MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS
First Quarter 2013
2
11
Fairness Opinion Rankings
Worldwide Announced Fairness Opinion
11
Table of Contents
1
20
Worldwide Announced (AD1)
20
10
18
Any Japanese Involvement Announced (AD19)
2
2
11
12
11
Any Spanish Involvement Announced (AD34)3
3
6
6
19
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
19
Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
Any European Involvement Completed (AF3) 10
12
12
Any French Involvement Announced (AD33)
Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
M&A Financial Advisory ReviewFirst Quarter 2013 | Mergers & Acquisitions | Financial Advisors
1
Japan Deals Intelligence
Any European Involvement Announced (AD21) 17
17
18
18
Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Americas Deals Intelligence
15
Worldwide Announced Fairness Opinion
Any Americas Announced Fairness Opinion
Any USAnnounced Fairness Opinion
14
Any Nordic Involvement Completed (AF44)
16
16Any Australian Involvement Announced (AD24)
9
Top Ten European Involvement Announced Deals
Thomson Reuters Soultions for the Deal the Deal Making Community
Any Asia (ex-Japan) Involvement Announced (AD25)
20
Any Asia Pacific Announced Fairness Opinion
8
13
13
Regional Contacts
Criteria Summary
Any EMEA Announced Fairness Opinion
14
20
21
21
22
21
20Any Japanese Announced Fairness Opinion13
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
Any Benelux Involvement Completed (AF47)
10
Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
16
Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
16
Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53)
15
Mergers & Acquisitions Criteria Summary
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
8
8
7
Any German Involvement Completed (AF42)
Any Italian Involvement Completed (AF43)
20
20
Top Ten US Announced Deals20
13
12
Any Italian Involvement Announced (AD36)
Any Nordic Involvement Announced (AD37)
Any Americas Involvement Completed (AF55)
Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
6
US Target Announced (AD2) 7
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First Quarter 2013 FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEWDeal Making Over US$5 billion Lifts Worldwide M&A to US$543 billion - Up 10% from 2012 l Cross Border M&A Down 24% l Goldman Sachs Top Advisor
Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees
COMPLETED ADVISORY FEES DOWN 11% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totalled US$4.7 billion during the first quarter of 2013,an 11% decrease from the comparable period in 2012. Deal activity in the Americas accounted for 53% of theworldwide fee pool, while Europe, Middle East and Africa accounted for 30%. Asia Pacific and Japan contributed12% and 5%, respectively.
WORLDWIDE M&A UP 10%, DEALS OVER US$5 BILLION ACCOUNT FOR 31% OF M&A - Bolstered by a 63%increase in deals valued over US$5 billion, the value of worldwide M&A totalled US$542.8 billion during the firstquarter of 2013, a 10% increase from comparable 2012 levels. Worldwide deals valued over US$5 billion totalledUS$167.8 billion during the first quarter, accounting for 31% of announced deal activity in the quarter compared to21% during the first quarter of 2012. Just over 8,100 worldwide deals were announced during the first quarter of2013, a 16% decline from a year ago and the slowest quarter for M&A, by number of deals, since the third quarer of2004. CROSS BORDER DOWN 24%; EMERGING MARKETS ACCOUNT FOR 25% OF M&A – Cross Border M&Aactivity totalled US$134 billion during the first quarter of 2013, accounting for 25% of overall M&A volume and down24% compared to first quarter 2012. Accounting for nearly one-quarter of worldwide announced merger activity,M&A involving companies located in the emerging markets totalled US$128.9 billion during first quarter 2013, a 6%decrease from 2012.
$2
$3
$4
$5
Impu
ted
Fees
(US
$b)
Americas EMEA
Asia Pacific Japan
Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity
ENERGY & POWER, REAL ESTATE AND TECH LEAD ACTIVITY - The energy & power sector was most activeduring the first quarter of 2013, commanding 13.4% of announced M&A, while the real estate and high technologysectors accounted for 13.2% and 12.3% of M&A activity, respectively. Telecommunications and consumer staplesled all sectors as to growth rate with triple-digit percentage increases over 2012. Materials and energy & powerregistered declines of 62% and 21% from the first quarter of 2012.
BUYSIDE PRIVATE EQUITY M&A DOUBLES COMPARED TO 2012 –Worldwide private equity-backed M&Aactivity totalled US$117.4 billion during the first quarter of 2013. Private equity deal making in the high technologyand consumer staples sectors accounted for two-thirds of activity during first quarter 2013. Accounting for 22% ofworldwide M&A during the first quarter, private equity-backed M&A doubled compared to 2012 levels.
$46.1 $71.9$152.0
$200.4
$78.1 $63.6 $58.5$117.4$54.7
$106.8
$172.3
$313.9
$76.9
$23.7$55.5
$85.2 $69.2
$86.5
$72.4
$160.5
$161.3
$56.4
$34.4
$72.2
$68.9 $87.0$65.5
$94.8
$280.5
$100.8
$32.1
$49.8
$82.4
$109.2 $105.9
13.5% 12.9%
21.2%
18.8%
8.5%6.2%
9.9%
12.9%
12.7%
21.6%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD Global M&A
$0
$1
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
$102.2 $149.3$281.0
$416.8$256.5
$110.4 $171.0 $234.2 $176.2 $134.2$119.6
$241.2
$272.1
$644.9
$336.0
$111.8$199.6
$247.0 $283.9$135.8
$262.8
$254.3
$370.0
$325.0
$150.7
$270.8$206.4 $206.7
$155.0
$252.7
$406.6
$431.5
$155.9
$168.1
$262.2 $205.7 $272.6
27.3%
33.9%
33.6%
45.0%
37.4%
27.1%
37.3%35.2%
37.3%
24.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD Global M&A
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2004 2005 2006 2007 2008 2009 2010 2011 2012 20132004 2005 2006 2007 2008 2009 2010 2011 2012 2013
1
Western Europe
310.529.1
-16.3548
325
▼
▼118
▲
Worldwide Announced M&A Target Industry by Value
429
1/1/2012 - 3/31/2012
194,590.2 ▲▲
▲▲
% Change in Rank Value
▲▲
▼
55.126.9
35.1
197.2
-53.7
▲
25.6
▲
▼▲
11,060.824413,766.4
-62.2
6.4180.6
118
United States 168,827.9
636.0
▲1,751
▼
191.6▲▲
38
25,762.3
No. Deals
2,528.5613.2
2,317.8 1,494.5
212,125.8
88
298
489,011.6
Rank Val US$m
% Change in Rank Value
South America
1,634
167
506.725
Target Region/Nation
North America
1,495.9206.3
- Mexico246,940.7
3059.3 1,932
-2,180
15256,453.8▲
34Central America▲
2,1482,9509,617
1,349.1
210,673.0
No. Deals
387.2
491,445.922.1
69.04219
17.92,485
-63.2
7,6465,939
Caribbean1,325.5
▲
88.7
48.510.4
210,058.7
▲
55
2,5071,991
▼-74.417.2
▼
▲
355516
1,784.6178
-48.8 Canada 34,814.9▼6,371.3
Brazil 4,176.4
Middle East
▲
2,158.5
3,934.5308
Chile36.8 ▲ 9,675.2
-12.1 2,118.7▼
Sub-Saharan AfricaNorth Africa
85.7
52 4,284.3
84▼ 81Africa/Middle East 161
138,762.9 38.467,458.2
22
1,139.5
9,095.7
13
216
1,663
100,286.0
-41.2
3,322.3 3388
22,291.8
805
-49.6
▲
19 2
85,148.2
▼
2,283
▲345.6
▲
1 388
5172,180 3,088
2,301.611,204.179 168 3
446
229
71,304.728,780.2
92
15,137.7
Netherlands
Asia Pacific 63 986 4
9,447.76,585.0Germany
1 166▼
129 ▲
13 9 ▼
EuropeEastern Europe
152.4
▲
▼United Kingdom-40.5
▲2,003
128
2,640
165,303.0
3,081.7
608
54.8
119.3-23.9
4,817.7 118
-34.0
-12.1
960
12,028.7125
8,967.2
18,731.4702Europe
28,997.9
19
16,453.4Africa/Middle EastMiddle East
Sub-Saharan Africa
243
Eastern Europe
2,710.2 43
384
▼
▼4,089.3
3,600
-20.783 480 7 2 127
Americas
Asia Pacific
Central America
2 014
241
71 894 0
Western Europe
NetherlandsGermany
United Kingdom
Worldwide 8,115542,754.1Americas
5,519.5
North America
62
2,657312,951.622
269,264.7
Chile
2,332
415
96,724.4
97
11134
United States 1,917
506
North Africa81
4,237.0
13,536.8
125,722.2 2,705
38,894.47,609.3
146,571.6
10,733.6
Target Region/Nation
Mexico
No. Deals
Rank Val US$m
414,613.1
Caribbean
2,201.262
Worldwide
No. Deals
1/1/2013 -3/28/2013 1/1/2012 - 3/31/2012
48,185.1
0.0
▲
5
Rank Val US$m
Rank Val US$m
26
1/1/2013 -3/28/2013
142,720.7181,562.4
5,892.9South America
2,286.9
38,841.727,374.423,043.0
2,679.5
19,897.4
289,162.1
Brazil10,084.8
Canada
300
23,151.719,208.6
Scorecard: Worldwide Announced M&A First Quarter Scorecard: Worldwide Completed M&A First Quarter
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Mergers & Acquisitions
13.4%
13.2%
12.3%
9.8% 9.6%
9.6%
8.2%
7.3%
6.3%
5.1%3.1%
South East Asia630.5New Zealand
21,421.4
▼
▲▼
Target Macro / Mid Industry
High Technology / Computers & PeripheralsHigh Technology / Computers & Peripherals
Industrials / Transportation & Infrastructure
Energy and Power / Oil & GasFinancials / Insurance
Real Estate / REITs
Media and Entertainment / Broadcasting
Telecommunications / Space and Satellites
United States / United States
High Technology / Computers & Peripherals
Jan 1 - Mar 28 2013
American Rlty Capital Ppty Inc
Intended
3/20/2013
2/26/2013
Real Estate / REITs
▲
Consumer Staples / Food and Beverage27,361.7
▼
-48.5
-19.2 ▼-46.5
▲63.0306
455.7
1,38819,564.9
▼-19.918
247269
79,168.3
11,972.1
Energy and Power / Oil & Gas
▼
▼
United States / Ireland-Rep
Netherlands / Netherlands
16,004.411
25.8
▼-42.5-30.343,615.5
6,402.8
-83.3
2.7333-67.7
19,315.3
-10.1
58 2,379.0943,682.9
206
63
16616,324.6
281143
Acquiror / Target Nation
469 ▲▼
22,048.2United States / United States
260.0 1,553.3
Top Fifteen Worldwide Announced Deals
14,214.5
18,233.9
Central Asia20,133.4
15
Rank Value (US$m)
Japan
Acquiror
379.5
224
Asia-Pacific
19,080.6
63,986.4250
▼
10,474.2
South East AsiaSingapore
25924
11,407.3
1,166
364.8Australia
▼
73.0-35.7
-32.2New Zealand
9,824.4
19,511.2
▼▲
-13.9 ▼Australasia▼
25 30
322
364.5
Investor Group
19,829.0
14,801.8
1,0671,358.5 76
ChinaSouth Korea
607491North AsiaMalaysia
30,391.8
252
Target (% Sought/Acquired)
118463
83,480.7 2,127
285
112.1
-31.4
-36.3
13,457.0
▲85
HJ Heinz Co (97.4%)
14.5
11,819.9
-21.2
225
▼18 19
3,609.15,265.2
-68.0
▲25.7
United States / United States
4,015.9
284
Investor Group
193South Asia
1.6
48,842.0
Asia-Pacific
South Asia▼▲
42,644.4▲
Australasia
North AsiaChina
MalaysiaSingapore
2,014
4,621.1
275
2,881.4
9,121.5
3,783.5
7,255.7
679196
72327,973.18,205.0 8,074.6
145
1,019
South Korea
15,732.9
SNS Reaal NV (100%)
Clearwire Corp (100%)
2/1/2013
Date Effective
United States / United States
NBCUniversal Media LLC (49%)United States / United States
Royal Dutch Shell PLC
US Airways Group Inc (100%)
Liberty Global Inc
CommonWealth REIT (90.2%)
11,694.0
Dell Inc (86.2%)
Virgin Media Inc (100%)Boulder Acquisition Corp
United States / United States6,775.35,497.0
▲19,960.5
2/5/2013
2/1/2013
3/22/2013 Pending
Pending
Dell Inc (100%)
Rank Date
539.0
United States / United States 9,178.7
United States / United StatesHealthcare / Biotechnology
Consumer Staples / Food and BeverageTelecommunications / Other Telecom
4,960.45,047.1
Netherlands / Trinidad&Tob
AMR Corp
Kinder Morgan Energy Partners
United States / United States
United States / United States
3/28/2013
2/25/2013
2/14/2013
Investor Group
6,916.6
4,900.0
8,271.68,635.0Intended
RP Management LLC
DE Master Blenders 1753 BV (85%)Cole Credit Ppty Tr III Inc (100%)
35,157.9
Pending
Pending
Pending
Japan
Copano Energy LLC (100%)
40.0
Repsol-LNG Bus,Trinidad (100%)
2/27/2013
2/14/2013
3/22/2013 Dell Inc (59.1%)
Central Asia632496
1,247.5
The Netherlands
Investor Group
Icahn Enterprises LP3/19/2013
DISH Network Corp
Pending
Pending
428
289
71,894.0
Australia9,752.0
9,516.5
315
Pending
Pending
87
United States / United StatesComcast Corp 16,700.0
Austria / Netherlands1/8/2013
2/12/2013
Pending
2/5/2013
Pending
Elan Corp PLC (100%)
1/29/2013
2.2%Energy and Power Real Estate
High Technology Consumer Staples
Financials Industrials
Telecommunications Materials
Media and Entertainment Healthcare
Retail Consumer Products and Services
Government and Agencies
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Evercore Partners UBS26.0
-4
0.2
Share Ch.
2.8
4.9
4.0
1.47.7 1.5
▲
1.0
Jan 1 - Mar 28Worldwide Completed (AF1)
MarketImputed Fees (US$m)
▲1.56.9
MarketSh (%)Fees
37 184.9
Change in
1.1# of Deals
Market Advisor
+7 ▲
▲
0.71.1
+4-5
▲0.1
5.9
21BMO Capital Markets
1.919 17
Lambert Energy Advisory Ltd3.7
HSBC Holdings PLC 180.4 -7
-6
▼
15*Centerview Partners LLC
▲
4.722,839.5 13
LionTree Advisors LLC
64
0.56
15.7-5
▲
48
10 18
5.7
+13
▲
▲9.057,813.19
42,956.10.3
10
180.5
11
2
Financial Advisor
6
2JP Morgan
3
CitiLazard 7
862,521.3
1
94,066.5
518.625.5
25.0
MarketSh (%)
5.4
61,882.7
▼72,991.893,906.7
39 0.5
0.611.4
17.313.5
▼-12.0 0.5
11
-9.0
41
0.4
11.5
35
# of Deals per Advisor
Worldwide Rankings
MarketChange in
-9
Bank of America Merrill LynchMorgan Stanley
Goldman Sachs & Co3
Rank Value
83US$m
Rank Value
135,872.7
2.3
17.324.8
72-3.7 ▼
Rank Value per Advisor (US$m)
▲
Market
-7.1124,520.8
5.2-3.3
Barclays 65,696.3 12.1
5.8
30,820.5
49,019.9
40,696.4
▲
7.5 3.57.9 7.9
10.7 9.6
▲
Worldwide Announced (AD1)
54
12
10
2013 Rank
6
1Financial Advisor
# of2012 Rank Deals
MarketShare Ch. # of Deals
1.3 1.0Sh ($)
# of Deals per Advisor
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Rank Value per Advisor (US$m)
Jan 1 - Mar 28
134,777.2 -20 ▼ Barclays
Market
19.2 4.0215
Sh (%)39.4
Sh (%)Morgan Stanley
2012 Rank
# ofShare Ch.
▲192,561.8
2013 Rank
141,526.3 ▲
21.1160,630.6
▲Deals
▲32.9+1
0.6322.3
US$m63
1.4 51 20.6▼▲
▲0.9 1
23.7
9.3
▲
28.9
7.7▲ 40
0.8▲
▼ 361.0 ▲2.1184.5
▼-11 3-15-8
Citi 45
▼Goldman Sachs & Co
▼ Bank of America Merrill Lynch 43-6 6JP Morgan
-7 ▼5.0 -11▼▼
▲76,778.9▼ 0.6229.30.7
0.6▲
3340
1.80.6 -813.2 ▼
▲16.8
2.4
116,091.2-16
▲ 215.00.782,172.4
4.6▲ +8
▼0.7
45▲ 55 ▼Deutsche Bank
64,676.967
12.9 7▼ Credit Suisse
▲▲-0.58
83.98▼▼ 36
▲110.1 2.3
▼0.1
▼+2 0.6
131.0+1 VTB Capital 62,908.8 0.3
11710
911.154,109.4
13
41 11.940 0.748
▲5.00.2 0.1
82.7Rothschild4
2447,988.6
8.512+4
10
37
-6 41,548.4▼0.0
+69.8
1.0Evercore Partners▲
▲0.4▲
0.824
▲▲
▲1.4
▲1.8 ▲
0.8
2.9
▲
1.00.3
+10.5 2.5 0.4
▼-3 134.6
115.5▲
63.20.2 ▲14-21
0.10.03.2
32,247.46.3
▲2 ▲
0.1 +5
0.13.2
▼0.1
28▲
▼0.242
6.833,104.4
▼
▲6.6
-3 ▼14▲0.862▼
Greenhill & Co, LLC
-15+4
15*RBC Capital Markets
131.712
Renaissance Capital Group
31 5.1
403*
17
30,931.2 6.330,931.279 6.328,645.4 5.926
▲0.1▲ 0.02▲ 5 ▲
+11.0
▼0.80.1
▼ 25.4-10▲
0.2+2 46.1
▼1.0 0.70.5 0.1▲
-32 ▼0.2
21Lazard
0.0 -
0
0▼2.7
20125.220,888.1
16 306 10.89
Gleacher & Co Inc1820
0 2+17 0.1 ▲
▲18 4 0 4 0 3
46.7▼▼
▼
0 0-10
0.20.849
1
-6111.4
3 3
▲
2
22,384.0 4.64.3 ▼
▲-3.40 4
20-2.0
5.5 -14.522,260.3 1.5
352
▼-1.0▼-0.7
16
Moelis & Co42 34,032.5
27
15
8 753 6
Jefferies & Co Inc723
Greenhill & Co, LLC 20 10,100.7▼1 6
16
▲
3.5
▲4.1▼29,582.8
17
10,166.60.5
1.9
▼
0 1
14
13
Credit Suisse
Rothschild
41
-
Centerview Partners LLC
4
2133 1.9
18
15Deutsche Bank
RBC Capital Markets
12
19
14
Ondra Partners
Canaccord Genuity
6.3
UBS 19,030.022,196.4
Wells Fargo & Co 13
21
4.1
* tie
1
7
46.0
11
▼
6
1
JP Morgan
7
18,962.3
14,816.9
15.0
20.7
4
16.3
553
3
59.0
927 15
2 56.9
▼Industry % Change from Last Quarter -41.0%
11
16.410 26.1
1,013
8,500.3 330.42
8
321,773.9
Morgan Stanley
53,210.0
52,248.33
15,894.8
2
21,801.4
30,261.7
2
FinancialsGoldman Sachs & Co 1
1
13,667.0
21,663.1 32.6
66,542.33
19.1
32.7
52.0
18,109.1 34.7
31,384.5
27,681.9
12
10,707.8
71,546.5
210 20 16,306.1- Gleacher & Co Inc18 0.2▼▲18.4 0.4
1.60.3
+1 0.173.8▼
0.40.0
24-1
1▼
1.03.3 2
0.71.61.9 0.210.1+1 ▲
▲
-150.0▲
▲
▼0.2
-11.4%
4,668.30.2
▲
100.0489,011.60.5
100.0
▼▼-22.3%
5,939▼
41▲
-2.026.6-2
-1,70732
1.6
3.3
1.0 ▼▲0.6
0.21.6 1.1
16,231.59,385.9
▲0.4
7,692.025
Industry Total
25-
147,605.867
▲
1.5 -1.423
-33 Mizuho Financial Group240.1 0 Nomura
22Jefferies & Co Inc
▼-
Industry % Change from Same Period Last Year
Ondra Partners
15.6
8,115
▼
2
Share
0.2
First Quarter
-1,502
10
-34.6%▲
3
100.0
Rank
11,332.9
Mkt.
▼
72,627.9
-15.6%-20.4%
604
17.9%
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
-25.9%▼
2425 54
107,984.00.8
20-22
Industry Total
7
586
Top WW Announced M&A Advisors by Target Industry
10.4%
Energy and PowerCiti
11,917.9
542,754.1
No. Deals
▼181.4 ▲
Rank Val US$m
-24.9%
0.7TD Securities Inc
Industry % Change from Last Quarter ▼
7,563.4Houlihan Lokey
Industry % Change from Same Period Last Year
27 8,753.6
PricewaterhouseCoopers 230.2
▼-3
5716 ▼-13.2
0.3▼8,339.2▼1.6
221.5
9 1.5▲
-0.1
High Technology
8,188.3
Canaccord Genuity
Credit SuisseEvercore Partners
Real EstateGoldman Sachs & CoBarclays
40BNP Paribas SA
21
32.8
5
5
Lazard
JP MorganEvercore PartnersGoldman Sachs & Co
Consumer Staples
Bank of America Merrill LynchJP Morgan
Jan 1 - Mar 28 2013
Lazard
$56.6$35.3 $44.0
$24.7 $31.6 $27.8 $20.5$31.8
$5.5$19.3
$27.4$27.4 $27.4
$27.4
$22.05$22.05
$22.05
$18.2$18.2
$18.2 $18.2
$18.2 $18.2
$18.2
$16.7$16.7
$16.7
$16.7
$16.7
$22.3 $8.2
$26.5
$19.6 $14.7 $5.0
$0
$20
$40
$60
$80
$100
$120
$140
Goldman Sachs & Co
JP Morgan Morgan Stanley
Bank of America Merrill Lynch
Credit Suisse
Barclays Lazard Citi Centerview Partners
LLC
Evercore Partners
Ran
k Va
lue
(US
$bil)
Other Top 15 Deals
NBC Universal/Comcast Corp
Dell Inc/Investors
Virgin Media Inc/Liberty Global
Heinz/Investors
All Other Transactions
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First Quarter
Bid Premium Matrix - Average Premium to 4 Week Stock Price First Quarter
2013 UP
2013 DOWN 2012Americas
10.4x
9.9x
Healthcare
High Technology
11.3x 14.1x
5.7x
Healthcare
-19.5x 10.9x
7.4x
12.6x
EMEA
27.1x
10.1x
Japan
-
Asia ex. JapanEurope
27.1x
-
-
44.6 6.7
-
Worldwide M&A Matrix
UK
54.9
Canada
23.2
13.5
28.419.7
26.4
21.2
28.0
37.2
39.4
38.0
20.8
47.3-
35.3 7.6
22.624.8
49.129.4 28.7
26.522.7-
35.529.5
24.7 34.5 40.5 23.4 8.4
25.536.228.1
42.7
30.5
42
35.719.730.8 31.2
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
6.1x
9.8x
Exit Multiple Matrix - Average Rank Value / EBITDA
7.2x
5.8x
29.7-
7.1x
-
26.8 10.1x -
35.6 44.7
World
https://www.thomsonone.com
29
57.827.8 24.4
35.6
29.332.5
75.4
Retail
33.4
-
35.5
26.4
9.5x
12.2x
Materials
20.7
35.9
Telecommunications
Real Estate
Retail 28.3
Consumer Staples
Consumer Products and Services
Financials
28.8
11.6x
34.5
29.1
33.8
11.8x
10.0x
32.0
Average Industry Total
35.5
38.5
Telecommunications 25.5
34.8
31.1 32.2
26.0Media and Entertainment
29.8
33.5
31.8 45.4
24.8 19.2
37.8
47.1
31.2
41.1
26.3
21.3x
44.5
25.5
23.5
12.6x
33.8
32.331.3
11.2x
11.0x
29.8
36.7
World
11.7x
27.2
Industrials
9.4x
2013 UP
2013 DOWN
25.6
18.4 26.7
38.3
33.8
40.6
51.8 25
27.341.8
8.0
37.3 42.939.3 19.7
27.927.9
26.4
High Technology
Industrials
10.9x
Energy and Power
31.5
11.0x
37.4
28.7
37.0
12.1x
6.6
27
25.817.6
27.6
-25.6
40.42327.2
8.8x
10.0x29.4x 14.8x
3.1x
14.3x
-
8.0x
4.5x
-30.8
37.4 45.3
29.1
Japan
100.0
32.7 23.0
34.0 20.8 41.1
19.047.829.2 33.7
38.6
24.5 26
35.2
27.9 28.4
40.3
- -
-
33.1
26.5 39.5
37.834.6
53.3 10.1
-
58.8
31.2
31.0
45.7
41.6
37.6 33.1
37.4
27.4
37.1 38.6
28.2
40.4 58.328.223.7
26.8-24.3
36.8
22.8 28.4
34.2
27.8
20.6
22.2
41.1
22.821.4
35.4
55.5
17.9
55.5
27.8
31.6
-
30.8
34.8
15.6
8.0 23.4
-26
-37.8
32.928.4
-
14.7x
48.2
28.1
53.6
Asia ex. Japan
36.1
33.4
10.1x
35.2
28.2
41.734.9 38.7
39.3
-33.3
-33.6
UK
6.7x 5.9x
54.937.8
-23.6 -
Europe
10.3x
27.4
13.7x
28.7
23.8
14.3x- -
-
13.7x
27.9
5.0x
11.5x 11.0x 10.3x 10.8x
13.1x
11.1x
-
15.8x
9.9x
13.7x 23.3x13.9x
7.0x
13.2x 12.0x
13.2x 16.6x 12.6x
14.3x
22.1x 13.9x
- -
13.2x
11.7x
23.3x
8.1x13.2x23.4x
12.6x
-
8.6x 9.2x8.8x 14.8x14.8x -
17.3x9.8x
17.6x 19.2x
8.2x
7.9x 8.6x7.1x
12.9x 8.2x 12.9x19.6x
17.5x 17.3x 1.4x3.4x
11.4x13.3x18.3x12.9x
6.2x
-12.8x7.0x 9.6x16.2x27.8x
11.4x
13.1x
Americas USA EMEA
-
13.0x8.9x6.1x11.4x
8.8x
6.5x25.7x
7.9x 15.1x-
10.2x
11.1x8.0x
10.1x
13.0x
8.7x
7.4x 12.7x
7.6x
8.7x
8.7x
7.2x
10.6x
-3.2x
10.1x
18.3x
-
8.9x
21.9x 37.4x24.0x 37.4x 24.4x
13.7x
8.1x 6.7x
11.2x
-
-
-11.3x6.7x15.3x
8.4x 10.8x
6.1x
9.8x
19.2x
15.4x
4.9x
9.5x
10.5x
11.7x
12.5x
CanadaUSA
-7.7x 11.3x
19.2x
7.9x 7.6x
10.9x
7.3x
Consumer Products and Services 7.8x 7.9x
Consumer Staples
Energy and Power
8.9x
Materials
11.9x
12.0x
6.1x
12.7x12.7x
23.5x
11.3x
10.9x
3.8x
11.3x13.7x
2012
11.1x 11.5xAverage Industry Total
12.1x
Media and Entertainment
Real Estate
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2012 - 3/28/2013 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
5.9x 16.3x
11.0x
6.2x
-
4.9x10.8x
22.1x8.8x
10.0x
17.5x
4
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Worldwide Announced Rankings* - A Decade in Review
1
2
3
4
1
2
3
4
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Bank of America Merrill Lynch
Rankings shown are as of the current quarter end in each calendar year*League Table positions reflect consolidation within the banking sector
5
6
7
8
9
102004 2005 2006 2007 2008 2009 2010 2011 2012 2013
5
6
7
8
9
10
Ran
k
Credit Suisse
Barclays
Lazard
Citi
Centerview Partners LLC
Evercore Partners
g q y
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1 69.4
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Overall US M&A Increases 68% From 1Q2012 | Lowest Fee Volume Since Q3 2009 | Canadian Activity Falls 39%
4 35.7
While total values of M&A activity with US involvement during the first three months of 2013 fell 26.7% from last quarter,volumes increased significantly over the sluggish first quarter totals in 2012, reaching US$310.2 billion and representing a67.7% increase in transaction value.
Despite a 17.6% increase in value of completed Americas M&A activity, the first quarter saw a 12.9% decrease in total M&Afees earned, according to estimates by Thomson Reuters/Freeman Consulting. The US$3 billion total was the lowestopening quarter since 2009.
Accumulating US$30.2 billion in transaction value, announced Canadian Involvement activity fell 38.7% from the totalsreached in the same period last year, and 48% from last quarter. Conversely, completed Canadian Involvement activityrose, posting an 18.5% increase over first quarter 2012 levels.
The High Technology sector led the US market, with deal volume totaling US$56.3 billion, a 21% market share and a 32%decrease compared to last year. Energy & Power placed second, with US$35.6 billion, a 13.2% share. High Technologyalso emerged as the most active sector, outpacing Real Estate by 174 deals.
On average, EBITDA multiples for Americas Targets during the first three months of 2013 decreased slightly to 11.0x fromthe 11.1x averaged during the first quarter of 2012. Average industry multiples ranged from 7.3x for Materials to 24x forReal Estate targets.
41.8
Americas M&A
6
4
4
150 38.3
Share
38.7
26.6331.9
38.1
22,048.222,048.2
72.72
3
69.4
30 2
9
3
5
148 29.13
2
Mkt.
324
No. Deals
38.24
2*2*
1
Rank
9,416.9
12
31,792.4 23,123.5 1
14,786.411,282.3
12321,451.4
35,649.8 13,667.012,738.710,372.7
35,402.6
Evercore PartnersCredit Suisse
BarclaysGoldman Sachs & CoLazard
Citi
Credit SuisseGoldman Sachs & CoLionTree Advisors LLC
Rank Val (US$m)
56,345.1 21,801.421,538.9Evercore Partners
Goldman Sachs & Co
US Announced Advisors by Target Industry Jan 1 - Mar 28 2013Americas Deals Intelligence
High Technology
Real Estate
Energy and Power
Telecommunications
JP Morgan
JP Morgan 22,048.2 2* 69.4 1 * tie
Any Americas Involvement Completed M&A Fees
2/27/2013
3/20/20131/8/2013
Pending CommonWealth REIT (90.2%)
Pending
5,497.0
United States / United States
United States / United States
8,271.6
United States / United States 21,421.4
6,775.3United States / United StatesTelecommunications / Other Telecom
United States / United States
Liberty Global Inc
DISH Network CorpAmerican Rlty Capital Ppty Inc
22,048.2
United States / United States
16,700.0Investor Group
AMR Corp
United States / United States
Cole Credit Ppty Tr III Inc (100%)
Comcast Corp
Pending US Airways Group Inc (100%)Real Estate / REITs
2/12/2013Pending
Date Effective
2/5/2013 Dell Inc (86.2%)
HJ Heinz Co (97.4%)2/14/2013Pending Virgin Media Inc (100%)Pending
2/5/2013
Rank Date
Intended
Icahn Enterprises LP
3/22/2013
3/22/2013
Clearwire Corp (100%)
Dell Inc (100%)
NBCUniversal Media LLC (49%)
Pending
Dell Inc (59.1%)
Investor Group
Boulder Acquisition CorpPending
2/14/2013 Industrials / Transportation & Infrastructure
Top Ten US-Target Announced Deals Jan 1 – Mar 28 2013
3/19/201318,233.9
High Technology / Computers & Peripherals
High Technology / Computers & PeripheralsUnited States / United States
Target (% Sought/Acquired) Acquiror
Media and Entertainment / Broadcasting
Real Estate / REITs
United States / United States
United States / United States
Telecommunications / Space and Satellites
9,178.7
27,361.7
11,694.0
High Technology / Computers & Peripherals
Investor Group Consumer Staples / Food and BeverageTarget Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation
Jan 1 – Mar 28 2013US Target Announced M&A Target Industry by Value (US$ bil)
20.9%
13.2%
13.1%11.8%
11.0%
9.8%
5.2%3.7%
3.6%
High Technology Real Estate Energy and PowerTelecommunications Consumer Staples Media and EntertainmentIndustrials Healthcare MaterialsFinancials Retail Consumer Products and ServicesGovernment and Agencies
$4.72 $5.70 $4.87$2.08
$3.50 $3.85 $3.47 $3.03
$5.02$6.53
$4.25
$1.77
$3.88$5.51
$4.49
$4.72
$6.97
$4.48
$2.59
$4.22
$4.54$4.02
$6.15
$7.01
$3.92
$4.39
$5.45
$4.47$5.59
3,541
4,132
3,955
2,6973,005 3,198
3,626
2,604
0
500
1000
1500
2000
2500
3000
3500
4000
4500
0
5
10
15
20
25
2006 2007 2008 2009 2010 2011 2012 2013
# of
Dea
ls
Ran
k Va
l (U
S$b
il)
Q1 Fee Volume (US$ bil) Q2 Fee Volume (US$ bil)
Q3 Fee Volume (US$ bil) Q4 Fee Volume (US$ bil)
Q1 Historical Deal Volume
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Evercore Partners Credit Suisse
100 03 026 6Industry Total 405294 171 5 2 604346 808 3 100 0 357▲
3 241 100 01.1 0.7
Industry Total0.0 -0.30.1 -3 ▼ 1.3 ▼1.6 ▲ 1 0.0 59 3,178.9FirstEnergy Capital Corp 25 2
▼Millstein & Co LP 25 - 5,497.0 1.6
1.3 -1.5+1 ▲
20 3,749.7 1.0 1.6▼ 29.8▼ 19 0.7 -262.0 ▲ 1 0.0 Houlihan Lokey 24+1 ▲▲
Groton Partners LLC 24 - 6,916.6 2.07 0.2 +2 ▲ 1.0 0.441 4,039.8 1.4 0.4 0.3 +1 ▲ 30.8Wells Fargo & Co 23
0.8 0.70.2 +4 ▲ 25.4▲ 8
▲CIBC World Markets Inc 23 27 6,968.7 2.0 -0.5 ▼
▲ 6+3 ▲ Peter J. Solomon Co Ltd 220.1 0.1
198* 5,061.3- 6,896.5 0.0 +1
1.7 1.72.2▲
-1.0 ▼0 -
13 0.410 0.3
Canaccord Genuity 22 22 7,659.6
▲TD Securities Inc 21 14 7,984.0 2.3 -3.3 ▼ ▲2.5
13 0.4 -3 ▼ ▲ 12.3 2.3DBS Group Holdings 20*United Overseas Bank Ltd 20*
▲ 12.3 2.3- 6,896.5 0.0 +1 0.1 0.1▲ 2.5
2.6 -4.7 1.3 0.90.7 +2 ▲ 37.9▼ 18 ▼Rothschild 20 15 9,084.4 2.6 -2.5 ▼
0.5 ▲ 6 0.2 10 7,630.7Deutsche Bank 19▼
Greenhill & Co, LLC 19 29 9,997.3 2.93.6 -6.2
+2 ▲8 10,564.5 1.8 0.8- 53.9▼ 19 0.7 02.8 ▲ 2 0.1 UBS 18+1 ▲
▲Ondra Partners 18 108 10,166.6 2.9
18 0.6 -17 ▼ 2.3 0.37 10,584.4 3.6 -7.4 0.7 +2 ▲ 69.0Evercore Partners 170.4 0.30.2 0 - 11.0
▼ 17▲
Deutsche Bank 17 7 12,939.1 3.7 -10.5 ▼▲ 6+1 ▲ HSBC Holdings PLC 16
2.7 1.994 10,937.934 12,100.3 0.9 +8
3.7 3.65.2▲
0.4 ▲-30 ▼
23 0.719 0.6
UBS 16 18 17,965.2
▼RBC Capital Markets 15 8 21,804.1 6.3 -5.3 ▼ ▲82.0
16 0.5 -7 ▼ ▲ 215.2 1.5Rothschild 15Jefferies & Co Inc 14
▲ 234.1 2.718 15,428.9 0.8 -1 2.2 0.3▼ 65.4
5.5 0.7 0.6 0.50.1 -1 ▼ 18.4▲ 2 ▲Jefferies & Co Inc 14 17 22,260.3 6.4 1.6 ▲
7.6 ▲ 10 0.3 13 16,306.1Gleacher & Co Inc 13▲
Wells Fargo & Co 13 31 34,032.5 9.86.3 1.1
-3 ▼3.5 0.2▲ 106.5▲ 36 1.4 +6Lazard 12-6 ▼ 12 18,525.34.9 ▲ 20 0.6
12.4 ▲ ▼Moelis & Co 12 11 40,033.4 11.5
4 0.1 +4 ▲ 1.5 0.914 22,384.0 7.6 2.8 0.4 -5 ▼ 46.7BMO Capital Markets 112.3 3.70.8 -7 ▼ 70.1
▲ 11
1.5 0.8▼ 20 ▼
LionTree Advisors LLC 11 - 42,956.1 12.4
0.3 +57.9 -11.3
▲ 99.7 8.191.0
-4 ▼ ▲ 46.66 23,150.831 28,405.2
7.8 ▲ 3126
10+8 ▲Greenhill & Co, LLC-5.0 ▼
10 12 48,135.7 13.9
▲Barclays 9 2 49,900.0 14.4 ▲0.8
▲ 526 0.8 +1 ▲ Centerview Partners LLC 8 19 28,645.4 9.7 6.1 0.2 +3 46.110.6 3.1 3.5 0.40.9 -2124 ▲
Citi 8 6 52,280.2 15.1 1.5 1.3▲0.1 ▲9.2 ▲16.2
17.3+6 ▲43 1.3 RBC Capital Markets 7Lazard 7 10 56,021.9
▲31 1.2 +7 5.79 31,285.1 ▼ 105.6▲
50,892.1Bank of America Merrill Lynch 6 2 1.3▲ 171.50.2148.1 ▼0.8 -2 4.9
+1 ▲ ▼-5.0
▲
Centerview Partners LLC 6 30 57,813.1 16.725
14.5 ▲ 60.55 55,091.4 18.7 -2.3 0.8 -15 ▼JP Morgan 5 ▼ 21
4.90.8 +7 ▲ 146.855,733.1Credit Suisse 5 5 58,974.1
1.8
17.0 1.1
3Citi 22
▼
8.820.8 1.3
▲26.7
▲▲3.0
019.0 13.1
3.5 ▲- 9.41.5Morgan Stanley 4 9 72,171.7 4+7 ▲
Goldman Sachs & Co 81,854.6 27.81112.2 ▲ 43
▲168.8 2.1▲ 28 1.1 +3 ▲ 5.6Bank of America Merrill Lynch 3 4 92,672.1
230 0.932
0 -▼ 4 97,506.0
1Barclays
284.133.2
▲ 391
▲45.5Morgan Stanley▼521.0
23.63 133,688.6-11
32.630.8 11.7
Goldman Sachs & Co 1 1 1.6 ▲
MarketSh (%)US$m
JP Morgan 2 3 106,790.2 ▲
2013 Rank
Market# of Deals
2013 Rank
2012 Rank
Change in
+5113,010.9Share Ch.
1.2
# ofFinancial Advisor
Market
-713.1 ▲Share Ch.
32Sh (%)Sh (%) # of Deals Fees
215.4 7.1
Jan 1 – Mar 28Any Americas Involvement Announced (AD49) Jan 1 – Mar 28
# ofFinancial Advisor Sh (%) Share Ch. DealsUS$m
Rank Value MarketSh (%)
AdvisorRank Value
▲1.111.7
Market MarketImputed Fees (US$m)
Americas Rankings
Rank Value per Advisor (US$m)2012 Rank Deals
Any Americas Involvement Completed (AF55)
MarketMarket Change in # of Deals per Advisor
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Rank Value per Advisor (US$m) # of Deals per Advisor
LionTree Advisors LLC Gleacher & Co Inc
Industry TotalHoulihan Lokey
▲
▼
024 26
▲
2,497.3
88.0%
25 31 -0.1
-4.1%
100.0269,264.7
▼-19.7% -29.4%
Industry Total
Industry % Change from Last Quarter -32.2%
1,634
-15.7% ▼▼-15.8%▲
-49.8%
0.1
Industry % Change from Same Period Last Year▼
1,701.4 2
-6.7%
70100.0
0▲0.8-117
25.6% ▼
25100.0
▲- 0.3 0.35.41,962.1
0.1 ▲0.5 ▲ 8.34 0.2 +341KeyBanc Capital Markets Inc
24Perella Weinberg Partners LP3▼ +1 ▲▼ 0.6
-5.5 ▼▼ 42,473.0 1.2-
26*1.0
▼10 0.6 -6 ▼ 1.3 ▼1.4
0.227.2
0.1
0.4▲1.22,051.40.11,775.4 0.8
1-0.7
Ondra Partners 23 71 3,250.00Gleacher & Co Inc 22 BMO Capital Markets0.1 -1 0.3
1.2 1.10.4 ▲
1222
Moelis & Co 23-
Simmons & Co International 21 34 4,114.5 1.56.0
7-6.511 3,675.5
▼2,662.1 1.3▲ -33 0.2 21▼
▼ 0.4 ▼20.522.0▼
1.01.1 2.618 2,666.4 1.3 -2.7 1.0 -25Houlihan Lokey 20▲ ▲0.12.0 2.0 +1
Rothschild ▲ 3 0.21.6 0.4▲ 0.3 -1 0.4 ▲1.3▼19 32 7.4▲6,690.0 2.5 FTI Consulting IncMillstein & Co LP 20 - 5,497.0
0.5 +219 55 3,022.3 1.4
+30.4 +4 ▲
▲1.225.4 1.31.013
13,067.8 4.9
1.61.926.0
23 8 30.8-11▼9,997.3
▲0.80.5 ▲ ▲▼ 1.30.52.2 83.7 17
▼0.17 6,141.3 2.9▲▼
110*-4.04,655.4
53.1110.7 0 52.20.7
▲2.711 -2.3
0.4-13.2 ▼Evercore Partners 150.6▲
▼RBC Capital Markets 14 14 19,710.3 7.3 3.1 ▲
0.7
Jefferies & Co Inc 15 16 19,522.6
1.42.7
0.7▲3.2Rothschild
73.726.5
▲10 2.4▼ 14 6913 8,160.5 ▲
▲-3.7 ▼
+66,788.4
▲ 18
0.5+312.6 3.9UBS+7
9▲
Wells Fargo & Co 13 18 34,032.5 10 ▼0.5 -2▲9 14.7
11
Evercore Partners0.6▼ LazardMoelis & Co 12
2039,620.6 -3 ▲10,912.2 5.1 1.0 ▲ 1.6264.9
6.73.812 17
15.5 5.4 23 14,125.90.9
1111 8 41,741.4 +7 ▲ Jefferies & Co Inc▲16,306.1- -20.6 ▲ 142,956.1 16.0 16.0 4
3.8 ▲ 0.315 0.9 -1 49.2 2.5▼
▼46.0 2.4
▼0.70.917.9 ▲4.317,603.2 -7 ▼0.69
0.17.7 ▼-14.4 ▼9
Greenhill & Co, LLC 8 21▼▲
20 1.0▲
▼ 28,405.28.3
▲0.216.8 Credit Suisse+8
10 106Citi 9 6 45,113.6
1023
▲
▲1.5▲ 9 ▲ 46.60.6 +6 2.4▲
Barclays 8 1 47,161.3 17.5▲7
13.4 11.12.00.3 +313.5 8.2 ▲ 46.151.9 +13 Centerview Partners LLC 2.4
+4+7 ▲ 1315*▲
▲Lazard 7 12 51,474.4 19.1 11.6 ▲
▲ 4.3 2.114 30,766.4 14.5 9.2 ▲ 83.8▲ 0.828 Citi 6▼
1.5Morgan Stanley 6 10 55,937.4 20.8 12.120.9 4.1 120.8▲ 0.7 JP Morgan-314 ▼13 0.8 -10
▲7.0 2.56.2 0.2 ▼
136.4-3.620.7Credit Suisse 5 5 56,273.1 43,952.45 5
▲21.5 Bank of America Merrill Lynch 44,367.1 20.9 -3.4 21-2 ▼Goldman Sachs & Co
21.1 ▲ 0.3 +26 1.3 +84 42 57,813.1
-123.4
▲▲ 0.9
▼1.6 1.3214.11.144.7 182 14.4 ▲94,795.3 ▼
10.9▼ 26-6.63▲135.1 6.9▲
2.43
Barclays0▲-23 76,139.6 28.3 8.3
1.9▲
36.6 18.7+6 ▲120,380.2 56.8 26.2 ▲
-
Financial Advisor7 98,700.5 1.99.422 1.31 123 184.51.2 0 - Morgan Stanley
MarketShare Ch. Deals Sh (%) # of Deals
Market
36.7 20.5 ▲US$mDeals Sh (%) Share Ch.Sh (%)
AdvisorFees
# of Change in 2013 Rank
2012 Rank
Rank Value Market Change in Market# of Deals Sh (%)
2012 Rank
Market
US Target Announced (AD2) Jan 1 – Mar 28
MarketRank Value Market2013 Rank
Industry % Change from Same Period Last Year 17.6%
US Target Completed (AF2) Jan 1 – Mar 28
-13.5% ▼ -12.9% ▼Industry % Change from Last Quarter -22.6%
▲
100.0
-28.2% ▼▼
Imputed Fees (US$m)
▼
3,026.6
Rank Value per Advisor (US$m) # of Deals per Advisor
▼ -45.8%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter -28.5% ▼ -26.1%Industry % Change from Same Period Last Year 35.9% ▲ -9.9% ▼
Industry Total -405294,171.5 2,604346,808.3 100.0 -3573,241 100.0Industry Total
2.4 2.4
3718
173.4
Goldman Sachs & Co 2 4 98,474.8
Centerview Partners LLC
Greenhill & Co, LLC
Bank of America Merrill Lynch 3
UBS 16
1
Market # ofFinancial Advisor US$m Sh (%) Share Ch.JP Morgan 1
16
0.7
▼0.4
212,125.8
-4
▼18
11
8
4,039.82 9,140.3
1.4 -6.9
10
1
15 -1.3
0.8
-0.618
Industry % Change from Last Quarter
Deutsche Bank
4 4
▼13
8.8
1.2
Peter J. Solomon Co Ltd
▼
28,645.4
▼
Wells Fargo & Co0.5
5,061.3
249,708.1
-8.90.2
11
1.2
▼
▼-18.4
▼ 0.70.3
-9
▼
-81
▼
3,215.0 0.2-300.9
Guggenheim Securities LLC
6
+2
▼
Deutsche Bank
-2
▲-4-7
6
+4
RBC Capital Markets16
1,917
Industry % Change from Same Period Last Year
17+4
37
7.3 ▼
6
▼
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https://www.thomsonone.com 7
LionTree Advisors LLC Lazard
0.5
-1
+8
1.1 Goldman Sachs & Co
24
97,506.03
49.2
22.1
Rank Value per Advisor (US$m)
▲
10
2
▼▼ Evercore Partners
15
▲
▼
13
+1
+1
11.3
55,432.01
8
14
28,405.2
11
Sh (%) Share Ch.Market
Financial AdvisorMarket
▲Share Ch.
13.1
Any US Involvement Completed (AF48)
▲
US$m
▲
Jan 1 – Mar 28
16.952,280.2
▼
2012 Rank
Peter J. Solomon Co Ltd
▼
0.6
+4
Americas Rankings
16-3
▲
0.0-5
0.7 -1517
▼
▼
-
10 ▼0.4 Rothschild14-3
1.1 Gleacher & Co Inc
Greenhill & Co, LLC▼
▲▼▲
▲
Deutsche Bank
4.1
13.9 ▲▲
26
13.64
▼-6.8142,956.149,900.0 16.1
13.929
Credit Suisse
Lazard 7
58,038.0
78
6
56,021.9Centerview Partners LLC
Citi
UBS
1.0
0.2Barclays 9
1026 1.0
Evercore Partners-
1817
162* 5,061.36,612.1 2.6
2.09
8 10,451.7 4.2 -4.2 ▼ 18
Houlihan Lokey ▼24
2013 Rank
▲
18.1
12.2
0.2 +20.4
-5
7
Market
1.2Sh (%)
0.8
# of DealsChange in
▲▲
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
27
Sh (%)
-4
Morgan Stanley
46 38.8▲
2.5Barclays
Rank Value MarketImputed Fees (US$m)
US$m2013 Rank
2 106,490.23 102,404.6
Rank Value per Advisor (US$m)
34.3JP Morgan 133.0
2012 Rank
29.2Goldman Sachs & CoBank of America Merrill Lynch 3 5 90,677.5
11.44
12.6 ▲
MarketFinancial Advisor
Rank Value
Jan 1 – Mar 28Any US Involvement Announced (AD41)
1.8
▲1.6
0▲
+1
▼
# of Deals per Advisor
+4
30Deals
# of Deals per Advisor
3
# of
-
19
-5+9
11
1
0.8
0.1 +1
-8
+9
+1Bank of America Merrill Lynch
▼
10.8 ▲
▲4.9▲15.6
41▲ 15
23.0 ▲ 205.21.3 +2 7.9▲
244.7
▼
▲9.4
168.8
▲ 6.1
0.812
▼▲
1.7 ▲0.0
0.916
Deutsche Bank
6Greenhill & Co, LLC2.7
-0.919,710.3 6.4
2
57,813.111
▲70,673.85
2
6 +1▲
6 0.22141 1.6 +10
Moelis & Co11 10
12.9Wells Fargo & Co 13 20 34,032.5 11.0 ▲
42,289.220
5.3
8 22.8
18.618.7
19
▲4.1
▲
12 40,033.49
13
8.0
4.915
14
UBS 15,137.9
9,997.3
Jefferies & Co Inc 16 22,260.3
18
RBC Capital Markets 15
17
2.8
11,145.3 3.64+3
-15.010,166.687 3.3
7.2
▲Ondra Partners-0.1 ▼19 18
▲34
2.2- 5,497.0
3.2
218,357.16,916.6
1.8Groton Partners LLC 2.2Rothschild 20
36
11.8 ▲
Simmons & Co International 23 41 4,150.5Millstein & Co LP 22
4,033.2
-
▲ 144 0.21.3 ▲0.7
0.4Gleacher & Co Inc 25 12 3,675.5 1.2 ▼ 2
100 00.1-5.2
2 532
-6.519.4
Centerview Partners LLCCiti 6
00.6 -29
Industry Total 310 188 6
1.3
167
Change in Advisor Market# of
Morgan Stanley 1 2 123,522.4
MarketDeals Sh (%) # of Deals Fees Sh (%)
Market
13.6 ▲ 28 1.3
Share Ch.0.827
6.5+4 ▲▲34 1.6 ▼ 0.4-4
4 4 48,654.1 27 1.3-3.7 ▼143.7 5.5 0.6
1.2▼
159.0 ▲20
+7JP Morgan 5 5 48,195.0 19.2 -3.4 0.9 -13
▲21 1.0 +12 ▲ 121.5 4.7 2.938,067.5 15.2 10.928,645.4 0.216* +3
▲▲ 46.111.4 7.1 ▲ 5 1.8 1.5 ▲
9.4 ▲ 9 0.4 +5 ▲ 46.6 1.8 1.0 ▲Credit Suisse 9 6 21,634.5 8.6 -13.8 ▼ 61.4 2.4 4.1 ▼16 0.8 -5 ▼
0.6 ▲33 1.5 +5 ▲11 16,306.1
101.7 3.918,341.2 7.3 2.7 ▲0.1 -1 ▼ 18.46.5 0.7 ▲ 2 0.7 0.5 ▲
Jefferies & Co Inc 12 20 15,130.2 6.0 3.2 ▲ 20 0.9 +1 ▲ 2.563.7▲ 20
0.1
▲15 0.7 +2 ▲2.9
▼2.3 ▲53 10,832.5 0.9 +10 ▲ 75.84.3 4.0
2.0 0.60.8 +3 ▲ 52.00.17 10,476.3 4.2 -9.0 2.566.0▼
▼RBC Capital Markets 16 10 9,700.1 3.9 -2.1 ▼ 43.5 1.7 0.6 ▼16 0.8 -7 ▼
0.7 ▼17 0.8 +3 ▲ 36.2 1.4-5.0 ▼0.3 +4 ▲ 25.42.0 ▲ 6 1.0 0.9 ▲
HSBC Holdings PLC 19 122* 4,041.4 1.6 1.6 ▲ 0.30.5 ▲8 0.4 +1 ▲ 30.80.3 ▲
18 3,749.7
▲ 8.55 0.2 +230
0.9 -25Wells Fargo & Co 20Houlihan Lokey 21
1.24,039.8 1.61.5
0.4 ▲▼ 29.8-1.8 ▼ 19 1.1 2.0 ▼
KPMG 22 22 3,151.2 1.3 -1.2 ▼ 0.0 -14 0.7 +4 ▲ 2.8 0.1FTI Consulting Inc 23 84 3,048.9 0.2 +3 ▲ 8.11.2 1.1 ▲ 4 0.3 0.3 ▲BMO Capital Markets 24 31 2,750.7 1.1 0 - ▼5 0.2 0 - 8.5 0.3
25 63 2,720.9 1.1 0.90.4
0.3 +5 ▲ 11.7▲ 6 0.5 0.3 ▲2 603 4 100 0251 185 4 2 132100 0 221Industry Total
Perella Weinberg Partners LP
Deutsche Bank CIBC World Markets Inc2
▼
908.331
15
5.1
JP Morgan14
▼
-
▼
Macquarie Group 17
▲
0.5
21
4.1
6.7
▲6.5 1.5
5
▲3.3
234.8
3.0 1.70.2▲
▲
13
10
1.0
▲0.6
+1
Change in
0.3▼
-1 ▼
Sh (%)
1.6
Houlihan Lokey
▼-1▲3.7
ScotiabankRothschild
112,332.2
121,446.9
28
1,535.9
2,260.510
-
Jones Lang LaSalle Inc
23*Cenkos Securities PLC 23*
26*
-2
1.1
+1
Industry Total25Moelis & Co
-128
59*
15
110.3
4
14
414.0 0.21.422
-0.9 ▼
-12.2
0.22.7 0.3
12.80.5
1-20.2-2
1.3
0.81,000.0
▼
800.6
▼13 1,229.218 ▼-1.1 12.90.6
0.0 2.4▲ 3 0.1 ▲ 3.5 0.6
-52.5-
▲ 3
1,088.3-4.8 ▼
2
2.3
4.5 ▲
▲0.3-4 ▼2.8Canaccord Genuity
12
+32.5
-10.6 ▼31
-2
+36.6
41.9
13
24.20
2,151.01.4+2 ▲ 9.91,989.04.80.18 2.34.9 ▼
12 6
▼
12.20.12,738.7 ▲-0.7
6.9▲ ▲
+2▼6.2
10.3▲
6
21,765.6
18,064.6
▲0.7
▲▲
-0.57.1
4.4
0.1
▼
▼
▲
-3.3
-▼0.1
1.322
3.0-3
3.0
▲▼▼
1.31.9
BMO Capital Markets
5,719.19.34,100.06Lazard
7.51 7.7
# of Deals per Advisor
0.39.3
Credit Suisse 16 14
8
13 1,958.3
9RBC Capital Markets 3.729.1▼45
8 3.59
18.83,018.5
4.55.4
10
5▼
Scotiabank
▲
Rothschild0.6
93,135.3▲ 35Morgan Stanley
11
-32.22.8 4
-22+1▲
23
1211.8
GMP Capital Corp
2,902.5 9.62,804.8
7.2 0.3-▼
024FirstEnergy Capital Corp 0.0
0.07
12.4 ▲13.0
3,178.9
3.8+3 23.2 4.3▲0.13.26.434.0
-3 ▼
24▼12 33
65
10
Jan 1 – Mar 28
▼10
Share Ch.
9
Deals
13.2
Market
0.0▲4 33.6
+4
▲▲
+1 41.0
20.2▲10.0
-242.5
2 26,618.049.5
7.9
0.3 -11 ▼
-4 ▼ ▼
6.514.66.3
3.8▲▲
Sh (%) Share Ch.
-
Market# of Deals
Change in Market
0 33.6
Sh (%)
Any Canadian Involvement Completed (AF49)
-26.7%
2012 Rank Deals
MarketFinancial Advisor
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)MarketSh (%)
2013 Rank
2013 Rank
▼ Industry % Change from Last Quarter
2012 Rank
Rank Value per Advisor (US$m)
7,984.0 78.1RBC Capital Markets 155.12▲
28.7-Citi
60.5
Any Canadian Involvement Announced (AD42)
Financial Advisor US$mRank Value
21 26.5TD Securities Inc
Market
7,470.43 23.1 1.1
8.76,968.7
1.66 1.6
3
# of Market# of Deals
▲0
7Goldman Sachs & CoMorgan Stanley
5
Canaccord Genuity+2
4 4,602.6 15.319.4
3 3,572.6BMO Capital MarketsEvercore Partners
2
4CIBC World Markets Inc
32
Bank of America Merrill Lynch 6
0
7
-7.5
▲19.0 2
7
-11.8
▲-2
-
▼
TD Securities Inc
513.2
Rank Value
973.5
1.9
1
419.5
3.7+1
Market
Haywood Securities Ltd.
Credit Suisse
44,017.1
1.8
0.1
0.9
▼
0.9
Imputed Fees (US$m)
Jan 1 – Mar 28
0.9
Sh (%)
45.4
▲
▼
1.2 -13.0
▲
▼-2.2
100.0
12.111 1,031.9Houlihan Lokey
▲
16- 38 2.2
-
Industry % Change from Last Quarter▼
AltaCorp Capital Inc
-47.9%
23+1 -
0.2
100.0
389.2
▼Industry % Change from Same Period Last Year
* tie
-
-17.0%
▲1.3
Robert W Baird & Co IncOriel Securities Limited
355.0 1.2
20 59* 466.6
Industry % Change from Last Quarter
389.2
-38.7% ▼
-
1.4
0
Wells Fargo & Co
11
1.6
-2.624.8
3
10.0
10
2
5,846.4
-25.9% ▼
100.0
-6.2% ▼
2,532Industry Total 310,188.6
Industry % Change from Same Period Last Year 67.7% ▲
-167 2,603.4 100.0251,185.4
▼
2,132
Industry % Change from Same Period Last Year 20.9% -9.4% ▼
100.0
▼-10.2% ▼
-27.4%
1
Evercore PartnersGoldman Sachs & Co
0.1 -4
-221
▼
19,984.0
▲
# of Deals per Advisor
-18.5% -44.1%
Share Ch.
42.8
3
US$mAdvisor# of
▲Fees
2.3 0.1 ▼1.1
▼
0.67.5▲▼ 5.9
0.1 1.4 ▼0.0 0.5
▲+1-2
0.4▲ 18▲
GMP Capital Corp1.1
17▼ Barclays
500.0HSBC Holdings PLC 19 46 500.0 1.7 -0.21.6 0 32Citi 18 30 515.0
1.71.7
19 732.85 ▼0.1 -53 0.7▼ 3.7 2.4
0.0▲HSBC Holdings PLC
21 - 419.5 1.4 ▲+2▲
▲
6.74.9▲
19 ▼ 2.01 0.30.4
▲3.60.0 ▼
1.31.3+20.0-
20 1.0
21444.3
--1
1.0-17.420 ▼0.2 3
1 0.2 398.7
Robert W Baird & Co Inc
24*
22
2
58* 414.0399.0
▲0.9
1.00.9 ▲1.1
▲0.00.9
+1 ▲▲ 0.50.0
-24.9%▼▼
▲0.9398.724*▲ ▲
Clarus Securities Inc. ▲
100.0
1 +1
▲
▲1.0
-34.3%Industry % Change from Same Period Last Year
0.3 0.21
-21.8% -49.8%
1
-30.1%▼
-184 535.6
▼ -19.4%
▲ 1.00.4
5.2▲ 2.1 0.4
0.51
0.0 +10.00.9
Industry Total30,171.6
1.3
-1 ▼
▲ 11.3
Greenhill & Co, LLC▲
18.5%
625
▼
0.90-
02.8
428
▲
1
1
646.9 2.1 0.5
▲
▲
1.42
1.6 Bank of America Merrill LynchJones Lang LaSalle Inc0.3
19
Industry Total
5.91
0.7▲
▼-1
3
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3* 19.2 1
EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 28 2013
Announced M&A activity with EMEA involvement totalled US$181.1 billion in the first quarter of 2013, down 20% compared tothe US$226.4 billion reached in the same period last year. This represented the lowest quarterly activity since the third quarterof 2009, and the slowest start to a year since 2003. EMEA fees accumulated on deals completed in the first three months of2013 fell short of 2012 totals as well, reaching only US$1.9 billion, a 3.2% decrease compared to the US$2 billion total for thesame period last year, according to estimates from Thomson Reuters/Freeman Consulting.
Energy and Power was the most active sector in the first three months of 2013, with 277 deals grossing a combined US$30.4billion. Financials accrued US$30.3 billion and Industrials represented US$22 billion worth of activity.
EMEA-targeted buyside financial sponsor activity reached only US$14.6 billion, falling short of the US$19.5 billion reported inthe first quarter of last year and even further behind the US$27.1 billion reached in the previous quarter, making it the slowestquarter since the second quarter of 2010.
Acquirors listed on the Milan stock exchange were EMEA's most acquisitive companies in the first three months of 2013, with18 deals accounting for a combined total of US$7.5 billion in offers. Atlantia’s US$4.1 billion offer for Gemina accounted forthe majority of this activity.
11
9 3
4 3
22,033.0
1
No. Deals
4
8 398
4 566
277
Mkt.
130,395.5
Share
15.2
12 57.1
Rank
Goldman Sachs & Co18.1
Morgan Stanley
18.42
31.56,940.6
1
25.4
1215,594.8
313
19.23*
17,284.0
3
7,685.9 51.5
42.1
2
2 Healthcare 16,463.7 176
Citi 10,166.6 61.81* 2
Morgan Stanley
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
EMEA M&AEMEA Announced M&A Falls 20% | Energy and Power Highest Valued Sector | Lowest Q1 Activity in 10 Years
Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Mar 28 2013
51.0
EMEA Deals Intelligence
VTB Capital
Energy and PowerRank Val US$m
5,603.8
JP Morgan
4,628.5
9,271.0 Industrials
3
3
3Financials
JP Morgan
Goldman Sachs & Co
Rothschild
Morgan Stanley
5,502.4
30,265.3
61.8
28,130.4 36.9
3
22.21
3,620.0
Citi19.92
1*
3,738.7 4,184.0
Societe Generale
Barclays
Materials
10,166.6 Ondra Partners8,398.6
18,816.8
3,620.0
* tie
Deutsche Bank
2
Credit Suisse
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
Industrials / Transportation & Infrastructure
Consumer Staples / Food and Beverage
Telecommunications / Telecommunications Services
4,476.1 Financials / Banks4,210.04,097.7
6,916.6
3,620.0 Materials / Metals & Mining
Industrials / Automobiles & Components
Healthcare / Biotechnology
Polyus Gold International Ltd (37.78%)
Italy / ItalyAtlantia SpAMAN SE (26.3%) Germany / Germany
Russian Fed / Russian FedPending
y g q p p ( $ )
Intended3/21/2013
2/22/2013
ENI East Africa SpA (28.6%)3/8/2013
Volkswagen AGPending
Pending
Investkompaniya A13/28/2013
GEMINA (100%)
2/22/2013 Investor Group United Kingdom / United Kingdom
Groupe BPCE SARoyal Dutch Shell PLCRepsol-LNG Bus,Trinidad (100%)
4,032.7Tele2 Russia (100%) 4,000.0
Energy and Power / Oil & Gas4,900.0Financials / Insurance
Jan 1 – Mar 28 2013Target Macro / Mid Industry
2/1/2013 SNS Reaal NV (100%)Pending
DE Master Blenders 1753 BV (85%)Target (% Sought/Acquired)Date Effective
2/1/2013
Rank Value (US$m)Acquiror / Target Nation
RP Management LLCThe Netherlands
3/13/2013 Energy and Power / Oil & GasFrance / France
PetroChina Co Ltd
2/26/2013
Pending
Elan Corp PLC (100%)
China / Mozambique2/22/20132/17/2013
Rank Date3/28/20132/25/2013
Groupe BPCE SA (20%)
Intended Investor Group
Netherlands / NetherlandsUnited States / Ireland-Rep
Austria / Netherlands
Top Ten EMEA Involvement Announced DealsAcquiror
8,635.0
Netherlands / Trinidad&Tob
g p ( y p y)
5,047.1
$16.3$32.2
$76.1 $73.0
$26.8 $21.2 $19.5 $14.6
$25.4
$58.6
$44.5$82.9
$38.6
$8.4$13.4
$36.8$20.1
$38.0
$33.9
$60.3
$50.5
$27.3
$13.1
$36.9
$22.0
$16.1
$38.2
$45.1
$90.3$56.5
$19.7
$23.3$21.6
$27.1
73.0%
94.0%75.3%
75.2%
33.0%
23.1%
64.2%
47.3% 46.7%
10.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$0
$50
$100
$150
$200
$250
$300
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
% o
f EM
EA
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD EMEA M&A
$7.5
$6.4
$6.2$5.4
$4.9
$3.5
$1.8$1.6
Milan
Frankfurt
London
OMX Stockholm
Amsterdam
Bratislava
Abu Dhabi Stock Market
Lisbon
Swiss Stock Exchange
Johannesburg
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables9
Lazard UBS
1 2 ▲ 2 0 0 4 ▼▲ 1 0.0 +1 ▲
RBS 25* 40 4 097 7 2 3Banca Agricola Mantovana 25* - 4,097.7 2.3 2.3
14
▲
▼
4,372.4
2.544
20
31
18
-
6,505.9
19
17 50
4,548.616
4,537.6
2.4
163.6
23
-
5,330.2 2.9
3.76,916.66,688.1
54
39
18
0.1
0
▲
-15
7
10
0.1
11
0.0
12*
4+1
0.1
▼
▼
0.1
▼
HSBC Holdings PLC
▼
25
1718
Mediobanca
Industry Total
ING▼
-5
▼
-16
-9
+1
12*
15
22
39.5
13.3-2
41.9
▲
▼
▲
▼▼
▼
0.1
▲
0.5
-
3.2
115.8
0.6
0.5
6.0
0.2
0.6
0.9
3.2
1.3
0.7
2.2
0.1
0.7
0.40.0
0.2
0.3
0.2
▲
▼
▼
1.0 -2
▲
-4+9
0.1 +1
88.490.2
28.61.34.6
▲ 0.8
0.54.7▼
0.10.50.8
+1
8
226* 16.0 ▲ 2
9.822
7
39,438.831,917.4
▲Rothschild 9
▼▼
-10 4
8
Evercore Partners 25
Credit Suisse
1116.0
13.5
41,919.4 ▲21.7
58,525.1
16.5
19.6
30,931.2
-17.019.1
19,746.211.312.9
30.210.9 0.3
0.222
-0.9
-21.420 -4
-7
0.617 0.2▼
▼
1.5 ▲
7.1
26
1.0
18,392.6 10.2VTB Capital 62,908.8
▲
495-10
+2
▲▼ Goldman Sachs & Co ▲+227
▼
▲2.1 ▼
▲
1.9
1.32.2
33.7 0.1
12.26.8
37.7
0.8
▲
2.34.8
0.20.2
▲
0.3
0.1
1.019.110.1
5.1
1.7
7.41 938 1
▼+2
1 050
2.3-6.3
▲
▼▲
▲
▼0.4
1.9
▼
100 0
▲
▲
0.1
▲
▼
+7
0
0.3
0.70.7
3
▼
▲
-10
-▲
0.6+1
0.3
0.1
▼
-20.1
-11
2 715
10
0.3
3.52.6
-8.1
20
0.8 ▲
-1.9
1
15.3
4.98.015,408.0
9,385.96,802.4 3.5
30,931.2
-5
▼-1
Intesa SanPaolo
126,801.0
943,224.4
4814
5,043.9
29,662.0
39
16
4,428.6
-
2.0
1.71.6
193 549 9
1.7
1.52,827.8100 0
2
0.10.4
3,943.4
1.43,129.2
3,237.311
44
32
▲
0.8▲▲
▲
70.0
2.0 ▲
1.6
0.6
27
15
▲
2013 Rank
EMEA Rankings
Advisor
0.9Share Ch.
1
2013 Rank
Change in # of Deals
▲
# ofShare Ch.
5
MarketMarket
1.1▲13
# of Deals per AdvisorMarket
Imputed Fees (US$m)
1.6 ▲
▼37.4
84.3
Rank Value
▼2.548.12 0.625.1 4.4
Market
36.5
26.0
2.9
32.527
▲10.9
▼+1
-2▼
32.80.3
▼
▼ Morgan Stanley▲
6
65,239.870,665.2
Barclays3
71,629.3
9
17
463,420.4
334,946.7
CitiDeutsche Bank
3926 -170.330 0.4
-15.3
US$m-17.836,151.3 0.5 Bank of America Merrill Lynch▼
Sh (%)Sh (%) Deals20.0
Market# of
-6
-12▼▼
# of Deals
▼
Sh (%)
37.025
Sh (%)▲
13.0
Financial AdvisorChange in
▲
US$m2012 Rank
71,862.8 37.1
Rank Value per Advisor (US$m)Market
24.7
+5
29.8
-1018▲16
23.8 ▲
41.5▲
0.5▼▲
92.7
137.0
1.0 +6▼
2
1.40.6
0.7-3
▲
▲37
7
-6
7,573.9
13
14 15.86
20.4
22.9
7.9
44,253.0 17
▲
▲
0.2
00.5
+1-12
6.4
4.2
0
▲
0.0▼
-16-11.1
3.1
18
7,202.9
4.64016
5
72.9 ▲
1
8,339.2
▲8
3.83.8
-25.2-0.1 ▼ 2
2.14.0
-17.8
-3.5 ▼▼-24.6
0.2
0.1▼▼
0.2
-
0.1
4 -6Nordea
60
2324
0.20.1
Societe Generale 24
HSBC Holdings PLC43
Detroyat Associes SA 2221Handelsbanken Capital Markets
Mediobanca
-21.6
0.4
Ondra Partners-
▼ BNP Paribas SA 19
8
11
2942
17.4
6
353
-4-6
0.20.10.2
-4
JP Morgan-
0
LazardSociete Generale
▲ Renaissance Capital Group
-2
Lambert Energy Advisory Ltd
4,438.3
5,027.22.3
-1.9
2.5-4.5
2.5
2.8
1.6
130.0
▼
2.6 ▲
▲ 7▼
0.0▲4,476.1
1.6
19
▼▲
18
▲2.5
2.5 20Greenhill & Co, LLC
0.0▲ 121
Handelsbanken Capital Markets
▲16.0
-4.9
▲-4.6
▼
4.9
▼
14.9
▼
34,572.34
13
7
5
8.4
128
9.8
5.6
2
Jan 1 – Mar 28
Sh (%)FeesDeals
56.53 2▼
1
Barclays
23,315.2
10,166.611,639.6
20,502.2CitiRothschild 4
3
Ondra Partners
Bank of America Merrill Lynch
Leonardo & CoIntesa SanPaolo
BNP Paribas SA
UniCredit
Groton Partners LLC
UBS
PricewaterhouseCoopers 13
Credit Suisse 9
15
11
14VTB Capital
12
6
8
1510
2012 RankFinancial Advisor
6
5
717,713.115,192.1
Deutsche Bank
Morgan StanleyJP Morgan 19.3
1Goldman Sachs & CoShare Ch.
▼
Rank Value
Any EMEA Involvement Completed (AF53)Any EMEA Involvement Announced (AD47)
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
# of Deals per AdvisorMarket
-3
19
Rank Value per Advisor (US$m)Market
Jan 1 – Mar 28
Lazard UBS
1.2 ▲ 2 0.0 -4 ▼RBS 25 40 4,097.7 2.3
2
-20.0%
Market
-16.0▼20.1
Jan 1 – Mar 28
Sh (%)Market
▼-49.9%
0.1
▼
▲ 2
11,876.616,837.9
8,339.210,166.6
9.8
▲▲
7
1
3.10
5
+1
0.0
33
1.7
11,489.6
Deals
▲1
▼
-18.7
1.8
7
▲
-0.8
2
19,283.2
32,811.5
20,039.3
▲
▼
3.85,330.2
-24.4%
▲ 8
▲
▼-6
▲ 0.2
# of
24
Market
0.8 -16
+1
-1
37
-12
0.5
-2 ▼
Industry % Change from Last Quarter
5925-1,020
1122
Nordea
21▲
Citi
Societe Generale
Renaissance Capital Group
10
12*
15
Goldman Sachs & CoVTB Capital
76
0.2
151
4
12*
11
9,385.9
18 10
0.5
2.1
-21.9%
230.1
0.10.2
▲
2,557▲
5.3
▲
4.9
▼
88.9
▼
4.9
2.3
17.4
▼
1.4
1.30.6
0.7
39.5
0.2
0.7▲
▲
0.20.1
0.8 ▲
▲
▲
▼
+5
19.1
-4
-3
1.4
2.1
0.2
▼
1.9132.6
26.0▲▲
7.2
▲
97.3
0.1
-40.9%
0.9
▲
▲
▼
+3
-14
▼
# of Deals
0.1
0.1
▼
▼
0.2
0.9
-1,088
Sh (%)1.2
# of Deals per Advisor
7
-24.3%
16
-26.5%
▲
-5
▼
-26.2%▼
Financial Advisor
Industry % Change from Last Quarter
0.0
-14
▼
Change in
-5 1Bank of America Merrill Lynch
Industry % Change from Same Period Last Year
Industry Total
Handelsbanken Capital Markets
Ondra Partners
Deutsche Bank
Intesa SanPaolo
+8
-3▼▼ 90.2
-4
# of Deals▲
Sh (%)
1,938.1
Change in
-1,050
Advisor
34.4
19-2
+2
▲
+1
+2
0.1
0.70.70.6
0.3
17
-6.6
60.8
3.2
10.1
-2
0
+9
0.3
# of Market
▲
1.0
▲ 25
32
0.5
25
10.2
▲7
22.91.0
▲ 12
▲
1712
▲▲
2012 Rank
5
3
170,065.2
38.371,263.7
34.2
-22.6%
0.713.3
▲
27.1%
Rank Value
71,862.8
▼
Rank Value per Advisor (US$m)
Share Ch.
▼
Market
0.6
+122
1.0
MarketDeals
26.5
▲
7
25
31.3
22.5
16.6 ▲
15.720.2
0.3
1.4
▲
0.8
-923
21
0.1 +1 ▲
0
-4
▼
▼-6
-
0.9 -4
0.1
-13
▼
1,833.3 100.0-992
-4▼
7.4
▼
▲5.1
▼-4.8%
0.1
0.6
0.7
1.9
0.2
▼
▼1.0
Share Ch.
1.2
0.4
0.4
0.9
0.7
Sh (%)
▲
▼
▲▲
▲
100.0
0.20.2
0.8
1.0
2.2
0.2
2.1▲
1.6
0.2
13.3
54.6
Fees
0.6
3.2
3.0
84.0
84.3
Market
25.7
38.5
1.745.7 2.5
▲2.2
▼2.3
-
▲
Imputed Fees (US$m)
▼
0.0
▲
-27.9%
-11 ▼0.5
Jan 1 – Mar 28
-3.2%
2,715
# of Deals per Advisor
▼
Any European Involvement Completed (AF3)
1438.6
2013 Rank Sh (%)
Lazard
13.917.0
3,393
0
193,549.9
1.7
100.0
US$m
31.0
37.6
33.8
25.3
8.1
-9.5 ▼▲
16.615.5
▲
-4.8
1.7
5.0
0.3
▼
▼
▲
-5.4
5.0
-2.0
3.7
▼
14.88.3
23 4,372.4 Mediobanca▼
-9
ING
▲
▲6,802.417
16-
4,428.6
186,142.9
12
2,827.8
▼
-
39
13
17
-
7,446.9
6,916.64.2
1516
7,202.94.0
VTB Capital
Intesa SanPaolo
14 42
50
Groton Partners LLC
BNP Paribas SAOndra Partners
Societe Generale
Leonardo & Co
Mediobanca
PricewaterhouseCoopers
Handelsbanken Capital Markets
UniCredit
Detroyat Associes SA
UBS
9
181,066.6
Barclays
12
▼Industry % Change from Same Period Last Year
34,390.5
5Citi
100.0
61112
10
Goldman Sachs & Co
Credit Suisse
7
11
6
8
JP Morgan
Bank of America Merrill LynchDeutsche Bank
2012 Rank
Any European Inv Announced (AD21)
15
1
3
95
Industry % Change from Last Quarter
4
Rank ValueFinancial Advisor
Rank Value per Advisor (US$m)2013 Rank Share Ch.
133
Industry Total
Rothschild2
US$m
33,392.0
23,315.2
41
1.5▼
-9
13.6
-17.9▼
▼
19.5
▼205Morgan Stanley
9Morgan Stanley
4819.2 ▼
▼
28▲
2717,713.1
▲33.9 11.263,110.6
23.963,685.1
62,908.8
Barclays-7
0.6-17.0 0.5-22.5
11.711.3
1458,304.18
3716
10.4 -3.4 ▼ 0.311
9-26.4 ▼ -319 Credit Suisse0.6-23.7
42,698.38
5.9
▼▼
Rothschild▼6.7 -11.6
6.9 639,438.84
▼16 -616 0.5 -18 ▼
-0.1
39-26.4
2.616 +1
▼0.5
0▼
4.427,508.63.3 0.2 -
481.2 Lambert Energy Advisory Ltd2
0.34.0 +1▲ 0.8HSBC Holdings PLC 13▲
3.9 2.7
015,408.0
2.4-
7▲3.1
JP Morgan
- 4,476.1
18
38
53
6,688.16,505.9
205,027.2
▼3.46,285.32.7
40.5-1.92.919
4,537.62.6
2.6
162.743
21Greenhill & Co, LLCBNP Paribas SA
▼
0.1
-2
▲
41,919.4
16.6
▲
31,682.425Evercore Partners
30,931.2▼
44
▼
14
21.2
205,043.919
213*
-23.4%
30,931.2-
0.3-
18▲ 332 2.4
0.0
34.4▼37.7
▲
0.312.2
+7
6.8
▼
▼
▼
4.6
-3
-
Market
▲ 4.6
▼
-40.1%
▼Industry % Change from Same Period Last Year
* tie
Industry % Change from Last Quarter ▼-24.3%▼ ▼▼-49.1%
4,097.73,161
1.51.5
Industry % Change from Same Period Last Year
Industry Total
91
27.6%-20.7%
Industry Total
Banca Agricola Mantovana2.424* 39
- 2.41.2RBS
24* 4,097.73044
2.4
22 4,438.383,943.4
0.0▲1.7
33,224.4 53,237.3
3,129.2 324
-28.0%
100.0171,166.7
0.04
▲
2.6
2.6
0.5
1
7
100.0
4.9
▼
0.2
17
t e
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10
ING Credit Suisse
230.3
▼ 517
18 1
▲0.0Industry Total 117 690 0 682
1.3100 0
Eidos Partners
Lazard1,848.2
1.92,267.52425 1,490.2
PricewaterhouseCoopers 1.644-
0.00.1-10.0
2,280.2 1.9▼
6.9-2
1.72,379.91.9
22
0.0
0.02,280.2-3.5
2.22.0
▲
2,612.9
0.8
+122
▲ 0.0
▼0.10.0
-0.2 31.3 ▲
8▼
▼▲
3
0.1
▲12*
19.826.326.4
1
170.11
▲-1+1
-11
26.3▲
Rothschild
▲5.6 5.6
6.4
1.1 0.14.8
▲
7 39,026.7
9
2,100.0
35,793.8▼ 6-8
0.16.4
0.4
5 2,871.329.234,364.7
0.610
34,400.32,379.9-
9.3 ▲-28.4
6
▼8
0.8 ▲▼
UBS
Morgan StanleyUBS 7
-16.6
Goldman Sachs & Co8 2
595
9.7-2.2
-0▼ 5▲
▼1 0.1
61,254.90.8 0.8
511
30.6
-352
41.6
6Barclays
20.540,413.9
Bank of America Merrill Lynch34
61,678.7450.1
9.84,085.6
2.2▲7▲52.4 0.2
16.1▲HSBC Holdings PLC 4 13 10.9
Societe Generale 11.1
1.64
0.6▲
36
0.4▲▲
12
15118*
3,472.3
4,147.433
103,620.0
5 3,731.7 10.09.7VTB Capital 6
Bank of America Merrill Lynch
11
8.9
-
3,322.0Barclays
10JP Morgan 7.7
Goldman Sachs & Co 1 3Sh (%)
2013 Rank
Deutsche Bank 2 14 16.05,994.5
BMO Capital Markets
3
Bancolombia SA
Financial AdvisorMarket
16.1US$m
6,014.7
Rank Value2012 Rank
▲773
4.0
5
3.1
▲6
1,314.61,371.4
-4.03.9 ▼43.7
12
Intesa SanPaolo4.0
1,490.24.0
2.53.5
4.04.0
-19.1
3.1
PricewaterhouseCoopers 161,606.8
Eidos Partners 18*
1,490.2-- 1,490.2
18*
▼4.5
▼
4.4▲
-37.04.34.3 1.9
3.91,612.0
4.4 -21.6
Morgan Stanley
1,793.8
2844 1,649.2
1,681.9
Macquarie Group 151,650.24
Evercore Partners
12 21*36
17 1
Jones Lang LaSalle IncRothschild
13
23622
Lazard 718*
Canaccord Genuity+9
16Citi
34Nomura
Industry Total 198
0.8
-7
0.8 -14
+1
0.91.414
3.6 ▲
MarketSh (%)
MarketDeals
# ofShare Ch.
-16.3 ▼ ▼Financial AdvisorDeutsche Bank
Change in # of Deals
3
Any UK Involvement Completed (AF39)
1
128*
Rank Value
Citi 2
12
29.2
15.5
16.230.4
▲14.8 14
62,405.312
▲
Market
0.1
12*
31,111.0
3,620.0
9.59,385.9
11,216.8
30,931.2
423
47
- ▲
3.8
1.3 ▲▼
▼
-0.1
2.2
4.1▼
3.7 0.50.3
0.6
0.2
▲
+2
-16.1
04.2▲
100 0
+1
3.2▼-5
+2
+1 10.1
46.8-2
+2
5.4
3.2
▲
+1 ▲
▼
▲
▲
▲12.819.0
17.4
+2
2.6
34.3
2.3
▲
41.2+5 ▲
-45.5
▲
0
+7 30.0
1.511.1Sh (%)
Jan 1 – Mar 28
+5 3.15.1
Share Ch.
▲▼
1.6
2.2
5.66.1
1.0
Fees
4.0
4.637.9
1.7
0.70.4 ▲0.2
▼
0.4
6.34.6
1.0 ▼
▼
1.5
▲
▲
2.1
▲
1.6
0.9
3.2
1.8
4.0
741 9
+2
-0.8
2.1 0.3
▲▲
0.97.0+7 ▲
46.413.3
▲ 16.7
▼
▲
-9
145+1
▲
0.1
+2
-100.60.5
▲
1▲
6▲
▲▲
1▼
0.5-9
2
Jan 1 – Mar 28
1
7
# of Deals per Advisor
+1
15 1.90.4
+1
11
▲29.7
+1
-30.3
JP Morgan
▼
1.0
0.6 0.6▲
▼0.22.4
▲1.4▲6.3
0.9▲
▲1.82.3 1.7
▲0.3
7.0
1
0.00.1
Share Ch.
30,931.2
3.1
▲
26.3Renaissance Capital Group
▼
▲
-8Lambert Energy Advisory Ltd
3
0.1
Ondra PartnersHSBC Holdings PLC
Moelis & Co
Greenhill & Co, LLC
Market
0.1
1.6
-6
1,161.3
-1
+7
7 0.1
100.1
6
+20.1
4
Market
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
0.2
9
10 0.2
0.2
0.1
2 0.00.0
0.2
2
Advisor Market# of Deals per Advisor
VTB Capital 53.0
▲
Evercore Partners19.6
▲
▲
53.0
34.3
15
Change in # ofDeals Sh (%) # of Deals
EMEA Rankings
22
-
+2
▼-2▲
▼
Intesa SanPaolo
▲
0.4
1.4
0.3
▲
▲▼
▲
▲
▲
▲
+3
Imputed Fees (US$m)Market
▼
▼
3.137 413 8 100 0
1,169.0
8.0
▼
▲▼
▲
▲▼
▲
21
1
-9+1
2.3
▲ Societe Generale 18
16
Macquarie Group
CITIC
-16.3
▲▼
+1
-4
33.2
14▼15
▲
▼
▲
-5.4
44.7▲
53.3
Sh (%)2012 Rank
162,666.0
53.3
Rank Value per Advisor (US$m)
62,776.614
7.7
23.1
8.0
52.1
9
ING
+2
21*
0.2
2013 Rank US$m
2425 -
42
1,471.0
Rank Value per Advisor (US$m)
Any UK Involvement Announced (AD32)
20
17
19
12
21*64
74,428.6
42*
9,035.1 -5.0
* tie
Credit Suisse BNP Paribas SA
+1 ▲ 1.1 0.3 0.3 ▲▲
Le Breton & Associes SARL 25* - 239.3 1.3 1.3 ▲ 1 0.20.2 +1 ▲ 1.1 0.3 0.3
▲
Santander 25* - 129.1 0.8
21.1%
0.8 ▲ 1 0.2 +1 ▲
4.0
1
0.2
239.3 1.3
▲4.4
-23.34.3
▼
3.0
1.3 ▲ 11
2.3 11
-22.5%
3,863.5
3.0559.3
10
14*18
4.4
1
19*
-
22.5
▲
8*
8
6
Qatar National Bank
▲27
Evercore Partners
▲▲
# ofRank Value
83.9% -13.1%
# of Deals per AdvisorMarketMarket Change in
▼▼
Rank Value per Advisor (US$m)
Any French Involvement Completed (AF40)
Industry Total
Industry % Change from Last Quarter
117,690.0 682
129.6%
Market
100.0
2012 Rank
Industry % Change from Same Period Last Year
Sh (%)
0.2+1
-43.8
-21.5%
1+1
0
+2
7
2
8
2
773
# ofDeals
▼3
▲Share Ch.
Jan 1 – Mar 28
34.332.1
4UBS
▼
Market
JP Morgan-10.7-94
Industry Total
3
JP Morgan
2013 Rank
Detroyat Associes SA
3
▲
▲
1711 2
2013 Rank
2.9
-
Peter J. Solomon Co Ltd 525.0Consensus Advisory Services
21*
19*-
-
-
L Etoile Properties
CIBC World Markets Inc23*
-
BMO Capital Markets -
16Lazard
Jefferies & Co Inc
8*
RBS
14Jones Lang LaSalle Inc
11
Credit Agricole CIBIntesa SanPaolo
13
Societe Generale
Goldman Sachs & Co0
▲
-15
-
+6▼
UniCredit▼
▼
+8 19.6▲
7.021.05Deutsche Bank
Citi
2
-198
▼
Morgan Stanley0.4
Rothschild
▼
Change in
7 6,391.825.73
1
13.9-
14*
49.519
2
16.8
65.5
16.8-5.7 4
13▲
▲3.24,738.6
1.0
4,130.4
3,774.82
▲20.5
3,101.9 16.8
3.02.9
2.92.9525.0
▼
12.9
2.3
6.16.9
▲
▲
-4.8
-1.83.9
0.5 ▲
▲1.11.1
0.5
▲1.5
5.24.4
1.3 1.3
3.8
▼▲
5.5
▲
▲1.01.5
▲0.3
3.0
▼1.9
.1 -
0.811.9
3.2
▲
0.00.4
1.31.0
▲0.4
▲
▲0.7▼
2.0
▼
0.3
1.6
▲
FeesUS$m
2.3 ▲
▲▲2.3
3.6 ▲
▼
Share Ch.9,127.3 46.9
1.5 +38
Deals Sh (%)▲
▼
8.036.6
24.8 3.729.3 7.5
9.34.7
5.1
Market
▲Sh (%)
100.0741.9
▲
-145
Market
Jan 1 – Mar 28
Share Ch.
Imputed Fees (US$m)
7.3%
Advisor
-19.2%
# of Deals
1 ▲
6.0
31.6
+1
▼
-123
0.20.2
Industry % Change from Same Period Last Year
25*
+1
0.2
▲0.20.2
▲
3 0.7
1
0.20.4
1
1.6
1
0 -
0.4
▼
-23.7%
29.2
Market
▲
# of Deals per Advisor
40.7
3
0.9
3
17
1
3
1
1
0.8
+1
Financial Advisor
1
-9.5 ▼
-0.3
▼
-40.8
4.6
▲▲
1.4
0.9 ▲▼
0.8
-45.2
1.1
2.2L Etoile Properties
Intesa SanPaolo
▼
16.311.615.1
▲
-37.0
7.5 ▲▲
4.8
▼
-4.9
72 2,716.586
2,527.3159
3,555.2 -23.5
11
7.5
5.0
21.3
51*4.41610*
Bank of America Merrill Lynch
21
BNP Paribas SA
10*
18
UBS
5
19*
-
Morgan Stanley
4,476.122.0
5 26.86 3,670.514Deutsche Bank
Industry % Change from Last Quarter
406
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
155.1
Industry Total
23
▼
BBVA-
25* 129.1
Le Breton & Associes SARL
20Perella Weinberg Partners LP
16,719.9
14*
-Evercore Partners 25
Barclays3
-13
Macquarie GroupNomura
12
51*
Jones Lang LaSalle Inc
17.6
2.2
0.8
157.3175.0
426.9
1.41.4239.3
+7
0.5
1,250.7 7.5
-41.6%
-1
-4+2
239.3
100.0
+1
4.8
765.24.6
561.1
1,250.7
808.2827.3
765.2▲ ▲
4.6 0.2
00.5+10.5-1
2
1.8
▲
+3▲▲
▲8
+5
2.0
-17.5%
Rothschild
▼
Sh (%)2012 Rank
-73.2%Industry % Change from Last Quarter▼
14*14*
4.6765.217 3.4Societe Generale
Swedbank10- 359.4
Credit Agricole CIB22
-19*
24
-
0.9
0.8
0.9 -23*
▼-25.4%
100.0100.0
▼ ▼
Industry Total
▼
▲
449
▼
▲▲
▲3
▼+1
1
0.7-
-5
22.4
13.9
16.6▲
▲▼
0.7
3 ▲
0.7
-33.326.8
4,526.130.9
2.0
▲34.7
47.5
Rank Value per Advisor (US$m)
Any French Involvement Announced (AD33)
9
4,146.8
# of Deals
1,280.0-
-
122,137.1
62,558.02,373.0
9
26
2 0.50.5
711
▲+2
-1
+2+5
1.710.2▼▲
2.7
▲
-36.9
11.6▲
-1.16.9
▼+33 0.7
▲
▼
1
+1
0.2
1.00.70.5
4
Credit Suisse
0.2
-2
+3 ▲
▼
0.2
▼
▲
0.7▲
1,122.7
-43.5%
1.4
-132.1
-8
559.3
▲
0
Bank of America Merrill Lynch 713.5
18,441.5
-16.9%
3.021*
17
2.32.3
736.1
426.92.0
393.0
45.3%-21.8%
▲
1.0
8.11.97.6▲
1.0
2.1▼
0.03.0
0.73.4
2.6
3.9
0.2 +1 ▲
+1
+20.2
▼
11.9
13.4
1.0
10.2▲
▲▲
9.0-
23.17.8
▲
▲
5.92.0
3.312.9▼6.1
6.3
1.6
2.62.3
-17.41
Market
37,413.8 100.0
-44.2%▼
Industry % Change from Same Period Last Year
18 5,157.5
US$mRank Value
5,363.97,933.5
Financial Advisor
27.1
-20.4%
2 4
Lazard
Sh (%)
0.2+1+1
-13.7%
▲
-5
+1
+10.5
▲
▲
0
▼
0.2+1
0.2+3
▲
-
▲2
3
6
0.2
▼
▲
▼
▲
1.5
2
▲▲
▼
▲
▲
▲1
1
-9.7
-808.2792.9
6.112 1,274.4
-118
Goldman Sachs & Co
Citi
* tie
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables11
UBS Credit Suisse
▲ 60.4
▲1▲37.1
0.437.1-
100 0
-19.10.7
1
23* -- Lazard1
21*21*
107.819
Banco Espirito Santo SA 21 101.9 0.7-0.7
0.70.7
3▼1
▼
224.8
7.8
2.5 ▲
2.0
▲
▼▲
9
3.33.32
16
▲▼
▲2.5 2
-5 ▼ 1.25.5
6.64.5
3.6
6.94.3 1.6
3.6
0.1
+1▼
3.8
-1
5.70.9
+2
▼
▲
3.1
▼
▼
0.13.3
2.1
5.1.23.1 4.0
14.2
▼
▼▲
▲5.5▼
4.3
1.01.8▲
▲
16.7
0.7
1.3
10.5
15.815.8
0.7
-14.0 -3
1▲
▲
-5.3
-1
-11
31
▼
▼
0.1
1.8
.2
0.7
+10.7▼
0.7
-12▼
19.327.9 1.3
1.3 +2
Market
7.0
▲
▲
25
+3
▼3.9
1
4
▲ 1.3+2 ▲
2.7 +2
▼-1
6.71.7
▲
▲0.7▲
+10.7 +1
100 0105 0
15.8
▲
Sh (%) Share Ch.
▲
▲
0.1
0.4 ▲
0.1
703.7
Rank Value
513
3
17.3
-
20
11
483.8
7*11
Any Spanish Involvement Completed (AF41)
1.3
5.1
1,560.91,506.2
26.313.3
15.8
Industry Total 9 014 9-
26.3
-9.4
15.8
-1.51,425.2
4.8
1.0
942.89.07.8
135.7
808.3
24* 0.6
4.8
-2,110.56
12.9
52.2
1,425.2
0.6
▼
3.4
8.68.0
▼3.6
▲
MarketSh (%)
6.6
5
+1335.1
02
00.7
3
Advisor Market
1.8
2.1
6.1
▼▲
Market
UBS
3.9
1.845.9 3.7
3.7
4
▲
0.4
9*Citi 22
Banco de Sabadell
PricewaterhouseCoopers
81.0
-8.2
25*
0.574.3
104.6Ernst & Young LLP
52.225*
Societe Generale 20
-
1,425.27*Barclays
13
3*
▼
7* 1716
7*
2013 Rank
6
Financial Advisor
Citi
▼2
Sh (%)
BBVA
-18.7
1
2.5
1.8
-33.2
24*52.2
▼
▲
AZ Capital 23 0.5
N+1 24*
12
1Industry Total 100 015 048 2 188 111
▲▲0.4
0.40.4
▼
▲
2.1
▼
26.3 ▲
Market
9.3
17.0-7.3
9.3
US$m▲1
23.4▲ 4 1,735.0
▲Bank of America Merrill Lynch
Morgan Stanley
9.03*
2.02,368.0
Rank Value per Advisor (US$m)
▲Rothschild
0
Ernst & Young LLP
17
+1
▼
16
+1
+1
-
KPMG
0
PricewaterhouseCoopers
+6
-1+1
▲
-
Nomura
▼
Societe Generale
-5
▼▲
+1
-4
▲
Raiffeisen Bank InternationalN+1
24*
1.6
0.5
01.1
0-
+5
0.52
1
▼▲▲
-1
0.50.5
-35.9-1
0.5 +1
0.5
+2
0.5
0.5
+1
-1-16.5
-16.8
1.6
2
1.80.9
▼
▲
2.5
-22.1
2.75▲
1.125.2
0.5
1
111
0.512.1
1
0.5
1
6,900.0
13.3
Jan 1 – Mar 28
# of
-
Bank of America Merrill Lynch-15.5
7
Market
2Goldman Sachs & CoBBVA
5
7
149*
7
Macquarie Group
2,000.02,553.9
Financial AdvisorRank Value
1,393.3
1
34
# of Deals per Advisor2013 Rank
2012 Rank
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Any Spanish Inv Announced (AD34)
3,160.2▲
▲7 ▲
Goldman Sachs & CoDeals
Market 2012 RankSh (%)
Change in Rank Value per Advisor (US$m)
# of DealsUS$m Share Ch.
▼
5
6-
9*8
4
-
1,906.8 12.7
Credit Suisse
924.2782.7
3.9Barclays
8587.1588.4
6.1
3.9
5.2
Banco BTG Pactual SA
DC Advisory 17
Moelis & Co9*9*12
Credit Agricole CIB
Morgan Stanley
Rothschild
1
15*265.4
Benedetto, Gartland & Co, Inc. 14 307.8-
0.5Banco de Sabadell
319
11.5
13Nomura+1
Macquarie Group 18 -
EPIC 15*265.4179.822
3
AZ Capital
1.2
-1
2.0▼▼3▼
▼
-
-429.2
▲0.50.51
8-
▲
12 -8.890.77
0.6
107.8
0.652.2-14.5
▲171.624*
1.51.9 1.9 ▲
1.8
5.91.1
▲ 15
12
14+10
▲ Banco Espirito Santo SA
18 3 1.0156.5 -8+2▲
1.631.2
382.22.611 388.8
13.9
25* JP Morgan
Deutsche Bank
▲
-2.5
2
1,425.2
Mediobanca
▼
Santander
▲
▲-587.1 ▼587.1
Santander
1
12.2
Market
5.4
Sh (%)2.0
▼
3.1
# of Deals
0.3
▲▼
2.0
2.1
3.5
▲+24.0 .9
.42.02.0 ▲
0.3 ▲
0.4▼
0.6.4
.5
0.30.3.5
▲
0.7
▲1.6
▼
▼
0.5
0.60.5
6.3▲1.6
0.5
▼
▲
.5
.5
Change in
3.6
1.9
▲2.7
0.4
-1
▼▲
-
-
8.0
-0.5
2.63.0 0.3
8.4
Fees
EMEA Rankings
▲
Share Ch.
-
# of
Jan 1 – Mar 28
Imputed Fees (US$m)# of Deals per Advisor
▲
+1 ▲
6
0
▼
1
Deals
1
2 1.3
0.7
-7-2
104
0.7▼
4.0
0.7
+64.4
123*0.4
149
Goldman Sachs & Co KPMG
Industry % Change from Same Period Last Year
-
▼-20.0%
-113 340
▼-19.4%
▲▼
▼Industry % Change from Last Quarter
▲0.2
2
Societe Generale 7142.2
-21.2
-51.7%
▲
▲417.5 5383.5 2.0
1.8345.1 -13.9▼ 2 Nomura-
318.90.4 35
-+1 RBS 18*0
2.4
1.2
-5
+40
17
0524
0.6
0.61.5
0.3 -210.3
+3
+1
1
1
1.2
0.3-1
0-31 0.3
4
81
1
0.319.0
16.71
▲4
▲
10
0.3
Deals Sh (%)▼
19.2
▼
▼
-7
▼
2,079.5
Credit Suisse
Rothschild
19.6
100.0
1.33
-1.0
303.1
196.3
Citi
1.91.91.4
22*
-15*
20
Santander
1.4-24*
2.9
15* 345.1
18*Credit Agricole CIB 45*
24*
-
-ABN AMRO Bank
SEB Enskilda15*
9
-
Industry % Change from Same Period Last Year
▲
Goldman Sachs & Co
0.3
▼
-
-
022.2
3.43.9
+1
6.6
1.20.3
0.9
0▼
-
▲
-1
-
100.0
▲+1
0.7
1.1 0.5
3.1
-
6.6▲
▲
+10.1.3
105.0
1.9
-
▲
0.9
▲
1.1
▼▼▲
1.0
0.5
2.1
-50.5%
0.6
6.7
+1
1.4
1.4
0.90.3
217.1
▼-27.5%
3.1
0.33.1 3.1
2.8-0.13.3
1▲0.3
▲
▲2.9
2
2.2
3.13.1
▲2.2
1▲
3.2▲
-8.8
▲
7.25.4
14.619.6
-35.8
19.1
▲▲
8.7 ▼▼
▲-19.6
19.6
21.0
Industry Total 9,014.9
34.2%Industry % Change from Last Quarter
106.6% ▲-73.4%
Rank ValueUS$m
1
▼
Any German Inv Announced (AD35)
Financial AdvisorCredit Suisse 14
2013 Rank
Market
3 4Barclays 4 36
▼2
10
Rothschild 4,032.73,411.0
11.1
UniCredit 6
-13.9
11874.2
▲
2.0703.8
3.83.7
▲
4.6
765.94.6 4.6
338.1
3.33.33.2
345.1
409.7▲
1▲
▼0.6
0.32
+1 1.2
-28.0%
4.8 ▲
6.6
▼
13
Rank Value
▼
913.1
567.5
1
1826
2,051.2
Industry % Change from Same Period Last Year▼
Industry Total 100.015,048.2
-37.1%
188
▼-30.9%
# of Deals per Advisor
-111
Change in
Jan 1 – Mar 28
▲
Market
27.1
Rank Value per Advisor (US$m)2012 Rank
0.2
754.6
▼ 1.4
24
▼▼
-
-19.4% ▼
1.1
2.2 ▲
▼
-113
2 0
10.2
-8.9
4.9
4.0
-17.43.3
8*8*
27
14 23
Citi5 935.1
Yapi Kredi Yatirim Menkul -874.26*
Morgan Stanley17 3.31,232.5 6.5
7
1,339.0 7.0
-17.4
1
2,178.81.3
42
0.94
Deutsche Bank 5
JP Morgan 17.9 6
▼
-5.811.5
0.918.3 4
0.9-18.4▲▼
-8.3
0.42
Share Ch.
-62.4%
Sh (%) Sh (%)Deals# of Market
Rank Value per Advisor (US$m)Market
2.5
▲▲
3.1
1.1
▲2.9
3.0KPMG 113.7 2.9BNP Paribas SA
4.0 -3.5 6.76.4
648.612
34Banco Bradesco SA
DC Advisory 1615Bank of America Merrill Lynch
TD Securities IncJones Lang LaSalle Inc
Christie and Co 18*Macquarie Group 17
-6*
13
0.218*20Houlihan Lokey
Ernst & Young LLP 345.11645* 207.3
1.8-1-3
+2
▲RBC Capital Markets
▼▼▲
- 1196.3
230.2
0.4
Industry Total 10,454.3
22*0
21
-
Industry % Change from Last Quarter
1
45*PricewaterhouseCoopers 11.3AZ Capital 0.4
0.774.3
0.333
Industry Total
BNP Paribas SAAZ Capital
45*Global M&A
23 -33
22
2452.5
▼
Lincoln International 21
25
▲
5,144.721.2
31
717.1
2.0
1245*
-
133.8133.8
62.1
3.0 1.0
186.3 1.0
1Bank of America Merrill Lynch
2013 Rank# of Deals
+2
+3
Financial Advisor
▲
-
Any German Involvement Completed (AF42)
# of
Industry % Change from Last Quarter
▲
-
HSBC Holdings PLC
▲+1
0
-3
0.3 -8.7
+3
4.6
+1
▲
▲▲
1
2.8
▲1.20.6
▲6.5
▲0.9
▼2.5
1.6
▲
0.1 ▼▲
▲1.20.50.5
2.1 ▲▲1.0
0.2 ▼
0.42.6+1
0.92.0▲
1.33.0
▲+1+2 ▲
100.01.63.40.6
-52.6%-6.1%
-39.4%
45219,016.3 100.0101.0
▲
-132
▼ ▼
0.3
-0
1.41
▲
73.7
▼ 1-8.9
2.81.0
142.2
0.2
3.43.0
3 +13.9
▼-8.72.8
▲▲
0.70.21
-1
▲▲
▼
505.0419.5
▲ 4.830-
Jones Lang LaSalle Inc▲
2 0.4 Christie and CoDC Advisory
1312
0 14
▼▼ TD Securities Inc
▲
11
▼
0.4▼
1▲▼
0.4
Deutsche Bank
10+2
1.3
Morgan Stanley
-2 ▼0.48
27*4*19.6
6
4*2,051.21,529.5
32
Fees
▲
Jan 1 – Mar 28
MarketMarket Advisor
14.6%
Change in # of Deals per Advisor
3.14.2
4.2Share Ch.
-
Sh (%)
6.6 ▼▼
3.4
▼
3.09.0
4.0
10.2
1.5
▲▲0.8
0.6
0.4 ▲
▲▼7.83.47.3
1.3
0.0
1.61.8
▲1.6
▼
1.1
MarketImputed Fees (US$m)
Industry % Change from Same Period Last Year
567.5526.8
9.8
0
# of Deals
-104
▼▼
US$mMarket2012
Rank
2
Share Ch.3
Sh (%)3
4*
0.923.3
8.7
-41.1%▲-34.1%
149
-7.6
33
2,439.4
19.9 ▼
2,051.2
3
4*
11JP Morgan
2,051.23
15*
2 2,193.5
Mediobanca
6
-2
0.2
▲
-3
22+3
0
1.15
1.1
+1
1.5
1
6
2
0.2
2
0
▼
Ernst & Young LLP
318.9
-63.1%
* tie
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables12
▲
Barclays Credit Suisse
-42.9%▼
86.2
▲
▲▼
1.2▼
+11
▲1
+1
+2+1
▼
1▲
+1
-13.5
▲
1.9
▲▲
2.4
2.42
312.9
2
32.0
▲
-5.9
8.4▲
6.4
▼1,490.2
7
-1.3
▲▲
31.721
-10*UniCredit
Rothschild
5.7
Any Italian Involvement Announced (AD36)
Deutsche Bank 7
MarketSh (%)Share Ch. Deals
Jan 1 – Mar 28
37*
19.8
1
Market
▲9,863.6
AdvisorSh (%) Share Ch.Market# of
Sh (%)
Rank Value per Advisor (US$m)
US$m2013 Rank
0.9
1,478.2
▲53.0%
100.0
Rank ValueFinancial Advisor
870.8
4 1,993.5
3.4
Imputed Fees (US$m)
▼
9.78.1
Fees
1.2
Jan 1 – Mar 28
2.92.9
Change in
.0
9.4
0.0
4.0
2.4
.5
▲
▲2.2
1.2 +1
8.8
1.20.60.80.41.2
-1 .4
25.8%
0.4
-25
▲
2.2
0.02.4
4.6
▼
▲
0.3
7.1
.40.8
2.2
▲
1.90.6
0.9
3.4
2.5▲
.7
2.1
2.1
5.02.5
3.4 4.1
4.5
▲+1
▲▼
▼
▲
0.34.6
▲0.4
-77.5%
1.2
▲-27.4%
.2100.085
6▲ 6.3
4.7
▲
▲
▲
▼
42.217
4,657.6▲
-23.33-
Industry % Change from Same Period Last Year
▼
-
AZ Capital
▲
▼
▲
-
134.5
Industry % Change from Last Quarter
40.6
18*21
-
▲
# of Deals per Advisor
▲+5
Change in
0.9
0.3
0.9
11.7
0.90.940.6
637.8
5.06.1
▼
0.3
0.9
123
230.4
1
2
Intesa SanPaolo
HSBC Holdings PLC
Citi
▲-1
# of Deals
JP Morgan+2
-1
0.9
32.026.117.8
31.4
Rank Value
37.3▲
15.522.8
Market
58.0Sh (%)
21
2012 Rank
2013 RankFinancial Advisor
Rank Value per Advisor (US$m)
7,539.858.0
US$m
Goldman Sachs & Co
4,859.75,330.2
23*
12Intesa SanPaolo 3UniCredit 4
Mediobanca5Rothschild
4,162.24,438.3
76 2
6,348.61
8*
20
-8* -
5
JP Morgan
RBS 4,097.7-
30*
33*BNP Paribas SACredit Suisse
8*
24.1
8*PricewaterhouseCoopers
Banca Agricola Mantovana
4,097.7
8* 4,097.7
4,097.7
Leonardo & Co
8*
2,354.61915 13.9
24.1
24.1
11
37*
4,097.7
8*
Eidos Partners - 1,490.2
19
1,490.218Citi 979.3
874.2
16*
16
297.1
760.7-8.71.84.5
10-
6*4.5
Yapi Kredi Yatirim Menkul
HSBC Holdings PLC
Lazard
305.8▲
4
20
16*
Morgan Stanley
▲▲
24.124.1
42.0
24.124.1
791.8
0.8
-52
-1
20
0.80
24.5
28.6
Industry Total
Natixis
24*Global M&ALincoln International
23.7
-0.6
24.1
Banco BTG Pactual SA
24*
-21
17 000 8
Yuanta Financial Hldg Co Ltd
40.618*Electa SpA
-
▼
▲
# of
14.4
56
8.6▲
▲
24.124.1
1
▲
Altium Capital LimitedIndustry Total
Societe Generale
▼-22.7%+2
-
18*
▼-
0
Goldman Sachs & Co
-1
10*
7.1
1.2
▲
-
▼▲▼▼
▲
▲▲
▲
+1
6.7
▲4*
1512*14
637.8
1,122.7
+1+1
-
9.8
+1 2.12.3
11.2
16.2
2.4
5.9 ▼
2.42.5
2.1▲▼▼
2.3
7.8+3
1.2
8.31.2
+4 ▲
▲2.0
2.1
7.15.4
-0
13.9
-11*
57.3
▲
13.74.4
Market
23.6# of Deals+1
Market
20.4
Deals5
14.9695.5+4 ▲
1.2
518.7▲ 2
2.4
6▼
4*
89
▲ Standard Chartered PLC8*
13
2.916
297.1
Mediobanca
Banco BTG Pactual SA -283.9
7
13.711*
-8.8
▲1
-41
2.4
7.4
0.8
8.8
0.84.1
+1+2
1
23.3
2.4
0.8
-1
5
+2
▼
▲
0.3
27*22
35-
100 00.3
-0.01.8
52.5 0.352.5 ▲ 2
▼ 30.8
1
▲
1
1.6
▼
1.6
8.8
5.14.7
-2.1
-5.5
-1.35.1
5.8
▲▲
▼
1
0.8
1.62
▼
0.8
1
3
▲
▲
24.1 ▲ ▲
2 1.6 +1▲
Nomura2.43 +3
0.8
10▲1 0.8 +1
-2
1
3.36
+1
4▲4.9 +5
# of Deals per Advisor
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
EMEA Rankings
Market
0
-01.2
0▲-2.4
+1
1▲
13.7 1
▲21.4
2.5
2
1
Market
23.4
14
Sh (%) Share Ch.
6.21
38.2
▲
2012 Rank
▲32.0
32.0 21.5
Any Italian Involvement Completed (AF43)
1,490.2132.0 ▲
1,777.9▲42.8
6▲44.4
4,097.7
4,097.7
23Macquarie Group
5 4.1 07 ▲
▲▼
+44.9
+4
-
4.1
5.7 8*Eidos PartnersDeutsche Bank
BNP Paribas SALazard 3
22,670.5
24.1
1,490.2
1
4*
5.9
6.4 ▲
TD Securities Inc Sterne Agee & Leach Inc
-1 ▼
Rank Value per Advisor (US$m)# of
1
1.60.2
1.6
2
3,972.9
11
-1.7 ▼
5.7
▲
1.3
2.8
▲
1,228.2 ▲
▼
Imputed Fees (US$m)
Sh (%)
0.4
▼
5.111.2
▲
5.616.5
▲
Rothschild
7Nordea
1.5 1.5
203.8
360.5
1
7
▼
-10.4
0.9
57*
VTB Capital
1
8
Morgan StanleyGoldman Sachs & Co
5
Handelsbanken Capital Markets3
2013 Rank
2
4518
2012 Rank
6.0-15.516.1
1,298.9
113
6 3,476.8
4,405.5
16.5
Nomura 13* 471.3
- 3,550.0
21SEB Enskilda
9Erneholm & Haskel AB
603.510
Pangea Property Partners AB
-9.9- 567.5
57*
11*2.6
2.8
2.2
15
321.3
1.3
-435.0
5.7
3229* 2.0
2.6
Ernst & Young LLP0.9
471.3
1.0410.5
CITIC 11* 2.2 2.2
1.9-
PricewaterhouseCoopers
BNP Paribas SA14
Deloitte 19JP MorganSantander
Swedbank
13
Industry Total
22
Barclays 16
18269.6
28
17
Leimdorfer AB20
Carnegie202.7-
FIH Partners AS
100.0
0.6
0.90.9
0.7-1
0.922
21,548.4DC Advisory
1.3-28.6
1.0
1.4
-14.0%▼▼
Industry % Change from Same Period Last Year
▲
Handelsbanken Capital Markets
0.2
▲
▼
▲
5.0
# of Deals
▼
▼▼
13.4
0.2
-10.2
Market
▲Sh (%)
16.97.3
▲▲
1.4 ▲
0.21.4
▲
▲
Share Ch.
1.0
▲
▼3.91.4
4.0
0.4.9
701.2
2.4
4.0
1.2
1.3
Market
6.3
Market
3.2▼
AdvisorChange in
6.8Financial Advisor
Rank Value per Advisor (US$m)2012 Rank
913.1
363
3,129.2
▲
0.0
▲
0.41.2
3.21.83.9
▲
0.7
-
0▲
1.51.83.9
2.90
▲-
0.9
4.0
▲7.93.4
2.3
4.2
▲
0.3
▲
-
▲
0.0
0.6
2.33.9
▲
▲0.7
▼0.8
▼
▲
1.4
0.7
▲
▲1.8
▲
▼
1
11
17
0.2
+1
1
3
▲
▼▲0.2
+10.2
0.9
0.7
0.2
00.2
0.4 +2
0.2
25.83,129.1
Rank Value
25.8
2013 Rank Sh (%)
26.73,237.320
MarketUS$m
2
1+1 Deutsche Bank
-4-4 ▼ Pangea Property Partners AB
Morgan StanleyGoldman Sachs & Co
1
▲
▲
0.7
2
0.4
6 1.3
0.4
+1
17
-180.3
25
-
51
2320
128.0137.4
300.0
21
457*
0.2
1
123
▼-9.0
# of
▲ 4
▲
0.2
▲ 3▼
Change in
-32.4%
0
# of Deals per AdvisorMarket
Share Ch.MarketSh (%)
0.7 -3
Millington Advisory Partners
0.90.9
▲0.6 0.9
-47.2%
24
21.1
18.420.4
0.8▼
0.3
0.8
-
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
▲1
-
-5 ▼
347.7
0.6 +3
▲
-4.2
-170
▼
0.8161.1
▲
-1
30.2
▲
+1
US$m4,680.7
Sh (%)21.7
03
0.9
Deals
20.7
3 -40.8-4
Market
-27.1%
▲
0
445
1
-14.0%
Any Nordic Involvement Announced (AD37)
-20
Industry % Change from Same Period Last Year
Industry Total
▲Industry % Change from Last Quarter
17,000.8
Jan 1 – Mar 28
# of Deals FeesDeals
Jan 1 – Mar 28 Any Nordic Involvement Completed (AF44)
Market# of Deals per Advisor
Financial Advisor
4,537.6
Rank Value
▼137.2%
100.0
4249.3 2.11
▲
3
SEB Enskilda241.0
4312
-0.1191.8
37 1.1DC Advisory
-2
Share Ch.
7.5▲
-4
19.6
0.3
-25.90.31
7.5-14.0
0.6▼▼
-40.6
▼
Catella AB▼
24.9
5.8
31
2
233
-76 -
61*
4*+1
+1 Evercore Partners-
571.4+1
913.1
8TD Securities Inc
4*
8▲▼
10
675.6
3.8 12
2
- 463.3
▲
▲
2.0
737.2
-8.1
▲+235 1.0 ▼
▲223.32
14 ▲561.71.7 202.7-
▼4 PricewaterhouseCoopers
Ernst & Young LLP1.7
▼21
FIH Partners AS
Leimdorfer AB
-▲▲
▲
▼2.6
▲
.0
▼▲
▼1▲
0.31.2 ▲0.5
2.0
1.2
▼4.7.6 0.1
-3+1
19DNB ASAMillington Advisory Partners
▲161.1- 1.3 1
9 0.9▼-11.1
128.0
1.325 132.7 1.1 1.1
20▲
▲2 0.6
+11.0▲▼
+22
2.90.6 3.9
▼-3.9
0.40.83
2.4
126.3+1 40*108.1-0.5
▲ BNP Paribas SA0.7
21Alpha Corporate Finance3 -1
10.9
▲0.9
108.0 0.3
▲ 0.3 +1
0.923*55 0.7-
23*+1
-
2.1-
▲ HLP Corporate Finance Oy▲Valence Group
2.0
Lincoln International
25▲
0.81.0
0.3 0▼ 1
▲61* 108.0 1.7
+185.9 30.7354100.0
▲ ▲
▼
12,125.5 100.0213.5-146
▼ -35.8% ▼-27.4%7.3%
▼▲ -27.6%
Industry % Change from Last Quarter▼-64.6%
-23.5%-29.2%
▼-33.5%▼
13
4
Nordea
Industry Total
0.82.3
▼
0.8
8
18
1
0.30.3
11 -17.0
- 3.2
5.8
092▲
8.5
6.78.6
▲
▲-
5.6
+20.3
6.1
0.61 0
1.8
1.6▲
3.84.7
6.1
▼
5.6
1.31.8
2
-8
+2
+2
0.6
-41.10.6
0.60.3 +1
0.3
19.30.8
▲▲
▲
UBS 170.0
211.6
1.4
1.81516 32
1.7-2
+1
-4
Arctic Securities ASA
* tie
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables13
Handelsbanken Capital Markets Nordea
3,600.0
720.0
3,129.1
3.13.5
7
1.20.4
-
1,700.0
-32.1
7.0
3.8
4.9
1.40.7
3.9
2.8
3,129.1
4.0
5.8
7.05.8
4.92,590.42,184.0
1,537.5
3.01,344.8
2,184.0 4.9
20Wells Fargo & Co 21
UBS
2.1924.0
703.8
--
Allen & Co Inc 13*
Macquarie GroupJefferies & Co Inc 25
-Credit Suisse 13*
9*-
11*2,590.4
Industry Total
24305.0
--
23
7.0
4.9 ▲
-47.3
3,567.1
22 -11
Rabobank NV7
5
26
Bank of America Merrill Lynch
Houlihan Lokey 11* 28
Nordea8
CitiLazard
37
-9*
CI Capital Investment BankingLeonardo & Co
1,383.235
BNP Paribas SA17PricewaterhouseCoopers
1
Rothschild 6RBC Capital Markets
-5.8
3.018
10 1,786.8Deutsche Bank 4
1
▼15
19
16 ▼
5.8 211
3 0
2
78
0.7
13*52*
▲
0.3
0.37.0
▲0.70.7
▼
▲▲
0
▼
-1
+10.3
12,487.9
8.0▼
-7▼▼
93,238.6
2
Citi
Lazard13RBS
7
3,129.1
Credit Suisse
-2
UBS
1.210.145
6
-3
4,387.5
-11.4
▼4,396.2 2.0
1.2
9▼
4.5
14.1-
2
▼
5-2
-3
6
▼
▲▲
4.0
Market
1.2
3.2
▲
▲
▲22.8
4.6
4.5
1.2
▲ 7.5
1.2
▲
+1
6.913.8
▼0.5
▼
9.8
0.5▲
4.6-
2.48.9-0
▲1.8
2.60.3
-8
- .710.4 2.6
0.5
▼
2.1▼
2.2
1.7
▼
1.2
-0.0
4.10
▲
+10
▲
16.5
3.2-12.85.7▲
▼ 2.1
2.5+2
Share Ch.
32.816.2 1.5
4.9
▲
Imputed Fees (US$m)Market
4.62.2
100 0
Santander0.9
▲
2.00.9
0.2
20
0.9
2.1
1.9▼▲
▼12.8
18.0
17*
1.4-5.6
1
640.5
8▲
100 044 477 6
620.1 ▲
306
2
▼
42
▲▼
1
▲7
1
▲2.32.6
3
▲
1.0
▲+1+1
0.7
0.3
▼-2
1.30.3
▼ING
▲ 14HSBC Holdings PLC
+2+3-1
-4 ▼
-
31 077 5
2.8
Industry Total
Wells Fargo & Co915.9
Sterne Agee & Leach Inc
1,023.7
463.3-
-
0.2
2.437
452.625
3.0Leonardo & Co
1,163.0 3.719
1.522 720.0
1.5
2,140.0 6.95.0
1,402.0Rabobank NV 46 4.5BNP Paribas SA
17*1,402.0
10.121*10*
-1615
14*
-
8.22,550.0
9 3,146.0▲
48*
3,129.1▼
8122,325.6
10*
Deutsche Bank
Handelsbanken Capital Markets+1
-6 Barclays▼
▲
7.4
32
-1.2
▲-36.2
2.3
1.0
▲7
▲▼
1
Bank of America Merrill Lynch
2.0
0.71.6
6
52
-
-7-3
14.4▼▼6
Rank Value per Advisor (US$m)
9,424.2
Market
▲
Sh (%) # of DealsDealsSh (%)
EMEA Rankings
8.19.4
10.39 4,600.0
-10.9
4,184.0
-27.0
13* 3.4
Barclays
29.2
4
▼
6,587.8
Goldman Sachs & Co 1
Any Benelux Inv Announced (AD40)
3 21.2JP Morgan14.8
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Morgan Stanley 2 12,995.7
Financial Advisor8
2013 Rank
4
Rank ValueUS$m
2012 Rank Share Ch.
1.64 KBC Group NV
0.3
▲
37.358.6
Jan 1 – Mar 28
▲
14.7▼
-28.1
▼-2.4
▼
0.5 3-30.1
▲
12
Jan 1 – Mar 28 Any Benelux Involvement Completed (AF47)
Change in Rank Value# of Deals per Advisor
AdvisorMarket Change in Market Market Market Market# of
43.619,409.2 ▲9▲ 2.9 +43.6 9.3Sh (%)
31.4 +2 4.5# of Deals
# ofFinancial Advisor Share Ch.
1 ▲US$m
1
Sh (%)
Rank Value per Advisor (US$m)
Morgan StanleyGoldman Sachs & Co ▲49.2
# of Deals per Advisor
Sh (%)
10.4
4,619.2+2
Fees912 15,299.8
2.05,366.0 3.6
2.05
14.2
17.33
10 14.95
052
2.00.82
-30.4
3.51.6▼
10.4
▼41
3
0.8
+3
+20.81.2
1.93.0 ▲22
▲ 0▲
0.8
-▲0-2
24+2▼
1 0.42.3
0.40.4
1.5 1.51
▲
1▲
+1 ▲
▲1.1 1.1
0.6 ▲▲
+1 2.9 0.7
100 0
▲ ▲
2.2
4.6
4.7
400 2
8.7-
0.7+2
249▲2
2510.7 1.5
4
▲
▲
1.6 +1
JP Morgan
1.3 ▲ 20+1 Evercore Partners1.6+2
1.6
1.4
0.3 +1 ▲
1.3▲
Banco Bradesco SA▲
-3.9
▼
309Credit Agricole CIB
4.5
-476.0
21
0.7
-
▲
8.2
0.8
-5
-1
0.9
1.1
-
▲5.5
+4 ▲1.0
▼
-1
▼
▲3.4
29.22
2012 Rank
39.9
11
2013 Rank
340.2
7.09,078.1
6.3
-1.7
▲▼
4.4▼
7.5
4.6
▲1 0.4
0.8
Deals
32.4
2.3
▲
-0.7
7.5▼
10.1
▲
-35.7
▼
2.8▼
1
7
▲
0.8
▲
3.7
-5.8
-6.3
10.1
▲
1,563.51,425.2
Jefferies & Co Inc
23
3.3
30
▲
EMEA Inv. Announced M&A Target Sector by Value ($bil) Jan 1 – Mar 28 2013
Industry Total 100.0
▲ -30.9%
100.044,477.6 306 31,077.5Industry Total
22.2% ▲Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
21.3%Industry % Change from Same Period Last Year
* tie
-26.8% Industry % Change from Last Quarter
100.0400.2249
▲-33.6% 17.2%▼2.3%▲ ▼
-251
▲▼
30.7%
-309
Quarterly EMEA Cross Border Volume
-24.1%17.2% ▲▼
$30.4
$30.3
$22.0$18.8
$16.5
$16.1
$14.6
$11.8$6.1 $5.5 $5.4 $3.5
Energy and Power Financials Industrials
Materials Healthcare Consumer Staples
Real Estate Telecommunications High Technology
Media and Entertainment Retail Consumer Products and Services
Government and Agencies
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1
2004 2005 2006 2007 2008 2009 2010 2011 2012 13
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Inbound (US$b) Outbound (US$b) Number of deals
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In the first three months of 2013, M&A activity with Asian involvement reached US$81.1 billion, a 13.6% decrease fromUS$89.3 billion recorded in the same period last year. Companies in the Industrials sector were the most targeted withUS$16.2 billion from 310 deals. The Energy & Power sector followed, with US$11.8 billion, while Financials remainedthe third most sought after sector, with US$11.5 billion.
Fees earned for the region were estimated at US$695.8 million, an increase from the volume recorded in the firstquarter of 2012, according to Thomson Reuters/Freeman Consulting. The top earner was Goldman Sachs & Co, withUS$77.9 million, followed by Citi, with US$58.4 million. UBS earned US$36.9 million.
China cross border activity amounted to US$18.9 billion, a 68.8% increase from the US$11.2 billion recorded in thecomparable period in last year. Outbound investment volume reached US$12.9 billion, a 57% increase from the US$8.2 billion in the first quarter of 2012.
17.5
264 417.6
1
1,108.7
17.6
10.4
Australian M&A activity decreased nearly 50% to US$10.6 billion from US$20.4 billion in the first quarter of 2012,representing the slowest start since 1Q 2004. Australia cross border activity totalled US$7.7 billion: inboundinvestments into the Consumer Staples sector led the market, with a 30% share, while outbound activity amounted toUS$1.4 billion.
RHB
Real Estate
229.0
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
3.6
10.4
4
Jan 1 - Mar 28 2013
1
2
10.7
24.04.5
1
1*
1*1,108.7
2.9Jones Lang LaSalle Inc
7.6
Morgan Stanley
303.8 13
1132
Goldman Sachs & Co
2
162 611.0 1
3.8
1
1,700.0
1,108.7 1*
3Materials 10,697.7
RBC Capital Markets
1
Asia Pacific (ex-Japan) Deals Intelligence
516.6
1
Zheshang Securities Co Ltd
10.4
Somerley Ltd
21
Minsheng Securities Co Ltd
7,998.5
2
8.7
2
1
15.8
236
114.41
11,814.2 1,409.6 2,844.3 CIMB Group Sdn Bhd
Caitong Securities Co Ltd
2,845.3 Industrials
AMMB Holdings Bhd310
No. DealsRank Val US$m16,214.7
ShareMkt.
Rank
2
Energy and Power3
11,870.0 Tudor Pickering & Co LLC
CITIC
Bank of America Merrill Lynch
11,464.0 Financials3*1,268.1 China International Capital Co2
1
Asian M&A Down 14% I Fees Up 25% I Australian M&A Drops 45%
2,747.4
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Asia Pacific (ex-Japan) M&A
Pending United States / United States
1,409.6
Pioneer Natural Resources-Ast (40%)
Longtan Hydropower Dvlp Co Ltd (85%)
Financials / Banks
Rank Value (US$m)Jan 1 - Mar 28 2013
Asian Completed M&A by Region - Imputed Fees
Energy and Power / Oil & Gas
Industrials / Transportation & Infrastructure
Dongfen Motor-Comm Vehicle&Bus (100%)
1,756.8Agila Specialties Pvt Ltd (100%) Healthcare / PharmaceuticalsKorea Exchange Bank (40%)
Energy and Power / Oil & Gas
Singapore / United States
China / China
Grand Wailea Resort Hotel & (100%)
WISCO Mining Co Ltd (100%) Wuhan Iron&Steel Co Ltd
China Cross Border Announced M&A
1/28/2013
3/5/2013
2/22/20133/18/2013
Pending
1/30/2013
Pending
Sinochem Petroleum USA LLC
PendingPending
2/27/2013 Pending
2/5/2013
2/22/2013
Pending
Guangxi Guiguan Elec Power Co
1,700.0
China / China
Hana Financial Group Inc South Korea / South Korea
Industrials / Automobiles & ComponentsDongfeng Motor Group Co LtdUnited States / India 1,850.0
1,883.0
Pending PETRONAS Malaysia / Malaysia 2,844.3
Mylan Inc
3/13/2013
China / ChinaMISC Bhd (37.3%)
2,747.41/27/2013
PetroChina Co Ltd 4,210.0Acquiror / Target Nation
China / Mozambique
Top Ten Any Asia (ex-Japan) Involvement Announced DealsAcquiror
ENI East Africa SpA (28.6%)Target (% Sought/Acquired) Target Macro / Mid Industry
Media and Entertainment / Hotels and LodgingGIC 1,502.0
Materials / Metals & Mining
Rank Date Date Effective
1/31/2013Financials / Other Financials
Shanxi Fenxi Taiyue Coal Ind (77%)1,282.0
China / China Industrials / MachineryShanxi Meijin Energy Co LtdPending
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
% O
utbo
und
Ran
k Va
lue
(US
$b)
Outbound (US$b)Inbound (US$b)% of Cross Border is Outbound
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
$0.5
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Impu
ted
Fees
(US
$b)
North Asia South Asia Southeast Asia Australasia
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Tudor Pickering & Co LLC United Overseas Bank Ltd
Any Asia (ex-Japan) Inv Announced (AD25) Jan 1 – Mar 28
Asia (ex-Japan) Rankings
Minsheng Securities Co Ltd
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
3.5 0.3
81 112 2Industry Total1.3+6 ▲ 1.4▲0.7 ▲1,096.9Somerley Ltd 59 -0.2 07
0.5▼0.7
1 314100 0
▼▲0.36
0.8 ▼PricewaterhouseCoopers+425
1.41.60.2▲ AMMB Holdings Bhd
2725 - 758.3 0.9
40.9
-0.824 150.4▼ 3.9
-22Macquarie Group 23 83
1.1Nomura869.9
24 61 869.11.0
▼-9 ▼ 10.1 1.50.2
0.3▲0.6
2-121.50.2 23 ▲1.6+2 1,322.2
Houlihan Lokey 22 29 893.6 1.1 ▲1.3
-0.8 ▼1.7
0.51,353.2 1.6 53.91,368.4
▲9.60.2 ▼▲ 3 0.3 -1
▲+10.61.4 ▲
▲ Rothschild▼BNP Paribas SA
32▼
+60.7
1.8 0.2 1.4 0.34▲ 1▲ 0.4
0.7+1 ▲Deutsche Bank 20 15 1,215.6 1.5
0.1 4.8China International Capital Co
+21.91.6 M and A Securities Sdn Berhad1.6 ▲- 1,570.4
China Fortune Securities Co 1,268.118* 4418* -
1,268.1 CITIC-
1.6 1.1 ▼0.8 0.2 0.20.2▼▲ 21.9HSBC Holdings PLC 17
1.1-10.1 ▲
49+1
9
▲
-30.50.1▲ 1 0
1,362.3 1.7 -7.04.71,666.9
RHB▼ 1,592.5 7.50.82.0
▲▲2.01.9 0.8 +2 +11.18
Caitong Securities Co Ltd 16 - 1,409.6 1.7▲
190.3 -1.8 ▼ 0.74 ▼▲ 15.2+6
0.40.9
-610
▼ ▼2.0▲
16.8-20.8Lazard 14
▼1.6 2.2 0.7
2.4▼▲
-1.83.9 3.5
8Citi 15 7 1,429.9 -4.5 ▼1.8
1.6
2.20.1 ▲
12 2 3,316.3 4.0 -7.3 ▼Barclays▼ 7 0.4
+456 1,652.0
▼14 1,791.9
▲
12 8 1,813.3 1.6-7.3 ▼ -1 ▼13
▲-1.9
-2 ▼0.2 -6 ▼ UBS▼ 24.15 0.5
5.36 0.6▼ 11 1.0 +4 3.7
36.9▲5.20.1Jefferies & Co Inc 11 -5.6553* 1,850.0 2.9 ▼26.0
10 0.4 ▲0.4▲ 2.8-Credit Suisse2.3 ▲
10 - 1,870.0 2.3 2.3 ▲+20.7 0.30.3 0 -
▲ 0.2▲ 3
2▼
+28.5
6,926.50.3 -7 7,212.5
8.4 8.4
Somerley Ltd 8JP Morgan 9 4.62.4 5 72DBS Group Holdings 94 1,954.1
17 2,110.78.7
Ondra Partners11▼-8.2
11.4 ▲11.4 ▲ 1 1.5 1.5▲
0.1 +1 ▲ 10.1▲+2 ▲ 22.0 1.53.210,188.1Morgan Stanley 7
-0.7
80.6 +9 ▲ 9,385.98.0 ▲
6 0.60.6612.3
▼-0.0 25.326.52 ▲▲19.9
+10
▲0.2 +13.6 0.03.8 3.1
--3Rothschild 6 2,265.1 2.8
11,326.515
6-412 0.67
2 0.113.7
5 17,711.1 21.4JP Morgan 1
34*AMMB Holdings Bhd 5 58 2,845.3 3.5+23 0.336 17,858.7
▲-9.9 ▼
43.1 -12
RBC Capital MarketsBMO Capital Markets▼
▲ 4.531.1▲▲183.6 ▼
4-1.32.2 0.2 -5
3▲20.1 4.0▼ 21.6▲▲+3 1.2▲5.81.0 +5 ▲ 58.4 8.4
22.722,710.9
0.8 2.4818,798.1 18.6▲
16.9▲
1.6▲4-7.44.4 0.35
1429.11 1740.133,136.3
-7 ▼ 2Citi 27.5 22.7 116.4
Morgan Stanley 2 2 4,538.3
US$mCITIC 1 18 5,203.2
5.6
Financial Advisor▼
MarketChange in Advisor
▲11.2 5.0Sh (%)
77.9-2Share Ch.
# of Deals per Advisor
Deals Sh (%)Market
Financial AdvisorChange in # of Deals
# of# of Deals FeesSh (%)
2013 Rank
2012 Rank Sh (%) DealsShare Ch. Sh (%)
MarketUS$m
MarketMarket Market # ofRank ValueShare Ch.
2013 Rank
2012 Rank
Rank Value MarketRank Value per Advisor (US$m)
Market
3.4
▲2.68
1
0.4 14LazardDeutsche Bank
2,109.2
Rank Value per Advisor (US$m)
Bank of America Merrill Lynch 3 11 2,898.2
▲ -10.5
Goldman Sachs & Co
Imputed Fees (US$m)
▼
3.5
Goldman Sachs & Co 6 1
CIMB Group Sdn Bhd 4 20 2,850.0
Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 – Mar 28
# of Deals per Advisor
RBC Capital Markets
UBS -12.2▲
2,575.6 3.2-3.7 14
1.9 ▲
1.4 1-2.6 0.7
0.1
2
3-4.0
0.1
2.0
5
21 - 1,108.7
82 669 7
1,305.1
260.1 -3 ▼
90 - HSBC Holdings PLC3
1,547.9
11+12 4,268.4
▼
0.2
13
▼
▼▲
135100 0
▲
3
1 911▲
2.6
▼
▼-0.1
▲
7
0.1▲1.1
+1 ▲
-651.7
Bank of America Merrill Lynch
22CIMB Group Sdn Bhd
Industry Total
Malayan Banking Bhd
90
15
1,496.7
▼
+1
+5
▲
0.4
2021
45
33
3,195.83
18
4716
19
17
2,765.713
12
100 01 059 695 8
HSBC Holdings PLC Investec
Goldman Sachs & Co2,786.5
Sh (%)
▼-13.6%
Jan 1 – Mar 28
8.8
Rank Value
+2
-2.7
▲1.8
1
Investec
▼
81,112.2
-37.0%Industry % Change from Same Period Last Year
Industry Total
Industry % Change from Last Quarter▼
2
18
4.4
Macquarie Group 1,805.91 30
3
6
1
+1
11
4.0
2
4
5
-
1.8
29
13*
▲
93.7
-
1
▼
1.6
▼
2.6
8.8
6.9
15443.3
2,631.2
-
127.4904.1
1,078.8
▲
3.8
2.8
▲5.5
4.46.2
▲▲
6*
385.8
8.8
8.8
6.8
3.1
2.7
1,078.8Canaccord Genuity
2
6*
-6.0
▲
▲
▲
8.8
7.0
▼▲
▼
▲
+5▼ 4.2
+2▲
11
5
1.13
# of Change in MarketShare Ch.
▲Fees# of Deals Sh (%)28.512
Advisor
▼
# of Deals per Advisor
-22.9%
Share Ch.
Imputed Fees (US$m)
DealsMarketSh (%)US$m
Rank Value per Advisor (US$m)2013 Rank
MarketMarket2012 Rank
Jan 1 – Mar 28
-5.4%▼
Any Australian Involvement Completed (AF31)
▼▼
Industry % Change from Last Quarter
▲6.51.8
+5 18.22.5▲
▲7.4▲4.913.6
Market
8.7
▲24.5%-19.4%2.26% ▲
-1,314100.0
3.0
121.3
157.4
-33.8-3.1
-20
-5.1%
-648.5 0.5▲
0.1 0.1
▼
0.113.2 0.3
10,635.4▲
▼-60.4%
M&A Partners Pty Ltd
423.0
10.5
Industry % Change from Last Quarter-45.4%
10
▲
39*
Industry Total
294.4
25
Industry % Change from Same Period Last Year
2357.8
100.0
Morgan Stanley 3
10.6
0.5
-19.1%
82,669.7
Industry % Change from Same Period Last Year
▲
▼
8.8 ▲1.31.6
-6.6%
12.817.0 ▲
# of
-135
-22.4%
100.0
▼
Any Australian Involvement Announced (AD24)
2013 Rank
2012 Rank
Rank ValueFinancial Advisor
MarketDeals
5
0.86
# of Deals
# of Deals per AdvisorRank Value per Advisor (US$m)Change in
+3 ▲
US$m
1,911
9.1
Share Ch.16.6
MarketSh (%)
Credit Suisse289.3 ▲
1
14BarclaysGresham Partners
113
2.6
12
8
ANZ Banking Group -
9*
-7*9*
7*
22
4*
Ernst & Young LLP 11
Nomura
▲
970.7
904.1904.1
4.4Deutsche Bank
Citi
Flagstaff Partners Pty Ltd
KPMG4*
3
1468.4 4.4
8.5
463.0
468.4
1,360.1
4.4
Sh (%)
463.0
▲▲
4.4-11.8
Macquarie Group
-0▼
Goldman Sachs & Co
Financial Advisor
588.88.5
Market
8.50.3
8.77.6
▲
Industry Total
▲
▼
1.5
2.9
▲
▲3.2
-
▲
1.13
-19.9%
3.1
.66.7
2.06.90.7 3.3
1.1
1.0
▲
4.80.3
▲
▼0.14.8
▲
3.1
1.8
4.7+20 -
▼
2.22.2
1.8
0.4
0.7
+1
▼-1-2
0.7
5
▲
▼
209.3▲
2.3-
1.5
4.61.1 ▲
2.76.53.2
4.2
-4
-0
0.0
▼
0.6
▲+1
4.8
1.31.5
2.7
+2 ▲
0
10.00
1
+21 0.4
0.4
2
-28.7%
0.8
Industry % Change from Last Quarter
+2
0.7-▲▲
▼
-28.6%
20.91.0
374.1
-49.4%Industry % Change from Same Period Last Year▼
12,286.2
129.3
Grant Samuel
29
33*26
▼
100.0-4
0.8101.3
+1▲+1
-Nomura+2
KPMG
▼
Haywood Securities Ltd.BMO Capital Markets
10* 904.139
19.6
7.91,078.8
970.77.4
Moelis & Co
-3
▼
0.4
1.4
0.4
▲
1.117.9
6*
10*
▲
Rothschild4
2,411.4
▲
5
10
-
▲
3 22.734.0
1
Credit Suisse
0.3 ▲1 +1
-1.4
116.5
-22.5
1 4,951.3 40.32
43
-4 ▼ 10.121.4
2 4,177.5 725 32.8
23
▲
2
0.8 ▲
0.3
30.3
0.5
1
2
+1
▲
▲0
+1
▼
RBS Morgans Ltd
▼
146
2.2 ▲4.0
0.5
0.1
0.3
0.80.5
▼3
-1
-11.5%
2
285
-30.70.7
1
▼
Bank of America Merrill Lynch834.2
3.613
-2
Standard Chartered PLC-
+111RBC Capital Markets
1
0.3-21
20
1917*
59.3 0.6 0.6
Rivington Street Corporate
Moelis & Co
1
▲
1.1Lazard ▲
-0.3
1.0
24
0.3
-1
Industry Total
▼
+2
22*
▼
121.3114.8
1516 -
17
PricewaterhouseCoopers
17* -
24
17
Pitt Capital Partners
Fort Street Advisers
20UBS
15 0
0▼
0.3
▼10.5
-0.7 1Greenhill & Co, LLC
40Lincoln Crowne & Co Pty Ltd
22
2
22*
103.5 0.3
2 Azure CapitalUBS
0.5
31*
16
25
17▼-3
1 ▲
▼190.3
+1-
172.7-
276.1
1.5157.4
188.2
157.4 1.51.5
1.6335.1
-3
Greenhill & Co, LLC
18
31*+1
16▲
Deutsche Bank 8Ernst & Young LLP
▲ Lazard 3
Barclays
1.0
0.3
+1
▲0.3
-31.62.0
-4.5-2.2
3
21
6.15.5
0.3+1 ▲
0.3
0.3 ▲680.0-2
1.6 ▲0.70.7▼
▼3.7
4.2▼
+4
▲
▲2.5
▼
▼1.3
▲
▲▲
0.9
2.61.0
▼
-37371
▼
▼
0.7100.0
▼2.4▼▲
6.4▲
▼
▼▼
-27.5%
3.00.4
▲ +1-
-39.5%
2.4299.2
-
114.8
1.0
20 ▼
▲ -1▼
0.4 -1
20.61.1Gresham Partners 5
▼9
-31.61.3
21Fort Street Advisers
1.6 0.1.6
21.72.7
-30.7-5.2 -2
0.8
3.8
0.1
2.7
▼
.8
1.91.8
▼-
2
0.1
3.9
▼0.9 2.3
▼ 0.3
1.81.3
191.8 2-1.81
▲
100.0
02 0.70.7
1,059 695.8
0.4 ▼.3
https://www.thomsonone.com * tie
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▼
Sh (%)
11.9
9.6PricewaterhouseCoopers- 11.342.4
-Deutsche Bank
+11
2
6.5
Jan 1 – Mar 28
Rank Value per Advisor (US$m)
- 116.8 31.1 1
# of Deals.9
1 ▲+1
+1
# of
+13.23.2
3.2
▲
Any New Zealand Inv Announced (AD39)
MarketRank Value Market
Change in
▲
Market
# of Deals
1
Fees
Change in
6.6
-
Jan 1 – Mar 28
Sh (%)
Any New Zealand Involvement Completed (AF46)
.9
Advisor
1.5
MarketUS$m
31.1
1.8
▼▼
-2
10.2▲ 1
▼
- 412.6-
Sh (%)
# of
74.5
MarketShare Ch.Sh (%)
65.1▲
+26.5
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Deals2012 Rank US$m
64.3
Industry Total
Industry % Change from Same Period Last Year
3 -
▲
- 44.8 11.9
31.1 3.6
▲10.7
1
Industry % Change from Last Quarter ▼
Financial Advisor1*
Industry Total5 8*
Greenhill & Co, LLC
1*
86 9%
375.9
▲
▲31.1
+32.6
116.8
Market
3Grant SamuelAdelaide Equity Partners Ltd
4
# of Deals per Advisor
8.2
▲
3.6
+11
▲
▲
Share Ch.
2
Simmons Corporate Finance Ltd 4
UBS
2013 Rank
1
5PricewaterhouseCoopers
Macquarie Group
▲
Goldman Sachs & Co
5.7 5.7
▲
6.6
100.0
▲
▼
Share Ch.▲
-9
3.61.1
-
5.4▲+1
6.66.6
MarketImputed Fees (US$m)
Market
74.564.3
52.710.2
9.6 0
▲
8.24
▲
3 +2
477.7
-3.7
Deals
# of Deals per Advisor
Asia (ex-Japan) Rankings
12.9
73 0%
+1
100.0
.7▲
.7
Financial Advisor
-40.8% ▼44 0%
028
Industry % Change from Same Period Last Year -32.1%
-13.4%
3.6
▼-70.5% -53.7%▼Industry % Change from Last Quarter
0.0%
▲1
Rank ValueSh (%)
▲5.4
+1
100.0
Rank Value per Advisor (US$m)2013 Rank
2012 Rank
641.6
▼
Asia (ex-Japan) Buyside Financial Sponsor Activity
31
.2▲
-22.5%
$3.5$6.5 $8.2
$3.8
$14.0
$1.5
$7.6
$15.1
$8.8$4.5
$3.1$3.4
$9.4
$5.5
$9.9
$9.8
$9.5
$9.1
$0.8
$5.6
$9.7
$4.3
$6.0
$8.8
$12.9
$13.8
$4.3
$5.5
$11.6
$4.2
$5.6
$13.6
$9.7
$3.9
0%
5%
10%
15%
20%
25%
30%
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of Asia (ex-Japan) Volume YTD
▼Industry % Change from Last Quarter ▼-86.9%
Australian Cross Border Announced M&A
▼ -73.0%-44.0%
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)
17%
15%
12%10%
9%
7%
5%
4%4%
3%2%2%
Industrials Energy and Power Financials
Materials Real Estate Consumer Staples
Healthcare High Technology Retail
Media and Entertainment Consumer Products and Services Telecommunications
Government and Agencies
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
Out
boun
d
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Mizuho Financial Group
Energy and PowerCiti
* tie
1,451.1 113
Nomura1*
Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Mar 28 2013
1,816.6 Industrials
22.5
120.1 2
47.0
42.7
High Technology
2509.2 3
42.11*
49.0
6.6
1
27.6
1
3
49.0
100
35
1
45
8
49.0
6 3
1
1 1
20
35.1
Mkt.Share
1 2.24.5
No. Deals
Japan Deals Intelligence
188.8
6 3
Rank
395.1
1 Financials
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Japan M&AJapanese M&A Lowest in Eleven Years | Cross border Activity Drops 59% | Domestic M&A Rises 7.9%
2,590.4
2,590.4 1*
4.5
Rank Val US$m
1
Nomura
Goldman Sachs & Co 2,590.4 Barclays
1*3
1*
Mitsubishi UFJ Morgan Stanley
Real Estate
395.1 2
533.7 42.1
5,286.1
49.049.049.0
1
12
Mitsubishi UFJ Morgan Stanley
Leonardo & CoMorgan StanleyHoulihan Lokey
1,266.5
Nomura
Mizuho Financial Group 681.9 1
1
533.7
501.7
326.3
The first three months of 2013 saw M&A activity with Japanese Involvement at US$23 billion, a 37.5% decrease fromthe same period in 2012 and the slowest first quarter volume in the last 11 years. By number of deals, M&A activityrecorded a total of 632 deals, down by 22.3% from last year.
After a record-breaking year in 2012, announced Japanese cross border activity totaled US$9.4 billion, a 58.9%decrease compared to the first three months of 2012 and the lowest Japanese cross border volume since 2009.Japanese inbound M&A volume declined by 69.4%, recording a total of US$2.3 billion, and outbound activity droppedby 53.8%, with US$7.1 billion worth of deals.
Announced Japanese domestic activity slightly increased, recording a total of 464 deals worth US$13.4 billion, a 7.9%increase compared to the first quarter of 2012. Sumitomo Mitsui Trust Holdings‘ US$2.1 billion repurchase from RCCwas the largest domestic deal during the period.
Completed fees earned for the quarter were estimated to be US$341.7 million, down 17.1% from the US$412.1 millionrecorded during the same period last year, according to Thomson Reuters/Freeman Consulting.
On average, EBITDA multiples for Japanese Targets during the first three months of 2013 decreased from the 13.7xaveraged during the first quarter of 2012, falling to an average of 12.1x. Telecommunications commanded the highestaverage multiple—at 16.3x.
Mizuho Financial Group8,726.1
1*
775.5
1*1*1*1*JP Morgan
2,590.4 2,590.4 2,590.4
Credit SuisseNomura
* tie
Financials / Asset Management
Real Estate / Non Residential1,199.7
Energy and Power / Water and Waste Management
Real Estate / Non Residential
Japan / Japan
Japan / Japan
Japan / United Kingdom
570.4
Financials / Banks
Japan / Japan1,100.0
Japan / Japan2/28/2013
Daiei Inc (75.1%)2/4/2013
2/13/2013
Sony Corp-Sony City Osaki (100%)Sony Corp-US Headquarters Bldg (100%)
Pending
3/27/2013
3/5/2013
Maynilad Water Services Inc (20%)
Real Estate / Non ResidentialJapan / Japan
United States / United States
Real Estate / Non Residential
Consumer Products and Services / Employment Services
Japan / Japan
2,077.9Japan / Netherlands
Sumitomo Mitsui Trust HoldingsInvestor Group
Acquiror / Target Nation
AEON Co Ltd
2,590.4Rank Value (US$m)
Nippon Building Fund IncTemp Holdings Co Ltd550 Madison Fifth LLC
719.7
533.7Investor Group 543.8Investor Group
400.0Marubeni Corp
Sumitomo Mitsui Trust Holdings (11.25%)
Intelligence Holdings Ltd (100%)Mitsui Fudosan-Ppty Portfolio (100%)Pending
East Surrey Holdings Ltd (100%)2/4/2013Panasonic-Assets (100%)
Any Japanese Involvement Announced M&A
ORIX CorpRobeco Groep NV (90%)2/19/2013AcquirorTarget (% Sought/Acquired)Rank Date
1/7/2013Pending
1/18/2013
Date Effective
2/28/2013
Pending3/8/2013
3/26/2013
3/11/2013
3/15/2013
427.32/13/2013
IntendedEnergy and Power / Water and Waste Management
Any Japanese Involvement by Market
Japan / Philippines
Target Macro / Mid IndustryTop Ten Japanese Involvement Announced Deals
Retail / Food & Beverage Retailing
Jan 1 - Mar 28 2013
$27.0
$71.1
$26.9$50.4
$34.0 $23.2$35.1 $38.8 $36.9
$23.0
$27.6
$38.3
$51.8$31.3
$37.2
$21.6$19.2
$45.9 $43.0$18.1
$31.6
$22.4$28.7 $47.6
$42.4$50.3
$50.1$42.4
$18.9
$42.2
$48.5$51.9 $28.6
$38.8$30.2
$50.5$57.7
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals
100
200
300
400
500
600
700
.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Thou
sand
s
Domestic Inbound Outbound Domestic Inbound Outbound
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18
Imputed Fees (US$m)
Financial Advisor
Bank of America Merrill Lynch
Japan Rankings
3,517.85.0
# of Deals per Advisor
0.52,649.2
Jan 1 -Mar 28
# of Deals
-25
0.3
Market
-0.25.2 ▲
Share Ch. Deals4,461.1
Rank ValueSh (%)
3
Market2012 Rank
15Sh (%)
▲▼
▲
12.625-15.615.3
▼▼
-2.8
Leonardo & Co
Goldman Sachs & Co
Houlihan Lokey 5* 24
KPMG 12Citi 5
1314
428.2
Credit SuisseFrontier Management Inc
34231.7
17
11.211.2
2
-
12
19.4
11.52,910.6
1
2,590.4
US$m
Sumitomo Mitsui Finl Grp Inc
Financial Advisor
5*
1.7William Blair & Co ▲
3.2▲
93.7
-1.0Bank of America Merrill Lynch
Change in # of
Any Japanese Involvement Announced (AD19)
2013 Rank
2013 Rank
Rank Value per Advisor (US$m)
Share Ch.Market MarketAdvisor
Sh (%) Sh (%)MarketMarketMarket2012
Rank
Rank Value per Advisor (US$m)Change in # of Deals
# ofSh (%) Share Ch.
# of Deals per Advisor
US$mRank Value
DealsMarket
Fees
3 7,939.4 25.69,466.2
17.2▼3 7,605.8
22.44.0
-2 ▼
-1 ▼▼
Mitsubishi UFJ Morgan StanleyGoldman Sachs & CoMizuho Financial Group 24.573
1
17.82.5 1.94.4
327▲
0.9
0.3
1.3
▼
+1
▲
▼▲
8.5
▲
1.0
2.71.9
▲
▲
4.9-20
1 1+1
0.50
+2 16.6
0.1
▲
▲
▲▲
▲-22 6.5
+23.1
▲
1,693.3
2,904.4
20
21*20
932.5
14987.4
-
1213
2.6 0.32.6
123*▲
21* 1.4-0.319
1▲-
▲
1.7▲ 0.60.6
▼2.8▲▲
0 3
0.3 +1
0 3
0.9
4.9
-
19 -▼
170.9
0.5
2,590.4
2.3+1
533.7843.7
2,097.3▼ -17
▲7.9
42.0 12.3
▲▼5.0
5.1
26.6 7.8 3.01.1
2.0
2.0
▲
1.8
▲1.7
▲1.6
1.8▼
2.5 ▲2.7▲
▼
9.89.9
12.9
2.9
4.7
6.0
33.9
3.8 0.6
11.4
9.0▲
3.50.1
16.8
16.0
1.83.3
0.51.00 3
▲▲▲
▲▲
▲
10.211.2
1.2
9.414.1
5,223.2
23▲▲
▼
110.6
▼ 90.2 -4
-
9.4-5.71.1 ▲
3.4 ▲▼
▼10
▼5.6 -22▲+46 1.6
212,901.411
8
1010
9.1
4420
1
11.2
1.0
79* 366.3326.3
1.6
1,292.7
2,590.4
1.9
5.6
215.2
Mizuho Financial Group
GCA Savvian Group Corp 15
89
Daiwa Securities Group Inc
3
1.4
16 11Deloitte
Nomura
4
17
19
16
▲1529
12
Barclays45*
Mitsubishi UFJ Morgan Stanley
JP Morgan-9
1.1-2 ▼
-14.0
56,299.4
NomuraUBSPlutus Consulting Co Ltd
4
8
4
15▲
7.7▼
4
20.3 16.3
30.5
10
2-2
-
JP Morgan▼0.2
-8▼
1+742 ▲
▲1 0.2
0.2 +16.6
6,015.5 19.4 -6.1▲
7 45
216.16
4,574.661 ▲
-9.3
14.8 ▲14.64,515.9
4,353.7
0.8314.6
▲+2
27* 16.97 1.9
0.514.6 0 -
00.3
12.8 ▲ 21
1.6 ▲ 18 ▲+12▲ ▼-18
2.8+1
1.3
▲0.31.3
13 3.5▼ -542
7.950.60 1.9-5.9
-1.4
-5 15▼
9.6▼1
2,458.5▲6.21,917.1
▲0.90.4
+2 ▲ 5.514 ▼74.95.4 ▲+333 1,663.9
4 0.6 -0.6▲0.64▼
▼-1.5
10.2-5.5 1.9 -51.41.9
3.0-8▲ 1.93.2
75.13▲
16▼ 0.81.0
1,591.9
18+211
▲Credit Suisse0.8
12
2 0.3 3.0 1.30.2 18
▼▲
20 146.7 ▼0.8
9.1▼▲0
0.5Citi18 - 175.0 0.8-0.7
+10.8
-2
31 177.1
PricewaterhouseCoopers 20 18Plutus Consulting Co Ltd 19 +1
▲138.40.6 1.1
-1.4 90.67
1.41▲
▼ 1.4 +2▲
1.4810.2 1
426.9438.1 2
1.8▲4.56.0
▲0.30.5
1.4 ▲ +10.5 -1 0.2
Rippledot Capital Advisers Pte 23 - 90.0 0.4
1.4426.9 1.422 - -1 ▼
▼-4
▲0.0 3 0.50.4 2
Lincoln InternationalYamada Consulting Group Co Ltd
21 79* 120.0 0.5
+1-0.7
35 113.3 0.5
65.5 23*1.1
▲0.324 20.322
0.30.3▲
▲0 2Deutsche Bank 0 925* ▼ ▼2
1.1 1.11
0.31340.7-1 0 ▲
KPMG
1 08 318 925*RBS0 3
▼
50 0
340.7
GCA Savvian Group Corp
+2HSBC Holdings PLCMita Securities 69*
Daiwa Securities Group IncSumitomo Mitsui Finl Grp Inc
Sangyo Sosei Advisory IncGreenhill & Co, LLC
5
TC CapitalBMO Capital MarketsCIBC World Markets IncTrustees AdvisoryLA Consulting
Deutsche BankMoelis & Co
8
Any Japanese Involvement Completed (AF23) Jan 1 -Mar 28
2.01.8
+1 3.4
0.9▲1.31.3
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▼
-17.1%-30.3%
▼
-232
1.1+1
▼-17.0%▼
341.7
-43.9%
▲0.3 0.3 0.3 ▲22
* tie-60.1%-37.5%
▼▼
0.2
▼
Deutsche Bank -0.925* ▼ ▼▲ 1
2+1
Industry Total
-22.3%▼
100.0 63223,039.9
10.2
-12.5%
Japanese Involvement Announced M&A Target Industry by Value
1.0
100.0
-38.2%▼▼
375
▲
-2.1%
1.0-8
-181 30,991.7▲
318.9
100.0
25*
Industry Total
RBS0.350.0Trustees Advisory 25* - 50.0 0.2 0.2 1.0 1.0
-▲ 1.1
Japanese Target Completed M&A Fees
ABN AMRO Bank 25* - 318.9 0.3 0.3 ▲▲ 1 0.3 +1
37.9%
22.9%
7.9%
6.3%
5.5%
5.4%4.8%
4.2%2.9%
1.6%0.7%0.0%
Real Estate FinancialsIndustrials High TechnologyEnergy and Power Consumer Products and ServicesRetail Consumer StaplesMaterials HealthcareMedia and Entertainment Telecommunications
$159.8 $172.4
$314.8$233.7 $267.7
$136.6
$271.3 $221.6 $202.2$215.5
$157.9$188.4
$312.9
$307.2 $225.3
$178.8
$282.6
$170.4 $216.0
$199.1
$287.0
$226.3$274.6
$213.0
$165.8
$175.9
$129.4
$251.0
$219.1
$326.1
$247.1 $306.9
$213.2
$303.0
$234.2
$185.3
$248.5
0
500
1000
1500
2000
2500
3000
$0
$200
$400
$600
$800
$1,000
$1,200
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Num
ber o
f Dea
ls
Impu
teed
Fee
s (U
S$m
il)
4Q 3Q 2Q 1Q YTD Number of Deals
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19
Industry TotalIndustry Total
0.3+3 ▲ 829.7 0.5
12* 16* 3 2.1 0 475.2 5*
Industry % Change from Same Period Last YearStephens Inc 12* - 3 2.1Sandler O'Neill Partners
2100.0
11.7% ▲
Deloitte 0.0+12
20* 12.0144 14*
Goldman Sachs & Co
Industry % Change from Same Period Last Year -5.3%
16*
595.0
Keefe Bruyette & Woods Inc
6
Jan 1 – Mar 28Jan 1 – Mar 28
Rank Value (US$m)2013 Rank
Minsheng Securities Co Ltd
# of Deals per Advisor
Jan 1 – Mar 28
Based on Number of Transactions
Southwest Securities Co Ltd
Deloitte
2 3.2
2.5
Fairness Opinion Rankings †
Rank Value (US$m)
Worldwide Announced Fairness Opinion
Rank Value (US$m)
Fairness Opinion Provider
▲-12.5
2.52
-1
81
Based on Number of Transactions
2+15
US$m46,418.730,734.9
0.2
-Industry % Change from Last Quarter 18.6%
▲
Duff and Phelps 22.5
-
▼2 3.2
20.11.0
-1
31,561.7
+1 ▲14*
0.41,416.4
20* ▲
143,797.8
3.2
225.5%
+2
▲
2.5
▲
31.3%
-11*
+22.5
4,786.1 11* 2*
1.0
28,191.5 19.6
0.3▲
Centerview Partners LLCMacquarie Group
Moelis & Co11*
-
1,416.4
0.1Duff and Phelps
4.8
3.2
4.8
4.8
21.9
2*
2* 14*
Greenhill & Co, LLC 11* 11* 2
3
-
6* 11*
MarketRank ValueSh (%)
475.26* 2* 3 4.8
+3
2013 Rank
2012 Rank
# of Market Change in Deals Sh (%) # of Deals
# of Deals per Advisor
2*
Any US Inv Announced Fairness Opinion
2* 2* 414* 4
▲
14*2*▲
2.76.4 245.6
4 6.4+3+3
▲21.933.01 2* 6 9.5
6.4 +1
▼ 31,561.73.2 -128,191.5+2 ▲
6*
6*
+3
2
3
-
-
00
3
▲ 3,738.2
+3+3
29,626.7▲
245.2▲
+3 21.14 6.4421.7
22.4
6*
11*
1.1574.4
2
3 4.8
-▲
3.4
2,207.6▲
63
- 4,786.1
2
+1 ▲
3.3
14* 5*14*
14*+1
▼
100.0
0.4595.0
Industry Total 140,599.9
0.3
0.60.3
0.21.6
+2
-53.7% ▼
14* -▼
15* 22 2.5
14*14*
2
1,778.6 1.2
▲
2,207.6
91.2
0.21.5
475.2829.7 0.6
12.2 0.0
829.7
▲
+22.5
Sandler O'Neill Partners
0
0
-
3.7
▲+28*
3.7
-
+33 -
▲
4Stifel Financial Corp +3
3* 1*
8* 20* 3 3.7
4
Based on Number of Transactions# of Deals per Advisor
Change in # of Deals
4.9
Fairness Opinion Provider
▲4
MarketDeals
2012 Rank Deals
+6 ▲1*1* 16* 6Morgan Stanley
Sh (%)JP Morgan4,396.2
# ofSh (%)
2012 Rank
2.6
Rank Value 2013 Rank
MarketUS$m Sh (%)
1 1* 6 7.4 +2 ▲
Rank Value
46,418.7
Evercore Partners
32.32 20* 5 6.2 +4 ▲
30,734.92.9
▲3* 5* 4 4.9 +13* 20*
4,127.4
-▲▲
4.9 736.829,626.7
4.9
04.9 +3
JP MorganEvercore Partners
20*Caitong Securities Co Ltd
3Canaccord GenuityBank of America Merrill Lynch
27.9
8*245.6
GMP Capital Corp
12*
0.4+2-1
3*Somerley LtdStifel Financial Corp
Sandler O'Neill Partners
Greenhill & Co, LLC
▼
100.0
BMO Capital Markets
Canaccord Genuity
12*
12*
3
--
Bank of America Merrill Lynch
12*Moelis & Co
+2 ▲Centerview Partners LLC
Macquarie Group245.2
0.00.1
▲
6*2.1 +32.13
Evans & Evans Inc-1 ▼ 2,207.6 1.3
6*
▲
▼2.1
-112*
12* -
12* 39*
Guangdong SecuritiesChina Merchants BankTD Securities Inc
+126*3
2.13
2.1
3
JP MorganFairness Opinion Provider
Evercore Partners
Morgan Stanley
BMO Capital Markets
Stephens IncGoldman Sachs & Co
1*15* 4
Stifel Financial Corp
Bank of America Merrill Lynch
245.2
Keefe Bruyette & Woods IncGoldman Sachs & CoStephens Inc
21.4245.6 0.2
0.5
574.4.0
0.3 Haywood Securities Ltd.
1,605.8 1.00.0
-5*▲
3- 3 3.7 +3
0Keefe Bruyette & Woods Inc
3.7
3.78*8* - 3
8*
5*
- 736.8
3*0.5
20.6
0.1 ▼1,605.8
0.8
GMP Capital Corp
1,409.6
7* 6* 4 2.87* ▲7* - 2.8
+30
416* 47*
2.87*
39*
5*55 3.5 +2
26*+1+2
4 2.8
4.2
- 3.5 +5 ▲4 ▲
46,418.7+3
5*▲
4.26▲
4.2 0.5
US$m
1* 21* 16*
-1 ▼6
# of Market Change in Market
+34.2# of Deals
758.3 Morgan Stanley
Sh (%)
31,378.8 18.9
▲
29,626.7
TD Securities Inc
-
17.2
3 2.13
0.4
2.1 +3 ▲▲+3
▲▲
24.0
837.9
2.8
+4
BMO Capital Markets
Any Americas Inv Announced Fairness Opinion
367.5 0.2
17.8
1,778.6 1.1
0.0
-8 166,135.9
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Based on Number of Transactions# of Deals per Advisor
▲102.5%
1*Minsheng Securities Co Ltd
China Securities Co LtdHuatai United Securities Co
Guangdong Securities
Deals
▲
Based on Number of Transactions
# of2012 Rank
17.4%▼ -23.0%
2013 Rank
1*
BNP Paribas SANortheast Securities Co Ltd
2
y g
-
Fairness Opinion ProviderChina Merchants BankKPMG
Barclays6*
GMP Capital Corp
Deutsche Bank
PricewaterhouseCoopersDeloitte
1Detroyat Associes SA
6*
Goldman Sachs & Co
Ross Glanville and AssociatesCredit Suisse
1
BDONeedham & Co LLC
-1
6* -Handelsbanken Capital Markets
6*
6*
7*
6* 14*Canaccord Genuity
7*
7*
6*
* tie
14*Evercore Partners
1
1
1
Guotai Junan Securities
Deals
5 ▲
Change in
3
Industry Total
- 5
-Southwest Securities Co Ltd
# ofDeals
2
Caitong Securities Co LtdSomerley Ltd
Sh (%)
0.0▲
0.110.5
Rank Value (US$m)
Industry % Change from Last Quarter -50.3%Industry % Change from Last Quarter
▼ 7.9%▼-44.2%
5.3
.0+2
.0
Industry % Change from Same Period Last Year
# of Deals per Advisor Rank Value (US$m)
-
Rothschild
Industry Total
1
18
6* -UniCredit
China Merchants Bank
▲
Jan 1 – Mar 28
Based on Number of Transactions
Fairness Opinion ProviderMarket2012
RankChange in # of DealsSh (%)
2013 Rank
1 10.5 -910.5
1*
10.5
US$mRank Value
-▼
210.5
16*1*1* -1*
24*
2 +2 4,121.2 30.9
-1+2 ▲ 17.2
▲
▼ 1,001.3 7.5
-30 - 644.0 4.8
▼ 4,097.7 30.75.3
6* +10
11
5.32*
10.15.3
6*1- 5.3
▲6*
14*
5.3130.7
▲ .2 0.0
1,347.3-1 ▼ 4,097.7
30.74,097.7 30.7
-▲
+1
4,097.7
33.6▼ 0.6▲
+1
-12.7
-6*
5.3+15.3
79.84,476.1
5.35.3
0.023.2 0.2
+1 ▲ 1,228.2+1 ▲-1 ▼
6* -11
0+1
5.35.3
▼▼ -85.7% ▼-58.7%
100.0-28
1,347.34,097.7▲5.3
5.3
Industry % Change from Last Quarter -66.7% ▼ -84.4%Industry % Change from Same Period Last Year
-
- 389.2 2.913,250.5
MarketRank Value
30.7
9.210.1
0.0
Market
367.5
CITIC
Market
3.0▲ 1,409.6
Sh (%)Sh (%) # of Deals US$m6.2758.3▲6
6+6+311.1
9.3
11.1
7.4
5.65.6
+4
- 3 +35*4
- 3- 4 837.9
-24.0 0.2
521.0 4.3
▲▲
6.9
6* 2 3.7
.0 0.0+3▲
1.34.4
69.912* 2
0
+16* 2 3.7
▲▲
7*0 - 160.67*
1* 2 3.7
3.77*
532.0- 2 3.7 +2
-8.4%▼
-1▼ 3,570.7-3
12,227.1
Industry % Change from Last Quarter -11.5% ▼ 46.5%
54
Industry % Change from Same Period Last Year -1.8%
Industry % Change from Last Quarter -63.6% ▼
# of Deals per Advisor
Fairness Opinion Provider
Rank Value (US$m)2012 Rank
# of Market Change in MarketSh (%)
1 - 2 50.0 +2
2013 Rank
268.9 76.9
US$m Sh (%)30.9
# of Deals
0 -
Rank Value
8.82* 2* 1 25.0
▲
-1 ▼2* - 1 25.0 +1
0
▲ 50.0 14.3Nomura 2* 1 1 25.0
-95.3%
29.20.6
76.9268.9
▼
Industry Total 4
▼▲
-98.8% ▼
100.0
Industry % Change from Same Period Last Year 0.0% -
Trustees AdvisoryMorgan StanleyPlutus Consulting Co Ltd
Any Japan Inv Announced Fairness Opinion
11.5+5
7*
5*
1*
Jan 1 – Mar 28
7*
Jan 1 – Mar 28
Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.
Any EMEA Inv Announced Fairness Opinion
Any Asia Pacific Inv Announced Fairness Opinion
349.8 100.0
Morgan Stanley 6* 14* 1 5.3 0
https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 20
-
-
-
-
-
Japan
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.
Kelvin Bian
Akemi Mamiya
EMEA
Tel: +44 (0) 20 7542 3566
E-mail: [email protected]
Announced league tables include all deals that were announced between January 1, 2012 and March 28th, 2013 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on March 28th, 2013.
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.
Tel: +852 3761 1852
E-mail: [email protected]
E-mail: [email protected]
Asia-Pacific
First Quarter 2013 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
Serkan Tecimer
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
AmericasRobert LevineTel: +1 646 223 5682
-
-
-
-
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyinvolvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
Tel: +813 6441 1158Akemi Mamiya
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.
E-mail: [email protected]
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2013 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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