global m&a market review · • global merger and acquisition activity reached $828.6 billion...

GLOBAL M&A MARKET REVIEW LEGAL RANKINGS Q1 2018 1

CONTENTS

1. Introduction2. Global M&A Regional Review3. Global M&A League Tables

5. Americas M&A Regional Review6. Americas M&A League Tables

8. EMEA M&A Regional Review9. EMEA M&A League Tables

13. APAC M&A Regional Review14. APAC M&A League Tables19. Disclaimer

DATA SUBMISSIONS AND QUERIES

North America

EMEA

Asia Pacific

Contact Nageen Qasim

Madeeha Ahmad

Sayaka Sakashita

Phone +1-646-324-2878

+44-20-3525-3754

+81-3-3201-2198

Email [email protected]

[email protected]

[email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

Q1 2018

GLOBAL M&A LEGAL ADVISORY RANKINGS

©2018 Bloomberg Finance L.P. All rights1 reserved.

mailto:[email protected]



http://www.bloomberg.com/professional/solutions/investment-banking/

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 9,455 Consumer Non-cyclical $234.1 27.9% 65.9%

Volume (Bln.) $823.4 Financial $162.7 19.4% 11.0%

Avg Deal Size (Mln.) $87.0 Technology $90.9 10.8% 174.5%

Consumer Cyclical $84.1 10.0% 4.2%

Industrial $70.0 8.4% 8.7%

Skadden Arps Slate Meagher & Flom LLP Communications $63.2 7.5% 29.2%

Number of deals 43 Energy $55.0 6.6% -50.1%

Volume (Bln.) $163.7 Utilities $43.1 5.1% 53.8%

Avg Deal Size (Bln.) $3.8 Basic Materials $33.5 4.0% 71.4%

Diversified $1.3 0.2% -57.8%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $475.8 -5.6% 34.4%

Cross Border $321.1 -3.7% -5.0%

Private Equity $192.7 1.6% 25.0%

Asset sale $141.4 -10.1% 6.0%

Tender Offer $79.5 -26.1% -19.0%

Venture Capital $47.2 11.2% 101.2%

Spin-off $12.9 44.4% 129.4%

Minority purchase $129.6 9.6% 53.0%

Majority purchase $67.2 -0.7% 11.8%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown

Deal Type

1/3/2018 SCANA CorpDominion Energy

Inc- $14,504.3

$23,167.7

$17,000.0

3/5/2018 XL Group Ltd AXA SA - $15,200.6

Top Adviser1/29/2018

Financial data

unit/Thomson Reuters

Corp

Multiple Acquirers

Thomson Reuters Corp

1/29/2018Dr Pepper Snapple Group

Inc

Keurig Green

Mountain Inc-

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Global M&A: Premium Breakdown

Global M&A: Highlights of Q1 2018 Global M&A: Industry Breakdown

Summary Target Acquirer Seller Industry

3/8/2018Express Scripts Holding

CoCigna Corp - $68,375.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1

Volume $(Bln.) Deal Count

17%

20%

50%

9%

4% 0% 0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global merger and acquisition activity reached $828.6 billion in 1Q2018, representing an increase of 10.3% compared to the same period last year.

• Private equity transactions reached a 1Q2018 volume of $193.3 billion, accounting for 23.3% ofthe global volume for the period. GIC Pte Ltd, Canada Pension Plan Investment Board, andBlackstone Group's pending acquisition of Thomson Reuters Corp's financial data unit forapproximately $17.0 billion was the largest announced private equity deal of the quarter.

• M&A deals targeting the Technology sector increased 174.2% in volume year‐on‐year to $90.9billion. Fujifilm Holdings Corp's pending acquisition of a majority stake in Xerox Corp for $10.32billion was the largest deal in this sector.

2

Global Announced Deals (By Volume) 01/01/2018 - 03/26/2018 Global Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Skadden Arps Slate Meagher & Flom LLP 1 19.8 163,765 43 2 12.8 7.0 Kirkland & Ellis LLP 1 5.4 44,788 94 2 8.6 -3.2

Davis Polk & Wardwell LLP 2 15.3 126,973 40 13 6.3 9.1 Jones Day 2 2.3 19,171 90 1 5.5 -3.2

Paul Weiss Rifkind Wharton & Garrison LLP 3 14.8 122,992 38 6 7.3 7.6 Latham & Watkins LLP 3 5.0 41,228 71 3 4.7 0.3

Cravath Swaine & Moore LLP 4 13.7 113,693 20 3 9.5 4.2 Goodwin Procter LLP 4 1.2 9,586 49 4 1.2 -0.1

Wachtell Lipton Rosen & Katz 5 11.7 96,666 14 15 5.7 6.0 Baker & McKenzie LLP 5 1.8 14,542 47 7 1.3 0.5

Holland & Knight LLP 6 8.3 69,017 3 220 0.0 8.3 Allen & Overy LLP 6 1.4 11,476 46 6 5.0 -3.7

Simpson Thacher & Bartlett LLP 7 8.1 67,144 36 14 6.2 1.9 McGuireWoods LLP 7 1.8 14,927 45 33 0.1 1.7

Sullivan & Cromwell LLP 8 7.9 65,160 40 11 6.6 1.3 Skadden Arps Slate Meagher & Flom LLP 8 19.8 163,765 43 10 12.8 7.0

Debevoise & Plimpton LLP 9 6.2 51,712 19 42 1.8 4.5 Davis Polk & Wardwell LLP 9 15.3 126,973 40 41 6.3 9.1

Weil Gotshal & Manges LLP 10 6.1 50,259 32 30 3.1 2.9 Sullivan & Cromwell LLP 9 7.9 65,160 40 29 6.6 1.3

White & Case LLP 11 5.5 45,298 28 18 5.3 0.2 Morgan Lewis & Bockius LLP 9 4.9 40,254 40 14 0.4 4.4

Kirkland & Ellis LLP 12 5.4 44,788 94 4 8.6 -3.2 Paul Weiss Rifkind Wharton & Garrison LLP 12 14.8 122,992 38 17 7.3 7.6

Latham & Watkins LLP 13 5.0 41,228 71 20 4.7 0.3 DLA Piper LLP 13 1.6 13,207 37 10 0.7 0.9

Morgan Lewis & Bockius LLP 14 4.9 40,254 40 104 0.4 4.4 Simpson Thacher & Bartlett LLP 14 8.1 67,144 36 19 6.2 1.9

Clifford Chance LLP 15 4.7 38,630 31 12 6.5 -1.8 Weil Gotshal & Manges LLP 15 6.1 50,259 32 18 3.1 2.9

Cleary Gottlieb Steen & Hamilton LLP 16 3.8 31,306 10 1 14.0 -10.2 Clifford Chance LLP 16 4.7 38,630 31 5 6.5 -1.8

Torys LLP 17 3.3 27,201 12 64 1.2 2.1 Hogan Lovells US LLP 16 2.2 18,265 31 10 1.7 0.5

Shearman & Sterling LLP 18 3.1 25,827 27 9 6.8 -3.7 Freshfields Bruckhaus Deringer LLP 16 1.2 9,498 31 20 6.8 -5.6

Linklaters LLP 19 3.1 25,285 25 16 5.6 -2.6 AZB & Partners 19 0.9 7,653 29 33 2.4 -1.5

Morrison & Foerster LLP 20 2.9 23,591 21 28 3.5 -0.7 White & Case LLP 20 5.5 45,298 28 9 5.3 0.2

TOTAL 828,660 9,567 TOTAL 828,660 9,567

Global Announced Deals- Principals (By Volume) 01/01/2018 - 03/26/2018 Global Announced Deals- Principals (By Deal Count) 01/01/2018 - 03/26/2018


Paul Weiss Rifkind Wharton & Garrison LLP 2 19.7 117,279 36 7 8.7 11.0 Jones Day 2 3.2 19,171 88 1 7.2 -3.9

Wachtell Lipton Rosen & Katz 3 16.2 96,666 14 11 7.5 8.7 Latham & Watkins LLP 3 4.3 25,461 68 3 5.7 -1.4

Holland & Knight LLP 4 11.6 69,017 3 217 0.0 11.6 Goodwin Procter LLP 4 1.6 9,586 49 4 1.6 0.0

Simpson Thacher & Bartlett LLP 5 8.9 52,804 33 25 3.8 5.1 Baker & McKenzie LLP 5 0.8 4,493 46 7 1.7 -0.9

Weil Gotshal & Manges LLP 6 8.2 48,676 31 23 4.0 4.2 Allen & Overy LLP 6 1.6 9,671 45 6 6.6 -5.0

Morgan Lewis & Bockius LLP 7 6.8 40,254 40 100 0.6 6.2 McGuireWoods LLP 7 2.5 14,745 44 37 0.0 2.4

Clifford Chance LLP 8 6.5 38,630 31 9 8.5 -2.1 Skadden Arps Slate Meagher & Flom LLP 8 27.3 162,465 42 11 14.4 12.9

Cravath Swaine & Moore LLP 9 6.5 38,423 17 3 9.7 -3.2 Morgan Lewis & Bockius LLP 9 6.8 40,254 40 13 0.6 6.2

Debevoise & Plimpton LLP 10 5.2 30,879 17 65 1.2 4.0 Paul Weiss Rifkind Wharton & Garrison LLP 10 19.7 117,279 36 17 8.7 11.0

Davis Polk & Wardwell LLP 11 4.5 26,852 32 10 7.6 -3.0 DLA Piper LLP 10 0.5 3,158 36 9 1.0 -0.4

Latham & Watkins LLP 12 4.3 25,461 68 17 5.7 -1.4 Simpson Thacher & Bartlett LLP 12 8.9 52,804 33 21 3.8 5.1

Linklaters LLP 13 4.3 25,285 25 12 7.4 -3.2 Davis Polk & Wardwell LLP 13 4.5 26,852 32 46 7.6 -3.0

Kirkland & Ellis LLP 14 4.2 25,184 92 2 11.3 -7.1 Weil Gotshal & Manges LLP 14 8.2 48,676 31 18 4.0 4.2

Torys LLP 15 4.0 23,674 9 59 1.5 2.5 Clifford Chance LLP 14 6.5 38,630 31 5 8.5 -2.1

Morrison & Foerster LLP 16 4.0 23,591 21 26 3.7 0.3 Hogan Lovells US LLP 14 3.1 18,265 31 12 1.4 1.7

Norton Rose Fulbright LLP 17 3.8 22,426 18 103 0.5 3.3 Freshfields Bruckhaus Deringer LLP 14 1.6 9,498 31 20 8.7 -7.1

Mayer Brown LLP 18 3.7 21,898 13 113 0.4 3.3 AZB & Partners 18 1.3 7,653 29 30 3.2 -1.9

Sullivan & Cromwell LLP 19 3.5 20,738 26 24 3.8 -0.3 Blake Cassels & Graydon LLP 19 1.2 6,882 28 13 9.2 -8.0

Osler Hoskin & Harcourt LLP 20 3.4 20,454 12 27 3.6 -0.1 Dentons US LLP 20 0.3 1,561 27 15 1.4 -1.1

TOTAL 595,477 1,845 TOTAL 595,477 1,845

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018

FIRM

VOLUME USD

(Mln)

DEAL

COUNT

2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNTVOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2018

RANK

MKT SHR

(%)

751,527 751,527

RANK

MKT SHR

(%)

2017MKT SHR

CHANGE RANK

MKT SHR

(%)

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

570,154 570,154

3

Cross Border Announced Deals (By Volume) 01/01/2018 - 03/26/2018 Global Private Equity Deals (By Volume) 01/01/2018 - 03/26/2018

Weil Gotshal & Manges LLP 1 13.8 44,755 16 33 3.7 10.1 Simpson Thacher & Bartlett LLP 1 14.8 28,639 19 4 8.6 6.3

Sullivan & Cromwell LLP 2 9.1 29,429 16 10 9.4 -0.4 Weil Gotshal & Manges LLP 2 12.5 24,088 19 7 7.2 5.3

Debevoise & Plimpton LLP 3 8.9 29,024 8 54 1.4 7.6 Torys LLP 3 10.9 21,033 6 18 4.0 6.9

Paul Weiss Rifkind Wharton & Garrison LLP 4 8.6 28,040 10 5 10.4 -1.8 Wachtell Lipton Rosen & Katz 4 10.4 20,015 3 188 - 10.4

Cravath Swaine & Moore LLP 5 8.5 27,685 8 3 13.3 -4.8 Osler Hoskin & Harcourt LLP 5 10.3 19,855 2 15 4.9 5.4

Skadden Arps Slate Meagher & Flom LLP 6 7.2 23,417 12 2 13.3 -6.1 Norton Rose Fulbright LLP 6 8.9 17,108 3 36 2.2 6.6

Osler Hoskin & Harcourt LLP 7 6.8 22,192 8 25 5.6 1.3 Kirkland & Ellis LLP 7 7.2 13,999 54 1 14.4 -7.2

Simpson Thacher & Bartlett LLP 8 6.6 21,299 10 24 5.7 0.8 DLA Piper LLP 8 5.7 11,085 21 67 1.0 4.8

Norton Rose Fulbright LLP 9 6.5 20,982 9 20 7.3 -0.9 Baker & McKenzie LLP 9 5.5 10,603 11 66 1.0 4.5

Torys LLP 10 6.4 20,903 5 62 1.1 5.3 Kromann Reumert 10 5.2 10,049 1 - - 5.2

Davis Polk & Wardwell LLP 11 5.9 19,316 13 12 9.0 -3.1 Latham & Watkins LLP 11 4.9 9,492 36 6 8.0 -3.1

Cleary Gottlieb Steen & Hamilton LLP 12 5.7 18,436 7 1 16.9 -11.2 Debevoise & Plimpton LLP 12 4.4 8,515 9 61 1.2 3.2

Wachtell Lipton Rosen & Katz 13 5.2 17,000 1 14 8.4 -3.1 Freshfields Bruckhaus Deringer LLP 13 4.1 7,969 16 21 3.6 0.5

Linklaters LLP 14 4.3 13,905 18 11 9.3 -5.0 Davis Polk & Wardwell LLP 14 4.0 7,632 13 13 5.3 -1.3

Baker & McKenzie LLP 15 4.3 13,879 37 44 1.8 2.5 Clifford Chance LLP 15 3.9 7,468 13 9 6.7 -2.8

Morrison & Foerster LLP 16 4.3 13,849 11 23 6.1 -1.9 Linklaters LLP 16 3.7 7,084 7 22 3.2 0.4

Kirkland & Ellis LLP 17 4.0 12,835 25 9 9.4 -5.5 Sullivan & Cromwell LLP 17 3.2 6,163 7 12 5.9 -2.7

Kromann Reumert 18 3.9 12,511 2 - - 3.9 Uria Menendez Abogados SLP 18 3.0 5,828 4 56 1.3 1.7

DLA Piper LLP 19 3.8 12,357 17 69 0.8 3.0 Vinson & Elkins LLP 19 2.9 5,687 9 41 2.0 1.0

Latham & Watkins LLP 20 3.6 11,818 29 26 4.9 -1.2 Skadden Arps Slate Meagher & Flom LLP 20 2.9 5,500 12 2 10.3 -7.5

TOTAL 325,183 3,437 TOTAL 193,269 2,871

2017MKT SHR

CHANGE FIRM

2018VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

398,520 192,973

FIRM

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2018

4

Country

United States $401.5 86.4% 48.3%

Canada $21.4 4.6% -8.9%

Brazil $16.7 3.6% 27.0%

Bermuda $16.1 3.5% 75506.1%

Chile $3.5 0.8% 858.0%

British Virgin Islands $1.0 0.2% -47.9%

Colombia $0.5 0.1% 1368.5%

Mexico $0.4 0.1% -72.8%

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 4,143 Consumer Non-cyclical $181.4 38.9% 147.5%

Volume (Bln.) $464.9 Financial $77.5 16.6% 37.2%

Avg Deal Size (Mln.) $111.9 Technology $60.5 13.0% 203.2%

Industrial $33.7 7.2% 104.6%

Energy $31.8 6.8% -61.7%

Skadden Arps Slate Meagher & Flom LLP Utilities $22.1 4.7% 29.3%

Number of deals 36 Basic Materials $21.1 4.5% 519.7%

Volume (Bln.) $151.5 Consumer Cyclical $20.3 4.4% -28.4%

Avg Deal Size (Bln.) $4.2 Communications $17.6 3.8% -0.5%

Diversified $0.3 0.1% 211.2%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume


Cross Border $135.9 -1.3% -0.7%


Asset sale $78.0 -11.5% 1.9%

Tender Offer $29.6 -47.4% -16.3%


Spin-off $8.0 38.1% 294.4%


Majority purchase $29.5 0.0% 209.9%


Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

Deal Type

1/3/2018 SCANA Corp Dominion Energy Inc - $14,504.3

3/5/2018 XL Group Ltd AXA SA - $15,200.6

Cigna Corp - $68,375.7

Top Adviser1/29/2018

Financial data unit/Thomson

Reuters Corp

Multiple Acquirers

Thomson ReutersCorp

1/29/2018 Dr Pepper Snapple Group Inc Keurig Green Mountain Inc - $23,167.7

$17,000.0

Americas M&A Regional Review

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Americas M&A: Country BreakdownAmount

(Bln.) % of Total

% YoY

Change

Americas M&A: Highlights of Q1 2018 Americas M&A: Industry Breakdown


3/8/2018 Express Scripts Holding Co

0

1000

2000

3000

4000

5000

6000

$0

$200

$400

$600

$800

$1,000

2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1


• In 1Q2018, M&A activity in the Americas increased by 34.4% to $466.1 billion compared to the sameperiod last year. The Americas continued to be the most sought after region accounting for 56.3% of theglobal volume.

• The Consumer Non-cyclical industry was the most targeted in the Americas during 1Q2018, experiencingan increase of 147.5% in volume year-over-year. The pending acquisition of Express Scripts Holding Co byCigna Corp for $68.4 billion was the largest announced deal both in the sector and globally.

• Morgan Stanley and Skadden Arps Slate Meagher & Flom LLP ranked as the top Financial and LegalAdviser in 1Q2018 for the region with a market share of 38.0% & 32.5% respectively.

5

US Announced Deals (By Volume) 01/01/2018 - 03/26/2018 US Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018


Davis Polk & Wardwell LLP 2 24.5 117,711 33 10 10.2 14.3 Jones Day 2 2.8 13,621 71 2 3.4 -0.6

Paul Weiss Rifkind Wharton & Garrison LLP 3 24.2 116,178 34 6 10.9 13.3 Latham & Watkins LLP 3 7.5 35,969 57 4 6.5 1.0

Wachtell Lipton Rosen & Katz 4 20.1 96,666 13 11 9.9 10.2 Goodwin Procter LLP 4 1.2 5,518 43 3 1.5 -0.4

Cravath Swaine & Moore LLP 5 19.9 95,373 18 4 14.9 4.9 McGuireWoods LLP 5 3.1 14,745 42 14 0.2 2.9

Holland & Knight LLP 6 14.4 69,017 3 159 0.1 14.3 Morgan Lewis & Bockius LLP 6 8.3 40,054 37 6 0.5 7.8

Simpson Thacher & Bartlett LLP 7 11.5 55,266 32 7 10.7 0.8 Skadden Arps Slate Meagher & Flom LLP 7 29.3 140,692 34 5 21.6 7.7

Sullivan & Cromwell LLP 8 10.4 49,924 31 8 10.4 0.0 Paul Weiss Rifkind Wharton & Garrison LLP 7 24.2 116,178 34 8 10.9 13.3

Weil Gotshal & Manges LLP 9 9.6 46,203 27 29 4.6 5.0 Davis Polk & Wardwell LLP 9 24.5 117,711 33 21 10.2 14.3

White & Case LLP 10 9.4 45,029 13 25 4.8 4.6 Simpson Thacher & Bartlett LLP 10 11.5 55,266 32 9 10.7 0.8

Morgan Lewis & Bockius LLP 11 8.3 40,054 37 87 0.5 7.8 Sullivan & Cromwell LLP 11 10.4 49,924 31 17 10.4 0.0

Kirkland & Ellis LLP 12 8.0 38,510 90 3 15.0 -7.0 DLA Piper LLP 11 0.5 2,241 31 7 1.2 -0.7

Debevoise & Plimpton LLP 13 7.6 36,511 16 37 3.2 4.4 Weil Gotshal & Manges LLP 13 9.6 46,203 27 12 4.6 5.0

Latham & Watkins LLP 14 7.5 35,969 57 19 6.5 1.0 Gibson Dunn & Crutcher LLP 14 1.1 5,129 23 16 12.2 -11.2

Clifford Chance LLP 15 5.3 25,408 11 13 7.8 -2.5 Fenwick & West LLP 15 1.1 5,099 22 26 1.3 -0.2

Osler Hoskin & Harcourt LLP 16 4.7 22,510 8 18 6.7 -2.0 Baker & McKenzie LLP 16 0.7 3,144 20 28 1.0 -0.4

Mayer Brown LLP 17 4.5 21,689 11 150 0.1 4.4 Vinson & Elkins LLP 17 3.2 15,490 19 41 4.7 -1.5

Torys LLP 18 4.4 20,870 3 47 2.0 2.3 Hogan Lovells US LLP 17 2.6 12,695 19 9 1.8 0.8

Norton Rose Fulbright LLP 19 4.2 20,002 7 24 5.1 -0.9 Sidley Austin LLP 17 2.4 11,435 19 24 3.6 -1.2

Wilson Sonsini Goodrich & Rosati PC 20 4.2 19,994 8 45 2.1 2.1 Greenberg Traurig LLP 17 0.2 1,045 19 48 1.4 -1.2

TOTAL 480,120 4,427 TOTAL 480,120 4,427

US Announced Deals- Principals (By Volume) 01/01/2018 - 03/26/2018 US Announced Deals- Principals (By Deal Count) 01/01/2018 - 03/26/2018


Paul Weiss Rifkind Wharton & Garrison LLP 2 28.5 110,465 32 5 11.7 16.8 Jones Day 2 3.5 13,621 70 2 4.0 -0.5

Wachtell Lipton Rosen & Katz 3 25.0 96,666 13 4 12.1 12.9 Latham & Watkins LLP 3 5.2 20,202 54 4 7.1 -1.9

Holland & Knight LLP 4 17.8 69,017 3 156 0.1 17.8 Goodwin Procter LLP 4 1.4 5,518 43 3 1.8 -0.4

Weil Gotshal & Manges LLP 5 11.5 44,620 26 24 5.3 6.2 McGuireWoods LLP 5 3.8 14,562 41 15 0.1 3.7

Simpson Thacher & Bartlett LLP 6 10.6 40,926 29 17 6.0 4.6 Morgan Lewis & Bockius LLP 6 10.4 40,054 37 6 0.7 9.7

Morgan Lewis & Bockius LLP 7 10.4 40,054 37 84 0.7 9.7 Skadden Arps Slate Meagher & Flom LLP 7 36.0 139,392 33 5 22.2 13.8

Clifford Chance LLP 8 6.6 25,408 11 8 9.4 -2.9 Paul Weiss Rifkind Wharton & Garrison LLP 8 28.5 110,465 32 8 11.7 16.8

Kirkland & Ellis LLP 9 6.2 24,006 89 2 18.2 -12.0 DLA Piper LLP 9 0.6 2,241 31 7 1.4 -0.8

Davis Polk & Wardwell LLP 10 6.1 23,726 26 6 11.2 -5.1 Simpson Thacher & Bartlett LLP 10 10.6 40,926 29 10 6.0 4.6

Mayer Brown LLP 11 5.6 21,689 11 146 0.1 5.5 Weil Gotshal & Manges LLP 11 11.5 44,620 26 11 5.3 6.2

Latham & Watkins LLP 12 5.2 20,202 54 14 7.1 -1.9 Davis Polk & Wardwell LLP 11 6.1 23,726 26 23 11.2 -5.1

Osler Hoskin & Harcourt LLP 13 5.2 20,190 6 23 5.4 -0.2 Fenwick & West LLP 13 1.3 5,099 22 23 1.6 -0.3

Cravath Swaine & Moore LLP 14 5.2 20,103 15 3 13.4 -8.2 Gibson Dunn & Crutcher LLP 13 1.1 4,314 22 15 5.6 -4.5

Norton Rose Fulbright LLP 15 5.2 20,002 7 99 0.5 4.7 Sullivan & Cromwell LLP 15 4.2 16,190 20 28 4.6 -0.4

Wilson Sonsini Goodrich & Rosati PC 16 5.2 19,994 8 39 2.6 2.6 Baker & McKenzie LLP 15 0.8 3,144 20 27 1.2 -0.4

Torys LLP 17 4.7 18,015 2 41 2.4 2.2 Vinson & Elkins LLP 17 4.0 15,490 19 34 5.7 -1.7

Sullivan & Cromwell LLP 18 4.2 16,190 20 27 4.6 -0.4 Hogan Lovells US LLP 17 3.3 12,695 19 9 2.2 1.1

Debevoise & Plimpton LLP 19 4.1 15,678 14 45 2.0 2.0 Sidley Austin LLP 17 3.0 11,435 19 20 4.3 -1.4

Vinson & Elkins LLP 20 4.0 15,490 19 20 5.7 -1.7 Greenberg Traurig LLP 17 0.3 1,045 19 48 1.8 -1.5

TOTAL 387,063 967 TOTAL 387,063 967

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

421,666 421,666

347,259 347,259

FIRM

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2018

6

Canada Announced Deals (By Volume) 01/01/2018 - 03/26/2018 Canada Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Torys LLP 1 44.6 27,201 12 26 4.2 40.4 Blake Cassels & Graydon LLP 1 11.2 6,822 26 1 25.0 -13.8

Osler Hoskin & Harcourt LLP 2 37.1 22,606 13 5 24.5 12.6 Miller Thomson LLP 2 0.2 146 23 2 0.0 0.2

Weil Gotshal & Manges LLP 3 35.4 21,600 3 17 7.0 28.4 Stikeman Elliott LLP 3 2.7 1,672 16 4 19.9 -17.1

Simpson Thacher & Bartlett LLP 4 32.6 19,855 3 22 6.0 26.5 Osler Hoskin & Harcourt LLP 4 37.1 22,606 13 3 24.5 12.6

Norton Rose Fulbright LLP 5 32.6 19,847 8 2 32.1 0.5 Torys LLP 5 44.6 27,201 12 11 4.2 40.4

Wachtell Lipton Rosen & Katz 6 27.9 17,000 1 41 1.4 26.5 Gowling WLG Canada LLP 6 0.2 100 11 8 0.5 -0.3

Sullivan & Cromwell LLP 7 15.5 9,426 5 12 9.1 6.4 Norton Rose Fulbright LLP 7 32.6 19,847 8 6 32.1 0.5

Vinson & Elkins LLP 8 11.8 7,200 2 9 11.9 0.0 Fasken Martineau DuMoulin LLP 8 0.9 517 6 16 0.7 0.2

Blake Cassels & Graydon LLP 9 11.2 6,822 26 4 25.0 -13.8 Sullivan & Cromwell LLP 9 15.5 9,426 5 19 9.1 6.4

Herbert Smith Freehills LLP 10 7.6 4,600 2 37 1.6 6.0 Davies Ward Phillips & Vineberg LLP 9 2.4 1,438 5 8 3.7 -1.3

Goodmans LLP 11 6.4 3,905 3 19 6.8 -0.4 Latham & Watkins LLP 11 2.4 1,445 4 17 8.2 -5.8

Burnet Duckworth & Palmer LLP 12 2.8 1,705 3 53 0.6 2.2 Paul Weiss Rifkind Wharton & Garrison LLP 11 2.1 1,258 4 13 33.7 -31.7

Stikeman Elliott LLP 13 2.7 1,672 16 6 19.9 -17.1 Skadden Arps Slate Meagher & Flom LLP 11 1.3 787 4 13 31.0 -29.7

Latham & Watkins LLP 14 2.4 1,445 4 13 8.2 -5.8 Dorsey & Whitney LLP 11 0.5 284 4 23 2.3 -1.8

Davies Ward Phillips & Vineberg LLP 15 2.4 1,438 5 32 3.7 -1.3 McCarthy Tetrault LLP 11 0.4 261 4 5 11.3 -10.8

Paul Weiss Rifkind Wharton & Garrison LLP 16 2.1 1,258 4 1 33.7 -31.7 Cassels Brock & Blackwell LLP 11 0.2 118 4 17 1.4 -1.2

Baker & McKenzie LLP 17 1.8 1,124 2 64 0.4 1.5 Morgan Lewis & Bockius LLP 11 0.1 32 4 30 - 0.1

Debevoise & Plimpton LLP 18 1.7 1,015 1 - - 1.7 Weil Gotshal & Manges LLP 18 35.4 21,600 3 41 7.0 28.4

Fenwick & West LLP 19 1.4 865 3 97 - 1.4 Simpson Thacher & Bartlett LLP 18 32.6 19,855 3 30 6.0 26.5

Morrison & Foerster LLP 19 1.4 865 1 52 0.7 0.8 Goodmans LLP 18 6.4 3,905 3 11 6.8 -0.4

TOTAL 60,955 815 TOTAL 60,955 815

Brazil Announced Deals (By Volume) 01/01/2018 - 03/26/2018 Brazil Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Souza Cescon Barrieu & Flesch Advogados 1 82.9 14,564 8 1 27.7 55.2 Mattos Filho Veiga Filho Marrey Jr e Quirog 1 0.2 26 11 1 20.4 -20.3

Tozzini Freire Teixeira E Silva 2 81.7 14,363 3 5 16.7 65.0 Souza Cescon Barrieu & Flesch Advogados 2 82.9 14,564 8 8 27.7 55.2

Simpson Thacher & Bartlett LLP 3 3.9 693 2 19 0.7 3.3 Pinheiro Neto Advogados 2 3.4 591 8 3 0.4 2.9

Covington & Burling LLP 4 3.4 600 1 - - 3.4 Barbosa Mussnich & Aragao 4 0.4 66 6 9 - 0.4

Akin Gump Strauss Hauer & Feld LLP 4 3.4 600 1 - - 3.4 Veirano Advogados 5 1.2 213 5 5 24.9 -23.7

Pinheiro Neto Advogados 6 3.4 591 8 21 0.4 2.9 Tozzini Freire Teixeira E Silva 6 81.7 14,363 3 4 16.7 65.0

Dechert LLP 7 1.5 257 1 - - 1.5 Machado Meyer Sendacz e Opice Advogado 6 1.1 187 3 2 16.6 -15.5

Veirano Advogados 8 1.2 213 5 2 24.9 -23.7 Simpson Thacher & Bartlett LLP 8 3.9 693 2 13 0.7 3.3

King & Spalding LLP 9 1.1 200 1 - - 1.1 Demarest Advogados 8 0.9 163 2 9 0.4 0.5

Machado Meyer Sendacz e Opice Advogado 10 1.1 187 3 6 16.6 -15.5 Lefosse Advogados 8 0.1 15 2 9 4.1 -4.0

Demarest Advogados 11 0.9 163 2 22 0.4 0.5 Stocche Forbes Padis Filizzola e Clapis Adv 8 - - 2 5 9.0 -9.0

Goodwin Procter LLP 12 0.9 150 1 - - 0.9 Covington & Burling LLP 12 3.4 600 1 - - 3.4

K&L Gates LLP 12 0.9 150 1 - - 0.9 Akin Gump Strauss Hauer & Feld LLP 12 3.4 600 1 - - 3.4

Campbells 12 0.9 150 1 - - 0.9 Dechert LLP 12 1.5 257 1 - - 1.5

Barbosa Mussnich & Aragao 15 0.4 66 6 29 - 0.4 King & Spalding LLP 12 1.1 200 1 - - 1.1

Mattos Filho Veiga Filho Marrey Jr e Quirog 16 0.2 26 11 4 20.4 -20.3 Goodwin Procter LLP 12 0.9 150 1 - - 0.9

Lefosse Advogados 17 0.1 15 2 10 4.1 -4.0 K&L Gates LLP 12 0.9 150 1 - - 0.9

AZB & Partners 18 0.1 14 1 - - 0.1 Campbells 12 0.9 150 1 - - 0.9

Hogan Lovells US LLP 19 0.0 5 1 26 0.1 -0.1 AZB & Partners 12 0.1 14 1 - - 0.1

Carey Olsen LLP 20 - - 1 - - - Hogan Lovells US LLP 12 0.0 5 1 19 0.1 -0.1

TOTAL 17,579 86 TOTAL 17,579 86

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

87,873 87,873

14,963 14,963

FIRM

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2018

7

Country

United Kingdom $55.5 30.5% 26.0%

Germany $20.3 11.2% 99.3%

Spain $14.6 8.0% 71.2%

France $11.3 6.2% -56.0%

Italy $8.2 4.5% -74.0%

Switzerland $6.7 3.7% -78.7%

Netherlands $6.3 3.5% 35.8%

Finland $0.5 0.3% -59.7%

Date

Total

Value

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 2,399 Financial $36.0 19.8% -3.9%

Volume (Bln.) $181.7 Communications $31.6 17.4% 525.7%

Avg Deal Size (Mln.) $75.8 Consumer Cyclical $30.8 16.9% -14.5%

Consumer Non-cyclical $30.2 16.6% -39.2%

Utilities $14.8 8.1% 210.2%

Linklaters LLP Energy $14.2 7.8% -36.1%

Number of deals 19 Industrial $13.0 7.2% -48.4%

Volume (Bln.) $23.4 Technology $7.3 4.0% 153.8%

Avg Deal Size (Bln.) $1.2 Basic Materials $3.6 2.0% -16.9%

Diversified $0.4 0.2% -66.2%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume


Cross Border $124.5 -6.3% -7.5%

Private Equity $57.0 -12.4% 61.0%

Asset sale $42.0 -11.4% 6.8%

Tender Offer $41.4 -30.0% -21.4%

Venture Capital $6.1 -10.0% 86.5%

Spin-off $4.6 -30.0% 97.4%

Minority purchase $23.9 -13.6% 15.6%

$14.4 7.9% -35.6%

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

Majority purchase


$6,024.0

3/12/2018 Innogy SEE.ON SE

- $5,841.4

2/27/2018AccorInvest real estate

businessMultiple Acquirers Accor SA $5,389.1

Melrose Industries PLC - $11,541.4

Top Adviser1/30/2018 UBM PLC Informa PLC -

2/12/2018 TDC A/S Multiple Acquirers - $10,049.3

EMEA M&A Regional Review

Glo

bal

M&

A R

evi

ew |

Q1

20

18

EMEA M&A: Country Breakdown

Amount

(Bln.) % of Total

% YoY

Change

EMEA M&A Highlights of Q1 2018 EMEA M&A: Industry Breakdown


1/17/2018 GKN PLC

0

1000

2000

3000

4000

5000

$0

$100

$200

$300

$400

$500

2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1


• M&A deals involving EMEA-based targets declined to $185.2 billion in 1Q2018, representing a 17.4%• decrease from the same period last year.• Deal activity targeting the communications sector increased 529.2% year-on-year to $31.8 billion. The

sector’s growth is mainly attributed to the pending private equity buyout of TDC A/S for $10.0 billion.This is the largest deal targeting the sector globally.

• Melrose Industries PLC's announced acquisition of GKN PLC SA for $11.5 billion was the largest deal ofthe year in the region.

8

Europe Announced Deals (By Volume) 01/01/2018 - 03/26/2018 Europe Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Skadden Arps Slate Meagher & Flom LLP 1 11.5 28,808 11 35 2.5 9.0 Allen & Overy LLP 1 4.1 10,185 36 2 11.4 -7.3

Debevoise & Plimpton LLP 2 11.2 28,009 7 61 0.8 10.4 Baker & McKenzie LLP 2 4.6 11,490 32 5 2.4 2.2

Cravath Swaine & Moore LLP 3 9.9 24,667 7 5 13.2 -3.3 Jones Day 2 2.4 6,024 32 4 9.4 -7.0

Linklaters LLP 4 9.4 23,438 19 4 13.8 -4.4 Clifford Chance LLP 4 6.0 14,963 28 2 13.0 -7.1

Weil Gotshal & Manges LLP 5 9.2 22,936 11 27 4.2 4.9 Freshfields Bruckhaus Deringer LLP 5 3.5 8,698 27 9 15.4 -11.9

Cleary Gottlieb Steen & Hamilton LLP 6 7.4 18,436 6 2 15.7 -8.3 Linklaters LLP 6 9.4 23,438 19 5 13.8 -4.4

Paul Weiss Rifkind Wharton & Garrison LLP 7 6.7 16,675 6 28 4.2 2.5 Hogan Lovells US LLP 6 2.8 6,922 19 11 0.9 1.8

Shearman & Sterling LLP 8 6.4 15,957 15 17 7.0 -0.6 Kirkland & Ellis LLP 8 5.0 12,536 17 19 6.9 -1.9

Clifford Chance LLP 9 6.0 14,963 28 6 13.0 -7.1 Latham & Watkins LLP 8 3.4 8,545 17 8 5.6 -2.2

Slaughter and May 10 6.0 14,891 13 1 17.4 -11.5 Goodwin Procter LLP 8 3.1 7,659 17 14 1.2 1.9

Kirkland & Ellis LLP 11 5.0 12,536 17 19 6.9 -1.9 Cuatrecasas Goncalves Pereira SLP 8 0.7 1,842 17 12 0.4 0.4

Kromann Reumert 12 5.0 12,511 2 - - 5.0 White & Case LLP 8 0.5 1,361 17 7 6.9 -6.4

Simpson Thacher & Bartlett LLP 13 4.8 11,997 5 34 2.7 2.1 Dentons US LLP 8 0.3 781 17 9 2.2 -1.9

Baker & McKenzie LLP 14 4.6 11,490 32 36 2.4 2.2 Shearman & Sterling LLP 14 6.4 15,957 15 30 7.0 -0.6

DLA Piper LLP 15 4.4 11,110 11 71 0.5 3.9 Houthoff Buruma 15 0.2 465 14 35 0.4 -0.3

Allen & Overy LLP 16 4.1 10,185 36 7 11.4 -7.3 Slaughter and May 16 6.0 14,891 13 40 17.4 -11.5

Sullivan & Cromwell LLP 17 3.8 9,559 9 43 1.5 2.3 Squire Patton Boggs US LLP 16 0.1 210 13 21 1.0 -0.9

Freshfields Bruckhaus Deringer LLP 18 3.5 8,698 27 3 15.4 -11.9 Willkie Farr & Gallagher LLP 18 0.6 1,542 12 58 1.1 -0.5

Latham & Watkins LLP 19 3.4 8,545 17 20 5.6 -2.2 Ellex Raidla Advokaadiburoo OU 18 0.0 60 12 35 0.2 -0.2

Davis Polk & Wardwell LLP 20 3.1 7,826 9 16 8.1 -5.0 Skadden Arps Slate Meagher & Flom LLP 20 11.5 28,808 11 30 2.5 9.0

TOTAL 250,132 2,877 TOTAL 250,132 2,877

Europe Announced Deals- Principals (By Volume) 01/01/2018 - 03/26/2018 Europe Announced Deals- Principals (By Deal Count) 01/01/2018 - 03/26/2018

Skadden Arps Slate Meagher & Flom LLP 1 15.6 28,808 11 31 3.2 12.4 Allen & Overy LLP 1 4.5 8,380 35 3 14.4 -9.9

Cravath Swaine & Moore LLP 2 13.3 24,667 7 4 16.6 -3.3 Baker & McKenzie LLP 2 0.8 1,440 31 5 3.0 -2.2

Linklaters LLP 3 12.7 23,438 19 3 17.4 -4.7 Jones Day 3 3.3 6,024 30 4 11.9 -8.6

Weil Gotshal & Manges LLP 4 11.6 21,353 10 25 5.3 6.2 Clifford Chance LLP 4 8.1 14,963 28 2 16.4 -8.3

Debevoise & Plimpton LLP 5 9.1 16,871 6 58 1.0 8.2 Freshfields Bruckhaus Deringer LLP 5 4.7 8,698 27 10 18.7 -14.0

Paul Weiss Rifkind Wharton & Garrison LLP 6 8.9 16,525 5 26 4.9 4.0 Linklaters LLP 6 12.7 23,438 19 5 17.4 -4.7

Shearman & Sterling LLP 7 8.6 15,957 15 51 1.3 7.4 Hogan Lovells US LLP 6 3.7 6,922 19 11 0.9 2.8

Clifford Chance LLP 8 8.1 14,963 28 5 16.4 -8.3 Latham & Watkins LLP 8 4.6 8,545 17 7 6.9 -2.3

Slaughter and May 9 8.1 14,891 13 1 21.9 -13.9 Goodwin Procter LLP 8 4.1 7,659 17 14 1.5 2.6

Kromann Reumert 10 6.8 12,511 2 - - 6.8 Cuatrecasas Goncalves Pereira SLP 8 1.0 1,842 17 12 0.5 0.5

Simpson Thacher & Bartlett LLP 11 6.5 11,997 5 33 2.9 3.6 White & Case LLP 8 0.7 1,361 17 8 7.5 -6.8

Freshfields Bruckhaus Deringer LLP 12 4.7 8,698 27 2 18.7 -14.0 Dentons US LLP 8 0.4 781 17 9 2.8 -2.4

Latham & Watkins LLP 13 4.6 8,545 17 19 6.9 -2.3 Kirkland & Ellis LLP 13 4.0 7,436 16 19 8.7 -4.7

Allen & Overy LLP 14 4.5 8,380 35 6 14.4 -9.9 Shearman & Sterling LLP 14 8.6 15,957 15 33 1.3 7.4

Davis Polk & Wardwell LLP 15 4.2 7,826 9 15 10.2 -6.0 Houthoff Buruma 15 0.3 465 14 33 0.6 -0.3

Goodwin Procter LLP 16 4.1 7,659 17 44 1.5 2.6 Slaughter and May 16 8.1 14,891 13 39 21.9 -13.9

Uria Menendez Abogados SLP 17 4.1 7,630 11 50 1.3 2.8 Squire Patton Boggs US LLP 16 0.1 210 13 21 1.3 -1.1

Kirkland & Ellis LLP 18 4.0 7,436 16 16 8.7 -4.7 Willkie Farr & Gallagher LLP 18 0.8 1,542 12 55 1.4 -0.6

Hogan Lovells US LLP 19 3.7 6,922 19 60 0.9 2.8 Ellex Raidla Advokaadiburoo OU 18 0.0 60 12 33 0.3 -0.3

Ogier 20 3.3 6,024 1 - - 3.3 Skadden Arps Slate Meagher & Flom LLP 20 15.6 28,808 11 29 3.2 12.4

TOTAL 184,904 697 TOTAL 184,904 697

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

297,435 297,435

235,929 235,929

FIRM

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2018

9

UK Announced Deals (By Volume) 01/01/2018 - 03/26/2018 UK Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Clifford Chance LLP 1 14.0 12,707 8 1 25.4 -11.4 Allen & Overy LLP 1 7.3 6,641 17 3 15.8 -8.4

Simpson Thacher & Bartlett LLP 2 13.2 11,976 3 24 2.8 10.4 Freshfields Bruckhaus Deringer LLP 2 8.0 7,300 14 10 8.8 -0.8

Slaughter and May 3 12.0 10,922 10 3 17.5 -5.5 Baker & McKenzie LLP 3 0.6 520 12 18 2.7 -2.2

Skadden Arps Slate Meagher & Flom LLP 4 10.8 9,811 3 39 1.2 9.6 Squire Patton Boggs US LLP 4 0.1 120 11 13 0.9 -0.8

Linklaters LLP 5 8.6 7,791 5 2 25.3 -16.8 Slaughter and May 5 12.0 10,922 10 15 17.5 -5.5

Weil Gotshal & Manges LLP 6 8.5 7,743 4 26 2.0 6.5 Kirkland & Ellis LLP 5 2.3 2,047 10 8 15.9 -13.7

Freshfields Bruckhaus Deringer LLP 7 8.0 7,300 14 14 8.8 -0.8 Jones Day 5 0.7 654 10 2 1.4 -0.7

Allen & Overy LLP 8 7.3 6,641 17 5 15.8 -8.4 Clifford Chance LLP 8 14.0 12,707 8 5 25.4 -11.4

Ashurst LLP 9 7.0 6,333 7 18 4.6 2.3 Latham & Watkins LLP 8 2.8 2,565 8 5 3.6 -0.8

Cravath Swaine & Moore LLP 10 6.7 6,097 2 16 6.8 0.0 Ashurst LLP 10 7.0 6,333 7 23 4.6 2.3

Uria Menendez Abogados SLP 11 6.7 6,097 4 126 - 6.7 Hogan Lovells US LLP 11 6.6 5,989 6 18 1.5 5.1

Ogier 12 6.6 6,024 1 - - 6.6 Dentons US LLP 11 0.4 387 6 9 0.7 -0.3

Mourant Ozzannes 12 6.6 6,024 1 - - 6.6 White & Case LLP 11 0.3 279 6 13 6.0 -5.7

Hogan Lovells US LLP 14 6.6 5,989 6 32 1.5 5.1 Morgan Lewis & Bockius LLP 11 - - 6 15 0.2 -0.2

Macfarlanes LLP 15 6.5 5,914 5 77 0.3 6.2 Linklaters LLP 15 8.6 7,791 5 4 25.3 -16.8

Paul Weiss Rifkind Wharton & Garrison LLP 16 5.8 5,281 1 - - 5.8 Macfarlanes LLP 15 6.5 5,914 5 27 0.3 6.2

Perez-Llorca 17 5.4 4,904 2 91 0.1 5.3 Morrison & Foerster LLP 15 3.3 2,965 5 62 0.4 2.9

Mattos Filho Veiga Filho Marrey Jr e Quirog 18 5.2 4,708 3 69 0.4 4.8 Herbert Smith Freehills LLP 15 1.7 1,511 5 10 3.4 -1.7

Davis Polk & Wardwell LLP 19 4.1 3,700 3 7 15.4 -11.4 Addleshaw Goddard Nominees Ltd 15 0.8 704 5 90 - 0.8

Cleary Gottlieb Steen & Hamilton LLP 20 3.6 3,235 3 8 15.3 -11.7 Orrick Herrington & Sutcliffe LLP 15 0.6 518 5 18 0.1 0.5

TOTAL 90,791 1,103 TOTAL 90,791 1,103

Germany Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018 France Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Freshfields Bruckhaus Deringer LLP 1 4.0 1,165 13 8 18.8 -14.9 Jones Day 1 0.0 26 8 1 36.8 -36.7

Noerr LLP 2 19.7 5,790 11 5 0.4 19.3 Bredin Prat 2 3.9 2,231 7 18 38.6 -34.7

Clifford Chance LLP 3 2.2 654 10 2 5.0 -2.8 Baker & McKenzie LLP 2 0.6 317 7 18 1.2 -0.6

Allen & Overy LLP 4 11.9 3,507 9 4 12.1 -0.2 Weil Gotshal & Manges LLP 4 26.4 15,193 6 8 11.0 15.4

Hengeler Mueller 5 1.5 449 8 3 7.9 -6.3 Goodwin Procter LLP 4 7.2 4,118 6 11 4.1 3.1

Jones Day 6 - - 7 5 7.3 -7.3 Allen & Overy LLP 4 3.2 1,842 6 5 11.6 -8.4

Dentons US LLP 7 1.0 299 6 11 5.6 -4.6 Clifford Chance LLP 4 - - 6 3 6.1 -6.1

Luther Rechtsanwaltsgesellschaft mbH 7 0.0 6 6 13 1.5 -1.5 Linklaters LLP 8 16.5 9,496 5 6 5.5 11.0

Shearman & Sterling LLP 9 0.5 149 5 22 - 0.5 Shearman & Sterling LLP 8 2.6 1,473 5 32 0.8 1.8

Fenwick & West LLP 10 8.4 2,469 4 45 0.1 8.3 Hogan Lovells US LLP 8 0.4 204 5 18 0.4 -

Morrison & Foerster LLP 10 3.7 1,097 4 22 - 3.7 Willkie Farr & Gallagher LLP 11 - - 4 24 3.9 -3.9

Baker & McKenzie LLP 10 2.0 578 4 13 5.5 -3.5 LPA-CGR Avocats 11 - - 4 56 - -

Hogan Lovells US LLP 10 1.6 469 4 5 0.3 1.3 Debevoise & Plimpton LLP 13 45.7 26,338 3 56 - 45.7

P+P Pollath + Partners Rechtsanwalte Und 10 0.4 108 4 - - 0.4 Paul Weiss Rifkind Wharton & Garrison LLP 13 19.6 11,287 3 32 0.3 19.3

White & Case LLP 10 - - 4 9 0.7 -0.7 Morgan Lewis & Bockius LLP 13 0.3 155 3 - - 0.3

Willkie Farr & Gallagher LLP 16 4.2 1,221 3 - - 4.2 Cravath Swaine & Moore LLP 16 26.7 15,351 2 - - 26.7

GSK Stockmann + Kollegen 16 1.4 419 3 45 - 1.4 Cleary Gottlieb Steen & Hamilton LLP 16 26.4 15,201 2 13 40.5 -14.1

S&R Associates 16 0.4 130 3 31 0.0 0.4 Stibbe BV 16 9.4 5,389 2 - - 9.4

Latham & Watkins LLP 16 0.0 9 3 9 15.0 -15.0 Kirkland & Ellis LLP 16 9.4 5,389 2 24 0.6 8.8

Uria Menendez Abogados SLP 16 - - 3 31 0.5 -0.5 Noerr LLP 16 7.9 4,568 2 56 - 7.9

TOTAL 29,396 521 TOTAL 57,581 410

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

125,371 125,371

20,172 69,479

FIRM

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2018

10

Italy Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018 Benelux Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

NCTM Studio Legale Associato 1 0.9 109 8 1 0.2 0.6 Allen & Overy LLP 1 0.1 37 15 1 9.6 -9.4

Legance Studio Legale Associato 2 4.3 558 6 10 - 4.3 Houthoff Buruma 2 0.1 38 12 2 2.7 -2.6

Chiomenti Studio Legale 2 3.5 443 6 2 0.9 2.6 Loyens & Loeff NV 3 0.3 93 10 4 7.5 -7.2

Latham & Watkins LLP 4 20.1 2,589 5 15 0.1 20.0 Clifford Chance LLP 4 3.7 1,221 7 5 6.4 -2.6

Shearman & Sterling LLP 5 15.2 1,951 4 30 - 15.2 Stibbe BV 4 0.3 104 7 12 5.1 -4.8

Baker & McKenzie LLP 6 0.9 120 3 7 1.0 -0.1 Freshfields Bruckhaus Deringer LLP 6 1.0 317 6 12 3.3 -2.4

Clifford Chance LLP 6 - - 3 19 - - De Brauw Blackstone Westbroek NV 6 0.3 104 6 15 0.2 0.1

Bredin Prat 8 10.7 1,375 2 30 46.8 -36.1 Willkie Farr & Gallagher LLP 6 - - 6 39 - -

Cuatrecasas Goncalves Pereira SLP 8 1.7 222 2 15 - 1.7 Goodwin Procter LLP 9 14.1 4,606 5 39 - 14.1

Jones Day 8 0.3 34 2 5 48.3 -48.0 Baker & McKenzie LLP 9 0.2 70 5 18 0.0 0.2

McDermott Will & Emery LLP Inc 8 0.1 12 2 19 - 0.1 Jones Day 9 0.0 3 5 5 33.9 -33.9

Oudot & Associes Notaires 8 - - 2 - - - Shearman & Sterling LLP 12 24.5 7,994 4 15 0.2 24.3

White & Case LLP 8 - - 2 15 - - NautaDutilh NV 12 13.3 4,337 4 5 1.6 11.7

Gattai Minoli Agostinelli & Partners 8 - - 2 10 - - Linklaters LLP 12 12.9 4,205 4 9 2.1 10.8

LPA-CGR Avocats 8 - - 2 30 - - Dechert LLP 15 1.0 314 3 15 6.5 -5.6

Turnbull Securities 8 - - 2 - - - J Sagar Associates 15 0.0 12 3 - - 0.0

Bonelli Erede Pappalardo 17 24.3 3,119 1 19 46.8 -22.5 Davis Polk & Wardwell LLP 17 10.4 3,392 2 18 2.9 7.5

Slaughter and May 17 24.3 3,119 1 - - 24.3 Milbank Tweed Hadley & McCloy LLP 17 0.7 217 2 - - 0.7

Cravath Swaine & Moore LLP 17 24.3 3,119 1 - - 24.3 White & Case LLP 17 - - 2 10 9.9 -9.9

Sullivan & Cromwell LLP 17 10.1 1,301 1 - - 10.1 Skadden Arps Slate Meagher & Flom LLP 17 - - 2 - - -

TOTAL 12,860 138 TOTAL 32,614 356

Iberia Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018 Nordic Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Cuatrecasas Goncalves Pereira SLP 1 10.7 1,842 17 1 5.8 4.9 Hannes Snellman Advokatbyra Ab/FI 1 1.8 574 7 1 7.7 -6.0

Uria Menendez Abogados SLP 2 44.4 7,630 11 4 15.5 28.9 Baker & McKenzie LLP 2 31.8 10,434 6 2 2.1 29.7

Perez-Llorca 3 29.1 5,001 10 5 2.5 26.6 Advokatfirman Vinge KB 2 14.2 4,643 6 8 0.2 13.9

Garrigues Abogados 4 3.4 585 4 2 17.5 -14.1 White & Case LLP 2 0.0 4 6 2 9.1 -9.0

Baker & McKenzie LLP 4 - - 4 8 1.4 -1.4 Linklaters LLP 5 14.3 4,702 5 8 6.8 7.5

Clifford Chance LLP 6 27.8 4,778 2 3 29.6 -1.8 Ellex Raidla Advokaadiburoo OU 5 - - 5 14 4.4 -4.4

Linklaters LLP 6 8.4 1,450 2 6 27.4 -19.0 Thommessen Krefting Greve Lund 5 - - 5 8 2.6 -2.6

Dechert LLP 6 1.8 314 2 24 - 1.8 Latham & Watkins LLP 8 14.7 4,805 4 14 4.9 9.7

Dentons US LLP 6 1.1 187 2 12 0.8 0.3 Allen & Overy LLP 8 - - 4 6 11.4 -11.4

Hogan Lovells US LLP 6 0.2 37 2 11 - 0.2 Sullivan & Cromwell LLP 10 15.2 4,980 3 37 5.4 9.7

Skadden Arps Slate Meagher & Flom LLP 6 - - 2 24 - - Houthoff Buruma 10 1.3 427 3 - - 1.3

Mattos Filho Veiga Filho Marrey Jr e Quirog 12 27.4 4,708 1 - - 27.4 Ashurst LLP 10 0.2 55 3 14 0.1 0.0

Allen & Overy LLP 12 6.9 1,178 1 8 20.5 -13.7 Kromann Reumert 13 38.1 12,511 2 - - 38.1

Kirkland & Ellis LLP 12 6.9 1,178 1 - - 6.9 Shearman & Sterling LLP 13 13.9 4,553 2 37 1.8 12.1

White & Case LLP 12 1.5 265 1 19 18.6 -17.0 Davis Polk & Wardwell LLP 13 1.8 574 2 - - 1.8

PriceWaterhouseCoopers Legal 12 0.9 159 1 - - 0.9 Advokatfirman Cederquist AB 13 1.8 574 2 37 0.8 1.0

DLA Piper LLP 12 0.8 144 1 12 6.9 -6.1 Plesner Svane Gronborg 13 1.0 317 2 21 6.3 -5.3

Freshfields Bruckhaus Deringer LLP 12 0.4 70 1 8 4.6 -4.2 Jones Day 13 0.3 110 2 37 0.6 -0.2

Herbert Smith Freehills LLP 12 0.2 26 1 24 1.0 -0.9 Cravath Swaine & Moore LLP 13 0.3 100 2 37 6.9 -6.6

Trinity International LLP 12 0.2 26 1 - - 0.2 Goodwin Procter LLP 13 0.3 100 2 21 - 0.3

TOTAL 17,191 170 TOTAL 32,807 449

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

35,512 49,330

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2018 2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

20,101 15,102

FIRM

11

Eastern Europe Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Ellex Raidla Advokaadiburoo OU 1 0.3 60 9 1 0.1 0.3

Dentons US LLP 2 1.8 319 6 3 15.9 -14.1

COBALT 2 0.3 52 6 4 1.7 -1.4

Baker & McKenzie LLP 4 - - 5 6 9.4 -9.4

White & Case LLP 5 4.5 818 3 4 11.4 -6.8

Linklaters LLP 5 0.6 112 3 10 2.8 -2.2

Hogan Lovells US LLP 7 2.6 473 2 10 0.5 2.1

Houthoff Buruma 7 2.4 427 2 - - 2.4

Sullivan & Cromwell LLP 7 2.4 427 2 - - 2.4

Hannes Snellman Advokatbyra Ab/FI 7 - - 2 22 - -

Clifford Chance LLP 7 - - 2 7 2.7 -2.7

Latham & Watkins LLP 12 19.1 3,438 1 10 13.9 5.2

Skadden Arps Slate Meagher & Flom LLP 12 13.6 2,448 1 22 0.9 12.7

Fangda Partners 12 4.5 818 1 - - 4.5

Balcioglu Selcuk Akman Keki Avukatlik Ort 12 0.9 153 1 9 11.0 -10.2

Fenwick & West LLP 12 0.9 153 1 - - 0.9

Pinheiro Neto Advogados 12 0.8 150 1 - - 0.8

Goodwin Procter LLP 12 0.8 150 1 - - 0.8

Demarest Advogados 12 0.8 150 1 - - 0.8

K&L Gates LLP 12 0.8 150 1 - - 0.8

TOTAL 18,024 230

FIRM

2018 2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

13,299

12

Date

Total

Value

Number of deals 2,906

Volume (Bln.) $175.5

Avg Deal Size (Mln.) $60.4

King & Wood Mallesons

Number of deals 13

Volume (Bln.) $10.8

Avg Deal Size (Bln.) $0.8

Deal Type

Amount

(Bln.)

% Change Deal

Count

% YoY

Change

Company Takeover $66.8 -4.0% -2.3%

Cross Border $59.4 -1.2% -9.7%


Asset sale $19.7 -3.4% 18.9%

Tender Offer $8.5 -19.3% -15.9%


Spin-off $0.3 107.1% -79.1%


Majority purchase $23.3 -5.4% -17.6%

13

Graphs represent any regional involvement (target, seller, or acquirer).

Japan M&A: Quarterly Volume

3/9/2018Zhongtian Chengtou

Group Co Ltd

Guiyang Jinshiqi Industry Investment Co Ltd

Zhongtian Financial Group Co Ltd $3,882.9

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

1/22/2018 Multiple TargetsChengdu Qian Feng Electronics Co Ltd - $4,505.1

$4,830.3Top Adviser

3/2/2018 Snowy Hydro LtdCommonwealth of

Australia

State of New South Wales

Australia,State of Victoria

Australia

1/29/2018

Dalian Wanda

Commercial

Management Group

Multiple Acquirers - $5,364.0

APAC M&A Regional Review

Glo

bal

M&

A R

evi

ew |

Q1

20

18

APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of Q1 2018

Summary Target Acquirer Seller

1/31/2018 Fuji Xerox Co Ltd Fuji Xerox Co LtdFUJIFILM Holdings Corp $6,135.7

26%

17%

13%

12%

12%

7%

5% 5%

3% 0%

APAC Industry Breakdown Financial

Consumer Cyclical

Industrial

Technology

Consumer Non-cyclical

Communications

Energy

Basic Materials

Utilities

Diversified

0

2000

4000

6000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60


0

1000

2000

3000

$0

$100

$200

$300


0

500

1000

$0

$20

$40

$60

$80


• M&A activity targeting the APAC region in 1Q2018 experienced a 2.2% decrease to $176.02 billioncompared to the same period last year. Deals exceeding $1.0 billion in value increased by 12.5% to 27deals. The value of deals targeting Chinese companies or assets in China accounted for 47.0% of the totaldeal volume.

• The financial and consumer cyclical sectors were the most targeted industries, accounting for 46.1% ofthe region's overall volume. The largest deal of the quarter in the region was the merger of FujifilmHoldings Corp's subsidiary Fuji Xerox Co with Xerox Corp of the United States for $6.1 billion.

• Private equity related deals decreased 6.5% year-on-year to $32.91 billion. The largest private equity dealwas the $2.5 billion financing for JD Logistics by JD.com Inc from investors including Hillhouse Capital andTencent Holdings.

APAC Ex Japan Announced Deals (By Volume) 01/01/2018 - 03/26/2018 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Norton Rose Fulbright LLP 1 8.4 18,464 5 66 0.4 8.0 AZB & Partners 1 3.5 7,633 28 1 8.6 -5.2

Weil Gotshal & Manges LLP 2 7.7 17,047 3 53 0.5 7.2 Khaitan & Co 2 0.6 1,335 23 5 0.2 0.4

Osler Hoskin & Harcourt LLP 3 7.7 17,017 2 25 2.0 5.7 Herbert Smith Freehills LLP 3 3.1 6,751 19 6 4.4 -1.4

Simpson Thacher & Bartlett LLP 4 7.7 17,000 1 21 2.3 5.4 J Sagar Associates 4 0.1 225 16 33 0.1 -

Wachtell Lipton Rosen & Katz 4 7.7 17,000 2 - - 7.7 King & Wood Mallesons 5 4.9 10,883 15 25 3.0 1.9

Torys LLP 4 7.7 17,000 1 32 1.7 6.1 Allens 5 1.6 3,580 15 30 1.5 0.1

Baker & McKenzie LLP 7 5.3 11,723 13 28 1.9 3.5 Cyril Amarchand Mangaldas 7 1.9 4,114 14 7 0.5 1.4

King & Wood Mallesons 8 4.9 10,883 15 15 3.0 1.9 Kim & Chang 7 1.0 2,291 14 1 2.3 -1.3

DLA Piper LLP 9 4.9 10,775 4 43 1.0 4.0 Baker & McKenzie LLP 9 5.3 11,723 13 3 1.9 3.5

Kromann Reumert 10 4.6 10,049 1 - - 4.6 Shardul Amarchand Mangaldas & Co 9 2.6 5,659 13 16 7.4 -4.8

AZB & Partners 11 3.5 7,633 28 1 8.6 -5.2 Jones Day 9 1.4 3,087 13 13 1.4 -

Linklaters LLP 12 3.2 7,136 5 13 3.4 -0.1 Shin & Kim 12 1.0 2,289 12 4 2.2 -1.2

Herbert Smith Freehills LLP 13 3.1 6,751 19 10 4.4 -1.4 Fangda Partners 13 2.0 4,469 11 9 5.8 -3.8

Shardul Amarchand Mangaldas & Co 14 2.6 5,659 13 4 7.4 -4.8 Latham & Watkins LLP 14 0.9 1,932 9 25 1.1 -0.3

Kirkland & Ellis LLP 15 2.6 5,657 5 27 2.0 0.6 Trilegal 14 0.1 255 9 28 0.4 -0.2

Stibbe BV 16 2.5 5,389 1 177 - 2.5 Freshfields Bruckhaus Deringer LLP 16 1.3 2,840 8 14 3.8 -2.5

Fangda Partners 17 2.0 4,469 11 8 5.8 -3.8 Yulchon LLC 16 0.2 517 8 20 0.8 -0.6

Grandfield Law Offices 18 1.9 4,193 4 - - 1.9 Minter Ellison 16 0.2 373 8 9 0.6 -0.5

Cyril Amarchand Mangaldas 19 1.9 4,114 14 55 0.5 1.4 WongPartnership LLP 19 1.0 2,089 7 33 0.3 0.6

Allens 20 1.6 3,580 15 33 1.5 0.1 Ashurst LLP 19 0.7 1,484 7 30 2.4 -1.8

TOTAL 220,145 2,932 TOTAL 220,145 2,932

APAC Private Equity Announced Deals (By Volume) 01/01/2018 - 03/26/2018

Weil Gotshal & Manges LLP 1 19.6 17,172 2 36 1.9 17.7

Simpson Thacher & Bartlett LLP 2 19.4 17,000 1 6 8.7 10.7

Wachtell Lipton Rosen & Katz 2 19.4 17,000 1 - - 19.4

Torys LLP 2 19.4 17,000 1 11 5.9 13.5

Osler Hoskin & Harcourt LLP 2 19.4 17,000 1 11 5.9 13.5

Norton Rose Fulbright LLP 2 19.4 17,000 1 43 1.0 18.5

Baker & McKenzie LLP 7 11.8 10,278 5 52 0.7 11.1

DLA Piper LLP 8 11.5 10,049 2 88 0.1 11.4

Kromann Reumert 8 11.5 10,049 1 - - 11.5

Kirkland & Ellis LLP 10 6.2 5,414 4 7 6.6 -0.4

Stibbe BV 11 6.2 5,389 1 - - 6.2

Linklaters LLP 11 6.2 5,389 1 23 3.9 2.2

Freshfields Bruckhaus Deringer LLP 13 4.3 3,777 8 5 8.8 -4.5

Fangda Partners 14 3.9 3,433 4 16 5.0 -1.1

Morrison & Foerster LLP 15 3.4 2,965 5 44 0.9 2.5

Jones Day 16 3.1 2,750 3 20 4.1 -1.0

Paul Hastings LLP 17 2.9 2,500 1 47 0.7 2.1

Bracewell LLP 17 2.9 2,500 1 - - 2.9

Ropes & Gray LLP 17 2.9 2,500 1 37 1.6 1.2

Latham & Watkins LLP 20 1.9 1,632 5 40 1.4 0.5

TOTAL 87,452 727

FIRM

2018 2017MKT SHR

CHANGE

MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) FIRM

2018 2017

208,550 208,550

FIRM

2018 2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

58,004

14

AU & NZ Announced Deals (By Volume) 01/01/2018 - 03/26/2018 AU & NZ Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Baker & McKenzie LLP 1 34.2 11,028 5 6 14.1 20.1 Allens 1 11.1 3,580 15 6 15.8 -4.6

DLA Piper LLP 2 32.2 10,370 2 23 1.2 30.9 Herbert Smith Freehills LLP 2 17.0 5,469 14 1 38.2 -21.2

Kromann Reumert 3 31.2 10,049 1 - - 31.2 King & Wood Mallesons 3 18.2 5,862 11 16 12.6 5.6

King & Wood Mallesons 4 18.2 5,862 11 8 12.6 5.6 Minter Ellison 4 1.2 373 8 3 4.5 -3.4

Herbert Smith Freehills LLP 5 17.0 5,469 14 1 38.2 -21.2 Ashurst LLP 5 4.6 1,484 7 9 23.2 -18.6

Allens 6 11.1 3,580 15 5 15.8 -4.6 Gilbert + Tobin 5 1.9 624 7 2 22.8 -20.9

Ashurst LLP 7 4.6 1,484 7 2 23.2 -18.6 Baker & McKenzie LLP 7 34.2 11,028 5 6 14.1 20.1

Norton Rose Fulbright LLP 8 4.5 1,464 4 43 0.2 4.4 Norton Rose Fulbright LLP 8 4.5 1,464 4 14 0.2 4.4

Clayton Utz 9 4.1 1,311 2 37 0.3 3.8 Bell Gully 8 0.5 144 4 11 0.9 -0.5

Watson Mangioni 10 3.6 1,166 1 - - 3.6 HWL Ebsworth Lawyers 8 0.1 34 4 4 2.2 -2.1

Davis Polk & Wardwell LLP 10 3.6 1,166 1 - - 3.6 Corrs Chambers Westgarth 11 1.4 450 3 4 2.5 -1.1

Latham & Watkins LLP 12 3.2 1,022 1 34 0.3 2.8 Blake Cassels & Graydon LLP 11 1.0 331 3 - - 1.0

Linklaters LLP 13 3.1 999 2 7 12.7 -9.6 Jones Day 11 0.7 235 3 10 1.4 -0.7

Morrison & Foerster LLP 14 2.5 816 1 42 0.2 2.3 DLA Piper LLP 14 32.2 10,370 2 6 1.2 30.9

Cravath Swaine & Moore LLP 14 2.5 816 1 - - 2.5 Clayton Utz 14 4.1 1,311 2 25 0.3 3.8

Gilbert + Tobin 16 1.9 624 7 3 22.8 -20.9 Linklaters LLP 14 3.1 999 2 16 12.7 -9.6

Pacific Equity Partners Pty Ltd 17 1.6 520 1 - - 1.6 Kirkland & Ellis LLP 14 0.8 243 2 19 2.2 -1.4

Corrs Chambers Westgarth 18 1.4 450 3 12 2.5 -1.1 Allen & Overy LLP 14 0.5 166 2 11 16.8 -16.3

McCullough Robertson Lawyers 19 1.2 375 1 - - 1.2 Fenwick & West LLP 14 0.1 33 2 25 0.1 0.0

Minter Ellison 20 1.2 373 8 11 4.5 -3.4 Dentons US LLP 14 - - 2 - - -

TOTAL 32,231 361 TOTAL 32,231 361

Japan Announced Deals (By Volume) 01/01/2018 - 03/26/2018 Japan Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Morrison & Foerster LLP 1 40.6 20,457 6 1 22.6 18.0 Nagashima Ohno & Tsunematsu 1 4.6 2,301 25 1 12.5 -7.9

Davis Polk & Wardwell LLP 2 33.8 17,052 4 4 18.5 15.3 Anderson Mori & Tomotsune 2 6.0 3,005 22 2 4.2 1.8

Paul Weiss Rifkind Wharton & Garrison LLP 3 32.7 16,460 2 3 19.8 12.9 Nishimura & Asahi 3 6.9 3,453 18 3 8.1 -1.2

Sullivan & Cromwell LLP 3 32.7 16,460 3 6 13.3 19.4 Mori Hamada & Matsumoto 4 7.3 3,690 17 4 9.8 -2.4

Mori Hamada & Matsumoto 5 7.3 3,690 17 12 9.8 -2.4 Jones Day 5 2.5 1,260 8 7 17.9 -15.4

Nishimura & Asahi 6 6.9 3,453 18 13 8.1 -1.2 Morrison & Foerster LLP 6 40.6 20,457 6 6 22.6 18.0

Freshfields Bruckhaus Deringer LLP 7 6.1 3,077 5 20 6.0 0.2 Freshfields Bruckhaus Deringer LLP 7 6.1 3,077 5 22 6.0 0.2

Anderson Mori & Tomotsune 8 6.0 3,005 22 23 4.2 1.8 Hibiya-Nakata 7 1.7 844 5 13 0.2 1.5

Nagashima Ohno & Tsunematsu 9 4.6 2,301 25 8 12.5 -7.9 Davis Polk & Wardwell LLP 9 33.8 17,052 4 9 18.5 15.3

Skadden Arps Slate Meagher & Flom LLP 10 4.3 2,160 2 7 13.1 -8.9 Herbert Smith Freehills LLP 9 1.5 752 4 22 0.8 0.7

Jones Day 11 2.5 1,260 8 5 17.9 -15.4 Sullivan & Cromwell LLP 11 32.7 16,460 3 22 13.3 19.4

Clifford Chance LLP 12 2.4 1,221 2 21 5.9 -3.5 TMI Associates 11 0.6 305 3 43 0.7 -0.1

Willkie Farr & Gallagher LLP 13 2.3 1,170 1 15 7.6 -5.3 McGuireWoods LLP 11 - - 3 - - -

Fenwick & West LLP 14 1.7 865 1 62 0.1 1.6 Paul Weiss Rifkind Wharton & Garrison LLP 14 32.7 16,460 2 32 19.8 12.9

Carey Olsen LLP 14 1.7 865 2 - - 1.7 Skadden Arps Slate Meagher & Flom LLP 14 4.3 2,160 2 9 13.1 -8.9

Hibiya-Nakata 16 1.7 844 5 59 0.2 1.5 Clifford Chance LLP 14 2.4 1,221 2 13 5.9 -3.5

Herbert Smith Freehills LLP 17 1.5 752 4 39 0.8 0.7 Carey Olsen LLP 14 1.7 865 2 - - 1.7

Norton Rose Fulbright LLP 18 1.5 730 1 41 0.7 0.7 DLA Piper LLP 14 1.2 592 2 32 0.4 0.8

Blake Cassels & Graydon LLP 18 1.5 730 1 15 7.6 -6.2 Latham & Watkins LLP 14 0.5 230 2 7 0.6 -0.2

Covington & Burling LLP 20 1.2 592 1 - - 1.2 Allen & Gledhill LLP 14 0.1 63 2 - - 0.1

TOTAL 50,400 736 TOTAL 50,400 736

FIRM

2018 2017MKT SHR

CHANGE

MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) FIRM

2018 2017

20,399 20,399

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

41,046 41,046

15

South Korea Announced Deals (By Volume) 01/01/2018 - 03/26/2018 South Korea Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Lee & Ko 1 14.3 2,953 4 3 20.4 -6.0 Kim & Chang 1 11.1 2,291 14 1 23.5 -12.4

Kim & Chang 2 11.1 2,291 14 1 23.5 -12.4 Shin & Kim 2 11.1 2,289 12 2 21.6 -10.4

Shin & Kim 3 11.1 2,289 12 2 21.6 -10.4 Yulchon LLC 3 2.5 517 8 5 8.4 -5.9

Bae Kim & Lee 4 9.8 2,019 6 14 4.1 5.7 Bae Kim & Lee 4 9.8 2,019 6 4 4.1 5.7

Yulchon LLC 5 2.5 517 8 11 8.4 -5.9 JIPYONG 5 0.7 151 5 7 4.0 -3.2

Shearman & Sterling LLP 6 2.4 488 1 23 1.7 0.7 Lee & Ko 6 14.3 2,953 4 3 20.4 -6.0

Baker & McKenzie LLP 6 2.4 488 1 - - 2.4 Yoon & Yang LLC 7 0.9 182 3 6 3.2 -2.4

Dechert LLP 6 2.4 488 1 - - 2.4 Shearman & Sterling LLP 8 2.4 488 1 16 1.7 0.7

Yoon & Yang LLC 9 0.9 182 3 16 3.2 -2.4 Baker & McKenzie LLP 8 2.4 488 1 - - 2.4

JIPYONG 10 0.7 151 5 15 4.0 -3.2 Dechert LLP 8 2.4 488 1 - - 2.4

Freshfields Bruckhaus Deringer LLP 11 0.7 150 1 6 11.0 -10.3 Freshfields Bruckhaus Deringer LLP 8 0.7 150 1 16 11.0 -10.3

Fangda Partners 12 0.5 100 1 - - 0.5 Fangda Partners 8 0.5 100 1 - - 0.5

TMI Associates 13 0.4 83 1 - - 0.4 TMI Associates 8 0.4 83 1 - - 0.4

Allen & Overy LLP 14 0.3 63 1 22 2.3 -2.0 Allen & Overy LLP 8 0.3 63 1 9 2.3 -2.0

Herbert Smith Freehills LLP 14 0.3 63 1 - - 0.3 Herbert Smith Freehills LLP 8 0.3 63 1 - - 0.3

Kim Choi & Lim 16 0.2 44 1 32 0.7 -0.5 Kim Choi & Lim 8 0.2 44 1 7 0.7 -0.5

Ashurst LLP 17 0.1 22 1 - - 0.1 Ashurst LLP 8 0.1 22 1 - - 0.1

Shibata Suzuki & Nakada 18 0.1 12 1 - - 0.1 Shibata Suzuki & Nakada 8 0.1 12 1 - - 0.1

Hibiya-Nakata 18 0.1 12 1 - - 0.1 Hibiya-Nakata 8 0.1 12 1 - - 0.1

Barbosa Mussnich & Aragao 20 - - 1 - - - Barbosa Mussnich & Aragao 8 - - 1 - - -

TOTAL 20,604 381 TOTAL 20,604 381

China Announced Deals (By Volume) 01/01/2018 - 03/26/2018 China Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

King & Wood Mallesons 1 5.9 5,827 6 3 5.0 0.9 Fangda Partners 1 4.5 4,469 11 1 10.8 -6.3

Fangda Partners 2 4.5 4,469 11 1 10.8 -6.3 King & Wood Mallesons 2 5.9 5,827 6 2 5.0 0.9

Grandfield Law Offices 3 4.2 4,193 4 - - 4.2 Grandall Law Firm 2 0.2 212 6 6 1.6 -1.4

Paul Hastings LLP 4 2.5 2,500 1 43 0.4 2.1 Latham & Watkins LLP 4 0.5 530 5 2 2.0 -1.4

Jia Yuan Law Firm 5 2.3 2,258 3 14 2.6 -0.3 Grandfield Law Offices 5 4.2 4,193 4 - - 4.2

Freshfields Bruckhaus Deringer LLP 6 2.0 1,981 3 12 3.3 -1.3 Allbright Law Offices 5 2.0 1,963 4 19 1.0 1.0

Allbright Law Offices 7 2.0 1,963 4 30 1.0 1.0 Sidley Austin LLP 5 0.8 838 4 19 1.7 -0.9

Zhong Lun Law Firm 8 1.3 1,309 2 68 0.1 1.2 Jia Yuan Law Firm 8 2.3 2,258 3 2 2.6 -0.3

Herbert Smith Freehills LLP 9 1.3 1,282 3 17 2.2 -0.9 Freshfields Bruckhaus Deringer LLP 8 2.0 1,981 3 9 3.3 -1.3

Linklaters LLP 10 1.2 1,227 3 8 3.9 -2.7 Herbert Smith Freehills LLP 8 1.3 1,282 3 50 2.2 -0.9

Uria Menendez Abogados SLP 11 1.1 1,120 1 - - 1.1 Linklaters LLP 8 1.2 1,227 3 13 3.9 -2.7

WongPartnership LLP 12 1.1 1,102 1 87 0.0 1.1 Baker & McKenzie LLP 8 0.6 556 3 9 2.6 -2.0

Anjie Law Firm 13 0.9 936 1 - - 0.9 Paul Weiss Rifkind Wharton & Garrison LLP 8 0.5 462 3 25 0.5 0.0

Sidley Austin LLP 14 0.8 838 4 22 1.7 -0.9 Shardul Amarchand Mangaldas & Co 8 0.4 365 3 36 0.4 0.0

White & Case LLP 15 0.8 818 2 - - 0.8 Gibson Dunn & Crutcher LLP 8 0.4 349 3 - - 0.4

Bredin Prat 16 0.8 760 1 - - 0.8 AZB & Partners 8 0.2 213 3 - - 0.2

Baker & McKenzie LLP 17 0.6 556 3 13 2.6 -2.0 Zhong Lun Law Firm 17 1.3 1,309 2 25 0.1 1.2

Latham & Watkins LLP 18 0.5 530 5 21 2.0 -1.4 White & Case LLP 17 0.8 818 2 - - 0.8

Allens 19 0.5 479 1 17 2.2 -1.7 Sullivan & Cromwell LLP 17 0.4 410 2 13 4.7 -4.3

Paul Weiss Rifkind Wharton & Garrison LLP 20 0.5 462 3 38 0.5 0.0 Slaughter and May 17 0.4 400 2 36 2.0 -1.6

TOTAL 99,259 1,180 TOTAL 99,259 1,180

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

20,730 20,730

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

111,849 111,849

16

Hong Kong Announced Deals (By Volume) 01/01/2018 - 03/26/2018 Hong Kong Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Paul Hastings LLP 1 10.9 2,500 1 - - 10.9 Freshfields Bruckhaus Deringer LLP 1 6.1 1,390 4 30 5.5 0.5

Fangda Partners 1 10.9 2,500 1 7 8.3 2.6 Latham & Watkins LLP 2 2.7 610 3 11 0.3 2.4

Sullivan & Cromwell LLP 3 9.0 2,067 2 41 0.4 8.6 Clifford Chance LLP 2 2.3 520 3 1 3.8 -1.5

Freshfields Bruckhaus Deringer LLP 4 6.1 1,390 4 12 5.5 0.5 Sullivan & Cromwell LLP 4 9.0 2,067 2 11 0.4 8.6

Latham & Watkins LLP 5 2.7 610 3 43 0.3 2.4 Drew & Napier LLC 4 2.4 539 2 - - 2.4

Drew & Napier LLC 6 2.4 539 2 - - 2.4 Slaughter and May 4 1.8 415 2 - - 1.8

Dentons US LLP 7 2.3 531 1 - - 2.3 Gibson Dunn & Crutcher LLP 4 1.5 349 2 11 1.0 0.5

Clifford Chance LLP 8 2.3 520 3 17 3.8 -1.5 Sidley Austin LLP 4 0.9 216 2 2 1.6 -0.7

Slaughter and May 9 1.8 415 2 - - 1.8 Cyril Amarchand Mangaldas 4 0.8 175 2 - - 0.8

Shearman & Sterling LLP 10 1.7 380 1 9 7.2 -5.6 Paul Hastings LLP 10 10.9 2,500 1 - - 10.9

Gibson Dunn & Crutcher LLP 11 1.5 349 2 34 1.0 0.5 Fangda Partners 10 10.9 2,500 1 2 8.3 2.6

Sidley Austin LLP 12 0.9 216 2 24 1.6 -0.7 Dentons US LLP 10 2.3 531 1 - - 2.3

Cyril Amarchand Mangaldas 13 0.8 175 2 - - 0.8 Shearman & Sterling LLP 10 1.7 380 1 11 7.2 -5.6

AZB & Partners 14 0.6 144 1 - - 0.6 AZB & Partners 10 0.6 144 1 - - 0.6

Khaitan & Co 15 0.5 105 1 52 0.0 0.4 Khaitan & Co 10 0.5 105 1 30 0.0 0.4

Proskauer Rose LLP 16 0.2 39 1 47 0.2 0.0 Proskauer Rose LLP 10 0.2 39 1 30 0.2 0.0

Shin & Kim 17 0.2 34 1 21 1.8 -1.6 Shin & Kim 10 0.2 34 1 11 1.8 -1.6

Dechert LLP 18 0.1 17 1 56 - 0.1 Dechert LLP 10 0.1 17 1 30 - 0.1

Allen & Gledhill LLP 19 0.0 8 1 56 - 0.0 Allen & Gledhill LLP 10 0.0 8 1 30 - 0.0

Debevoise & Plimpton LLP 20 - - 1 - - - Debevoise & Plimpton LLP 10 - - 1 - - -

TOTAL 22,890 319 TOTAL 22,890 319

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

37,591 37,591

17

South East Asia Announced Deals (By Volume) 01/01/2018 - 03/26/2018 South East Asia Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

Weil Gotshal & Manges LLP 1 30.7 17,000 2 16 2.7 27.9 WongPartnership LLP 1 3.8 2,089 7 4 3.1 0.7

Simpson Thacher & Bartlett LLP 1 30.7 17,000 1 7 4.4 26.2 Jones Day 2 5.0 2,750 6 10 0.5 4.4

Wachtell Lipton Rosen & Katz 1 30.7 17,000 1 - - 30.7 Allen & Gledhill LLP 2 0.3 189 6 1 5.6 -5.2

Torys LLP 1 30.7 17,000 1 - - 30.7 Shook Lin & Bok LLP 4 0.6 307 5 7 1.5 -1.0

Osler Hoskin & Harcourt LLP 1 30.7 17,000 1 - - 30.7 AZB & Partners 5 2.8 1,533 4 16 0.3 2.5

Norton Rose Fulbright LLP 1 30.7 17,000 1 23 1.5 29.1 Rajah & Tann 5 0.4 209 4 2 3.3 -2.9

Stibbe BV 7 9.7 5,389 1 - - 9.7 Baker & McKenzie LLP 5 0.4 207 4 2 3.5 -3.1

Linklaters LLP 7 9.7 5,389 1 1 8.9 0.8 Latham & Watkins LLP 8 1.8 1,022 3 31 0.5 1.4

Kirkland & Ellis LLP 7 9.7 5,389 2 57 - 9.7 Dentons US LLP 8 1.3 743 3 31 0.5 0.9

Jones Day 10 5.0 2,750 6 35 0.5 4.4 Allen & Overy LLP 8 0.1 47 3 7 0.8 -0.7

Bracewell LLP 11 4.5 2,500 1 - - 4.5 Khaitan & Co 8 0.0 14 3 7 0.5 -0.5

Ropes & Gray LLP 11 4.5 2,500 1 7 4.4 0.1 Weil Gotshal & Manges LLP 12 30.7 17,000 2 10 2.7 27.9

WongPartnership LLP 13 3.8 2,089 7 15 3.1 0.7 Kirkland & Ellis LLP 12 9.7 5,389 2 31 - 9.7

AZB & Partners 14 2.8 1,533 4 44 0.3 2.5 Herbert Smith Freehills LLP 12 1.8 1,022 2 16 0.9 1.0

Herbert Smith Freehills LLP 15 1.8 1,022 2 28 0.9 1.0 Drew & Napier LLC 12 1.0 539 2 - - 1.0

Clayton Utz 15 1.8 1,022 1 - - 1.8 Goodwin Procter LLP 12 0.9 500 2 31 1.5 -0.5

Latham & Watkins LLP 15 1.8 1,022 3 40 0.5 1.4 Clifford Chance LLP 12 0.6 351 2 31 - 0.6

Cyril Amarchand Mangaldas 18 1.6 895 1 51 0.0 1.6 Freshfields Bruckhaus Deringer LLP 12 0.3 150 2 5 1.6 -1.3

White & Case LLP 19 1.5 818 1 16 2.7 -1.3 Ashurst LLP 12 0.0 22 2 - - 0.0

Fangda Partners 19 1.5 818 1 - - 1.5 Souza Cescon Barrieu & Flesch Advogados 12 - - 2 - - -

TOTAL 55,466 512 TOTAL 55,466 512

India Announced Deals (By Volume) 01/01/2018 - 03/26/2018 India Announced Deals (By Deal Count) 01/01/2018 - 03/26/2018

AZB & Partners 1 44.6 7,621 27 1 64.4 -19.8 AZB & Partners 1 44.6 7,621 27 1 64.4 -19.8

Shardul Amarchand Mangaldas & Co 2 33.1 5,659 13 2 55.2 -22.1 Khaitan & Co 2 7.8 1,335 23 2 1.5 6.3

Cyril Amarchand Mangaldas 3 24.1 4,114 14 10 3.9 20.2 J Sagar Associates 3 1.3 225 16 6 0.7 0.6

S&R Associates 4 17.2 2,944 4 5 47.4 -30.2 Cyril Amarchand Mangaldas 4 24.1 4,114 14 3 3.9 20.2

Khaitan & Co 5 7.8 1,335 23 13 1.5 6.3 Shardul Amarchand Mangaldas & Co 5 33.1 5,659 13 4 55.2 -22.1

Shearman & Sterling LLP 6 4.8 827 2 - - 4.8 Trilegal 6 1.5 255 9 5 2.6 -1.1

Goodwin Procter LLP 7 3.2 545 2 42 - 3.2 S&R Associates 7 17.2 2,944 4 8 47.4 -30.2

Hughes Hubbard & Reed LLP 8 2.5 424 3 - - 2.5 Jerome Merchant + Partners 7 0.1 17 4 27 0.4 -0.3

Ropes & Gray LLP 9 2.4 405 1 - - 2.4 Hughes Hubbard & Reed LLP 9 2.5 424 3 - - 2.5

DLA Piper LLP 9 2.4 405 1 42 - 2.4 Jones Day 9 0.3 48 3 - - 0.3

Noerr LLP 9 2.4 405 1 22 0.5 1.9 Shearman & Sterling LLP 11 4.8 827 2 - - 4.8

Trilegal 12 1.5 255 9 11 2.6 -1.1 Goodwin Procter LLP 11 3.2 545 2 14 - 3.2

J Sagar Associates 13 1.3 225 16 16 0.7 0.6 Wadia Ghandy & Co 11 0.1 25 2 - - 0.1

Dechert LLP 14 1.1 191 1 - - 1.1 Ropes & Gray LLP 14 2.4 405 1 - - 2.4

Gibson Dunn & Crutcher LLP 15 0.3 51 1 - - 0.3 DLA Piper LLP 14 2.4 405 1 27 - 2.4

Jones Day 16 0.3 48 3 - - 0.3 Noerr LLP 14 2.4 405 1 27 0.5 1.9

Veritas Legal 17 0.3 44 1 15 1.0 -0.7 Dechert LLP 14 1.1 191 1 - - 1.1

Shin & Kim 18 0.2 34 1 - - 0.2 Gibson Dunn & Crutcher LLP 14 0.3 51 1 - - 0.3

Allen & Overy LLP 19 0.2 26 1 3 48.1 -48.0 Veritas Legal 14 0.3 44 1 10 1.0 -0.7

Wadia Ghandy & Co 20 0.1 25 2 - - 0.1 Shin & Kim 14 0.2 34 1 - - 0.2

TOTAL 17,098 479 TOTAL 17,098 479

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

21,438 21,438

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGE

27,987 27,987

RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

18

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are

converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by

the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

{LEAG<GO>}: M&A

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

19

global m&a market review · • global merger and acquisition activity reached $828.6 billion...

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