M&A Q1-Q3 2018

Finding the opportunities in mergers and acquisitions
Global & Regional
M&A Report
Q1-Q3 2018
Including League Tables of Financial Advisors
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Content
Overview 03
Global 04
Europe 09
US 14
Latin America 19
AsiaPacific (excl. Japan) 24
Japan 29
Middle East & Africa 34
M&A and PE League Tables 39
Criteria & Contacts 74
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45.7%
20.3%
1.7%
1.1%
2.1%
29.1%
MEA US$ 46.7bn -8.7% vs. YTD 17
Inbound US$ 32.7bn -4.2%
Outbound US$ 20.8bn -42.1%
EMU US$ 14.7bn +59%
Europe US$ 792.7bn +21.3% vs. YTD 17
Inbound US$ 381.4bn +36.9%
PMB US$ 136.5bn +116.4%
Latin America US$ 55.9bn +5.1% vs. YTD 17
Ind. & Chem. US$ 21.9bn +151.2%
North America US$ 1.25tn +26.5% vs. YTD 17
Inbound US$ 179.3bn -17%
EMU US$ 303.4bn +25.7%
APac (ex. Japan) US$ 551.7bn +22.3% vs. YTD 17
Inbound US$ 78.3bn +25.9%
Outbound US$ 128.9bn +73.9%
Ind. & Chem. US$ 93.1bn +51.6%
Global Overview
Regional M&A Comparison
Japan US$ 30.7bn -10.4% vs. YTD 17
Outbound US$ 128.1bn +130.1%
Technology US$ 7.4bn -43.2%
The % values on the map indicate
market shares in global M&A
Global M&A US$ 2.72tn +22.3% vs. YTD 2017
Cross-border US$ 1.05tn +11.0% vs. YTD 2017
Top sector: EMU US$ 541.5bn +36.8% vs. YTD 2017
Mergermarket 3Global OverviewGlobal & Regional
M&A Report Q1 VTB

4Mergermarket
mergermarket.com
Number of megadeals
(> US$ 10bn) announced
this year, two more
than the 2017 total
Value decrease from
Q2 2018 to Q3 2018
32-35.4%
Value of M&A in Q1-Q3 2018,
22.3% ahead of YTD 2017
US$ 2.72tn
Global
Value
(US$bn)
Deal details
Announce-
ment date
Bidder company Target company Target
geography
Target sector
79.7 8-May-18 Takeda Pharmaceutical
Company Limited
Shire Plc Republic of
Ireland
Pharma, Medical &
Biotech
67.6 8-Mar-18 Cigna Corporation Express Scripts
Holding Company
USA Business Services
60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms
59.6 01-Aug-18 Energy Transfer
Equity LP
Energy Transfer
Partners LP
(97.64% Stake)
USA Energy, Mining &
Utilities
51.5 25-Apr-18 Comcast Corporation Sky Plc United
Kingdom
Media
Mergermarket Global AnalysisGlobal & Regional
M&A Report Q1-Q3 2018

• Following a frenetic first half of the year, Q3 saw subdued
M&A activity as growing geopolitical tensions, trade wars and
protectionism dampened spirits and caused corporates to
pause over the summer. A total US$ 703.2bn changed hands
in Q3, the lowest quarterly value since Q1 2016 (US$ 627.9bn)
and 35.4% lower than Q2 (US$ 1.09tn). There was a distinct
lack of big-ticket deals conducted over the last three months,
which dominated the headlines in H1. Just four deals worth
more than US$ 10bn were recorded during the third quarter
after 28 such deals were announced in H1. The largest deal
conducted in the last three months saw Energy Transfer
Equity acquire 97.64% of Energy Transfer Partners for US$
59.6bn. Yet despite the quarterly drop in activity, 2018 has to
date registered the second highest value on record behind
2007 (US$ 2.94tn) and with US$ 2.72tn across 13,575 deals
announced so far.
• With macro events playing a larger part in steering
M&A this year, companies have continued looking closer
to home instead of conducting high-profile cross-border
deals. With tariffs introduced by the US and China and
political protectionism creeping further into deal making
considerations, advisors are having to contend with much
harsher conditions. This is now leading corporates to
consider more defensive domestic consolidation, bulking up
in challenging times, while the deals will receive much lower
levels of scrutiny. Consequently, domestic M&A increased by
30.6% on YTD 2017 to US$ 1.67tn – its highest YTD value on
record. The US dominated global M&A once again, drawing in
47.5% of the global Q3 value, almost seven percentage points
higher than that seen in 2017 (40.9%), with US$ 333.9bn
announced in Q3. This pushed the country’s YTD value to US$
1.14tn, 25.7% higher than YTD 2017 and the second highest
YTD figure on Mergermarket record.
• Changing consumer habits continue to impact corporate
decision making, highlighted by two of the most high-profile
deals to occur in Q3. Coca-Cola’s US$ 5.1bn acquisition of
Costa and the US$ 3.2bn takeover of SodaStream by PepsiCo
demonstrate how increasing consumer health-consciousness
and environmental ethics have caused firms to rethink existing
business models with moves towards healthier and greener
options. They represent the largest respective leisure and
consumer deals in Q3. The trend looks set to continue, as
Coca-Cola and Pepsi are also among those reportedly set
to bid for GlaxoSmithKline’s nutritional foods unit, which is
expected to be sold for more than US$ 4bn. Following a
stellar 2017 (US$ 380.8bn, 2248 deals), the Consumer sector
has failed to quite live up to the heights so far this year (US$
181.4bn, 1,409 deals).
• While the majority of sectors have seen laboured activity
in the last three months, the Energy, Mining & Utilities (EMU)
sector has gone from strength to strength, recording the
fifth consecutive quarter over US$ 100bn. The US$ 194.9bn
announced in Q3 represented the highest quarterly value
in the sector since Q4 2016 (US$ 250.5bn) and pushed the
YTD figure to US$ 541.5bn – already surpassing the full-year
2017 value (US$ 531.7bn). Confidence appears to be rife at
the moment with the sector appearing to be towards the top
of the cycle, particularly in the US. A total of US$ 123.8bn
(85 deals) was spent on US EMU assets in Q3, accounting
for a 63.6% share of the sector’s global value, with four of
the five largest deals in the sector targeting the US. Trump’s
pro-fossil fuel rhetoric and rising commodity prices appear to
be pushing the sector towards its highest full-year value on
record.
“Following a frenetic first half
of the year, Q3 saw subdued
M&A activity as growing
geopolitical tensions, trade
wars and protectionism
dampened spirits and
caused corporates to
pause over the summer”
Jonathan Klonowski,
Research Editor (EMEA)
Global
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Global AnalysisGlobal & Regional

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US$ 541.5bn
Value of Energy, Mining & Utilities
M&A, already 1.8% higher than
the full-year 2017 value
Media M&A (US$ 111.2bn) increase vs
YTD 2017 (US$ 46.5bn)
Industrials & Chemicals (US$
355bn) value increase compared to
YTD 2017 (US$ 309.7bn)
2.4x14.6%
Domestic M&A value (US$ 1.67tn)
increase vs YTD 2017, reaching its
highest YTD value on record
30.6%
Cross-border share of global M&A,
four percentage points lower than
in YTD 2017
38.6%
Q3 2018 value, the lowest Q3
figure since 2013 (US$ 656.9bn)
US$ 703.2bn
Mergermarket 6
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Chart title 1
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Chart title 1
Chart title 2
0
100
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1000
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OtherBusiness
Services
Pharma,
Medical
& Biotech
TechnologyIndustrials
& Chemicals
Energy,
Mining & Utilities
DealValue(US$bn)
Q1-Q3 2017 Q1-Q3 2018
0
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2500
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3500
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201820172016201520142013
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1,199.6
1,039.6
444.0
824.7
853.3
931.6
741.9
873.3
627.9
718.0
DealValue(US$bn)
DealCount
985.1 933.3
758.1
751.0
760.6
870.3
963.7
570.7
656.9
570.3
560.4
1088.3
703.2
Q3Q2 Q4Q1
Deal Count
Global Quarterly Breakdown Trend
2013 - 2018
Global Sector Breakdown Trend
Q1-Q3 2017 vs Q1-Q3 2018
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Global Analysis
Ranking Q1-Q3 2018 Q1-Q3 2017 Regional ranking comparison
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
Europe US Asia
Pacific
Japan Middle
East &
Africa
Latin
America
1 1 Goldman Sachs & Co 827,127 276 42.4% 580,844 1 1 1 2 1 6
2 2 Morgan Stanley 797,217 212 59.7% 499,116 2 2 2 3 2 4
3 3 JPMorgan 649,731 228 44.4% 450,103 3 3 5 1 3 7
4 4 Citi 598,950 195 67.0% 358,685 4 6 3 7 17 12
5 5 Bank of America Merrill Lynch 461,966 140 32.0% 349,992 5 5 6 15 4 1
6 10 Barclays 351,199 141 64.4% 213,560 9 4 9 14 9 20
7 12 Evercore 332,942 119 94.8% 170,924 7 7 15 4 13 24
8 6 Lazard 325,373 152 20.4% 270,173 6 11 8 27 15 14
9 7 Credit Suisse 305,984 132 37.0% 223,297 11 8 20 9 10 13
10 9 Deutsche Bank 297,802 97 38.6% 214,932 10 10 7 10 22 31
11 13 Centerview Partners 199,692 30 63.9% 121,845 34 9 460 11 8 -
12 11 Rothschild & Co 184,893 241 6.6% 173,502 8 21 23 18 7 16
13 8 UBS Investment Bank 166,414 115 -23.1% 216,452 12 17 4 19 11 32
14 36 PJT Partners 138,006 16 392.5% 28,024 17 12 201 12 131 -
15 22 Nomura Holdings 106,366 67 118.2% 48,753 14 54 38 5 132 108
16 17 RBC Capital Markets 97,909 81 14.8% 85,268 28 14 39 95 61 33
17 30 Robey Warshaw 87,249 4 151.4% 34,703 13 16 28 - - -
18 90 Mizuho Financial Group 84,244 42 1284.0% 6,087 52 13 80 6 25 -
19 18 Jefferies 80,214 114 9.5% 73,225 29 18 47 98 28 17
20 21 Moelis & Company 78,609 89 49.2% ` 40 15 13 29 30 111
Global League tables
Financial advisor league table by value
Global & Regional

Mergermarket 9
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Europe Analysis
Europe
Value
(US$bn)
Deal details
Announce-
ment date
geography
Target sector
79.7 8-May-18 Takeda Pharmaceutical
Company Limited
Shire Plc Republic of
Ireland
Pharma, Medical &
Biotech
51.5 25-Apr-18 Comcast Corporation Sky Plc UK Media
46.6 12-Mar-18 E.ON SE innogy SE Germany Energy, Mining &
Utilities
39.6 23-Mar-18 Consortium formed by
ACS SA, Atlantia SpA
and Hochtief AG
Abertis
Infraestructuras SA
Spain Construction
27.4 11-May-18 China Three Gorges
Coporation
Energias de
Portugal SA
(76.73% Stake)
Portugal Energy, Mining &
Utilities
European share of global
M&A value in Q3, the
lowest quarterly figure
since Q2 2009 (19.7%)
YTD value (US$ 792.7bn)
increase compared to
YTD 2017 (US$ 653.3bn)
19.8%21.3%
M&A targeting Europe in
Q3, 63.8% down versus
Q2 (US$ 384.7bn)
US$ 139.1bn
Global & Regional

Mergermarket 10
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“Private equity was a
rare bright spot in Q3, as
investors look to deploy
the vast amounts of dry-
powder still available”
Jonathan Klonowski,
Europe
Europe Analysis
• While traditionally a slow quarter for the continent,
European M&A faltered significantly in Q3, recording the
lowest quarterly value since Q1 2013 (US$ 136.3bn). The last
three months saw US$ 139.1bn change hands across 1,428
deals, 63.8% lower than the US$ 384.7bn and 1,951 deals
post-crisis record set in Q2. After an opening six months
littered with blockbuster transactions, the third quarter saw
no megadeals (> US$ 10bn) take place, the largest being US$
9.5bn, meaning Europe represents just 19.8% of global M&A
– its lowest quarterly share since Q2 2009 (19.7%). While
political uncertainty has been the ‘new norm’ for a number
of years in Europe, the wider geopolitical trend appears to
have caused corporates to take stock over the summer – and
how Brexit negotiations conclude and the future relationship
between the UK and the rest of the EU will undoubtedly be
closely observed.
• Europe’s three largest markets all recorded values dropping
by more than half versus those seen in Q1 and Q2 – with
France, Germany and the UK all failing to retain the heights
set earlier in the year. Combined, they represent 44.1% of
European M&A value this year resulting in the significant
fall in the continent’s M&A figures. There still appears to be
a number of high-profile situations in the pipeline, which
will comfort dealmakers. For example, CVC has reportedly
Barclays, Credit Suisse and Bank of America Merrill Lynch do
work on its duel-track exit of Domestic & General, thought to
be worth over US$ 3bn. Whether Q3 was simply a blip, or is
a glimpse of a more prolonged downturn remains to be seen,
and European dealmakers will keep a watchful eye over how
the continent finishes the year.

• In contrast to global trends, cross-border M&A has been
much more active than domestic activity. Foreign investment
has driven European dealmaking over the summer, with intra-
European activity stuttering. Of the top ten deals targeting
the continent, nine were conducted by foreign investors in
Q3, including CK Hutchison’s US$ 9.5bn acquisition of 50%
in Wind Tre, and the US$ 6.7bn takeover of Jardine Lloyd
Thompson by Marsh & McLennan. Asian and US investments
took the lion’s share, together accounting for 43.3% of the
region’s YTD M&A value. Following six consecutive quarters
above the US$ 100bn mark, intra-European M&A slipped
to US$ 59bn in Q3. This represented a 58.9% drop in value
compared to the US$ 143.6bn recorded in Q2. It was the
lowest Q3 value since the financial crisis.
• Private equity activity was a rare bright spot in Q3, as
investors look to deploy the vast amounts of dry-powder
still available. The US$ 37.4bn (289 buyouts) recorded in
Q3 means Europe has seen more than US$ 25bn spent
by private equity firms in each of the last eight successive
quarters. There were eleven buyouts worth at least US$ 1bn
announced in Q3, including Global Infrastructure Partners’
US$ 5.9bn 50% takeover of North Sea off-shore wind farm,
Hornsea 1, from Orsted. Sponsors are increasingly looking
towards listed targets in order to find value and there were
three multi-billion take-private transactions recorded in Q3.
The largest saw Morgan Stanley Infrastructure offer to acquire
the remaining 71% stake in German rail logistics firm VTG for
US$ 3.2bn.
Global & Regional

Mergermarket.com
$59bn
Value of intra-European M&A
announced in Q3, the lowest
quarterly figure since Q1 2016
(US$ 56.2bn)
Drop in UK M&A in Q3 (US$ 42.8bn)
versus Q2 (US$ 104.8bn)
-59.2%
US$ 131.3bn
Value of private equity buyouts
in Q1-Q3 2018, the highest
value seen since the crisis
YTD increase in Media M&A valueYTD increase in Energy, Mining &
Utilities M&A value
Foreign investment into Europe
so far this year, the highest YTD
figure on Mergermarket record
US$ 381.4bn 5.7x72.9%
11
mergermarket.com
Mergermarket Europe AnalysisGlobal & Regional

Chart title 1
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Chart title 1
Chart title 2
0
50
100
150
200
250
300
350
OtherFinancial
Services
MediaIndustrials
& Chemicals
Energy,
Mining & Utilities
Pharma,
Medical
& Biotech
DealValue(US$bn)
0
100
200
300
400
500
600
700
800
900
1000
201820172016201520142013
0
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213.8
309.8
157.9
158.9
268.9
262.6
179.7
164.0
177.9
DealValue(US$bn)
DealCount
293.3
225.1
174.2
198.0
180.7
203.8
200.6
136.3
208.0
268.2
177.1
193.4
384.7
139.1
Q3Q2 Q4Q1
Deal Count
Europe Quarterly Breakdown Trend
2013 - 2018
Europe Sector Breakdown Trend
Q1-Q3 2017 vs Q1-Q3 2018
Q1-Q3 2017 Q1-Q3 2018
12
mergermarket.com
Mergermarket Europe AnalysisGlobal & Regional

Europe League tables
Europe league table by value Europe league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 4 Rothschild & Co 159,931 206 11 195
2 2 PwC 15,783 200 -29 229
3 3 EY 10,493 188 -16 204
4 5 Deloitte 8,439 164 -28 192
5 1 KPMG 46,573 149 -85 234
6 8 Goldman Sachs & Co 392,080 112 24 88
7 7 JPMorgan 322,260 101 -8 109
8 6 Lazard 194,002 98 -15 113
9 10 Morgan Stanley 361,859 78 -2 80
10 11 Oaklins 2,932 75 3 72
11 13 Citi 306,312 70 3 67
12 15 Lincoln International 3,617 70 4 66
13 9 BDO 1,488 60 -26 86
14 18 UBS Investment Bank 103,465 59 3 56
15 12 Bank of America Merrill Lynch 202,418 56 -13 69
16 23 UniCredit Group 9,636 56 14 42
17 20 Clearwater International 1,498 56 3 53
18 19 Houlihan Lokey 9,002 52 -2 54
19 32 Barclays 125,297 50 19 31
20 14 ALANTRA 3,640 50 -17 67
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 392,080 112 28.0% 306,427
2 3 Morgan Stanley 361,859 78 67.6% 215,864
3 4 JPMorgan 322,260 101 55.9% 206,757
4 6 Citi 306,312 70 91.4% 160,036
5 2 Bank of America Merrill Lynch 202,418 56 -13.3% 233,462
6 5 Lazard 194,002 98 5.9% 183,260
7 27 Evercore 176,873 39 739.7% 21,065
8 8 Rothschild & Co 159,931 206 11.9% 142,920
9 15 Barclays 125,297 50 172.0% 46,063
10 7 Deutsche Bank 119,487 43 -23.4% 155,916
11 9 Credit Suisse 106,719 45 -21.9% 136,722
12 10 UBS Investment Bank 103,465 59 -22.8% 134,042
13 21 Robey Warshaw 87,249 4 151.4% 34,703
14 25 Nomura Holdings 86,656 14 269.2% 23,470
15 11 BNP Paribas 68,072 43 -29.1% 95,969
16 19 Societe Generale 66,731 26 73.5% 38,471
17 30 PJT Partners 63,210 7 265.2% 17,308
18 16 Mediobanca 56,473 29 22.7% 46,029
19 61 LionTree Advisors 52,373 10 990.4% 4,803
20 13 Perella Weinberg Partners 50,595 7 -24.5% 66,974
Mergermarket 13
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Europe AnalysisGlobal & Regional

Mergermarket 14
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US Analysis
US
Value
(US$bn)
Deal details
Announce-
ment date
geography
Target sector
67.6 8-Mar-18 Cigna Corporation Express Scripts
Holding Company
USA Business Services
60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecom
59.6 1-Aug-18 Energy Transfer Equity
LP
Energy Transfer
Partners LP (97.64%
Stake)
USA Energy, Mining &
Utilities
31.3 30-Apr-18 Marathon Petroleum
Corporation
Andeavor Corporation USA Industrials &
Chemicals
26.7 26-Mar-18 Brookfield Property
Partners LP
General Growth
Properties Inc
(65.86% Stake)
USA Real Estate Second-highest Q1-Q3 deal
count since 2017 (4,367)
US value increase over Q1-
Q3 2017 (US$ 910.4bn)
4,10025.7%
Second-highest Q1-Q3 value
on Mergermarket record
US$ 1.1tn
Global & Regional

Mergermarket 15
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US Analysis
“Though the economy
remains relatively
strong at the moment,
uncertainty over global
trade agreements and
tariffs, particularly with
China, have left dealmakers
wondering if it would be
better to wait or to strike
deals now while one can.”
Elizabeth Lim,
Research Editor (Americas)
US
• Q3 2018 marked the 10th anniversary of the start of the
Great Recession, which left its mark on not only the business
world but also on global society at large. In the decade since,
the US saw the collapse of Lehman Brothers, bailed out other
entities, cut interest rates to near-zero for more than seven
years, and introduced the Dodd-Frank banking rules and
quantitative easing, etc. Such structural efforts to prevent
another global depression now face dismantling in the
recovery era, while new pressures have emerged in the form
of political and economic nationalism. With protectionism
gaining a foothold, dealmakers appear stuck between the
need to consolidate in an increasingly technological world
and the uncertainty of making deals in an environment of
trade wars and tariffs. For now, the need to consolidate has
continued. US M&A reached its second-highest total by both
deal value and count for the Q1-Q3 period on Mergermarket
record with US$ 1.1tn and 4,100 transactions tallied. Average
deal size increased 33.9% to US$ 279.1m in the year to date
compared to US$ 208.5m in Q1-Q3 2017. Meanwhile, over the
same period, deal count fell by 267 transactions.
• Q3 paid witness to several high-profile deals. After
Singapore-based (now US-based) Broadcom’s bid for US
semiconductors firm Qualcomm was blocked by the White
House earlier this year, the former pursued an US$ 18bn deal
with B2B software company CA Technologies in a move that
left many perplexed in terms of strategy. Meanwhile, Japanese
semiconductors firm Renesas announced that it was buying
US-based Integrated Device Technology for US$ 7bn. Given
Broadcom’s failed attempt to takeover Qualcomm, Renesas’
bid has some wondering how the Committee on Foreign
Investment in the US (CFIUS) will view the deal, given that
relations with Japan have been relatively smoother than those
with China in recent years. In other deal announcements,
Brookfield continued its investment streak with a US$ 9.5bn
purchase of Forest City Realty Trust.
• Energy, Mining & Utilities (EMU) was the most valuable
sector in the US, setting a record US$ 268bn as firms
continued to consolidate in a rising oil price environment, and
was further boosted by the sector’s largest deal on record,
Energy Transfer Equity’s US$ 59.6bn bid for a 97.6% stake in
Energy Transfer Partners. Q3 also saw several other sectors
hitting record values, such as Business Services, home to
Cigna’s defensive US$ 67.9bn bid for Express Scripts against
Amazon’s encroach on the pharmacy benefit management
space. Real Estate emerged as a sector to watch, hitting
a record US$ 74.1bn; relatedly, the Construction sector
also broke a new value record with US$ 25.4bn. By deal
count, Industrials & Chemicals set a new record with 717
transactions.
• Cross-border trends saw a shift this year, as inbound M&A
fell from Canada and China, key bidder regions in recent
years. Though the former was still the top acquirer of US
companies in Q1-Q3 2018 with US$ 49.7bn, and with total
values rising 15.5% over Q1-Q3 2017 (US$ 43bn), activity
was down 52.9% from a peak of US$ 105.6bn in Q1-Q3 2016
as the US and Canada struggled to reach an agreement
on NAFTA for most of the period. Inbound M&A from China
followed a similar pattern, falling 54.7% to US$ 2.7bn this year
compared to Q1-Q3 2017 (US$ 5.9bn) and 92.2% from a peak
of US$ 34.4bn in Q1-Q3 2016. Meanwhile, since the Brexit
referendum in 2016, US investment into the UK has steadily
risen, hitting a record high of US$ 99.2bn, with Q1-Q3 2018
already surpassing all previous full years. However, 51.9% of
this was due to Comcast’s US$ 51.5bn acquisition of Sky
following a battle with Disney/Fox.
Global & Regional

Mergermarket.com
42%
789 14
US share of Global M&A in Q1-Q3
2018, up from 40.9% in Q1-Q3 2017
US$ 59.6bn
Value of Energy Transfer Equity/Energy
Transfer Partners (97.64% stake) deal,
the largest in the US for Q1-Q3 2018
US inbound M&A value decrease
from Q1-Q3 2017 (US$ 247.8bn) to
Q1-Q3 2018 (US$ 199.4bn)
US Tech M&A deal count in Q1-
Q3 2018, the second-largest on
record
Number of megadeals (> US$
10bn), three more than in Q1-Q3
2017
Fall in Chinese investment into the
US from Q1-Q3 2017 (US$ 6bn) to
Q1-Q3 2018 (US$ 2.7bn)
-54.7%-19.5%
Mergermarket 16
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US AnalysisGlobal & Regional

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Chart title 2
0
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400
OtherConsumerIndustrials
& Chemicals
TechnologyBusiness
Services
Energy,
Mining
& Utilities
DealValue(US$bn)
0
200
400
600
800
1000
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1400
1600
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201820172016201520142013
0
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509.5
468.5
179.9
346.8
423.2
402.5
327.1
405.6
254.1
299.0
DealValue(US$bn)
DealCount
503.5
401.6
318.4
293.0
357.8
464.3
389.6
219.5
318.1
231.1
176.1
408.1
333.9
Q3Q2 Q4Q1
Deal Count
US Quarterly Breakdown Trend
2013 - 2018
US Sector Breakdown Trend
Q1-Q3 2017 vs Q1-Q3 2018
Q1-Q3 2017 Q1-Q3 2018
17
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Mergermarket US AnalysisGlobal & Regional

US League tables
US league table by value US league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Goldman Sachs & Co 527,275 212 38 174
2 2 JPMorgan 403,950 155 1 154
3 4 Morgan Stanley 490,112 135 2 133
4 5 Citi 307,011 126 14 112
5 3 Houlihan Lokey 25,654 120 -15 135
6 9 Barclays 313,756 114 23 91
7 8 Jefferies 62,682 99 0 99
8 7 Evercore 236,232 98 -2 100
9 6 Credit Suisse 235,733 95 -5 100
10 18 Raymond James & Associates 13,845 94 25 69
11 11 Bank of America Merrill Lynch 308,876 90 3 87
12 23 Robert W. Baird & Co 11,966 79 23 56
13 20 Moelis & Company 67,167 76 12 64
14 15 William Blair & Company 16,759 74 2 72
15 12 Piper Jaffray & Co 11,969 73 -10 83
16 14 Rothschild & Co 58,927 70 -5 75
17 10 Lazard 168,443 66 -23 89
18 13 Stifel/KBW 16,903 64 -15 79
19 17 RBC Capital Markets 68,351 62 -8 70
20 26 Sandler O'Neill & Partners 28,922 61 10 51
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 527,275 212 17.6% 448,188
2 2 Morgan Stanley 490,112 135 29.3% 378,923
3 3 JPMorgan 403,950 155 24.1% 325,535
4 7 Barclays 313,756 114 66.5% 188,396
5 5 Bank of America Merrill Lynch 308,876 90 23.9% 249,348
6 4 Citi 307,011 126 18.8% 258,532
7 11 Evercore 236,232 98 61.4% 146,366
8 8 Credit Suisse 235,733 95 25.2% 188,264
9 12 Centerview Partners 192,054 27 58.8% 120,960
10 10 Deutsche Bank 172,229 58 17.2% 146,964
11 6 Lazard 168,443 66 -15.4% 199,123
12 26 PJT Partners 130,988 13 388.3% 26,828
13 55 Mizuho Financial Group 74,077 5 1374.2% 5,025
14 16 RBC Capital Markets 68,351 62 13.3% 60,334
15 18 Moelis & Company 67,167 76 37.7% 48,765
16 29 Robey Warshaw 65,434 3 197.0% 22,035
18 14 Jefferies 62,682 99 -11.5% 70,851
19 144 Raine Group 61,588 5 6930.6% 876
20 51 Sumitomo Mitsui Financial Group 60,978 5 940.9% 5,858
Mergermarket 18
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US AnalysisGlobal & Regional

Mergermarket 19
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Latin America Analysis
Latin
America
Value
(US$bn)
Deal details
Announce-
ment date
Bidder company Target company Target geography Target sector
15.3 16-Mar-18 Suzano Papel e
Celulose SA
Fibria Celulose SA Brazil Industrials &
Chemicals
4.1 17-May-18 Tianqi Lithium
Industries Inc
Sociedad Quimica y
Minera SA
(23.77% Stake)
Chile Industrials &
Chemicals
3.3 16-Feb-18 Enel Chile SA Enel Generación Chile
(40.02% Stake)
Chile Energy, Mining &
Utilities
3.1 17-Apr-18 Enel SpA AES Eletropaulo Brazil Energy, Mining &
Utilities
2.1 12-Jun-18 Louis Dreyfus
Company BV
Biosev SA
(78.47% Stake)
Brazil Consumer Q1-Q3 2018 market share of
Global M&A by deal count,
down fro 3.1% in Q1-Q3 2017
Q1-Q3 2018 market share of
Global M&A by value, down
from 3.5% in Q1-Q3 2017
2.4%1.0%
Q1-Q3 2018’s deal value, up 5.1%
over Q1-Q3 2017 (US$ 53.2bn)
US$ 55.9bn
Global & Regional

Mergermarket 20
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“Interest on the part of
dealmakers in Latin America
comes at a time when
relations with the US appear
to be on the decline.”
Elizabeth Lim,
Research Editor (Americas)
Latin America
• Latin America began the year facing no fewer than six
presidential elections, including in its two most populous
nations, Brazil and Mexico. While the former awaits its day
at the polls, set to take place at the beginning of the fourth
quarter, the latter saw the victory of populist Andrés Manuel
López Obrador, known as “AMLO”, amidst a geopolitical
environment that included its neighbour the US imposing
tariffs, commencing a trade war, and renegotiating NAFTA.
With all of this domestic and cross-border political and
economic uncertainty, the region’s dealmaking remained more
or less steady with US$ 55.9bn worth of deals announced in
Q1-Q3 2018, a 5.1% rise in deal value, though deal count fell
by 48 transactions. Approximately 27.4% of total deal value
was due to the period’s top transaction and only megadeal
(> US$ 10bn) – Brazil’s Suzano Papel e Celulose’s US$ 15.3bn
bid for domestic target Fibria Celulose, a manufacturer of
pulp and paper. However, the share of Latin America’s M&A
activity in the global market fell from 3.5% in Q1-Q3 2017 to
just 1% during the same period this year.
• Interest on the part of dealmakers in Latin America comes
at a time when relations with the US appear to be on the
decline, with domestic transactions and those with foreign
bidders other than the US taking the top deals positions for
the first three quarters of the year. As Brazil, Latin America’s
dominant economy, attempts to move past political corruption
scandals, it was still the top country for M&A by both deal
value and count in the region, recording US$ 32.1bn and 199
transactions. Chile ranked second, by both deal value and
count, with US$ 11.3bn and 47 transactions. Chile was also
home to the second- and third-largest deals of the period
– China’s Tianqi Lithium Industries’ US$ 4.1bn purchase of a
23.8% stake in Sociedad Quimica y Minera from Canada’s
Nutrien, and Enel Chile’s US$ 3.3bn bid for a 40% stake in
Enel Generación Chile.
• The best-performing sector by both value and deal count
was Industrials & Chemicals, which hit a record high with
US$ 21.9bn and 67 transactions and claimed the top two
transactions of 2018 to date, including the above acquisition
of Fibria Celulose by Suzano Papel e Celulose. Energy, Mining
& Utilities (EMU) made a comeback after falling last quarter
by recording 60 transactions worth US$ 12.7bn through Q1-
Q3 2018. EMU also accounted for Latin America’s third- and
fourth-largest deals for the period – the Chilean Enel deal
and Italy-based Enel’s US$ 3.1bn winning bid for Brazil-based
AES Eletropaulo. The Technology sector, though it ranked
eighth by value, reached a record high of US$ 1.3bn, boosted
by China-based Didi Chuxing’s US$ 900m bid for a 70%
stake in Brazil’s 99 Taxis earlier this year.
• Inbound M&A into Latin America fell 10.1% in Q1-Q3 2018
to US$ 24.7bn from US$ 27.4bn in the same period last year.
Activity from the US specifically fell 17.4% to US$ 4.2bn from
US$ 5.1bn over the same time interval, while activity from
China remained steady at US$ 5.1bn. However, activity from
Europe grew slightly to US$ 9.1bn, a 5.8% increase over US$
8.6bn registered in Q1-Q3 2017. As Latin America faces its
last major election of the year and the US, China, and Europe
all face political and economic tensions with each other, it
remains to be seen how much activity there may be for the
rest of the year.
Latin America AnalysisGlobal & Regional

Mergermarket.com
+12.7%
US$ 21.9bn US$ 1.3bn
Brazilian M&A value increase in Q1-Q3 2018
(US$ 32.1bn) from Q1-Q3 2017 (US$ 28.4bn)
US$ 1.8bn
Brookfield Asset Management (Canada)
& Digital Realty Trust (US)/Ascenty
Data Centers e Telecomunicacoes SA
(Brazil) - largest deal of Q3 2018
Q1-Q3 2018 inbound M&A, down
10.1% from Q1-Q3 2017 (US$
27.4bn)
Highest Industrials & Chemicals
value in LatAm for the Q1-Q3
period on Mergermarket record
Second-highest Q1-Q3
Technology value in LatAm since
2014 (US$ 2.1bn)
Highest inbound Q1-Q3 value from
Europe since 2014 (US$ 33.9bn)
US$ 9.1bnUS$ 24.7bn
Mergermarket 21
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Chart title 1
Chart title 2
Chart title 1
Chart title 2
0
5
10
15
20
25
OtherFinancial
Services
Business
Services
ConsumerEnergy,
Mining
& Utilities
Industrials
& Chemicals
DealValue(US$bn)
0
15
30
45
60
75
90
105
120
135
150
201820172016201520142013
0
70
140
210
280
350
420
490
560
630
700
29.5
12.2
17.8
28.6
38.1
27.4
11.2
30.2
14.9
25.0
DealValue(US$bn)
DealCount
19.6
44.4
14.1
14.0
11.9
24.2
39.9
24.8
22.4
25.6
21.4
21.2
7.3
Q3Q2 Q4Q1
Deal Count
Latin America Quarterly Breakdown Trend
2013 - 2018
Latin America Sector Breakdown Trend
Q1-Q3 2017 vs Q1-Q3 2018
Q1-Q3 2017 Q1-Q3 2018
22
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Mergermarket Latin America AnalysisGlobal & Regional

Latin America League tables
Latin America league table by value Latin America league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 2 Banco Itau BBA 22,193 21 -4 25
2 1 Banco BTG Pactual 8,303 14 -12 26
3 3 Banco Bradesco BBI 22,393 13 -3 16
5 4 Morgan Stanley 17,032 11 0 11
6 7 Goldman Sachs & Co 6,306 9 -1 10
7 11 JPMorgan 5,219 9 2 7
8 22 Citi 3,056 8 4 4
9 5 Santander Global Corporate Banking 836 8 -3 11
10 41 LXG Capital 424 8 6 2
11 12 Credit Suisse 2,560 7 0 7
12 6 Lazard 1,972 7 -4 11
13 10 Rothschild & Co 1,058 7 -1 8
14 23 EY 847 7 3 4
15 31 Vinci Partners 619 7 4 3
16 16 KPMG 566 7 1 6
17 44 Oaklins 364 6 4 2
18 82 Greenhill & Co 284 5 4 1
19 38 Rabobank 3,384 4 2 2
20 8 PwC 495 4 -6 10
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
2 10 Banco Bradesco BBI 22,393 13 454.7% 4,037
3 7 Banco Itau BBA 22,193 21 280.5% 5,833
4 4 Morgan Stanley 17,032 11 121.3% 7,697
5 1 Banco BTG Pactual 8,303 14 -37.8% 13,356
6 3 Goldman Sachs & Co 6,306 9 -45.0% 11,468
7 2 JPMorgan 5,219 9 -56.8% 12,087
8= - CLSA 4,066 1 - -
8= - Sinolink Securities 4,066 1 - -
10 36 Rabobank 3,384 4 696.2% 425
11 - Mediobanca 3,266 1 - -
12 12 Citi 3,056 8 -13.5% 3,533
13 8 Credit Suisse 2,560 7 -44.2% 4,591
14 15 Lazard 1,972 7 -12.9% 2,265
15 98 DH Capital 1,800 1 - -
16 19 Rothschild & Co 1,058 7 -29.1% 1,492
17 - Jefferies 969 1 - -
18 41 EY 847 7 163.9% 321
19 11 Santander Global Corporate Banking 836 8 -77.7% 3,744
20 9 Barclays 783 3 -81.5% 4,243
Mergermarket 23
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Mergermarket 24
mergermarket.com
Asia Pacific
(excl. Japan)
Value
(US$bn)
Deal details
Announce-
ment date
geography
Target sector
16.3 13-Aug-18 APA Group Ltd Consortium for APA
Group
Australia Energy, Mining &
Utilities
16.0 09-May-18 Wal-Mart Stores Inc Flipkart Internet Pvt
Ltd
(77% Stake)
India Technology
14.0 29-May-18 A group of 12 investors Zhejiang Ant Small
and Micro Financial
Services Group Co Ltd
China Financial Services
12.7 10-May-18 Wanhua Chemical
Group Co Ltd
Yantai Wanhua
Chemical Co, Ltd
China Industrials &
Chemicals
10.7 25-Apr-18 Bharti Infratel Limited Indus Towers Limited India Telecoms Drop in value of Chinese
investment into the US
compared to Q1-Q3 2017
2018 increase
versus YTD 2017
-54.7%22.3%
Value recorded in Q3 2018,
across 882 deals
US$ 164.6bn
Asia Pacific (excl. Japan) AnalysisGlobal & Regional

Mergermarket 25
mergermarket.com
“With Trump’s controversial
trade policies and Chinese
government’s capital
outflow curb continuing
to cast a shadow on the
relationship between the
two powerhouses, Chinese
dealmakers’ interest in the
US continued to fall”
Melissa Yan, Research
Analyst, Mergermarket
Asia Pacific (excl. Japan)
• Asia-Pacific (excl. Japan) M&A experienced a significant
downturn in the third quarter following a strong first half of
2018 amid trade tension between China and the US. Largely
owing to the absence of big ticket transactions, the region
dipped to 882 deals worth US$ 164.6bn in Q3 2018, 176 deals
fewer compared to 1,058 deals (US$ 171.3bn) in Q3 2017. Only
one megadeal (> US$ 10bn) was announced in Q3 - the Hong
Kong-based consortium’s US$ 16.3bn acquisition of listed
Australian energy infrastructure company, APA Group. Despite
Q3’s sharp drop, the US$ 551.8bn (2,861 deals) registered so
far this year, represented a 22.3% rise by value compared to
the same period of 2017 (US$ 451.1bn, 2,856 deals), marking
the second highest YTD value on Mergemarket record -
largely driven by the remarkable performance of the first half
which reached US$ 382.3bn.
• With the region experiencing a transformation from a low-
cost-manufacturer into an economy powered by high-tech
products in fields such as robotics, Industrials & Chemicals
has remained the most attractive sector by value in the region
so far this year. The sector notched up US$ 93.1bn across
599 deals, accounting for 16.9% of the region’s M&A value,
51.6% ahead of YTD 2017’s value (US$ 61.4bn). Energy, Mining
& Utilities (EMU) ranked as the top sector in Q3 with US$
28.5bn as a result of two large deals in Australia. As well as
the aforementioned APA Group acquisition, the quarter saw
the US$ 2.2bn takeover of oil and gas developer Quadrant
Energy Australia by Australian energy company Santos Ltd.
Notably, after a surge in the first six months of the year,
technology M&A deals saw a 17.4% decline in Q3 value to
US$ 19.3bn compared to US$ 23.4bn of the same period last
year.

• Inbound M&A deal value declined by 14.6% in Q3 2018
to US$ 20.3bn, from US$ 23.8bn in Q3 2017. India has
become an emerging investment hotspot, in which 119 deals
announced with US$ 33.8bn recorded this year, contributing
43.2% of the region’s overall inbound activity. The new
Indian bankruptcy law has brought news opportunities for
investors. Meanwhile, the region’s outbound M&A soared to
US$ 128.9bn, increasing 73.9% versus YTD 2017 (US$ 74.1bn),
despite a slight dip in the number of deals. With Trump’s
controversial trade policies and Chinese government’s capital
outflow curb continuing to cast a shadow on the relationship
between the two powerhouses, Chinese dealmakers’ interest
in the US continued to fall, recording a 54.7% drop by value
with 20 fewer deals, versus YTD 2017 (US$ 5.9bn, 49 deals).
On the contrary, Canada has become a key Chinese target
for energy assets in place of USA, in which eight deals worth
US$ 2.2bn were announced, compared to US$ 390.1m in YTD
2017.
• Private equity activity has remained active, registering
US$ 103.5bn (355 buyouts), rising 8.2% from last year (US$
95.6bn, 351 deals). The takeover of Ant Financial, along with
Blackstone Group’s US$ 3.1bn takeover of Australia REIT
Investa Office Fund, meant that Financial Services has been
the most active sector for buyouts in 2018. The sector has
seen 27 buyouts worth US$ 23.7bn, up 3.7x by value from the
same period last year. Moreover, in August the China Banking
and Insurance Regulatory Commission (CBIRC) decided to
cancel and revise certain regulations on foreign investment
in the banking sector to help open up the sector. The sector
is therefore likely to see continued levels of high activity as
firms look to break into the market.

Mergermarket.com
Indian share of Asia Pacific (excl.
Japan) inbound M&A by value
43.2%
Outbound M&A increase versus
Q1-Q3 2017
73.9%
Energy, Mining & Utilities value
increase versus YTD 2017
Financial Services value increase
versus YTD 2017
Value decrease between
Q3 2018 (US$ 164.6bn) and
Q2 2018 (US$ 223.8bn)
-26.4% 35.3%26.8%
US$ 103.5bn
Value of private equity buyouts so
far this year, up 8.2% on YTD 2017
Mergermarket 26
mergermarket.com

Chart title 1
Chart title 2
Chart title 1
Chart title 2
0
20
40
60
80
100
120
140
160
180
200
OthersReal EstateFinancial
Services
Energy,
Mining & Utilities
TechnologyIndustrials
& Chemicals
Valueofdeals(US$bn)
0
100
200
300
400
500
600
700
800
900
YTD 2018201720162015201420132012
0
600
1200
1800
2400
3000
3600
4200
116.3
169.2
168.9
85.8
139.7
83.1
113.7
81
65.9
151.4
178
164.6
173.8
140.9
163.3140.2
245.6
171.3
Valueofdeals(US$bn)
Dealcount
293.5
232.3
152.7
194
139.4
114.9
105.6
107.8
223.8
Q3Q2 Q4Q1
Deal Count
Asia Pacific (excl. Japan) Quarterly Breakdown Trend
2013 - 2018
Asia Pacific (excl. Japan) Sector Breakdown Trend
Q1-Q3 2017 vs Q1-Q3 2018
Q1-Q3 2017 Q1-Q3 2018
27
mergermarket.com
Mergermarket Asia Pacific (excl. Japan) AnalysisGlobal & Regional

Asia Pacific (excl. Japan) League tables
Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 KPMG 17,148 68 -17 85
2 5 Deloitte 7,564 51 6 45
3 4 Goldman Sachs & Co 110,789 50 2 48
4 2 EY 13,968 50 -29 79
5 3 PwC 3,007 49 -26 75
7 13 Citi 88,652 42 17 25
8 7 JPMorgan 71,881 37 -1 38
9 6 Morgan Stanley 103,653 33 -9 42
10 20 Rothschild & Co 12,948 33 13 20
11 11 Macquarie Group 34,191 30 3 27
13 17 Huatai Securities 14,242 27 3 24
14 15 China Renaissance Holdings 13,111 27 3 24
15 8 China International Capital Corporation 34,568 26 -10 36
16 9 Credit Suisse 13,132 26 -8 34
17 18 CITIC Securities 21,332 22 1 21
18 23 Deutsche Bank 44,011 21 5 16
19 29 Lazard 41,691 21 9 12
20 19 Somerley Capital 7,835 20 -1 21
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 2 Goldman Sachs & Co 110,789 50 36.7% 81,074
2 1 Morgan Stanley 103,653 33 10.8% 93,533
3 5 Citi 88,652 42 75.0% 50,662
4 3 UBS Investment Bank 84,802 44 33.6% 63,458
5 7 JPMorgan 71,881 37 46.4% 49,091
7 17 Deutsche Bank 44,011 21 167.4% 16,456
8 39 Lazard 41,691 21 643.2% 5,610
9 29 Barclays 34,666 15 227.9% 10,571
10 4 China International Capital Corporation 34,568 26 -39.6% 57,255
11 8 Macquarie Group 34,191 30 27.7% 26,772
12 200 Millennium Investment Banking 28,708 2 11114.1% 256
13 56 Moelis & Company 23,489 16 797.9% 2,616
14 9 CITIC Securities 21,332 22 -19.2% 26,395
15 10 Evercore 17,276 12 -19.8% 21,534
16 54 Grant Samuel 17,160 7 519.0% 2,772
17 18 KPMG 17,148 68 11.4% 15,393
18 27 Huatai Securities 14,242 27 25.4% 11,355
19 16 EY 13,968 50 -15.5% 16,521
20 12 Credit Suisse 13,132 26 -31.2% 19,090
Mergermarket 28
mergermarket.com

Mergermarket 29
mergermarket.com
Japan
Value
(US$bn)
Deal details
Announce-
ment date
Bidder company Target company Target sector Seller Company
4.4 01-Aug-18 Fukuoka Airport HD
Group
30-year Concession
for Fukuoka Airport
Transport Japan Ministry of
Land, Infrastructure,
Transport and
Tourism
3.4 19-Apr-18 Itochu Corporation FamilyMart UNY
Holdings Co Ltd
(8.65% Stake)
Consumer
2.0 09-Jul-18 Yahoo Japan
Corporation
Yahoo Japan
Corporation (10.73%
Stake)
Technology SoftBank Group
Corp
1.1 24-Jan-18 Sekisui House Reit Inc Sekisui House
Residential Investment
Corporation
Financial
Services
1.1 20-Feb-18 Mitsubishi Corporation Mitsubishi Motors
Corporation
(10.76% Stake)
Industrials &
Chemicals Number of Japanese
outbound deals worth
over US$ 1bn in Q3
YTD value increase in M&A
targeting Japan vs YTD 2017
51.4%
Japanese outbound M&A in
2018, already higher than FY
2017 value (US$ 79.4bn)
US$ 128.1bn
Japan Analysis
6
Global & Regional

Mergermarket 30
mergermarket.com
“It appears that large
industry players are
becoming more aggressive
in pursuing valuable
assets overseas”
Danni Sun,
Senior Research Analyst,
Asia-Pacific
Japan
Japan Analysis
• In contrast to the trends seen globally in the third quarter,
dealmaking targeting Japan witnessed an upswing with US$
13bn (96 deals) announced, the first time it has breached
the US$ 10bn mark so far this year. Several big-ticket deals
drove the country’s activity including the Fukuoka Airport
concession and Yahoo Japan share buyback deals. So far this
year there have been 322 deals worth a total US$ 30.7bn,
indicating that the country’s M&A activity in 2018 may not
reach the levels seen in 2017 (468 deals, US$ 45.6bn) and
2016 (464 deals, US$ 62.9bn). However, it appears that after
going through the uncertainty before June when the Japan
corporate governance code was still under revision process
leading to a relatively slack first-half year, transactions in
Japan are gradually seeing an uptick in H2.
• Following a stagnant 2017, YTD domestic deals have
grabbed the headlines again contributing US$ 28.8bn across
301 deals, already 39.6% ahead of 2017’s full-year value
(420 deals, US$ 20.6bn). The third quarter was particularly
active, recording US$ 12.9bn over 93 deals, up 63.4% by
value in comparison with Q2 2018 (88 deals, US$ 7.9bn).
This was largely driven by the US$ 4.4bn-takeover of 30
years’ concession for Fukuoka Airport by Fukuoka Airport
HD Group, the second largest airport concession transaction
on Mergermarket record following the US$ 13.9bn ORIX &
VINCI consortium/Kansai & Osaka International Airport deal
in 2015. With the Japan government picking up pace on
airport privatisations, more landmark deals are expected with
the Hokkaido airports concession also in a bidding process.
In respect of the most-favoured sector by value, there has
been an obvious swing towards technology targets, with a 5x
jump from US$ 1.2bn in YTD 2017 (36 deals) to US$ 6bn in
YTD 2018 (51 deals), with investors embracing the increasingly
digitalised environment.
• With the Abenomics coming to its sixth year, companies
investing abroad are seeing the benefits of quantitative
easing with low cost of borrowing. Outbound activity has
pushed to US$ 128.1bn with 216 deals announced so far,
jumping 130.1% from US$ 55.7bn in YTD 2017 and over double
the YTD 2016 value (US$ 62.3bn), significantly helped by the
Takeda/Shire deal. With US$ 24.9bn (72 deals) announced
in Q3, Japanese outbound M&A has reached the US$ 10bn
in each of the last nine quarters. As the six largest outbound
deals in Q3 all breached the US$ 1bn mark, it appears that
large industry players are becoming more aggresive in
pursuing valuable assets overseas. Renesas Electronics’ US$
7bn-takeover of the US-based Integrated Device Technology
and Taiyo Nippon Sanso’s US$ 5.8bn-takeover of the
industrial gases business from Praxair were both announced
in the last three months. In August, Japan Tobacco conducted
its second investment outside the country this year, with the
US$ 1.5bn bid for Bangladesh-based United Dhaka Tobacco.
• The absence of deals involving private equity firms has
been felt this year, with buyout dealmaking totalling 35 deals
worth US$ 712m, down 95.1% by value from YTD 2017 (31
deals, US$ 14.4bn). This represents Japan’s lowest YTD buyout
value since 2002, yet the deal count figure remains robust.
While private equity investors have been quiet so far this year
there are reportedly several ongoing processes, such as TS
Group, which has shortlisted six domestic and foreign PEs,
according to Mergermarket intelligence. The country has
also recorded 22 exits worth US$ 1.5bn so far this year. The
largest in Q3 was the US$ 196m sale of Fasford Technology
by Advantage Partners, becoming the second largest this
year following Innovation Network Corporation of Japan’s US$
762m partial exit from Renesas Electronics in March.
Global & Regional

Mergermarket.com
Value of Fukuoka Airport
concession, the largest deal
targeting Japan in Q3
$4.4bn
Drop in private equity buyouts
from YTD 2017 to YTD 2018
-95.1%
Number of outbound deals
targeting the Pharma, Medical &
Biotech sector, the joint-highest
YTD figure on record
Increase in domestic tech value
(US$ 6bn) in comparisn to YTD
2017 (US$ 1.2bn)YTD domestic M&A value increase
compared to YTD 2017
63.4% 205x
Q3 outbound value, the ninth
consecutive quarter over US$ 10bn
US$ 24.9bn
Mergermarket 31
mergermarket.com
Japan AnalysisGlobal & Regional

Chart title 1
Chart title 2
Chart title 1
Chart title 2
0
2
4
6
8
10
12
14
OthersFinancial
Services
Industrials &
Chemicals
TransportConsumerTechnology
Valueofdeals(US$bn)
0
10
20
30
40
50
60
70
80
YTD 2018201720162015201420132012
0
50
100
150
200
250
300
350
400
450
500
4.8
9.4
10.8
13.9
26.3
5.5
13.5
7.3
15.2
8.1
13.5
15.2
17.1
17.1
9.19
19.7 13
11.4
Valueofdeals(US$bn)
Dealcount
16.2
35.3
21.6
9.1
9.1
5.1
7.1
8.6
Q3Q2 Q4Q1
Deal Count
Japan Quarterly Breakdown Trend
2013 - 2018
Japan Sector Breakdown Trend
Q1-Q3 2017 vs Q1-Q3 2018
Q1-Q3 2017 Q1-Q3 2018
32
mergermarket.com
Mergermarket Japan AnalysisGlobal & Regional

Japan League tables
Japan league table by value Japan league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 2 Nomura Holdings 100,839 54 4 50
2 1 Sumitomo Mitsui Financial Group 72,089 40 -12 52
3 4 Mizuho Financial Group 82,694 39 10 29
4 8 Morgan Stanley 160,794 28 12 16
5 3 Daiwa Securities Group 4,404 22 -12 34
6 7 GCA Corporation 847 22 2 20
7 5 Deloitte 2,999 19 -3 22
8 9 Goldman Sachs & Co 169,516 13 -2 15
9 14 JPMorgan 171,401 11 5 6
10 25 Frontier Management 336 10 6 4
11 12 KPMG 880 9 -1 10
12 6 PwC 70 8 -13 21
13 15 Credit Suisse 68,947 7 1 6
14 18 Plutus Consulting 1,138 7 2 5
15 30 YAMADA Consulting Group Co 292 7 4 3
16 26 Evercore 140,931 5 2 3
17 11 Citi 81,282 4 -8 12
18 33 Deutsche Bank 66,833 4 2 2
20 55 Greenhill & Co 1,018 4 3 1
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 4 JPMorgan 171,401 11 1223.7% 12,949
2 1 Goldman Sachs & Co 169,516 13 528.0% 26,993
3 3 Morgan Stanley 160,794 28 620.4% 22,321
4 6 Evercore 140,931 5 1584.4% 8,367
5 2 Nomura Holdings 100,839 54 324.8% 23,740
7 11 Citi 81,282 4 1323.5% 5,710
9 9 Credit Suisse 68,947 7 1068.8% 5,899
10 18 Deutsche Bank 66,833 4 3878.2% 1,680
11 28 Centerview Partners 61,379 2 6835.5% 885
12= - PJT Partners 60,806 1 - -
12= - Raine Group 60,806 1 - -
14 31 Barclays 16,500 2 2191.7% 720
16 12 Daiwa Securities Group 4,404 22 15.8% 3,803
17 21 Deloitte 2,999 19 169.2% 1,114
18 26 Rothschild & Co 2,130 3 123.7% 952
20 - Standard Chartered 1,490 1 - -
Mergermarket 33
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Japan AnalysisGlobal & Regional

Mergermarket 34
mergermarket.com
Middle East & Africa
Value
(US$bn)
Deal details
Announce-
ment date
geography
Target sector
6.9 07-May-18 International Flavors &
Fragrances Inc
Frutarom Industries
Ltd
Israel Industrials &
Chemicals
3.2 20-Aug-18 SodaStream
International Ltd
PepsiCo Inc Israel Consumer
3.1 19-Mar-18 KLA-Tencor
Corporation
Orbotech Ltd Israel Technology
1.6 23-Jul-18 Mototolo Joint Venture
(39% Stake)
Anglo American
Platinum Ltd
South Africa Energy, Mining &
Utilities
1.5 18-Feb-18 Compania Espanola
de Petroleos SAU
Abu Dhabi National Oil
Company (Umm Lulu
concession) (20%
Stake); Abu Dhabi
National Oil Company
(Sateh Al Razboot
concession)
(20% Stake)
United Arab
Emirates
Energy, Mining &
Utilities
Number of deals announced
in Q3 targeting MEA
worth over US$ 1bn
MEA value increase in Q3
2018 versus Q2 2018
55.6%
Value of M&A targeting the
Middle East & Africa in Q1-Q3
2018, 8.7% down on YTD 2017
US$ 46.7bn
Middle East & Africa AnalysisGlobal & Regional

Mergermarket 35
mergermarket.com
“The global demand for
innovative companies
is pushing Israeli M&A
to new heights, with
several multi-billion
blockbuster deals already
announced this year”
Jonathan Klonowski,
Middle East & Africa
Middle East & Africa Analysis
• In contrast to trends seen globally, M&A targeting the
Middle East & Africa rose slightly in Q3. The US$ 14.5bn spent
across 71 deals recorded in the last three months represents
a 5.6% uptick in value compared to Q2 despite a drop in the
number of deals (US$ 13.7bn, 89 deals). The region has now
seen more than US$ 10bn change hands in each of the last
five consecutive quarters. Q3’s activity was largely driven
by five US$ 1bn-plus deals, including PepsiCo’s US$ 3.2bn
acquisition of SodaStream – the second largest deal to target
the region so far this year. The pipeline appears to be strong,
with high levels of foreign interest in assets in the region,
particularly in innovative firms in Israel where areas such as
driverless cars are propelling inbound investment.
• The global demand for innovative companies is pushing
Israeli M&A to new heights, with several multi-billion
blockbuster deals already announced this year. A total of US$
21.3bn across 66 deals has been announced so far, leaving
the country on course to break its record full-year total of
US$ 25.3bn, announced last year. Three US investments
each valued above US$ 3bn – including PepsiCo’s US$ 3.2bn
takeover of SodaStream – have been instrumental in guiding
the year’s performance so far. The technology and industrials
& chemicals sectors continue to be the most attractive,
accounting for a 24.2% and 18.2% share of the overall number
of deals targeting Israel respectively. The technology sector
has been particularly active in 2018, with this year’s value of
US$ 4.1bn already 91.8% ahead of the full-year 2017 figure
(US$ 2.1bn).

• African M&A picked up slightly in Q3, recording its highest
quarterly value of the year. The US$ 4.9bn announced in
the third quarter is almost double the US$ 2.5bn seen in Q2
and pushes the YTD figure to US$ 11.4bn. Three deals worth
more than US$ 500m were announced in Q3, including two
that breached the US$ 1bn mark. The largest of these saw
Anglo American Platinum acquire a 39% stake in the South
Africa-based Mototolo joint venture, for US$ 1.6bn, the largest
African deal so far this year. After a slow start to 2018, South
African M&A is on the up, recording a total US$ 4.9bn (48
deals) so far – 22.3% higher than YTD 2017 (US$ 4bn, 80
deals).
• M&A targeting the Middle East (excl. Israel) stood at US$
1.7bn in Q3, a slight dip compared to previous quarters, yet
is still on course to be one of the most active years in the
region on Mergermarket record. A total US$ 13.9bn has been
reported so far, making it the fourth highest YTD value on
record, and 24.2% ahead of YTD 2017 (US$ 11.2bn). Energy,
mining & utilities has seen tremendous growth this year,
reaching US$ 9bn across 17 deals, already the highest annual
value and number of deals on Mergermarket record. This was
assisted by the US$ 849m acquisition of Kuwait Energy by
Hong Kong-based United Energy Group, announced in late
September.
Global & Regional

Mergermarket.com
US$ 32.7bn
Value of foreign investment into MEA
this year, on par with YTD 2016 (US$
33.8bn) and YTD 2017 (US$ 34.1bn)
Middle Eastern (excl. Israel) YTD
M&A value increase versus YTD
2017
24.2%
Value of African M&A in Q3, the
highest quarterly value in the
continent since Q4 2016 (US$
6.7bn)
$3.1bn
Increase in Energy, Mining & Utilities
M&A (US$ 14.7bn) versus YTD 2017
(9.2bn)
Value of Tech M&A so far this year,
up 28% compared to YTD 2017
(US$ 3.5bn)
Israeli YTD M&A value, already
the third highest annual total
on Mergermarket record
US$ 21.3bn 59%$4.4bn
Mergermarket 36
mergermarket.com

Chart title 1
Chart title 2
Chart title 1
Chart title 2
0
2
4
6
8
10
12
14
16
18
20
22
OtherFinancial
Services
TechnologyConsumerIndustrials
& Chemicals
Energy,
Mining & Utilities
DealValue(US$bn)
0
10
20
30
40
50
60
70
80
90
100
201820172016201520142013
0
50
100
150
200
250
300
350
400
450
500
24.5
19.3
15.5
13.7
29.69.4
6.1
8.5
9.7
34.9
DealValue(US$bn)
DealCount
20.5
22.1
9.6
24.7
7.5
9.6
21.6
12.4
11.8
10.9
18.5
13.7
14.5
Q3Q2 Q4Q1
Deal Count
Middle East & Africa Quarterly Breakdown Trend
2013 - 2018
Middle East & Africa Sector Breakdown Trend
Q1-Q3 2017 vs Q1-Q3 2018
Q1-Q3 2017 Q1-Q3 2018
37
mergermarket.com
Mergermarket Middle East & Africa AnalysisGlobal & Regional

Middle East & Africa League tables
MEA league table by value MEA league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 2 Rothschild & Co 4,264 17 1 16
2 9 JPMorgan 10,039 14 5 9
3 3 PwC 434 12 -2 14
4 6 Goldman Sachs & Co 16,794 10 0 10
5 11 Morgan Stanley 12,607 9 2 7
6 1 EY 1,311 9 -11 20
7 17 Standard Bank Group 380 9 4 5
8 16 Lazard 2,168 6 1 5
9 8 Rand Merchant Bank 1,932 6 -4 10
10 10 KPMG 201 6 -3 9
11 29 Credit Suisse 3,702 5 3 2
12 7 Citi 1,808 5 -5 10
14 35 Perella Weinberg Partners 5,278 4 2 2
15 70 Evercore 3,200 4 3 1
16 20 Barclays 3,899 3 -1 4
17 18 UBS Investment Bank 3,284 3 -1 4
18 15 HSBC 3,004 3 -2 5
19 21 Deutsche Bank 1,276 3 -1 4
20 4 Investec 1,106 3 -9 12
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 16,794 10 -57.1% 39,182
2 3 Morgan Stanley 12,607 9 -30.9% 18,236
3 6 JPMorgan 10,039 14 -30.0% 14,343
5 44 Greenhill & Co 6,872 1 2716.4% 244
6 36 Perella Weinberg Partners 5,278 4 1091.4% 443
7 4 Rothschild & Co 4,264 17 -75.0% 17,042
8 7 Centerview Partners 4,036 2 -60.5% 10,214
9 16 Barclays 3,899 3 107.6% 1,878
10 11 Credit Suisse 3,702 5 20.9% 3,062
12 - Sberbank 3,209 1 - -
13 64 Evercore 3,200 4 3455.6% 90
14 10 HSBC 3,004 3 -16.2% 3,586
15 14 Lazard 2,168 6 -10.6% 2,425
16 17 Rand Merchant Bank 1,932 6 4.1% 1,856
17 2 Citi 1,808 5 -92.1% 22,876
18 - Kempen & Co 1,727 1 - -
19 - Duff & Phelps 1,560 2 - -
20 18 EY 1,311 9 -27.1% 1,798
Mergermarket 38
mergermarket.com

M&A Rankings by deal value and deal
count for a wide range of regions.
M&A and PE Financial
Advisory League Tables
Mergermarket 39
mergermarket.com
Global & Regional
M&A Report Q1-Q3
League Tables

Global Advisory League tables
Global league table by value Global league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 6 Goldman Sachs & Co 827,127 276 37 239
2 2 PwC 19,973 264 -53 317
3 3 EY 25,979 245 -47 292
4 7 Rothschild & Co 184,893 241 12 229
5 1 KPMG 64,981 241 -94 335
6 4 Deloitte 20,638 238 -46 284
7 5 JPMorgan 649,731 228 -12 240
8 8 Morgan Stanley 797,217 212 14 198
9 11 Citi 598,950 195 37 158
10 9 Lazard 325,373 152 -22 174
11 10 Houlihan Lokey 31,492 148 -18 166
12 18 Barclays 351,199 141 28 113
14 12 Credit Suisse 305,984 132 -20 152
15 14 Evercore 332,942 119 1 118
17 16 Jefferies 80,214 114 -2 116
18 15 Lincoln International 4,607 114 -3 117
20 19 Oaklins 5,204 106 -7 113
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 827,127 276 42.4% 580,844
2 2 Morgan Stanley 797,217 212 59.7% 499,116
3 3 JPMorgan 649,731 228 44.4% 450,103
4 4 Citi 598,950 195 67.0% 358,685
6 10 Barclays 351,199 141 64.4% 213,560
7 12 Evercore 332,942 119 94.8% 170,924
8 6 Lazard 325,373 152 20.4% 270,173
9 7 Credit Suisse 305,984 132 37.0% 223,297
10 9 Deutsche Bank 297,802 97 38.6% 214,932
12 11 Rothschild & Co 184,893 241 6.6% 173,502
14 36 PJT Partners 138,006 16 392.5% 28,024
15 22 Nomura Holdings 106,366 67 118.2% 48,753
17 30 Robey Warshaw 87,249 4 151.4% 34,703
19 18 Jefferies 80,214 114 9.5% 73,225
20 21 Moelis & Company 78,609 89 49.2% 52,684
Mergermarket 40
mergermarket.com
Global & Regional
M&A Report Q1-Q3
League Tables

EMEA Advisory League tables
Europe league table by value Europe league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 4 Rothschild & Co 159,931 206 11 195
2 2 PwC 15,783 200 -29 229
3 3 EY 10,493 188 -16 204
4 5 Deloitte 8,439 164 -28 192
5 1 KPMG 46,573 149 -85 234
6 8 Goldman Sachs & Co 392,080 112 24 88
7 7 JPMorgan 322,260 101 -8 109
8 6 Lazard 194,002 98 -15 113
9 10 Morgan Stanley 361,859 78 -2 80
10 11 Oaklins 2,932 75 3 72
11 13 Citi 306,312 70 3 67
13 9 BDO 1,488 60 -26 86
16 23 UniCredit Group 9,636 56 14 42
17 20 Clearwater International 1,498 56 3 53
18 19 Houlihan Lokey 9,002 52 -2 54
19 32 Barclays 125,297 50 19 31
20 14 ALANTRA 3,640 50 -17 67
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 392,080 112 28.0% 306,427
2 3 Morgan Stanley 361,859 78 67.6% 215,864
3 4 JPMorgan 322,260 101 55.9% 206,757
4 6 Citi 306,312 70 91.4% 160,036
6 5 Lazard 194,002 98 5.9% 183,260
7 27 Evercore 176,873 39 739.7% 21,065
8 8 Rothschild & Co 159,931 206 11.9% 142,920
9 15 Barclays 125,297 50 172.0% 46,063
10 7 Deutsche Bank 119,487 43 -23.4% 155,916
11 9 Credit Suisse 106,719 45 -21.9% 136,722
13 21 Robey Warshaw 87,249 4 151.4% 34,703
14 25 Nomura Holdings 86,656 14 269.2% 23,470
15 11 BNP Paribas 68,072 43 -29.1% 95,969
17 30 PJT Partners 63,210 7 265.2% 17,308
18 16 Mediobanca 56,473 29 22.7% 46,029
19 61 LionTree Advisors 52,373 10 990.4% 4,803
Mergermarket 41
mergermarket.com
Global & Regional
M&A Report Q1-Q3
League Tables

UK league table by value UK league table by deal count
Q1-Q3
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Rothschild & Co 71,374 88 4 84
2 3 PwC 2,931 50 -4 54
3 7 Goldman Sachs & Co 123,391 43 0 43
4 5 JPMorgan Cazenove 86,575 39 -6 45
5 6 Deloitte 2,183 39 -6 45
6 2 KPMG 3,301 36 -25 61
7 28 Jamieson Corporate Finance 13,472 33 16 17
8 4 EY 2,487 32 -16 48
9 16 BDO 572 31 5 26
10 12 Houlihan Lokey 2,337 29 -4 33
11 8 Grant Thornton 181 27 -8 35
12 27 Barclays 90,474 26 9 17
13 11 Morgan Stanley 124,671 25 -8 33
15 13 Citi 61,997 25 -2 27
16 23 Oaklins 1,919 25 5 20
17 49 Macquarie Group 18,276 24 15 9
18 20 GCA Corporation 1,605 24 3 21
19 15 Clearwater International 1,017 24 -2 26
20 9 Lazard 16,357 23 -11 34
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Morgan Stanley 58,816 20 1.2% 58,103
2 21 JPMorgan Cazenove 52,611 19 344.2% 11,844
3 2 Goldman Sachs & Co 51,216 31 3.6% 49,456
5 8 Citi 41,594 28 105.2% 20,271
6 32 Lazard 41,087 16 640.7% 5,547
8 161 Millennium Investment Banking 28,708 2 11114.1% 256
9 19 Deutsche Bank 28,616 12 131.4% 12,364
10 5 China International Capital Corporation 28,586 18 15.9% 24,660
11 6 CITIC Securities 19,171 17 -12.1% 21,807
12 24 Barclays 18,982 9 96.0% 9,684
13 12 EY 12,708 30 -8.0% 13,811
14 34 Haitong Securities 12,281 10 165.6% 4,624
15 7 Macquarie Group 11,964 19 -42.1% 20,677
16 193 Hina Group 11,392 5 7064.8% 159
17 20 Credit Suisse 11,369 19 -6.6% 12,176
18 9 Rothschild 11,054 24 -37.1% 17,567
19 28 China Renaissance Holdings 9,927 13 14.1% 8,697
20 30 China Securities 9,895 14 39.9% 7,071
Mergermarket 42
mergermarket.com
Global & Regional
M&A Report Q1-Q3
League Tables

Ireland league table by value Ireland league table by deal count
DACH league table by value DACH league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 2 Morgan Stanley 85,341 6 994.1% 7,800
2 3 Goldman Sachs & Co 82,444 5 990.5% 7,560
3 4 Citi 80,283 2 1210.7% 6,125
4 32 Evercore 80,164 2 57571.9% 139
5 1 JPMorgan 79,815 4 915.1% 7,863
6 - Nomura Holdings 79,744 1 - -
7 80 Societe Generale 2,999 2 - -
8 33 Rothschild & Co 2,475 5 2150.0% 110
9 - Lazard 2,400 1 - -
10 8 Deloitte 2,296 3 319.7% 547
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 2 EY 3,916 44 -4 48
2 1 KPMG 989 36 -20 56
3 4 PwC 1,219 31 -4 35
4 10 Goldman Sachs & Co 126,433 30 9 21
5 5 Rothschild & Co 56,478 28 -5 33
6 3 Deloitte 440 28 -11 39
7 8 JPMorgan 50,676 26 3 23
8 6 Lincoln International 860 25 -2 27
10 7 GCA Corporation 1,549 20 -4 24
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 2 IBI Corporate Finance 252 10 0 10
2 4 Davy Corporate Finance 872 7 -1 8
4 16 Goldman Sachs & Co 82,444 5 3 2
5 24 Rothschild & Co 2,475 5 3 2
6 7 EY 435 5 0 5
7 5 JPMorgan 79,815 4 -2 6
8 6 Goodbody Corporate Finance 596 4 -2 6
9 25 BDO 79 4 2 2
10 3 Deloitte 2,296 3 -6 9
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 3 Goldman Sachs & Co 126,433 30 68.8% 74,888
2 7 Citi 81,069 18 67.7% 48,343
4 13 Deutsche Bank 58,044 12 312.7% 14,064
5 10 Rothschild & Co 56,478 28 106.5% 27,348
6 8 Lazard 55,541 13 61.0% 34,491
7 14 BNP Paribas 51,831 8 335.9% 11,891
8 11 JPMorgan 50,676 26 94.3% 26,080
10 5 Morgan Stanley 44,620 15 -24.9% 59,391
Mergermarket 43
mergermarket.com
Global & Regional
M&A Report Q1-Q3
League Tables

Germany league table by value Germany league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 EY 3,742 33 -1 34
2 6 Lincoln International 860 24 4 20
3 5 PwC 1,032 23 2 21
4 2 KPMG 148 21 -12 33
5 33 UniCredit Group 723 19 12 7
6 3 Deloitte 254 19 -8 27
7 4 Rothschild & Co 51,806 18 -7 25
8 7 GCA Corporation 198 17 -1 18
9 9 JPMorgan 30,339 14 -1 15
11 8 Goldman Sachs & Co 84,940 13 -2 15
12 31 Macquarie Group 13,731 13 6 7
13 22 Morgan Stanley 36,769 12 3 9
14 20 ALANTRA 318 12 2 10
15 15 Deutsche Bank 57,632 11 0 11
16 29 goetzpartners 7,270 11 3 8
17 26 Quarton International 58 11 2 9
18= 17 Falkensteg - 11 0 11
18= 76 Restrukturierungspartner jwt & Co - 11 8 3
20 12 Globalscope Partners 24 10 -3 13
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 84,940 13 21.4% 69,945
2 11 Deutsche Bank 57,632 11 336.5% 13,203
4 7 Rothschild & Co 51,806 18 105.8% 25,177
5 10 Citi 50,717 8 281.1% 13,308
6 20 Lazard 47,075 7 912.4% 4,650
7 12 BNP Paribas 47,026 5 326.7% 11,020
9 4 Morgan Stanley 36,769 12 -35.9% 57,390
10 8 JPMorgan 30,339 14 33.7% 22,694
12= - LionTree Advisors 21,815 1 - -
12= - Robey Warshaw 21,815 1 - -
14 2 Macquarie Group 13,731 13 -77.2% 60,182
15 65 goetzpartners 7,270 11 3429.1% 206
16 6 Credit Suisse 5,882 5 -88.0% 49,175
17 27 Jamieson Corporate Finance 5,374 2 313.4% 1,300
18 13 Barclays 4,127 3 -61.8% 10,804
19 31 EY 3,742 33 259.8% 1,040
20 18 Jefferies 3,098 3 -50.3% 6,237
Mergermarket 44
mergermarket.com
Global & Regional
M&A Report Q1-Q3
League Tables

Austria league table by value Austria league table by deal count
Switzerland league table by value
Switzerland league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 46 JPMorgan 2,684 5 - -
2 6 Rothschild & Co 2,292 3 69.3% 1,354
3 1 Citi 1,838 3 -58.6% 4,438
4 - BNP Paribas 956 1 - -
5 14 UBS Investment Bank 882 1 469.0% 155
6 - TN Capital Advisors 725 1 - -
7 20 EY 162 3 604.3% 23
8 - Carnegie Investment Bank 148 1 - -
9 - Barclays 94 1 - -
10 11 Deloitte 79 6 -57.5% 186
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 14 Goldman Sachs & Co 41,493 17 12 5
2 1 KPMG 841 17 0 17
4 6 JPMorgan 26,272 9 -1 10
6 7 Rothschild & Co 5,625 9 2 7
7 3 PwC 204 9 -6 15
8 9 The Corporate Finance Group - 9 2 7
9 27 Citi 31,201 8 6 2
10 4 Credit Suisse 12,869 8 -4 12
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 2 Deloitte 79 6 -5 11
2 46 JPMorgan 2,684 5 4 1
3 10 MP Corporate Finance - 5 3 2
4 9 Rothschild & Co 2,292 3 1 2
5 16 Citi 1,838 3 2 1
6 3 EY 162 3 -1 4
8 6 ALANTRA - 3 0 3
9 - Bank of America Merrill Lynch 27 2 2 0
10= 1 KPMG - 2 -10 12
10= 4 PwC - 2 -2 4
10= - Raiffeisen Bank International - 2 2 0
10= - Raymond James & Associates - 2 2 0
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 6 Goldman Sachs & Co 41,493 17 758.7% 4,832
2 3 Citi 31,201 8 2.0% 30,597
3 7 JPMorgan 26,272 9 591.7% 3,798
4 105 Greenhill & Co 13,573 3 - -
6 2 Credit Suisse 12,869 8 -62.0% 33,884
7 - Jamieson Corporate Finance 11,471 5 - -
8 30 Morgan Stanley 11,096 4 1902.9% 554
9 5 Lazard 8,466 6 -71.6% 29,841
10= 36 Centerview Partners 7,436 1 1759.0% 400
10= 11 Dyal Co 7,436 1 186.0% 2,600
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M&A Report Q1-Q3
League Tables

France league table by value France league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Rothschild & Co 23,435 78 11 67
2 2 Lazard 32,356 39 -8 47
3 8 Deloitte 835 32 9 23
4 3 BNP Paribas 15,111 27 -15 42
5 4 Natixis 4,801 23 -9 32
6 5 Credit Agricole 7,033 22 -6 28
7 9 Cambon Partners 300 22 0 22
9 12 KPMG 1,311 21 3 18
10 19 JPMorgan 46,547 19 6 13
11 13 DC Advisory 472 18 0 18
12 7 EY 278 18 -7 25
13 14 PwC 227 17 0 17
15 22 Clearwater International 519 15 3 12
16 6 Societe Generale 9,795 14 -13 27
17 15 Goldman Sachs & Co 15,636 13 -3 16
18 27 Clairfield International 289 13 4 9
19 17 Morgan Stanley 30,931 12 -2 14
20 32 Bryan, Garnier & Co 127 12 4 8
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 12 JPMorgan 46,547 19 107.5% 22,436
2 4 Lazard 32,356 39 -32.8% 48,144
3 11 Morgan Stanley 30,931 12 11.0% 27,861
4 2 Rothschild & Co 23,435 78 -72.9% 86,515
5 7 Goldman Sachs & Co 15,636 13 -62.5% 41,748
6 1 BNP Paribas 15,111 27 -83.5% 91,368
7 - Ardea Partners 14,843 1 - -
8 43 Guggenheim Partners 10,887 1 1260.9% 800
9 10 Societe Generale 9,795 14 -67.7% 30,329
10 3 Citi 9,227 8 -84.7% 60,400
11 6 Credit Agricole 7,033 22 -83.8% 43,332
12 9 Natixis 4,801 23 -84.3% 30,548
13 30 Evercore 4,486 6 96.8% 2,279
15 55 PJT Partners 3,395 3 636.4% 461
16 21 Jamieson Corporate Finance 3,217 5 -36.3% 5,048
18 35 Callisto 2,454 2 53.3% 1,601
19 114 Bucephale Finance 2,262 2 8277.8% 27
20 31 Messier, Maris et Associes 2,218 7 2.3% 2,169
Mergermarket 46
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Global & Regional
M&A Report Q1-Q3
League Tables

Benelux league table by value Benelux league table by deal count
Iberia league table by value Iberia league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 JPMorgan 28,738 18 -23.3% 37,490
2 5 Lazard 19,670 17 21.2% 16,235
3 40 HSBC 15,273 3 2253.3% 649
4 32 Jamieson Corporate Finance 14,306 5 1621.5% 831
5 2 Goldman Sachs & Co 13,753 10 -52.9% 29,205
6 14 Evercore 13,185 4 190.2% 4,543
7 - LionTree Advisors 12,952 4 - -
8 - The Valence Group 12,545 2 - -
9 3 Morgan Stanley 10,806 11 -47.3% 20,504
10 197 Moelis & Company 10,176 4 - -
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 PwC 6,741 39 -14 53
2 4 EY 632 35 5 30
3 2 Deloitte 1,228 27 -24 51
4 3 KPMG 40,152 22 -12 34
5 27 Goldman Sachs & Co 56,863 11 6 5
6 8 Citi 84,522 9 -3 12
7 12 Morgan Stanley 74,034 9 -1 10
8 14 Lazard 70,512 9 0 9
9 10 Santander Global Corporate Banking 46,191 9 -2 11
10 16 ALANTRA 1,882 9 1 8
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 4 EY 934 30 -1 31
2 5 Rothschild & Co 7,458 29 3 26
3 3 Deloitte 508 28 -5 33
4 8 Oaklins 2,554 26 7 19
5 11 Rabobank 145 25 10 15
6 1 KPMG 195 21 -13 34
7 9 JPMorgan 28,738 18 0 18
8 6 ING 1,256 18 -8 26
9 7 Lazard 19,670 17 -6 23
10 12 Accuracy 664 17 3 14
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 4 Citi 84,522 9 1141.0% 6,811
2 2 Morgan Stanley 74,034 9 663.2% 9,700
3 11 Lazard 70,512 9 2104.9% 3,198
4 15 Goldman Sachs & Co 56,863 11 2355.2% 2,316
6 42 Credit Suisse 51,712 5 7515.9% 679
7 1 JPMorgan 47,806 7 311.8% 11,610
8 12 Santander Global Corporate Banking 46,191 9 1570.6% 2,765
9 22 AZ Capital 44,316 5 2454.2% 1,735
10 17 Mediobanca 41,563 3 1829.6% 2,154
Mergermarket 47
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M&A Report Q1-Q3
League Tables

Spain league table by value Spain league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 PwC 6,741 38 -13 51
2 4 EY 632 33 4 29
3 2 Deloitte 1,008 25 -19 44
4 3 KPMG 40,143 17 -16 33
5 26 Goldman Sachs & Co 56,503 10 5 5
6 15 ALANTRA 1,882 9 1 8
7 7 Citi 57,144 8 -4 12
8 28 Societe Generale 51,864 8 3 5
9 13 Santander Global Corporate Banking 45,427 8 -2 10
10 6 Rothschild & Co 593 8 -6 14
11 11 Morgan Stanley 46,359 7 -3 10
12 18 Deutsche Bank 21,018 7 0 7
13 14 Lazard 42,263 6 -2 8
15 20 GBS Finance 2,389 6 -1 7
16 12 Arcano Partners 357 6 -4 10
17 35 Lincoln International 21 6 3 3
18 40 Credit Suisse 51,712 5 3 2
19 10 JPMorgan 46,950 5 -5 10
20 19 AZ Capital 44,316 5 -2 7
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 3 Citi 57,144 8 739.0% 6,811
2 15 Goldman Sachs & Co 56,503 10 2339.7% 2,316
4 40 Credit Suisse 51,712 5 7515.9% 679
5 1 JPMorgan 46,950 5 345.4% 10,542
6 2 Morgan Stanley 46,359 7 377.9% 9,700
8 22 AZ Capital 44,316 5 2454.2% 1,735
9 11 Lazard 42,263 6 1221.5% 3,198
10 17 Mediobanca 41,563 3 1829.6% 2,154
11 19 KPMG 40,143 17 1970.3% 1,939
12 - Key Capital Partners 39,622 2 - -
13 - EQUITA S.I.M 21,655 2 - -
14 6 Deutsche Bank 21,018 7 266.6% 5,733
15 32 Evercore 7,214 4 726.3% 873
16 16 PwC 6,741 38 197.5% 2,266
17 - Mizuho Financial Group 5,842 1 - -
20 30 Nomura Holdings 2,432 4 141.7% 1,006
Mergermarket 48
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Global & Regional
M&A Report Q1-Q3
League Tables

Italy league table by value Italy league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 4 UniCredit Group 7,536 31 6 25
2 6 Mediobanca 56,249 25 7 18
3 1 KPMG 41,474 25 -19 44
4 3 PwC 3,696 25 -1 26
5 2 EY 1,150 24 -3 27
6 7 Deloitte 1,446 22 4 18
7 5 Rothschild & Co 13,091 19 -5 24
8 11 Banca IMI/Intesa Sanpaolo 10,882 17 8 9
9 27 Goldman Sachs & Co 69,948 15 10 5
10 8 Lazard 47,020 15 -2 17
11 10 Vitale & Co 438 15 1 14
12 38 EQUITA S.I.M 22,397 12 9 3
13 14 Ethica Corporate Finance 402 9 1 8
14 17 Credit Suisse 49,008 8 1 7
15 16 JPMorgan 45,578 8 1 7
16 40 Barclays 6,996 8 6 2
17 46 Houlihan Lokey 2,561 8 6 2
19 9 Fineurop Soditic 1,109 7 -7 14
20 19 K Finance 119 7 0 7
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 14 Goldman Sachs & Co 69,948 15 2259.9% 2,964
2 1 Mediobanca 56,249 25 41.8% 39,673
3 17 Credit Suisse 49,008 8 2102.6% 2,225
4 6 Lazard 47,020 15 292.3% 11,985
5 12 Morgan Stanley 45,738 6 1210.2% 3,491
6 8 JPMorgan 45,578 8 750.0% 5,362
7 99 Societe Generale 42,982 4 - -
8 10 KPMG 41,474 25 936.3% 4,002
9 3 Citi 41,005 4 49.2% 27,492
11= - AZ Capital 39,622 1 - -
11= - Key Capital Partners A.V 39,622 1 - -
13 44 EQUITA S.I.M 22,397 12 13392.2% 166
14 2 Rothschild & Co 13,091 19 -58.0% 31,203
15 13 Banca IMI/Intesa Sanpaolo 10,882 17 224.4% 3,354
16 5 Deutsche Bank 9,924 3 -62.4% 26,389
17= - Moelis & Company 9,475 1 - -
19 - Jefferies 8,905 3 - -
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Global & Regional
M&A Report Q1-Q3
League Tables

Nordics league table by value Nordics league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 PwC 4,283 56 4 52
2 2 EY 1,553 38 3 35
3 9 Deloitte 1,304 28 13 15
4 14 Carnegie Investment Bank 3,272 22 10 12
5 13 SEB 19,129 19 6 13
6 6 ABG Sundal Collier Holding 1,592 19 -1 20
7 18 Oaklins 7 18 7 11
8 10 Rothschild & Co 10,115 17 3 14
9 56 Citi 17,056 16 13 3
10 3 Danske Bank 2,112 16 -15 31
11 8 DNB Markets 2,086 16 -1 17
12 12 Nordea 21,473 15 2 13
13 4 KPMG 314 14 -9 23
14 23 Lazard 4,720 13 5 8
15 11 JPMorgan 17,310 12 -1 13
16 7 Pareto Securities 986 12 -5 17
18 20 Nordhaven Corporate Finance 73 11 2 9
19 70 Deutsche Bank 19,952 10 8 2
20 16 Morgan Stanley 19,462 10 -1 11
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 6 Nordea 21,473 15 52.5% 14,080
3 8 Deutsche Bank 19,952 10 88.9% 10,562
4 1 Morgan Stanley 19,462 10 -32.2% 28,697
5 21 SEB 19,129 19 342.5% 4,323
6 19 Barclays 18,885 8 300.9% 4,711
7 4 JPMorgan 17,310 12 19.3% 14,504
8 38 Citi 17,056 16 1642.2% 979
9 9 Goldman Sachs & Co 15,637 10 49.6% 10,450
10 5 Rothschild & Co 10,115 17 -30.2% 14,500
12 46 Evercore 5,387 5 603.3% 766
13 16 Lazard 4,720 13 -17.7% 5,732
14 - Ondra Partners 4,441 1 - -
15 26 Jefferies 4,347 6 75.0% 2,484
16 32 PwC 4,283 56 197.6% 1,439
17 22 Houlihan Lokey 3,968 3 13.7% 3,490
18 - Jamieson Corporate Finance 3,943 6 - -
19 - Societe Generale 3,552 3 - -
20 28 BNP Paribas 3,459 4 97.4% 1,752
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M&A Report Q1-Q3
League Tables

Denmark league table by value Denmark league table by deal count
Norway league table by value Norway league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Morgan Stanley 14,259 3 -6.5% 15,246
2 6 Nordea 13,688 8 74.2% 7,856
3 22 Barclays 13,087 3 5590.0% 230
5 - Citi 8,535 5 - -
6 11 Goldman Sachs & Co 5,438 3 163.2% 2,066
7 3 Deutsche Bank 5,065 3 -52.0% 10,562
8 4 Rothschild & Co 4,092 5 -56.7% 9,455
9= - Jamieson Corporate Finance 3,180 2 - -
9= 10 Macquarie Group 3,180 2 25.2% 2,539
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 2 ABG Sundal Collier Holding 1,325 12 -4 16
2 1 Pareto Securities 986 11 -6 17
3 5 PwC 12 11 0 11
4 3 DNB Markets 600 10 -4 14
5 8 Arctic Securities 1,766 7 -1 8
6 - Deloitte 981 7 7 -
7 4 EY 221 7 -4 11
8 6 Danske Bank 87 6 -4 10
9= 18 DHT Corporate Services - 6 2 4
9= 15 Oaklins - 6 1 5
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 PwC 543 13 -2 15
3 4 Deloitte 128 12 2 10
4 21 EY 789 10 7 3
5 9 Nordea 13,688 8 3 5
6 3 Danske Bank 1,750 8 -3 11
7 - Citi 8,535 5 5 -
8 7 Rothschild & Co 4,092 5 -1 6
9= 18 ABG Sundal Collier Holding - 5 2 3
9= 6 Nordic M&A - 5 -2 7
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1= 53 Barclays 6,030 2 - -
3 - Goldman Sachs & Co 3,841 3 - -
4 14 BNP Paribas 3,440 2 267.9% 935
5 - Societe Generale 3,440 1 - -
6 4 Morgan Stanley 3,353 4 -52.0% 6,983
7 - Bank of America Merrill Lynch 3,263 2 - -
8 - Nordea 2,590 1 - -
9 9 Arctic Securities 1,766 7 -27.2% 2,426
10 26 Carnegie Investment Bank 1,760 4 1500.0% 110
Mergermarket 51
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M&A Report Q1-Q3
League Tables

Sweden league table by value Sweden league table by deal count
Finland league table by value Finland league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 11 SEB 16,138 16 1096.3% 1,349
2 - Deutsche Bank 14,941 6 - -
3 9 Goldman Sachs & Co 11,538 6 663.6% 1,511
4 7 JPMorgan 11,104 7 564.1% 1,672
5 16 Citi 9,365 11 876.5% 959
6 53 Nordea 9,021 10 12090.5% 74
9 8 Morgan Stanley 7,030 6 358.0% 1,535
10 10 Rothschild & Co 6,671 11 351.7% 1,477
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 3 PwC - 11 3 8
2 10 KPMG - 9 4 5
3 16 HLP Corporate Finance 17 8 5 3
4 - Oaklins - 7 7 -
5 6 Access Partners 2,200 6 1 5
6 12 MCF Corporate Finance 19 6 2 4
7 20 ProMan IMAP Finland 16 6 4 2
8 41 Initia Corporate Finance - 6 5 1
9 21 ICECAPITAL Securities 432 5 3 2
10 15 Nordhaven Corporate Finance - 5 2 3
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 PwC 4,042 30 -2 32
2 2 EY 946 24 5 19
3 9 SEB 16,138 16 9 7
4 13 Carnegie Investment Bank 1,173 14 8 6
5 7 Deloitte 297 14 6 8
6 67 Citi 9,365 11 10 1
7 15 Rothschild & Co 6,671 11 6 5
8 18 Nordea 9,021 10 5 5
9 24 Lazard 3,945 10 6 4
10 32 DNB Markets 1,486 8 5 3
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 28 JPMorgan 3,938 2 13026.7% 30
2 - SEB 2,798 4 - -
3 1 Access Partners 2,200 6 -70.2% 7,386
4 3 Nordea 2,124 2 -65.9% 6,224
5 21 ICECAPITAL Securities 432 5 483.8% 74
6 - Lenner & Partners 397 1 - -
7 4 Rothschild & Co 309 1 -93.5% 4,777
8 9 Danske Bank 275 1 -87.3% 2,162
9 35 EY 227 4 3142.9% 7
10 10 Pareto Securities 188 1 -89.9% 1,859
Mergermarket 52
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Global & Regional
M&A Report Q1-Q3
League Tables

CEE league table by value CEE league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 EY 458 19 -4 23
2 4 Deloitte 131 13 -3 16
3 2 KPMG 142 12 -10 22
4 5 Rothschild & Co 4,554 10 0 10
5 7 UniCredit Group 1,365 9 0 9
6 3 PwC 283 9 -9 18
7 8 JPMorgan 5,157 6 0 6
8 17 Trigon Group 197 6 3 3
9 19 Oaklins 121 6 3 3
10 79 BNP Paribas 4,572 4 3 1
11 - Goldman Sachs & Co 4,162 4 4 -
12 15 Societe Generale 3,789 4 1 3
13 6 VTB Capital 3,376 4 -5 9
14 - Citi 2,411 4 4 -
15 20 Advance Capital 220 4 1 3
16 10 Globalscope Partners 80 4 -1 5
18 47 Superia Corporate Finance 622 3 2 1
19 90 Lazard 578 3 2 1
20 75 BDO 51 3 2 1
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 2 JPMorgan 5,157 6 50.7% 3,422
2 79 BNP Paribas 4,572 4 - -
3 4 Rothschild & Co 4,554 10 136.6% 1,925
4 - Goldman Sachs & Co 4,162 4 - -
6 - Barclays 3,440 2 - -
7 19 LionTree Advisors 3,440 1 1213.0% 262
8 1 VTB Capital 3,376 4 -18.4% 4,138
9 20 Sberbank 3,209 1 1265.5% 235
10 17 Morgan Stanley 2,546 3 619.2% 354
11 - Citi 2,411 4 - -
12 - VCP Capital Partners
Unternehmensberatungs
2,246 2 - -
13= - Bucephale Finance 2,198 1 - -
13= - Callisto 2,198 1 - -
13= - PJT Partners 2,198 1 - -
16 3 UniCredit Group 1,365 9 -36.8% 2,159
17 - Nordea 1,165 1 - -
19 5 Deutsche Bank 780 2 -56.9% 1,811
20 63 goetzpartners 711 2 - -
Mergermarket 53
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Global & Regional
M&A Report Q1-Q3
League Tables

Russia league table by value Russia league table by deal count
Poland league table by value Poland league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 VTB Capital 3,376 4 -18.4% 4,138
2 7 Sberbank 3,209 1 1265.5% 235
3 3 JPMorgan 1,749 1 6.0% 1,650
4 - Citi 1,225 2 - -
5 11 Rothschild & Co 911 3 1587.0% 54
6 28 UBS Investment Bank 900 1 - -
7 2 Deutsche Bank 780 1 -56.9% 1,811
8 6 Morgan Stanley 348 2 -1.7% 354
9 - Goldman Sachs & Co 299 1 - -
10 17 Advance Capital 220 4 - -
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 6 Trigon Group 197 6 3 3
2 12 EY 136 6 4 2
3 1 PwC 283 4 -4 8
4 2 KPMG 48 4 -3 7
5 5 Rothschild & Co 1,131 3 -1 4
7 3 Santander Bank Polska 9 3 -3 6
8 4 Deloitte - 3 -2 5
9 - BNP Paribas 956 2 2 -
10 - Lazard 291 2 2 -
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 VTB Capital 3,376 4 -5 9
2 2 Advance Capital 220 4 1 3
3 15 Rothschild & Co 911 3 2 1
4 - Citi 1,225 2 2 -
5 11 Morgan Stanley 348 2 1 1
6 30 Voskhod Capital 23 2 1 1
7 - KPMG 16 2 2 -
8 12 Sberbank 3,209 1 0 1
9 4 JPMorgan 1,749 1 -1 2
10 28 UBS Investment Bank 900 1 0 1
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 5 Rothschild & Co 1,131 3 -16.0% 1,347
2 - BNP Paribas 956 2 - -
3 - Citi 956 1 - -
4= 37 goetzpartners 349 1 - -
4= 6 Societe Generale 349 1 -69.2% 1,132
6 - Lazard 291 2 - -
7 14 PwC 283 4 159.6% 109
8 - Moelis & Company 273 1 - -
9 1 UniCredit Group 214 3 -86.5% 1,584
10 10 Trigon Group 197 6 1.0% 195
Mergermarket 54
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Global & Regional
M&A Report Q1-Q3
League Tables

Turkey league table by deal countTurkey league table by value
Africa league table by value Africa league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 - Sberbank 3,209 1 - -
2 - Citi 1,195 2 - -
3= - Deutsche Bank 1,172 1 - -
3= 1 Morgan Stanley 1,172 1 -57.4% 2,752
5 2 Unlu & Co 443 2 -70.9% 1,523
6 17 EY 330 3 560.0% 50
7 8 IS Investment Securities 304 2 -25.1% 406
8 24 Garanti Securities 260 3 4233.3% 6
9 10 Raiffeisen Bank International 92 2 -66.2% 272
10 15 Pragma Corporate Finance 90 4 76.5% 51
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 6 Rothschild & Co 2,180 9 6 3
2 4 PwC 411 9 8 1
3 8 Standard Bank Group 380 9 5 4
4 2 Rand Merchant Bank 1,932 6 10 -4
5 - JPMorgan 2,461 4 4 -
6 14 Lazard 1,314 3 3 -
7 1 Investec 1,106 3 11 -8
8 25 Morgan Stanley 324 3 1 2
9 17 BMO Capital Markets 323 3 2 1
10 56 Oaklins 14 3 1 2
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 8 Pragma Corporate Finance 90 4 2 2
2 9 EY 330 3 1 2
3 25 Garanti Securities 260 3 2 1
4 - Ventura Partners 25 3 3 -
5 - Citi 1,195 2 2 -
6 2 Unlu & Co 443 2 -3 5
7 1 IS Investment Securities 304 2 -5 7
8 3 Raiffeisen Bank International 92 2 -3 5
9 5 Odin Financial Advisors 28 2 -1 3
10 - Alfa Investment 27 2 2 -
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 - JPMorgan 2,461 4 - -
2 - Evercore 2,200 2 - -
3 20 Rothschild & Co 2,180 9 342 537.4%
4 6 Rand Merchant Bank 1,932 6 1,856 4.1%
5 11 Lazard 1,314 3 913 43.9%
6= 21 BDO 1,259 1 313 302.2%
6= 14 EY 1,259 1 451 179.2%
8 - Credit Suisse 1,200 1 - -
9 8 Investec 1,106 3 968 14.3%
10 - Kotak Investment Banking 1,054 2 - -
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Global & Regional
M&A Report Q1-Q3
League Tables

Americas Advisory League tables
Americas league table by value Americas league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Goldman Sachs & Co 548,078 224 40 184
2 2 JPMorgan 423,477 165 -4 169
3 3 Morgan Stanley 531,343 148 6 142
4 5 Citi 328,599 141 26 115
5 4 Houlihan Lokey 28,123 123 -15 138
6 11 Barclays 320,553 118 21 97
7 8 Evercore 239,651 105 2 103
8 7 Credit Suisse 245,368 103 -3 106
10 10 Jefferies 62,768 100 -2 102
12 21 Moelis & Company 67,415 79 12 67
13 14 Rothschild & Co 65,553 79 -8 87
14 26 Robert W. Baird & Co 11,966 79 20 59
15 6 Lazard 175,410 75 -31 106
18 15 Piper Jaffray & Co 11,969 73 -13 86
19 17 Stifel/KBW 16,903 64 -15 79
20 25 EY 8,846 64 3 61
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 548,078 224 17.3% 467,348
2 2 Morgan Stanley 531,343 148 38.4% 383,862
3 3 JPMorgan 423,477 165 18.9% 356,020
5 5 Citi 328,599 141 25.8% 261,299
6 8 Barclays 320,553 118 67.1% 191,834
7 7 Credit Suisse 245,368 103 27.8% 191,956
8 11 Evercore 239,651 105 62.5% 147,462
10 10 Deutsche Bank 178,800 61 19.8% 149,193
11 6 Lazard 175,410 75 -16.6% 210,403
12 27 PJT Partners 136,575 14 400.5% 27,287
16 18 Moelis & Company 67,415 79 29.4% 52,090
17 17 Rothschild & Co 65,553 79 22.0% 53,730
18 29 Robey Warshaw 65,434 3 197.0% 22,035
19 15 Jefferies 62,768 100 -12.1% 71,373
20 155 Raine Group 61,588 5 6930.6% 876
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M&A Report Q1-Q3
League Tables

US league table by value US league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Goldman Sachs & Co 527,275 212 38 174
2 2 JPMorgan 403,950 155 1 154
3 4 Morgan Stanley 490,112 135 2 133
4 5 Citi 307,011 126 14 112
5 3 Houlihan Lokey 25,654 120 -15 135
6 9 Barclays 313,756 114 23 91
7 8 Jefferies 62,682 99 0 99
8 7 Evercore 236,232 98 -2 100
9 6 Credit Suisse 235,733 95 -5 100
12 23 Robert W. Baird & Co 11,966 79 23 56
13 20 Moelis & Company 67,167 76 12 64
15 12 Piper Jaffray & Co 11,969 73 -10 83
16 14 Rothschild & Co 58,927 70 -5 75
17 10 Lazard 168,443 66 -23 89
18 13 Stifel/KBW 16,903 64 -15 79
20 26 Sandler O'Neill & Partners 28,922 61 10 51
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Goldman Sachs & Co 527,275 212 17.6% 448,188
2 2 Morgan Stanley 490,112 135 29.3% 378,923
3 3 JPMorgan 403,950 155 24.1% 325,535
4 7 Barclays 313,756 114 66.5% 188,396
6 4 Citi 307,011 126 18.8% 258,532
7 11 Evercore 236,232 98 61.4% 146,366
8 8 Credit Suisse 235,733 95 25.2% 188,264
10 10 Deutsche Bank 172,229 58 17.2% 146,964
11 6 Lazard 168,443 66 -15.4% 199,123
12 26 PJT Partners 130,988 13 388.3% 26,828
15 18 Moelis & Company 67,167 76 37.7% 48,765
16 29 Robey Warshaw 65,434 3 197.0% 22,035
18 14 Jefferies 62,682 99 -11.5% 70,851
19 144 Raine Group 61,588 5 6930.6% 876
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M&A Report Q1-Q3
League Tables

US North East league table by value US North East league table by deal count
US Mid West league table by value US Mid West league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 1 Morgan Stanley 311,647 87 42.0% 219,438
2 2 Goldman Sachs & Co 253,854 124 26.5% 200,688
4 6 JPMorgan 189,587 83 42.0% 133,468
5 3 Citi 155,828 70 -13.5% 180,085
6 8 Barclays 124,178 65 44.4% 86,007
7 5 Credit Suisse 117,173 58 -15.2% 138,154
9 9 Lazard 113,364 34 47.5% 76,865
10 13 Evercore 95,755 54 93.0% 49,607
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 3 Goldman Sachs & Co 244,549 61 24 37
2 6 Robert W. Baird & Co 3,967 36 9 27
3 4 Morgan Stanley 209,114 35 4 31
4 11 Barclays 76,843 35 14 21
5 1 Houlihan Lokey 4,720 35 -11 46
6 16 Moelis & Company 38,873 28 11 17
7 2 JPMorgan 110,244 27 -14 41
10 14 Piper Jaffray & Co 3,988 23 5 18
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Goldman Sachs & Co 253,854 124 29 95
2 3 Morgan Stanley 311,647 87 11 76
3 2 JPMorgan 189,587 83 5 78
4 5 Citi 155,828 70 4 66
5 8 Barclays 124,178 65 14 51
6 4 Houlihan Lokey 17,567 63 -11 74
7 6 Credit Suisse 117,173 58 -4 62
8 9 Jefferies 32,529 57 8 49
9 11 Evercore 95,755 54 10 44
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 2 Goldman Sachs & Co 244,549 61 214.4% 77,780
2 1 Morgan Stanley 209,114 35 102.2% 103,430
4 3 JPMorgan 110,244 27 47.3% 74,834
5 8 Deutsche Bank 104,272 12 227.4% 31,845
6 11 Lazard 99,654 21 509.2% 16,359
7 26 Evercore 88,315 19 2046.2% 4,115
8 5 Credit Suisse 87,665 20 79.3% 48,883
9 7 Barclays 76,843 35 88.1% 40,848
10 4 Citi 70,265 22 5.1% 66,842
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M&A Report Q1-Q3
League Tables

US South league table by value US South league table by deal count
US West league table by value US West league table by deal count
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 2 Goldman Sachs & Co 187,584 67 4.3% 179,838
2 7 Barclays 164,154 47 63.1% 100,662
3 10 Citi 140,843 56 93.1% 72,919
4 1 JPMorgan 138,581 62 -24.8% 184,385
5 3 Morgan Stanley 105,113 42 -22.1% 134,880
7 11 Credit Suisse 79,664 35 55.9% 51,101
8 6 Evercore 78,049 45 -26.0% 105,457
9 15 Jefferies 36,992 51 37.1% 26,979
10 4 Lazard 33,383 24 -71.2% 115,946
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Goldman Sachs & Co 125,389 64 11 53
2 6 Morgan Stanley 151,780 49 11 38
3 3 JPMorgan 153,424 48 1 47
5 2 Houlihan Lokey 10,941 45 -4 49
6 10 Citi 43,567 33 3 30
8 4 Jefferies 12,096 31 -14 45
9 8 Credit Suisse 107,579 30 -3 33
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
Count
change
Deal count
1 1 Goldman Sachs & Co 187,584 67 6 61
2 3 JPMorgan 138,581 62 6 56
3 7 Citi 140,843 56 10 46
4 2 Houlihan Lokey 19,113 55 -3 58
5 9 Jefferies 36,992 51 8 43
6 6 Barclays 164,154 47 0 47
7 4 Evercore 78,049 45 -7 52
9 8 Morgan Stanley 105,113 42 -3 45
Ranking Q1-Q3 2018 Q1-Q3 2017
Q1-Q3
2018
Q1-Q3
2017
Company name Value
(US$m)
Deal
count
% Value
change
Value
(US$m)
1 5 JPMorgan 153,424 48 218.5% 48,168
2 2 Morgan Stanley 151,780 49 103.5% 74,603
3 1 Goldman Sachs & Co 125,389 64 47.6% 84,926
4 11 Credit Suisse 107,579 30 247.2% 30,988
5 14 Deutsche Bank 97,444 23 475.3% 16,938
7 3 Evercore 71,201 28 10.7% 64,297
8 23 PJT Partners 70,829 6 1192.5% 5,480
10 63 Raine Group 61,588 5 7356.2% 826
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M&A Report Q1-Q3
League Tables

M&A Q1-Q3 2018

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