MergermarketFinancialLeagueTableReport Q42017 PDF

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

M&A Report Q4 2017
Including League Tables of Financial Advisors
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An Acuris Company
Content
Overview 03
Global 04
Europe 09
US 14
Latin America 19
AsiaPacific (excl. Japan) 24
Japan 29
Middle East & Africa 34
M&A and PE League Tables 39
Criteria & Contacts 74
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Mergermarket Global & Regional Global Overview 3
M&A Report Q4 2017
Global Overview
Regional M&A Comparison
North America US$ 1.36tn -13.4% vs. 2016

Inbound US$ 263.1bn -23.6%
Outbound US$ 363.1bn +15.8%
EMU US$ 306.8bn -12.2%
Latin America US$ 80.1bn +3.6% vs. 2016

29.6%
Outbound US$ 7.6bn -32.6%
EMU US$ 26.5bn -33.4%
Europe US$ 929.3bn +14.0% vs. 2016

1.3% Inbound US$ 347.9bn -20.2%
43.3% 21.4%
Ind & Chem. US$ 147.3bn -11.1%
1.9%
MEA US$ 59.4bn -34.2% vs. 2016
Ind & Chem. US$ 21.5bn +122.6%
APAC (ex. Japan) US$ 673.5bn +4.8% vs. 2016

Inbound US$ 107.7bn +21.9%
2.5%
TMT US$ 121.7bn +194.0%
Japan US$ 40.1bn -36.4% vs. 2016

Inbound US$ 21.3bn +102.9%
Global M&A US$ 3.15tn -3.2% vs. 2016 Outbound US$ 59.1bn -36.7%
Technology US$ 13.3bn +143.1%
Cross-border US$ 1.33tn -0.4% vs. 2016
The % values on the map indicate
Top sector: EMU US$ 543bn -7.7% vs. 2016 market shares in global M&A
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Mergermarket Global & Regional Global Analysis 4
M&A Report Q4 2017
Global
-3.2%
Value Deal details
(US$bn)
Announce- Bidder company Target company Target Target sector
ment date geography
68.4 14-Dec The Walt Disney Twenty-First Century USA Media
Company Fox Inc
Several blockbuster deals in

67.8 03-Dec CVS Health Aetna Inc USA Financial Services
December left 2017 global M&A
Corporation
standing US$ 3.15tn, 3.2% behind
2016’s value of US$ 3.26tn
60.6 17-Jan British American Reynolds American Inc USA Consumer
Tobacco Plc (57.83% Stake)
45.5 01-Jun Praxair Inc Linde AG Germany Industrials &

Chemicals
5 41.9%
Number of megadeals (> US$ Cross-border share of global
38.9 18-Oct Hochtief AG Abertis Spain Construction
Infraestructuras SA 10bn) in December, the highest M&A value – the highest annual
monthly number in 2017. Worth percentage since 2014
a combined US$ 189.1bn
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M&A Report Q4 2017
Global
• Global M&A fell just short of previous years, as uncertainty

appeared to take its toll on investments. M&A dipped 3.2% by
• While the US remained the most targeted area globally
by value, following 5,326 deals worth US$ 1.26tn, it saw its
“The next wave of
value to US$ 3.15tn (18,433 deals) in comparison to 2016 (US$
3.26tn, 18,592 deals), while deal count dropped by only 205
influence on global M&A reduce in 2017 due to a resurgent
Europe. In 2017 the US accounted for a 40.2% share of the
technology is driving
from the 2016 record. This marks the fourth consecutive year
in which M&A has broken the US$ 3tn barrier. The year ended
global value, the lowest percentage since 2012 (37.6%), a
decline from the 45.5% in 2016 and the second consecutive
M&A across all sectors
on a high with December seeing the largest monthly total of
the year with US$ 427.5bn. There were five megadeals (> US$
decrease. Meanwhile Europe saw a second successive
growth to 29.6% in 2017, up from 25% and 23.1% in 2016
as people change the
10bn) in the final month, including the two largest deals of the
year – Disney acquiring Fox’s entertainment assets for US$
and 2015 respectively. As the region’s GDP has risen and
confidence in the market appeared to increase, M&A figures
way they consume media,
68.4bn and the US$ 67.8bn tie-up between CVS and Aetna.
December saw the highest monthly number of megadeals in
have mirrored this rise, more specifically with a hike in deals
between countries within the Eurozone. This was noticeable
products and services”
2017 and the largest by combined value with US$ 189.1bn. The on three of the top five deals targeting Europe over the
last month at this level was back in July 2016 which saw six year. Asia Pacific (excl. Japan) has remained steady in 2017,
megadeals worth US$ 108.9bn. hitting 21.4% of global M&A, with China representing the vast
majority of the region’s activity, at 49.1% by value.
Jonathan Klonowski,
• Cross-border activity has once again been a key
component of M&A in 2017, despite seeing a slight reduction • The next wave of technology is driving M&A across all Research Editor (EMEA)
in the number and value of such deals. In 2017, there were sectors as people change the way they consume media,
6,459 cross-border deals worth US$ 1.32tn, a 1.3% drop products and services. The Technology sector hit its highest
compared to 2016 (US$ 1.33tn). However, while cross- annual deal count on Mergermarket record (since 2001), up
border M&A has reduced in terms of raw numbers, its share to 2,569, as investors looked towards the latest developments
as a percentage of global M&A in 2017 stood at 41.9% by in the industry, such as IoT, autonomous vehicles and
value, the second highest since the financial crisis, and blockchain. Consumer was one of the few sectors to increase
35.1% by deal count, the highest such figure since 2011 in value as a result of a number of high-profile deals –
(35.4%). As confidence wanes in various regions it appears particularly in H1. The year saw acquisitions of Reynolds
that dealmakers are pursuing a strategy of spreading risk, America, Luxottica and Whole Foods, with a total of six
over consolidating within home markets, despite the global takeovers worth over US$ 10bn – compared to just one such
geopolitical uncertainty. Looking at the largest acquisitions of deal in 2016. Energy, Mining & Utilities remained the most
the year, seven of the top ten deals announced were cross- targeted sector by value, with 1,541 deals worth US$ 543bn,
border, the largest being British American Tobacco’s US$ despite a 7.7% reduction compared to 2016 (US$ 588.3bn),
59bn takeover of Reynolds American. following 24 deals above the US$ 5bn mark.
mergermarket.com
M&A Report Q4 2017
US$ 352.9m 2,569 -26.8% Number of deals targeting the The drop in Industrials & Chemicals
technology sector, the highest M&A versus 2016
Average deal size, the second deal count for the sector on
Mergermarket record
highest annual average on
Mergermarket record (since 2001)
US$ 380.7bn
29.6% 49.1% Value of Consumer M&A in 2017, 68.3%
ahead of 2016’s US$ 226.3bn
European share of global M&A, Chinese share of Asia-Pacific (excl.
the highest percentage since the Japan) M&A in 2017
31.4% seen in 2012
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Mergermarket.com
M&A Report Q4 2017
Chart title 1 Chart title 1

Chart title Quarterly
Global 2 Breakdown Trend Chart titleSector
Global 2 Breakdown Trend
2012 - 2017 2016 - 2017
1500
4000 20000
1350
18000
3500
1200
1,199.5 16000
3000 1050
827.2 14000
1,023.14
876.0
2500 900
12000
Deal Value (US$bn)

Deal Value (US$bn)
869.7
Deal Count
750
2000 571.3 861.0 10000
757.9
724.3
869.5
8000 600
1500
657.9
524.6 1,039.9
794.5 6000 450
1000 964.6 745.1
565.7 561.6 4000 300
500
761.6 749.1 2000 150
567.8 623.2
465.1 446.7
0 0
2012 2013 2014 2015 2016 2017 0
Energy, Industrials & Consumer Financial Pharma, Other
Mining & Chemicals Services Medical &
Utilities Biotech
Q1 Q2 Q3 Q4 2016 2017
Deal Count
mergermarket.com
M&A Report Q4 2017
Global League tables
Financial advisor league table by value
Ranking 2017 2016 Regional ranking comparison
2017 2016 Company name Value Deal Value % Value Europe US Asia Japan Middle Latin
(US$m) count (US$m) change Pacific East & America
Africa
1 2 Goldman Sachs & Co 878,121 315 844,947 3.9% 1 1 1 1 1 4
2 4 JPMorgan 702,197 313 658,040 6.7% 3 2 4 4 5 3
3 1 Morgan Stanley 633,394 270 881,274 -28.1% 4 3 2 3 4 7
4 3 Bank of America Merrill Lynch 481,618 191 699,061 -31.1% 2 5 5 7 7 1
5 5 Citi 468,440 200 559,947 -16.3% 7 4 7 12 2 8
6 10 Lazard 447,612 235 280,088 59.8% 5 7 12 8 15 11
7 11 Deutsche Bank 335,145 131 268,341 24.9% 8 9 9 21 22 27
8 6 Barclays 332,465 165 496,107 -33.0% 15 6 26 32 20 10
9 7 Credit Suisse 319,866 203 465,790 -31.3% 9 10 14 9 11 13
10 9 UBS Investment Bank 279,658 159 301,828 -7.3% 10 12 3 15 13 18
11 14 Centerview Partners 263,801 43 190,375 38.6% 17 8 128 30 8 -
12 12 Rothschild 250,612 321 253,797 -1.3% 6 20 8 28 3 20
13 8 Evercore 231,333 139 321,141 -28.0% 32 11 20 6 77 24
14 21 Jefferies 144,336 155 89,717 60.9% 21 14 17 17 18 147
15 29 BNP Paribas 136,706 96 58,598 133.3% 11 34 13 82 25 19
16 17 Perella Weinberg Partners 123,735 31 117,337 5.5% 16 15 - 154 45 -
17 22 Guggenheim Partners 113,591 29 80,996 40.2% 117 13 603 - 29 -
18 25 Macquarie Group 111,757 89 64,213 74.0% 14 17 16 19 24 132
19 15 Allen & Company 100,544 21 146,301 -31.3% 293 16 158 - 165 104
20 19 HSBC 95,257 64 91,769 3.8% 18 23 10 48 12 36
mergermarket.com
Mergermarket Global & Regional Europe Analysis 9
M&A Report Q4 2017
Europe
Value Deal details
US$ 929.3bn
(US$bn)
ment date geography
45.5 01-Jun Praxair Inc Linde AG Germany Industrials &
Chemicals
M&A targeting Europe in 2017,

38.9 18-Oct Hochtief AG Abertis
Infraestructuras SA
Spain Construction a 14% increase in comparison
to 2016’s value of US$ 815.4bn
34.0 15-May Atlantia SpA Abertis Spain Construction
Infraestructuras SA
US$
29.6 26-Jan Johnson & Johnson Actelion Switzerland Pharma, Medical &
11
Pharmaceuticals Ltd Biotech
390.8m
25.4 16-Jan Essilor International SA Luxottica Group SpA Italy Consumer Number of megadeals 2017 average deal value
targeting Europe in 2017 in Europe, the highest
– the highest annual on Mergermarket
figure since 2008 record (since 2001)
mergermarket.com
M&A Report Q4 2017
Europe
• As the continent posted stronger economic figures,

European M&A diverged from the global trend – increasing
• Private equity buyout activity went from strength to
strength in 2017, reaching its highest value and deal count
“The year started among
14% by value in comparison to 2016 (US$ 815.4bn). The
economic recovery in Europe, with improving GDP and
since the financial crisis, surpassing 2014’s figure of US$
143.8bn). Over the last 12 months there were 1,388 buyouts
uncertainty, with various
employment figures, has helped push European M&A to
a post-crisis high of US$ 929.3bn across 7,235 deals. The
targeting European assets, worth a total US$ 158.4bn, 25.9%
higher than the equivalent value in 2016, with deal count also
populist threats across
year’s value accounted for a 29.6% share of global M&A – the
highest such figure since 2012 when Europe represented a
increasing (US$ 125.8bn, 1,286 deals). Buyouts represented
a 17% share in the total European M&A value – the highest
the continent amid several
31.4% share of activity. The region’s average value reached its
highest point on Mergermarket record (since 2001) at US$
annual share of M&A since 2007. As competition became
more intense, the size of buyouts similarly grew as private
elections. However, with the
390.8m, surpassing the US$ 386.1m in 2007. A clear reason
for this increase in Europe is the fact that the continent has
equity firms looked towards larger targets and take-private
deals. The largest buyout of the year saw the long-awaited
elections mostly returning
seen an uptick in megadeals, receiving the largest number
of deals over US$ 10bn since 2008 (12 deals). In 2017, there
acquisition of Unilever’s spreads business by KKR for US$
8bn, making this the second largest buyout in Europe since
more stable candidates
were 11 announcements of megadeals in Europe, worth a
combined US$ 254.2bn.
the financial crisis.
and confidence in the
• Industrials & Chemicals has been the most active sector
• The Eurozone has been key to the increase in European by both value and deal count in Europe in 2017, hitting US$ market growing after a slow
M&A, with the bloc accounting for a 54.3% of the whole 147.3bn across 1,453 deals announced. Following takeovers
continent’s value following 3,846 deals worth US$ 504.5bn. of Linde (US$ 45.5bn) and Siemens’ mobility business (US$ recovery, the M&A market
This represents the second largest value for the Eurozone 8.7bn), the sector hit its second highest post-crisis value,
since the crash. The year started among uncertainty, with only behind the US$ 165.7bn (1,487 deals) seen in 2016. has similarly picked up”
various populist threats across the continent amid several Traditionally the country’s strong point, Germany accounted
elections. However, with the elections mostly returning more for a 60% share of the sector’s dealmaking in Europe –
stable candidates and confidence in the market growing the highest percentage for the country on Mergermarket
after a slow recovery, the M&A market has similarly picked up. record. Simultaneously, several big-ticket Consumer deals Jonathan Klonowski,
Away from the Eurozone, the Nordics saw a growing influence in the first half of 2017 pushed the sector’s value over
in 2017, with 1,040 deals worth US$ 111.3bn announced, double the equivalent 2016 figure (US$ 53.6bn). Takeovers Research Editor (EMEA)
the second highest value on Mergermarket record. This of Luxottica, Christian Dior and Unilever’s spreads division
represents a 12.7% share of European M&A – the highest on left the sector totalling US$ 120.5bn across 927 deals. This
Mergermarket record. led to only the second time since the financial crash that
the sector breached the US$ 100bn barrier, following 2015’s
US$ 204.3bn – largely as a result of the US$ 122.8bn deal
between AB InBev and SABMiller.
mergermarket.com
M&A Report Q4 2017
US$ 504.5bn 74% 105.2% Increase in Nordic M&A value Growth over 2016 in UK domestic
versus 2016 M&A value as corporates become
Eurozone M&A in 2017, the more defensive
highest annual figure since

2014 (US$ 534.6bn)
1,453
34 5 Number of deals in the Industrials
& Chemicals space – the second
Number of buyouts during 2017
worth over US$ 1bn
Number of 2017 Consumer deals
worth over US$ 5bn
highest on Mergermarket record
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Mergermarket.com
M&A Report Q4 2017

Chart title 2Quarterly Breakdown Trend
Europe Chart title Sector
Europe 2 Breakdown Trend
2012 - 2017 2016 - 2017
400
1000 10000
350
900 9000
800 8000 300

214.0 228.3
292.1
700 7000
266.0 250
Deal Value (US$bn)

600 188.1 6000
Deal Value (US$bn)
251.2 158.0 211.3

200
Deal Count
500 177.6
5000
177.0
400 114.0 158.6
4000 150
302.2
310.6 262.0
300 3000
188.0 198.4
100
201.2
200 2000
50
100 210.7 1000
172.6 178.6 164.0 174.0
136.3
0 0
2012 2013 2014 2015 2016 2017 0
Industrials & Consumer Energy, Financial Construction Other
Chemicals Mining & Services
Utilities
Q1 Q2 Q3 Q4 2016 2017
Deal Count
mergermarket.com
M&A Report Q4 2017
Europe League tables
Europe league table by value Europe league table by deal count
Ranking 2017 2016 Ranking 2017 2016
2017 2016 Company name Value Deal % Value Value 2017 2016 Company name Value Deal Count Deal
(US$m) count change (US$m) (US$m) count change count
1 1 Goldman Sachs & Co 409,434 117 9.7% 373,249 1 2 PwC 49,813 284 5 279
2 3 Bank of America Merrill Lynch 327,137 88 35.8% 240,942 2 1 KPMG 54,782 279 -32 311
3 6 JPMorgan 320,021 140 55.4% 205,877 3 3 Rothschild 211,470 274 9 265
4 2 Morgan Stanley 315,511 110 -11.5% 356,431 4 5 EY 17,400 254 37 217
5 8 Lazard 281,797 152 67.8% 167,977 5 4 Deloitte 16,167 227 -26 253
6 4 Rothschild 211,470 274 -10.3% 235,653 6 6 Lazard 281,797 152 -3 155
7 11 Citi 207,660 83 49.6% 138,820 7 8 JPMorgan 320,021 140 21 119
8 9 Deutsche Bank 195,322 63 27.3% 153,444 8 7 BDO 3,242 121 -11 132
9 5 Credit Suisse 195,262 81 -15.6% 231,265 9 9 Goldman Sachs & Co 409,434 117 11 106
10 10 UBS Investment Bank 186,948 79 30.2% 143,607 10 10 Morgan Stanley 315,511 110 9 101
11 16 BNP Paribas 131,352 75 136.5% 55,549 11 16 ALANTRA 37,362 101 16 85
12 31 Societe Generale 92,681 51 213.1% 29,600 12 13 Bank of America Merrill Lynch 327,137 88 -3 91
13 41 Mediobanca 84,531 38 366.1% 18,135 13 12 Oaklins 2,258 85 -8 93
14 34 Macquarie Group 77,955 36 198.0% 26,160 14 19 Lincoln International 1,474 85 12 73
15 7 Barclays 77,884 53 -60.3% 196,146 15 14 Citi 207,660 83 -7 90
16 60 Perella Weinberg Partners 74,440 11 799.7% 8,274 16 20 Credit Suisse 195,262 81 11 70
17 13 Centerview Partners 67,387 9 -38.9% 110,321 17 15 UBS Investment Bank 186,948 79 -7 86
18 14 HSBC 55,377 46 -23.1% 72,038 18 11 BNP Paribas 131,352 75 -24 99
19 37 KPMG 54,782 279 143.1% 22,531 19 18 Clearwater International 3,512 73 -7 80
20 21 Credit Agricole 54,090 40 17.9% 45,884 20 21 Grant Thornton 776 69 -1 70
mergermarket.com
Mergermarket Global & Regional US Analysis 14
M&A Report Q4 2017
US
US$ 1.3tn
Value Deal details
(US$bn)
ment date geography
68.4 14-Dec The Walt Disney Twenty-First Century USA Media
Company Fox Inc
2017 is down 14.9% by deal

67.8 03-Dec CVS Health
Corporation
Aetna Inc USA Financial Services value on par with 2016 by deal
count (US$ 1.5tn, 5,325 deals)
60.6 17-Jan British American Reynolds American Inc USA Consumer
Tobacco Plc (57.83% Stake)
US$
29.9 04-Sep United Technologies Rockwell Collins Inc USA Industrials &
40.2%
Corporation Chemicals
352.8bn
23.6 23-Apr Becton, Dickinson and CR Bard Inc USA Pharma, Medical & Q4 2017 is down 29.7% 2017 share in global M&A
Company Biotech
by value with 170 fewer by value - the lowest
deals over Q4 2016 (US$ since 2013 (40.5%)
501.7bn, 1,297 deals)
mergermarket.com
M&A Report Q4 2017
US
• US M&A saw US$ 1.3tn worth of deals announced in

2017, with a total of 5,326 transactions reaching the signing
would-be acquirers in China to rethink their strategies in
the US. According to Mergermarket intelligence, unhappy
“Tax reform, which includes
table. This was the second consecutive year of decreases
in overall value since the record highs of 2015, at the end of
with being labeled national security risks, dealmakers have
begun to consider avoiding US deals, with the potential for
a sizeable cut to the US
which interest rates, effectively zero since 2008, had finally
begun to rise slightly. As the economy continues to move
Tech investments to be especially vulnerable to such shifts
and with Chinese companies now starting to look for targets
corporate tax rate, has
on from the financial crisis, inflation has remained low, and
further increases in the federal funds rate are expected in
elsewhere.
fueled anticipation over
• Meanwhile, US Technology in the age of Amazon did take
2018 following three gradual raises in 2017. Further, Congress’
recently passed tax legislation, which included a sizeable cut
center stage in 2017, reaching a record deal count of 1,015 how future tax savings
transactions, with its disruptive effects rippling across various
to the US corporate tax rate, has fueled anticipation over how
future tax savings might be spent over the next several years,
sectors including Consumer; Pharma, Medical & Biotech; and might be spent, particularly
Media. Most notably, Computer Software was one of only a
particularly with regard to M&A. US dealmaking therefore,
while still cautious in today’s political climate, has continued at
few spaces where deal count actually rose in 2017, unlike in with regard to M&A.”
the general global trend; in fact, the sub-sector set a record
a steady pace.
in 2017 with 771 transactions, even while disclosed values
• Despite coming under fire from the political arena, Media were down 44.7% to US$ 64.2bn from 2016. By value, Energy,
M&A continued to feel pressure from industry challengers Mining & Utilities (EMU) was 2017’s top sector, recording Elizabeth Lim,
such as Netflix to consolidate in order to survive in an age US$ 260bn and 436 transactions. Though this represented
of digital streaming. The sector saw US$ 103bn worth of a 20.6% fall in value compared to 2016’s record high of Research Editor (Americas)
deals, its second-highest total value behind 2016’s peak of US$ 327.3bn, overall 2017’s total was the third-highest on
US$ 133.3bn, though most of the latter had been due to Mergermarket record (since 2001), as was deal count. Of
the US$ 105bn AT&T/Time Warner transaction, whose fate particular note has been growing investment in the Utilities
remains unclear after a block by the Justice Department in space – though accounting for just 16.8% of EMU’s total value,
November. However, such events did not prevent Disney from the sub-sector reached a record value of US$ 43.7bn, with
announcing that it had signed an agreement to acquire most more activity poised for 2018 given recent shifts by oil majors
of Twentieth-Century Fox for US$ 68.4bn, which then became away from oil and gas and more toward electricity.
the largest deal of 2017.
• Political issues had an effect on another space that had
peaked in 2016 – Chinese bids for US firms. After reaching a
record US$ 56.7bn and 75 transactions, 2017 saw an 81.1% fall
in value to US$ 10.7bn with 11 fewer transactions for a total of
64 buys of US companies. Multiple blocks by the Committee
on Foreign Investment in the US (CFIUS) in 2017 have led
mergermarket.com
M&A Report Q4 2017
US$ 108.8bn 19.1%

Technology’s share of total US deal
29%
US share of total global deal count
count
Record value of UK bids for US firms,
up 271.8% from 2016 (US$ 29.3bn)
US$ US$
US$ 68.4bn
67.8bn 18.8bn Twenty-first Century Fox is Disney’s
largest acquisition on record
CVS Health/Aetna is the largest US Sempra/Energy Future Holdings
Financial Services transaction on is the second-largest US Utilities
Mergermarket record transaction on record
mergermarket.com
Mergermarket.com
M&A Report Q4 2017

Chart
US title 2
Quarterly Breakdown Trend Chart title 2 Breakdown Trend
US Sector
2012 - 2017 2016 - 2017
700
2000 10000
600
9000
1750 508.8
8000
1500 500
501.8 7000
346.4
1250
462.2 400
Deal Value (US$bn)

352.8 6000
Deal Value (US$bn)
Deal Count
1000 5000
423.2 404.9 300
230.9 294.3
315.8 4000
750 467.7
317.7 3000 200

389.7 302.7
500 235.6 325.6
2000
176.8
190.2 357.8 100
250 312.4
251.7 1000
179.9 219.0
129.1
0 0 0
2012 2013 2014 2015 2016 2017
Energy, Consumer Pharma, Financial Industrials Other
Mining & Medical & Services & Chemicals
Utilities Biotech
Q1 Q2 Q3 Q4 2016 2017
Deal Count
mergermarket.com
M&A Report Q4 2017
US League tables
US league table by value US league table by deal count
1 1 Goldman Sachs & Co 662,938 225 4.8% 632,642 1 2 Goldman Sachs & Co 662,938 225 32 193
2 4 JPMorgan 477,685 208 -4.9% 502,232 2 1 JPMorgan 477,685 208 13 195
3 2 Morgan Stanley 429,231 170 -30.5% 617,786 3 3 Morgan Stanley 429,231 170 9 161
4 5 Citi 317,707 141 -33.1% 474,810 4 4 Houlihan Lokey 31,241 154 0 154
5 3 Bank of America Merrill Lynch 291,281 119 -45.3% 532,803 5 9 Citi 317,707 141 21 120
6 6 Barclays 286,563 128 -32.3% 423,054 6 7 Jefferies 113,351 132 0 132
7 11 Lazard 284,226 118 75.2% 162,251 7 6 Barclays 286,563 128 -4 132
8 10 Centerview Partners 262,916 42 38.1% 190,375 8 10 Credit Suisse 230,664 127 7 120
9 9 Deutsche Bank 234,414 76 20.2% 195,014 9 5 Bank of America Merrill Lynch 291,281 119 -23 142
10 7 Credit Suisse 230,664 127 -25.3% 308,936 10 11 Lazard 284,226 118 6 112
11 8 Evercore 206,438 118 -32.7% 306,630 11 8 Evercore 206,438 118 -12 130
12 15 UBS Investment Bank 165,256 79 40.3% 117,825 12 14 Stifel/KBW 18,116 99 7 92
13 20 Guggenheim Partners 113,591 29 40.2% 80,996 13 20 William Blair & Company 19,171 98 21 77
14 19 Jefferies 113,351 132 35.2% 83,846 14 13 Rothschild 61,740 95 2 93
15 16 Perella Weinberg Partners 108,332 24 -7.4% 116,997 15 16 Piper Jaffray & Co 19,342 91 4 87
16 13 Allen & Company 100,544 21 -31.1% 146,029 16 15 Moelis & Company 71,672 89 -2 91
17 42 Macquarie Group 74,394 41 552.1% 11,408 17 12 RBC Capital Markets 65,915 88 -9 97
18 24 Moelis & Company 71,672 89 56.6% 45,769 18 24 Lincoln International 2,629 86 13 73
19 12 RBC Capital Markets 65,915 88 -55.1% 146,662 19 23 KPMG 6,634 85 12 73
20 14 Rothschild 61,740 95 -52.1% 128,882 20 17 Raymond James & Associates 21,208 83 -2 85
mergermarket.com
Mergermarket Global & Regional Latin America Analysis 19
M&A Report Q4 2017
Latin
America
US$ 80.1bn
Value Deal details
(US$bn)
Announce- Bidder company Target company Target geography Target sector
ment date
6.7 01-Jul Telecom Argentina SA Cablevision Argentina Telecoms
Holding SA
2017’s deal value is up 3.6%

4.3 02-Sep Paper Excellence
Canada Holdings Corp
Eldorado Brasil
Celulose SA
Brazil Industrials &
Chemicals
over 2016 (US$ 77.3bn)
(81% Stake)
4.0 30-Nov State Grid Corporation CPFL Energia SA Brazil Energy, Mining &
of China (45.36% Stake) Utilities
US$
3.4 22-Dec UnitedHealth Group Banmedica SA Chile Pharma, Medical
2.5%
Inc & Biotech
26.3bn
3.2 05-Dec The Bank of Nova Banco Bilbao Vizcaya Chile Financial Q4 2017 is up 24.8% 2017’s share of global M&A
Scotia Argentaria Chile SA Services
by value over Q4 by value - the highest
2016 (US$ 21.1bn) since 2014 (4.1%)
mergermarket.com
M&A Report Q4 2017
Latin America
• Latin American M&A was on par with total deal values

over the last two years, reaching US$ 80.1bn with 583 deals
more deals than in 2016 (US$ 786m, 14 deals). Family-owned
businesses are especially eager to enter the M&A market,
“The Advent/Enjoy deal
announced in 2017. This was an increase in value by 3.6%
though with two fewer deals compared to 2016 (US$ 77.3bn,
along with dealmakers who are keen to see transactions
through before a wave of regional elections, due to take
underlines the growing
585 deals). Much of the region’s dealmaking continued to
be driven by activity in key sectors such as Energy, Mining
place in 2018. Another space to watch is Leisure. The sector
saw US$ 985m and 26 deals in 2017, a 145.6% increase in
presence of private equity
& Utilities (EMU) and an uptick in certain sectors to watch in
2018, such as Agriculture and Leisure.
value with seven more deals over 2016 (US$ 401m, 19 deals).
Tourism industry investments are anticipated to increase in
firms in Latin America. As
• Inbound activity, while down by 5.3% in value compared
2018 as the region attempts to move past the political and
economic turmoil of the last couple of years caused amongst
a blend of cross-border
to 2016, was responsible for 61.6% of M&A in Latin America,
recording US$ 49.3bn with 318 transactions. Of this, 18.9% of
others by corruption and the downturn in global commodities
markets. Of the sector’s total value, 47.4% came from the top
dealmaking driven by
inbound value was due to bids from Chinese firms, which saw
an increase in deal count in 2017 to a record 12 transactions,
two deals, both resort and casino transactions – US-based
Advent International’s US$ 287m bid for Chile-based Enjoy,
PE interest, it could be a
although total value decreased to US$ 9.3bn. Interest in Latin
America’s EMU assets, particularly in electricity, has been
and the latter’s US$ 180m bid for a 55% stake in Uruguay-
based Punta del Este Conrad.
signal for activity in 2018.”
growing, with five inbound deals worth a total of US$ 7.6bn
announced, and more expected in 2018. In fact, overall by • The Advent/Enjoy deal underlines the growing presence
both cross-border and domestic activity, EMU continued to of private equity firms in Latin America. Buyouts reached a
be the region’s dominant sector in the past year, registering record in the region by deal count – 69 transactions and a Elizabeth Lim,
a total of US$ 26.5bn and 116 transactions. Though this was total disclosed deal value of US$ 6.7bn. The largest of these
a decrease in value by 33.4% compared to the previous year was UK-based Actis’ US$ 1.3bn bid for the Mexican assets of Research Editor (Americas)
(US$ 39.8bn), deal count set a new record. Notably, 12.7% US power and utilities firm InterGen. Fittingly, the transaction,
of EMU’s activity was due to Canadian investments, worth a announced at the tail end of 2017, was a blend of cross-
total of US$ 3.3bn, with deal count also seeing a record of border dealmaking in the Utilities sector driven by private
34 transactions, nearly 3x the number in 2016. In particular, equity interest, which appears to be a potential signal of what
Canadian investments in Chile have skyrocketed with six EMU to expect more of in 2018.
deals. A number of Chilean Mining deals were for assets such
as lithium, copper, and gold.
• According to Mergermarket intelligence, Agriculture sector
assets are expected to attract investors in 2018, despite
impending NAFTA renegotiations between Mexico and the US.
In 2017, Latin American agricultural M&A saw US$ 2bn worth
of transactions and 18 deals, up in value by 160.1% with four
mergermarket.com
M&A Report Q4 2017
88 11.6% 13.6%
Share of Chinese bids by value in
Latin American M&A
Share of Canadian bids by value in
Latin American M&A
Fewest number of inbound deals
from the US since 2011 (81)
US$ 38.7bn
US$ 6.7bn US$ 4bn Total value of Brazilian M&A in 2017,
down 18.7% from 2016 (US$ 47.6bn)
Telecom Argentina/Cablevision is State Grid Corp/CPFL Energia
Argentina’s largest Telecom deal (45.36% stake) is China’s largest
on Mergermarket record bid in Latin America on record
(since 2001)
mergermarket.com
Mergermarket.com
M&A Report Q4 2017

Chart title
Latin 2
America Quarterly Breakdown Trend Chart title
Latin 2
America Sector Breakdown Trend
2012 - 2017 2016 - 2017
40
150 1000
140 35
900
130
120 800 30
28.5
110
700
100 32.4
25
Deal Value (US$bn)

90 600
Deal Value (US$bn)
38.1
Deal Count
80 16.5 20
25.4 500
70 21.1
26.3
60 29.7 400 15
50 22.4
47.1 39.9 300
25.4
40 30.1 10
24.2
30 21.4 200
11.2 14.3
20 12.2 5
100
21.8 24.8
10 17.8 14.9
11.2 14.1
0 0 0
2012 2013 2014 2015 2016 2017 Energy, Consumer Industrials & Financial Telecoms Other
Mining & Chemicals Services
Utilities
Q1 Q2 Q3 Q4 2016 2017
Deal Count
mergermarket.com
M&A Report Q4 2017
Latin America League tables
Latin America league table by value Latin America league table by deal count
1 2 Bank of America Merrill Lynch 15,645 16 -9.8% 17,338 1 1 Banco Itau BBA 8,815 36 5 31
2 12 Banco BTG Pactual 14,377 33 173.1% 5,264 2 5 Banco BTG Pactual 14,377 33 17 16
3 6 JPMorgan 12,236 8 -7.5% 13,229 3 3 Banco Bradesco BBI 4,160 20 0 20
4 15 Goldman Sachs & Co 11,949 10 198.1% 4,009 4 12 Bank of America Merrill Lynch 15,645 16 5 11
5 7 Banco Itau BBA 8,815 36 -27.9% 12,225 5 15 Morgan Stanley 7,998 14 6 8
6 1 Santander Global Corporate Banking 8,614 12 -69.0% 27,759 6 6 Lazard 6,791 13 -2 15
7 11 Morgan Stanley 7,998 14 23.6% 6,471 7 2 Santander Global Corporate Banking 8,614 12 -10 22
8 9 Citi 7,599 8 -1.2% 7,693 8 13 BNP Paribas 2,000 11 0 11
9 10 Banco Bilbao Vizcaya Argentaria 7,389 10 7.5% 6,874 9 19 Goldman Sachs & Co 11,949 10 4 6
10 19 Barclays 6,887 6 238.8% 2,033 10 8 Banco Bilbao Vizcaya Argentaria 7,389 10 -4 14
11 18 Lazard 6,791 13 217.9% 2,136 11 7 Credit Suisse 6,399 10 -4 14
12 - LionTree Advisors 6,685 2 - - 12 23 PwC 560 10 4 6
13 3 Credit Suisse 6,399 10 -61.1% 16,454 13 17 Rothschild 1,853 9 2 7
14 35 Scotiabank 4,774 7 809.3% 525 14 9 JPMorgan 12,236 8 -5 13
15 4 Banco Bradesco BBI 4,160 20 -72.1% 14,897 15 4 Citi 7,599 8 -10 18
16 - Estructura Partners 3,135 3 - - 16 66 Scotiabank 4,774 7 6 1
17 17 BR Partners 2,548 6 -10.7% 2,854 17 18 UBS Investment Bank 2,050 7 1 6
18 8 UBS Investment Bank 2,050 7 -76.2% 8,627 18 16 KPMG 326 7 -1 8
19 14 BNP Paribas 2,000 11 -51.9% 4,154 19 11 Deloitte 91 7 -5 12
20 13 Rothschild 1,853 9 -64.5% 5,227 20 26 Barclays 6,887 6 2 4
mergermarket.com
Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 24
M&A Report Q4 2017
Asia Pacific
(excl. Japan)
US$ 673.5bn
Value Deal details
(US$bn)
ment date geography
24.6 12-Dec Unibail-Rodamco SA Westfield Corporation Australia Real Estate
2017 is up 4.8% compared to

21.2 14-Nov The Wharf (Holdings) Wharf Real Estate Hong Kong Real Estate 2016 (US$ 642.9bn) whilst deal
Limited (Shareholders) Investment Company
Limited
count is up by six transactions
15.9 14-Jul Consortium for Global Global Logistic Singapore Transportation

Logistic Properties Ltd Properties Limited
12.7 20-Mar Idea Cellular Limited Vodafone India Limited India Telecoms
-38.2% 28.2%
9.8 16-Jan Consortium led by Duet Group Australia Energy, Mining & Drop in Chinese Q4 2017 value (US$ 225.7bn)
Cheung Kong Property Utilities
outbound value (US$ vs Q4 2016 (US$ 176bn)
123bn) compared to
2016 (US$ 199.1bn)
mergermarket.com
M&A Report Q4 2017
Asia Pacific (excl. Japan)
• In contrast to the global M&A figures, Asia-Pacific (excl.

Japan) climbed slightly – up 4.8% by value with six more
• Inbound activity intensified in 2017, up 21.9% by value
compared to the year before (US$ 88.3bn, 585 deals) with
“While raw numbers appear
deals compared to 2016 (US$ 642.9bn, 3,744 deals) following
3,750 deals valued at US$ 673.5bn. The overall value reached
603 deals worth US$ 107.6bn, marking the highest value on
Mergermarket record. Australia remained the most targeted
to indicate that efforts to
its second highest point on Mergermarket record (since
2001), highlighting Asia-Pacific as an attractive market for
country within the region in terms of both inbound deal
count and value with the country recording 176 deals worth
tame Chinese spending
dealmaking. The region received four megadeals (> US$
10bn) over the last 12 months, with two announced in the final
a combined US$ 41bn. On the other hand, Asia-Pacific
(excl. Japan) outbound acquisitions experienced a sharp
overseas may have slowed
quarter of the year including the US$ 24.6bn acquisition of
Australia-based retail property group Westfield Corporation
54.1% drop by deal value as a consequence of Chinese
authorities heavily regulating the amount of capital invested
investment, sentiment to
by Unibail-Rodamco, the France-based commercial property
operator – Asia Pacific’s largest deal in 2017. Overall Australian
outside of its shores. While raw numbers appear to indicate
that efforts to tame Chinese spending overseas may have
spend outside of its borders
M&A reached a 12.8% share of the region’s dealmaking in
2017 with 579 deals worth US$ 86.1bn, up 30.7% by value
slowed investment, sentiment to spend outside of its borders
remains strong among China-based financiers, according to
remains strong among
compared to 2016. Mergermarket intelligence. China is now urging companies
to restrict overseas investments, or only to look outbound
China-based financiers”
• The Real Estate sector experienced a strong fourth quarter
if business-critical, with companies having to stress the
within the region, following 60 transactions worth a total US$
returns it will bring back to China to gain the greenlight from
71.2bn. This is largely due to the aforementioned Unibail-
Rodamco US$ 24.6bn acquisition of Westfield, and the US$
regulators.
Amy Wu, Senior
21.2bn spin off of The Wharf Holdings’ Hong Kong-based • Private equity investment in the region stood at US$
property investment business. Overall, the sector saw a 2.9x 122.7bn across 445 deals in 2017, a 37.7% increase by value Research Analyst
increase by value in 2017 in comparison to 2016, when 113 compared to 2016 (US$ 89.1bn, 393 deals). The value hit the
deals took place worth US$ 41.4bn. Over the last 12 months highest annual value on Mergermarket record due to one
the sector recorded 184 deals worth US$ 121.7bn. Six deals megadeal – the US$ 15.9bn buyout of Singapore-based
worth more than US$ 5bn buoyed this total, making it the top Global Logistic Properties by a consortium led by China
sector of the year. Consumer was another highlight in the Vanke and HOPU Logistics Investment. China continues to
region. The sector accounted for 386 deals worth US$ 63.3bn lead the region in terms of deal count and value, recording
in 2017, a 71.8% increase on 2016. South Korea, with 57 deals 131 buyouts valued at US$ 49.8bn in 2017, including the 14.11%
worth US$ 10.4bn, became the second most-active country stake acquisition of Hengda Real Estate for US$ 9bn by an
regarding both Consumer deal value and count after China investor group including Shandong Highway, Ding Xiang
(US$ 21.1bn, 111 deals), accounting for a 16.4% share of the Capital, Guangzhou Yehoo Investment, and Jiayu Vehicle
region’s Consumer M&A activity. The sector was ranked top in Accessories Ningxia among others.
South Korea, with a 3.2x value increase compared to 2016.
mergermarket.com
M&A Report Q4 2017
US$ 122.7bn 21.4% Asia Pacific (excl. Japan) share of

18.1%
Real Estate market share by value
Global M&A in 2017 by value in the region
PE buyout value in the region in 2017
US$ 86.1bn
-54.1% 4 Value of Austrialian M&A, a
Drop in outbound M&A value in Megadeals (>US$ 10bn) in Asia
30.7% increase compared
2017 compared to 2016 Pacfic (excl. Japan) in 2017,
compared to three
to 2016 (US$ 65.9bn)
the previous year
mergermarket.com
Mergermarket.com
M&A Report Q4 2017

Chart
Asiatitle 2
Pacific (excl. Japan) Quarterly Breakdown Trend Chart
Asiatitle 2 (excl. Japan) Sector Breakdown Trend
Pacific
2012 - 2017 2016 - 2017
350
1000 5000
900 4500 300
800 4000
250
295.2
700 3500
600 200
Deal Value (US$bn)

3000
Deal Value (US$bn)
176.0 225.7
Deal Count
500 156.2
171.9 2500
150
400 2000
115.1 139.7 172.1 173.2
86.1
300 232.4 1500 100
118.1
105.5 169.0 155.9 139.7
200 1000
81.1 50
107.9
100 196.0 500
138.9 134.9
83.1 114.9
68.5
0 0 0
2012 2013 2014 2015 2016 2017
Real Estate Industrials & Technology Energy, Consumer Other
Chemicals Mining &
Utilities
Q1 Q2 Q3 Q4 2016 2017
Deal Count
mergermarket.com
M&A Report Q4 2017
Asia Pacific (excl. Japan) League tables
Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count
1 2 Goldman Sachs & Co 114,732 64 -18.6% 141,018 1 2 KPMG 15,860 101 12 89
3 3 UBS Investment Bank 89,123 43 -34.7% 136,562 3 1 PwC 6,439 84 -36 120
4 6 JPMorgan 83,635 48 -24.7% 110,997 4 6 Morgan Stanley 111,770 65 -2 67
5 7 Bank of America Merrill Lynch 80,398 29 6.0% 75,827 5 5 Goldman Sachs & Co 114,732 64 -8 72
6 4 China International Capital Corporation 79,733 51 -41.2% 135,520 6 4 Deloitte 5,333 56 -20 76
7 9 Citi 61,144 33 1.5% 60,270 7 15 China International Capital Corporation 79,733 51 14 37
8 26 Rothschild 45,405 32 148.9% 18,239 8 16 JPMorgan 83,635 48 11 37
9 17 Deutsche Bank 43,417 22 27.0% 34,197 9 7 Credit Suisse 30,270 46 -20 66
10 8 HSBC 36,024 15 -49.5% 71,280 10 8 UBS Investment Bank 89,123 43 -15 58
11 15 CITIC Securities 35,422 31 -19.7% 44,118 11 9 Macquarie Group 29,119 41 -11 52
12 16 Lazard 33,972 22 -4.0% 35,388 12 12 Huatai Securities 29,737 36 -4 40
13 43 BNP Paribas 33,100 15 204.6% 10,865 13 10 Citi 61,144 33 -17 50
14 5 Credit Suisse 30,270 46 -73.4% 113,995 14 19 China Securities 19,430 33 3 30
15 18 Huatai Securities 29,737 36 -8.3% 32,437 15 13 Rothschild 45,405 32 -8 40
16 10 Macquarie Group 29,119 41 -42.0% 50,175 16 18 CITIC Securities 35,422 31 -1 32
17 55 Jefferies 25,684 9 255.2% 7,231 17 27 China Renaissance Partners 13,670 30 9 21
18 37 EY 24,203 99 88.4% 12,850 18 14 Bank of America Merrill Lynch 80,398 29 -10 39
19 44 Somerley Capital 23,912 29 121.4% 10,801 19 30 Somerley Capital 23,912 29 10 19
20 22 Evercore 22,419 11 -16.1% 26,707 20 20 Haitong Securities 6,798 27 1 26
mergermarket.com
Mergermarket Global & Regional Japan Analysis 29
M&A Report Q4 2017
Japan
US$ 40.1bn
Value Deal details
(US$bn)
Announce- Bidder company Target company Target sector Seller Company
ment date
10.6 28-Sept Consortium led by Toshiba Memory Technology Toshiba Corporation
Bain Capital LLC Corporation
(59.8% Stake)
Value of Japanese M&A in 2017,

2.3 28-Feb NBCUniversal
Media LLC
USJ Co Ltd
(49% Stake)
Leisure Goldman Sachs;
MBK Partners Inc;
a 36.4% decrease on 2016
Owl Creek Asset
Management LP;
Glenn Gumpel;
and MBG Holdings
Limited Liability Co
1.6 21-Nov Key Safety Takata Corporation Industrials &
US$
Systems Inc Chemicals
1.3 13-Jan Kohlberg Kravis

Roberts & Co LP
Hitachi Koki Co Ltd Industrials &
Chemicals
6.9bn 1.3%
Q4 2017 value, 54.6% Share of global M&A
1.2 02-Oct Bain Capital LLC Asatsu-DK Inc Media
decrease versus Q4 2016 value, down from 1.9%
the previous year
mergermarket.com
M&A Report Q4 2017
Japan
• At the end of 2017, overall M&A activity targeting

Japan recorded a total deal value of US$ 40.1bn over 458
• Inbound M&A into Japan scaled new heights over the
last 12 months, marking the highest deal value since 2008.
“Apart from eyeing
transactions, a 36.4% decline in value with only three fewer
deals compared to 2016 (USD$ 63bn, 461 deals). This dip
A total of US$ 21.3bn inbound activity across 44 announced
transactions more than doubled the inbound value of 2016
opportunities in mature
in value can be attributed to Japan’s domestic M&A activity,
which saw a sharp drop of 64.2% to US$ 18.8bn (414 deals)
(US$ 10.5bn, 46 deals) becoming only the second time in
Mergermarket history in which the Japan-targeted inbound
markets, Japanese investors
with just one deal fewer than a year earlier, mainly due to an
absence of blockbuster deals, with those above US$ 1bn
deal value exceeded domestic deal value, with the previous
occurrence in 2001. The US was the most active source of
also showed interest in
seeing a clear decline. In 2016, there were 11 domestic deals
above US$1bn totalling US$ 32.9bn, which by itself exceeded
inbound investment by both deal value and count, with 14
deals worth US$ 18.4bn, contributing 86.6% of total Japanese
Asian markets such as
the total deal value of domestic deals in 2017. inbound value. All top five inbound deals were generated
by US bidders, including Key Safety Systems’ US$1.6bn
China, India and Indonesia”
• Private equity activity continued to gain interest in Japan,
acquisition of Takata Corporation, which took place in Q4
following years of skepticism. Total buyouts in 2017 reached
2017.
US$ 16.1bn, the highest deal value on Mergermarket record
(since 2001) and a 2.1x increase compared to 2016’s deal • On the other hand, Japan outbound witnessed a downturn Yibei Xu, Senior
value of US$ 7.7bn. This increase in value can be attributed in H2 2017 after experiencing a strong first half of the year.
to several big ticket transactions, including Bain Capital-led On the whole, a total of 336 outbound transactions were Research Relationship
consortium’s US$ 10.6bn 59.8% stake acquisition of Toshiba announced in 2017 worth US$ 59.1bn, a drop of 36.7% by
Memory. The three largest buyouts in 2017 accounted for value with 12 more deals compared to 2016 (US$93.4bn, 324 Manager (Japan)
approximately 80% of Japan-targeted PE buyout value. deals). In Q4 alone, 71 transactions worth US$ 6.7bn were
According to Mergermarket intelligence, the increase in large- recorded, the lowest quarter in terms of deal value in the
cap investments can be accredited to the growing focus on past decade. The US was still the most popular region for
corporate governance, family succession issues, and a higher Japanese dealmakers by both count and value with 107 deals
valuation environment. Buyouts of Japanese companies are worth US$ 29.2bn. Apart from eyeing opportunities in mature
expected to see continued growth, especially if a major MBO markets, Japanese investors also showed interest in Asian
creates a knock-on effect for other management teams to markets, with a particular focus on China, India and Indonesia,
acquire Japanese targets. Similarly, private equity exits also investing US$ 19.1bn across 113 deals, accounting for 32.3% of
saw an increase in deal value compared to the previous year, total outbound deal value and up 2.7x by value compared to
with a total US$ 4.0bn over 41 deals. This can be attributed 2016 (US$ 7.1bn, 102 deals).
to the US$ 2.3bn sale of theme park operator USJ by MBK
Partners and Goldman Sachs’ private equity arm, which by
itself exceeded 2016’s total private equity exit value of US$
2.1bn over 36 deals.
mergermarket.com
M&A Report Q4 2017
US$ 16.1bn -61.6% 8.6% Fall in Industrials & Chemicals M&A Financial Services share of total
compared to 2016 (US$ 20.7bn) Japanese M&A
2017 buyout value,
up 109.9% on 2016
US$ 13.3bn
8 41 2017 value of Technology M&A, up
143% compared to the previous year
Number of buyouts over Number of PE exits in 2017, 5 more
US$ 250m than 2016
mergermarket.com
Mergermarket.com
M&A Report Q4 2017

Chart titleQuarterly
Japan 2 Breakdown Trend Chart titleSector
Japan 2 Breakdown Trend
2012 - 2017 2016 - 2017
30
100 500
90 450
25
80 400
70 350 20
16.2
Deal Value (US$bn)

60 300
Deal Value (US$bn)
35.3
15.2
Deal Count
15
50 250
13.9
40 200
17.1 6.9
10
7.3
30 150
9.4 21.6
26.3 4.8
13.5 18.9
20 5.1 100
15.2 5
10.8 9.1 5.2
10 50
17.1
13.5 9.1 9.0
8.1 7.1
0 0 0
2012 2013 2014 2015 2016 2017 Technology Industrials & Financial Leisure Consumer Other
Chemicals Services
Q1 Q2 Q3 Q4 2016 2017
Deal Count
mergermarket.com
M&A Report Q4 2017
Japan League tables
Japan league table by value Japan league table by deal count
1 7 Goldman Sachs & Co 28,420 18 -25.7% 38,232 1 2 Sumitomo Mitsui Financial Group 13,661 67 -10 77
2 8 Nomura Holdings 25,183 60 -33.9% 38,112 2 1 Nomura Holdings 25,183 60 -26 86
3 2 Morgan Stanley 15,652 23 -73.6% 59,241 3 4 Daiwa Securities Group 5,848 41 -11 52
4 13 JPMorgan 14,612 8 -4.9% 15,365 4 3 Mizuho Financial Group 6,619 36 -18 54
5 3 Sumitomo Mitsui Financial Group 13,661 67 -75.3% 55,305 5 6 Deloitte 2,098 34 3 31
6 31 Evercore 8,367 3 674.0% 1,081 6 17 PwC 4,639 25 15 10
7 11 Bank of America Merrill Lynch 8,211 9 -66.8% 24,722 7 5 Morgan Stanley 15,652 23 -19 42
8 5 Lazard 7,400 7 -83.9% 45,859 8 7 GCA Corporation 2,499 20 -3 23
10 1 Mizuho Financial Group 6,619 36 -89.5% 63,193 10 10 EY 3,320 17 4 13
11 4 Daiwa Securities Group 5,848 41 -88.2% 49,728 11 25 Citi 5,524 13 8 5
12 12 Citi 5,524 13 -66.0% 16,228 12 13 Frontier Management 356 13 2 11
13 55 PwC 4,639 25 1726.4% 254 13 9 KPMG 4,048 12 -9 21
14 26 KPMG 4,048 12 173.0% 1,483 14 15 Credit Suisse 7,043 10 0 10
15 9 UBS Investment Bank 3,377 7 -89.4% 31,744 15 12 Bank of America Merrill Lynch 8,211 9 -3 12
16 63 EY 3,320 17 1988.1% 159 16 14 JPMorgan 14,612 8 -2 10
17 43 Jefferies 2,656 7 347.9% 593 17 18 Lazard 7,400 7 -2 9
18 25 GCA Corporation 2,499 20 64.1% 1,523 18 29 UBS Investment Bank 3,377 7 3 4
19 - Macquarie Group 2,119 3 - - 19 35 Jefferies 2,656 7 4 3
20 22 Deloitte 2,098 34 -24.3% 2,772 20 30 Lincoln International 375 7 3 4
mergermarket.com
Mergermarket Global & Regional Middle East & Africa Analysis 34
M&A Report Q4 2017
Middle East & Africa
US$ 59.4bn
Value Deal details
(US$bn)
ment date geography
15.0 13-Mar Intel Corporation Mobileye NV Israel Industrials &
(97.3% Stake) Chemicals
Value of M&A targeting the Middle

2.8 09-Mar Exxon Mobil
Corporation
Eni SpA (Rovuma
Area 4 gas field)
Mozambique Energy, Mining &
Utilities
East & Africa in 2017, a 34.2%
(25% Stake)
decrease compared to 2016
2.6 15-May Vodacom Group Safaricom Limited Kenya Telecoms
Limited (34.94% Stake)
2.2 21-Feb Tronox Limited The National Titanium

Dioxide Company
Ltd (Titanium dioxide
Saudi Arabia Industrials &
Chemicals
64.6% -48.7%
business)
1.5 12-Sept Kingdom Holding Banque Saudi Fransi Saudi Arabia Financial Services Middle East share of Drop in African M&A versus
Company (16.2% Stake)
the region’s M&A value 2016, following the lowest
following its second highest value in the continent
year on Mergermarket since 2009 (US$ 14.5bn)
record (since 2001)
mergermarket.com
M&A Report Q4 2017
Middle East & Africa
• M&A targeting the Middle East & Africa (MEA) failed to

reach the record heights set in 2016, with dealmaking in
• Inbound M&A targeting MEA has reached the third highest
value on Mergermarket record, with 197 deals worth US$
“Israel’s pursuit of the latest
the region totalling US$ 59.4bn across 411 deals in the last
12 months. This represents a 34.2% decrease by value in
40.1bn. The figure seen in 2017 stood only behind the 2007
and 2016 records of US$ 43.1bn and US$ 49.1bn, respectively.
developments in technology
comparison to 2016’s record US$ 90.3bn (449 deals). This
reduction can be attributed to a lack of big-ticket deals,
Inbound M&A therefore represented a 67.4% share of total
M&A targeting MEA, up from 54.3% the previous year, and
has influenced dealmakers,
which became prominent in the region in 2016. There were
nine deals worth over US$ 1bn in 2017 totalling US$ 29.2bn,
the second highest percentage on Mergermarket record.
The US was the key investor into the region with 51 deals
with the country also seeing
compared to 20 breaching the US$ 1bn barrier previous
year, at a combined value of US$ 62.4bn. The Middle East
worth US$ 25.6bn, the largest amount invested by the US into
the region on Mergermarket record. This became the third
its highest annual deal count
accounted for a 64.6% share of activity in MEA by value
as a result of the US$ 15bn takeover of Israeli autonomous
successive year in which the US has been involved in over
50 transactions in the Middle East and Africa. Even excluding
on Mergermarket record”
vehicles firm Mobileye by Intel, the largest deal in the region Intel’s takeover of Mobileye, 2017’s figure would stand second
in 2017. only behind 2013 (US$ 11.2bn, 49 deals). Three-quarters of
• As a result of the Mobileye takeover, Israel was the most
this investment has targeted the Middle East by deal count,
with 38 deals worth US$ 20.9bn - including National Energy
Jonathan Klonowski,
targeted country by both value and deal count in the region
following 102 deals worth US$ 24bn, reaching the country’s
Services Reunited Corporation’s US$ 1.1bn takeover of Gulf
Energy SOAC and National Petroleum Services, announced in
Research Editor (EMEA)
highest annual value on Mergermarket record (since 2001).
November.
The value represented a 24.6% on 2016’s figure of US$
19.2bn (100 deals), the previous record seen in the country • Industrials & Chemicals, thanks to the aforementioned
with two more deals. Israel’s pursuit to develop the latest Mobileye acquisition, reached its highest annual value in the
advancements in technology has influenced dealmakers, region on Mergermarket record with 50 deals worth a total
with the country recording its highest annual deal count on US$ 21.5bn. This surpassed the previous record seen in 2012
Mergermarket record. Amid political uncertainty surrounding when US$ 12.4bn changed hands across 68 deals. Energy,
the country, South African M&A has suffered in 2017, dipping Mining & Utilities (EMU) reached a post-crisis deal count
to its lowest value since 2003 (US$ 4.2bn). The country high, with 74 deals worth US$ 12.2bn announced in 2017. This
received 101 deals worth US$ 6.2bn, a 70.2% decrease by represents the second highest deal count for the sector on
value with 39 fewer deals. Mergermarket record, only behind that of 2007, which saw 83
deals. EMU was the largest sector by deal count across the
Middle East & Africa, ahead of Technology which saw 51 deals
worth US$ 4bn.
mergermarket.com
M&A Report Q4 2017
US$ 40.1bn 74 69.9%

2017 value of MEA inbound M&A Number of deals in the EMU sector Mobileye acquisition share of
– the third highest figure on in 2017 – the highest figure since
2007 (83 deals)
2017’s Industrials & Chemicals
Mergermarket record (since 2001)
US$ 21.5bn
4 1.8x Value of Industrials & Chemicals M&A
Number of US inbound deals worth Increase over 2016’s total deal in the region, a Mergermarket record
over US$ 1bn, compared to value from the US into the region,
one deal in 2016 excluding the Mobileye acquisition
mergermarket.com
Mergermarket.com
M&A Report Q4 2017

Chart title East
Middle 2 & Africa Quarterly Breakdown Trend Chart titleEast
Middle 2 & Africa Sector Breakdown Trend
2012 - 2017 2016 - 2017
45
100 500
40
90 450
35
80 21.7 400
70 350 30
Deal Value (US$bn)

60 300
Deal Value (US$bn)
25
15.5 10.4
Deal Count
50 24.5 34.5 250
20
10.1
20.9 13.7
40 200
20.3 9.5 15
9.6
30 150
9.5
21.6 6.2 24.6 10

20 100
13.5 19.3 29.4
9.4
5
10 50
12.4 9.5
8.8 7.2 8.4
0 0 0
2012 2013 2014 2015 2016 2017 Industrials & Energy, Financial Telecoms Technology Other
Chemicals Mining & Services
Utilities
Q1 Q2 Q3 Q4 2016 2017
Deal Count
mergermarket.com
M&A Report Q4 2017
Middle East & Africa League tables
MEA league table by value MEA league table by deal count
1 6 Goldman Sachs & Co 39,903 12 196.1% 13,478 1 1 EY 2,070 28 8 20
2 3 Citi 23,764 10 36.3% 17,431 2 2 Rothschild 19,143 22 4 18
3 10 Rothschild 19,143 22 94.0% 9,869 3 17 PwC 895 16 9 7
4 13 Morgan Stanley 18,236 7 254.8% 5,140 4 15 Rand Merchant Bank 4,437 14 6 8
5 2 JPMorgan 17,084 12 -7.5% 18,479 5 4 Investec 1,078 14 0 14
6 129 Raymond James & Associates 14,993 1 214086% 7 6 24 Bank of America Merrill Lynch 10,724 13 9 4
7 5 Bank of America Merrill Lynch 10,724 13 -24.6% 14,219 7 10 Goldman Sachs & Co 39,903 12 2 10
8 15 Centerview Partners 10,214 3 128.1% 4,477 8 7 JPMorgan 17,084 12 0 12
9 9 VTB Capital 9,254 2 -19.8% 11,536 9 13 Citi 23,764 10 2 8
10 19 China International Capital Corporation 9,254 1 135.2% 3,935 10 5 KPMG 726 9 -4 13
11 4 Credit Suisse 5,830 4 -66.4% 17,362 11 30 BDO 685 9 5 4
12 21 HSBC 4,811 7 25.6% 3,829 12 11 Morgan Stanley 18,236 7 -3 10
13 1 UBS Investment Bank 4,675 6 -75.5% 19,074 13 20 HSBC 4,811 7 1 6
14 28 Rand Merchant Bank 4,437 14 95.8% 2,266 14 9 Lazard 3,860 7 -4 11
15 7 Lazard 3,860 7 -70.5% 13,098 15 16 Deloitte 3,166 7 -1 8
16 35 RBC Capital Markets 3,353 5 165.1% 1,265 16 12 Jefferies 2,630 7 -2 9
17 37 Deloitte 3,166 7 214.4% 1,007 17 6 UBS Investment Bank 4,675 6 -6 12
18 24 Jefferies 2,630 7 -13.9% 3,053 18 40 PSG Capital 857 6 3 3
19 55 EY 2,070 28 505.3% 342 19 33 RBC Capital Markets 3,353 5 2 3
20 8 Barclays 2,022 5 -83.6% 12,363 20 8 Barclays 2,022 5 -7 12
mergermarket.com
Mergermarket Global & Regional League Tables 39
M&A Report Q4 2017
M&A Rankings by deal value and deal

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

Advisory League Tables
mergermarket.com
M&A Report Q4 2017
Global Advisory League tables
Global league table by value Global league table by deal count
1 2 Goldman Sachs & Co 878,121 315 3.9% 844,947 1 2 KPMG 72,119 400 2 398
2 4 JPMorgan 702,197 313 6.7% 658,040 2 1 PwC 63,347 390 -18 408
4 3 Bank of America Merrill Lynch 481,618 191 -31.1% 699,061 4 3 Deloitte 29,041 342 -23 365
5 5 Citi 468,440 200 -16.3% 559,947 5 4 Rothschild 250,612 321 14 307
6 10 Lazard 447,612 235 59.8% 280,088 6 6 Goldman Sachs & Co 878,121 315 29 286
7 11 Deutsche Bank 335,145 131 24.9% 268,341 7 7 JPMorgan 702,197 313 35 278
8 6 Barclays 332,465 165 -33.0% 496,107 8 8 Morgan Stanley 633,394 270 -2 272
9 7 Credit Suisse 319,866 203 -31.3% 465,790 9 9 Lazard 447,612 235 -1 236
10 9 UBS Investment Bank 279,658 159 -7.3% 301,828 10 11 Credit Suisse 319,866 203 -4 207
11 14 Centerview Partners 263,801 43 38.6% 190,375 11 12 Citi 468,440 200 2 198
12 12 Rothschild 250,612 321 -1.3% 253,797 12 10 Bank of America Merrill Lynch 481,618 191 -17 208
13 8 Evercore 231,333 139 -28.0% 321,141 13 13 Houlihan Lokey 43,545 178 -14 192
14 21 Jefferies 144,336 155 60.9% 89,717 14 14 Barclays 332,465 165 -22 187
15 29 BNP Paribas 136,706 96 133.3% 58,598 15 15 UBS Investment Bank 279,658 159 -8 167
16 17 Perella Weinberg Partners 123,735 31 5.5% 117,337 16 17 Jefferies 144,336 155 2 153
17 22 Guggenheim Partners 113,591 29 40.2% 80,996 17 18 BDO 4,528 148 -5 153
19 15 Allen & Company 100,544 21 -31.3% 146,301 19 16 Evercore 231,333 139 -15 154
20 19 HSBC 95,257 64 3.8% 91,769 20 20 Oaklins 9,245 136 -3 139
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M&A Report Q4 2017
EMEA Advisory League tables
Europe league table by value Europe league table by deal count
1 1 Goldman Sachs & Co 409,434 117 9.7% 373,249 1 2 PwC 49,813 284 5 279
2 3 Bank of America Merrill Lynch 327,137 88 35.8% 240,942 2 1 KPMG 54,782 279 -32 311
3 6 JPMorgan 320,021 140 55.4% 205,877 3 3 Rothschild 211,470 274 9 265
5 8 Lazard 281,797 152 67.8% 167,977 5 4 Deloitte 16,167 227 -26 253
6 4 Rothschild 211,470 274 -10.3% 235,653 6 6 Lazard 281,797 152 -3 155
7 11 Citi 207,660 83 49.6% 138,820 7 8 JPMorgan 320,021 140 21 119
8 9 Deutsche Bank 195,322 63 27.3% 153,444 8 7 BDO 3,242 121 -11 132
11 16 BNP Paribas 131,352 75 136.5% 55,549 11 16 ALANTRA 37,362 101 16 85
12 31 Societe Generale 92,681 51 213.1% 29,600 12 13 Bank of America Merrill Lynch 327,137 88 -3 91
13 41 Mediobanca 84,531 38 366.1% 18,135 13 12 Oaklins 2,258 85 -8 93
15 7 Barclays 77,884 53 -60.3% 196,146 15 14 Citi 207,660 83 -7 90
16 60 Perella Weinberg Partners 74,440 11 799.7% 8,274 16 20 Credit Suisse 195,262 81 11 70
17 13 Centerview Partners 67,387 9 -38.9% 110,321 17 15 UBS Investment Bank 186,948 79 -7 86
18 14 HSBC 55,377 46 -23.1% 72,038 18 11 BNP Paribas 131,352 75 -24 99
19 37 KPMG 54,782 279 143.1% 22,531 19 18 Clearwater International 3,512 73 -7 80
20 21 Credit Agricole 54,090 40 17.9% 45,884 20 21 Grant Thornton 776 69 -1 70
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M&A Report Q4 2017
UK league table by value UK league table by deal count
1 1 Goldman Sachs & Co 188,849 53 65.7% 113,980 1 1 Rothschild 52,125 109 3 106
2 2 Morgan Stanley 131,770 43 60.6% 82,051 2 2 KPMG 3,670 77 -2 79
3 6 UBS Investment Bank 127,933 28 142.4% 52,786 3 3 PwC 6,203 72 7 65
4 3 JPMorgan Cazenove 127,117 54 103.1% 62,600 4 4 Deloitte 5,933 59 -3 62
5 7 Lazard 104,143 48 100.1% 52,048 5 5 EY 8,289 57 0 57
6 5 Bank of America Merrill Lynch 100,556 38 63.6% 61,447 6 9 JPMorgan Cazenove 127,117 54 12 42
7 10 Deutsche Bank 99,635 16 127.9% 43,714 7 10 Goldman Sachs & Co 188,849 53 12 41
8 16 Centerview Partners 61,345 3 111.3% 29,030 8 7 Lazard 104,143 48 0 48
9 8 Rothschild 52,125 109 9.3% 47,670 9 8 Grant Thornton 622 47 -1 48
10 29 Credit Suisse 51,388 29 576.1% 7,601 10 13 Morgan Stanley 131,770 43 10 33
11 17 Citi 45,529 31 89.4% 24,044 11 12 ALANTRA 2,440 43 9 34
12 4 Barclays 42,321 29 -31.6% 61,866 12 20 Clearwater International 3,230 39 13 26
13 22 HSBC 39,945 22 218.4% 12,545 13 6 BDO 1,279 39 -12 51
14 9 Robey Warshaw 34,703 3 -22.1% 44,563 14 15 Bank of America Merrill Lynch 100,556 38 10 28
15 43 Houlihan Lokey 21,607 20 736.8% 2,582 15 18 Citi 45,529 31 4 27
16 15 RBC Capital Markets 20,899 20 -28.4% 29,180 16 43 GCA Corporation 2,869 30 17 13
17 34 Wells Fargo Securities 16,923 8 298.6% 4,246 17 35 Credit Suisse 51,388 29 12 17
18 18 PJT Partners 16,077 8 -31.5% 23,487 18 11 Barclays 42,321 29 -12 41
19 28 Nomura Holdings 12,693 13 39.2% 9,116 19 16 UBS Investment Bank 127,933 28 0 28
20= - Axis Capital 12,668 1 - - 20 23 RSM UK 83 28 4 24
20= - Kotak Investment Banking 12,668 1 - -
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M&A Report Q4 2017
Ireland league table by value Ireland league table by deal count
1 1 Goldman Sachs & Co 11,110 3 -81.2% 59,168 1 1 IBI Corporate Finance 355 16 7 9
2 9 JPMorgan 9,652 8 -18.3% 11,811 2 11 KPMG 354 13 8 5
3 4 Morgan Stanley 7,800 2 -79.6% 38,302 3 5 Deloitte 547 10 4 6
4= 8 Lazard 3,550 1 -79.3% 17,178 4 10 Davy Corporate Finance 171 9 4 5
4= 32 LionTree Advisors 3,550 1 1265.4% 260 5 2 JPMorgan 9,652 8 1 7
6 3 Citi 3,375 2 -93.7% 53,919 6 4 Rothschild 1,024 6 0 6
7 - UBS Investment Bank 2,625 2 - - 7 13 Goodbody Corporate Finance 253 6 1 5
8 - BNP Paribas 1,789 2 - - 8 71 EY 240 5 4 1
9 41 Societe Generale 1,761 2 1355.4% 121 9 17 Investec 338 4 0 4
10 - Finexsi 1,761 1 - - 10 6 PwC 145 4 -2 6
DACH league table by value DACH league table by deal count
1 1 Morgan Stanley 111,044 20 -23.1% 144,472 1 1 KPMG 40,166 61 -12 73
2 3 Bank of America Merrill Lynch 105,294 21 -13.7% 122,028 2 4 EY 4,015 54 0 54
3 2 Credit Suisse 97,998 27 -26.9% 134,111 3 3 Rothschild 42,544 53 -2 55
4 17 Citi 89,570 17 148.7% 36,020 4 2 Deloitte 728 46 -16 62
5 6 Goldman Sachs & Co 85,467 26 -6.1% 91,048 5 5 PwC 1,052 43 -9 52
6 5 JPMorgan 77,951 29 -20.4% 97,926 6 9 Lincoln International 317 35 1 34
7 16 Lazard 75,432 20 100.0% 37,724 7 8 JPMorgan 77,951 29 -5 34
8 34 Macquarie Group 66,114 12 1752.5% 3,569 8 25 GCA Corporation 1,488 29 14 15
9 24 Perella Weinberg Partners 65,327 4 993.3% 5,975 9 12 ALANTRA 30,462 28 -1 29
10 29 Societe Generale 47,502 6 912.8% 4,690 10 7 Credit Suisse 97,998 27 -7 34
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M&A Report Q4 2017
Germany league table by value Germany league table by deal count
1 3 Morgan Stanley 106,663 13 12.6% 94,706 1 3 Rothschild 39,179 41 -1 42
3 6 JPMorgan 72,770 20 53.2% 47,503 3 1 KPMG 39,342 33 -15 48
4 1 Bank of America Merrill Lynch 65,495 12 -39.7% 108,666 4 2 Deloitte 476 31 -12 43
5 17 Perella Weinberg Partners 65,327 4 993.3% 5,975 5 6 PwC 739 28 -4 32
6 29 Macquarie Group 65,162 11 2059.8% 3,017 6 7 Lincoln International 219 27 -2 29
7 4 Credit Suisse 62,715 12 -18.4% 76,840 7 19 GCA Corporation 538 23 10 13
8 10 Citi 51,864 12 108.7% 24,849 8 8 JPMorgan 72,770 20 -4 24
9 26 Societe Generale 46,456 4 1262.3% 3,410 9 9 Deutsche Bank 32,674 20 -1 21
10 9 Lazard 43,964 14 51.8% 28,968 10 11 Goldman Sachs & Co 79,132 19 1 18
11 22 KPMG 39,342 33 789.7% 4,422 11 25 Raymond James & Associates 1,113 18 7 11
12 2 Rothschild 39,179 41 -59.7% 97,162 12 40 ACXIT Capital Partners 971 18 10 8
13= - AZ Capital 38,948 1 - - 13 14 ALANTRA 477 18 1 17
13= - Key Capital Partners 38,948 1 - - 14 38 Livingstone Partners 59 17 9 8
15 7 Deutsche Bank 32,674 20 -21.7% 41,707 15 35 IMAP M&A Consultants - 16 7 9
16 13 Barclays 17,985 8 72.4% 10,431 16 5 Globalscope Partners 68 15 -19 34
17 15 UBS Investment Bank 17,888 7 148.1% 7,209 17 52 Falkensteg - 15 10 5
18 11 BNP Paribas 12,330 7 -36.0% 19,272 18 12 Lazard 43,964 14 -4 18
19 12 Evercore 8,179 4 -30.6% 11,787 19 34 Oaklins 27 14 5 9
20 42 Nomura Holdings 7,995 2 749.6% 941 20 16 Morgan Stanley 106,663 13 -1 14
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M&A Report Q4 2017
Austria league table by value Austria league table by deal count
1 20 Goldman Sachs & Co 7,336 3 1051.6% 637 1 1 Deloitte 197 13 -8 21
2 3 JPMorgan 5,925 2 73.7% 3,411 2 2 KPMG 253 12 -3 15
3= 4 Kempen & Co 5,925 1 85.8% 3,189 3 11 PwC 183 6 3 3
3= - Victoria Partners 5,925 1 - - 4 8 UniCredit Group 167 4 1 3
5 1 Citi 4,438 1 -25.0% 5,920 5 3 EY 18 4 -3 7
6 - LionTree Advisors 2,255 1 - - 6 32 Goldman Sachs & Co 7,336 3 2 1
7 16 Deutsche Bank 2,099 2 208.2% 681 7 - Credit Suisse 424 3 - -
8 62 Morgan Stanley 1,447 2 - - 8 18 ALANTRA - 3 1 2
9 10 Erste Group Bank 1,441 1 65.1% 873 9 12 JPMorgan 5,925 2 0 2
10 6 Rothschild 1,354 2 -33.9% 2,048 10 28 Deutsche Bank 2,099 2 1 1
Switzerland league table by value Switzerland league table by deal count
1 12 Bank of America Merrill Lynch 39,799 9 199.0% 13,312 1 2 KPMG 571 19 -2 21
2 2 Credit Suisse 34,930 14 -39.5% 57,708 2 4 EY 2,924 18 1 17
3 13 Citi 33,268 4 265.0% 9,114 3 5 PwC 315 15 -2 17
5 6 ALANTRA 30,056 14 -39.9% 50,033 5 6 ALANTRA 30,056 14 0 14
6 3 Goldman Sachs & Co 6,238 7 -89.0% 56,529 6 11 Rothschild 3,311 12 1 11
8 17 Jefferies 4,194 4 -23.7% 5,500 8 17 Bank of America Merrill Lynch 39,799 9 3 6
9 22 RBC Capital Markets 3,757 3 58.4% 2,372 9 20 Lincoln International 127 9 3 6
10 - ABG Sundal Collier Holding 3,340 2 - - 10 9 The Corporate Finance Group 51 9 -3 12
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M&A Report Q4 2017
France league table by value France league table by deal count
1 1 Rothschild 120,650 89 55.4% 77,628 1 1 Rothschild 120,650 89 -14 103
2 7 BNP Paribas 118,605 48 357.2% 25,941 2 2 Lazard 85,494 58 2 56
3 3 Lazard 85,494 58 76.4% 48,461 3 3 BNP Paribas 118,605 48 -8 56
4 5 Goldman Sachs & Co 72,605 21 85.3% 39,189 4 5 Natixis 24,725 40 -3 43
5 10 JPMorgan 60,407 21 270.7% 16,297 5 8 Societe Generale 41,286 37 8 29
6 12 Citi 60,243 23 358.7% 13,132 6 6 Credit Agricole 45,639 35 -4 39
7 14 Deutsche Bank 50,361 12 409.4% 9,886 7 10 EY 245 31 6 25
8 4 Credit Agricole 45,639 35 11.0% 41,108 8 7 Deloitte 614 29 -7 36
9 8 Bank of America Merrill Lynch 41,327 7 64.5% 25,116 9 24 Cambon Partners 228 25 13 12
10 9 Societe Generale 41,286 37 142.6% 17,015 10 28 Citi 60,243 23 13 10
11 2 Morgan Stanley 31,521 17 -40.6% 53,075 11 14 PwC 662 22 1 21
12 20 Mediobanca 31,344 9 410.2% 6,143 12 13 Lincoln International 587 22 1 21
13 61 Jefferies 29,856 6 3995.5% 729 13 11 Goldman Sachs & Co 72,605 21 -1 22
14 25 UBS Investment Bank 29,226 15 951.7% 2,779 14 12 JPMorgan 60,407 21 -1 22
15 11 Natixis 24,725 40 70.4% 14,507 15 9 DC Advisory 697 21 -4 25
16 15 HSBC 16,284 12 118.3% 7,460 16 4 KPMG 1,446 20 -24 44
17 6 Credit Suisse 9,785 8 -66.5% 29,215 17 27 ALANTRA 840 20 9 11
18 52 Macquarie Group 9,522 7 845.6% 1,007 18 34 Invest Corporate Finance 267 19 10 9
19 - Zaoui & Co 9,424 5 - - 19 22 Oaklins 958 18 5 13
20 29 Messier, Maris et Associes 8,670 9 260.6% 2,404 20 16 Edmond de Rothschild Corporate Finance 499 18 1 17
mergermarket.com
M&A Report Q4 2017
Benelux league table by value Benelux league table by deal count
1 17 JPMorgan 47,311 23 913.5% 4,668 1 1 KPMG 4,778 45 6 39
2 1 Goldman Sachs & Co 36,637 17 -46.7% 68,734 2 5 PwC 743 37 8 29
3 9 Morgan Stanley 26,442 16 62.6% 16,261 3 3 Deloitte 483 37 3 34
4 7 Lazard 23,534 30 7.3% 21,925 4 2 Rothschild 8,303 36 0 36
5 10 Bank of America Merrill Lynch 17,830 10 14.2% 15,608 5 7 ING 6,878 34 8 26
6 - TD Securities 13,500 2 - - 6 4 EY 842 34 4 30
7 13 Citi 12,378 12 65.8% 7,466 7 8 Lazard 23,534 30 5 25
8 - Scotiabank 11,000 2 - - 8 38 JPMorgan 47,311 23 18 5
9 12 UBS Investment Bank 10,715 10 -9.4% 11,833 9 9 Rabobank 2,900 22 -2 24
10 2 Barclays 8,477 9 -85.3% 57,543 10 12 Oaklins 137 22 4 18
Iberia league table by value Iberia league table by deal count

1 5 JPMorgan 55,009 15 232.8% 16,531 1 2 PwC 41,790 76 24 52
2 3 Morgan Stanley 53,537 14 214.0% 17,050 2 1 Deloitte 1,408 52 -1 53
3 10 Citi 49,727 17 494.6% 8,363 3 4 EY 2,651 49 15 34
4 16 Lazard 46,512 12 1132.4% 3,774 4 3 KPMG 40,953 41 3 38
5 19 Societe Generale 43,978 7 1668.3% 2,487 5 5 Banco Bilbao Vizcaya Argentaria 12,429 20 -4 24
6 18 PwC 41,790 76 1342.0% 2,898 6 7 Rothschild 8,281 18 2 16
7 22 KPMG 40,953 41 2224.2% 1,762 7 12 Citi 49,727 17 7 10
8 9 Bank of America Merrill Lynch 40,637 8 344.8% 9,136 8 13 BDO 690 17 8 9
9 13 AZ Capital 40,598 9 664.1% 5,313 9 8 ALANTRA 1,489 16 0 16
10 1 Santander Global Corporate Banking 39,768 14 92.6% 20,649 10 17 JPMorgan 55,009 15 8 7
mergermarket.com
M&A Report Q4 2017
Spain league table by value Spain league table by deal count
1 5 JPMorgan 53,941 14 226.3% 16,531 1 1 PwC 41,757 74 27 47
2 3 Morgan Stanley 53,537 14 214.0% 17,050 2 2 Deloitte 1,389 50 11 39
3 10 Citi 49,727 17 511.4% 8,133 3 4 EY 2,624 48 16 32
4 17 Lazard 46,512 11 1410.6% 3,079 4 3 KPMG 40,868 38 5 33
5 19 Societe Generale 43,978 7 1668.3% 2,487 5 5 Banco Bilbao Vizcaya Argentaria 11,863 19 -3 22
6 18 PwC 41,757 74 1404.2% 2,776 6 12 Citi 49,727 17 9 8
7 22 KPMG 40,868 38 2863.6% 1,379 7 10 BDO 690 17 8 9
8 9 Bank of America Merrill Lynch 40,637 8 352.4% 8,983 8 7 Rothschild 7,213 16 1 15
9 13 AZ Capital 40,598 9 664.1% 5,313 9 15 JPMorgan 53,941 14 7 7
10 1 Santander Global Corporate Banking 39,448 13 97.5% 19,977 10 14 Morgan Stanley 53,537 14 7 7
11 - Key Capital Partners 38,948 1 - - 11 8 ALANTRA 1,489 14 -1 15
12 2 Goldman Sachs & Co 36,646 6 97.0% 18,605 12 6 Santander Global Corporate Banking 39,448 13 -5 18
13 25 Mediobanca 36,440 7 2557.9% 1,371 13 13 Lazard 46,512 11 3 8
14 12 Credit Suisse 35,285 6 401.3% 7,039 14 28 Arcano Partners 3,813 11 7 4
15 6 Deutsche Bank 15,917 10 32.5% 12,014 15 21 Montalban 1,315 11 5 6
16 7 Banco Bilbao Vizcaya Argentaria 11,863 19 8.7% 10,912 16 17 Deutsche Bank 15,917 10 4 6
17 4 BNP Paribas 7,217 8 -57.1% 16,826 17 16 AZ Capital 40,598 9 2 7
18 14 Rothschild 7,213 16 99.7% 3,612 18 23 Bank of America Merrill Lynch 40,637 8 3 5
19 94 Natixis 3,987 3 - - 19 9 BNP Paribas 7,217 8 -4 12
20 44 Arcano Partners 3,813 11 1419.1% 251 20 35 UBS Investment Bank 3,129 8 5 3
mergermarket.com
M&A Report Q4 2017
Italy league table by value Italy league table by deal count
1 1 Mediobanca 78,175 29 339.8% 17,775 1 1 KPMG 5,069 52 -22 74
2 6 Goldman Sachs & Co 40,524 9 263.0% 11,164 2 2 UniCredit Group 3,502 39 1 38
3 9 Bank of America Merrill Lynch 40,008 9 306.0% 9,853 3 4 Rothschild 33,582 35 10 25
4 61 Credit Suisse 36,271 9 23150.6% 156 4 6 PwC 35,886 31 10 21
5 22 PwC 35,886 31 1403.4% 2,387 5 5 EY 1,504 31 6 25
6 24 Santander Global Corporate Banking 35,017 3 2267.6% 1,479 6 3 Mediobanca 78,175 29 3 26
7 7 Rothschild 33,582 35 213.1% 10,726 7 9 Lazard 13,005 27 10 17
8 12 Citi 27,492 5 261.7% 7,601 8 11 Vitale & Co 495 21 8 13
9 18 BNP Paribas 27,095 9 573.7% 4,022 9 8 Deloitte 6,365 20 1 19
10 5 Lazard 13,005 27 4.8% 12,409 10 10 Fineurop Soditic 635 16 -1 17
11 3 JPMorgan 7,883 8 -41.7% 13,517 11 12 ALANTRA 504 13 0 13
12 26 Deloitte 6,365 20 341.1% 1,443 12 7 Banca IMI/Intesa Sanpaolo 3,354 10 -9 19
13 11 KPMG 5,069 52 -38.7% 8,272 13 14 UBS Investment Bank 1,800 10 -2 12
14 32 Barclays 4,418 4 309.5% 1,079 14 25 Goldman Sachs & Co 40,524 9 3 6
15 2 UniCredit Group 3,502 39 -77.6% 15,648 15 18 Bank of America Merrill Lynch 40,008 9 0 9
16 8 Morgan Stanley 3,491 6 -66.2% 10,315 16 87 Credit Suisse 36,271 9 8 1
17 10 Banca IMI/Intesa Sanpaolo 3,354 10 -60.3% 8,455 17 15 BNP Paribas 27,095 9 -2 11
18 19 Leonardo & Co 2,540 5 -30.8% 3,670 18 42 Grant Thornton - 9 6 3
19 73 Arcano Partners 1,904 1 2039.3% 89 19 13 JPMorgan 7,883 8 -4 12
20 14 UBS Investment Bank 1,800 10 -70.9% 6,191 20 146 DVR Capital 1,120 8 7 1
mergermarket.com
M&A Report Q4 2017
Nordics league table by value Nordics league table by deal count
1 1 Morgan Stanley 39,539 15 76.0% 22,469 1 1 PwC 1,620 61 -17 78
2 2 Bank of America Merrill Lynch 31,982 11 64.3% 19,460 2 2 EY 7,404 44 -3 47
3 4 Rothschild 27,369 22 59.9% 17,121 3 8 Danske Bank Corporate Finance 8,763 37 10 27
4 6 Handelsbanken Capital Markets 19,756 9 32.5% 14,908 4 7 BDO 454 33 5 28
5 8 JPMorgan 19,253 18 56.6% 12,291 5 5 KPMG 1,669 28 -2 30
6 5 Goldman Sachs & Co 17,073 12 7.5% 15,888 6 9 ABG Sundal Collier Holding 13,155 27 1 26
7 19 Barclays 15,513 7 325.9% 3,642 7 15 Rothschild 27,369 22 5 17
8 7 Nordea 14,110 16 3.9% 13,581 8 4 Carnegie Investment Bank 1,193 21 -11 32
9 30 ABG Sundal Collier Holding 13,155 27 562.1% 1,987 9 6 SEB 7,882 20 -9 29
10 36 Perella Weinberg Partners 11,444 1 797.6% 1,275 10 3 Deloitte 2,408 20 -14 34
11 27 Deutsche Bank 10,929 3 345.4% 2,454 11 24 JPMorgan 19,253 18 5 13
12 35 Pareto Securities 9,566 18 605.5% 1,356 12 22 Pareto Securities 9,566 18 4 14
13 32 DNB Markets 9,532 16 471.5% 1,668 13 12 Nordea 14,110 16 -3 19
14 15 UBS Investment Bank 8,921 7 23.0% 7,251 14 13 DNB Markets 9,532 16 -2 18
15 22 Danske Bank Corporate Finance 8,763 37 153.3% 3,459 15 18 Morgan Stanley 39,539 15 1 14
16 10 Lazard 8,031 14 -20.4% 10,091 16 11 Clearwater International 30 15 -6 21
17 3 SEB 7,882 20 -57.5% 18,553 17 31 Lazard 8,031 14 5 9
18 37 Access Partners 7,696 11 573.3% 1,143 18 23 Nordhaven Corporate Finance 155 13 -1 14
19 - Lambert Energy Advisory 7,450 1 - - 19 14 Oaklins 53 13 -5 18
20 23 EY 7,404 44 115.7% 3,432 20 19 Goldman Sachs & Co 17,073 12 -2 14
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M&A Report Q4 2017
Denmark league table by value Denmark league table by deal count
1 29 Morgan Stanley 18,084 5 15489.7% 116 1 1 PwC 673 19 -1 20
2 5 JPMorgan 12,565 6 745.0% 1,487 2 3 Clearwater International 30 14 -4 18
3 1 Rothschild 12,330 8 455.7% 2,219 3 4 Danske Bank Corporate Finance 4,628 13 0 13
4 - Deutsche Bank 10,562 2 - - 4 2 Deloitte 1,968 13 -6 19
5 54 Bank of America Merrill Lynch 7,894 3 - - 5 12 FIH Partners 6,394 10 5 5
6 2 Nordea 7,856 6 333.3% 1,813 6 15 Rothschild 12,330 8 4 4
7 - Lambert Energy Advisory 7,450 1 - - 7 16 Atrium Partners 1,001 7 3 4
8 22 MHS Corporate Finance 6,625 2 1782.1% 352 8 7 Carnegie Investment Bank 620 7 0 7
9 12 FIH Partners 6,394 10 499.8% 1,066 9 14 Nordic M&A - 7 2 5
10 6 Danske Bank Corporate Finance 4,628 13 233.9% 1,386 10 17 JPMorgan 12,565 6 3 3
Norway league table by value Norway league table by deal count
1 12 ABG Sundal Collier Holding 13,104 19 629.2% 1,797 1 1 ABG Sundal Collier Holding 13,104 19 2 17
2 14 Pareto Securities 9,566 18 759.5% 1,113 2 7 Pareto Securities 9,566 18 7 11
3 13 DNB Markets 8,120 13 386.8% 1,668 3 6 EY 6,395 17 4 13
4 2 Morgan Stanley 6,978 2 15.1% 6,062 4 3 PwC 112 15 -2 17
5 30 EY 6,395 17 3179.5% 195 5 2 DNB Markets 8,120 13 -4 17
6 - Arma Partners 5,575 2 - - 6 23 BDO 326 13 10 3
7 5 Lazard 5,412 3 21.9% 4,439 7 9 Danske Bank Corporate Finance 2,352 10 1 9
8 - Houlihan Lokey 3,591 2 - - 8 4 Arctic Securities 2,426 9 -5 14
9 - Clarksons 3,340 1 - - 9 33 Nordhaven Corporate Finance 15 7 5 2
10 1 Goldman Sachs & Co 2,795 2 -56.7% 6,453 10 15 SpareBank 1 Markets 1,340 6 1 5
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M&A Report Q4 2017
Sweden league table by value Sweden league table by deal count
1 7 Bank of America Merrill Lynch 20,356 4 94.3% 10,475 1 1 PwC 828 35 -11 46
2 2 Handelsbanken Capital Markets 19,756 7 33.2% 14,832 2 2 EY 1,012 22 -4 26
3 1 SEB 5,642 14 -64.2% 15,779 3 7 BDO 139 20 6 14
4 - Nomura Holdings 4,147 2 - - 4 6 KPMG 685 16 0 16
5 5 Morgan Stanley 3,613 7 -71.2% 12,527 5 10 Danske Bank Corporate Finance 1,818 15 4 11
6 4 Goldman Sachs & Co 3,394 6 -75.2% 13,696 6 3 SEB 5,642 14 -3 17
7 21 Barclays 3,188 2 39.6% 2,284 7 4 Carnegie Investment Bank 453 11 -6 17
8 12 UBS Investment Bank 3,065 3 -56.7% 7,073 8 9 Livingstone Partners 34 10 -2 12
9 15 Jefferies 2,234 8 -39.0% 3,664 9 31 IMAP Sweden - 10 4 6
10 13 Citi 2,005 3 -68.9% 6,451 10 12 Rothschild 1,863 9 -1 10
Finland league table by value Finland league table by deal count
1 25 Barclays 11,877 2 3885.6% 298 1 14 Danske Bank Corporate Finance 3,259 12 7 5
2 17 Rothschild 11,740 4 1821.4% 611 2 15 Aventum Partners 247 10 5 5
3= 1 Morgan Stanley 11,444 1 23.7% 9,251 3 5 Nordea 6,254 9 2 7
3= 11 Perella Weinberg Partners 11,444 1 797.6% 1,275 4 7 Access Partners 7,386 7 1 6
5 13 Goldman Sachs & Co 9,669 3 986.4% 890 5 3 PwC 30 7 -3 10
6 12 Access Partners 7,386 7 672.6% 956 6 25 CountOn Corporate Finance - 7 5 2
7 6 Nordea 6,254 9 85.4% 3,374 7 9 Globalscope Partners 925 6 0 6
8 78 ICECAPITAL Securities 4,746 4 - - 8 1 EY 31 6 -5 11
9 - Macquarie Group 4,672 1 - - 9 21 Sisu Partners 461 5 2 3
10 29 UBS Investment Bank 4,080 1 2192.1% 178 10 2 Nordhaven Corporate Finance 145 5 -6 11
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M&A Report Q4 2017
CEE league table by value CEE league table by deal count
1 1 VTB Capital 13,316 10 -64.1% 37,069 1 2 EY 1,321 27 1 26
2 - China International Capital Corporation 9,260 2 - - 2 1 KPMG 1,342 26 -6 32
3 8 Rothschild 3,889 19 -60.0% 9,721 3 5 PwC 204 22 4 18
4 12 JPMorgan 3,782 7 -43.4% 6,683 4 3 Deloitte 404 20 -1 21
5 5 Deutsche Bank 2,325 4 -78.8% 10,965 5 7 Rothschild 3,889 19 6 13
6 9 Morgan Stanley 2,287 3 -73.6% 8,647 6 6 VTB Capital 13,316 10 -6 16
7 6 UBS Investment Bank 1,517 5 -86.0% 10,851 7 4 UniCredit Group 1,140 9 -11 20
8 2 Bank of America Merrill Lynch 1,400 3 -89.3% 13,083 8 8 JPMorgan 3,782 7 -5 12
9= 17 Jamieson Corporate Finance 1,369 1 -61.1% 3,515 9 13 UBS Investment Bank 1,517 5 -1 6
9= - Pekao Investment Banking 1,369 1 - - 10 10 Oaklins 331 5 -3 8
11 23 KPMG 1,342 26 -5.6% 1,421 11 11 BDO 77 5 -2 7
12 32 EY 1,321 27 203.7% 435 12 73 Globalscope Partners 30 5 4 1
13 13 UniCredit Group 1,140 9 -79.7% 5,608 13 120 goetzpartners - 5 4 1
14 15 Societe Generale 1,132 4 -79.6% 5,548 14 18 Deutsche Bank 2,325 4 -1 5
15 - Dom Maklerski PKO Banku Polskiego (DM 1,132 1 - - 15 15 Societe Generale 1,132 4 -2 6
PKO BP)
16 39 Erste Group Bank 309 4 2 2
16 20 Citi 1,046 1 -46.7% 1,962
17 - Bank Zachodni WBK 237 4 4 0
17 - Berenberg Bank 488 1 - -
18 28 Raiffeisen Bank International 185 4 1 3
18 - RBC Capital Markets 457 2 - -
19 - CIC Corporate Finance - 4 4 0
19 - TH Capital 450 1 - -
20 9 Morgan Stanley 2,287 3 -5 8
20 - Bank Pekao 431 2 - -
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M&A Report Q4 2017
Poland league table by value Poland league table by deal count
1 23 Rothschild 3,149 10 1351.2% 217 1 2 PwC 131 13 5 8
2 7 JPMorgan 1,729 3 -8.7% 1,893 2 10 Rothschild 3,149 10 6 4
3 2 UBS Investment Bank 1,517 3 -60.5% 3,843 3 3 KPMG 450 10 3 7
4= 4 Jamieson Corporate Finance 1,369 1 -61.1% 3,515 4 8 Deloitte 185 7 3 4
4= - Pekao Investment Banking 1,369 1 - - 5 - Bank Zachodni WBK 237 4 4 0
6 - Societe Generale 1,132 2 - - 6 - CIC Corporate Finance - 4 4 0
7 - Dom Maklerski PKO Banku Polskiego 1,132 1 - - 7 7 JPMorgan 1,729 3 -1 4
(DM PKO BP)
8 6 UBS Investment Bank 1,517 3 -1 4
8 - Berenberg Bank 488 1 - -
9 - VCP Capital Partners 306 3 3 0
9 11 KPMG 450 10 -41.6% 770 Unternehmensberatungs
10 - Bank Pekao 431 2 - - 10 5 Trigon Group 139 3 -2 5
Russia league table by value Russia league table by deal count

1 1 VTB Capital 13,316 10 -64.1% 37,069 1 1 VTB Capital 13,316 10 -6 16
2 - China International Capital 9,254 1 - - 2 11 Morgan Stanley 2,287 3 1 2
Corporation
3 - Deutsche Bank 1,850 2 2 0
3 12 Morgan Stanley 2,287 3 209.1% 740
4 20 JPMorgan 1,650 2 1 1
4 - Deutsche Bank 1,850 2 - -
5 8 Bank of America Merrill Lynch 1,400 2 0 2
5 15 JPMorgan 1,650 2 827.0% 178
6 5 EY 102 2 -1 3
6 4 Bank of America Merrill Lynch 1,400 2 -88.3% 12,010
7 36 Houlihan Lokey 25 2 1 1
7 10 Citi 1,046 1 -4.0% 1,090
8 - Taiga Capital 15 2 2 0
8 - TH Capital 450 1 - -
9 18 Renaissance Capital 10 2 1 1
9 5 Sberbank 235 1 -97.7% 10,224
10= - Advance Capital - 2 2 0
10 37 Raiffeisen Bank International 160 1 - -
10= - goetzpartners - 2 2 0
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M&A Report Q4 2017
Turkey league table by value Turkey league table by deal count
1 4 Morgan Stanley 2,752 3 299.4% 689 1 3 IS Investment Securities 406 7 1 6
2 12 Unlu & Co 1,623 6 605.7% 230 2 10 Unlu & Co 1,623 6 3 3
3 - Erste Group Bank 1,441 1 - - 3 13 Raiffeisen Bank International 272 6 4 2
4 36 Rothschild 1,292 2 16050% 8 4 7 UniCredit Group 499 4 1 3
5 13 Societe Generale 879 2 294.2% 223 5 8 Yapi ve Kredi Bankasi Anonim Sirketi 499 4 1 3
6= 8 UniCredit Group 499 4 53.1% 326 6 4 PwC 6 4 -1 5
6= 9 Yapi ve Kredi Bankasi Anonim Sirketi 499 4 53.1% 326 7 20 Morgan Stanley 2,752 3 2 1
8 5 IS Investment Securities 406 7 0.0% 406 8 12 Odin Financial Advisors 90 3 1 2
9 2 Citi 375 1 -45.6% 689 9 6 EY 50 3 -1 4
10 25 Alpacar Associates 340 1 639.1% 46 10 16 Rothschild 1,292 2 0 2
Africa & Middle East league table by value Africa & Middle East league table by deal count
2 3 Citi 23,764 10 36.3% 17,431 2 2 Rothschild 19,143 22 4 18
3 10 Rothschild 19,143 22 94.0% 9,869 3 17 PwC 895 16 9 7
4 13 Morgan Stanley 18,236 7 254.8% 5,140 4 15 Rand Merchant Bank 4,437 14 6 8
5 2 JPMorgan 17,084 12 -7.5% 18,479 5 4 Investec 1,078 14 0 14
6 129 Raymond James & Associates 14,993 1 214086% 7 6 24 Bank of America Merrill Lynch 10,724 13 9 4
7 5 Bank of America Merrill Lynch 10,724 13 -24.6% 14,219 7 10 Goldman Sachs & Co 39,903 12 2 10
8 15 Centerview Partners 10,214 3 128.1% 4,477 8 7 JPMorgan 17,084 12 0 12
9 9 VTB Capital 9,254 2 -19.8% 11,536 9 13 Citi 23,764 10 2 8
10 19 China International Capital 9,254 1 135.2% 3,935 10 5 KPMG 726 9 -4 13
Corporation
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M&A Report Q4 2017
Americas Advisory League tables
Americas league table by value Americas league table by deal count
4 5 Citi 323,790 146 -35.1% 498,595 4 4 Houlihan Lokey 34,832 158 -2 160
6 12 Lazard 300,430 136 81.9% 165,133 6 5 Bank of America Merrill Lynch 317,062 140 -12 152
7 6 Barclays 292,564 136 -35.6% 453,971 7 12 Lazard 300,430 136 9 127
8 10 Centerview Partners 262,916 42 38.1% 190,375 8 6 Barclays 292,564 136 -11 147
9 9 Deutsche Bank 237,650 81 16.7% 203,637 9 10 Credit Suisse 236,191 136 1 135
10 7 Credit Suisse 236,191 136 -29.9% 337,093 10 8 Jefferies 113,873 135 -1 136
12 15 UBS Investment Bank 174,599 88 29.8% 134,503 12 14 Rothschild 65,156 110 3 107
13 19 Jefferies 113,873 135 33.7% 85,146 13 11 RBC Capital Markets 82,865 109 -20 129
14 20 Guggenheim Partners 113,591 29 40.2% 80,996 14 19 KPMG 7,469 108 19 89
15 16 Perella Weinberg Partners 108,332 25 -7.4% 116,997 15 16 Stifel/KBW 18,166 100 7 93
16 13 Allen & Company 100,544 21 -31.1% 146,029 16 24 William Blair & Company 19,171 98 20 78
17 11 RBC Capital Markets 82,865 109 -54.2% 180,993 17 13 Deloitte 9,502 98 -11 109
18 28 Macquarie Group 78,655 52 242.2% 22,984 18 21 Piper Jaffray & Co 19,666 94 6 88
19 24 Moelis & Company 76,004 93 65.4% 45,965 19 15 Moelis & Company 76,004 93 -2 95
20 14 Rothschild 65,156 110 -52.6% 137,412 20 20 Raymond James & Associates 23,949 93 4 89
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M&A Report Q4 2017
US league table by value US league table by deal count
6 6 Barclays 286,563 128 -32.3% 423,054 6 7 Jefferies 113,351 132 0 132
7 11 Lazard 284,226 118 75.2% 162,251 7 6 Barclays 286,563 128 -4 132
8 10 Centerview Partners 262,916 42 38.1% 190,375 8 10 Credit Suisse 230,664 127 7 120
9 9 Deutsche Bank 234,414 76 20.2% 195,014 9 5 Bank of America Merrill Lynch 291,281 119 -23 142
12 15 UBS Investment Bank 165,256 79 40.3% 117,825 12 14 Stifel/KBW 18,116 99 7 92
13 20 Guggenheim Partners 113,591 29 40.2% 80,996 13 20 William Blair & Company 19,171 98 21 77
14 19 Jefferies 113,351 132 35.2% 83,846 14 13 Rothschild 61,740 95 2 93
15 16 Perella Weinberg Partners 108,332 24 -7.4% 116,997 15 16 Piper Jaffray & Co 19,342 91 4 87
16 13 Allen & Company 100,544 21 -31.1% 146,029 16 15 Moelis & Company 71,672 89 -2 91
17 42 Macquarie Group 74,394 41 552.1% 11,408 17 12 RBC Capital Markets 65,915 88 -9 97
18 24 Moelis & Company 71,672 89 56.6% 45,769 18 24 Lincoln International 2,629 86 13 73
19 12 RBC Capital Markets 65,915 88 -55.1% 146,662 19 23 KPMG 6,634 85 12 73
20 14 Rothschild 61,740 95 -52.1% 128,882 20 17 Raymond James & Associates 21,208 83 -2 85
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M&A Report Q4 2017
US North East league table by value US North East league table by deal count
2 2 Morgan Stanley 253,834 101 4.9% 241,874 2 1 JPMorgan 248,530 109 10 99
3 1 JPMorgan 248,530 109 -15.8% 295,214 3 3 Morgan Stanley 253,834 101 20 81
5 4 Bank of America Merrill Lynch 191,511 74 -17.3% 231,470 5 7 Credit Suisse 173,540 81 11 70
6 11 Credit Suisse 173,540 81 72.1% 100,866 6 11 Citi 208,287 80 25 55
7 6 Barclays 162,503 69 -16.2% 193,969 7 5 Bank of America Merrill Lynch 191,511 74 3 71
8 13 Centerview Partners 162,261 26 143.5% 66,642 8 6 Barclays 162,503 69 -2 71
9 17 Lazard 155,715 62 283.4% 40,618 9 8 Jefferies 40,078 64 -5 69
10 10 Deutsche Bank 131,207 47 30.0% 100,901 10 10 Lazard 155,715 62 6 56
US Mid West league table by value US Mid West league table by deal count
1 2 Morgan Stanley 114,401 43 -21.5% 145,812 1 3 JPMorgan 104,542 57 11 46
2 9 JPMorgan 104,542 57 40.2% 74,542 2 1 Houlihan Lokey 16,626 52 0 52
3 1 Goldman Sachs & Co 89,663 46 -42.2% 155,101 3 2 Goldman Sachs & Co 89,663 46 -2 48
4 4 Citi 83,808 27 -13.2% 96,543 4 11 Morgan Stanley 114,401 43 15 28
5 8 Credit Suisse 52,582 36 -30.3% 75,474 5 25 Credit Suisse 52,582 36 18 18
6 3 Bank of America Merrill Lynch 52,334 21 -61.1% 134,461 6 4 Jefferies 43,222 34 0 34
7 6 Barclays 47,276 29 -42.1% 81,658 7 12 Lazard 25,329 34 7 27
8 17 Jefferies 43,222 34 284.2% 11,249 8 10 William Blair & Company 5,451 34 5 29
9 11 Deutsche Bank 34,488 18 -25.7% 46,398 9 8 Robert W. Baird & Co 4,200 32 0 32
10 14 Lazard 25,329 34 -21.8% 32,400 10 6 Lincoln International 1,861 32 -1 33
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M&A Report Q4 2017
US South league table by value US South league table by deal count
1 5 JPMorgan 223,462 78 -18.7% 274,806 1 2 Goldman Sachs & Co 208,899 84 13 71
2 4 Goldman Sachs & Co 208,899 84 -29.0% 294,228 2 1 JPMorgan 223,462 78 3 75
3 3 Morgan Stanley 164,081 58 -45.2% 299,224 3 5 Houlihan Lokey 6,500 69 6 63
4 13 Lazard 121,698 38 55.5% 78,263 4 4 Barclays 121,021 62 -1 63
5 6 Barclays 121,021 62 -45.3% 221,049 5 12 Citi 113,945 61 15 46
6 16 UBS Investment Bank 116,330 36 169.8% 43,123 6 3 Jefferies 38,328 61 -6 67
7 1 Citi 113,945 61 -64.3% 319,043 7 6 Evercore 91,945 59 -2 61
8 12 Deutsche Bank 105,723 36 31.0% 80,700 8 7 Morgan Stanley 164,081 58 -2 60
9 18 Centerview Partners 94,427 17 160.5% 36,248 9 14 Piper Jaffray & Co 5,529 55 14 41
10 11 Evercore 91,945 59 -4.2% 95,991 10 10 Credit Suisse 70,079 48 -5 53
US West league table by value US West league table by deal count
2 4 JPMorgan 151,538 66 25.6% 120,614 2 1 JPMorgan 151,538 66 -6 72
3 9 Centerview Partners 101,176 15 14.0% 88,755 3 4 Houlihan Lokey 5,452 54 -3 57
4 12 Deutsche Bank 88,815 22 69.4% 52,434 4 10 Jefferies 32,992 53 20 33
5 2 Morgan Stanley 80,938 49 -52.6% 170,778 5 2 Morgan Stanley 80,938 49 -16 65
6 15 Guggenheim Partners 79,221 10 120.5% 35,928 6 5 Evercore 49,402 46 -5 51
7 6 Bank of America Merrill Lynch 63,195 33 -44.8% 114,577 7 9 Lazard 45,770 40 7 33
8 3 Evercore 49,402 46 -67.1% 150,290 8 6 Credit Suisse 35,806 40 -1 41
9 10 Citi 48,431 39 -43.8% 86,143 9 21 William Blair & Company 11,509 40 17 23
10 8 Barclays 46,082 36 -51.4% 94,897 10 12 Citi 48,431 39 8 31
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M&A Report Q4 2017
Canada league table by value Canada league table by deal count
1 5 JPMorgan 51,582 29 -43.4% 91,095 1 1 RBC Capital Markets 44,499 43 -6 49
2 3 Goldman Sachs & Co 47,289 24 -49.1% 92,834 2 2 Deloitte 2,856 40 8 32
3 14 TD Securities 45,193 37 219.9% 14,126 3 5 TD Securities 45,193 37 8 29
4 4 RBC Capital Markets 44,499 43 -51.2% 91,132 4 3 BMO Capital Markets 19,049 36 5 31
5 2 Bank of America Merrill Lynch 36,145 19 -61.1% 92,907 5 9 JPMorgan 51,582 29 8 21
6 6 Barclays 30,649 16 -65.2% 88,078 6 4 CIBC World Markets 25,784 26 -4 30
7 10 CIBC World Markets 25,784 26 -38.1% 41,668 7 8 National Bank Financial 11,256 26 2 24
8 1 Morgan Stanley 22,752 20 -80.0% 113,794 8 7 Goldman Sachs & Co 47,289 24 0 24
9 13 Scotiabank 22,678 22 17.4% 19,320 9 18 KPMG 674 24 9 15
10 11 Lazard 22,612 13 -13.6% 26,165 10 15 Scotiabank 22,678 22 5 17
11 8 BMO Capital Markets 19,049 36 -70.9% 65,473 11 12 Morgan Stanley 22,752 20 1 19
12 9 Citi 16,785 12 -72.5% 60,961 12 13 Bank of America Merrill Lynch 36,145 19 0 19
13 7 Credit Suisse 14,359 15 -80.1% 72,100 13 6 PwC 4,317 17 -8 25
14 16 UBS Investment Bank 13,567 8 11.2% 12,198 14 10 Barclays 30,649 16 -5 21
15 31 Evercore 12,121 14 166.7% 4,544 15 29 Raymond James & Associates 3,263 16 7 9
16 17 National Bank Financial 11,256 26 6.6% 10,562 16 14 Credit Suisse 14,359 15 -3 18
17 27 Moelis & Company 10,397 9 107.5% 5,011 17 22 Macquarie Group 7,534 15 3 12
18 - Centerview Partners 8,544 5 - - 18 16 Canaccord Genuity Corp 2,920 15 -1 16
19 - The Anglo Chinese Group 7,854 2 - - 19 20 Evercore 12,121 14 1 13
20 15 Macquarie Group 7,534 15 -41.9% 12,963 20 21 Lazard 22,612 13 1 12
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M&A Report Q4 2017
Latin America league table by value Latin America league table by deal count
1 2 Bank of America Merrill Lynch 15,645 16 -9.8% 17,338 1 1 Banco Itau BBA 8,815 36 5 31
2 12 Banco BTG Pactual 14,377 33 173.1% 5,264 2 5 Banco BTG Pactual 14,377 33 17 16
3 6 JPMorgan 12,236 8 -7.5% 13,229 3 3 Banco Bradesco BBI 4,160 20 0 20
4 15 Goldman Sachs & Co 11,949 10 198.1% 4,009 4 12 Bank of America Merrill Lynch 15,645 16 5 11
5 7 Banco Itau BBA 8,815 36 -27.9% 12,225 5 15 Morgan Stanley 7,998 14 6 8
6 1 Santander Global Corporate Banking 8,614 12 -69.0% 27,759 6 6 Lazard 6,791 13 -2 15
7 11 Morgan Stanley 7,998 14 23.6% 6,471 7 2 Santander Global Corporate Banking 8,614 12 -10 22
8 9 Citi 7,599 8 -1.2% 7,693 8 13 BNP Paribas 2,000 11 0 11
9 10 Banco Bilbao Vizcaya Argentaria 7,389 10 7.5% 6,874 9 19 Goldman Sachs & Co 11,949 10 4 6
10 19 Barclays 6,887 6 238.8% 2,033 10 8 Banco Bilbao Vizcaya Argentaria 7,389 10 -4 14
12 - LionTree Advisors 6,685 2 - - 12 23 PwC 560 10 4 6
13 3 Credit Suisse 6,399 10 -61.1% 16,454 13 17 Rothschild 1,853 9 2 7
14 35 Scotiabank 4,774 7 809.3% 525 14 9 JPMorgan 12,236 8 -5 13
15 4 Banco Bradesco BBI 4,160 20 -72.1% 14,897 15 4 Citi 7,599 8 -10 18
16 - Estructura Partners 3,135 3 - - 16 66 Scotiabank 4,774 7 6 1
17 17 BR Partners 2,548 6 -10.7% 2,854 17 18 UBS Investment Bank 2,050 7 1 6
18 8 UBS Investment Bank 2,050 7 -76.2% 8,627 18 16 KPMG 326 7 -1 8
19 14 BNP Paribas 2,000 11 -51.9% 4,154 19 11 Deloitte 91 7 -5 12
20 13 Rothschild 1,853 9 -64.5% 5,227 20 26 Barclays 6,887 6 2 4
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M&A Report Q4 2017
Asia Pacific Advisory League tables
Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count
1 2 Goldman Sachs & Co 114,732 64 -18.6% 141,018 1 2 KPMG 15,860 101 12 89
3 3 UBS Investment Bank 89,123 43 -34.7% 136,562 3 1 PwC 6,439 84 -36 120
4 6 JPMorgan 83,635 48 -24.7% 110,997 4 6 Morgan Stanley 111,770 65 -2 67
5 7 Bank of America Merrill Lynch 80,398 29 6.0% 75,827 5 5 Goldman Sachs & Co 114,732 64 -8 72
6 4 China International Capital Corporation 79,733 51 -41.2% 135,520 6 4 Deloitte 5,333 56 -20 76
7 9 Citi 61,144 33 1.5% 60,270 7 15 China International Capital Corporation 79,733 51 14 37
8 26 Rothschild 45,405 32 148.9% 18,239 8 16 JPMorgan 83,635 48 11 37
9 17 Deutsche Bank 43,417 22 27.0% 34,197 9 7 Credit Suisse 30,270 46 -20 66
10 8 HSBC 36,024 15 -49.5% 71,280 10 8 UBS Investment Bank 89,123 43 -15 58
11 15 CITIC Securities 35,422 31 -19.7% 44,118 11 9 Macquarie Group 29,119 41 -11 52
12 16 Lazard 33,972 22 -4.0% 35,388 12 12 Huatai Securities 29,737 36 -4 40
13 43 BNP Paribas 33,100 15 204.6% 10,865 13 10 Citi 61,144 33 -17 50
14 5 Credit Suisse 30,270 46 -73.4% 113,995 14 19 China Securities 19,430 33 3 30
15 18 Huatai Securities 29,737 36 -8.3% 32,437 15 13 Rothschild 45,405 32 -8 40
16 10 Macquarie Group 29,119 41 -42.0% 50,175 16 18 CITIC Securities 35,422 31 -1 32
17 55 Jefferies 25,684 9 255.2% 7,231 17 27 China Renaissance Partners 13,670 30 9 21
18 37 EY 24,203 99 88.4% 12,850 18 14 Bank of America Merrill Lynch 80,398 29 -10 39
19 44 Somerley Capital 23,912 29 121.4% 10,801 19 30 Somerley Capital 23,912 29 10 19
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M&A Report Q4 2017
Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count
2 3 Goldman Sachs & Co 80,258 49 -33.7% 121,142 2 3 KPMG 15,049 61 -3 64
3 1 China International Capital Corporation 76,897 49 -43.3% 135,520 3 1 PwC 5,512 59 -25 84
4 12 Citi 58,186 26 25.8% 46,263 4 5 Morgan Stanley 105,593 56 2 54
5 8 Bank of America Merrill Lynch 49,670 19 -14.4% 58,003 5 7 Goldman Sachs & Co 80,258 49 -2 51
6 4 UBS Investment Bank 49,118 25 -53.0% 104,533 6 10 China International Capital Corporation 76,897 49 12 37
7 5 JPMorgan 49,017 33 -51.7% 101,571 7 6 Deloitte 2,529 41 -11 52
8 7 HSBC 36,024 15 -49.5% 71,280 8 9 Huatai Securities 29,737 36 -4 40
9 14 CITIC Securities 35,422 31 -19.7% 44,110 9 4 Credit Suisse 23,652 34 -22 56
10 16 Huatai Securities 29,737 36 -8.3% 32,437 10 11 JPMorgan 49,017 33 -3 36
11 38 Somerley Capital 23,912 29 121.4% 10,801 11 18 China Securities 19,430 33 3 30
12 6 Credit Suisse 23,652 34 -75.5% 96,474 12 17 CITIC Securities 35,422 31 0 31
13 40 EY 21,280 76 126.6% 9,390 13 24 China Renaissance Partners 13,670 30 9 21
14 104 DBS Bank 21,263 9 1076.7% 1,807 14 27 Somerley Capital 23,912 29 10 19
16 17 China Securities 19,430 33 -34.1% 29,473 16 12 Citi 58,186 26 -8 34
17 22 Rothschild 18,757 19 10.8% 16,930 17 8 UBS Investment Bank 49,118 25 -20 45
18 212 ING 17,858 6 6079.2% 289 18 20 Gram Capital 13,414 20 -4 24
19 137 The Anglo Chinese Group 16,800 9 1708.4% 929 19 21 China Merchants Securities 11,202 20 -3 23
20 26 Barclays 15,504 15 3.4% 14,992 20 14 GF Securities 4,934 20 -14 34
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M&A Report Q4 2017
Australasia league table by value Australasia league table by deal count
1 2 UBS Investment Bank 40,908 23 16.4% 35,139 1 3 KPMG 10,762 45 17 28
2 14 JPMorgan 38,706 18 299.4% 9,692 2 1 Macquarie Group 27,922 35 -13 48
3 4 Goldman Sachs & Co 36,613 18 63.7% 22,363 3 2 PwC 1,089 30 -9 39
4 5 Deutsche Bank 34,481 7 80.1% 19,142 4 6 EY 3,419 28 7 21
5 8 Bank of America Merrill Lynch 31,237 12 75.3% 17,824 5 7 UBS Investment Bank 40,908 23 6 17
6 1 Macquarie Group 27,922 35 -43.6% 49,546 6 40 JPMorgan 38,706 18 16 2
7 78 BNP Paribas 27,873 3 27773.0% 100 7 5 Goldman Sachs & Co 36,613 18 -5 23
8 25 Lazard 27,690 6 1746.0% 1,500 8 4 Deloitte 2,862 17 -10 27
9 26 Rothschild 26,661 15 1936.7% 1,309 9 16 Rothschild 26,661 15 7 8
10 55 Jefferies 24,598 1 10149.2% 240 10 13 Moelis & Company 2,198 14 3 11
11 3 Morgan Stanley 16,195 12 -37.7% 25,991 11 21 BDO 375 14 8 6
12 7 Gresham Advisory Partners 11,881 9 -33.6% 17,899 12 9 Credit Suisse 6,726 13 -2 15
13 18 KPMG 10,762 45 324.7% 2,534 13 11 Grant Samuel 3,092 13 -1 14
14= - Platinum Securities Company 9,818 1 - - 14 15 Bank of America Merrill Lynch 31,237 12 4 8
14= 125 Somerley Capital 9,818 1 75423.1% 13 15 10 Morgan Stanley 16,195 12 -2 14
14= - The Anglo Chinese Group 9,818 1 - - 16 17 RBC Capital Markets 8,159 10 3 7
17 10 RBC Capital Markets 8,159 10 -52.7% 17,255 17 12 Gresham Advisory Partners 11,881 9 -2 11
18 6 Credit Suisse 6,726 13 -64.0% 18,671 18 26 Miles Advisory Partners 86 9 4 5
19 30 Highbury Partnership 5,408 5 661.7% 710 19 14 Deutsche Bank 34,481 7 -1 8
20 32 Evercore 5,406 4 731.7% 650 20 8 Citi 2,958 7 -9 16
mergermarket.com
M&A Report Q4 2017
Greater China league table by value Greater China league table by deal count
1 1 China International Capital Corporation 76,897 49 -43.3% 135,520 1 2 China International Capital Corporation 76,897 49 12 37
2 3 Morgan Stanley 72,190 34 -29.4% 102,281 2 1 Huatai Securities 29,737 36 -4 40
3 2 Goldman Sachs & Co 55,660 33 -49.2% 109,490 3 3 Morgan Stanley 72,190 34 -1 35
4 15 Citi 47,806 14 55.5% 30,752 4 7 Goldman Sachs & Co 55,660 33 3 30
5 12 CITIC Securities 35,295 30 -18.5% 43,329 5 9 China Securities 19,430 33 3 30
6 7 HSBC 34,582 10 -47.0% 65,255 6 8 CITIC Securities 35,295 30 0 30
7 4 UBS Investment Bank 34,013 19 -63.0% 92,051 7 17 China Renaissance Partners 13,670 30 9 21
8 13 Bank of America Merrill Lynch 33,824 11 -4.5% 35,414 8 22 Somerley Capital 23,912 29 10 19
9 5 JPMorgan 32,897 13 -58.7% 79,676 9 11 Haitong Securities 6,762 26 1 25
10 14 Huatai Securities 29,737 36 -8.3% 32,437 10 12 Gram Capital 13,414 20 -4 24
11 28 Somerley Capital 23,912 29 121.4% 10,801 11 13 China Merchants Securities 11,202 20 -3 23
12 105 DBS Bank 20,090 6 1817.0% 1,048 12 4 GF Securities 4,934 20 -14 34
13 31 Evercore 19,630 4 107.7% 9,450 13 5 UBS Investment Bank 34,013 19 -13 32
14 16 China Securities 19,430 33 -34.1% 29,473 14 16 Guotai Junan Securities 6,382 19 -3 22
15 110 The Anglo Chinese Group 16,800 9 1708.4% 929 15 6 KPMG 11,996 18 -13 31
16 157 Wells Fargo Securities 14,055 2 3214.9% 424 16 53 Kingston Corporate Finance 1,615 16 9 7
17 23 PJT Partners 13,765 2 3.6% 13,288 17 14 PwC 1,469 15 -8 23
18 20 China Renaissance Partners 13,670 30 -10.4% 15,256 18 19 Citi 47,806 14 -6 20
19 34 Gram Capital 13,414 20 57.2% 8,531 19 10 Credit Suisse 10,875 14 -13 27
20 24 Barclays 13,061 9 5.0% 12,444 20 60 Veda Capital 2,953 14 8 6
mergermarket.com
M&A Report Q4 2017
India league table by value India league table by deal count
1 24 Goldman Sachs & Co 20,602 7 1540.3% 1,256 1 1 EY 4,128 29 -7 36
2 13 Morgan Stanley 18,021 8 545.0% 2,794 2 5 Avendus Capital 600 12 -3 15
3 17 Axis Capital 14,599 10 561.5% 2,207 3 4 KPMG 527 11 -5 16
4 4 Bank of America Merrill Lynch 13,735 3 41.8% 9,686 4 10 Axis Capital 14,599 10 3 7
5 5 Kotak Investment Banking 13,194 8 47.8% 8,924 5 16 Deloitte 852 9 3 6
6 14 Rothschild 13,128 6 437.2% 2,444 6 3 PwC 142 9 -11 20
8 - Robey Warshaw 12,668 1 - - 8 12 Kotak Investment Banking 13,194 8 2 6
9 8 Citi 7,141 8 68.5% 4,237 9 13 Citi 7,141 8 2 6
10 37 JPMorgan 5,361 5 1986.0% 257 10 2 JM Financial 4,435 8 -14 22
South Korea league table by value South Korea league table by deal count
1 10 EY 7,843 22 111.2% 3,713 1 1 PwC 3,527 31 -6 37
2 12 NH Investment & Securities 7,470 10 187.2% 2,601 2 5 KPMG 2,713 27 16 11
4 6 PwC 3,527 31 -46.9% 6,643 4 2 Deloitte 884 15 -4 19
5 21 KPMG 2,713 27 365.4% 583 5 11 NH Investment & Securities 7,470 10 5 5
6 8 Mirae Asset Daewoo 2,526 6 -44.9% 4,582 6 9 KR & Partners 126 7 0 7
7 5 Credit Suisse 2,458 5 -63.5% 6,733 7 14 Mirae Asset Daewoo 2,526 6 2 4
8 17 Nomura Holdings 2,016 3 95.3% 1,032 8 4 Samsung Securities 746 6 -5 11
9 4 Morgan Stanley 1,335 4 -80.5% 6,838 9 21 Korea Investment & Securities 350 6 4 2
10 - KB Securities 1,208 2 - - 10 8 Credit Suisse 2,458 5 -2 7
mergermarket.com
M&A Report Q4 2017
Japan league table by value Japan league table by deal count
1 7 Goldman Sachs & Co 28,420 18 -25.7% 38,232 1 2 Sumitomo Mitsui Financial Group 13,661 67 -10 77
2 8 Nomura Holdings 25,183 60 -33.9% 38,112 2 1 Nomura Holdings 25,183 60 -26 86
3 2 Morgan Stanley 15,652 23 -73.6% 59,241 3 4 Daiwa Securities Group 5,848 41 -11 52
4 13 JPMorgan 14,612 8 -4.9% 15,365 4 3 Mizuho Financial Group 6,619 36 -18 54
5 3 Sumitomo Mitsui Financial Group 13,661 67 -75.3% 55,305 5 6 Deloitte 2,098 34 3 31
6 31 Evercore 8,367 3 674.0% 1,081 6 17 PwC 4,639 25 15 10
7 11 Bank of America Merrill Lynch 8,211 9 -66.8% 24,722 7 5 Morgan Stanley 15,652 23 -19 42
8 5 Lazard 7,400 7 -83.9% 45,859 8 7 GCA Corporation 2,499 20 -3 23
10 1 Mizuho Financial Group 6,619 36 -89.5% 63,193 10 10 EY 3,320 17 4 13
South East Asia league table by value South East Asia league table by deal count
1 2 Morgan Stanley 33,854 16 152.7% 13,395 1 9 EY 9,285 17 5 12
2 4 JPMorgan 27,625 15 145.1% 11,269 2 10 Morgan Stanley 33,854 16 5 11
3 29 DBS Bank 19,334 6 970.0% 1,807 3 1 Credit Suisse 10,210 16 -5 21
4 - China International Capital 19,202 3 - - 4 2 CIMB Group 3,136 16 -3 19
Corporation
5 7 JPMorgan 27,625 15 3 12
5 5 Citi 19,165 4 77.7% 10,787
6 8 Goldman Sachs & Co 19,037 14 2 12
6 6 Goldman Sachs & Co 19,037 14 106.3% 9,228
7 3 Deloitte 641 10 -8 18
7 10 Evercore 16,443 6 120.2% 7,467
8 14 KPMG 172 10 2 8
8 1 Credit Suisse 10,210 16 -51.4% 21,008
9 44 Affin Hwang Capital 1,422 9 6 3
9 56 EY 9,285 17 3112.8% 289
10 4 RHB Investment Bank 717 9 -8 17
10 - ING 7,830 4 - -
mergermarket.com
M&A Report Q4 2017
Private Equity Advisory League tables
Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count
2 2 Morgan Stanley 139,317 61 70.0% 81,948 2 2 Goldman Sachs & Co 139,900 89 10 79
3 10 JPMorgan 134,705 81 208.0% 43,741 3 8 PwC 6,312 87 26 61
4 6 Bank of America Merrill Lynch 102,950 44 95.1% 52,761 4 5 William Blair & Company 15,913 86 21 65
5 9 Citi 87,050 40 92.2% 45,302 5 17 JPMorgan 134,705 81 37 44
6 5 Credit Suisse 73,954 62 30.9% 56,518 6 16 EY 10,598 74 29 45
7 3 Barclays 68,553 52 -14.6% 80,242 7 6 KPMG 4,373 71 7 64
8 11 UBS Investment Bank 56,179 45 45.4% 38,635 8 3 Jefferies 37,682 70 -1 71
9 7 Evercore 51,541 38 9.2% 47,212 9 10 Lincoln International 2,232 68 8 60
10 8 Deutsche Bank 40,984 36 -11.4% 46,274 10 4 Houlihan Lokey 10,815 66 0 66
US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count
1 12 JPMorgan 72,213 43 301.5% 17,986 1 6 William Blair & Company 14,518 59 20 39
2 3 Morgan Stanley 62,870 30 22.1% 51,475 2 50 Jefferies 22,432 51 4 47
3 10 Bank of America Merrill Lynch 55,301 24 100.8% 27,547 3 2 Goldman Sachs & Co 52,501 50 4 46
4 2 Goldman Sachs & Co 52,501 50 -16.5% 62,892 4 1 Houlihan Lokey 6,767 48 -1 49
5 1 Barclays 49,603 38 -28.0% 68,893 5 28 JPMorgan 72,213 43 22 21
6 6 Credit Suisse 38,835 36 11.5% 34,833 6 10 Piper Jaffray & Co 3,678 39 10 29
7 5 Evercore 28,033 20 -30.1% 40,126 7 14 Barclays 49,603 38 10 28
8 7 Citi 26,996 17 -14.3% 31,503 8 20 Lincoln International 952 38 6 32
9 11 UBS Investment Bank 23,989 22 5.9% 22,645 9 47 Credit Suisse 38,835 36 7 29
10 8 Jefferies 22,432 51 -26.9% 30,677 10 62 Harris Williams & Co 3,984 34 5 29
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Global and US
mergermarket.com
M&A Report Q4 2017
Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count
2 6 Morgan Stanley 46,854 17 123.6% 20,955 2 3 PwC 5,433 75 29 46
3 11 Citi 37,955 14 221.6% 11,802 3 2 KPMG 3,889 56 7 49
4 3 Bank of America Merrill Lynch 33,829 12 42.1% 23,799 4 6 EY 7,899 51 19 32
5 4 JPMorgan 32,286 24 47.6% 21,867 5 11 ALANTRA 2,222 48 24 24
6 2 Rothschild 31,447 95 12.9% 27,855 6 4 Deloitte 2,205 48 6 42
7 10 UBS Investment Bank 25,007 17 105.3% 12,181 7 5 Lazard 20,017 34 -3 37
8 17 Credit Suisse 22,675 15 246.9% 6,536 8 7 DC Advisory 4,584 29 -1 30
9 8 Lazard 20,017 34 22.4% 16,351 9 32 GCA Corporation 611 28 16 12
10 9 Deutsche Bank 19,545 14 26.4% 15,468 10 14 Clearwater International 3,173 26 6 20
Asia Pacific (excl. Japan) (buyouts+exits) league table by value Asia Pacific (excl. Japan) (buyouts+exits) league table by deal count
1 11 JPMorgan 26,006 7 1795.5% 1,372 1 5 EY 1,689 16 8 8
3 4 Morgan Stanley 17,726 3 289.2% 4,554 3 10 KPMG 452 8 4 4
4 22 DBS Bank 17,010 2 2141.1% 759 4 21 JPMorgan 26,006 7 5 2
5 14 Citi 16,401 5 1444.4% 1,062 5 17 Macquarie Group 4,057 7 4 3
6 3 China International Capital 15,944 1 224.1% 4,920 6 4 PwC 739 7 -2 9
Corporation
7 7 UBS Investment Bank 7,183 6 0 6
7 15 Evercore 15,944 1 1463.1% 1,020
8 8 Citi 16,401 5 0 5
8 17 Bank of America Merrill Lynch 12,028 5 1214.5% 915
9 6 UBS Investment Bank 7,183 6 186.3% 2,509
10 1 Credit Suisse 7,037 5 -6 11
10 1 Credit Suisse 7,037 5 -50.8% 14,297
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
mergermarket.com
M&A Report Q4 2017
Global Buyouts league table by value Global Buyouts league table by deal count
1 3 Citi 56,711 25 63.2% 34,745 1 8 EY 3,932 60 36 24
3 2 Barclays 46,958 31 28.0% 36,692 3 3 KPMG 2,460 37 0 37
4 5 Bank of America Merrill Lynch 42,440 16 49.3% 28,426 4 2 Deloitte 781 35 -3 38
5 9 Credit Suisse 42,387 29 76.5% 24,013 5 4 Rothschild 22,598 32 5 27
6 6 Goldman Sachs & Co 37,371 26 48.2% 25,214 6 5 Barclays 46,958 31 6 25
7 11 JPMorgan 33,774 24 219.6% 10,567 7 11 Credit Suisse 42,387 29 9 20
8 4 Deutsche Bank 29,980 20 2.8% 29,161 8 18 Morgan Stanley 56,459 26 12 14
9 18 Rothschild 22,598 32 290.6% 5,786 9 7 Goldman Sachs & Co 37,371 26 2 24
10 10 UBS Investment Bank 22,369 17 49.5% 14,961 10 6 Citi 56,711 25 1 24
US Buyouts league table by value US Buyouts league table by deal count
1 2 Barclays 32,788 22 -6.2% 34,959 1 1 Barclays 32,788 22 3 19
2 5 Bank of America Merrill Lynch 27,117 8 32.3% 20,499 2 9 Jefferies 7,703 18 9 9
3 23 JPMorgan 20,265 11 1815.4% 1,058 3 5 Credit Suisse 15,771 15 3 12
5 8 Credit Suisse 15,771 15 27.9% 12,332 5 2 RBC Capital Markets 15,389 14 -2 16
6 3 Citi 15,485 10 -42.3% 26,835 6 31 JPMorgan 20,265 11 9 2
7 1 RBC Capital Markets 15,389 14 -60.8% 39,253 7 8 Deutsche Bank 12,848 11 2 9
8 6 Goldman Sachs & Co 13,573 15 -24.0% 17,853 8 40 William Blair & Company 875 11 9 2
9 4 Deutsche Bank 12,848 11 -43.6% 22,767 9 11 Morgan Stanley 19,916 10 4 6
10 11 Jefferies 7,703 18 25.0% 6,161 10 7 Citi 15,485 10 0 10
*Based on advisors to bidder on buyout deals with target dominant geography being Global and US
mergermarket.com
M&A Report Q4 2017
Europe Buyouts league table by value Europe Buyouts league table by deal count
1 8 Rothschild 20,785 28 283.1% 5,426 1 1 PwC 1,776 44 14 30
2 4 Citi 20,684 10 202.0% 6,848 2 6 EY 1,929 41 24 17
3 51 Credit Suisse 20,664 9 3769.7% 534 3 3 Deloitte 687 30 7 23
4 7 Deutsche Bank 17,132 9 211.6% 5,498 4 4 Rothschild 20,785 28 7 21
5 15 Morgan Stanley 14,430 9 357.1% 3,157 5 2 KPMG 1,983 25 -1 26
6 1 Macquarie Group 11,637 6 -42.0% 20,064 6 8 ALANTRA 1,641 23 10 13
7 22 UBS Investment Bank 11,186 7 527.7% 1,782 7 18 Clearwater International 2,230 14 7 7
8 6 Lazard 10,452 12 71.0% 6,112 8 5 Lazard 10,452 12 -6 18
9 23 Barclays 10,039 7 479.3% 1,733 9 13 Citi 20,684 10 2 8
10 3 Bank of America Merrill Lynch 9,341 4 33.2% 7,012 10 10 Lincoln International 226 10 -1 11
Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count
1 4 Goldman Sachs & Co 18,317 8 784.9% 2,070 1 6 EY 993 12 8 4
2 15 DBS Bank 17,010 2 2141.1% 759 2 4 Goldman Sachs & Co 18,317 8 3 5
3 10 Citi 15,944 2 1401.3% 1,062 3 17 KPMG 445 7 5 2
4= 3 China International Capital 15,944 1 248.0% 4,582 4 24 Macquarie Group 3,967 6 5 1
Corporation
5 11 JPMorgan 4,596 4 2 2
4= 5 Morgan Stanley 15,944 1 996.6% 1,454
6 12 UBS Investment Bank 6,101 3 1 2
6 7 UBS Investment Bank 6,101 3 398.0% 1,225
7 12 Bank of America Merrill Lynch 5,824 3 536.5% 915
8 - Moelis & Company 246 3 3 0
8 6 JPMorgan 4,596 4 235.0% 1,372
9 14 DBS Bank 17,010 2 0 2
9 22 Macquarie Group 3,967 6 1789.0% 210
10 5 Citi 15,944 2 -3 5
10 25 CITIC Securities 2,164 2 1527.1% 133
*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
mergermarket.com
M&A Report Q4 2017
Global Exits league table by value Global Exits league table by deal count
4 9 Bank of America Merrill Lynch 60,510 28 148.7% 24,335 4 13 JPMorgan 100,931 57 25 32
5 4 Evercore 42,380 22 0.5% 42,183 5 7 Lincoln International 1,848 49 4 45
6 10 UBS Investment Bank 33,810 28 42.8% 23,674 6 5 Houlihan Lokey 7,552 48 -5 53
8 13 Citi 30,339 15 187.4% 10,557 8 3 Jefferies 20,080 45 -12 57
9 38 PJT Partners 25,190 7 1017.1% 2,255 9 6 Robert W. Baird & Co 8,655 44 -3 47
10 3 Barclays 21,595 21 -50.4% 43,550 10 12 Piper Jaffray & Co 3,636 42 9 33
US Exits league table by value US Exits league table by deal count
2 3 Morgan Stanley 42,954 20 19.7% 35,870 2 1 Houlihan Lokey 4,372 38 -5 43
3 1 Goldman Sachs & Co 38,928 35 -13.6% 45,039 3 4 Goldman Sachs & Co 38,928 35 2 33
4 10 Bank of America Merrill Lynch 28,184 16 299.9% 7,048 4 9 Piper Jaffray & Co 2,656 34 8 26
5 2 Evercore 24,157 13 -36.5% 38,022 5 2 Jefferies 14,729 33 -4 37
6 6 Credit Suisse 23,064 21 2.5% 22,501 6 10 JPMorgan 51,948 32 13 19
7 8 UBS Investment Bank 18,907 15 57.7% 11,991 7 6 Harris Williams & Co 3,984 32 4 28
8 4 Barclays 16,815 16 -50.4% 33,934 8 5 Robert W. Baird & Co 3,017 31 0 31
9 28 Centerview Partners 16,298 7 986.5% 1,500 9 7 Lincoln International 794 29 1 28
10 12 Moelis & Company 15,336 23 197.8% 5,150 10 11 Moelis & Company 15,336 23 4 19
*Based on advisors to target/seller on exit deals with target dominant geography being Global and US
mergermarket.com
M&A Report Q4 2017
Europe Exits league table by value Europe Exits league table by deal count
1 1 Goldman Sachs & Co 45,787 18 51.9% 30,139 1 1 Rothschild 10,662 67 -1 68
3 5 JPMorgan 25,212 18 67.7% 15,030 3 2 KPMG 1,906 31 8 23
4 4 Bank of America Merrill Lynch 24,488 8 45.9% 16,787 4 20 ALANTRA 581 25 14 11
5 17 Citi 17,271 4 248.6% 4,954 5 3 William Blair & Company 1,330 23 1 22
6 29 PJT Partners 14,581 4 546.6% 2,255 6 4 Lazard 9,565 22 3 19
7 6 UBS Investment Bank 13,821 10 32.9% 10,399 7 6 DC Advisory 4,032 20 1 19
8 20 Wells Fargo Securities 13,765 1 241.6% 4,029 8 8 Goldman Sachs & Co 45,787 18 2 16
9 9 BNP Paribas 11,496 8 31.8% 8,722 9 18 JPMorgan 25,212 18 6 12
10 2 Rothschild 10,662 67 -52.5% 22,429 10 9 Jamieson Corporate Finance 7,007 18 2 16
Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count
1 - JPMorgan 21,410 3 - - 1 10 PwC 739 6 4 2
2 9 Evercore 15,944 1 1764.8% 855 2 1 Credit Suisse 6,107 4 -2 6
3 - Bank of America Merrill Lynch 6,204 2 - - 3 6 Goldman Sachs & Co 5,869 4 0 4
4 1 Credit Suisse 6,107 4 93.9% 3,150 4 5 EY 696 4 0 4
5 15 Goldman Sachs & Co 5,869 4 1011.6% 528 5 - JPMorgan 21,410 3 3 0
6 - Lazard 3,074 1 - - 6 4 UBS Investment Bank 1,082 3 -1 4
7 2 Morgan Stanley 1,782 2 -42.5% 3,100 7 - Citi 457 3 3 0
8 36 Nomura Holdings 1,611 1 946.1% 154 8 8 Avendus Capital 233 3 0 3
9 5 UBS Investment Bank 1,082 3 -15.7% 1,284 9 - Bank of America Merrill Lynch 6,204 2 2 0
10 - RBC Capital Markets 793 1 - - 10 3 Morgan Stanley 1,782 2 -2 4
*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
mergermarket.com
Mergermarket Global & Regional Criteria & Contacts 74
M&A Report Q4 2017
Criteria Contacts
All data is based on transactions over US$ 5m Production Commercial Deal Submissions
Head of Research, Americas Americas Americas

and is based on the Mergermarket’s M&A deals
Lana Vilner Kurt Viehl Jason Loria
database. Deals with undisclosed deal values Lana.Vilner@acuris.com Kurt.Viehl@acuris.com Jason.Loria@acuris.com
+1 646 378 3151 +1 212 390 7812 +1 646 378 3122
are included where the target’s turnover exceeds US$10m. Head of Research, Asia Asia Asia
Deals where the effective stake acquired is less than Gerry Tee Simon Anam John Capulong
Gerry.Tee@acuris.com Simon.Anam@acuris.com John.Capulong@acuris.com
30% will only be included if the value is greater than +852 2158 9741 +852 2158 9730 +852 2158 9723
US$100m. Full deal inclusion criteria can be found here. Head of Research, EMEA EMEA EMEA
Kathleen Van Aerden Ben Rumble Andrea Putaturo

Trend data: Based on the dominant geography League tables: Based on the dominant Kathleen.VanAerden@acuris.com Ben.Rumble@acuris.com Andrea.Putaturo@acuris.com
of the target company and excludes lapsed geography of the target, bidder or seller, and +44 20 3741 1280 +44 20 3741 1007 +44 20 3741 1274
and withdrawn bids. Sector trends based on excludes lapsed and withdrawn bids. Private
the dominant sector of the target. equity buyout league tables are based on Research Editor, Americas
advisors advising the bidder only on buyout Press Relations
Global cross-border M&A: Based on the Elizabeth Lim
deals with target dominant geography being
dominant geography of the target and bidder Elizabeth.Lim@acuris.com Americas
the country/region and excludes lapsed and
company being in a different region. +1 212 686 3016
withdrawn bids. Private equity exit league Chrissy Carney
Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ Research Editor, EMEA Chrissy.Carney@acuris.com
geography of the target is X and the dominant seller on exit deal with target dominant +1 646 378 3118
geography of the bidder is any other country geography being the country/region and Jonathan Klonowski
excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Private Jonathan.Klonowski@acuris.com Asia
The dominant geography of the target is X and equity buyout and exit combined league tables +44 20 3741 1293
Su-Chin Zhang
the dominant geography of the bidder is any are based on advising the bidder on buyout SuChin.Zhang@acuris.com
Insight Analyst, Asia
other region excluding X. deals AND the target/seller on exit deals, +852 2158 9706
excluding lapsed and withdrawn bids. Equal Jasmine Wu
Outbound: Global/US/Japan: The dominant
rankings are based on having both identical Jasmine.Wu@acuris.com EMEA
geography of the bidder is X and the dominant
values and deal counts reported in one table. +852 2158 9770
geography of the target is any other country Olivia Cummins
excluding X. Europe/Asia/Africa & Middle East: All values are in US$. Olivia.Cummins@acuris.com
The dominant geography of the bidder is X M&A Trends and Top Deals correct as of 9am +44 20 3741 1129
and the dominant geography of the target is (GMT), 29-Dec-2017. Cut off date 28-Dec-
any other region excluding X. 2017. League Tables correct as of 9am (GMT),
02-Jan-2018. Cut off date 31-Dec-2017.
Top deals: Based on the dominant geography
of the target company.
mergermarket.com
Mergermarket Global & Regional 75
M&A Report Q4 2017
Mergermarket is an Acuris company
In M&A, information is the most valuable currency. Mergermarket reports EMEA Americas Asia
on deals 6-24 months before they become public knowledge, giving our 10 Queen Street Place 330 Hudson St. 16/F, Grand Millennium Plaza
subscribers a powerful competitive advantage. With the largest network
London 4th Floor 181 Queen’s Road Central
of dedicated M&A journalists and analysts, Mergermarket offers the most
comprehensive M&A intelligence service available today. Our reporters EC4R 1BE New York, NY 10013 Hong Kong
are based in 67 locations across the Americas, Europe, Asia-Pacific, the
United Kingdom USA
Middle East and Africa.
+44 203 741 1000 +1 212 500 7537 + 852 2158 9790
trial@acuris.com trial@acuris.com trial@acuris.com
mergermarket.com

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An Acuris Company

Finding the opportunities in mergers and acquisitions

Global & Regional

North America US$ 1.36tn -13.4% vs. 2016

Latin America US$ 80.1bn +3.6% vs. 2016

Europe US$ 929.3bn +14.0% vs. 2016

APAC (ex. Japan) US$ 673.5bn +4.8% vs. 2016

Japan US$ 40.1bn -36.4% vs. 2016

Several blockbuster deals in

45.5 01-Jun Praxair Inc Linde AG Germany Industrials &

• Global M&A fell just short of previous years, as uncertainty

Chart title 1 Chart title 1

Deal Value (US$bn)

1000 964.6 745.1

565.7 561.6 4000 300

Global League tables

Financial advisor league table by value

Ranking 2017 2016 Regional ranking comparison

Value Deal details

M&A targeting Europe in 2017,

• As the continent posted stronger economic figures,

highest annual figure since

Chart title 1 Chart title 1

800 8000 300

Deal Value (US$bn)

251.2 158.0 211.3

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 2017 2016 Ranking 2017 2016

2017 is down 14.9% by deal

• US M&A saw US$ 1.3tn worth of deals announced in

US$ 108.8bn 19.1%

Chart title 1 Chart title 1

Deal Value (US$bn)

317.7 3000 200

US league table by value US league table by deal count

Ranking 2017 2016 Ranking 2017 2016

2017’s deal value is up 3.6%

• Latin American M&A was on par with total deal values

Chart title 1 Chart title 1

Deal Value (US$bn)

Latin America League tables

Ranking 2017 2016 Ranking 2017 2016

2017 is up 4.8% compared to

15.9 14-Jul Consortium for Global Global Logistic Singapore Transportation

Asia Pacific (excl. Japan)

• In contrast to the global M&A figures, Asia-Pacific (excl.

US$ 122.7bn 21.4% Asia Pacific (excl. Japan) share of

Chart title 1 Chart title 1

900 4500 300

Deal Value (US$bn)

Asia Pacific (excl. Japan) League tables

Ranking 2017 2016 Ranking 2017 2016

Value of Japanese M&A in 2017,

1.3 13-Jan Kohlberg Kravis

• At the end of 2017, overall M&A activity targeting

Chart title 1 Chart title 1

Deal Value (US$bn)

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 2017 2016 Ranking 2017 2016

Middle East & Africa

Value of M&A targeting the Middle