US M&A News and Trends

[Pages:7]FLASHWIRE US MONTHLY

Media Questions/Requests media_request@

January 2022

This Issue:

2 US Merger Metrics

2 US Middle Market Monitor

3 US Sector Activity & Value

4 US Strategic Buyer Report

4 US Private Equity Report

5 Top US Advisors

6 Top US SPAC Advisors

7 Top US Deals Scoreboard

US M&A News and Trends

U.S. M&A deal activity slighly increased in December, going up 0.2% with 1,714 announcements compared to 1,711 in November. However, aggregate M&A spending decreased. In December 19.4% less was spent on deals compared to November.

U.S. private equity activity increased in December up 10.6% from November. There were 219 deals in December compared to 198 in November. Aggregate transaction value decreased, down by 42% to $68.4 billion from November's $118 billion.

Over the past 3 months, the sectors that saw an increase in M&A deal activity, relative to the same three-month period one year ago, were: Technology Services (1078 vs. 868), Commercial Services (635 vs. 563), Producer Manufacturing (304 vs. 238), Distribution Services (283 vs. 250) and Health Services (240 vs. 215). Twelve of the 21 sectors tracked by FactSet Mergers posted relative gains in deal flow over the last three months compared to the same three months one year prior.

Over the past 3 months, the sectors that have seen declines in M&A deal volume, relative to the same three-month period one year ago have been: Finance (653 vs. 1078), Electronic Technology (105 vs. 128), Consumer Services (261 vs. 282), Energy Minerals (36 vs. 49) and Utilities (96 vs. 100). Nine of the 21 sectors tracked by FactSet Mergers posted negative relative losses in deal flow over 494 deals.

The top financial advisors for 2021 based on deal announcements, are: Goldman Sachs & Co., JPMorgan Chase & Co, Houlihan Lokey, Inc., BDO LLP and Morgan Stanley. The top five financial advisors, based on the aggregate transaction value of the deals worked on, are: Goldman Sachs & Co., JPMorgan Chase & Co, Morgan Stanley, Citigroup and BofA Securities, Inc.

The top legal advisors for 2021 based on deal announcements, are: Kirkland & Ellis LLP, Latham & Watkins LLP, Goodwin Procter LLP, Skadden, Arps, Slate, Meagher & Flom and Jones Day LP. The top five legal advisors, based on the aggregate transaction value of the deals worked on, are: SKirkland & Ellis LLP, Sullivan & Cromwell LLP, Latham & Watkins LLP, Simpson Thacher & Bartlett LLP and Skadden, Arps, Slate, Meagher & Flom.

Topping the list of the largest deals announced in December are: Oracle Corp. agreeing to acquire Cerner Corp. for $27.8 billion; BMO Harris Bank NA, a subsidiary of Bank of Montreal, reaching an agreement to acquire Bank of the West from BNP Paribas SA for $16.3 billion; Rentokil Initial Plc entering an agreement to acquire Terminix Global Holdings, Inc. for $6.6 billion; Pfizer, Inc.'s deal to acquire Arena Pharmaceuticals, Inc. for $6.2 billion; Entegris, Inc. agreeing to acquire CMC Materials, Inc. for $5.6 billion.

The US Mergers & Acquisitions Market Index

$400.0

$350.0

$300.0 $250.0

$246.4

$264.9

$200.0

$277.0

$349.7

$298.4

$306.8

$203.4

$199.8

2,000

$329.9

1,750

$276.2 $245.2

$272.5

$221.5

$177.7

$262.5

1,500

$211.5

1,250 1,000

$150.0

750

$100.0

500

$50.0 $0.0

1,302 Sep-20

1,554 Oct-20

1,375 Nov-20

2,025 Dec-20

1,808 Jan-21

1535 Feb-21

1,858

1,633

Mar-21 Apr-21 Deal Volume

1,601

1,947

1,833

May-21 Jun-21

Jul-21

Aggregate Deal Value

1,869 Aug-21

1,872 Sep-21

1,726 Oct-21

1,711 Nov-21

250

1,714 0

Dec-21



Copyright ? 2022 FactSet Research Systems Inc. All rights reserved.

1

US MergerMetrics

January 2022

Merger Stats

Deal Size $1 Billion + $500M to $999.9M $250M to $499.9M $100M to $249.9M $50M to $99.9M $25M to $49.9M $10M to $24.9M Under $10M Undisclosed Total

Number of Deals

12 Months Ended

12/31/21

12/31/20

676

331

342

214

525

304

719

496

609

412

624

476

706 1,505 15,401 21,107

698 1,677 10,495 15,103

Change 104.2% 59.8% 72.7% 45.0% 47.8% 31.1% 1.1% -10.3% 46.7% 39.8%

Agg. Transaction Value ($Bil)

12 Months Ended

12/31/21

12/31/20

$2,524.6 243.2 186.3

$1,340.1 151.5 106.6

115.8

78.4

42.8

29.0

22.3

16.9

11.6 5.1 N/A

$3,151.8

11.4 4.8 N/A

$1,738.7

Change 88.4% 60.5% 74.8% 47.7% 47.8% 31.9% 2.5% 7.0% N/A 81.3%

Average P/E

33.5 23.4 19.5 20.3 23.4 21.7 24.6 12.9 N/A 26.2

M&A at a Glance

MEDIAN P/E

MEDIAN PREMIUM

30.0x 25.0x 20.0x 15.0x 17.1x 10.0x 5.0x 0.0x

4Q19

1Q20

2Q20

3Q20

27.1x 4Q20

1Q21

2Q21

3Q21

16.4x 4Q21

45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0%

5.0% 0.0%

32.7% 4Q19

1Q20

2Q20

3Q20

38.2% 4Q20

1Q21

2Q21

3Q21

28.4% 4Q21

US Middle Market Monitor

MEDIAN EV/EBITDA

MEDIAN PREMIUM

12.0x

60.0%

10.0x 9.6x

8.0x

6.0x

10.7x

50.0%

40.0% 8.0x

30.0% 34.7%

38.3%

40.7%

4.0x

20.0%

2.0x

10.0%

0.0x 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

0.0%

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

*Middle Market defined as deals valued between $1 million and $500 million, plus undisclosed deals.

Media: Media quotation with source attribution is encouraged. Reporters requesting additional information or editorial comment should contact media_request@. Mergerstat gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided in this publication. Copyright 2022 FactSet Research Systems Inc. All rights reserved. It is illegal under federal copyright law to reproduce or redistribute this publication or any portion of its contents without written authorization of the publisher.



Copyright ? 2022 FactSet Research Systems Inc. All rights reserved.

2

SECTOR BY ACTIVITY

Target Sector

Technology Services Commercial Services Producer Manufacturing Distribution Services Health Services Retail Trade Industrial Services Consumer Non-Durables Process Industries Non-Energy Minerals Transportation Government Consumer Durables Health Technology Miscellaneous Communications Utilities Energy Minerals Consumer Services Electronic Technology Finance Total

SECTOR BY VALUE

Target Sector

Communications Consumer Services Finance Utilities Process Industries Producer Manufacturing Miscellaneous Government Non-Energy Minerals Consumer Non-Durables Consumer Durables Industrial Services Transportation Technology Services Health Services Distribution Services Commercial Services Energy Minerals Retail Trade Electronic Technology Health Technology Total

US Sector Activity & Value

L3M 12/31/21 Deal Count

1078 635 304 283 240 213 254 114 153 71 133 2 78 160 3 50 96 36 261 105 653

4,922

L3M 12/31/20 Deal Count

868 563 238 250 215 194 236

96 137

59 127

1 79 161

5 54 100 49 282 128 1078 4,920

L3M 12/31/21 Value

$56,183.1 43,372.6

119,409.3 26,668.8 26,997.0 21,189.4 0.0 41.3 3,889.2 12,777.7 11,036.1 23,646.7 20,490.4

154,916.3 8,832.9

13,655.5 23,480.4

8,897.4 7,987.4 17,822.4 35,035.1 $636,329.0

L3M 12/31/20 Value

$18,163.3 17,179.5

106,756.5 14,873.4 24,566.9 19,510.0 5.4 135.0 4,092.0 14,566.6 13,534.9 26,720.7 25,315.1

162,368.7 18,474.4 28,978.7 38,864.3 28,627.9 39,073.2 62,414.1 81,035.0

$745,255.6

January 2022

Difference 210 72 66 33 25 19 18 18 16 12 6 1 (1) (1) (2) (4) (4) (13) (21) (23)

(425) 2

Difference $38,019.9

26,193.2 12,652.7 11,795.4

2,430.1 1,679.4

(5.4) (93.7) (202.8) (1,788.9) (2,498.8) (3,074.0) (4,824.7) (7,452.4) (9,641.6) (15,323.2) (15,383.9) (19,730.4) (31,085.8) (44,591.7) (45,999.9) ($108,926.6)



Copyright ? 2022 FactSet Research Systems Inc. All rights reserved.

3

US Strategic Buyer Report

January 2022

Merger Stats

Deal Size

$1 Billion + $500M to $999.9M $250M to $499.9M $100M to $249.9M $50M to $99.9M $25M to $49.9M $10M to $24.9M Under $10M Undisclosed Total

Number of Deals

12 Months Ended

12/31/21

12/31/20

288 198 350 549 482 486 574 1,233 12,351 16,511

154 106 187 329 320 376 586 1,379 8,400 11,837

PUBLIC BUYER INDEX LTM 12/31/21

Change

87.0% 86.8% 87.2% 66.9% 50.6% 29.3% -2.0% -10.6% 47.0% 39.5%

Agg. Transaction Value ($Bil)

12 Months Ended

12/31/21

12/31/20

Change

$974.1 130.5 118.4

$699.6 74.0 65.4

39.2% 76.3% 81.1%

83.2 31.9 16.8

9.0 4.1 N/A $1,367.9

51.3 22.6 13.4

9.5 3.9 N/A $939.7

62.2% 41.1% 25.7% -5.1%

4.0% N/A 45.6%

Average P/E

32.2 20.4 19.4 19.7 16.9 23.2 51.9 12.9 N/A 24.5

$150

$100

$74.7

$50

354 $0

Jan-21

$72.4

$75.3

$124.1

$122.7

$87.8

317 Feb-21

418 Mar-21

367 Apr-21

368

521

May-21

Jun-21

Deal Volume

$100.1

$112.3

$116.4

437

477

Jul-21

Aug-21

Aggregate Deal Value

477 Sep-21

$85.8

446 Oct-21

$95.7

406 Nov-21

600

$85.0

400

200

399 0

Dec-21

US Private Equity Report

Indices

PE BUYER INDEX: LTM 12/31/21

$300

240

$250

$201.3

200

$200

$150 $83.4

$100

$148.9

160

$126.0 $123.2

$122.3

$118.0

120

$78.9

$68.1 $61.0 $36.8

$94.3 80

$50

40

196 185 213 199 153 192 210 174 176 179 198 219

$0

0

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21

GOING PRIVATE INDEX: LTM 12/31/21

$50 $41.2

$48.8

15

$40

$31.2

$30

$24.8

$20

$15.7

$17.2 $16.4

$19.6

12 $32.9

9

$12.2 6

$10

$4.9 $6.5

3

10

6

9

4

7

9

8

6

3

3

8

6

$0

0

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21

Top Private Equity Fundraisings: YTD 2021

Open Date

22-Jan-2021 29-Sep-2021 23-Mar-2021 18-Feb-2021 14-Oct-2021 1-Jan-2021 25-May-2021 1-Jan-2021

12-May-2021 16-Mar-2021

Value ($Mil)

Fund (Private Equity Sponsor)

$24,400.0 Hellman & Friedman X Fund

Hellman & Friedman LLC

13,500.0 GEI Capital IX LLC

Leonard Green & Partners LP

12,500.0 TA XIV Fund

TA Associates Management LP

12,000.0 Insight Partners XII Fund

Insight Venture Management LLC

12,000.0 Platinum Equity Capital Partners VI LP

Platinum Equity Advisors LLC

10,000.0 Blackstone Growth Fund II

Blackstone Growth Advisors LLC

10,000.0 Clearlake Capital Partners VII Fund

Clearlake Capital Group LP

10,000.0 8,500.0

Tiger Global Private Investment Partners XV LP Tiger Global Management LLC (Private Equity)

The Baring Asia Private Equity Fund VIII

Baring Private Equity Asia Ltd.

8,350.0

Summit Partners Growth Equity Fund XI

Summit Partners LP



Copyright ? 2022 FactSet Research Systems Inc. All rights reserved.

4

Top US Advisors

January 2022

BASED ON US ANNOUNCED DEALS ? RANKED BY TRANSACTION VALUE: YTD 2021

Financial Advisor

Transaction Value ($Mil)*

Total Deals**

Legal Advisor

Transaction Value ($Mil)*

1.

Goldman Sachs & Co.

$1,227,749.5

399 1.

Kirkland & Ellis LLP

$578,942.4

2.

JPMorgan Chase & Co

934,492.1

385 2.

Sullivan & Cromwell LLP

572,375.7

3.

Morgan Stanley

869,045.6

266 3.

Latham & Watkins LLP

457,731.4

4.

Citigroup

606,773.0

191 4.

Simpson Thacher & Bartlett LLP

443,690.2

5.

BofA Securities, Inc.

591,217.0

237 5.

Skadden, Arps, Slate, Meagher & Flom

424,947.6

6.

Barclays Plc

420,044.4

191 6.

Wachtell, Lipton, Rosen & Katz

419,893.6

7.

Evercore, Inc.

366,293.4

150 7.

Paul, Weiss, Rifkind, Wharton & Garrison

393,382.4

8.

Credit Suisse

295,215.6

162 8.

Weil, Gotshal & Manges LLP

341,912.6

9.

Jefferies LLC

206,927.6

246 9.

Cravath, Swaine & Moore LLP

319,661.5

10. UBS Group AG

195,455.1

89 10. Davis Polk & Wardwell LLP

304,273.5

11. Centerview Partners LLC

195,269.9

76 11. Gibson, Dunn & Crutcher LLP

230,869.9

12. Deutsche Bank AG

190,405.0

93 12. Fried, Frank, Harris, Shriver & Jacobson

221,112.0

13. Lazard

152,489.7

138 13. Debevoise & Plimpton LLP

195,005.5

14. LionTree LLC

151,647.3

37 14. Cooley LLP

185,600.9

15. RBC Capital Markets

147,097.1

115 15. Alston & Bird LLP

182,279.8

16. Perella Weinberg Partners

142,022.9

56 16. Ropes & Gray LLP

176,130.3

17. Guggenheim Capital LLC

139,360.7

69 17. White & Case LLP

156,291.3

18. PJT Partners, Inc.

126,301.6

48 18. Shearman & Sterling LLP

155,693.4

19. Allen & Co., Inc.

122,187.4

18 19. Cleary Gottlieb Steen & Hamilton LLP

135,900.9

20. Moelis & Co.

120,214.8

141 20. Herbert Smith Freehills LLP

133,743.1

21. Rothschild & Co

114,997.1

153 21. Hogan Lovells

126,021.3

22. Houlihan Lokey, Inc.

105,682.1

290 22. Goodwin Procter LLP

125,407.2

23. Bank of Montreal

103,883.3

41 23. Freshfields Bruckhaus Deringer LLP

119,590.1

24. Stifel/KBW

100,044.8

183 24. Clifford Chance LLP

118,635.8

25. BNP Paribas SA

83,928.7

45 25. Jones Day LP

116,308.6

26. Wells Fargo & Co.

82,147.5

56 26. DLA Piper Group

114,109.2

27. Qatalyst Group LP

75,434.8

15 27. Vinson & Elkins LLP

103,581.5

28. Nomura Securities Co., Ltd.

67,908.3

50 28. Sidley Austin LLP

102,630.4

29. Piper Sandler Cos.

67,565.0

186 29. Wilmer Cutler Pickering Hale & Dorr

98,512.4

30. PricewaterhouseCoopers

57,750.2

170 30. Allen & Overy LLP

92,158.8

31. Macquarie Group

54,915.7

62 31. Blake, Cassels & Graydon LLP

81,222.2

32. Ernst & Young Global Ltd.

42,045.0

110 32. Willkie Farr & Gallagher LLP

78,910.6

33. Cowen, Inc.

41,418.1

50 33. Covington & Burling LLP

78,865.0

34. William Blair & Co.

41,070.7

178 34. Wilson Sonsini Goodrich & Rosati

78,073.8

35. Mizuho Financial Group, Inc.

37,826.6

21 35. Morgan, Lewis & Bockius LLP

77,218.6

36. BDT & Co. LLC

37,241.3

6 36. Proskauer Rose LLP

74,132.9

37. Soci?t? G?n?rale SA

36,495.4

11 37. Dechert LLP

69,862.9

38. Kroll Inc

34,763.7

17 38. Baker Botts LLP

64,386.0

39. Robert W. Baird & Co.

33,575.2

173 39. Hughes Hubbard & Reed LLP

62,414.7

40. Lonergan Edwards & Associates Ltd.

28,998.1

2 40. Morrison & Foerster LLP

58,035.2

41. Raymond James Financial, Inc.

28,324.2

169 41. Paul Hastings LLP

56,605.0

42. Highbury Partnership Pty Ltd.

27,044.6

1 42. Baker & McKenzie LLP

52,398.9

43. KPMG International Coop.

26,509.6

124 43. Milbank LLP

49,942.0

44. Banco Santander SA

25,032.7

11 44. A&L Goodbody

48,086.0

45. Barrenjoey Capital Partners Group

23,560.8

1 45. Darrois Villey Maillot Brochier

47,346.2

46. SEB

23,318.7

2 46. Mayer Brown LLP

45,324.4

47. Financial Technology Partners LP

22,838.4

17 47. Holland & Knight LLP

42,261.5

48. CDX Advisors LLC

21,511.7

5 48. Macfarlanes LLP

41,856.9

49. Numis Corp. Plc

20,971.7

17 49. AZB & Partners

41,462.0

50. Cassel Salpeter & Co. LLC

19,481.8

7 50. Gatti Pavesi Bianchi Studio Legale

41,079.9

* Transaction Value is the aggregate base equity plus the target's net debt, where applicable.

** Total Deals includes deals that reported a deal value as well as those that did not.

If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@.

Total Deals**

752 178 492 185 246

99 159 173

88 154 205

83 94 241 164 157 131 110 79 48 123 357 79 63 242 161 107 124 34 81 66 178 41 193 204 30 59 48 14 94 128 79 41

8 6 85 65 26 46 4



Copyright ? 2022 FactSet Research Systems Inc. All rights reserved.

5

Top US SPAC Advisors

January 2022

BASED ON US ANNOUNCED DEALS ? RANKED BY TRANSACTION VALUE: YTD 2021

Financial Advisor

Transaction Value ($Mil)*

Total Deals**

Legal Advisor

Transaction Value ($Mil)*

1.

Goldman Sachs & Co.

$203,924.2

53 1.

Sullivan & Cromwell LLP

$179,551.5

2.

Citigroup

201,570.6

44 2.

Weil, Gotshal & Manges LLP

166,974.5

3.

Morgan Stanley

185,483.7

39 3.

Kirkland & Ellis LLP

145,549.3

4.

JPMorgan Chase & Co

176,110.2

57 4.

Skadden, Arps, Slate, Meagher & Flom

144,808.6

5.

BofA Securities, Inc.

119,540.6

29 5.

Latham & Watkins LLP

144,073.3

6.

Guggenheim Capital LLC

101,501.3

13 6.

Davis Polk & Wardwell LLP

142,098.1

7.

Credit Suisse

93,923.6

43 7.

Shearman & Sterling LLP

92,719.7

8.

Barclays Plc

86,521.1

30 8.

Ropes & Gray LLP

89,901.7

9.

Evercore, Inc.

79,122.9

14 9.

Cooley LLP

89,686.1

10. UBS Group AG

77,218.3

12 10. White & Case LLP

71,096.9

11. Deutsche Bank AG

69,120.6

20 11. Hughes Hubbard & Reed LLP

58,782.9

12. Jefferies LLC

63,179.2

37 12. DLA Piper Group

53,060.5

13. Stifel/KBW

52,208.4

14 13. Goodwin Procter LLP

52,133.8

14. Allen & Co., Inc.

42,558.1

5 14. Wilmer Cutler Pickering Hale & Dorr

48,875.9

15. Nomura Securities Co., Ltd.

40,958.6

8 15. Vinson & Elkins LLP

42,256.6

16. PJT Partners, Inc.

37,592.9

14 16. Wilson Sonsini Goodrich & Rosati

36,915.9

17. Cowen, Inc.

30,093.8

19 17. Wachtell, Lipton, Rosen & Katz

35,742.5

18. Houlihan Lokey, Inc.

27,947.6

10 18. Morgan, Lewis & Bockius LLP

32,443.5

19. Moelis & Co.

25,543.1

19 19. Holland & Knight LLP

32,201.8

20. SEB

21,653.6

1 19. Gutierrez Bergman Boulris PLLC

32,201.8

21. Kroll Inc

21,116.1

6 21. Paul, Weiss, Rifkind, Wharton & Garrison

31,899.3

22. Financial Technology Partners LP

15,861.7

5 22. Alston & Bird LLP

30,329.6

23. LionTree LLC

14,575.6

6 23. Simpson Thacher & Bartlett LLP

29,698.5

24. William Blair & Co.

11,482.4

9 24. Goldfarb Seligman & Co.

23,794.0

25. Robert W. Baird & Co.

11,019.4

7 25. Cleary Gottlieb Steen & Hamilton LLP

22,803.8

26. Connaught (UK) Ltd.

10,042.5

2 26. Meitar Law Offices

22,117.4

27. Oppenheimer & Co., Inc.

9,634.8

6 27. Hannes Snellman Advokatbyr? AB

21,653.6

28. BTIG LLC

9,156.1

6 28. Greenberg Traurig PA

20,044.4

29. Cassel Salpeter & Co. LLC

8,440.6

3 29. Freshfields Bruckhaus Deringer LLP

18,290.1

30. Piper Sandler Cos.

8,428.5

7 30. Mayer Brown LLP

18,222.6

31. Cantor Fitzgerald LP

8,363.5

6 31. Winston & Strawn LLP

15,942.9

32. Raymond James Financial, Inc.

8,320.7

8 32. Morrison & Foerster LLP

15,817.9

33. Wells Fargo & Co.

8,135.7

5 33. Gibson, Dunn & Crutcher LLP

15,472.6

34. Numis Corp. Plc

6,782.5

1 34. Herzog, Fox, & Neeman Law Office

15,246.5

35. Rothschild & Co

6,699.3

4 35. Fried, Frank, Harris, Shriver & Jacobson

14,836.8

36. Lazard

6,682.6

6 36. Ellenoff Grossman & Schole LLP

14,688.5

37. Ardea Partners LP

5,903.0

2 37. Orrick, Herrington & Sutcliffe LLP

13,851.2

38. Perella Weinberg Partners

5,360.0

4 38. Cadwalader, Wickersham & Taft LLP

12,913.6

39. Oakvale Capital LLP

5,195.8

1 39. Milbank LLP

12,789.0

40. Firebrand Financial Group, Inc.

5,092.2

7 40. Loeb & Loeb LLP

12,581.8

41. Cohen & Co.

5,083.9

3 41. I. Gornitzky & Co.

12,198.7

42. Natixis SA

4,866.2

4 42. Fenwick & West LLP

12,132.9

43. Centerview Partners LLC

4,629.4

2 43. Paul Hastings LLP

11,713.3

44. KPMG International Coop.

4,309.6

4 44. Allen & Overy LLP

11,220.5

45. Greenhill & Co., Inc.

4,254.8

4 45. Maples Group

11,026.5

46. PricewaterhouseCoopers

4,231.4

2 46. Loyens & Loeff NV

10,790.8

47. Panmure Gordon & Co. Ltd.

4,155.5

2 47. Baker & McKenzie LLP

10,610.9

48. The Raine Group LLC

4,129.2

2 48. Sidley Austin LLP

10,251.9

49. TPG Partner Holdings Advisors, Inc.

3,869.9

1 49. CMS Cameron Mckenna Nabarro

9,300.2

50. Chardan Capital Markets LLC

3,609.8

7 50. King & Spalding LLP

8,165.2

* Transaction Value is the aggregate base equity plus the target's net debt, where applicable.

** Total Deals includes deals that reported a deal value as well as those that did not.

If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@.

Total Deals**

28 21 58 32 64 23 17 14 23 28

7 18 30

2 15 19

4 8 1 1 14 11 10 6 6 5 1 15 4 9 13 4 11 3 6 17 8 4 7 14 3 5 10 2 6 2 3 5 4 4



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6

Top US Deals Scoreboard

January 2022

Rank

1

Seller (Unit Sold) Financial Advisor Legal Advisor

Lucid Motors, Inc. Citigroup Davis Polk & Wardwell LLP

AT&T, Inc. (Warner Media LLC)

Goldman Sachs & Co.

LionTree LLC

Fried, Frank, Harris, Shriver & Jacobson LLP

2

Simpson Thacher & Bartlett LLP Sullivan & Cromwell LLP

GrabTaxi Holdings Pte Ltd.

Evercore, Inc.

JPMorgan Chase & Co

Morgan Stanley

3

UBS Group AG

Cooley LLP

Hughes Hubbard & Reed LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Sullivan & Cromwell LLP

MSP Recovery LLC

Stifel/KBW

4

Gutierrez Bergman Boulris PLLC

Weil, Gotshal & Manges LLP

Medline Industries, Inc.

BDT & Co. LLC

Goldman Sachs & Co.

Wachtell, Lipton, Rosen & Katz

5

Kansas City Southern

BofA Securities, Inc.

Morgan Stanley

Baker & Miller Pllc

6

Davies Ward Phillips & Vineberg LLP

Wachtell, Lipton, Rosen & Katz

White & Case LLP

Wilmer Cutler Pickering Hale & Dorr LLP

Cerner Corp.

7

Centerview Partners LLC Goldman Sachs & Co.

Latham & Watkins LLP

Afterpay Ltd.

Goldman Sachs & Co.

Highbury Partnership Pty Ltd.

8

Lonergan Edwards & Associates Ltd. Qatalyst Group LP

Cravath, Swaine & Moore LLP

Gilbert + Tobin

Jones Day LP

Polestar Racing & Performance AB

Citigroup

Goldman Sachs & Co.

Kirkland & Ellis LLP

9

PPD, Inc.

Goldman Sachs & Co.

JPMorgan Chase & Co

10

Arnold & Porter Kaye Scholer LLP Cravath, Swaine & Moore LLP

Debevoise & Plimpton LLP

Kirkland & Ellis LLP

Simpson Thacher & Bartlett LLP

**Total Market Value of Top 10 Deals YTD

Buyer Financial Advisor Legal Advisor

Churchill Capital Corp. IV BofA Securities, Inc. Guggenheim Securities LLC Shearman & Sterling LLP Weil, Gotshal & Manges LLP

Discovery, Inc. Allen & Co., Inc. JPMorgan Chase & Co Perella Weinberg Partners Group LP RBC Capital Markets Alston & Bird LLP Debevoise & Plimpton LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP Proskauer Rose LLP Wachtell, Lipton, Rosen & Katz

Altimeter Growth Corp. Ropes & Gray LLP Wilmer Cutler Pickering Hale & Dorr LLP

Transaction Value** ($Mil)

$63,832.8

Seller Sector

Consumer Durables

$59,025.5

Consumer Services

$48,584.9

Technology Services

Lionheart Acquisition Corp. II Nomura Securities Co., Ltd. DLA Piper LLP Holland & Knight LLP Sullivan & Cromwell LLP

GIC Pte Ltd.; Blackstone Corporate Private Equity; Hellman & Friedman LLC; The Carlyle Group LP

Barclays Plc BofA Securities, Inc. Centerview Partners LLC JPMorgan Chase & Co Morgan Stanley

Dechert LLP Simpson Thacher & Bartlett LLP

Canadian Pacific Railway Ltd. Bank of Montreal Evercore, Inc. Goldman Sachs & Co. Bennett Jones LLP Blake, Cassels & Graydon LLP Creel, Garc?a-Cuellar, Aiza & Enriquez SC Law Office of David L Meyer Sullivan & Cromwell LLP

Oracle Corp. Hogan Lovells US LLP Kirkland & Ellis LLP

Square, Inc. Morgan Stanley Gibson, Dunn & Crutcher LLP King & Wood Mallesons Ltd. Wachtell, Lipton, Rosen & Katz

$32,201.8 $30,000.0

$29,745.1

$28,814.1 $27,044.6

Commercial Services Health Technology

Transportation

Technology Services Technology Services

Gores Guggenheim, Inc. Barclays Plc Deutsche Bank AG Guggenheim Securities LLC Morgan Stanley Davis Polk & Wardwell LLP Hannes Snellman Advokatbyr? AB (Finland) Sullivan & Cromwell LLP Weil, Gotshal & Manges LLP

Thermo Fisher Scientific, Inc. Barclays Plc Morgan Stanley

$21,653.6

Consumer Durables

$20,287.3

Commercial Services

$361,792.3



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