
3,249
15
10
17.4
(14.8)
Banco Bilbao Vizcaya Argentaria SA
17
2.4
3,008
25
1.0
1.4
UBS AG
18
2.4
2,989
20
3.6
(1.2)
BR Partners
19
1.6
2,033
13
16
5.7
(4.1)
Inspire Capital Partners Assessoria Financeira Ltda
20
1.6
1,990
TOTAL
$124,706
1,013
1.6
$138,270
18
Bloomberg
Brazil Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
41.9
33,016
55
28.8
22,684
Morgan Stanley
26.4
20,841
Banco Santander SA
25.2
23.5

Banco Itau BBA SA
MKT
MKT SHARE
SHARE
CHANGE
21.3
20.6
30
49.3
(20.5)
15
18
4.6
21.8
19,836
12
10
14.3
10.9
18,507
10
23.8
(0.3)
19.9
15,657
25
28.4
(8.5)
19.9
15,654
17
8.4
11.5
18.3
14,393
16
8.9
9.4
17.3
13,610
38
37.3
(20.0)
Goldman Sachs & Co
10
8.0
6,309
10
23.1
(15.1)
Citigroup Inc
11
6.9
5,435
24.7
(17.8)
Deutsche Bank AG
12
5.3
4,184
13
11.0
(5.7)
Rothschild Ltd
13
3.9
3,034
13
28.6
(24.7)
BR Partners
14
2.6
2,033
13
11
12.1
(9.5)
Inspire Capital Partners Assessoria Financeira Ltda
15
2.5
1,990
JP Morgan
16
2.5
1,967
21.7
(19.2)
HSBC Bank PLC
17
1.3
985
14
10.8
(9.5)
Lazard Ltd
18
0.9
722
12
11.9
(11.0)
Lakeshore Partners
19
0.7
578
0.7
Ernst & Young
20
0.7
529
52
0.0
0.7
TOTAL
$78,844
592
2.5
$64,918
19
Bloomberg
Europe Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
36.6
355,485
146
27.7
8.9
Morgan Stanley
33.6
326,263
111
29.0
4.6
JP Morgan
28.0
271,532
89
21.3
6.7
25.3
245,153
85
27.2
(1.9)
25.1
243,921
79
17.2
7.9
UBS AG
21.5
208,223
68
11
11.3
10.2
13.4
130,100
13.4
PJT Capital LLC
13.4
130,100
Deutsche Bank AG
12.7
122,903
75
27.9
BNP Paribas SA
10
12.5
121,402
93
13
9.3
3.2
Citigroup Inc
11
12.1
117,663
86
19.5
(7.4)
Lazard Ltd
12
10.4
100,559
105
10
12.8
(2.4)
Rothschild Ltd
13
8.9
86,295
142
16.3
(7.4)
14
7.9
76,428
75
21.2
(13.3)
Moelis & Co
15
7.2
70,008
19
42
0.9
6.3
HSBC Bank PLC
16
3.9
38,108
39
16
5.2
(1.3)
Societe Generale SA
17
3.3
32,205
63
17
4.2
(0.9)
Leonardo & Co
18
3.1
30,294
35
285
0.0
3.1
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
19
2.4
22,961
30
57
0.6
1.8
20
2.3
22,392
46
0.8
1.5
TOTAL
$970,771
8,387
13.4
(15.2)
$891,403
20
Bloomberg
Europe Announced Deals

Target or Seller
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
39.9
337,655
123
30.3
Morgan Stanley
34.2
289,764
91
28.4
5.8
JP Morgan
31.0
262,759
71
21.0
10.0
27.0
228,942
70
29.3
(2.3)
25.9
219,714
67
16.2
9.7
UBS AG
20.9
177,166
56
11
11.5
9.4
15.4
130,100
15.4
PJT Capital LLC
15.4
130,100
15.4
BNP Paribas SA
11.9
101,139
87
13
11.2
0.7
Deutsche Bank AG
10
11.6
98,548
66
28.1
(16.5)
Lazard Ltd
11
10.3
87,124
93
10
12.1
(1.8)
Citigroup Inc
12
9.4
79,672
71
21.9
(12.5)
13
7.8
66,244
59
21.6
(13.8)
Rothschild Ltd
14
7.6
64,162
132
17.7
(10.1)
Moelis & Co
15
5.9
50,124
13
39
1.0
4.9
Societe Generale SA
16
3.6
30,795
60
17
4.6
(1.0)
HSBC Bank PLC
17
3.6
30,168
31
16
5.8
(2.2)
Leonardo & Co
18
3.5
29,810
34
242
0.0
3.5
19
2.6
22,392
2.6
ING Groep NV
20
2.3
19,834
31
37
1.2
1.1
TOTAL
$846,884
6,836
9.6
$733,362
21
Bloomberg
United Kingdom Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
53.1
200,867
53
38.8
14.3
JP Morgan
49.9
188,841
40
22.4
27.5
Morgan Stanley
45.0
170,433
42
34.8
10.2
42.4
160,535
32
11
15.5
26.9
UBS AG
41.3
156,393
28
10
16.0
25.3
39.9
150,838
30
41.7
(1.8)
34.4
130,100
34.4
PJT Capital LLC
34.4
130,100
10.0
37,985
23
28.0
(18.0)
Deutsche Bank AG
10
9.3
35,273
21
29.9
(20.6)
11
5.7
21,627
28
1.9
3.8
Rothschild Ltd
12
3.7
14,158
57
12
13.2
(9.5)
Citigroup Inc
13
3.3
12,488
22
24.7
(21.4)
Perella Weinberg Partners LP
14
3.3
12,315
63
0.3
3.0
Lazard Ltd
15
3.1
11,730
25
13
9.2
(6.1)
HSBC Bank PLC
16
2.6
9,690
16
17
7.0
(4.4)
Societe Generale SA
17
1.9
7,355
12
59
0.4
1.5
BNP Paribas SA
18
1.8
6,945
10
16.0
(14.2)
Jefferies LLC
19
1.8
6,872
12
21
3.2
(1.4)
PricewaterhouseCoopers LLP
20
1.6
6,095
66
43
0.7
0.9
TOTAL
$378,362
3,038
34.4
$373,322
22
Bloomberg
Germany Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
46.3
58,472
28
26.6
Deutsche Bank AG
35.0
44,194
24
23.0
12.0
JP Morgan
26.3
33,272
12
37.5
(11.2)
UBS AG
25.2
31,869
12
10
11.8
13.4
Morgan Stanley
25.2
31,803
12
41.3
(16.1)
Citigroup Inc
24.9
31,433
14
15.6
9.3
Rothschild Ltd
20.2
25,469
26
15.0
5.2
18.5
23,388
13
14
5.3
13.2
Perella Weinberg Partners LP
12.5
15,733
13
5.9
6.6
HSBC Bank PLC
10
10.1
12,801
21
2.0
8.1
ABN AMRO Bank NV
11
9.3
11,742
39
0.3
9.0
ING Groep NV
12
9.1
11,519
64
0.0
9.1
13
5.7
7,144
15
27.5
(21.8)
Lazard Ltd
14
5.2
6,508
17
27.4
(22.2)
Nomura Holdings Inc
15
5.2
6,508
23
1.6
3.6
Jefferies LLC
16
5.1
6,486
52
0.2
4.9
17
5.0
6,256
11
15
4.1
0.9
Kempen & Co NV
18
3.6
4,532
3.6
Greentech Capital Advisors LLC
19
3.2
4,055
3.2
20
2.7
3,441
22
24
1.2
1.5
TOTAL
$126,401
1,297
19.7
$134,752
23
Bloomberg
France Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Morgan Stanley
46.5
67,143
21
20.5
BNP Paribas SA
37.5
54,124
52
26.3
11.2
Lazard Ltd
29.0
41,861
33
29.8
(0.8)
Deutsche Bank AG
28.9
41,660
15
13
10.0
18.9
20.3
29,283
11
17
4.5
15.8
Rothschild Ltd
19.9
28,646
38
26.2
(6.3)
Citigroup Inc
18.9
27,210
12
15
7.3
11.6
Moelis & Co
18.7
26,912
56
0.1
18.6
JP Morgan
15.5
22,418
14
10
13.1
2.4
UBS AG
10
15.1
21,842
20
1.5
13.6
11
13.2
19,092
17.9
(4.7)
Goldman Sachs & Co
12
13.1
18,852
19
13.6
(0.5)
Credit Agricole Corporate & Investment Bank SA
13
9.3
13,480
16
11
12.6
(3.3)
14
6.6
9,559
13
14.1
(7.5)
Societe Generale SA
15
6.0
8,713
39
19.5
(13.5)
16
6.0
8,650
16
7.0
(1.0)
HSBC Bank PLC
17
3.3
4,704
12
11.0
(7.7)
Nomura Holdings Inc
18
2.6
3,715
13.6
(11.0)
Natixis
19
2.5
3,553
30
0.6
1.9
Allen & Co Inc
20
1.6
2,339
82
0.0
1.6
TOTAL
$144,283
1,002
26.0
$103,576
24
Bloomberg
Italy Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
38.8
20,502
13
18.4
20.4
Intesa Sanpaolo SpA
25.7
13,557
24
20.4
5.3
24.5
12,946
17.8
6.7
UniCredit SpA
22.5
11,891
21
13
4.4
18.1
Deutsche Bank AG
20.3
10,704
15.3
5.0
BNP Paribas SA
18.7
9,864
16
11
8.9
9.8
Rothschild Ltd
17.6
9,287
12
34.7
(17.1)
Lazard Ltd
17.5
9,265
20
10
9.7
7.8
Leonardo & Co
14.7
7,779
14.7
HSBC Bank PLC
10
11.7
6,160
18
2.3
9.4
Morgan Stanley
11
10.9
5,773
43.0
(32.1)
12
10.6
5,610
17.3
(6.7)
JP Morgan
13
10.5
5,522
15
3.8
6.7
Mediobanca SpA
14
10.0
5,297
13.4
(3.4)
Royal Bank of Scotland PLC/The
15
7.5
3,959
7.5
Citigroup Inc
16
5.3
2,779
12
4.7
0.6
Nomura Holdings Inc
17
4.5
2,390
14
4.3
0.2
Natixis
18
4.0
2,109
24
0.8
3.2
19
3.4
1,800
19
1.7
1.7
VTB Capital ZAO
19
3.4
1,800
3.4
$52,809
399
TOTAL
$36,664
25
Bloomberg
Benelux Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Goldman Sachs & Co
41.7
63,907
20
27.9
Morgan Stanley
34.2
52,500
22
10
18.6
15.6
JP Morgan
25.8
39,474
11
31.0
(5.2)
Citigroup Inc
24.4
37,363
10
26.1
(1.7)
22.2
34,036
18
38.9
(16.7)
Rothschild Ltd
18.2
27,932
18
22.7
(4.5)
BNP Paribas SA
16.5
25,319
26
30
1.4
15.1
Leonardo & Co
15.7
24,054
15.7
14.3
21,939
26
31
1.2
13.1
HSBC Bank PLC
10
13.5
20,713
29
1.6
11.9
11
13.0
19,852
11
13
8.8
4.2
Lazard Ltd
12
12.6
19,385
19
11
13.8
(1.2)
13
11.2
17,144
12
41.8
(30.6)
Deutsche Bank AG
14
11.1
17,053
12
43.5
(32.4)
UBS AG
15
10.9
16,648
14
7.5
3.4
ING Groep NV
16
9.3
14,227
22
24
3.7
5.6
ABN AMRO Bank NV
17
9.1
13,870
12
18
4.3
4.8
Societe Generale SA
18
8.6
13,239
42
0.5
8.1
Allen & Co Inc
19
6.8
10,488
71
0.0
6.8
BDT & Co LLC
20
6.3
9,615
6.3
TOTAL
$153,324
884
13.8
$148,744
26
Bloomberg
Iberia Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
33.4
19,560
11
37.5
(4.1)
Morgan Stanley
32.5
19,031
11
14
14.5
18.0
Banco Santander SA
31.8
18,622
16
21.1
10.7
31.0
18,182
12
15.6
15.4
26.0
15,247
31.4
(5.4)
24.6
14,418
15
14.3
10.3
Goldman Sachs & Co
21.2
12,400
18
28.5
(7.3)
8.1
4,730
38
26
2.3
5.8
Societe Generale SA
8.0
4,677
24.0
(16.0)
Citigroup Inc
10
7.5
4,421
25.9
(18.4)
Deutsche Bank AG
11
5.7
3,324
16
12.0
(6.3)
Banco Bilbao Vizcaya Argentaria SA
12
4.3
2,542
15
23
3.1
1.2
Nomura Holdings Inc
13
4.1
2,380
24
2.6
1.5
BNP Paribas SA
14
3.4
2,001
28
1.7
1.7
Rothschild Ltd
15
3.3
1,948
13
25.0
(21.7)
JP Morgan
16
3.3
1,906
22
3.7
(0.4)
Blackstone Group LP
17
2.9
1,716
HSBC Bank PLC
18
2.8
1,634
13
15.1
Lazard Ltd
19
1.9
1,138
17
11.3
(9.4)
20
1.9
1,084
20.3
(18.4)
$58,598
446
TOTAL
2.9
(12.3)
$54,440
27
Bloomberg
Nordic Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
Goldman Sachs & Co
29.8
23,808
JP Morgan
20.0
15,997
Skandinaviska Enskilda Banken AB
15.0
12,016
Deutsche Bank AG
10.9
8,733
Morgan Stanley
10.1
8,093
9.3
Nordea Bank AB
7.9
UBS AG
Danske Markets Inc
Nomura Holdings Inc

RANK
MKT SHARE
CHANGE
25.3
4.5
11.7
8.3
45
13
7.5
7.5
21.6
(10.7)
16.2
(6.1)
7,466
12
8.6
0.7
6,283
13
13.1
(5.2)
7.3
5,812
14.1
(6.8)
7.0
5,594
45
0.5
6.5
10
6.8
5,422
28
3.0
3.8
11
6.7
5,373
13.2
(6.5)
Jefferies LLC
12
6.3
5,056
29
2.2
4.1
13
6.3
5,001
12.6
(6.3)
Citigroup Inc
14
6.2
4,931
10
9.5
(3.3)
VTB Capital ZAO
15
4.4
3,550
40
0.7
3.7
Svenska Handelsbanken AB
16
4.0
3,237
30
2.2
1.8
17
3.9
3,137
56
39
0.9
3.0
Den Norske Bank ASA
18
3.1
2,463
3.1
18
3.1
2,463
Lazard Ltd
20
3.1
2,446
17
5.2
TOTAL
$80,033
12
MKT
SHARE
1,083
3.1
(2.1)
$87,271
28
Bloomberg
Africa/Middle East Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
Morgan Stanley
20.6
18,406
11
Citigroup Inc
18.4
16,468
12
15.4
13,712
11
Lazard Ltd
15.0
13,401
13.3
11,896
Allen & Co Inc
12.5
11,157
11.7
10,488
Goldman Sachs & Co
10.6
9,466
UBS AG
10.4
9,296
Moelis & Co
10
8.8
11
8.3
BNP Paribas SA
12
Credit Agricole Corporate & Investment Bank SA
13
JP Morgan
MKT
MKT SHARE
SHARE
CHANGE
6.5
14.1
9.2
9.2
13.4
2.0
15
3.9
11.1
13
6.4
6.9
73
0.0
12.5
73
0.0
11.7
18.4
(7.8)
19
3.3
7.1
7,870
33
0.6
8.2
7,400
12
5.6
2.7
7.8
6,922
16
3.7
4.1
7.6
6,810
28
0.9
6.7
14
7.5
6,711
13.8
(6.3)
15
3.2
2,814
14
31
0.7
2.5
Standard Chartered Bank
16
3.0
2,713
26
0.9
2.1
HSBC Bank PLC
17
3.0
2,678
7.3
(4.3)
Ernst & Young
18
2.9
2,542
34
0.4
2.5
Deutsche Bank AG
19
2.8
2,528
9.9
(7.1)
20
2.5
2,246
$89,306
942
TOTAL
2.5
$77,365
29
Bloomberg
Eastern Europe Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Morgan Stanley
14.4
14,512
14
30.6
(16.2)
VTB Capital ZAO
14.1
14,228
18
48.5
(34.4)
Citigroup Inc
13.0
13,138
16
46.8
(33.8)
Deutsche Bank AG
13.0
13,055
11
51.3
(38.3)
JP Morgan
11.5
11,602
15
5.5
6.0
Societe Generale SA
11.3
11,394
20
20
2.0
9.3
Sberbank CIB CJSC
7.9
7,936
14
14.4
(6.5)
Goldman Sachs & Co
7.7
7,730
14
35.1
(27.4)
7.6
7,654
10
50.5
(42.9)
10
7.3
7,316
46.9
(39.6)
11
5.7
5,779
14
16
3.0
2.7
12
5.2
5,267
28.6
(23.4)
Raiffeisen Bank International Group
13
4.3
4,362
11
22
1.0
3.3
Renaissance Capital Group Inc
14
3.6
3,616
11
24.0
(20.4)
BNP Paribas SA
15
2.9
2,953
19
2.0
0.9
Carnegie Fondkommission AB
16
2.9
2,940
Rothschild Ltd
17
2.8
2,804
18
10
24.6
(21.8)
ING Groep NV
18
2.2
2,257
26
0.4
1.8
Lazard Ltd
19
1.8
1,857
10
41
0.0
1.8
GMP Securities LP
20
1.6
1,583
1.6
TOTAL
$100,824
1,370
2.9
$137,594
30
Bloomberg
Asia Pacific Ex-Japan Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
Morgan Stanley
9.2
53,174
58
8.9
51,299
40
10
6.3
2.6
JP Morgan
8.4
48,439
55
13.0
(4.6)
UBS AG
8.2
47,294
61
7.2
1.0
Goldman Sachs & Co
7.8
45,197
88
19.6
(11.8)
7.0
40,137
39
11.2
(4.2)
6.3
36,402
43
12
4.6
1.7
Citigroup Inc
5.3
30,790
42
14.4
(9.1)
Deutsche Bank AG
5.3
30,641
38
6.5
(1.2)
HSBC Bank PLC
10
4.7
26,943
31
8.0
(3.3)
CITIC Securities Co Ltd
11
4.4
25,643
30
22
2.2
2.2
Macquarie Group Ltd
12
4.3
24,939
48
15
3.9
0.4
China International Capital Corp Ltd
13
2.9
16,460
22
14
4.1
(1.2)
Lazard Ltd
14
2.8
16,275
28
29
1.5
1.3
Phatra Securities PCL
15
2.3
13,493
144
0.0
2.3
Somerley Ltd
16
2.2
12,477
39
37
0.7
1.5
17
2.0
11,768
120
31
1.3
0.7
Rothschild Ltd
18
1.7
9,970
38
16
3.8
(2.1)
Nomura Holdings Inc
19
1.7
9,930
12
18
2.7
(1.0)
Maybank
20
1.7
9,652
23
17
3.6
(1.9)
TOTAL
$577,374
7,542
13.9
(4.7)
$504,879
31
Bloomberg
Asia Pacific Ex-Japan Announced Deals

Target or Seller
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
UBS AG
9.5
44,419
51
8.0
1.5
JP Morgan
7.5
34,750
41
12.9
(5.4)
Goldman Sachs & Co
7.0
32,555
69
16.7
(9.7)
Morgan Stanley
6.4
29,999
41
15.0
(8.6)
Macquarie Group Ltd
5.2
24,192
44
14
3.7
1.5
4.9
22,637
24
10
5.5
(0.6)
HSBC Bank PLC
4.6
21,178
27
9.2
(4.6)
4.5
20,860
31
12
3.9
0.6
4.3
20,037
32
10.9
(6.6)
Citigroup Inc
10
3.8
17,844
31
10.3
(6.5)
11
3.7
17,243
26
19
2.6
1.1
12
3.5
16,460
22
11
5.2
(1.7)
Deutsche Bank AG
13
3.0
13,759
26
5.9
(2.9)
14
2.6
12,084
122
0.1
2.5
Somerley Ltd
15
2.5
11,820
37
32
0.9
1.6
16
2.2
10,227
106
26
1.3
0.9
Lazard Ltd
17
2.2
10,001
20
28
1.1
1.1
Maybank
18
2.0
9,412
22
13
3.8
(1.8)
Nomura Holdings Inc
19
2.0
9,094
10
17
3.1
(1.1)
Haitong Securities Co Ltd
20
1.9
8,812
12
50
0.3
1.6
TOTAL
$465,458
6,615
$396,929
32
Bloomberg
Australia & New Zealand Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
UBS AG
20.8
19,066
26
8.0
12.8
Macquarie Group Ltd
14.9
13,716
33
21.2
(6.3)
Goldman Sachs & Co
14.5
13,320
32
13.1
1.4
Citigroup Inc
12.2
11,232
11
11
3.9
8.3
Lazard Ltd
9.5
8,761
14
13
2.7
6.8
Deutsche Bank AG
9.1
8,379
14
4.8
4.3
7.1
6,548
10
24
1.2
5.9
Morgan Stanley
6.7
6,124
10
9.1
(2.4)
JP Morgan
5.9
5,402
10
18
1.8
4.1
10
4.4
4,002
10.2
(5.8)
11
3.8
3,515
23
1.2
2.6
Danske Markets Inc
12
3.8
3,506
3.8
Gresham Partners Ltd
13
3.8
3,452
28
0.8
3.0
CIMB
14
2.8
2,570
41
0.3
2.5
15
2.3
2,133
12
3.7
(1.4)
Greenhill & Co Inc
16
1.7
1,522
17
1.8
(0.1)
Moelis & Co
17
1.5
1,352
10
4.3
(2.8)
Macquarie Capital Alliance Pty Ltd
18
1.4
1,300
1.4
Australia & New Zealand Banking Group Ltd
19
1.0
925
64
0.1
0.9
Flagstaff Partners Pty Ltd
20
1.0
925
1.0
TOTAL
$91,883
1,341
$86,390
33
Bloomberg
Japan Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
Morgan Stanley
26.3
29,474
Goldman Sachs & Co
20.2
22,637
Sumitomo Mitsui Financial Group Inc
14.7
16,503
Nomura Holdings Inc
13.3
14,941
13.0
14,577
Daiwa Securities Group Inc
8.4
Deutsche Bank AG
7.9
Mizuho Financial Group Inc
JP Morgan

RANK
MKT SHARE
CHANGE
25.2
1.1
23
35.9
(15.7)
103
13
14.4
0.3
86
33.3
(20.0)
18
26.5
(13.5)
9,370
67
14
7.2
1.2
8,835
10
22.2
(14.3)
7.2
8,024
107
40.2
(33.0)
6.8
7,638
11
40.6
(33.8)
10
6.4
7,173
11
20.2
(13.8)
11
6.2
6,914
6.2
Moelis & Co
12
6.1
6,828
46
0.2
5.9
GCA Savvian Corp
13
5.3
5,898
35
16
3.3
2.0
BNP Paribas SA
14
4.9
5,484
33
0.7
4.2
Ernst & Young
15
4.1
4,569
11
42
0.3
3.8
Development Bank of Japan Inc
16
3.7
4,129
11
3.7
Brutus Consulting KK
17
3.5
3,935
3.5
AGS Consulting
18
3.5
3,864
67
0.1
3.4
Benedi Consulting Co Ltd
19
3.4
3,842
3.4
Tokai Tokyo Financial Holdings Inc
20
3.4
3,842
3.4
TOTAL
$112,122
49
MKT
SHARE
2,329
$202,392
34
Bloomberg
China Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
10.4
25,643
30
12
5.7
4.7
Morgan Stanley
8.9
21,881
18
11
6.0
2.9
8.5
20,756
13
18
1.7
6.8
6.7
16,460
22
10.8
(4.1)
JP Morgan
5.3
13,018
15
10
7.1
(1.8)
HSBC Bank PLC
4.6
11,233
15
11.1
(6.5)
Goldman Sachs & Co
4.4
10,736
23
16.2
(11.8)
Somerley Ltd
4.3
10,634
24
19
1.7
2.6
Haitong Securities Co Ltd
3.6
8,762
10
27
0.7
2.9
Deutsche Bank AG
10
3.2
7,953
10
7.8
(4.6)
UBS AG
11
3.0
7,285
24
7.8
(4.8)
Bank of China Ltd
12
2.9
7,175
15
2.6
0.3
Citigroup Inc
13
2.9
7,058
17
15.7
(12.8)
14
2.7
6,676
13
10.4
(7.7)
Huatai Securities Co Ltd
15
2.4
5,846
29
33
0.6
1.8
Southwest Securities Co Ltd
16
1.9
4,718
24
25
0.8
1.1
Rothschild Ltd
17
1.7
4,240
10
14
3.9
(2.2)
GF Securities Co Ltd
18
1.6
3,995
11
48
0.3
1.3
China Southern Securities Co Ltd
19
1.4
3,354
1.4
19
1.4
3,354
1.4
TOTAL
$245,560
2,740
$190,366
35
Bloomberg
Hong Kong Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
HSBC Bank PLC
12.3
7,686
Morgan Stanley
12.1
7,609
9.9
6,216
Somerley Ltd
9.2
UBS AG
7.5
China Southern Securities Co Ltd

Citigroup Inc
MKT
MKT SHARE
SHARE
CHANGE
7.2
5.1
11
25.6
(13.5)
10
25
1.0
8.9
5,789
22
24
1.0
8.2
4,717
10
14
4.3
3.2
5.3
3,354
5.3
5.3
3,354
16
3.4
1.9
5.3
3,333
5.1
3,215
8.7
(3.6)
JP Morgan
10
4.1
2,571
25.7
(21.6)
Nomura Holdings Inc
11
3.3
2,069
14.0
(10.7)
Maybank
12
3.0
1,907
38
0.2
2.8
13
3.0
1,858
26
1.0
2.0
14
3.0
1,855
6.8
(3.8)
Goldman Sachs & Co
15
2.8
1,777
13.8
(11.0)
Macquarie Group Ltd
16
2.8
1,746
17
3.1
(0.3)
Deutsche Bank AG
17
2.6
1,652
11.8
(9.2)
Rothschild Ltd
18
2.6
1,615
8.1
(5.5)
19
2.4
1,472
10
5.6
(3.2)
Proton Capital Ltd
20
1.9
1,158
14
$62,754
885
TOTAL
5.3
1.9
$50,525
36
Bloomberg
India Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
Citigroup Inc
23.3
7,471
19.8
6,347
UBS AG
18.9
6,076
HSBC Bank PLC
15.5
Morgan Stanley
14.8
Ernst & Young

Moelis & Co
MKT
MKT SHARE
SHARE
CHANGE
40.5
(17.2)
31.9
(12.1)
19
3.0
15.9
4,987
20
2.6
12.9
4,741
42.4
(27.6)
12.4
3,979
34
11
6.5
5.9
11.2
3,581
21
2.3
8.9
11.1
3,561
16.3
(5.2)
6.6
2,128
66
0.0
6.6
10
6.2
1,997
36.0
(29.8)
Goldman Sachs & Co
11
5.3
1,707
37.7
(32.4)
Kotak Mahindra Bank Ltd
12
5.3
1,693
14
16
4.2
1.1
Jefferies LLC
13
5.0
1,600
22
2.1
2.9
Axis Bank Ltd
14
4.2
1,341
10
6.5
(2.3)
Rothschild Ltd
15
3.0
962
12
5.0
(2.0)
JP Morgan
16
2.7
860
32.7
(30.0)
Macquarie Group Ltd
17
2.6
836
42
0.2
2.4
18
2.3
750
11
38.4
(36.1)
19
2.2
698
13
18
3.1
(0.9)
ICICI Bank Ltd
20
2.1
662
13
26
1.1
1.0
TOTAL
$32,090
728
$44,225
37
Bloomberg
South East Asia Announced Deals

Any Involvement
1/1/13 - 12/31/13
2013
RANK
FIRM
2012
MKT
VOLUME
DEAL
RANK
SHARE
USD (Mln)
COUNT
MKT
MKT SHARE
SHARE
CHANGE
18.2
23,622
15
14.7
19,142
19
15
4.7
10.0
JP Morgan
14.2
18,427
14
19.1
(4.9)
12.7
16,476
23
1.5
11.2
Morgan Stanley
12.0
15,614
14
14.8
(2.8)
10.4
13,493
44
0.2
10.2
Deutsche Bank AG
10.0
13,040
18
4.2
5.8
Macquarie Group Ltd
9.2
11,984
13
28
0.9
8.3
Goldman Sachs & Co
9.0
11,738
13
25.6
(16.6)
HSBC Bank PLC
10
6.5
8,440
21.4
(14.9)
BDO Unibank Inc
11
6.3
8,223
Maybank
12
6.0
7,755
20
14.9
(8.9)
UBS AG
13
5.3
6,877
8.2
(2.9)
Qatalyst Partners LLC
14
5.2
6,736
5.2
RBC Capital Markets
14
5.2
6,736
5.2
Siam Commercial Bank PCL/The
16
4.9
6,419
32
0.5
4.4
CIMB
17
4.6
5,971
28
8.3
(3.7)
Jefferies LLC
18
4.5
5,853
68
0.0
4.5
Lazard Ltd
19
4.0
5,192
22
2.3
1.7
Nomura Holdings Inc
20
3.8
4,870
14
4.8
(1.0)
TOTAL
$130,020
1,500
8.6
9.6
6.3
$120,332
38
Bloomberg
For data submissions or queries,
please contact:
Eshani Gupte
North America
12/31/2013
Bloomberg 2013 Annual

Mergers and Acquisitions Financial Advisory Rankings
+1-212-617-5969
Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg
+1-917-369-3965
has been notified.
egupte@bloomberg.net
Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps,
Paula Cook-Dinan
EMEA
+44-20-3525-8104
+44-20-7942-1792
private placements of common equity and convertible securities, and purchases of convertible securities and cash
injection components of recapitalizations according to Bloomberg standards. Excludes open market transactions. All
deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total
value. League table credit is based on announced total value of a deal.
pcookdinan1@bloomberg.net
Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not
Devanshi Desai
guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or
Asia Pacific
sale of securities or commodities.
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GLOBAL FINANCIAL ADVISORY

MERGERS & ACQUISITIONS RANKINGS 2013

Bloomberg 2013 Annual

6. Global Top Deals

9. Global M&A Activity

recapitalizations according to Bloomberg standards.

10. M&A League Tables By Industry

For data submissions or queries, please contact:

General M&A queries may be submitted to: m-a@bloomberg.net

+1 212 318 2000

+44 20 7330 7500

+65 6212 1000

+81 3 3201 8900

or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.

Regional Deal Activity

Total Annual Deal Volume by Industry

Industry Sector Deal Activity

Annual Regional Deal Volume (as a share of total)

By Mohammad Hadi and Elizabeth Wollman

A Year in Review: Largest M&A Deals

Acquirer: Midea Group Co

Acquirer: Thermo Fisher

Acquirer: Publicis Groupe

Target: Galaeo Airport

Acquirer: Sysco Corp

Global M&A Quarterly Volume

APAC M&A Quarterly Volume

EMEA M&A Quarterly Volume

Total Volume (USD Mln)

Total Volume (USD Mln)

Americas M&A Quarterly Volume

Global M&A Annual Aggregate Statistics

# Deals Volume Percent

Cash & Debt

Cash, Stock & Debt

Deal Size Breakdown

Cash & Stock

Real Estate Oper/Development

Total Value (mil.)

Total Volume (USD Bln)

Commer Banks Non-US

Oil Comp-Explor & Prodtn

Real Estate Oper/Development

Total Volume (USD Bln)

Total Value (mil.)

Total Volume (USD Bln)

Real Estate Oper/Development

Invest Mgmnt/Advis Serv

Real Estate Oper/Development

Commer Banks Non-US

Total Volume (USD Bln)

Total Value (mil.)

Total Volume (USD Bln)

South East Asia

Global Announced Deals - Communications

Goldman Sachs & Co

Goldman Sachs & Co

Barclays Capital Group

Bank of America Merrill Lynch

Barclays Capital Group

Bank of America Merrill Lynch

Guggenheim Capital LLC

PJT Capital LLC