GLOBAL

M&A
MARKET
REVIEW
FINANCIAL RANKINGS
1H 2014

1H 2014

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

CONTENTS
1. Introduction
2. Global Market Commentary
8. Global M&A Activity by Region
9. Global M&A Activity by Industry
10. Global Announced Deals
11. Cross Border Announced Deals
12. Global Private Equity Announced Deals
13. North America Announced Deals
17. Latin America Announced Deals
19. EMEA Announced Deals
30. APAC Announced Deals
38. Disclaimer

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-equityswaps, 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.

DATA SUBMISSIONS AND QUERIES

Contact

Phone

Email

North America

Eshani Gupte

+1-212-617-5969

egupte@bloomberg.net

EMEA

Paula Cook Dinan

+44-20-3525-8104

pcookdinan1@bloomberg.net

Asia Pacific

Parker Leung

+852-2977-6108

pleung50@bloomberg.net

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

2014 Bloomberg Finance L.P. All rights reserved.

Western Europe
USD 291 billion
1. Morgan Stanley 33.4%
2. Lazard Ltd
32.0%
3. Citi
28.6%
North America
USD 598 billion
1. Goldman Sachs & Co
2. Bank of America Merrill Lynch
3. Morgan Stanley

48.4%
48.0%
31.0%

Scale in USD Bil.

0-1
2-2
3-6
7 - 19
20 - 6
7 - 19
20 - 37
38 - 112
113 - 337
338 -

Eastern Europe
USD 18.7 billion
1. BNP Paribas SA
22.2%
2. Goldman Sachs & Co
9.1%
3. Deloitte Touche Tohmatsu 8.5%

Latin America & Carribean

USD 45 billion
1. Deutsche Bank AG
31.2%
2. Goldman Sachs & Co
29.1%
3. Bank of America Merrill Lynch 27.2%

Asia Pacific
USD 204 billion
1. Morgan Stanley
24.6%
2. Goldman Sachs & Co 19.8%
3. Citi
14.9%
Middle East & Africa
USD 33 billion
1. UBS
27.9%
2. Macquarie Group Ltd
25.9%
3. Grant Samuel Securities Pty Ltd 25.9%

Global M&A Review | 1H 2014

Global M&A Regional Review

* Quarterly deal value and adviser market share for any regional involvement (target, seller, or acquirer). Scale in USD billions.

Quarterly Regional Volume: Notable Highlights

Global M&A deal volume reached a 7-year high of $934.2 billion in the second quarter of 2014, up
64% compared to a year ago and 70% from the second quarter of 2012. A significant driver of this
increase was from the Americas, where $625.3 billion worth of deals were announced.
In the second quarter of 2014, targets within the United States attracted the majority of M&A
activity, accounting for half of the total global volume, led by AT&T's $66 billion takeover of
DIRECTV. Companies in France were the second most targeted, accounting for 8% of the global total,
led by the pending $37.5 billion merger of equals between Swiss-based Holcim Ltd and French-based
Lafarge SA.
Cross-border activity in the second quarter of 2014 comprised 40% of global activity, consistent
with an average of 43% of global activity over the last 12 months. Strategic buyers were active
internationally this quarter, with General Electric Co's $17.1 billion takeover of Alstom SA's energy
assets and Novartis AG's $14.5 billion takeover of GlaxoSmithKlein's oncology portfolio contributing
significantly to global cross-border volumes.
EMEA deal volume in the first half of 2014 continued to climb, by 12% over mid-year activity in
2013 and 24% from 2012 levels. Headline deals announced in the region included: Altice's $19 billion
acquisition of SFR and Liberty Global's $11 billion acquisition of Ziggo NV.

Americas M&A Quarterly Volume

Volume $(bil.)

Deal Count

5,000
4,000
3,000
2,000
1,000
0

$800
$600
$400
$200
$0
2009
Q2

2010
Q2

2011
Q2

2012
Q2

2013
Q2

2014
Q2

EMEA M&A Quarterly Volume

Volume $(bil.)

Deal Count

3,000

$400
$300

2,000

$200

1,000

Global M&A Quarterly Volume

Volume $(bil.)

$800

6,000

$600

4,000

$400

2,000

$200
2010 Q2

2011 Q2

2012 Q2

2013 Q2

$0
2014 Q2

2010
Q2

2011
Q2

2012
Q2

2013
Q2

2014
Q2

APAC M&A Quarterly Volume

$1,000

8,000

0
2009 Q2

$0
2009
Q2

Deal Count

10,000

$100

Volume $(bil.)

Deal Count

4,000

$250

3,000

$200

2,000
1,000

Global M&A Review | 1H 2014

Global M&A Regional Review

$150
$100
$50

0
$0
2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2

*Graphs represent any regional involvement (target, seller, or acquirer). Scale in USD billions.

Q2 2014 Industry Deal Volume

Quarterly Deal Activity by Target Industry

Technology
4%
Industrial
12%

Consumer, Non-cyclical was the most targeted industry in the second quarter of 2014 with a deal
volume of $256 billion. Activity in the sector nearly doubled compared to the same period last year,
accounting for about 27% of total volume in the second quarter. Within the Consumer, Non-cyclical
industry, deals in the medical space, specifically pharmaceuticals, dominated. Valeant Pharmaceuticals
International Inc's hostile offer for Allergan Inc for $54.2 billion and Medtronic Inc's pending cash & stock
offer for Covidien PLC worth $46.2 billion were the industry's largest deals.
AT&T Inc's offer to buy DIRECTV was the largest M&A deal of the quarter. With a value of $66 billion,
the transaction represents a little under half of all deals announced in the Communications sector this
quarter. By itself, the AT&T/DIRECTV deal value is greater than all deals in the Communications sector
during the same time last year.
The Financial industry, which was the most targeted industry a year ago, fell one spot to second most
targeted industry in the second quarter of 2014, though deal volume stayed fairly constant. The largest
deal in this sector was Citic Pacific's pending acquisition of banking and brokerage assets of its parent CITIC
Group Corp. Real Estate dominated deals in the Financial sector, though many of the multi-billion dollar
deals were scattered among other sectors within Financials.

Basic
Materials
4%
Communica
tions
15%

Utilities
5%

Consumer,
Non-cyclical
27%

Financial
18%

Energy
8% Diversified
0%

Consumer,
Cyclical
7%

Graph represents target industry

$300

Top Advisers: Consumer, Non-cyclical

Q2 Industry Deal Volume (USD bil.)

Firm

$250
$200
$150
$100
$50
$

Rank

Total Deal Value (bil.)

Goldman Sachs

165.49

19

BaML

155.95

21

Morgan Stanley

91.55

15

Barclays

70.55

13

RBC Capital Markets

56.29

Top Advisers: Financial

2013
2014

Deal Count

Global M&A Review | 1H 2014

Global M&A Industry Review

Firm

Rank

Total Deal Value (bil.)

Morgan Stanley

40.49

Deal Count
20

Goldman Sachs

38.44

24

JP Morgan

33.25

15

BaML

27.04

13

UBS

21.78

11

All total deal value figures in USD

4

Spotlight on: Private Equity - John E. Morris, Editor, Bloomberg Brief: Mergers

Private equity firms were net sellers in the second quarter and over the first half. Since the beginning of the year, they've sold companies worth $129.9 billion while investing in
new companies in deals worth a combined $125.2 billion. In the second quarter, private equity exits via M&A totaled $79.8 billion compared to new deals of $60.1 billion.
The biggest sale announced this year was Biomet Inc., a medical devices maker owned by Blackstone Group LP, KKR & Co LP, Goldman Sachs Capital Partners and TPG Capital,
according to data compiled by Bloomberg. Zimmer Holdings Inc. agreed to buy it for $13.4 billion. That was followed by Vodafone Group Plc's $10 billion deal to buy Spanish cable TV
operator Grupo Corporativo ONO SA from a consortium of CCMP Capital Advisors LLC, Thomas H Lee Partners LP, Providence Equity Partners Inc. and Quadrangle Group LLC.
Another notable exit was the sale of Beats Electronics LLC and its affiliate Beats Music to Apple Inc. for $3 billion in May. Carlyle Group LP reportedly invested $501 million for a 31
percent stake in Beats Electronics late last year and bought 5 percent of Beats Music for $13 million, according to Bloomberg News.

Quarterly Highlights: Bloomberg Industries M&A

Global M&A Review | 1H 2014

Global M&A Industry Review

Run BI DEAL<GO> to access proprietary Bloomberg Industries' M&A Research. Run MA<GO> for
Bloomberg's M&A deal database.

Quarterly Aggregate Deal Statistics

In the second quarter of 2014, there were 3 deals which were more than triple the value of the top deal
in the same period last year, excluding Pfizer Inc's withdrawn offer for AstraZeneca PLC and AbbVie Inc's
unsolicited proposal for Shire PLC. The number of billion-dollar deals was also up by 48% at 151 compared
to 102 in the same period last year.
Only 14% of the announced deals quater-to-date were completed, while 3% were terminated and 83%
are still awaiting approval from shareholders, board of directors and/or regulatory bodies. In the second
quarter, M&A deals with announced premiums in the 25-50% range increased to 42% of all the deals with
a premium, as compared to 33% in the previous quarter. Hybrid cash & stock payments, a figure typically
in single-digits, was up significantly to 28.2% of all transactions this quarter (from 11.3% in the first quarter
of 2014). Stock payments in the first half of 2014 rose to 13.4% of all transactions from 8.9% in the same
period last year.

Q2 Announced Deal Status

(% and volume USD Billions)
26.77
3%

138.85
14%

Pending
Completed

795.36
83%

Terminated

Q2 Announced Deal Premiums

(% and volume USD Billions)
3.91
1%

0.76
0%
66.68
19%
120.98
34%

16.02
4%

>100%
75.01-100%
50.01-75%

151.12
42%

25.01-50%
10.01-25%
0-10%

Public Target Multiples

Book Value
Cashflow from Ops.
EBIT
EBITDA
Enterprise Value
Market Cap
Net Income
Net Income + Deprec
Revenue
Total Assets

Payment Type Summary

Cash
Cash & Stock
Stock
Undisclosed
Cash or Stock
Cash & Debt
Debt
Cash, Stock & Debt
Stock & Debt

Deal Type Summary

Company Takeover
Cross Border
Asset Sale
Private Equity
Additional Stake Purchase
Tender Offer
PE Seller
Minority Purchase
Majority Purchase
Competing Bid
PE Buyout
Venture Capital
Related Party Transaction
Other

Min - Max

Median

Volume

Percent

Volume

Percent

.01 - 321.83x
.04 - 2207.15x
.03 - 612.60x
.02 - 480.92x
.00 - 15.27x
.00 - 22.19x
.06 - 3322.26x
.04 - 3322.26x
.00 - 377.00x
.00 - 2895.02x

537.10
263.10
88.36
25.10
8.75
3.06
0.37
0.29
0.24

586.48
369.77
217.92
161.18
113.04
112.89
85.68
61.32
48.40
21.16
19.42
18.82
18.65
95.42

2.14x
13.55x
14.86x
10.84x
1.10x
1.37x
23.33x
16.29x
1.49x
0.87x

57.49
28.16
9.46
2.69
0.94
0.33
0.04
0.03
0.03

62.78
39.58
23.33
17.25
12.10
12.08
9.17
6.56
5.18
2.27
2.08
2.01
2.00
10.41

Global M&A Review | 1H 2014

Global M&A Deal Review

All volume figures in USD

Global M&A Deal Review

Top Q2 Deals by Target Region

Americas

Target Name
DIRECTV
Allergan Inc/United States
Covidien PLC
Merck Consumer Care business
Biomet Inc
Pepco Holdings Inc
Integrys Energy Group Inc
Hillshire Brands Co/The
1.4 million subscribers
tw telecom inc

APAC

Target Name
CITIC Ltd
Queensland Motorways Pty Ltd
Wing Hang Bank Ltd
Ranbaxy Laboratories Ltd
Noble Agri Ltd
Envestra Ltd
Australand Property Group
United Spirits Ltd
Australand Property Group
Woodside Petroleum Ltd

EMEA

Target Name
Lafarge SA
Thermal & Renewable Power & Grid Business
Oncology portfolio
Numericable Group SA
Vaccines business/Novartis
Oldford Group Ltd
TUI Travel PLC
Dixons Retail PLC
Firth Rixson Ltd
Marathon Oil Norge AS

Acquirer Name
AT&T Inc
Valeant Pharmaceuticals International Inc
Medtronic Inc
Bayer AG
Zimmer Holdings Inc
Exelon Corp
Wisconsin Energy Corp
Tyson Foods Inc
Charter Communications Inc
Level 3 Communications Inc

Seller Name

Merck & Co Inc

Multiple sellers

Comcast Corp

Total Value (mil.)

66,044.3
54,199.7
46,235.9
14,200.0
13,350.0
12,135.7
8,928.9
8,396.6
7,300.0
7,171.9

Acquirer Name

Seller Name

Total Value (mil.)

CITIC Pacific Ltd

Multiple acquirers
Oversea-Chinese Banking Corp Ltd
Sun Pharmaceutical Industries Ltd
COFCO Corp
Multiple acquirers
Frasers Centrepoint Trust
Diageo PLC
Stockland
Woodside Petroleum Ltd

CITIC Group Corp

QIC Ltd

Royal Dutch Shell PLC

15,769.0
6,551.7
4,954.2
4,088.2
4,000.0
3,794.7
3,385.7
3,217.0
2,825.1
2,680.0

Acquirer Name

Seller Name

Total Value (mil.)

Holcim Ltd
General Electric Co
Novartis AG
Altice SA
GlaxoSmithKline PLC
Amaya Gaming Group Inc
TUI AG
Carphone Warehouse Group PLC
Alcoa Inc
Det Norske Oljeselskap ASA

Noble Group Ltd

Alstom SA
GlaxoSmithKline PLC
Multiple sellers
Novartis AG

Oak Hill Capital Partners LP

Marathon Oil Corp

37,505.1
17,124.5
14,500.0
5,483.4
5,250.0
4,500.0
3,385.8
2,958.4
2,850.0
2,700.0

Global M&A Review | 1H 2014

All total value figures in USD

Global M&A Activity

Regional Breakdown by Target Region/Country
1/1/14 - 6/30/14
FIRM
Americas

2014
VOLUME
USD (Mln)

2013
DEAL
COUNT

VOLUME
USD (Mln)

DEAL
COUNT

VOLUME
CHANGE

$910,969

7,083

$492,737

6,241

Latin America

$60,954

384

$34,039

437

79.07%

North America

$861,201

6,761

$463,734

5,863

85.71%

$50,901

773

$41,653

768

22.20%

$792,665

5,870

$415,272

4,983

90.88%

$384,689

3,711

$345,675

3,765

11.29%

Canada
United States
EMEA

84.88%

Eastern Europe

$23,638

485

$42,773

622

-44.74%

Western Europe

$343,349

2,903

$276,517

2,835

24.17%

UK

$71,383

1,020

$66,501

903

7.34%

Germany

$38,931

400

$41,745

396

-6.74%

$116,127

294

$18,948

340

512.88%

$280,322

2,979

$200,510

3,073

39.80%

$52,366

449

$28,869

418

81.39%

$2,622

57

$1,728

50

51.75%

$100,654

995

$79,452

1,035

26.69%

Hong Kong

$23,172

217

$8,775

209

164.06%

South East Asia

$34,026

472

$36,826

520

-7.60%

India

$20,234

312

$12,296

347

64.55%

816

-24.59%

14,009

49.22%

France
Asia-Pacific ex-Japan
Australia
New Zealand
China

Japan
Global

$23,911

759

$1,604,121

14,689

$31,709
$1,074,976

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.

M&A League Tables by Industry

Global Announced Deals - Consumer, Non-cyclical

Global Announced Deals - Communications

01/01/14 - 06/30/14

01/01/14 - 06/30/14

2014
RANK

FIRM

MKT
SHARE

VOLUME
USD (Mln)

DEAL
COUNT

2014
RANK

FIRM

MKT
SHARE

VOLUME

DEAL
COUNT

USD (Mln)

Goldman Sachs & Co

53.3

206,483

39

Morgan Stanley

48.3

145,617

18

Bank of America Merrill Lynch

49.7

192,571

30

Bank of America Merrill Lynch

40.8

123,174

13

Morgan Stanley

36.3

140,542

33

Goldman Sachs & Co

37.0

111,754

21

33.9

102,235

Barclays PLC

20.2

78,174

25

Citigroup Inc

JP Morgan

19.5

75,603

31

JP Morgan

33.8

101,825

19

Credit Suisse Group AG

16.7

64,651

19

Barclays PLC

30.2

90,967

RBC Capital Markets

14.9

57,791

10

Lazard Ltd

29.3

88,309

Citigroup Inc

13.8

53,324

28

Allen & Co Inc

28.7

86,430

Perella Weinberg Partners LP

13.5

52,456

PJT Capital LLC

25.1

75,705

10

12.3

10

23.1

Lazard Ltd

47,641

TOTAL

$387,394

30

Centerview Partners LLC

3,086

TOTAL

3
1,825

Global Announced Deals - Industrial

Global Announced Deals - Financial

01/01/14 - 06/30/14

01/01/14 - 06/30/14

2014
RANK

FIRM

69,555
$301,710

MKT
SHARE

VOLUME
USD (Mln)

DEAL
COUNT

2014
RANK

FIRM

MKT
SHARE

VOLUME
USD (Mln)

DEAL
COUNT

Morgan Stanley

18.0

51,700

32

Morgan Stanley

40.6

70,595

22

JP Morgan

17.9

51,636

29

Credit Suisse Group AG

39.2

68,245

16

Goldman Sachs & Co

16.8

48,360

41

Rothschild Ltd

38.8

67,547

22

36.8

64,012

12

Bank of America Merrill Lynch

13.2

37,971

26

Lazard Ltd

Citigroup Inc

10.5

30,291

27

HSBC Bank PLC

32.0

55,750

Deutsche Bank AG

9.9

28,367

18

Citigroup Inc

27.7

48,183

13

UBS AG

8.6

24,661

16

BNP Paribas SA

22.9

39,912

12

Barclays PLC

6.4

18,364

22

Societe Generale SA

22.3

38,786

Deutsche Bank AG

15.7

27,381

13

10

14.4

Somerley Ltd
Lazard Ltd
TOTAL

5.8

16,595

10

5.5

15,943

22

$288,064

2,543

Bank of America Merrill Lynch

TOTAL

25,002

13

$173,987

1,914

M&A Financial Advisory League Tables

Global Announced Deals

Ranked by Volume
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

30.9

496,269

163

13.8

17.1

Goldman Sachs & Co

30.5

488,567

191

22.3

8.2

Bank of America Merrill Lynch

27.5

440,960

127

14.9

12.6

Citigroup Inc

18.5

296,640

126

10

8.2

10.3

JP Morgan

17.3

276,785

126

20.8

(3.5)

Barclays PLC

16.9

271,382

112

12.2

4.7

Lazard Ltd

16.7

267,993

110

10.7

6.0

Credit Suisse Group AG

13.4

215,304

91

11.2

2.2

10.7

171,439

96

9.7

1.0

Rothschild Ltd

10

8.5

136,100

118

14

4.0

4.5

Centerview Partners LLC

11

7.7

123,481

21

11

6.9

0.8

UBS AG

12

6.3

100,341

59

13

5.3

1.0

RBC Capital Markets

13

6.0

95,401

72

18

3.3

2.7

BNP Paribas SA

14

5.7

90,955

52

12

6.4

(0.7)

Allen & Co Inc

15

5.5

87,555

39

1.0

4.5

Deutsche Bank AG

Perella Weinberg Partners LP

16

5.2

83,667

15

30

1.4

3.8

Societe Generale SA

17

4.8

76,470

25

22

2.0

2.8

PJT Capital LLC

18

4.7

75,705

4.7

HSBC Bank PLC

19

3.9

63,014

23

20

2.4

1.5

Credit Agricole Corporate & Investment Bank SA

20

3.3

53,083

19

66

0.4

2.9

TOTAL

$1,604,121

14,689

$1,074,976

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

10

M&A Financial Advisory League Tables

Cross Border Announced Deals

Ranked by Volume
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

33.2

208,464

88

20.4

12.8

Goldman Sachs & Co

25.2

158,281

103

28.3

(3.1)

Lazard Ltd

21.7

135,914

68

10

8.3

13.4

Bank of America Merrill Lynch

21.4

134,112

62

10.0

11.4

Citigroup Inc

19.7

123,666

57

11.6

8.1

Rothschild Ltd

17.9

112,512

89

12

5.8

12.1

JP Morgan

17.3

108,491

66

17.4

(0.1)

Credit Suisse Group AG

17.2

107,759

45

12.6

4.6

17.1

107,384

55

9.7

7.4

BNP Paribas SA

10

10.3

64,423

36

17

4.5

5.8

HSBC Bank PLC

11

9.9

61,837

18

13

5.6

4.3

Deutsche Bank AG

Societe Generale SA

12

8.8

55,243

15

16

4.8

4.0

UBS AG

13

8.2

51,712

33

9.4

(1.2)

Barclays PLC

14

7.1

44,355

45

10.2

(3.1)

Credit Agricole Corporate & Investment Bank SA

15

4.8

30,198

10

65

0.3

4.5

Centerview Partners LLC

16

4.4

27,526

10

46

0.8

3.6

RBC Capital Markets

17

3.3

20,852

29

47

0.8

2.5

Banco Santander SA

18

3.3

20,831

11

60

0.5

2.8

Macquarie Group Ltd

19

3.1

19,280

26

27

1.7

1.4

Perella Weinberg Partners LP

20

2.6

16,524

18

2.8

(0.2)

TOTAL

$627,866

4,946

$430,212

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

11

M&A Financial Advisory League Tables

Global Private Equity Announced Deals

Ranked by Volume
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Goldman Sachs & Co

29.7

94,784

70

26.6

3.1

Morgan Stanley

29.0

92,289

55

12

12.5

16.5

Bank of America Merrill Lynch

19.1

61,008

35

30.0

(10.9)

Deutsche Bank AG

17.2

54,766

40

17.1

0.1

Citigroup Inc

14.9

47,535

30

13

10.5

4.4

JP Morgan

14.9

47,508

36

32.8

(17.9)

UBS AG

14.6

46,586

18

17

6.3

8.3

Credit Suisse Group AG

13.9

44,447

34

22.0

(8.1)

13.6

43,475

36

16.4

(2.8)

Lazard Ltd

10

9.4

29,795

33

18.3

(8.9)

Allen & Co Inc

11

6.0

19,150

Barclays PLC

6.0

RBC Capital Markets

12

5.9

18,950

22

11

12.8

(6.9)

Rothschild Ltd

13

5.3

16,993

37

21

4.4

0.9

PricewaterhouseCoopers LLP

14

4.5

14,483

43

25

2.5

2.0

Banco Santander SA

15

4.2

13,511

133

0.0

4.2

DBS Group Holdings Ltd

16

4.2

13,350

BNP Paribas SA

17

3.8

12,184

10

18

6.3

(2.5)

Societe Generale SA

18

3.5

11,269

19

5.1

(1.6)

Evercore Partners Inc

19

3.4

10,747

17

15

7.8

(4.4)

Macquarie Group Ltd

20

3.3

10,627

13

33

1.2

2.1

TOTAL

$318,820

3,524

4.2

$214,214

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

12

M&A Financial Advisory League Tables

United States Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Goldman Sachs & Co

38.7

366,166

127

25.3

13.4

Morgan Stanley

37.6

355,723

102

14.3

23.3

Bank of America Merrill Lynch

37.0

349,849

85

25.1

11.9

Barclays PLC

23.8

225,026

81

14.6

9.2

JP Morgan

23.1

218,415

83

29.5

(6.4)

Citigroup Inc

18.4

173,918

77

11

9.4

9.0

Lazard Ltd

16.6

156,893

62

13.7

2.9

Centerview Partners LLC

12.9

121,869

19

13.9

(1.0)

12.6

119,267

64

16.7

(4.1)

Deutsche Bank AG

10

9.9

93,427

58

12.5

(2.6)

Allen & Co Inc

11

9.3

87,555

121

0.0

9.3

Credit Suisse Group AG

RBC Capital Markets

12

8.6

81,725

48

15

5.7

2.9

PJT Capital LLC

13

8.0

75,705

8.0

Perella Weinberg Partners LP

14

5.7

53,378

11

41

0.6

5.1

UBS AG

15

4.8

44,913

29

19

3.1

1.7

Greenhill & Co Inc

16

3.9

36,891

16

16

3.3

0.6

Evercore Partners Inc

17

3.5

32,867

50

14

6.9

(3.4)

Rothschild Ltd

18

3.3

31,614

28

23

1.9

1.4

Credit Agricole Corporate & Investment Bank SA

19

2.9

27,151

163

0.0

2.9

Wells Fargo & Co

20

2.6

24,988

38

13

7.7

(5.1)

TOTAL

$945,365

7,203

$535,460

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

13

M&A Financial Advisory League Tables

United States Announced Deals

Target or Seller
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Goldman Sachs & Co

41.9

360,189

102

24.3

17.6

Bank of America Merrill Lynch

38.3

329,114

74

28.3

10.0

Morgan Stanley

38.2

328,330

88

15.3

22.9

Barclays PLC

25.5

219,478

73

16.8

8.7

JP Morgan

24.6

210,904

76

29.9

(5.3)

Citigroup Inc

19.5

167,292

65

11

10.5

9.0

Lazard Ltd

15.8

135,610

46

15.8

Centerview Partners LLC

14.1

120,718

17

16.5

(2.4)

11.4

98,294

52

12.9

(1.5)

Allen & Co Inc

10

10.2

87,555

103

0.1

10.1

RBC Capital Markets

11

8.9

76,077

42

14

6.7

2.2

PJT Capital LLC

12

8.8

75,705

Deutsche Bank AG

13

7.9

67,521

45

13.7

(5.8)

Perella Weinberg Partners LP

14

6.2

53,378

11

37

0.7

5.5

UBS AG

15

4.8

40,854

24

19

3.3

1.5

Greenhill & Co Inc

16

4.3

36,891

13

16

3.9

0.4

Evercore Partners Inc

17

3.7

32,013

46

13

8.1

(4.4)

Credit Suisse Group AG

8.8

Wells Fargo & Co

18

2.8

24,327

35

12

9.1

(6.3)

Mizuho Financial Group Inc

19

2.4

20,802

180

0.0

2.4

Moelis & Co

20

2.3

19,821

29

10

12.6

(10.3)

TOTAL

$859,186

6,081

$452,950

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

14

M&A Financial Advisory League Tables

Canada Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Barclays PLC

22.2

22,006

12

11

5.0

17.2

Goldman Sachs & Co

19.6

19,437

18

16.8

2.8

RBC Capital Markets

18.9

18,785

31

7.2

11.7

Morgan Stanley

18.0

17,870

11

20.9

(2.9)

Bank of America Merrill Lynch

14.3

14,217

10

7.9

6.4

JP Morgan

13.9

13,772

13

19

2.2

11.7

Deutsche Bank AG

13.4

13,328

12

5.0

8.4

BMO Capital Markets Corp/Toronto

12.6

12,522

16

9.9

2.7

11.9

11,826

15

13.4

(1.5)

TD Securities Inc

10

10.5

10,410

22

9.8

0.7

Citigroup Inc

11

10.3

10,238

15

3.2

7.1

Canaccord Genuity Corp

12

8.6

8,576

9.2

(0.6)

Macquarie Group Ltd

13

7.0

6,934

18

2.3

4.7

Bank of Nova Scotia

Houlihan Lokey

14

6.1

6,089

20

2.1

4.0

CIBC

15

6.0

5,923

17

15.6

(9.6)

National Bank of Canada Financial Inc

16

5.5

5,452

10

28

0.7

4.8

XMS Capital Partners LLC

17

5.4

5,400

5.4

Credit Suisse Group AG

18

4.8

4,773

21

1.6

3.2

Evercore Partners Inc

19

4.6

4,609

10

5.4

(0.8)

UBS AG

20

2.9

2,881

46

0.2

2.7

TOTAL

$99,284

1,207

$75,894

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

15

M&A Financial Advisory League Tables

Canada Announced Deals

Target or Seller
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

22.8

15,051

20.5

2.3

RBC Capital Markets

21.3

14,085

25

10.2

11.1

Goldman Sachs & Co

19.3

12,709

10

16.0

3.3

Bank of America Merrill Lynch

16.0

10,548

17

1.8

14.2

TD Securities Inc

15.0

9,905

19

13.4

1.6

Barclays PLC

14.4

9,500

11

3.1

11.3

BMO Capital Markets Corp/Toronto

13.9

9,150

12

11.1

2.8

Citigroup Inc

11.2

7,407

15

2.5

8.7

9.0

5,923

17

22.9

(13.9)

Bank of Nova Scotia

10

8.8

5,788

11

17.5

(8.7)

XMS Capital Partners LLC

11

8.2

5,400

8.2

Deutsche Bank AG

11

8.2

5,400

34

0.3

7.9

National Bank of Canada Financial Inc

13

8.2

5,400

20

1.1

7.1

JP Morgan

14

6.8

4,510

21

0.8

6.0

Evercore Partners Inc

15

6.8

4,470

8.1

(1.3)

Canaccord Genuity Corp

16

5.3

3,499

13.6

(8.3)

Centerview Partners LLC

17

2.9

1,912

2.9

UBS AG

18

2.5

1,666

42

0.1

2.4

Macquarie Group Ltd

19

2.3

1,535

19

1.1

1.2

FirstEnergy Capital Corp

20

2.2

1,453

10

26

0.6

1.6

$66,005

864

CIBC

TOTAL

$50,703

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

16

M&A Financial Advisory League Tables

Latin America Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Bank of America Merrill Lynch

27.8

17,799

7.1

20.7

Goldman Sachs & Co

27.0

17,319

13

31.3

(4.3)

Banco Santander SA

25.3

16,194

17

8.9

16.4

Banco Itau BBA SA

24.2

15,526

37

19.1

5.1

Credit Suisse Group AG

22.9

14,663

15.6

7.3

Rothschild Ltd

20.8

13,307

10

15

2.9

17.9

Deutsche Bank AG

15.9

10,208

22

1.0

14.9

Banco BTG Pactual SA

15.5

9,930

17

15.9

(0.4)

14.6

9,347

11

6.1

8.5

JP Morgan

10

12.1

7,764

20

1.7

10.4

UBS AG

11

11.8

7,548

6.6

5.2

Citigroup Inc

Morgan Stanley

12

10.8

6,903

10

12

5.3

5.5

BMO Capital Markets Corp/Toronto

13

9.1

5,850

26

0.6

8.5
9.1

CITIC Securities Co Ltd

13

9.1

5,850

Banco Bradesco BBI SA

15

9.0

5,794

15.4

(6.4)

Estater Gestao e Financas SA

16

7.4

4,741

24

0.8

6.6

Barclays PLC

17

7.3

4,674

14

3.2

4.1

RBC Capital Markets

18

2.6

1,669

2.6

Centerview Partners LLC

19

2.3

1,497

2.3

CIBC

19

2.3

1,497

2.3

$64,129

434

TOTAL

$39,860

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

17

M&A Financial Advisory League Tables

Brazil Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Banco Santander SA

54.2

15,781

16

17.5

36.7

Banco Itau BBA SA

43.4

12,646

31

37.6

5.8

Rothschild Ltd

43.3

12,614

10

4.7

38.6

Bank of America Merrill Lynch

41.0

11,949

17

1.5

39.5

Banco BTG Pactual SA

33.7

9,819

14

31.0

2.7

Goldman Sachs & Co

30.4

8,844

11.7

18.7

Credit Suisse Group AG

24.2

7,041

26.8

(2.6)

JP Morgan

23.5

6,849

15

1.8

21.7

22.3

6,499

13

2.0

20.3

Banco Bradesco BBI SA

10

19.9

5,794

30.5

(10.6)

Estater Gestao e Financas SA

11

16.3

4,741

16

1.5

14.8

Citigroup Inc

12

10.4

3,030

6.8

3.6

Morgan Stanley

13

8.1

2,349

10.5

(2.4)

Barclays PLC

14

4.0

1,160

12

2.0

2.0

Deutsche Bank AG

15

3.4

978

3.4

Lazard Ltd

16

2.5

739

14

1.9

0.6

Brasil Plural CCTV

17

2.2

625

22

0.5

1.7

Banco Modal SA

18

1.3

383

33

0.0

1.3

Banco Indusval SA

19

0.9

266

29

0.2

0.7

Singular Partners

20

0.7

210

24

0.5

0.2

UBS AG

TOTAL

$29,137

232

$20,136

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

18

M&A Financial Advisory League Tables

Europe Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

33.4

169,812

62

16.5

16.9

Lazard Ltd

27.6

139,976

64

11.6

16.0

Bank of America Merrill Lynch

24.8

126,174

48

13

8.0

16.8

Citigroup Inc

23.9

121,347

42

10.5

13.4

Goldman Sachs & Co

22.8

115,944

59

31.1

(8.3)

Deutsche Bank AG

22.2

112,877

42

11.0

11.2

Rothschild Ltd

21.8

110,989

97

12

8.5

13.3

Credit Suisse Group AG

18.8

95,443

27

12.8

6.0

18.6

94,312

46

17.6

1.0

BNP Paribas SA

10

17.6

89,502

44

16.1

1.5

Societe Generale SA

11

15.1

76,470

25

17

5.2

9.9

UBS AG

12

12.5

63,670

30

11

8.5

4.0

HSBC Bank PLC

13

12.1

61,432

18

18

5.0

7.1

Barclays PLC

14

10.5

53,530

41

13.5

(3.0)

Credit Agricole Corporate & Investment Bank SA

15

10.5

53,083

19

33

1.1

9.4

Perella Weinberg Partners LP

16

6.9

35,289

19

3.1

3.8

Banco Santander SA

17

4.0

20,466

49

0.7

3.3

Nordea Bank AB

18

3.1

15,779

28

1.4

1.7

Simon Robertson Associates LLP

19

2.5

12,726

2.5

Skandinaviska Enskilda Banken AB

20

2.5

12,696

12

35

1.1

1.4

JP Morgan

TOTAL

$508,138

4,500

$419,055

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

19

M&A Financial Advisory League Tables

Europe Announced Deals

Target or Seller
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

33.5

141,105

47

16.1

17.4

Lazard Ltd

29.6

124,777

55

11.6

18.0

Rothschild Ltd

24.6

103,532

87

10

9.3

15.3

Citigroup Inc

24.4

102,999

33

13

7.9

16.5

Deutsche Bank AG

24.3

102,268

37

11.7

12.6

Credit Suisse Group AG

22.1

93,185

22

13.9

8.2

Goldman Sachs & Co

21.9

92,229

44

33.9

(12.0)

Bank of America Merrill Lynch

21.5

90,537

38

11

8.4

13.1

21.2

89,502

42

18.3

2.9

Societe Generale SA

10

18.1

76,470

25

16

5.9

12.2

HSBC Bank PLC

11

13.8

58,215

15

17

4.1

9.7

UBS AG

12

13.3

56,168

26

14

7.0

6.3

JP Morgan

13

12.9

54,588

34

19.2

(6.3)

Credit Agricole Corporate & Investment Bank SA

14

12.6

53,083

18

32

1.3

11.3

Barclays PLC

15

10.6

44,687

28

12.5

(1.9)

Perella Weinberg Partners LP

16

7.2

30,289

19

3.3

3.9

Nordea Bank AB

17

3.7

15,779

26

1.5

2.2

BNP Paribas SA

Banco Santander SA

18

3.2

13,632

47

0.7

2.5

Skandinaviska Enskilda Banken AB

19

3.0

12,596

11

34

1.2

1.8

ABN AMRO Bank NV

20

2.7

11,352

13

78

0.2

2.5

TOTAL

$421,803

3,613

$368,307

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

20

M&A Financial Advisory League Tables

United Kingdom Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Goldman Sachs & Co

25.4

41,688

27

41.2

Bank of America Merrill Lynch

24.5

40,165

25

7.2

(15.8)
17.3

Morgan Stanley

20.8

34,150

19

16.2

4.6

JP Morgan

20.6

33,734

20

31.5

(10.9)

Citigroup Inc

17.5

28,615

12

20

2.7

14.8

Lazard Ltd

17.2

28,247

17

11

5.5

11.7

UBS AG

14.5

23,822

12

15.6

(1.1)

Deutsche Bank AG

13.3

21,839

14

18.1

(4.8)

Barclays PLC

12.2

19,936

22

17

3.5

8.7

Rothschild Ltd

10

10.8

17,693

43

10

5.7

5.1

BNP Paribas SA

11

7.8

12,756

12

26

1.5

6.3

Simon Robertson Associates LLP

12

7.8

12,726

7.8

Societe Generale SA

13

7.5

12,368

13

5.2

2.3

Perella Weinberg Partners LP

14

7.0

11,524

9.0

(2.0)

ABN AMRO Bank NV

15

6.8

11,079

91

0.0

6.8

Credit Agricole Corporate & Investment Bank SA

16

6.7

10,960

91

0.0

6.7

Banco Bilbao Vizcaya Argentaria SA

17

6.1

10,026

72

0.0

6.1

Banco Santander SA

17

6.1

10,026

6.1

Greenhill & Co Inc

19

5.8

9,494

62

0.1

5.7

RBC Capital Markets

20

2.8

4,663

34

0.9

1.9

TOTAL

$163,983

1,659

$134,096

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

21

M&A Financial Advisory League Tables

Germany Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

41.3

34,318

26.2

15.1

Deutsche Bank AG

34.7

28,879

14

41.7

(7.0)

JP Morgan

28.5

23,704

21.6

6.9

Rothschild Ltd

26.7

22,192

18

11

7.5

19.2

Bank of America Merrill Lynch

26.5

22,007

12.2

14.3

Goldman Sachs & Co

24.1

20,072

12

36.6

(12.5)

Citigroup Inc

12.0

9,971

13.0

(1.0)

Nordea Bank AB

11.0

9,152

46

0.0

11.0

11.0

9,152

41

0.1

10.9

Barclays PLC

10

8.7

7,240

15

5.9

2.8

Lazard Ltd

11

6.3

5,192

14

6.0

0.3

Ernst & Young

12

6.1

5,079

40

0.1

6.0

UBS AG

13

5.6

4,689

26.5

(20.9)

Credit Suisse Group AG

14

4.8

3,995

10.6

(5.8)

Greenhill & Co Inc

15

4.1

3,386

4.1

Stamford Partners

16

2.2

1,807

2.2

UniCredit SpA

17

1.4

1,164

29

0.6

0.8

Societe Generale SA

18

1.2

983

31

0.6

0.6

KPMG Corporate Finance LLC

19

0.9

733

16

4.5

(3.6)

Nomura Holdings Inc

20

0.7

604

10

7.6

(6.9)

Skandinaviska Enskilda Banken AB

TOTAL

$83,143

690

$59,392

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

22

M&A Financial Advisory League Tables

France Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Lazard Ltd

64.4

92,900

23

11.5

52.9

Morgan Stanley

57.8

83,436

13

27.9

29.9

Credit Suisse Group AG

54.9

79,250

15

5.6

49.3

Rothschild Ltd

50.6

73,016

32

11.8

38.8

BNP Paribas SA

50.2

72,408

23

17.7

32.5

Societe Generale SA

46.0

66,444

22

11

9.2

36.8

Citigroup Inc

40.5

58,420

13.7

26.8

HSBC Bank PLC

38.6

55,721

13

8.6

30.0

28.5

41,136

15

10

10.3

18.2

Deutsche Bank AG

10

26.7

38,469

11.5

15.2

Bank of America Merrill Lynch

11

25.8

37,215

12

9.1

16.7

UBS AG

12

17.6

25,463

16

2.9

14.7

Barclays PLC

13

15.7

22,630

14.8

0.9

Goldman Sachs & Co

14

15.5

22,347

10

19.9

(4.4)

Perella Weinberg Partners LP

15

13.3

19,210

13.3

JP Morgan

16

9.3

13,471

12.2

(2.9)

Leonardo & Co SpA

17

1.7

2,464

24

1.6

0.1

Banco Santander SA

18

1.5

2,168

33

0.3

1.2

Ernst & Young

19

1.3

1,807

41

0.1

1.2

Stamford Partners

19

1.3

1,807

1.3

Credit Agricole Corporate & Investment Bank SA

TOTAL

$144,329

601

$42,758

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

23

M&A Financial Advisory League Tables

Italy Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

JP Morgan

37.0

7,051

12

16.4

20.6

Lazard Ltd

31.6

6,028

22.6

9.0

Bank of America Merrill Lynch

25.2

4,794

Goldman Sachs & Co

24.3

4,638

52.1

(27.8)

Deutsche Bank AG

22.8

4,350

28.6

(5.8)

Evercore Partners Inc

22.8

4,350

22.8

Rothschild Ltd

17.7

3,364

10

21.3

(3.6)

Leonardo & Co SpA

16.5

3,135

22.7

(6.2)

25.2

14.2

2,701

14.2

KPMG Corporate Finance LLC

10

9.3

1,775

11

27

0.2

9.1

UniCredit SpA

11

7.4

1,415

34.6

(27.2)

BNP Paribas SA

12

6.4

1,222

27.4

(21.0)

Morgan Stanley

13

4.1

781

10

17.1

(13.0)

Citigroup Inc

14

3.1

594

32

0.0

3.1

Intesa Sanpaolo SpA

15

2.5

481

34.5

(32.0)

PricewaterhouseCoopers LLP

16

2.0

380

31

0.1

1.9

HSBC Bank PLC

17

1.9

352

13

14.7

(12.8)

Banco BTG Pactual SA

18

1.3

248

22

0.9

0.4

Moelis & Co

19

1.2

232

1.2

Altium Capital Ltd

20

1.2

223

1.2

Bank of America Corp

TOTAL

$19,059

212

$33,750

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

24

M&A Financial Advisory League Tables

Benelux Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

61.3

50,774

12

30.0

31.3

Bank of America Merrill Lynch

46.4

38,383

17.6

28.8

Perella Weinberg Partners LP

42.1

34,844

42.1

Lazard Ltd

41.2

34,104

16.5

24.7

Citigroup Inc

40.4

33,465

29.5

10.9

Goldman Sachs & Co

35.4

29,266

36.2

(0.8)

UBS AG

32.9

27,277

17

6.1

26.8

Deutsche Bank AG

29.8

24,659

18

5.9

23.9

28.5

23,577

10

15.3

13.2

Societe Generale SA

10

27.7

22,952

16

9.9

17.8

JP Morgan

11

26.0

21,562

24.9

1.1

Credit Agricole Corporate & Investment Bank SA

12

22.9

18,957

44

0.1

22.8

Credit Suisse Group AG

13

22.8

18,900

12

12.1

10.7

BNP Paribas SA

Barclays PLC

14

22.7

18,765

17.0

5.7

ABN AMRO Bank NV

15

13.7

11,352

13

32

0.6

13.1

BDT Capital Partners LLC

16

6.0

5,000

6.0

Centerview Partners LLC

16

6.0

5,000

6.0

Jefferies LLC

18

2.9

2,389

36

0.3

2.6

Deloitte Touche Tohmatsu ILA Group Ltd

19

2.1

1,744

49

0.0

2.1

ING Groep NV

20

1.2

959

10

34

0.5

0.7

TOTAL

$82,796

495

$88,454

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

25

M&A Financial Advisory League Tables

Iberia Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Banco Santander SA

54.2

20,407

13.0

41.2

UBS AG

48.5

18,262

15

3.5

45.0

Goldman Sachs & Co

48.4

18,237

28.9

19.5

Bank of America Merrill Lynch

46.4

17,477

5.2

41.2

BNP Paribas SA

33.3

12,542

28

0.6

32.7

Deutsche Bank AG

32.2

12,135

34

0.0

32.2

Morgan Stanley

31.8

11,979

14

3.9

27.9

JP Morgan

30.2

11,392

6.1

24.1

28.1

10,576

9.3

18.8

Credit Agricole Corporate & Investment Bank SA

10

26.6

10,026

22

1.3

25.3

Simon Robertson Associates LLP

10

26.6

10,026

26.6

Banco Bilbao Vizcaya Argentaria SA

Societe Generale SA

10

26.6

10,026

23

1.0

25.6

Rothschild Ltd

13

20.2

7,589

16

2.5

17.7

Lazard Ltd

14

10.9

4,090

34

0.0

10.9

Caixa Banco de Investimento SA

15

4.4

1,642

4.5

(0.1)

KPMG Corporate Finance LLC

16

3.7

1,397

11

19

2.0

1.7

Barclays PLC

17

3.6

1,360

19.2

(15.6)

HSBC Bank PLC

18

2.8

1,044

2.8

AZ Capital SL

19

1.8

693

1.8

Nomura Securities Co Ltd

19

1.8

693

1.8

TOTAL

$37,667

223

$19,791

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

26

M&A Financial Advisory League Tables

Nordic Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Deutsche Bank AG

34.7

16,502

18

4.0

30.7

Nordea Bank AB

33.1

15,779

16.3

16.8

JP Morgan

29.8

14,195

14.6

15.2

Skandinaviska Enskilda Banken AB

26.7

12,696

12

13.0

13.7

Morgan Stanley

22.2

10,572

11.1

11.1

Citigroup Inc

21.7

10,308

21

2.9

18.8

Goldman Sachs & Co

20.3

9,654

27.5

(7.2)

Rothschild Ltd

19.2

9,152

15

5.0

14.2
(4.7)

12.0

5,694

16.7

Bank of Nova Scotia

10

5.7

2,700

5.7

Access Partners

11

5.5

2,616

56

0.0

5.5

Saga Corporate Finance

12

4.6

2,167

4.6

Banco Santander SA

13

4.4

2,109

32

0.9

3.5

ABG Sundal Collier Holding ASA

14

4.4

2,089

PricewaterhouseCoopers LLP

15

3.0

1,411

30

12

9.0

(6.0)

Bank of America Merrill Lynch

16

2.7

1,283

17

4.1

(1.4)

Svenska Handelsbanken AB

17

2.6

1,237

11

9.1

(6.5)

RBC Capital Markets

18

2.2

1,060

41

0.4

1.8

Moelis & Co

19

1.2

589

24

2.0

(0.8)

FIH Erhvervsbank A/S

20

1.2

561

56

0.0

1.2

UBS AG

TOTAL

$47,608

668

4.4

$34,822

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

27

M&A Financial Advisory League Tables

Africa/Middle East Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

UBS AG

21.7

10,095

18.5

3.2

Macquarie Group Ltd

20.4

9,461

29

0.4

20.0

Grant Samuel Securities Pty Ltd

18.4

8,561

18.4

Lazard Ltd

16.0

7,452

12.5

3.5

Morgan Stanley

15.7

7,292

22.6

(6.9)

Goldman Sachs & Co

15.5

7,217

9.6

5.9

Bank of America Merrill Lynch

7.7

3,561

10

7.6

0.1

Credit Suisse Group AG

6.8

3,155

12.7

(5.9)

6.2

2,886

17

2.2

4.0

Citigroup Inc

10

5.5

2,562

26.7

(21.2)

Deutsche Bank AG

11

5.2

2,401

16

2.2

3.0

Gresham Partners Ltd

12

4.3

2,010

4.3

Leonardo & Co SpA

13

4.0

1,866

4.0

Jefferies Group LLC

14

2.2

1,000

Standard Chartered Bank

15

1.5

676

12

5.6

(4.1)

Ernst & Young

16

1.4

635

11

5.7

(4.3)

JP Morgan

17

0.9

420

19

1.7

(0.8)

Banco Santander SA

18

0.9

413

33

0.3

0.6

Barclays PLC

19

0.9

394

28.4

(27.5)

Investec Ltd

20

0.8

355

Rothschild Ltd

TOTAL

$46,475

509

2.2

0.8

$43,848

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

28

M&A Financial Advisory League Tables

Eastern Europe Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Deutsche Bank AG

25.6

8,936

8.2

17.4

Goldman Sachs & Co

25.2

8,790

11

6.6

18.6

Rothschild Ltd

24.7

8,623

23

1.1

23.6

Morgan Stanley

22.5

7,858

16.3

6.2

BNP Paribas SA

12.2

4,266

16

2.7

9.5

Barclays PLC

5.2

1,829

7.1

(1.9)

Deloitte Touche Tohmatsu ILA Group Ltd

4.6

1,601

41

0.0

4.6

Sberbank CIB CJSC

3.3

1,141

13

4.6

(1.3)
(4.3)

3.2

1,130

7.5

Jefferies LLC

10

2.9

1,000

2.9

HSBC Bank PLC

11

2.4

829

2.4

JP Morgan

11

2.4

829

13.1

(10.7)

Bank of America Merrill Lynch

13

1.6

565

12

4.7

(3.1)

UBS AG

14

1.4

497

31

0.3

1.1

FirstEnergy Capital Corp

15

1.4

470

35

0.2

1.2

VTB Capital ZAO

16

1.1

386

15.7

(14.6)

Blackstone Group LP/The

17

0.8

273

ING Groep NV

18

0.8

268

15

3.2

(2.4)

Citigroup Inc

19

0.8

268

10.3

(9.5)

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/

20

0.8

266

Credit Suisse Group AG

TOTAL

$34,887

570

0.8

0.8

$54,131

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

29

M&A Financial Advisory League Tables

Asia Pacific Ex-Japan Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

15.8

53,608

36

13.8

2.0

Goldman Sachs & Co

15.3

51,953

40

7.2

8.1

Citigroup Inc

12.7

42,997

36

13

3.7

9.0

Bank of America Merrill Lynch

10.7

36,365

19

10

5.6

5.1

Credit Suisse Group AG

9.7

32,914

24

8.3

1.4

Deutsche Bank AG

8.1

27,513

24

29

1.4

6.7

CITIC Securities Co Ltd

6.6

22,436

11

7.2

(0.6)

Lazard Ltd

6.3

21,343

21

11

4.9

1.4

6.2

21,164

22

10.2

(4.0)

UBS AG

10

6.0

20,167

19

9.4

(3.4)

Somerley Ltd

11

5.6

18,973

16

23

2.3

3.3

JP Morgan

Rothschild Ltd

12

5.5

18,678

32

25

2.1

3.4

China Securities Co Ltd

13

5.2

17,721

35

1.0

4.2

DBS Group Holdings Ltd

14

5.2

17,579

11

53

0.4

4.8

PricewaterhouseCoopers LLP

15

5.1

17,320

41

27

1.6

3.5

Macquarie Group Ltd

16

5.1

17,313

33

6.0

(0.9)

Haitong Securities Co Ltd

17

3.8

12,788

47

0.4

3.4

Grant Samuel Securities Pty Ltd

18

3.2

10,733

72

0.2

3.0

Nomura Holdings Inc

19

3.1

10,395

13

19

2.6

0.5

Standard Chartered Bank

20

2.7

9,201

10

24

2.2

0.5

TOTAL

$338,909

3,620

$263,984

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

30

M&A Financial Advisory League Tables

Asia Pacific Ex-Japan Announced Deals

Target or Seller
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

16.1

46,776

25

8.1

8.0

Goldman Sachs & Co

14.4

41,727

33

6.2

8.2

Citigroup Inc

12.0

34,693

29

10

4.0

8.0

Bank of America Merrill Lynch

9.1

26,331

14

21

2.4

6.7

Deutsche Bank AG

7.1

20,608

19

30

1.3

5.8

Credit Suisse Group AG

6.7

19,457

18

5.4

1.3

UBS AG

6.6

19,240

17

10.6

(4.0)

Somerley Ltd

6.6

18,973

16

18

2.8

3.8

6.4

18,511

20

11.1

(4.7)

China Securities Co Ltd

10

6.1

17,721

29

1.3

4.8

DBS Group Holdings Ltd

11

6.1

17,579

11

56

0.2

5.9

PricewaterhouseCoopers LLP

12

5.9

17,015

35

23

1.7

4.2

CITIC Securities Co Ltd

13

5.7

16,544

5.5

0.2

Macquarie Group Ltd

14

5.7

16,413

32

7.4

(1.7)

Lazard Ltd

15

5.6

16,258

13

13

3.5

2.1

Rothschild Ltd

16

4.7

13,594

19

28

1.4

3.3

Haitong Securities Co Ltd

17

4.4

12,788

37

0.5

3.9

Grant Samuel Securities Pty Ltd

18

3.7

10,733

53

0.2

3.5

Standard Chartered Bank

19

3.2

9,201

10

19

2.8

0.4

Nomura Holdings Inc

20

3.1

9,064

14

3.1

JP Morgan

TOTAL

$289,784

3,102

$212,818

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

31

M&A Financial Advisory League Tables

Australia & New Zealand Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Goldman Sachs & Co

34.9

25,081

15

6.0

28.9

UBS AG

22.8

16,406

14

18.6

4.2

Macquarie Group Ltd

21.9

15,721

26

16.6

5.3

Citigroup Inc

20.2

14,534

5.1

15.1

Bank of America Merrill Lynch

18.7

13,476

32

0.2

18.5

Credit Suisse Group AG

16.5

11,897

11

2.2

14.3

Deutsche Bank AG

15.3

10,996

10

2.2

13.1

Grant Samuel Securities Pty Ltd

14.9

10,733

16

1.4

13.5

14.9

10,719

14.8

0.1

Lazard Ltd

10

13.2

9,502

17.7

(4.5)

BMO Capital Markets Corp/Toronto

11

8.9

6,416

8.9

Morgan Stanley

CITIC Securities Co Ltd

12

8.1

5,850

8.1

Rothschild Ltd

13

8.0

5,779

10

40

0.0

8.0

JP Morgan

14

7.6

5,478

22

1.0

6.6

Gresham Partners Ltd

15

5.4

3,895

7.1

(1.7)

Standard Chartered Bank

16

5.4

3,880

24

0.6

4.8

Bank of Nova Scotia

17

3.1

2,229

15

1.8

1.3

Credit Agricole Corporate & Investment Bank SA

18

2.6

1,894

2.6

RBC Capital Markets

19

2.4

1,690

23

0.9

1.5

Nomura Holdings Inc

20

2.1

1,481

2.4

(0.3)

$71,939

678

TOTAL

$36,857

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

32

M&A Financial Advisory League Tables

Japan Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

47.0

26,474

20

21.0

26.0

Credit Suisse Group AG

28.3

15,948

23

2.2

26.1

Centerview Partners LLC

28.2

15,874

28.2

Goldman Sachs & Co

17.4

9,812

9.6

7.8

Sumitomo Mitsui Financial Group Inc

13.5

7,571

64

14.9

(1.4)

Nomura Holdings Inc

13.4

7,548

38

21.3

(7.9)

JP Morgan

8.1

4,540

7.9

0.2

Daiwa Securities Group Inc

7.5

4,207

24

14.1

(6.6)

Mizuho Financial Group Inc

5.0

2,831

45

13

7.3

(2.3)

KPMG Corporate Finance LLC

10

4.7

2,668

25

1.7

3.0

Citigroup Inc

11

4.2

2,359

19

2.7

1.5

PricewaterhouseCoopers LLP

12

2.4

1,355

31

0.7

1.7

Deutsche Bank AG

13

2.4

1,324

28

1.0

1.4

Macquarie Group Ltd

14

1.6

888

49

0.1

1.5

Ernst & Young

15

0.9

502

30

0.9

Evercore Partners Inc

16

0.8

450

33

0.6

0.2

Deloitte Touche Tohmatsu ILA Group Ltd

17

0.8

429

22

24

2.1

(1.3)

HSBC Bank PLC

18

0.8

422

0.8

Rothschild Ltd

19

0.5

290

41

0.2

0.3

CIMB

20

0.5

261

0.5

TOTAL

$56,298

1,101

$49,122

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

33

M&A Financial Advisory League Tables

China Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Morgan Stanley

20.0

27,535

15

11.7

8.3

CITIC Securities Co Ltd

16.3

22,436

11

17.5

(1.2)

Somerley Ltd

13.7

18,845

11

5.1

8.6

China Securities Co Ltd

12.9

17,721

13

2.5

10.4

Goldman Sachs & Co

10.0

13,690

11

12

2.9

7.1

Credit Suisse Group AG

9.7

13,377

11

3.1

6.6

Haitong Securities Co Ltd

9.3

12,788

25

0.9

8.4

Bank of America Merrill Lynch

8.9

12,271

33

0.7

8.2

7.8

10,720

57

0.2

7.6

Deutsche Bank AG

10

7.3

10,054

15

1.7

5.6

JP Morgan

11

7.2

9,947

4.1

3.1

Citigroup Inc

12

7.2

9,843

10

16

1.5

5.7

BMO Capital Markets Corp/Toronto

13

4.3

5,850

4.3

Lazard Ltd

14

3.4

4,672

20

1.4

2.0

China Renaissance Partners

15

3.1

4,223

15

17

1.4

1.7

Southwest Securities Co Ltd

16

2.7

3,755

14

14

1.8

0.9

China International Capital Corp Ltd

17

2.2

2,965

11.2

(9.0)

DBS Group Holdings Ltd

18

2.1

2,885

2.1

Rothschild Ltd

19

2.0

2,722

22

1.1

0.9

Barclays PLC

20

2.0

2,716

8.6

(6.6)

PricewaterhouseCoopers LLP

TOTAL

$137,447

1,242

$108,341

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

34

M&A Financial Advisory League Tables

Hong Kong Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Goldman Sachs & Co

37.3

23,851

6.9

30.4

Citigroup Inc

35.8

22,919

5.2

30.6

Bank of America Merrill Lynch

28.2

18,013

11

4.2

24.0

JP Morgan

21.7

13,860

10

4.6

17.1

Deutsche Bank AG

20.9

13,391

4.6

16.3

Morgan Stanley

20.3

12,991

17

3.5

16.8

Credit Suisse Group AG

15.3

9,806

5.2

10.1

Nomura Holdings Inc

11.0

7,020

23

2.3

8.7

BMO Capital Markets Corp/Toronto

9.2

5,850

9.2

CITIC Securities Co Ltd

9.2

5,850

9.2

Lazard Ltd

11

9.1

5,800

21

2.4

6.7

DBS Group Holdings Ltd

12

9.0

5,727

64

0.1

8.9

KPMG Corporate Finance LLC

13

7.9

5,074

7.9

UBS AG

14

7.4

4,706

11.2

Sumitomo Mitsui Financial Group Inc

15

3.2

2,032

Grant Samuel Securities Pty Ltd

16

2.4

1,537

Somerley Ltd

17

2.2

1,424

4.9

China Galaxy Securities Co Ltd

18

2.1

1,371

2.1

BNP Paribas SA

19

2.1

1,325

2.1

Jefferies Group LLC

20

1.8

1,134

1.8

$63,956

473

TOTAL

(3.8)
3.2
2.4
(2.7)

$24,258

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

35

M&A Financial Advisory League Tables

India Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

Citigroup Inc

36.0

8,393

21.5

14.5

Ernst & Young

22.3

5,184

13

16.6

5.7

Bank of America Merrill Lynch

20.8

4,841

17.2

3.6

ICICI Bank Ltd

18.1

4,208

16

2.7

15.4

GCA Savvian Corp

17.6

4,088

29

0.4

17.2

Evercore Partners Inc

17.6

4,088

17.6

Goldman Sachs & Co

17.6

4,088

11

9.5

8.1

JM Financial Ltd

14.7

3,427

17

2.0

12.7

13.8

3,217

23.8

(10.0)

Rothschild Ltd

10

7.8

1,820

14

3.7

4.1

Kotak Mahindra Bank Ltd

11

7.7

1,790

12

7.3

0.4

Standard Chartered Bank

12

6.6

1,546

17.8

(11.2)

Macquarie Group Ltd

13

6.1

1,421

15

2.9

3.2

HSBC Bank PLC

Morgan Stanley

14

4.5

1,057

25.9

(21.4)

Jefferies LLC

15

3.9

900

10

9.6

(5.7)

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/

16

3.1

724

3.1

JP Morgan

17

2.2

516

28

0.5

1.7

Credit Suisse Group AG

18

2.2

512

17.2

(15.0)

UBS AG

19

1.4

334

36.5

(35.1)

Greenhill & Co Inc

20

1.4

333

TOTAL

$23,292

387

1.4

$16,601

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

36

M&A Financial Advisory League Tables

South East Asia Announced Deals

Any Involvement
1/1/14 - 6/30/14

2014
RANK

FIRM

2013

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT

MKT SHARE

SHARE

CHANGE

DBS Group Holdings Ltd

22.8

16,568

24

1.4

21.4

Goldman Sachs & Co

22.0

15,993

12

13.4

8.6

Credit Suisse Group AG

21.6

15,686

19.8

1.8

Bank of America Merrill Lynch

20.3

14,787

15.2

5.1

Deutsche Bank AG

13.5

9,809

12

28

0.8

12.7

Citigroup Inc

12.4

9,018

25

1.1

11.3

Rothschild Ltd

12.3

8,935

23

1.6

10.7

Standard Chartered Bank

11.6

8,412

21

2.2

9.4

11.4

8,268

57

0.0

11.4

Morgan Stanley

10

11.4

8,266

11

17.7

(6.3)

JP Morgan

11

9.3

6,743

23.3

(14.0)

United Overseas Bank Ltd

Nomura Holdings Inc

12

7.5

5,419

16

6.9

0.6

KPMG Corporate Finance LLC

13

6.9

5,017

54

0.0

6.9

CIMB

14

5.5

4,021

16

19

3.4

2.1

UBS AG

15

3.8

2,752

11

10.3

(6.5)

Jefferies LLC

16

2.3

1,650

17

6.7

(4.4)

Sumitomo Mitsui Financial Group Inc

17

2.2

1,610

60

0.0

2.2

Grant Samuel Securities Pty Ltd

18

2.1

1,537

2.1

Banco BTG Pactual SA

19

1.9

1,368

1.9

Maybank

20

1.8

1,341

10

11.4

$72,778

696

TOTAL

(9.6)

$65,861

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

37

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 Bloombergs League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
{IDOC 2072054<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.

38