Mergermarket 2013 FinancialAdvisorM&ATrendReport

Mergermarket M&A Trend Report: 2013 Title
Published 3rd January 2014 Including League Tables of comparison Quarterly M&A growth Financial Advisors
Total M&A value and volume
Mergermarket 2013 Trend Report Mergermarket 2013 Trend Report
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Contents
Global overview Global financial advisor league tables Global private equity: Buyouts overview, top deals and league tables Global private equity: Exits overview, top deals and league tables Global deal size and Mid-market analysis Global consideration and Multiples & premiums analysis Europe: Overview Europe: Financial advisor league tables US: Overview US: Financial advisor league tables Asia-Pacific (excl. Japan): Overview Asia-Pacific (excl. Japan): Financial advisor league tables Japan: Overview Japan: Financial Financial advisor league tables Africa & Middle East: Overview Africa & Middle East: Financial advisor league tables Emerging Markets: Overview Criteria What Mergermarket can do for you
P3-6 P7
Press contacts:
EMEA: Flora Wilke T: +44 207 010 6348 Americas: Chrissy Carney T: +1 646 378 3118 Asia-Pacific: Jessica Chan T: +852 2158 9706
P 8 - 10
P 11 - 12
P 13
P 14
Deal submission contacts:

EMEA: Nancy Honsinger T: +44 207 010 6227 CEE: Zaynab Dost T: +44 207010 6129 Americas: Raquel Mozzer T: +1 212 574 7866 Asia-Pacific: Miran Lim Tel: +852 2158 9709 Japan: Sophie Kim T: +81 3 3597 2055
P 15 - 17 P 18 - 28
P 29 - 31 P 32 - 37 P 38 - 40 P 41 - 45 P 46 - 48 P 49
P 50 - 52 P 53 P 54 - 56
P 57 P 58
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Global: Regional league table analysis
Europe US
3.8% (US$ 893.1bn)
US$ 418.9bn US$ 404.6bn
12% (US$ 631.3bn)

US$ 376.5bn US$ 323.4bn
1. Goldman Sachs 2. JPMorgan 1. Goldman Sachs US$ 454.5bn 2. JPMorgan 3. BAML
3. Morgan Stanley US$ 317.8bn
Asia-Pacific Global
3.2% (US$ 2,215.1bn)
US$ 604.5bn US$ 563.7bn US$ 529bn US$ 494.3bn US$ 370.5bn
15% (US$ 403.4bn)

US$ 59.2bn US$ 59bn
1. UBS Investment Bank US$ 60bn 2. Morgan Stanley 3. JPMorgan
1. Goldman Sachs 2. JPMorgan
0.8% 11.5% 3.2% 40.1% 20.4%

3
3. Morgan Stanley 4. BAML 5. Barclays

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Global: Overview of 2013

After Q4 halted a third quarterly increase during 2013, global M&A valued at US$ 2,215.1bn was down 3.2% from 2012 (US$ 2,288.8bn) Goldman Sachs retained the leading position since 2009 with deals valued at US$ 604.5bn and ranked first in the US and Europe
Quarterly M&A growth comparison

4,000 Annual M&A Value Q4 M&A value
3,668.7
4,000 3,500

18,000 16,000
Q3 M&A value
Q2 M&A Value
732.9 3,500
Q1 M&A Value
Value of Deals (US$bn)
3,000
14,000
12,000 2,500 10,000 2,000 8,000 1,500 6,000 1,000
3,000
849
4,000
2,500
2,408.2
457.7 2,251.2 2,288.8
500
2,000
2,089.6 2,000
1,276.7 681.7
469.3
750.9
2,215.1 570.5
2007
2008 European M&A US M&A
2009
2010 Asia-Pacific (excl. Japan M&A)
2011 RoW M&A
2012
2013 Number of Deals
708.4
1,710.5 569.0 1,500 492.6 677.2

1,000
587.7 653.7 516.9
M&A confidence was building every quarter throughout 2013 and climaxed in September, when total deal values surpassed 2012s like-for-like period for the first time. But Q4s 12.7% drop to US$ 570.5bn-worth of deals from Q3 (US$ 653.7bn) slashed hopes for an uptick rather than another flat year This year will end as the third static year for deal value, down 3.2% at US$ 2,215.1bn compared to US$ 2,288.8bn in 2012. 2013 has been the slowest year since 2010 (US$ 2,089.6bn). Mega-deals totalling US$ 397.9bn, Verizons US$ 124.1bn deal value, a US recovery and the lowest number of lapsed bids on record, have failed to spur on significant growth Despite the lackluster Q4, H2s deals valued at US$ 1,224.2bn overtook H1 (US$ 990.8bn) by 23.6% after a pre-Christmas dash to announce deals The 105 lapsed deals in 2013 was the lowest level on Mergermarket record (since 2001). The US$ 22.7bn bid for KPN by Americal Movil in 2013 was the fifth largest lapsed bid since 2009 and the highest valued in 2013 and yet the total value of lapsed deals in 2013 (US$ 83.9bn) was the lowest in over a decade (2002 valued at US$ 79.7bn)
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326.3 429.2
580.9 560.5 542.9
810.1 500
591.6
396.0
613.3
419.2
459.4
460.5
448.0
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Global: Industry and Cross-border analysis

2013 vs. (2012) value and market share comparison
Business Services: US$ 95.1bn (US$ 99.5bn)
Global cross-border analysis

Cross-border deal value increased every quarter during 2013 with Q4 peaking at US$ 229.8bn, up 12.6% from Q3 (US$ 204.1bn). As a result, the share of cross-border deals to global M&A in Q4 increased to 40.3%, up from the 35.5% in Q4 2012 (US$ 266.5bn)
Consumer: US$ 242.4bn (US$ 273.5bn)
2.9%
3.3%
4.3% 10.9%
2013
Energy, Mining & Utilities: US$ 427bn (US$ 580.7bn)
2.7% 4.3% 2.5%
Despite the quarterly increases, the total value of cross-border deals through 2013 was down 11.5% with deals valued at US$ 774.4bn compared to 2012s cross-border deals valued at US$ 875.2bn Europe continued to take the majority share of all cross-border deals with US$ 338.6bnworth of transactions having a 43.7% share compared to deals valued at US$ 359.4bn in 2012 taking a 41.1% share. Asia-Pacific also increased its share to global cross-border M&A with US$ 136.1bn-worth of deals taking a 17.6% share compared to US$ 135.5bn-worth of cross-border deals having a 15.5% share in 2012 Stressing the preference for US domestic M&A was the 26.3% decline by value for crossborder deals involving North American targets in 2013 (US$ 192.8bn) compared to 2012 (US$ 261.6bn). Attention on Central and South American targets dropped 34.7% to US$ 48.5bn compared to US$ 74.3bn in 2012
4,000 Global M&A Value Cross-Border Value 3,500 Global Number of Deals Cross-Border Number of Deals 14,000 16,000 18,000
Financial Services: US$ 231.1bn (US$ 282.8bn)
23.0%
14.5%
12.0%
2012
3.9%
Industrials & Chemicals: US$ 222.4bn (US$ 289.3bn)
Leisure: US$ 35.4bn (US$ 42.4bn)
19.3% 7.9% 25.4%
Pharma, Medical & Biotech: US$ 178bn (US$ 180.8bn)
1.9%
6.2%
Real Estate: US$ 136.8bn (US$ 90bn)
12.6% 12.4%
TMT: US$ 510.1bn (US$ 331.1bn)
8.0%
1.6% 10.0%
10.4%
Transport: US$ 64.3bn (US$ 56.8bn)
Other: US$ 72.6bn (US$ 61.8bn)

3,000
10,000 2,000 8,000 1,500 6,000 1,000
Technology M&A during 2013 saw its highest value in six years at US$ 166.2bn (2007 valued at US$ 164.8bn). Media M&A saw deals valued at US$ 92.1bn, marking the third annual increase in value. Telecommunications M&A in 2013 reached the highest value in seven years (2006 valued at US$ 265.8bn) with deals valued at US$ 245bn The Financial Services sector, confronted with the ongoing prospect for regulatory changes, has declined every year since 2007, ending 2013 with deals valued at US$ 231.1bn. The sector saw the second highest decline compared to its peak year, down 60.3% compared to 2007 (US$ 582.8bn). The only other decline larger than this was in Leisure M&A which decreased 72.9% from its peak in 2006 (US$ 130.5bn) to US$ 35.4bn in 2013
Mergermarket 2013 Trend Report 5
4,000
500
2,000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
The TMT sector was the backbone for large-cap M&A throughout 2013 and saw deals valued at US$ 510.1bn, up 54.1% compared to 2012 (US$ 331.1bn). As a result the share it had to global M&A increased to 23% from just 14.5% last year
12,000 2,500
Global: Top deals

Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Deal Seller Company Value (US$bn)
02-Sep-13
Verizon Communications Inc
Bank of America Merrill Lynch; Barclays; Guggenheim Partners, LLC; JPMorgan; Morgan Stanley; Paul J. Taubman JPMorgan; Lazard; Wells Fargo Securities, LLC
Verizon Wireless Inc (45% Stake) H.J. Heinz Company
Advising seller: Goldman Sachs; UBS Investment Bank
Vodafone Group Plc
124.1
14-Feb-13
Berkshire Hathaway Inc; and 3G Capital
Bank of America Merrill Lynch; Centerview Partners; Moelis & Company Advising seller: Citi; JPMorgan; Morgan Stanley Goldman Sachs; JPMorgan American International Group Inc
27.4
16-Dec-13
AerCap Holdings NV
Bank of America Merrill Lynch; Credit Agricole ; Goldman Sachs; UBS Investment Bank Credit Suisse; LionTree Advisors, LLC Bank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank AG; LionTree Advisors, LLC; RBC Capital Markets Inc; UBS Investment Bank Bank of America Merrill Lynch; BNP Paribas SA; Citi; Rothschild
International Lease Finance Corporation Virgin Media Inc
26.4
06-Feb-13
Liberty Global Plc
25.0
05-Feb-13
Silver Lake Partners LP; and Michael Dell (Private investor)
Dell Inc
Evercore Partners Inc; Goldman Sachs; JPMorgan
20.2
28-Jul-13
Publicis Groupe SA
Omnicom Group Inc
Moelis & Company LLC; Morgan Stanley
19.4
20-Dec-13
Brookfield Property Partners LP
Brookfield Office Properties Inc (51% Stake)
Morgan Stanley
17.3
12-Feb-13
Comcast Corporation
Bank of America Merrill Lynch; Morgan Stanley
NBCUniversal Media LLC (49% Stake) Life Technologies Corp
Advising seller: Centerview Partners; Goldman Sachs; JPMorgan Deutsche Bank AG; Moelis & Company LLC
General Electric Company
16.7
15-Apr-13
Thermo Fisher Scientific Inc
Barclays; JPMorgan
15.0
08-Apr-13
Russian Grids OAO
Barclays; EY; Morgan Stanley; VTB Capital
Federal Grid Company of Unified Energy System OAO (79.64% Stake)
The Federal Agency for State Property Management
14.4
Global: Financial advisor league tables

League table of financial advisors to M&A by value: Global including regional comparisons Ranking 2012
1 3 2 8 4 10 5 6 11 7 76 25 9 14
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Investment Bank Citi Deutsche Bank Lazard Credit Suisse Guggenheim Partners Moelis & Company Rothschild Paul J. Taubman BNP Paribas
Global 2013 Value Deal (US$m) Count

604,538 563,656 529,014 494,293 370,469 333,618 280,183 219,019 190,121 187,779 153,207 134,700 129,885 127,600 107,469 304 244 261 200 174 161 181 141 198 158 15 86 186 2 100
Global 2012 Value % Val. (US$m) Change

609,348 505,498 546,736 352,700 465,615 244,530 421,914 399,793 175,151 385,906 9,096 41,735 247,373 114,695 -0.8% 11.5% -3.2% 40.1% -20.4% 36.4% -33.6% -45.2% 8.5% -51.3% 1584.3% 222.8% -47.5% -6.3%
Europe Rank 2013

1 2 3 4 5 6 7 12 13 14 8 15 11 9 10
US Rank 2013
1 2 4 3 5 6 7 9 12 10 8 13 19 11 21
Asia Rank 2013

4 3 2 7 5 1 6 9 14 10 39 11 38
Japan Rank 2013

4 3 2 7 5 1 6 9 14 10 39 11 38
A&ME Rank 2013

9 3 1 2 6 14 12 25 4 5 7 28 8
League table of financial advisors to M&A by deal count: Global including regional comparisons Ranking 2012
2 1 5 3 6 11 7 12 10 4 14 8 15 9 13
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC Goldman Sachs KPMG Morgan Stanley JPMorgan EY Deloitte Bank of America Merrill Lynch Lazard Rothschild Citi Barclays UBS Investment Bank Credit Suisse Deutsche Bank
Global 2013 Value Deal (US$m) Count

38,289 604,538 43,081 529,014 563,656 41,957 17,162 494,293 190,121 129,885 280,183 370,469 333,618 187,779 219,019 347 304 275 261 244 227 226 200 198 186 181 174 161 158 141
Global 2012 Deal Count Count Change

305 324 245 281 230 197 218 195 203 251 188 210 161 205 193 42 -20 30 -20 14 30 8 5 -5 -65 -7 -36 0 -47 -52
7
Europe Rank 2013

1 6 2 7 9 3 4 14 8 5 13 10 17 16 18
US Rank 2013
19 1 20 2 3 28 24 4 7 25 6 5 14 8 15
Asia Rank 2013

1 4 3 7 6 2 8 12 20 13 11 10 5 14 15
Japan Rank 2013

1 4 3 7 6 2 8 12 20 13 11 10 5 14 15
A&ME Rank 2013

2 14 19 6 11 9 23 4 13 21 3 5 15 7 17
Global: Private equity buyouts

Global buyouts during 2013 (US$ 271.1bn) were flat against 2012 (US$ 270bn) after two quarterly decreases and no mega-deals during Q4 (US$ 58.8bn) UBS Investment Bank advised on two of the largest buyouts and topped the financial advisor rankings by value with deals worth US$ 44.8bn
Private equity buyouts - geography breakdown

900 800 25% 700 30%
Q4 buyout activity increased in all regions compared to Q3 with Asia-Pacific (excl. Japan) witnessing the highest increase by 18% (US$ 9.8bn). The US (US$ 24.4bn) saw a modest increase of 3.4% (Q3 2013 valued at US$ 23.6bn) as companies held on to post-crisis record amounts of cash. The US did however remain the most active region in 2013 (US$ 132.7bn) with deal values up 2.4% from 2012 (US$ 129.6bn) and seven out of the top 10 deals involving US-based firms
Percentage of Global M&A
600 500
20%
15% 400 300 200 5% 100 0 0% 10%
A buyers market in terms of debt availability was demonstrated by debt/EBITDA ratios reaching 6.2x, up from 5x in 2012. Meanwhile the average buyout leverage ratio has remained at the same level as in 2012 at 61.2%
Debt/EBITDA and Debt-to-total funding

7 Debt/EBITDA (x) Debt-to-total funding 6 70% 80%
2004 Europe
2005
2006 US
2007
2008
2009
2010 Rest of the World
2011
2012
2013
Asia-Pacific ex Japan
Buyouts (% of Total M&A)
The total value of buyouts during 2013 stood at US$ 271.1bn, a modest 0.4% increase by value compared to 2012 (US$ 270.0bn). This can, in part, be credited to the USs megadeals in the Consumer and Technology sectors during H1 2013 Buyout deals contributed 12.2% to global M&A activity (US$ 2.2tn), up from 11.8% in 2012 but lower than in 2011 (13.1%) Unable to maintain the mega-deal momentum set in H1 2013, there were no buyout deals valued above US$ 5bn in the final quarter of the year, leaving the US$ 27.4bn acquisition of H.J. Heinz by Berkshire Hathaway and 3G Capital Partners as the highest valued deal of 2013
Debt/EBITDA Multiple (x)
50% 4 40% 3 30% 2
20%
10%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0%
Debt/Total Funding (%)
60%
Global: Private equity top buyouts and league tables

Announced Date
14-Feb-13
Bidder Company
Berkshire Hathaway; and 3G Capital Partners
Bidder Financial Advisor

JPMorgan; Lazard; Wells Fargo Securities
Target Company
H J Heinz Company
Target/Seller Financial Advisor

Bank of America Merrill Lynch; Centerview Partners; Moelis & Company Evercore Partners; Goldman Sachs; JPMorgan
Seller Company
Deal Value (US$bn)

27.4
05-Feb-13
06-May-13
Bain Capital LLC; GIC Special Investments Pte Ltd; Golden Gate Capital; and Insight Venture Partners Canada Pension Plan Investment Board; and Ares Management LLC NSW Ports Consortium
Bank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; LionTree Advisors; RBC Capital Markets; UBS Investment Bank Barclays; Credit Suisse; Qatalyst Group; RBC Capital Markets
Dell Inc
20.2
BMC Software Inc
Bank of America Merrill Lynch; Moelis & Company; Morgan Stanley Credit Suisse TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP Government of New South Wales
6.5
09-Sep-13
Deutsche Bank; RBC Capital Markets
Neiman Marcus Group Inc
6.0
12-Apr-13
Lazard; UBS Investment Bank
Port Botany
Advising seller: Morgan Stanley
4.5
Top five most active firms for number of buyouts

Rank
1 2 3 4 5
House
The Carlyle Group Kohlberg Kravis Roberts & Co TPG Capital Bain Capital Blackstone Group
Value (US$m)
3,068 14,850 3,569 10,526 4,884
Deal Count
25 24 19 16 16
Global: Financial advisor league tables to buyouts

League Table of financial advisors to private equity buyouts by value: Global Ranking 2012
13 3 7 26 8 4 1 10 29 2 6 5 9 12 15 49 27 19
League Table of financial advisors to private equity buyouts by deal count: Global Ranking 2012
4 19 10 5 11 1 3 13 6 12 24 17 2 14 34 15 7 9 20 18
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
UBS Investment Bank Barclays Credit Suisse Lazard JPMorgan RBC Capital Markets Deutsche Bank Bank of America Merrill Lynch Wells Fargo Securities Citi LionTree Advisors Morgan Stanley Goldman Sachs Jefferies Nomura Holdings Qatalyst Group Rothschild Simmons & Company International EY PwC
2013 Value Deal (US$m) Count

44,782 42,439 41,147 41,009 40,926 38,258 34,773 33,781 28,662 27,462 20,769 14,279 13,007 12,434 9,482 6,535 5,312 4,860 3,939 3,830 24 19 22 16 15 13 15 15 3 12 2 21 23 18 10 1 12 2 23 22
2012 Value % Val. (US$m) Change

10,028 26,331 19,811 2,803 16,294 24,957 32,586 12,977 2,399 27,469 20,483 21,513 13,410 10,050 7,039 1,112 2,795 5,397 346.6% 61.2% 107.7% 1,363% 151.2% 53.3% 6.7% 160.3% 1,094.7% -30.3% -39.5% -7.3% -5.7% -24.5% 337.1% 40.9% -29%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
Deloitte UBS Investment Bank Goldman Sachs EY Credit Suisse PwC Morgan Stanley KPMG Barclays Jefferies Lazard JPMorgan Deutsche Bank Bank of America Merrill Lynch DC Advisory Lincoln International RBC Capital Markets Citi Rothschild Nomura Holdings
2013 Value Value (US$m) (US$m)

957 44,782 13,007 3,939 41,147 3,830 14,279 3,419 42,439 12,434 41,009 40,926 34,773 33,781 1,551 466 38,258 27,462 5,312 9,482 27 24 23 23 22 22 21 21 19 18 16 15 15 15 15 15 13 12 12 10
2012 Deal Count Count Change

23 10 18 22 17 43 25 15 21 16 8 10 26 14 5 13 21 18 10 10 4 14 5 1 5 -21 -4 6 -2 2 8 5 -11 1 10 2 -8 -6 2 0
* Based on the target geography only and the advisor advising the buy-side only
Global: Private equity exits

A slowdown for Secondary Buyouts (SBOs) in Q4 contributed to 2013s exit activity (US$ 270.8bn) witnessing a second annual decline by value Goldman Sachs topped the financial advisor league table for exits by value with 29 deals worth US$ 37.1bn, including four of the top five exits
Trade Sales vs Secondary Buyouts (SBOs)

450 400 350 300 250 200 150 100 50 0 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
from US$ 378.6m in 2012 Asia-Pacific (excluding Japan) was the only region to experience a higher level of exits in 2013 compared to last year with a buoyant 62.7% increase at US$ 28.8bn (2012 valued at US$ 17.7bn). China saw a record value and number of exits during 2013 which made up 40% of Asias exits. Chinas US$ 11.5bn-worth of transactions more than doubled its previous peak in 2009 (US$ 4.3bn) The largest exit in 2013 was Warburg Pincus sale of Bausch & Lomb to Valeant Pharmaceuticals for US$ 8.7bn. Exits from the Pharma, Medical & Biotech sector decreased by value for the second year to US$ 33.3bn, down 15.9% compared to 2012 (US$ 39.6bn) Mid-market advisor Lincoln International led the financial advisor league table by deal count for exits in 2013 with 38 deals valued at US$ 724m
Percentage of Total Exits (excl. IPOs)
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Chinas growing share to Asias exits over five years

2013: China
40.0%
SBOs (Value)
Trade Sales (Value)
Trade Sales (% of total exits)
SBOs (% of total exits)
The total value of private equity backed exits in 2013 was US$ 270.8bn. The 9.1% decrease from 2012 (US$ 298.0bn) resulted in the weakest annual value since 2010 (US$ 249.9bn) Q4 2013 saw 458 exits worth US$ 87.7bn, 18% higher than the previous quarter (US$ 74.3bn) and up 20.6% compared to Q4 2012 (US$ 72.7bn) The value of Secondary Buyouts (SBOs) in 2013 reversed three annual increases. Deal value stood at US$ 79.8bn, down 7.6% from 2012 (US$ 86.4bn). The market share of SBOs to total exits witnessed a marginal increase to 29.5% compared to 29% last year Trade Sale exits also decreased from US$ 211.6bn in 2012 to US$ 191.0bn in 2013. The 9.7% drop was the second successive annual decline. A vicious circle has appeared for trade sales - private equity firms refrain from sales at lower rates than their original buyout price but strategic players avoid having to pay high values. This was emphasised by a decline in the average deal size for trade sales with 2013s average at US$ 321.0m, down
13.5%
2011
2008
5.6%
94.4% 86.5%
2013: Rest of Asia

60.0%
Global: Private equity top exits

Announced Date
27-May-13
Bidder Company
Valeant Pharmaceuticals International Inc
Target Company
Bausch & Lomb Incorporated

Goldman Sachs; JPMorgan
Seller Company
Warburg Pincus LLC
Deal Value (US$bn)

8.7
09-Dec-13
Sysco Corporation
Goldman Sachs
US Foods Inc
Kohlberg Kravis Roberts & Co LP; and Clayton, Dubilier & Rice LLC
8.2
20-Nov-13
Devon Energy Corporation
Goldman Sachs; Morgan Stanley
GeoSouthern Energy Corporation (Eagle Ford Assets)
Advising seller: Jefferies
Blackstone Group LP; and GeoSouthern Energy Corporation TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP EQT Partners AB; and GIC Special Investments Pte Ltd
6.0
09-Sep-13
Canada Pension Plan Investment Board; and Ares Management LLC BC Partners Limited
Deutsche Bank; RBC Capital Markets
Neiman Marcus Group Inc
Credit Suisse
6.0
19-Jun-13
Credit Suisse; Jefferies; Nomura Holdings; UBS Investment Bank
Springer Science + Business Media Deutschland GmbH
Advising seller: JPMorgan; Goldman Sachs
4.4
Average deal size and Mid-market analysis

Q4s three mega-deals (US$ 54.5bn) resulted in the lowest value for mega-deals since Q4 2011 (US$ 47.8bn), and a 4.2% decline in 2013s average deal size The 27.1% share of mid-market M&A towards global M&A was the third highest percentage for any year on Mergermarket record (since 2001)
Quarterly average deal size breakdown

1,600 1,400
Mid-market analysis (US$ 501m - US$ 2bn)

In 2013, mid-market M&A totaled US$ 606.3bn, representing a 3.3% decrease compared to 2012 (US$ 626.9bn)
351.2
277.3
312.5
339.5
307.6
332.3
1,200
301.5
360.5
313.2
265.4
325.1
384.5
311.5
293.2
Value (US$m)
1,000
333.6 360.3 228.4 299.3 301.6
338.0
286.9 295.2 248.3
800
313.1
359.5
Fluctuating mid-market M&A value per quarter was evident even throughout the credit crisis. One constant since Q3 2009 however, is the share of global M&A which has remained above 20%. Q4s total value (US$ 186.2bn) represents the second highest share in any quarter on Mergermarket record (since 2001) with 32.6% of global M&A, up from 24.5% in Q3 (US$ 160.4bn) Asia-Pacific (exc. Japan) was the only region to see an increase in 2013 with US$ 141.9bnworth of deals, up 42.9% compared to last year (US$ 99.3bn). Mid-market M&A in Europe saw each quarter valued around US$ 40bn until Q4s US$ 47.6bn - the year has finished with a total value of US$ 167.6bn - a 7.1% decrease compared to 2012 (US$ 180.4bn). In the US, investors shied away from mid-cap deals in 2013 (US$ 210.1bn), down 11.6% compared to 2012 (US$ 237.6bn)
900 30%
466.5
600
304.9
308.1
400
200
321.2
382.1
266.4
302.4
357.4
288.2
282.6
2007
2008
2009
2010
2011
2012
2013
800
127.2
25%
Q1
Q2
Q3
Q4
700
With three mega-deals (above US$ 10bn) announced in Q4, the quarters average deal size declined 18.4% to US$ 293.2m from US$ 359.5m in Q3 Asia-Pacific (excl. Japan) witnessed its only mega-deal in Q4 but saw the fourth consecutive quarterly increase in average deal size in the region. At US$ 211.9m, Q4 was up 6.3% compared to Q3 (US$ 199.3m). Along with this growth pattern, 2013s total average of US$ 192.9m was up 2% compared to last years average of US$ 189.1m A 71.4% (US$ 284.2bn) share of the total value of mega-deals in 2013 (US$ 397.9bn) came from ten deals (US$ 284.2bn) targeting US companies. As a result, the US achieved its highest average deal size on Mergermarket record (since 2001) at US$ 526.6m, up 1.9% from the previous high in 2009 (US$ 516.7m)
500
67.2
400
300
42.8 30.9 165.8
62.2 178.6
230.8
80.2 70.9 327.5 123.0 192.8 69.7 96.1 86.5 97.8
100.3 194.1
111.3 165.3
99.3 237.6
141.9
15%
210.1
10%
200
227.0 173.5
265.5
186.7
210.3
180.4
100
167.6
5%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0%
% of Global M&A
Europe
US
Asia-Pacific (exc. Japan)
Rest of the World
% of Global M&A
The global average deal size during 2013 reversed two annual increases, down 4.2% to US$ 311.5m compared to the 2012 average of U$ 325.1m
104.8
600
104.8 283.1 92.1 103.1 109.6 86.7

20%
80.8
Consideration and Multiples & premiums analysis

Equity-only consideration increasingly used for cross-border transactions in 2013 (US$ 49.1bn), up 101.7% compared to 2012 (US$ 24.3bn) The global average EBIDTA Exit multiple (12.9x) and premium percentage (19.2%) decreased for the third year in a row
Consideration value-market share breakdown for cross-border deals since 2009

Cash & Equity Only Cash only Equity only
Multiples & Premiums

The global average EBITDA multiple fell for the third year down to 12.9x, the lowest since 2003 (10.6x) and down from 13.3x in 2012 North America was the only region to see an increased average EBITDA multiple. North America finished the year at 12.6x, an increase following 2012s dip to 12.1x as large-cap deals returned to the fore The TMT sector was one of the dominant industries in 2013 and as a result commanded one of the highest average EBITDA multiples at 15.1x, up from 13.2x in 2012. Average premiums in this sector rose slightly to 34% compared to 33.1% in 2012
7.8%
3.3% 6.9% 8.7% 15.0%
6.4% 9.1%
10.7%
6% 9.4%
2009 84.6% 2010 68.2% 2011 69.5% 2012 72.7%

2013 70.1%
30
Regional EBITDA multilpe analysis
The value of cross-border deals paid for with some form of equity increased during 2013: US$ 49.1bn-worth of cross-border deals were funded by equity-only, an increase of 101.7% from 2012 (US$ 24.3bn)
EBITDA Multiple (x) - Average
25
At 15%, the share of cross-border deals with a consideration mix of both cash and equity hit the highest level since 2007 (16.3%). The year saw US$ 93.7bn-worth of cross-border deals funded this way, up 86.5% compared to 2012 (US$ 50.3bn) However, global M&A deals with an equity-only consideration declined for a second year to US$ 241.9bn, down 21.6% from 2012 (US$ 308.5bn). Additionally, as a percentage of global M&A funding, deals paid for with equity constituted a mere 14.8% - marking a fifth consecutive drop and the lowest on Mergermarket record (2001) Until the final quarter of 2013, cash was very much the consideration of choice for investors looking to snap up US companies. Cash only deals witnessed consecutive value increases through the first three quarters, before taking a dip in Q4 to US$ 107.7bn - a 5.2% decline compared to Q3 (US$ 113.6bn). Meanwhile, deals funded by a mix of cash and equity were up 135.9% to US$ 71.3bn in Q4 compared to US$ 30.2bn in Q3
20
15
10
2004
2005
2006 Global
2007 Europe
2008 North America
2009
2010
2011
2012 Japan
2013
Asia-Pacific (excl. Japan)
Europe: Overview of 2013

The value of European M&A during 2013 (US$ 631.3bn) dropped for the second year to the lowest value since 2009 (US$ 466.8bn) Goldman Sachs resided at the top of the financial advisor league table by value with deals up 24% to US$ 376.5bn

1,600 1,519.7 286.3 1,400 Annual M&A Value Q4 M&A value Q3 M&A value
Q2 M&A Value
1,600 1,400

M&A Value Number of Deals 7,000 8,000
Q1 M&A Value
1,200
6,000
1,000
5,000
1,200
384.7
800
4,000
600
3,000
1,000
1,003.7 217.1
400
2,000
200
1,000
800
583.3 287.3
2007
2008
2009
2010
2011
2012
2013
725.2 134.7 638.7
717.8
249.6
631.3
600 466.8 204.1

400
241.9 165.2
150.9
eals valued at US$ 631.6bn dropped 12% from 2012 (US$ 717.8bn) and represented a D second annual decline. The final quarter of 2013 (US$ 150.9bn) led to the year not having one quarter above US$ 200bn for the first time since 2009 Deal value in Q4 was on par with Q3 (US$ 149.4bn) but dropped 39.5% compared to Q4 2012 (US$ 249.6bn) The 28.5% share that European M&A contributed to global M&A was slightly below 2012 (31.4%). However, the eurozone countries saw several high profile deals such as those in Italys luxury fashion sector (e.g. Loro Piana) which resulted in their share to global M&A increasing to 15.5% from 14.2% last year The largest deal in Q4 2013 was the tenth largest European targeted deal of the whole year. Celesio was acquired by McKesson Corporation for US$ 7.6bn in October. Activist hedge fund Elliott is expected to use its stake in Celesio to push for a bid bump in squeeze-out negotiations, according to Mergermarket intelligence
188.1 154.9 241.6
110.9
149.4
185.9 265.4 200

295.2 79
196.3
114.6 78.1 121.6 127.3 183.7 171.4 134.7
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Europe: Industry and Cross-border analysis

Business Services: US$ 29bn (US$ 32.9bn)
European cross-border analysis

Inbound and outbound activity rebounded in Q3 from a lull in Q2 and Q4 continued the upward trajectory. Inbound deals valued at US$ 48.8bn in Q4 increased 8.2% from Q3 (US$ 45.1bn). The overall deal value though was down 15.4% from 2012 (US$ 218.4bn) at US$ 184.7bn. Inbound deal value for 2013 was the lowest value since 2010 (US$ 136.2bn) North American companies with the firepower to target large-cap deals remain loyal investors in Europe. The 68.7% share of all inbound deals from North America during 2013 came from deals valued at US$ 127bn, down 10.9% from the US$ 127.1bn in 2012 but with an increased share compared to 65.3% in 2012
18.6%
3.7%
Energy, Mining & Utilities: US$ 117.5bn (US$ 216.5bn)
3.4%
4.6%
9.4%
2013
2.8% 4.6% 3.7% 20.9% 3.7% 4.7%
9.3%
10.6%
2012
1.0%
30.2%
Pharma, Medical & Biotech: US$ 50.6bn (US$ 33.7bn)
3.8%
14.0%
Succumbed by a continued eurozone crisis that still holds back deal making opportunities, 2013s outbound deal value fell 17.5% to US$ 142.7bn compared to 2012 (US$ 173.1bn). It was the lowest value since 2009 (US$ 122bn). However, Q4s deal value leapt 75.2% compared to Q4 2012 (US$ 36.5bn) and 73% compared to Q3 2013 (US$ 37bn) Every region except from Asia-Pacific (excl. Japan) aimed for European targets less in 2013 than in 2012. But for Asia-Pacific (excl. Japan), deal value increased 14.8% to US$ 25.6bn compared to US$ 22.3bn in 2012
700 Outbound M&A Value Inbound M&A Value 600 Inbound Number of Deals 1,200
Real Estate: US$ 23.8bn (US$ 26.3bn)
8.0%
TMT: US$ 132.2bn (US$ 67.1bn)
15.4% 2.2%
11.1%
14.2%
Other: US$ 21.7bn (US$ 20bn)
Outbound Number of Deals
1,000
500
400
600
300 400 200
The two other thriving sectors were Leisure (US$ 13.8bn vs. US$ 7.4bn) and Pharma, Medical & Biotech (US$ 50.6bn vs. US$ 33.7bn), up 86.5% and 50.1%, respectively The Energy, Mining & Utilities (US$ 117.5bn) sector experienced the biggest decline by value out of all sectors, down 45.7%. The sector represented 18.6% of Europes M&A compared to 2012s (US$ 216.5bn) 30.2% share. However, three mega-deals in 2012, including Glencore/Xstrata and two acquisitions involving TNK-BP Holdings, skewed the true representation - without these deals, 2013s value would be down by just 1.1%
100
200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
During 2013, four out of 11 sectors increased their values compared to 2012. TMT had the largest increase at 97% with deals valued at US$ 132.2bn versus US$ 67.1bn last year. The 20.9% market share the sector had during 2013 drastically increased compared to last years 9.3% with the Virgin Media deal (US$ 25bn) contributing 18.9% to the value
800
Europe: Top deals

Announced Date
06-Feb-13
Bidder Company
Liberty Global Plc

Credit Suisse; LionTree Advisors
Target Company
Virgin Media Inc

Goldman Sachs; JPMorgan
Seller Company
Deal Value (US$bn)

25.0
08-Apr-13
Russian Grids OAO
14.4
21-Jun-13
Hellenic Financial Stability Fund
BNP Paribas; Moelis & Company
National Bank of Greece SA (84.4% Stake)
11.4
24-Jun-13
Vodafone Group Plc
Goldman Sachs; UBS Investment Bank
Kabel Deutschland Holding AG (76.57% Stake) E-Plus Mobilfunk GmbH & Co KG
Deutsche Bank; Morgan Stanley; Perella Weinberg Partners
11.3
23-Jul-13
Telefonica Deutschland Holding AG
Bank of America Merrill Lynch; Citi; HSBC; Morgan Stanley; UBS Investment Bank BNP Paribas; Moelis & Company
Advising seller: ABN AMRO Bank; Goldman Sachs; ING; JPMorgan; KPMG; Rothschild Barclays; Lazard
Koninklijke KPN NV
11.3
28-Jun-13
Piraeus Bank SA (81.01% Stake)
9.1
12-Apr-13
Joh. A. Benckiser SE
Bank of America Merrill Lynch; Citi; Leonardo & Co; Morgan Stanley; Rabobank; Rothschild Bank of America Merrill Lynch; Greenhill & Co
D.E Master Blenders 1753 NV (84.95% Stake) Warner Chilcott Plc
Goldman Sachs; JPMorgan; Lazard
8.6
20-May-13
Actavis Inc
Deutsche Bank; Goldman Sachs
8.4
30-Apr-13
BNP Paribas; Moelis & Company
Eurobank Ergasias SA (98.57% Stake)
Barclays; Deutsche Bank
7.6
24-Oct-13
McKesson Corporation
Goldman Sachs
Celesio AG
Citi; Advising seller: JPMorgan
Franz Haniel & Cie GmbH
7.6
Europe: Financial advisor league tables

League table of financial advisors to M&A by value: Europe Ranking 2012
1 6 2 7 3 11 5 160 12 8 4 10 9 46 18 14 29 38 17
League table of financial advisors to M&A by deal count: Europe 2012 Value % Val. (US$m) Change
303,641 202,718 296,587 197,700 283,298 124,345 207,703 505 101,332 184,008 271,628 131,487 180,612 9,417 49,552 67,209 18,229 13,532 49,791 24% 59.6% 7.1% 36.6% -15.6% 75.5% -30.9% 25,186% 2.3% -44.5% -62.5% -36.7% -56.7% 598.7% -13.5% -37.7% 111.7% 158.8% -31.9%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
Goldman Sachs JPMorgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Investment Bank Citi Guggenheim Partners Paul J. Taubman BNP Paribas Rothschild Deutsche Bank Lazard Credit Suisse Moelis & Company HSBC VTB Capital Credit Agricole EY Societe Generale

376,453 323,446 317,781 270,107 239,053 218,266 143,521 127,695 127,600 103,690 102,159 101,774 83,179 78,142 65,801 42,839 41,861 38,585 35,016 33,927 142 100 105 82 88 68 85 3 2 87 151 64 105 69 23 39 17 35 171 58
Ranking 2012
1 3 5 4 2 6 7 8 10 11 18 17 15 14 16 12 13 9 20 19
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
PwC KPMG EY Deloitte Rothschild Goldman Sachs Morgan Stanley Lazard JPMorgan Barclays BNP Paribas BDO Citi Bank of America Merrill Lynch M&A International Credit Suisse UBS Investment Bank Deutsche Bank DC Advisory Societe Generale

26,605 25,045 35,016 10,633 102,159 376,453 317,781 83,179 323,446 239,053 103,690 3,365 143,521 270,107 3,989 78,142 218,266 101,774 4,261 33,927 235 182 171 158 151 142 105 105 100 88 87 87 85 82 75 69 68 64 60 58

217 173 142 143 208 139 133 111 110 93 68 70 81 83 72 89 85 110 50 60 18 9 29 15 -57 3 -28 -6 -10 -5 19 17 4 -1 3 -20 -17 -46 10 -2
Europe: Financial advisor league tables to buyouts

League table of financial advisors to private equity buyouts by value: Europe Ranking 2012
15 2 12 4 19 29 1 27 8 22 5 21 13 3 49
League table of financial advisors to private equity buyouts by deal count: Europe Ranking 2012
1 3 2 4 26 16 7 13 28 25 15 5 125 11 34
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Credit Suisse Barclays JPMorgan Nomura Holdings Jefferies UBS Investment Bank Goldman Sachs Bank of America Merrill Lynch Morgan Stanley Lazard Rothschild EY PwC Deutsche Bank KPMG

8,021 7,501 7,077 6,857 6,783 5,907 5,525 5,405 4,806 4,386 4,302 3,855 3,830 3,473 2,946 8 6 4 4 5 6 12 4 6 8 11 20 21 3 16

3,857 11,519 5,436 7,006 2,712 1,411 12,150 1,565 5,891 2,263 6,694 2,382 4,593 8,847 396 108% -34.9% 30.2% -2.1% 150.1% 318.6% -54.5% 245.4% -18.4% 93.8% -35.7% 61.8% -16.6% -60.7% 643.9%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC EY Deloitte KPMG DC Advisory Goldman Sachs Rothschild UniCredit Group Credit Suisse Lazard Lincoln International BDO Clearwater Corporate Finance Barclays UBS Investment Bank

3,830 3,855 713 2,946 1,551 5,525 4,302 2,596 8,021 4,386 359 349 205 7,501 5,907 21 20 18 16 15 12 11 9 8 8 8 8 7 6 6

33 17 18 12 5 6 9 7 4 5 7 11 1 7 3 -12 3 0 4 10 6 2 2 4 3 1 -3 6 -1 3

League table of financial advisors to M&A by value: UK Ranking 2012
2 10 3 6 4 1 104 8 5 11 7 9 63
League table of financial advisors to M&A by deal count: UK 2012 Value % Val. (US$m) Change
117,366 49,682 98,685 76,073 95,902 121,825 505 61,364 80,351 37,059 61,706 57,462 1,651 76.9% 287.3% 69.6% 112.5% 61.6% 23.1% 25,167 -23.3% -59.6% -45.7% -68.1% -66% 698.7%
2013
1 2 3 4 5 6 7= 7= 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan Cazenove Morgan Stanley UBS Investment Bank Bank of America Merrill Lynch Barclays Guggenheim Partners Paul J. Taubman Credit Suisse Deutsche Bank LionTree Advisors Lazard Citi Rothschild Perella Weinberg Partners

207,649 192,411 167,370 161,633 154,966 149,965 127,600 127,600 47,049 32,498 25,748 20,136 19,714 19,559 13,187 53 45 40 30 33 31 2 2 25 18 2 23 28 57 5
Ranking 2012
2 5 1 8 3 12 4 9 7 19 10 6 15 14 16
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC KPMG Rothschild BDO Goldman Sachs EY Deloitte JPMorgan Cazenove Morgan Stanley Canaccord Genuity Bank of America Merrill Lynch Barclays UBS Investment Bank Grant Thornton Corporate Finance Citi

7,148 2,344 19,559 2,466 207,649 5,625 4,619 192,411 167,370 7,116 154,966 149,965 161,633 785 19,714 70 65 57 55 53 53 51 45 40 40 33 31 30 30 28

65 46 80 44 57 39 53 43 44 27 42 45 29 35 28 5 19 -23 11 -4 14 -2 2 -4 13 -9 -14 1 -5 -
League table of financial advisors to M&A by value: Ireland Ranking 2012

1 11 23 2 5 3 26 34 7 48 19 29
League table of financial advisors to M&A by deal count: Ireland 2012 Value % Val. (US$m) Change
33,712 589 261 15,943 12,423 14,599 143 98 720 40 346 118 -59.3% 1,815.1% 4,140.2% -36.8% -19.5% -33% 6,735.7% 8,500% 836.9% 8,055% 163.6% 644.9%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs Bank of America Merrill Lynch Deutsche Bank Barclays Citi Morgan Stanley Ondra Partners Greenhill & Co Davy Corporate Finance Lazard Centerview Partners JPMorgan BNP Paribas Rothschild Jefferies

13,709 11,280 11,067 10,079 9,995 9,788 9,775 8,428 6,746 3,262 3,249 1,273 1,113 912 879 5 4 3 6 3 4 2 1 2 1 1 3 1 4 1
Ranking 2012
7 13 1 4 27 2 12 5 35 10 49 11 37 3
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Barclays Goodbody Corporate Finance IBI Corporate Finance Goldman Sachs Bank of America Merrill Lynch Morgan Stanley Rothschild Investec Deutsche Bank Citi JPMorgan Macquarie Group EY Ondra Partners Davy Corporate Finance

10,079 285 216 13,709 11,280 9,788 912 413 11,067 9,995 1,273 800 9,775 6,746 6 6 6 5 4 4 4 4 3 3 3 3 3 2 2

4 3 11 6 1 7 3 6 1 3 1 3 1 7 2 3 -5 -1 3 -3 1 -2 2 0 2 0 1 -5

League table of financial advisors to M&A by value: Germany Ranking 2012
2 3 7 4 1 6 5 10 14 28 16 9 141 68 8
League table of financial advisors to M&A by deal count: Germany 2012 Value % Val. (US$m) Change
41,418 38,375 23,220 36,537 46,753 24,159 29,740 12,607 7,364 2,710 4,391 17,951 245 19,435 59.7% 3.4% 56.6% -1.4% -27.8% 35.3% -22.5% 72.7% 138.7% 503.7% 245.4% -18.7% 4,695.1% -54.5%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs Deutsche Bank UBS Investment Bank JPMorgan Morgan Stanley Citi Rothschild Bank of America Merrill Lynch Perella Weinberg Partners KPMG HSBC Credit Suisse ING ABN AMRO Bank Lazard

66,134 39,690 36,351 36,029 33,778 32,697 23,048 21,776 17,579 16,359 15,166 14,593 11,749 11,748 8,834 28 18 14 13 13 10 24 11 4 31 5 12 4 4 14
Ranking 2012
7 1 6 4 2 8 5 9 19 29 13 10 12 11 3
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
EY KPMG PwC Goldman Sachs Rothschild Lincoln International Deutsche Bank Deloitte UniCredit Group Perspektiv UBS Investment Bank Lazard Baker Tilly Roelfs JPMorgan Morgan Stanley

7,011 16,359 1,286 66,134 23,048 142 39,690 818 3,902 36,351 8,834 168 36,029 33,778 45 31 30 28 24 19 18 17 16 16 14 14 14 13 13

22 36 23 25 32 22 25 21 11 8 14 18 15 17 26 23 -5 7 3 -8 -3 -7 -4 5 8 0 -4 -1 -4 -13
League table of financial advisors to M&A by value: Germanic Ranking 2012

3 1 4 6 2 14 13 11 12 21 5 25 24 36 79
League table of financial advisors to M&A by deal count: Germanic 2012 Value % Val. (US$m) Change
101,724 110,093 89,255 74,761 104,503 25,405 26,735 42,981 35,353 8,911 82,026 4,122 4,474 2,620 258 -21.1% -56.2% -46.9% -41% -58.4% 49.1% 27.7% -20.8% -45.6% 99.2% -78.8% 300.7% 239% 454.8% 4,488.4%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs Morgan Stanley JPMorgan Citi Deutsche Bank UBS Investment Bank Bank of America Merrill Lynch Rothschild Lazard Perella Weinberg Partners Credit Suisse KPMG HSBC Leonardo & Co ING

80,284 48,200 47,379 44,073 43,474 37,873 34,143 34,056 19,222 17,751 17,350 16,515 15,166 14,535 11,838 39 20 17 13 24 21 17 31 23 5 23 38 5 13 7
Ranking 2012
8 5 1 7 2 4 6 13 9 12 21 10 3 27 11
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
EY Goldman Sachs KPMG PwC Rothschild Deloitte Deutsche Bank Lincoln International Lazard Credit Suisse UniCredit Group UBS Investment Bank Morgan Stanley BNP Paribas JPMorgan

7,976 80,284 16,515 1,429 34,056 959 43,474 292 19,222 17,350 4,537 37,873 48,200 11,673 47,379 53 39 38 35 31 28 24 24 23 23 22 21 20 18 17

32 34 49 32 39 35 33 23 30 28 14 30 38 10 28 21 5 -11 3 -8 -7 -9 1 -7 -5 8 -9 -18 8 -11

League table of financial advisors to M&A by value: Benelux Ranking 2012
4 5 1 3 10 9 50 27 12 13 21 6 14 26 17
League table of financial advisors to M&A by deal count: Benelux 2012 Value % Val. (US$m) Change
34,247 32,831 48,795 34,911 11,815 13,028 384 2,159 10,397 7,980 3,477 32,146 7,367 2,420 6,789 132.5% 111.5% 28.8% 63.2% 361.2% 245% 6,836.5% 968% 104.9% 138.8% 399.2% -46% 127.4% 569.2% 123.7%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs Morgan Stanley JPMorgan Bank of America Merrill Lynch Citi UBS Investment Bank Credit Agricole HSBC Rothschild Rabobank Leonardo & Co Lazard ING BNP Paribas ABN AMRO Bank

79,616 69,434 62,862 56,992 54,487 44,952 26,636 23,058 21,302 19,053 17,356 17,344 16,753 16,195 15,184 25 21 15 17 11 7 3 10 21 34 15 19 27 23 19
Ranking 2012
6 2 1 5 29 3 14 15 13 12 4 19 10 9 24
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Rabobank ING PwC Goldman Sachs BNP Paribas KPMG Deloitte Morgan Stanley Rothschild Lazard ABN AMRO Bank Bank of America Merrill Lynch M&A International JPMorgan Leonardo & Co

19,053 16,753 4,407 79,616 16,195 14,276 1,245 69,434 21,302 17,344 15,184 56,992 30 62,862 17,356 34 27 26 25 23 22 22 21 21 19 19 17 17 15 15

22 28 30 22 7 28 14 13 14 14 23 11 16 18 9 12 -1 -4 3 16 -6 8 8 7 5 -4 6 1 -3 6
League table of financial advisors to M&A by value: France Ranking 2012

2 4 3 16 126 17 6 1 8 7 11 13 5 33 55
League table of financial advisors to M&A by deal count: France 2012 Value % Val. (US$m) Change
39,031 30,033 37,188 8,672 6,771 20,175 40,060 14,319 17,337 12,542 11,330 28,083 805 266 24% 25% -5.3% 271.1% 248% 14.3% -43.6% 46.4% 11.7% 28.1% 4.1% -65.3% 993.5% 2,971.4%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
BNP Paribas Morgan Stanley Rothschild Bank of America Merrill Lynch Moelis & Company Citi JPMorgan Lazard Goldman Sachs Barclays Deutsche Bank Credit Agricole Societe Generale Centerview Partners Natixis

48,388 37,554 35,230 32,183 26,151 23,566 23,053 22,591 20,964 19,373 16,069 11,800 9,743 8,803 8,170 51 15 46 5 4 11 8 35 15 10 8 32 31 3 13
Ranking 2012
2 1 3 5 4 7 13 21 32 6 9 14 10 11 169
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
BNP Paribas Rothschild Lazard Credit Agricole Societe Generale PwC EY Deloitte M&A International Leonardo & Co KPMG DC Advisory Morgan Stanley Goldman Sachs Capital Partner Corporate Finance Advisory

48,388 35,230 22,591 11,800 9,743 1,389 1,150 123 92 2,822 1,588 873 37,554 20,964 179 51 46 35 32 31 25 19 17 17 16 16 16 15 15 14

45 54 35 30 35 26 15 10 5 29 21 15 18 17 1 6 -8 0 2 -4 -1 4 7 12 -13 -5 1 -3 -2 13

League table of financial advisors to M&A by value: Iberia Ranking 2012
4 24 1 21 5 20 26 12 2 11 14 43 15 23 29
League table of financial advisors to M&A by deal count: Iberia 2012 Value % Val. (US$m) Change
12,781 4,104 40,306 5,195 11,900 5,520 3,049 7,545 16,331 7,713 6,975 322 6,759 4,186 1,483 46.7% 255.1% -71.3% 69.3% -42.5% 22.4% 99.2% -22.5% -65.5% -34.4% -27.7% 1,324.2% -51.1% -21.3% 110.8%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs PwC Barclays Banco Bilbao Vizcaya Argentaria Citi Bank of America Merrill Lynch Deloitte Societe Generale Rothschild Morgan Stanley JPMorgan Rabobank Credit Suisse Nomura Holdings BNP Paribas

18,747 14,574 11,575 8,795 6,837 6,754 6,075 5,851 5,634 5,061 5,043 4,586 3,303 3,296 3,126 14 50 13 24 8 6 36 10 14 10 8 9 5 5 4
Ranking 2012
1 4 2 6 5 13 3 7 15 12 30 17 39 9 14
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC Deloitte KPMG EY Banco Bilbao Vizcaya Argentaria Goldman Sachs Rothschild Barclays Societe Generale Morgan Stanley Rabobank Lazard N+1 Citi JPMorgan

14,574 6,075 1,550 948 8,795 18,747 5,634 11,575 5,851 5,061 4,586 3,085 1,143 6,837 5,043 50 36 32 28 24 14 14 13 10 10 9 9 9 8 8

40 28 29 20 22 9 28 14 8 10 4 7 2 12 9 10 8 3 8 2 5 -14 -1 2 0 5 2 7 -4 -1
League table of financial advisors to M&A by value: Spain Ranking 2012

2 12 1 13 8 22 15 10 3 9 6 39 45 11 20
League table of financial advisors to M&A by deal count: Spain 2012 Value % Val. (US$m) Change
11,936 4,104 27,242 4,093 5,254 1,384 3,049 4,250 11,195 5,147 6,289 322 85 4,186 1,483 57.1% 254.8% -57.5% 111.9% 30.1% 388.0% 99.2% 37.7% -49.7% -1.7% -19.8% 1,324.2% 3,785.9% -21.3% 110.8%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs PwC Barclays Banco Bilbao Vizcaya Argentaria Citi Bank of America Merrill Lynch Deloitte Societe Generale Rothschild Morgan Stanley JPMorgan Rabobank Credit Suisse Nomura Holdings BNP Paribas

18,747 14,563 11,575 8,672 6,837 6,754 6,075 5,851 5,634 5,061 5,043 4,586 3,303 3,296 3,126 14 48 13 23 8 6 35 10 14 10 8 9 5 5 4
Ranking 2012
1 2 3 6 5 10 4 9 13 11 23 15 35 8 12
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC Deloitte KPMG EY Banco Bilbao Vizcaya Argentaria Goldman Sachs Rothschild Barclays Societe Generale Morgan Stanley Rabobank Lazard N+1 Citi JPMorgan

14,563 6,075 1,539 948 8,672 18,747 5,634 11,575 5,851 5,061 4,586 3,085 1,143 6,837 5,043 48 35 29 28 23 14 14 13 10 10 9 9 9 8 8

40 28 28 18 19 8 23 9 6 8 4 6 2 10 7 8 7 1 10 4 6 -9 4 4 2 5 3 7 -2 1

League table of financial advisors to M&A by value: Italy Ranking 2012
5 15 8 14 2 13 4 1 11 9 10 7 3 27 12
League table of financial advisors to M&A by deal count: Italy 2012 Value % Val. (US$m) Change
16,080 6,156 14,871 6,461 26,749 8,710 18,655 28,987 10,911 14,007 11,937 14,993 22,287 964 8,760 31.8% 161.2% 0.1% 111.9% -53.7% 23.8% -48.8% -67.8% -23.5% -41.7% -33.2% -47% -67.4% 608.3% -47.4%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs Barclays Banca IMI/Intesa Sanpaolo JPMorgan Rothschild UniCredit Group Lazard Morgan Stanley Deutsche Bank Mediobanca Bank of America Merrill Lynch BNP Paribas Leonardo & Co HSBC Credit Suisse

21,189 16,078 14,882 13,690 12,383 10,781 9,552 9,324 8,349 8,160 7,979 7,952 7,268 6,828 4,607 11 7 32 9 17 28 19 4 5 15 5 14 6 6 3
Ranking 2012
2 4 1 8 3 5 7 11 21 13 14 37 18 15 26
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Banca IMI/Intesa Sanpaolo UniCredit Group Lazard KPMG Rothschild Mediobanca BNP Paribas Goldman Sachs JPMorgan Vitale & Associati EQUITA S.I.M. Lincoln International Fineurop Soditic PwC Barclays

14,882 10,781 9,552 1,438 12,383 8,160 7,952 21,189 13,690 2,392 689 102 1,006 249 16,078 32 28 19 18 17 15 14 11 9 9 9 9 8 8 7

22 20 22 11 21 19 13 8 4 8 8 2 7 8 3 10 8 -3 7 -4 -4 1 3 5 1 1 7 1 0 4
League table of financial advisors to M&A by value: Nordic Ranking 2012

2 4 12 13 1 14 9 10 42 15 32 18 11 3 6
League table of financial advisors to M&A by deal count: Nordic 2012 Value % Val. (US$m) Change
14,030 12,429 7,357 7,197 19,667 7,072 7,979 7,654 718 6,902 2,285 4,120 7,432 12,545 8,933 74.9% 61.6% 64.5% 67.5% -49.4% 13.6% -1.7% -11.3% 782.5% -17.1% 145.4% 31.6% -28.9% -61.3% -50.5%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan Morgan Stanley SEB Deutsche Bank Citi Nordea Corporate Finance Barclays Danske Bank Corporate Finance Handelsbanken Capital Markets Jefferies Nomura Holdings UBS Investment Bank Bank of America Merrill Lynch Credit Suisse

24,535 20,088 12,099 12,052 9,958 8,034 7,844 6,789 6,336 5,722 5,608 5,423 5,286 4,852 4,423 12 16 8 37 8 12 18 8 17 15 5 3 7 7 3
Ranking 2012
1 2 4 7 5 3 12 22 6 17 10 85 9 16 24
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC SEB EY ABG Sundal Collier Holding KPMG Nordea Corporate Finance Pareto Securities Danske Bank Corporate Finance Deloitte JPMorgan Handelsbanken Capital Markets Grant Thornton Corporate Finance M&A International Goldman Sachs Citi

3,301 12,052 2,036 2,236 510 7,844 1,010 6,336 869 20,088 5,722 52 112 24,535 8,034 59 37 24 20 19 18 18 17 17 16 15 14 13 12 12

52 35 30 18 25 30 16 10 21 11 16 2 17 11 8 7 2 -6 2 -6 -12 2 7 -4 5 -1 12 -4 1 4

League table of financial advisors to M&A by value: Sweden Ranking 2012
1 2 7 5 15 21 6 18 3 8 30 10 9 22
League table of financial advisors to M&A by deal count: Sweden 2012 Value % Val. (US$m) Change
13,582 9,170 4,292 6,717 1,525 1,152 4,558 1,245 7,488 3,714 320 3,198 3,655 1,131 -38.4% -10% 61.6% -17.8% 229.1% 318.7% -0.9% 255.3% -40.9% 16.7% 942.5% 0.2% -35.9% 67.6%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan SEB Handelsbanken Capital Markets Jefferies Nomura Holdings Morgan Stanley UBS Investment Bank Credit Suisse Nordea Corporate Finance VTB Capital PK Partners Barclays Citi PwC

8,365 8,252 6,938 5,523 5,019 4,823 4,516 4,423 4,423 4,336 3,550 3,336 3,205 2,343 1,895 4 11 18 10 3 2 3 4 2 8 2 2 6 5 34
Ranking 2012
1 4 45 7 3 8 21 2 5 18 20 32 17 10
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC SEB Grant Thornton Corporate Finance JPMorgan EY Handelsbanken Capital Markets ABG Sundal Collier Holding Nordea Corporate Finance KPMG Arctos Corporate Finance Barclays Swedbank Danske Bank Corporate Finance Citi Carnegie Investment Bank

1,895 6,938 52 8,252 112 5,523 1,189 4,336 129 3,205 1,230 218 2,343 1,444 34 18 13 11 11 10 9 8 8 7 6 6 6 5 5

28 17 2 9 18 9 4 18 12 4 4 3 4 8 6 1 11 2 -7 1 5 -10 -4 2 2 3 1 -3
League table of financial advisors to M&A by value: Denmark Ranking 2012

12 7 10 51 5 6 1 31 9 38 24 -
League table of financial advisors to M&A by deal count: Denmark 2012 Value % Val. (US$m) Change
527 918 664 1,789 1,732 2,488 140 671 42 204 552.2% 179.7% 217.5% -30% -38% -58.1% 525.7% 14.6% 1,597.6% 243.1% -
2013
1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 13=
Company Name
Nordea Corporate Finance Morgan Stanley Danske Bank Corporate Finance Citi PwC FIH Partners SEB JPMorgan Swedbank EY Moelis & Company UniCredit Group CITIC Securities Co Nomura Holdings Southwest Securities Company

3,437 2,568 2,108 1,447 1,253 1,073 1,043 876 769 713 700 687 600 600 600 8 4 3 3 17 6 11 3 1 5 1 3 1 1 1
Ranking 2012
1 3 4 5 8 11 9 2 20 10 6 7 51 38 -
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC Deloitte SEB Advizer Nordea Corporate Finance M&A International FIH Partners Carnegie Investment Bank EY Morgan Stanley KPMG Danske Bank Corporate Finance Citi JPMorgan UniCredit Group

1,253 488 1,043 3,437 79 1,073 523 713 2,568 2,108 1,447 876 687 17 13 11 9 8 7 6 6 5 4 4 3 3 3 3

19 12 11 9 7 4 5 12 2 4 7 7 1 1 -2 1 0 0 1 3 1 -6 3 0 -3 -4 2 2 -

League table of financial advisors to M&A by value: Norway Ranking 2012
24 16 12 3 5 18 17 2 44 4
League table of financial advisors to M&A by deal count: Norway 2012 Value % Val. (US$m) Change
660 1,223 2,995 4,316 3,949 895 920 6,788 55 4,101 875.2% 377.3% 39.4% -17% -24.2% 229.4% 215.2% -67.5% 2,474.5% -68.6%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
SEB Goldman Sachs DNB Markets Barclays Maybank Investment Bank Bank of America Merrill Lynch Deutsche Bank CIMB Group ING Morgan Stanley Lambert Energy Advisory Centerview Partners ABG Sundal Collier Holding Citi Rothschild

6,436 5,837 4,174 3,584 3,140 2,995 2,948 2,933 2,900 2,900 2,650 2,446 2,203 1,416 1,289 14 3 8 2 2 2 3 2 3 1 1 1 18 4 4
Ranking 2012
2 1 6 5 4 3 14 30 53 21 10 7 9 12
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
ABG Sundal Collier Holding Pareto Securities SEB PwC Arctic Securities DNB Markets EY Danske Bank Corporate Finance Citi Rothschild Fondsfinans Handelsbanken Capital Markets Alpha Corporate Finance M&A International Global M&A Partners

2,203 907 6,436 422 995 4,174 1,241 186 1,416 1,289 287 55 53 25 18 16 14 14 11 8 7 5 4 4 4 4 4 4 4

15 16 8 12 13 15 5 2 1 2 6 8 7 6 3 0 6 2 -2 -7 2 3 3 2 -2 -4 -3 -2
League table of financial advisors to M&A by value: Finland Ranking 2012

7 11 6 16 2 34 10 29 5 9 21 19
League table of financial advisors to M&A by deal count: Finland 2012 Value % Val. (US$m) Change
3,119 425 3,119 210 3,614 35 1,171 52 3,119 3,119 150 191 275% 2,235.8% 67.7% 1,832.4% 2.3% 10,063% 163.1% 4,167.3% -44.7% -44.7% 994.7% 629.3%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
JPMorgan Goldman Sachs Deutsche Bank Danske Bank Corporate Finance Citi ICECAPITAL Securities Morgan Stanley goetzpartners BNP Paribas Rothschild Perella Weinberg Partners SEB Code Advisors Mizuho Financial Group PwC

11,696 9,927 5,230 4,058 3,698 3,557 3,081 2,219 2,049 1,724 1,724 1,642 1,630 1,530 1,393 4 4 2 9 2 2 2 1 2 2 1 8 2 1 11
Ranking 2012
4 33 9 14 1 3 5 2 29 13 7 62 60 11
2013
1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 15
Company Name
PwC Danske Bank Corporate Finance SEB KPMG Nordea Corporate Finance HLP Corporate Finance PCA Corporate Finance EY JPMorgan Goldman Sachs Access Partners Translink Fredericks Michael & Co ProMan Advium Corporate Finance

1,393 4,058 1,642 427 1,186 14 11,696 9,927 862 26 26 19 11 9 8 8 6 6 5 5 4 4 4 4 3 3 3

6 1 4 3 11 6 6 9 1 3 5 1 1 4 5 8 4 5 -5 0 -1 -4 3 1 -1 3 2 -1

League table of financial advisors to M&A by value: CEE Ranking 2012
4 7 2 28 15 18 14 5 6 9 1 3 57 10 17
League table of financial advisors to M&A by deal count: CEE 2012 Value % Val. (US$m) Change
67,209 48,948 68,368 708 8,880 2,269 17,494 66,504 55,157 44,499 79,650 67,700 78 37,527 5,993 -48.2% -44.7% -65.3% 2,889.1% 125.9% 480.8% -46.1% -87.8% -86.2% -84.3% -91.8% -91.3% 6,707.7% -89.7% -38.1%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
VTB Capital Morgan Stanley Barclays EY JPMorgan Societe Generale Sberbank CIB Citi Goldman Sachs Credit Suisse Deutsche Bank Bank of America Merrill Lynch Trigon Group Renaissance Capital Gazprombank

34,784 27,073 23,696 21,163 20,056 13,178 9,427 8,120 7,639 6,965 6,552 5,880 5,310 3,847 3,708 16 12 7 19 11 14 9 13 9 7 9 8 6 3 5
Ranking 2012
9 4 2 21 14 16 8 6 17 3 48 1 7 5 23
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
EY KPMG VTB Capital Deloitte Societe Generale Citi Morgan Stanley UniCredit Group JPMorgan Rothschild BDO Sberbank CIB Goldman Sachs Deutsche Bank Bank of America Merrill Lynch

21,163 3,558 34,784 1,236 13,178 8,120 27,073 656 20,056 1,461 45 9,427 7,639 6,552 5,880 19 17 16 16 14 13 12 12 11 10 10 9 9 9 8

12 19 20 6 9 7 17 18 7 20 2 26 17 18 4 7 -2 -4 10 5 6 -5 -6 4 -10 8 -17 -8 -9 4
League table of financial advisors to M&A by value: Russia Ranking 2012

3 7 5 25 14 15 20 2 8 1 10 16 4 6
League table of financial advisors to M&A by deal count: Russia 2012 Value % Val. (US$m) Change
67,209 45,338 63,500 396 17,344 7,179 1,500 67,700 42,735 74,609 37,447 5,993 64,883 49,935 -48.2% -45% -72.7% 3,541.7% -45.6% 30.4% 297.1% -91.6% -89.5% -94.8% -89.7% -38.1% -94.4% -94.9%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
VTB Capital Morgan Stanley Barclays EY Sberbank CIB JPMorgan Societe Generale Bank of America Merrill Lynch Credit Suisse Deutsche Bank Renaissance Capital Gazprombank Citi Carnegie Investment Bank Goldman Sachs

34,784 24,916 17,315 14,421 9,427 9,362 5,957 5,707 4,500 3,853 3,847 3,708 3,662 2,682 2,562 15 8 3 3 9 5 5 4 4 5 3 5 6 1 4
Ranking 2012
2 1 3 11 13 10 4 7 15 9 5 16 17 8
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
VTB Capital Sberbank CIB Morgan Stanley Citi Otkritie Financial Corporation JPMorgan Societe Generale Deutsche Bank Gazprombank Bank of America Merrill Lynch Credit Suisse Goldman Sachs Barclays EY Renaissance Capital

34,784 9,427 24,916 3,662 1,957 9,362 5,957 3,853 3,708 5,707 4,500 2,562 17,315 14,421 3,847 15 9 8 6 6 5 5 5 5 4 4 4 3 3 3

20 25 15 5 5 6 13 11 4 7 11 4 4 8 -5 -16 -7 1 0 -1 -8 -6 0 -3 -7 -1 -1 -5

League table of financial advisors to M&A by value: Poland Ranking 2012
27 19 6 4 12 5 10 13 22 28
League table of financial advisors to M&A by deal count: Poland 2012 Value % Val. (US$bn) Change
78 281 1,576 1,701 987 1,621 1,300 768 206 43 6,707.7% 1,682.2% -32.3% -59% -38.8% -72.9% -75.1% -64.2% 28.2% 272.1%
2013
1 2 3 4 5 6 7 8 9 10 11= 11= 11= 14 15
Company Name
Trigon Group EY Bank Zachodni WBK JPMorgan Rothschild Citi UniCredit Group Morgan Stanley Societe Generale Credit Agricole Dundee Capital Markets GMP Securities Peters & Co Bank of America Merrill Lynch Raiffeisen Centrobank

5,310 5,008 1,067 698 604 440 324 292 275 264 224 224 224 173 160 6 4 4 1 3 2 6 2 2 1 1 1 1 2 2
Ranking 2012
16 1 17 43 2 12 3 13 4 11 6 8 -
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Trigon Group UniCredit Group Deloitte VCP Capital Partners EY Bank Zachodni WBK KPMG Rothschild Goldman Sachs Citi Morgan Stanley Societe Generale Bank of America Merrill Lynch Raiffeisen Centrobank Clairfield International

5,310 324 49 16 5,008 1,067 36 604 59 440 292 275 173 160 130 6 6 6 6 4 4 4 3 3 2 2 2 2 2 2

2 8 2 1 5 2 5 2 4 2 3 3 4 -2 4 5 -1 2 -1 1 -1 0 -1 -1 -
League table of financial advisors to M&A by value: Turkey Ranking 2012

9 15 16 11 24 26 7 2 1 31 33 3 -
League table of financial advisors to M&A by deal count: Turkey 2012 Value % Val. (US$bn) Change
3,363 875 695 2,248 207 207 3,760 8,078 8,450 98 26 7,928 64.4% 37.1% 67.2% -48.5% 418.4% 418.4% -72.5% -88.5% -90.6% 631.6% 2,600% -91.5% -
2013
1 2 3 4 5= 5= 7 8 9 10 11 12 13 14 15
Company Name
Raiffeisen Centrobank Citi Garanti Securities BNP Paribas UniCredit Group Yapi Kredi Yatirim Menkul Degerler Deutsche Bank Societe Generale Goldman Sachs Bank of America Merrill Lynch PwC Lazard Burgan Securities Barclays CIMB Group

5,529 1,200 1,162 1,158 1,073 1,073 1,034 967 925 794 717 712 702 673 612 11 3 1 3 2 2 1 4 6 3 8 2 3 4 2
Ranking 2012
3 4 8 1 2 6 13 9 12 5 28 10 22 14
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
3 Seas Capital Partners Raiffeisen Centrobank IS Investment Securities PwC Pragma Corporate Finance Goldman Sachs Societe Generale Barclays Unlu & Co Deloitte Citi BNP Paribas Bank of America Merrill Lynch Burgan Securities Rothschild

29 5,529 136 717 262 925 967 673 462 1,200 1,158 794 702 490 13 11 10 8 8 6 4 4 4 4 3 3 3 3 3

8 6 5 9 8 5 3 5 4 6 1 4 2 3 5 5 5 -1 0 1 1 -1 0 -3 2 -1 1 0
US: Overview of 2013

Despite a volatile year for US M&A, the 2013 total of US$ 893.1bn represented a 3.8% increase compared to 2012 (US$ 860.1bn) Advising on half of the top ten deals, Goldman Sachs claimed the top spot in the 2013 financial advisor league tables by deal value (US$ 454.5bn)

1,600 Annual M&A Value Q4 M&A Value Q3 M&A Value
Q2 M&A Value
1,600 1,400

M&A Value Number of Deals 5,000 1,200 4,000 6,000
1,400
Q1 M&A Value 1,345.8

228.5
1,000
1,200
800
3,000
600 2,000 400
255.4
1,000
1,000 200
800
500.8 752.4
77.6
823.3
860.1 312.3
893.1
221.1
0 2007 2008 2009 2010 2011 2012 2013 0
183.0 687.9 204.8 720.6 242.8 207.3 233.0

98.0
263.2 600
324.8
2013s US$ 893.1bn-worth of deals has led to the fourth year of increased value for UStargeted M&A. The 3.8% increase from 2012 resulted in the highest annual value since 2007s US$ 1.3tn At the same time, if not for the US$ 124.1bn Verizon Wireless deal, US M&A in 2013 would have seen the lowest deal value since 2010 (US$ 720.6bn) at US$ 769bn. This would have represented a 10.6% decline compared to 2012
153.0
185.5
400 361.1
266.2
186.2 178.4
188.2 247.5
168.4
200
145.4
198.9
146.4
178.8
126.6
Expectations for 2013 were high amid further economic recovery and a seemingly healthy M&A pipeline. However, despite being the driver of global M&A, US M&A has been nothing short of a roller coaster ride. Beginning the year with strong momentum (Q1 2013 valued at US$ 178.8bn), the US experienced a downturn in Q2 (US$ 168.4bn), only to double in deal value by Q3 (US$ 324.8bn) and drop again in the last quarter of the year (US$ 221.1bn) ith the government shutdown in October, Q4 2013 saw a 31.9% decline from Q3. It also W dropped 29.2% by deal value from Q4 2012 (US$ 312.3bn) which was reflected in the global trend
2007
2008
2009
2010
2011
2012
2013
Number of Deals
US: Industry and Cross-border analysis

US cross-border analysis
As the US economy stabilises, local companies are increasingly looking inward for acquisition opportunities: the value of domestic deals in 2013 (US$ 728.2bn) increased 9.1% from 2012 (US$ 667.7bn). As a result, this was the most active year for domestic deals since 2007 (US$ 976.3bn)
2013
10.6%
1.7% 4.7% 1.4%

1.0% 1.0% 4.5%
19.6% 33.4%
11.1%
2012
15.4%
The preference for domestic M&A can also be seen in the lack of growth for outbound activity during 2013 (US$ 176.1bn) which declined 6% from 2012 (US$ 187.3bn). Q4s US$ 42.9bn declined 13.5% compared to Q3 (US$ 49.6bn) and up by 32.9% compared to Q4 2012 (US$ 63.9bn) Amid improving economic conditions, the nature of the US investor abroad is changing as well. In 2013, 80% of US outbound deal value came from a corporate buyer (versus a US-based financial sponsor), the highest proportion since 2008 (84.4%) and the secondhighest since 2001 (93.7%) Consequently, riskier investments in the emerging markets appear to be traded for stable alternatives at home. US investments into the BRICs in 2013 (US$ 11.1bn, 122 deals) have declined for two consecutive years and saw the lowest deal count since 2009 (110 deals)
700 Outbound M&A Value Inbound M&A Value 600 Inbound Number of Deals Outbound Number of Deals 1,000 1,200
Leisure: US$ 10bn (US$ 26.4bn)
5.3%
19.6%
14.4% 3.1% 8.9%
7.6%
11.7%
8.1%
TMT: US$ 298.1bn (US$ 169.1bn)
5.1%
10.8%
1.1%
500
400 600 300 400
Q4s largest deal was in the Financial Services sector and saw the acquisition of International Lease Finance by AerCap Holdings for US$ 26.4bn. Nonetheless, the sector still experienced a 10.4% year-on-year decrease in value (US$ 68.3bn in 2013 compared to US$ 76.2bn in 2012) In part due to the USs shale revolution, the share of inbound Energy, Mining & Utilities deals has decreased each year since 2011, with 2013 (US$ 15.4bn) representing only 11.2% of the total value (US$ 137.5bn). The share of domestic deals in the sector witnessed consecutive increases with 2013 (US$ 122.1bn) accounting for 88.8% of the total
200
100
200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Mega-deals in the TMT sector were the highlight of 2013. As a result, the sector was the dominant industry by both value and count with 775 deals worth US$ 298.1bn, a 76.3% increase in deal value compared to 2012 (US$ 169.1bn). Despite three of the top five deals being TMT focused, the sectors average deal size of US$ 805.8m was only the second highest behind Real Estate (US$ 1.7bn)
800
US: Top deals

Announced Date
02-Sep-13
Bidder Company
Verizon Communications Inc

Bank of America Merrill Lynch; Barclays; Guggenheim Partners; JPMorgan; Morgan Stanley; Paul J. Taubman JPMorgan; Lazard; Wells Fargo Securities
Target Company
Verizon Wireless Inc (45% Stake) H.J. Heinz Company

Advising seller: Goldman Sachs; UBS Investment Bank
Seller Company
Vodafone Group Plc
Deal Value (US$bn)

124.1
14-Feb-13
Berkshire Hathaway Inc; and 3G Capital
Bank of America Merrill Lynch; Centerview Partners; Moelis & Company Advsing seller: Citi; JPMorgan; Morgan Stanley American International Group Inc
27.4
16-Dec-13
AerCap Holdings NV
Bank of America Merrill Lynch; Credit Agricole ; Goldman Sachs; UBS Investment Bank Bank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; LionTree Advisors; RBC Capital Markets; UBS Investment Bank Bank of America Merrill Lynch; BNP Paribas; Citi; Rothschild
International Lease Finance Corporation
26.4
05-Feb-13
Dell Inc
Evercore Partners; Goldman Sachs; JPMorgan
20.2
28-Jul-13
Publicis Groupe SA
Omnicom Group Inc
Moelis & Company; Morgan Stanley
19.4
12-Feb-13
Comcast Corporation
NBCUniversal Media LLC (49% Stake) Life Technologies Corp
Advising seller: Centerview Partners; Goldman Sachs; JPMorgan Deutsche Bank; Moelis & Company
General Electric Company
16.7
15-Apr-13
Thermo Fisher Scientific Inc
Barclays; JPMorgan
15.0
22-May-13
Pfizer Inc (Shareholders)
Zoetis Inc (80.2% Stake)
Advising seller: Bank of America Merrill Lynch; Goldman Sachs; Guggenheim Partners; JPMorgan; Morgan Stanley Advising seller: Morgan Stanley
Pfizer Inc
12.4
06-Aug-13
Spectra Energy Partners LP
Evercore Partners
Spectra Energy Corp (US transmission, storage and liquids assets)
Spectra Energy Corp
12.3
29-May-13
MidAmerican Energy Holdings Company
NV Energy Inc
Lazard
10.4
Americas: Financial advisor league tables

League table of financial advisors to M&A by value: Americas Ranking 2012
1 2 5 3 4 9 7 48 8 6 10 13 20 15 12 19 674 11 14
League table of financial advisors to M&A by deal count: Americas 2012 Value % Val. (US$m) Change
365,683 355,107 241,814 293,393 262,993 114,314 233,500 9,096 194,503 235,498 113,737 96,706 37,878 67,005 104,929 39,105 106,702 71,872 31% 20.4% 76.2% 33.1% 10.6% 116.4% -8.3% 1,584.3% -23.7% -41.6% 4.9% -2.1% 143.4% 22.1% -26% 56.8% -56.2% -40.4%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
Goldman Sachs JPMorgan Bank of America Merrill Lynch Morgan Stanley Barclays UBS Investment Bank Citi Guggenheim Partners Deutsche Bank Credit Suisse Paul J. Taubman Lazard Evercore Partners Moelis & Company Centerview Partners RBC Capital Markets Wells Fargo Securities LionTree Advisors Rothschild Jefferies

478,867 427,589 426,196 390,437 290,894 247,407 214,029 153,207 148,478 137,418 127,600 119,295 94,652 92,184 81,833 77,647 61,320 49,765 46,706 42,812 211 158 149 171 118 89 126 15 88 106 2 119 88 69 21 108 50 8 65 92
Ranking 2012
1 3 5 4 9 8 2 7 6 12 14 11 15 10 19 23 34 16 18 13
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
Goldman Sachs Morgan Stanley JPMorgan Bank of America Merrill Lynch Citi Lazard Barclays RBC Capital Markets Credit Suisse Jefferies UBS Investment Bank Deutsche Bank Evercore Partners Houlihan Lokey PwC Stifel/KBW KPMG Moelis & Company Lincoln International Rothschild

478,867 390,437 427,589 426,196 214,029 119,295 290,894 77,647 137,418 42,812 247,407 148,478 94,652 14,248 11,666 12,058 9,496 92,184 1,155 46,706 211 171 158 149 126 119 118 108 106 92 89 88 88 87 82 81 75 69 66 65

220 156 149 154 122 127 157 132 135 106 84 112 77 114 58 55 41 74 64 95 -9 15 9 -5 4 -8 -39 -24 -29 -14 5 -24 11 -27 24 26 34 -5 2 -30
US: Financial advisor league tables

League table of financial advisors to M&A by value: US Ranking 2013 Value Deal 2012 2013 Company Name (US$m) Count
2 1 7 3 4 9 6 38 8 5 11 19 10 13 18 16 579 12 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Goldman Sachs JPMorgan Bank of America Merrill Lynch Morgan Stanley Barclays UBS Investment Bank Citi Guggenheim Partners Deutsche Bank Credit Suisse Paul J. Taubman Lazard Moelis & Company Evercore Partners Centerview Partners Wells Fargo Securities RBC Capital Markets LionTree Advisors Rothschild Jefferies 454,520 418,933 404,593 359,501 284,379 240,168 203,266 153,207 131,614 129,367 127,600 113,489 92,163 89,900 81,833 61,320 60,146 49,765 41,068 40,033 191 142 130 146 112 80 112 15 77 96 2 100 68 85 21 50 86 8 45 87
League table of financial advisors to M&A by deal count: US 2012 Value % Val. (US$m) Change
308,262 312,801 184,872 259,957 227,747 99,731 195,067 9,096 161,372 213,186 82,754 37,444 95,325 67,005 39,105 46,851 81,880 60,713 47.4% 33.9% 118.9% 38.3% 24.9% 140.8% 4.2% 1,584.3% -18.4% -39.3% 37.1% 146.1% -5.7% 22.1% 56.8% 28.4% -49.8% -34.1%
Ranking 2012
1 3 4 5 2 8 9 7 10 12 13 6 20 15 11 14 18 24 27 31
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
Goldman Sachs Morgan Stanley JPMorgan Bank of America Merrill Lynch Barclays Citi Lazard Credit Suisse Jefferies RBC Capital Markets Evercore Partners Houlihan Lokey Stifel/KBW UBS Investment Bank Deutsche Bank Moelis & Company Lincoln International Sandler O'Neill & Partners PwC KPMG

454,520 359,501 418,933 404,593 284,379 203,266 113,489 129,367 40,033 60,146 89,900 14,165 12,058 240,168 131,614 92,163 1,155 12,207 9,206 5,799 191 146 142 130 112 112 100 96 87 86 85 85 81 80 77 68 63 57 57 55

190 138 133 131 146 106 105 107 98 83 74 111 54 67 97 70 62 48 45 32 1 8 9 -1 -34 6 -5 -11 -11 3 11 -26 27 13 -20 -2 1 9 12 23
US: Financial advisor league tables to buyouts

League Table of financial advisors to private equity buyouts by value: US Ranking 2013 2012 Value Deal Value % Val. 2012 2013 Company Name (US$m) Count (US$m) Change
3 12 5 4 29 2 9 17 8 1 7 10 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 RBC Capital Markets UBS Investment Bank Credit Suisse Barclays Lazard Deutsche Bank JPMorgan Wells Fargo Securities Bank of America Merrill Lynch Citi LionTree Advisors Morgan Stanley Qatalyst Group Goldman Sachs Jefferies 36,814 33,035 32,373 31,926 30,918 29,287 29,201 28,662 28,056 21,747 20,769 7,239 6,535 6,008 5,651 11 15 12 8 4 9 6 3 9 4 2 10 1 9 13 16,491 5,084 13,469 14,545 540 18,883 9,208 2,399 9,622 20,174 10,449 9,164 10,698 123.2% 549.8% 140.4% 119.5% 5,625.6% 55.1% 217.1% 1,094.7% 191.6% 7.8% -30.7% -34.4% -47.2%
League Table of financial advisors to private equity buyouts by deal count: US Ranking 2012
14 5 7 1 4 2 8 6 3 13 19 12 28 9 11
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
UBS Investment Bank Jefferies Credit Suisse RBC Capital Markets Morgan Stanley Deutsche Bank Bank of America Merrill Lynch Goldman Sachs Barclays Lincoln International JPMorgan Houlihan Lokey Lazard Citi BMO Capital Markets

33,035 5,651 32,373 36,814 7,239 29,287 28,056 6,008 31,926 107 29,201 3,496 30,918 21,747 2,066 15 13 12 11 10 9 9 9 8 7 6 5 4 4 4

4 11 10 14 12 12 10 11 12 5 3 5 2 8 6 11 2 2 -3 -2 -3 -1 -2 -4 2 3 0 2 -4 -2

League table of financial advisors to M&A by value: Canada Ranking 2012
11 1 2 5 21 19 4 7 13 6 3 15 10 8 29
League table of financial advisors to M&A by deal count: Canada 2012 Value % Val. (US$m) Change
13,439 73,271 40,597 26,596 6,233 8,397 29,285 22,217 11,520 25,131 39,745 10,723 13,653 17,263 2,270 177.3% -59.3% -32.3% -7.7% 224.3% 117.8% -44.7% -48.1% -0.6% -59.1% -75.6% -27.2% -49.1% -60.5% 146.5%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Morgan Stanley RBC Capital Markets Goldman Sachs Bank of America Merrill Lynch Deutsche Bank JPMorgan Scotiabank TD Securities Credit Suisse Citi BMO Capital Markets Canaccord Genuity Barclays CIBC World Markets Lazard

37,260 29,855 27,496 24,560 20,216 18,287 16,205 11,532 11,455 10,276 9,707 7,801 6,947 6,811 5,596 18 34 16 18 11 16 24 22 9 13 26 16 11 14 6
Ranking 2012
1 4 2 5 3 11 15 12 10 20 7 26 23 8 31
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
RBC Capital Markets GMP Securities BMO Capital Markets Scotiabank TD Securities Macquarie Group Morgan Stanley Bank of America Merrill Lynch Goldman Sachs JPMorgan Canaccord Genuity KPMG PwC CIBC World Markets Raymond James & Associates

29,855 4,996 9,707 16,205 11,532 4,863 37,260 24,560 27,496 18,287 7,801 2,850 725 6,811 2,311 34 27 26 24 22 19 18 18 16 16 16 16 16 14 14

64 27 34 26 28 17 12 15 17 10 22 8 10 21 7 -30 0 -8 -2 -6 2 6 3 -1 6 -6 8 6 -7 7
League table of financial advisors to M&A by value: Central & South America Ranking 2012
11 4 9 14 5 2 7 6 3 12 20 1 8 15 16
League table of financial advisors to M&A by deal count: Central & South America Ranking 2012
2 1 4 7 12 6 23 9 8 3 16 10 13 5 17
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Banco BTG Pactual Goldman Sachs Banco Itau BBA Banco Bradesco BBI Morgan Stanley Bank of America Merrill Lynch Credit Suisse Deutsche Bank Lazard Citi Banco Bilbao Vizcaya Argentaria JPMorgan Barclays Santander Global Banking and Markets UBS Investment Bank

18,055 15,521 14,866 12,482 11,899 11,163 10,817 9,243 8,231 7,692 5,953 5,892 4,906 4,292 3,766 44 20 34 17 18 13 13 10 20 12 13 14 7 7 6

19,704 32,303 23,478 15,817 30,471 43,035 27,424 28,491 34,782 18,003 3,511 45,402 25,614 7,121 6,445 -8.4% -52.0% -36.7% -21.1% -60.9% -74.1% -60.6% -67.6% -76.3% -57.3% 69.6% -87.0% -80.8% -39.7% -41.6%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Banco BTG Pactual Banco Itau BBA Goldman Sachs Lazard Morgan Stanley Banco Bradesco BBI PwC JPMorgan Bank of America Merrill Lynch Credit Suisse Banco Bilbao Vizcaya Argentaria Citi Deutsche Bank Rothschild Vinci Partners

18,055 14,866 15,521 8,231 11,899 12,482 2,216 5,892 11,163 10,817 5,953 7,692 9,243 2,778 888 44 34 20 20 18 17 15 14 13 13 13 12 10 10 10

43 55 28 21 14 23 6 19 20 32 12 15 13 23 9 1 -21 -8 -1 4 -6 9 -5 -7 -19 1 -3 -3 -13 1

League table of financial advisors to M&A by value: US Mid-West Ranking 2012
2 7 12 1 20 17 11 4 5 3 6 10 8 37 19
League table of financial advisors to M&A by deal count: US Mid-West 2012 Value % Val. (US$m) Change
123,716 78,126 40,882 152,857 6,737 12,832 44,895 96,340 83,177 101,678 80,660 45,550 66,081 2,302 6,931 -51.4% -25.8% 11.1% -77.6% 399.9% 151.6% -35.1% -71.2% -69.9% -81.3% -83.9% -78.6% -87.1% 269.7% 10.5%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
JPMorgan Bank of America Merrill Lynch Lazard Goldman Sachs Wells Fargo Securities Moelis & Company Centerview Partners Morgan Stanley Citi Barclays Credit Suisse UBS Investment Bank Deutsche Bank William Blair & Company Jefferies

60,119 57,962 45,430 34,206 33,681 32,280 29,150 27,700 25,052 19,046 12,968 9,748 8,539 8,511 7,657 38 33 29 42 15 16 6 31 23 21 22 12 14 21 21
Ranking 2012
1 7 4 5 2 10 6 8 9 3 19 11 21 17 12
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan Bank of America Merrill Lynch Morgan Stanley Lazard Robert W. Baird & Co Lincoln International Citi Credit Suisse Barclays William Blair & Company Jefferies M&A International Moelis & Company RBC Capital Markets

34,206 60,119 57,962 27,700 45,430 7,351 437 25,052 12,968 19,046 8,511 7,657 159 32,280 4,739 42 38 33 31 29 24 24 23 22 21 21 21 19 16 16

55 31 34 32 41 29 32 30 30 38 19 27 15 20 26 -13 7 -1 -1 -12 -5 -8 -7 -8 -17 2 -6 4 -4 -10
League table of financial advisors to M&A by value: US South Ranking 2012

7 1 4 5 12 3 2 6 15 10 14 9 8 18
League table of financial advisors to M&A by deal count: US South 2012 Value % Val. (US$m) Change
66,007 129,318 91,714 91,381 35,241 95,803 105,404 83,786 25,675 37,359 26,923 37,533 43,309 20,408 35.2% -36.6% -11.9% -15.1% 116.8% -21.3% -31.2% -23.8% 119.2% 40.4% 79% -21.2% -46.3% -3.9%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Bank of America Merrill Lynch JPMorgan Goldman Sachs Citi Evercore Partners Credit Suisse Barclays Morgan Stanley UBS Investment Bank Deutsche Bank RBC Capital Markets Lazard Jefferies LionTree Advisors Moelis & Company

89,243 82,049 80,787 77,555 76,392 75,356 72,488 63,853 56,274 52,453 48,189 29,583 23,259 20,769 19,613 45 56 66 46 51 41 45 47 30 31 50 35 50 2 29
Ranking 2012
2 5 15 8 9 11 6 3 1 7 25 10 4 13 16
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan Evercore Partners RBC Capital Markets Jefferies Morgan Stanley Citi Bank of America Merrill Lynch Barclays Credit Suisse Stifel/KBW Lazard Houlihan Lokey Deutsche Bank UBS Investment Bank

80,787 82,049 76,392 48,189 23,259 63,853 77,555 89,243 72,488 75,356 7,381 29,583 4,060 52,453 56,274 66 56 51 50 50 47 46 45 45 41 36 35 34 31 30

68 54 32 46 45 43 53 62 71 48 20 44 56 36 29 -2 2 19 4 5 4 -7 -17 -26 -7 16 -9 -22 -5 1

League table of financial advisors to M&A by value: US West Ranking 2012
3 2 1 7 5 6 9 13 4 19 283 17 16 12
League table of financial advisors to M&A by deal count: US West 2012 Value % Val. (US$m) Change
68,535 74,451 79,712 45,406 52,646 51,828 29,807 15,544 54,885 10,131 11,746 12,575 18,862 92% 57.3% -1.9% 58.5% 31.3% 20.1% 53.2% 186.3% -20.1% 321.3% 135.7% 84.2% -7.6%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan Morgan Stanley Citi Barclays Bank of America Merrill Lynch Deutsche Bank UBS Investment Bank Credit Suisse Lazard LionTree Advisors Moelis & Company Credit Agricole Centerview Partners Evercore Partners

131,599 117,105 78,210 71,965 69,098 62,251 45,650 44,504 43,864 42,681 28,027 27,689 26,432 23,161 17,420 54 48 47 35 40 43 25 25 23 29 4 29 2 11 18
Ranking 2012
2 4 1 3 6 5 14 8 9 7 13 11 28 17 10
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs JPMorgan Morgan Stanley Bank of America Merrill Lynch Barclays Houlihan Lokey Citi Jefferies Lazard Moelis & Company RBC Capital Markets Deutsche Bank UBS Investment Bank Wells Fargo Securities Credit Suisse

131,599 117,105 78,210 62,251 69,098 2,416 71,965 12,522 42,681 27,689 8,118 45,650 44,504 15,665 43,864 54 48 47 43 40 36 35 32 29 29 28 25 25 24 23

60 42 60 52 38 42 23 37 36 38 24 29 13 20 34 -6 6 -13 -9 2 -6 12 -5 -7 -9 4 -4 12 4 -11
League table of financial advisors to M&A by value: US North East Ranking 2012
1 5 3 2 8 9 67 4 6 20 7 13 24 15
League table of financial advisors to M&A by deal count: US North East 2012 Value % Val. (US$m) Change
116,084 81,040 103,022 103,965 70,446 38,529 1,476 93,878 79,526 17,879 70,939 31,802 14,257 27,510 188.9% 308.5% 192.7% 160.4% 202.7% 435.5% 10,095% 41.1% 23.8% 325.7% -0.5% 101.1% 314.0% 66.4%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs Bank of America Merrill Lynch JPMorgan Morgan Stanley Barclays UBS Investment Bank Guggenheim Partners Citi Paul J. Taubman Deutsche Bank Moelis & Company Credit Suisse Lazard Centerview Partners Wells Fargo Securities

335,310 331,070 301,503 270,692 213,222 206,331 150,482 132,482 127,600 98,466 76,109 70,619 63,945 59,023 45,764 102 74 64 84 56 47 14 55 2 46 33 55 56 10 26
Ranking 2012
1 4 5 3 2 10 7 9 6 12 8 14 11 13 19
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Goldman Sachs Morgan Stanley Bank of America Merrill Lynch JPMorgan Barclays Lazard Citi Credit Suisse Houlihan Lokey UBS Investment Bank Deutsche Bank Evercore Partners Jefferies RBC Capital Markets Moelis & Company

335,310 270,692 331,070 301,503 213,222 63,945 132,482 70,619 10,327 206,331 98,466 40,793 17,333 43,943 76,109 102 84 74 64 56 56 55 55 50 47 46 42 39 36 33

98 66 66 70 74 52 60 53 63 41 57 38 46 41 29 4 18 8 -6 -18 4 -5 2 -13 6 -11 4 -7 -5 4
Asia-Pacific (excl. Japan): Overview of 2013

Asia-Pacific (excl. Japan) saw the highest value on Mergermarket record in 2013 (US$ 403.4bn), up 15% from 2012 (US$ 350.9bn) UBS Investment Bank moved up three spots to lead the financial advisor league table by value (US$ 60bn)

450 Annual M&A Value Q4 M&A value Q3 M&A Value Q2 M&A Value Q1 M&A Value
450 400

M&A Value Number of Deals 2,500 350 3,000
400
403.4 120.7 362.8

300
2,000
350
342.9
347.6 90.2
132.8
73.8
350.9 85.1
250 1,500 200
91.9
150
1,000
300
294.3 105.9 113.7

107.6
100 500 50
250
75.4
56.7
103.5
2007
2008
2009
2010
2011
2012
2013
92.5 200
126.0
65.9 90.5 150

71.2
Asia-Pacifics (excl. Japan) reached the highest value for M&A on Mergermarket record (since 2001) in 2013 with deals valued at US$ 403.4bn, up 15% from 2012(US$ 350.9bn)
79.4 103.0 80.5
76.8
100
Amid a global slowdown during Q4, Asia-Pacific (excl. Japan) fared better than other regions as it was the only region to increase its Q4 value (US$ 120.7bn) compared to Q4 2012 (US$ 85.1bn), up 41.8%. It also saw the highest increase from Q3, up 12.2% from Q3s two year high of US$ 107.6bn Mid-market M&A reached the highest annual total on Mergermarket record (since 2001). Deals totalled US$ 141.9bn were up 42.9% by value compared to 2012 (US$ 99.3bn) and contributed the highest share (23.4%) to the total mid-market value since 2009 (27.4%) The largest transaction in Q4 was the announcement of the regions only mega-deal this year. Westfields US$ 10.8bn merger of its Australia and New Zealand assets with Westfield REIT to create Scentre Group had a 10% higher deal value than the top deal during Q1-Q3 (a US$ 9.8bn joint venture between Taikang Asset Management Company and Beijing Guolian Energy Industry Investment Fund)
85.1
74.7
89.7 66.3 45.7
81.8
72.1
50
2007
2008
2009
2010
2011
2012
2013
Number of Deals
356.6
Asia-Pacific (excl. Japan): Industry and Cross-border analysis

Asia-Pacific (excl. Japan) cross-border analysis

Outbound activity was valued between US$ 16bn - US$ 19bn every quarter in 2013 apart from Q2s US$ 26.5bn. With consistent deal values, the year ended with deals valued at US$ 80.2bn, a slight decrease of 2.4% from 2012 (US$ 82.2bn)
Consumer: US$ 42.7bn (US$ 49bn)
5.2% 5.1%
3.0% 10.6%
2013
3.8%
11.0%
15.1%
4.1%
3.6%
14.0%
2012
Africa and Middle East saw an 163.4% worth of value from Asia-Pacific (excl. Japan) with deals valued at US$ 18.8bn compared to US$ 7.1bn last year. As a result the annual total of outbound deals into the region accounted for 23.4% of total outbound investment, a considerable increase from 8.7% in 2012. This is likely to continue as the region looks into more energy resources. Inbound M&A also failed to make a significant difference compared to 2012 with deals valued at US$ 69.4bn yet it still registered a 3% increase from US$ 67.4bn last year. Inbound investment from every region remained on par with the values seen last year Consumer deals were most active in Asias outbound transactions with deals valued at US$ 12.3bn more than doubling the value in 2012 (US$ 4.1bn) with eight extra deals. Meanwhile, inbound investment into the sector during 2013 declined 36.4% to US$ 11bn compared to US$ 17.3bn last year
Industrials & Chemicals: US$ 55.7bn (US$ 59bn)
9.1%
3.3%
3.6% 1.5%
18.7%
23.3%
4.1%
16.8%
1.9%
15.6%
TMT: US$ 44.5bn (US$ 53.1bn)
13.8%
12.8%
250
Outbound M&A Value Inbound M&A Value Inbound Number of Deals Outbound Number of Deals
600

200
500
150
The largest increase by both deal value and deal count was the Real Estate sector, up 219.1% by value to US$ 36.7bn compared to US$ 11.5bn in 2012 and up 49.4% by deal count with 121 deals versus 81 last year Energy, Mining & Utilities M&A remained the most active sector during 2013 with deals worth US$ 93.9bn, up 43.4% by value from 2012 (US$ 65.5bn) and increasing its market share to 23.3% compared to 18.7% last year As the regions Pharma, Medical & Biotech companies battle it out to be the market leader (particularly in China), the sector saw the second highest increase by deal count (after Real Estate), up 27.5% with 195 deals compared to 153 deals last year. The sector also saw a 32% increase by value with deals valued at US$ 16.5bn versus US$ 12.5bn in 2012
300
100 200
50
100
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Asia-Pacific (excl. Japan) saw the majority of its sectors increase by both deal value and number of deals, the opposite trend seen in most other regions
400
Asia-Pacific (excl. Japan): Top deals

Announced Date
04-Dec-13
Bidder Company
Scentre Group
Target Company
Westfield Retail Trust

Morgan Stanley; UBS Investment Bank; Advising seller: JPMorgan; Rothschild
Seller Company
Westfield Group
Deal Value (US$bn)

10.8
14-Jun-13
Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund SM Prime Holdings Inc
PetroChina United Pipelines Company Limited (50% Stake) SM Land Inc Advising seller: BDO; JPMorgan; KPMG; Macquarie Group
PetroChina Company Limited
9.8
31-May-13
SM Investments Corporation; and SY Family
6.7
23-Apr-13
CP ALL Plc
Maybank Investment Bank; Siam Commercial Bank; UBS Investment Bank Bank of America Merrill Lynch; Phatra Securities Public Company
Siam Makro Public Co Ltd (96.09% Stake) Bank of Ayudhya Public Company Limited (72.01% Stake) Kashagan Oil Project (8.33% Stake)
Phatra Securities Public Company; Advising seller: HSBC
SHV Holdings NV
6.2
02-Jul-13
Mitsubishi UFJ Financial Group Inc
Deutsche Bank; Morgan Stanley
GE Capital Corporation
5.5
07-Sep-13
China National Petroleum Corporation
Barclays; Advising seller: UBS Investment Bank
ConocoPhillips Company
5.4
05-Feb-13
Guangxi Guiguan Electric Power Co Ltd
CITIC Securities
LongTan Hydropower Development Co Ltd (85% Stake)
Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment (Group) Co Ltd CITIC Securities
4.9
01-Apr-13
Midea Group Co Ltd
China International Capital
GD Midea Holding Co Ltd (58.83% Stake)
4.9
12-Apr-13
NSW Ports Consortium
Lazard; UBS Investment Bank
Port Botany
Government of New South Wales Consortium led by Wang Jing (Private investor)
4.5
27-Sep-13
Beijing Zhongchuang Telecom Test Company Ltd
Haitong Securities
Beijing Xinwei Telecom Technology Inc (96.53% Stake)
4.4
Asia-Pacific (excl. Japan): Financial advisor league tables

League table of financial advisors to M&A by value: Asia-Pacific (excl. Japan) Ranking 2012
4 3 6 1 23 2 9 17 8 5 13 15 7 35 21 140 12 60 19 24
League table of financial advisors to M&A by deal count: Asia-Pacific (excl. Japan) Ranking 2012
1 4 2 3 8 10 7 6 11 16 5 23 13 9 12 15 27 65 24 18
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
UBS Investment Bank Morgan Stanley JPMorgan Goldman Sachs Barclays Citi Bank of America Merrill Lynch CITIC Securities Co Deutsche Bank Credit Suisse Rothschild Macquarie Group HSBC Lazard KPMG Phatra Securities Public Company China International Capital Corporation Bank of China International Holdings Standard Chartered PwC

59,983 59,190 59,021 43,259 35,710 32,797 30,013 29,362 27,162 26,224 24,736 24,301 24,062 22,399 15,461 13,914 11,958 11,701 10,443 10,213 58 55 56 61 33 33 33 26 28 30 32 40 28 26 62 6 11 9 17 94

61,703 63,771 47,921 82,595 9,483 75,988 26,437 13,607 39,707 53,549 19,595 16,791 42,405 3,545 9,929 385 20,010 1,410 11,863 9,437 -2.8% -7.2% 23.2% -47.6% 276.6% -56.8% 13.5% 115.8% -31.6% -51% 26.2% 44.7% -43.3% 531.8% 55.7% 3,514% -40.2% 729.9% -12% 8.2%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
PwC EY KPMG Goldman Sachs UBS Investment Bank JPMorgan Morgan Stanley Deloitte Macquarie Group Barclays Citi Bank of America Merrill Lynch Rothschild Credit Suisse Deutsche Bank HSBC M&A International Huatai United Securities Co CITIC Securities Co Lazard

10,213 7,659 15,461 43,259 59,983 59,021 59,190 3,477 24,301 35,710 32,797 30,013 24,736 26,224 27,162 24,062 4,450 5,791 29,362 22,399 94 63 62 61 58 56 55 43 40 33 33 33 32 30 28 28 28 27 26 26

75 53 59 57 41 39 42 44 36 21 48 14 35 40 35 22 13 6 14 19 19 10 3 4 17 17 13 -1 4 12 -15 19 -3 -10 -7 6 15 21 12 7
Asia-Pacific (excl. Japan): Financial advisor league tables to buyouts

League Table of financial advisors to private equity buyouts by value: Asia-Pacific (excl. Japan) League Table of financial advisors to private equity buyouts by deal count: Asia-Pacific (excl. Japan)
Ranking 2012
40 2 11 7 3 39 1 19 4 9 16 6
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14= 14=
Company Name
Lazard UBS Investment Bank Macquarie Group JPMorgan Citi Barclays Nomura Holdings Deutsche Bank Woori Investment & Securities Co Credit Suisse CITIC Securities Co Morgan Stanley Rippledot Capital China Renaissance Partners Industrial and Commercial Bank of China
2013 Deal Value (US$m) Count

5,474 5,328 2,927 2,437 2,424 2,387 1,782 1,527 852 753 692 622 515 436 436 3 2 4 2 4 4 3 2 2 2 2 3 2 1 1

3,533 1,062 1,650 2,811 4,791 200 2,485 1,552 240 1,790 50.8% 175.6% 47.7% -13.8% -68.1% 326% -69.7% -59.9% 114.6% -75.6%
Ranking 2012
5 11 8 39 40 3 6 10 1 14 9 12
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Deloitte Macquarie Group Citi Barclays Lazard Nomura Holdings Morgan Stanley o3 Capital Advisors UBS Investment Bank JPMorgan Deutsche Bank Woori Investment & Securities Co Credit Suisse CITIC Securities Co Rippledot Capital

244 2,927 2,424 2,387 5,474 1,782 622 31 5,328 2,437 1,527 852 753 692 515 6 4 4 4 3 3 3 3 2 2 2 2 2 2 2

4 2 2 1 1 4 3 2 7 2 2 2 2 2 2 3 2 -1 -1 0 -5 0 0 0

League table of financial advisors to M&A by value: Asia (Excl. Japan & Australasia) Ranking 2012
6 3 24 1 4 2 16 7 9 5 8 27 37 125 21
League table of financial advisors to M&A by deal count: Asia (Excl. Japan & Australasia) Ranking 2012
1 2 5 8 6 4 10 3 14 9 21 56 20 7 23
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
JPMorgan Morgan Stanley Barclays Goldman Sachs UBS Investment Bank Citi CITIC Securities Co HSBC Bank of America Merrill Lynch Credit Suisse Deutsche Bank Macquarie Group Lazard Phatra Securities Public Company KPMG

43,537 39,780 33,522 33,128 31,377 30,081 29,362 24,062 23,736 23,609 21,280 16,781 14,783 13,914 13,218 44 45 27 42 36 29 26 28 25 26 22 20 14 6 47

46,269 59,027 7,487 77,022 54,979 69,632 13,607 41,985 25,333 49,126 35,625 5,340 2,710 385 9,082 -5.9% -32.6% 347.7% -57% -42.9% -56.8% 115.8% -42.7% -6.3% -51.9% -40.3% 214.3% 445.5% 3,514% 45.5%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC KPMG Morgan Stanley JPMorgan EY Goldman Sachs UBS Investment Bank Citi HSBC Deloitte Barclays Huatai United Securities Co CITIC Securities Co Credit Suisse Bank of America Merrill Lynch

9,323 13,218 39,780 43,537 6,566 33,128 31,377 30,081 24,062 2,864 33,522 5,791 29,362 23,609 23,736 70 47 45 44 43 42 36 29 28 28 27 27 26 26 25

54 43 37 30 35 41 28 42 21 30 14 6 14 30 12 16 4 8 14 8 1 8 -13 7 -2 13 21 12 -4 13
League table of financial advisors to M&A by value: Australasia Ranking 2012

2 9 19 3 5 1 29 7 21 6 143 13 4 23 11
League table of financial advisors to M&A by deal count: Australasia 2012 Value % Val. (US$m) Change
7,897 4,780 1,652 7,638 5,817 15,266 977 5,272 1,389 5,332 2,520 6,356 1,315 4,426 282.1% 309.1% 885.7% 100.4% 155.1% -11.9% 1,074.1% 22.6% 351.9% 14.7% 63.4% -43.3% 147.8% -31.9%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
UBS Investment Bank Morgan Stanley JPMorgan Rothschild Goldman Sachs Macquarie Group Lazard Credit Suisse Bank of America Merrill Lynch Deutsche Bank Fort Street Advisers Barclays Citi Gresham Advisory Partners Grant Samuel

30,176 19,557 16,284 15,305 14,842 13,447 11,471 6,462 6,277 6,115 4,984 4,118 3,601 3,258 3,015 27 11 13 10 24 27 15 7 8 9 6 7 6 7 7
Ranking 2012
7 1 2 3 5 6 4 18 13 23 8 87 11 20 33
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
UBS Investment Bank Macquarie Group PwC Goldman Sachs EY Deloitte KPMG Lazard JPMorgan Morgan Stanley Rothschild ANZ Bank Deutsche Bank BDO Bank of America Merrill Lynch

30,176 13,447 1,005 14,842 1,326 763 2,386 11,471 16,284 19,557 15,305 1,837 6,115 297 6,277 27 27 25 24 22 19 16 15 13 11 10 10 9 9 8

15 32 22 20 18 16 19 7 9 6 14 1 9 7 3 12 -5 3 4 4 3 -3 8 4 5 -4 9 0 2 5

League table of financial advisors to M&A by value: Greater China Ranking 2012
12 20 11 1 2 6 7 36 5 18 4 21 3 35 9
League table of financial advisors to M&A by deal count: Greater China 2012 Value % Val. (US$m) Change
13,607 4,471 14,642 45,360 40,695 20,070 20,010 1,410 23,709 4,529 28,904 4,248 37,651 1,639 17,881 115.8% 440.6% 55.9% -54.9% -64.6% -32.2% -40.2% 729.9% -52.8% 114% -67.3% 106.9% -77.1% 374.9% -56.9%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
CITIC Securities Co Barclays Morgan Stanley UBS Investment Bank Goldman Sachs JPMorgan China International Capital Bank of China International Holdings HSBC Somerley Credit Suisse Southwest Securities Company Citi Haitong Securities Co Deutsche Bank

29,362 24,169 22,834 20,474 14,422 13,603 11,958 11,701 11,190 9,694 9,455 8,789 8,638 7,784 7,702 26 19 23 28 17 19 11 9 17 22 14 22 11 11 14
Ranking 2012
4 29 10 9 16 20 32 7 3 12 2 41 6 8
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
UBS Investment Bank Huatai United Securities Co CITIC Securities Co Morgan Stanley Somerley Southwest Securities Company China Renaissance Partners Barclays JPMorgan Goldman Sachs HSBC PwC M&A International Credit Suisse Deutsche Bank

20,474 5,791 29,362 22,834 9,694 8,789 1,264 24,169 13,603 14,422 11,190 2,253 3,829 9,455 7,702 28 27 26 23 22 22 20 19 19 17 17 17 16 14 14

15 6 14 14 9 7 5 14 18 11 19 5 14 14 13 21 12 9 13 15 14 5 -1 6 -2 11 0 0
League table of financial advisors to M&A by value: India Ranking 2012

2 9 3 16 1 10 11 5 6 31 15 12 13 -
League table of financial advisors to M&A by deal count: India 2012 Value % Val. (US$m) Change
18,456 3,830 13,643 1,495 20,342 3,354 2,693 10,559 10,137 395 1,559 2,262 1,873 -49.7% 57.3% -61% 234.0% -79.5% 12.2% 30.6% -69.3% -79.7% 305.1% -0.5% -52.6% -43.3% -
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Citi UBS Investment Bank Bank of America Merrill Lynch HSBC Morgan Stanley Standard Chartered Axis Capital Credit Suisse Moelis & Company Goldman Sachs Jefferies Barclays Kotak Investment Banking Rothschild Macquarie Group

9,283 6,024 5,327 4,993 4,168 3,762 3,517 3,240 2,129 2,056 1,600 1,551 1,072 1,062 1,043 8 2 5 4 8 4 10 3 3 5 1 5 10 8 3
Ranking 2012
1 3 10 20 12 7 2 65 8 5 17 62 19 11 27
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
EY BMR Advisors ICICI Securities PwC Axis Capital Kotak Investment Banking KPMG o3 Capital Advisors Citi Morgan Stanley Rothschild Translink Mape Advisory Group Avendus Capital Bank of America Merrill Lynch

584 256 834 656 3,517 1,072 555 117 9,283 4,168 1,062 92 343 311 5,327 23 13 11 11 10 10 10 9 8 8 8 8 6 6 5

17 11 9 5 8 10 12 1 9 10 5 1 5 9 2 6 2 2 6 2 0 -2 8 -1 -2 3 7 1 -3 3

League table of financial advisors to M&A by value: South East Asia Ranking 2012
89 38 5 7 2 13 4 3 50 88 1 10 16 31 -
League table of financial advisors to M&A by deal count: South East Asia 2012 Value % Val. (US$m) Change
26 385 17,215 14,641 25,435 5,503 17,259 18,398 208 27 26,639 9,062 5,041 652 56,608% 3,514.0% -22.6% -9.4% -54.0% 108.1% -36.1% -44.8% 4,435.6% 30,867% -70.1% -19.3% 39.7% 925.3% -
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Macquarie Group Phatra Securities Public Company Deutsche Bank JPMorgan Goldman Sachs Bank of America Merrill Lynch Morgan Stanley Maybank Investment Bank KPMG BDO HSBC Credit Suisse CIMB Group Barclays Siam Commercial Bank

14,484 13,914 13,328 13,265 11,690 11,451 11,028 10,154 9,434 8,361 7,963 7,310 7,040 6,685 6,208 13 6 6 12 12 11 9 12 13 4 7 11 21 4 1
Ranking 2012
2 1 90 35 15 4 3 26 9 19 11 27 21 6 12
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
CIMB Group RHB Investment Bank Macquarie Group KPMG JPMorgan Goldman Sachs Maybank Investment Bank Bank of America Merrill Lynch Credit Suisse PwC Morgan Stanley Hong Leong Financial Group Rothschild HSBC Standard Chartered

7,040 1,075 14,484 9,434 13,265 11,690 10,154 11,451 7,310 623 11,028 930 1,669 7,963 2,003 21 18 13 13 12 12 12 11 11 11 9 9 8 7 7

19 20 1 3 7 15 17 3 11 6 9 3 4 11 9 2 -2 12 10 5 -3 -5 8 0 5 0 6 4 -4 -2
League table of financial advisors to M&A by value: South Korea Ranking 2012
16 4 7 1 11 21 2 8 10 23 13 3 34 19
League table of financial advisors to M&A by deal count: South Korea 2012 Value % Val. (US$m) Change
563 3,911 2,778 9,816 1,299 227 8,513 1,703 1,552 158 805 5,072 50 353 1,674.8% 112.7% 126.8% -42.7% 169.4% 1,374.9% -73.1% 27.1% 25.3% 1,120.9% 107.1% -72.1% 1,876.0% 120.7%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
JPMorgan Goldman Sachs PwC Woori Investment & Securities Co Samsung Securities Co EY Morgan Stanley Daewoo Securities Co Hana Daetoo Securities Co Korea Development Bank Barclays KPMG RBC Capital Markets Standard Chartered KB Investment & Securities

9,992 8,319 6,300 5,624 3,500 3,348 2,286 2,165 1,944 1,929 1,667 1,414 1,100 988 779 12 9 36 11 8 12 7 6 4 5 1 16 1 3 3
Ranking 2012
1 2 16 9 4 3 7 6 8 5 19 14 35 17 11
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
PwC KPMG JPMorgan EY Woori Investment & Securities Co Deloitte Goldman Sachs Samsung Securities Co Morgan Stanley Daewoo Securities Co Korea Development Bank Hana Daetoo Securities Co Standard Chartered KB Investment & Securities Deutsche Bank

6,300 1,414 9,992 3,348 5,624 748 8,319 3,500 2,286 2,165 1,929 1,944 988 779 755 36 16 12 12 11 10 9 8 7 6 5 4 3 3 2

24 15 2 5 11 14 6 7 5 8 2 2 1 2 3 12 1 10 7 0 -4 3 1 2 -2 3 2 2 1 -1
Japan: Overview of 2013

Infrastructure M&A in Japan more than doubled in value to US$ 7.8bn from the same time last year as restructuring for the 2020 Olympic games begins Morgan Stanley topped the financial advisor league table for the first time since 2001 with 45 deals valued at US$ 35.5bn

100 Annual M&A Value Q4 M&A Value Q3 M&A Value 90 88.1 32.1
83.2 Q2 M&A Value
80 70 100 90

M&A Value Number of Deals 500 450 400 350 300 250 200 150 100 50 0
Q1 M&A Value
29.7 71.4 70
16.3
50 40 30 20 10
60 55.8 11.9 50
24.1 18.0
61.2 6.8 12.2
32.7
33.2
13.9
2007
2008
2009
2010
2011
2012
2013
40
15.5 26.3
42.9 6.5
Japans M&A value declined for the second straight year in 2013 with deals valued at US$ 42.9bn down 39.9% from the same period in 2012 (US$ 71.4bn). It was the lowest valued year in almost a decade (2004 was valued at US$ 39.2bn) The source of the decline was Q4s US$ 6.5bn-worth of deals being the lowest valued quarter since Q3 2004 (US$ 6.5bn). The US$ 10bn+ tally during Q2 and Q3 signalled confidence in the country until the final quarter dropped 60.1% compared to Q4 2012 (US$ 16.3bn) and 50% from Q3 2013 (US$ 13bn) Continued resilience to invest in large-cap deals since Shinzo Abe came to power was demonstrated by an increase in only the less risky small-cap deals. The 390 deals under US$ 250m totalled US$ 11.7bn during 2013, up slightly from the 331 deals valued at US$ 9.8bn in the same bracket during 2012 Japan Cablenet, a cable operator that focuses on local broadcasting, was acquired for US$ 1.1bn by Japans largest cable TV operator, Jupiter Telecommunications. This was the largest deal in Q4 and saw one shareholder command higher values than 2010s offer price and labelled an original offer grossly unfair
30
26.1
13.0 10.8
14.0
17.2 15.3
20 17.3 10
7.3 14.9 11.8
13.9 10.6
8.1 0
2007
2008
2009
2010
2011
2012
2013
Number of Deals
80
78.4
21.5
60
Japan: Industry and Cross-border analysis

2013 vs. (2012) value and market share comparison Japanese cross-border analysis
e climb in value can be attributed to the US-based Applied Materials acquisition of h Tokyo Electron for US$ 8.7bn in Q3 which contributed 68% to the total value of inbound transactions
0.2%
5.6%
Construction: US$ 3.1bn (US$ 1.3bn) Consumer: US$ 5.7bn (US$ 8.7bn)
Agriculture: US$ 0bn (US$ -bn)

7.2%
2013
29.8% 26.5%
3.2%
1.8% 12.2% 13.3%
If the Tokyo Electron deal was excluded from the total deal value, there were only 33 inbound transactions worth US$ 4.1bn, representing a sizeable 58.6% drop compared to 2012s total of US$ 9.9bn. It would also have resulted in the lowest total value of inbound deals since 2006 (US$ 2.7bn) Subdued inbound deals during Q2 (US$ 0.4bn) and Q4 (US$ 1.1bn) were responsible for the annual decline. Q4 was down 89.7% compared to Q3 (US$ 10.3bn) and if the Tokyo Electron deal was excluded from Q3s total, Q4 would still represent a 31.3% decrease Outbound deal value saw a quarter-on-quarter recovery during 2013 ending Q3 with US$ 21.6bn-worth of deals. The climb in deal value ceased in Q4 though with a 39.4% decline from Q3 to US$ 13.1bn. The total value of outbound deals during 2013 was US$ 47.4bn, down 58.8% from 2012 (US$ 115.2bn)
140 300
Financial Services: US$ 2bn (US$ 4.2bn) Industrials & Chemicals: US$ 5.2bn (US$ 13.8bn)
2012
3.6% 0.6% 1.8%
24.8% 8.4%
19.4%
Pharma, Medical & Biotech: US$ 2bn (US$ 0.4bn) Real Estate: US$ 4.6bn (US$ 2.6bn)
10.7%
5.9%
4.7%
4.7%
TMT: US$ 12.8bn (US$ 18.9bn)
3.3%
12.1%
Outbound M&A Value Inbound M&A Value Inbound Number of Deals Outbound Number of Deals
120
250
80
150 60 100 40
The highest value increase in any of the Infrastructure related sub-sectors was in Construction M&A, due to the third largest deal of the year targeting Hajime Construction for US$ 2.1bn in June. The 16 domestic Construction deals during the year were valued at US$ 3.1bn, up 138.5% compared to 2012s US$ 1.3bn. The sector has steadily increased in value since 2011 (US$ 0.3bn) The market share of TMT M&A during 2013 (US$ 12.8bn) increased to 29.8% from 26.5% during 2012 (US$ 18.9bn). This was due to Technology M&A, valued at US$ 11.3bn, making up 88.3% of the total value. After three years of inclining deal value, Technology M&A in Japan has reached the highest value on Mergermarket record (since 2001) at US$ 11.3bn, up 6.6% from its previous peak in 2012 (US$ 10.6bn)
20
50
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Japans Infrastructure M&A (Real Estate, Construction and Transportation) during 2013 more than doubled by value compared to 2012, up 95% to US$ 7.8bn from US$ 4bn. These Infrastructure sub-sectors made up half of the sectors to increase deal values compared to 2012 (the other were Business Services, Leisure and Pharma, Medical & Biotech)
100 200
Japan: Top deals

Announced Date
24-Sep-13 11-Jun-13
Bidder Company
Applied Materials Inc Hitachi Ltd and Mitsubishi Heavy Industries Ltd (Joint venture) Iida Home Max Co Ltd

Goldman Sachs
Target Company
Tokyo Electron Limited Mitsubishi Heavy Industries Ltd (Thermal power generation systems business); and Hitachi Ltd (Thermal power generation systems business) Hajime Construction Co Ltd

Morgan Stanley Advising seller: GCA Savvian Group; Morgan Stanley; Nomura Holdings
Seller Company
Deal Value (US$bn)

8.7
Hitachi Ltd; and Mitsubishi Heavy Industries Ltd
3.3
27-Jun-13
Daiwa Securities Group; Partners; Sumitomo Mitsui Financial Group; Tokai Tokyo Financial Holdings
Ryoju Corporation
2.1
26-Apr-13
Nippon Steel Trading Co Ltd
Nomura Holdings
Sumikin Bussan Corporation
Sumitomo Mitsui Financial Group
1.4
27-Sep-13
Kohlberg Kravis Roberts & Co LP
Goldman Sachs; Moelis & Company; Sumitomo Mitsui Financial Group Daiwa Securities Group; Partners; Sumitomo Mitsui Financial Group; Tokai Tokyo Financial Holdings Goldman Sachs
Panasonic Healthcare Co Ltd (80% Stake) Arnest One Corp
Advising seller: Bank of America Merrill Lynch
Panasonic Corporation
1.3
27-Jun-13
Iida Home Max Co Ltd
1.3
19-Nov-13
Jupiter Telecommunications Co Ltd
Japan Cablenet Limited
Advising seller: JPMorgan
KDDI Corporation
1.1
13-Feb-13
Hitachi Metals Ltd
Nomura Holdings
Hitachi Cable Ltd
Morgan Stanley
0.9
25-Mar-13 26-Apr-13
Temp Holdings Co Ltd Marubeni Corporation
Sumitomo Mitsui Financial Group Deloitte; Nomura Holdings
Intelligence Holdings Ltd MX Mobiling
Advising seller: Nomura Holdings GCA Savvian Group; Sumitomo Mitsui Financial Group; Advising seller: Daiwa Securities Group
Kohlberg Kravis Roberts & Co LP NEC Corporation
0.7 0.7
Japan: Financial advisor league tables

League table of financial advisors to M&A by value: Japan Ranking 2012
5 2 14 4 6 15 3 8 1 18 73 10 23 63
League table of financial advisors to M&A by deal count: Japan 2012 Value % Val. (US$m) Change
51,673 70,758 18,239 57,876 47,133 13,965 68,152 41,860 77,276 7,673 85 37,509 3,565 182 -31.2% -64.8% 3.8% -71.7% -76.2% -33.5% -87.6% -80.8% -90.3% -13.0% 7,531.8% -83.2% 57.9% 2,707.1%
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Morgan Stanley Goldman Sachs Sumitomo Mitsui Financial Group Nomura Holdings Bank of America Merrill Lynch Daiwa Securities Group JPMorgan Deutsche Bank Mizuho Financial Group Phatra Securities Public Company GCA Savvian Group Moelis & Company Credit Suisse BNP Paribas AGS Consulting

35,545 24,922 18,928 16,366 11,213 9,293 8,423 8,051 7,500 7,456 6,676 6,487 6,283 5,629 5,109 45 22 61 69 10 50 12 9 74 3 33 5 8 5 8
Ranking 2012
3 1 9 4 2 7 6 5 8 10 46 102 11 17 12
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name
Mizuho Financial Group Nomura Holdings Sumitomo Mitsui Financial Group Daiwa Securities Group Morgan Stanley KPMG GCA Savvian Group Deloitte Goldman Sachs PwC Frontier Management Yamada FAS Co JPMorgan Bank of America Merrill Lynch Deutsche Bank

7,500 16,366 18,928 9,293 35,545 2,974 6,676 2,006 24,922 2,894 563 5,044 8,423 11,213 8,051 74 69 61 50 45 39 33 23 22 21 19 14 12 10 9

50 86 19 40 51 28 31 32 22 19 2 1 13 9 11 24 -17 42 10 -6 11 2 -9 0 2 17 13 -1 1 -2
Africa & Middle East: Overview of 2013

M&A targeting Africa & the Middle East in 2013 (US$ 64.2bn) increased over a quarter compared to 2012 to the highest level in six years Morgan Stanley jumped from sixth position in 2012 to lead in the financial advisor league table with deals valued at US$ 15.1bn

100 Annual M&A Value Q4 M&A Value Q3 M&A Value 90
Q2 M&A Value
Total M&A comparing the top three emerging market countries in 2013 by value
100 90 80 70 M&A Value Number of Deals 500 600
87.1
34.6
Q1 M&A Value
400
80
50 40 30 20 10 0
300
70
64.2
200
60 54.3 50
20.0 50.6
15.4
100
12.8 45.5 7.0
50.6 18.6
14.6
2007
2008
2009
2010
2011
2012
2013
14.6
40 10.0 30
12.6
8.2 12.1 32.5

7.8
The total value of 2013s M&A in the Middle East & Africa was US$ 64.2bn, up 26.9% compared to 2012 (US$ 50.6bn). It marked the second annual increase and the highest value in six years (2007 valued at US$ 87.1bn) For the first time since 2007 every quarter during 2013 posted values above US$ 12bn. Q4s US$ 15.4bn-worth of deals was marginally above Q3 (US$ 14.6bn), up 5.5%. Compared to Q4 2012 (US$ 18.6bn) though, Q4s deal value was down 17.2% The highest valued deal for the region during 2013 was the acquisition of Dubai Aluminum Company and Emirates Aluminum by Emirates Global Aluminum for US$ 7.5bn
8.0
9.8
21.5
12.9 20
19.9
15.4
25.3
6.6 13.4
19.8
10
13.1
4.0 8.8
12.7
5.3 0 2007 2008 2009 2010 2011 2012 2013
The largest deal in Q4 was the second highest valued deal of the year and was responsible for a boost in value in the TMT sector. Emirates Telecommunications Corporation acquired a 53% stake in Maroc Telecom for US$ 6.1bn in the third largest deal in the combined region on record (since 2001)
Number of Deals
60
Africa & Middle East Industry and Cross-border analysis

Africa & the Middle East cross-border analysis

Opportunities that companies in the region offer were swept up by oforeign companies in 2013 that reached the highest level since 2007 (US$ 42.9bn). Inbound deal value at US$ 36.4bn was up by 58.3% compared to 2012s value (US$ 23bn)
Consumer: US$ 3bn (US$ 4.3bn)
0.2%
6.8%
0.6% 4.7%
2013
2.4% 16.6% 21.7% 0.8% 1.6% 8.5%
Over 47.3% of the total inbound deal value came from Asia targeting Energy, Mining & Utility companies with deals valued at US$ 17.1bn Total deal value of outbound deals in 2013 (US$ 17.1bn) was up 7.5% compared to 2012 (US$ 15.9bn). Outbound deal value in Q4 valued at US$ 6.2bn reached the highest value for any quarter in over two years (Q2 2011 valued at US$ 11.2bn)
2012
35.9%
4.7%
2.4% 0.8% 3.4%
36.2%
TMT companies in the region are being more active in their domestic M&A but also outbound. Outbound deals were value at US$ 5.9bn, up over three times the value in 2012 (US$ 1.4bn) to the highest value since 2008 (US$ 8.1bn) Asias TMT sector was targeted for outbound deals in 2013 with seven deals valued at US$ 1.9bn being the highest number of deals on Mergermarket record (since 2001)
6.8%
Real Estate: US$ 3bn (US$ 0.1bn)
0.2%
22.1%
TMT: US$ 10.7bn (US$ 11bn)
18.5%
5.0%
300
Outbound M&A Value Inbound M&A Value Inbound Number of Deals
1,200
250
Outbound Number of Deals
1,000
150
600
Over a third (39%) of the total value into the regions Energy, Mining & Utilities sector came from China (US$ 9bn), the highest level of investment China has invested into the regions sector. It also boosted Asias total investment (US$ 17.2bn) by 168.8% over 2012 (US$ 6.4bn) to the highest value on Mergermarket record (since 2001) TMT M&A in 2013, a sector under consolidation globally, had the third highest share of deals targeting the regions by value with deals valued at US$ 10.7bn, down 2.7% from 2012 (US$ 11bn). The domestic share of this value reached US$ 7.1bn, the second annual increase and up 39.2% from 2012 to the highest since 2009 (US$ 14.2bn)
100
400
50
200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
The attraction to the regions Energy, Mining & Utilities companies reached a record level in 2013 with deals valued at US$ 23.1bn marking the fifth consecutive year to increase deal values, up 26.2% compared to 2012 (US$ 18.3bn)
200
800
Africa & Middle East: Top deals

Announced Date
03-Jun-13
Bidder Company
Emirates Global Aluminium
Target Company
Dubai Aluminium Company Limited; and Emirates Aluminium

Seller Company
Mubadala Development Company PJSC; Investment Corporation of Dubai Vivendi SA
Deal Value (US$bn)

7.5
05-Nov-13
Emirates Telecommunications Corporation
Attijariwafa bank (Middle East) Limited; BNP Paribas; Moelis & Company
Maroc Telecom (53% Stake) Eni East Africa Spa (28.57% Stake)
Bank of America Merrill Lynch; Advising seller: Credit Agricole ; Lazard
6.1
14-Mar-13
China National Petroleum Corporation
Eni SpA
4.2
29-Aug-13
Sinopec International Petroleum Exploration and Production Corporation ONGC Videsh Limited
JPMorgan
Apache Corporation (Egypt oil and gas business) (33% Stake)
Advising seller: Goldman Sachs
Apache Corporation
3.1
25-Aug-13
Bank of America Merrill Lynch
Rovuma Offshore Area 1 Block (10% Stake)
Advising seller: Citi
Anadarko Petroleum Corporation
2.6
25-Jun-13
ONGC Videsh Limited; and Oil India Limited
Rovuma Offshore Area 1 Block (10% Stake) Orascom Construction Industries SAE (25% Stake)
Advising seller: Credit Suisse; Standard Chartered; UBS Investment Bank CI Capital Holding; Citi; Rabobank
Videocon Mauritius Energy Limited
2.5
18-Jan-13
OCI NV
Allen & Company; Barclays
2.2
01-May-13
Berkshire Hathaway Inc.
IMC International Metalworking Companies BV (20% Stake)
Wertheimer family
2.1
21-Jan-13
Aldar Properties PJSC
Credit Suisse; Goldman Sachs; National Bank of Abu Dhabi PJSC
Sorouh Real Estate PJSC
Morgan Stanley
2.0
22-May-13
Qatar Petroleum International
Total E&P Congo (15% Stake)
Total SA
1.6
Africa & Middle East: Financial advisor league tables

League table of financial advisors to M&A by value: Africa & Middle East Ranking 2012
6 31 2 5 9 3 53 14 1 42 7 8 34 33 18 24 64 29 -
League table of financial advisors to M&A by deal count: Africa & Middle East Ranking 2012
8 1 12 21 6 11 20 9 5 3 4 19 16 2 22 7 17 42 30 -
2013
1 2 3 4 5 6 7 8 9 10= 10= 12 13 14 15 16 17 18 19 20
Company Name
Morgan Stanley Bank of America Merrill Lynch JPMorgan Lazard Credit Suisse Barclays Moelis & Company BNP Paribas Goldman Sachs Attijariwafa bank Credit Agricole Citi HSBC UBS Investment Bank Evercore Partners RBC Capital Markets Investec Allen & Company Standard Chartered Rabobank

15,083 12,973 10,628 8,810 8,757 8,286 7,521 7,420 7,191 6,100 6,100 6,087 5,693 4,892 3,814 3,771 3,752 3,366 2,758 2,437 11 12 10 7 11 12 4 4 7 1 1 14 9 7 3 4 18 3 3 3

4,775 1,145 9,558 5,122 4,385 7,429 313 2,775 10,273 686 4,615 4,420 1,004 1,058 2,126 1,394 100 1,173 215.9% 1,033.0% 11.2% 72.0% 99.7% 11.5% 2,302.9% 167.4% -30.0% 789.2% 31.9% 28.8% 387.3% 260.5% 77.4% 169.2% 3,266.0% 135.1% -
2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
Investec PwC Citi Bank of America Merrill Lynch Barclays Morgan Stanley Credit Suisse Rand Merchant Bank EY Standard Bank Group JPMorgan HSBC Lazard Goldman Sachs UBS Investment Bank BDO Deutsche Bank Nedbank Capital KPMG PSG Capital

3,752 1,540 6,087 12,973 8,286 15,083 8,757 2,136 569 539 10,628 5,693 8,810 7,191 4,892 1,188 2,136 657 381 58 18 17 14 12 12 11 11 11 11 11 10 9 7 7 7 7 6 6 6 6

10 18 7 5 11 7 5 10 12 13 12 5 6 14 5 11 6 2 3 8 -1 7 7 1 4 6 1 -1 -2 -2 4 1 -7 2 -4 0 4 3 -
Emerging Markets: Overview of 2013

Investors shun emerging market M&A during 2013 and avoid volatility, deal value during 2013 dropped 6.7% to US$ 488.7bn compared to 2012 (US$ 524bn) Morgan Stanley claimed top spot in the Emerging Markets financial advisor league table by value with US$ 73.9bn-worth of deals

600
Total M&A comparing the top three emerging market countries in 2013 by value
Annual Q4 M&A Value Q3 M&A Value Q2 M&A Value 524.0 Q1 M&A Value
400 500 600 3,500
74.6 110.0 97.3 49.2
110.3 76.0 108.4 137.2
3,000
73.1
154.7
139.9
451.7 150.7
300
67.8 34.0
101.2
2,000
25.2 124.1
80.2 85.7 51.3

1,500
200
71.8
43.1 52.2
1,000
400
387.9 123.5 138.0

100
500
329.3
130.1 100.9 84.3

0 2007 2008 Other EM M&A 2009 Brazil M&A 2010 China M&A 2011 Russia M&A 2012 2013 Number of deals 0
110.7
300
89.8 49.1
108.4 75.7 91.9
138.1 127.5
200
124.3
110.6
During the height of the financial crisis, investors sought alternative opportunities in the emerging markets. Following a low of US$ 329.3bn in 2009, annual M&A values in the region have been at pre-crisis levels (2007 US$ 451.7bn), topping US$ 450bn every year since. With a total value of US$ 488.7bn, 2013 continues the trend however, dropping 6.7% compared to 2012 (US$ 524bn) The M&A slow down can largely be attributed to continued economic recovery in the US and Europe, which in turn has lead to a shift in investor focus from emerging markets to more domestic deal making. M&A deal value came to US$ 139.9bn during Q4, up 7.5% from Q3 (US$ 130.1bn), but down 29.4% compared to Q4 2012 (US$ 198.2bn)
85.9 100 86.9 57.1 104.7
129.4
142.3
103.4
91.2
BRIC M&A during 2013 totalled US$ 314.7bn, 6.7% lower than 2012 (US$ 337.4bn). China led the activity (US$ 162bn) with a 33.2% market share, double Russias proportion (US$ 84bn, 17.2%) and ahead of Brazil (US$ 47.9bn, 9.8%) and India (US$ 20.7bn, 4.2%)
2007
2008
2009
2010
2011
2012
2013
Number of Deals
179.4
483.2 94.6
488.7
500
501.6
198.2
2,500
Emerging Markets: Industry and Cross-border analysis

Emerging Markets cross-border analysis

Inbound activity saw an 18.8% decline in 2013 with deals valued at US$ 122.2bn compared to US$ 150.4bn in 2012. The last time the region saw a lower inbound deal value was in 2009 (US$ 70.8bn), underlining the role of the risk averse investor
5.5%
4.4%
3.6% 11.2%
2013
13.7%
4.6%
11.1% 1.7% 3.5% 0.8%
3.9% 3.3%
12.5%
2012
The slowdown for targeting the BRICS has benefited less traditional emerging markets. For example, the Czech Republics US$ 7.4bn-worth of inbound deals in 2013 was up 64.4% compared to 2012 (US$ 4.5bn). Attention on smaller markets affected the average deal size for inbound deals (US$ 212.5m) resulting in the lowest average since 2009 (US$ 152.6m) Cautious about currency valuations (e.g. India), political unrest (e.g. Thailand) and regulations (e.g. China), outbound value in Q4 (US$ 19.1bn) represented the second quarterly decline - down 12.8% from Q3 (US$ 21.9bn). However, Q4 was up 7.3% compared to Q4 2012 (US$ 17.8bn) Total outbound activity in 2013 dropped 27.6% compared to 2012 (US$ 125.5bn), with deals valued at US$ 90.9bn being the lowest annual total since 2009 (US$ 63.2bn)
5.5%
Pharma, Medical & Biotech: US$ 19bn (US$ 18.5bn)
13.1% 3.9%
30.8%
27.0%
1.5%
14.8%
TMT: US$ 66.9bn (US$ 58.2bn)
13.0%
10.8%
300 Outbound M&A Value Inbound M&A Value Inbound Number of Deals 250 Outbound Number of Deals 1,000 1,200
150
600
The Real Estate sector (124 deals valued at US$ 26.8bn) was one of five sectors to increase by both deal value and number of deals compared to 2012, up the most by value and deal count at 208% and 45.9% respectively (US$ 8.7bn and 85 deals in 2012) TMT was another sector to register an increase in both value and number of deals. Maroc Telecom was the subject of the largest deal in the region during Q4 and also the fourth largest deal targeting Africa on Mergermarket record (since 2001). The company was acquired for US$ 6.1bn by United Emirates Communications, helping to raise the total value in the sector to US$ 66.9bn and 14.9% above last years total of US$ 58.2bn
100
400
50
200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Energy, Mining & Utilities continued to dominate M&A deal activity in the emerging markets with US$ 131.8bn-worth of deals and a stable 27% market share (30.8% in 2012). Deal value was down 18.2% compared to 2012 (US$ 161.1bn)
200
800
Emerging Markets: Top deals

Announced Date
08-Apr-13
Bidder Company
Russian Grids OAO

Target Company
Seller Company
Deal Value (US$bn)

14.4
14-Jun-13
Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund SM Prime Holdings Inc
PetroChina United Pipelines Company Limited (50% Stake) SM Land Inc Advising seller:BDO; JPMorgan; KPMG; Macquarie Group Phatra Securities Public Company; Advising seller: HSBC Bank of America Merrill Lynch; Advising seller: Credit Agricole; Lazard Deutsche Bank; Morgan Stanley
PetroChina Company Limited
9.8
31-May-13
SM Investments Corporation; and SY Family
6.7
23-Apr-13
CP ALL Plc
Maybank Investment Bank; Siam Commercial Bank; UBS Investment Bank Attijariwafa bank (Middle East); BNP Paribas; Moelis & Company Bank of America Merrill Lynch; Phatra Securities Public Company CITIC Securities
Siam Makro Public Co Ltd (96.09% Stake) Maroc Telecom (53% Stake) Bank of Ayudhya Public Company Limited (72.01% Stake) LongTan Hydropower Development Co Ltd (85% Stake)
SHV Holdings NV
6.2
5-Nov-13
Emirates Telecommunications Corporation
Vivendi SA
6.1
2-Jul-13
Mitsubishi UFJ Financial Group Inc
GE Capital Corporation
5.7
5-Feb-13
Guangxi Guiguan Electric Power Co Ltd
Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment (Group) Co Ltd CITIC Securities
4.9
1-Apr-13
Midea Group Co Ltd
China International Capital
GD Midea Holding Co Ltd (58.83% Stake)
4.9
14-Nov-13
Cyfrowy Polsat SA
EY; Trigon Group
Polkomtel Sp z oo (83.77% Stake)
Karswell Limited; Sensor Overseas Limited; and Argumenol Investment Company Limited Ziyad Manasir (Private investor)
4.9
24-Dec-13
Ruslan Baysarov (Private investor)
Stroygazconsulting (SGC) (30% Stake)
4.8
Criteria
All data is based on transactions over US$ 5m and is based on the Mergermarkets M&A deals database. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$ 100m. Click here for the full deal criteria M&A trends and top deals: correct as of 9am, 02-Jan-2014 Based on the dominant geography or dominant sector of the target according to Mergermarkets deals database. The trend graphs are based on transactions announced in the given time periods Financial advisor league tables: correct as of 9am, 02-Jan-2014 Based on the dominant geography of any of the target, bidder or seller according to Mergermarkets deal database. Buyout league tables to financial advisors are based on the target geography only and the advisor advising the buy-side only and exclude lapsed or withdrawn bids. Dates are between 1-Jan to 18-Dec for 2013 and 2012 comparison Industry consolidations: TMT: consolidated sectors of Technology, Media & Telecommunications OTHER in Global, Europe, US & Asia-Pacific sections: consolidated sectors of Leisure, Defence, Agriculture, and Construction OTHER in the Emerging Markets section: consolidated sectors of Leisure, Real Estate, and Transport Cross-Border: Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X Small-cap: deals valued under US$ 500m Mid-market: deals valued between US$ 501m - US$ 2bn Large-cap: deals valued between US$ 201bn - US$ 9.9bn Mega-deal: deals above the value of US$ 10bn Average deal size: excludes non-disclosed value deals Dates: Q4 2013 / Q4 2012: 01-Oct-13 to 31-Dec-13 / 01-Oct 12 to 31-Dec-12 2013 / 2012: 01-Jan-13 to 31-Dec-13 / 01-Jan-12 to 31-Dec-12
Part of The Mergermarket Group About Mergermarket Mergermarket is a mergers & acquisitions (M&A) intelligence service. Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1600 of the worlds foremost advisory firms to assist in their origination process.
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Mergermarket M&A Trend Report: 2013 Title

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Deal submission contacts:

Global: Regional league table analysis

12% (US$ 631.3bn)

1. Goldman Sachs 2. JPMorgan 1. Goldman Sachs US$ 454.5bn 2. JPMorgan 3. BAML

3. Morgan Stanley US$ 317.8bn

15% (US$ 403.4bn)

1. UBS Investment Bank US$ 60bn 2. Morgan Stanley 3. JPMorgan

1. Goldman Sachs 2. JPMorgan

0.8% 11.5% 3.2% 40.1% 20.4%

3. Morgan Stanley 4. BAML 5. Barclays

Global: Overview of 2013

Quarterly M&A growth comparison

Total M&A value and volume

12,000 2,500 10,000 2,000 8,000 1,500 6,000 1,000

Value of Deals (US$bn)

2008 European M&A US M&A

2010 Asia-Pacific (excl. Japan M&A)

2011 RoW M&A

2013 Number of Deals

1,710.5 569.0 1,500 492.6 677.2

587.7 653.7 516.9

580.9 560.5 542.9

Mergermarket 2013 Trend Report

Global: Industry and Cross-border analysis

Global cross-border analysis

Consumer: US$ 242.4bn (US$ 273.5bn)

Energy, Mining & Utilities: US$ 427bn (US$ 580.7bn)

2.7% 4.3% 2.5%

Financial Services: US$ 231.1bn (US$ 282.8bn)

Industrials & Chemicals: US$ 222.4bn (US$ 289.3bn)

Leisure: US$ 35.4bn (US$ 42.4bn)

19.3% 7.9% 25.4%

Pharma, Medical & Biotech: US$ 178bn (US$ 180.8bn)

TMT: US$ 510.1bn (US$ 331.1bn)

Transport: US$ 64.3bn (US$ 56.8bn)

Other: US$ 72.6bn (US$ 61.8bn)

Value of Deals (US$bn)

10,000 2,000 8,000 1,500 6,000 1,000

Global: Top deals

Verizon Communications Inc

Quarterly M&A growth comparison

Verizon Wireless Inc (45% Stake) H.J. Heinz Company

Advising seller: Goldman Sachs; UBS Investment Bank

Total M&A value and volume

Vodafone Group Plc

Berkshire Hathaway Inc; and 3G Capital

International Lease Finance Corporation Virgin Media Inc

Liberty Global Plc

Silver Lake Partners LP; and Michael Dell (Private investor)

Evercore Partners Inc; Goldman Sachs; JPMorgan

Omnicom Group Inc

Moelis & Company LLC; Morgan Stanley

Brookfield Property Partners LP

Brookfield Office Properties Inc (51% Stake)

Bank of America Merrill Lynch; Morgan Stanley

NBCUniversal Media LLC (49% Stake) Life Technologies Corp

General Electric Company

Thermo Fisher Scientific Inc

Russian Grids OAO

Barclays; EY; Morgan Stanley; VTB Capital

Federal Grid Company of Unified Energy System OAO (79.64% Stake)