global & regional m&a report q1-q3 2019 - mergermarket
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Finding the opportunities in mergers and acquisitions
Global & Regional M&A Report Q1-Q3 2019Including League Tables of Financial Advisors
An Acuris Company
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Content
Overview 03
Global 04
Global Private Equity 09
Europe 14
US 19
Latin America 24
Asia Pacific (excl. Japan) 29
Japan 34
Middle East & Africa 39
M&A and PE League Tables 44
Criteria & Contacts 79
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MEA USD 125.1bn 141.7% vs. YTD 18 Inbound USD 38.8bn 13.6% Outbound USD 9.3bn -61.3%Ind. & Chem. USD 71.2bn 6.3x
Europe USD 573.5bn -29.4% vs. YTD 18 Inbound USD 248.3bn -34% Outbound USD 187.1bn 20.2%PMB USD 146.3bn 6.1%
Latin America USD 56.3bn 3.2% vs. YTD 18 Inbound USD 35bn 38.2% Outbound USD 4.8bn 12.8%EMU USD 20.5bn 57.3%
North America USD 1.32tn -0.4% vs. YTD 18 Inbound USD 197.3bn 3.9% Outbound USD 268.3bn -7%PMB USD 230.8bn 3.8x
APAC (ex. Japan) USD 383.5bn -28.5% vs. YTD 18 Inbound USD 78.8bn 1.3% Outbound USD 72.4bn -29.5%Ind. & Chem. USD 85.6bn -4.2%
Global Overview Regional M&A Comparison
Japan USD 33.6bn 8.6% vs. YTD 18 Inbound USD 11.3bn 5.7x Outbound USD 67.6bn -48.1%Technology USD 12.8bn 70.3%
The % values on the map indicate market shares in global M&A
Global M&A USD 2.49tn -11.4% vs. YTD 18
Cross-border USD 911.4bn -14.6% vs. YTD 18
Top sector: PMB USD 405.8bn 51.1% vs. YTD 18
53%
2.3%15.3%
1.3%
23%
5%
Mergermarket 3Global OverviewGlobal & Regional M&A Report 3Q19
4Mergermarket
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Global
Value(USDbn)
Deal Details
AnnouncementDate
Bidder Company Target Company Target Geography
Target Sector
89.5 03-Jan Bristol-Myers Squibb Company
Celgene Corporation
USA Pharma, Medical & Biotech
88.9 09-Jun United Technologies Corporation
Raytheon Company
USA Defence
86.3 25-Jun AbbVie Allergan Republic of Ireland
Pharma, Medical & Biotech
70.4 27-Mar Saudi Arabian Oil Co
Saudi Basic Industries Corporation (70% Stake)
Saudi Arabia Industrials & Chemicals
54.4 09-May Occidental Petroleum Corporation
Anadarko Petroleum Corporation
USA Energy, Mining & Utilities
USD 2.49tn Value of global M&A in 1Q-3Q 2019, down 11.4% on last year
USD 262.9bn
Lowest quarterly US M&A value since 1Q16
(USD 254.6bn)
USD 424.6m
Average disclosed deal value, the highest on record
Mergermarket Global AnalysisGlobal & Regional M&A Report 3Q19
The slowdown in dealmaking spread to the US market in 3Q19, causing global M&A to drop 11.4% YTD on last year to USD 2.49tn (across 13,304 deals). Activity was particularly subdued in the difficult to interpret third quarter of the year, when USD 622.2bn worth of deals were struck globally, down 21.2% on 3Q18 (USD 789.7bn) and with 1,164 fewer deals than last year.
The US market, which had so far seemed immune to the global downward trend at play since the middle of last year, is starting to be impacted. At USD 262.9bn in 3Q19, US M&A has fallen to its lowest quarterly value since 1Q16 (USD 254.6bn). Worth USD 1.25tn YTD, US M&A is still marginally up on the same period last year (USD 1.23tn), just about retaining a 50% YTD share of global M&A activity, down from 52.5% in 1H19.
Marred by the trade and tech war between Washington and Beijing and persistent political instability in Hong Kong, YTD M&A activity in Asia is down 26.5% over last year to USD 417.2bn. China and Hong Kong accounts for only 7.8% of global M&A activity so far this year, down from 11.4% last year and a far cry from 2015, when they were responsible for 15.6% of the total global value of deals. In fact, the largest deal of the year so far in the region was struck between Japan and Australia with Asahi’s AUD 16bn (USD 11.3bn) acquisition of Australia-based brewery Carlton & United Breweries (CUB) from Anheuser-Busch InBev in July.
After an abysmal performance in 1H19, Europe has enjoyed a very relative recovery over the summer, with the value of deals in 3Q19 reaching USD 166.5bn across 1,551 transactions down only 2.3% compared to 3Q18 (USD 170.5bn across 1,974 deals). YTD, European M&A is still down 29.4% compared to the same period last year.
The largest deal of the quarter, London Stock Exchange’s USD 27bn acquisition of US-based financial data provider Refinitiv,
which will be going through severe merger control scrutiny, is only the tenth largest deal of the year so far. But it exemplifies the strength of European outbound M&A, which at USD 187.1bn is up more than 20% on last year and at its highest YTD level since 2016.
It also serves as a reminder that in spite or perhaps because of slowing global economic growth, which, according to a recent Organisation for Economic Cooperation and Development (OECD) report, could, in 2019, be the weakest since the 2008 financial crisis, appetite for large transformative deals is still strong among corporates. So far this year, 31 megadeals (> USD 10bn) took place, only the second time since 2008, that more than 30 such deals are recorded within the first nine months of the year.
With regards to large deals, the Pharma, Medical & Biotech (PMB) sector never fails to deliver and managed to put three deals in this quarter’s global top 10, including the creation of a mighty generic drugs maker through the combination of US-based Mylan and Pfizer’s Upjohn, which is itself expected to engage in M&A, as reported.
Whether they are motivated by the desire to get more growth, or a way to secure future survival, deals are getting larger. On the back of the longest equity bull market in history, and amid persistently low interest rates, corporates have ample cash reserves and appealing debt financing options at their disposal to pursue M&A. This context and the growing feeling that it will not last forever are pushing valuations up. At USD 424.6m YTD, the average size of deal with a disclosed value is up from USD 380.1m in 2018, and the highest on Mergermarket record by some margin.
Private equity’s unquenchable thirst has been another source of great consolation for global dealmakers. With a disclosed
USD 394.1bn spent by private equity firms so far this year, buyout activity is not too far from the record levels seen this time last year (USD 457.7bn).
European private equity firms have been showing particularly strong interest for North American assets. Six buyouts above USD 1bn have already been conducted by European sponsors on North American soil this year, five of which in 3Q19. Deals such as BC Partners’ acquisition of a 51% stake in Canada, Montreal-based security services group Garda World Security in July or Permira’s take-private of US-based life sciences company Cambrex in August have helped take the cross-border buyout activity between the two continents to record levels.
Global
Global AnalysisGlobal & Regional M&A Report 3Q19
Mergermarket
“Whether they are motivated by the desire to get more growth, or a way to secure future survival, deals are getting larger”
Beranger Guille, Global Editorial Analytics Director
5
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7.8% -21.2%
-29.4% USD 622.2bn
Value of Global M&A in 3Q19, down 21.2% on last
year
European M&A value YTD decrease on last year
Global share of China and Hong Kong M&A, down from
11.4% the previous year
Global M&A value decrease from 3Q18 to 3Q19
31 Number of megadeals
(> USD 10bn) announced so far this year
USD 27bn Value of LSE-Refinitiv deal,
the largest deal in 3Q19
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Global AnalysisGlobal & Regional M&A Report 3Q19
Chart title 1Chart title 2
Chart title 1Chart title 2
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OtherBusiness Services
TechnologyEnergy, Mining & Utilities
Industrials & Chemicals
Pharma, Medical & Biotech
Dea
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SDbn
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268.6366.5
391.7391.7 523.1
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Deal C
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826.2
963.2
960.0
622.2
Q3Q2 Q4Q1
Deal Count
Global Quarterly Breakdown Trend2014 - 2019
Global Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19
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Global AnalysisGlobal & Regional M&A Report 3Q19
Mergermarket 8
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Global Analysis
Ranking 3Q19 3Q18 Regional ranking comparison
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
Europe US Asia Pacific
Japan Middle East & Africa
Latin America
1 1 Goldman Sachs & Co 981,313 259 15.5% 849,790 1 1 2 4 3 4
2 3 JPMorgan 790,938 210 17.6% 672,574 3 2 6 11 1 19
3 2 Morgan Stanley 764,274 188 -4.1% 796,696 2 3 4 1 5 3
4 4 Citi 581,529 154 -4.3% 607,569 7 5 3 18 6 2
5 7 Evercore 559,497 120 55.0% 360,877 4 4 23 13 27 24
6 5 Bank of America Merrill Lynch 512,472 149 15.9% 442,279 5 6 1 20 4 1
7 9 Credit Suisse 288,538 116 -10.2% 321,255 10 7 7 92 18 18
8 6 Barclays 251,945 137 -32.6% 373,593 12 8 16 14 11 -
9 16 RBC Capital Markets 188,365 80 92.0% 98,124 36 9 144 - 17 39
10 14 PJT Partners 171,506 30 14.8% 149,337 9 10 128 - 122 15
11 8 Lazard 167,975 166 -51.1% 343,812 6 14 18 7 9 14
12 20 Jefferies 162,904 131 91.1% 85,236 14 11 32 28 10 76
13 11 Centerview Partners 147,875 41 -26.0% 199,707 23 12 44 - 21 -
14 27 HSBC 135,457 43 87.7% 72,180 16 32 13 15 2 12
15 13 UBS Investment Bank 127,036 98 -17.9% 154,737 11 27 9 12 15 8
16 10 Deutsche Bank 126,922 78 -57.9% 301,566 13 15 11 24 16 -
17 12 Rothschild & Co 116,808 208 -37.4% 186,603 8 25 5 8 12 16
18 60 Dyal Co 102,889 2 380.3% 21,420 - 13 - - - -
19 107 Klein and Company 75,893 4 1314.1% 5,367 100 58 - - 7 -
20 23 Moelis & Company 70,940 79 -11.8% 80,466 35 17 54 21 8 56
Global League tables
Financial advisor league table by value
Global & Regional M&A Report 3Q19
Buyouts 3Q19 3Q18 Change
Deal Value USD 394.1bn USD 457.7bn -13.9%
Deal Count 2,467 Deals 2,860 Deals -393
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Q1 Deal Count
Q2
Q3
Q4
108.6
124.6
103.5
65.7 73.6
122.6
107.9
129.5
130.3
168.2
152.5
90.6
138.4
111.4
180.3
138.9 112.5
172.8
108.8
Buyouts - Quarterly Breakdown (2015-2019) Buyouts - Top Five Deals (3Q19)
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Global Private Equity - Buyouts
Value(USDbn)
Deal Details
AnnouncementDate
Bidder Company Target Company Target Geography
Target Sector
14.1 08-May EQT Partners - Digital Colony Partners consortium
Zayo Group Holdings, Inc
USA Telecommuni-cation
13.4 02-Jun Blackstone Group GLP Pte Ltd (US Logistics Assets)
USA Real Estate
11.8 04-Feb Hellman & Friedman - Blackstone Group consortium
Ultimate Software Group Inc
USA Technology
10.2 10-May IFM Investors Buckeye Partners, LP
USA Energy, Mining & Utilities
10.1 16-May EQT Partners - Abu Dhabi Investment Authority consortium
Nestle Skin Health SA
Switzerland Pharma, Medical & Biotech
Global & Regional M&A Report 3Q19
Global Private Equity Analysis
Exits - Top Five Deals (3Q19)
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ount
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Exits - Quarterly Breakdown (2015-2019)
Exits 3Q19 3Q18 Change
Deal Value USD 326.2bn USD 449.4bn -19.4%
Deal Count 1,711 Deals 1,950 Deals -239
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Global Private Equity - Exits
Value(USDbn)
Deal Details
AnnouncementDate
Seller Company
Target Company
Target Geography
Target Sector
Bidder Company
38.5 16-Jan Kohlberg Kravis Roberts & Co
First Data Corporation
USA Business Services
Fiserv, Inc
27 01-Aug Blackstone Group; CPPIB; GIC; Thomson Reuters Corporation
Refinitiv USA Business Services
London Stock Exchange Group Plc
8.1 14-Jan Temasek Holdings Pte
Ascendas-Singbridge Pte Ltd
Singapore Real Estate CapitaLand Limited
6.7 02-May Apax Partners LLP; CPPIB; PSP Investments
Acelity USA Pharma, Medical & Biotech
3M Company
5.6 24-Jun Altamir Amboise; Apax Partners SAS
Altran Technologies SA
France Business Services
Capgemini SA
Global & Regional M&A Report 3Q19
Global Private Equity Analysis
European investors targeting North American assets (1Q-3Q periods)
0 10 20 30 40 50 60
2019
2018
2017
2016
2015
2014
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2012
2011
2010
Dea
l Co
unt
Buyouts above USD 1bn Number of Buyouts
Buyouts - Investors’ activity
Number of buyouts above USD 1bn conducted by European sponsors on
North American soil in 2019
6
Value of transatlantic buyouts in North America by European
investors YTD 2019
USD 28.4bn
Share of North American buyout value across global buyout value (YTD 2019)
47.8%
Mergermarket 11
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Mergermarket Global & Regional M&A Report 3Q19
Global Private Equity Analysis
Buyouts - Regional Breakdown
Mergermarket 12
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Mergermarket
39.4%
Deal Value
Deal Count
Americas(excl. USA)
USD 26.4bn
106
4.3%
Deal Value
Deal Count
USA USD 165.9bn
97143.4%
12.9% Deal Value
Deal Count
Asia-PacificUSD 62.6bn
318
Deal Value
Deal Count
EMEAUSD 139.2bn
1,072
Regional Breakdown - Market Share (%) by Deal Count
Global & Regional M&A Report 3Q19
Global Private Equity Analysis
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 8 PwC 15,370 80 23 57
2 6 Lincoln International 1,244 65 -2 67
3 1 Goldman Sachs & Co 71,485 63 -21 84
4 3 Rothschild & Co 26,340 62 -7 69
5 13 Jefferies 58,612 61 11 50
6 5 Deloitte 2,978 58 -9 67
7 4 William Blair & Company 9,638 56 -13 69
8 10 KPMG 2,740 51 -4 55
9 16 Barclays 58,850 49 5 44
10 2 Houlihan Lokey 4,197 48 -23 71
11 11 JPMorgan 63,805 43 -8 51
12 15 Harris Williams - 43 -4 47
13 14 Lazard 21,568 42 -7 49
14 12 EY 2,535 42 -9 51
15 29 Bank of America Merrill Lynch 116,860 41 16 25
16 7 Morgan Stanley 72,367 40 -25 65
17 9 Robert W. Baird & Co 5,388 40 -15 55
18 21 Evercore 87,601 38 2 36
19 23 Raymond James 1,424 37 3 34
20 32 Piper Jaffray & Co 1,419 37 18 19
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 5 Bank of America Merrill Lynch 116,860 41 133.6% 50,017
2 3 Citi 91,156 34 22.5% 74,415
3 6 Evercore 87,601 38 132.8% 37,636
4 2 Morgan Stanley 72,367 40 -39.9% 120,354
5 1 Goldman Sachs & Co 71,485 63 -45.4% 130,845
6 4 JPMorgan 63,805 43 -1.6% 64,854
7 7 Barclays 58,850 49 56.5% 37,603
8 16 Jefferies 58,612 61 133.7% 25,083
9 8 Credit Suisse 49,355 31 32.8% 37,174
10 9 Deutsche Bank 48,114 22 29.5% 37,158
11 19 Canson Capital Partners 31,000 2 82.4% 17,000
12 13 UBS Investment Bank 27,982 28 -10.3% 31,209
13 11 Rothschild & Co 26,340 62 -16.6% 31,595
14 15 RBC Capital Markets 22,948 34 -19.7% 28,568
15 14 Lazard 21,568 42 -25.8% 29,081
16 246 Qatalyst Group 17,477 7 - -
17 70 TD Securities 16,964 7 775.8% 1,937
18 53 PwC 15,370 80 367.5% 3,288
19 10 Macquarie Group 11,830 25 -62.7% 31,754
20 97 HSBC 10,889 8 1103.2% 905
Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count
Global Private Equity League tables
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Global & Regional M&A Report 3Q19
Global Private Equity Analysis
Value(USDbn)
Deal Details
AnnouncementDate
Bidder Company Target Company Target Geography
Target Sector
86.3 25-Jun AbbVie Allergan Republic of Ireland Pharma, Medical & Biotech
26.9 28-Feb Novartis (Shareholders)
Alcon Switzerland Pharma, Medical & Biotech
10.4 31-Jul EssilorLuxottica GrandVision Netherlands Consumer
10.1 16-May A consortium led by EQT Partners AB and Abu Dhabi Investment Authority
Nestle Skin Health Switzerland Pharma, Medical & Biotech
7.6 20-Aug Elanco Animal Health Incorporated
Bayer Animal Health
Germany Pharma, Medical & Biotech
Mergermarket 14
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Europe Analysis
Europe
Private equity buyout share of European M&A,
the second highest percentage on record
22.4%
Global & Regional M&A Report 3Q19
Value of YTD European M&A, down 29.4% versus YTD 2018
USD 573.5bn
European share of global M&A, down from 27.4% in 2018
23%
Mergermarket 15
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Europe
Europe AnalysisGlobal & Regional M&A Report 3Q19
With growing concerns over the Eurozone economy, resulting in the ECB announcing another round of stimulus, European M&A has taken a downturn, supported only by the ongoing strength of the private equity market. Mirroring wider global activity, dealmaking targeting Europe fell 29.4% versus Year-To-Date (YTD) 2018. The largest deal in Europe in the third quarter saw EssilorLuxottica acquire Grand Vision for USD 10.4bn. The deal is one of a number in the retail and leisure spaces announced in Q3 pointing to defensive consolidation in under-performing sectors more severely exposed to an economic downturn.
Following a strong second quarter, foreign investment into Europe has again fallen, demonstrating the lack of confidence many have in conducting high-profile acquisitions in Europe in the current climate. Takeovers by Chinese investors continue to drop, plummeting to the lowest YTD value since 2013 (USD 4.5bn) as political pressure curtails dealmaking. Just USD 7.5bn has been spent so far this year, down 60.9% versus the equivalent period last year.
Despite a clear fall from Q2, US investment into Europe remains robust and is on course to reach one its highest annual totals on Mergermarket record. Europe continues to be a key destination for US firms looking to invest abroad, accounting for 67.2% of activity outside the country by value.
Deals in the opposite direction also appear to be on the rise, pushing outbound M&A higher, following a slow 2018. The third quarter saw LSE’s USD 27bn acquisition of Refinitiv, the largest deal from Europe into the US since the USD 60.6bn tie-up between BAT and Reynolds American in early 2017.
With many corporates sitting on their hands due to lack of confidence in the market, private equity has seen its influence grow in 2019. The USD 128.5bn (1,025 deals) of European
buyouts announced so far this year accounts for 22.4% of total activity, ahead of all annual figures bar 2006 (25.3%).
Take-privates remain a key avenue for buyout firms and, due to the vast amounts of dry-powder available, there appears little sign the trend is coming to a halt. The YTD deal count (USD 37.1bn, 25 deals) has reached its highest point since 2007 (31 deals) while the combined value has already surpassed the 2018 full-year total (USD 35.2bn). This includes Advent’s USD 5.2bn offer for UK-based defence company Cobham.
Take-privates were prevalent in the UK where private equity firms have taken advantage of the fall in sterling to acquire international assets. The proposed Cobham takeover is a prime example, given a large proportion of the firm’s revenues derive from work in the United States.
Foreign investment has also begun to see an uptick as, in a similar vein to the months following the 2016 referendum, cheaper UK assets have been targeted. Recent transactions include the USD 6.1bn tie-up between Takeaway.com and Just Eat, and CK Asset Holdings’ USD 5.5bn acquisition of Greene King.
Overall the UK has seen mixed activity so far this year, down 43.8% by value versus YTD 2018, with many corporates deciding to delay investments while the current political situation and the threat of a no deal Brexit scenario persists.
Germany, which suffered a 0.1% decrease in GDP in Q2 and may be on course to hit a recession, saw an uptick in M&A value in Q3 – driven by private equity interest in large-cap assets. Buyouts targeting the country have reached USD 23.4bn this year, the second highest YTD value on record, only behind 2007 (USD 27.3bn). As a result, buyouts account for a 43.2% share of the country’s overall M&A value, the highest
YTD share on record. The weakening of German firms may result in a rise in interest in large and upper-mid cap assets, while activity the Mittlestand remains fairly subdued. The pipeline points to private equity interest in a number of high-profile situations, including BASF’s construction chemicals unit and Thyssenkrupp’s elevator business.
Meanwhile political uncertainty continues to hamper Italian M&A (USD 26.7bn), falling 48.9% versus the equivalent period in 2018 (USD 52.3bn). Dealmakers, however, may be cautiously optimistic that the formation of a new coalition will bring greater confidence to the market.
Despite the buoyant private equity activity, European dealmakers will continue to worry about the state of M&A with the seemingly unrelenting geopolitical upheaval appearing to affect investment. While private equity looks set to stay healthy it remains unclear how corporates will react in the fourth quarter, and into 2020.
“With many corporates sitting on their hands due to lack of confidence in the market, private equity has seen its influence grow”
Jonathan Klonowski, Research Editor (EMEA)
Mergermarket.com
-43.8%Drop in UK M&A
(USD 114.5bn) versus the equivalent period last year
(USD 203.8bn)
Fall in European inbound M&A value (USD 248.3bn) down from
USD 376.4bn in YTD 2018
-34%
Rise in tech M&A value (USD 49.8bn) versus the equivalent period last year (USD 38.9bn)
Increase in PMB M&A (USD 146.3bn) to its highest YTD
value on record
Value of European investment into the USA, already ahead of the full-
year 2018 value (USD 127.9bn)
USD 130.1bn +28.1%+6.1%
Value of German buyouts this year, the second highest
YTD value on record
USD 23.4bn
16
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Mergermarket Europe AnalysisGlobal & Regional M&A Report 3Q19
Chart title 1Chart title 2
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2018 2019
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Europe Quarterly Breakdown Trend2014 - 2019
Europe Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19
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Mergermarket Europe AnalysisGlobal & Regional M&A Report 3Q19
Europe League tables
Europe league table by value
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 PwC 25,254 242 -17 259
2 1 Deloitte 14,963 209 -70 279
3 5 KPMG 6,812 170 -43 213
4 3 Rothschild & Co 101,029 169 -45 214
5 4 EY 7,699 153 -61 214
6 8 Goldman Sachs & Co 300,580 115 -1 116
7 7 Lazard 116,909 112 -7 119
8 9 JPMorgan 228,744 92 -15 107
9 13 Citi 116,868 76 1 75
10 11 Morgan Stanley 244,558 73 -6 79
11 10 Oaklins 896 73 -14 87
12 12 Lincoln International 1,148 69 -10 79
13 20 Bank of America Merrill Lynch 142,136 61 5 56
14 21 Barclays 83,612 61 9 52
15 19 ALANTRA 4,098 58 1 57
16 16 Clearwater International 2,084 52 -11 63
17 29 Grant Thornton 194 52 6 46
18 15 UBS Investment Bank 84,929 51 -13 64
19 26 Evercore 154,172 50 3 47
20 17 Daiwa Securities Group / DC Advisory 2,562 48 -12 60
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 300,580 115 -23.6% 393,525
2 2 Morgan Stanley 244,558 73 -25.5% 328,339
3 3 JPMorgan 228,744 92 -29.6% 324,939
4 7 Evercore 154,172 50 -13.0% 177,286
5 6 Bank of America Merrill Lynch 142,136 61 -20.7% 179,200
6 5 Lazard 116,909 112 -38.6% 190,283
7 4 Citi 116,868 76 -60.4% 294,932
8 8 Rothschild & Co 101,029 169 -35.9% 157,532
9 18 PJT Partners 99,515 9 56.9% 63,441
10 11 Credit Suisse 92,391 44 -9.4% 101,995
11 15 UBS Investment Bank 84,929 51 19.6% 71,001
12 10 Barclays 83,612 61 -33.0% 124,794
13 9 Deutsche Bank 59,587 39 -53.1% 127,053
14 28 Jefferies 53,929 46 90.4% 28,318
15 14 BNP Paribas 49,679 46 -32.3% 73,372
16 27 HSBC 38,681 26 17.4% 32,947
17 - Canson Capital Partners 31,000 2 - -
18 13 Nomura Holdings 27,733 21 -67.8% 86,057
19 12 Robey Warshaw 27,000 1 -69.1% 87,249
20 34 PwC 25,254 242 30.2% 19,402
Europe league table by deal count
Mergermarket 18
mergermarket.com
Europe AnalysisGlobal & Regional M&A Report 3Q19
Value(USDbn)
Deal Details
AnnouncementDate
Bidder Company Target Company Target Geography
Target Sector
89.5 03-Jan Bristol-Myers Squibb Company
Celgene Corporation
USA Pharma, Medical & Biotech
88.9 09-Jun United Technologies Corporation
Raytheon Company
USA Defence
54.4 09-May Occidental Petroleum Corporation
Anadarko Petroleum Corporation
USA Energy, Mining & Utilities
42.6 18-Mar Fidelity National Information Services
Worldpay USA Business Services
41.3 08-Mar DuPont de Nemours (Shareholders)
Dow USA Industrials & Chemicals
Mergermarket 19
mergermarket.com
US Analysis
US
Global & Regional M&A Report 3Q19
Year-do-date Deal value increase in Pharma, Medical
& Biotech, compared to the same period in 2018
137%
Total combined deal value in the US year-to-date, the second
highest on Mergermarket record
USD 1.24bn
Average deal size of disclosed deals 1Q-3Q
(Highest on Mergermarket record)
USD 838m
Mergermarket 20
mergermarket.com
US Analysis
US
Global & Regional M&A Report 3Q19
Driven by mega deals, the average deal size among disclosed deals increased 39% in the US compared to the same period last year. Through 3Q19, the average deal size of disclosed deals in the US was USD 831m, compared to USD 596m for average disclosed deal values through 3Q18.
Overall, activity in the US through the third quarter increased by value compared to the same period last year, despite seeing a decrease in the numbers of deals announced. So far in 2019, the US has seen 4,057 deals announced worth a combined USD 1.25tn, compared to 4,787 deals announced worth a combined USD 1.23tn from 1Q-3Q 2018.
Activity in 3Q declined by both count and value, with 1,206 deals worth a combined USD 262.9bn, down32% by value from the same period last year, (1,565 deals announced worth a combined USD 387bn in 3Q18).
Small and mid-market deals appear to be most affected by the decline, with over 75% of activity by value in 3Q deriving from deals worth at least USD 1bn. Out of a total 1148 deals announced in 3Q worth a combined USD 262.9bn, there were 50 deals worth at least USD 1bn which combined are worth USD 199bn.
Deals in the Pharmaceutical, Medical, and Biotech sectors led activity by value in the US, with 444 deals worth a combined USD 229bn announced so far this year. Dealmakers started 2019 with expectations that deals would unfold in the space, with big pharma companies eyeing a large pipeline of attractive potential targets, this news service reported in February.
Activity in the sectors marks the highest on record (since 2001), slightly above the previous peak seen in 2015, (457 deals worth a combined USD 224bn). Activity was led by Bristol-Myers Squibb’s announced merger with Celgene Corporation
for USD 89.5bn. In August, Celgene announced it would sell operations related to the Otezla drug to Amgen, for USD 13.4bn, in connection with the merger. In another blockbuster merger in the pharmaceutical space, Pfizer announced at the end of July it would merge its Upjohn unit with rival Pharmaceutical giant Mylan in a Reverse Morris Trust transaction worth USD 24.6bn.
In a media deal years in the making, CBS and Viacom announced in August they will recombine 14 years after their split in 2005, in a deal worth USD 20bn. As over-the-top (OTT) content providers such as Netflix, Amazon and Hulu have presented an increased threat in the media entertainments space, traditional players have been pursuing consolidations as a defensive strategy. The deal – which has been in the works for some time – faced some early challenges in the board room, this news service reported last year.
Outside investors have continued to make large acquisitions in the US, with 204 deals announced in 3Q worth a combined USD 82.5bn. Inbound deals were led by the London Stock Exchange’s USD 27bn acquisition of Refinitiv, the US-based financial data provider, announced on August 1. The transaction, the largest deal announced in the US in 3Q19, marks the second-largest inbound deal from the UK on record, behind the 57.83% stake acquisition of tobacco giant Reynolds American, by British American Tobacco in 2017 for USD 60.6bn.
Overall, there have been 697 inbound deals announced so far in 2019 worth a combined USD 228bn, up 8% by value compared to the same period last year, (839 inbound deals announced worth a combined 211.2bn in 1Q-3Q 18).
Looking ahead, M&A activity by value can be expected to increase compared to 2018 and could potentially surpass the highest activity in the country on record, (5,462 deals worth a combined USD 1.8tn in 2015). However, market conditions are
facing a large amount of uncertainty that could cause declines in M&A activity. Global currency values and trade policies are among things expected to see changes between the third and fourth quarter which could factor into economic sentiment as more investors believe we are entering an end of cycle economic period.
“Amid sluggish global economic growth and Federal Reserve rate cuts in already historically low interest rate conditions, despite strong year-to-date activity, the third quarter saw a significant slowdown”
Philip Segal,Head Analyst (Americas)
Mergermarket.com
50Deals worth at least USD 1bn
announced in 3QActivity by value of deals in 3Q
worth > USD 1bn
76%
Value of the Celgene-Bristol-Myers Squibb deal, the largest
transaction announced YTD 2019
Combined Technology deal value 1Q-3Q 2019
Combined value of Mega deals (> 10bn) in 3Q19
USD 96bnUSD
89.5bn
Deal Value of Brookfield Infrastructure acquisition of Genesee & Wyoming, the largest Transport buyout in US
USD 8.7bn
USD 165bn
Mergermarket 21
mergermarket.com
US AnalysisGlobal & Regional M&A Report 3Q19
Chart title 1Chart title 2
Chart title 1Chart title 2
0
50
100
150
200
250
300
350
400
OtherIndustrials & Chemicals
Energy, Mining & Utilities
Business Services
TechnologyPharma, Medical & Biotech
De
al V
alu
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US
Db
n)
228.8
96.6
161.7 164.8
184.8
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384.7392.5
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262.9
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321.1
325.7
416.9
421.1
326.8
254.6
502.6
469.1
357.1
424.7
346.9
389.6
Q3Q2 Q4Q1
Deal Count
US Quarterly Breakdown Trend2014 - 2019
US Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19
22
mergermarket.com
Mergermarket US AnalysisGlobal & Regional M&A Report 3Q19
US League tables
US league table by value US league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Goldman Sachs & Co 815,285 177 -43 220
2 2 JPMorgan 646,282 137 -20 157
3 3 Houlihan Lokey 12,321 116 -25 141
4 4 Morgan Stanley 602,169 112 -27 139
5 8 Jefferies 156,782 108 3 105
6 6 Barclays 213,566 102 -11 113
7 7 Evercore 542,321 96 -11 107
8 11 Bank of America Merrill Lynch 343,975 95 2 93
9 5 Citi 437,270 89 -39 128
10 9 Raymond James 5,842 85 -12 97
11 17 Lazard 96,164 82 7 75
12 16 William Blair & Company 14,521 79 3 76
13 10 Credit Suisse 241,920 76 -20 96
14 13 Piper Jaffray & Co 4,429 76 -3 79
15 18 Lincoln International 2,013 72 -1 73
16 29 PwC 5,294 66 20 46
17 15 Moelis & Company 62,454 65 -11 76
18 14 Stifel/KBW 14,646 65 -12 77
19 19 Rothschild & Co 30,793 61 -10 71
20 12 Robert W. Baird & Co 14,074 61 -24 85
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 815,285 177 46.9% 554,852
2 3 JPMorgan 646,282 137 51.8% 425,651
3 2 Morgan Stanley 602,169 112 13.8% 529,214
4 7 Evercore 542,321 96 103.2% 266,863
5 5 Citi 437,270 89 33.1% 328,650
6 6 Bank of America Merrill Lynch 343,975 95 9.9% 313,097
7 8 Credit Suisse 241,920 76 -2.6% 248,392
8 4 Barclays 213,566 102 -36.2% 334,580
9 15 RBC Capital Markets 175,948 60 156.8% 68,522
10 12 PJT Partners 163,552 27 15.0% 142,167
11 17 Jefferies 156,782 108 131.3% 67,776
12 10 Centerview Partners 146,254 39 -23.9% 192,069
13 40 Dyal Co 102,889 2 380.3% 21,420
14 9 Lazard 96,164 82 -51.9% 199,839
15 11 Deutsche Bank 93,853 44 -45.9% 173,527
16 39 Wells Fargo Securities 64,121 34 165.6% 24,139
17 16 Moelis & Company 62,454 65 -7.9% 67,781
18 22 Guggenheim Partners 59,784 28 6.1% 56,348
19 36 BMO Capital Markets 44,425 37 60.2% 27,725
20 31 TD Securities 42,026 16 40.9% 29,830
Mergermarket 23
mergermarket.com
US AnalysisGlobal & Regional M&A Report 3Q19
Mergermarket 24
mergermarket.com
Latin America Analysis
LatinAmerica
Global & Regional M&A Report 3Q19
Value(USDm)
Deal Details
AnnouncementDate
Bidder Company Target Company Target Geography
Target Sector
8,641 05-Apr ENGIE SA; Caisse de Depot et Placement du Quebec; Engie Brasil Energia
Transportadora Associada de Gas (90% Stake)
Brazil Energy, Mining & Utilities
4,715 24-Jul Companhia Brasileira de Distribuicao
Almacenes Exito Colombia Consumer
4,200 25-Jan The Boeing Company
Embrae (commercial aviation business) (80% Stake)
Brazil Industrials & Chemicals
1,728 06-Jun Sonae Sierra Brasil
Aliansce Shopping Centers
Brazil Real Estate
1,701 23-Jul Banco Santander, Grupo Financiero Santander(16.68% Stake)
Mexico Financial Services
Increase in Latin American buyouts by value
102%
Value of the largest deal announced in Latin America in 3Q19 –
Companhia Brasileira de Distribuicao acquisition of Almecenes Exito
USD 4.7bn
Increase in inbound deals by value compared to last year
38%
Mergermarket 25
mergermarket.com
Global & Regional M&A Report 3Q19
Latin America
Propelled by inbound activity, Latin American M&A has been healthy so far in 2019. Overall, Latin America saw 442 deal announced worth a combined USD 56.3bn, relatively flat compared to the same period last year, (493 deals announced worth a combined 58.1bn in 1Q-3Q 2018). Inbound activity went from making up around 44% of all activity by value in 1Q-3Q 2018 to over 60% of all activity in the region. So far this year, there have been 199 inbound deals worth a combined USD 35bn, up over 38% by value compared to 1Q-3Q 2018, (208 inbound deals worth a combined USD 25.3bn).
Deals in Latin America’s biggest sector, Energy, Mining, and, Utilities, have made up 36% of all activity by value so far this year, with 65 deals announced worth a combined USD 20.5bn. Activity in the sector is up over 60% by value compared to the same period last year, despite a slight decline in deal count. A lot of activity in the sector has come from Brazil-based Petroleo Brasileiro, which continued to make significant divestitures in Q3.
Petrobras’ divestments have accounted for over 20% of all M&A activity by value in the region so far this year. In Q3, the company made four divestments worth a combined USD 1.8bn. Since the beginning of the year Petrobras made ten disposals worth a combined USD 12.5bn, in line with the company’s 2019-2013 Business and Management Plan.
Colombia proved to be an attractive market for dealmakers outside the country, seeing the most inbound activity on Mergermarket record year-to-date. The outlook on Colombia’s economy is generally positive in the short and medium term, with growing consumer spending and lower effective corporate tax rates expected to support sentiment. Out of the 45 deals announced worth a combined USD 8.5bn in Colombia this year, only 13 deals worth under USD 600m
involved domestic bidders. In July, Companhia Brasileira de Distribuicao, a Brazil-based retail conglomerate acquired a 55.3% stake in Almacenes Exito, a Colombia-based supermarket chain operator from France-based Casino Guichard Perrachon, for USD 4.7bn. In September, Brookfield Infrastructure Partners sold its 99.2% stake in Colombian electrical power company Empresa De Energia De Boyaca, to Canada-based Northland Power for USD 795m.
Buyouts in Latin America saw an increase compared to last year, with 41 buyouts worth a combined USD 4bn, nearly doubling by value over fewer deals, (53 buyouts worth a combined USD 2bn). The largest buyout in Latin America during the third quarter was the USD 500m buyout of Laboratorios Sanfer, the Mexico-based pharmaceutical company announced in August by Canada’s Caisse de Depot et Placement du Quebec.
Softbank Group ramped up acquisitions in Brazil in the third quarter, participating in three buyouts in the country worth a combined USD 600m. While the Japan-based institution had previously made only two acquisitions in Brazil, so far in 2019 Softbank has made six acquisitions in the country worth a combined USD 1bn.
In a post-election year when six Latin American countries held presidential elections, a robust M&A market in 2019 had been somewhat anticipated. Looking ahead, and despite a slowing economic growth on the continent, Latin America should, in the short term at least, continue to be a source of value for investors both domestically and abroad.
Latin America Analysis
“In a post-election year when six Latin American countries held presidential elections, a robust M&A market in 2019 had been somewhat anticipated”
Philip Segal,Head Analyst (Americas)
Mergermarket.com
32Total inbound deals into
Colombia YTD (highest on record)
Increase in YTD combined deal value in Colombia compared to
last year
555.5%
Value of Real Estate transactions in Latin America
YTD
Increase by value consumer deals YTDCombined deal value of
Petrobras divestments
USD 12.5bn USD 2bn62%
Largest buyout in Latin America: Laboratorios Sanfer
acquisition by Caisse de Depot
USD 500m
Mergermarket 26
mergermarket.com
Global & Regional M&A Report 3Q19
Latin America Analysis
Chart title 1Chart title 2
Chart title 1Chart title 2
0
5
10
15
20
OtherTechnologyIndustrials & Chemicals
Financial Services
ConsumerEnergy, Mining & Utilities
13.1
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20.5
3.45.0
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Db
n)
Deal C
ount
25.3
18.1
27.7
9.3
14.9
30.1
29.4
11.9
38.1
28.6
39.918.0
Q3Q2 Q4Q1
Deal Count
Latin America Quarterly Breakdown Trend2014 - 2019
Latin America Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19
27
mergermarket.com
Mergermarket Global & Regional M&A Report 3Q19
Latin America Analysis
Latin America League tables
Latin America league table by value Latin America league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 Banco BTG Pactual 5,950 26 3 23
2 1 Banco Itau BBA 5,146 26 2 24
3 10 Citi 15,840 15 7 8
4 8 Goldman Sachs & Co 13,133 13 3 10
5 6 Bank of America Merrill Lynch 19,125 12 0 12
6 14 Rothschild & Co 3,385 12 5 7
7 17 Santander Global Corporate Banking 11,123 10 3 7
8 7 Morgan Stanley 15,088 9 -2 11
9 29 BR Partners 12,150 9 6 3
10 13 Deloitte 1,119 9 1 8
11 21 Greenhill & Co 647 9 4 5
12 30 Scotiabank 1,052 8 5 3
13 5 Oaklins 1,016 8 -6 14
14 11 Vinci Partners 620 8 0 8
15 9 JPMorgan 1,448 7 -2 9
16 3 Banco Bradesco BBI 1,892 6 -9 15
17 4 Credit Suisse 1,585 6 -9 15
18 - Credit Agricole 11,140 5 5 0
19 16 KPMG 1,043 5 -2 7
20 19 BNP Paribas 805 5 0 5
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Bank of America Merrill Lynch 19,125 12 -25.8% 25,786
2 7 Citi 15,840 15 184.6% 5,565
3 4 Morgan Stanley 15,088 9 -13.9% 17,518
4 6 Goldman Sachs & Co 13,133 13 84.6% 7,115
5 31 BR Partners 12,150 9 2892.6% 406
6 - Credit Agricole 11,140 5 - -
7 26 Santander Global Corporate Banking 11,123 10 1975.2% 536
8 49 UBS Investment Bank 9,265 4 13135.7% 70
9 5 Banco BTG Pactual 5,950 26 -38.7% 9,705
10 - Inverlink 5,510 3 - -
11 3 Banco Itau BBA 5,146 26 -78.1% 23,510
12 23 HSBC 4,978 3 759.8% 579
13 - Corredores Davivienda 4,715 1 - -
14 15 Lazard 3,888 4 119.4% 1,772
15 - PJT Partners 3,557 1 - -
16 16 Rothschild & Co 3,385 12 219.9% 1,058
17 2 Banco Bradesco BBI 1,892 6 -92.0% 23,587
18 12 Credit Suisse 1,585 6 -43.5% 2,806
19 8 JPMorgan 1,448 7 -72.3% 5,219
20= - Astoria Capital Partners 1,266 2 - -
20= - Riza Capital 1,266 2 - -
Mergermarket 28
mergermarket.com
Global & Regional M&A Report 3Q19
Latin America Analysis
Value(USDbn)
Deal Details
AnnouncementDate
Bidder Company Target Company Target Geography
Target Sector
11.3 19-Aug-19 Asahi Group Holdings Ltd
CUB Pty Ltd Australia Consumer
8.1 14-Jan-19 CapitaLand Limited
Ascendas-Singbridge Pte Ltd
Singapore Real Estate
6.8 26-Feb-19 Hanergy Mobile Energy Holding Group Limited
Hanergy Thin Film Power Group Limited (32.49% Stake)
Hong Kong SAR Energy, Mining & Utilities
6.0 08-Mar-19 ArcelorMittal SA; Nippon Steel Corporation
Essar Steel India Ltd
India Industrials & Chemicals
5.8 26-Jan-19 Henan Shuanghui Investment and Development Co Ltd
Henan Luohe City Shuanghui Industrial Group Co Ltd
China Consumer
Mergermarket 29
mergermarket.com
Asia Pacific(excl. Japan)
Global & Regional M&A Report 3Q19
Asia Pacific (excl. Japan) Analysis
Australia’s outbound M&A value year-on-year increase
in terms of deal value
80.7%
Asia Pacific (excl. Japan) M&A value in 1Q-3Q19, the
lowest value since 2013
USD 383.5bn
Share of global market M&A in 1Q-3Q19, compared
to 19% in 1Q-3Q18
15.4%
Mergermarket 30
mergermarket.com
Global & Regional M&A Report 3Q19
Asia Pacific (excl. Japan)
M&A activity in APAC excl. Japan recorded USD 118.7bn across 786 deals in 3Q19, equal to a 25.8% decrease year-on-year in terms of value (3Q18: USD 160bn; 1067 deals) in line with the downward trend in the first half of the year. The first three quarters of 2019 generated 2471 deals valued USD 383.5bn, the lowest activity since 2013.
However, the largest deal of the year so far materialised over the last quarter – the AUD 16bn (USD 11.3bn) acquisition of Australia-based brewery Carlton & United Breweries (CUB) by Japan’s Asahi from Anheuser-Busch InBev. This transaction contributed to a surge in dealmaking value in the consumer sector during 3Q19, which jumped year-on-year by 80.1% to USD 21bn (3Q18: USD 11.7bn) despite a 40.7% decrease in deal count (3Q19: 67 deals; 3Q18: 113 deals).
The CUB mega deal cemented Japan’s entrenched position as the most active M&A inbound dealmaker in Australia. Bank of Japan’s low interest rate and lower competition from Chinese players amid a Sino-US trade war provide more M&A opportunities for Japanese bidders.
China and Hong Kong – the largest M&A market in APAC excl. Japan – continued their lacklustre performance in 3Q19, generating USD 52.7bn across 381 deals (3Q18: 84.9bn; 521 deals). The region recorded USD 194.5bn across 1170 deals from January to September 2019, equal to a year-on-year decrease of 35.4% in terms of value and 21.8% in terms of deal count.
The trade and tech war waged by Washington against Beijing and persistent political instability in Hong Kong, led YTD US investment into China and Hong Kong to decrease by 46.3% in value to USD 5.2bn and 52.4% in deal count vs last year. Meanwhile, US outbound investment to Japan increased 7.8x in value to USD 9.8bn over the same period.
India, a poor performer in the first half of 2019, reversed its downward trend in 3Q19 generating USD 17.3bn, a year-on-year 52.1% increase in deal value. Infrastructure deals have been an M&A growth engine for the second largest M&A market in APAC ex Japan. In July, a consortium led by Brookfield Infrastructure acquired India’s Tower Infrastructure Trust for USD 3.66bn. However, India aggregated 1Q-3Q19 results (USD 52.7bn; 288 deals) are still lagging behind those of the same period in 2018 (USD 82.4bn; 343 deals).
South East Asia, which hogged the limelight with a stellar performance in the first half of the year, slowed down the pace of its M&A activity in 3Q19 generating USD 18.4bn across 84 deals, equal to a year-on-year 13.9% decrease in value and a 25.7% decrease in volume (3Q18: USD 21.3bn across 113 deals).
Private equity buyout activity in APAC excl. Japan edged up in 3Q19 compared to 2Q19 but remained weak as previously predicted. YTD, private equity buyouts almost halved in value year-on-year to 57.3bn (1Q18-3Q18: 104.4bn) and decreased 30.9% in deal count to 286 deals (1Q18-3Q18: 414 deals).
With 32 deals valued USD 9.5bn, private equity exits activity recorded its worst 3Q performance since 2014 and the worst quarter performance since 2Q17. The largest PE exit in 3Q19 was India’s hotel chain owner and operator Oravel Stays USD 2bn sale to private investor Ritesh Agarwal. YTD, just 124 private equity exits valued USD 40.75bn were logged in, equal to a 38.3% year-on-year decrease in deal count and a 60.1% decrease in value.
While Chinese outbound activity is still dragged down by stricter domestic regulatory controls and a continuous crackdown in the US and the EU on Chinese acquisitions, Australian outbound M&A surged in deal value by 80.7%
year-on-year to USD 26.04bn over the same period, turning Australian into the largest outbound dealmaking market in APAC excl. Japan. In May, IFM Investors acquired US-based liquid petroleum products pipeline operator Buckeye Partner for USD 10.2bn. In August, Macquarie Infrastructure and Real Assets (MIRA) bought German chemicals firm Currenta for USD 3.9bn. And in June, MIRA acquired a 39% stake in UK-based gas distributor Cadent Gas for USD 2.5bn.
The outbound landscape could have been shaken up if the USD 36bn proposed acquisition of the London Stock Exchange by the Hong Kong Stock Exchange had materialised. However, the London Stock Exchange rejected the potential deal and observers have been skeptical on whether about its chance to be revived, especially due to political and regulatory reasons.
Asia Pacific (excl. Japan) Analysis
“China and Hong Kong, the largest market in APAC continued their lacklustre performance in 3Q19”
Riccardo Ghia,Research Editor (APAC)
Mergermarket.com
USD 57.3bn Value of PE buyouts in
1Q-3Q19, the lowest value since 2014
Value of PE exits in 1Q-3Q19
USD 40.8bn
Consumer M&A value year-on-year increase in 3Q19
(best performing sector)
Mega deal above USD 10bn (Carlton & United Breweries)
Value of the CUB - Asahi transaction, the largest deal in 1Q-3Q19
USD 11.4bn 80.1% 1
Value decrease in US outbound investment to China and
Hong Kong (1Q-3Q19)
46.3%
Mergermarket 31
mergermarket.com
Global & Regional M&A Report 3Q19
Asia Pacific (excl. Japan) Analysis
Chart title 1Chart title 2
Chart title 1Chart title 2
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149.1
173.4
178.5
141.4
152.8
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168.9
114.9
115.4
118.8
Q3Q2 Q4Q1
Deal Count
Asia Pacific (excl. Japan) Quarterly Breakdown Trend2014 - 2019
Asia Pacific (excl. Japan) Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19
32
mergermarket.com
Mergermarket Global & Regional M&A Report 3Q19
Asia Pacific (excl. Japan) Analysis
Asia Pacific (excl. Japan) League tables
Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 PwC 13,484 105 22 83
2 1 KPMG 13,709 59 -28 87
3 3 Deloitte 18,237 48 -34 82
4 4 EY 8,881 47 -24 71
5 5 Goldman Sachs & Co 48,606 34 -19 53
6 9 Morgan Stanley 38,244 33 -2 35
7 15 CITIC Securities 29,214 31 4 27
8 6 Citi 40,290 29 -18 47
9 7 UBS Investment Bank 29,125 29 -15 44
10 17 Huatai Securities 23,978 26 2 24
11 16 Bank of America Merrill Lynch 50,942 25 -1 26
12 10 Rothschild & Co 32,629 25 -10 35
13 8 JPMorgan 32,084 24 -11 35
14 13 Macquarie Group 12,112 23 -7 30
15 12 Credit Suisse 30,854 22 -9 31
16 11 China International Capital Corporation 17,825 22 -10 32
17 30 Guotai Junan Securities 3,466 19 8 11
18 27 HSBC 22,334 18 5 13
19 18 Deutsche Bank 24,769 17 -5 22
20 21 China Securities 11,625 15 -5 20
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 8 Bank of America Merrill Lynch 50,942 25 27.0% 40,111
2 1 Goldman Sachs & Co 48,606 34 -55.0% 108,009
3 2 Citi 40,290 29 -45.2% 73,480
4 4 Morgan Stanley 38,244 33 -42.0% 65,937
5 16 Rothschild & Co 32,629 25 95.1% 16,727
6 3 JPMorgan 32,084 24 -51.5% 66,089
7 18 Credit Suisse 30,854 22 97.4% 15,634
8 12 CITIC Securities 29,214 31 27.7% 22,885
9 5 UBS Investment Bank 29,125 29 -48.6% 56,650
10 - Wells Fargo Securities 25,008 6 - -
11 6 Deutsche Bank 24,769 17 -46.6% 46,417
12 21 Huatai Securities 23,978 26 68.7% 14,212
13 20 HSBC 22,334 18 55.5% 14,360
14 13 Deloitte 18,237 48 -14.4% 21,308
15 7 China International Capital Corporation 17,825 22 -59.4% 43,952
16 9 Barclays 17,507 12 -49.6% 34,709
17 37 Nomura Holdings 17,177 9 215.6% 5,442
18 19 Lazard 16,096 14 9.5% 14,697
19 14 KPMG 13,709 59 -27.3% 18,855
20 34 PwC 13,484 105 138.5% 5,653
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Global & Regional M&A Report 3Q19
Asia Pacific (excl. Japan) Analysis
Mergermarket 34
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Japan
Global & Regional M&A Report 3Q19
Japan Analysis
Value(USDm)
Deal Details
AnnouncementDate
Bidder Company Target Company Target Geography
Target Sector
5,193 16-Aug Fortress Investment Group LLC
Unizo Holdings Company Limited
Japan Real Estate
4,154 08-May SoftBank Corp Yahoo Japan Corporation (31.75% Stake)
Japan Technology
3,755 12-Sep Yahoo Japan Corporation
ZOZO Inc (50.1% Stake)
Japan Technology
2,200 01-Jul Applied Materials, Inc
Kokusai Electric Corporation
Japan Technology
1,215 06-Aug Kirin Holdings Company, Ltd
Fancl Corporation (32.94% Stake)
Japan Industrials & Chemcials
USD 5.2bn Value of the potential combination
Unizo-Fortress, the largest deal targeting Japan in 3Q19
8.6% 44.8% Year-to-date increase in Japan M&A by value
(USD 33.6bn, 320 deals) compared to YTD 2018 (USD 31bn, 348 deals)
Share of outbound transactions targeting
the US in 3Q19 (USD 11.9bn, 14 deals)
Mergermarket 35
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M&A activity in Japan is gaining momentum despite growing geopolitical uncertainty and global economic concerns. The first three quarters of 2019 generated 320 deals worth USD 33.6bn, equal to a year-on-year 8.6% increase in value. These positive results stand in stark contrast with most of APAC excl. Japan, which has been adversely affected by an ongoing trade confrontation between Washington and Beijing.
US-based Fortress Investment Group’s USD 5.2bn tender offer for Unizo Holdings Company is expected to be the largest Japan-targeted deal in YTD 2019 if completed, turning Real Estate into the second largest sector in Japan in 3Q19 in terms of deal value (USD 5.2bn; four deals). Meanwhile, the Technology sector remained the most active sector in terms of deal value both in 3Q19 (USD 6.1bn; 12 deals) and in YTD 2019 (USD 12.8bn; 39 deals).
Buoyant outbound activity was once again driven by loose monetary policy and the search for investment opportunities overseas amid low domestic growth. Japanese outbound dealmaking recorded a 29.6% increase in terms of deal value in YTD 2019 (USD 67.6bn, 243 deals) compared to YTD 2018 (USD 52.2bn after excluding the USD 78.1bn Takeda-Shire deal, 235 deals). Asahi Group’s USD 11.3bn takeover of Australian brewing manufacturer Carlton & United Breweries (CUB) was the largest outbound deal since the beginning of the year, turning the Consumer sector into the sector with the highest values in outbound dealmaking in 3Q19.
Outbound dealmaking activity in Financial services (USD 11bn, seven deals) remained brisk in 3Q19 as Japanese financial institutions continue to search for profit in higher-interest rate regions since their ultra-low interest rates at home slashed its loan income.
US is a favourable destination due to less competitions from
Chinese bidders, which also continued to be the largest outbound destination for Japan in terms of both deal value and deal count (USD 11.9bn, 14 deals) in 3Q19, representing 44.8% of total outbound activity. Financial Services sector M&A deals accounted for 83.2% of total outbound deals to the US in 3Q19, with Tokyo Century Corporation’s USD 9.9bn acquisition of 75.5% stake of Aviation Capital Group leading the outbound deal value to the US.
Inbound activities skyrocketed to USD 11.3bn across 28 deals in YTD 2019, 5.7x larger compared to YTD 2018 (USD 2bn, 23 deals). US bidders contributed USD 9.8bn to YTD 2019 inbound deal values. Japan outperformed China to become the most popular Asian destination of outbound investment for US companies, shifting focus from China (USD 3.6bn across 14 deals in YTD 2019, equal to a 63.2% decrease year-on-year versus USD 9.6bn, 41 deals in YTD 2018) amid tense trade negotiations between the world’s two largest economies. Meanwhile, Japanese inbound investment from the US increased by 8.8x in YTD 2019 (USD 9.76bn, 13 deals) compared to YTD 2018 (USD 1.11bn, seven deals).
The Japanese government is expected to tighten restrictions on foreign inbound investment on high-tech sectors due to national security concerns. Foreign bidders will be increasingly subjected to screening from the government, which will have the power to block deals related to the acquisition of at least a 10% stake in domestic targets in certain sectors. The proposed regulation, which is already in place in the defence sector, is expected to be expanded to 20 more industries including computer circuits and semiconductors.
According to Mergermarket Intelligence, Japan’s Ministry of Economy, Trade and Industry unveiled a new set of guidelines in June 2019 to improve corporate governance and address
conflict of interest arising from cross-ownership among Zaibatsu in Japan, by forcing listed parent conglomerates to restructure their subsidiaries through a series of spin-off and buyouts. Japanese private equity buyout investments surged by 7.3x in YTD 2019 (USD 5.3bn, 32 deals) compared to YTD 2018 (USD 719m, 40 deals) in terms of deal value. Private equity exits also skyrocketed during the last quarter, recording USD 2.3bn worth of deals across 7 deals in 3Q19 alone, more than the entire fiscal year in 2018 (USD 1.7bn, 26 deals) by deal value. The largest exit was led by KKR’s USD 2.2bn sale of Kokusai Electric Corporation to Applied Materials in 3Q19.
Buyout activities in Japan are expected to gain even stronger momentum. Bain Capital will set up a new buyout fund in Japan targeting mid-sized cap companies as private equity investment has been encouraged by negative interest rates and the government’s determination in improving corporate governance, while Carlyle Group is also expecting to raise its fourth private equity fund worth USD 1.8bn.
Global & Regional M&A Report 3Q19
“M&A activity in Japan is gaining momentum despite growing geopolitical uncertainty”
Joji Sekinuma, Analyst (APAC)
Japan
Japan Analysis
Mergermarket.com
Increase in PE Buyouts value in YTD 2019 (USD 5.3bn)
versus YTD 2018 (USD 719m)
7.3x Increase in Inbound M&A value
in YTD 2019 (USD 11.3bn, 28 deals) versus YTD 2018
(USD 2bn, 23 deals)
5.7x
Increase in Industrials & Chemicals M&A value, (USD
5.9bn), versus YTD 2018 (USD 4.5bn)
Increase in tech M&A value (USD 12.8bn), versus YTD
2018 (USD 7.5bn)Value of PE Exit deals in 3Q19, more
than the whole 2018 (USD 1.7bn)
USD 2.3bn 29.9%70.3%
Value of YTD outbound M&A, up 29.6% compared to the equivalent period in 2018
(USD 52.2bn excluding Takeda-Shire)
USD 67.6bn
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Global & Regional M&A Report 3Q19
Japan Analysis
Chart title 1Chart title 2
Chart title 1Chart title 2
0
1
2
3
4
5
6
7
8
9
10
11
12
13
OtherFinancial Services
Pharma, Medical
& Biotech
ConsumerIndustrials & Chemicals
Technology
7.5
12.9
4.5 5.9
4.8
2.7
0.3
2.4
2.11.6
11.7
8.3
Valu
e o
f d
eals
(U
SD
bn
)
2018 2019
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20
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40
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60
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201920182017201620152014
14.9
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350
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450
500
9.4
10.6 5.5
14.1
15.2
17.1
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19.7
11.4 16.3
13.3
8.6
9.1
Valu
e o
f d
eals
(U
SD
bn
)
Deal co
unt
35.3
21.6
9.1
9.1
5.1
7.1
11.3
Q3Q2 Q4Q1
Deal Count
Japan Quarterly Breakdown Trend2014 - 2019
Japan Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19
37
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Japan Analysis
Japan League tables
Japan league table by value Japan league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 Deloitte 15,434 45 14 31
2 1 Nomura Holdings 27,391 42 -12 54
3 6 Daiwa Securities Group / DC Advisory 8,041 33 5 28
4 3 Mizuho Financial Group 21,626 32 -9 41
5 2 Sumitomo Mitsui Financial Group 13,953 30 -13 43
6 5 Morgan Stanley 34,835 28 -1 29
7 12 PwC 5,766 25 15 10
8 7 GCA Corporation 2,130 15 -10 25
9 8 Goldman Sachs & Co 20,192 12 -1 13
10 24 EY 2,954 9 5 4
11 25 Rothschild & Co 13,073 8 5 3
12 9 JPMorgan 5,611 8 -4 12
13 14 Plutus Consulting Co 858 8 1 7
14 10 KPMG 401 8 -4 12
15 11 Frontier Management 353 8 -2 10
16 23 Lazard 13,439 7 3 4
17 19 AGS Consulting 1,001 7 2 5
18 15 YAMADA Consulting Group Co 913 7 0 7
19 32 Barclays 4,049 6 4 2
20 17 Citi 2,972 6 0 6
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 Morgan Stanley 34,835 28 -78.1% 159,248
2 5 Nomura Holdings 27,391 42 -72.4% 99,329
3 6 Mizuho Financial Group 21,626 32 -73.9% 82,942
4 2 Goldman Sachs & Co 20,192 12 -88.0% 167,868
5 17 Deloitte 15,434 45 248.9% 4,424
6 8 Sumitomo Mitsui Financial Group 13,953 30 -80.7% 72,114
7 29 Lazard 13,439 7 1577.8% 801
8 18 Rothschild & Co 13,073 8 513.8% 2,130
9 16 Daiwa Securities Group / DC Advisory 8,041 33 37.4% 5,853
10 48 PwC 5,766 25 3085.6% 181
11 1 JPMorgan 5,611 8 -96.7% 170,992
12 19 UBS Investment Bank 5,068 5 162.5% 1,931
13 4 Evercore 4,506 3 -96.8% 140,445
14 14 Barclays 4,049 6 -75.5% 16,500
15 87 HSBC 3,501 1 - -
16 92 Macquarie Group 3,019 2 - -
17 54 Grant Samuel 3,019 1 2153.0% 134
18 7 Citi 2,972 6 -96.3% 80,816
19 32 EY 2,954 9 429.4% 558
20 15 Bank of America Merrill Lynch 2,580 5 -68.8% 8,264
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Japan Analysis
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Middle East & Africa
Global & Regional M&A Report 3Q19
Middle East & Africa Analysis
Value(USDbn)
Deal Details
AnnouncementDate
Bidder Company
Target Company
Target Geography
Target Sector
70.4 27-Mar Saudi Arabian Oil Co
Saudi Basic Industries Corporation (70% Stake)
Saudi Arabia Industrials & Chemicals
8.8 05-May Total SA Anadarko Petroleum Corporation (Algerian assets in the Berkine basin) (24.5% Stake); Anadarko Petroleum Corporation (Assets in Ghana in Jubilee field) (27% Stake); Anadarko Petroleum Corporation (Assets in Ghana in TEN fields) (19% Stake); Anadarko Petroleum Corporation (Assets in Mozambique in Area 1) (26.5% Stake)
Mozambique Energy, Mining & Utilities
4.0 24-Feb Kohlberg Kravis Roberts & Co LP; BlackRock Inc
ADNOC Oil Pipelines LLC (40% Stake)
United Arab Emirates
Energy, Mining & Utilities
4.0 29-Jan Abu Dhabi Commercial Bank
Union National Bank United Arab Emirates
Financial Services
3.4 24-Jun Fuhrer Family; Searchlight Capital Partners, LP
B Communications Ltd (36.89% Stake)
Israel Technology
Value of Private Equity exits in 2019, surpassing all annual values since 2014
USD 8.3bn
Value invested into MEA in 2019, 2.4x higher versus YTD 18
USD 125.1bn
Number of deals above USD 500m in 3Q19, with
three above USD 1bn
6
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The Middle East & Africa (MEA) region has experienced a slowdown in M&A during Q3, with 82 deals worth USD 9.4bn being recorded, representing the lowest quarterly value since 3Q15 (USD 6.1bn, 119 deals).
The dip in dealmaking contrasts with a blockbuster H1, when 220 transactions amounting to USD 115.7bn were announced, driven by the USD 70bn SABIC deal. The Year-to-date (YTD) figures stand at 125.1bn and 302 deals, 2.4x higher value-wise compared to the same period in 2018 (USD 51.8bn, 337 deals) despite 35 fewer deals.
The largest transaction struck in Q3 saw PepsiCo acquire South African food manufacturer Pioneer Food Group for USD 1.8bn, in a push to improve its presence within the region. The deal follows a tough year for local food producers, which have been struggling amid a slower retail environment and dry weather which has hit produce.
Other high-profile deals in Africa include Total’s acquisition of Anadarko’s African assets for USD 8.8bn in Q2, whereby the French firm cements its position in the continent while also gaining greater exposure to LNG. Lukoil has also increased its interests in the region with the acquisition of a 25% stake in one of New Age’s marine licenses in Congo for USD 800m.
As a result, Africa as a whole has seen USD 19bn change hands across 147 deals, marking the strongest YTD value figure since 2016 (USD 24.3bn, 214 deals) despite registering a decrease in volume compared to previous years (YTD 2018: 171 deals; YTD 2017: 204 deals), pointing to higher valuations on announced deals.
So far this year 12 deals above the USD 1bn mark were announced across MEA, three of them in Q3, compared to
the same number in Q2 and six in Q1. In 2018 there were 16 such transactions.
Moving forward, ongoing situations include Dana Gas’ plans to offload its assets in Egypt, which are valued at more than USD 500m, and Exxon Mobile’s intended divestment of its oil and gas fields in Nigeria, which could fetch up to USD 3bn. Orion Oil are also pursuing a 40% stake in the Mengo-Kundji-Bindi (MKB) block onshore Congo (Brazzaville), likely valued in the region of USD 700-USD 800m.
In the Middle East (excl. Israel) 65 transactions have been recorded so far this year worth a total value of USD 94.7bn, out of which eleven deals and USD 2bn are attributable to Q3. Heightened geopolitical tensions appear to have resulted in a dip in both value and volume in comparison to Q1 (USD 89.3bn, 35 deals) and Q2 (USD 3.4bn, 19 deals).
The third largest deal in Q3 was the exit by Oman’s Renaissance Services and Singapore’s Affirma Capital from UAE’s Topaz Energy and Marine, which was acquired by DP World for USD 1.1bn. The transaction is intended to improve DP World marine logistics capabilities.
Elsewhere in the UAE, ADNOC agreed to sell a further 6% stake in its oil pipelines network to GIC for USD 600m, bringing its holding down to 51%. The deal follows a string of divestments made earlier this year by ADNOC, worth a combined USD 10.6bn.
Interest in the technology sector continues to drive Israeli M&A, which has reached 90 deals worth USD 11.3bn so far this year. Salesforce conducted the largest deal this quarter, acquiring ClickSoftware from Francisco Partners for USD 1.4bn. The deal was announced after Salesforce completed
the purchase of US data analytics firm Tableau for USD 15bn.
Looking ahead, dealmakers will closely follow how regional tensions unfold, while monetary policy, particularly in the US will remain a factor, given the reliance of local currencies on the US dollar and the possible effect on oil prices.
Global & Regional M&A Report 3Q19
Middle East & Africa
Middle East & Africa Analysis
“The Middle East & Africa (MEA) region has experienced a slowdown in M&A during Q3...Looking ahead, dealmakers will closely follow how regional tensions unfold, while monetary policy, particularly in the US will remain a factor”
Mohamed Rais, Research Analyst (EMEA)
Mergermarket.com
2019 African M&A value, its highest YTD value since
2016
USD 19bnValue of M&A from Asia,
Americas and Europe into the UAE, the highest figure on
record
USD 15bn
Value of PepsiCo’s acquisition of Pioneer Food, the largest South
African deal this year
Number of deals targeting the tech sector, up from 40
in YTD 2019Value of foreign investment into MEA this year, already ahead of the
full-year 2018 value (USD 38.1bn)
USD 38.8bn USD 1.8bn57
2019 private equity buyout value, already higher than full-
year 2017 and 2018 figures
USD 10.7bn
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Middle East & Africa Analysis
Chart title 1Chart title 2
Chart title 1Chart title 2
0
9
18
27
36
45
54
63
72
OtherTelecomsFinancial Services
TechnologyEnergy, Mining & Utilities
Industrials & Chemicals
11.4
71.2
13.7
24.9
6.44.2
6.94.81.9 4.3
15.811.5
Dea
l Val
ue
(US
Db
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2018 2019
0
15
30
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120
135
150
2019201820172016201520140
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210
262
315
367
420
472
525
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9.4
24.5
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24.8
34.9
9.7
17.1
10.0
Dea
l Val
ue
(US
Db
n)
Deal C
ount
22.1
10.9
29.7
12.3
8.6
6.119.4
7.6
17.7
17.7
95.1
20.6
9.4
Q3Q2 Q4Q1
Deal Count
Middle East & Africa Quarterly Breakdown Trend2014 - 2019
Middle East & Africa Sector Breakdown Trend1Q-3Q18 - 1Q-3Q19
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Middle East & Africa Analysis
Middle East & Africa League tables
MEA league table by value MEA league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 JPMorgan 92,427 19 5 14
2 9 Citi 74,013 14 8 6
3 1 Rothschild & Co 4,517 12 -6 18
4 3 PwC 1,125 12 -3 15
5 7 Goldman Sachs & Co 78,944 11 2 9
6 18 HSBC 79,557 9 5 4
7 16 Bank of America Merrill Lynch 76,239 9 5 4
8 10 Lazard 11,292 9 3 6
9 2 EY 169 9 -9 18
10 34 Moelis & Company 12,635 8 6 2
11 26 Jefferies 5,081 8 5 3
12 5 Morgan Stanley 74,854 6 -5 11
13 23 Deutsche Bank 2,478 6 3 3
14 21 Deloitte 1,593 6 2 4
15 17 Barclays 4,779 5 1 4
16 - Nedbank Capital 1,011 5 5 0
17 25 Investec 1,010 5 2 3
18 22 UBS Investment Bank 2,846 4 1 3
19 13 Credit Suisse 1,992 4 -1 5
20 - PSG Capital 1,882 4 4 0
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 JPMorgan 92,427 19 711.0% 11,397
2 10 HSBC 79,557 9 1576.6% 4,745
3 1 Goldman Sachs & Co 78,944 11 385.7% 16,255
4 4 Bank of America Merrill Lynch 76,239 9 870.7% 7,854
5 2 Morgan Stanley 74,854 6 390.6% 15,258
6 9 Citi 74,013 14 1415.4% 4,884
7 - Klein and Company 70,364 1 - -
8 40 Moelis & Company 12,635 8 3510.0% 350
9 17 Lazard 11,292 9 420.8% 2,168
10 34 Jefferies 5,081 8 565.9% 763
11 8 Barclays 4,779 5 -7.3% 5,158
12 6 Rothschild & Co 4,517 12 -27.3% 6,215
13 - Radhan 3,369 1 - -
14 - Mediobanca 3,240 1 - -
15 15 UBS Investment Bank 2,846 4 -13.3% 3,284
16 22 Deutsche Bank 2,478 6 86.9% 1,326
17 69 RBC Capital Markets 2,249 3 2711.3% 80
18 13 Credit Suisse 1,992 4 -46.2% 3,702
19 - PSG Capital 1,882 4 - -
20 - Intrepid Partners 1,850 1 - -
Mergermarket 43
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Global & Regional M&A Report 3Q19
Middle East & Africa Analysis
M&A Rankings by deal value and deal count for a wide range of regions
M&A and PE Financial Advisory League Tables
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Global & Regional M&A Report 3Q19
League Tables
Global Advisory League tables
Global league table by value Global league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 PwC 40,461 372 16 356
2 1 Deloitte 41,685 315 -90 405
3 5 Goldman Sachs & Co 981,313 259 -27 286
4 3 KPMG 20,441 245 -89 334
5 7 JPMorgan 790,938 210 -22 232
6 4 EY 16,007 210 -92 302
7 6 Rothschild & Co 116,808 208 -44 252
8 8 Morgan Stanley 764,274 188 -31 219
9 10 Lazard 167,975 166 -10 176
10 9 Citi 581,529 154 -51 205
11 15 Bank of America Merrill Lynch 512,472 149 7 142
12 11 Houlihan Lokey 15,532 141 -31 172
13 14 Barclays 251,945 137 -6 143
14 19 Jefferies 162,904 131 11 120
15 16 Lincoln International 2,857 126 -8 134
16 18 Evercore 559,497 120 -10 130
17 12 Credit Suisse 288,538 116 -33 149
18 21 Raymond James 7,292 106 -12 118
19 23 Daiwa Securities Group / DC Advisory 11,696 99 3 96
20 20 UBS Investment Bank 127,036 98 -21 119
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 981,313 259 15.5% 849,790
2 3 JPMorgan 790,938 210 17.6% 672,574
3 2 Morgan Stanley 764,274 188 -4.1% 796,696
4 4 Citi 581,529 154 -4.3% 607,569
5 7 Evercore 559,497 120 55.0% 360,877
6 5 Bank of America Merrill Lynch 512,472 149 15.9% 442,279
7 9 Credit Suisse 288,538 116 -10.2% 321,255
8 6 Barclays 251,945 137 -32.6% 373,593
9 16 RBC Capital Markets 188,365 80 92.0% 98,124
10 14 PJT Partners 171,506 30 14.8% 149,337
11 8 Lazard 167,975 166 -51.1% 343,812
12 20 Jefferies 162,904 131 91.1% 85,236
13 11 Centerview Partners 147,875 41 -26.0% 199,707
14 27 HSBC 135,457 43 87.7% 72,180
15 13 UBS Investment Bank 127,036 98 -17.9% 154,737
16 10 Deutsche Bank 126,922 78 -57.9% 301,566
17 12 Rothschild & Co 116,808 208 -37.4% 186,603
18 60 Dyal Co 102,889 2 380.3% 21,420
19 107 Klein and Company 75,893 4 1314.1% 5,367
20 23 Moelis & Company 70,940 79 -11.8% 80,466
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Global & Regional M&A Report 3Q19
League Tables
EMEA Advisory League tables
Europe league table by value Europe league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 PwC 25,254 242 -17 259
2 1 Deloitte 14,963 209 -70 279
3 5 KPMG 6,812 170 -43 213
4 3 Rothschild & Co 101,029 169 -45 214
5 4 EY 7,699 153 -61 214
6 8 Goldman Sachs & Co 300,580 115 -1 116
7 7 Lazard 116,909 112 -7 119
8 9 JPMorgan 228,744 92 -15 107
9 13 Citi 116,868 76 1 75
10 11 Morgan Stanley 244,558 73 -6 79
11 10 Oaklins 896 73 -14 87
12 12 Lincoln International 1,148 69 -10 79
13 20 Bank of America Merrill Lynch 142,136 61 5 56
14 21 Barclays 83,612 61 9 52
15 19 ALANTRA 4,098 58 1 57
16 16 Clearwater International 2,084 52 -11 63
17 29 Grant Thornton 194 52 6 46
18 15 UBS Investment Bank 84,929 51 -13 64
19 26 Evercore 154,172 50 3 47
20 17 Daiwa Securities Group / DC Advisory 2,562 48 -12 60
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 300,580 115 -23.6% 393,525
2 2 Morgan Stanley 244,558 73 -25.5% 328,339
3 3 JPMorgan 228,744 92 -29.6% 324,939
4 7 Evercore 154,172 50 -13.0% 177,286
5 6 Bank of America Merrill Lynch 142,136 61 -20.7% 179,200
6 5 Lazard 116,909 112 -38.6% 190,283
7 4 Citi 116,868 76 -60.4% 294,932
8 8 Rothschild & Co 101,029 169 -35.9% 157,532
9 18 PJT Partners 99,515 9 56.9% 63,441
10 11 Credit Suisse 92,391 44 -9.4% 101,995
11 15 UBS Investment Bank 84,929 51 19.6% 71,001
12 10 Barclays 83,612 61 -33.0% 124,794
13 9 Deutsche Bank 59,587 39 -53.1% 127,053
14 28 Jefferies 53,929 46 90.4% 28,318
15 14 BNP Paribas 49,679 46 -32.3% 73,372
16 27 HSBC 38,681 26 17.4% 32,947
17 - Canson Capital Partners 31,000 2 - -
18 13 Nomura Holdings 27,733 21 -67.8% 86,057
19 12 Robey Warshaw 27,000 1 -69.1% 87,249
20 34 PwC 25,254 242 30.2% 19,402
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Global & Regional M&A Report 3Q19
League Tables
EMEA Advisory League tables
UK league table by value UK league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 PwC 4,627 65 6 59
2 1 Rothschild & Co 42,107 58 -32 90
3 3 KPMG 2,082 55 -10 65
4 2 Deloitte 1,805 48 -25 73
5 6 Goldman Sachs & Co 95,565 46 0 46
6 10 Lazard 34,244 35 1 34
7 7 JPMorgan Cazenove 50,957 34 -8 42
8 14 Barclays 61,109 32 4 28
9 12 Grant Thornton 188 31 -2 33
10 15 Evercore 43,130 30 3 27
11 16 Morgan Stanley 68,883 27 1 26
12 22 Jefferies 44,076 27 5 22
13 21 Bank of America Merrill Lynch 57,987 26 2 24
14 27 Daiwa Securities Group / DC Advisory 1,885 26 5 21
15 11 EY 1,573 25 -8 33
16 9 Houlihan Lokey 2,851 24 -11 35
17 28 Lincoln International 440 21 0 21
18 30 UBS Investment Bank 37,052 20 2 18
19 18 Macquarie Group 7,883 20 -6 26
20 24 ALANTRA 1,536 20 -2 22
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 95,565 46 -22.1% 122,737
2 2 Morgan Stanley 68,883 27 -40.7% 116,168
3 4 Barclays 61,109 32 -31.8% 89,592
4 3 Bank of America Merrill Lynch 57,987 26 -36.4% 91,173
5 5 JPMorgan Cazenove 50,957 34 -41.8% 87,611
6 17 Jefferies 44,076 27 103.9% 21,621
7 7 Evercore 43,130 30 -36.6% 68,080
8 8 Rothschild & Co 42,107 58 -32.1% 62,039
9 14 Credit Suisse 41,186 17 58.1% 26,044
10 11 UBS Investment Bank 37,052 20 -31.9% 54,424
11 12 Lazard 34,244 35 10.1% 31,098
12 - Canson Capital Partners 31,000 2 - -
13 6 Robey Warshaw 27,000 1 -69.1% 87,249
14 13 Deutsche Bank 24,149 15 -18.9% 29,789
15 9 Citi 21,439 18 -64.9% 61,017
16 118 TD Securities 16,125 2 4846.3% 326
17 26 HSBC 12,970 13 83.4% 7,073
18 10 PJT Partners 10,889 4 -81.8% 59,894
19 22 Mediobanca 9,868 3 27.4% 7,743
20 18 RBC Capital Markets 8,776 14 -56.8% 20,303
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Ranking 3Q19 3Q18
3Q19 2Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 EY 3,279 50 -1 51
2 3 Deloitte 618 48 10 38
3 4 PwC 11,204 40 4 36
4 2 KPMG 1,247 37 -7 44
5 5 Rothschild & Co 23,413 35 3 32
6 6 Goldman Sachs & Co 52,146 30 1 29
7 11 GCA Corporation 828 25 2 23
8 7 Lincoln International 345 25 -2 27
9 19 Lazard 29,549 24 9 15
10 8 JPMorgan 53,628 23 -1 24
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 Bank of America Merrill Lynch 60,205 16 -8.6% 65,844
2 8 JPMorgan 53,628 23 5.6% 50,792
3 1 Goldman Sachs & Co 52,146 30 -58.9% 126,727
4 11 UBS Investment Bank 50,107 17 60.8% 31,163
5 12 Credit Suisse 45,242 16 99.3% 22,695
6 2 Citi 29,722 16 -64.8% 84,445
7 5 Lazard 29,549 24 -51.3% 60,663
8 6 Rothschild & Co 23,413 35 -59.5% 57,843
9 10 Morgan Stanley 21,683 9 -50.5% 43,771
10 4 Deutsche Bank 21,166 14 -65.7% 61,660
DACH league table by value DACH league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 5 KPMG 369 13 6 7
2 7 Goldman Sachs & Co 101,071 8 3 5
3 8 JPMorgan 90,163 7 2 5
4 1 IBI Corporate Finance 93 6 -5 11
5 12 PwC - 6 2 4
6 79 Investec 68 5 4 1
7 2 Davy Corporate Finance 1,888 4 -4 8
8 39 Barclays 330 4 3 1
9 48 Houlihan Lokey 236 4 3 1
10 4 Deloitte 148 4 -3 7
Ireland league table by value
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 Goldman Sachs & Co 101,071 8 24.9% 80,898
2 3 JPMorgan 90,163 7 13.6% 79,350
3 1 Morgan Stanley 87,720 3 4.8% 83,733
4 5 Evercore 87,006 3 10.7% 78,618
5 - PJT Partners 86,270 1 - -
6 4 Citi 9,700 2 -87.7% 78,737
7 10 Lazard 9,614 3 300.6% 2,400
8 85 Robert W. Baird & Co 7,700 1 - -
9 28 Wells Fargo Securities 1,906 2 707.6% 236
10 14 Davy Corporate Finance 1,888 4 113.3% 885
Ireland league table by deal count
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Germany league table by value Germany league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 EY 2,030 42 8 34
2 5 Deloitte 526 34 10 24
3 4 PwC 284 28 4 24
4 2 KPMG 1,025 26 -3 29
5 14 Goldman Sachs & Co 41,978 21 9 12
6 6 Rothschild & Co 4,712 21 -1 22
7 8 GCA Corporation 794 21 2 19
8 3 Lincoln International 345 19 -7 26
9 7 UniCredit Group 258 19 -2 21
10 9 JPMorgan 37,668 18 4 14
11 26 Lazard 25,597 17 8 9
12 18 Carlsquare 16 15 4 11
13 33 Bank of America Merrill Lynch 31,380 11 4 7
14 21 Citi 18,877 11 1 10
15 11 Macquarie Group 7,552 11 -2 13
16 23 Daiwa Securities Group / DC Advisory 155 11 1 10
17 25 Deutsche Bank 11,773 10 1 9
18 16 IMAP M&A Consultants - 10 -2 12
19 37 MCF Corporate Finance 11 9 2 7
20 52 Oaklins 7 9 5 4
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 41,978 21 -50.7% 85,219
2 10 JPMorgan 37,668 18 23.9% 30,411
3 4 Bank of America Merrill Lynch 31,380 11 -40.4% 52,693
4 5 Lazard 25,597 17 -51.0% 52,197
5 15 Credit Suisse 21,805 6 250.1% 6,228
6 6 Citi 18,877 11 -63.1% 51,136
7 9 Morgan Stanley 15,381 8 -56.7% 35,539
8 2 Deutsche Bank 11,773 10 -79.7% 57,998
9 11 UBS Investment Bank 9,420 5 -60.6% 23,880
10 73 Duff & Phelps 7,691 2 6152.8% 123
11 14 Macquarie Group 7,552 11 -42.3% 13,078
12 8 Perella Weinberg Partners 6,440 5 -86.2% 46,646
13 - Guggenheim Partners 6,356 1 - -
14 45 Allen & Company 5,603 1 699.3% 701
15 32 Nomura Holdings 5,299 3 209.3% 1,713
16 30 HSBC 4,920 1 182.6% 1,741
17 3 Rothschild & Co 4,712 21 -91.1% 53,171
18 18 Barclays 4,316 7 10.5% 3,906
19 16 Jamieson Corporate Finance 2,884 2 -46.3% 5,374
20 - FIH Partners 2,600 2 - -
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League Tables
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Austria league table by value Austria league table by deal count
Switzerland league table by value Switzerland league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 16 UBS Investment Bank 40,687 12 710.8% 5,018
2 6 Bank of America Merrill Lynch 28,825 5 119.6% 13,124
3 5 Credit Suisse 23,487 12 77.7% 13,217
4 3 JPMorgan 20,773 6 -19.4% 25,781
5 15 Rothschild & Co 18,581 13 262.1% 5,132
6 1 Goldman Sachs & Co 15,326 10 -63.1% 41,508
7 18 Evercore 13,985 6 217.3% 4,407
8 9 Lazard 11,229 8 32.6% 8,466
9 43 PwC 10,920 11 5252.9% 204
10 2 Citi 10,845 5 -63.0% 29,320
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 11 Rothschild & Co 18,581 13 4 9
2 2 UBS Investment Bank 40,687 12 -5 17
3 7 Credit Suisse 23,487 12 0 12
4 6 PwC 10,920 11 -2 13
5 1 Goldman Sachs & Co 15,326 10 -7 17
6 16 Lazard 11,229 8 2 6
7 5 EY 1,143 7 -6 13
8 32 Lincoln International - 7 4 3
9 9 JPMorgan 20,773 6 -3 9
10 20 Evercore 13,985 6 2 4
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 - HSBC 7,350 2 - -
2 - Lazard 4,981 3 - -
3= 16 Bank of America Merrill Lynch 4,920 1 18122.2% 27
3= 46 Perella Weinberg Partners 4,920 1 - -
3= 6 UBS Investment Bank 4,920 1 99.2% 2,470
6 5 JPMorgan 3,561 2 30.6% 2,726
7 37 Goldman Sachs & Co 2,430 2 - -
8 - Moelis & Company 2,430 1 - -
9 1 Citi 1,131 1 -83.1% 6,676
10 21 KPMG 120 6 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Deloitte - 10 1 9
2 9 KPMG 120 6 3 3
3 - Lazard 4,981 3 3 0
4 4 EY 106 3 -1 4
5 - HSBC 7,350 2 2 0
6 6 JPMorgan 3,561 2 -1 3
7 37 Goldman Sachs & Co 2,430 2 1 1
8= - ACXIT Capital Partners - 2 2 0
8= 3 MP Corporate Finance - 2 -3 5
8= 11 PwC - 2 0 2
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League Tables
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France league table by value France league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Rothschild & Co 20,359 69 -14 83
2 2 Lazard 32,165 42 -6 48
3 7 Credit Agricole 21,417 32 6 26
4 5 BNP Paribas 30,569 24 -6 30
5 13 EY 447 24 2 22
6 4 Natixis 4,029 23 -11 34
7 11 PwC 3,449 19 -5 24
8 14 Societe Generale 2,760 19 1 18
9 6 KPMG 645 18 -12 30
10 19 Oaklins 100 16 2 14
11 12 Lincoln International 98 16 -7 23
12 50 Edmond de Rothschild Corporate Finance 1,457 15 10 5
13 37 ALANTRA 1,092 15 8 7
14 3 Deloitte 57 15 -28 43
15 20 Morgan Stanley 36,418 13 0 13
16 17 Clairfield International - 13 -3 16
17 8 JPMorgan 14,119 12 -12 24
18 10 Cambon Partners 619 12 -12 24
19 34 Degroof Petercam 521 12 4 8
20 16 Clearwater International 420 12 -4 16
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 Morgan Stanley 36,418 13 16.4% 31,285
2 2 Lazard 32,165 42 -14.8% 37,743
3 6 BNP Paribas 30,569 24 82.6% 16,743
4 8 Citi 25,985 9 91.2% 13,589
5 13 Credit Agricole 21,417 32 173.7% 7,826
6 4 Rothschild & Co 20,359 69 -25.5% 27,322
7 5 Goldman Sachs & Co 18,951 11 10.8% 17,097
8 21 Bank of America Merrill Lynch 14,517 7 312.9% 3,516
9 1 JPMorgan 14,119 12 -72.3% 50,940
10 12 HSBC 13,177 6 51.1% 8,721
11 212 ING 11,439 7 - -
12 43 Santander Global Corporate Banking 9,574 4 780.8% 1,087
13 181 BR Partners 8,641 1 - -
14 27 UBS Investment Bank 7,376 10 249.9% 2,108
15 16 Deutsche Bank 6,699 6 50.7% 4,445
16 14 Evercore 4,906 4 -5.7% 5,202
17= - Corredores Davivienda 4,715 1 - -
17= - Inverlink 4,715 1 - -
19= - Allen & Company 4,400 1 - -
19= 56 Wells Fargo Securities 4,400 1 694.2% 554
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League Tables
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Benelux league table by value Benelux league table by deal count
Iberia league table by value Iberia league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 2 Lazard 26,526 18 14.5% 23,158
2 12 Rothschild & Co 17,700 29 93.3% 9,158
3 5 Citi 17,385 14 21.8% 14,276
4 6 Goldman Sachs & Co 13,104 11 -4.7% 13,753
5 25 Nomura Holdings 13,104 4 633.7% 1,786
6 19 Bank of America Merrill Lynch 12,653 7 394.3% 2,560
7 27 ING 12,386 24 676.6% 1,595
8 13 BNP Paribas 12,347 7 207.0% 4,022
9 48 Centerview Partners 10,219 2 1683.4% 573
10 23 Deloitte 9,712 43 399.1% 1,946
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 23 Rothschild & Co 9,482 12 210.7% 3,052
2 1 Goldman Sachs & Co 7,427 9 -87.4% 58,965
3 2 Citi 6,026 10 -89.5% 57,124
4 7 JPMorgan 6,025 7 -87.4% 47,806
5 6 Santander Global Corporate Banking 5,978 16 -87.6% 48,276
6 16 PwC 5,847 48 -36.5% 9,206
7 5 Morgan Stanley 5,735 8 -88.8% 51,044
8 8 Lazard 5,701 11 -87.4% 45,259
9 9 AZ Capital 4,996 11 -88.7% 44,316
10 33 Banco Bilbao Vizcaya Argentaria 4,584 6 161.3% 1,754
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Deloitte 9,712 43 -27 70
2 7 PwC 2,463 37 12 25
3 3 KPMG 213 34 3 31
4 4 Rothschild & Co 17,700 29 2 27
5 9 ING 12,386 24 3 21
6 - GCG 19 24 24 0
7 5 Oaklins 193 22 -5 27
8 6 Rabobank 2,336 21 -6 27
9 2 EY 931 21 -12 33
10 8 Lazard 26,526 18 -3 21
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 PwC 5,847 48 -11 59
2 2 Deloitte 2,091 28 -23 51
3 3 EY 1,141 22 -19 41
4 15 Arcano Partners 1,619 17 9 8
5 6 Santander Global Corporate Banking 5,978 16 5 11
6 7 ALANTRA 762 13 2 11
7 10 Rothschild & Co 9,482 12 3 9
8 9 Lazard 5,701 11 2 9
9 24 AZ Capital 4,996 11 6 5
10 4 KPMG 89 11 -18 29
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Spain league table by value Spain league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 PwC 5,826 42 -15 57
2 2 Deloitte 1,525 25 -17 42
3 3 EY 1,141 22 -16 38
4 16 Arcano Partners 945 16 9 7
5 7 Santander Global Corporate Banking 5,775 14 4 10
6 19 Lazard 5,701 11 5 6
7 8 ALANTRA 762 11 1 10
8 9 Rothschild & Co 9,482 10 1 9
9 11 Citi 6,026 10 2 8
10 24 AZ Capital 4,829 10 5 5
11 5 Goldman Sachs & Co 7,427 9 -1 10
12 39 Eurohold 86 9 6 3
13 13 Morgan Stanley 5,735 8 1 7
14 4 KPMG 22 8 -16 24
15 28 Norgestion - 7 2 5
16 23 JPMorgan 5,403 6 1 5
17 21 Banco Bilbao Vizcaya Argentaria 4,584 6 0 6
18 44 CaixaBank 1,572 6 4 2
19 45 Daiwa Securities Group / DC Advisory 252 6 4 2
20 30 Mediobanca 2,583 5 1 4
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 23 Rothschild & Co 9,482 10 210.7% 3,052
2 1 Goldman Sachs & Co 7,427 9 -87.3% 58,605
3 2 Citi 6,026 10 -89.5% 57,124
4 16 PwC 5,826 42 -36.5% 9,173
5 6 Santander Global Corporate Banking 5,775 14 -87.8% 47,512
6 5 Morgan Stanley 5,735 8 -88.7% 50,747
7 8 Lazard 5,701 11 -87.2% 44,388
8 7 JPMorgan 5,403 6 -88.5% 46,950
9 9 AZ Capital 4,829 10 -89.1% 44,316
10 32 Banco Bilbao Vizcaya Argentaria 4,584 6 161.3% 1,754
11 87 BNP Paribas 3,707 4 - -
12 26 Nomura Holdings 2,892 4 17.2% 2,467
13 10 Mediobanca 2,583 5 -93.9% 42,169
14 - HSBC 2,558 1 - -
15 15 Bank of America Merrill Lynch 2,458 3 -79.0% 11,683
16= - China International Capital Corporation 1,974 1 - -
16= - Shenwan Hongyuan Group Co 1,974 1 - -
18 - Macquarie Group 1,966 2 - -
19 - Credit Agricole 1,849 4 - -
20 - PJT Partners 1,795 1 - -
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Italy league table by value Italy league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 PwC 5,562 40 8 32
2 2 KPMG 2,886 31 1 30
3 4 Mediobanca 15,255 29 2 27
4 5 Deloitte 1,200 28 2 26
5 3 UniCredit Group 2,332 24 -6 30
6 8 Rothschild & Co 4,939 18 -1 19
7 10 Vitale & Co 1,108 18 2 16
8 6 EY 420 18 -8 26
9 9 Banca IMI/Intesa Sanpaolo 7,497 11 -8 19
10 7 Lazard 3,172 11 -8 19
11 21 Fineurop Soditic 882 11 4 7
12 18 Lincoln International 306 10 2 8
13 17 UBS Investment Bank 7,017 8 0 8
14 14 Ethica Corporate Finance 237 8 -1 9
15 11 Goldman Sachs & Co 11,989 7 -8 15
16 12 EQUITA S.I.M 7,270 7 -6 13
17 24 BNP Paribas 1,099 7 1 6
18 22 K Finance 272 7 0 7
19 39 ALANTRA 269 7 4 3
20 19 Bank of America Merrill Lynch 7,076 6 -1 7
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 2 Mediobanca 15,255 29 -76.4% 64,695
2 1 Goldman Sachs & Co 11,989 7 -82.9% 69,969
3 15 Banca IMI/Intesa Sanpaolo 7,497 11 -42.2% 12,974
4 13 EQUITA S.I.M 7,270 7 -70.5% 24,664
5 16 Bank of America Merrill Lynch 7,076 6 -29.7% 10,067
6 33 UBS Investment Bank 7,017 8 235.4% 2,092
7 25 PwC 5,562 40 31.5% 4,231
8 14 Rothschild & Co 4,939 18 -62.5% 13,175
9 8 JPMorgan 4,562 6 -90.0% 45,578
10 6 Morgan Stanley 4,090 2 -91.2% 46,229
11 59 HSBC 3,383 2 645.2% 454
12 19 Moelis & Company 3,240 1 -65.8% 9,475
13 3 Lazard 3,172 11 -94.2% 54,546
14 7 KPMG 2,886 31 -93.7% 46,087
15 9 Societe Generale 2,627 5 -93.9% 42,982
16 24 Barclays 2,547 6 -63.7% 7,019
17 22 UniCredit Group 2,332 24 -69.7% 7,709
18 34 Evercore 1,775 2 -8.7% 1,945
19 44 Credit Agricole 1,456 2 63.6% 890
20 4 Citi 1,341 2 -97.3% 50,479
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Nordics league table by value Nordics league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 PwC 12,378 59 -8 67
2 3 Deloitte 2,012 47 10 37
3 2 EY 1,616 36 -5 41
4 9 ABG Sundal Collier Holding 3,259 26 7 19
5 20 Goldman Sachs & Co 48,219 25 14 11
6 6 Carnegie Investment Bank 4,300 25 5 20
7 14 Danske Bank 12,743 24 10 14
8 5 SEB 13,859 21 0 21
9 4 KPMG 948 21 -2 23
10 10 Citi 27,046 16 -1 17
11 21 Nordhaven Corporate Finance 5 16 5 11
12 12 Nordea 12,558 15 -1 16
13 26 Morgan Stanley 29,987 13 4 9
14 8 DNB Markets 4,428 13 -6 19
15 30 MCF Corporate Finance 64 13 5 8
16 11 Rothschild & Co 19,497 12 -5 17
17 40 Jefferies 7,926 11 5 6
18 13 Pareto Securities 3,699 11 -4 15
19 61 Grant Thornton - 11 7 4
20 15 JPMorgan 26,814 10 -3 13
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 9 Goldman Sachs & Co 48,219 25 207.0% 15,704
2 5 Morgan Stanley 29,987 13 53.6% 19,529
3 8 Citi 27,046 16 56.4% 17,291
4 7 JPMorgan 26,814 10 48.2% 18,096
5 10 Rothschild & Co 19,497 12 82.2% 10,699
6 4 Deutsche Bank 19,464 6 -2.6% 19,992
7 6 Barclays 19,441 9 2.9% 18,885
8 68 Credit Suisse 14,651 5 4849.7% 296
9 2 SEB 13,859 21 -37.3% 22,119
10 35 Danske Bank 12,743 24 526.8% 2,033
11 20 BNP Paribas 12,706 7 233.4% 3,811
12 1 Nordea 12,558 15 -43.3% 22,151
13 18 PwC 12,378 59 189.3% 4,279
14 11 Bank of America Merrill Lynch 11,784 8 32.3% 8,904
15 14 Evercore 11,021 4 97.1% 5,591
16 13 Lazard 7,957 7 27.1% 6,260
17 17 Jefferies 7,926 11 80.3% 4,397
18 28 SpareBank 1 Markets 6,853 9 161.7% 2,619
19 34 DNB Markets 4,428 13 105.0% 2,160
20 23 Carnegie Investment Bank 4,300 25 36.6% 3,148
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Denmark league table by value Denmark league table by deal count
Norway league table by value Norway league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 16 SEB 7,480 7 473.6% 1,304
2 3 Goldman Sachs & Co 7,248 4 85.5% 3,908
3 9 SpareBank 1 Markets 6,853 9 161.7% 2,619
4 24 Jefferies 6,332 3 895.6% 636
5 6 Morgan Stanley 5,582 3 63.2% 3,420
6 4 BNP Paribas 4,500 1 18.7% 3,792
7 8 Nordea 4,217 6 29.2% 3,263
8 41 Danske Bank 3,831 5 10845.7% 35
9 25 DNB Markets 3,787 11 506.9% 624
10 13 Citi 3,750 2 133.8% 1,604
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 Deloitte 389 17 2 15
2 1 PwC 1,254 14 -2 16
3 4 EY 461 13 3 10
4 6 Danske Bank 7,432 10 3 7
5 20 KPMG 77 7 4 3
6 3 Clearwater International 37 7 -6 13
7 10 Nordic M&A - 7 2 5
8 8 Citi 14,076 6 1 5
9 11 FIH Partners 4,052 6 2 4
10 12 Carnegie Investment Bank 589 6 2 4
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 ABG Sundal Collier Holding 2,769 17 4 13
2 4 PwC 53 12 0 12
3 3 DNB Markets 3,787 11 -2 13
4 5 Arctic Securities 1,750 10 1 9
5 7 SpareBank 1 Markets 6,853 9 1 8
6 1 Pareto Securities 3,676 9 -5 14
7 16 Carnegie Investment Bank 1,200 8 4 4
8 18 Nordhaven Corporate Finance 5 8 4 4
9 12 SEB 7,480 7 2 5
10 30 Nordea 4,217 6 4 2
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 5 Citi 14,076 6 64.0% 8,585
2 7 Goldman Sachs & Co 11,448 5 110.5% 5,438
3 3 Barclays 8,960 2 -31.5% 13,087
4 12 Bank of America Merrill Lynch 8,492 4 227.9% 2,590
5 14 Danske Bank 7,432 10 331.3% 1,723
6 39 BNP Paribas 6,750 2 35426.3% 19
7 9 Rothschild & Co 6,305 4 54.1% 4,092
8 11 JPMorgan 5,832 3 91.0% 3,054
9 13 Lazard 5,807 3 163.4% 2,205
10 20 FIH Partners 4,052 6 555.7% 618
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League Tables
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Sweden league table by value Sweden league table by deal count
Finland league table by value Finland league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 Goldman Sachs & Co 27,880 17 101.9% 13,806
2 10 Morgan Stanley 21,949 9 212.2% 7,030
3 4 JPMorgan 20,982 7 56.9% 13,372
4 2 Deutsche Bank 19,464 6 29.9% 14,981
5 - Credit Suisse 11,208 3 - -
6 14 PwC 11,107 34 173.2% 4,065
7 8 Rothschild & Co 11,060 6 52.4% 7,255
8 11 Evercore 11,021 3 116.0% 5,103
9 6 Citi 9,220 7 -0.3% 9,248
10 1 SEB 7,181 14 -62.5% 19,128
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 PwC 11,107 34 -4 38
2 3 Deloitte 1,595 26 7 19
3 2 EY 1,305 18 -8 26
4 15 Goldman Sachs & Co 27,880 17 9 8
5 4 SEB 7,181 14 -4 18
6 6 Carnegie Investment Bank 2,691 11 -1 12
7 10 KPMG 419 10 0 10
8 30 Morgan Stanley 21,949 9 4 5
9 24 Danske Bank 1,011 9 3 6
10 68 Grant Thornton - 9 7 2
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 4 Nordea 8,060 6 279.5% 2,124
2 - Morgan Stanley 7,827 3 - -
3 - Goldman Sachs & Co 3,750 1 - -
4 11 Barclays 3,649 3 1961.6% 177
5 2 SEB 3,539 4 26.5% 2,798
6 - Citi 3,539 2 - -
7 46 Bank of America Merrill Lynch 2,297 2 - -
8 - ABG Sundal Collier Holding 2,198 1 - -
9 - Handelsbanken Capital Markets 1,576 2 - -
10= - Deutsche Bank 1,576 1 - -
10= 55 Lazard 1,576 1 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 PwC 19 13 1 12
2 32 Danske Bank 1,434 8 7 1
3 6 MCF Corporate Finance 42 8 2 6
4 10 Nordhaven Corporate Finance - 8 3 5
5 2 KPMG 452 7 -4 11
6 18 Nordea 8,060 6 4 2
7 13 Carnegie Investment Bank 565 6 2 4
8 12 EY 68 6 2 4
9 8 Initia Corporate Finance 58 6 0 6
10 5 Access Partners 328 5 -1 6
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League Tables
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CEE league table by value CEE league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 5 PwC 883 18 5 13
2 1 Deloitte 1,199 17 -7 24
3 3 KPMG 658 15 -4 19
4 2 EY 782 12 -11 23
5 11 Citi 10,204 11 6 5
6 80 Bank of America Merrill Lynch 5,698 7 6 1
7 6 Rothschild & Co 3,354 6 -4 10
8 4 UniCredit Group 221 6 -7 13
9 10 VTB Capital 810 5 0 5
10 16 Lazard 452 5 1 4
11 27 VCP Capital Partners Unternehmensberatungs
80 5 3 2
12 7 Oaklins - 5 -2 7
13 8 JPMorgan 3,673 4 -1 5
14 28 UBS Investment Bank 2,089 4 2 2
15 9 Goldman Sachs & Co 1,147 4 -1 5
16 19 Sberbank 805 4 1 3
17 - Renaissance Capital 593 4 4 0
18 107 Patria Corporate Finance 297 4 3 1
19 13 Santander Bank Polska 251 4 -1 5
20 - Credit Suisse 5,195 3 3 0
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 15 Citi 10,204 11 366.8% 2,186
2 80 Bank of America Merrill Lynch 5,698 7 - -
3 - Credit Suisse 5,195 3 - -
4 2 JPMorgan 3,673 4 -28.1% 5,112
5 1 Rothschild & Co 3,354 6 -36.7% 5,296
6 20 UBS Investment Bank 2,089 4 164.1% 791
7 102 Macquarie Group 2,010 2 - -
8 - Guggenheim Partners 1,882 1 - -
9 - BTIG 1,209 1 - -
10 30 Deloitte 1,199 17 359.4% 261
11 4 Goldman Sachs & Co 1,147 4 -72.4% 4,162
12 27 PwC 883 18 168.4% 329
13 7 VTB Capital 810 5 -77.1% 3,530
14 5 Sberbank 805 4 -80.0% 4,025
15 - Evercore 800 1 - -
16 22 EY 782 12 7.4% 728
17 3 BNP Paribas 776 2 -83.0% 4,572
18 38 KPMG 658 15 366.7% 141
19 - Renaissance Capital 593 4 - -
20 - Danske Bank 475 2 - -
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League Tables
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Russia league table by value Russia league table by deal count
Turkey league table by value Turkey league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 - Credit Suisse 4,841 2 - -
2 4 Citi 4,464 5 346.4% 1,000
3 3 JPMorgan 3,319 3 89.8% 1,749
4 - Bank of America Merrill Lynch 3,168 3 - -
5 - Guggenheim Partners 1,882 1 - -
6 - BTIG 1,209 1 - -
7 12 Deloitte 1,160 2 1060.0% 100
8 2 VTB Capital 810 5 -77.1% 3,530
9 1 Sberbank 805 4 -80.0% 4,025
10 - Evercore 800 1 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 6 Citi 4,464 5 3 2
2 1 VTB Capital 810 5 0 5
3 4 Sberbank 805 4 1 3
4 - Renaissance Capital 593 4 4 0
5 11 JPMorgan 3,319 3 2 1
6 - Bank of America Merrill Lynch 3,168 3 3 0
7 - Credit Suisse 4,841 2 2 0
8 15 Deloitte 1,160 2 1 1
9 8 Goldman Sachs & Co 133 2 0 2
10 3 Advance Capital - 2 -2 4
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 Pragma Corporate Finance 222 5 1 4
2 13 PwC 112 4 2 2
3 2 Raiffeisen Bank International 112 3 -1 4
4 10 IS Investment Securities - 3 1 2
5 - Bank of America Merrill Lynch 585 2 2 0
6 9 Unlu & Co 404 2 0 2
7 17 Barclays 214 2 0 2
8 27 Deloitte 38 2 1 1
9= 16 3 Seas Capital Partners - 2 0 2
9= 1 EY - 2 -4 6
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 - Bank of America Merrill Lynch 585 2 - -
2 - Dome Group 405 1 - -
3 8 Unlu & Co 404 2 -18.9% 498
4 11 Pragma Corporate Finance 222 5 146.7% 90
5 25 Barclays 214 2 - -
6 - EDNAM Capital 180 1 - -
7 - Financial Technology Partners 165 1 - -
8 - Credia Partners 137 1 - -
9 16 PwC 112 4 387.0% 23
10 2 Raiffeisen Bank International 112 3 -95.1% 2,265
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League Tables
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Africa league table by value Africa league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 8 Lazard 9,400 5 1,314 615.4%
2 1 JPMorgan 3,865 3 3,833 0.8%
3 - PSG Capital 1,882 4 - -
4 25 Moelis & Company 1,850 2 350 428.6%
5 - Intrepid Partners 1,850 1 - -
6= 17 Centerview Partners 1,815 1 862 110.6%
6= - UBS Investment Bank 1,815 1 - -
8 - Nedbank Capital 1,011 5 - -
9 12 Investec 1,010 5 1,106 -8.7%
10= - Bank of America Merrill Lynch 975 2 - -
10= 4 Evercore 975 2 2,437 -60.0%
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 - EY 100 6 - -
2 10 Lazard 9,400 5 3 2
3 - Nedbank Capital 1,011 5 - -
4 11 Investec 1,010 5 3 2
5 3 Rothschild & Co 201 5 9 -4
6 - PSG Capital 1,882 4 - -
7 2 Standard Bank Group 729 4 9 -5
8 1 PwC 447 4 10 -6
9 7 JPMorgan 3,865 3 4 -1
10 - HSBC 523 3 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 - Radhan 3,369 1 - -
2 - Citi 3,073 5 - -
3 5 JPMorgan 2,627 3 6,168 -57.4%
4 - RBC Capital Markets 2,249 3 - -
5 1 Goldman Sachs & Co 1,679 2 9,097 -81.5%
6 - Jefferies 1,200 3 - -
7 - Lazard 1,195 2 - -
8 - Credit Suisse 850 1 - -
9 11 UBS Investment Bank 631 1 684 -7.7%
10 - Blair Franklin Capital Partners 564 1 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 - Citi 3,073 5 - -
2 3 JPMorgan 2,627 3 3 0
3 - RBC Capital Markets 2,249 3 - -
4 - Jefferies 1,200 3 - -
5 24 PwC 236 3 1 2
6 - Schwartz Investment House 44 3 - -
7 1 Goldman Sachs & Co 1,679 2 5 -3
8 - Lazard 1,195 2 - -
9 - ROTH Capital Partners 207 2 - -
10 16 Canaccord Genuity Group 150 2 1 1
Israel league table by deal count Israel league table by deal count
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Americas league table by value Americas league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Goldman Sachs & Co 820,126 186 -46 232
2 2 JPMorgan 658,036 153 -14 167
3 3 Morgan Stanley 625,862 126 -26 152
4 4 Houlihan Lokey 12,321 116 -29 145
5 9 Jefferies 156,782 109 3 106
6 10 Bank of America Merrill Lynch 369,292 107 2 105
7 6 Barclays 222,695 107 -10 117
8 5 Citi 446,267 104 -40 144
9 7 Evercore 543,853 99 -16 115
10 11 Raymond James 6,645 93 -11 104
11 14 Lazard 100,378 91 8 83
12 8 Credit Suisse 249,932 83 -29 112
13 12 Deloitte 19,216 83 -12 95
14 20 William Blair & Company 14,638 81 4 77
15 25 PwC 6,172 80 15 65
16 19 Piper Jaffray & Co 4,429 76 -3 79
17 23 RBC Capital Markets 186,519 74 0 74
18 22 Lincoln International 2,267 73 -2 75
19 16 Rothschild & Co 34,428 72 -8 80
20 21 Stifel/KBW 16,014 68 -9 77
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 2 Goldman Sachs & Co 820,126 186 43.8% 570,299
2 3 JPMorgan 658,036 153 47.8% 445,178
3 1 Morgan Stanley 625,862 126 9.6% 570,998
4 7 Evercore 543,853 99 101.6% 269,830
5 4 Citi 446,267 104 27.8% 349,100
6 5 Bank of America Merrill Lynch 369,292 107 8.1% 341,538
7 8 Credit Suisse 249,932 83 -3.2% 258,273
8 6 Barclays 222,695 107 -34.8% 341,377
9 14 RBC Capital Markets 186,519 74 132.6% 80,173
10 12 PJT Partners 169,089 28 14.4% 147,754
11 17 Jefferies 156,782 109 131.0% 67,862
12 10 Centerview Partners 147,128 40 -23.4% 192,069
13 43 Dyal Co 102,889 2 380.3% 21,420
14 9 Lazard 100,378 91 -51.4% 206,603
15 11 Deutsche Bank 95,260 50 -47.1% 180,118
16 40 Wells Fargo Securities 64,121 34 163.1% 24,371
17 16 Moelis & Company 62,651 67 -9.4% 69,115
18 22 Guggenheim Partners 60,217 29 6.9% 56,348
19 27 BMO Capital Markets 47,417 47 14.5% 41,402
20 13 UBS Investment Bank 47,185 46 -44.7% 85,252
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League Tables
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US league table by value US league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Goldman Sachs & Co 815,285 177 -43 220
2 2 JPMorgan 646,282 137 -20 157
3 3 Houlihan Lokey 12,321 116 -25 141
4 4 Morgan Stanley 602,169 112 -27 139
5 8 Jefferies 156,782 108 3 105
6 6 Barclays 213,566 102 -11 113
7 7 Evercore 542,321 96 -11 107
8 11 Bank of America Merrill Lynch 343,975 95 2 93
9 5 Citi 437,270 89 -39 128
10 9 Raymond James 5,842 85 -12 97
11 17 Lazard 96,164 82 7 75
12 16 William Blair & Company 14,521 79 3 76
13 10 Credit Suisse 241,920 76 -20 96
14 13 Piper Jaffray & Co 4,429 76 -3 79
15 18 Lincoln International 2,013 72 -1 73
16 29 PwC 5,294 66 20 46
17 15 Moelis & Company 62,454 65 -11 76
18 14 Stifel/KBW 14,646 65 -12 77
19 19 Rothschild & Co 30,793 61 -10 71
20 12 Robert W. Baird & Co 14,074 61 -24 85
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 815,285 177 46.9% 554,852
2 3 JPMorgan 646,282 137 51.8% 425,651
3 2 Morgan Stanley 602,169 112 13.8% 529,214
4 7 Evercore 542,321 96 103.2% 266,863
5 5 Citi 437,270 89 33.1% 328,650
6 6 Bank of America Merrill Lynch 343,975 95 9.9% 313,097
7 8 Credit Suisse 241,920 76 -2.6% 248,392
8 4 Barclays 213,566 102 -36.2% 334,580
9 15 RBC Capital Markets 175,948 60 156.8% 68,522
10 12 PJT Partners 163,552 27 15.0% 142,167
11 17 Jefferies 156,782 108 131.3% 67,776
12 10 Centerview Partners 146,254 39 -23.9% 192,069
13 40 Dyal Co 102,889 2 380.3% 21,420
14 9 Lazard 96,164 82 -51.9% 199,839
15 11 Deutsche Bank 93,853 44 -45.9% 173,527
16 39 Wells Fargo Securities 64,121 34 165.6% 24,139
17 16 Moelis & Company 62,454 65 -7.9% 67,781
18 22 Guggenheim Partners 59,784 28 6.1% 56,348
19 36 BMO Capital Markets 44,425 37 60.2% 27,725
20 31 TD Securities 42,026 16 40.9% 29,830
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US North East league table by value US North East league table by deal count
US Mid West league table by value US Mid West league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Morgan Stanley 341,360 59 5.5% 323,562
2 5 Citi 312,510 54 101.5% 155,095
3 2 Goldman Sachs & Co 305,427 99 17.9% 259,137
4 10 Evercore 289,437 53 192.3% 99,013
5 4 JPMorgan 264,005 70 40.9% 187,414
6 3 Bank of America Merrill Lynch 119,840 54 -41.1% 203,390
7 18 RBC Capital Markets 118,242 34 274.2% 31,600
8 34 Dyal Co 102,889 2 826.9% 11,100
9 6 Barclays 99,173 53 -20.2% 124,353
10 9 Centerview Partners 94,815 30 -18.1% 115,833
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 293,833 47 20.9% 243,077
2 4 JPMorgan 254,930 35 133.4% 109,205
3 7 Evercore 225,215 28 149.3% 90,350
4 2 Morgan Stanley 202,963 27 -2.9% 209,021
5 8 Credit Suisse 133,802 19 52.7% 87,652
6 11 Bank of America Merrill Lynch 122,985 23 70.8% 71,986
7 9 Barclays 109,157 27 46.6% 74,480
8 10 PJT Partners 89,105 6 20.7% 73,852
9 12 Citi 81,345 20 16.4% 69,882
10 3 Centerview Partners 48,854 4 -70.1% 163,625
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Goldman Sachs & Co 305,427 99 -30 129
2 3 JPMorgan 264,005 70 -12 82
3 2 Morgan Stanley 341,360 59 -31 90
4 4 Houlihan Lokey 6,193 55 -19 74
5 5 Citi 312,510 54 -17 71
6 12 Bank of America Merrill Lynch 119,840 54 12 42
7 9 Evercore 289,437 53 -4 57
8 6 Barclays 99,173 53 -11 64
9 8 Jefferies 53,142 51 -9 60
10 10 William Blair & Company 9,421 50 0 50
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Goldman Sachs & Co 293,833 47 -15 62
2 9 JPMorgan 254,930 35 8 27
3 14 William Blair & Company 9,169 34 11 23
4 2 Houlihan Lokey 3,363 33 -9 42
5 3 Robert W. Baird & Co 8,838 31 -10 41
6 7 Lincoln International 140 30 0 30
7 18 Evercore 225,215 28 7 21
8 4 Morgan Stanley 202,963 27 -7 34
9 5 Barclays 109,157 27 -6 33
10 15 Stifel/KBW 7,115 27 4 23
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League Tables
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US South league table by value US South league table by deal count
US West league table by value US West league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 295,139 63 41.0% 209,261
2 4 JPMorgan 233,534 47 45.0% 161,095
3 7 Bank of America Merrill Lynch 169,294 38 72.6% 98,062
4 6 Evercore 156,178 40 51.8% 102,853
5 3 Citi 146,207 32 -9.9% 162,215
6 2 Barclays 111,492 45 -40.0% 185,749
7 8 Credit Suisse 105,524 33 17.5% 89,791
8 11 Jefferies 86,048 54 109.5% 41,072
9 5 Morgan Stanley 81,679 38 -38.5% 132,749
10 41 Centerview Partners 52,502 9 813.4% 5,748
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 Goldman Sachs & Co 151,336 55 1.2% 149,574
2 1 Morgan Stanley 105,750 39 -44.1% 189,229
3 2 JPMorgan 103,861 48 -40.4% 174,266
4 14 Bank of America Merrill Lynch 67,947 28 12.5% 60,424
5 4 Credit Suisse 56,103 21 -56.1% 127,929
6 5 Deutsche Bank 47,622 16 -51.0% 97,134
7 11 Citi 47,050 20 -28.5% 65,805
8 20 RBC Capital Markets 32,862 17 111.5% 15,539
9 39 Guggenheim Partners 29,940 12 620.9% 4,153
10 9 Barclays 29,752 35 -57.2% 69,486
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Goldman Sachs & Co 295,139 63 -7 70
2 5 Jefferies 86,048 54 -1 55
3 3 Houlihan Lokey 4,632 54 -9 63
4 9 Raymond James 3,138 50 6 44
5 2 JPMorgan 233,534 47 -16 63
6 7 Barclays 111,492 45 -2 47
7 13 Piper Jaffray & Co 2,352 41 4 37
8 6 Evercore 156,178 40 -9 49
9 11 Bank of America Merrill Lynch 169,294 38 -2 40
10 8 Morgan Stanley 81,679 38 -6 44
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Goldman Sachs & Co 151,336 55 -12 67
2 4 JPMorgan 103,861 48 1 47
3 2 Morgan Stanley 105,750 39 -15 54
4 3 Houlihan Lokey 2,379 39 -13 52
5 8 Jefferies 13,782 38 5 33
6 9 Barclays 29,752 35 3 32
7 16 Piper Jaffray & Co 1,355 32 5 27
8 22 Lazard 26,901 31 13 18
9 7 William Blair & Company 5,496 30 -4 34
10 5 Raymond James 3,003 30 -16 46
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Canada league table by value Canada league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 Deloitte 2,481 30 -5 35
2 7 RBC Capital Markets 24,980 26 4 22
3 4 CIBC World Markets 16,565 25 -5 30
4 17 Morgan Stanley 63,732 22 10 12
5 3 Scotiabank 9,087 21 -13 34
6 9 Canaccord Genuity Group 2,558 21 0 21
7 5 TD Securities 45,244 20 -7 27
8 24 JPMorgan 25,179 18 10 8
9 1 BMO Capital Markets 24,085 18 -21 39
10 12 PwC 548 17 1 16
11 16 Raymond James 1,514 15 0 15
12 10 Goldman Sachs & Co 54,671 14 -3 17
13 15 National Bank Financial 7,673 13 -2 15
14 20 EY 192 13 2 11
15 13 Bank of America Merrill Lynch 37,878 12 -3 15
16 8 Citi 29,444 12 -9 21
17 26 Credit Suisse 15,890 12 4 8
18 21 Lazard 8,251 12 2 10
19 14 Barclays 44,234 11 -4 15
20 6 KPMG 44 10 -14 24
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 8 Morgan Stanley 63,732 22 75.8% 36,251
2 1 Goldman Sachs & Co 54,671 14 -3.8% 56,828
3 5 TD Securities 45,244 20 -5.0% 47,627
4 9 Barclays 44,234 11 37.8% 32,102
5 2 Bank of America Merrill Lynch 37,878 12 -25.5% 50,830
6 17 Jefferies 32,572 8 115.4% 15,125
7 4 Citi 29,444 12 -40.4% 49,397
8 18 Evercore 29,122 8 107.1% 14,065
9= 15 Canson Capital Partners 27,000 1 58.8% 17,000
9= - Robey Warshaw 27,000 1 - -
11 12 JPMorgan 25,179 18 14.9% 21,923
12 11 RBC Capital Markets 24,980 26 -16.8% 30,024
13 6 BMO Capital Markets 24,085 18 -39.3% 39,706
14 26 UBS Investment Bank 23,341 7 244.2% 6,782
15 10 CIBC World Markets 16,565 25 -46.6% 31,031
16 19 Credit Suisse 15,890 12 20.5% 13,188
17 45 Fort Capital 13,930 5 1125.2% 1,137
18 13 Centerview Partners 10,581 5 -37.8% 17,000
19 63 Perella Weinberg Partners 10,201 3 2450.3% 400
20 - Sandler O'Neill & Partners 9,635 1 - -
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League Tables
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Latin America league table by value Latin America league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 Banco BTG Pactual 5,950 26 3 23
2 1 Banco Itau BBA 5,146 26 2 24
3 10 Citi 15,840 15 7 8
4 8 Goldman Sachs & Co 13,133 13 3 10
5 6 Bank of America Merrill Lynch 19,125 12 0 12
6 14 Rothschild & Co 3,385 12 5 7
7 17 Santander Global Corporate Banking 11,123 10 3 7
8 7 Morgan Stanley 15,088 9 -2 11
9 29 BR Partners 12,150 9 6 3
10 13 Deloitte 1,119 9 1 8
11 21 Greenhill & Co 647 9 4 5
12 30 Scotiabank 1,052 8 5 3
13 5 Oaklins 1,016 8 -6 14
14 11 Vinci Partners 620 8 0 8
15 9 JPMorgan 1,448 7 -2 9
16 3 Banco Bradesco BBI 1,892 6 -9 15
17 4 Credit Suisse 1,585 6 -9 15
18 - Credit Agricole 11,140 5 5 0
19 16 KPMG 1,043 5 -2 7
20 19 BNP Paribas 805 5 0 5
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Bank of America Merrill Lynch 19,125 12 -25.8% 25,786
2 7 Citi 15,840 15 184.6% 5,565
3 4 Morgan Stanley 15,088 9 -13.9% 17,518
4 6 Goldman Sachs & Co 13,133 13 84.6% 7,115
5 31 BR Partners 12,150 9 2892.6% 406
6 - Credit Agricole 11,140 5 - -
7 26 Santander Global Corporate Banking 11,123 10 1975.2% 536
8 49 UBS Investment Bank 9,265 4 13135.7% 70
9 5 Banco BTG Pactual 5,950 26 -38.7% 9,705
10 - Inverlink 5,510 3 - -
11 3 Banco Itau BBA 5,146 26 -78.1% 23,510
12 23 HSBC 4,978 3 759.8% 579
13 - Corredores Davivienda 4,715 1 - -
14 15 Lazard 3,888 4 119.4% 1,772
15 - PJT Partners 3,557 1 - -
16 16 Rothschild & Co 3,385 12 219.9% 1,058
17 2 Banco Bradesco BBI 1,892 6 -92.0% 23,587
18 12 Credit Suisse 1,585 6 -43.5% 2,806
19 8 JPMorgan 1,448 7 -72.3% 5,219
20= - Astoria Capital Partners 1,266 2 - -
20= - Riza Capital 1,266 2 - -
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League Tables
Asia Pacific Advisory League tables
Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 PwC 13,484 105 22 83
2 1 KPMG 13,709 59 -28 87
3 3 Deloitte 18,237 48 -34 82
4 4 EY 8,881 47 -24 71
5 5 Goldman Sachs & Co 48,606 34 -19 53
6 9 Morgan Stanley 38,244 33 -2 35
7 15 CITIC Securities 29,214 31 4 27
8 6 Citi 40,290 29 -18 47
9 7 UBS Investment Bank 29,125 29 -15 44
10 17 Huatai Securities 23,978 26 2 24
11 16 Bank of America Merrill Lynch 50,942 25 -1 26
12 10 Rothschild & Co 32,629 25 -10 35
13 8 JPMorgan 32,084 24 -11 35
14 13 Macquarie Group 12,112 23 -7 30
15 12 Credit Suisse 30,854 22 -9 31
16 11 China International Capital Corporation 17,825 22 -10 32
17 30 Guotai Junan Securities 3,466 19 8 11
18 27 HSBC 22,334 18 5 13
19 18 Deutsche Bank 24,769 17 -5 22
20 21 China Securities 11,625 15 -5 20
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 8 Bank of America Merrill Lynch 50,942 25 27.0% 40,111
2 1 Goldman Sachs & Co 48,606 34 -55.0% 108,009
3 2 Citi 40,290 29 -45.2% 73,480
4 4 Morgan Stanley 38,244 33 -42.0% 65,937
5 16 Rothschild & Co 32,629 25 95.1% 16,727
6 3 JPMorgan 32,084 24 -51.5% 66,089
7 18 Credit Suisse 30,854 22 97.4% 15,634
8 12 CITIC Securities 29,214 31 27.7% 22,885
9 5 UBS Investment Bank 29,125 29 -48.6% 56,650
10 - Wells Fargo Securities 25,008 6 - -
11 6 Deutsche Bank 24,769 17 -46.6% 46,417
12 21 Huatai Securities 23,978 26 68.7% 14,212
13 20 HSBC 22,334 18 55.5% 14,360
14 13 Deloitte 18,237 48 -14.4% 21,308
15 7 China International Capital Corporation 17,825 22 -59.4% 43,952
16 9 Barclays 17,507 12 -49.6% 34,709
17 37 Nomura Holdings 17,177 9 215.6% 5,442
18 19 Lazard 16,096 14 9.5% 14,697
19 14 KPMG 13,709 59 -27.3% 18,855
20 34 PwC 13,484 105 138.5% 5,653
Mergermarket 67
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League Tables
Asia Pacific Advisory League tables
Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 PwC 12,073 77 20 57
2 3 EY 7,874 42 -18 60
3 1 KPMG 12,541 38 -25 63
4 2 Deloitte 16,007 34 -28 62
5 11 CITIC Securities 29,214 31 4 27
6 12 Morgan Stanley 33,730 27 1 26
7 6 Citi 37,381 26 -10 36
8 14 Huatai Securities 23,978 26 2 24
9 5 Goldman Sachs & Co 29,222 23 -15 38
10 7 China International Capital Corporation 17,825 22 -10 32
11 16 Credit Suisse 20,666 21 1 20
12 18 Bank of America Merrill Lynch 30,610 19 1 18
13 9 JPMorgan 28,391 19 -8 27
14 25 Guotai Junan Securities 3,466 19 8 11
15 23 HSBC 22,334 18 6 12
16 13 Rothschild & Co 16,234 15 -11 26
17 10 UBS Investment Bank 15,598 15 -12 27
18 15 China Securities 11,625 15 -5 20
19 46 JM Financial 9,337 14 8 6
20 17 Somerley Capital 9,693 13 -6 19
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 2 Citi 37,381 26 -35.3% 57,753
2 5 Morgan Stanley 33,730 27 -23.0% 43,820
3 10 Bank of America Merrill Lynch 30,610 19 49.4% 20,487
4 1 Goldman Sachs & Co 29,222 23 -61.8% 76,416
5 8 CITIC Securities 29,214 31 27.7% 22,885
6 3 JPMorgan 28,391 19 -50.7% 57,546
7 17 Huatai Securities 23,978 26 68.7% 14,212
8 19 HSBC 22,334 18 60.8% 13,892
9 23 Credit Suisse 20,666 21 84.7% 11,190
10 4 China International Capital Corporation 17,825 22 -59.4% 43,952
11 6 Deutsche Bank 16,501 9 -46.4% 30,761
12 16 Rothschild & Co 16,234 15 9.7% 14,803
13 9 Barclays 16,125 9 -29.2% 22,769
14 11 Deloitte 16,007 34 -20.9% 20,248
15 7 UBS Investment Bank 15,598 15 -34.2% 23,720
16 - Wells Fargo Securities 14,820 5 - -
17 12 KPMG 12,541 38 -29.7% 17,842
18 33 PwC 12,073 77 129.8% 5,253
19 22 China Securities 11,625 15 -4.5% 12,177
20 29 Somerley Capital 9,693 13 56.2% 6,204
Mergermarket 68
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Global & Regional M&A Report 3Q19
League Tables
Asia Pacific Advisory League tables
Australasia league table by value Australasia league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 PwC 1,462 30 1 29
2 2 KPMG 1,402 23 -4 27
3 3 Macquarie Group 11,816 19 -7 26
4 4 Deloitte 2,633 16 -9 25
5 7 Goldman Sachs & Co 20,930 15 -2 17
6 5 UBS Investment Bank 15,116 15 -7 22
7 13 Rothschild & Co 16,670 12 2 10
8 12 Morgan Stanley 6,209 10 0 10
9 18 Deutsche Bank 8,268 8 0 8
10 20 Gresham Advisory Partners 1,319 8 0 8
11 15 Bank of America Merrill Lynch 21,652 7 -2 9
12 21 Moelis & Company 980 7 0 7
13 16 JPMorgan 5,473 6 -3 9
14 53 Baker Tilly International 75 6 3 3
15 41 Jefferies 2,610 5 2 3
16 11 EY 1,007 5 -7 12
17 25 Greenhill & Co 735 5 -1 6
18 36 Sternship Advisers 252 5 1 4
19 - William Blair & Company 1,726 4 4 0
20 32 Barclays 1,382 4 0 4
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 5 Bank of America Merrill Lynch 21,652 7 9.1% 19,845
2 2 Goldman Sachs & Co 20,930 15 -35.4% 32,391
3 25 Rothschild & Co 16,670 12 754.9% 1,950
4 1 UBS Investment Bank 15,116 15 -56.8% 35,002
5 26 Nomura Holdings 14,307 2 690.9% 1,809
6 3 Macquarie Group 11,816 19 -62.6% 31,595
7 13 Lazard 11,358 3 63.2% 6,960
8= 14 Credit Suisse 10,188 1 52.2% 6,694
8= 139 Evercore 10,188 1 - -
8= - Intrepid Partners 10,188 1 - -
8= - Wells Fargo Securities 10,188 1 - -
12 7 Deutsche Bank 8,268 8 -52.0% 17,217
13 4 Morgan Stanley 6,209 10 -73.3% 23,267
14 11 JPMorgan 5,473 6 -38.0% 8,823
15 18 Grant Samuel 3,436 3 29.7% 2,649
16 6 Citi 2,909 3 -83.2% 17,276
17 19 Deloitte 2,633 16 1.6% 2,592
18 24 Jefferies 2,610 5 24.3% 2,099
19 15 Jamieson Corporate Finance 2,510 1 -53.3% 5,374
20 - Centerview Partners 2,200 1 - -
Mergermarket 69
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Global & Regional M&A Report 3Q19
League Tables
Asia Pacific Advisory League tables
Greater China league table by value Greater China league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 CITIC Securities 29,214 31 4 27
2 6 Huatai Securities 23,978 26 2 24
3 1 China International Capital Corporation 17,825 22 -10 32
4 14 Guotai Junan Securities 3,466 19 8 11
5 30 HSBC 18,285 15 9 6
6 8 China Securities 11,625 15 -5 20
7 16 PwC 1,301 14 3 11
8 9 Somerley Capital 9,693 13 -6 19
9 2 Deloitte 2,532 13 -18 31
10 5 Goldman Sachs & Co 7,127 12 -13 25
11 3 China Renaissance Holdings 4,362 12 -17 29
12 46 Haitong Securities 3,483 12 8 4
13 11 JPMorgan 3,764 11 -4 15
14 13 KPMG 2,033 11 -1 12
15 60 ZTF Securities 2,090 10 7 3
16 26 Shenwan Hongyuan Group Co 4,605 9 2 7
17 25 China Merchants Securities 9,080 8 1 7
18 7 UBS Investment Bank 7,887 8 -12 20
19 12 Morgan Stanley 6,113 8 -4 12
20 179 Huarong Securities 2,404 8 7 1
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 6 CITIC Securities 29,214 31 27.7% 22,885
2 8 Huatai Securities 23,978 26 68.7% 14,212
3 20 HSBC 18,285 15 207.2% 5,952
4 1 China International Capital Corporation 17,825 22 -59.4% 43,952
5 13 China Securities 11,625 15 -4.5% 12,177
6 54 Credit Suisse 11,544 7 924.3% 1,127
7 3 Citi 10,901 5 -70.8% 37,343
8 19 Somerley Capital 9,693 13 56.2% 6,204
9 23 China Merchants Securities 9,080 8 65.7% 5,481
10 9 UBS Investment Bank 7,887 8 -42.3% 13,665
11 2 Goldman Sachs & Co 7,127 12 -82.0% 39,583
12 - TC Capital International 6,864 2 - -
13 192 BaoQiao Partners Capital 6,820 1 10392.3% 65
14 35 Rothschild & Co 6,671 5 174.8% 2,428
15 101 Tianfeng Securities 6,394 4 1535.3% 391
16 4 Morgan Stanley 6,113 8 -75.5% 24,975
17 14 Bank of America Merrill Lynch 5,280 6 -50.6% 10,691
18 30 Shenwan Hongyuan Group Co 4,605 9 25.7% 3,663
19 10 China Renaissance Holdings 4,362 12 -66.5% 13,031
20 125 Huaxi Securities 4,058 3 1504.0% 253
Mergermarket 70
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Global & Regional M&A Report 3Q19
League Tables
Asia Pacific Advisory League tables
India league table by value India league table by deal count
South Korea league table by value South Korea league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 7 JM Financial 9,337 13 -7.2% 10,062
2 8 Deloitte 8,795 7 -6.0% 9,354
3 5 EY 6,266 27 -40.5% 10,528
4 26 RBSA Advisors 4,610 11 309.1% 1,127
5 44 Ambit 4,063 5 3124.6% 126
6 39 ICICI Securities 3,625 9 1332.8% 253
7 18 Kotak Investment Banking 3,241 3 28.8% 2,517
8 11 Morgan Stanley 2,736 7 -50.3% 5,506
9 6 KPMG 2,256 10 -77.8% 10,168
10 22 Axis Capital 1,859 4 18.5% 1,569
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 9 PwC 11,118 54 231.7% 3,352
2 4 KPMG 9,024 16 118.3% 4,133
3 - China International Capital Corporation 5,800 1 - -
4 3 Credit Suisse 5,696 8 13.2% 5,033
5 7 Citi 5,599 8 60.5% 3,489
6 5 Goldman Sachs & Co 5,423 6 44.0% 3,765
7 1 Morgan Stanley 5,220 7 -31.9% 7,662
8 16 Deloitte 2,978 8 111.7% 1,407
9 15 Deutsche Bank 2,168 2 39.0% 1,560
10 14 Samsung Securities 1,844 3 16.2% 1,587
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 EY 6,266 27 0 27
2 10 JM Financial 9,337 13 7 6
3 50 RBSA Advisors 4,610 11 10 1
4 2 KPMG 2,256 10 -9 19
5 22 ICICI Securities 3,625 9 5 4
6 14 Deloitte 8,795 7 2 5
7 24 Morgan Stanley 2,736 7 4 3
8 3 Avendus Capital 552 7 -9 16
9 23 Singhi Advisors 165 6 2 4
10 6 PwC 82 6 -2 8
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 PwC 11,118 54 15 39
2 2 KPMG 9,024 16 -11 27
3 6 Credit Suisse 5,696 8 1 7
4 12 Citi 5,599 8 4 4
5 4 Deloitte 2,978 8 -7 15
6 3 EY 776 8 -8 16
7 9 Morgan Stanley 5,220 7 3 4
8 11 Goldman Sachs & Co 5,423 6 2 4
9 10 JPMorgan 1,388 4 0 4
10 7 Samsung Securities 1,844 3 -2 5
Mergermarket 71
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Global & Regional M&A Report 3Q19
League Tables
Asia Pacific Advisory League tables
Japan league table by value Japan league table by deal count
South East Asia league table by value South East Asia league table by deal count
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 3 Morgan Stanley 34,835 28 -78.1% 159,248
2 5 Nomura Holdings 27,391 42 -72.4% 99,329
3 6 Mizuho Financial Group 21,626 32 -73.9% 82,942
4 2 Goldman Sachs & Co 20,192 12 -88.0% 167,868
5 17 Deloitte 15,434 45 248.9% 4,424
6 8 Sumitomo Mitsui Financial Group 13,953 30 -80.7% 72,114
7 29 Lazard 13,439 7 1577.8% 801
8 18 Rothschild & Co 13,073 8 513.8% 2,130
9 16 Daiwa Securities Group / DC Advisory 8,041 33 37.4% 5,853
10 48 PwC 5,766 25 3085.6% 181
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 2 Morgan Stanley 24,791 11 14.2% 21,706
2 9 Bank of America Merrill Lynch 23,252 10 276.7% 6,172
3 10 JPMorgan 22,236 5 297.2% 5,598
4 1 Citi 19,781 10 -12.0% 22,489
5 24 Goldman Sachs & Co 18,916 5 863.1% 1,964
6 39 Barclays 15,009 5 2271.1% 633
7 - Wells Fargo Securities 13,800 2 - -
8 3 Deutsche Bank 13,400 2 -22.2% 17,218
9 5 Rothschild & Co 8,439 7 -15.8% 10,024
10 8 Credit Suisse 7,801 7 21.3% 6,429
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 Deloitte 15,434 45 14 31
2 1 Nomura Holdings 27,391 42 -12 54
3 6 Daiwa Securities Group / DC Advisory 8,041 33 5 28
4 3 Mizuho Financial Group 21,626 32 -9 41
5 2 Sumitomo Mitsui Financial Group 13,953 30 -13 43
6 5 Morgan Stanley 34,835 28 -1 29
7 12 PwC 5,766 25 15 10
8 7 GCA Corporation 2,130 15 -10 25
9 8 Goldman Sachs & Co 20,192 12 -1 13
10 24 EY 2,954 9 5 4
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 5 Morgan Stanley 24,791 11 1 10
2 37 PwC 1,420 11 8 3
3 8 Bank of America Merrill Lynch 23,252 10 3 7
4 7 Citi 19,781 10 2 8
5 4 EY 825 8 -5 13
6 3 Rothschild & Co 8,439 7 -6 13
7 6 Credit Suisse 7,801 7 -3 10
8 1 KPMG 2,058 7 -8 15
9 2 Deloitte 1,797 7 -7 14
10 19 UBS Investment Bank 7,368 6 2 4
Mergermarket 72
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Global & Regional M&A Report 3Q19
League Tables
Private Equity Advisory League tables*
Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count
US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Global and US
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 5 Bank of America Merrill Lynch 116,860 41 133.6% 50,017
2 3 Citi 91,156 34 22.5% 74,415
3 6 Evercore 87,601 38 132.8% 37,636
4 2 Morgan Stanley 72,367 40 -39.9% 120,354
5 1 Goldman Sachs & Co 71,485 63 -45.4% 130,845
6 4 JPMorgan 63,805 43 -1.6% 64,854
7 7 Barclays 58,850 49 56.5% 37,603
8 16 Jefferies 58,612 61 133.7% 25,083
9 8 Credit Suisse 49,355 31 32.8% 37,174
10 9 Deutsche Bank 48,114 22 29.5% 37,158
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 4 Bank of America Merrill Lynch 86,835 23 134.6% 37,015
2 17 Evercore 85,095 30 769.6% 9,786
3 5 Citi 68,975 17 95.6% 35,265
4 1 Morgan Stanley 48,324 21 -40.5% 81,279
5 12 Jefferies 47,017 41 186.6% 16,405
6 7 Barclays 43,535 36 70.7% 25,507
7 2 Goldman Sachs & Co 37,829 32 -47.3% 71,736
8 3 JPMorgan 35,683 20 -8.2% 38,865
9 13 Deutsche Bank 35,375 14 142.3% 14,597
10 8 Credit Suisse 24,418 16 19.5% 20,442
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 8 PwC 15,370 80 23 57
2 6 Lincoln International 1,244 65 -2 67
3 1 Goldman Sachs & Co 71,485 63 -21 84
4 3 Rothschild & Co 26,340 62 -7 69
5 13 Jefferies 58,612 61 11 50
6 5 Deloitte 2,978 58 -9 67
7 4 William Blair & Company 9,638 56 -13 69
8 10 KPMG 2,740 51 -4 55
9 16 Barclays 58,850 49 5 44
10 2 Houlihan Lokey 4,197 48 -23 71
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 8 Jefferies 47,017 41 7 34
2 1 William Blair & Company 7,809 38 -13 51
3 5 Harris Williams - 37 -2 39
4 9 Barclays 43,535 36 3 33
5 15 Piper Jaffray & Co 1,395 33 14 19
6 6 Lincoln International 685 33 -2 35
7 2 Goldman Sachs & Co 37,829 32 -15 47
8 3 Houlihan Lokey - 32 -13 45
9 16 Evercore 85,095 30 12 18
10 4 Robert W. Baird & Co 1,207 30 -11 41
Mergermarket 73
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Global & Regional M&A Report 3Q19
League Tables
Private Equity Advisory League tables*
Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count
Asia Pacific (excl. Japan) (buyouts+exits) league table by value Asia Pacific (excl. Japan) (buyouts+exits) league table by deal count
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Goldman Sachs & Co 29,839 21 -11.5% 33,729
2 6 JPMorgan 27,222 20 22.9% 22,142
3 2 Rothschild & Co 23,203 49 -21.8% 29,687
4 19 Bank of America Merrill Lynch 22,387 11 243.8% 6,511
5 13 Credit Suisse 22,355 8 171.5% 8,234
6 3 Citi 18,832 12 -36.2% 29,512
7 8 Lazard 18,245 25 6.0% 17,205
8 35 PwC 13,230 53 360.0% 2,876
9 7 Deutsche Bank 11,739 7 -39.9% 19,527
10 12 Macquarie Group 10,101 14 11.7% 9,041
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 9 Bank of America Merrill Lynch 5,733 3 31.6% 4,358
2 23 HSBC 4,796 3 455.7% 863
3 1 Morgan Stanley 3,274 4 -86.3% 23,894
4 64 Jefferies 2,545 3 - -
5 4 UBS Investment Bank 2,534 3 -77.0% 11,020
6 34 KPMG 2,077 10 626.2% 286
7 2 Goldman Sachs & Co 2,047 4 -90.4% 21,363
8 11 Citi 1,664 4 -45.8% 3,069
9 7 Credit Suisse 1,522 3 -71.4% 5,329
10 86 Shenwan Hongyuan Group Co 1,338 1 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 PwC 13,230 53 14 39
2 1 Rothschild & Co 23,203 49 -10 59
3 2 Deloitte 1,688 44 -7 51
4 6 EY 2,085 35 0 35
5 3 KPMG 663 33 -8 41
6 9 Lincoln International 487 30 -1 31
7 8 Lazard 18,245 25 -6 31
8 16 ALANTRA 1,901 23 4 19
9 11 GCA Corporation 644 22 -6 28
10 12 Goldman Sachs & Co 29,839 21 -6 27
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 PwC 984 17 7 10
2 7 KPMG 2,077 10 3 7
3 9 Deloitte 1,161 7 1 6
4 4 EY 393 5 -4 9
5 1 Morgan Stanley 3,274 4 -7 11
6 3 Goldman Sachs & Co 2,047 4 -5 9
7 10 Citi 1,664 4 -1 5
8 31 Daiwa Securities Group / DC Advisory - 4 2 2
9 15 Bank of America Merrill Lynch 5,733 3 0 3
10 23 HSBC 4,796 3 1 2
Mergermarket 74
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Global & Regional M&A Report 3Q19
League Tables
Private Equity Advisory League tables*
Global Buyouts league table by value Global Buyouts league table by deal count
US Buyouts league table by value US Buyouts league table by deal count
*Based on advisors to bidder on buyout deals with target dominant geography being Global and US
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 1 Morgan Stanley 50,678 16 -16.6% 60,739
2 4 Bank of America Merrill Lynch 50,039 17 44.0% 34,741
3 6 Deutsche Bank 41,107 12 68.5% 24,391
4 12 Barclays 35,544 24 106.4% 17,219
5 3 Citi 34,998 18 -25.0% 46,645
6 5 JPMorgan 33,276 17 2.7% 32,387
7 9 Credit Suisse 32,713 15 58.4% 20,654
8 2 Goldman Sachs & Co 32,225 26 -44.9% 58,515
9 11 RBC Capital Markets 17,682 21 -4.7% 18,554
10 14 Rothschild & Co 17,587 14 25.3% 14,032
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 2 Morgan Stanley 34,796 7 -19.2% 43,074
2 10 Deutsche Bank 32,855 8 213.3% 10,487
3 3 Bank of America Merrill Lynch 28,758 8 -5.1% 30,288
4 8 Barclays 24,413 15 65.9% 14,713
5 4 Citi 20,633 9 -18.9% 25,440
6 5 JPMorgan 17,684 6 -26.5% 24,065
7 1 Goldman Sachs & Co 16,620 12 -64.0% 46,130
8 7 Credit Suisse 14,003 8 -12.5% 15,996
9 16 Evercore 13,188 12 258.9% 3,675
10 86 Qatalyst Group 11,790 1 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 5 PwC 12,746 53 23 30
2 1 Deloitte 1,742 40 2 38
3 4 EY 1,404 37 1 36
4 3 KPMG 1,447 29 -7 36
5 2 Goldman Sachs & Co 32,225 26 -10 36
6 11 Barclays 35,544 24 5 19
7 16 RBC Capital Markets 17,682 21 6 15
8 7 Citi 34,998 18 -3 21
9 24 Bank of America Merrill Lynch 50,039 17 6 11
10 9 JPMorgan 33,276 17 -2 19
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 3 Barclays 24,413 15 1 14
2 1 Goldman Sachs & Co 16,620 12 -10 22
3 16 Evercore 13,188 12 7 5
4 5 RBC Capital Markets 9,814 12 1 11
5 7 Jefferies 5,417 10 -1 11
6 13 Citi 20,633 9 2 7
7 8 Deutsche Bank 32,855 8 -2 10
8 10 Bank of America Merrill Lynch 28,758 8 0 8
9 2 Credit Suisse 14,003 8 -6 14
10 4 Morgan Stanley 34,796 7 -5 12
Mergermarket 75
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Global & Regional M&A Report 3Q19
League Tables
Private Equity Advisory League tables*
Europe Buyouts league table by value Europe Buyouts league table by deal count
Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count
*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 71 Credit Suisse 17,320 5 5229.2% 325
2 2 Rothschild & Co 16,467 10 17.4% 14,032
3 10 JPMorgan 15,592 11 128.8% 6,815
4 25 Bank of America Merrill Lynch 15,548 5 427.8% 2,946
5 6 Goldman Sachs & Co 13,565 10 34.6% 10,080
6 5 Citi 11,442 5 -7.3% 12,345
7 46 PwC 11,263 35 923.0% 1,101
8 35 Lazard 11,208 9 484.1% 1,919
9 22 Macquarie Group 9,588 7 187.5% 3,335
10 18 UBS Investment Bank 8,533 5 123.3% 3,821
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 PwC 11,263 35 16 19
2 1 Deloitte 1,016 31 -1 32
3 2 EY 1,011 31 6 25
4 3 KPMG 377 16 -8 24
5 7 GCA Corporation 265 13 -1 14
6 28 Lincoln International 64 12 7 5
7 12 JPMorgan 15,592 11 2 9
8 16 ALANTRA 1,258 11 4 7
9 8 Rothschild & Co 16,467 10 -2 12
10 10 Goldman Sachs & Co 13,565 10 -1 11
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 2 PwC 563 10 4 6
2 3 KPMG 1,070 6 0 6
3 1 EY 393 5 -2 7
4 10 Deloitte 717 4 1 3
5 16 Bank of America Merrill Lynch 5,733 3 2 1
6 8 Goldman Sachs & Co 1,776 3 0 3
7 5 Citi 1,238 3 -1 4
8 - Jefferies 2,200 2 2 0
9 7 UBS Investment Bank 2,123 2 -1 3
10 6 Morgan Stanley 1,907 2 -1 3
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 8 Bank of America Merrill Lynch 5,733 3 280.4% 1,507
2 - Jefferies 2,200 2 - -
3 3 UBS Investment Bank 2,123 2 -78.4% 9,833
4 2 Morgan Stanley 1,907 2 -82.3% 10,746
5 5 Goldman Sachs & Co 1,776 3 -23.0% 2,305
6 11 Credit Suisse 1,390 2 16.2% 1,196
7 15 HSBC 1,295 2 70.2% 761
8 6 Citi 1,238 3 -46.0% 2,291
9 - Samsung Securities 1,165 1 - -
10 26 KPMG 1,070 6 497.8% 179
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League Tables
Private Equity Advisory League tables*
Global Exits league table by value Global Exits league table by deal count
US Exits league table by value US Exits league table by deal count
*Based on advisors to target/seller on exit deals with target dominant geography being Global and US
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 14 Evercore 74,053 25 427.3% 14,043
2 12 Bank of America Merrill Lynch 66,821 24 337.4% 15,276
3 4 Citi 56,158 16 102.2% 27,770
4 9 Jefferies 49,659 47 174.3% 18,103
5 1 Goldman Sachs & Co 39,260 37 -45.7% 72,330
6 3 JPMorgan 30,529 26 -6.0% 32,467
7 - Canson Capital Partners 27,000 1 - -
8 8 Barclays 23,306 25 14.3% 20,384
9 2 Morgan Stanley 21,689 24 -63.6% 59,615
10 11 Credit Suisse 16,642 16 0.7% 16,520
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 15 Evercore 71,907 18 1076.7% 6,111
2 13 Bank of America Merrill Lynch 58,077 15 763.3% 6,727
3 10 Citi 48,342 8 392.0% 9,825
4 5 Jefferies 41,600 31 232.7% 12,502
5 - Canson Capital Partners 27,000 1 - -
6 2 Goldman Sachs & Co 21,209 20 -17.2% 25,606
7 7 Barclays 19,122 21 77.2% 10,794
8 4 JPMorgan 17,999 14 21.6% 14,800
9 1 Morgan Stanley 13,528 14 -64.6% 38,205
10 94 TD Securities 12,150 2 - -
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 3 Lincoln International 1,125 50 -4 54
2 2 Rothschild & Co 8,753 48 -9 57
3 10 Jefferies 49,659 47 12 35
4 1 William Blair & Company 7,510 46 -11 57
5 9 Harris Williams 10,579 40 3 37
6 6 Goldman Sachs & Co 39,260 37 -11 48
7 4 Houlihan Lokey 2,873 37 -15 52
8 5 Robert W. Baird & Co 4,578 34 -16 50
9 14 Raymond James 699 32 5 27
10 12 Lazard 10,360 31 0 31
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 4 Harris Williams 8,747 34 0 34
2 8 Jefferies 41,600 31 8 23
3 1 William Blair & Company 6,009 31 -14 45
4 2 Houlihan Lokey 2,129 30 -7 37
5 5 Lincoln International 630 30 3 27
6 13 Piper Jaffray & Co 1,060 27 10 17
7 3 Robert W. Baird & Co 867 25 -12 37
8 7 Raymond James 352 25 0 25
9 12 Barclays 19,122 21 2 19
10 6 Goldman Sachs & Co 21,209 20 -5 25
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League Tables
Private Equity Advisory League tables*
Europe Exits league table by value Europe Exits league table by deal count
Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count
*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
% Value change
Value (USDm)
1 2 Goldman Sachs & Co 16,274 11 -31.2% 23,649
2 5 JPMorgan 11,630 9 -24.1% 15,327
3 3 Citi 7,390 7 -57.0% 17,167
4 6 Lazard 7,037 16 -54.0% 15,286
5 16 Bank of America Merrill Lynch 6,839 6 91.8% 3,565
6 4 Rothschild & Co 6,736 39 -57.0% 15,655
7 7 Credit Suisse 5,035 3 -36.3% 7,909
8 9 Deutsche Bank 4,487 4 -26.7% 6,123
9 - PJT Partners 4,179 2 - -
10 25 Robert W. Baird & Co 3,711 9 123.0% 1,664
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 1 Rothschild & Co 6,736 39 -8 47
2 5 PwC 1,967 18 -2 20
3 3 Lincoln International 423 18 -8 26
4 8 KPMG 286 17 0 17
5 7 Lazard 7,037 16 -1 17
6 6 Deloitte 672 13 -6 19
7 14 ALANTRA 643 12 0 12
8 13 William Blair & Company 384 12 0 12
9 9 Goldman Sachs & Co 16,274 11 -5 16
10 19 Jefferies 3,298 11 1 10
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 6 PwC 421 7 3 4
2 37 KPMG 1,007 4 3 1
3 9 Deloitte 444 3 0 3
4 39 Daiwa Securities Group / DC Advisory 187 3 2 1
5 1 Morgan Stanley 1,367 2 -6 8
6 33 ICICI Securities 1,311 2 1 1
7 22 China International Capital Corporation 1,255 2 1 1
8 50 Avendus Capital 205 2 1 1
9 38 HSBC 3,501 1 0 1
10 - Shenwan Hongyuan Group Co 1,338 1 1 0
Ranking 3Q19 3Q18
3Q19 3Q18 Company name Value (USDm)
Deal count
Count change
Deal count
1 36 HSBC 3,501 1 3332.4% 102
2 2 Morgan Stanley 1,367 2 -89.6% 13,148
3 - Shenwan Hongyuan Group Co 1,338 1 - -
4 31 ICICI Securities 1,311 2 948.8% 125
5 6 China International Capital Corporation 1,255 2 -66.5% 3,751
6 35 KPMG 1,007 4 841.1% 107
7= - Harris Williams 1,000 1 - -
7= - William Blair & Company 1,000 1 - -
9 - Reimei Global Advisors 508 1 - -
10 41 Deloitte 444 3 825.0% 48
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League Tables
Mergermarket 79Criteria & ContactsGlobal & Regional M&A Report 3Q19
Criteria Contacts
mergermarket.com
All data is based on transactions over USD 5m and is
based on the Mergermarket’s M&A deals database.
Deals with undisclosed deal values are included where
the target’s turnover exceeds USD 10m. Deals where
the effective stake acquired is less than 30% will only
be included if the value is greater than USD 100m.
Full deal inclusion criteria can be found here.
Trend data: Based on the dominant geography of the target company and excludes lapsed and withdrawn bids. Sector trends based on the dominant sector of the target.
Global cross-border M&A: Based on the dominant geography of the target and bidder company being in a different region.
Inbound: Global/US/Japan: The dominant geography of the target is X and the dominant geography of the bidder is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X and the dominant geography of the bidder is any other region excluding X.
Outbound: Global/US/Japan: The dominant geography of the bidder is X and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X and the dominant geography of the target is any other region excluding X.
Top deals: Based on the dominant geography of the target company.
League tables: Based on the dominant geography of the target, bidder or seller, and excludes lapsed and withdrawn bids. Private equity buyout league tables are based on advisors advising the bidder only on buyout deals with target dominant geography being the country/region and excludes lapsed and withdrawn bids. Private equity exit league tables based on advisors advising the target/seller on exit deal with target dominant geography being the country/region and excludes lapsed and withdrawn bids. Private equity buyout and exit combined league tables are based on advising the bidder on buyout deals AND the target/seller on exit deals, excluding lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.
All values are in USD M&A Trends and Top Deals correct as of 10am (GMT), 29-Sep-2019. Cut off date 29-Sep-2019
League Tables correct as of 10am (GMT), 01-Oct-2019. Cut off date 30-Sep-2019.
Deal Submissions
Americas Jason [email protected]+1 646 378 3122
Asia John [email protected]+852 2158 9723
EMEA Michael [email protected]+44 20 3741 1294
Commercial
Americas Kurt [email protected]+1 212 390 7812
Asia Laurence [email protected]+852 2158 9771
EMEA Ben [email protected]+44 20 3741 1007
Production
Global Editorial Analytics Director
Beranger [email protected]+44 20 3741 1186
Head of Research (Asia)
Gerry [email protected]+852 2158 9741
Head of Research (EMEA) Andrea [email protected]+44 20 3741 1274
Research Editor (APAC)
Riccardo [email protected]+852 2158 9704
Research Editor (EMEA) Jonathan [email protected]+44 20 3741 1293
Deputy Head of Research (EMEA)
Marie-Laure [email protected]+44 20 3741 1282
Global PE Specialist
Mate [email protected]+44 20 3741 1361
Press Relations
Americas Lindsay [email protected]+1 212-390-7801
Asia
Candy [email protected]+852 2158 9706
EMEA Ioiana [email protected]+44 203 741 1391
Research Analyst (EMEA)
Mohamed [email protected]+44 20 3741 1190
Head Analyst (Americas) Philip [email protected]+1 212 574 7877
Analyst (APAC) Joji [email protected]+852 2158 9796
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