GLOBAL M&A MARKET REVIEW p.com
GLOBAL M&A MARKET REVIEW
FINANCIAL RANKINGS
1H 2018
CONTENTS
1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 5. Americas M&A Regional Review 6. Americas M&A League Tables 8. EMEA M&A Regional Review 9. EMEA M&A League Tables 12. APAC M&A Regional Review 13. APAC M&A League Tables 16. Disclaimer
1H 2018
GLOBAL M&A FINANCIAL ADVISORY RANKINGS
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 } to download copies of the final release and a full range of market specific league table results. On the web, visit: .
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
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
nqasim1@ mchaudhry13@ ssakashita@
General M&A queries may be submitted to: m-a@, malondon@, maasia@
?2018 Bloomberg Finance L.P. All rights reserved.
Global M&A Heat Map
North America USD 1.3T 1. Morgan Stanl ey 2. Gol dman Sachs & Co 3. JPMorgan Chas e & Co
39.2% 33.4% 31.6%
Western Europe USD 692.6B 1. Morga n Sta nl ey 2. JPMorga n Cha s e & Co 3. Gol dma n Sa chs & Co
30.3% 25.3% 20.8%
Eastern Europe USD 42.5B 1. JPMorga n Cha s e & Co 2. BNP Pa ri ba s SA 3. Roths chi l d & Co
15.8% 10.3%
8.9%
Latin America USD 101.5B 1. Morga n Sta nl ey 2. Ba nk of Ameri ca Merri l l Lynch 3. Banco Itau BBA SA
30.9% 20.2% 19.7%
Middle East & Africa USD 87.4B 1. JPMorga n Cha s e & Co 2. Ba rcl a ys Pl c 3. Gol dma n Sa chs & Co
34.5% 22.9% 22.8%
Asia Pacific USD 727.0B 1. Morga n Sta nl ey 2. JPMorga n Cha s e & Co 3. Ci ti group Inc
23.9% 23.7% 20.0%
Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2018.
2
Global M&A Review | 1H 2018
Global M&A Regional Review
Global M&A: Premium Breakdown
? Global merger and acquisition activity reached $2.1 trillion in 1H 2018, representing a 36.4%
increase from the same period last year. The consumer, non-cyclical sector experienced year-on-
year growth of 59.6%, with $490.5 billion in deal activity for the period. Takeda Pharmaceutical
Co Ltd's announced acquisition of Shire Plc for $80.2 billion was the largest deal announced
within the sector as well as globally.
? Private equity activity increased 22.5% year-on-year to $518.6 billion in transactions. The United
States continued to be the most acquisitive country in 1H2018, accounting for 46.4% of the
global private equity volume.
? Cross border deals reached $957.1 billion in deal volume for 1H2018, representing an increase of
35.8% from 1H2017. Deals involving European-based targets experienced a year-on-year
increase of 42.3% to $405.0 billion.
Global M&A: Highlights of 1H 2018
Total
Summary
Date
Target
Acquirer
Seller Value
Number of deals Volume (Bln.)
21,146 $2,078.2
5/8/2018
Shire PLC
Takeda
Pharmaceutical Co
-
Ltd
$80,163.1
Avg Deal Size (Mln.)
$98.2
3/8/2018
Express Scripts Holding Co
Cigna Corp
-
$68,375.7
5% 2% 1% 19%
40% 33%
0-10% 10-25% 25-50% 50-75% 75-100% 100%+
Global M&A: Industry Breakdown
Amount
% YoY
Industry
(Bln.) % of Total Change
Consumer Non-cyclical
$490.3
23.1% 59.5%
Financial
$437.3
20.6%
3.9%
Communications
$276.9
13.0% 139.9%
Consumer Cyclical
$180.2
8.5% -5.0%
Top Adviser Morgan Stanley
4/29/2018
Sprint Corp
Energy
T-Mobile US Inc
-
$57,805.6
Industrial
$175.0 $169.7
8.2% 8.0%
-5.9% 11.2%
Number of deals Volume (Bln.)
174 $623.5
4/25/2018
Sky PLC
Comcast Corp
Technology
-
$40,647.0
Utilities
$147.3 $141.4
6.9% 73.9% 6.7% 166.2%
Avg Deal Size (Bln.)
$3.6
4/30/2018
Andeavor
Marathon Petroleum Corp
-
Basic Materials
$30,465.0
Diversified
$100.3 $4.0
4.7% 183.1% 0.2% -55.9%
$1,400 $1,200 $1,000
$800 $600 $400 $200
$0 2013 Q2
Global M&A: Quarterly Volume
2014 Q2
2015 Q2
2016 Q2
2017 Q2
Volume $(Bln.)
Deal Count
Quarterly Volume represents any involvement (target, seller, or acquirer).
14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2018 Q2
Global M&A: Deal Type Breakdown
Amount % Change % Change
Deal Type
(Bln.) Deal Count Volume
Company Takeover
$1,265.3
-0.2% 57.7%
Cross Border
$957.1
-1.1% 35.8%
Private Equity
$518.6
1.5% 22.5%
Asset sale
$350.3
-7.0% 15.3%
Tender Offer
$222.3 -23.9% 39.5%
Venture Capital
$104.2
5.2% 65.1%
Spin-off
$28.4
37.1% -6.7%
Minority purchase
$257.4
5.0% 29.3%
Majority purchase
$173.0
-2.9% 29.8%
3
Global Announced Deals
FIRM Morgan Stanley Goldman Sachs & Co LLC JPMorgan Chase & Co Citigroup Inc Evercore Inc Bank of America Merrill Lynch Lazard Ltd Barclays PLC Centerview Partners LLC Credit Suisse Group AG Deutsche Bank AG Rothschild & Co PJT Partners Inc UBS AG Nomura Holdings Inc RBC Capital Markets Sumitomo Mitsui Financial Group Inc Robey Warshaw LLP Wells Fargo & Co Mizuho Financial Group Inc TOTAL
MKT SHR RANK (%)
2018 VOLUME USD
(Mln)
1
30.0
623,521
2
25.1
522,014
3
23.5
489,016
4
16.7
346,841
5
13.0
270,146
6
12.0
248,890
7
11.3
234,452
8
11.0
228,809
9
8.9
185,871
10
8.9
185,341
11
6.7
138,930
12
6.4
133,525
13
5.9
122,391
14
5.9
121,830
15
4.8
99,336
16
4.7
96,742
17
3.2
66,841
18
3.2
65,631
19
3.0
62,683
20
3.0
61,826
2,078,527
DEAL COUNT
01/01/2018 - 06/30/2018
2017 MKT SHR MKT SHR
RANK (%)
CHANGE
174 2
16.1
13.9
184 1
21.0
4.1
166 5
13.0
10.5
126 3
14.3
2.4
69 12
4.9
8.1
95 4
13.1
-1.2
109 9
7.8
3.5
90 6
8.7
2.3
27 18
2.6
6.4
98 7
8.3
0.6
52 13
4.7
2.0
159 8
8.3
-1.9
16 28
1.6
4.3
67 10
6.1
-0.3
61 29
1.4
3.4
64 14
3.9
0.7
90 46
0.7
2.5
3 22
2.0
1.1
22 23
2.0
1.0
53 65
0.4
2.6
21,174
1,524,122
Global Private Equity Announced Deals
2018
MKT SHR VOLUME USD
FIRM
RANK (%)
(Mln)
JPMorgan Chase & Co
1
25.7
133,346
Morgan Stanley
2
20.9
108,383
Goldman Sachs & Co LLC
3
20.9
108,362
Citigroup Inc
4
19.3
100,239
Barclays PLC
5
10.5
54,260
Lazard Ltd
6
9.4
48,666
Bank of America Merrill Lynch
7
9.2
47,653
Evercore Inc
8
8.1
41,790
Credit Suisse Group AG
9
7.6
39,436
Deutsche Bank AG
10
7.3
37,799
Rothschild & Co
11
6.8
35,040
Macquarie Group Ltd
12
5.7
29,585
UBS AG
13
5.4
28,109
Guggenheim Capital LLC
14
5.3
27,389
TD Securities Inc
15
4.2
21,797
RBC Capital Markets
16
4.1
21,251
China International Capital Corp Ltd
17
4.0
20,891
Centerview Partners LLC
18
4.0
20,890
Canson Capital Partners
19
3.3
17,000
CITIC Securities Co Ltd
20
2.7
14,000
TOTAL
518,587
DEAL COUNT
01/01/2018 - 06/30/2018
2017 MKT SHR MKT SHR
RANK (%)
CHANGE
66
5
14.0
11.8
74
2
23.0
-2.1
81
1
23.1
-2.2
46
6
12.5
6.8
40
8
10.1
0.3
47 15
4.0
5.4
33
3
14.8
-5.6
34 21
2.2
5.9
42
4
14.3
-6.7
23 10
6.2
1.1
80
9
6.4
0.4
21 17
3.0
2.7
26
7
11.5
-6.0
8 75
0.2
5.1
8 86
0.2
4.0
25 14
5.6
-1.5
9 94
0.1
3.9
13 13
5.6
-1.6
1
-
-
3.3
1 47
0.5
2.2
6,476
423,485
Cross Border Announced Deals
FIRM
MKT SHR RANK (%)
2018 VOLUME USD
(Mln)
Morgan Stanley
1
35.4
338,855
JPMorgan Chase & Co
2
28.4
272,158
Goldman Sachs & Co LLC
3
26.7
255,624
Citigroup Inc
4
23.5
225,030
Evercore Inc
5
16.3
156,377
Barclays PLC
6
14.8
141,563
Bank of America Merrill Lynch
7
13.2
126,537
Lazard Ltd
8
11.7
112,038
Nomura Holdings Inc
9
9.2
88,428
UBS AG
10
9.1
86,943
Robey Warshaw LLP
11
6.9
65,631
Rothschild & Co
12
6.7
63,757
Deutsche Bank AG
13
6.4
61,454
PJT Partners Inc
14
6.1
58,776
Credit Suisse Group AG
15
5.9
56,310
RBC Capital Markets
16
5.4
51,379
Wells Fargo & Co
17
4.5
43,065
Banco Comercial Portugues SA
18
4.1
39,409
LionTree Advisors LLC
19
3.7
35,301
Macquarie Group Ltd
20
3.1
29,254
TOTAL
957,129
DEAL COUNT
01/01/2018 - 06/30/2018
2017 MKT SHR MKT SHR
RANK (%)
CHANGE
89 4
18.6
16.8
95 5
16.3
12.2
104 1
27.3
-0.6
71 2
19.5
4.0
35 19
3.0
13.4
48 12
6.2
8.6
50 3
19.3
-6.1
74 8
11.3
0.4
26 29
1.8
7.4
39 9
9.0
0.1
3 16
4.4
2.5
111 6
12.0
-5.4
27 11
7.4
-1.0
8 21
2.7
3.4
55 7
11.4
-5.5
32 13
5.0
0.3
8 23
2.3
2.2
2 113
0.1
4.0
5 182
0.0
3.7
32 33
1.7
1.4
7,705
705,050
4
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