GLOBAL M&A MARKET REVIEW p.com

GLOBAL M&A MARKET REVIEW

FINANCIAL RANKINGS

1Q 2020

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

1Q 2020

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 EeWen Tay

Phone

+1-646-324-2878 +44-20-3525-3754 +65-6231-3404

Email

nqasim1@ mchaudhry13@ etay26@

General M&A queries may be submitted to: m-a@, malondon@, maasia@

?2020 Bloomberg Finance L.P. All rights reserved. 1

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Global M&A Review | 1Q2020

Global M&A Regional Review

? Global merger and acquisition activity reached $655.5 billion in 1Q2020, representing a 31.5% decrease compared to the same period last year. The Industrial sector experienced massive growth with deal activity reaching a high of $93.0 billion, an increase of 39.1% compared to the same period last year. The pending acquisition of Willis Towers Watson PLC by Aon PLC/UK for $31.4 billion was the largest transaction globally.

? Private equity activity decreased by 23.9% year-on-year to $217.1 billion in transactions. The United States was the most acquisitive country in 1Q2020, accounting for 45.0% of the global private equity volume. The pending sale of thyssenkrupp Elevator AG for $18.9 billion was the largest private equity deal in the region.

Global M&A: Premium Breakdown

0% 3%

8% 24%

19%

0-10% 10-25% 25-50% 50-75%

75-100%

46%

100%+

Summary Number of deals Volume (Bln.) Avg Deal Size (Mln.)

Top Adviser Goldman Sachs & Co Number of deals Volume (Bln.) Avg Deal Size (Bln.)

Global M&A: Highlights of 1Q2020

10,794 $655.5

$60.7

75 $189.9

$2.5

Date

3/9/20 2/28/20 2/20/20 3/3/20 2/3/20

Target

Willis Towers Watson PLC

Acquirer

Aon PLC/UK

Seller

-

thyssenkrupp Elevator AG

Multiple Acquirers

thyssenkrupp AG

E*TRADE Financial Corp

Morgan Stanley

-

QIAGEN NV

Thermo Fisher Scientific Inc

-

Ingenico Group SA

Worldline SA/France

-

Total Value

Global M&A: Industry Breakdown

Amount

% YoY

Industry

(Bln.) % of Total Change

Financial

$31,439.7

Industrial

$243.1 $93.0

37.1% 14.2%

15.4% 38.3%

Consumer Non-cyclical

$18,921.7

Technology

$82.6 $67.5

12.6% 10.3%

-67.3% -32.5%

Consumer Cyclical

$14,507.7

Communications

$66.0 $35.6

10.1% 5.4%

-3.5% -58.5%

Basic Materials

$11,019.9

Energy

$28.0 $26.0

4.3% 4.0%

-76.2% -44.6%

Utilities

$10,650.4

Diversified

$8.4

1.3% -22.8%

$5.0

0.8% 619.1%

$1,400 $1,200 $1,000

$800 $600 $400 $200

$0 2015 Q1

Global M&A: Quarterly Volume

2016 Q1

2017 Q1

Volume $(Bln.)

2018 Q1

2019 Q1 Deal Count

Global M&A: Deal Type Breakdown

14,000 Deal Type

Amount % Change % Change (Bln.) Deal Count Volume

12,000 Company Takeover

$373.4

-8.0% -22.6%

10,000 Cross Border

$250.3

-8.2% -16.9%

8,000 Private Equity

$217.1

-1.6% -23.9%

6,000 4,000 2,000 0 2020 Q1

Asset sale Tender Offer Venture Capital Spin-off Minority purchase Majority purchase

$107.5 $69.9 $58.0 $11.1

$102.6 $40.3

2.9% -2.9% 10.9% -17.4% 1.2% -16.4%

-23.8% 107.1%

10.7% -77.3% -16.2% -70.6%

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

3

Global Announced Deals

FIRM Goldman Sachs & Co LLC JPMorgan Chase & Co Morgan Stanley Barclays PLC Citigroup Inc Credit Suisse Group AG Rothschild & Co UBS AG BofA Securities Inc Lazard Ltd Deutsche Bank AG Nomura Holdings Inc Evercore Inc Ernst & Young LLP Societe Generale SA Centerview Partners LLC Macquarie Group Ltd HSBC Bank PLC BNP Paribas SA Moelis & Co TOTAL

MKT SHR RANK (%)

2020 VOLUME USD

(Mln)

1

29.0

189,911

2

22.6

148,437

3

20.4

133,917

4

9.8

64,013

5

9.5

61,938

6

9.4

61,355

7

9.2

60,203

8

8.4

54,886

9

7.7

50,536

10

6.7

43,863

11

5.0

32,886

12

4.6

30,239

13

4.0

26,345

14

3.9

25,746

15

3.6

23,656

16

3.1

20,382

17

3.1

20,019

18

2.8

18,566

19

2.7

17,592

20

2.5

16,508

655,534

DEAL COUNT

01/01/2020 - 03/31/2020

2019 MKT SHR MKT SHR

RANK (%)

CHANGE

75

2

32.0

-3.0

67

1

32.1

-9.5

68

3

30.1

-9.7

35 12

5.9

3.9

42

4

27.9

-18.4

29 10

7.8

1.6

65 14

3.8

5.4

29 19

2.6

5.8

49 5

16.6

-8.9

40 15

3.7

3.0

18 22

2.4

2.6

31 42

0.5

4.2

37 6

16.6

-12.5

51 25

1.6

2.4

7 65

0.2

3.4

15 11

6.4

-3.3

14 57

0.3

2.8

11

9

8.6

-5.8

19 13

4.5

-1.8

24

7

11.5

-9.0

10,793

Global Private Equity Announced Deals

2020

MKT SHR VOLUME USD

FIRM

RANK (%)

(Mln)

Goldman Sachs & Co LLC

1

33.9

73,641

JPMorgan Chase & Co

2

21.6

46,771

UBS AG

3

13.1

28,331

Morgan Stanley

4

12.1

26,295

Citigroup Inc

5

11.7

25,387

Lazard Ltd

6

11.6

25,215

Deutsche Bank AG

7

9.9

21,442

Rothschild & Co

8

9.6

20,751

Nomura Holdings Inc

9

9.5

20,591

Ernst & Young LLP

10

9.3

20,080

Macquarie Group Ltd

11

9.1

19,640

Barclays PLC

12

8.8

18,992

BofA Securities Inc

13

7.7

16,747

Evercore Inc

14

4.6

10,016

Credit Suisse Group AG

15

3.6

7,734

Qatalyst Partners LLC

16

3.5

7,540

Wells Fargo & Co

17

3.0

6,471

Raymond James & Associates Inc

18

2.5

5,513

Jefferies LLC

19

2.3

5,086

Guggenheim Capital LLC

20

2.3

5,000

TOTAL

217,059

DEAL COUNT

01/01/2020 - 03/31/2020

2019 MKT SHR MKT SHR

RANK (%)

CHANGE

36

1

34.1

-0.2

18

2

33.5

-12.0

15

7

6.0

7.1

31

4

31.9

-19.8

17

5

28.3

-16.6

10 18

1.5

10.1

8 17

1.8

8.1

27 10

4.6

5.0

6 26

0.8

8.7

27 16

2.3

6.9

8 44

0.2

8.8

20

9

4.8

4.0

19

3

32.8

-25.1

19 19

1.5

3.2

14

8

4.8

-1.3

2 13

4.1

-0.6

5 23

0.8

2.1

17 69

0.1

2.5

23 11

4.5

-2.1

4 69

0.1

2.2

3,769

Cross Border Announced Deals

FIRM

MKT SHR RANK (%)

2020 VOLUME USD

(Mln)

Goldman Sachs & Co LLC

1

33.3

83,315

JPMorgan Chase & Co

2

25.2

63,145

UBS AG

3

15.5

38,860

Rothschild & Co

4

13.7

34,334

Barclays PLC

5

13.4

33,477

Lazard Ltd

6

11.1

27,859

BofA Securities Inc

7

9.9

24,833

Morgan Stanley

8

9.8

24,559

Deutsche Bank AG

9

8.9

22,197

Ernst & Young LLP

10

8.7

21,850

Nomura Holdings Inc

11

8.7

21,789

Citigroup Inc

12

8.2

20,541

Macquarie Group Ltd

13

7.6

19,126

Greenhill & Co Inc

14

4.3

10,631

HSBC Bank PLC

15

3.7

9,237

Evercore Inc

16

2.8

6,929

Credit Suisse Group AG

17

2.7

6,626

Wells Fargo & Co

18

2.5

6,324

BNP Paribas SA

19

1.7

4,252

PricewaterhouseCoopers LLP

20

1.6

4,056

TOTAL

250,253

DEAL COUNT

01/01/2020 - 03/31/2020

2019 MKT SHR MKT SHR

RANK (%)

CHANGE

34

1

18.3

15.0

33

3

12.4

12.9

15 10

6.4

9.2

44

9

7.0

6.7

20 13

4.8

8.6

17 6

7.3

3.8

26 2

13.1

-3.1

29 5

11.5

-1.7

10 12

4.9

3.9

35 22

3.0

5.7

15 35

0.9

7.8

19 4

11.9

-3.6

6 45

0.5

7.2

3 34

0.9

3.4

8 18

3.9

-0.2

14 21

3.2

-0.5

11 8

7.0

-4.4

2 24

1.9

0.6

13 28

1.3

0.4

53 31

1.0

0.6

3,768

4

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